Oracle Delays Some Data Center Projects for OpenAI to 2028

Summary

Bloomberg Intelligence Podcast

Episode: Oracle Delays Some Data Center Projects for OpenAI to 2028
Date: December 12, 2025
Hosts: Scarlet Fu, Paul Sweeney
Notable Guests: Anurag Rana (Senior Tech Analyst), Kujan Subhani (Senior Semiconductor Analyst), Poonam Goyal (Senior E-Commerce & Retail Analyst), Geetha Ranganathan (Senior Media Analyst)

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Overview

This episode explores significant news and analysis in the tech, retail, and media sectors—centered around Oracle's announcement to delay certain data center buildouts for OpenAI to 2028. The discussion expands to investor sentiment on AI-related stocks like Broadcom and Oracle, Lululemon's leadership and innovation issues, and Disney's substantial strategic investment in OpenAI's Sora platform, plus analysis of a high-stakes media M&A battle involving Warner Bros. Discovery, Netflix, and Paramount.

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Key Discussion Points & Insights

1. Oracle Delays Data Center Projects with OpenAI (02:37–05:20, 12:05–14:22)

Main Points:

• Oracle is experiencing delays in data center construction, affecting its ability to recognize sales from large AI contracts—most notably with OpenAI.
• Reasons for Delay: Cited as labor and material shortages, not technological setbacks.
• Impact: Will push notable sales recognition from these projects into FY28. Immediate 12-month revenue isn't expected to feel the effect.

Guest Insight (Anurag Rana, 03:01):

“If the data centers don't come online, the servers are not lit up. You really cannot transform that big backlog into sales...it's not going to be a linear line to go from funding to get the data centers lined up and then recognition.” (03:08)

• OpenAI accounts for a major portion of Oracle’s backlog:

  “That number is $500 billion. And out of that 500 billion, 300 billion. Over 300 billion is from OpenAI.” (04:36)

• The bottleneck is more about classic construction/project development (power, cooling equipment, labor) than about the hardware or software per se.

2. Semiconductor/AI Market Sentiment: Broadcom, Nvidia & More (08:34–14:22)

Main Points:

• Broadcom reported strong earnings, particularly in AI chip revenues, but stock performance remains muted due to market saturation and cautious sentiment.
• The $73 billion AI chip backlog is substantial, signaling healthy demand, but is modest compared to industry-wide hyperscaler capex outlays.

Notable Analysis (Kujan Subhani, 08:55):

“Fundamentally it was one of the great and very strong AI semis report this quarter...all the numbers up for the next year and the next two years have gone up, especially for the key area which is their AI revenue. So nothing wrong fundamentally here. It's just that state in the market when it comes to AI valuations and AI sentiment, that sort of no good news is good enough right now.” (08:58)

• OpenAI-related chip revenues for Broadcom are being pushed out to 2027, rather than late 2026, mainly due to lagging infrastructure and build-out timing.

Market Sentiment:
Institutional investors display more caution, trimming risk, and locking in gains towards year-end, with no sharp turn to bearishness (11:28).

Quote:

“There's much more cautious optimism now coming in. People are trying to be very careful. Also remember it's that time of the year where...you're not going to get a significant upside in the remaining time.” (Kujan Subhani, 11:29)

3. Retail: Lululemon’s Leadership Change and Innovation Gap (18:05–21:25)

Main Points:

• Lululemon’s quarter showed international strength (notably China), but US sales remain weak.
• Ongoing issues include lack of product innovation and differentiation, with new CEO search underway.

Insights (Poonam Goyal, 18:26; 19:35):

“The issue is still the US domestic...just lack of differentiation, product innovation over the last few years. The biggest news ... was the announcement of Calvin McDonald stepping down as CEO.” (18:34)

“We would like it to be a product led executive because we think product is key in retail...the reason Lululemon has lagged behind ... is because it hasn't stayed ahead ... in its product offerings.” (19:35)

• Price competitiveness is less of an issue than continued innovation (“The align leggings have been around for so long...But I also like aloe and it's just like, what are you giving me to make me like Lululemon so much more?” 20:23).

4. Media & AI: Disney Bets Big on OpenAI, M&A Developments (25:09–29:57)

Disney and OpenAI’s Sora (25:09–27:59)

Main Points:

• Disney announced a $1B investment and licensing deal with OpenAI’s Sora platform, granting access to 200+ iconic characters for UGC (user-generated content) initiatives.
• Goal: Monetization of IP in a brand-safe, controlled way; shifting from defense to proactive participation in AI-powered fan engagement.

