Ed Elson

Is there any relationship between what we're seeing in terms of the war in Iran and the broader impacts that that's having on the global economy versus big tech?

Or is big tech just completely insulated its own thing?

Are there any of these companies that stand out to you from a valuation perspective at this point?

Do these earnings maybe give any detail or color on how we should feel about the valuations?

Yeah, Microsoft really stands

What do you make of Microsoft, actually, the CapEx coming in lower than expected?

It seems like Microsoft might be pulling back, or at least compared to Meta in terms of investments in AI, or is that the wrong read?

All right.

Big week.

Gil Luria, head of technology research at DA Davidson.

Gil, always appreciate your time.

Thank you.

Thank you.

Well, the big story for investors this week is, of course, big tech earnings.

The four companies we just discussed make up for nearly a fifth of the entire S&P 500.

So naturally, it's those four companies that we care about.

But there is another company that is also proving to be systemic to the stock market, a company that actually isn't even traded on the stock market.

And that company is OpenAI.

Indeed, the AI startup that is yet to go public is proving to be one of the most structurally critical companies in the market, to the point where even small details about the business are eliminating hundreds of billions of dollars of market value.

Yesterday, for example, the Wall Street Journal reported that OpenAI had missed its revenue target in 2025.