WEBVTT - Fastenal CEO Dan Florness Talks Earnings

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Well, Big a On is a big market story as

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<v Speaker 2>well today once again driving the trade, pushing Semi as

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<v Speaker 2>a group semiconductors that is hired today led by Broadcom,

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<v Speaker 2>who stock jumped after open Ai agreed to buy the

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<v Speaker 2>company's custom chips and networking equipment in a multi year deal,

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<v Speaker 2>part of an ambitious plan by the startup to add

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<v Speaker 2>AI infrastructure. So we wanted to just dig a little

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<v Speaker 2>bit deeper into it. Amy talked about it. We certainly

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<v Speaker 2>are seeing it playing out in the market. Got a

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<v Speaker 2>great voice though, Billy to walk us through it.

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<v Speaker 1>One of my favorite people.

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<v Speaker 2>I will say Bailey must have said man Deep's name

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<v Speaker 2>about five times on the call.

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<v Speaker 1>This more immediately was like we need to get him

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<v Speaker 1>in the studio.

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<v Speaker 3>So perfect timing, and that's why we're joined now by

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<v Speaker 3>Bloomberg Intelligence Global Head of Technology Research Mandeep saying here

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<v Speaker 3>in the studio, Mandeep.

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<v Speaker 1>Walk us through this deal.

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<v Speaker 3>Because it feels like every other day open Ai has

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<v Speaker 3>a new agreement with some chip manufacturer and the terms

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<v Speaker 3>are slightly different, whether it's a ownership stake or front

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<v Speaker 3>buying chips.

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<v Speaker 1>What's up with this broad compact.

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<v Speaker 4>I mean, they are really going after you know, data

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<v Speaker 4>center capacity right now, and the way they are doing

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<v Speaker 4>it is by diversifying their supplier base.

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<v Speaker 1>So it's not just relying on.

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<v Speaker 4>Nvidia, which everyone does right now for compute, but really

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<v Speaker 4>leveraging Broadcom, which is a custom silicon maker. So think about,

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<v Speaker 4>you know, Nvidia giving you a generic chip where you

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<v Speaker 4>can run your AI workloads, whether it's training or inferencing.

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<v Speaker 4>Custom silicon is used just for you know, the specific

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<v Speaker 4>workload that OpenAI has to run for its proprietary model.

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<v Speaker 4>So no one else has any benefit of using a

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<v Speaker 4>custom silicon because open ai is not looking to sell

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<v Speaker 4>its own chips to compete with Nvidia. It's looking to

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<v Speaker 4>use its chips for its own ChiPT app or any

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<v Speaker 4>other custom app that it has developed in house. And

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<v Speaker 4>Google is a prime example of what a custom silicon

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<v Speaker 4>looks like because they have their own TPUs, which when

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<v Speaker 4>you compare it to Nvideo GPUs, is more customized in nature,

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<v Speaker 4>but it does a terrific job of running YouTube or

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<v Speaker 4>any other AI workloads that Google wants to run on

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<v Speaker 4>a chip. So that's what open eye is doing, and

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<v Speaker 4>it has a tremendous cost advantage because it costs a

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<v Speaker 4>lot lower than the Nvidio price tag of thirty thousand

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<v Speaker 4>dollars on an average for a.

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<v Speaker 2>GPU TPU tensor processing unit. So make sure I understand.

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<v Speaker 2>What's interesting though, is I do feel like there's this

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<v Speaker 2>move trend to get chips that maybe don't cost as much,

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<v Speaker 2>maybe don't use as much power, but do exactly what

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<v Speaker 2>we need.

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<v Speaker 4>Is that fair?

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<v Speaker 5>Yeah?

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<v Speaker 4>I mean, look one s part one gigawart requires up

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<v Speaker 4>to five hundred to six hundred thousand accelerator chips, so

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<v Speaker 4>we're talking point five two point six million chips for

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<v Speaker 4>one gigawatt data center. Imagine if you can save up

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<v Speaker 4>to five thousand dollars how it multiplies, you know, in

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<v Speaker 4>terms of cost savings. The real constraint right now is power.

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<v Speaker 4>It's not as if you get a cheaper chip and

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<v Speaker 4>you are all good. You still need the performance per what,

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<v Speaker 4>which is why in video is so good because it

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<v Speaker 4>gives you five to ten x more performance per what

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<v Speaker 4>than the Snares competitor, right exactly.

