Brad Gerstner

“Companies like Micron, Sanjay announced this week, $250,000,000 going to a million kids in the communities they serve. Of course, everybody's familiar with the $6,250,000,000 gift from the Dells,”

“And I can tell you, I have billions and billions of announcements in queue for the kids. This is bonus dollars”

“Owning some shares in SpaceX, in Google, in OpenAI, and in Thropping. And all these companies that we're talking about, this is step one. Remember, this is a journey that will last decades,”

“I'll be at the White House on Monday for a historic joint bell ringing where the New York Stock Exchange and Nasdaq are coming together for the first time, and we're gonna ring the opening bell, a joint bell from the Oval Office”

“Think about the transformational effect of that. So we now have the ability to have large scale direct philanthropy,”

“And we know when kids have savings, when they have investment, they're more likely to graduate from high school and college. They're more likely to buy a home.”

“In literally six weeks, they went from not in the game to $27,000,000,000 of AI hyperscaler revenue with big deals Google? With big deals from Anthropic and Google.”

“My estimate is in a few years, they're gonna be the largest AI hyperscaler in The United States.”

“I think it was probably the next best lab in the country beyond the Frontier Labs. We thought this company could get to 10,000,000,000 in revenue on its own this year.”

“They just sold this compute to Anthropic and Google at a big premium, Scott, because we we are out of compute in this country.”

“In fifteen days from now, you're gonna see twenty to thirty billion dollars of demand roll into the market as the index funds start buying the security.”

“60 to 70% of people today don't compound in the upside of our capital markets. I think you'll see a lot of announcements in the weeks ahead.”

“SK Hynix. Back to your point, seven times twenty twenty seven numbers, the single greatest bottleneck in the production of tokens.”

“Every child under two, remember, is gonna get a thousand dollars automatically funded on July 4. Most kids between the age of two and 10 will get at least $250.”

“All of the money that goes into these accounts will be invested in the best 500 companies in America. They will be direct shareholders, a little bit of Nvidia,”

“If you start with a thousand and just add $50 a month, that's $50,000 at 18. That's a $175,000 at age 30.”

“Compare that what we moved the money into, like Micron, which is up 200% year to date, or Arm, which is up 200% year to date.”

“We have incredible IPOs coming starting with SpaceX rumored on June 12. Hopefully, I'll be back in the New York Stock Exchange with you guys.”

“There's no human being on the planet that is better at turning electrons into tokens than Elon Musk. Right? Let me say that again.”

“33% growth, accelerating growth versus consensus of 27% growth. They took up their full year guide by more than their q one beat.”

“Compare that what we moved the money into, like Micron, which is up 200% year to date, or Arm, which is up 200% year to date.”

“A simple heuristic for the people watching at home, think about a sigh think about managing your portfolio in three sizes, small, medium, and large.”

“It's gonna be an incredible IPO. It's gonna raise about 75 it's gonna raise about $75,000,000,000.”

“But the bigger risk right now is simply that we've come a long way quickly. Right? We could have a 10 to 20% consolidation in the socks or these other technology and AI markets,”

“There's no human being on the planet that is better at turning electrons into tokens than Elon Musk.”

“Elon is building the biggest data centers on Earth and eventually in space of anybody, and nobody is better at turning those electrons into tokens.”

“They've announced a trillion dollars over the course of the next six to eight quarters of demand on on, you know, Blackwell's and now Vera Rubins.”

“There is no intelligence. There's no consumer chat GPT. There's no enterprise intelligence. There's no clawed code without the production of tokens.”

“I would say it's more in that range. That's what I'm hearing from the institutions. I think most of the demand over 300 is frankly retail that listen.”

“And you heard the rumors and seen the headlines that 30 or 40% of compute now is delayed this year. So keep your eye on power and compute.”

“I think it's extraordinary that we're financing almost a trillion dollars of capex a year to build out the the entire AI infrastructure without any money from the US government.”

“Software stocks have reverted from a decade long superior multiple to the market to a market multiple.”

“This year, we're gonna have 800,000,000,000 in total CapEx by the Mag five. And the question was, would there be revenues to justify that?”

“28% revenue growth out of Amazon at tremendous scale or 39% for Azure, 63% for Google, extraordinary. And of course, Anthropic is adding revenues at rates we've never seen before.”

“Think about memory as an industry is only trading at five times earning. In the case of NVIDIA, trading at 13 or 14, fully taxed gap earnings.”

“I've said before, I think NVIDIA will be the first $10,000,000,000,000 company. I you know, as I sit here, you know, in in May '26, I believe that to be true.”

“Let me just give you a statistic. It's just eight quarters ago that collectively they were doing a $150,000,000,000 in revenue. Now they're doing $350,000,000,000 in revenue.”

“Starting in, on July 4, just sixty days from today, every child forevermore born in America will start off with an investment account at birth, automatic, stapled to their Social Security with a thousand dollars in the S and P 500.”

“There are 40,000,000 kids in this country eligible today to go sign up at trumpaccounts.gov. They get at least $250.”

“80% of our capital has been in memory and logic and compute, you know, companies like Nvidia, companies like SK Hynix, companies like CoreWeave, etcetera. And so that's consumed a lot of capital.”

“They're they're trading at five x fully taxed earnings. Samsung's gonna do more in profits this year than Google.”

“At a $195, Nvidia is trading lower than it was six months ago. So it's hard to say at 13 or 14 times”

“I think NVIDIA is terribly, under owned. I think it's terribly, undervalued today, and so we're happy to sit in that and to own it.”

“A $120 oil will take its toll on the market if we don't solve that over the course of the next three to four months.”

“On new Blackwell chips. We got Vera Rubin rolling out later this year. Notwithstanding all of the noise in the market,”

“But I think if you just look at the numbers, a trillion dollars over the course of the next, you know, six to eight quarters, I think speaks for itself.”

“I've lived through four, the Internet, cloud computing, mobile computing, and now we're entering the age of AI. It will be bigger than the Internet itself.”

“The overarching theme now for two years at Altimeter is we wanna be positively correlated to improvements in intelligence.”

“We can't forecast as well. Therefore, the terminal value must be lower. The discount rate is higher and the multiple comes down. So the stocks come down well before they start missing.”

“650,000,000,000 to 700,000,000,000 of spend out of the big five companies in The US, and they say they're still token constrained.”

“I think for the next three years, this is like building the interstate highway system. Right? This is significant. It's important to The United States Of America, by the way.”

“Give them 35 times free cash flow because I had that level of predictability. It was like a government bond. It was a sure thing.”

