Latest / In the Loop AI / CoreWeave's Crash Looks Like 2008. Here's Why It Isn't.

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CoreWeave's Crash Looks Like 2008. Here's Why It Isn't. · In the Loop AI

• 0:00
  So last week, someone posted a chart online and the entire stock market crashed.
• 0:04
  CoreWeave was down 15% in 24 hours. Dell was down 11%. Oracle down 9%.
• 0:10
  In fact, semiconductor stocks were down for eight days in a row,
• 0:14
  which was the longest losing streak since 2008, where we all know there was
• 0:18
  a big financial crash. But the thing that puzzles me the most is there doesn't
• 0:22
  seem to be a reason for this crash to even happen.
• 0:25
  CoreWeave reported their best revenue earnings up 112% from the year before
• 0:30
  and $129 billion revenue backlog backed by some big names, Microsoft,
• 0:35
  Meta, and maybe even Anthropic.
• 0:36
  If we look at Dell, Oracle, TSMC, they reported their best quarters in history,
• 0:42
  but their stock still fell.
• 0:43
  When you talk to Andy Jassy from a quote from an interview last week,
• 0:48
  he reported that demand has exceeded supply beyond 2028.
• 0:53
  So he's dealing with capacity constraints for 2029, years in advance.
• 0:57
  So why then are these companies' stocks failing? We're going to get into why
• 1:01
  the market is recently dumping the whole CoreWeave debacle and saga on today's
• 1:05
  episode brought to you by Qualcomm.
• 1:10
  Now, typically when the market crashes, there's always a number of different
• 1:13
  factors that are happening.
• 1:15
  But in this case, it's just to do with one single company and how much they've
• 1:19
  borrowed to fund their GPU expenditure.
• 1:22
  Now, CoreWeave, as you probably already know, is what you would call a neocloud,
• 1:25
  basically a cloud center or an owner of multiple data centers that house GPUs.
• 1:31
  They rent these GPUs to major AI labs or other hyperscalers so that they can
• 1:36
  run inference on AI models or train AI models. And CoreWeave specifically has
• 1:40
  seen a pretty meteoric rise over the last three to four years.
• 1:43
  They IPO'd last year. Their stock has been doing relatively well.
• 1:46
  But CoreWeave pivoted. They were originally a GPU company that just served gaming.
• 1:52
  And then they pivoted into crypto mining back when Bitcoin mining was a huge thing.
• 1:57
  And then when AI exploded, they were like, hmm, I could repurpose these GPUs simply for AI models.
• 2:03
  And they ended up getting the biggest valuation and making the most money than they ever had before.
• 2:07
  And there's been a number of other neoclouds that have popped up,
• 2:09
  such as IREN, Nebius, Nscale, all which have reached pretty crazy valuations
• 2:15
  and their revenue catalogs have basically looked like this.
• 2:18
  Over the last year and a half as the likes of Anthropic, OpenAI,
• 2:21
  Meta, Microsoft, Google, Amazon have all signed multi-billion dollar multi-year deals with them.
• 2:28
  So then what's changed over the last couple of days or weeks that have caused
• 2:32
  the market to react in this way?
• 2:34
  Well it all started with one single tweet from Chamath Palihapitiya who is one
• 2:39
  of the hosts on the All In podcast which I love but also former Meta exec that
• 2:43
  did pretty well, started his own fund, Social Capital, and I think he stepped away from that.
• 2:47
  And now he just has really good takes on the AI market and macroeconomic structures in general.
• 2:52
  And he posted this tweet of a chart. And the chart basically showed the rising
• 2:56
  yields that CoreWeave had to pay on the debt.
• 3:00
  Now, this debt was specifically money that they had borrowed to purchase the
• 3:04
  GPUs that they then rent out to the major companies that I mentioned earlier,
• 3:08
  like Microsoft, like Meta, like Amazon.
• 3:10
  So they don't have the money themselves, so they need to borrow the money to
• 3:14
  buy the GPUs to then sell to other companies.
• 3:17
  The rate of yield that they had to pay, so the interest that they had to pay,
• 3:20
  had surged pretty high recently, and it hit 15%, the equivalent of them having
• 3:26
  to pay around $640 million this quarter.
• 3:30
  And then Elon Musk replied to this tweet, yikes, five letters,
• 3:34
  and it crushed the entire stock market.
