Gil Luria

We don't have to anymore.

These companies are now trading on free cash flow, on their actual profit.

And you had an opportunity last week to buy unbelievable companies like Snowflake and Datadog at 35 times cash flow.

Microsoft at 20 times earnings because of this onslaught on all of software that, again, ignores the fact that

Datadog, Snowflake, massively big winners in software.

Microsoft, massively big winner in AI.

But the sentiment against software was so negative that really good companies that are executing well and are well positioned for AI

We're selling alongside companies where the disruption may actually hurt them, even though they have some years to execute.

I understand that part.

But again, I love the opportunity to buy companies growing 15, 20, 30 percent on a multiple of cash flow.

We've never had that.

And that's a great opportunity for investors.

Thank you, Ed.

Yeah, most of Oracle's backlog is OpenAI.

So they're building up their whole infrastructure now for OpenAI.

And the reason the stock has performed so poorly over the last few months is that there was a concern that OpenAI wouldn't be able to pay for it.

and now things have changed.

We got to a point last week where the market decided that Google was the only winner in AI, and you can see that by the relative performance of Google versus the open AI complex, which is Microsoft, Nvidia, Oracle, and CoreWeave.

And the pendulum swung too far.

What's happened is OpenAI has now become more focused on chat GPT.