Jason Calacanis

So that's number one, I'm buying a delivery infrastructure.

But I think over time,

GDP plus 10, GDP plus 15, kind of a grower.

So good business, valuable business, but it's the underlying platform that allows everything else to happen.

And then I'm buying an AI business, which will be at the top level, the apps, but at the bottom layer, all the compute capability.

And I think when you scale that out, like, why is Colossus so valuable to anthropic?

Maybe that's like a good question to ask.

It's because if you look at who's actually capable of delivering a gigawatt data center, these guys are the closest, like an actual gigawatt.

And the reason is, is that this stuff is very complicated and very, very hard.

I think you've probably heard this famous story where Jensen was like, yeah, he was the one that figured out this one thing that nobody else could figure out so that you could strip a bunch of racks and drive a bunch of East West traffic and make the whole thing work together.

So I suspect what happens is next year, it's probably 40, 45 billion.

And then the year after that, it probably doubles again.

So now I'm buying it at 20 times revenue.

And you would say, well, why can you buy a company like this on revenue versus earnings and cash flow?

And I think the reason is because what the revenue does is it gives him the operating leverage to go and invest in all of these other businesses.

that ultimately consolidate his differentiation and his competitive mode.

Because what he creates is a capital mode that then accelerates a technology mode that then accelerates an execution and a learning mode.

And that flywheel, when it starts to spin very quickly, and you would say, hey, hold on a second, it's probably spinning quickly now.

I would say we're at the beginning of the beginning.

Because he's, again, he still has all these disparate assets.