“Right now we live in a world where demand for AI capacity tokens is near infinite and supply is incredibly constrained. So another way to put it is we all just live in Jensen's world.”

I think the shape of the industry will begin to change when either the characteristics of demand change or the characteristics of supply change. And I think my view is right now, the supply side, because so much of the limitation, well, there are some power limitations for sure, but the dominant limitation is silicon. And I would say that unless there's more fab capacity, that doesn't change, which means it's not likely to really change in the next two or three years, maybe five years out. You could imagine that there would be more fab capacity. You could put more wafers through the same machines or you can make more ASML machines and so forth. But that's probably a governing factor of our industry, which means we live in a reasonably scarce world. And those who have fab capacity are actually kind of kingmakers of the infrastructure universe. On the demand side, I do think that the world is going to get smarter about the type of tokens they consume. I think we've been…