“I want my personal net worth. I want my funds net worth levered against AI because all human progress is gonna be derived from machines helping humans think and augment human thinking.”

“No. For sure. And in fact, I I hear disturbing things all the time about the Chinese stack making great inroads in The Middle East and in the Southern Hemisphere, etcetera, because, frankly, they're working really quickly to put their chips and their models, their open source models, Deepsea, Kimi k two, Quinn, etcetera, and exporting those to the world.”

“The president said last week, twenty years from now, there will be a 100,000,000 kids and families that have 3 to 4,000,000,000,000 in wealth that would have otherwise had zero because they start off with a thousand dollars, and we add money to those accounts.”

“Give them 35 times free cash flow because I had that level of predictability. It was like a government bond.”

“I can't see as far into the future, so I'm gonna pay less for the terminal value. I'm gonna pay less for those future free cash flows.”

“So the only way that reverses, Scott, is those companies have to accelerate their core revenues and show that they are beneficiaries of AI.”

“I think this quarter, they're they grew over 60%. Snowflake, Clickhouse, these are companies that are accelerating their core revenues because AI relies on them.”

“Fog of war. I can't predict thirty five years into the future of those free cash flows, so I have to pull it in a little bit.”

“In 2026, this year on July 4, every child born forevermore, think about that, forevermore. This is the magnitude of Social Security.”

“If you start with a thousand bucks and add just $750 a year, it's 50,000 at 18, it's 200,000 at age 30, and it's a million dollars at age 55.”

“The spending, the CapEx from that group alone is gonna be over $500,000,000,000 this year.”

“Remember back in 2000, we talked a lot about dark fiber. Only 7% of the fiber going into the ground in the year 2000 was being utilized. 7%.”

“OpenAI just announced last in the last few days that they've added $1,000,000,000 of API revenue in the last thirty days.”

“If these reports are true and they're gonna raise another 70 to 100,000,000,000, they would have over a 100,000,000,000 of cash on their balance sheet.”

“I haven't heard them break ground on any data center. I hear Microsoft building data centers, Oracle building data centers, CoreWeb building data centers, SoftBank building data centers.”

“In 2023, these companies spent $150,000,000,000 on capex building out data centers. This year, over 500,000,000,000. That's not speculative. That is purchase orders. Those are buildings.”

“First, Google is a massive consumer of NVIDIA GPUs, Right? Not only for its own workloads, but also the workloads, you know, in Google Cloud.”

“Over the course of the next twelve to eighteen months, both Anthropic and OpenAI will come public would be my guess.”

“He just improved his inference performance by five x, not even including Grok, which I think will give him, you know, another huge boost.”

“Look at that peak in 2021. Right? We're almost 17 times forward revenue. Today, we're at at about 4.2 times. So we're at a generational low in terms of the the multiple for software.”

“We're almost 17 times forward revenue. Today, we're at at about 4.2 times. So we're at a generational low in terms of the the multiple for software.”

“I could tell it what I want, And I can literally have it build a customer relationship management system for my business in about an hour.”

“But there are other companies that we own and love, like Databricks and Snowflake, that are actually accelerating. Why are they accelerating? They are the data substrate upon which enterprises are building agentic solutions.”

“And so we'll see. These guys have to deliver. And so I expect we're gonna see meaningfully accelerating revenues out of those companies,”

“90% of the companies that are down deserve to be down. Find the 10 that got thrown out with the bathwater. Find the 10%, right, that are going to benefit from AI.”

“60,000,000 accounts created this year by June. Invest America Trump accounts are gonna change the game. It's gonna be a massive change for this country.”

“The consensus estimate this year, I think, is that they're gonna grow earnings about 65%, maybe 30% in 2027. You said it's an earnings driven market, so they don't need to expand multiple.”

“By April, we were tiny in terms of our overall exposure to the market because of our fears about I came on this program and talked about, you know, the Navarro nuclear option around tariffs.”

“In 2023, these companies spent $150,000,000,000 on capex building out data centers. This year, over 500,000,000,000. Though, that's not speculative. That is purchase orders. Those are buildings. That's power.”

“We think CoreWeave stands alone, in terms of its performance, the software that is built on top of the cloud, its execution capability, its strategic importance to NVIDIA in terms of deploying Rubin, etcetera.”

“one of the things that keeps investors like me up in the nights is a 250,000,000,000 being spent on NVIDIA on on the semi side of things.”

“then you've gotta earn about a trillion dollars of AI revenue for all of this CapEx to be worth it.”

“Under the age of 18, that's 65,000,000 kids. And of those 65,000,000, 50,000,000 would never own an account that compounds.”

“if they start with $1,000, and an employer or mom and dad or a philanthropist adds just $750 a year, that's $50,000 at the age of 18.”

“A key component of their announcement, Ed, was that their 6,250,000,000 is only going to families that live in zip codes where the average income is less than $150,000”

“The state of Texas just announced today, they're going to add $1,000 to every account in the state of Texas, all the kids born in the state of Texas.”

“There's a reason less than half of people under the age of 40 believe in capitalism, Ed.”

“But going from nothing to something. Yes. Going from zero and the prospect of zero your whole life to one, that is a far bigger move than going from one to five.”

“You know, you've seen NVIDIA add almost $200,000,000,000 of revenue in the last three years. Yeah. Truly extraordinary.”

“That is not the stuff that bubbles are made of. Right? I think the rest of the mag seven all trades somewhere between twenty five and thirty times, maybe met is at 21 times earnings.”

“The stock's up over ten ten times. 10 x over that period of time as the revenue went from roughly $30,000,000,000 a year to over $200,000,000,000 a year.”

“And they just told us that we should expect a run rate by the end of next year of a $100,000,000,000.”

“Bitcoin this year is down 10%. Gold is up 50 or 60%. I hope we can dispel the myth. Right? One is a risk asset and one is not.”

“Sam came on the podcast. He was a little bit feisty. And he said, listen. We're doing more than 13,000,000,000 in revenue.”

“And he just said in his tweet that they're gonna exit the year at $20,000,000,000 in revenue.”

“What Sam said multiple times on the pod and since is that he expects that they'll do over 100,000,000,000 in revenues in twenty seven or '28.”

“Now if they're doing a 100 to 200,000,000,000 in revenue in 2829, then now we're in the zone of responsible.”

“And if they're doing that and you spread the CapEx out, so we talked about 1,400,000,000,000, half of that's gonna be borne by their partners.”

“Now if they're doing a 100 to 200,000,000,000 in revenue in 2829, then now we're in the zone of responsible.”

“The market the public market does not have a way to play pure AI outside of NVIDIA. It is going to be watching.”

