Tom Giles

We're not going to see every application take off the way people suggest it would.

Then I think there's room for some of these stacks to come down.

Now, I

I'm not sure I share that view.

I tend to believe that the AI super cycle is real, that it is going to have a pretty profound impact on the economy, but we have to make room for the full range of outcomes when we price these things.

Well, I think there's no question that this is a capstone report.

It's a macro indicator, and it, I think, has the potential, and you see that in pricing around it, right?

This idea that you could have swings up to 7% either way.

I think this is the kind of thing that people are really going to key off of.

My question is whether this is going to answer all the AI doubts that are out there, or whether it's just going to arrest them for now, but we're still going to be wrestling with some of these questions going forward.

Well, I think the thing that we're focused most on as we turn our gaze to 2026 is this question in particular about the capacity build that we expect in 2026 and frankly in 2027.

So our view is that we're going to have these questions to your point about utilization, about depreciation, but our view is that those questions are going to linger as we build out the capacity for AI in 2026

in 2027, because there is so much that you have to put in place to be able to see the demand come through.

And so for us, as we go through 2026, we're going to be watching, of course, like everybody else, are we seeing that CapEx?

Is the conviction still there to build out the massive infrastructure that you need for AI?

And I think that's the key question that we're wrestling with.

It was interesting that you said you don't

align yourself with the negativity on actually applications of AI.

You do think the super cycle's real.

What data set are you looking for that?