00:00I disagree that Oracle is a loser, just given my view.
00:04When you look at the AI revolution, I mean, for the first time in 30 years,
00:08the U.S. is ahead of China when it comes to tech.
00:10I think what you're seeing here play out is, yeah, there's some white knuckles,
00:14but the reality is you have $3 to $4 trillion that's going to be spent in the next few years.
00:18Oracle is going to play a huge role in that.
00:20I think right now, in the penalty box, I think we sit here a year from now,
00:24and it was a huge buying opportunity.
00:26Just like the view if you go back a year ago,
00:28the New York City cab driver is bearish on Google.
00:30AI is going to destroy the model.
00:32It's going to get broken up.
00:34In a completely different area now.
00:35Now, today, I mean, you know, everyone's super bullish.
00:37So I'm just saying this is a bull market, two more years left,
00:42and I get we're going to have some of these moments,
00:44but I don't think in any way that this is sort of the moment where you head for the elevators.
00:51It seems that you buy some of these names, in my opinion.
00:54But Oracle's balance sheet looks very different from the other hyperscalers, right?
00:57It's not an alphabet.
00:58It's not a meta.
01:00It's not an Amazon when it comes to its cash levels and its cash flow.
01:03So there is reason to be at least a little bit more dubious or suspicious of Oracle's finances.
01:09No doubt.
01:10But look, when open AI calls, you pick up that phone.
01:13And I mean, if you look at what that growth is going to look like, I mean, the next few years,
01:17you're not seeing the next quarter or two.
01:19But in terms of their RPO, we're talking $400 or $500 billion.
01:23And obviously, open AI, $300 billion of that.
01:26But to me, it's just one of those where we're going through one of these periods where it's a glass half empty.
01:32And I get it.
01:33And actually, I think it's healthy for the overall tech trade.
01:35But I think when we look out, I mean, I think tech stocks are going to continue to rip into next year
01:41because we're still early days in this AI buildup.
01:45You only have 3% of U.S. companies that are going down the AI path.
01:50And I see it on the side.
01:51It's highly concentrated.
01:52Well, it's concentrated, but now it's spreading.
01:54I mean, I see it like authentication, what we see with the orbs in terms of authentication on that side of the area.
02:02You look at cybersecurity, CrowdStrike, you see Palo Alto.
02:05You look at other names that are playing it out.
02:07I think it spreads to the second, third, fourth derivatives that we're going to see play out across tech.
02:12Okay, before I let go of this Oracle story that the FDA reported Blue Owl will not back the $10 billion deal for Oracle's next data center,
02:20how are you thinking about this reporting?
02:22What does it signal to you?
02:24Look, I think there's a better chance of me playing in the NFL this weekend than this data center ultimately not getting billed out.
02:31Now, I'm not saying terms, partners, it goes through some negotiations.
02:35But my view is, like, in moments like this, just like deep-seek moments, just like Liberation Day, just like, you know, U.S.-China worries,
02:43I get that the bears are going to sort of own the day, especially when it comes to a name like Oracle.
02:49But it's not time you panic.
02:51I think Oracle actually here is a compelling name to own, given the risk reward.
02:55All right, let's talk a little bit about the Amazon discussions with OpenAI, about letting OpenAI use its Trinium chips,
03:02also investing at least $10 billion in OpenAI.
03:06Talk about Amazon's role in the whole AI build-out.
03:08Sure.
03:08I mean, look, Jassy's an AWS guy.
03:10So if you think about where we are in terms of this arms race, the Dell and Microsoft clearly at the top.
03:16You look at everything that Google has done in terms of Curry and how they've successfully built, you know,
03:22especially on the cloud side, and, you know, really, that's been a huge turnaround.
03:25But for Amazon, this is a huge opportunity for them on the data center side, given their cloud customers and AWS, to go after them.
03:32They've got to jump in the deep end of the pool you do with OpenAI.
03:36So I think to some extent, even though right now, if you look at the version that we're seeing with stocks, you know, tied to OpenAI that are negative,
03:43Amazon, they want to be more associated with them because that is really going to be the build-out.
03:49When we talk about this AI revolution and you're still in the third inning, Amazon wants to ultimately, you know,
03:56really build this out with a partner like OpenAI and not be on the other side of it.
04:00I get that.
04:01But will the Trinium chips actually be a real competitor to NVIDIA's chips?
04:05See, my view is today there's only one godfather of AI.
04:08He's wearing a black leather jacket.
04:10His name's Jensen.
04:10So at this point, 12 to 1 is demand to supply for NVIDIA chips.
04:14But the reason AMD, the reason you're going to see other players in, you see Google in terms of what they've done, you know, from a chip perspective,
04:23they'll play in that game.
04:25That's a long-term bet.
04:27It's so different when Apple bet on chips in terms of they're going to ultimately seed out Intel.
04:33It took five, six, seven years.
04:35But these are long-term players.
04:36In this arms race that's playing Apple, we're in year three of an eight- to ten-year AI revolution.
04:42Year three in an eight- to ten-year revolution, there's going to be bumps along the way.
04:46What do you see as the biggest risk to your bullishness, to this positive story?
04:52Energy, energy, energy.
04:54See, I don't worry about things like the Oracle data center build-out.
04:58I don't worry about capital.
05:00I don't worry about the use cases.
05:02To me, as someone like that, seeing it, you know, firsthand, traveling around the world, this is a true fourth industrial revolution.
05:08This is not a bubble.
05:09This is an AI revolution.
05:09The biggest issue in the U.S. is energy.
05:13Three percent of the U.S. company has gone down the AI path.
05:15When you get to 20 percent, the kind of clock strikes midnight.
05:19So that continues to really be the issue, in my opinion.
05:22That's why I think nuclear continues to be the answer.
05:25And I think that's something right now, from a U.S. perspective, we're ahead on tech.
05:30But relative to China, China's ahead when it comes to energy.
05:33So does the concern about the limitations, the restraints on energy show up in 2026?
05:38And if so, how does it show up?
05:39I think it's me.
05:40I think this is a huge inflection point on you.
05:42You've got to see government, in terms of administration, get fully behind it.
05:45You're going to need to see a lot of innovation from a nuclear perspective.
05:49Look, solar, grid, things like that, I mean, that's maybe stopgaps, and that could help a little.
05:54But in terms of there's more data centers under construction today than active data centers.
05:59Nuclear is going to be the answer.
06:01And it comes down to, like, how do you actually get it?
06:03What are the private companies out there?
06:05What's the innovation?
06:06To me, that's the biggest thing that could be the aha moment.
06:10Energy is the biggest constraint in the U.S.
06:13Energy is the biggest constraint.
06:14So within the AI tech world, the tech name specifically, is there any one that you think maybe has gone past where it should, at least for now?
06:23In the near term, you can kind of back off a bit.
06:25I mean, look, to me, there's some...
06:27Tesla, near a record high?
06:28Look, Tesla I've talked to.
06:30I mean, this is going to be, it's going to be a golden year for Tesla.
06:33And I think $2 trillion, ultimately $3 trillion bull case, because in my view, you talk about everything in AI, autonomous, robotics, it's just starting.
06:42Now, Musk, wartime CEO.
06:44And I think you're seeing investors understand what the future is going to look like from Elon and Tesla.
06:51Look, are there ones that could get over their skis from a stock perspective?
06:54Yeah, but right now, it's my view that investors are underestimating the scale and scope of this AI revolution.
07:01And like me and you have talked about, AI party started 9 p.m.
07:04It's now 10.30 p.m.
07:06Party goes to 4 a.m.
07:07All right, 10.30 p.m. until the party ends at 4 a.m.
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