the front-facing solutions that they offer are more competitive with the models than something like Snowflake. Snowflake's the enabler of the models, whereas I think that Salesforce competes a bit more. So it's going to be more challenging.

the second you start spending $100 billion on CapEx annually, okay, you run into the AWS problem. What's the AWS problem? Now, I have all this compute, but I don't use it every day equally.

They just had AI server revenues up 750% year over year, went from a $1 billion business to a $16 billion business. This stuff is real.

So now they're trading at about 22, 23 times real, SBC included, GAAP earnings. That's about where the market is trading. Yeah. So now just follow me on this. Software is trading— most software names are trading at a higher multiple than NVIDIA. Yeah, right. NVIDIA is trading about 13 times earnings for 70% growth for the thing that is the most essential thing in AI.

there are certain software companies companies, Databricks, Snowflake, and ClickHouse, all of which we're investors in, which very clear to me they're in the token flow. As you consume more tokens, the amount of your database queries goes up.

same thing with a folding phone. Like it hasn't come out yet, but I'm extremely optimistic about that product. I think that they're— they waited until the final second until the technology was good enough.

NVIDIA is trading about 13 times earnings for 70% growth for the thing that is the most essential thing in AI.

We could have 10 to 20% pullbacks in the semiconductor stock as just like run-of-the-mill consolidation. Yeah. Yeah. Right. Run-of-the-mill consolidation. I mean, Micron has gone from a couple hundred bucks to $1,000.

You know, it's—

Well, I think that effectively they don't want to talk about the fact that it's Gemini technology that's going to be Siri. Right. And they're not going to call that Gemini. They're not going to— you know, they've gotten that announcement out of the way. And that's, that's Apple's foundation models. And if you don't have a Google account or don't use a Google account and don't want to use Gemini, you'll never encounter the word Gemini.