Several recent AI-industry financing structures — in-kind compute credits booked as revenue, vendor-financed deals, off-balance-sheet-style risk transfers — match the transaction patterns historically associated with accounting scandals like Enron and WorldCom, and deserve scrutiny.

8:00in a way that that wasn't good. And you know, I had an exercise which I tweeted, we can put in the show notes, people can find, but I just described, you know, there's not one thing. There's like six different transactions that have happened now that I would say are non-normal. And I just described those things to ChatGPT and asked it for its analysis both as an accountant and as a

8:23financial investor. And the AI itself, you know, would would find its way toward company names like Enron and WorldCom and those kind of things merely by describing the type of transaction. And so I think that suggests if we believe in intelligent AI, that that's just what historically has been come the best practice and way to think about these things. And I've I've told you before, I think you you have highlighted

8:49that some of the multiples are actually not that high and I think this is part of the reason because there are red flags that people are looking at. If you peel that back a little bit more, you know, one of the things that you and I have talked about, the very nature, you know, of round-tripping or circular revenues, you know, I think there's this continuum. On one end of the trans on

9:10one end of the continuum is a true sham transaction. There's no underlying demand for the product. I send you a billion dollars, you send me the billion dollars back. Right? That's clearly a sham transaction because there's no underlying demand. On the other end, I have massive demand for my product. You have plenty of places you can go get capital and we just happen to have a an

9:30investment relationship in addition to that and I'm buying your product. And those things happen all over the place in our economy and you know, maybe something to pay attention to, but it's certainly not even close to being illegal and it frankly doesn't even cause me a lot of concerns about the quality of revenue. And then we have things in the middle, right? And these things in the middle where you can ask a

9:50question like, "Would this much of revenue or product had been purchased but for this investment?" Right? And I think that at a minimum calls the revenue, the quality of those revenues into question. So, when you look at that, do you discriminate between the types of transactions that have been announced? I mean, you raised this question first 18 months ago about the credit transactions that were occurring with a hyperscaler. So, maybe just