01:39:36 · John Coogan, Gavin Baker
[01:39:36] S1: Oh, sure. [01:39:37] S2: Seven racks. It comes preassembled. Yeah. You know, you just kind of literally plug it in and it works. Yeah. And right now, when you get the GPUs, you know, maybe if you're if you're SpaceX and you're really, really exceptional execution in the physical world, you can get them energized quickly. But a lot of people, it takes them six months, you know, three months, six months to get them energized, really get them working. And if we can through this new product from Jensen, get that time down. I think that's that's also healthy because that effectively takes a lot of working capital out of the market. You know, you have as these numbers are getting bigger, if it takes six months to energize them, that could be hundreds of billions of dollars of assets that are not generating revenue. So I think that's another that's a product innovation that's going to help with this. But I think this is you know, we we will see who who energizes GPUs in in in '27. I'm I'm confident that the, you know, the companies I named, I think they're gonna I mean, the future is always uncertain, but these are companies with a proven track record of execution. Yeah. And we'll see about others.
01:39:37 · Gavin Baker, John Coogan
[01:39:37] S2: Seven racks. It comes preassembled. Yeah. You know, you just kind of literally plug it in and it works. Yeah. And right now, when you get the GPUs, you know, maybe if you're if you're SpaceX and you're really, really exceptional execution in the physical world, you can get them energized quickly. But a lot of people, it takes them six months, you know, three months, six months to get them energized, really get them working. And if we can through this new product from Jensen, get that time down. I think that's that's also healthy because that effectively takes a lot of working capital out of the market. You know, you have as these numbers are getting bigger, if it takes six months to energize them, that could be hundreds of billions of dollars of assets that are not generating revenue. So I think that's another that's a product innovation that's going to help with this. But I think this is you know, we we will see who who energizes GPUs in in in '27. I'm I'm confident that the, you know, the companies I named, I think they're gonna I mean, the future is always uncertain, but these are companies with a proven track record of execution. Yeah. And we'll see about others. [01:40:48] S1: So I have a follow-up on that. One is just one click higher from the Neo Clouds or the Neo Labs and there's been this speculation that Neo Clouds might NeoLabs might sort of pivot into NeoClouds. Is that dynamic gonna look like they signed a multiyear offtake agreement with the NeoCloud, and then they want us to just sell into the spot market? That's what's gonna happen?
01:40:48 · John Coogan, Gavin Baker
[01:40:48] S1: So I have a follow-up on that. One is just one click higher from the Neo Clouds or the Neo Labs and there's been this speculation that Neo Clouds might NeoLabs might sort of pivot into NeoClouds. Is that dynamic gonna look like they signed a multiyear offtake agreement with the NeoCloud, and then they want us to just sell into the spot market? That's what's gonna happen? [01:41:08] S2: Yes. I mean, what Sarah Fryer said Yeah. And Sarah Fryer is an exceptional CFO. Yeah. She said, you know, everybody made fun of us for signing all these compute commitments and we could sell them all at a three, four, five x premium. [01:41:21] S1: Today. [01:41:22] S2: Yeah. And she was being literal. [01:41:24] S1: Yep. Yep. [01:41:25] S2: And so if you if you signed a long term compute contract [01:41:29] S1: Yep. [01:41:30] S2: Really at any point prior to May 2026 Mhmm. You were way in the money. Yep. You're buying compute for, you know, maybe 10 or fifth... 10 or $15 a watt. Yeah. And you could sell it at a massive premium to that today. [01:41:48] S1: Yep.
