Chamath Palihapitiya

So you might as well just rip it in.

If you look at the companies that have a need to spend money right now, it's Google, it's Microsoft, it's Meta, it's NVIDIA.

If you look at the companies that have a need to spend money right now, it's Google, it's Microsoft, it's Meta, it's NVIDIA.

And maybe Broadcom, but let's just keep Broadcom out of it.

And maybe Broadcom, but let's just keep Broadcom out of it.

But Apple is there too.

But Apple is there too.

And Apple.

And Apple.

Yeah.

Yeah.

All of those companies have so much cash.

All of those companies have so much cash.

If you actually look at the DCF of the enterprise value of these businesses, it gets very little credit for that cash, almost to the point where it's worthless.

If you actually look at the DCF of the enterprise value of these businesses, it gets very little credit for that cash, almost to the point where it's worthless.

And so you either need to spend it on M&A, spend it on buybacks, or spend it to subsidize a product so that you can maintain your leadership in the broader market.

And so you either need to spend it on M&A, spend it on buybacks, or spend it to subsidize a product so that you can maintain your leadership in the broader market.

And so what you're gonna see is these big companies do this capital allocation model in a much more aggressive way.

And so what you're gonna see is these big companies do this capital allocation model in a much more aggressive way.

So there's only so many share buybacks that these guys can do.