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Speaker 3: Big drop of earnings, as we mentioned, really three of
Speaker 3: the mag seven reporting you've got Microsoft down about three
Speaker 3: point three and a half percent. Let's just round it
Speaker 3: up here. You've got Alphabet it is up about four percent,
Speaker 3: So pressure on Microsoft, a rally in Alphabet. And then
Speaker 3: you've got Meta right now it is dropping in a
Speaker 3: big way. Tim, We've got that what down about six percent?
Speaker 1: Yeah, So long term metas as it expects a significant
Speaker 1: reduction in our federal US federal cash tax payments for
Speaker 1: remainder of twenty twenty five and future years due to
Speaker 1: the implementation of the One Big Beautiful Bill Act. But
Speaker 1: they reported a net income of just two point seven
Speaker 1: to one billion. That was a huge drop from last year.
Speaker 1: The company says that number would have actually been eighteen
Speaker 1: point six four billion if not for a one time
Speaker 1: non cash income tax charge of fifteen point nine three
Speaker 1: billion dollars.
Speaker 2: I want to know, I don't understand it so well.
Speaker 2: It's a one time charge.
Speaker 1: I get that they're paying it now, Okay, it reduces
Speaker 1: net income to something that looks way below what everybody.
Speaker 2: Thought it would be.
Speaker 1: What is this charge though, that's a question that we're
Speaker 1: going to have to ask Ivan Findsath. Why investors, we're
Speaker 1: not expecting.
Speaker 2: This because it's not like taxes changed from the year before.
Speaker 1: And why is Meta the company that has that has
Speaker 1: this hit and not these other companies.
Speaker 3: That's what I'm saying, Like, I understand the big beautiful
Speaker 3: you know bill act is going to change their tax
Speaker 3: situation going.
Speaker 1: Forward, but why they one time hit right now?
Speaker 3: But right exactly what changed from the previous year that
Speaker 3: we're seeing all of this?
Speaker 1: So they were very clear, it seemed like they want
Speaker 1: to be very clear in their communication. There was like
Speaker 1: this paragraph devoted to this in the earnings release, just
Speaker 1: below Mark Zuckerberg's commentary, Right, the street is not not
Speaker 1: buying that right now.
Speaker 3: I will also say that, you know, our Kurt Wagner's
Speaker 3: pointing out here we go from the release are current
Speaker 3: expectation is that capital expenditures dollar growth will be notably
Speaker 3: larger in twenty twenty six and twenty twenty five. I
Speaker 3: have to say that that was one of the things
Speaker 3: I was looking at in terms of their expenses and
Speaker 3: so on, have gone up about thirty two percent.
Speaker 2: Year over year.
Speaker 3: And if they're looking at spending even more, maybe there
Speaker 3: are some concerns again about the spend, the AI spend,
Speaker 3: which many say you need, you got to get ahead
Speaker 3: of all of this to meet the demand.
Speaker 2: But will that ultimately pay off?
Speaker 1: Yeah, let's put some numbers there. Sixty six billion to
Speaker 1: seventy two billion as of June. That was the twenty
Speaker 1: twenty five capex guidance for the year. Things have tightened
Speaker 1: a little bit to seventy billion to seventy two billion.
Speaker 1: It's coming in at the high end of the original range.
Speaker 1: But if that's what it's going to be for this year,
Speaker 1: and then the company says CAPEX dollar growth will be
Speaker 1: notably larger in twenty six than in twenty five, how
Speaker 1: much bigger than seventy to seventy two billion dollars is
Speaker 1: it going to be?
Speaker 2: Exactly place to the spend.
Speaker 3: I will point out the third quarter AD revenue that
Speaker 3: was a big fifty billion versus the estimate of forty
Speaker 3: eight point fifty nine billion.
Speaker 2: If you recall last quarter, we got to.