Critical Perspective (Geetha Ranganathan, 25:42):

“Disney really is realizing that AI is here to stay...they want to be able to...license their characters in a safe way. It's a brand safe way, it respects copyrights and they also get to monetize their character.” (25:46)

• Disney is balancing brand protection—legal action vs. Google was mentioned—as it enables Sora access.

Major M&A in Streaming: Netflix, Paramount, Warner Bros. (28:11–29:57)

Main Points:

• Paramount has made an all-cash bid for Warner Bros. Discovery, possibly increasing its offer from $30 to $33/share, factoring in a $3B termination fee for breaking a deal with Netflix.
• Market sentiment remains skeptical about Netflix entering a potential bidding war, wary of regulatory and strategic fit.

Analyst View:

“The market is not happy with this deal. We definitely don't want to see Netflix get into this bidding war at all. There are just too many concerns from a regulatory perspective, from, from an integration perspective.” (Geetha Ranganathan, 29:10)

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Notable Quotes & Moments

Oracle/OpenAI

• “If the data centers don't come online, the servers are not lit up. You really cannot transform that big backlog into sales.”
  — Anurag Rana (03:08)
• “That number is $500 billion. And out of that 500 billion, 300 billion ... is from OpenAI.”
  — Anurag Rana (04:36)

Semiconductors/AI Market

• “It's just that state in the market when it comes to AI valuations and AI sentiment, that sort of no good news is good enough right now.”
  — Kujan Subhani (08:58)

Lululemon/Retail

• “The issue is still the US domestic. The domestic business is weak ... just lack of differentiation, product innovation over the last few years.”
  — Poonam Goyal (18:34)
• "We would like it to be a product led executive because we think product is key in retail."
  — Poonam Goyal (19:35)

Media & AI

• “Disney really is realizing that AI is here to stay ... they want to be able to license their characters in a safe way. It's a brand safe way ... and they also get to monetize their character.”
  — Geetha Ranganathan (25:46)
• "The market is not happy with this deal. We definitely don't want to see Netflix get into this bidding war at all."
  — Geetha Ranganathan (29:10)

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Timestamps for Important Segments

• Oracle’s Data Center Delays & AI Backlog: 02:37–05:20, 12:05–14:22
• Broadcom & Semiconductor Market Sentiment: 08:34–14:22
• Lululemon Q3 Earnings & CEO Transition: 18:05–21:25
• Disney’s OpenAI Investment & M&A Rundown: 25:09–29:57

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Conclusion

This episode paints a nuanced portrait of current tech, media, and retail sector challenges and inflection points—from physical bottlenecks in AI infrastructure (Oracle/OpenAI), to shifting investor sentiment and cycles in the high-flying AI chip industry (Broadcom, Nvidia), retail leadership and innovation crises (Lululemon), and the evolving dance between legacy IP holders and AI platforms (Disney/OpenAI's Sora). Amidst it all, a major media-streaming M&A battle looms, with skepticism around escalating bidding wars and long-term strategy. The tone is analytical, data-driven, and reflective of cautious optimism as markets digest both technological progress and execution risks.

Transcript

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[D]

Big story in the tech space today. Oracle with some news out there talking about maybe pushing back some of their rollout. It's been a little bit of a headwind for just the last several trading sessions for some of these AI. Name Oracle stock off 5.8% today. Joining us is Anurag Rana, senior tech analyst for Bloomberg Intelligence. Anurag, what's the latest from our friends at Oracle?

[F]

Yeah, from what I just heard is that they are having some delay in getting the data centers online. And as we know, if the data centers don't come online, the servers are not lit up. You really cannot transform that big backlog into sales. And I think that has been a big concern for everybody. This just shows that it's not going to be a linear line to go from funding to get the data centers lined up and then recognition. So I think that's a hiccup for them. You know, in our calculations it does impact that FY28 sales, but not the ones that, you know in the next, let's say 12 months.

[E]

Now, Anurag, Paul and I were noting earlier that the delay seems to be being cited to labor and material shortages. Right. And so could you just break it down a little bit for our listeners? What actually is involved in this data center build out, which and why is it so subject to the potential for delay such as this?

