Robert Schiffman

If Oracle is able to build a $130 billion book, Google can build whatever book it wants.

This is what they taught me in math camp.

The weighted average cost of debt capital for all these names, whether it's Meta, Alphabet, Microsoft, Apple, Amazon, is effectively zero.

Why do you have AA and AAA balance sheets if you're not going to use them?

I think this is extraordinarily visionary.

These companies have been prepping for years for greater investment opportunities, and now they finally see it.

I think it's just such a bullish sign for this market.

And from, again, the bondholder perspective, this is not equity holders being wary about multiples.

Bondholders, I don't think, are gonna be able to get enough, and they're gonna be able to do it along every single part of the curve.

And like you said, this isn't just gonna be dollars.

They're going to the Swiss franc market, the pound market.

I wouldn't be shocked if they went back

to the Euro market, or even to issue yen, I think there's going to be demand all over the globe for high-quality Mount Rushmore-style credits like this.

Yeah, listen, I think this is the tip of the iceberg.

I actually think Bloomberg News is underestimating how much hyperscaler spending is going to be this year.

They put out a number of $650 billion just for this year alone.

So that's just the four, right?

I think it's going to be closer to 750 when you include names like Oracle and CoreWeave.

And if you think about cumulatively, how much spending has gone up, in the beginning of last year, we estimated 2025 through 2030, we're going to see $2 trillion of cumulative spending.

We brought that number to $3 trillion in the middle of the year, and now we're up above $4 trillion.