“We are in a global AI race with China. This is like the Manhattan Project. We have to build out compute. It it's a it's not only a national security imperative.”

“Microsoft started investing in 2019, has invested in the ballpark of $1,314,000,000,000 dollars into OpenAI. And for that, you get 27% of the business ownership in the business on a fully diluted basis.”

“The nonprofit is already capitalized with a $130,000,000,000, a $130,000,000,000 of OpenAI stock. It's one of the largest in the world out of the gates. It could end up being much, much larger.”

“OpenAI's revenues are still a reported $13,000,000,000 in 2025. And Sam, on your live stream this week, you talked about this massive commitment to compute, right? 1,400,000,000,000 over the next four or five years”

“with, you know, big commitments, 500,000,000 to Nvidia, 300,000,000 to AMD and Oracle, $250,000,000,000 to Azure.”

“if you guys went public at 10 times 100,000,000,000 in revenue, right, which would be I think a lower multiple than Facebook went public at, a lower multiple than a lot of other big consumer companies went public at, That would put you at a trillion dollars.”

“you talked about 400,000,000,000 it's an incredible number, of remaining performance obligations last night. You said that, you know, that's your booked business today. It'll surely go up tomorrow as sales continue to come in.”

“Tech companies are investing over the course of the next four or five years, it's about 10 times the size of the Manhattan Project on an inflation adjusted or GDP adjusted basis.”

“is the phase shift associated with AI? Is the transformation of all computing with now computer assisted intelligence, is it as big as the Internet?”

“Remember the deep sea moment? Stock stock was down 25%. And then on the tariff moment, the stock got down to $92 a share. It's at a 180 today.”

“There are over a thousand of those in Silicon Valley, over a billion dollars that are trying to raise capital right now.”

“Lisa said we're in year two of a ten year super cycle to build out the compute in America. If you're not on the AI wave, then you're not gonna participate in all that upside.”

“20 competitors in search. They all have pretty good technologies, but Google consumed 98% of all the upside ever associated with search.”

“I think chat GPT at one you know, well over a billion and a half monthly users, over 800,000,000 weekly users, and what most people don't talk about is the engagement. Engagement is going up.”

“So there's no other potential customers, and the buyer would not have had the ability to buy it but for that capital. That to me raises big red flags.”

“This is the NVIDIA sell side forecast. Okay? Forecast this year is for about 200,000,000,000 in revenues, growing to about 350,000,000,000 in revenues over the next five years.”

“ChatGPT became the verb and I would argue, maybe just So, you know, if we go to this slide right here, You know, AI is scaling way faster than the Internet did.”

“It's ChatGPT. It is the verb. It is the thing that Google had in 2003.”

“They went from 87,000 employees to 62,000 employees in October of 'twenty two. They reorganized the company around AI starting in February of 'twenty three.”

“When Satya came on our pod and he said that, you know, that at the end of the day, most applications are just consumer interfaces sitting on top of a CRUD database and, you know, Mark Benioff calls me and he's like, you know, that's not true.”

“And I'm sorry if not everybody agrees here, but I'm saying to some of my companies, this is too important a time. The opportunities are too big, right?”

“You start every child at birth, 3,700,000 kids with $1,000 investment account in the S and P 500. It's a four zero one ks from birth.”

“I fought for this for three years. We just got it included in the reconciliation bill. The House lost their mind, some freedom caucusers and tried to rename it MAGA accounts.”

“I was just looking at these. I think these are bigger private IPOs than any public IPO done in the last five years in the tech market.”

“Jensen Huang reminded us recently that 50% of the world's AI researchers are in China, and they're indeed innovating and not copying.”

“The US only represents about 14% of China's exports. The US only represents about 3% of China's GDP.”

“if we have this view that the only reason China's competitive or winning is because they're they're stealing or they're subsidized, I think what that view does is it allows us to dilute ourselves into believing we don't need to get better ourselves.”

“Why does it cost us four to five times to build a fission reactor in this country? Why are we building no nuclear reactors in this country?”

“I haven't heard your thoughts on the revelation that people inside Apple were kicking the tires at Perplexity and some of the other LLM providers and AI companies.”

“What's your opinion on the build it versus buy it debate around Apple? I feel like for $2,025,000,000,000, they should just buy it, just given how much cash they have”

“Jensen said, you know, when he was on our pod last year, he said, we think the build out between now and the end of the decade's $2,000,000,000,000 of total compute.”

“Today, it's 980,000,000,000,000 tokens. So from 9,000,000,000,000 to nine eighty, it's a 100 x increase in a year.”

“So the consensus for next year is 250,000,000,000 of data center revenue. If they grow up 50%, that's gonna be closer to 300,000,000,000 or closer to $8 a share.”

“China is a $50,000,000,000 market for NVIDIA unto itself. So I believe that the probability they're gonna be able to sell chips China is north of 50%.”

“This is what Google did in the early two thousand. Right? And by the way, Google didn't have to go to Washington to get a permission or to get a license.”

“Of course, that's released like these other models under the Apache 2.0 open source license, so very open, as Bill's talked about.”

“If you look at this one out of Elon talking about the X dot AI goal is 50,000,000 in units of H100 equivalent.”

“I think that Iconic is going to lead a $5,000,000,000 round into Anthropic at $170,000,000,000 In the case of Anthropic, it's, you know, 170,000,000,000 on rumored $5,000,000,000 in revenue.”

“The battle for the consumer is ultimately where the value accrues, Sonny, not who runs, you know, what hardware.”

“He said at the AI summit last week, I'm a deal junkie. I like to do deals. You can't be the biggest deal maker in the world without doing a big deal with China.”

“They've invited the president to China. The president has suggested he's going to go to China the first week of September, sometime between September and November.”

“I remember when you joined OpenAI and I asked you the question, can OpenAI get to a trillion dollars, right in total value?”

“And now I think it's like more clear, the distinction that's being drawn. OpenAI is talking about launching an open source model here shortly,”

“I don't know if you read Sam Altman's blog that was out this week called the Gentle Singularity.”

“Sam's like the world has already changed dramatically over the course of last twenty four months, but people aren't, you know, it's not changed that much about our daily lives.”

“the market cap of the world, the net worth of the world is like $45,500,000,000,000,000. Equities, I think, are like 120 or stuff. Real estate's probably another 100, 150.”

“we're like Bitcoin at two. And I'm like, god, so Bitcoin represents two out of 500 of the net worth of the world or 400, whatever. It moves a little bit. Could it be four?”

“the largest company, Microsoft, today is like 3 and onetwo trillion. Let's say that Microsoft, I don't know, doubles in ten years. It would only be growing at 7% per year.”

