Navigating the Market: AI’s Impact & Smart Investments | IWTB S2E01

Welcome everyone to season two of investing with the Boys. We are back powered by Futureum Equities. Here.

We got your boy logical thesis. We got stock savvy shy, also known as Shy. I don't know, maybe that's shy.

Who knows? And you The shy. The Shy, the shy, the shy.

And the third host, Sam, solid Sam Badawi. How are you guys doing? We, we have a lot to catch up on.

The last time we had one of these episodes was months ago during the tariff tantrum. And now we're here back at all time highs again, every single day, all time high. We had big earnings this week we're gonna do a little bit of recap what we have so far.

We had FOMC report. Of course, unchanged rates, but a lot under the radar there. Lots to talk about.

Guys, let's kick it off. How's it going, Shai? It's going well.

I mean, when was the last, what was the date of our last episode when season one ended? Was it pre, is it March? I think it's kind of crazy.

It feels like a year ago, but, uh, yeah, it's only been a couple months. That's what it's like in a Trump presidency. Uh, things are just up and down, but it's been great.

Uh, I think we can all agree our portfolios are an all time high, uh, which is always a great sign. And I think that's in the past couple months. I mean, I started a new role.

I am, I made it across the walls. I'm on the street. I'm on the institution side.

I work at Futurum Equities with a great team and, uh, Dana Newman as a partner, learning a lot from him and the people we interact with. Like just last week alone, I was in the service now in IBM, uh, room. And that's something I would not think I would say a couple months ago.

And other than that, yeah, things are, things are really looking great in the market. Uh, I feel like we keep having gut punches and we keep coming out stronger. And that's something that proves the durability of this bull market, where if it was flimsy, like I think that we probably would maintain a bear market, maybe test, uh, oh, multi-year lows.

But we didn't, we v-shaped why is that? AI is still the mean event and it's going to continue to do so. There's gonna be a high flow in any kind of pullback.

There's gonna be a v-shaped recovery type of behavior because knowing that we're in the earlier side than the later side of this AI theme, these are gonna be okay just because we're in that AI infrastructure spend that's going to be touching so many different sectors. And, uh, whether Powell, em admits it or not, we just came off from his FMC meeting where he was just teetering on like Dubbish. Um, are they gonna cut rates, increased rates, like he's playing, playing it right down the middle?

Uh, I don't think it matters 'cause we are like, doesn't matter if the Fed is gonna cut rates, the mar market's moving ahead of it, knowing it's coming regardless. So I think that we're in a good spot and now we have some seasonality weakness. But, uh, I wanna pass it to AKA 'cause I mean logical, uh, because I think he is probably the, i I wanna speak for Sam, but I think he's, he's two xing my performance this year.

I don't know if he's two Xing your Sam, but he is killing it. Triple digits right? Over a hundred percent your day.

It's connecting me, man. It's crazy. Yeah, man, I just hit, I just hit a new all time high today, uh, feeling pretty good off the back of a couple really big earnings.

I've been sizing my positions really well. I've been, you know, basically digging deep into that conviction and, you know, finding the names that I feel are mispriced right now. And so yeah, it's been a great run.

I think we got a very big, uh, opportunity with the tariff selloff. If you remember on the show months ago, we talked about how, look, if the economy's really gonna go into some tariff induced in, uh, recession, then we're gonna see a lot of these names and ad tech, et cetera get hit the hardest, which they did. Um, but if it turns out that the recession is really not gonna happen, then those are potentially gonna be some of the biggest winners in the market.

And that's exactly what we've seen. You know, I've talked about mite a lot on this show. That's been a huge winner for me.

I still look forward to a couple other names in the space like PubMatic. Uh, we had that huge Google News, which I have discussed in the past. I still think that has yet to be priced into some of these stocks.

Uh, but you know, today I had, um, uh, lending Club is a name that I've talked about for a long time, you know, and a lot of these positions I'm sitting in, uh, with a good amount of calls to add leverage to my, uh, you know, exposure, uh, Teradyne, which seemed like a kind of a dying giant up 20% today on earnings. Um, that one also in calls given, you know, the low iv, it just made sense, uh, to position to trade that way. And, you know, the stock was getting constantly downgraded.

Uh, meanwhile there was a lot of research out saying that they were the supplier for Amazon's robotics. And I think today we got some of that hints on the earnings call and the, and the stock went from plus 5% to plus 20%. So, you know, I, I think there's a lot of sleepers in this market.

