Seth Fiegeman

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.

I mean, there's been a lot of talk about how large the potential awards are here, but I think there hasn't been enough talk about how ambitious this plan actually is, requiring Elon Musk to grow this company to $8.5 trillion in market capitalization and $400 billion in EBITDA.

So I think this is ultimately a question of what will this company be able to retain Elon Musk, who I think it's fair to say his value has been priced into the shares already quite significantly.

And it's more than just, in my opinion, more than just a good idea to approve this pay package.

It's actually essential for this company to transition to the next stage that's contemplated by the award.

Well, I mean, not really.

I mean, it's normal for force majeure type considerations to be taken into account.