Michael Intrator

And then they take those GPUs and they move them into different experiments.

And then over time, they move them into inference.

And then over time, they move them into inference.

And they continue to use them in inference for a very, very long time.

And they continue to use them in inference for a very, very long time.

So my take on the GPU depreciation debate is that it's nonsense.

So my take on the GPU depreciation debate is that it's nonsense.

It's a debate that is being brought to the forefront by some traders that have a short position in the stock, and they're trying to talk down.

It's a debate that is being brought to the forefront by some traders that have a short position in the stock, and they're trying to talk down.

Look, here's what we know.

Look, here's what we know.

When we buy infrastructure, we're a success-based company, right?

When we buy infrastructure, we're a success-based company, right?

We're a small company on a relative basis compared to the enormous companies that we're competing with.

We're a small company on a relative basis compared to the enormous companies that we're competing with.

And so our clients come into us and they buy compute for five years, for six years.

And so our clients come into us and they buy compute for five years, for six years.

Our average contract is five years.

Our average contract is five years.

So any commentary by anyone, either inside or outside of the industry, that this stuff becomes obsolete in 16 months or whatever nonsense they're spewing, it doesn't...