“absent ChatGDP, ChatGPT, maybe Google page views for a particular user are growing 4% per year. So we are consuming more Google.”

“And you can see peak to trough is down 8% year over year. Peak to trough is, let's say, down 11. So clearly, page views are going down,”

“if productivity for the next decade or so was about two and a half to three and a half percent per year, we could achieve substantial reductions in this key ratio of debt to GDP.”

“in 1993, debt to GDP was supposed to go from 40 to or 60 to 80 by experts, it in fact went from 60 to 40. Yes. So experts can be wrong by a lot.”

“I talked about Henry Blodgett's 400 call on Amazon back in 2000. Right? What do you think Amazon is today relative to the $400 call that Henry Blodgett made in 2000?”

“Amazon is up 87 times today from where it was when he made that call.”

“ChatGPT got to a billion searches a day. Eight years faster than Google did. Is not internet time. Is AI hyper speed. It is way faster.”

“OpenAI today is four times the size that Google was when it went public in terms of revenue, in terms of searches.”

“Huawei has gone from 0% market share in Saudi Arabia to 50% market share in Saudi Arabia.”

“NVIDIA has you know, it went from 80% market share in China where all the developers, second largest developer market in the world, were were developing in CUDA.”

“Amazon, if you recall, Bill, and I know you do, it peaked at $243 a share in 1998. But at the start of 2000, it's at $150 a share.”

“I did I saw some analysis from my team this week will post that OpenAI reached, you know, 400,000,000,000 annual searches, eight years faster than Google.”

“I saw a study that suggested that 40 to 50% of the AI researchers in The United States, our best researchers are Chinese.”

“On point three, it gets us right? If we do this trade, and I don't know that China would do this trade, but if we did this trade, then it would get us access to those rare earths right now, which is absolutely critical, and it buys us time to stand up our own rare earth supply.”

“I think it dramatically increases the chances that China is forced to move on Taiwan. Right? We're out there telling everybody in the world that AI is totally existential.”

“Today, have about 0% of leading edge chips fabbed outside of Taiwan. Right? Almost nothing in The United States.”

“They don't have accounts that compound. They feel left out. They feel left behind. Less than half of people under the age of 40 have a favorable view of capitalism.”

“So the total cost of this, 3,700,000 kids born a year, a thousand bucks each kid, $3,700,000,000. Just to contextualize that, that's about the cost of a single Patriot missile battery.”

“If we do this, $7.50 a year, it's $50,000 at age 18 when they can first touch it,”

“The problem is every $300,000,000,000 you cut is a 1% headwind to GDP. So if you cut $2,000,000,000,000 in a single year, you have negative 7% GDP, right?”

“One of the ministers in Saudi Arabia said to me that Huawei had gone from 0% market share to 40% market share and they were months away from making the decision to go with the Huawei stack right? Because they can't be left behind. They have to do something.”

“It's $40,000,000,000 business NVIDIA in China to keep them on the CUDA ecosystem rather than allowing them to have a monopoly on the Huawei ecosystem.”

“70% of the jobs that exist today did not exist in 1940. Okay? So we have to evolve and we have to expand.”

“So in in Abu Dhabi, they announced a five gigawatt US AI you know, it's a UAE, US AI campus. It's an incredible architectural campus.”

“So remember, I came on here on liberation day, and I held up the list of tariffs that that that were on the poster board that Trump showed.”

“Okay? I just told you that last year tariffs were 77,000,000,000. So that's still a four x increase in tariff revenue,”

“I think if you forecast out two or three years, they were on track to be a $50,000,000,000 business, I think in China.”

“In the house version of the bill, they renamed it the MAGA account, which stood for money account for growth and advancement.”

“There's gonna be a lot of alpha. This is a stock pickers market. This is not a market just to own the index and go to sleep.”

“Just this weekend, he said, free and fair trade, right, has been the most powerful engine for prosperity on a global basis and this country for the last fifty years.”

“We need to get them into the game. So it's a thousand dollars at birth, seeded by the, the federal government, but private accounts.”

“And we have companies like Uber and Dell and many, many others, Oracle, Nvidia, etcetera, all say they'll contribute to the accounts of the kids of their employees.”

“So by the time you're an eight you're 18 years old, you will have an account in the S and P five hundred that's worth upwards of 50 to $60,000.”

“If the president signs this into law as part of reconciliation on July 4 of this year, that means on our two hundred and fiftieth anniversary, 07/04/2026, we can have 40,000,000 children, 40,000,000 families.”

“And starting in the spring of last year when we saw full self driving, you know, 12.3, and then by the end of the year, 12.9, we just knew autonomy was here.”

“I have a a new Tesla Model s I bought in December. It drives me everywhere. I tweeted about it the other day. I don't touch the steering wheel.”

“I I I think this does pose a risk fundamentally to the Uber business model.”

“We see parents all over San Francisco that are getting their kids to after school activities in Waymo's with no drivers. They actually prefer it to an Uber with a driver.”

“We actually have a small slice of of Uber in our portfolio today that we've added right over the course of the past few weeks on some of these pullbacks.”

“So I earned a 100 x return in the public markets. Right? By all accounts, venture capitalists would do back flips for that return, but those returns were going to private market participants.”

“You know, it's just nomenclature to not call that public. The problem with it is, the only people who get access to that are accredited investors, and retail investors are completely cut out.”

“They're saying organic search is down 20 to 40%. Why? Because they're putting AI on top of it. They got to push it down the page.”

“OpenAI, you could see the pacing from the launch of their first consumer product relative to Google and Meta. Sarah just talked on CNBC last week, this year will be over $11,000,000,000”

“If you look at tariffs, they're likely to impose, we currently generate about $50,000,000,000 in tariff revenue. The president is targeting 500,000,000,000, so a 10x increase in tariff revenue.”

“I think ironically, what people are not yet bracing for is that the success of austerity, the success of balancing the budget, the success of Doge, likely means short term pain for markets.”

“I heard a stat the other day that United Airlines ticket sales to the government this year are down 50% year to date, five zero.”

“They gotta make real life decisions about what do I do with prices, what do I do with my supply chain, etcetera.”

“When uncertainty goes up, discount rates go up, risk premiums go up, multiples come down, markets come down. That's that's the explanation for the last four weeks in the market.”

“But when they hear Delta Airlines warn this week that they're seeing, you know, a softening of consumer demand, when they see United Airlines, Scott Kirby, you know, say the same things.”

“But that's why I think that the speaker and the White House are moving at lightning speed. They know this can't drift into the summer or fall, or you run the risk of starting 2026.”

