Gil Luria

One is OpenAI started to focus.

instead of being spread too thin, making promises they can't keep and trying a lot of different things, they're refocused on their frontier model and on chat GPT, which you can tell by the fact they're starting to advertise.

Second thing that happened is because Google made such a splash with Gemini,

and just reported really good earnings this week that really scared Microsoft, Amazon, and Nvidia, which means they're very likely now to give OpenAI that $100 billion.

And then finally, OpenAI is probably pretty close to introducing another model that'll be another leap forward, should become the state-of-the-art again.

So if OpenAI has a state-of-the-art model, is focused on the business, and can raise the capital,

then it will be able to pay all those bills that we were worried about.

So that's what's changed.

Oracle's stock price went down a lot.

People were expecting OpenAI to not be able to deliver.

And because OpenAI has gotten their act together, now it looks like OpenAI will be able to pay those Oracle bills.

And again, bail Oracle out of a very tough situation.

AI is a major disruptive force in all of technology and the whole economy and specifically for software.

What happens when you have major disruptive forces is that excellent companies and good businesses execute well and win.

and companies that are not very good and not very good markets end up falling by the wayside.

That's true in software as well.

But what happened the last couple of weeks is that all software stocks sold regardless if they're in the first or the second category.

And we love that because that's what creates opportunities.

You know, I've been in software for a long time.

I've always resisted putting revenue multiples on any company, including software companies.