WEBVTT 00:00:00.009 --> 00:00:02.119 And Dan, we just heard from our colleague Ed 00:00:02.129 --> 00:00:05.038 Ludlow there saying that at least over the CEO of 00:00:05.049 --> 00:00:07.009 Qualcomm, he seems to think that we could see 00:00:07.019 --> 00:00:09.500 some meaningful substance behind this as soon as next year 00:00:10.429 --> 00:00:12.489 . Look in my view, it is in 1995 00:00:12.500 --> 00:00:14.140 moment. Uh you know, in terms of what 00:00:14.148 --> 00:00:16.478 we saw with the internet, I think there's 1/4 00:00:16.489 --> 00:00:19.309 industrial revolution that's playing out and they look some will 00:00:19.318 --> 00:00:21.370 call it hype. I didn't think it was just 00:00:21.379 --> 00:00:23.469 starting. I mean, if I look at NVIDIA 00:00:23.478 --> 00:00:26.318 , you look at Microsoft Google, we're in the 00:00:26.329 --> 00:00:29.109 early days of what I view as an$800 billion 00:00:29.120 --> 00:00:32.340 incremental market opportunity, which is why I think right 00:00:32.348 --> 00:00:34.978 now this is the way of focus of every tech 00:00:34.990 --> 00:00:37.279 investor. It's interesting you, you kind of make 00:00:37.289 --> 00:00:40.130 that reference to of course, 99 which we all 00:00:40.139 --> 00:00:42.509 know sort of ended up being the big bubble bursting 00:00:42.668 --> 00:00:44.048 . But then of course, saying that this is 00:00:44.060 --> 00:00:46.618 more like 95. I, I think it's interesting 00:00:46.630 --> 00:00:48.490 too to see the types of companies because we've been 00:00:48.500 --> 00:00:50.029 having this discussion on the air for the last few 00:00:50.039 --> 00:00:52.340 weeks about just how much garbage was out there back 00:00:52.348 --> 00:00:54.209 in the nineties when it came to dot com. 00:00:54.219 --> 00:00:56.380 Companies and everybody put dot com on its name. 00:00:56.389 --> 00:00:58.209 I know we've seen some of that here with A 00:00:58.219 --> 00:01:00.700 I but it does seem like most of the companies 00:01:00.709 --> 00:01:03.298 that are at the center of this are well established 00:01:03.310 --> 00:01:04.079 . Uh They have a track record of revenue growth 00:01:04.088 --> 00:01:07.069 . They have strong balance sheets and more importantly, 00:01:07.079 --> 00:01:10.269 they have a certain trust with investors. Well, 00:01:10.278 --> 00:01:11.359 that's the difference. And I think what you see 00:01:11.370 --> 00:01:15.400 , it's not just the Microsoft, the Googles, 00:01:15.409 --> 00:01:15.859 the Metas and others. I can tell you, 00:01:15.870 --> 00:01:19.260 I mean, traveling the globe the last few months 00:01:19.519 --> 00:01:22.120 , it's just real. The theme and I'll talk 00:01:22.129 --> 00:01:26.540 , it's a 95 internet moment, a 2007 iphone 00:01:26.549 --> 00:01:29.168 moment. I mean, those, that's really what 00:01:29.180 --> 00:01:32.239 we're seeing here sort of play out because what this 00:01:32.250 --> 00:01:34.733 is doing is that for every dollar of clouds spend 00:01:34.742 --> 00:01:38.953 , we think 35 to 40 cents of every dollar 00:01:38.962 --> 00:01:42.582 now incrementally, you could have A I opportunities and 00:01:42.593 --> 00:01:45.302 growth and there's a lot of 2nd, 3rd, 00:01:45.313 --> 00:01:47.611 4th derivatives. I think we're just in the early 00:01:47.623 --> 00:01:49.123 days of playing on. That's right. Right now 00:01:49.132 --> 00:01:51.733 , investors, they're, they're looking far through the 00:01:51.742 --> 00:01:53.361 trees. It's on this, like fed speak and 00:01:53.373 --> 00:01:57.802 yields. I think everyone's looking through to see what 00:01:57.813 --> 00:02:00.605 this transformational growth theme that I've used something we haven't 00:02:00.614 --> 00:02:02.754 seen in 30 years. I want to talk about 00:02:02.765 --> 00:02:06.275 some of the specific names here, we've mentioned some 00:02:06.286 --> 00:02:07.094 of them already. Of course, you have Microsoft 00:02:07.105 --> 00:02:12.094 and NVIDIA feels like Microsoft in particular has emerged as 00:02:12.105 --> 00:02:15.784 the clear leader here in the A I arms race 00:02:15.795 --> 00:02:16.915 as you call it in your notes. But Dan 00:02:16.996 --> 00:02:20.075 , it's really early when you think of some of 00:02:20.085 --> 00:02:22.105 the other big heavy weights out there, some of 00:02:22.115 --> 00:02:23.145 the big mega cap tech names, I mean, 00:02:23.156 --> 00:02:25.969 what will that catch up look like? Yeah, 00:02:25.979 --> 00:02:29.558 and Katie, this is not a zero sum game 00:02:29.569 --> 00:02:30.308 , but in other words, OK, it's Microsoft 00:02:30.319 --> 00:02:32.569 . But when you look at what Google is doing 00:02:32.580 --> 00:02:36.550 in terms of the opportunity, not just on search 00:02:36.558 --> 00:02:38.689 but also on cloud, you look what meta is 00:02:38.699 --> 00:02:40.210 doing on the consumer side. You know, ultimately 00:02:40.219 --> 00:02:43.118 , I believe this is really to start from a 00:02:43.129 --> 00:02:45.849 cloud perspective when I look at names like sales force 00:02:45.860 --> 00:02:47.439 dot com and tier, you know, as well 00:02:47.449 --> 00:02:51.308 as a handful of names like Mango DB and others 00:02:51.319 --> 00:02:52.899 . And I think what you're really starting to see 00:02:52.909 --> 00:02:53.528 is a, is a rereading. Now, some 00:02:53.538 --> 00:02:55.838 will say that that's froth and hype. But I 00:02:55.849 --> 00:02:59.819 disagree. I think we're really now just starting to 00:02:59.830 --> 00:03:00.899 do what I view as an A I gold rush 00:03:00.909 --> 00:03:05.008 playing out in this Game of Thrones. That's happened 00:03:05.020 --> 00:03:05.899 among big tech.