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Speaker 1: Earners. What's up.

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Speaker 2: You ever walk into a small business and everything just

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Speaker 2: works like the checkout is fast, their seats are digital,

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Speaker 2: tipping is a breeze, and you're out the door before

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Speaker 2: the line even builds odds are they're using Square. We

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Speaker 2: love supporting businesses that run on Square because it just

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Speaker 2: feels seamless. Whether it's a local coffee shop, a vendor

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Speaker 2: at a pop up market, or even one of our

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Speaker 2: merch partners. Square makes it easy for them to take payments,

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Speaker 2: manage inventory, and run their business with confidence, all from

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Speaker 2: one simple system. One of the things we love most

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Speaker 2: is seeing neighborhood businesses level up. Business West Indian spired

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Speaker 2: writing our community that started with a small takeout counter.

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Speaker 2: Now with Square, they've been able to expand into a

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Speaker 2: full sit down restaurant and even started catering events across

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Speaker 2: the city. That's the kind of growth that aspires us,

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Speaker 2: and it's powered by Square. Square is built for all

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Speaker 2: types of businesses, from the corner bagel shop that turned

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Speaker 2: into a local chain, to the specialty market with that

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Speaker 2: thousands of unique items, to the stylists who's been holding

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Speaker 2: you down for years. If you're a business owner or

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Speaker 2: even just thinking about launching something soon.

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Speaker 1: Square is hands.

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Speaker 2: Down one of the best tooes out there to help

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Speaker 2: you start, run and grow. It's not just about payments,

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Speaker 2: it's about giving you time back so you can focus

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Speaker 2: backslash eyl. Don't wait, don't hesitate. Let's Square handle the

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Speaker 2: back end so you can keep pushing your vision forward.

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Speaker 3: Yeah.

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Speaker 4: With that being said, who will be the software winners

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Speaker 4: in the AI era?

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Speaker 5: Eventually we're going to go through the list of the

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Speaker 5: ones that won't recover as a result, and it's a

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Speaker 5: lot of them, but I think there are a few.

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Speaker 5: But two I want to highlight our companies that I

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Speaker 5: haven't talked about a lot. One is SAP, which is

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Speaker 5: a software and the other ways into it. Of course

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Speaker 5: you have Palente or you have Amazon that are AI adjacent.

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Speaker 5: But the thing I was telling stock Club last night,

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Speaker 5: find the companies that are gonna thrive that are AI indestructible,

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Speaker 5: I meaning regardless of what AI does and how prolific

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Speaker 5: it becomes, them you can even throw ADP in there.

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Speaker 5: There are certain companies that won't be negatively affected, but

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Speaker 5: companies like Duo, Lingo or Adobe or some others may

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Speaker 5: salesforce may be.

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Speaker 1: This AR trade isn't going away.

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Speaker 5: I think we probably have another what maybe twelve years,

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Speaker 5: nine years of this trade. But you need to find

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Speaker 5: some companies that will not be negatively affected by AI,

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Speaker 5: regardless of how advanced that get. I think SAP and

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Speaker 5: into It are two good versions of that.

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Speaker 1: All right, I'm gonna go different. I'm gonna go different.

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Speaker 2: And this is this is why this makes you show

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Speaker 2: so unique, is that you're gonna get a vast array

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Speaker 2: of opinions and information.

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Speaker 1: I think one is is the obvious. I think Microsoft

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Speaker 1: for sure.

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Speaker 2: Software because people didn't Yeah yeah, I just think people

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Speaker 2: when you understand what Microsoft does, it actually does the opposite.

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Speaker 2: It's like, all right, that software, how do we take

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Speaker 2: AI and incorporate it to eat everybody else?

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Speaker 1: Right?

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Speaker 2: So, like if you think of them, thinking of them

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Speaker 2: as the person that's going to eat up software companies

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Speaker 2: by incorporating AI, and they've done that already with Copilot,

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Speaker 2: with what the zoors.

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Speaker 1: Doing, we know that already.

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Speaker 2: I think an interesting one is Service Now it's underrated,

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Speaker 2: an underrated one, it's sleeper, but it's another one of

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Speaker 2: these companies that deals with managing workflows and connecting systems

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Speaker 2: to people.

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Speaker 1: Right. So when you think about.

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Speaker 2: We'll talk about sofa companies that we don't think are

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Speaker 2: going to survive. So it now has been super innovative.

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Speaker 2: I've been watching their CEO for the past three years,

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Speaker 2: interesting dude, and then I started to understand what the

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Speaker 2: company does that would be my sleeper inside of this space.

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Speaker 2: So I got Microsoft and I'm going to take Service

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Speaker 2: now as winners in the software AI era, who do you.

