Part 5/20:
- Capital and Risk: The talk details how these colossal investments—tens of billions—are structured as multi-year rental agreements for data center capacity costing billions annually per gigawatt. Nvidia reaps enormous margins from this setup, often capturing a significant share of the infrastructure costs directly. Meanwhile, companies like OpenAI are betting their entire future on whether these investments will pay off, an immense gamble on the AI race's long-term payoffs.