Chamath Palihapitiya

You have to discount all of these back and you have to assume a percentage of interest effectively that it takes to get there.

You have to discount all of these back and you have to assume a percentage of interest effectively that it takes to get there.

And the basic math of this is that when you have a high whack, it's called, you're massively discounting these cash flows.

And the basic math of this is that when you have a high whack, it's called, you're massively discounting these cash flows.

When you have a low whack, you're assuming that these things are very durable.

When you have a low whack, you're assuming that these things are very durable.

Okay, so what is happening?

Okay, so what is happening?

We used to debate when.

We used to debate when.

This is no longer a when moment.

This is no longer a when moment.

The market is very much in an if mode.

The market is very much in an if mode.

are these cash flows durable at all?

are these cash flows durable at all?

Could they fall off a cliff in year three?

Could they fall off a cliff in year three?

Is there some AI model that's gonna come around the corner and obliterate this business without me knowing it?

Is there some AI model that's gonna come around the corner and obliterate this business without me knowing it?