Seth Figerman

That's right.

You know, I think in one sense, if you had said a year or two ago that a four-year-old unprofitable startup was going to commit $50 billion to an infrastructure project, you said that's enormous and possibly insane.

But when you compare it to the $1.4 trillion that OpenAI has committed, it feels much more measured.

And I do think that is very much the subtext of a lot of this.

Anthropic is clearly taking a page from OpenAI in terms of the scale of infrastructure required to build infrastructure.

what it wants to build, but I think it also wants to show that it's perhaps a more fiscally responsible company in doing this in order of magnitude less at the moment.

That's right.

I mean, Fluidstack is really not a household name here.

I mean, it's part of that emerging sector of neoclouds, but not nearly as well known as Coreweave or even Nebius.

But, you know, it's an up and coming company that we've previously reported in talks for a large amount of funding.

And it's been central to a French effort to build a supercomputer over there.

But again, more untested, perhaps, than some other partners you might announce here.

Yeah, and I think, again, if you look at their nearest rival, OpenAI, the answer is sort of it takes everything and everyone to build what they want to build here.

And so while they want to potentially have a bit more control and ownership over some of the data centers that they build in the coming years, they're still going to be relying on those big tech partners and the NeoClouds and pretty much anyone else in this industry to meet what they imagine to be a pretty intense amount of computing needs here.

You certainly ask interesting questions.

And I'm Nathan Hager.

Each morning, we're up early putting together the latest episode of Bloomberg Daybreak U.S.

What's funny here, Ed, is that really the intention behind Sarah Fryer's overall remarks at that event was to kind of calm people's nerves about what has felt like growing anxiety this week on the markets about AI spending.

And instead, the takeaway was what felt like an off-the-cuff and vague remark that just heightened

those concerns.