if you believe this to be true about long-running agents, then we're going to produce and consume more tokens in the future as far as the eye can see.

if you're Vernova,. And you say we only have a certain number of gas combustion engines. Now we can sell them to X.AI or we can sell them to one of these startup neo clouds. Who are you going to sell them to?

When a company goes public and the lockup expires, it moves out of that bucket. So this is going to be hundreds of billions of dollars of new late stage demand that is coming back to the market after kind of being out out of the market for a while.

the second you start spending $100 billion on CapEx annually, okay, you run into the AWS problem. What's the AWS problem? Now, I have all this compute, but I don't use it every day equally.

So now they're trading at about 22, 23 times real, SBC included, GAAP earnings. That's about where the market is trading. Yeah. So now just follow me on this. Software is trading— most software names are trading at a higher multiple than NVIDIA. Yeah, right. NVIDIA is trading about 13 times earnings for 70% growth for the thing that is the most essential thing in AI.

NVIDIA is trading about 13 times earnings for 70% growth for the thing that is the most essential thing in AI.

the front-facing solutions that they offer are more competitive with the models than something like Snowflake. Snowflake's the enabler of the models, whereas I think that Salesforce competes a bit more. So it's going to be more challenging.

there are certain software companies companies, Databricks, Snowflake, and ClickHouse, all of which we're investors in, which very clear to me they're in the token flow. As you consume more tokens, the amount of your database queries goes up.