# Google Turns Cash Flow Negative While Nvidia Doubles Down on AI Compute - AI Accelerators: GPUs, Custom Silicon & Optics - Week of July 27, 2026

> Alphabet posted its first-ever negative free cash flow quarter and the market punished a blowout result, even as Nvidia's Jensen Huang told investors the chip industry must grow tenfold, for the week of July 27, 2026.

## AI Accelerators: GPUs, Custom Silicon & Optics

### Week of July 27, 2026: Google Turns Cash Flow Negative While Nvidia Doubles Down on AI Compute

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*Issue 012. A twice-weekly read on the hardware powering the AI build-out. Podcasts from the trailing seven days (July 20 to 27, 2026).*

Two issues ago, this letter called the coming week "Capex Judgment Day." Well, the jury came back. Alphabet, Google's parent, reported after the bell on Wednesday, and for the first time in more than two decades as a public company, it burned more cash than it took in. The quarter itself was excellent. The market sold it anyway. That single reaction is the story of the week, because it tells you the argument has shifted: for the first time in this whole boom, investors looked at a blockbuster cloud number and still flinched at the spending behind it.

And yet, on almost the same day, the person with the most to gain from that spending, Nvidia's Jensen Huang, went to South Korea and told the world the industry has to get *ten times bigger*. So this issue is a genuine split-screen: the people who *buy* the chips are getting nervous about the bill, while the people who *sell* them are signing half-trillion-dollar deals and warning that they still can't make enough. Let's get into who said what, in their own words.

A quick note on language, because this is a hardware letter for a broad audience. A **hyperscaler** is one of the giant cloud companies (Google, Microsoft, Amazon, Meta) that build the data centers everyone else rents. **CapEx** (capital expenditure) is the money they spend on buildings, chips and equipment. **Free cash flow** is what's left after all that spending: when it goes negative, the company is spending more cash than its business generates. We'll define the chip terms as they come up.

## TL;DR

- **Alphabet delivered the verdict on "capex judgment day," and it was a warning shot.** Cloud grew a stunning 82%, but Google raised its 2026 spending plan to as much as $205 billion and posted its first-ever negative free cash flow quarter (about **negative $5.9 billion**). The stock fell about 4% pre-market and traded down about 7% intraday. Tesla, reporting the same night, fell about 13%. The pressure now sits squarely on Microsoft, Amazon and Meta, who all report this week.
- **Nvidia's Jensen Huang gave the week's biggest operator interview** (Bloomberg Surveillance, from Seoul): over **$500 billion** of business with Korea's SK Group, and a blunt supply message, "we don't have enough bits… we're constrained in just about every part of the supply chain… we're even constrained now with land and power and construction workers." His forecast: the chip industry must be **10x larger** within a decade, but can only "double each year."
- **The AMD and Anthropic deal got fleshed out** (up to 2 gigawatts of MI450 chips from H1 2027, a $5 billion AMD investment into Anthropic, plus a possible lease backstop), but, for the **8th issue running, no AMD operator actually appeared on a podcast.** Every detail still comes secondhand from analysts and hosts.
- **A rare, meaty operator voice from a challenger:** Cerebras CEO Andrew Feldman explained why he thinks baking a model into silicon (Google's rumored "Frozen" strategy) is "a mistake," why Nvidia's software moat is "clearly shrinking," and why there are now three separate bottlenecks at TSMC.
- **Memory is a bear market on the screen and a shortage in the supply chain at the same time:** SK Hynix down about 40% from its high, Micron about 32%, Samsung about 30 to 33%, even as Jensen begs for more bits.
- **Super Micro flashed a real number:** a record **$60 billion** order backlog and gross margins guided to 15 to 17%, roughly double what it expected.
- **The bubble debate matured into a clean two-sided fight,** with fresh heavyweight voices on both ends: Mark Cuban and Kevin Muir warning of "pickleball courts" and overcapacity, versus Chamath Palihapitiya, David Friedberg and David Sacks arguing Google's spend is the best capital-allocation bet in public markets.
- **Optics went dark again:** no meaningful podcast coverage of transceivers, co-packaged optics, Astera Labs or Credo. That silence, on an agreed bottleneck, is now a multi-week pattern worth noting.

## The Big One: Google's Blowout Quarter, and Why the Stock Fell Anyway

Start with the good news, because there was a lot of it. On The Rundown, host Zaid Admani walked through Alphabet's Q2: revenue near **$120 billion, up 24%**; cloud revenue up **82% to almost $25 billion** (Wall Street had penciled in 63%, so this was a blowout); a cloud backlog, contracted business not yet collected, of **$514 billion**, more than half of which converts to revenue within two years; and search revenue up 17% to over $63 billion. "Google had a monster quarter," Admani said ([The Rundown, July 23](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiqGafN5Fte-2BKIwITCd9hA6i5-2B95JZ9TeNSNShBNqiHmNniI0Ng-2B3-2FZz2I9g30G3TajbVyuA9ope0vO4Z-2BWXCpkLwf2vH6unYHC8hhl9pTIfw-3D-3Djcig_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDbuIB9-2FhA6RVKeMIj5TAR7ZUz-2BEvpcAvQasPLrH6N9mxDD6-2Bfz7Ba-2BO8cbg1uEOmTOQawrjiGlvOUuL50-2FYT8uEaWEQRBohnYbUtbnkbepFzNSYvBiB9iPDCM7G-2FqiqdWg-3D-3D)).

