Seth Fiegeman

I mean, the spending quantities here are really getting hard to fathom.

Microsoft has committed around 60 billion to a variety of providers just to be able to rent these AI chips quicker.

Exactly.

Yeah.

Corey was a classic example of this.

Crypto market crashed and all of a sudden they said, hey, wait a second.

AI data centers is the way forward.

And Microsoft's been the most kind of prominent customer of these Neo clouds.

But

You know, we expect over time that every major hyperscaler looking for capacity is going to turn to these companies.

Correct, its own cash flows.

But part of the NeoCloud stuff that's interesting is that they are leases, right?

You are leasing.

If you build a data center, you're stuck with it for a good 20 years, right?

You lease for five years.

If the demand environment changes at the end, you say, well, thank you, Nebius.

It's been beautiful, right?

So it gives them a lot more financial flexibility.

I think we should see that within the context of hyperscalers tapping unique financing sources, even like Google hitting the bond market today.

Yeah, well, thank you for having me on.