In short: His CDN example of usage-based uplift — "anything that can deliver computing resources… more compute flows through to their numbers," so the short-term spike can be quick, "the long-term still more under question." Also cited as a 2020–21 retail-mania exemplar (paid newsletters written about MongoDB, Elastic and Fastly).
Fastly runs a content-delivery network — the plumbing that moves data and computing closer to whoever is using an app. It gets paid by usage, so when overall computing activity rises, its revenue rises automatically without it having to sell anything new. That's why it and similar names bounced: more AI activity mechanically flows into the numbers.
Keller's caution is that a usage spike is easy to see in the short term and much harder to underwrite long term. He also uses Fastly as a cautionary marker from the last cycle — in 2020–21 people were launching paid newsletters about it, which in his experience is the sign that a trade's clock has started ticking.
7:34That's an example. Obviously you've seen some pick up with like CDNs or the Fastlys and basically anything that can deliver computing resources that's driven on more compute flows through to their numbers. I think that they've seen some uplift and so things that are usage based certainly in the short term you can see a pretty quick spike.
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