Ed Ludlow

Where we're invested in software, clearly a Microsoft we think is a

a dining room table long-term asset that they have in the value chain.

We also, again, as we talked about a moment ago, like company Synopsys, embedded in AI chip design, where we have silicon go into systems, more complex transistors, and then infrastructure, AI, and robotics, we think a company like Synopsys is

embedded in workloads to unlock productivity of chip designers.

And so those are the areas that we think are moaty, durable in workloads, and we think are long-term investments to make, where the range of outcomes we think is skewed more positive.

So again, a Microsoft, a Synopsys, a bit more concern around a Workday and a ServiceNow, and we remain invested in Salesforce, which we think

is working hard to have an agentic platform.

And the valuation of Salesforce is relatively compelling if you look at the forward embedded expectations right now.

Certainly after a more than 40% sell-off that we've seen in the last 12 months.

Todd, it's always great to catch up with you.

Thank you for your time today.

Todd Ellsman of Panassas Investments.

Now coming up, we speak with the Cato Institute's Jennifer Huddleston about the implications of the feud between the Pentagon and Anthropic.

Ed, what are you watching?

Yeah, some headlines just crossed the Bloomberg terminal, and it relates to Roblox.

Nebraska's attorney general has filed a lawsuit against Roblox, alleging that they have conducted deceptive safety practices, including allegedly enabling child exploitation.

The stock's still higher by a percentage point.

It did sort of take a leg lower when those headlines hit.

We'll continue to track that.

We have been tracking Roblox and other platforms when it comes to safety.