Martin Casado, Raghu Raghuram, and Ben Horowitz on what the hyperscalers can see that others cant, and why they're going to spend a trillion dollars on it: "The demand for AI is basically infinite, and as a result of that, every part of the supply chain is under duress. Everything, including materials used to make things like memory." " Even the business model of the AI wave is really putting a lot of stress on the existing systems because they weren't built for AI, they weren't built for those workloads." "If you look at the hyperscalers, their CapEx spend has been exploding. Next year, supposedly it's gonna reach a trillion dollars collectively. This year it's about $700 billion." "They see demand from everywhere... If anybody has visibility, it is them... On the demand side, the signals have never been clearer." "If you look at the supply across the board, it's basically all booked out to 2028. It's so bad, we've actually seen multi-day auctions for a few thousand GPUs." @martin_casado @RaghuRaghuram @bhorowitz @eriktorenberg(a16z)