Do you think the market got the response to Google's earnings way wrong? I read that earnings call, the earnings released, I'm like, this company is really monetizing AI. What is the market thinking here?

I think there's two debates that are weighing on Alphabet shares. One, search slowed down a little bit more than investors expected. If you go back 15 months ago, you're always so generous and having me on, there was a heavy debate around Alphabet at that time. Um, you know, there was real questions how search would survive in an AI first world. So you were in a different spot with the stock in the 300s, but a little bit of a disappointment of search weighed on it. The second bigger theme that's weighed on it is there's been brain drain. There's been departures from folks at Gemini, Google Deep Mind, uh Google broadly and Gemini's next generation model has been delayed, 3.5 Pro and now they're talking about Gemini 4. We've seen this with other companies. Meta went through it 12 15 months ago when they ripped up the playbook and started

That's when they're spending billions of dollars on you know

Right. and they started Super intelligence lab, right? So basically, we think the weight on Alphabet shares will be alleviated when they're back at the frontier on some of the models and we would tell you Gemini 4 later this year or early next year would like to be what alleviate that debate.

When might might we see the the the the I guess the the negative impact of this brain drain at Alphabet?

Well, I don't know that you're going to see it. I think they have a lot of talent, they have a very deep bench. I think Alphabet also was in a very unique position in that they have a competition for compute internally. You know, they have the the products you and I use in our daily consumer lives. Those are asking for more compute. They have an enterprise business in Google Cloud that's asking for more compute, and they have scientists in Google Deep Mind that want more compute. We just think they've had to rationalize some of that compute, but over time, we think as you again as you come back to this theme of efficiency on supply and demand, they'll be an AI winner in a lot of ways.

Uh lastly, look, I know Apple's not on your list per se, but we have a new CEO of Apple officially today. What is this company's role in the AI future over the next decade?

Well, I think more broadly, consumer hardware is where there's going to be a lot of on-edge AI going forward. You saw it with Google with the Pixel launch uh last in the last 10 days. Um you've seen it out of the likes of Samsung and Apple. You know, when the consumer landscape continues to evolve in AI, there's going to be a lot more of this AI that gets processed on device with lighter models. Let's be honest, you and I don't need to operate at the bleeding edge of AI when we're asking questions on our mobile phones and we think mobile phone carriers, providers, that's who's going to be a lot of AI that that transitions to the edge. I think that's going to be a big debate going forward.