I run revenue recognition at one of the 5 companies that will spend more than $800 billion this year, most of it buying from each other. My job is to decide what counts as demand. I count all of it. I have never once counted less. Less is not a direction the software offers. Let me draw you the business on one whiteboard, because it fits on one, and the fact that it fits on one is the first thing nobody in the building says out loud. I sell you the chips. I own a piece of you. I lend you the money to buy the chips from me. And when nobody rents the chips once you have them, I have signed a contract, filed with the government, to pay you for the empty racks anyway, through April of 2032. It is $6.3 billion. We call it take-or-pay, which means I take nothing and I pay you regardless, and the empty rack is the asset. I have a team whose job is to keep the racks empty. A rented rack ends the payment, and the payment is the part I own, so we hold a quarterly review of the emptiness, and last quarter emptiness came in ahead of plan, and I approved spot bonuses. They are among my best people. They understand the thing it took me years to learn, which is that the machine does not have to run. The machine has to be paid for. 4 arrows. Every one of them points back to the same table. Next to each arrow I write the word demand. I am not being figurative. There is a conference room, it is named Demand, I have a badge that opens it, and the number at the bottom of the board goes up, and the number at the bottom of the board is the only thing anyone outside the room will ever see. Some of the profit is real. The rest works like this. We own a piece of a company. We also decide, each quarter, what the piece is worth, and the accounting lets us. Every quarter we decide it is worth more, and the amount it became newly worth is booked as profit, and last quarter that decision was more than half of one company's income for the quarter and nearly half of another's. We have never decided the piece is worth less. Deciding it is worth less is a feature that exists. I have seen the button. I have never met the man who has pressed it, and I have looked, because I would like to shake his hand, and then quietly move him to a team where the button is smaller. An accountant went on television and said that we grade our own homework. He said it as a warning. I wrote it on the board as the method. He is welcome in Demand any time. I would issue him a badge. There is a second number I get to choose. When I buy a chip, I decide how many years it lasts, and the decision decides my profit. I chose 6. I proposed 9. The auditors said no, and I respect them for it, deeply, because a limit is the thing that makes a number feel real, and a number that feels real is worth more than a number that is. The engineers replace the chip closer to 2. The 4 years in between are where a great deal of the profit lives, and the chip does go on to run the thing you typed this morning, so everyone signs, and I mention the second life often, because it is true, and the true part is what the rest of it stands on. My favorite word is backlog. Backlog is money I have been promised by people who do not have it, for machines I have not built, to run a product that does not yet exist at the size I have promised. I recognize all 3 of the not-yets at once. Recognizing not-yets is the whole discipline. One of us is carrying $523 billion of it. I call that Tuesday. We announced $100 billion. Then we un-announced it. The stock went up on the announcement and did not come down on the un-announcement, which taught me a great deal about announcements and nothing whatsoever about $100 billion. Our lawyers say there is no $610 billion loop. There is not. There are many small ones. I drew them myself. They are on the wall in Demand, and a large loop is only a series of small ones drawn by a patient man. My whiteboard sits in a building. The building sits in a county. The county has a school. To cool the building I bid at the power auction. 3 years ago a day of capacity cost about $29. This year it cleared at $329. I added no power to the grid and no wire to the road. I arrived hungry, the auction did the rest, and the price found the family down the road on its own, and the people who run the auction have said, in writing, that the increase is mostly us and that it is not reversible. Not reversible is my favorite phrase after backlog. It means the bill outlives the story. Whatever happens to the number on my board, the town keeps paying the higher number, forever. To cool the building I also draw water. In one Georgia county the water authority says one of our sites drinks about 500,000 gallons a day, roughly a tenth of everything the county has. There is a girl in that county. She is 8. She is doing long division at a desk that sits above the same water we drink first. I do not have her name. I have her county's water usage, to the gallon. It is going down. I file that under efficiency. Here is the figure I keep off the board, so I will put it here plainly. We spend roughly 3 times more building the circle than the circle earns. Among the 5 of us it is more than $800 billion this year, and it climbs next year. When the money going out is triple the money coming in, the men spending it call that conviction. I do not have a word for it. I have a room, and I book it as demand. Last month a woman stood in the doorway of one of these companies and would not move. I did not understand the objection, so I offered to explain the business. She declined. I found this irrational, because the business is correct, and it is all on one board, and the board is right there, and anyone may look at it who has a badge. Her name is Wynd Kaufmyn. She is 69. On her way out in handcuffs she said, I'm not the one that should be in jail. The court disagreed. I turned a memo nobody signed into $100 billion of demand, and I was given a bonus. The system processed both of us correctly. Check the power bill, then check the index fund. You are standing inside the circle, and I would show you the board, but you do not have a badge. I book it as demand.