Tyler Crowe

Neoclouds and some of these fly-by-night operations are just grabbing whatever they can to make some sort of profit or make some sort of return, supplying this compute, which does appear to be constrained.

Anthropic has said for a while that they are supply constrained when it comes to compute.

ChatGPT, not quite sure there because they spent loads of money before that for the compute.

So to me, this is not necessarily a case of like, oh, yeah, these companies are all doing awesome.

I think it points to the desperation that all these companies are going towards to make sure that they have enough equipment in the ground when these contracts are supposed to come due.

I don't know if I'm necessarily excited by that because this is, think of it almost like a post-hurricane.

I know I just used Tsunami, but that kind of time where supplies are so constrained that prices go up infinitely and whatever you can get your hands on is effective.

And that's kind of what this feels like.

You don't see some discernment of like, oh, NVIDIA's got the better stuff.

We're just going to use NVIDIA.

It's like, no, we'll take some low-end processor just as long as it will actually compute something.

To that one as well, just in the wild stories of all of a sudden becoming AI compute supplies.

There's a jet engine servicing company that owns some turbines that they also lease out to planes and like, hey, we can start leasing these out to AI data centers and we can make way more money.

So it's just like it's all coming out of the woodwork now in the weirdest of places.

I think it depends on how generous you are with your interpretation of what this is.

If I was being most generous, and to Lou's point of, if you're not an evangelical and you're just managing an asset, you could kind of almost draw the line of this being like a mortgage reek, where you basically buy and sell mortgages, you issue equity and debt when your price is higher than your net asset values, and then when

You know, you're trading at a discount to that.

You sell down some of your net assets to basically you have to be willing to sell under that.

Yeah, it's it's the it's playing both assets to what is at a premium at any given moment.

And that, you know, it happens in other industries.