Jul 9, 2026, 9:18 PM

(2/2)

Next, hat tip to @msb for sharing this earlier today:

❝This is not a software business that happens to own servers. It is a real estate business that happens to compute.❞

❝This is precisely why the analogy is 2008, not 2000. AI capital expenditure is not a capital budget. It is a loan book.❞