So why did the stock drop about 4%? One line: "Google's free cash flow last quarter came in at negative $5.9 billion. Google has literally never had a negative free cash flow quarter in their two decades as a public company." They spent almost **$45 billion** on capex in the quarter alone, and raised the full-year plan to as much as **$205 billion** (up from $190 billion), with the CFO warning it "could climb even higher next year." Admani's read on what it means for the rest of the week is the key takeaway for anyone holding chip names: "The pressure is now on Microsoft, Amazon, and Meta on what they do with their CapEx. Are they going to do the same thing as Google and keep raising their number?"

The Motley Fool team drove home *why this quarter felt like a turning point even though everyone knew the spending was coming.* On "Mag 7 Starts Burning Cash (for Real)," Lou Whiteman put it plainly: "We've known this was coming forever. And the interesting thing to me is we're finally starting to *care* about it." He described Google morphing from a cash machine into something that "for every dollar you make, you have to spend 98, 99 cents, even maybe a dollar one," "one of those boring old industrial businesses." His co-host Jon Quast made the bull's case that it may be money well spent: cloud operating income was up "over 200% year over year… There are real results here." But Whiteman named the fear that "keeps me up at night": that the frontier models everyone is spending billions on "maybe do the hardest 5% of the work," while "95% of the revenue" quietly flows to cheaper, good-enough open-source models, in which case the spend never pays back ([Motley Fool Hidden Gems Investing, July 23](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjn0SGBg35hFWAFqXlceGMIf2dAdZETz6mpvkiptgtWEjX63z4TRpI8zrFC1OKIW6cHo9kSocnN5TFFRej7yxBpVWU4irG8I5bPJp1HzYcePQ-3D-3DY8_0_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDR2Q27eCfI460gekDco4Ncb-2FnoQAOQ8I-2BoVKS-2BAUBENWsjPO8YvNP7ynB6x4W5oOUaxxE67pzhnzSEPr9NGSVhBculXw-2BspT-2BfYp4mpTd1jBy1c2DyUqvctUcjjmYE9SHQ-3D-3D)).

**Why it matters for the chip complex:** the tell in the Alphabet print wasn't the headline number, it was the demand signal underneath it. On CNBC's Fast Money, Deepwater's **Gene Munster**, a pundit, but a closely-watched one, said the capex guide came in "4 percent higher than the street. And that ultimately means that the numbers for all these CapEx infrastructure companies are going to be going higher… this is really good for the infrastructure trade fundamentals. The question comes down to *will investors give the trade credit?*" He noted the smaller picks-and-shovels names (he cited Coherent) ticked up in after-hours trade, while Nvidia was "basically flat." Munster's most vivid point was about the sheer size of the demand backlog: Google's $514 billion cloud backlog is "three X what your next 12 months revenue are… it's almost hard for me to conceptualize when we're going to get to supply demand equilibrium" ([CNBC Fast Money, July 22](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOi-2FnZ-2BBXL-2FsT6JzN25rkXwcfjq0YrwcDNtWMHgVLzSfiUoY2jM986D55m1RIhk7pkzjjdLNT8dyzb-2FUfGKDXG3VuB8GESdKZG915zNZNgtnSw-3D-3D1Lln_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDYYdrTJFIAImfHhP20938GQ-2B-2FOxe7ZQByGqF1HC2vhjLFlqutIBFwPt0QS-2F2FT6-2BkdMH4NsNmIwl4GJ7jUyQjbZJWVpfW6Atr-2FCaJc1MqaBDqARQbCj7R-2FrAnzDPMu4DRQ-3D-3D)).

There was a second, subtler tell buried in the call, flagged by Fast Money's Mackenzie Sigalos: Google said only "a small portion of existing TPU system sales" would be recognized this year, with "the vast majority… pushed into 2027." TPUs are Google's own in-house AI chips. In plain terms, Google can't get its own custom silicon built fast enough either: the supply crunch reaches all the way into the hyperscaler's own chip line.

One professional investor who actually owns the stock captured the mood best. **John Petrides**, a portfolio manager at Tocqueville Asset Management, told The Rundown's interview show that we're in "an arm wrestling match between momentum tech investors and value non-momentum tech investors." His warning to management: "if investors get frustrated, they'll speak with their fingers and hit the sell button and say… we're going to force you into submission to either put up or shut up here in terms of spending this money." He reached for the 2022 parallel, when Meta's stock fell to about $80 before Mark Zuckerberg pivoted to a "year of efficiency." On this week's Microsoft, Amazon and Meta reports, Petrides was pragmatic: "the numbers are going to be the numbers… Maybe on the conference call they'll pivot the narrative a little bit" ([The Rundown, July 26](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjC26P1rwkvnqd4BDiZ8I3AmhNAY9oi5fM0nN2H0J2MvdkW9i9bcLj246s2Fc3-2BYE4JCpB38LOvSke-2FKJ03XvGs-2FEwgk7W3N6zqFyEVnjMwRg-3D-3D3LVs_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDa6wqDG5eQU7c6GL4mmE9UfDkJ5-2FeR-2BC8V-2FGyg59GCvXnHyQW-2F-2F-2BLiFWTw8AH03noUZEoOkg10zX7Im-2B5WQDRw5zZDvxs9txEaHdvePrpQELQXN7Wd4HiBVt3nQOHaAB7A-3D-3D)).

