Jason Helfstein

I mean, some of it is a sticker shop.

The absolute numbers are just so much higher than what people expected.

I mean, you're talking about doubling CapEx on a base of $100 million.

$200 is like the new black, basically.

But the problem is that the payoff is two, maybe three years down the road, and that's what investors are struggling with.

It's not that, hey, if Google says we're going to spend money

we can get a return on it via search or via, you know, a cloud.

It's when, right?

And then Amazon, it's even further when.

So really, that is the issue.

And we can talk about some companies, you can make an argument that the payoff comes sooner than later.

But really, I think it's the duration risk.

And by the time the duration happens, by the time we get there, will the world need this much AI capacity?

And I think that's like one of the questions that people are asking themselves.

It's because the numbers are getting so big.

Like when you're using all of your free cash flow for two years, like literally Amazon will use all of their free cash that they generate from the business, right?

Now, you know, they have the cash to do it.

Right.

They don't really need to be dependent on the outside financing markets.

Whereas like you're seeing it, other companies who are dependent on the outside financing markets are kind of running into issues.