00:00There are a lot of things about this that are reminiscent of the dot com bubble and the most important
00:04one is we don't know who the eventual winners are going to be and we don't know which technologies will
00:10work and which won't.
00:12I do think that companies who are better, it's more important than ever to think about companies who are able
00:17to actually use the technology to improve their businesses rather than just the technology itself.
00:22But I would shy away from just investing in the hyperscalers. I do worry that each of them have got
00:28this stream of cash flow from their legacy businesses and they've basically mortgaged this to pay for this enormous capital
00:36build out.
00:37And I do worry about it because I know that if I go to AI, I can find the best
00:43recipe for cranberry tort, but the idea that there are computers whirring away in the desert just burning up energy
00:51just to give me this small thing that I'm not really paying for, that's not a great business model.
00:56And so I'm worried that some of these hyperscalers are just overspending and capital spending and spending the wrong things,
01:02which won't ultimately pay off.
Commenti