The Enshittifinancial Crisis: Part Three

it came to this point. Now, hang on the gentle voice, folks. We haven't seen values this big and alone time. These the biggest numbers we've ever seen. They're simply tremendous open airs maybe with eight hundred and thirty billion. Can you believe that they lose so much money? But folks, we don't mind. Clamisam Morbourn. They call him Klamiel because everybody he's going to give them one billion dollars and where

we love him dead. Centers are going to have the biggest deals we've ever seen, even even if we have to work with Dario. Sorry to those of you who don't like that voice. It was only about thirty seconds, you see right Now, AI startups are big exciting news for the limited partners funding large language model companies. Things feel exciting because the value of the assets under management aum are going up, which is nothing dodgy, per se,

but it's just how vcs value things. And if they're valuing AI stocks, well that's how their fees are getting paid, because the thing is they've invested in are worth more money, and now limited partners are paying them a percentage so that they can sit in an apartment that costs too much not see friends because they just sit online posting for eleven hours a day. Yeah, and then they can

lose all the money in the future. I guess investing early in open Ai allows a bench capitalist or even an asset manager like Blackstone, which invested in twenty twenty four to say it as a big holding and a big increase in its aum AI stocks, make venture capitalists who bet on them two years ago, Like genius is on paper, you got in early on open Ai, Athropic, Cursor, Cognition, Perplexity, or any other company that loves to burn several dollars

per dollar of revenue. You have a big, beautiful number, the biggest you've ever seen, and your limited partners to

pay you a feed just to manage it. Venture capital has not seen valuations like this in a long time, and on paper it feels a lot like a lot of vcs got in on companies worth billions of dollars right on paper, that is, on paper, Cognition is worth ten point two billion, Perplexit eighteen billion, Cursor twenty nine point three billion, Lovable six point six billion, Coher six point eight billion, Repic three billion, Glean seven point two billion.

Massive valuations to companies that all basically do products that open AI or Anthropic or Amazon or Google or any number of Chinese companies are already working to clone. They're all losing lots of money too, and have no path the profitability of any kind. But right now the numbers are simply tremendous. Folks. I've heard venture capitalists tell me that there are times when they have to agree to invest with little to no information or know that they'll

lose the opportunity to another sucker, I mean, investor. I've heard venture capitalists say they don't have any insight into finances, but we love the numbers. Folks, they're simply tremendous. We love it. Let me tell you how not tremendous they are. I had a source recently suggests that nobody who invested pasted open AI's one hundred billion dollar valuation have any information rates. And what that means is they literally do not know anything about the company. They don't know anything

other than what the company will tell them. That the company doesn't have to tell them shit, which means they don't know the revenues, they don't know the costs. They only know what new start new ridiculous stat Sarah Friar, CFO of open ais, farted out. They posted recently that twenty billion dollars annualized revenue. Yeah. I think that's complete nonsense, But they want to do that so that you go open ai made twenty billion dollars in twenty twenty five.

Fuck that, I don't even think they made ten. Now, venture capitalists would argue, of course that they'd say I'm insane. They would say they would think me mad, and they would say that the growth is obviously there, while pointing to whatever startup has made one hundred million dollars in annualized recurring revenue, which is eight point three million dollars a month, by the way, all while not discussing the

underlying operating expenses. The idea I believe is that the current state of AI spending is only set to increase the next year, and that will somehow lead to fixing the margins. I think venture capitalists staunchly refuse to learn anything other than investing growth and then profit from growth, even if profiting from growth doesn't appear to be happening anymore. In reality, venture capital shouldn't have touched LMS with a shitty stick because the margins were obviously blatantly bad from

the very beginning. We knew open ai would lose five million dollars in the middle of twenty twenty four. The same venture capital climate would have fucking panicked, but instead chose to double dribble and kadruple down. I believe that massive valuation drawdowns are a certainty for AI companies, and by that I mean these companies will end up being revalued and the number will be smaller than the big

number everybody fell in love with. Look, venture capitalists, I gotta ask you a question, what happens if open AI dies? Do you think this will make investors interested in funding or acquiring other AI startups. How much longer are we going to do this? When will Venture Capital realize it's setting itself up for a disaster And what exactly is the plan? Open AI and anthropic will cuck the lake's dry like an Nvidia GPU named after Nancy Reagan? How is this meant to continue and what will be left

