Michael Nadeau

And that's the human behavior kind of element of this, I think.

And the question is,

is that same setup in place today?

And if you're a bull and saying, no, no, this is not a bubble, you would just point at the demand and the fact that we can't, people can't get their hands on enough compute.

Uh, so there's no glut.

There's no, and maybe until you see that happen, um,

you know, you can just continue to be bullish.

But I don't know if, like, I don't know if there was like a glut before the market started to sell off.

And if it was more just the price just sort of led, you know, prices started to break down, we got too overheated.

And then...

Because of that, then demands the reflexivity of that all of a sudden people are less bullish and there's just less demand.

So I think I think it's very similar.

The key question is, like, we overbuilt bandwidth last time.

Are we going to overbuild, you know, with data centers and access to compute this time?

And right now we don't see evidence of that.

But it doesn't mean it doesn't mean that.

It seems that way.

You know, if we go back to late March when things were kind of heating up with the Iran war and markets were starting to roll over and sell off, there was a ton of hedging that had come into the markets.

And

What we've seen since that period, and I think that's part of the reason why we didn't come down as much, but what we've seen since then is the hedges have come off.