Speaker 1: Let's do it.
Speaker 2: This is five hundred billion AI investment.
Speaker 3: I'm ver very honest. I already picked a good lesson.
Speaker 3: And when you have battles too, you can't have too many.
Speaker 3: So I picked my battle with Tim Cook and Apple.
Speaker 3: Regardless of what I may think about the circular investment,
Speaker 3: I will never say nothing bad about a video.
Speaker 1: So I'm a video vendor.
Speaker 3: I do think it's very interesting to have this partnership
Speaker 3: between Apollo, Blackstone, Gold and Sacks, all amazing companies on
Speaker 3: the publicly traded markets, all good investments. Long term, I
Speaker 3: do want to see how this develops. I was interested
Speaker 3: on your thoughts on what you think of it. Is
Speaker 3: it a good sign that the industry is going in
Speaker 3: the right direction, or is there like a continuation of
Speaker 3: the circular investment that is now getting broader since all
Speaker 3: the banks are involved.
Speaker 4: Yeah, I think on the the the barecase, I think
Speaker 4: you have to look at it right that circular piece.
Speaker 4: I think the bold case. I think it's encouraging. When
Speaker 4: we talk about CAPEX, we're usually talking about cash flow
Speaker 4: from companies and that CAPEX is funded, and we keep
Speaker 4: talking about this trillion dollars that's going to be spent
Speaker 4: this year, and that's coming predominantly from these four hyperscalers.
Speaker 4: But when you start hearing institutional firms, right Apollo, like
Speaker 4: you said, Blackstone, Golden, Sacks, and a few others, that
Speaker 4: means that institutions are now putting money in here, and
Speaker 4: it won't solely be hyperscalers, it'll be in addition with
Speaker 4: so five hundred billion is nothing to sneeze that. The
Speaker 4: fact that Nvidia has their hand in this as well,
Speaker 4: I don't I mean, what else can we say about
Speaker 4: this company right like art, it's it's almost I don't
Speaker 4: know what other supports we can give to it. They're
Speaker 4: being in this because obviously, when institutional investors are gonna look,
Speaker 4: the first thing that they're gonna need is compute, And
Speaker 4: so you keep pairing this tone, Oh, it's going to
Speaker 4: Compute will be a trader asset.
Speaker 1: In the future, it's a class on.
Speaker 4: Asset class and every step that gets taken you can
Speaker 4: slowly see that that is becoming more and more likely.
Speaker 4: Right now, the question is that five hundred billion dollar investment,
Speaker 4: can they get a trillion dollar return.
Speaker 3: That then one to two ratio? And that's scary because
Speaker 3: I personally like a five x return. I don't think
Speaker 3: we're going to get a two point five trillion dollar
Speaker 3: return out of that. But I never have anything bad
Speaker 3: to say about the video, And for those you're gonna
Speaker 3: ask a price that I do like for in videos
Speaker 3: one ninety nineteen.
Speaker 1: If it falls to the area, that's a place I
Speaker 1: would would like to buy.
Speaker 3: But when I'm looking at return tables, it's going to
Speaker 3: be hard to get a five or seven x out
Speaker 3: of a five hundred billion dollar investment. Now, that maybe
Speaker 3: your goal, but if I don't see a pathway to
Speaker 3: get in there, that is kind of scary.
Speaker 1: Yeah, I think.
Speaker 4: I mean it's encouraging, right, So we got you, said Apollo, Blackstone,
Speaker 4: black Rock, Brookfield, Goldman, SAS and KKR. We knew that
Speaker 4: the conviction was there because we knew that the hyper
Speaker 4: scale is the smartest people in the world, the smart
Speaker 4: CFOs and some of the smartest engineers in the world
Speaker 4: of tech are behind that investment. Now to have the
Speaker 4: biggest institutions in the world also be in that same
Speaker 4: investment for me, that's a bullet sign. Do you do
Speaker 4: you feel the same way or is there still like
Speaker 4: a beer case?
