All this hand-wringing over capex from Facebook, Microsoft, Google and other new entrants is unnecessary. When products are this good and improving this fast, we won't overbuild; if anything, we'll be constrained by physics and regulation. And these machines will last a decade, as software gets relentlessly more efficient and we find creative uses for older clusters. Earnings will be absurd in the next five years, as companies like Microsoft, Uber, Tesla, Robinhood, and Meta have revenue per employee DOUBLE every 3-4 years. Pay attention to revenue and earnings per employee.