A read-through worth holding onto for this week: Bloomberg Intelligence's **Mandeep Singh** said the entire Google earnings call was "about Google Cloud and TPUs. Not even one question on the core ad search business." His striking detail: despite spending about $190 billion this year, *Google is renting compute from other people.* "They're actually renting data center compute from third-party providers… from SpaceX, potentially Meta." The economics he laid out explain why everyone is building: "if you rent your one gigawatt compute, you can generate up to $20 billion in rental revenue just by renting the compute… By being a landlord." His capex arc for Google: $30 billion in 2022 to about $190 billion in 2026 to about $280 billion in 2027, funded partly by an $85 billion equity raise ([Bloomberg Intelligence, July 23](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgGXGMVPfRr5N4NXyPt-2FbBDs1iedamDgU9DfmUGRWm2R4UVpIM1eRM0Ax2YwahAJVkMqTi5BAHiNB8WJJH7lk7aiXpbksaHlqHwlZDWh52Lag-3D-3DNp3v_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDa3usEnz80jrUxl3VQnq7ij3gZt1zFGY2SutRm0xq2zhUgVENfzsgStXZYNmHEzic-2FPegIi-2BdkVwY0mhJFQ-2FgEP4r1EQQ22GkCX7r6kMx7E74vGMbW2pp0j9kj2To3bcDg-3D-3D)). If even Google is short of compute and paying rent, the demand side of the accelerator story is very much alive: the question is purely about who earns the return.

## The Operator Who Doubled Down: Jensen Huang, From Seoul

Here's the counterweight, and it's a big one. This letter has spent issues lamenting the absence of chip-CEO voices on podcasts. This week Nvidia's **Jensen Huang**, the ultimate operator, sat for a long interview that aired across several Bloomberg shows, and he did not sound like a man worried about a bubble.

On the supply crunch, he was emphatic: "We don't have enough bits. We're constrained in HBM memories, LPDDR memories. We're constrained in just about every part of the supply chain. We're even constrained now with land and power and construction workers to set up the data centers." His conclusion is one every buy-side book should sit with: "I think we have the ability as an industry to *double each year*, but we're going to have a hard time growing much faster than that… we continue to build out in a throttled way… for a decade." (HBM, "high-bandwidth memory," is the ultra-fast memory stacked next to an AI chip; it's the single scarcest ingredient in an accelerator, and we'll come back to it.) ([Bloomberg Surveillance, July 25](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhBfyTu3jdIhx-2FswqgEmVRVOGEZ3sVYUu83BCGVlp64ouzWR5NQmw-2BqkPNWBRdKQxt4dR-2Fb-2BbvH8Kqt85Q-2BYAN0OAs7qSCNjioOzGhiQTWfyA-3D-3DGr9t_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDcQfW-2Bb1J1dcykJmbDG3q1WWEnXE-2FrNMlBdXBBXUzq4gcR6UCO61UwOnjfscLDJGx-2F5WONPOkbzrIpCMMEvN7WZ-2BhyLgym5QwHezyQkcvR0IiQQoAB6RUm-2BJba798fHxgg-3D-3D); the same conversation also aired on [Bloomberg Tech, July 25](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOg-2F0fILsYc-2B1IdolRZK-2BpRVbIRlM-2Fsp4dDlxZBu3HaU-2BEHcZZMlaobQKlVaN2-2BHnaFL2d6FrmVvp4AyHF8PU9FGqvRxjvqhEqf-2FExEQuC2M7A-3D-3D9VUP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDQDHJIo6hGDaW3TxWmIusxIwbbzTYry-2BdfI5nCu7xn-2FgGSOb-2BtqGycsASzzYzYtvNO9L9u42A6aOptOAKJ3W6ut6Ki-2BoBr-2FI1qdlGuxyBVpbOltMvfWww0L8UW1kLfEhdw-3D-3D).)

On the size of the Korea commitment, he confirmed the number and what's inside it: "We announced a big partnership with SK Group, where our companies are going to enter into a business partnership where we do over $500 billion of business with each other, whether it's consumption of and purchasing of memories or selling supercomputers to them as they scale out 2 gigawatts of AI factories." Nvidia is also putting $1 billion into Naver, Korea's leading AI cloud. He tied the memory piece directly to Nvidia's roadmap: "In order to build $1 trillion worth of [Rubin] systems, you're going to have to buy a lot of system memories to go with it," and he walked through the joint HBM roadmap with SK Hynix, "HBM2… 3, 3E, 4, 4E, and then beyond." (Rubin is Nvidia's next-generation GPU platform.)

And the framing that should anchor every demand debate this quarter, Jensen's argument for why this isn't a normal cycle: "We used to build computers for people to use… But in the future, we also have AI agents and robots… So instead of just 1 billion people using computers, we're going to have 100 billion agents and billions of robots. All using computers… My guess is that the semiconductor industry is probably going to have to be 10 times larger than it is today over the next decade or so."

**Why it matters:** this is the operator bull case in the operator's own words, and it lands in a very specific way: Jensen isn't claiming supply is easy. He's claiming supply is the *binding constraint*, for years. That's a materially different (and, for the trade, more comfortable) story than "demand is about to fall off." Weigh it against the buy-side nervousness above and you have the central tension of the whole market right now: the seller says he can't build fast enough; the buyers are starting to wonder if they're building too much.

