Jose Najarro

We work so differently than we used to do three years ago.

But the Internet also changed the world and the Internet also got a lot of overhyped and it gave us a dotcom bubble, which then burst and produced a lot of negative returns for a significant amount of time.

Right.

And so and I would argue that here the risk is even higher because the infrastructure for the Internet wasn't necessarily as expensive.

It was expensive more than people think.

The underlying infrastructure wasn't free, but the AI infrastructure is significantly higher, I would argue.

Absolutely.

But even in the internet, if you think of like a Verizon and an AT&T, right?

They had a lot of the infrastructure for the Internet, you know, Cisco, too, and some others.

But the underlying infrastructure of the Internet, much of it was built by Verizon, AT&T and similar players like telecoms.

And if you look at their performance over time since the era of the Internet, it hasn't necessarily been great because and

I would argue because of a similar reason.

And that's despite the fact that they're right, that the underlying infrastructure is much more long lasting than I think chips are and data centers are in terms of the need to replace them.

But despite that reality, they still have to kind of replace that underlying infrastructure over time.

And so they were kind of stuck in this circle where, OK,

In order to retain my customers, I need to invest in this underlying infrastructure.

So it's not necessarily a bad move from a business.

But once I retain those customers, I need to keep them.

And the way to keep them is by updating my technology of telecommunications from 1G to 2G, from 2G to 3G.

And while you can still use some of the infrastructure from 1G and 3G,