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<v Speaker 2>I want to show there's a graphic and one of

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<v Speaker 2>our producers made it, Elizabeth Cedron, and I think you know,

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<v Speaker 2>we've all been looking at this. It's about open AI

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<v Speaker 2>and all of the companies that they're doing deals with.

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<v Speaker 2>And it's not even been a month, but they have

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<v Speaker 2>done deals with Nvidia, Oracle, core Weave, AMD, now Broadcom

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<v Speaker 2>and again it's just late September to mid October. So

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<v Speaker 2>is that what this is is just giving them a

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<v Speaker 2>smarter supply chain and having access to what they need.

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<v Speaker 2>Is it as simple as.

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<v Speaker 4>That, Well, it's not as simple because they're going across

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<v Speaker 4>the stacks. Think of you know how AI applications are deployed.

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<v Speaker 4>You need the chip, you need the infrastructure, you need

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<v Speaker 4>the cloud because that's where you're doing your fencing. So

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<v Speaker 4>they've cut deals with different parts of the stack here,

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<v Speaker 4>not just the chip makers, not just the power guys,

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<v Speaker 4>also the cloud guys. So from that perspective, Coreviv exactly.

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<v Speaker 4>And look, I mean, to my mind, they are going

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<v Speaker 4>aggressive in terms of adding more capacity than they probably

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<v Speaker 4>need because they think if they get market share, they

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<v Speaker 4>get the companies or users to use their product, then

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<v Speaker 4>they will be able to monetize and probably drive some

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<v Speaker 4>companies out of you know, competing with them because of

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<v Speaker 4>the scale involved here.

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<v Speaker 3>Well, our Xai and forpics striking similar deals or is

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<v Speaker 3>this the open Ai show?

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<v Speaker 4>I think right now Xai must be thinking and they

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<v Speaker 4>are doing a twenty billion dollar deal with some private financing.

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<v Speaker 4>But look, when opening I announces a ten gigawad deal,

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<v Speaker 4>we're talking five hundred billion, not twenty billion anymore. So

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<v Speaker 4>it's the numbers are getting bigger and bigger.

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<v Speaker 3>Is open Ai in this moment in time, on October

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<v Speaker 3>thirteenth the most important company.

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<v Speaker 1>In the world.

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<v Speaker 4>Well, when I look at MAG seven, your broadcom is

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<v Speaker 4>not in Max seven. It's a one point six million

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<v Speaker 4>dollar company. You know, open Ai it's probably you know,

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<v Speaker 4>it's what.

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<v Speaker 1>They're up ten percent because of this.

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<v Speaker 4>I mean.

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<v Speaker 3>Also the whole space sold off on Friday, so don't

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<v Speaker 3>want to downplay that too much.

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<v Speaker 2>But like they're not even public, they're not even profitable

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<v Speaker 2>as much as we know, right.

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<v Speaker 4>No, No, I mean, look, so right now, their gross

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<v Speaker 4>margins would be negative if you factor in the training costs,

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<v Speaker 4>inferencing wise, yes, they are making some money, but clearly

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<v Speaker 4>if you include everything, and just to compare it with Google,

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<v Speaker 4>Google has an annual cost of revenue of around one

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<v Speaker 4>hundred billion that powers all of their apps, you know, Google, YouTube,

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<v Speaker 4>everything that they run. Open AI's compute costs are probably

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<v Speaker 4>north of twenty billion right now, and if they're adding

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<v Speaker 4>twenty six gigawt more capacity, we are talking you know,

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<v Speaker 4>compute costs to multiply at least twenty five fold. So

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<v Speaker 4>from that perspective, you have to ask yourself, Yeah, how

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<v Speaker 4>much incremental revenue do you want to see from open

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<v Speaker 4>ai to justify this? You know, one trillion, potentially one

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<v Speaker 4>trillion dollars in compute infrastructure spend. And that's where Google's

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<v Speaker 4>infrastructure is so efficient because just you know, less than

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<v Speaker 4>five gig a word of compute gets you to over

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<v Speaker 4>four hundred billion in revenue.

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<v Speaker 6>That's pretty cool, you know, to say the least in

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<v Speaker 6>a non financial analysis terminology Man Deep, thank you always

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<v Speaker 6>a gem Bloomberg Intelligence Global Ahead of Technology Research Man

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<v Speaker 6>Deep saying AI spend in the buildout is one read on.