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Speaker 5: Think will be the first company that comes out with

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Speaker 5: a full an agentic AI stack like enterprise level or

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Speaker 5: consumer level where you can just say, hey, answer all

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Speaker 5: my emails for me. Because there are some smaller companies

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Speaker 5: that are doing But who do you think will be

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Speaker 5: the first player out of Google, Microsoft, Apple, Tesla who

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Speaker 5: have full skill.

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Speaker 1: I think it's Google, yeah, And if Apple is going

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Speaker 1: to slide to seventh and valuation overall, it's built in.

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Speaker 1: The winners is built in.

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Speaker 2: When you're talking about we we like convenience, right, So

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Speaker 2: if there is a company that has your email already,

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Speaker 2: that has your work schedule already, that has your life

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Speaker 2: schedule calendar.

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Speaker 1: Yep.

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Speaker 4: Well, I mean you can make the same markment for Apple,

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Speaker 4: do they? But do you have an email Apple I Cloud?

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Speaker 3: But they haven't put as much money.

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Speaker 5: And that's my point why I'm so frustrated the infrastructure

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Speaker 5: and entire ecosystem. What you needed that last one infinity

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Speaker 5: stone and you didn't build it.

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Speaker 4: And then also people like Elon must say email is

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Speaker 4: not even gonna be around in ten ten years. Email

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Speaker 4: is gonna be a thing in the past. So but

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Speaker 4: I think Apple, I mean, if you think about it as

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Speaker 4: far as vertical integration, they have your text messages, they

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Speaker 4: have your music, they have your calendar. Everybody might not

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Speaker 4: use iCloud, but I do, so in that case, they

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Speaker 4: have your email and it's the device that most Americans

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Speaker 4: are using, an iPhone, So I mean they're perfectly set

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Speaker 4: up for that. More I think they're more set up

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Speaker 4: for that than Google.

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Speaker 5: I don't think is Google's going to execute it faster though, Yeah,

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Speaker 5: I think the what Google has done and it's interesting

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Speaker 5: because we could say that they've been the leader in

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Speaker 5: AIFL long time.

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Speaker 1: I just didn't have the product to do it.

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Speaker 2: When you're talking about DeepMind and that all the architects

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Speaker 2: that came from there, the iCloud situation is true, but

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Speaker 2: it's more of a storage. I think if if you

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Speaker 2: have an iPhone, you have if you have an iPhone,

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Speaker 2: you have iCloud, right, whether it's from it saves your

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Speaker 2: text messages or it does save your music. But that

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Speaker 2: part of there is no Apple calendar, right, Like all

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Speaker 2: the things you use on your phone for the most

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Speaker 2: part are going to be from Google.

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Speaker 3: Now there is an Apple calendar.

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Speaker 1: I'm just saying most what most people use.

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Speaker 3: I use Apple Calendar.

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Speaker 1: You have a Gmail calendar as well, right, I don't

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Speaker 1: use that.

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Speaker 3: I use Apple Calendar.

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Speaker 1: You have a Gmail account.

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Speaker 4: I do, but I don't use it though my calendar.

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Speaker 4: I use my calendar religiously shout out to ab puts

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Speaker 4: stuff on my calendar.

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Speaker 1: He does that through Gmail. It's on Apple, it's on

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Speaker 1: your iPhone, but he's doing it through Gmail.

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Speaker 3: I'm on those calendar.

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Speaker 4: But it's an Apple calendar. It's a temail bro it's

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Speaker 4: an Apple calendar.

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Speaker 1: I'm just saying that.

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Speaker 4: What I'm saying this is an Apple calendar. There's a

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Speaker 4: Gmail calendar. Yeah, no, No, what's getting said to you

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Speaker 4: is he could be sending it through Gmail, but it's

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Speaker 4: on my Apple calendar. That's what I'm saying. So it's

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Speaker 4: integrated with Apple. Now there's a Gmail calendar, right, right, right, right, yes, Yes,

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Speaker 4: there's a Gmail calendar.

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Speaker 1: Yes, Gmail calendar. App.

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Speaker 3: Yes, what I'm saying, I'm using I'm using the Apple calendar.

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Speaker 1: But the information that's coming to your calendar is from

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Speaker 1: its from Google.

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Speaker 3: Yeah, but it's still integrated with that.

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Speaker 2: With that, that's what That's what I'm saying, right, Like,

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Speaker 2: you're not putting it in an Apple device and saying

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Speaker 2: here's the Apple you're used. They're still using Google, even

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Speaker 2: Apple itself. If you look at the search engine, that

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Speaker 2: data that's that's that's still.

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Speaker 4: Well, people are using their Gmail accounts from their iPhone.

