Is there a point where earnings just, uh, outpace the growth and people start to take a more contrarian view about it? Like, what, what's gotta change for peoples to start to lose this gold rush mentality?

I think it's a really good question.

There's a few things at play.

So the useful life of these chips is not particularly long.

Within a couple of years, new generation of chips have been released, and the older ones really do suffer a very high depreciation rate.

And so you could make the argument that these chips, which are an enormous percentage of the overall cost of a data center, in turn data centers being an enormous part of this total CapEx budget that we're discussing, this arms race, this gold rush, the picks and shovels being chips inside data centers to fuel LLMs.

You could argue that there's some accounting, chicanery or duplicity is not the right word, but it is to a degree disingenuous, that if we ran these accelerated depreciation schedules through the Magnificent Seven P&L, the earnings, they would be a lot lower.

Jokahora.