[F]

See, it's no different than building any manufacturing factory or anything else. I mean you'd have labor the biggest bottleneck right now for everybody's power. So let's assume that these big vendors have figured out they've found like somewhere in Wisconsin or someone in Atlanta, they found a place where they have enough power, then you got to go out and build a data center. Cooling equipment, labor, all of that stuff that has nothing to do with technology is the one that need is needed for the next, let's say two years to get the data centers up and running. Then you got to put the chips in there and then finally realize that.

[D]

Revenue is there backlog that they quote, give us a sense. Is that a good number do you think? Is that representative?

[F]

It is absolutely spectacular. That number is $500 billion. And out of that 500 billion, 300 billion. Over 300 billion is from OpenAI. So if you go back a few years, this backlog was, to be honest, immaterial or not much. But what has happened is OpenAI has this absolute need to go out and build capacity so that they can do both inferencing for a lot of the workloads that are coming in. But more importantly, they can train their models so that their next generation models are better than, let's say what Google has produced. So it's an important, you could say, strategy for them in order to get that data center up and running. And for now they have been partnering more with Oracle than anybody else at this point.

[D]

Stay with us. More from Bloomberg Intelligence coming up after this.

[A]

What is Actual Investing? We believe that it's a real world task to deliver thoughtful capital deployment. It's not about speculating over the short term. It's about understanding the long term opportunities for companies through technological progress or new business models. So we seek out those exploring big new ideas that will change the world.

[B]

Then we back them to give those.

[A]

Ideas time to flourish. Baillie Gifford Actual Investors Find out [e-mail].

[B]

With the B2B card payment landscape evolving, large corporations face pressure as buyers increasingly demand to pay invoices by virtual card. For merchant acquiring businesses like yours, this is a high growth opportunity waiting to be unlocked. With Mastercard's adaptive approach to B2 acceptance, you can enhance your infrastructure for high value payments and meet your customers unique needs. MasterCard offers solutions and support for every step of the supplier lifecycle, helping you deepen merchant relationships, start fast, grow strategically and scale at your pace. With a modular toolkit you can flexibly deploy. Discover [e-mail] Commercial acceptance support for the.

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You're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at 10am Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app Listen on Demand wherever you get your podcasts or watch us live on YouTube.

[D]

The tech story There's a couple of tech stories here. Oracle pushing out some of their plans. Broadcom putting out some numbers at the Street a little bit disappointed in. So it's kind of contributing to some sell off and some of these broader tech names. Let's break it down with Kujan Subhani. He is Bloomberg Intelligence Senior Semiconductor Analyst. Let's start with Broadcom. Can you break down what what's going on over there?

[A]

Subjan Khuntan yeah, I mean look fundamentally it was one of the great and very strong AI semis report this quarter. I could not find a lot wrong in the numbers. I mean they upsided their AI revenue numbers by 20% above the street for next quarter. They even guided their backlog or provided their backlog which as of today would imply an upside from street numbers for the next year, even the next 18 months. So I don't know what more better they could have done. This by the way, backlog is like the baseline. They could continue and building to that backlog and hence moving the numbers up. As of this morning on the street. If we look at it, all the numbers up for the next year and the next two years have gone up especially for the key area which is their AI revenue. So nothing wrong fundamentally here it just seems it's just that state in the market when it comes to AI valuations and AI sentiment, that sort of no good news is good enough right now.

[E]

Yeah, well Kundin, a lot of attention being paid to that $73 billion backlog that you're mentioning. It seems like the market isn't really rewarding Broadcom for that. But what does that actually tell us about the demand for these products across the semiconductor supply chain?

[A]

Yeah, a couple of things. Look, one thing we are all aware of which every AI accelerator company, whether it's Nvidia, amd, Broadcom or Marvel is enjoying is the rising capex from all the hyperscalers in the cloud guys, which is a very well covered story. But specifically for someone like a Broadcom who does the ASIC custom accelerators for the likes of Google, Meta Amazon also has their own chip, but that's not what they work with Marvell on that the demand for these chips is rising much faster. So even if there were some concerns that how long can the hyperscalers keep rising their capex spending that is not directly impact Asics, which Broadcom supplies because the hyperscalers are continuing to move their workload on Asics. And this is a very small scale. When you look at the entire like 500, $600 billion they are going to spend here, I mean 70 billion over next 18 months where they're going to close to spend trillion bucks is nothing. It's change.