And while, you know, the market's pushing all time highs, really, we're just only a few percent above what we were at the pre tariff, uh, tantrum days. So, you know, the market's not as stretched as people wanna believe. You know, they're anchoring to the lows.

But if we didn't have the tariffs then, you know, we wouldn't really, um, you know, if we didn't have the tariffs and we didn't have the fall off, then we wouldn't be up so much. So I think people are just price anchoring to those lows rather than maybe price anchoring to before, uh, the sell off. And so I think that this market still has legs.

I think that we've seen that breath hasn't truly participated. And I'm looking forward to the breadth expansion I'm looking for. You know, there's a lot of opportunities that we look at and, you know, we just got some numbers from Microsoft Meta you guys were mentioning.

They're up a lot after hours, uh, on really good earnings, which is fantastic for this market to chuck along. Obviously the core there is, you know, AI compute, et cetera, which is fantastic. Hai mentioned, you know, that's what's, you know, really driving this bull run.

That's fantastic stuff. And you know, it's gonna continue to fuel this market. That said, there's still a lot of froth in this market and we're still kind of getting through some of these momentum names, some of them losing momentum in the last couple weeks.

And so it would, it would be nice to see some of these more fundamental stories play out. There's still a lot of good relative valuations out there in the market, and that's where I'm focused. I have my fundamental hat on.

Uh, you know, I do put some credence to technicals a good amount. Uh, but right now I'm, I'm in my bottom fishing phase and I'm telling you, there's a lot of bottom fishing. I know we'll get into software at some point, but there's some midcap software trading for real cheap.

We've talked about it. Uh, you know, Sam and I, you know, are aligned on GitLab and a couple others. So, you know, we had that big news with Palo Alto Networks, uh, acquiring cyber.

Um, so you know, there's names like Okta out, they're still trading for really cheap. And so you know what's gonna happen when some of these mid-cap software names start to rerate closer to what I believe should be fair valuation. There's, there's a lot of opportunity in this market anyways, I've talked a lot.

Lemme pass it to Sam. Let us know what you've been up to, man. Uh, yeah, I mean for me, I think all three of us were just dumping loads of cash on the market in April.

That, that was quite an opportunity. Getting a lot of names, a lot of companies at, I wouldn't say very compressed valuations, but some of them were pretty, were pretty low in terms of their median and average valuations. When we think about companies that were obviously set up for the AI narrative, they were one of the first ones to recover.

Uh, one of them was Palantir, of course, hit all time highs, probably a month and a half before the entire market did. On top of that, you also had meta basically leading the race for the max seven in addition to Netflix and of course Nvidia leading the wave. And then you had a lot of late bloomers come in there and just start to outperform as they had been laggers months before that you had a MD now getting close, I think it's above 180, probably one 90 after hours with the, uh, massive, massive, uh, cloud growth and probably heightened CapEx spend for a lot of these mega cap companies for Microsoft for meta.

And we're recorded this Wednesday. So on Thursday we'd be getting numbers for Amazon, uh, to see what's happening with that. Google did raise their CapEx by $10 billion last week on their earnings.

And that was great to see. And a lot of these data center companies have really led the wave, the upward wave in the market momentum. And they will continue to do so in my opinion, as data center expansion continues to re-accelerate.

And on top of that, you also have the chip restriction or chip export restriction being lifted. Uh, now Nvidia can sell the H 20 chips, which is basically an under or down, down clocked version of the, uh, B two hundreds and H two hundreds. And then you also have a MD, they could continue selling the MI 3 0 8 series chips to China as well.

So you also have all of these large hyperscalers in China, which has the second largest number of gigawatt, aggregated number of, uh, gigawatt data centers in the entire world. Of course, the US is number one, and then us have Europe as well. But when you think about the amount of spend that's really going toward bringing compute as close to the consumer as possible, you also have other plays as well that are hitting all time highs, which I know HAI is a big fan of it as well.

CloudFlare ha it was always known as the DNS protector grabbing about 20% of all the DNS traffic around the entire world. And up to, I think it was about like 80% of the traffic does go through CloudFlare, but able to bring that compute closer to the clients and consumers using their edge computing. But now they're tapping into, they're also tapping into a cybersecurity TAM as well that has, I think now Tam probably was like a threefold after they started announcing that a couple years back.

And it's sitting at basically near all time highs. Not all time highs back from 2021, but at least 52 week highs, day after day valuations. I think we all can kind of agree they're getting a little stretched at this point.

