The Minutes of Bill Gurley on capex https://minutesof.com/bill-gurley/on/capex/ Everything Bill Gurley has said on capex: 6 verbatim quotes between June 2024 and August 2026, each with a timestamp and a link to the recording it came… en Sun, 30 Aug 2026 16:22:01 +0000 Gurley says he wouldn't have believed Mag Seven would turn $50-100B annual free cash flow to zero via CapEx. https://minutesof.com/q/7fc89112-8507-4b35-920f-772137efbe56/ https://minutesof.com/q/7fc89112-8507-4b35-920f-772137efbe56/ “If you told me five years ago that these, mag seven would become worth $3,000,000,000,000 and then turn around and take their free cash flow from 50 to a 100,000,000,000 a year down near zero because they were gonna spend it all on CapEx, I'd have been like, no way. Like, I wouldn't have believed it.” — The Knowledge Project Podcast Tue, 09 Jun 2026 10:00:30 +0000 capex Gurley states Mag Seven companies formerly generated approximately $3.4 trillion in cash flow before CapEx shi https://minutesof.com/q/6b912563-fb9e-4421-a025-79fd80dd6653/ https://minutesof.com/q/6b912563-fb9e-4421-a025-79fd80dd6653/ “I will tell you, I have a couple different answers to this, which I think are quite interesting. First of all, the Mag seven formerly were creating, I don't know, $3,400,000,000,000 in cash flow.” — Bloomberg Podcasts Thu, 05 Mar 2026 01:47:37 +0000 capex Patel explains scaling laws require ten times more investment for each model iteration with specific dollar am https://minutesof.com/q/7248cc4c-a766-4898-a77f-0a473c94f72a/ https://minutesof.com/q/7248cc4c-a766-4898-a77f-0a473c94f72a/ “A log I e, it takes 10 x more investment to get the next iteration. Well, 10 x more investment, you know, you know, going from 30,000,000 to 300,000,000, 300,000,000 to 3,000,000,000 is relevant.” — Bg2 Pod Mon, 23 Dec 2024 20:25:20 +0000 capex Gurley notes shifting narrative suggesting inference scaling is preferable to training CapEx. https://minutesof.com/q/168ba19f-f3d8-48fd-bbbd-632f2cb46217/ https://minutesof.com/q/168ba19f-f3d8-48fd-bbbd-632f2cb46217/ “There was a podcast recently where they kind of flipped everything on their head and they said, well, if we're not doing that anymore, it's way better because we can just move on to inference, which is getting cheaper and you won't have to spend all this CapEx.” — Bg2 Pod Thu, 12 Dec 2024 18:20:19 +0000 capex Gurley notes hyperscalers now spending $200 billion in total CapEx with questions about return on investment. https://minutesof.com/q/743c4b3d-d172-40cc-bd69-aa8649d5a14e/ https://minutesof.com/q/743c4b3d-d172-40cc-bd69-aa8649d5a14e/ “In fact, I think if people are gonna be critical of anything, a lot of people are looking at the total CapEx of the hyperscalers now at $200,000,000,000 and saying, when are you gonna get a return on the dollars that you're spending?” — Bg2 Pod Mon, 10 Jun 2024 14:22:07 +0000 capex