Speaker 3: No, no, no, no, no, no, absolutely because even at that level, and
Speaker 3: I talked about it on stage, like the put car
Speaker 3: ratio of a stock matters how much they're invested in
Speaker 3: what percentage into a fund. But when you see this
Speaker 3: is kind of like a post ipo to a certain degrey,
Speaker 3: like when we went on Wall Street. You see all
Speaker 3: the banks collaborating. When the big boys get together and
Speaker 3: when they're putting in fifty billion at a time for
Speaker 3: a project, they're going to ensure that it works. This
Speaker 3: is almost like a digital infrastructure build a different version
Speaker 3: of build back better and so long term, I do
Speaker 3: think there is a long term case. And it's also
Speaker 3: showing that it's the last big frontier of something you
Speaker 3: can invest in at scale that I'm looking for return
Speaker 3: into five or ten years out. So yeah, it's definitely
Speaker 3: a bulls skates for then these are not the bottom
Speaker 3: of a tier ranks. They're all putting money in together
Speaker 3: and no hedging on it. They're not investing in this
Speaker 3: and shorting amb They're positive on the stock and then
Speaker 3: positive on the development of it.
Speaker 1: So that's a great sign.
Speaker 4: You bring up a great point, how many times will
Speaker 4: we see this level investment from this many big players
Speaker 4: for the same technology that tells you the points of it.
Speaker 4: They're not just saying, hey, we're doing this for charity.
Speaker 4: They're doing this because it's not just one trillion they're
Speaker 4: looking for. They're looking for how do we get to five?
Speaker 4: How do we get to ten?
Speaker 1: Yeah? Good point.
Speaker 2: Let's talk about how long can tech lead?
Speaker 3: I think you want to start. I know a lot
Speaker 3: of industries have a shelf life. If you look at railroads,
Speaker 3: if you look at oil and gas, and you can
Speaker 3: argue to certain degree energy and oil and gas still
Speaker 3: runs the world through the partnership through tech. I think
Speaker 3: it's a great question, but it's also misaligned. If you
Speaker 3: are a great long term investor, tech is going to
Speaker 3: run our lives for the next hundred years, and if
Speaker 3: the oligarchs have anything to do with it, we will
Speaker 3: be in a permanent tech prison. There's been some conversations
Speaker 3: on f tech is going to stop being the number
Speaker 3: one consideration and an investment portfolio. And the truth is
Speaker 3: our greatest exp to the world in America for the
Speaker 3: publicly traded markets is our technology. You can make the
Speaker 3: argument is it good or bad? Is it destroying connection?
Speaker 3: And families and all that. That's another conversation. But in
Speaker 3: the worst case scenario, tech probably has like another sixty
Speaker 3: years to run. And then if once we get out
Speaker 3: to the twenty.
Speaker 1: Nineties, do we think tech will be less or more so?
Speaker 3: Sometimes we can overcomplicate investment too much and then we're
Speaker 3: trying to time. Once again, that's a big short mindset.
Speaker 3: When is this industry going to fall apart? My short
Speaker 3: ass is never. Tech is being included in healthcare, is
Speaker 3: being included in the oil and glasses, being included in industrials,
Speaker 3: is being included in education, as being introduced to farming.
Speaker 1: You can argue technology ruined farming. Tech isn't.
Speaker 2: Tech actually revolutionized farming though too? Think about it?
Speaker 1: Good?
Speaker 3: What's out of the cornin if you're a farmer, not
Speaker 3: so much now scale ra Sha, I agree with you.
Speaker 3: But if you're a farmer, maybe not so much. But
Speaker 3: if you're a technologist, that could make it more efficient
Speaker 3: for sure.
Speaker 2: But like irrigation, that's problem. Yeah, but irrigation technology right, yeah,
Speaker 2: the cotton gin that's technology.
Speaker 3: Well, we're not going to talk about that particular piece
Speaker 3: of tech because that was you know, well, the co
Speaker 3: the cotton gen is with into slavery.
Speaker 2: That's the thing that so this is this is an
Speaker 2: interesting way to look at it. Right, Slavery was ended
Speaker 2: by technology, not by political It wasn't we talked about
Speaker 2: Abraham Lincoln before. It wasn't political, it wasn't moral. Slavery,
Speaker 2: the institution of slavery was ended by technology once it
Speaker 2: became more it became inefficient to have human labor and
Speaker 2: more efficient to have machine labor, which is a form
Speaker 2: of technology at that time cutting edge technology that within
Speaker 2: itself kind of crippled the idea that we need people
Speaker 2: to pick kai.