For balance, a pundit note on where Nvidia's next chip stands: on Limitless, hosts Josh and Ejaz laid out big claims for the coming Rubin generation, roughly 10x token efficiency and 62% more transistor density than the current Blackwell chip, and eventually Nvidia "producing 1,000 racks per day" ([Limitless, July 24](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjQo4ApLkOWRhjmoKVrX61Q3tG6F1DjtkeOwcKxAXpIzn3kf-2F3hmFXs6GFAAE-2FBXzgpiOCNWiU7puLfCfQdcNO6iRMifmvMrRvV2lAg6-2BN2NA-3D-3DKXQ9_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDS-2FfLrHdD6TQe7uCAoO7pfmz6TjHJG8281oOJsBkYlQKUwLnqSD4nNjgnxqD3VugdhsHT9b3tEBUmqxebrb-2B9TVi0IeueVKrElieqqQvrBgFSQn3HhAYDUKhhgOmvxZTzw-3D-3D)). **Treat those as enthusiastic pundit projections, not verified specs**, they're far more bullish than Jensen's own measured "double each year." The gap between the hosts' hype and the CEO's caution is itself a useful gauge of how frothy sentiment gets around Nvidia's roadmap.

## AMD Lands Anthropic, but the AMD Operator Is Still Missing (8th Straight Issue)

The other deal everyone talked about was AMD and Anthropic. The Rich Habits hosts laid out the terms cleanly: a deal "worth tens of billions of dollars," under which Anthropic buys "up to two gigawatts of AMD's latest generation chip, the MI450, starting in the first half of 2027," with "AMD investing $5 billion directly into Anthropic as deployment milestones begin to hit," AMD's first-ever investment in the company, plus AMD reportedly "in talks to provide a financial backstop for Anthropic's future data center leases." They correctly labeled the shape of it: "Circular financing. Did someone say that right?" ([Rich Habits, July 24](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjIeIuXZTRtXOFFEXg0ujb4muVgOzQyJA4zupfKhZ9UM3-2BM4x2we-2FU0LcuEBgjhVZGfGgmKhbHl6WNcnMPK35KuQyZHnD-2FA0LYHKIfGoX397Q-3D-3D4Jrl_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDd6sIHTVkr5KpVr1Qq306hHcB5NvO5rdnHHLiJEO-2B7v-2F4zsDl-2FUEh8V3JoLm-2FRTfa9QRqIudLkrK3JH5-2FxhfwEoGKYeA-2Bnkmee6QMJ7PM8AR-2BnTx5EU4v6fYIIjRjFO2cg-3D-3D)).

The one CEO quote in the segment was a Lisa Su line the hosts *relayed*, not one she gave on a podcast: "You can't just wake up one morning and say, I want a gigawatt of compute tomorrow. You have to plan 12, 18, 24 months in advance." Which brings us to the negative space that just won't close: **for the eighth issue in a row, no AMD executive has appeared on a podcast to explain Helios, the MI450 family, its software, or the Anthropic deal.** The freshest AMD news in months is once again narrated entirely by analysts and hosts.

What the pundits added is worth keeping. The Rich Habits hosts framed Anthropic as building a deliberately diversified chip supply chain, "Google TPUs, Amazon Trainium, SpaceX's Colossus data center in Memphis [220,000 Nvidia GPUs], now AMD," and noted Anthropic has gone "from $1 billion in annualized revenue to roughly $30 billion just in the last 15 months." (They also floated a **rumored $75 billion annualized revenue figure, flag that as unverified chatter, not a reported number.**) On the AMD chip itself, the substance from the prior issue still stands: on The Information's TITV, analyst **Austin Lyons** (Creative Strategies) described Helios as "a 72-GPU rack-scale system for inference and training that competes with NVIDIA's NVL72" ([The Information's TITV, July 21](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiOrbj5xF-2BUCiNfF4Bmip7FMa5xVdlHJYDDOgguv1yG9ZoqiOPvn6IV7Jx9hvTTDayVMNabXXYzUGPUelp68PnmIUo2QWLyj3ZmosrCFoOkgw-3D-3DfvJM_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDY1fX8AErdH5F4DZAl-2BS3y8-2FuUSq7ap-2Fv8fblV41wtuBLYsNkBNUP25fsgkrq5sMFVbsCme9-2BNjw3LS0e63Rzp980NsMyArI1oKpt41Ro0JVPZra6XgUQRmvLBfO5L6cFQ-3D-3D)); TBPN's John Coogan and Jordi Hays covered the same launch and the Anthropic partnership ([TBPN, July 24](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiyTA8M66MYchnJ6AtX-2FGYzzC7fqnubBj-2BUjXfkzHMW1hHuCtcNj0POQeWlO4EmcXwxSrTzaYUz99ImKWoyOU6cginhjEHsJ-2F-2FomE5N6eG9lQ-3D-3DrJdt_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDffA1ZTfHNIi3HE7jyLmpaXgmXWNsMGn9EGjTKYGq9edKAcIbm33vnErP3moXT-2BTQQaGLA43h-2FO2PYNfy0qSoO8Qbi28BlFbUjpC7DLM6PA324Q1lEjUUl9tGDxZVfd4Sg-3D-3D)). ("Rack-scale" means selling a whole rack of chips wired together as one product, rather than individual GPUs; "inference" is running a trained model to answer questions, "training" is building it in the first place.)

