Nvidia captured all the upside of their risk. But there's also a world where say that this Neo cloud they backed up a ton of compute comes to market. The hyperscalers have plenty of comput. They don't have enough comput. Nvidia is paying for a computer that no one wants. They just lost a bunch of money. So, if you think about it, there's an expected value of that investment. That expected value has it's not zero. It's not 100%. It's somewhere in the middle. But that is a diminuation of Nvidia's
Nvidia is paying for a computer that no one wants.