[D]

Kun John, you talk to institutional investors all over the world. Has the conversation changed at all in the last two to three weeks? Perhaps a little less bullish. Are people concerned about some of these short term sell offs here? We've seen recently.

[A]

I think the order that there has been sort of a saturation or you know, there's like how much can these numbers and guidances keep going up? I don't think the sentiment has changed towards bearish. I think there's much more cautious optimism now coming in. So like people are trying to be very careful. Also remember it's that time of the year where you've sort of captured the numbers for the year mostly right. So you're not going to get a significant upside in the remaining time. So people are just getting ready for the next year and sort of going back looking at where they can trim exposures and where they can sort of book profits.

[G]

Yeah.

[E]

Well a lot of other news out there today related to AI Kun. Let's talk about this Oracle news delays to some data center projects for open air to 2028 and we're seeing the market roll over on this. What can you kind of tell us about, you know, the state of this industry? On the one hand a lot of promise there in the data center space, but also seems like a lot of kind of volatile sentiment related to it as well.

[A]

Yeah, I mean look there has been a lot of impact with the open air deals also for Nvidia, also for Broadcom similar thing. Maybe investors didn't like if you were trying to really find flaws last night from Broadcom earning was they mentioned the open air revenues for them will now start in 27 and some folks were expecting those revenues to start coming in late 26. So a lot was driven by initial hype which these programs take many years. So it's very difficult to pinpoint two years ahead in time. Like this is the quarter when all the build outs will start and everyone is starting to get material revenues. As we are getting closer to that time, we are getting more clarity on whether will it be a 27, whether there will be 28. We don't see fundamental flags in this new time milestone movements. It's just we are getting more clarity. And initially it was just a lot of goodness being priced in which is now being adjusted.

[D]

This is in my mind a classic over promise and now under deliver you're supposed to do the exact opposite. Yeah, maybe we'll have these things around 2030 then you look like a hero if you come into 2028 because Oracle saying that the delays are due largely to labor and material shortages, not like some technological headwind that they can't get around. So Kujan, is this just maybe a little bit of the market in general, your technology market investor base just kind of taking a little maybe money off the table, just stepping back a little bit and maybe waiting for the next catalyst?

[A]

There's definitely that and like I said is that time of the year where taking some money off the table makes sense. Right? Like I mean look, if you're a portfolio manager right now there's not again, you've already covered significant amount of good rewards and performance through the year. You don't want to lose that right even if your underlying key fundamental convictions have not changed.

[D]

Stay with us. More from Bloomberg Intelligence coming up after this.

[B]

With the B2B card payment landscape evolving, large corporations face pressure as buyers increasingly demand to pay invoices by virtual card. For merchant acquiring businesses like yours, this is a high growth opportunity waiting to be unlocked. With Mastercard's adaptive approach to B2B acceptance, you can enhance your infrastructure for high value payments and meet your customers unique needs. MasterCard offers solutions and support for every step of the supplier life cycle, helping you deepen merchant relationships, start fast, grow strategically and scale at your pace. With a modular toolkit you can flexibly deploy. Discover [e-mail] CommercialAcceptance support for the show.

[D]

Comes from public on public. You can build a multi asset portfolio of stocks, bonds, options, crypto and now generated assets which allow you to turn any idea into an investable index. With AI it all starts with your prompt. From renewable energy companies with high free cash flow to semiconductor suppliers growing revenue over 20% year over year. You can literally type any prompt and put the AI to work. It screens thousands of stocks, builds a one of a kind index and lets you back test it against the S&P 500. Then you can invest in a few clicks. Generated Assets are completely customizable and based on your thesis, not someone else's. Go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market paid for by Public Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory Services by Public Advisors, llc. SEC Registered Advisor Generated Assets is an interactive analysis tool. Output is for informational purposes only and is not an investment recommendation or advice. Complete Disclosures available at public.comDisclosures introducing the.

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[E]

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[D]

Let's talk about the retail space here. We heard from Lululemon, the stock surges. We had the CEO changing and maybe suggesting some new strategy there. Poonam Goyal. She's a Senior US E Commerce and Retail Analyst for Bloomberg Intelligence. She's based down there in Princeton Poonam, what do you make of Lululemon? What did you learn in the earnings and what do you expect to see from this change in the C suite?