01 or something percent last quarter. And then on top of that, you also have the AI disinflation backdrop as well. As you continue to push out this more phish technology, as you continue to cut the headcount workers, you reduce the opex, you reduce the CapEx and the long term for these companies.

But they're bringing all of that forward today. It's just showing the positive momentum in terms of how the country's gonna perform. Bringing jobs onshore, bringing a lot of manufacturing on shore, that's just gonna be the upper momentum for the entire economy, which helps the whole theme of paying down the debt at the beginning of the year and during Trump's nomination or during Trump's running, he was going for, Hey, let's cut the government spending and pay down our debt and increase tariffs.

But then now that narrative has switched from paying down the debt to outgrowing the pace of the debt. And he is full force on this saving, what was it like $800 billion of taxes? Sorry, $800 billion of debt.

If we do decrease the rates by about 2%, if we continue these figures, we're gonna continue this Goldilock state. And I could see the market just continuing to push all time highs for a prolonged period of time. Yeah.

So I mean, Sam mentioned CloudFlare, that's a name that we've been talking about for a long time. And it's also been a kind of polarizing name because it's never been cheap. It's been very expensive.

And this, this is like one of the instances where my philosophy as with the Mac investor caring all about Moat has played out where you guys hear me talking about the AI tsunami coming all the time, and it's coming for everyone, but especially coming for a lot of software companies, CloudFlare is, I wouldn't classify them as a software company. Like what's, uh, Sam was mentioning this was a CDN, now it's be essentially building, it's becoming the gatekeeper of the modern internet. So I'll, I'll get back to why that is in a little.

But they always had this monopoly where 20% of the internet essentially runs through their own network, like 20% of all websites that are used globally, think about that runs through them. That's something that protects them as a lifeboat from that AI tsunami that combined with a founder-led CEO, who I believe is one of the best out there when they, when you're thinking about wartime CEOs, when you think about carb musk, zuck, you have to think about Prince at CloudFlare and knowing that he can probably leverage the monopoly that they have in that internet presence as that CDN network to become that gatekeeper of the new modern internet. 'cause guess what guys?

AI is changing everything for the whole world. It's going to change the internet. You're gonna see browsers essentially become the distribution of all these LLM models you're already seeing firsthand right now with OpenAI, what they're doing.

And that's also why people are throwing a lot of FUD on Google is because the browser go browser's gonna change and that's gonna affect Google search. Uh, we're talking about Google probably another episode. 'cause right now we are just talking about the latest and greatest, and I think we gotta talk about Cloudflare's latest, um, product release that validates everything I'm saying right now where it was the crawler platform.

Correct me if I'm wrong, Sam if I'm misusing it, but I think it's, uh, this couple weeks ago they announced a pay per crawl feature or like a metering product where I think is a perfect example of how they're gonna position themselves in the new digital economy where if you're not unaware about this, LMS are going to be scraping and summarizing the internet. And that's what feeds into all these model qualities. Spoiler alert, we don't want that.

A lot of companies don't want that. So how do they protect themselves from that via the CloudFlare crawler? And essentially what this means is whenever these LMS try to scrape, uh, the information from the internet, the internet internet's gonna send them a bill, it k CloudFlare, and they're not gonna be waiting for permission from all these bigger players like the open ais, philanthropics, Googles to do that because what do they have their own network and how much of that own network's being used in the world?

20%. That right there is a great example on why CloudFlare is leveraging their monopoly in order to capitalize on this AI wave. And it's something that I think it's going to allow them to compound a 30% clip for a very long time.

It looks very expensive right now, but if you think about enterprise value as a whole, it's what, it's 70. What's their market cap right now? Uh, their market cap is around 70 billion.

That's still like, ugh, that's kind of pricey. It's at 30 times sales. Hey, what's anthropics, uh, valuation?

Oh, it's 170. Uh, it's over a hundred. Yeah.

See, like I, I think there, there's an weird environment where valuation's taking a backseat, it's because a lot of these private companies are getting ridiculous valuations, but it's because they're proving themselves that they're going to belong in this new digital economy where nobody knows the ceiling on ai. It's gonna be one of those themes that has, is going to have an indefinite demand. And because of that, nobody knows what a ceiling's going to be and it could just be a ridiculous amount of money that's gonna be made.

And I think that if you're proving that you're gonna belong and thrive at $70 billion with a $10 trillion tam signed to ai, it's pennies. And I think that that's why it's showing a lot of relative strength. And I think that's a classic example.

