The second thing we talk about in the most recent report where we’ve been wrong was, we predicted two years ago that if the hyperscaler stocks underperformed for a significant period of time, we would expect that they would scale back on the capex. And they have underperformed because of the significant investment in capex and the negative impact on their free cash flow. But instead of cutting the capex, they’ve actually raised the capex. So, I think that calls into question the economics even more going forward. But the reality of it is that they’ve massively increased the capex despite the stocks underperforming, which is not what we expected.

The bubble wobbles in billowing undulations as it grows.