Speaker 3: This and we saw how the company was monetizing the
Speaker 3: AI spend. So there are still some more questions to
Speaker 3: be known. Again, I'm just going to pull up Meta
Speaker 3: here in the aftermarket, folks, it's down about six point
Speaker 3: six percent. Let's also talk about Microsoft because this one
Speaker 3: also under pressure, tim It's down about three and a
Speaker 3: half percent.
Speaker 1: Yeah, first quarter revenue did beat estimates. Microsoft reported revenue
Speaker 1: for the first quarter or Azure and other cloud services
Speaker 1: revenue x FX for the first quarter that beat the
Speaker 1: average Chennalist estament. Here's some numbers. Seventy seven point six
Speaker 1: seven billion that beat estimates of seventy five point five
Speaker 1: to five billion. That was for the first quarter. Earnings
Speaker 1: per share came in at three dollars and seventy two cents.
Speaker 1: Operating income came in above estimates at thirty seven point
Speaker 1: nine to six billion, that beat estimates Carol of thirty
Speaker 1: five point one billion dollars.
Speaker 3: All right, let's see if the growth rates though, you know,
Speaker 3: is what does seem like the investors are a little disappointed,
Speaker 3: as we said, the stock down three and a half
Speaker 3: percent here in the after market.
Speaker 1: What the guidance on the call. Guidance on the call.
Speaker 3: Yeah, that's true, right, and we'll find out the outlook.
Speaker 3: This stock, keep in mind, is up almost thirty percent
Speaker 3: year to date. Here in twenty twenty five. Let's head
Speaker 3: out to our Chicago News bureau. That's where we find
Speaker 3: Bloomberg Intelligence senior technology analyst Ana Anaag. We want to
Speaker 3: give you a little time to stew over this, walk
Speaker 3: us through what we've got so far from Microsoft, because
Speaker 3: investors seem a little disappointed.
Speaker 4: Yeah, I mean I don't. I don't really find a
Speaker 4: whole lot of mistakes. And there's these numbers and you
Speaker 4: look at Azure growth of thirty nine percent, I mean,
Speaker 4: given that size, that's pretty good. The margins actually stood
Speaker 4: out way, you know, way higher than what we were anticipating.
Speaker 4: We thought there was going to be pressure on margins
Speaker 4: because of all the spending and then the last lea
Speaker 4: when you look at the capex number substantially higher than
Speaker 4: the thirty billion that they talked about now in you know,
Speaker 4: to some people maybe that's a disappointment, but for us,
Speaker 4: that's a good thing because I think they have so
Speaker 4: much demand coming in. They're going to add more capacity
Speaker 4: this this year, and that's something that you know, we
Speaker 4: have been saying for a while.
Speaker 1: Well, you know, I'll ask you the same question that
Speaker 1: I asked Angelo Zino a little earlier. And maybe it's
Speaker 1: too early to tell me if we won't hear anything
Speaker 1: about on the call, But the cloud race between the
Speaker 1: three biggest providers out there, Aws, Azure, Google Cloud, is
Speaker 1: there an opportunity for Azure to get market share from
Speaker 1: from companies that might have been affected by last week's
Speaker 1: AWS outage? Is that an opportunity?
Speaker 4: Well, I typically I would say no, because they are
Speaker 4: facing the same problem today. Frankly, so when you look
Speaker 4: at some of these large install bases, it's very difficult
Speaker 4: to change your applications. But what is the bigger opportunity,
Speaker 4: not just for Amazon or not just for Microsoft, but
Speaker 4: for all of them, including Oracle, is most companies eventually
Speaker 4: will have a backup cloud provider. They don't have it
Speaker 4: right now, but that is going to be one of
Speaker 4: the bigger growth drivers down the road after the AI
Speaker 4: boom is done, you know. So, I mean, from our side,
Speaker 4: the market is big enough for all of them to
Speaker 4: prosper very very well in the coming use.