I wanted to bring that up because of when you have a monopoly and there's a supercycle going on, you can leverage your monopoly to catch the latest tide. And another good example actually, I I went over a lot, uh, Kirsten, what you think about that, Sam, on, uh, the CloudFlare piece? Yeah, it was actually pretty interesting.

'cause I agree with you Matt. Prince, CEO EO of CloudFlare is one of the greatest CEOs alive. I I really put him up there with a lot of other great CEOs like Frank Sluman, uh, bill McDermott, and obviously we have, I think it another great CEO is probably gonna end up being, um, Shridhar swami with just how he's able to turn the ship around with, uh, snowflake.

But a lot of his software companies out there have really good CEOs and they're very, I wouldn't say underappreciated. When you look at the valuation of the company, you had an all-star CEO like Alex Karp basically. He, he know, he knows how to market the company as well, but he knows how to land very big contracts with very recurring revenue.

And that includes govern governmental revenue. And, uh, they also know how to attack the private side as well. Like they know how to really represent their company and make the company very relevant.

But also you have, uh, you also have Vlad ov from, uh, from Robinhood as well, amazing CEOs. And I feel like these companies need to have these really good CEOs that could be the face of the company. And they're usually founder led too, if you guys probably have noticed too, like usually the really good CEOs tend to be founder led.

And the the companies that are really good usually usually are founder led. Also, if you think about, um, CrowdStrike as well, uh, you had the CEO there, founder and uh, chief executive officer of the company and director of the board leading the company, the general direction that he wanted. And we were talking about also earlier, uh, logical brought it up with, uh, n who's the CEO of Palo Alto recently announced that they're having a $25 billion acquisition of, uh, CyberArk.

And a lot of people didn't really know what CyberArk was before this acquisition happened, but that's another sector of cyber cybersecurity and privilege access management, mostly with identity lockdown and, and protecting your credentials and certificates, whatever it is, this is all becoming very important in this entire AI wave. And when we think about the AI wave, it's not just about data center and compute, it's not just about software with data as well. It's about protecting that data at all costs.

'cause with the amount of data that gets scraped on the worldwide web, uh, who knows, honestly, I'm just gonna assume that my information's already out there, but I don't have information that's tied to myself that costs billions and maybe even trillions of dollars. But these large enterprises do they need the best of breed protecting all of their data? And that was something that was a narrative that, uh, that wasn't appreciated as much I would say in 2023 and beginning of 2024.

And now it really is getting that appreciation, even though CloudFlare only did guide for about $4 billion this year, this fiscal year trading at, uh, about what is that like 19, 20 times their, uh, valuation in a forward ET NTM basis. I think it's rightfully so to have that kind of valuation. My only thing is that, is this valuation gonna expand?

Is my return on equity gonna be in a positive direction for some time? Well, you know what? I think that as long as the market stays bullish, companies like this with leaders and with wide moats in their own industries expanding their tam as these era, as this era unfolds itself, I think that it'll probably continue expanding as long as we stay in this bullish market.

'cause leaders tend to lead the whole way and laggards tend to continue lagging unless there's some sort of narrative shift in terms of their inflection when it comes to their technology or their financials. And we've seen that happen, but the tide does raise a lot of boats. When we think about CyberArk basically getting acquired and being a sector that's looked at for cybersecurity, that puts into question as well with Okta, which is something that logical, I know he's bullish on with a compressed valuation.

Could this be a turnaround story for them as well? We've seen it happen many times with a lot of companies, especially in the data sector. It's probably gonna happen in cybersecurity as well.

What are your thoughts about that? Logical Look, I am a data scientist by trade, so I have studied, you know, computational mathematics, machine learning models, you know, all that kind of stuff. Um, so I'm very well versed in the technology that we're talking about that's sweeping the world right now.

And I can say pretty confidently that I think most people who are bearish on AI don't truly comprehend what's going on, don't understand the level at which it's being implemented today, the speed at which it's being implemented, like the most cutting edge technology that's being released is immediately being implemented because we already have that infrastructure today. com, it's like, dude, Amazon iPod in 2020 and, or sorry, 20 in, in 2000 or 1999. I didn't order my first package until 19, uh, until 2012, right?

So 13 years after the IPO today, you're getting, you know, chat GPT or anthropic and obviously the private equity mar market is popping more, uh, than the, uh, public equity markets in terms of some of these up and coming companies. But all of those companies, their LLMs are being implemented today immediately. And so those are seeing efficiency gains at the corporate level at all of these large companies.

