David Frankel

I think there's short term and long term. So I think in short term, we're going to be, you know, underwhelmed right now. I think if you look at like the amount of CapEx that's being spent and you look at the actual earnings that will be generated in the short term, there's just no way it makes sense.

I think there's short term and long term. So I think in short term, we're going to be, you know, underwhelmed right now. I think if you look at like the amount of CapEx that's being spent and you look at the actual earnings that will be generated in the short term, there's just no way it makes sense.

I think there's short term and long term. So I think in short term, we're going to be, you know, underwhelmed right now. I think if you look at like the amount of CapEx that's being spent and you look at the actual earnings that will be generated in the short term, there's just no way it makes sense.

And I think, by the way, all the way through the ecosystem. So it's not just the hyperscalers, right? It's like downturn. David said it well, like down to the data centers, down to the steel, down to the chips. I think in the short term, it's going to disappoint. I think in the long term, Harry, every one of these waves, by the way, it reminds me of like self-driving cars.

And I think, by the way, all the way through the ecosystem. So it's not just the hyperscalers, right? It's like downturn. David said it well, like down to the data centers, down to the steel, down to the chips. I think in the short term, it's going to disappoint. I think in the long term, Harry, every one of these waves, by the way, it reminds me of like self-driving cars.

And I think, by the way, all the way through the ecosystem. So it's not just the hyperscalers, right? It's like downturn. David said it well, like down to the data centers, down to the steel, down to the chips. I think in the short term, it's going to disappoint. I think in the long term, Harry, every one of these waves, by the way, it reminds me of like self-driving cars.

I remember taking a bet with Eric and he said, self-driving cars in five years. And I said to him, the last 5% is very difficult. And like, we're getting to self-driving cars now. So it takes forever to...

I remember taking a bet with Eric and he said, self-driving cars in five years. And I said to him, the last 5% is very difficult. And like, we're getting to self-driving cars now. So it takes forever to...

I remember taking a bet with Eric and he said, self-driving cars in five years. And I said to him, the last 5% is very difficult. And like, we're getting to self-driving cars now. So it takes forever to...

And now it's like Waymo, if you get into a Waymo in California, like your mind is blown. So I think to discount AI in the next 10 years, man, you've got to be crazy. Like I think it's going to have profound, profound changes. The difficulty is it's always Hollywood. There'll be one in a thousand. companies that will be off the charts and there'll be like one in a hundred that's amazing.

And now it's like Waymo, if you get into a Waymo in California, like your mind is blown. So I think to discount AI in the next 10 years, man, you've got to be crazy. Like I think it's going to have profound, profound changes. The difficulty is it's always Hollywood. There'll be one in a thousand. companies that will be off the charts and there'll be like one in a hundred that's amazing.

And now it's like Waymo, if you get into a Waymo in California, like your mind is blown. So I think to discount AI in the next 10 years, man, you've got to be crazy. Like I think it's going to have profound, profound changes. The difficulty is it's always Hollywood. There'll be one in a thousand. companies that will be off the charts and there'll be like one in a hundred that's amazing.

And that will launch so much capital. Being involved in that, we're too disciplined to be involved in figuring out which is the one in a hundred. I remember this with Eric, and this is just like the height of humility. An LP at one of our annual dinners leans conspiratorially over the table and says to Eric, how did you know? Talking about Uber, going like, how did you know?

And that will launch so much capital. Being involved in that, we're too disciplined to be involved in figuring out which is the one in a hundred. I remember this with Eric, and this is just like the height of humility. An LP at one of our annual dinners leans conspiratorially over the table and says to Eric, how did you know? Talking about Uber, going like, how did you know?

And that will launch so much capital. Being involved in that, we're too disciplined to be involved in figuring out which is the one in a hundred. I remember this with Eric, and this is just like the height of humility. An LP at one of our annual dinners leans conspiratorially over the table and says to Eric, how did you know? Talking about Uber, going like, how did you know?

I literally see this in my mind's eye. And Eric looks at them straight in the eye and goes, I didn't know. The company before, it was so easy in that moment to retrofit how smart I... And he said, I had no clue. He said, the company before was just as interesting and the company after, he said, I had the same high hopes. And I think we're not smart enough to figure out the one.

I literally see this in my mind's eye. And Eric looks at them straight in the eye and goes, I didn't know. The company before, it was so easy in that moment to retrofit how smart I... And he said, I had no clue. He said, the company before was just as interesting and the company after, he said, I had the same high hopes. And I think we're not smart enough to figure out the one.

I literally see this in my mind's eye. And Eric looks at them straight in the eye and goes, I didn't know. The company before, it was so easy in that moment to retrofit how smart I... And he said, I had no clue. He said, the company before was just as interesting and the company after, he said, I had the same high hopes. And I think we're not smart enough to figure out the one.

You've got to be around and you've got to hoist a flag and say, I'm interested in these great teams. We don't know how to do this.

You've got to be around and you've got to hoist a flag and say, I'm interested in these great teams. We don't know how to do this.