CapEx

“Not a hundred percent of tech spend is AI. A lot of it is maintenance CapEx and expansion CapEx and, you know, the catch up for spending that's been deferred because of COVID, et cetera.”

“I think that it's a reasonable assumption to make that they're going to start spending more on capex too. Even if they're not going to train models, they're not going to train an LLM inference and doing other things that you need to do.”

“Apple is the one, by the way, with the do nothing strategy. Like you gotta look at Apple and say, wow, like there's some chance that Apple just comes out looking like a genius on this. Like if it does commoditize, Apple's not spending money on CapEx.”

“The current status quo of we're spending two hundred billion dollars a year on CapEx. And, you know, yes, we're renting our GPUs, so revenue is accelerating, but fundamentally there's no There's not a new business line coming out of it. That is not sustainable…”

“If you kind of think about those dollars of CapEx, the only possible way to pay those dollars back is going to be AGI.”

“In this quarter, they decided that they were going to basically change the way that they account for their data center leases. And so historically they've actually Considered them to be 15 years. And that basically meant that they were you know, taking on the …”