Gil Luria

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.

And where we land is AI is going to have a tremendous impact.

We're still going to invest a lot.

Everybody's going to use AI more for more things, both as consumers, as employees.

That's going to drive a lot more data center build-out.

That's not a bubble.