Travis Hoium

Lou, the other thing that seems to be coming into focus, at least in the market's mind, is that the disruption that we thought we were seeing coming six months to a year ago is particularly from OpenAI.

We had that huge RPO number that came out from Oracle.

I think $1.5 trillion in infrastructure to help OpenAI build out their ecosystem.

Now that's getting flooded by these other companies that have the cash to keep investing.

Are these big hyperscalers, the big tech companies that I mentioned, are they just trying to bludgeon these startups that could have potentially been the disruption to their business model?

Think Google in particular, but even companies like Amazon.

I mean, if people go to ChatGPT to shop, that's bad for Amazon.

If they're shopping at ChatGPT, companies aren't spending as much money on meta ads.

So they all have an incentive to not disrupt the status quo.

So is this money just basically saying, hey, look, you're not going to disrupt us or replace us by having better AI than we do?

John, the other piece is we got some pretty amazing information about how much these hyperscalers cloud businesses are growing.

The one that really stood out to me was Google Cloud GCP grew 48% and had a 30% operating margin.

It's almost like you have to hold multiple things in your head.

Oh my gosh, these numbers that they're putting out are incredible.

The fact that Google Alphabet is going to spend $180 billion on capital expenditures

But also, they have this business, which is serving third parties, that's growing at 48% in an incredibly high margin.

So is this an area where they're all sort of doing the rational thing by going, all right, we're going to go all in.

And the worst thing that can happen to us as a hyperscale, as a huge company, is, you know what, in 2027, we'll pull back.

We won't spend $180 billion.

We'll just spend $100 billion on CapEx.