Jason Hall

Yeah, you hear me every Tuesday with Emily, so it's pretty regular.

Yeah.

It's nice, though, Travis, right?

It's nice.

I don't think we completely know the answer to that because of how the demand side is going to play out.

It's going to take time.

To build more into what this number means for context, you guys remember back five or six years ago when the company went from $50 billion to $70 billion to $100 billion in capex over a five-year period.

We're more than double that in a single year on an annualized basis.

This is a big, big number.

Yes, AI is driving it.

Accelerated computing writ large is driving it.

But it's also a company that has fully taken to heart that they do need to expand geographically.

They need to de-risk from the Taiwan issue.

That's a big part of this, too.

Europe is going to continue to be a target for expansion, in addition to Arizona and Japan.

There's the geopolitical part of the story that's also tied to it, that's more than just the AI demand.

If we continue to see monetization, Travis, we're going to talk about Alphabet and how well it's doing in the story of AI and monetization of it with regular people, that maybe this does turn out to be the floor.

But this might be a peak year for a little while.

NVIDIA is definitely the straw that stirs the drink.

There's no doubt about that.