• 3:36
  By the end of the week, CoreWeave was down 25%. And then over the following
• 3:41
  days, other semiconductor or just AI stocks in general brought the entire market
• 3:45
  down because the market is...
• 3:47
  Essentially propped up by a lot of AI stocks right now. And it led to around
• 3:51
  $1.6 trillion being wiped out over semiconductor AI stocks specifically,
• 3:56
  which is the most part of the capex bubble.
• 3:58
  And I find this weird because it was even affecting stocks that weren't directly
• 4:02
  associated with CoreWeave. I understand if it affected other neoclouds or cloud
• 4:06
  service providers for AI, but it started hitting TSMC, who reported their best quarter in history.
• 4:12
  That means that there wasn't a single quarter prior to that,
• 4:15
  that TSMC hadn't beaten. And TSMC basically makes or produces the chips that
• 4:21
  NVIDIA builds and designs.
• 4:23
  So they're at a core fundamental piece of this entire market,
• 4:27
  of this entire AI infrastructure build out, and their stock still fell.
• 4:31
  So this seemed to be kind of a broader drawdown based off of sentiment that
• 4:36
  people were, I guess, predicting about this AI CapEx infrastructure build.
• 4:40
  Now, listen, we've made episodes before talking about how the rise of spending
• 4:46
  from very few companies, honestly, it's around eight companies, Amazon, Google, Meta,
• 4:51
  Microsoft, were spending upwards of, I think, $550 billion just this year alone.
• 4:58
  And they're planning to spend upwards of $1 trillion for next year.
• 5:02
  And for the first time ever, these companies are breaching into the red, negative cash flow.
• 5:08
  Listen, we're talking about companies here that have hundreds of billions of
• 5:11
  dollars on their cash balance sheet.
• 5:13
  And now that's depleted to zero, such to the point that they need to borrow
• 5:17
  money. Now, it makes sense that these companies are earning money in many other
• 5:21
  different ways that aren't necessarily tied to AI. So they are able to fund
• 5:24
  these different kinds of things.
• 5:26
  But smaller companies like CoreWeave, like Nebius, like IREN,
• 5:30
  who are contingent on this AI CapEx bubble still inflating, rely a lot on the
• 5:35
  financing, which is why we might be seeing worries around this yield thing.
• 5:39
  So it caused people to panic, understandably. And then finally,
• 5:42
  on Monday, people started to relax. CoreWeave.
• 5:45
  Burst up 6.9%, I believe, and Goldman rated CoreWeave a buy.
• 5:50
  So the question we need to unpack here is, what the hell just happened?
• 5:55
  And two, is there any substance behind the market drawdown? And what does that
• 5:58
  tell us about the wider fears around AI in the bubble?
• 6:02
  Listen, it's no mystery that people are very excited and optimistic,
• 6:06
  potentially over-investing, whether we are too levered up and there's a private
• 6:11
  credit bubble, to Chamath's point last week.
• 6:13
  So let me try and unpack what's happening here.
• 6:16
  Think of CoreWeave as a landlord. They purchased 51 apartments.
• 6:20
  The apartments in this case are data centers. They're very expensive, very cost intensive.
• 6:26
  So they borrowed money to be able to purchase these apartments.
• 6:29
  And then what they've done is they've leased these apartments out for use for
• 6:33
  the likes of Microsoft, Meta, people who are paying them rent effectively.
• 6:37
  Now, for them to be able to borrow this money is the equivalent of taking out
• 6:41
  an expensive mortgage or just a mortgage in general.
• 6:44
  And the issue is, more recently, mortgage payments or the mortgage rates have
• 6:48
  skyrocketed to the point where they've had to pay back $640 million of the recent
• 6:54
  quarter, the last three months.
• 6:56
  Now, in CoreWeave's defense, they've been making money on the renting out.
• 6:59
  They made around $2.6 billion in the last quarter.
• 7:03
  And technically, they should be profitable after costs. I think after OPEX and
• 7:08
  CAPEX costs, they're down to about $1.5 billion.
• 7:11
  But now they have to pay near or almost more than half of that back to these mortgage payments.
• 7:17
  And next year, they're projected to pay $300 million more on top of that for
• 7:22
  the mortgage rates, bringing them to $900 million.
• 7:26
  So with all things balanced out on their books, they actually are down $626 million.
