Caroline Hyde

Now let's get you an analyst reaction, because Bloomberg Intelligence has been out there writing that these meta cost cuts, Ed, along with potential use of Google's TPUs, could actually improve the company's free cash flow by at least $10 to $12 billion.

The person helping pen that is Bloomberg Intelligence tech analyst Manip Singh.

And Manip, we've been worrying.

about free cash flow meta, the AI capex spend.

Is this helping offset that concern a bit?

It's interesting, though, because they've been spending a lot on talent and they've just recommitted to talent when it comes to hardware and design.

And then really poaching a key executive, Alan Dye, over at Apple.

Is that what you want to see?

More leaning in maybe to the virtual reality offerings that we've seen that have been amplified by AI, the Ray-Ban glasses, for example.

It's interesting.

Let's compare and contrast the context of both of these stocks, because as you've rightly pointed out, we've seen Snowflake up and to the right this year.

Not so for Salesforce, which has lost about a third of its market value so far this year.

I'm currently seeing off now about a quarter, 26 percent.

Did it come in with a lack of optimism and therefore managed to steer that maybe it'll get back to double digit revenue growth next year?

I mean, Derek, just broadly.

Are we getting any signs that software's lunch isn't being eaten by the large language model providers that they can withstand this?

Derek Wood of TD Cowen, great to get your analysis today.

Thank you.

Coming up, Anthropic CEO Dario Amadei is suggesting some AI companies taking too much risk by committing to spend hundreds of billions of dollars to develop and support AI systems.

Remember, he's just committed to spending quite a lot to himself.