Speaker 3: I mean, honor as you said that the Azure Cloud
Speaker 3: Computing Unit posted a thirty nine percent revenue in the
Speaker 3: quarter when adjusting for currency fluctuations. That did beat the
Speaker 3: street estimate of thirty seven percent. I'm reading some you
Speaker 3: know analysis that says, well, that was a disappointed the
Speaker 3: expectations were high. What what was there a whisper number
Speaker 3: in terms of growth.
Speaker 2: On the street.
Speaker 4: No, the consensus was thirty seven. This is what the
Speaker 4: company said. Now there is if you really want to
Speaker 4: dissect it, you know badly, then you could say, well,
Speaker 4: Google Cloud growth accelerated in the quarter compared to the
Speaker 4: previous quarter, but Microsoft it was thirty nine. It's it's
Speaker 4: still at thirty nine. But you know, they are different
Speaker 4: basis that one's you know, Microsoft is running at about
Speaker 4: seventy five percent, you know, eighty billion dollars in annual
Speaker 4: run rate. You know, Google Cloud is still at thirty percent,
Speaker 4: and yet Azure growth is higher than Google's cloud growth.
Speaker 4: So you know, I think people are probably just splitting
Speaker 4: hairs at this point.
Speaker 1: Yeah, and you referenced that when you were answering my question.
Speaker 1: You reference the outage that Microsoft has having right now,
Speaker 1: this global Microsoft outage. So we should note that, yeah,
Speaker 1: just cloud cloud companies are cloud companies and sometimes it's
Speaker 1: AWS that is the outage. Sometimes it's Microsoft that that
Speaker 1: has the that has the outage. Hey, the open AI question,
Speaker 1: we talked a lot about this with you yesterday and
Speaker 1: I imagine that on the call, investors will have a
Speaker 1: lot of questions about, Okay, this close to thirty percent
Speaker 1: ownership of open II, the parent company of chat GBT,
Speaker 1: what is that going to do for Microsoft?
Speaker 5: See?
Speaker 4: I think from our side, the equity part is not
Speaker 4: what you know, for our concern, it's really the technology
Speaker 4: that Microsoft is holding on to that's really the critical
Speaker 4: piece because you know, one of the ways we think
Speaker 4: about is they will sell more products, they will sell
Speaker 4: more cloud services using that technology than they would just
Speaker 4: on the you know, share side of it. And that's
Speaker 4: a bigger thing for us because they have, you know,
Speaker 4: a hold of that for the next seven years.
Speaker 3: Hey, one of the things I want to ask you,
Speaker 3: and I know this isn't typically your coverage, but you
Speaker 3: know you're.
Speaker 2: Smart and you cover all things technology.
Speaker 3: Meta Meta down almost eight percent here in the aftermarket
Speaker 3: as you see this, Uh, what's what's the problem. There's
Speaker 3: one tax one time tax charge. I guess we're still
Speaker 3: trying to figure this out. But is it all about
Speaker 3: that or is it just that we were caught off guard.
Speaker 4: See I think that could be a lot of the
Speaker 4: noise then the number, and you know, I'm very sure
Speaker 4: they're going to give clarity on that. But the big
Speaker 4: question of the overheind On and Mega Meta always is,
Speaker 4: you know, how are you monetizing a You're spending all
Speaker 4: this money, where's the revenue you show for it? I
Speaker 4: think that's where management really needs to give and address
Speaker 4: that in a much more succinct way than they have.
Speaker 4: The other side is they don't have a cloud platform
Speaker 4: just like Google does, or Amazon does or Microsoft does.
Speaker 4: So meta is the one that needs to explain these
Speaker 4: things far better than, frankly the other three.
Speaker 1: I want to bring in Ivan find Seth, research director
Speaker 1: and chief investment officer with Tiger's Financial Partners, got over
Speaker 1: five hundred million dollars in assets under management, and pose
Speaker 1: that same question to him about meta platforms, saying that
Speaker 1: the implementation of the One Big Beautiful Bill Act led
Speaker 1: to the recognition of evaluation allowance against our US federal
Speaker 1: deferred tax assets, reflecting the impact of the US Corporate
Speaker 1: Alternative Minimum Tax. The result of one time non cash
Speaker 1: income tax charge of fifteen point nine three billion dollars.