when it does? The answer is simple, there won't be any money for venture capital for a while. Those AI holdings are going to be worth at best fifty percent if they retain any value at all. Once one of these startups die, Once there's a major casualty, a panic will ensue, sending venture capitalists scrambling to get their holdings acquired by which I mean sold to someone else, until there's little or no investor interest left. Why would limited

partners ever trust venture capital after this? Why would anybody? Because based on the past four years, it doesn't appear that venture capital is actually good at investing money. It just got lucky year after year until there were a few ideas that they could sell for one hundreds of billions or billions of dollars, And now we're out of them, we're out. I think we're out. I think there's probably still some, but I think the era of the unicorn

might be dead. For a while, venture capital believed it knew better as it turned its back on basic business fundamentals, starting with Clubhouse, Crypto, the Metaverse, and now Generative AI. Yet they're far from the only fuck wits on the Dickhead Express. Because yes, I am going to talk about

data centers. Per Bloomberg, there were at least one hundred and seventy eight point five billion dollars in data center credit deals and in the US in twenty twenty five, rivaling the two hundred and fifteen point four billion dollars invested in US venture capital in twenty twenty four and the one hundred and ninety seven point two billion dollars invested in US venture capital through August seventh to twenty twenty five, and over one hundred billion dollars more than

the sixty point sixty nine billion dollars of data center deals done in twenty twenty four. That's that's really worrying. It's like more than more than more than one hundred percent more. I'm very worried, and I'm going to tell you why, using a company called core Weave, core Weave that I've been actively warning about, warning people about since March.

And I get a little crazy around corwaf because I have had the core Weave conversation a lot, and I've seen people straight up just steal the title of my articles as they come to this realization six to seven months later. But cor Weave is a mess, and corwy was obviously always a mess. And everyone has been saying Corwave's fine because they went public. Core Weave is not fine. All right, Let's talk about core Weave. Corwave is something

called a neocloud. It's a company that builds data centers by renting out, and they build data centers they film full of GPUs and they rent them to people. They're in something called AI Compume, And as I explained a few months ago, they do so by building data centers backed by endless debt. And I quote myself saying, up

a neocloud is expensive. Even if the company in question already has data centers, as core We've did with its scryptocurrency mining operation, AI requires completely new data center infrastructure to house and call the GPUs, and those GPUs also need paying for, and then there's the other stuff like power, water, and the other bits of the computer, the CPU, the motherboard, the memory of the storage, and the housing and the

power supplying all that good stuff. As a result, these neoclouds are forced to raise billions of dollars in debt, which they collateralize using the GPUs they already have, along with contracts from customers which they use to buy more GPUs. Corwei, for example, has twenty five billion dollars in debt on an estimated five point three five billion dollars in revenue,

losing hundreds of billions of dollars in a quarter. You know who also invests in these neoclouds in Video, the people who make the GPUs in VideA is also one of Corwey's largest customers, accounting for fifty percent of its revenue in twenty twenty four, and just signed a deal to buy six point three billion dollars of any capacity the care we can't otherwise sell to someone else through twenty thirty two, an extension of a one point three

billion dollar deal from twenty twenty three reported by The Information oh And in Video was the anchor investor of Corweav's IPO, putting in two hundred and fifty million dollars. Corwave is also one of the largest providers AI compute in the world, and its business model is indicative of how most data center companies make money. In fact, i'd argue that they are probably doing better because they have the backing of everyone. Now you may think that's a

too big to fail thing. Not really, It just means that they're kind of the village bicycle of AI compute grossness. Aside, let me explain how this works. First, core we've signed contracts such as it's fourteen billion dollar deal with Meto or it's twenty two point five billion dollar deal with open Ai before it has the physical infrastructure to actually service them. It then raises debt using this contract as

collateral orders GPUs from VideA. Those take three months to arrive and then another three months to install, at which point monthly client payments begin. And I should also add that that's kind of taken out of deferred revenue that the customers already put down. To really simplify this, data center developers are raising money months up to a year before they ever expect to make a penny of revenue,

not profit. In fact, I can find no consistent answer to how long a data center takes to build, and the answer here is pretty important because that's how the money is going to get made from the data center's for building fucking everywhere. You may also notice that monthly payments in the chart that I linked, which I should have mentioned, begin at six to thirty months, a curious

and broad blob of time. You see, data centers are extremely difficult to build, and the concept of an AI data center is barely a few years old, with the concepts of hundreds of megawats in one data center campus entirely made up of aigpus barely two years old jpus, which means basically everybody building one is doing so for the first time, and even experienced developers are running into problems.

