Noam Brown / @polynoamial: This is on the scale of the Apollo Program and Manhattan Project when measured as a fraction of GDP. This kind of investment only happens when the science is carefully vetted and people believe it will succeed and be completely transformative. I agree it's the right time. Stargate is a great name but the $500b is a ridiculous number and no one should take it seriously unless SoftBank is going to sell all of their BABA and ARM. SoftBank has $38b in cash, $142b in debt and generates $3ish billion in FCF per BBG. They own $143b in ARM and $18b in BABA. If they start selling ARM, their stake will be worth much less very quickly. Oracle has $11b in cash, $88b in debt and generates $10b in FCF. OpenAI is burning cash. MGX did not commit to a number and is a $100b fund. Maybe 10% of the fund goes into this best case...