00:00The real asset business that you have and this really big bet on AI infrastructure that's been
00:04involving at Brookfield, everything from mega deals with the hyperscalers to creating your
00:09own cloud company, there's a lot of really interesting work you're doing. If I could
00:13borrow a phrase and kind of bastardize it from Alphabet Sundar Pichai, what is the risk right
00:18now? Is it under or over investing? So if you're in the real asset space in the private markets,
00:24it's very difficult to entitle land. It's very difficult to get power. It's very difficult to
00:31build because you can't get you can't get people to build. And therefore, the investment is tough to
00:36do. And and that's why there's there's the returns in it are excellent because people need skills to
00:43be able to do it. Now, what most people focus on is the public markets. There's a few securities
00:49which everyone wants to own and therefore multiples go higher. And and but in the private
00:55markets, it's very different. And the there is an underinvestment in what's going on in private
01:01markets because everyone's looking for additional AI cloud capacity. And it's very tough to build.
01:09Easy sites have been built or committed. The hard sites now, the hard work starts. And and in
01:15particular, we need power. And as you know, we have a huge power business. And that's the bottleneck
01:20in artificial intelligence for the next 10 years. I definitely want to talk with that because you've
01:24been doing some really interesting stuff there. But but I do wonder just on the public market side of
01:27things. Again, the fear is less about the infrastructure. It's more these hyperscalers are
01:32spending so much and maybe they don't have the revenue to back it up. And maybe that trickles down
01:36into infrastructure. Do you see any red flags or do you think public markets are misplaced when you see
01:42some of those nerves? First, our our when we build out infrastructure, we're generally leasing them
01:48for 25, 10, 20, 10, 20, 30 years to governments or large scale technology companies. And we just
01:59have long term contracts. This is just a leasing business. But we're building things for them that
02:04are super critical and only we and a few others can build them. So we're providing that backbone
02:08infrastructure. And they need more of this. And they need it at scale. And they need it in the
02:14United States today. But it's it's now going global in all countries in the world for various reasons.
02:20We don't have time to get into all of them here. But for various reasons, it's accelerating all over
02:25the world. Just to answer that question, it sounds like the risk is indeed underinvesting that maybe
02:29we're not doing enough. We we we are not doing enough in the private markets because it's tough
02:38to do. And that's where we are. And that's where we focus on, because it's like, really, it's not
02:43we could do way more with the amount of money we have. It's the technical capabilities to bring on
02:49power, data centers, artificial intelligence infrastructure and everything that's around
02:54it. That's where the bottlenecks are.
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