“I mean, the list of companies, I think we're up to a trillion, a trillion and $0.5 of reinvestment.”

“CoreWeave announced yesterday a $12,000,000,000 deal with OpenAI on Stargate. Those things are getting constructive. We're investors there. I I can tell you those things are getting built.”

“I can tell you every company has pulled their m and a teams off the beach. They haven't done anything for three years, and they're all back to work.”

“Seed it with a thousand dollars in a lockbox in the S and P 500, and treat it like a four zero one k from birth.”

“The four zero one k program in this country now has $13,000,000,000,000 in it. 75,000,000,000 is contributed annually.”

“Less than half of people under the age of 40 believe in it. Okay? Gallup, Pew, Axios, we have all the data.”

“On top of that, we learned, you know, they are massively compute constrained right now. So you've seen some tweets about this, people that are, you know, getting server delay and all this stuff”

“So prior to 1910, which is when we got the income tax, right, the vast majority,”

“What do I do as an investor? You know, what did I do in the fall of twenty two that led me into NVIDIA in the first place?”

“So we're a debtor nation, and we're paying 5% on all that debt. So the hurdle rate to our return that is needed on the sovereign wealth fund, right, is 5%.”

“he said, but we're also going to have a trillion dollars of CPU replacement, of data center replacement workloads over the course of the next four years.”

“So you would have to think that there would be 70% PE compression from here or that their revenue was going to fall by 70% or that their earnings were going to fall by 70%.”

“It all comes down ultimately to the revenues that are generated by the people who are making the purchases of the GPUs. Right?”

“if you think that infrastructure expenses are going to grow at 30% a year, then I think you have to believe that the underlying inference revenues, right, both on the consumer side and the enterprise side are gonna grow somewhere in that range as well.”

“So we have two thousand years, you have no GDP growth. And it all happens to magically line up with, you know, the founding of America, the wealth of nations, limited government, entrepreneurialism, etcetera.”

“I think we're better off as a country when these companies are coming public sooner. But that's that's in fact what's happened. So we invest early.”

“I think this super cycle is going to be bigger than all the other super cycles put together like I think this is what we're going to be investing again against for decades to come.”

“We know that kids who have an investment account for birth, they're more likely to graduate from high school. They're more likely to be financially literate.”

“Okay? He said the Marxists are going to hate this because every child from birth is going to be aligned with capital Right?”

“Now you get there by simply reducing the size of government by about 3% a year for the next four years. Again, just still going from 5,000,000,000,000 in 2019 to 6,000,000,000,000 in 2029.”

“If we grew revenues at the same rate that we have for the last twenty years, right, starting next year, which is 4.9% per year CAGR for twenty years, we would end up with a $450,000,000,000 surplus in 2029.”

“Tesla, of course, produces cars over in Fremont just across across the bay from here, employs 20,000 people, produced over 550,000 Teslas in the Fremont factory.”

“His nominee to be treasury secretary, Scott Bessent, has said, quote, the tariff gun will be loaded but rarely discharged, end quote.”

“So the idea is that the federal government would cause to be created 3,700,000 investment accounts a year for every child that's born in America.”

“I've heard from several of these folks who have upwards of a $100,000,000,000 that they could take $10,000,000,000, put it in a drawdown trust in their state, for example, invest in the S and P 500, and match for all the kids of the families who earn, let's call it, under a $150,000.”

“We may have people thought hopper demand would be over by now, frankly, and he said it's going to continue well into next year.”

“Microsoft, which is on $66,000,000,000 run rate at Azure, has said they expect q one and q two Azure revenue to accelerate. Think about that, Bill. Azure is growing at 34% on a $66,000,000,000 base,”

“At launch in q four of this year, it looks like version 13 will be somewhere around 25,000 miles per critical disengagement.”

“And at the current rate of improvement, right, in q one of next year, they could be at a 100,000 miles per critical disengagement. By the middle of next year, 500,000 miles per critical disengagement.”

“Right? That's self reported, right, with with with human drivers. So if 2024 was the chat GPT moment for full self driving, Bill, where we started seeing Waymo's on every street corner in San Francisco,”

“So all that does is get you back to trend line from 2019 As though we increased spending 3% a year from 2019, the budget balances.”

“if you're on a run rate where you're raising $5,000,000,000 every two years. Okay? So give or take, that's, you know, $50,000,000,000 over a ten year period of time.”

“So just to put that in perspective, they added about 2,500,000,000 of new ARR in the quarter. That's like adding a Databricks in the quarter.”

“Masa at FII today said 9,000,000,000,000 of cumulative capex on 200,000,000 GPUs is very reasonable. He said, in fact, I think it may be too small.”

“Never have has he seen or have I seen the ability for companies to take out 10,000 people and actually see customer satisfaction scores increase.”

“ChatGPT has consumed an extraordinary percentage of the time and energy that I used to spend in search.”

“he talked about, you know, the the the CUDA library now has over 300 industry specific acceleration algorithms. Yep. Right? Where they deeply learn the industry.”

“he said as a consequence of that, inference is going to a 100 x, thousand x, a million x, maybe even a billion x.”

“I said, are we already at the phase of two and three hundred thousand cluster scale? And he said, yes. And then I said, and will we go to 500,000 a million?”

“Well, I mean, the Easter egg that I thought got dropped last week is they did this event on, you know, their voice API. Right?”

“This idea that Jensen can scale the business two or three times with, you know, increasing the headcount by, you know, 20 or 25%. Right?”

“The forecast for Nvidia at that dinner in January 2023 was that you would do 26,000,000,000 of revenue for the year 2023. You did 60,000,000,000, right?”

“Reports are that they'll do 5,000,000,000 ish of revenue or run rate revenue this year, maybe going to 10,000,000,000 next year.”

“average users, which we estimate is twice the amount Google had at the time of its And if you look at the multiple of the business, if you believe 10,000,000,000 next year it's about 15 times the forward revenue, which is about the multiple of Google and Meta at the time of their IPO.”

“You know NVIDIA is in a league of its own really, know, at about 4,000,000 of revenue per employee, about 2,000,000 of profits or free cash flow per employee.”

“Eighteen hundred years, okay? Almost zero growth in GDP. And then just after the year 1800, you have this parabolic move in global GDP.”

“99 of them never saw a single invention in their entire life. Their entire life, right, was about survival.”

“The today, the GDP per capita of The United States to Nicaragua is a 100 x. Why? Right? We're living at a time where I think there's a lot of controversy about capitalism.”

“So every child born, 3,700,000 children born in this country a year, they all get a thousand dollar investment account invested in the S and P 500.”

