Chamath Palihapitiya

And obviously the revenue that's now being generated from these coding models is, you know, again, it's exponential like we've never seen before.

And obviously the revenue that's now being generated from these coding models is, you know, again, it's exponential like we've never seen before.

So the ROI is finally there at the model layer, meaning before, you know, people were saying that it's a bubble because it's,

So the ROI is finally there at the model layer, meaning before, you know, people were saying that it's a bubble because it's,

You had all this massive capex at the data center level, and there was no ROI coming at the model layer.

You had all this massive capex at the data center level, and there was no ROI coming at the model layer.

Now we have the ROI at the model layer, and I guess we're sort of questioning whether the ROI will be there at the application level.

Now we have the ROI at the model layer, and I guess we're sort of questioning whether the ROI will be there at the application level.

But in any event, I think things are progressing.

But in any event, I think things are progressing.

I mean, look, fundamentally, I'm bullish on this whole thing.

I mean, look, fundamentally, I'm bullish on this whole thing.

I think Chamath has a good point about being risk-off right now, because if you just look at valuation metrics,

I think Chamath has a good point about being risk-off right now, because if you just look at valuation metrics,

They do seem to be quite high.

They do seem to be quite high.

And I've seen other versions of those metrics as well.

And I've seen other versions of those metrics as well.

So look, it's very, very hard to time the market.

So look, it's very, very hard to time the market.