Michael Intrator

It is enormous, right?

And so you're seeing a company that is driving its cost of capital down towards where the hyperscalers borrow.

And so you're seeing a company that is driving its cost of capital down towards where the hyperscalers borrow.

which will enable us to be able to be competitive with them over time.

which will enable us to be able to be competitive with them over time.

And we have been extremely militant and diligent about feeding, watering, and caring for those boxes so that we continue to have access to the capital markets in a way that allows us to build and drive our business.

And we have been extremely militant and diligent about feeding, watering, and caring for those boxes so that we continue to have access to the capital markets in a way that allows us to build and drive our business.

Yeah, so we look at some deals and we're just like, you know, they want to buy GPUs for a year.

Yeah, so we look at some deals and we're just like, you know, they want to buy GPUs for a year.

And I look at it and say, that's not a deal that I can do because it's too short for me to amortize the expenses.

And I look at it and say, that's not a deal that I can do because it's too short for me to amortize the expenses.

And so I won't do that, right?

And so I won't do that, right?

Absolutely.

Absolutely.

But our business is really built around the risk management of being able to get to scale.

But our business is really built around the risk management of being able to get to scale.

Because in my mind,

Because in my mind,

During this period of disequilibrium, during this period where there are not enough GPUs in the world to provide the compute for all of the different use cases in artificial intelligence, the part that's important for me and for my company is to get enormously large so we can drive down our cost of capital so that we have information flow coming in from all different parts of the market, the large language models, high-speed trading, search, all of these things.