Sam Dickie

Yeah.

I think that once they got those shackles off, it was just that after that, they went for broke.

And that's when they ran around securing as much compute as they could.

So remember the deal they did with Oracle, for example, they committed to $60 billion a year of operating costs over five years, $300 billion.

And at that time, they had about $15 billion of revenue.

So they really went for broke, getting their hands on as much compute as possible and

And now they're listing at a very large valuation potentially.

They raised, as I said, around at $125 billion of capital at sort of the thick end of a $750 billion valuation so that they're absolutely for profit now and they're going for broke.

It absolutely does.

So if you add the three of them up and you go out to 2030, they're going to spend about a trillion dollars between them on capital expenditure.

That's right.

And that is actually a last three years phenomenon.

So the burn rate is enormous.

Now, Anthropic, interestingly, and again, it tweeted or planted an article in the New

it may be profitable.

We're not sure at which line level, EBITDA, EBIT, pre-tax profit in the June quarter.

Whereas OpenAI, its profit margins seem to be going backwards as it's front-loading a lot of compute.

So the burn rates are huge.

The cash requirement is enormous.

So it's something to watch, I think.