## A Challenger's Operator Speaks, and Takes a Shot at Google's Chip Strategy

The most substantive operator interview of the week came not from a giant but from Cerebras CEO **Andrew Feldman**, whose company builds the largest computer chip in the world, aimed at fast inference. It's rich, so here's what a book should take from it ([The MAD Podcast with Matt Turck, July 23](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjpdup4UZhkrok720bM7OhRazO5ftMT3q3R16Y-2Flm83pigaTgnwjJdQZvUytGwPOSWhHitrwHqALgBQQ-2FHoXdI8mW2iV0qdbszuU4wW5zjpuw-3D-3DCRGs_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDb2XzuIOsuOWFwHZiOFSZc0a9Zwz8BoQpqAfHIPyygaOpBbPTKVmuxn0MHdiWO3quSPVX0NVBl8CigE6-2Bcw7N0ya2kxcoPawTgNX4DSN9N9E8qcDODt6IEbQBsL5Qewjrg-3D-3D)):

- **A direct challenge to the "bake the model into the chip" idea,** which is exactly the strategy behind Google's rumored "Frozen" chip that this letter covered last issue. Feldman: "We don't believe the right thing to do is to embed the latest and coolest model into your circuitry. That's a mistake." His reasoning: models change too fast. "We're the fastest in the world at transformers, and our architecture was set before transformers existed… What you want to do is take the underpinnings so that when the market moves, you can be good at that as well." That's a genuine, informed counter-argument to the model-specific ASIC thesis, and worth weighing before anyone gets too excited about Frozen.
- **Nvidia's software moat is shrinking.** CUDA is Nvidia's programming software, long seen as its deepest defense. Feldman: "Two years ago, every state-of-the-art model was trained in a CUDA flow. And right now, Gemini is trained without CUDA, Anthropic['s model] is trained without CUDA… in a one or two year period, they lost 70% share of training the state of the art. Because Gemini is trained on TPUs." And on inference specifically: "There's no [moat] in inference for CUDA. It takes you eight keystrokes to move from a GPU to us." (An **ASIC**, application-specific integrated circuit, is a chip built for one narrow job rather than a general-purpose GPU; TPUs, Trainium, Maia and Cerebras all count.)
- **On Nvidia buying Groq for about $20 billion:** Feldman framed it as vindication that GPUs can't do everything. "The acquisition of Groq for $20 billion… made clear to everyone that [the GPU could do everything] wasn't true, that the GPU architecture could not do fast inference." He claimed Cerebras' inference sales were "more than 10 times Groq's, and they paid $20 billion for the number two." **(Note: earlier reporting had described the Nvidia and Groq tie-up as a licensing deal; Feldman characterizes it as an outright acquisition. Treat the exact structure as unsettled.)**
- **Three bottlenecks at TSMC, in one place.** Feldman named them cleanly: (1) **CoWoS advanced packaging is "sold out,"** CoWoS is the technique that stitches a chip and its memory together on one substrate; Cerebras avoids it by design; (2) 3-nanometer factory space is congested because "the bulk of the GPU world is all 3 [nanometer]"; Cerebras runs at 5nm to sidestep the crush; (3) HBM memory itself. His chip, he said, is "58 times larger than the GPU" with "two and a half or 3,000 times more memory bandwidth."
- **A quietly important demand signal, the CPU shortage.** As AI shifts to "agentic" work (models that take actions: book a flight, pull a file, browse a site), those actions run on ordinary CPUs. "As AI gets better at making instructions… the demand for CPUs is through the roof. And CPUs experience the same memory shortage." This is a read-through most people miss: the agent era pulls in *more* standard silicon and *more* memory, not less.

**Why it matters:** Feldman is the rare operator willing to argue against the crowd's favorite narratives, that custom "baked-in" chips are the future and that Nvidia's software lock-in is unbreakable. Whether or not you buy his book, having a builder put numbers and logic behind the "multi-silicon world" thesis is exactly the kind of primary-source input this debate has been missing.

## Memory: A Bear Market on the Screen, a Shortage in the Ground

Here's the paradox of the week. Jensen says he can't get enough memory bits, yet memory *stocks* are in a bear market. On Market Mondays, the hosts tallied the damage from the highs: "SK Hynix is down 40%. Micron was down 32%… Samsung is down 30 to 33%… This is now a bear market in terms of memory." A memory-stock basket they track fell from a high near 80 to 52 ([Market Mondays, July 21](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOh7-2FMrqjxXUHqsKrS54NaDBgQQ97UZ2g6WFrwvrxZj2QJY5opuF19ZWKS2u33VDet1foMsVhJ57eN-2FdXiyD01bKiWlfL8yY-2B9VfK76z-2Fcz5EA-3D-3Du-AP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDcWrsh6N30A7DSRO3oXtBHdmC4Q7BNOTs-2FphglJnCDmfzFgWOxb-2FrNtTZAbWZ8ziGH2OtqLtzbF-2Fy6kCPIJSnW2yrJHUB801z4lYHhcyYuk4HxQ8-2FElDHGjdsx-2FaICTZug-3D-3D)).

Their read is that this is a valuation reset, not a demand collapse, and their evidence is the same China story that spooked the market: when Moonshot's cheap Kimi K3 model launched, it "had to stop subscriptions… they ran out of compute." Their logic: "If you do something cheaper, that means more people will want to do it… that still means there's a demand for compute. Who does that benefit? Nvidia… AMD… and the memory sector," because "all compute is going to need the memory component." One host (Ian Dunlap) was blunt that not everything survives: "the circular investment is a Ponzi," but "the companies that will be okay regardless… will be Nvidia, the memory companies, and the chip companies. Everyone who slapped AI on a label… they're going to have an issue later on."

