Travis Hoium

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.

So the margin could potentially get competed away over time.

All right, let's get to the big question that I think we're all asking.

And that's the bubble question, the overspending question.

Lou, I've always heard about bubbles being talked about as, you know what, it's not really a bubble until we start adding debt to the equation.

It's not really a bubble until no one thinks it's a bubble.

It seems like we're there now.

Not only are the hyperscalers now adding debt, you have companies like the Neoclouds that have a ton of debt.

You have Oracle, which now has over $100 billion worth of debt.

They were supposed to be one of the winners of the OpenAI build-out.

There's that debt.