David Friedberg

And in that, I think it could be just an enormous win.

So I think it's very smart.

What's the bear case?

I think the bear case is extending a theme that I've talked about here a few times, which is I think the value of patents and by extension, IP and copyrights are going to go away.

And in that, there's going to be a spectrum where certain content IP holders lose and other ones win.

I think gaming is on the winning side, to be honest.

And I think content studios in general, like traditional content, the Disney's, the Hulu's, the Netflix's are on the losing side.

But the bear case would be that these tool chains

allow the number of games to be built to increase by two, three, four orders of magnitude, and that they are distributed by other places like the social media sites.

I just think that that's a pretty low probability.

So on balance, I think that Jared and Egon did a killer deal.

I really like it.

By the way, you know that the market was totally getting this wrong because the TikTok of the deal is super interesting.

When they were looking for the debt financing, it was about $36 billion of equity, $20 billion of debt.

They called Jamie Dimon and Jamie basically ripped the 20 billion in on the same day.

Just because I think he also could underwrite this pretty fast.

I mean, some of the biggest deals are frankly so obvious that it just takes the courage to put it together and then everybody's like, oh, this just makes so much sense.

And then Andrew Wilson, who's the CEO, is going to stay on.

He's a great guy.

Super, super compelling.