Tom McKenzie
speaker
198 appearances
10 recordings
3 series
first heard Oct 2025
last heard 3 Sep
Tom McKenzie’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 10 in all, peaking in Jun 2026 with 4.
Appearances
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.
Then another bucket would be
Maybe some of the key large language models themselves, the open AIs and the anthropics that are losing money on an annual basis, even as they're seeing a lot of growth and revenues increase year on year, they're still not profitable.
So you can break it down into different categories in terms of the level of risk.
Showing 161–180 of 198 · page 9 of 10
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