Phil Hasslett

That's great.

Thanks for having me here.

Look, I think what you said right at this point, investors are concerned about free cash flow.

Mostly, you know, they have to build massive CapEx build out for AI capacity data center build out.

And also they need to do the funding for that.

So what matters at this today in the earnings call is Oracle giving some kind of clarity on that.

Look, I think what investors missing is that Oracle has multiple options.

They don't have to raise debt or capex.

They can also go for alternative financing like vendor financing or capital leasing.

Then you won't see that in a capex.

But at this point, Oracle is not able to tell you how much of the capex, how much debt they have to raise, because they are going to evaluate this as they are building out data center, each data center.

They are going to look at their own cost of capital and compare that with the leasing.

So that's what I think the one of the concern.

We hope to hear from management on that, how they are going to fund the capex, how they're going to build the data center.

Yeah, I mean, that's a fair point, as you said.

But if you look at right now, there are a handful of AI companies, like three or four, OpenAI, Anthropic, Meta, and XAI.

So Oracle got most of them.

except anthropic.

So, yes, and OpenAI is a trailblazer in that.

So, if they have that as a customer, that's, I think, most important at this point.