Zed Francis
speaker
109 appearances
2 recordings
1 series
first heard May 2026
last heard 8 Jul
Zed Francis’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.
Appearances
I mean, it's really expensive to have that view.
Meta's announcement last week, I think definitely, we'll call it spook some folks in terms of the rotation now that they're going to lease out some of their excess capacity.
Maybe it's not excess capacity, but I think that's how the market's currently reading it.
But what I think is interesting for the long term where both may be successful is, again, it's an
asset-heavy build-out.
It's a capital-intensive build-out.
And these hyperscalers are investment-grade, can borrow essentially as cheaply as anybody out there.
So if you're somebody like Meta, borrowing at 30-year term,
at six, six and a half percent to be able to facilitate leasing out this compute to other players that cannot essentially lock in any sort of term in terms of financing, especially not at those rates.
They're just kind of doing a, we'll call it grown-up type of play where they're using their balance sheet to go ahead and build out capacity that other players cannot and hopefully capturing that spread over the long term.
So, you know, I view it as
This is the next phase for the hyperscalers.
They're building things out for themselves.
Now they're coming up with additional ways to increase free cash flow from the spend on infrastructure build.
But it doesn't necessarily mean the semiconductor wave is over.
In fact, it might elongate it depending on how successful they are, essentially becoming that intermediary between the end client and building out that infrastructure.
Thanks for having me.
Yeah, I mean, ultimately, NVIDIA has turned into an established veteran company in comparison to what it was a handful of years ago.
So as you alluded to, the beat and raise is basically what's baked in the cake.
That's what everybody's expecting at this point, because that's what they've been doing in the past.
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