Tom McKenzie

Will they continue to invest in the hyperscalers if they're not seeing real material returns, if that product fit and that custom use isn't there in a really, really significant way?

So I think the patience of investors and to what extent they can continue to lean into the hyperscalers as they spend these huge amounts,

is going to be a key question mark, and our own team think that that's really going to come to the fore at the end of 2026.

They'll need to answer that question.

The hyperscalers have spent about $300 billion on air infrastructure this year, and the projection is that they could be, according to NVIDIA, NVIDIA sees the hyperscalers spending upwards of about $600 billion next year.

You're absolutely right.

So when we talk about the hyperscalers, these are companies with massive balance sheets and huge cash reserves.

These are incredibly profitable businesses that come through with very strong earnings.

These are not non-profitable companies.

major punts and risky parts of the market.

These are not companies that no one's heard of.

They're making real product.

They're selling it to customers.

And they've been doing that for decades.

Microsoft, Alphabet, Meta, and Amazon.

They have that balance sheet strength.

They have that cash on hand.

The concern then is around other parts of this ecosystem.

So if you can think about it in different baskets, you have those big ticket blue chip names in one basket, and then you have maybe neoclouds in the other basket.

These are the coreweaves or the nclouds, companies that lease out data centres to some of these hyperscalers and some of the large language models who have business models that are less proven than the hyperscalers.