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@ShanghaoJin GS's data feels conservative
Alphabet's 290B for 2027 is also conservative, JPM even estimates 350B
2027 Meta is also underestimated, at least 200B starting point, AWS is also underestimated
I have calculated that the 2027 capex can probably buy 30GW, implying that the corresponding premise is that the 2027E token ARR only needs to reach 2.5 times the 2026E
So the numbers are completely feasible, and 2.5 times ARR may even be an understatement