Sundar Pichai says Google is putting TPUs in orbit partly because Earth wouldn't look nice covered in the data centers AI will need "And so I don't think Earth would look nice if that's how you plan to do it."

Sam Altman says he hasn't looked at a line of code in about a year and doesn't think he'll ever write any again "Or if I do, it'll be like, you know, like a Revolutionary War reenactment or whatever kind of thing people do, you know?"

Brad Gerstner says the people who called a GPU glut missed Nvidia going up 18x in three years [ The margins at NVIDIA, 75% last quarter. You look at Micron, you're talking about 86% margins... that siren has been going off since 2023 and we're still here. ] "So the people who have called the glut over the last two years, they've all been wrong, all been wrong. And they've all missed the opportunity, the upside." "Remember NVIDIA over the course of the last three years is up 18x. You missed all of that because you were panicked two and a half years ago that there was going to be a glut." "There's only so fast in terms of production of wafers in this country. It's only so fast that we can bring power on."

Ed Zitron says there's no GPU shortage when the hyperscalers can't install the ones they already bought "When you've got Microsoft, Google, Amazon, Meta, all of these companies with hundreds of billions of dollars of GPUs they can't install, how is there scarcity?"

Brad Gerstner says Altimeter has Anthropic at $140 to $150 billion of revenue next year, which at 12 times gets you close to $2 trillion [ Andrew: Do you think this goes at $2 trillion? Do you think it goes at a trillion and a half? ] "I was at the investor day in San Francisco last week. 150 of the leading investors from every mutual fund... hedge fund in America were there." "I would say the sentiment coming out of the room, by my measure, was like a 10 out of 10." "The numbers that we have in the Altimeter forecast for next year, let's call it 140 or $150 billion in GAAP revenue for next year." "But if you apply a 10 times multiple to that, Andrew, you get to 1.5 trillion. If you apply a 12 times multiple, you get closer to two trillion."

Ken Griffin says corporate America is going through its Anthropic and OpenAI bills and working out what it can run on open source at a fraction of the cost "Corporate America has been very uneven in its ability to extract value from AI models." "And the most sophisticated companies in the United States are becoming very sophisticated at what parts of their business do they need to pay extremely high pricing for... from OpenAI and Anthropic, and what part of their business can they run on open source models at a fraction of the cost." "And I think all of corporate America is looking at their bills from Anthropic and OpenAI and going, okay, we need to think about how to make sure we're getting productivity out of this." "But in some areas you've got a lot of waste and people are going to have to pivot around that." [ Dani: The Journal had a report that Anthropic... is talking about seven hundred fifty billion dollars of spending to come... Is there necessary tension in those two things, Ken? ] "There is."

Larry Fink says if the US slows down data centers they get built in Canada, which just cut permitting to one year [ Larry, last week, I mean, you were saying that a moratorium on data centers could put the country in a recession. Are we really that dependent? ] "And if we slow down the build out of this technology, I think it really does jeopardize the economy. It means we're not going to build these. It means we're building elsewhere. You have Canada." "...the changes of permitting reform in Canada whereby at the federal level to provincial level, the local level, a one year term for permitting, which is a very fast permitting process by any imagination." "If that happens, okay, we can't build them in the United States. You build them in Canada."

Gene Munster says Elon's ten gigawatt number was preselling $35 to $40 billion of quarterly capex guidance with the street at 19 [ He throws out that ten gigawatt number by the end of next year... It's just ridiculous. ...doesn't that kind of like, I don't know, get under your skin a little bit? ] "Well, I mean, you have to take it with kind of what we know about Elon and just how to kind of adjust for him, so it doesn't get under my skin because I know how to make an adjustment to that number." "And the number was 1.7 at the end of the December or the September quarter, and he's saying ten, which means that, you know, if it's between five and ten, it's still going to be a much bigger number." "What he was basically doing was kind of preselling the guidance that came from Bret Johnsen, the CFO, minutes later, which was to expect 35 to 40 billion in capex in the December quarter, when the street was at 19 billion. Now, surprisingly, the stock went up on that."

Satya Nadella says Microsoft is fine running three to six months behind the AI labs at 20% of the cost "...our cost to do something that's of, let's say, six months off or three months off, even at, you know, 20% of the cost, that's fantastic for our shareholders."

Bill Ackman recalls walking into a Bremont store, buying a bunch of watches, then asking who owned the company "I wrote a note to the owners, and then I ended up owning the company."