Microsoft's AI Advantage OpenAI & Data Center Strategy

In other words, there may be, in my view, Elon's not going to sell to Sam and OpenAI directly, but there's a way to get exposed to serving OpenAI's models, which means selling directly to Microsoft. So can we talk through that?

Again, essentially, you get to a point where the demand for this kind of service is only from folks that can make these economics of like $100 million mega a year. And there's, you know, 3 companies in the world today that have access to frontier AI models, reaping the full benefits of them, no cost, nor even you share what whatsoever, just the cost of infrastructure, OpenAI, Microsoft, and Anthropic, right? Microsoft having the OpenAI IP. So Microsoft is in a pretty amazing position because they can monetize at this rate. However, they have 2 issues. One is they did this massive data center pause in second half of '24, first half of '25. They were ready to build more than anyone else, and then they paused. They didn't want to spend too much. And so now they find themselves in a situation where it takes a while to build data centers. And so they're not going to be able to have as much capacity as they would like to have. And the second thing is they signed a massive offtake contract with OpenAI.