Cameron Gleeson

There's always going to be, you know, any kind of, you know, new technology, there's always going to be those players that really sort of, you know, are going to live and die by the sword.

And that might be a problem for Oracle down the line, but I think by and large that looks pretty good.

And then you sort of say, well, where are valuations at?

If you look at the NASDAQ, it's trading at a forward P at the time of recording of about 25 times one-year forward earnings.

Yep.

which on a long-term versus long-term average is actually below that average.

And that's really a product of just this incredibly strong earnings growth, which keeps allowing the price performance and the return of the share prices to escalate.

even while remaining, you know, relatively attractive valuation.

So I think on all those metrics, it looks pretty good.

And then maybe, you know, the final sort of complaint or argument that we may be in a bubble is circularity.

And Anthropic's a good example of a company which shows that this revenue is not necessarily just being generated within the ecosystem.

There's more than 1,000 companies globally that are spending more than $1 million on Claude.

And so, you know, that's not just, you know, say, for example, Google, Apple and the like.

And, you know, we use Claude extensively within beta shares.

I can tell you we don't spend a million dollars on Claude.

So that's a really healthy sign that companies outside the ecosystem are using AI.

And that's really what you want to see.

It's not necessarily people buying chips as evidence.

because they're being bought by the hyperscalers, it's whether or not people are using the models that sit outside that ecosystem, which talks to the sustainability of this overall growth story.

Yeah.