Speaker 3: It went from overt slavery through Farman and those practices,
Speaker 3: and then it went covert into banking and then venture,
Speaker 3: which that money flows into technology.
Speaker 1: So I agree overtly it did.
Speaker 3: Covertly the racism shifted to a certain degree, and then
Speaker 3: you can argue then from there, the prison industrial complex
Speaker 3: developed off of the back of that technology.
Speaker 1: So it wasn't as overt. So we should call nineteen keys.
Speaker 4: I think the last segment kind of answers the question
Speaker 4: for this segment. I don't see a lifetime for us
Speaker 4: where it doesn't lead. I don't care what sector you're in.
Speaker 4: It is going to be the forefront of that sector.
Speaker 4: Whether it's education, whether it's industrials, whether it's healthcare, it
Speaker 4: will be the thing that disrupts it and changes it
Speaker 4: now better for worse. That could be a debate, but
Speaker 4: it is the thing that makes life again. The two
Speaker 4: things that we need most people want is efficiency and convenience. Right,
Speaker 4: technology allows for both, and so pick a sector, tech
Speaker 4: will lead it. I don't care what the company is,
Speaker 4: and so it will have the lead for the foreseeable future,
Speaker 4: which tells you why they're investing five hundred billion to
Speaker 4: turn this into a tradable asset. Where we're talking about compute,
Speaker 4: which is why five companies are spending a trillion dollars
Speaker 4: because they're expecting return on it. Which is why they're
Speaker 4: talking about having robotics, which is why they're talking about
Speaker 4: having space. Like all these things tell you that technology
Speaker 4: is going to lead the foreseeable future and who knows
Speaker 4: how many lifetimes.
Speaker 2: And also that was one of the things I listened
Speaker 2: to Mike Novercraftsmen. He was on to invest that stage,
Speaker 2: and he was talking about data centers. So this company
Speaker 2: just brought the name of rights to Texas Tech Stadium,
Speaker 2: and he's he's has operations in Texas now, so he's
Speaker 2: invested in data centers. And he was saying the cost
Speaker 2: of a data center, these costs of the data centers
Speaker 2: is crazy. I think he's like his company personally put
Speaker 2: like five billion. They financed twenty five billion, thirty billion
Speaker 2: all in for like one data center one. And he
Speaker 2: was talking about that on stage as far as like
Speaker 2: how much money is being poured into these data centers.
Speaker 2: So the tech spending, going back to the five hundred
Speaker 2: billion dollar investment, I mean, it's it's going to be
Speaker 2: it's unfathomable. And how much money is going to be
Speaker 2: spent on technology in the next Alicia Little had robots
Speaker 2: doing karate and if in the marketplace.
Speaker 4: I watched them do jiu jitsu. I watched them dance
Speaker 4: with the brat I hold. I watched them whole court,
Speaker 4: in the lobby and the whole ways. People were just
Speaker 4: like it was. They were blown away by it. Technology.
Speaker 3: Again, again, we were making the same point even from
Speaker 3: a cap table, an investment deployment scenario, It's not in
Speaker 3: many industries they will even elect you a lot that
Speaker 3: amount of money, Like think for even for us, we're
Speaker 3: fighting to get into rounds, and they're lessening the amount
Speaker 3: that we can get in because it's open subscribe. You
Speaker 3: can't go to a B to B real estate form
Speaker 3: and deploy one hundred million dollars easily, like there's not
Speaker 3: if you're raising funds. There's only a certain amount of
Speaker 3: avenues that you can even deploy that much capital scale,
Speaker 3: and that's through tech. You can't do it internationally in
Speaker 3: other venues in other sector. So for that reason alone,
Speaker 3: tech is going to continue to thrive because everybody's trying
Speaker 3: to open subscribe to.
Speaker 1: The seat round. The Series A, Series B, Series D,