• 7:33
  Not great. And listen, this could be something that CoreWeave could deal with
• 7:36
  if this was a static number, but they're actually ramping up spending.
• 7:40
  CoreWeave is set to spend around $6.4 billion on new data centers over the next three months.
• 7:45
  So you can imagine the gap is widening behind the debt that they have to pay
• 7:50
  back and the money that they're actually spending for the future versus the
• 7:53
  money that they're actually making.
• 7:54
  Now their debt has risen to about $35 billion and $10 billion of those dollars
• 7:59
  needs to be paid back in the next 15 months. So,
• 8:03
  and they only have $5.5 billion of cash on their balance sheet.
• 8:07
  So the question is obvious to everyone. How on earth do they plan to pay any of this back in time?
• 8:13
  And when someone ran the stats online, it basically looked like a coin flip
• 8:16
  as to whether CoreWeave was going to default over the next three years.
• 8:21
  55%. Now, Chamath's point wasn't necessarily sell all your entire stock in CoreWeave
• 8:26
  and the entire AM market.
• 8:28
  He was just pointing out a trend that could potentially become very cumbersome
• 8:32
  or worrying if it continued to grow.
• 8:34
  He pointed out that two months ago, the mortgage payment or the mortgage rate
• 8:38
  that CoreWeave had to pay back on their debt was only 10%.
• 8:41
  And since those eight weeks have happened, it's risen another 5% and it's projected
• 8:45
  to rise another 5% and it may keep on going to the point where CoreWeave needs
• 8:49
  to default on some of their loans.
• 8:51
  He's just looking at where the smart money is thinking about CoreWeave,
• 8:56
  Neoclouds and just borrowing in general for AI expenditure.
• 8:59
  He basically says that, listen, the bond yields basically are the effective
• 9:04
  rate that the insurance market will be willing to pay or price the debt that CoreWeave is taking on.
• 9:12
  And so right now it's 15%. Two months ago, it was 10%.
• 9:15
  And his idea is basically the insurance providers, the people who are lending
• 9:20
  them the money, the people who are going to get paid back the money first when
• 9:23
  CoreWeave has the money,
• 9:25
  are pricing this as a very expensive risk to the point where they think that
• 9:29
  CoreWeave at a coin toss might default over the next three to five years.
• 9:33
  And he's saying the aggregate of CoreWeave's debt balance sheet,
• 9:37
  the money that they have on their balance sheet, which is around $5.5 billion.
• 9:42
  And then the rates that are increasing collectively might end up becoming a
• 9:46
  problem for them, especially as CoreWeave is aggressively spending more and
• 9:50
  more money to acquire more data centers.
• 9:52
  It's worth pointing out that I think two to three years ago, they only had
• 9:55
  three data centers and now they have 51 data centers and they're planning to
• 9:58
  spend six and a half billion dollars over the next three months so he's pointing
• 10:02
  out that like hey listen we might need to slow down you might need to cut your
• 10:05
  costs a little bit we're not saying throw in the towel by any means
• 10:08
  but slow the hell down or we're going to end up in a dot-com type
• 10:12
  bubble that is definitely going to burst at least what CoreWeave and some of
• 10:16
  the neoclouds are doing so i thought about this a bit and Chamath's point definitely
• 10:20
  stands and i think he's right to kind of wave the flag and, you know, warn people of this.
• 10:25
  But I think the market may have potentially overreacted. It's funny because
• 10:29
  they had the CoreWeave CEO come on to the All In podcast, I think like three
• 10:33
  weeks ago, I remember watching it.
• 10:34
  And I remember him explicitly describing how the financing of these different deals work.
• 10:40
  So let's say, for example, CoreWeave signed a major deal, multi-billion dollar
• 10:44
  deal with Microsoft, which they did a few months ago, and we reported on it
• 10:48
  on this show and he basically said.
• 10:51
  He built something called a box obviously this is metaphorical but he treats it as a box
• 10:56
  and in that box the first round of financing comes from the customer themselves so
• 11:01
  CoreWeave signs what's known as a long-term agreement which is essentially
• 11:05
  a promise that microsoft in this instance will need to spend a certain amount or all of the.
• 11:14
  Even if they don't take the compute off of CoreWeave's hands.
• 11:17
  So in the event that Microsoft didn't want to take the compute or they didn't
• 11:20
  need the compute, they would still need to pay for it.
