00:00You take a look at the reaction here, decidedly negative, even though we heard that sales when it
00:06comes to their infrastructure business gained about 93 percent. And you heard the company
00:11report a number of record metrics here. I am curious what you make of these figures and how
00:17they stack up against the expectations. I think the expectations were for them to sort of pull
00:23a rabbit out of a hat that is not there. I don't think these are terrible results so far. We'll
00:30see
00:30in the overnight and into tomorrow. But I think the reality is that this is a company that the five
00:35year when you pull back, it's been a huge ramp up. The one year has been pretty muted. This is
00:41a
00:41company that people got excited about for a while with AI, but the bloom has sort of been off the
00:47rose. And I'm not shocked to see people wanting to see real numbers. And then when they're not
00:53thrilled with with the results, they're they're selling a bit. And I do wonder, this is something
00:58we were just talking about with Rishi Jaloria as well. I mean, how much that could come down to
01:03shifting sentiment when it comes to open AI? We know that, you know, they have this very
01:08close relationship with open AI, which is in an arms race of sorts with Anthropic. And certainly
01:14recent reporting might suggest that Anthropic has a little bit of a lead here. I mean,
01:19do you think that's a fair argument to make? Yeah, I think that that open AI has been sort of
01:27besieged by all sides. And it makes sense that the companies that have grown on the backs of open AI
01:33success would also start to kind of diminish in this moment as people realize that open AI may not be
01:40the winner, that Anthropic and Alphabet are sort of claiming that throne with a lot more authority.
01:47And so I'm not shocked to see that sort of wane. I also think Oracle just has a lot on
01:54their plate.
01:54They have a lot of different businesses. They have a CEO who is very distracted, you know,
01:59with with his other sort of side quest in the media business. And so I'm not shocked to see that
02:05people just aren't that excited about this name right now.
02:08Well, I am curious, I mean, about what the names people are getting excited about. And I mean,
02:12well, let's just exclude the big one that we know everyone's going to be excited about
02:16in about 24 to 48 hours. But there's also a lot of other companies underneath the surface,
02:21both potentially going public and even a couple that are in the public space.
02:25Sarah, has the AI trade effectively already evolved and moved on?
02:30I think it has a bit. You know, I maintain my excitement about names that I think are still a
02:36little bit overlooked, like Alphabet, which is doing a lot of what we want from the oracles,
02:41from the open AIs, from the anthropics and from the SpaceX's, and even from the Teslas,
02:45all under one hood at a at a much lower kind of relative valuation. And so there are names like
02:52that. I think that people are starting to look further afield and wonder what else is in the
02:57private markets. As these investors get liquidity in these IPOs in the next couple months from that
03:03sort of dark trinity, you know, we will see that money almost immediately go back to work in the
03:09private market. And I think where they're going to put their bets is going to be a next next gen
03:15of
03:15AI that's a little bit more targeted and not burning quite so much money. And the less money that
03:22you burn in data centers, the less great that is for Oracle. I am curious. And I know you focus
03:27more on the VC space and the public markets. And I hate to put you on the spot. But when
03:31you look at
03:31SpaceX coming to market, which is pretty much positioning itself as an AI company rather than
03:37a space launch Starlink company, would you buy into that? No, no. I mean, the reality is that if they
03:45were going to figure out AI, I think they would have done it by now. They have access to great
03:50engineers, many of whom have left. They have access to the technology, to the models. And
03:56there's not really much there. You have Elon's word to go on. And if you run that back over the
04:01last 10, 15 years in his other companies, Elon's word means that it is coming 10 years, five years
04:09later than what he says at best and often at a much sort of less lucrative stance than what he
04:16has
04:17said. And so, no, I think that SpaceX is kind of the ultimate bag holding experiment. And it's
04:23unfortunate that a lot of these public companies and these indexes are going to be the ones who are
04:28sort of forced buyers.
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