There's going to be a lot of data

centers that are going to be turned into

pickleball courts. What's happening now

is the market leaders, Google, etc.,

Meta, they're borrowing hundreds of

billions of dollars.

>> Yeah, that's interesting.

>> And there's already a private credit

problem right now. Just layer on private

credit, and then you have these huge

companies that have cash flow, but

they're spending all their cash flow on

CapEx, and then they're borrowing on top

of that.

>> That's the year bonds.

>> Right, that's planning for perfection.

And that's going to be hard, and we're

building these data centers, and if

there's a price performance curve on AI

that minimizes the power requirements,

there's going to be a lot of data

centers that are going to be turned into

pickleball courts.

>> Interesting.

>> Everybody thinks that there's going to

be so much more utilization, and there

will be. It'll just scale like everybody

expects, but there's going to be

technological breakthroughs as well.

Just like we saw fiber back in the day,

it was all about putting in fiber. Then

it went from 1 GB fiber to 10 to 100 GB,

and then there wasn't a fiber problem

anymore.

>> Yes,

it was quite the opposite. We had dark

fiber that people bought

>> yeah.

>> for pennies on the dollar.

>> And just sitting there, right? And how

is it not going to be the case that we

don't get the same price performance

improvements on the AI side and on the

data center side?