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Speaker 1: But they work together exactly. Yeah, that's what I'm saying.

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Speaker 5: And so it's Google is a partner that they need

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Speaker 5: to make that software work more efficiently, right.

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Speaker 3: Yeah, yeah, they work they work together on it.

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Speaker 4: No, true, But what I'm all I'm saying is that

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Speaker 4: Apple is fully integrated. To me, Apple is the most

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Speaker 4: integrated thing in my life because I listened to my

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Speaker 4: music on Apple Music. I checked my email on on Iicloud.

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Speaker 4: I have my calendar on the Apple Calendar. I get

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Speaker 4: my text messages on the iPhone. Everything that I do,

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Speaker 4: my whole my whole life is run through Apple, not

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Speaker 4: through Google.

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Speaker 1: That's not true. You're on YouTube right now.

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Speaker 4: I'm talking about my personal Like if I have a

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Speaker 4: personal assistant and they're looking and they checking things, like

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Speaker 4: all of that stuff is on is on the iPhone.

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Speaker 1: Yeah, but so if you look at the users right,

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Speaker 1: if you look.

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Speaker 3: At and by the way I'm watching, I watch YouTube

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Speaker 3: on my iPhone.

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Speaker 1: But it's still the platform.

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Speaker 3: I understand that. But I'm just saying, is the outlet.

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Speaker 5: I have a question out of the big ten companies

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Speaker 5: besides Tim Cook, cause anybody else dropped the ball on

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Speaker 5: AI except him.

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Speaker 1: I can't say that he's he hasn't kicked the ball yet.

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Speaker 5: Tim Cook.

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Speaker 1: I can't wait for you to retire.

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Speaker 5: I'll say you have to start line and everyone else

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Speaker 5: is ran laps and now they're going to the javelin throw.

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Speaker 3: Like what you think? What do you think that they

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Speaker 3: should do?

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Speaker 4: Because they put the AirPods out that can translate different languages.

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Speaker 4: They had they were originally with Siri. They had Siri

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Speaker 4: before anybody was talking about it.

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Speaker 3: They started they.

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Speaker 1: Started, was Alexa first or Siri first? Was first?

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Speaker 4: I think they started Siri they had so they have

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Speaker 4: artificial intelligence integrated throughout their whole entire ecosystem.

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Speaker 3: Just what do you want them to do? What you

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Speaker 3: what would you want them to do?

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Speaker 5: I would want the history of Apple and its greatness

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Speaker 5: has always been acquisition. They could have acquired the deal

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Speaker 5: that Microsoft got was presented to Apple first.

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Speaker 1: Didn't do it.

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Speaker 5: Okay, yeah, they had the chance to get it first,

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Speaker 5: didn't do it. Then you get into this proxy war

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Speaker 5: with Zuckerberg and Elon. You took your eye off the ball.

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Speaker 5: What I would like as a new executive who is

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Speaker 5: going to acquire AI talent? And even though Meta has

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Speaker 5: not turned the course, shed on the start. They're making

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Speaker 5: investments there for AI. And I don't think the way

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Speaker 5: that MetaStock is getting treated is how Apple should be.

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Speaker 5: And Tim Cook's tenure, he you had an immense opportunity

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Speaker 5: with the ecosystem, the platform. You get the thirty percent

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Speaker 5: tax for anybody who uploads anything into your app store

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Speaker 5: and you got comfortable being a services company, and now

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Speaker 5: Google came from out of the ashes and they're Goliath

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Speaker 5: that you're facing with no rocking, no slingshot. So while

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Speaker 5: they have the pieces there, it's like the when the

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Speaker 5: Warriors won the seventy three games and couldn't bring home

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Speaker 5: the chip.

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Speaker 2: I think in innovation is the word right, like we

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Speaker 2: for I mean, we've been doing this for six years

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Speaker 2: on market Mondays.

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Speaker 1: There was the autonomous vehicle that we thought that they

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Speaker 1: were going to do it. They backed out of that,

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Speaker 1: didn't do it.

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Speaker 2: We thought the wearable would be the thing, and the

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Speaker 2: vision pro didn't turn out to be that. But even

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Speaker 2: the smaller scale idea, it looks like Meta got ahead

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Speaker 2: of that with the with their wearables. And I see

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Speaker 2: a lot of people wearing the medaglasses. So those are

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Speaker 2: two areas. We haven't seen innovation inside the iPhone in

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Speaker 2: probably seven or eight years. I know that they're coming

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Speaker 2: out with the foldable one. Did you see the foldable iPhone?