And that's leading to efficiency gains. Um, it's gonna lead to sadly, uh, head, head a headcount reduction, and that's gonna basically flow right through to companies bottoms, line, bottom lines, and it's also going to increase, uh, revenues because, uh, you're able to develop products at a faster speed and get them to market quicker. So all of a sudden you're able to, uh, offer better products quicker, which means that you can probably increase your pricing, you can outpace that inflation, so you're getting top line growth, you're getting, uh, operating expense, uh, reduction, that's a huge margin expansion opportunity.

And so that also extends the runway of a lot of these companies. So I think, you know, I've been posing this question to myself and you know, as my followers of like one, you know, people keep trying to say, this is 2000, what if it's 1998? What if it's 1996?

What if it's 1994? Tough to say, and I would argue that we're not really at crazy bubbly valuations. Sure, there are pockets of froth agree to all.

I'm not a big fan of like pre-revenue companies and some of these sectors fine, but a lot of the companies that are leading AI are real businesses. They're making real impacts in other businesses today, like the Microsofts, the metas, the Amazons, et cetera, the the clouds, um, you know, these LLM companies that that's all reaching efficiencies today. So forget about if it's 19 98, 96, whatever, you know, I would still say that right now we're not in the realm of bubb valuations whatsoever.

The runways of these revenues and growth is getting extended and the profits as well. So now I gotta ask myself, we develop technology today and implement it way faster than we did in the past. What happens if the fundamentals outpace this bubble?

Right? And so that's kind of what I'm thinking about is like, what if we never bubble? Because it just ends up being, we just keep out, you know, implementing and outpacing and, and then new things come out and AI agents.

And you know, I think the one thing is probably like that's a realistic fear, uh, on a societal level is what happens if we have too much head force, uh, or headcount, uh, workforce reduction, right? And so that's for sure something that's a little troubling. But yeah, I mean, I think people underestimate the impact that AI is making today.

Um, you know, maybe some of these applications are still not profitable or whatever, but I can tell you from a workflow standpoint, um, at many, uh, corporate jobs, it's speeding up the work that's going on. Um, you're able to develop something that used to take two weeks and two days. Um, what else?

I mean, I'm, I'm reading reports that first to third year law students or law associates are, you know, not needed as much because basically you can get better reports from a chat GPT, like, um, LLM, uh, than you would get from a, you know, first year associate in a week, right? You can do that in an hour basically. So I think we talked about this on actually like probably one of our first episodes Shy where we talked about how like workforce reduces, you go from five engineers to two, but all of a sudden compute just goes to the moon and you're getting like, you know, queries are doubling and tripling, et cetera.

So I, I know you got some comments on that go forward. Well, no, I think the PE first off we're so early. I think a lot of people realize there's multiple generations that don't even use AI still, they don't realize they don't use chat, but let's ignore that.

That's the easy low hanging fruit. Let's talk specifics. Literally just 30 minutes go as your numbers are 39% of year over year growth.

That's mind boggling at that scale. 3 billion alone this past quarter. That's more than two x the previous record that Azure's ever done in this company history.

I think this is the moment where AI is going to start being reflected in an aggressive pace for all these first stage winners, and it's going to result in a productivity boom like we've seen, we've never seen before. The logical is a data scientist, I'm sure now with ai, he's able to do five x the amount of stuff he was used to be able to before because, and now for his employer, there's a better ROI now for logical, uh, keeping him on, not just because he is got a charming smile, he is a genius, but he can actually do a lot more with that one seat count. I mean, even, even things, sorry, just to even No, No, continue.

Yeah, no, Yeah, I mean, like there are things that maybe I'm not like the best power user of a specific software, like let's say Tableau or something like that. And I need to make some pretty complicated charts in terms of like, you know, these data visualizations for upper level management to like kind of monitor metrics, et cetera. I can like develop these dashboards on the fly without being an expert myself, but just being, you know, co competent enough to be like, Hey, how do I do this?

What's the best way to do this? And the solutions it comes up with are so elegant and so quick and efficient and it's like, wow, that probably would've taken me days, uh, without these tools just because like how would I do that? That's so complicated.

And it's like, oh, easy like this and no, yeah, Sorry, go on. It removes the trial and no, it removes the trial and error and that takes the lump sum of a lot of these kind of data analysis and, And not even that, but like, let's even take it further like nowadays. I mean, why would you even write code Yourself?

