Patrick O'Shaughnessy

He's doing all this crazy stuff now.

Trying to serve a product to a customer.

If you ask a bunch of investors who are like students of economic cycles through history, like Carlotta Perez type stuff, they'll say that the concern is that every shortage is followed by a glut.

And we always overbuild on long lead time, big CapEx projects.

And you've got multi gigawatt power being installed.

You've got all this crazy stuff in semiconductors.

At some point, it just gets overbuilt.

All this stuff we talked about earlier feels like we're not really close to that.

Like there's so much demand.

6% or something crazy.

For the record, we went and did the math one time because I was sick of hearing about this curse, and it's just market performance.

What do you think about all the companies in the middle?

We've talked a lot about NVIDIA and then people at the end serving applications.

What about these companies like Together and Base10 and Fireworks?

And you mentioned Nebius, like all these interesting middle layer players.

Are there amazing businesses to be built there, do you think?

Are they temporary patchwork to make the system work and serve demand?

Like, what do you think of that?

Back to the other side of the equation, the app side stuff we're going to use these models to do at the significance of this switch from like deterministic code to a much different thing.

And it seems like what we're doing is the thing we always do.