Dan Ives

And I think if you go back like a year ago, go back to last January during deep seek, go back to last April, May liberation day.

I'm just saying it's very easy to forget where we are, but I just think, look at demand, look at CapEx.

If you follow the CapEx dollars,

That's the difference.

And I think a lot of times, as someone that covered tech back in the bubble and burst, the big parallels compare, Cisco could be an Nvidia, but I go back to back then, the average tech company was trading at 30 times revenues, now it's 24 times earnings.

Back then, companies were supported by basically series A to Z upside down business models, weren't profitable.

The use cases basically were all PowerPoint presentations in terms of what could happen.

Now it's big tech, 650 or 700 billion.

These companies have better balance sheet than most countries.

You're seeing the use cases play out.

They don't have to go to the Denmark.

You can say like Oracle's going to Denmark and they'll go to the Denmark, but they don't need to ultimately as an overall sector.

And I think it just speaks to the early days.

And I think that the parallels, if you have an eight-year-old, they're not going to need a driver's license today.

When you think about where everything's heading, autonomous, robotics, I'm just not like a dystopian view where this is negative.

I actually just view it as it's the start of what's gonna be a fourth industrial revolution that's playing out in front of us.

It's my view SpaceX and Tesla are going to merge.

Obviously, XAI and SpaceX merge.

But ultimately, that is the path.

And I feel very strongly that is the path because for Musk, the goal is to have all of that under one hood in terms of a broader vision.