Ed Elson

How are investors thinking about this now that NVIDIA continues to dominate?

I think that the Salesforce earnings is a good sort of foil to the Nvidia earnings, both coming out the same day, which is a reflection of those AI anxieties that you just brought up there, that AI is going to be so great that it's going to kill all of the legacy companies.

I look at these Salesforce earnings, revenue grew 12%.

That's very strong.

I looked at remaining performance obligations, $35 billion, which is actually higher than expected.

The only issue was the revenue guidance for the year, which everyone is saying was a miss.

But to me, it was a meet.

I mean, they said $45.8 to $46.2 billion.

Wall Street expected $46 billion.

That sounds like exactly what they said.

Yeah.

But shares are tanking down nearly 6% after hours.

What does that earnings tell you about the AI anxiety story?

And what do you think of these earnings?

Do you think that they are as bad as everyone else seems to think they are?

Yeah.

What do you think about the tension of this AI anxiety right now?

You mentioned the AI is going to be less impactful than we thought it was going to be, which is why it's a bubble, and so the valuations of everything are going to come down.

And then there's the other argument, which is that AI is going to be so powerful that it's going to ruin all the business models as we know it.

Those two forces...