Murdock had just compared the AI buildout to the dot-com fiber boom, where the cable stayed valuable but the companies that laid it went bankrupt. He argues the hyperscalers survive any dislocation and pick up the assets cheaply, and that it is the debt-funded neoclouds who do not. The host immediately asks what separates the neoclouds that die from the ones that do not; Murdock says it comes down to who is running them.