Josh Brown

And they did it.

And the stock prices are horrendous.

Now, you can argue that they did too many side quests.

They bought Yahoo.

They bought AOL.

One of them started buying cable companies.

Another one bought Dish Network.

You could argue that they made bad investments.

I would just say the bigger picture is they own wireless.

They own it.

And for what?

To what end?

Who did that help?

Like what shareholder was rewarded for that race?

So it's really hard for me to say that industrial CapEx bubble, like what we're going through in AI, automatically equates to there even being any winners.

There is a firm in Chicago, a prop trading firm, one of the most prominent commodities trading firms in the world, currently having discussions about trading compute

as though it's oil or electricity, trading units of compute, allowing companies to make forward investments or hedge some of their CapEx spending just in case compute prices fall, whatever the case may be.

That sounds like it's going to be an important innovation in financial markets that could ultimately bring down the cost of compute.

If that happens, then I'm not worried about the profitability of all this investment, right?

Because I know the usage will be there.