[G]

There's a few things. Earnings for the quarter showed strength, but the guidance was weaker and the strength really came from outside of the US So we're not surprised that China is strong. China has been a strong point for them for quite some time. The issue is still the US domestic. The domestic business is weak and continues to be weak. And we think it's a function of just lack of differentiation, product innovation over the last few years. And the biggest news yesterday, quite frankly, was the announcement of Calvin McDonald stepping down as CEO and the search for a new CEO for next year. So I think investors are excited to see new strategy, new vision to see who can run this ship back to sale because Lululemon has lost ground in recent years, you know.

[E]

Yeah, it's interesting that you mentioned a lot of gains being ascribed to that leadership change at Lulu. Right. But given all the other challenges of the company that you've just described is really going to be material. How much does this leadership change? How much will it do to right the ship?

[G]

As you say, it's going to matter, but it's going to depend on who takes the top role here. Right. We would like it to be a product led executive because we think product is key in retail. And the reason Lululemon has lagged behind and has lacked competition, especially the emerging upstart brands take some of its share is because it hasn't stayed ahead as it once was in its product offerings. There's less differentiation and the price points are comparable.

[D]

That's where I wanted to go Poonam, because when I talk to people like in this studio about Lululemon, I hear the same thing. Good product, but boy, it's expensive. Is that an issue for them in terms of product placement?

[G]

I don't think it's an issue for them based on where they sit. Because if you think about the Lululemon product portfolio and you compare it to a Vieri or an Aloe, they're, they're quite similar. Now if you compare it to an Aerie, which is, you know, a brand by American Eagle, yes, the price points are higher, but I don't think the price point is the issue here. I think the consumer wants to see more. Right. We've. The align leggings have been around for so long and I love them, I truly do. But I also like aloe and it's just like, what are you giving me to make me like Lululemon so much more? And are you giving me innovation constantly to make me try the next new thing? I think that's the big gap here. They need to put innovation back on track and they're trying, but it's just we won't really see much of that until next year. And then when we do get a new CEO, it'll be interesting to see the vis that they set forward.

[D]

Stay with us. More from Bloomberg Intelligence coming up after this.

[B]

With the B2B card payment landscape evolving, large corporations face pressure as buyers increasingly demand to pay invoices by virtual card. For merchant acquiring businesses like yours, this is a high growth opportunity waiting to be unlocked. With Mastercard's adaptive approach to B2B acceptance, you you can enhance your infrastructure for high value payments and meet your customers unique needs. MasterCard offers solutions and support for every step of the supplier lifecycle, helping you deepen merchant relationships, start fast, grow strategically and scale at your pace with a modular toolkit you can flexibly deploy. Discover [e-mail] CommercialAcceptance support for the show.

[D]

Comes from public on public you can build a multi asset portfolio of stocks, bonds, options, crypto and now generated assets which allow you to turn any idea into an investable index with AI. It all starts with your prompt. From renewable energy companies with high free cash flow to semiconductor suppliers growing revenue over 20% year over year, you can literally type any prompt and put the AI to work. It screens thousands of stocks, builds a one of a kind index and lets you back test it against the S&P 500. Then you can invest in a few clicks. Generated assets are completely customizable and based on your thesis, not someone else's. Go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market paid for by Public Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory Services by Public Advisors llc. SEC Registered Advisor Generated Assets is an interactive analysis tool. Output is for informational purposes only and is not an investment recommendation or advice. Complete Disclosures available at public.comDisclosures introducing the.

[C]

All new Adobe Acrobat Studio now with AI powered PDF spaces. Do more with PDFs than you ever thought possible. Need AI to turn 100 pages of market research into 5 insights with a click. Do that with Acrobat. Need templates for a sales proposal that'll close that deal. Do that with Acrobat. Need an AI specialist to tailor the tone of your market report to sound real smart in real time. Do that with the all new Adobe Acrobat Studio. Learn [e-mail] do that with Acrobat the Chase Inc. Business Premier card is made for business owners who make things happen. Designed for high spend and limitless cash back ink, Business Premier is a painful card with built in flexibility. Get the buying power you need to make large purchases, cover unexpected expenses and help your business grow. Earn a total of 2.5% cash back on every purchase of $5,000 or more, plus earn unlimited 2% cash back on every other purchase, giving you unlimited earned potential to invest cash back into your business. From innovation and technology to everyday expenses, Inc. Business Premier is the only business credit card with 2.5% cash back on every purchase of $5,000 or more and is part of a suite of credit cards from Chase for Business designed to meet your needs every step along the way. Learn [e-mail] business card Chase for Business Make More of what's Yours Accounts subject to credit approval restrictions and limitations apply. Cards are issued by JPMorgan Chase Bank NA member FDIC.

