Ed

The cement is rolling.

The moment you're waiting for is some moment in 2026 when people look out to 2027 or 2028 and they can see the end of the runway out there.

Right now, the road just goes on forever, right?

But the moment we're waiting for, because the market discounts forward.

The market doesn't care what's happening today, right?

So at some point, the worry is that you see the end of the runway sometime in 2026.

And I just feel like...

I don't know.

My guess is no.

It's not a high probability prediction, but I am reassured by the fact that the market is already exercising a little bit of discipline.

Okay, so this is a question I would put to you that I was thinking about earlier today.

So let's suppose, and I have no, I should emphasize at the outset, I have no grounds for thinking this is going to happen whatsoever.

Let's suppose the wheels properly come off OpenAI this year, right?

Like they try to raise some money and they can't, or like the revenue stops growing and they have some horrible conference call.

They try to sell the thing, you know, pick your scenario.

Wheels come off badly at OpenAI.

How big an event is that for the market at large?

Yeah, no, I don't know what to think about it.

That's why I asked you is because I don't know what to think about that.

I can imagine a scenario where the world's like, look, Google's still Google.