Rory Driscoll

Just to be precise.

I think the only argument against what you're saying is some version of, as the numbers get bigger and bigger, you start encountering, oh, GDP type limits.

So your total US capex is X, and you're now 30% of the total capex.

Can we really stop building tractors, buildings?

Can

We put all our money into great big data centers.

And some people articulate that vision.

There are people who articulate the trillion-dollar data center.

Well, maybe.

I'm not sure that happens.

But I don't think I have to solve that problem now.

All you have to say is, does it look like?

I don't think you have to believe in the trillion-dollar data center.

are the all human beings are going to be unemployed by AI to believe in the at the margin for the next 12 months, it looks more likely than not that people will continue on roughly the same investment trajectory.

Those are both statements that have the same conclusion for the next 12 months, but are very different in terms of their grandiosity.

And I'm not making the grandiose statement.

I'm just saying, let me make it really tangible.

At some point, NVIDIA puts will be a great buy because every semiconductor cycle for the last 40 years has ended up in a massive downswing.

I ain't buying them today.

That's when the rubber hits the road, when people are done talking and they want to say they believe.