Anthropic and OpenAI are taking as much

as 40 to 50% of compute [music] next

year. This centralization doesn't look

like it's slowing down or stopping. In

fact, it looks like it's only

accelerating. [music] You know, the

beginning of this year, Anthropic and

OpenAI started at two for OpenAI and

less than two for [music] Anthropic. End

of this year, they're both above five.

When you look at the incremental compute

added, that's about 30% of the compute

added [music] this year. And as we step

forward to next year, given what's

already been signed and penned and

inked, you've got [music] something even

more dramatic, right? For example,

SpaceX is building a ton of compute. And

they're actively [music] going to lease

quite a bit of it to Anthropic and

OpenAI most likely cuz they're the ones

who have the marginal capability to pay

the highest price. In addition, OpenAI

and Anthropic are also starting to build

their own compute. OpenAI with their own

chips, Anthropic with TPUs that they're

purchasing [music]

from Google and deploying with

Fluidstack. And so, when you ask, "Hey,

when does half of the world's

incremental new compute go to just

OpenAI and Anthropic?" I mean, it's it's

really by the end of next year, it's

already half of the incremental [music]

compute is going to Anthropic and

OpenAI.

>> This very soon, you're saying maybe

within a year and a half or two years

that most of the world's compute is

owned by two labs or at least are

serving the demand from two labs.

>> You've got them just controlling [music]

most of the usable, you know, flops in

the world on their own.