Altaf Kassam

The market is getting increasingly worried that this massive spending is needing to deliver results now.

And advertising is one of the easiest and quickest ways to monetize that with the promise of more to come.

The big difference was that one company was able to show that it was monetizing its

the huge spend in CapEx on data centers and other sorts of AI infrastructure.

And the other one was actually showing slowing growth in cloud computing, which is one of its core capabilities.

It's a story of the spending was always expected to be increasing, but the monetization was what the market was looking for, and it happened in one company and not the other.

Yeah, I mean, there's a very clear differentiation between consumer and enterprise here.

The market is getting increasingly worried that this massive spending, which has all been front-loaded,

is needing to deliver results now.

And they've rewarded the companies that have shown that the money is coming through right now.

And advertising is one of the easiest and quickest ways to monetize that.

Whereas with enterprise applications, it feels like it's still tomorrow, tomorrow, tomorrow.

And the market is becoming impatient.

And I think that's why the stock was punished.

Yeah, I think that's the marketing dream, right?

It's that everyone gets their own targeted personal ad, and it's becoming a reality through AI.

I don't think consumers are pushing back.

The results certainly don't show this.

And in the US, which is the biggest market, the consumer spending is still strong.

So I think you're right.