I think the point is more: as soon as they stop with the AI silliness they'll return to being a quite strong business.

The implication is if AI implodes, the AI-related expenses go away and what remains is a great business.

> But you don´t get to to that.

You can, and for tax purposes you must. The bean counters hate that you can’t deduct capex.

The return on capital is also phenomenal. To be a bear, you have to assume that will crater.

EBITDAI