Couple points where our principled bear-ishness diverges and I'm bullish: - I think it overstates the case to even get to the $150B #. - $50B/GW sounds very w

Couple points where our principled bear-ishness diverges and I'm bullish: - I think it overstates the case to even get to the $150B #. - $50B/GW sounds very wrong to me. - They don't need anything, 2 of the 3 are GPUs-for-equity, and Broadcom isn't going to insist OpenAI make a $100B 100% full purchase commitment up front, I'd be surprised at $1B. - All I see is undercapacity in the sector after 2-3 years of feverish buildouts, it's hard for me to foresee, in the short term, a place where market signals can't override deals in principle. (random ramble: this reminds me somewhat of when Waymo "committed" to...80K Jaguar & Pacifica purchases? In 2016? I thought that meant they were definitely going to scale in the short term, hell or high water. In retrospect, I bet they're at a 1/4 of the 9 years later, and are yet entirely real.)