Michael Nadeau

You have to factor in what does that mean for policymakers?

And like, are we allowed to have a correction this time?

Are we allowed to have the reset this time?

And is it possible that we don't because it's such a national security concern at the same time?

It's a lot to factor in here, but I think hopefully this just kind of lays out what's really going on under the hood and why it's working, you know, right now.

So it's very similar.

So this is a graphic kind of laying out .com.

So it's very similar to step one is the end demand.

So every household business at the time was moving online.

And the main thing that was being built out at that time was bandwidth.

So you had the telecom companies, AT&T, Verizon, building out the CapEx for the fiber optic and all of the bandwidth that then households and businesses were demanding.

And then you had the dot-coms and the telecom customers that were, you know, that's where a lot of that capital was flowing in the early days.

What happened here was...

I think everyone knows this story where too much investment went into the infrastructure, the sort of the fiber optic cabling.

It was kind of a commodity.

Too much went into that.

We overshot the amount of demand that there was going to be in the near term.

Obviously, the internet was a really important thing.

It still is today.

And it was not, the bubble was very real, but we just sort of overshot it.