Q is going, you know, negative free cash flow for the hyperscalers and really, you know, levering up in order to just win, right? Everybody just wants to win, and so, yeah, I was just curious at any kind of point. Obviously, the telecom was very debt-fueled, and we saw what happened there, uh, but it doesn't feel like in the modern era we've, you know, the hyperscalers have ever said,
A Let's really lever up our, well, and there's, there's, uh, the event that we were at this week together, uh, you guys missed it yesterday. There was more discussion. There's, you could define leverage more broadly. Like leverage isn't necessarily just debt capital. Like there's a lot of leverage in the system. If you look at the contracts and company, like look at opening at Microsoft, right? Like, you know, or, or any of these deal, like how much of the capital, whether it's, I mean, a lot of these contracts literally live on the balance sheet as liabilities. Totally. You've got the hyperscalers, you've got the media, you've got, like, the money's all just going around and around in a circle, and that builds leverage in the system.
AI assessment note: “leverage isn't necessarily just debt capital. Like there's a lot of leverage in the system.”