“At 30, you have $175,000. And at 50, you have a million dollars. But most importantly, your entire life, you have hope. Right? Your entire life, we tackle the problem of hopelessness in this country.”

“You're a driver, you lose your job to autonomous driving. You know, go through the list, and we're gonna see a lot of this. Right?”

“Amazon is buying this nuclear powered Talon data center facility, and now Microsoft this week announces with CEG that they're going to bring 3 Mile Island out of retirement.”

“In 2020, Morgan Stanley estimates that about $2,000,000,000 was spent on the carbon offset market, and by 2030 they expect that to be $100,000,000,000 by these large hyperscalers that have to buy these massive carbon offsets.”

“If that trajectory were to continue, right, that'd give you like roughly $10,000,000,000 next year. And the round's rumored to be at $150,000,000,000 so that's about 15 times forward revenue.”

“And so while we call all of this venture, Bill, one of the big differences I have here, and I've said many times, is that the venture market really hasn't grown that much.”

“We're kind of at 6,000,000 GPUs for next year. The bearish people are at like 4,500,000. The numbers will ultimately tell.”

“It seems to me the first two, right, we can tackle, right? You can consolidate the regulatory environment in The United States so that you reduce the time to bring one of these things online and I also think that if you clustered some of these, if we wanted to get back to building more of these reactors”

“Because if you are the low cost power provider in the world, right, then you're going to be able to build bigger data centers that power bigger AI clusters, etcetera.”

“I could imagine if you had four more reactors sitting here, right, if you could land them at the right price, you could have one reactor for Meta, one for Amazon, one for Microsoft, one for Nvidia, you could have the data center sitting right next to them.”

“So that's just six quarters ago. Right after chat GPT hit the screens, you know, stocks are up 60%.”

“some people have estimated that the tax decreases from the Trump tax cuts contributed to about 20% of the gains in the S and P 500.”

“if you look at the big four, they're gonna spend $220,000,000,000 this year on CapEx.”

“the idea that we're going to go through this phase shift with CapEx and revenues perfectly aligned and perfectly matched, right?”

“I don't think we're seeing the metrics, you know, from ChatGPT and even SearchGPT that are going to lead to the breakout needed to get to that billion users.”

“And then the third point, which you just mentioned, there would be numerous situations where you'd have people pay a tax and then the valuations would collapse.”

“So anyway, they decided they were going to spend 42,000,000,000 on rural broadband. And between ten years ago and now, Starlink's been built.”

“And Google convinced the rest of the world, all the handset manufacturers, the carriers to support this model by telling them it was going be open.”

“And and I playing around with credit card data, I think OpenAI is about 2,000,000,000, Anthropix about a 100,000,000, and Perplexity is at like 25,000,000. Yeah. Just I'm guessing”

“But at twelve months, the retention even in OpenAI is like 35%. So I doubt that anyone that is looking at that even at 2,000,000,000 feels great about that as a durable business model.”

“I think most people believe there were consequences to lockdowns definitely with kids. Yes. Lost generations of kids from school.”

“Semiconductors and semi stocks have driven most of the net selling during these months, and overall hedge funds are more underweight growth than at any point Morgan Stanley has seen in the last ten years.”

“And if you look at if you take out those tech stocks, the other 495 earnings are actually down 5%.”

“Altimeter's peak exposure to these names was about 70% over the course of the last twelve months. So we had 70% of our dollars at one point in time in these names.”

“Amazon spent over a $100,000,000,000 on AWS, invested for over eight years before they saw profitability in that business.”

“Five times as many women die of a heart attack each year in this country as die of breast cancer.”

“because all AI tools are being delivered as a service in the cloud, there's just a massive amount of CapEx happening.”

“Satya very quickly said this is a supply driven wave. And I think up to date, that is true. We're we're building ahead of demand.”

“he implied you tell me if I got this wrong. He implied that in the modern era, you need to be $10,000,000,000 to go public. Yeah. Market cap. Yes.”

“It would imply that there are about 2.1 of the three four is the consumer business”

“At least for the cohorts that are old enough, the churn's about 65% annually. So they're only 35% retaining, which Sax had hinted at on all in.”

“the Elon package is the most shareholder aligned comp CEO compensation package I've ever seen. I would be thrilled if all of my hired CEOs had a very similar package. Right. I'd be thrilled.”

“one of their board members said, well, they're they are even considering change because ISF won't leave them alone. And it's just it's horrific.”

“we own the stock last year from $90 a share up to over a $120 a share. We thought it got a little bit ahead of itself.”

“Because people are going to turn to Apple Intelligence instead of 10 blue links to find answers to the questions they have.”

“They were dominant in 10 blue links. They are not dominant in this. There are a lot of other players in the age of”

“Why are we in Amazon? Because we think the retail businesses margins are gonna go up. Jassy has absolutely found religion.”

“I think there is a lot of worry about, you know, if Microsoft has access to OpenAI and Amazon doesn't, is that going to put them at a disadvantage if open AI is a runaway winner?”

“only 5% of Apple users today can access Apple intelligence. So they're going to have to upgrade these devices in order to play.”

“I suspect that the integration going on with OpenAI is deeper than what we heard about yesterday. Right? So I don't know that this is going to be everybody playing equal.”

“the consensus estimate for next year for Nvidia, I think is around $3.50 per share.”

“we're we're closer to $5 a share. We've been ahead of the consensus estimate since the fall of twenty two.”

“they have to place orders five years in advance for these products. They have to go find power. They have to find data centers”

“Our net exposures are 60%. What does that mean again? Reminder for folks at home. That means I have six out of ten dollars at risk”

“It's not impossible, but it's very difficult to stay fit and efficient when you have a buffet of all options sitting in front of you and you can fund all of them.”

“I think AI funding in twenty twenty three, four x, you know, 28,000,000,000 and over 700 deals.”

“In fact, I think if people are gonna be critical of anything, a lot of people are looking at the total CapEx of the hyperscalers now at $200,000,000,000 and saying, when are you gonna get a return on the dollars that you're spending?”

“Then one thing you didn't point out is when people have questions, like, about the future, which they do around AI.”

“And when that happens, people will say, oh, no. Software's not dead. It in fact is an accelerant, but it's not gonna be equally good for all companies.”

“This is the first time that we really have a model that reasons across voice, text, and vision in a single model. You know, it's processing all three modalities in a single neural net.”

“I think the question that Apple's probably struggling with, Bill, is in order to do that, even a 7B model, you probably have to have, you know, 75 gigs of DRAM on your phone, right?”