For example, core Scientific, Corweave's weird partner organization it tried and failed to buy that is truly different despite the similar name, has been trying to convert it's Denton, Texas scriptocurrency mining data center into an AI data center since November twenty twenty four, specifically so that Corewave can rent it to Microsoft for Open AI. This hasn't gone well,

and this is when things get weird. The Wall Street Journal reported a few weeks ago that Denton had been racked with several months of delays thanks to rainstorms preventing contractors and pooring contry contrete. I'm going with it. It's contrete. Now we're calling it contry concrete. I originally, within this script wrote down that this was a possible thing. I thought that this was normal. However, I should add something, this is this may actually be bollocks. So I'm a psycho,

and I went and I looked up whether. I looked up weather in Abilene, Texas, and it turns out that there were like eleven days with rain total, and there was only I think on June third and September twenty second, there were rainstorms or thunderstorms of any kind. I think that there are only two days where rain was over point one inches. The people I've talked to about this deal are saying it wouldn't be weather, it would actually

just be money. Nevertheless, those are things that are stopping them building a two hundred and sixty megawat data center, and that's fucking nothing compared to the Giga. What's the open Ai claims to want to build. And what this means, by the way, is that call we've can't actually get paid by open Ai because per its contract, customers don't have to stop paying until the computer is actually available.

This is a very important deal to know for literally any data center development you've ever heard of or seen. As of cour we've SQ three twenty twenty five earnings, they're sitting on one point one billion dollars into thirst revenue that's income for service is not yet rendered are from nine hundred and fifty one million in Q two and four hundred and thirty six million in Q one twenty twenty five. This means deposits have been made, but

the contract is yet to be serviced. Now, I'm also a curious little critter, so I went and found the nine hundred and twenty one page two point six billion dollar DDTL delayed draw Term Loan three point zero loan agreement between core Weave and banks including Morgan Stanley, Mitsubishi, UFG and Gold and Sachs, and in doing so I learned something well. First of all, open ai appears to have net three sixty payment terms from Corwave, meaning that

it can literally pay a year from invoice. Second, Corweve is required to maintain something called a contract realization ratio of point eighty five times, meaning that core Weave has to make at least eighty five cents of every expected dollar or it is in default of its loan. This is important to note because it means that if say open Ai decides not to pay up in a year,

corwave will be up shit creek without a paddle. Now, I apolog that suggests that core Weave is an already up shit creek, or that it might have a paddle of some sort buried inside in Vidia's latest earnings on page seventeen, there's a little clue at home, and I quote in the third quarter of fiscal year twenty twenty six, we entered into an agreement to guarantee of partner's facility

lease obligations in the event of their default. The agreement allows our partner to secure a limited availability facility lease backed by our credit profile in exchange for issuing US warrants. The maximum gross exposure is eight hundred and sixty million, which is reduced as the partner makes payments to the leaser of a five years. The partner has placed four hundred and seventy million dollars in escrow and executed an agreement to sell the data center cloud capacity, mitigating our

default risk credit where credit is due. Eaglide analysts Just Dario caught this in November, but in core weaves condensed to consolidated balance sheets, there sits a four hundred and seventy seven point five million dollars line item under restricted cash and cash equivalence non current, though this might not be in Vidia's escrow. This number shifted from six hundred and seventeen in Q one to three hundred and forty

million in Q two. It lines up all too precisely, and who else would in video be guaranteeing In any case, corweav is likely to get the best deals in data centered debt outside of Oracle. It has top tier financiers who I'll get to in a little bit, the fallbacking in Video who is both an investor customer and apparent financial backstop, and also Core with as a customer of

theirs and the ability to raise debt quickly. Corweb's deals are likely indicative of how data center financing takes place, and those top tier financiers it's they may basically been in every single deal. It's actually it's actually really worrying when you, I mean, you lay it all out, which is exactly what I'm going to do. So who's actually

paying for this shit? I went and dug through a pile of twenty six prominent data center loan deals, including the proposed thirty eight billion dollar debt package that Oracle Advantage data Center partners are raising for Stargate Shackelford and Wisconsin, Stargate Ablene, New Mexico, and of course soft Banks fifty billion dollar bridge loan, which I included for a reason that will become obvious shortly, and multiple core wave loans. I've found a few commonalities, and forgive me, I'm about

to say a lot of names and numbers. You might want to pull up the newsletter to read along with it like a sing along. Now, Blue Owl, Blue ol, We love blue ol folks. They were present in every single Stargate deal other than the thirty eight billion dollar deal that's being raised by Advantage that is yet to close. Blue Hour was also involved in a one point three billion dollar Australian data set and a debt package by

