Neal Freiman

You wonder whether those will get actually built or if they do get built, whether there'll be

any customers for them.

And, you know, an increasing number of people are saying like this is a little spooky for Wall Street, because when you are a company taking on this amount of debt to make huge bets on the future in the past, maybe in 2024, in the early part of 2025, investors were rewarding these bets.

We had this couple of months stretch where OpenAI would do a particular deal with Oracle or would do a particular deal with Coreweave or NVIDIA.

And that particular stock was

would go up 10% to 20% on that day.

Now, if you show any bit of shakiness, your stock is going to get crushed like Oracle's is doing right now.

And also another AI adjacent company, really not adjacent, it's at the center of the AI trade, is CoreWeave.

CoreWeave spiked more than 400% after it IPO'd.

Now it's down more than 60% since then.

So investors are getting a lot more skeptical.

They're getting a lot more strict about the finances of these companies that have not shown any return for all of their AI investment.

I can't wait.

This is bizarre because TikTok, according to this deal, is valued at $14 billion.

In 2023, it did $16 billion in revenue.

Right now, according to this deal, it's valued at about the same level as Snapchat.

And it is one of the leading social media companies in the world and the United States.

So analysts are trying to wrap their head around what's going on here.

And the answer may be that this is just not really a business deal.

It is a political deal.