Michael Intrator

if demand were suddenly to disappear because of a technology breakthrough, because of a war, anything, right?

Like the why from a risk management perspective does not matter.

Like the why from a risk management perspective does not matter.

You have to prepare your company for the what happens if it happens.

You have to prepare your company for the what happens if it happens.

And so by entering into these long-term contracts, entering into contracts with counterparties that have large balance sheets,

And so by entering into these long-term contracts, entering into contracts with counterparties that have large balance sheets,

You are or we are protecting ourselves and our lenders so that we are confident and they are confident because you can see how confident they are by the rate that they're charging us, continuing to decline, that they're ultimately going to get their money back.

You are or we are protecting ourselves and our lenders so that we are confident and they are confident because you can see how confident they are by the rate that they're charging us, continuing to decline, that they're ultimately going to get their money back.

And that is the one rule of lending.

And that is the one rule of lending.

So it's also important to understand that constraints aren't just GPUs.

So it's also important to understand that constraints aren't just GPUs.

Right.

Right.

It's power shells, it's memory, it's storage, it's networking, it's optics, all of the things.

It's power shells, it's memory, it's storage, it's networking, it's optics, all of the things.

And there's various throttles that will limit the... Memory is the throttle right now, right?

And there's various throttles that will limit the... Memory is the throttle right now, right?

Oh, yeah, it is.