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<v Speaker 2>The US economy and certainly the tech economy. Now to

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<v Speaker 2>another great read, Bailly onius economic activity. And we're talking

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<v Speaker 2>about the industrial supplier fasten All, which reported earnings earlier

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<v Speaker 2>this morning and shares. I think they were the worst

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<v Speaker 2>performing the S and P five hundred at one point.

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<v Speaker 3>Yeah, right now down about six percent. And keep in

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<v Speaker 3>mind this is a fifty billion dollar company, so this

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<v Speaker 3>is no small small fish in again in the industrial space.

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<v Speaker 3>One of the first reads we get every quarterly earning

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<v Speaker 3>season missing Wall Street views broadly speaking, So interesting, what's

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<v Speaker 3>driving that?

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<v Speaker 2>Well, let's ask the CEO. Daniel Flornes is with us.

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<v Speaker 2>He is chief executive officer of fastinally joins us from Winona, Minnesota. Dan,

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<v Speaker 2>it is great to have you back with us. Talk

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<v Speaker 2>to us about the quarter, because it does seem like

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<v Speaker 2>analysts were noting that the pricing during the quarter was

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<v Speaker 2>weaker than expected and marks the second straight quarter of

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<v Speaker 2>softare pricing and maybe that's why we're seeing the stock down.

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<v Speaker 2>What do you want to say to investors.

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<v Speaker 5>Well, part of the reason our stock's down is it

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<v Speaker 5>priced perfection if you look at what it's done, you know,

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<v Speaker 5>year to date and where the multiple is gone. But

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<v Speaker 5>you know, we had we had a really good quarter.

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<v Speaker 5>We had we had a double digit quarter. We hadn't

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<v Speaker 5>seen that for a couple of years. Double digit growth. Sorry,

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<v Speaker 5>and please with the outcome. One of the one of

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<v Speaker 5>the challenges we had this year was there's a lot

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<v Speaker 5>of fluidity around tariffs and what it means for pricing,

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<v Speaker 5>and we will raise price to address costs in our

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<v Speaker 5>customers supply chain. We really don't want to raise more

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<v Speaker 5>than that because we believe it impairs our ability to

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<v Speaker 5>grow as fast as we'd like. And you know, coming

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<v Speaker 5>into the quarter, we estimated you know X for impact

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<v Speaker 5>of pricing came in a little bit less. We lowered our

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<v Speaker 5>number for the fourth fourth quarter. But the most important

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<v Speaker 5>aspect is on a price cost basis, we are neutral

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<v Speaker 5>and that's what we aspire to be. We'd rather just grow.

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<v Speaker 3>And dan to your point, fasten all even with the

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<v Speaker 3>pull back today returning twenty two percent year to date,

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<v Speaker 3>so outperforming the S and P five hundred and comparable

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<v Speaker 3>stocks in the industrial space. But just one more question

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<v Speaker 3>on pricing in terms of expectations, would you want to

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<v Speaker 3>raise pricing? Like, do you get the sense that consumers

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<v Speaker 3>and customers would push back, just given how you've been

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<v Speaker 3>shifting into bigger customers spending much more money.

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<v Speaker 5>Yeah, Customers always pushed back on pricing.

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<v Speaker 1>It doesn't matter the size customer.

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<v Speaker 5>Will we are having conversations with our customer, We will

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<v Speaker 5>be doing some price increases in the Q four. I

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<v Speaker 5>suspect we'll be doing some price increases as we move

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<v Speaker 5>into twenty twenty six. But again, our first discussion with

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<v Speaker 5>the customer, they understand it, they're willing to move on price.

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<v Speaker 5>Our first discussion is always what are alternatives to this product?

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<v Speaker 5>That maybe doesn't mean we have to raise your prices

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<v Speaker 5>five percent. Maybe it means it only has to be

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<v Speaker 5>two and we'd rather go to two because that's what

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<v Speaker 5>a supply chain partner does.

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<v Speaker 1>Well, Dan, how do terrorists fit into this?

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<v Speaker 3>Just given that according to analysts across the street, when

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<v Speaker 3>we look at certain industries, now is when we're going

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<v Speaker 3>to see tariff showing up in the third quarter in

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<v Speaker 3>guidance as it relates to twenty twenty six. What are

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<v Speaker 3>you seeing and how are you kind of attacking or

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<v Speaker 3>address a any pressures from tariffs?

