Also, it’s mostly not R&D either. It’s infrastructure buildout for a thing that doesn’t have a demonstrated business case that actually pays for all the infrastructure.

There remains a scary small amount of truly new money coming into this circular flow between VCs, chip makers, startups, datacenters and such. At some point there needs to be a $hit ton of new cash coming in from the outside to actually pay for all this and that’s not materializing.