00:00I feel like the AI narrative has actually kind of evolved, because I feel like before it was just
00:03the extreme. It's either going to kill us all, or it's going to be our salvation. And now we're
00:06kind of getting into nuances a little bit. And I think we've seen the shift in investor,
00:10at least in the public markets, where investors are starting to put their money.
00:12When you look at some of the names that we're getting next week, the Intels, the Service Nows,
00:16IBMs, are these AI stories? There are AI stories, each one of them. Intel, it's basically about the
00:22fact that there's not enough demand. It was too much demand, and they're making it up. So they've
00:25got CPUs because people can't get to GPUs. And they're also in the middle of their switch between
00:29Foundry, their data center business, and where they go next. But the rest, I mean, software is
00:34the next piece to come back. And if you look, they were hit the hardest in the middle of that
00:39SaaSpocalypse and AI apocalypse that was going on. But that's still kind of going on. I mean,
00:42it seems like every time we get an update from OpenAI or Anthropic or whoever else, it's always
00:47like, okay, this is the end of, name it, Wall Street, accounting, Bloomberg, or whatever. And I
00:53know that there's a lot of hyperbole and a lot of just sort of worst case scenarios being mapped out
00:58here. But when you look at, let's just take the software landscape, and particularly SaaS,
01:02when you look at that landscape, are there some companies that are legitimately at risk?
01:07If you don't have transactional software data, right? If you don't have like, you know,
01:11CRM data, ServiceNow, like CRM, like ServiceNow, if you think about what's going on with Workday,
01:16like these systems have real data. But if you're Figma, yes, you're in trouble. Anthropic announces
01:20something, boom, it's gone. Yeah. Right. And that's just coding, basically.
01:23Yeah. And if you're Harvey going after legal market, something else is going to happen. If
01:26you're in the security space, I mean, that's going to be interesting with the AI space. But
01:30having transactional data is the big difference. You have data, distribution. More importantly,
01:34those are modes and relationships. Enterprise CIOs aren't just going to go to someone else.
01:38Their career and their companies are depending on it.
01:40Yeah, absolutely. So data being the differentiator here. I do want to talk a little bit more
01:45specifically about Intel, because we were talking about the run in the stock. Intel currently
01:50trading at the highest level since 2000. Shares are up 90 percent this year. They were up 84 percent
01:56in 2025. I mean, you see with Netflix today how even a little bit of bad news, just a big
02:02come down
02:03with Intel. I mean, how much good news is priced in here? Well, you see someone put a forecast for
02:0848 of the price target this morning. I was like, oops. So what's going on is, look, there's so much
02:15demand. If you really go back and look at the data centers being built, you look at the capacity
02:18constraints on Anthropic. People are partnering with Intel because they still need CPU. They still
02:22need the chips to actually provide it. So the data center business is going to be big for them.
02:26And that transition to foundry is what people are hoping. Are they going to get the seven
02:30nanometer to three nanometer chips? And the answer is yes, they're going to make it.
02:33Right. And I mean, speaking of Anthropic, I do want to get your thoughts on the upcoming potential
02:38IPO landscape. Anthropic, one of the big names bandied around, open AI, and then it's SpaceX.
02:44And I mean, we're talking about mega massive IPOs. And you think about, you know, what that could
02:50mean in terms of sentiment now that we'll be able to get quarterly updates from some of these biggest
02:55companies that are so intensely involved in the AI race. I wonder, you know, how that sort of changes
03:01the landscape. We're finally going to get an idea whose business is growing faster other than just
03:05consumption of tokens. That is actually the most important thing. Anthropic, you're going to see the
03:09enterprise business. You're going to see the partnerships that they put into place are very different.
03:13They're looking at global SIs that are doing forward deployed engineers. They're building
03:17the enterprise business. Open AI, they're going to figure out what they're going to be when they
03:21grow up. They're doing everything now. And now they've got to focus and see where they're going
03:25to head. And then, of course, SpaceX, that's a question. Is they're going to roll Tesla back in
03:29there? But think about that. That's 3.6 trillion of IPOs going out once. Is there that much cash on
03:34the
03:35side in the public markets? I mean, I don't know either. I'm thinking like, is the retail investment
03:39going to jump in? Because all the money has been taken out through the secondaries. So I'm really
03:43curious to see how this is going to turn out. Me too. Before we let you go, Ray, I do
03:46want to get
03:47your thoughts on Tesla as a car company. Is it still a car company? Because I know there's been
03:51a lot of speculation. I mean, it's almost like their earnings don't even really matter anymore.
03:54But everyone wants to kind of hear whatever grand vision Musk has for it. But it seems like
03:59that grand vision has shifted dramatically. This is about getting to space. Space technology you need
04:04automation, manufacturing, battery. For Tesla. For Tesla. Okay. And so what's going to happen to me,
04:08in my mind, is like I could see a SpaceX-Tesla merger before the IPO. Before? And you can see
04:13this. The energy management. Look at that business. Yeah. As a car company, I mean, we got this email
04:18two days, 48 hours ago that said the last Model S and Model X are now available. Would you like
04:23to buy
04:23it? I clicked on it. It was gone. You couldn't pick them up anymore. There's a comparative edition
04:27of the Model S and the Model X for the last 100 ever produced. Wow. They were sold out literally
04:31in 24 hours,
04:32I think. Wow. Wow.
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