“If we end up in a world where all companies need to rely on two or three providers that are centralized AI providers… they will use the data that is being produced by the systems to make better systems and to go after the business of their customers. Because at the end, this is the end game. This is pretty clearly what is being priced in today.”

…The reason for that is that effectively, this is a dual-use technology. And so, as any dual-use technology, security of supply matters even more. And so, the companies we work with realize that they need security of supply, not only on the infrastructure side, but also on the model IP side.

With that in mind, do you think your open AIs and your Anthropic Will their best models is good or bad for society? And is that just an inherent feature that will be prevalent within this industry?

You've said the word energy a couple of times. And one of the core underlying tenets of being successful is having the energy and the infrastructure to power European AI. We have a very different energy system to the US, and we have a very different energy system to China. In China, they'll move 3…

I think the first thing to realize is that energy is around 10% of the bill in the total cost of ownership of compute. So we're not talking about the place where you can make most of the optimization. So the cost of energy at the end of the day is not the one thing that matters in the economy of a…

It totally is, and I agree with you. I am a big believer in Adam Smith's invisible hand, but the lead time is very real. And so that is just the 29, 2030 is a challenge. Yeah,