00:00I think, you know, Monday was a unique turning point for open AI and where AI is going with with Dev Day.
00:08I think 20 years from now, we're going to look back on Monday the same way that we think about Steve Jobs and Macworld in 2007, introducing the iPhone.
00:18Sam introduced apps, the apps SDK, which has complete disruptive capability for e-commerce.
00:28I think companies ranging from Google to Amazon to every other marketplace globally need to start thinking about what is going to happen when consumers start making purchases and all their purchasing decisions inside of ChatGBT.
00:44And then also with the agent kit released yesterday, open AI is now in a position where over the next couple of years, they can map enterprise workflows.
00:57So I think we're on the cusp of something huge and monumental when it comes to AI efficiency and AI's impact on our daily lives.
01:07Joe, are you saying that, you know, at some point it's going to be a little bit like how the social media networks make their money, that there's going to be a little bit of advertising involved, a little bit of, you know, passing on fees from shopping and so on?
01:20And how many dollars per individual in the United States would you need in order to have all these companies be profitable for that?
01:28Well, Bonnie, a good friend of mine, former classmate of mine, Ben Thompson, said open AI is becoming like the Microsoft Windows back in 1995.
01:38And my point of view, and Sam expressed this as well, my point of view is it's bigger because this platform could become an unprecedented advertising juggernaut.
01:50If you think of what they can do from causing consumer purchasing inside of ChatGPT and then their partnerships ranging from Spotify to Zillow to Uber to DoorDash and causing us to make purchases in real time unprecedented.
02:09And then you think about what they're doing with SOAR 2 from an advertising capability.
02:14It's not there yet.
02:16You know, the SOAR 2 ad can only be about 10 seconds today.
02:19But where will that technology be a year from now?
02:23And couple that with vertical solutions, like they're taking on open evidence and helping doctors make best decisions.
02:31If they can own the medical information platform, it has the ability to deliver unprecedented amounts of data and, to your point, unprecedented amounts of screen time and eyeballs.
02:45Sure.
02:46Owning the medical data seems a little scary to me.
02:48But are you saying that this is all priced in now to these stocks?
02:51So, for example, you know, your thesis that the likes of Spotify, Expedia, Zillow, all the ones that were mentioned at the investor day, that they will all, you know, get business through OpenAI or Anthropic or what have you.
03:03Is that being priced in at the moment to the stocks like NVIDIA and the chip providers and the cloud providers?
03:11I will defer to the public equity analysts on whether the multiples make sense and it's priced in yet.
03:18However, I think when we hear so many people talk about, well, efficiency is not there yet.
03:25And so it's overvalued and we're on the cusp of a bubble bursting.
03:28You know, I think it was just talked about this.
03:31The information is reporting that Oracle only makes 14 percent gross margin on this cloud business.
03:38And first, I would say there's so much we don't know because it's not a publicly it's not a reported business unit and Oracle's public statements.
03:46But the key thing here is that it because of how fast Oracle stock dropped with the release of that article, it shows you the fear of the investing community being on the wrong side of a bubble bursting.
04:01So I think there's a lot of walking on eggshells at the moment.
04:06So what are you doing? Where are you investing? I mean, technically, those few names that were mentioned on Monday, it could have been other names, right?
04:15So, you know, what are we missing out on then that we're not that we, you know, we have the blinkers on.
04:20So we're just concentrated on a few, but we should be looking at others.
04:23Well, Bonnie, we spend a lot of our time in infrastructure investing.
04:29So whether it's it's energy and supporting the grid to then support data centers and the required electricity.
04:37We're spending a lot of time evaluating how to keep these data centers and GPUs cooled.
04:42And then also on the utilization of GPUs.
04:48So we've made a large investment in a company called Lambda Labs, which is a competitor to CoreWeave.
04:54We're pretty excited about its future as well.
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