Speaker 1: Shares carroll down seven point eight percent. Ivan, You've had
Speaker 1: some time to dig into this a little bit on
Speaker 1: the meta platform side. What's going on here?
Speaker 5: Well? All right, so the Big Beautiful Bill caused the
Speaker 5: recognition of a deferred tax asset. It's actually a non
Speaker 5: cast charge. And there while it caused a spike in
Speaker 5: their tax rates eighty seven percent for the quarter, it
Speaker 5: actually goes down significantly going forward. I think this is
Speaker 5: really a non event. It's an accounting issue, and I
Speaker 5: think any weakness is a buying opportunity in the STOP
Speaker 5: because there's so many positive long term trends that will
Speaker 5: continue to drive the STOP higher.
Speaker 1: But is that why the stock is down right now
Speaker 1: because of this one time charge affecting the bottom line?
Speaker 1: Is that is that the concern? Or is it what
Speaker 1: Carol brought up the idea of CAPEX going up next
Speaker 1: and to spend well?
Speaker 5: Now, we have seen investors make a mistake consistently in
Speaker 5: selling MATA meta platforms. On capital investment increases, they continue
Speaker 5: to invest in driving their AI capabilities, which drives increased
Speaker 5: user engagement. It drives increase return on AdSpend investment. So
Speaker 5: I like when they continue to invest. And we've seen
Speaker 5: this multiple times. If you listen to what Mark Tuckerberg
Speaker 5: does every time he invests, from the beginning from changing
Speaker 5: the company from Facebook to Meta, and when he was
Speaker 5: investing in Mobile, the stock sold off. Now most of
Speaker 5: the people engaging in Facebook and Instagram do it on
Speaker 5: their phone, So you have to listen to him, and
Speaker 5: he says what he does, and he does what he says,
Speaker 5: and he continues to create value. So on any weakness
Speaker 5: over the increase in CAPEX. And again this is positive
Speaker 5: because there's been a fear that we're going to see
Speaker 5: this AI bubble burst, that companies are not going to
Speaker 5: continue to invest. I've seen all three companies reporting today, Alphabet,
Speaker 5: Microsoft and Meta all increasing capital investment in AI development.
Speaker 5: And that's positive for the companies those three companies, and
Speaker 5: it's positive for the bullish AI investment theme.
Speaker 3: You know this fifteen percent corporate Alternative minimum tax. Yeah,
Speaker 3: I'm googling some stuff here, folks, because I want to
Speaker 3: understand stand it. It came out of the Inflyflation Reduction
Speaker 3: Act of twenty twenty two, and it generally applies I
Speaker 3: think to corporations with the average annual adjusted financial statement
Speaker 3: income exceeding a billion dollars every three consecutive years.
Speaker 2: Yeah, we're all going to be learning a little bit
Speaker 2: more about this.
Speaker 3: But Tim, you keep bringing up like why why aren't
Speaker 3: we seeing this with maybe some of the other ones?
Speaker 1: Yeah, why is metaplat? Why are we only talking about
Speaker 1: this with regard to meta platforms?
Speaker 5: They may be one of the ones that has the
Speaker 5: largest deferred tax asset and that has really to do
Speaker 5: with timing and expensing of things like R and D
Speaker 5: as an example.
Speaker 3: So you know, we're talking about a lot of things,
Speaker 3: and Ivan, we want to get you know, your view
Speaker 3: on some of the other companies that have reported ANAAG.
Speaker 3: We do want to ask you, though, what are you
Speaker 3: thinking that you want to you're going to be looking
Speaker 3: for on a call going back to Microsoft, if you will.
