Jason Calacanis

That's the only reason why you would walk them up like this, except Nvidia.

which is the most unbelievably accretive, well-run company, highest margins, you know, making $200 billion.

And they're treating it like they're treating ServiceNow and Snowflake.

I just think it's so interesting what's happening.

I can't explain this, but here, this data sort of shows this reset that we're going through, a very complicated reset in the capital market.

Yeah, those are great.

Freeberg, what do you pay for in a world of superintelligence versus in a world of non-superintelligence in terms of the durability of a business?

What do you do in your PA?

Like, do you say?

Halo, they call it Halo, high asset, low obsolescence.

Chenier, yeah.

That's a great business.

If I had to bet, I'm going to bet that brands go to zero.

Really?

Yeah, because I think that when you can make things that are as good or better, and you can make them in a cheaper, faster, better way, people want that abundance more than they want an affiliation to a brand.

Example?

So the perfect example is actually what Tesla did to BMW.

you know, what Tesla did to Mercedes, what Tesla did to Porsche, what BYD and Geely have done to the car manufacturing cycle in China.

This is a fundamentally cheaper, faster, better product.

Yes, it's got a great brand, but nobody's going to pay a premium for these products.