Like, it's so ridiculous. And obviously there's companies like Cursor that literally do a lot of the code writing for you, which if you have the tools, like we're we're past the point. It's almost like think about like, you know, I was thinking about it, I was like, oh, well what happens to kids now who never learned coding and blah, blah blah.

And I was like, well dude, I don't know how electricity works, but I still use my lights at my house, right? So like, I don't need to know how everything works. I mean, I think to a certain extent it's good to know.

Um, but you don't really need to anymore if these tools exist. So if I need to like run a machine, like I have a data set and I need to run a machine learning model to determine like, hey, you know, I can just ask basically, hey, you know, write me some a Python script that will, you know, read in this data, clean it for me, um, try out, you know, do some K fold cross validation for several different classification models, compare the results of all these different models, pick me the best one, you know, spit out the a c Curve, all that. Let me, let me pause you there.

Do you use Mosaic and Databricks? Uh, I don't think I've used that yet. We use a lot Of, so do you use, do, do you use Cortex and Snowflake then, or what, what's your usual like I use Databricks nowadays.

I've used Snowflake in the past, but I, I don't know. Okay. Maybe I'm just not familiar with the words.

I'm not on the data, data engineering side, but then again, uh, I don't know. Uh, lemme look it up. Oh yeah, No, no worries.

I mean, but Yeah, I also agree with that. I, I think there's gonna be a lot of a contraction when we think about headcount in multiple companies. We already saw a lot of the mega cap companies, including Microsoft, came out and said 40% of their code is really generated by ai, which I think it was like half a trillion dollars they were able to save, uh, in terms of headcount and operating efficiency just by that benefit.

And that, that this is like second year maybe, if you wanna say year three of chat GBT. Um, I, this is gonna last for a long time. If you think about the massive S-curve that people have been talking about with, uh, AI hype and so on, you know, Gartner's AI hype cycle, they expect it to be a huge hype into a runup and then kind of fall off a little bit there.

But the actual realization of the technology is gonna get better as it increases over time. I think it's actually a little bit different. 0 and whatever.

At a certain point they stopped talking about it because it was no longer relevant to, to say the clock and speed. This is actually something that Sam ALM was saying in a recent interview that he had, was that it's no longer relevant anymore. And at a certain point, hard dis usage, which is important at cer at a certain point, memory size was important and now it's come to the point where it's no longer about that.

It's no longer constraint on the actual compute. It's more of a constraint on the energy and the power that we're able to get to power. All of these new systems going to that are gonna be running basically at a hundred percent capacity until we come out with the newer generation.

And that newer line of compute that gets invented and created every single year is gonna be twice as good as the previous year, not linear exponential. We can think of the same thing with the stock market and that perspective. People thought valuations were egregious when they were trading at five or 10 times sales.

Now today we're seeing Palantir at a hundred times. Not saying that that's the norm or anything, but as long as we continue staying in a bull market, this can consistently, this can continue, this can continue on an exponential basis and think about the amount of money that's being printed around the world as far as possibly making cryptocurrency the stable coin of the entire world. If that happens, it's no longer about how much money you're printing, it's just about the expansion of valuation that people are pumping up these coins to the point where we no longer have to worry about dollars anymore.

It's more about whatever stable coin that we're using around the entire world. Whether that's tether, whether that's, uh, USDC or so on. I don't wanna read the future speculate into that, but there's a reason why the world is changing this quickly and at an exponential basis versus a linear basis.

Because as a society as a whole, technology just gets that much better every single year. I mean, I know you guys got a lot to say about that, but I think that that, I think that wraps up great for our first episode of season two. Uh, we're definitely gonna have many more installments of this.

We're in the midst of earning season right now. There's gonna be a lot more ahead still at the time we're recording this episode. Amazon and Apple are gonna be reporting tomorrow at the market close.

That's an additional $6 trillion of market cap being reported. I mean, who knows, maybe, uh, at this point I think Microsoft's gonna be head to head with Nvidia in terms of market cap. NVIDIA's probably still ahead even though we got that 10% or was it like 7% increase on the, uh, Microsoft market cap?

I mean, hey, what if Apple is up about 10% after hours? That might come pretty close, right? So it's gonna be a very exciting week.

Lots of new information to go through. I know for myself, and I know for you guys, earning season is just a really busy season, but it was great bringing this back to you guys with the boys. We got logical, we have Shai and myself, Sam.

Great to see y'all guys and see you guys in the next one.