Matt Miller

You're talking about Trac Capital.

It was started by an entrepreneur, Grant Van Ruyen, who's done data centers before.

Certainly, they've done them.

But in this particular case, you're exactly right.

Trac has a deal with NVIDIA where they promise they're going to buy data center capacity in the future.

There's no revenue from this company at this point.

But Trac has set this up as a subsidiary.

So

It's not guaranteeing the $3.8 billion in debt that you're referring to, but it's really a bet that they're going to be able to construct a data center, get power connected to that data center, and begin to sell AI services in the future.

We'll see if it works, but there's a lot of this kind of speculative financing going on to try to support what's a very fast build-out of these data centers.

So it'll be a fascinating deal to watch.

Yeah, just having NVIDIA on your client list, the name there is enough to get you pretty good credit.

Peter Elstrom, thanks very much for that.

Let's talk about one of the other chip makers that we're watching today, and that is Supermicro, the company facing growing investor concern after a string of self-inflicted setbacks.

Most recently, its co-founder was indicted on charges of circumventing U.S.

export restrictions to China.

For more on the stock, Bloomberg Tech...

equities reporter Ryan Vlastelica joins us.

And Ryan, it just looks like investors are leaving this company again in droves.

Yeah, absolutely.