Jason Hall

I've got to side with Toby a little bit here.

He hinted at it, but there's some math that screams caution at me about iQiyi.

It spent more money paying interest last year than it earned in operating income.

That's tough to dig your way out of that.

What's the bull case that it can see its way forward in a way where investors actually make money?

Let's move on to Weibo.

Toby, based on your comments, I assume you think investors should pause here and move on to, right?

Emily, I hate to do it again, but taking Toby's side, this is a smaller, less profitable business than it was seven years ago.

Yet another bad quarter.

Is there anything redeemable?

All right.

This has been a lot of fun.

Toby, Emily, thank you both so much for having this fun conversation.

Emily, I'm going to go and hand you the keys back and you can drive us home.

They're not in space either.

I don't want to say I'm excited, but I see what's exciting about the business, and I also understand why the stock is coming down.

It has gone on a bit of a parabolic run since it went public.

The debut price, it was up trading the first day after the stock debuted.

It's more than doubled.

It's come down over the past few months.