**Why it matters:** the split between the *stock* (a bear market) and the *bit* (sold out for years) is the single cleanest example this week of prices moving on positioning and sentiment rather than fundamentals. If Jensen is right that HBM stays "constrained… for a decade," the memory sell-off is a rotation, not a top. If the bears are right that cheaper models blunt demand, it's an early warning. Both camps are staring at the same charts.

## Systems: Super Micro's $60 Billion Tell

The clearest hard number of the week came from the box-builders. Super Micro pre-announced that its June-quarter gross margins would land at **15 to 17%**, "basically double the 8% margins the company previously expected," and that its order backlog "hit a record level after taking in over $60 billion in new orders last quarter alone," with SpaceX now a customer. The stock jumped about 15% pre-market ([The Rundown, July 22](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgvv3Qc0GnZmuqi1H7UCKHL0zk6nJoJpGW3-2F2SiE3SxJYfkQ0UbnZdKQJb3waudHJ4Yg2Sw7y0W5-2BWYbTUGwao54ZbQAqVRRXN49R7TSZdjkQ-3D-3DRYAZ_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDQxqXcl38wa1OOq0XoEzcR6dAPjU7fPR6FIsgEI-2B2npZ1VU-2F7z8J7quraWf14J-2FZYC11-2FJHMEcMKYJ0zYeGLnsJ-2BcAxDM6wqptXCozdfwUIHqUJzP6xORhMrkNQmMCHWbw-3D-3D)).

Bloomberg Intelligence's **Woo Jin Ho** put the backlog in context and drew the read-through: the figure jumped "from $39 billion at the start of June… to about $60 billion," blowing past the roughly $53 billion consensus for fiscal 2027 ("I'd be shocked if they don't exceed that"). Crucially, he said the demand spills to the market leader: "Dell is the market leader in AI servers… these type of mega deals are typically dual source. So Super Micro is benefiting, Dell is benefiting as well," Dell rose about 10% in sympathy. And on whether the memory shortage is hurting server makers: "It hasn't affected the server business at all. If anything, the vendors have benefited," as customers rush to buy ahead of rising memory costs ([Bloomberg Intelligence, July 22](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgtJAb6OVnpyyXR37WhlG9sj9FxRuVtfOIpOpOAt-2BbmUjCalkT6k9V-2BxJkpX8miIlWKgB1Vg-2BdK6y7SVD2ZzNve8xAYTS9ZN4sJ7r6v1qYpTg-3D-3D8kst_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDSqWGSWn8DAR5BzNpQtnBM8sIJJ0bURrLFt78ZMEwueWTm0EtOg6Pgsm02aLZ52wU0ZtMb0-2BN9aTE-2BDBTFyBp-2FfXlYlVvnvNJMxQRHIWgcC5zWyLrr0K4KqtojmGnp4TQA-3D-3D)). (One caveat he flagged: Super Micro has "missed guidance for the past 3 to 5 quarters," so treat quarterly precision with care; the full report lands August 11.)

## The Bubble Referendum, Steel-Manned

The spending debate finally split into two coherent, tradable camps this week, with fresh heavyweight names on each side.

**The bears.** The marquee voice was **Mark Cuban** on All-In, and his framing is more careful than the usual "it's a bubble" cry. "It's not the traditional dot-com bubble," he said, there aren't worthless companies IPO-ing at crazy valuations. "It's not a bubble that's going to impact most people… But it could just destroy a lot of VCs and a lot of funds and a lot of PE, because they're going all in." His mechanism is financial, not technological: "The market leaders, Google, Meta, they're borrowing hundreds of billions of dollars. And there's already a private credit problem… they're spending all their cash flow on CapEx. And then they're borrowing on top of that. 50-year bonds. That's planning for perfection." And the punchline that captures the depreciation risk perfectly: "If there's a price performance curve on AI that minimizes the power requirements, there's going to be a lot of data centers that are going to be turned into pickleball courts," his version of the dark-fiber glut that followed the dot-com telecom build-out ([All-In, July 20](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjaBjZvdxWeFIWfM7d3z-2Bpm38F3XRNap8Kwa8jVG9j-2BlpKBMWp2gF-2BvVVhp8B4TeGyZNTOB-2Boy078GponbEv0CL6PXw5N3oQ-2BCfGQkkdImkxA-3D-3DIRLe_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDZTrFKk02vEgiuWQXdklEgR9nbncZQ3OqNz1KXmuDkMySinAKcknYVLfYDJO98oQQ0DaBp-2B9tatbShpQh-2FJr-2FLjxNJ-2FFZu2HssszsxV3Rae8zD7FI6laDBuBMzb4w7Od0g-3D-3D)). Alongside him this week: Wealthion's guest **Kevin Muir** ("why the smart money is selling AI stocks," warning of overcapacity and debt hidden in off-balance-sheet vehicles, [Wealthion, July 24](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjmqgYbBREgv06MedC3j-2FBwWrdgHqVjcBGTqOLWXR1ImuHershp8WOFdYIJnDijVFWCGTvMvT3kqTlk6MsW-2F11I9cJJ-2BU1db26MUx1B08ye4g-3D-3DOw44_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDUxGcyiH1LV3aztu0GhC4UNgEMZZDCdUbhRQGTLReWF40-2B4-2F9DD03GLoRKCyYx0zJoRxv07ShvnIUQhaGO2pXIhJLvOPs-2FgbOvFYMWe0LmCtuog2xxtODL3Dbk26QRX3Kg-3D-3D)); Verdad's **Dan Rasmussen**, who argued "CAPEX spending always disappoints" and that semiconductors are cyclical and currently in bubble territory ([Planet MicroCap, July 25](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiZjtuPGU-2F-2BUp1UhSniKBfXRN6kPjR3uc-2BooMojmupX6Wg-2FUZ1mnOVhtThgl8689Sv3aHIG29BrSDM1MgMIcKwtYutyT-2FVHnpUZRSK-2BJJqq2A-3D-3DPIuV_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDU-2BDRkz1aywTY-2BqcRg-2Fdocp-2BO4z4MloL0BgMsPNBsIOfwtfdv917R6DyslBCoZRDNBL93zjnx9dbE7giOkzSzW2bRBdwMa8byc-2FF3fWJJ4-2FQXmh26XSkG1lJirXIyHKAdA-3D-3D)); and a fund manager on Merryn Talks Money who questioned whether hyperscaler returns justify the spend, since customers will use "good enough" cheaper models, including Chinese ones "at 90% lower cost," for many tasks ([Merryn Talks Money, July 20](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgDSqa0AaeKu0LTZdicrXl7CFqGuCrK-2FECwOjOrcyeGDFjr0t6CGLK-2BDG-2BIY8NMVSLdKfAYGuzoNWYI-2FMgT-2Bk4auE1z-2Bk4cCYC3WA7DuHf7-2Bg-3D-3DAZHh_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDfjq95prxIN3ORU8CPl24IsSvVw7BxQ5DFqe1uEXjBGNDWD2XHfKeyTF9YoYU4N3bABFEZPrmBygKDy-2F3OxGfkH97yKiP8U9g73aaBS5R-2FBvQdA7ijaKsX69BKmjIbWz5w-3D-3D)).

