Chamath Palihapitiya

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.

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

They approve 50, 60, 70, $80 billion in buybacks.

They approve 50, 60, 70, $80 billion in buybacks.

It just doesn't lift the stock price the same way it does when you actually show leadership in a product category.

It just doesn't lift the stock price the same way it does when you actually show leadership in a product category.

So to your point, if you're just gonna underwrite a decision, just look at the last three weeks of Google stock performance,

So to your point, if you're just gonna underwrite a decision, just look at the last three weeks of Google stock performance,

it basically doubled once we thought that Gemini was incredible.

it basically doubled once we thought that Gemini was incredible.