Global Crossing

And I can't emphasize this enough.

If you think about the run that software companies had you know, over the last 10 years, because of what was laid out by the CapEx players, like Global Crossing, who went bankrupt, you know, you don't have to go back far, like, you know, RCA, if you read Sorkin's book, 1929, like the railroad companies who did the CapEx, it wasn't the people making the investment, it was the people using the rails.

And the AI revolution is going to be if the robots don't kill us, far greater than anyone could have imagined, increasing the standard of living, et cetera.

But it's going to be the ones that apply it.

Is that kind of the way you see it playing out?

All you're saying to me is, uh, Global Crossing from twenty-five years ago redux, right? They, they laid the cable out there, and, uh, they thought they'd get X dollars per megabyte, and they turned out to be, you know, one, one-tenth of that, and that happened.

So yeah, these, these four guys, five, five hyperscalers, I mean, one of them's gonna go and win, and maybe two of them, but the rest of them are gonna have a problem because they're-- most markets tend towards a monopoly.

Um, it's just the natural course of things, which is why you have antitrust rules.

Mm

... and Global Crossing from going bankrupt."

Right.

These are two different things.

Yeah, there's parallels.

I mean, uh, just for example, in 2000, you had stuff like Global Crossing, right? Where we're laying fiber optic cables across, across the ocean.

Um, what happened in 2000 was that all these infrastructure companies went out of business, right? And except over the course of 26 years, um, you know, capacity has come online, and we, we are using that infrastructure that we built out 26 years ago.

But like I said, all the infrastructure companies disappeared.

Well, I mean, fiber optics was the same as the rails, right? All those companies went out of business.

Remember Global Crossing and MCI?

Yes,

yeah.

Mm-hmm.

I mean, this is like Global Crossing and that other company that laid down all this cable, which has turned out to be very useful, but they went bankrupt.

But if we're talking about something that's about 100 times bigger than that, it's going to have lots of effects, including on the stock market.

I mean, that melts down and the amount of capital destroyed and the speculative bubble bursts where You know, millions of people are buying options with less than 24 hours to expire so that they can double the amount of leverage out there.