Robbie Whelan

And so with the amounts of money that are being tossed around, the numbers that are being tossed around, when people see circular financing, you know, they start to get worried.

They start to think, is this a bubble?

Is this all going to come crashing down?

Are these companies ever going to be profitable?

And are the people who funded them going to totally lose their shirts?

Given the current phase that we're in of the AI boom and the market conditions, do some of these big deals have to be done in this way that feels sort of circular to investors?

But if I were an investor, I could see myself thinking, this is great, the stock price is going up, it's accretive, but I kind of wish we didn't have to give away 10% of the company to get it done.

Yeah, so I said to her, a lot of people are saying that your deal with OpenAI is going to contribute to the sense that there's a bubble.

And her response was essentially, I'm not worried about an AI bubble.

And she repeated this mantra she has, which is basically, there's insatiable demand for computing.

And that's why I'm so confident that even if it takes unusual, unorthodox financing at the outset, that things are going to turn out okay and that we're going to benefit in a big way from all this demand.

That's exactly right.

So the bear case here is that OpenAI...

and other similar customers are going to spend way too much money on silicon.

And then they're going to never produce the kinds of profits and revenues that people expect them to.

And everyone kind of goes down in flames because everyone up and down the supply chain, including the people who are supplying the silicon to these software developers and the backbone of this computing power that everyone needs right now,

that that demand will evaporate when eventually the gravy train stops and people realize that, you know, there's not enough demand in the market for the end product.

And so everyone up and down the supply chain suffers.

And you can easily see a world where if the bubble did pop, if there is a bubble and if it does pop, then companies like AMD and Nvidia will really be directly in the firing line.

There's a lot of entrants in this market.