Atreides' @gavinsbaker says more of the AI buildout in 2027 will be financed by operating cash flow than people expect, and that we're getting close to peak external financing: "All these clouds signed contracts at well below current market values. As those contracts reprice higher, as they bring on more compute with more spot — the same thing that CoreWeave is trying to do — I do think you're going to see a pretty continuous acceleration in the sum of the big hyperscaler cloud revenue growth. For the neoclouds, that number is just going to continue to accelerate." "And then it's dropping down at very high margins. So operating cash flow is following. And then you're going to be able to finance more of the 2027 buildout than people think from cash flow." "I don't know if we've seen the peak of external financing, but I think we're getting close."