Tyler Crowe

As ambitious as all this growth is, how much capacity expansion can we have in chip manufacturing before something really starts to shift?

Even if we have this five-year growth period and we bring all this new capacity online, we could be looking at it six, seven years from now and all of a sudden we're way over capacity.

And I feel like that's a major risk for especially somebody like Arm Holdings who doesn't have this yet and wants to get into it.

So are you guys seeing something similar or is it like, ah, I think you're just kind of shaking at the wrong problem here?

Yeah, and just wrapping it up here, I think I'm more or less in line with you guys, but I reserve the right on some curveball of algorithmic efficiency where power and compute use goes way down relative to what we're seeing out of Anthropic, OpenAI, and the big power users today.

Maybe they start seeing some sort of deep seek-esque drop in compute power per token or however we want to measure it.

So, yes, I think it's there, but I think we should all be ready for those curves that could happen.

I mean, we've seen it in numerous other industries before.

After the break, Matt and John are going to walk me through what I don't understand in DoorDash's earnings.

Like I said before the break here, I had a really hard time understanding what's going on with DoorDash's earnings and the response that we're seeing in the stock based on what they released.

So you're going to have to help me here.

DoorDash order volume, its gross order value, its revenue, they were all up a nice clip, like 25%, 30%.

But operating profit, net income, operating cash flow were all down year over year on rising operating costs.

Now, the market seemed to like this.

Shares are roughly up, I think, 2% as we are taping.

And I'm a little perplexed by this because in theory, this is supposed to be one of those capital light economic scale businesses where growth is supposed to outpace overhead costs and lead to expanding margins.

I think where we're at right now, you know, was it like three, four billion over the past 12 months in terms of revenue?

That's

That's a pretty good scale for an online delivery company.

But we're still headed in the other direction with operating costs.