A significant portion of the massive investment in data center infrastructure will likely result in investor losses because not every project will be successful.

“Someone's absolutely going to lose out from an investor point of view because not every single one of those bets is going to hit.”

Building AI data centers is a complex and capital-intensive endeavor.

“and data centers are difficult to build. You know, what we're saying is very specific. The Abalene, Texas site is kind of the flagship data center as part of project Stargate, right, which we've talked endlessly about the wider initiative to get compute for OpenAI.”