Patrick O'Shaughnessy

Sport of kings, yeah.

I want to dig into the underlying assumptions driving this on the training and inference side, because obviously there's the willingness, like Zuckerberg just needs to go down the hall to CFO to get access to all this capital.

He doesn't even need to go down the hall.

He can just make it so.

Sam's got to fly to Norway and Saudi and other places.

But I want to make sure I understand your thinking on the underlying two sides of this.

One, which is like your view on the diminishing return curve on just

But you're confident that that will continue?

And then GPT-5 wasn't some like bloodstream?

Where do you think we are today?

Like which level are we at, do you think?

It's basically all code related.

It's about the highest stakes like capitalism game of all time.

And it's so interesting to think about when it might run out.

You mentioned like if we hit that final point and we don't see the return, we're kind of toast in a big hole.

But I'm also curious about the other side of ability to serve and just demand for like today's models by inference.

The stat I last saw is token demands doubling every two months or something crazy.

Obviously, there's all these reasoning tokens that are really exciting for some of the longer thinking models.

How do you think about the growth of the pool of demand for inference tokens themselves, even in today's models?

Like even if we just like stop things and fix things and we'll leave that other side of the equation just for a second.