“I was talking to a large data company this week who's in the business of serving models, they were lamenting the fact that the pricing umbrella was set by OpenAI and there is no price, right? So that it's a much lower margin business than the traditional software business.”

“BPO companies woke up yesterday and they're like oh my god, this is about voice, this is about call centers, this is about video in, this is about you know?”

“And the backdrop is that the economy is slowing, earnings are coming in lighter than people expected, and AI is creating more disruption, creating more uncertainty than we expected.”

“I think that if you're an investor, owning some of the companies that you think you're really confident are going to continue to compound and benefit from AI, the Microsofts of the world, the Nvidias of the world, seems to me like a relatively safe place.”

“I think there are four important ingredients to compete in this market. Number one, you have to have capital, and the leaders are spending $40,000,000,000 a year.”

“In two years, that company has gone from $22,000,000,000 in net income to $55,000,000,000 in net income. They've reduced their headcount from 85,000 people to 69,000 people.”

“He said to me, the IPO market is slow in volume terms for lack of supply, not lack of demand. And I've been making this case that the IPO window is wide open.”

“And if you look at the private market alternatives for them for capital, we didn't have sovereign wealth funds that were writing multi billion dollar checks at that point in time.”

“One thing that we have done and I've encouraged LPs like endowments to think about is we used to have these two buckets. Right? Venture and public when I talk to technology investors.”

“When you do that in self driving, we think it goes down to about a 100,000. Why? Well, you have actually more rides in the self driven car.”

“And he said, over the course of the next three years, we'll grow our top line 50%, and we'll reduce our personnel costs by 10 to 20%.”

“if World War II never happened, the atomic bomb never happened, and someone just showed up in 2024 and said, I figured out this thing, it's nuclear fission, people would be like, oh my god, like, probably be more excited than you are about AI.”

“our cost of deploying new nuclear fission infrastructure is limited by our own regulatory framework, not by the technology.”

“if you start to see data centers pick off the independents, that could put pressure on the grid in a way that might bring the regulators in to voice their opinion.”

“So, we've had what I call these fast failures. You might maybe the inflection team will get their money back, but that's not what Venture is about.”

“Perplexity came out and said that they were, you know, considering advertising and they there were statements in their previous releases that were very negative on advertising.”

“the second thing people said was that the runtime models are just highly competitive and many people think that some of the models are already priced under cost, which goes back to the credit investment theme that you and I have talked about.”

“Okay? But instead of cash, for example, Google's offering 500,000 in cash plus a million and $0.5 in RSUs vesting monthly, right, to these engineers.”

“So given that, I think it's almost inconceivable for me now to see how TikTok US has a path forward under kind of the status quo.”

“So I don't celebrate that we're entering what appears to be a global AI cold war Yeah. On the economic front.”

“ARR stands for annual recurring revenue. And recurring revenue, like a monopoly cable subscription, gets a really high multiple. That's why softwares have gotten high multiples. They're very predictable.”

“I mean, Satya talks about all the vast value capture occurs in the two to three year period around phase shifts. But it's hard to forecast in this those moments.”

“The EPS at the beginning of last year, the earnings per share was expected to be $5.70, and now it looks like it's gonna be $25.”

“Now in this new model, it's pixels in. So the model itself has no code. It doesn't know this is a stoplight per se. In fact, they just watched the driver's behavior.”

“If you look at it today, they have about 7% penetration of s FSD. That was, let's call it, through FSD 11, and those people paid $12,000 incrementally for that FSD.”

“I'm happy to pay $500 a month. You know, if you get to, you know, 20% penetration, then your contribution margin at Tesla, right, is about the same, even though you're charging half as much.”

“So, you know, a couple queries are more than a query for every human on the planet, and it has the most efficient system in the world for doing that.”

“Now, what does it cost to do that for $7.50 tokens today? And of course, this will go down over time, but it's 10x more, right? It's 4¢ per query.”

“Or would you like to have an assistant that's just above average intelligence, knows everything about you, and they can use the Internet?”

“The U. Yeah. Interestingly enough, he ran a fab plant for Texas Instruments in Texas. And he explains why Taiwan, like why Texas could never possibly compete with a fat plant in Taiwan.”

“And over the course of the next four to five years, we'll have 2,000,000,000,000 of data centers powering software around the world and it will all be accelerated compute.”

“Okay, so the consensus forecast that has the stock at $700 a share assumes, if you believe this TAM to be accurate, assumes that their share will go from 55% today to 26% in 2028.”

“What this chart shows is that, you know, again during dessert period, right growth was a huge multiplier like that's all people cared about.”

“Whether your rule of 40 or a multiple of revenue, those are shorthands for getting at the multiple of free cash flow.”

“When I think about what's going on here of course they show they went back and did some math against initial estimates and said, you know, super cycles are about 40% underestimated at the start.”

“I can absolutely see sometime over the next four quarters. We're gonna hit a zone of disillusionment because everybody's pig piled in here.”

“my sense here is, you know, and I've said the AI is gonna be bigger than the Internet itself in terms of impact on economic productivity.”

“A year ago, I was concerned and some others were whether or not Microsoft's early lead because of their partnership with OpenAI would cause a bunch of customers to leave Amazon and go to Azure in order to take advantage of the benefits of OpenAI.”

“They're gonna have models which are every bit as good, you know, in the near term as chat GPT four and four point five turbo, etcetera.”

“Everybody said at the last end of last year, we had pulled forward all of the training. You know, this was dark fiber from Internet in 2001.”

“It was overvalued despite the fact it was trading at 20 times earnings, its lowest multiple in history. Now it's up 25 or 30% after opening, the year down.”

“It's up because Susan Lee from Meta just told us yesterday that they're going to make huge future investments in infrastructure, read NVIDIA, in order to support all of these initiatives.”

“When we wrote that letter in q three of twenty two, the head count at this company was 87,000 people. As of this quarter, it was 67,000 people.”

“They've nearly tripled their earnings per person working at the company in in over that fifteen month period of time.”

“They are the single largest beneficiary of AI from a profit perspective in the public markets today outside of NVIDIA.”

“You know, if you look at Google over that same period of time, I pulled the numbers this morning.”

“The market's assigning a 20 times multiple to the company. So that's effectively an implied valuation of negative $120 per share for Reality Labs.”

“In the quarter, if you aggregate the hyperscalers together, we added over $15,000,000,000 in ARR. That's annual recurring revenue, the single largest quarter in the history”

“the best bets on AI over the course of the last eighteen months or two years, we were fortunate to be in, were NVIDIA and Microsoft, Snowflake.”

“Those positions represented over 70% of the deployed long capital in our fund last year. Stock selection matters. Concentration matters.”

