Jason Helfstein

Whereas ChatGP, you know, OpenAI, like, I think investors want to see, like, where does the revenue come from, right?

Yeah.

They have to let... They can't.

I mean, I don't know.

They need to let it... Well, the only reason the numbers... Remember, they guide annual and we guess at the quarterly impact.

Right, right.

So it's entirely possible supply chain delays, like, you know, maybe the quarterly build is slower because, like...

You didn't get a data center to bring on, right?

Like you couldn't get the power, etc.

So it's entirely possible that like maybe the cadence, but like I don't see any of these companies.

The only company who could maybe do an about face would be Meta, whereas if they launched whatever the newest version of their frontier model is.

And if it kind of falls flat, then everyone's going to be like, why do you need to spend this much money?

If you can't produce like a frontier model, why don't you just use Claude or use Gemini or, you know, et cetera.

So they would be the only ones, in my opinion, that could pull back the rest of the companies because they are, again, are running data center, hyperscaler businesses to sell tokens.

Like they're not going to pull back in the next 12 months.

No, again, like they have, like there is a spreadsheet.

Each of these companies, they were literally like for every dollar we put in CapEx, this is what the profit is in two to three years.

Like within like a very high degree of certainty.

Now, again, the only reason that won't be there is if three years from now, the amount of usage of AI compute ends up being like way less than

than what everyone forecast when everyone's just talking about, there's an absolute shortage of capacity right now.