• 11:23
  The entire point here is that each deal that CoreWeave signs is locked in its own box.
• 11:29
  And the money that goes towards paying for the GPUs, the CapEx,
• 11:33
  the power, the electricity, the land that is needed to basically make this data
• 11:39
  center come alive and serve that actual customer
• 11:42
  is paid for by that customer. It comes in that rental payment.
• 11:45
  And then only after that does CoreWeave actually take any money.
• 11:49
  But it gets even better. The CoreWeave founder also spoke about the revenue backlog.
• 11:54
  They have around $129 billion, last time I checked, which was yesterday,
• 12:00
  over the next couple of years to 2032.
• 12:03
  So that's a lot of money, but also 98% of it is technically or contractually.
• 12:09
  Uncancellable, which means that they've signed pretty crazy,
• 12:13
  lengthy, long-term agreements with these big companies who have presumably financed
• 12:18
  on much better ratings because, you know, they are Microsoft,
• 12:21
  they are Google, they are Meta.
• 12:22
  From CoreWeave's perspective, they have money in the bag and it may not be in
• 12:27
  the bag right now, but contractually they do have it.
• 12:30
  But let's also assume that, you know, even all of those things are in jeopardy.
• 12:34
  They have the bank of NVIDIA backstopping them. Jensen Huang and NVIDIA recently
• 12:39
  said that any capacity that goes unfilled for CoreWeave specifically, they will fill.
• 12:46
  They will pay for up until 2032. NVIDIA is also a major or big investor in CoreWeave.
• 12:52
  Jensen Tuong, after this entire media blitz happened over the last couple of
• 12:56
  days, came out and said, I've looked at CoreWeave's books.
• 12:59
  I know the founders. I know exactly the deals that they're financed.
• 13:02
  And trust me, they're good.
• 13:04
  They're better than ever. And he quoted the 112% revenue gain that they had
• 13:08
  despite the stock dumping.
• 13:10
  So while it might seem analogous to the 2008 financial crisis,
• 13:15
  which, you know, you had credit default sops back then, it's a similar instrument
• 13:19
  to what we're seeing with the bonds and the insurance market right here.
• 13:21
  It's easy to make it seem like an apples to apples comparison,
• 13:24
  but my take is that it's simply not.
• 13:27
  In this event, yeah, we do see massive scaling and slightly levered financing,
• 13:32
  but it's nowhere near the point that we had at the dotcom bubble burst.
• 13:36
  It's certainly something that we should keep an eye on. And I think Chamath
• 13:39
  calling out the rates increasing is definitely a worthy thing to do.
• 13:43
  But I think the market's reaction is...
• 13:46
  I guess, overreacted to the entire thing. And the other near cloud founders
• 13:49
  actually backed CoreWeave up.
• 13:51
  You had the founder of IREN and Nebius, and I think I saw Nscale also come online
• 13:57
  and basically say or echo something similar to what CoreWeave said around their whole box.
• 14:01
  They said, listen, we're not taking on massive amounts of debt and spreading
• 14:05
  that around to any and every customer. We silo it in these boxes.
• 14:08
  And the tenants, in this case, whoever they sign a deal with,
• 14:11
  Anthropic, OpenAI, whoever, are the ones that pay for the majority of the CapEx
• 14:15
  first. So we are actually actively paying back these different loans.
• 14:18
  And the future guarantee of these $129 billion worth of revenue backlog,
• 14:24
  in CoreWeave's case, is going to do the same thing.
• 14:26
  In fact, Nscale specifically, they signed a $45 billion deal with Anthropic
• 14:32
  earlier this year, because Anthropic obviously needs a lot more compute to train
• 14:36
  and influence their clawed models ahead of their Blockbuster IPO.
• 14:39
  So yesterday, they announced another $45 billion deal with Nscale.
• 14:44
  So if these neoclouds were truly in jeopardy, putting CoreWeave aside and just
• 14:49
  looking at neoclouds in general, would they still be signing these deals?
• 14:52
  Probably not. But then again, Anthropic has also committed to half a trillion
• 14:56
  dollars worth of capex spend over the next three to five years.
• 15:01
  And their revenue has slowed down to about 45% quarter of a quarter.
• 15:05
  The quarter before that was 110%.
• 15:08
  So, you know, doomers or negative speculators are basically saying that maybe
• 15:12
  their revenue is slowing down and this could culminate in the bubble bursting.