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<v Speaker 5>Yeah, So for us, tariff's been in the in the

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<v Speaker 5>equation since the early part of the second quarter, a

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<v Speaker 5>little bit of the first quarter. I think in the

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<v Speaker 5>individual that handles pricing, historically he will provide us an

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<v Speaker 5>update once a month. He'd gotten the point where he

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<v Speaker 5>was down on providing us updates. He was up to

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<v Speaker 5>video number fourteen as of July that he was serving

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<v Speaker 5>out to the field giving them guidance into what we

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<v Speaker 5>were seeing in our supply chain. And so we've been

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<v Speaker 5>adding price as we've gone through the year, and these

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<v Speaker 5>have been discussions with customers. And I hope that answers

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<v Speaker 5>your question.

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<v Speaker 1>No, I think it does.

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<v Speaker 3>But I think the big thing is are you mitigating

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<v Speaker 3>the impact of tariffs? Are you shifting your supply chain?

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<v Speaker 3>Is the expectation that you can have some kind of

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<v Speaker 3>knock on effect as it relates to pricing if we

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<v Speaker 3>do continue to see threats from the President going after

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<v Speaker 3>countries like China or others. We are going to talk

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<v Speaker 3>to what are the members of LEVI management team, and

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<v Speaker 3>they called out that they had to dial up their

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<v Speaker 3>expectations for the impact of tariffs from other countries. So

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<v Speaker 3>how is that impacting when you look at your supply chain,

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<v Speaker 3>when you look at the potential for pricing impacts In

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<v Speaker 3>twenty twenty six.

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<v Speaker 5>We've been moving supply chain around the planet in earnest

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<v Speaker 5>since twenty seventeen twenty eighteen. Time Print, as our name

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<v Speaker 5>would imply, we sell a lot of fasters, and most

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<v Speaker 5>of the fasters in North America come from either mainland

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<v Speaker 5>China or Taiwan, and the automotive industry took the production

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<v Speaker 5>there back in the fifties and sixties, actually took it

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<v Speaker 5>to Japan and South Korea and then migrated from there.

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<v Speaker 5>If I look at our resources, we now have a

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<v Speaker 5>sourcing team in Shanghai, but we have a sourcing team

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<v Speaker 5>in Bangkok. We have a sourcing team in Northern India.

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<v Speaker 5>And we have worked to diversify our supplier base around

0:11:56.280 --> 0:11:59.520
<v Speaker 5>the planet and a little bit more in North America,

0:11:59.600 --> 0:12:02.720
<v Speaker 5>but really around the planet, so to have diversity and

0:12:02.720 --> 0:12:06.160
<v Speaker 5>supply so you're not caught off guard by some price

0:12:06.320 --> 0:12:10.679
<v Speaker 5>change or a tariff change. In addition to that, we've

0:12:10.880 --> 0:12:14.240
<v Speaker 5>taken supply chains coming into North America, which traditionally came

0:12:14.280 --> 0:12:16.559
<v Speaker 5>in through the West coast the United States and then

0:12:16.600 --> 0:12:20.040
<v Speaker 5>we would redistribute from there. We have moved supply chains

0:12:20.040 --> 0:12:22.160
<v Speaker 5>so they're bringing product directly into the West coast of

0:12:22.240 --> 0:12:25.880
<v Speaker 5>Canada or the West coast of Mexico, because those two

0:12:26.440 --> 0:12:31.320
<v Speaker 5>countries represent about fourteen percent of our revenue. Now you

0:12:31.400 --> 0:12:35.200
<v Speaker 5>bypass the tariff. However, it's more expensive to break shipments

0:12:35.240 --> 0:12:37.920
<v Speaker 5>down over in Asia and bring them in, but it's

0:12:37.920 --> 0:12:39.160
<v Speaker 5>a lot less than a tariff.

0:12:40.040 --> 0:12:41.480
<v Speaker 2>One of the things I want to ask you you

0:12:41.920 --> 0:12:45.600
<v Speaker 2>talked about supply chains, is the endgame Dan, we're talking

0:12:45.600 --> 0:12:49.240
<v Speaker 2>about Dan Flernesi's chief executive officer Fastenal. Is it about,

0:12:49.520 --> 0:12:52.319
<v Speaker 2>though largely reducing your exposure to China, which has been

0:12:52.400 --> 0:12:53.960
<v Speaker 2>a pretty big one.

