Stacy Rasgon

I mean, as of the most recent announcement, which was I think a week ago maybe, there's something like $44, $45 billion of revenue annualized.

In April, I think they, I can't even remember, they were at $30 billion or something.

And in like January, they were at $14 billion.

And in December, they were at $9 billion.

And a year ago, they were, I don't know, $1 billion, maybe even less.

So, I mean, and this is probably a good example of an application where customers are absolutely willing to pay for it and their revenues have gone vertical.

Right.

So the question of whether or not we need to keep building all this data center, either not as much or much more comes down to how much computer we all going to use, like how many tokens are people going to use?

And I don't know the answer yet, but right now it's going literally vertical.

So like that is something I guess we'll have to see as we go forward.

But as of right now, the only thing we're hearing from any of these folks is that they don't have enough compute.

Like I said, semis and AI spending in general are kind of driving almost everything in the industry, kind of everything in the economy right now.

And it's understandable because right now you're building out the infrastructure and these are key components of the infrastructure.

And I think you can look at the returns we've seen so far.

And again, the question is, is it sustainable?

If it's sustainable, I don't think that the performance that we've seen at this point has been crazy yet.

And you can decide where you want to play if you're in semis.

Again, we've liked the accelerator names, the NVIDIAs and the Broadcoms of the world.

I'd like Semicap, the guys that actually make the equipment that make semiconductors.

If all of this demand is really going to be true, we need more chips and more wafers, and that requires more equipment.