Speaker 3: As we continue to see that one trading lower here
Speaker 3: in the aftermarket, let me just pull it up on
Speaker 3: my Bloomberg because we have seen some pressure here the
Speaker 3: stock continuing. It's down still about three point four percent,
Speaker 3: is it? What do you want to hear from this company?
Speaker 4: I think I would be let me let me get.
Speaker 2: Ana rog first, forgive me Ivan.
Speaker 4: Okay, all right, So the biggest thing for us, who's
Speaker 4: going to be you know, what's the back half of
Speaker 4: CAPEIC spending? The CAPEX and the first sporter was very high,
Speaker 4: thirty five billion compared to thirty which they guided to.
Speaker 4: We want to know what is it going to be
Speaker 4: in the back half of the year. Are they going
Speaker 4: to slow down dramatically or is it going to keep
Speaker 4: pacing where we are right now?
Speaker 3: All right, Anaag, we know you've got research to right
Speaker 3: We're going to let you go and look forward to
Speaker 3: reading that.
Speaker 2: Ivan, we want to stay with you for a little bit.
Speaker 3: We are talking with Ivan find Seth, research director and
Speaker 3: chief investment Officer with Tigris Financial Partners on a rug run.
Speaker 3: Of course, our senior tech analyst here at Bloomberg Intelligence.
Speaker 3: I've in other companies that reported Meta obviously caught our attention.
Speaker 3: We just talked with Microsoft, are talked about Microsoft at
Speaker 3: the anarog what's your take on what we got from them?
Speaker 3: Because that stucks down about three percent here in the aftermarket.
Speaker 5: Well, right now, we're in an environment of you know,
Speaker 5: people who have been buying these stocks ahead of results.
Speaker 5: They sell into the results. But I say, I say
Speaker 5: that this AI investment theme is powerful and the companies
Speaker 5: leading it are Meta, Google and Microsoft, and you got
Speaker 5: to buy on any weakness. I want to hear from
Speaker 5: Microsoft about increase AI driven application and engagement and subscription increases,
Speaker 5: how users are buying and implementing and using copilot. Of course,
Speaker 5: you want to see growth in all key categories like
Speaker 5: cloud Azure.
Speaker 2: I mean, Azure was up thirty nine percent. That's pretty good, right.
Speaker 5: Phenomenal, and that's their big growth engine and they have
Speaker 5: been announcing huge contracts so as Google. Unfortunately, Amazon had
Speaker 5: that outage was it was disappointing but didn't really set
Speaker 5: back the stock. But these are the growth drivers that
Speaker 5: the cloud hosted AI platforms.
Speaker 1: Yeah I was. I was surprised to see Amazon stock
Speaker 1: actually higher that day, I know, but I think also
Speaker 1: speaks to the power of Amazon and like you got
Speaker 1: in a good understanding of how much it has. Remember,
Speaker 1: the company is investigating outages. This is Microsoft is investigating
Speaker 1: outages of office and game applications today also, so this
Speaker 1: kind of goes both ways. I've ben on Microsoft one
Speaker 1: more and then we're gonna get back to some more
Speaker 1: meta platforms, I think, but a small one point two
Speaker 1: percent beat on adjusted diluted EPs on Microsoft for my
Speaker 1: You know everybody the company does not give guidance in
Speaker 1: the statement and does that on the conference call. It's
Speaker 1: doing that on the conference call. Is it like worth
Speaker 1: even talking about it without even having it? Oftentimes we
Speaker 1: wait for the call to get more information, but in
Speaker 1: this case, like forward guidance coming from the call, it's
Speaker 1: kind of a moot point.
Speaker 5: Well, the disconnect in the dichotomy that exists between companies
Speaker 5: and Wall Street is that companies planned for one, three
Speaker 5: and five years and Wall Street wants to measure everything
Speaker 5: on a quarterly basis. I mean, the guidance it's somewhat important,
Speaker 5: but you wanted to see consistent growth driven by their
Speaker 5: investments in technology, the adoption and use of their technology
Speaker 5: that creates their competitive advantage, and those are the key
Speaker 5: things to look at. And we are in the first
Speaker 5: inning of the world series of AI driven economic global
Speaker 5: economic growth. And this trend is going to continue, and
Speaker 5: it's going to be powerful, and it's going to be
Speaker 5: game changing. And I think that AI is going to
Speaker 5: enhance and create many more jobs than it will eliminate.
