“I sat across the table back in 99 when I was at Fidelity from the Global Crossings of the world, the Qwest Communications, the JDS Uniphases, Nortel Networks, all of them telling me there's this insatiable demand for fiber networking equipment that's never going to go away. … That's the same thing I hear now when I bring up the fact that I think this data center craziness is not going to end well. No one wants to hear it.”

…for every dollar I'm long, I'm roughly, you know, 30 cents short, a combination of credit default swaps on the investment grade indices, the high yield indices, and then actually a couple of, you know, and I say some individual names as well that I think are very, you know, very vulnerable here.

…obviously Oracle is sort of in its own thing because it's so exposed. Are people buying that because they really think that there is an X percent chance that Meta defaults on the debt? Or is this just a way to express a trade that you think that you're just going to make money on this?

So it is interesting to think about the fact that many of these tech leaders have never really dealt with debt of this size before, obviously. But what would you put the probability of, if you're looking at this in terms of baselines, what is the probability that they do thread the needle here? And…

I mean, if you asked me that question six months ago, my answer would be different. But what I've seen over the, I'd say, well, I don't really know. But now there's been so much debt issues, so much, so many off-balance sheet obligations. Many RPOs. I don't see how these AI labs who are…

So Bill is very bullish, obviously.