0:12:54.160 --> 0:13:00.240
<v Speaker 5>It's it's reducing our customers exposure to any market in

0:13:00.240 --> 0:13:04.800
<v Speaker 5>this case China and or Taiwan, but any market that

0:13:05.000 --> 0:13:07.480
<v Speaker 5>are on the receiving end of some of the political

0:13:07.520 --> 0:13:12.480
<v Speaker 5>wins and create an unstable supply base for our customer.

0:13:13.000 --> 0:13:15.199
<v Speaker 5>Here it happens to be China another month, it might

0:13:15.200 --> 0:13:16.839
<v Speaker 5>be a different country. Another year, it might be a

0:13:16.840 --> 0:13:20.439
<v Speaker 5>different country. It's diversifying your supply chain so your inks

0:13:20.480 --> 0:13:21.480
<v Speaker 5>are not all in one basket.

0:13:21.559 --> 0:13:23.720
<v Speaker 2>Gotta be ready so much ever our customer, Yeah, whichever

0:13:23.720 --> 0:13:24.480
<v Speaker 2>way the winds blow.

0:13:24.559 --> 0:13:24.719
<v Speaker 4>Hey.

0:13:24.760 --> 0:13:25.880
<v Speaker 2>One of the things I want to ask you, just

0:13:25.920 --> 0:13:29.280
<v Speaker 2>big broadly the earnings up day today you talked about

0:13:29.280 --> 0:13:33.160
<v Speaker 2>the industrial environment still sluggish. We've heard similar commentary on

0:13:33.200 --> 0:13:37.439
<v Speaker 2>this persistent sluggishness elsewhere from manufacturers, as well as caution

0:13:37.559 --> 0:13:40.160
<v Speaker 2>around project delays. At what point does this become something

0:13:40.200 --> 0:13:44.400
<v Speaker 2>more worrying than just sluggishness for us.

0:13:44.520 --> 0:13:47.920
<v Speaker 5>It's been sluggish since November of twenty twenty two. Okay,

0:13:48.000 --> 0:13:54.760
<v Speaker 5>when we really key on what the industrial is still

0:13:54.800 --> 0:13:58.160
<v Speaker 5>for supply management puts out the PMI index and that's

0:13:58.160 --> 0:14:01.640
<v Speaker 5>been sub fifty, which really plays into our customer base.

0:14:02.320 --> 0:14:04.640
<v Speaker 5>Other than January and February of this year, that's been

0:14:04.720 --> 0:14:07.600
<v Speaker 5>sub fifty since November of twenty twenty two. So we've

0:14:07.640 --> 0:14:10.120
<v Speaker 5>been in a sluggish economy for a long time from

0:14:10.120 --> 0:14:14.680
<v Speaker 5>our perspective, and other than living through the first part

0:14:14.720 --> 0:14:17.679
<v Speaker 5>of it, where you had customers that were downshifting, what

0:14:17.880 --> 0:14:20.200
<v Speaker 5>reason our growth is shining through a different way? A.

0:14:20.400 --> 0:14:22.840
<v Speaker 5>I think we're executing at a higher level. But B

0:14:23.560 --> 0:14:27.560
<v Speaker 5>once you get through that downshifting, now you're just even

0:14:27.560 --> 0:14:30.680
<v Speaker 5>if your customers are at a subdued level, you can

0:14:30.760 --> 0:14:32.600
<v Speaker 5>grow in that kind of environment. And that's what's shining

0:14:32.640 --> 0:14:33.640
<v Speaker 5>through in our numbers right now.

0:14:34.360 --> 0:14:34.680
<v Speaker 4>All right.

0:14:34.680 --> 0:14:36.400
<v Speaker 2>One thing I want to ask you, because as you

0:14:36.440 --> 0:14:38.120
<v Speaker 2>would imagine, I don't know how much of this is

0:14:38.160 --> 0:14:41.880
<v Speaker 2>pervasive in your world, but AI is like the NonStop

0:14:41.920 --> 0:14:45.520
<v Speaker 2>conversation that we are having, certainly when it comes to

0:14:45.800 --> 0:14:49.920
<v Speaker 2>activity and market impact, to what extent is AI maybe

0:14:49.960 --> 0:14:52.160
<v Speaker 2>sucking up the oxygen in the economy? Are you seeing

0:14:52.200 --> 0:14:52.880
<v Speaker 2>any signs of.

0:14:52.800 --> 0:14:54.080
<v Speaker 1>That or your world?