Speaker 3: Going back to the costing though for Meta, you know,
Speaker 3: I'm just that operating margin for the third quarter down
Speaker 3: from forty three percent last year. Is that worrisome or
Speaker 3: you think manageable?
Speaker 5: Not really, Okay, We've looked at companies that have had
Speaker 5: huge growth trajectories while their margins we're contracting. In fact,
Speaker 5: Amazon doesn't focus on margin. They focus on revenue growth.
Speaker 5: They don't focus on return on capital actually, which is
Speaker 5: one of the key things we focus on. But they
Speaker 5: do drive a huge return. So you know, there are
Speaker 5: times where your growth margin can contract, but your economic
Speaker 5: margin can increase. And that is the economic margin is
Speaker 5: the difference between return on capital and cost of capital.
Speaker 5: That is the most powerful driver of shareholder value creation.
Speaker 5: So it's not so much important about what happens with
Speaker 5: growth margin. It's in fact, I've seen many companies drive
Speaker 5: huge growth by lowering their growth margin because you're just
Speaker 5: becoming more competitive and they're actually making it up on
Speaker 5: return on capital.
Speaker 1: Okay, we're going to talk about Alphabet with you in
Speaker 1: just a minute. Carol reminded me that shares are surging
Speaker 1: higher in the after hours six percent. Okay, one more
Speaker 1: on Meta platforms down eight point four percent in the
Speaker 1: after hours. Reality Labs losses for the third quarter four
Speaker 1: point four billion dollars. It's about the same as one
Speaker 1: year prior. Obviously, it's a huge investment area for meta platforms.
Speaker 1: In the press release, Mark Zuckerberg specifically calling out the
Speaker 1: success of the eyewear and saying, essentially, I don't have
Speaker 1: it in front of you to be essentially said, if
Speaker 1: we think the future is going to be what it is,
Speaker 1: this is going to be the most exciting moment for
Speaker 1: meta platforms. Ahead of us, these will be the most
Speaker 1: exciting years for meta platforms. What is the opportunity that
Speaker 1: meta platforms has when it comes to eyewear.
Speaker 5: This is going to be a tremendous communication and interactive
Speaker 5: platform and it's only going to get better in a
Speaker 5: few years. We're going to look back on these original glasses,
Speaker 5: the ones that they've launched from ray Band, the recent
Speaker 5: ones from Oakley, and the functionality in a few years
Speaker 5: from now is just going to be more and more incredible.
Speaker 5: But this ability to engage with real time information, to
Speaker 5: share pictures and images and videos in real time with
Speaker 5: other people that you're talking to and while I'm up.
Speaker 5: Mark Zuckerberg believes that the glasses are going to replace
Speaker 5: your smartphone. You're just going to keep your smartphone in
Speaker 5: your pocket, and you're going to interact with data and
Speaker 5: information and people who you're communicating with these glasses. And
Speaker 5: eventually we're going to see ones that Meta just launched,
Speaker 5: ones with displays. It's going to be all about having
Speaker 5: displays embedded in the lens so you don't even have
Speaker 5: to touch your phone. So this is going to be
Speaker 5: a huge growth opt and this is going to be
Speaker 5: what the cell phone was in the mid nineties.
Speaker 3: No rose colored glasses there right now, because Meta shares
Speaker 3: now down near their loads in the aftermarket, down about
Speaker 3: nine percent.
Speaker 1: I'm going to remember that Ivan said this is going
Speaker 1: to be what what cell phones were in the nineties.
Speaker 1: And by the way, he's not wearing any metaglasses right now.
