tae kim(@firstadopter):"Every time there's a pullback, someone pulls out the 1999 comparison. I understand the instinct but I think it's wrong, and the data is pretty clear. In 2000, fiber utilization was below 3% at the peak. Revenue was essentially zero. Today, OpenAI and Anthropic are each generating $20B+ ARR. More than 90% of new data center capacity is pre-committed before breaking ground."

tae kim

@firstadopter

"Key Context" Substack covering Nvidia/AI. Reached #1# new bestseller in first 24 hrs Subscribe Priors: Barron's, Bloomberg Opinion

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tae kim@firstadopter

2026.03.29 13:41

"Every time there's a pullback, someone pulls out the 1999 comparison. I understand the instinct but I think it's wrong, and the data is pretty clear. In 2000, fiber utilization was below 3% at the peak. Revenue was essentially zero. Today, OpenAI and Anthropic are each generating $20B+ ARR. More than 90% of new data center capacity is pre-committed before breaking ground."

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