Nathan Lambert

Because they talked about $100 billion is phase one. That's this Abilene, Texas data center. $100 billion of total cost of ownership, quote unquote. So it's not CapEx. It's not investment. It's $100 billion of total cost of ownership. And then, and then there will be future phases. They're looking at other sites that are even bigger than this 2.2 gigawatts, by the way, uh, in Texas and elsewhere.

Because they talked about $100 billion is phase one. That's this Abilene, Texas data center. $100 billion of total cost of ownership, quote unquote. So it's not CapEx. It's not investment. It's $100 billion of total cost of ownership. And then, and then there will be future phases. They're looking at other sites that are even bigger than this 2.2 gigawatts, by the way, uh, in Texas and elsewhere.

Because they talked about $100 billion is phase one. That's this Abilene, Texas data center. $100 billion of total cost of ownership, quote unquote. So it's not CapEx. It's not investment. It's $100 billion of total cost of ownership. And then, and then there will be future phases. They're looking at other sites that are even bigger than this 2.2 gigawatts, by the way, uh, in Texas and elsewhere.

Um, and so they're, they're not, you know, completely ignoring that, but there is, there is the number of a hundred billion dollars that they say is for phase one, uh, which I do think will happen. They don't even have the money for that. Um, furthermore, it's not a hundred billion dollars. It's $50 billion of spend, right. And then like $50 billion of operational cost, power, et cetera. Um,

Um, and so they're, they're not, you know, completely ignoring that, but there is, there is the number of a hundred billion dollars that they say is for phase one, uh, which I do think will happen. They don't even have the money for that. Um, furthermore, it's not a hundred billion dollars. It's $50 billion of spend, right. And then like $50 billion of operational cost, power, et cetera. Um,

Um, and so they're, they're not, you know, completely ignoring that, but there is, there is the number of a hundred billion dollars that they say is for phase one, uh, which I do think will happen. They don't even have the money for that. Um, furthermore, it's not a hundred billion dollars. It's $50 billion of spend, right. And then like $50 billion of operational cost, power, et cetera. Um,

rental pricing, et cetera, because they're renting it, OpenAI is renting the GPUs from the Stargate joint venture, right? What money do they actually have, right? SoftBank, SoftBank is going to invest, Oracle is going to invest, OpenAI is going to invest. OpenAI is on the line for $19 billion. Everyone knows that they've only got $6 billion in their last round and $4 billion in debt. Mm-hmm.

rental pricing, et cetera, because they're renting it, OpenAI is renting the GPUs from the Stargate joint venture, right? What money do they actually have, right? SoftBank, SoftBank is going to invest, Oracle is going to invest, OpenAI is going to invest. OpenAI is on the line for $19 billion. Everyone knows that they've only got $6 billion in their last round and $4 billion in debt. Mm-hmm.

rental pricing, et cetera, because they're renting it, OpenAI is renting the GPUs from the Stargate joint venture, right? What money do they actually have, right? SoftBank, SoftBank is going to invest, Oracle is going to invest, OpenAI is going to invest. OpenAI is on the line for $19 billion. Everyone knows that they've only got $6 billion in their last round and $4 billion in debt. Mm-hmm.

But there is news of SoftBank maybe investing $25 billion into OpenAI. So that's part of it. So $19 billion can come from there. So OpenAI does not have the money at all, to be clear. Ink is not dried on anything.

But there is news of SoftBank maybe investing $25 billion into OpenAI. So that's part of it. So $19 billion can come from there. So OpenAI does not have the money at all, to be clear. Ink is not dried on anything.

But there is news of SoftBank maybe investing $25 billion into OpenAI. So that's part of it. So $19 billion can come from there. So OpenAI does not have the money at all, to be clear. Ink is not dried on anything.

OpenAI has $0 for this $50 billion, in which they're legally obligated to put $19 billion of CapEx into the joint venture, and then the rest they're going to pay via renting the GPUs from the joint venture. And then there's Oracle. Oracle has a lot of money. They're building the first section completely. They were spending for it themselves, right? This $6 billion of CapEx, $10 billion of TCO.

OpenAI has $0 for this $50 billion, in which they're legally obligated to put $19 billion of CapEx into the joint venture, and then the rest they're going to pay via renting the GPUs from the joint venture. And then there's Oracle. Oracle has a lot of money. They're building the first section completely. They were spending for it themselves, right? This $6 billion of CapEx, $10 billion of TCO.

OpenAI has $0 for this $50 billion, in which they're legally obligated to put $19 billion of CapEx into the joint venture, and then the rest they're going to pay via renting the GPUs from the joint venture. And then there's Oracle. Oracle has a lot of money. They're building the first section completely. They were spending for it themselves, right? This $6 billion of CapEx, $10 billion of TCO.

And they were going to do that first section. They're paying for that, right? As far as the rest of the section, I don't know how much Larry wants to spend, right? At any point, he could pull out, right? This is, again, completely voluntary. So at any point, there's no signed ink on this, right? But he potentially could contribute tens of billions of dollars, right? To be clear, he's got the money.

And they were going to do that first section. They're paying for that, right? As far as the rest of the section, I don't know how much Larry wants to spend, right? At any point, he could pull out, right? This is, again, completely voluntary. So at any point, there's no signed ink on this, right? But he potentially could contribute tens of billions of dollars, right? To be clear, he's got the money.

And they were going to do that first section. They're paying for that, right? As far as the rest of the section, I don't know how much Larry wants to spend, right? At any point, he could pull out, right? This is, again, completely voluntary. So at any point, there's no signed ink on this, right? But he potentially could contribute tens of billions of dollars, right? To be clear, he's got the money.

Oracle's got the money. And then there's MGX, which is the UAE fund, which technically has $1.5 trillion for investing in AI. But again, I don't know how real that money is. And whereas there is no ink signed for this, SoftBank does not have $25 billion of cash. They have to sell down their stake in ARM. which is the leader in CPUs, and they IPO'd it.

Oracle's got the money. And then there's MGX, which is the UAE fund, which technically has $1.5 trillion for investing in AI. But again, I don't know how real that money is. And whereas there is no ink signed for this, SoftBank does not have $25 billion of cash. They have to sell down their stake in ARM. which is the leader in CPUs, and they IPO'd it.