Speaker 3: Well, and I will say our markerment really really likes
Speaker 3: him as well. Hey, we do have to ask you
Speaker 3: about Alphabet because we are seeing this one actually up
Speaker 3: about six percent here in the aftermarket.
Speaker 2: What do you like? What's what's of note? Do you
Speaker 2: think in their release.
Speaker 5: Cloud growth, Big Cloud contract wins that they've had over
Speaker 5: the past few months with UH, with Meta, with Open AI,
Speaker 5: with other companies this you know that Meta, Amazon and Microsoft.
Speaker 5: I'm sorry, Alphabet, Amazon and Microsoft are building the AI
Speaker 5: and cloud infrastructure that everybody is connecting to and going
Speaker 5: to continue and increasingly coming are going to be connected
Speaker 5: cars as we move through to full autonomy, So we
Speaker 5: are going to need high speed, real time, constant connectivity
Speaker 5: to the cloud, and those are huge opportunities for the
Speaker 5: three major public cloud service providers Alphabet, Google and Microsoft.
Speaker 2: Well, and they're spending big.
Speaker 3: They're now seeing fiscally your capex ninety one to ninety
Speaker 3: three billion. They had seen about eighty five billion dollars. So, hey,
Speaker 3: you gotta spend.
Speaker 1: Money to make money, Carol, You got to spend money
Speaker 1: to make money.
Speaker 3: Everybody says it's wild, right, like the number they also
Speaker 3: Gemini their app now has over six hundred and fifty
Speaker 3: monthly active users hundred fifty million, six.
Speaker 2: Hundred and fifty million. Yeah, didn't I say that? It's
Speaker 2: a lot?
Speaker 3: How do we how do we know that this AI thing,
Speaker 3: how do we know that all this spend is going
Speaker 3: to pay off?
Speaker 2: Ivan? Are we still a little exuberant?
Speaker 5: Well, because the functionality we see today is going to
Speaker 5: be blown away by the functional in the future. More
Speaker 5: and more people are going to rely on this technology
Speaker 5: for all different aspects. And I do give credit to
Speaker 5: Tom Siebel, the founder of Seble Systems and C three AI,
Speaker 5: that I believe he said it that every company is
Speaker 5: going to be an AI company. Every company is to
Speaker 5: use AI on all aspects of their business, whether it's
Speaker 5: to manage supply chain, manage pricing, target marketing. That the
Speaker 5: functionality is going to increase and people are going to
Speaker 5: just like you said when Carol, when you wanted to
Speaker 5: understand more about Meta's tax charge, you googled it and
Speaker 5: we're going to get more information. I did also, I
Speaker 5: like perplexity. I looked up it, looked it up in
Speaker 5: Perplexity and kind of and I did understand what they said,
Speaker 5: but it gave me a little more detail.
Speaker 1: And uh right, yeah, is it right?
Speaker 5: Do I know what? Yes? Well, because I do understand
Speaker 5: that the tax that it's really the timing and charge
Speaker 5: and of managing your tax payment and your tax liability
Speaker 5: that you tend to offset through capital investment, through R
Speaker 5: and D and other types of things that happen. So
Speaker 5: it's really timing issues on how you're a crude tax
Speaker 5: liability or your a crewed tax asset falls versus the
Speaker 5: taxes you will eventually have do or the tax credit
Speaker 5: you will eventually aren't.
Speaker 3: I just want to know is this Sora, Is this
Speaker 3: really Ivan find Seth. I just want to make sure
Speaker 3: it is really me Listen, perfect guest to talk about
Speaker 3: all of this so much coming at us, Ivan, Thank
Speaker 3: you so much, really appreciate it. I've Ben find Seth,
Speaker 3: Research director, chief investment officer of A Tiger's Financial Partners
Speaker 3: of a five hundred million in assets under management as
Speaker 3: of the middle of this year, joining us right here
Speaker 3: in New York City,