Virtue of owning Stack infrastructure. Remember that name MUFG MUG also Mitsubishi UFJ Financial Group is their full name, but I like saying. MUG was present in seventeen out of twenty six of the deals, including three separate core weafinancing, Stargate New Mexico an eighteen billion dollar deal, the alleged Stargate thirty eight billion dollar deal, SoftBank's bridge loan which they had to raise by the way, to fund open AI, and a five billion dollar green loan package for Vantage

Data Centers, who you might have just heard me say. JP. Morgan Chase was involved in eight deals, and they were involved in some of the largest. Two cory was October twenty twenty four financing their third delayed draw Tone loan and November financing as well the funding behind Stargate, Apple in the thirty eight billion dollar Oracle deal, and Blue Owl's acquisition of IPI Partners in twenty twenty four. And yes, they were also part of soft banks bridge loan. Now,

let's not forget Deutsche Bank, who've never done anything dodgy. Ever, do not google what Deutsche Bank has done with banks or particular fellas Deutsche Bank, they were involved in soft Bank's Bridge loan and three smaller deals data center in Seoul, Cory's twenty twenty four debt couise, November financing, and a data center deal in Latin America, as well as a six hundred and ten million dollar data center project in Virginia and a billion euro of data center project in

Germany that was invested in within Video BNP Perribus seven deals. Cory was delayed draw Tone loan three Stargate New Mexico, Stargate Wisconsin and Texas IPI partners of Blue Owl, that data center deal in Seoul, and another data center in Chile. Morgan Stanley. You remember Morgan Stanley, don't you? While they were in eight of these fucking things. Core's October twenty twenty four loan loan, three November loans stargeting New Mexico

Stargate with Advantage. They're thirty eight billion dollar one I just talked about, and one with EQT Edge Connects where they I don't I don't need to go into detO. It's another fucking data center. Oh and they were also in SoftBank's Bridge loan, which they needed to to find open AI. Now here's another name that you're going to hear in the future, SNBC, Sumi Tomo, Mitsui Banking Corporation,

and I must say the Japanese nyler name of fucking company. Anyway, they were in seven deals, all notable cor Weeve's DDTL three point zero and November Financing loans, Stargate, New Mexico, Stargate Texas, Wisconsin. That's that thirty eight billion dollar one A data center in Rowan, Maryland, also involving mug TD Securities and HSBC, as well as data center deals in Chile and Latin America you've already heard about. Oh and guess what Soft Banks Bridge loan which they used to

invest in open Ai. There are a lot more data centered deals than these, but I wanted to tell you exactly how centralized they are. I also really need you to know how worrying that is, because literally every part of this pie is being funded by like eight to nine banks. If open ai is raising money for a date, well, they wouldn't raise it would be Oracle or core Weave or have you raising for a data center. One of these people is in it or companies. They're not people.

It's really worrying. It's worrying how centralized this is, and the largest deals, such as the thirty eight billion Stargate Texas, Wisconsin deal or the eighteen billion dollar Stargate New Mexico deal both involved Gold and Sachs b and Peter Ribas, SMBC and fuf MUFG, and all four of those companies have at some point funded core Weave. In fact, everybody

appears to a funded core Weave at some point. City Bank, Credit, Agricole, Society, General, Wells Fargo, Carlile, Blackstone, black Rock, Barkley's, Magnatar, and Jeffrey is the name of few, and if you've been watching the news recently, I have heard that term term word jeffries to refer to the company that invested in first brands and their exposure anyway. Of the forty banks and financial institutions I research twenty four have at some point

loan to or organized dead for Corwave. Of those institutions, Blackstone, Deutsche Bank, JP, Morgan Chase, Morgan, Stanley, MUFG, and Wells Fargo have done so multiple times. Core Weave is a deeply unprofitable company, saddled with incredible debt and deteriorating margins. With one of the largest clients paying net three sixty and as I've said, it is arguably the best financed data center company in the world with the best chances