0:14:54.400 --> 0:14:56.840
<v Speaker 2>They're going to still need what you guys supply no

0:14:56.880 --> 0:15:00.640
<v Speaker 2>matter what's going on with the AI spend husiasm.

0:15:01.520 --> 0:15:03.800
<v Speaker 5>Well, first off, we have a lot of We have

0:15:03.840 --> 0:15:07.160
<v Speaker 5>a meaningful improvement in our revenue as it relates to

0:15:07.280 --> 0:15:10.080
<v Speaker 5>things like data centers because we sell into a wide

0:15:10.200 --> 0:15:14.840
<v Speaker 5>range of customer needs and end market needs, whether that

0:15:14.960 --> 0:15:17.920
<v Speaker 5>is the actual construction. I visited many data centers being

0:15:17.920 --> 0:15:21.440
<v Speaker 5>built where we have people on site there after it's built.

0:15:21.600 --> 0:15:24.840
<v Speaker 5>We're supplying into that facility with things like air handling

0:15:25.360 --> 0:15:28.720
<v Speaker 5>and maintenance equipment in the case of the customers that

0:15:28.880 --> 0:15:31.960
<v Speaker 5>sell into that sector. That's actually a strong business for

0:15:32.040 --> 0:15:35.760
<v Speaker 5>us right now. And then as an organization, we're we're

0:15:35.800 --> 0:15:38.960
<v Speaker 5>increasingly making use of AI in our own business and

0:15:38.960 --> 0:15:41.600
<v Speaker 5>how we go to market and how we help our

0:15:41.640 --> 0:15:43.280
<v Speaker 5>employees be more efficient in what they do.

0:15:43.920 --> 0:15:47.960
<v Speaker 3>And Dan about forty five seconds here with keeping in

0:15:48.000 --> 0:15:51.480
<v Speaker 3>mind data center construction, where are those products sourced from?

0:15:51.480 --> 0:15:54.000
<v Speaker 3>Are those also heavily sourced from China and expose the

0:15:54.040 --> 0:15:56.640
<v Speaker 3>tariffs or are they different supply chain al together?

0:15:57.480 --> 0:15:57.640
<v Speaker 4>There?

0:15:57.920 --> 0:16:04.600
<v Speaker 5>You know, there it mostly different supply source, but it

0:16:04.680 --> 0:16:08.360
<v Speaker 5>depends on the component. If it's facility maintenance types of products,

0:16:08.480 --> 0:16:11.400
<v Speaker 5>they're coming from anywhere on the globe and so they're

0:16:11.480 --> 0:16:14.320
<v Speaker 5>subject to the same type of issues any product would have.

0:16:14.720 --> 0:16:16.760
<v Speaker 5>But a lot of the components I know a lot

0:16:16.760 --> 0:16:19.160
<v Speaker 5>of the manufacturers that we sell into. I visited one

0:16:19.200 --> 0:16:23.000
<v Speaker 5>about a year ago in Michigan where they were purposely

0:16:23.120 --> 0:16:26.960
<v Speaker 5>avoiding China and they're selling directly into the data centers.

0:16:27.280 --> 0:16:30.160
<v Speaker 2>You've been at Fastenel for a long time. You've seen

0:16:30.200 --> 0:16:32.800
<v Speaker 2>different cycles. How do you describe this one? And again,

0:16:32.960 --> 0:16:35.080
<v Speaker 2>just got about twenty seconds if you could be very quickly,

0:16:35.440 --> 0:16:35.840
<v Speaker 2>very quick.

0:16:36.000 --> 0:16:41.040
<v Speaker 5>Ooh, odd in the fact that you know similar what

0:16:41.080 --> 0:16:43.240
<v Speaker 5>we saw on eighteen, but odd with the fact of

0:16:43.400 --> 0:16:47.200
<v Speaker 5>it's just some damn fluid and there's so many things

0:16:47.200 --> 0:16:49.320
<v Speaker 5>that occur from week to week, month to month that

0:16:49.360 --> 0:16:52.600
<v Speaker 5>are outside the norm. But the fundamentals still work all right.

0:16:52.720 --> 0:16:54.640
<v Speaker 5>So serve your customer at a high level, you grow

0:16:54.640 --> 0:16:55.120
<v Speaker 5>your business.

0:16:55.400 --> 0:16:57.760
<v Speaker 2>Love talking with you. Dan Florina s you, CEO of

0:16:57.800 --> 0:16:58.280
<v Speaker 2>fasten All