**The bulls.** The strongest rebuttal also came from All-In, from Cuban's own hosts, two days later. **David Friedberg** anchored it on the numbers: "Do you know what Google's 25-year average return on invested capital has been since going public? … 32%. When you are a machine… that compounds money at 32% over a 20-year average, you give these guys the benefit of the doubt. They are methodically investing in their edge." **Chamath Palihapitiya** argued fragmentation actually helps Google: "The best thing that can happen to them is 500 different models proliferate and they support all of them, because they will make so much money at the silicon layer… as the cloud provider." And **David Sacks** made the cleanest bull statement of the week: "If you want to bet against Google's deployment of capital into infrastructure because you'd rather have them give you cash for your shares today, you shouldn't own the stock… The best public market stock to own is Google." His worst-case floor is telling: even if none of Google's apps or models win, "they're still going to have the world's best infrastructure. They can print cash on for years if you believe in AI," noting there are "only 3 games in town" that can reach the reliability of a top-tier cloud ([All-In, July 24](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhoEmLSnnL9Fd5Uj1MoVIwXkrOJlBhB48um20Cd-2B4RiTYJEcI4jddJWygMYIyVQP-2FgZ29O-2FPqj5BZGqs8P6WoP9aD9VauHYUOxxiuhN-2BgvXtA-3D-3DbtFx_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDZkqcKm3gg5uu3XlnVxND0xsgFlTicyuzwCCDBIN50HRTSXr-2BJOQywaSSr9pRRd-2BUSby9DnJVIReLg7ZI0gQe7y-2BJsXkvGnvpD2h338biOOEav8Sgz14O-2B2tqEyGLVWYEg-3D-3D)). Gene Munster's "really good for the infrastructure trade" (above) rounds out the bull bench, as does the simple demand fact that Google itself is renting compute because it can't build fast enough.

**The swing factor** both sides implicitly agree on: efficiency. If cheaper models and better chips crush the cost of intelligence faster than usage grows, the bears' "pickleball courts" win. If demand keeps outrunning supply, as Jensen, the Super Micro backlog, and Google's own rent-a-data-center scramble all suggest, the bulls' "compounding machine" wins. This week gave real evidence for *both*, which is exactly why the market whipped around a blockbuster Google quarter.

## Names in Play This Week

- **GOOGL / Alphabet**, the referendum stock: 82% cloud growth, $514B backlog, but negative $5.9B free cash flow and up-to-$205B capex. Own the demand, debate the returns.
- **NVDA**, Jensen's $500B Korea deal and "10x bigger industry, double each year" framing; traded about flat post-Alphabet, around $194 to $195, described by several hosts as cheap versus its own history.
- **AMD**, Anthropic deal ($5B stake, up to 2GW of MI450 from H1 2027, possible lease backstop); Helios rack now shipping. Operator voice still absent.
- **SMCI / DELL**, Super Micro's record $60B backlog and 15 to 17% margin guide; Dell the dual-source beneficiary (up about 10% in sympathy). Full SMCI report Aug 11.
- **Memory (SK Hynix / Micron / Samsung)**, all about 30 to 40% off highs even as the bits sell out; the cleanest sentiment-vs-fundamentals split of the week.
- **Cerebras (private)**, challenger operator on record; big OpenAI relationship, argues against baked-in-model chips and a shrinking CUDA moat.
- **Anthropic (private)**, the demand magnet in the middle of it all: TPUs plus Trainium plus SpaceX GPUs plus AMD, about $30B ARR in 15 months (the $75B figure is unverified).
- **TSMC / ASML / AEHR**, the foundry-and-equipment complex kept posting strong numbers to a "nobody cares" market (see read-throughs).

