Caroline Hyde

And Oracle is a good poster child for not only being late to cloud, spending quite a lot of money, being very tied into the open market.

uh ai in terms of contracts and the risks associated with that uh but also using debt and i think their debt to ebitda is like four times so it's in a completely different category you know it's kind of in the core we've uh department in terms of indebtedness and investors quite rightfully are becoming more discerning about the risk associated with uh you know financial leverage and then there's the risk of the private markets

How are you seeing OpenAI playing as a virtuous or a vicious circle right now?

Is it a single point of failure or is it the one that you need to be allocated to?

It's a little of both, let's face it.

OpenAI declared code red yesterday, the day before yesterday.

Look, it's facing competition.

It recognizes that Gemini is really, and if you've used the Gemini 3, it's pretty impressive.

It's not as friendly as chat GBT and everything.

That's a personal relationship thing going on.

But it really is quite interesting in terms of nano banana, the image editor, as well as I would say complex reasoning is really quite good in Gemini 3.

So OpenAI is facing competition.

They got to focus.

They've been spread across a lot of different dimensions.

I think they're refocusing now on personalization, reliability, speed, and continuing to build out that OpenAI large language model to maintain their lead, right?

Yeah, because I think that the problem is in innovation bull markets is capex starts and you've got to build out the capex and the revenue follows, you know, sometimes years later, sometimes within a couple of years.

And so investors have to extrapolate is the investment.

really going to deliver the revenue and profits and the rate of return.

And not everyone's going to get there.

And that's the risk of innovation driven bull markets.