Paul Kudrowski

And I'm hoping to get people to move in.

I'm building a shell and people are moving in and I'm hoping to get tenants and then the tenants pay rent.

Right.

So think of it in those terms.

And then there's the Metas and the Googles and the Amazons where they're using a huge amount of what they're building, which, again, roughly.

50% to 60% of it is the GPU cost.

The rest is a combination of cooling and energy.

And then a relatively small component is the actual construction.

So think about the frame of the building, the concrete pad, and purchasing the real estate.

So you can break it out that way.

So it depends a little bit on what you're planning to use it for.

If I'm trying to build something that's for training, well, I'm going to buy more expensive GPUs,

I need the latest products from NVIDIA.

If I'm building something that's more for inference, meaning that I'm just going to have using it largely for people that are trying to generate responses, I'm hoping, well, then I don't need the latest GPUs and I can cut costs and cut some corners in there.

So you can think about it as that continuum.

So I'll start at a high level.

This is my complaint about economic statistics in general.

You know, this is plain English, right?

So capital expenditures is such a misnomer in such a, I'll say misleading, but it's not consciously misleading.

It's just that it's so aggregated up.