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Speaker 5: Yeah, everybody who had an Android who's been had that

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Speaker 5: shot to drive. But even at the AirPods, I like

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Speaker 5: that the iteration, even though I don't have them, but

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Speaker 5: that was an acquisition form Beats. Apple has acquired their

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Speaker 5: way into greatness, and then they stopped acquiring and got comfortable,

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Speaker 5: and everyone else is catching up. They're falling on the

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Speaker 5: market cap listen, like I said they were a year

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Speaker 5: and a half ago, but not giving.

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Speaker 1: They number three. I mean they just got passed.

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Speaker 2: The interesting part is this, and this is the part,

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Speaker 2: like we can say all these things, but people are

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Speaker 2: still buying the product.

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Speaker 4: It hit.

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Speaker 1: It was a fourced upgrade, it was a four tillion

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Speaker 1: dollar company.

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Speaker 4: I think it gets taken for granted because it's a necessity.

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Speaker 4: We're running this show right now, and it wouldn't be

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Speaker 4: possible without Apple on the desk right now. There's there's

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Speaker 4: two iPhones buying the product on the desk right now.

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Speaker 5: I agree that has nothing to do with the under

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Speaker 5: investment in AI.

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Speaker 4: Though there's two iPhones, there's an iPad, and there's a MacBook.

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Speaker 2: But we're still buying a product, That's what I'm saying.

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Speaker 2: We're still buying a product. So the evaluation of the

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Speaker 2: company continues to rise. Right Like I bought the seventeen,

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Speaker 2: I bought the new air buds. People are doing that.

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Speaker 2: This was when we talked about innovation, like I'm just saying.

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Speaker 2: I'm just saying in terms of think about what Google's

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Speaker 2: had to do and had to announce and had to

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Speaker 2: acquire to.

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Speaker 1: Get to this valuation.

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Speaker 2: Right, think about how Meta has announced these things and

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Speaker 2: acquired and it's still sitting at the right They're sitting

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Speaker 2: at the one point four billion. Apple hasn't done all

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Speaker 2: those things that we're saying, and people still buy the

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Speaker 2: product and evaluation continues to rise, and it all times

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Speaker 2: out last year.

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Speaker 5: You know what this reminds me of. It reminds me

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Speaker 5: of the same sentiment at a larger scale that Intel

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Speaker 5: in BlackBerry had in two thousand and eight and two

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Speaker 5: thousand and nine. If you've been around long enough, you said, Okay,

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Speaker 5: Sergey came out of Elon's in office, whether you like

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Speaker 5: him or not, and like his disposition in the start process,

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Speaker 5: Trump's and Marlago or the office Tim Cook, out of

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Speaker 5: the best of breed CEOs, has undelivered the most in

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Speaker 5: terms of AI. That's my point. When they had a

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Speaker 5: chance to lead this race and they lost it.

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Speaker 2: I think both are true. I think both things are true. Yes,

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Speaker 2: he is under he's under delivered. Has the stock been

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Speaker 2: rewarded for what it's done in the past year.

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Speaker 5: Yeah, that's not the He's even said last week, I'm

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Speaker 5: tired of being in office and I'm ready to get the.

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Speaker 1: Fuck out the seat. But has this Can we argue

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Speaker 1: that the stock has performed?

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Speaker 5: I agree, Yeah, that's my pick, that's my baby. But

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Speaker 5: I also can say that they've underperformed in terms of leadership.

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Speaker 1: Both things are true. Yeah, I'm with you. I'm with you.

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Speaker 4: Yeah. Well, we'll see, we'll see. We'll see if they

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Speaker 4: if they go in a new direction. It's like sports,

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Speaker 4: you know, sometimes you got to change the coach if

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Speaker 4: the team is not, you know, performing, even if the

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Speaker 4: team is winning. The Knicks they went to the conference

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Speaker 4: finals last year, and they still fired the coach.

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Speaker 1: That's the fact.

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Speaker 4: So sometimes you fire a coach just because you need

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Speaker 4: a new culture. So maybe a new CEO comes in

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Speaker 4: with a new culture, new game plan and shake things

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Speaker 4: up and it's.

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Speaker 3: A little bit more innovative. We'll see, we'll see.

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Speaker 4: You happy.

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Speaker 1: Are you happy with the job? Are you happy with

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Speaker 1: the job that any Andy Jase has done at Amazon? Absolutely? Okay, yeah,

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Speaker 1: I am, and really quick.

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Speaker 5: As of early January twenty twenty six, internal succession planning

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Speaker 5: has accelerated. An official announcement should come at the end

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Speaker 5: of the first quarter. From what I've been told personally

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Speaker 5: from somebody who works at HQ, he will be out

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Speaker 5: January of twenty twenty seven.

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Speaker 2: This episode is brought to you by P and C Bank.

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