Is There an A.I. Bubble? A Debate.

…asset turning into revenue with just enough of return on investment to pay itself. And right now, the reason we know we're in a compute-constrained environment is because people are making extremely good returns in 18 to 24 months on an asset because they're able to charge essentially Uber surge pricing for their GPUs. And about 50% of their revenues go to the two big A.I. companies, Anthropic and Open A.I. for their spending. The other 50% is a mix of other A.I. companies and…