Friedberg

I think it's actually more than that. I think what will happen is funds, governments, et cetera, for the right entrepreneurs with the right assets will help you pay the exit tax more. so that you can just leave the United States.

And that's going to be an investment class that's going to emerge, in my opinion, which is these organizations that will pool capital, sovereign wealth funds specifically, and when an entrepreneur shows up and they have, you know, 50, 100, a billion dollar tax bill to expatriate from the United States, they will pay it for you.

And that's going to be an investment class that's going to emerge, in my opinion, which is these organizations that will pool capital, sovereign wealth funds specifically, and when an entrepreneur shows up and they have, you know, 50, 100, a billion dollar tax bill to expatriate from the United States, they will pay it for you.

And the reason is they'll bring the jobs and they'll bring the know-how and they'll bring the future capital investment into that country. It's a very easy investment to underwrite actually. So I would just pay a lot of close attention to the fact that capital flows are very fungible in 2024 and they'll only become more fungible over time.

And the reason is they'll bring the jobs and they'll bring the know-how and they'll bring the future capital investment into that country. It's a very easy investment to underwrite actually. So I would just pay a lot of close attention to the fact that capital flows are very fungible in 2024 and they'll only become more fungible over time.

I think it's important, though, you have to now go to the logic. If this is what people want, I think it's important for people to see the impact of it and then for them to have to change their mind or stay with what they're doing because it's working.

I think it's important, though, you have to now go to the logic. If this is what people want, I think it's important for people to see the impact of it and then for them to have to change their mind or stay with what they're doing because it's working.

Don't forget Science Corner today. We got a great Science Corner lined up. Absolutely. Sax is looking forward to it. Sax has been texting me all week about it. He's like, I can't wait for Science Corner. I'm thrilled. He was shaking nervously. He's ready.

Don't forget Science Corner today. We got a great Science Corner lined up. Absolutely. Sax is looking forward to it. Sax has been texting me all week about it. He's like, I can't wait for Science Corner. I'm thrilled. He was shaking nervously. He's ready.

Well, GCP in the last quarter did $10.3 billion in revenue, which is up from $8 billion in revenue the year before, in the same quarter the year before. And importantly, in this past quarter, they're running at a $1.2 billion operating profit out of GCP.

Well, GCP in the last quarter did $10.3 billion in revenue, which is up from $8 billion in revenue the year before, in the same quarter the year before. And importantly, in this past quarter, they're running at a $1.2 billion operating profit out of GCP.

So, you know, if you kind of think about what cloud margin should be over time and kind of call it 20% to 30% margin, this cloud business could be generating $20 to $30 billion a year of free cash flow. Hmm.

So, you know, if you kind of think about what cloud margin should be over time and kind of call it 20% to 30% margin, this cloud business could be generating $20 to $30 billion a year of free cash flow. Hmm.

Now in the last year, if you kind of look at, or even if you look at the last quarter annualized, Google is generating currently about $60 billion a year in free cashflow as an overall organization, Alphabet is. And they have over a hundred billion in cash.

Now in the last year, if you kind of look at, or even if you look at the last quarter annualized, Google is generating currently about $60 billion a year in free cashflow as an overall organization, Alphabet is. And they have over a hundred billion in cash.

So, you know, what can I do to accelerate this cloud outcome given the risks, the challenges, the slowdown with respect to the core consumer business, cloud and AI-based tools really is where it's at. And so Google's asking this important strategic question, I would imagine, what can we do to accelerate outcomes in the cloud? And what can we do that is going to be big enough to matter?

So, you know, what can I do to accelerate this cloud outcome given the risks, the challenges, the slowdown with respect to the core consumer business, cloud and AI-based tools really is where it's at. And so Google's asking this important strategic question, I would imagine, what can we do to accelerate outcomes in the cloud? And what can we do that is going to be big enough to matter?

And what can we do that is going to pass antitrust muster? So we can actually get it through antitrust authorities. So cloud security kind of comes top of mind. It's a fast growing segment as evidenced by the results with Wiz.

And what can we do that is going to pass antitrust muster? So we can actually get it through antitrust authorities. So cloud security kind of comes top of mind. It's a fast growing segment as evidenced by the results with Wiz.

And it's an opportunity for Google to cross sell and to secure more enterprise customers and theoretically cross sell more enterprise revenue by getting folks on a platform that Google could now offer. I would imagine that what Sachs is saying is probably right. I have absolutely no sense of what these individuals and board members at Wiz are thinking, but I think what Sachs is saying is right.