of survival. What I'm getting at is that most data centered deals are likely much worse than the terms that corwav faces and are likely financed in a similar way whereas where a client is signed for data center capacity that doesn't exist, such as when nebuists raised four point three billion dollars through a share sale and convertible notes read loans to handle its seventeen point four billion dollar data center contract with Microsoft and yees what Dobin Sachs

acted as the lead underwriter on the deal, with assistance from Bank of America, City Group, Morgan Stanley, all three of which have invested in core Weave. AI. Data centers are expensive, required debt due to the massive cost of construction in the cost of GPUs, and all take at least a year, if not two, to start generating a single dollar of revenue, at which point they also begin losing money because it seems that renting out GPUs is

really unprofitable. Didn't think, no, no one, no one fucking think to check that one Every single major bank and financial institution has piled hundreds of millions, if not billions of dollars into building data centers that take forever to even start generating money, at which point they only seem

to lose it. Were still in Video sells GPUs and a one near upgrade cycle, meaning that all of those data centers being built right now are being filled with Blackwell chips, and by the time they turn on and Video will be selling its next generation via Ruben chips,

baking them obsolete. Now now now, now, no, no, no. You've probably heard that Verra Ruben, the next GPU from in Video, will use the same ranks called Oberon as Blackwell, which is true to an extent, but won't be true for long as in Video intends to shift to their Kuiper racks in twenty twenty seven, hoping to build one megawat it rax, which involve entire racks full of power supplies, meaning that all of those data centers you see today, whenever it is they get built, if they get built,

will be full of racks incompatible with the next generation of GPUs. This will also decrease the value of the assets inside the data centers, which will in turn decrease the value of the assets held by the firms investing Stargate Aplin, the one invested in by JP Morgan, Blue Oul and Primary Digital Infrastructure and Society General, the one that's been heavily delayed and won't be ready until the end of twenty twenty six of the earliest fall to the brim to the gills with two year old GB

two hundred Blackwell racks. Hell yeah, baby woo by the beginning of twenty twenty seven, when this shithole eventually opens, I should really say potentially opens, because let's be honest, I'm not confident Stargate Apolene will be obsolete, as will any and all data centers filled with Blackwell GPUs, as

will any and all data centers being built today. Every single one takes one to three years and hundreds of millions or billions of dollars to build, but probably raised in damp, and every single one faces the same kinds of construction delays and better yeah, almost all of them will turn on in roughly the same timeframe. All right, Look, folks, I gotta admit I don't really get our money works. I'm not economist, but I do know that supply and

demand has an effect on pricing. What do you believe happens to the price of renting at Blackwell GPU when all of these data centers come on? Do you think it will it will mean that the price goes up or down. Also, while we're on the subject, what do you think happens if there isn't sufficient demand? And demand

is a real question, by the way. Right now, open ai makes up a large chunk of the global sale of compute, at least eight point six seven billion dollars of a zero revenue which is Microsoft's cloud platform through September twenty twenty five, and they're part of about twenty two point five billion dollars of Corway's backlog, thirty eight billion dollars of Amazon's backlog, and so on and so forth, and made based on my reporting from last year, just

over four point five billion dollars through the end of September twenty twenty five. Open ai can't afford to pay anyone, and nowhere is that more obvious than when it negotiated year long payment terms of core with Otherwise, when you remove the contracts signed by Hyperscale as an open Ai, which I do not believe has the money to pay anybody.

Based on my analysis, there was less than a billion dollars of AI compute revenue in twenty twenty five, or zero point five eighty three percent of the money spent on day center credit deals in the US. Is that good?

Hyperscalar revenue is also immediately questionable with Microsoft's steel with Nebeus per their six K filing set to default in the event that Nebius cannot provide the capacity it's sold of its unfinished Fineland, New Jersey data center, which is being built by Data One, a company that's never built an AI data center, with a CEO that had his LinkedIn location set to United Arab Emirates as a very recently and indeed was in Arabic until very recently as well,

and they have funding from a concrete firm that is also a vendor on the project. I also believe that Microsoft is setting Nebeus up to fail based on discussions with sources direct with direct knowledge of plans for the

violent New Jersey data center. Nebius has agreed to timelines that involve having eighteen thousand video B two hundred and B three hundred GPUs up and running by the end of January for a total of fifty megawats, with another eighteen thousand, b three hundreds due by the end of May. On speaking with experts in the field about how viable he is, the plans are two laugh and one to

me to fuck off. If Nebius fails to build the capacity, Microsoft can walk away, much like open Ai can walk away from Stargate in the event that Oracle fails to build it on time, as reported by Anissa Gardisi of The Information in April twenty twenty five, and I believe that this is the case for literally any data center provider that's building a data center for any signed up tenant.

