The best model that exists in the world

was trained in February. We've already

seen a [music] huge slowdown for the AI

labs, right? This regulation that they

advocate for is [music] actually slowing

down the labs a lot more than it slows

down, you know, sort of the open-source

Chinese language models. [music] You

know, OpenAI not releasing Astra, OpenAI

stopping training for 2 weeks, Anthropic

not releasing what their safety

assessment [music] said is model 2,

which is widely believed to be the next

version of Methuselah.

>> [music]

>> They're clearly not releasing their best

models, and in which case their revenue

per megawatt stalls or even can start to

decline again because other models are

competitive again. So, it's not that

they're falling behind, it's just that

they're not releasing their best stuff.

[music] What if there is some regulatory

impact that prevents them from releasing

their best models? Now, their revenue

per megawatt does [music] not climb as

fast, then their ability to buy that

incremental compute for a higher price

than everyone else

>> [music]

>> starts to diminish.