Does this person not own a calendar? Q3 numbers still polluted by expensive tokenmaxxing, which wind down late Q2 / early Q3 i.e. mid year budget review which will take rest of year to unwind. Q3 numbers = more mirage of tokenmaxxing tail and velocity = lagging indcator of tokenmaxxing end. Q3 also when fable tier coding commoditized and everyone doing a deepseek on cheap inference. The latter is what will kill ANT hardest, they signed up for 100s of billion of none cancellable compute contracts last year based on projected demand x expensive token cost, but demand / growth is less than token max timeline while inference cost getting cheaper. They have fixed, exorbitant costs, and operating margins negative for Q3, and Q3 just beginning of full price war. TLDR they will likely be vastly overpaying for compute. If turns out jevons isn't people using more expensive tokens on more expensive compute, but more cheap tokens on less compute, then ANT's entire balance sheet breaks.