[E]

You're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at 10am Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app Listen on demand wherever you get your podcasts or watch us live on YouTube.

[D]

Let's switch gears and go to the media space. We can do that with Geetha Ranganathan. She is the senior Media Analyst for Bloomberg Intelligence. We've been talking a lot to Geetha about this Warner Brothers Discovery deal can be close to a $90 billion trade when it happens. Netflix is involved, Paramount is involved. We'll get some talk there. But I want to start Geeta with Disney. Yesterday they made a big, seems like a pretty big announcement, you know, making a $1 billion investment in open AI. What's the strategy here for the Walt Disney Company?

[H]

Seems to be Paul, if you can't beat them, you join them, right? Disney really is realizing that AI is here to stay user. User generated content is obviously getting a lot of traction and so they want to be able to, I think create this blueprint so where you have, you know, they can license their characters in a safe way. It's a brand safe way, it respects copyrights and they also get to monetize their character. So rather than being, you know, constantly reactive and defensive and fighting in court, they are, this is much more proactive way for them to participate in eventual, you know, monetization of all those licensing of all those Characters.

[G]

Yeah.

[E]

Well, Geetha, very interesting that you mentioned. I mean, that seems to be the key point here, right, that Disney is allowing Sora access to its IP200 plus iconic characters. That's a big step. I mean, there's a lot of kind of potential for the brand to be maybe a little diluted because of that. But what's your take on that? Is it. Is it able to protect the integrity of its franchises here?

[H]

I think it's going to try its best to do that. I mean, what was interesting about yesterday's deal was obviously they inked the deal with Sora and at the very same time sent a seasoned decision, this letter to Google. So they're really kind of trying to draw the line around brand safety, around copyrights, no violation of copyrights. So that's pretty clear. But you're absolutely right. I mean, this is kind of a little bit of letting the fox into the henhouse, if you will, because once you kind of allow OpenAI and Sora to get access to all of your characters, who knows how it's going to be used? Disney, of course, is going to have a little bit of say they are going to get a lot of those Sora content or those videos to, to come back to their Disney platform. And I think what it really helps Disney do is, of course, get in on the moment, really kind of deepen their engagement with their younger fans, kind of build a big pipeline of new franchises, hopefully, and more importantly, really collect data in what kind of, you know, what are fans actually looking for? Do they enjoy spending time with, you know, all of these characters creating videos? So it's really, you know, so many different things that I think Disney is hoping to kind of learn from this whole, like, exercise.

[D]

All right, Geetha, enough with that. Let's get back to the issue at hand here. Any news coming out of either the, you know, the Warner camp, the Netflix camp, the Paramount camp?

[H]

It seems now, Paul, that the ball is really in Paramount's code. Slash in Warner Brothers Discovery's code. So Paramount, as you know, has already sent that all cash bid. They are waiting to hear back from the Warner Brothers Discovery board. The deadline for that is December 22nd. But there was, there was some reporting yesterday that suggested that Paramount is looking into potentially raising its bid by about 10%. So we know right now it's $30 per share for all of Warner Brothers Discovery, potentially looking to raise that to as much as $33 per share. And remember, they do have to pay Warner Brothers Discovery or they do have to compensate Warner Brothers discovery for the the $3 billion termination fee that that Warner Brothers would have to pay Netflix in case it walks away from a deal.

[E]

Geetha, what do you think is going on in the Netflix C Suite right now? Do you think they're sitting a little bit nervously or do you think they're still comfortable with their $27 a share offer at this point?

[H]

I think they are also looking to potentially raise it, but they're not going to do anything before, you know, we see the first move has to be from Paramount. And I think, I think Netflix is definitely comfortable in raising its offer. The thing that they really contend with is that the market is not happy with this deal. We definitely don't want to see Netflix get into this bidding war at all. There are just too many concerns from a regulatory perspective, from, from an integration perspective. And it really kind of, I think, muddies what was a very, very nice pure play streaming story with exposure now to legacy media. So obviously the market doesn't like it. Netflix, of course, thinks that they're playing the long game. They're kind of, you know, positioning themselves here for the future, but getting involved in a very expensive bidding war. I don't think anybody really wants that.

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