• 15:16
  I personally have no idea. I wish I could look into the financials of all of
• 15:18
  these, but this is just generally what the structure of things look like.
• 15:22
  OK, so then stepping back from all of this, what's the bull and bear case for
• 15:26
  all of this? Is there any actual substance to this drawdown or are we about
• 15:29
  to recover? Let's get into it on today's episode brought to you by Qualcomm.
• 15:36
  Let's start with the bear case, because it was the first thing that I listed down here.
• 15:40
  So number one, can CoreWeave actually pay back their debt? They're burning around
• 15:44
  $5.7 billion per quarter.
• 15:47
  We don't know the structure of the contracts. So how soon they're going to get
• 15:51
  some money from that $129 billion backlog, whether it's in enough time to pay all of this back.
• 15:56
  And then also, we don't know where the bond rates are going to be.
• 15:59
  If two months ago, they were at 10% and now they're at 15%, they could be at
• 16:02
  20%, God forbid, 25% in the next two months, there's a lot of factors that could be at risk here.
• 16:08
  But also, CoreWeave has a customer concentration risk.
• 16:12
  I looked into the reports or the finances from their previous quarterly earnings,
• 16:16
  and I saw that three customers account for 36%, 22%, and 12% respectively for their revenue backlog.
• 16:25
  That is a huge customer concentration risk. And listen, it's not weird to see
• 16:29
  these kinds of things. These are large-scale enterprise contracts.
• 16:32
  Anthropic, even though they're dealing with a lot of consumer appetite through
• 16:36
  subscription revenue are also making most of their money through enterprise.
• 16:40
  So is OpenAI, by the way. I think their enterprise revenue recently flipped
• 16:44
  consumer revenue. The point is, enterprise contracts are meant to be concentrated and large.
• 16:48
  Though in CoreWeave's case, relatively to how much money that they're making.
• 16:52
  It's a large chunk of their balance sheet. And then another point is something
• 16:55
  that Ben Horowitz brought up last week, which was this,
• 16:59
  is kind of giving us feelings of the 1999 bandwidth expansion where everyone
• 17:04
  in telecoms was just buying up phone lines, building up these internet lines,
• 17:08
  and putting a lot of money into the piping for this entire internet era.
• 17:13
  And they ended up becoming a massive oversupply and that entire thing crashed,
• 17:17
  which is what led to the dot-com burst. I don't quite think that this is the
• 17:21
  same thing here because of one major constraint.
• 17:25
  We can't bring compute online quick enough. We are constrained by power, land, power, and shell.
• 17:31
  We're constrained by electricity. We're constrained by physical atoms.
• 17:34
  And honestly, I'm tempted to make another episode about this individually because
• 17:38
  it highlights a really good investment opportunity, but also what is holding
• 17:42
  the AI capex spend out back.
• 17:44
  Weirdly, this might have a second effect where it ends up being a really good
• 17:49
  thing for the build out so that we don't build too fast like we did back in the telecom era.
• 17:53
  And then the final point I'll make is that the bank of NVIDIA is a precarious thing.
• 17:59
  I get that they're the most valuable company in the world, but backstopping
• 18:02
  all these different deals, which are probably worth north of $1.1 trillion is
• 18:07
  potentially a dangerous thing.
• 18:08
  Like a 25% decline in Nvidia stock could cause an entire catastrophe.
• 18:13
  Okay, so then what's the bull case? Well, the first one is Andy Jassy,
• 18:16
  CEO of Amazon, in his comment last week, which basically implied,
• 18:20
  or actually it didn't imply, it stated that demand had exceeded beyond 2028.
• 18:26
  Now, that is part of a wider trend that we're seeing across hyperscalers and
• 18:30
  just AI CapEx compared to the dot-com era where there's actually demand for
• 18:34
  these things. People are willing to put up and pay a lot of money for the supply
• 18:39
  that is being created here.
• 18:41
  Back in the dot-com era, no one wanted to buy the thing. There wasn't that much demand.
• 18:45
  The difference here is not only are they willing to pay for it,
• 18:48
  but they're willing to pay a premium for it.
• 18:50
  GPU prices on the secondary market are at the highest that they've ever been. GPUs that.
• 18:56
  Cost a certain amount when they debuted, when they first got created,
• 18:59
  are now worth twice that despite being five to 10 years older. Think about that.
