Gil Luria

Microsoft Azure growing faster than Google Cloud, Meta Ads growing faster than Google Ads.

So Google is trading at a premium to these two other businesses that are growing faster.

That's all narrative.

That's all this belief that Google has already won AI, the game's over, and Google is the only winner.

As you can tell from my tone, I'm a little skeptical of that.

I think Google's a winner, but it's probably not the winner.

And therefore, Meta and Microsoft should be able to outperform this year as the market rebalances its perspective on who's winning and who's not winning.

So right now the vibes for Google are the best and the vibes for Microsoft and Nvidia are the worst.

And I would argue that Microsoft and Nvidia are going to do better this year than Google in terms of results.

Because you mentioned that huge shift.

Google is trading at 18 times forward earnings just a few months ago.

Now it's trading at closer to 28 times earnings.

You know that their estimates haven't moved.

So it's all multiple.

It's not that the projections for the business have changed at all.

Just narrative, just based on people getting excited about Gemini.

So Google is very much in favor, Microsoft and NVIDIA very much not in favor.

But if you ask me who's going to actually grow the AI, get more of the profit dollars generated by AI this year, it's going to be first and foremost NVIDIA, as it always has been.

And then it's going to be Microsoft.

Yeah, no, it's all we think about.