Simon White

speaker

448 appearances 2 recordings 1 series first heard Jul 2026 last heard 11 Sep

Simon White’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 2 in all, peaking in Sep 2026 with 1.

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Merryn Talks Money · Markets Wrap: Inflation Means Bad News for Burnham · 24 Jul 2026 podcast

If the prices got built up too much in the interim and then there's a bust, even if whatever you built was actually the right amount or wasn't too much,

If to get there there's a kind of sinking, there's a bust or whatever, then it is what it is, right?

If you see a 50% decline in your portfolio, that's a problem, right?

Even if over the longer term you're right.

So I obviously don't know, but I think that the way that they're going about it is extreme.

And obviously the leverage that they're building up in their balance sheets is also extreme.

That's undeniable.

I mean, the actual debt they've got on balance sheet

of the five hyperscalers, I'm not including Apple here, is about $800 billion, right?

Which is obviously a lot because they used to have pretty much impregnable balance sheets and now they have less impregnable balance sheets.

But off balance sheet, there's all these other things that they're getting up to.

It's all the usual, yeah, off balance, SPV type things.

So there's SPV structures, there's data center leases.

There's other liabilities that essentially don't sit on your balance sheet.

And there was a report out yesterday, I think it was a Nikkei, and Mike Burry retweeted it.

That could be in the order of 1.6 trillion.

right so that's obviously you know double what yeah so i i suspect that like you know even if it's all right done for the right reasons they actually are right about this demand for compute will be there when you get finance involved it can all always go too far and you end up with more risks than uh maybe people are completely priced like properly pricing in

And at some point, prices have to retract back to reality.

So I could easily see that.

And given the earnings expectations for all of these companies, certainly the memory companies and the other hardware companies are so high, there's no wriggle room.

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