• 19:04
  An old janky piece of metal is worth twice more than when it was originally debuted.
• 19:08
  So the idea here is that demand is off the charts. People are paying for these things.
• 19:12
  But of course, the question then becomes, will this be sustainable over time?
• 19:16
  The other bull case is people are mistakenly calling out CoreWeave's financing
• 19:20
  to be specifically siloed to them, but that's not necessarily true.
• 19:24
  You should look at the customers who are paying them the money in the first place.
• 19:28
  Microsoft, Meta, Google, they are the ones that are getting really attractive
• 19:32
  mortgage rates, if we want to continue the analogy, on all of these different
• 19:35
  deals. So they are able to finance and provide the money that is necessary for all these things.
• 19:42
  I find it funny that Elon Musk created this or was partly responsible for creating
• 19:47
  this market downturn by responding, yikes, to Chamath's original tweet, where,
• 19:51
  literally yesterday he posted a tweet saying, my conversations with neoclouds
• 19:55
  are the most difficult that they've ever been because no one wants to sell me compute.
• 19:59
  Even though they have these GPUs, they've already pre-sold it at a much higher
• 20:03
  premium rate to all these other companies.
• 20:04
  So there's huge market demand even for the biggest players that want to purchase this at a premium.
• 20:10
  And the final thing I'll say is the power constraint, the bottleneck that I
• 20:14
  referenced earlier in this episode, is a real thing and might actually end up
• 20:19
  playing in CoreWeave and the entire market's favor.
• 20:22
  As much as people want to spend money, as much as people want to create GPUs,
• 20:27
  computes, data centers, and sell that for as much money as they can,
• 20:31
  they physically can't because we don't have the technical know-how,
• 20:34
  the land, the leasing, the regulations in our favor to build as fast as we want
• 20:39
  to. The dot-com era, we could.
• 20:41
  Right now in the AI era, CapEx Builder, right as it stands right now, we cannot.
• 20:45
  There's too much bloat, there's too much regulatory red tape,
• 20:49
  And there's too much, honestly, humans and human atoms that need to be moved
• 20:53
  that hasn't been galvanized at this point.
• 20:55
  It's the point that Gavin Baker frequently makes in all of his posts about this
• 20:58
  stuff. And he's one of the most knowledgeable folk in AI capex spend out in general.
• 21:02
  So given this entire summary, the CoreWeave thing was a necessary warning signal to make people aware.
• 21:09
  But I think the market downturn, people's reaction to this entire thing is overdrawn.
• 21:15
  And that's probably why we're seeing CoreWeave starting to recover,
• 21:18
  the markets start to bottom.
• 21:20
  And I think that it probably resonates with people's.
• 21:24
  Kind of concerned with seeing such a major explosion of investment.
• 21:29
  I think I saw a stat somewhere where 75% of all general VC investment this year has been on AI.
• 21:36
  We've never seen that happen for any other technology explosion,
• 21:38
  even for blockchain and crypto over the last couple of years, even with biotech.
• 21:42
  And now with AI consuming pretty much anything and everything,
• 21:45
  it's understandable that people are potentially concerned about overspending here.
• 21:50
  And I think we should keep honestly calling out the warning signals so that
• 21:53
  we can keep ourselves accountable for this entire thing
• 21:56
  so yeah i hope you enjoyed this episode i hope some of this made sense to you
• 21:59
  i was trying to unpack all of this over the weekend and i wanted to create a
• 22:02
  compelling episode that you know you the audience could actually understand
• 22:06
  so let me know if this was helpful or if i missed anything let me know
• 22:09
  for those of you who have been listening to our episodes especially with the
• 22:12
  new format of the show we are tweaking different things as you can tell this
• 22:15
  is a different camera angle we're trying to make it more personal try and recreate
• 22:19
  kind of the bedroom aspect that we had in the old show.
• 22:21
  And yeah, I hope you're enjoying the show. If you like this episode and you
• 22:25
  want to share it with a friend, please go ahead and do so.
• 22:27
  If you have not subscribed to our channels, wherever you're listening to it,
• 22:31
  or haven't given us a rating or left us a comment, please do so.
• 22:33
  It helps us out massively. Thank you so much for listening, and I'll see you
• 22:36
  on the next episode of In The Loop, brought to you by Qualcomm.