Jason Moser

And when you look at Other Bets, yeah, Other Bets, that segment loses a lot of money, too.

But if you just look over the last two years, its losses are a quarter.

of what Reality Labs' losses are.

It's diversified losses, too.

That was going to be my next point.

Exactly.

It includes businesses like Calico, which is biotechnology, G Fiber.

You've got Verily in health sciences.

You've got Waymo.

You've got Wing, which is drone delivery.

They've got their X.

which don't mistake that for the old Twitter, X is Alphabet's moonshot factory, which is that research and development facility.

So, to your point there, yeah, that's a very well-diversified other bets business.

And I think the market has always given it a lot of credit for that.

Facebook, Meta, whatever they decide to call themselves, yeah, it's still an advertising play.

That's not a bad thing.

They do that very well.

But trying to figure out that next iteration, that next sort of paradigm, turns out that's a little bit more difficult than perhaps we thought.

Thank you.

I think that longer-term, the electric vehicle is the unstoppable force.