Lou Whiteman

Right.

I'll be honest, Travis, I feel like I don't get it, because I really struggle with the ROI part of this.

I get the reason everyone's doing this, I get the magic of AI, I get the potential.

But yeah, you said it, I mean, Hyperscale is going to spend $750 billion this year, Wall Street has them going to $1 trillion in 2027, just based on estimates.

Right now, according to Gartner, total global enterprise software

spending, so just what businesses spend on all software, it's only about $1.5 trillion.

Using their numbers, not mine, AI companies, they're going to have to generate $7 trillion with a T in AI revenue through 2029 to just get a really, really paltry 7% return on invested capital.

So, $7 trillion in combined sales by the end of the decade in a market that's a $1.5 trillion market right now, basically.

7%, that's not great.

Alphabet, Microsoft, Amazon, they historically have aimed for 25%.

I don't know how we continue to do this.

I guess token prices have to go up way up, swallow a significant portion of GDP up, or we're just not going to get the payoff that we think here.

Yeah, I get the top line.

I get the growth.

I get the enthusiasm.

I'm not sure I get the

long-term win here for these companies yet.

Yeah.

Look, I don't know the answer, and I don't think any of us know the answer, but I fear the answer might be that C word that has got to keep all of the CFOs for these companies up at night, commoditization.

I think the reason why token prices are going down is the intense competition among these companies to get you on their stack.