00:00The capital demands are huge, and as far as I can tell, so far, Mandeep, this market's still open for
00:05business.
00:06It is, and especially for hyperscalers who probably have been the most aggressive that I've ever seen in terms of,
00:14you know, capacity expansion, building data centers.
00:17And Alphabet, to my mind, even among the hyperscalers has been more aggressive compared to the likes of Microsoft.
00:25And, you know, there is a reason for that is their TPUs and what they are able to do with
00:31their own chips in addition to what they are doing with LLMs and, you know, everything on the cloud.
00:37So it sort of makes sense.
00:39And the other aspect to this is what NVIDIA seems to be doing with SpaceX is they're helping SpaceX ramp
00:47up to become a hyperscaler.
00:49But really, all these hyperscalers need to be aggressive right now because that's how you grow revenue on the cloud.
00:56And to my mind, it makes sense that Alphabet has issued equity, and now they're raising debt wherever possible.
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