This is another layer of risk to data center developers that nobody bothers to fucking discuss, because everybody loves seeing these big, beautiful numbers, Except the numbers might have become a little too beautiful for sun. On December seventeenth, the Financial Times report that the Blue Ou Capitol had pulled out of the ten billion dollar Stargate Michigan data center project, citing and I quote concerns about its rising debt and

artificial intelligence spending to quote the ft again. Blue Oul had been discussions with Lender's and Oracle about investing in the planned one gig what data center being built to serve open AI in Saline Township, Michigan. What debt, you

may ask? While Blue Owl, formerly the loosest legs in data center financing, was in always six hundred million dollar deal, the seven hundred and fifty million dollar deal as well for its planned Virginia data center with Teresa Technology Parks, a four billion dollar corps with have data center project in Pennsylvania, Stargate Abilene, Stargate Mexico, met As thirty billion dollar hyperiod data centered deal, and a one point three

billion dollar data centered deal in Australia through Stack Infrastructure. You remember I mentioned those like ten minutes ago if you if you email me for a fish biscuit, I haven't gotten. I'm sorry. Anyway, they owned that company and may I mentioned it earlier. Anyways, Let's keep going to be clear. Blue Owl pulling out is not the same as a regular deal. It's a BBC business development company.

Then invest both this money and rallies together various banks in this case SMBCBMP, Peribus, MUFG, and Gold and Sachs all part of Stargate, New Mexico, which makes me wonder why it didn't happen. In fact, it makes me very much worry about that. Per the Financial time, and I quote, the private Capitol group had been has been the primary backer for Oracle's largest data center projects in the US, investing its own money and raising billions more in debt

to build the facilities. Blue Ol typically sets up a special purpose vehicle which owns the data center and leases it to Oracle. Blue Owl is incredibly well connected and experienced in putting together these kinds of deals and very likely went to many banks, many banks. It's worked with banks that have been basically giving them blank checks who apparently had and I quote concerns about Blue Owl's rising debt,

much of which it had issued them. While rumor suggests that Blackstone may step in, I need to be clear, and I've spoken to numerous people in private equity about this. This is not a consumer mortgage. This is not a young couple buying a start at home. This is a giant deal. If it's ten billion dollars, Blue Owl probably would put in two billion themselves. That'd be like, I

don't know, maybe eight billion dollars of credit. I mean, pipping in would require billions of dollars in legal logistics and likely Blackstone talking to the very same banks it already said no, why are they not doing this? And indeed, why are things looking shaky? Well remember that thing about

how this data cent would be least to Oracle. Well, Oracle had a free cash flow of negative thirteen billion dollars on revenues of sixteen billion dollars, with its most recent earnings only beating as analyst estimates thanks to the sale of its two point sixty eight billion dollar steak in Ampare. And you remember that soft bank Bridge loan. I mentioned that fifteen billion dollar one Yeah, half of that went to open AI, half of that went to

buying Ampare, So that's a one off of them. Oracle's date is exploding, with over a billion dollars in interest payments in its last quarter alone. It's GPU gross margins

of fourteen percent, which does not mean profitable. Its latest Nvidio GB two hundred GPUs have a negative one hundred percent gross margin, and it has two hundred and forty eight billion dollars in upcoming data center leases is yet to begin, and thus all for the most part to handle compute for one customer open Ai, which needs to raise one hundred billion dollars and then probably much more to survive. Is that good anyway, that's a good point

to jump off from. Next episode, we're gonna wrap all this up. It's been a great time reading this for you, and we're gonna talk about how the data center of Apocalypse will start and what might come next. Thank you for listening to Better Offline. The editor and composer of the Better Offline theme song is Matasowski. You can check out more of his music and audio projects at Matasowski dot com, M A T T O. S O w

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