Altimeter's Brad Gerstner on Super Intelligence: Whoever has the most scale wins the game

Yes. Extraordinary.

Yeah. So it's great to be here. It was an extraordinary earnings call. I mean, I think the biggest debate in the market today is do we have enough capital? Do we have enough manpower to build out the data centers across the United States? So think about the magnitude of what he announced last night. He said they're standing up 200,000 GB300 per month. Just a few months ago, that was what we were doing in a year. He says he's going to do that every single month by the end of the year, three gigawatts. He says they're going to stand up 10 gigawatts of compute next year. It's unheard of the forecast for next year. Total compute being stood up in the United States are 43GW. So SpaceX alone is going to put up 25% of the total gigawatts going up in the United States. The capital required to achieve this, right? That's like $400 billion. That's going to have to be raised to pay out that compute infrastructure. But it makes very clear Elon understands we're at the brink of the singularity. We're entering superintelligence. And whoever has the most scale, capital, compute, and data wins the game of superintelligence.

Well, I think at the end of the day, he has better access, right. We see the gyrations in the market for the subscale neo clouds, right. CoreWeave is an extraordinary company run by a great CEO, a great team at execution. The problem is they're subscale relative to SpaceX. And then if you put SpaceX and Tesla together, I think one of the main motivations behind the merger, as somebody who owns shares in both companies, is they need, he wants to get scale now. He wants to accelerate scale now. Because if you have scale around capital, and if you put the companies together, it's easier to borrow money, right? It's easier to raise money cheaper, etc. And you're going to need to raise cheap capital to build out all this capex.