Jason Hall

But even with those improvements,

and the growth, it's far less clear how much of that growth is going to flow through to investors.

This isn't a software company.

It's an infrastructure business with a technology overlay.

Building all of the data centers that it needs to meet demand is coming at a massive cost.

We're going to see a lot of that cost to the balance sheet.

Just for some context,

We got the updated full-year guidance.

Actually, one of the reasons the stock is down is, the guidance was a little bit lighter for the fourth quarter and the full year than investors were expecting.

But management's calling for about $5 billion in revenue for the full year.

That's more than double last year.

But it's going to spend $13 billion on CapEx projects, and it's going to pay about $1.25 billion in interest expense.

So, 25% of its revenue is going to go right back out the door just to service debt.

At the same time, it's been really acquisitive.

Since it went public this spring, it's already announced four acquisitions.

That's a lot of money flowing out the door that investors need to see deliver both continued growth and also help defend margins.

Here's the thing.

The CapEx that we're going to see this year,

to have to fund a lot more.

The thing is, the way the business works, you have to fund the capex before the data centers generate revenue.