01:41:48 · John Coogan, Gavin Baker, Jordi Hays
[01:41:48] S1: Yep. [01:41:49] S2: So... And then the point the point, you know, that Carmen made about, you know, the the forward curve being in contango is actually really important and just like... It's not just the spot market. It's tight today. You have to pay vast amount even with all this capacity coming online. You have to pay a truly vast amount to bring on a cluster in mid to late twenty seven. And I think that's something that just maybe public markets are not appreciating even though, you know, it's not all of this is public. You know, Sarah Fryer said that. [01:42:20] S1: Yeah. [01:42:21] S2: You know, the... Yeah. Yeah. All these inference clouds have kind of given press releases. You hear a bunch of people on X talk about how hard it is to find compute into 27. [01:42:30] S1: Yep. [01:42:30] S2: Carmen Lee stands up and says, you know, like the market in '27 is is crazy strong. [01:42:36] S1: Yeah. [01:42:37] S2: So it's all out there but I think for whatever reason, it's not legible to the public markets. [01:42:42] S0: Sure. Jordan? What... Talk about your outlook on biology as an area that the labs are investing in. It feels very exciting and that there's tremendous potential, but I think the overall concern is around timelines. It's like there's very real costs coming online, infrastructure costs, and opportunities in biology seem like they're very real, but may take years to get these, you know, will almost certainly take years to get drugs in market and actually drive, you know, revenue that would then finance.
01:42:42 · Jordi Hays, Gavin Baker, John Coogan
[01:42:42] S0: Sure. Jordan? What... Talk about your outlook on biology as an area that the labs are investing in. It feels very exciting and that there's tremendous potential, but I think the overall concern is around timelines. It's like there's very real costs coming online, infrastructure costs, and opportunities in biology seem like they're very real, but may take years to get these, you know, will almost certainly take years to get drugs in market and actually drive, you know, revenue that would then finance. [01:43:20] S2: Yeah. I mean, we'll we'll see how long it takes. You know, Montana has an interesting new program for for new drugs, which I think is helpful. But I think a really big unlock, we have a lot of compounds and people have used AI to figure out that you can use maybe a drug that we've had for fifty or sixty years for a very rare disease that's devastating for like ten thousand kids a year and effectively cure that disease. And a friend of mine did this and it's his story to tell, so I'm not going to tell it. But AI has already saved a lot of lives and I do think, you know, the AI industry, it's, you know, they're like negative five out of 100 from like a PR. [01:44:10] S1: A 100%. [01:44:11] S0: But they... We gotta be more like pharma, [01:44:14] S1: the popular kids. Yeah. Exactly. [01:44:16] S2: Well, no. They need to start telling these stories. [01:44:18] S1: Yeah. Yeah. [01:44:20] S2: And by the way, are... You guys are coming to Tomorrow X.
01:44:20 · Gavin Baker, John Coogan, Jordi Hays
[01:44:20] S2: And by the way, are... You guys are coming to Tomorrow X. [01:44:23] S1: We are. Of course. We are. November seventeenth, eighteenth. We'll be there with you. The lineup is the [01:44:27] S0: lineup is unbelievable. [01:44:28] S1: The lineup is crazy. Jensen Huang, David Solomon, Mike Rowan, Lisa Hsu, Stan Druckenmiller, so many more Lipitons. So many people. Yep. [01:44:37] S2: But the one thing I just wanna say [01:44:38] S1: is Yeah. [01:44:39] S2: I get, like, 25 emails or texts today saying, hey man, can I come to your conference? And the answer is you can just sign up. [01:44:48] S1: Yeah, you can just sign up. [01:44:49] S2: Anyone can come. Now there's going be a security screen because of some of the people who are coming and I do, you know, there are unannounced speakers that are you know, comparable in caliber to some of those you reference. So we're gonna have a lot of security at the conference and everybody's... You'll be screened. But you can just sign up. You do not need to ask me. You don't need to ask Antonio. You can just come. And it's like the whole goal is to kind of democratize investing. And in in addition to those companies, you know, we are... We're gonna have Lynn from Fireworks Yeah. Chase from Crusoe Yeah. Scott from Cognition. We're gonna have Max from Lagora. Yeah. We're gonna have a lot [01:45:27] S0: of companies. Base 10.