## Read-Throughs and Second-Order Signals

- **Everyone is a landlord now.** Google renting compute from SpaceX and possibly Meta, Anthropic renting from four different chip camps, xAI selling off excess capacity, the "neocloud" middle layer (renting out gigawatts for about $20B a year, per Mandeep Singh) is becoming its own business. Watch which hyperscalers turn spare capacity into rental revenue this week.
- **The CPU and agent read-through.** Feldman's point that agentic AI drives a *CPU* shortage, and that CPUs share the same memory squeeze, argues the memory tightness broadens rather than narrows as agents scale.
- **Foundry and equipment: strong prints, no love.** On The Circuit, Ben Bajarin and Jay Goldberg noted TSMC raised its capex plan "to the 60s" [billions], with 70 to 80% going to advanced nodes and packaging, and argued the shift from tiny phone chips to giant AI chips could require "four to five additional foundries" and machines "two and a half times the size of prior nodes," "you got to build three more buildings to make less chips than you did in a smartphone." Their line on the market: great quarters from TSMC, ASML and AEHR, and "nobody cares… the stock market is the honey badger" ([The Circuit, July 20](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgk-2Frng1O8ECyoXAVsCd5TFp2JKJ8sPSStGbQ93U27pvB61p2iwlsqNeObQWTVUL5LLVCcQA4JuGZ4i52k4Of-2FvoMxOyyOGzMMK6TYoROyPRQ-3D-3D2kl4_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDVL5nfYfD-2FltlwQpC8bYIUaSw0OhnmjD7bNAFQ5q3ZBA2JpwFbh7M6Ly4SO-2FbTsoNNoItM7-2B28gw9AkZzq-2F3xZpbMDN1LLt0cHaHZa8sCEKoDAD3jL91Akw1ujq-2BUwhlfA-3D-3D)). (This continues last issue's TSMC and packaging thread rather than breaking new ground.)
- **The "excess compute" counter-signal.** On RiskReversal, Rick Heitzmann and the hosts argued the scarcity story is fraying at the edges, "the pricing is still there" even as some large players report *excess* compute, hinting at a shift from a chip-scarcity phase to an efficiency phase ([RiskReversal Pod, July 23](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOggEyLMyBu2f8jC8RSOLIhfXASLqIXJWeG36czLfoVtjT3Fc9w1MHW6-2BbHcLE-2FX9jmTNeupA0EG-2BgF4i-2FDtGRrJLru6hptK0k9H-2Bqq-2B6AOZLA-3D-3DCXR__7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbVkRIKCP3gu-2FFyolXCNoHMNgbbGYh0vxk4HfR4zU9OYDXlZTYLh-2FqwFQwDuIn94vfuNeUwy5AJUvtSQrLbuk66GAESQuOwlm5V1ZpZ-2FHUmDEN9kge8f9oo72dUjRTKPqHTgYbCNLSbPwgmM5Com-2B3enSyNg5sMus-2FxNv-2F7Qf9baxQ-3D-3D)). Hold this next to Jensen's "we don't have enough bits," the two views can't both be fully right, and this week's hyperscaler prints will help settle it.

## What Changed Since Issue 011 (July 23)

- **The lead flipped from anticipation to verdict.** Issue 011 teed up "Capex Judgment Day" as a coming event. It happened: Alphabet reported, went cash-flow-negative for the first time ever, raised capex to $205B, and, decisively, *the market punished a blowout quarter.* The debate is no longer whether spending is big; it's whether investors will keep tolerating it. Microsoft, Amazon and Meta this week are the next verdicts.
- **The Nvidia operator drought partly broke.** Issue 011 flagged silence from the GPU makers. Jensen Huang's South Korea interview is the freshest, most substantive Nvidia operator voice in weeks: $500B SK deal, "10x bigger," "constrained… for a decade." (AMD's operator silence, however, extended to an 8th straight issue.)
- **New heavyweight bubble voices.** Issue 011's fresh bear was Thomas Peterffy and fresh bull was Russell Clark. Issue 012 rotates in **Mark Cuban** (bear, "pickleball courts") and the **Chamath, Friedberg and Sacks** trio (bull, "32% ROIC, best public stock to own"). Peterffy and Clark now become continuation.
- **A genuine challenger operator.** Cerebras' Feldman replaces last issue's secondhand "Google Frozen" reporting with a firsthand, contrarian take *against* baked-in-model chips and *against* the CUDA moat, a real primary source on the custom-silicon debate.
- **Memory re-angled from mechanics to the sentiment-vs-fundamentals split.** Issue 011 detailed SK Hynix's pre-sold 2027 capacity; Issue 012 shows the stocks in an outright bear market even as Jensen begs for bits.
- **Super Micro upgraded from a backlog headline to a hard pre-announced number** ($60B backlog, 15 to 17% margins) with a clean Dell read-through.
- **Not re-run** (already covered): the detailed Helios and MI450 spec breakdown, the SK Hynix 2027 pre-sell mechanics, the "Frozen" chip reporting, and the full TSMC and CoWoS capex-tell, all referenced only where this week added something new.

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