“Meta was trading at six times fully taxed earnings, right? And so unless you were doing the work”

“I think the biggest cheat in all of investing is investing in technology for the next two decades. It will outcompound non tech.”

“This legislation will cause the Treasury Department to set up 3,700,000 private accounts. Those private accounts will be seeded with $1,000 from the federal government.”

“At the age of 55, everybody has a million bucks based upon the compounding that's occurred for the last seventy five years in the S and P 500.”

“Super Micro took their full year guide up after the bell today by 40%. 40% to $14,000,000,000. So that's why you're seeing these moves.”

“Think about NVIDIA at the start of last year. Data center revenues were expected to shrink by 6%. Right?”

“So NVIDIA ended last year at 20 times earnings. Its lowest multiple of earnings it's ever traded at, despite the fact that it's the the the purest play AI name in in the space.”

“Our numbers are still well above the street for this year. I think there's a lot of doubt. You know, the the common, discussion at the end of last year”

“So if you wanna express that bet, right, which is AI leadership at 25 to 30 times earnings, which is consistent with historical averages for NVIDIA.”

“we have this explosion in venture capital investing coming out of four companies, right? He called them MANG. Microsoft, Amazon, know, Nvidia and Google.”

“I do think that it is a really important thing that you're pointing out, which is at a very minimum, I think we can say that the participation of MANG, Microsoft, Amazon, Nvidia, and Google, is distorting the price in the market in a way that wouldn't occur if it was all arm's length transaction with financial investors.”

“We expect our forecast is that Microsoft and Amazon, you know, Snowflake, they'll all accelerate their growth rates this year. Right?”

“I think the return to target in our portfolio is 20 to 30%, whereas the start of last year, Bill, it was like 80%.”

“So that's the big thing. The world is normalized. Multiples have normalized. It's not gonna be as easy as it was at the start of '23.”

“But if you look at non tech, so if you take the S and P and you strip out all the tech companies, they've only compounded earnings at about 6%.”

“It turns out that even the SPY, which is the S and P five hundred index, is very quickly And becoming a tech so I think a big mistake here's an interesting one.”

“The company went from losing over 2,500,000,000 or around 2,500,000,000 when Dara took over to profiting over 3,500,000,000, and we're talking free cash flow.”

“if you look at the consensus forecast for the business, which is pretty mind boggling, it's estimated by the consensus that it'll reach almost 10,000,000,000 in free cash flow, just a few years from now.”

“Uber at the time was hemorrhaging cash, needed to get rid of some divisions, needed to focus on the core.”

“I wouldn't have had to spend money like a fool. They nail it yet again. The negative reflexivity that occurs when you have a headline valuation,”

“We're gonna red team blue team AI. What is the impact that AI is gonna have on 10 blue links? What is the impact that AI is gonna have on vertical search?”

“The person who bought Ferricast in 2008 for Microsoft was Satya Nadella. Oh, He was running Bing at the time. Right.”

“Fifteen years before ChatGPT started producing answers, Satya knew that that's where they had to get to if they were going to leapfrog Google.”

“If you think about what AI is already doing for the enterprise, we're seeing 30 to 50% productivity improvements in engineers. There's never been a technology history of technology.”

“This idea is a bipartisan piece of legislation where the federal government will seed a private investment account for every child born in America. So think about this. 3,700,000 children born a year.”

“If you start with a thousand and you only have an addition of $750 a year, okay, families can contribute to that. Tax free. Correct.”

“You could have waited to invest in Google in 2004 and their IPO and you would have captured 90 plus percent of all the profits ever generated in internet search.”

“I had, you know, I had some endowments who had promised me some money at the end of two thousand and seven, but this is a good lesson, starting any business, right?”

“11/01/2008, yesterday was our fifteenth anniversary, okay? The first trade I ever placed, right, in my own fund. I bought, Priceline was the first stock we bought.”

“So those are, you know, in the case of Snowflake, that Series B was $170,000,000 The Series C was 500,000,000 The Series B, it was still pre revenue.”

“Yeah, that was total enterprise value of Snowflake when we got involved, and we're still one of their largest shareholders today, and it's over $50,000,000,000 in enterprise value,”

“Seed it with $1,000 in the S and P 500 because today, 70% of families and kids will never benefit from savings or investment, right?”

“I can then plot a distribution of likely outcomes. How many companies have ever in the history of Silicon Valley been worth durably more than $100,000,000,000”

“This is a bipartisan piece of legislation we hope to have introduced in the spring that would cause the treasury to create a $1,000 seed investment account for every child born in America.”

“At 10 years old, you'll have $12,000 in that account. You see that you own a little bit of Tesla, of of Microsoft, of UnitedHealthcare.”

“So I was with Dara. I said, Dara, if we set this up, will you match it for all the kids of your drivers and employees?”

“I think we're going back to a period of three to four on the ten year, a highly investable period.”

“What we need In the nineties. We need predictability. Yeah. And what we haven't had the last three years is predictability.”

“But by the summer of twenty one, when the Fed was saying they don't see inflation, that was clearly a mistake.”

“For us, our our net exposure today is 60%. Like I said, we started the year at 93.”

“The re you know, and Dara told you yesterday, quarter over quarter we've actually reduced head count again. Right. We have this massive bottom line opportunity in all these businesses because of AI.”

“Satya, the CEO of Microsoft, who I saw last week, said to me that Copilot is the fastest growing product in the history of Microsoft.”

“The consensus estimate for NVIDIA this year was that data center growth revenue growth was gonna be negative 6%. Right? That's the pros. They got it that wrong.”

“We're going to deploy more compute on a global basis next year than all the compute ever deployed by humanity combined. That's how much compute is going to drive these training models.”

“I think there's plenty of time. If this is going to be as big and as transformational as humanity as we all think it will be, remember, you didn't have to invest in search until Google's IPO in 2004 to capture 95% of all ever generated by Internet search.”

“Today to me, you know, we've passed on 75 AI businesses over the course of the last twelve months that we've looked at, not because we don't think those are good founders or maybe even good business models,”

“If we had started this thirty years ago, a 29 year old today would have over $250,000 in their Invest America account.”

“We're gonna launch more. We're gonna deploy more compute in 2024 than in all previous years combined.”

“I think Amazon CodeWhisperer, so this is a cogeneration copilot Mhmm. Is reporting that they've seen 56% increase in engineering productivity”

“ByteDance, where we're investors, has about 40,000 content moderators. Okay? These are folks who are flagging, you know, content that”

“Joe, among the age group 18 29, 44% of that group believe socialism is a superior form of organizing government than capitalism.”