Sam Dickie

So it's launching the satellites into space.

So that's funding the satellites.

The satellites are for connectivity.

And then you've strapped on this big XAI business, which is a huge compute and now leasing business.

not dissimilar to some of the hyperscalers, actually.

Oh, sorry, the hyperscalers being Google, Meta, Azure, Microsoft's Azure, who have huge data centers and they're selling that compute to the general public and corporates.

So XAI is doing similar things.

And incidentally, in terms of how...

Deeply intertwined, these companies are.

Its biggest customer on the XAI side happens to be Anthropic, who's buying massive compute off XAI to train its Claude models so that they can sell more tokens to you and I.

Yeah, so I think you're referring to the sort of the money merry-go-round or vendor financing that's...

was quite prevalent in the dot-com boom.

So what that means is you're basically lending your customers money to buy your product.

So it's artificial demand, and that was one of the things that popped the bubble back then.

So there is a little bit of that going on at the moment.

The bulls would say that

the demand is so astronomical, so exponential that you need large companies to fund the compute that is required here.

And the ones that actually have all the money right now are the ones that are doing the best from AI.

So it kind of makes sense, but they are very interrelated and we should keep an eye on that.

But it's not just that, it's,