Jean Luo

And so I think it's really hard to underwrite a huge long-term investment in something you haven't seen yet or haven't been able to use or haven't been able to try.

So I think as we get through the year and people are able to actually put the next gen of specs on their face or in their hands, they're going to be able to see what's possible with the product and why we have such a high degree of conviction in it.

you know, for investors, it's hard to underwrite slower ad growth and then huge long term investment.

But I think if ad growth can recover a little bit, people will be more willing to appreciate the direct revenue story.

And then when they see specs, they'll understand what we've been investing billions of dollars into over the last 12 years.

I think you raise a good point, which is that investing in the long term is very, very hard in public companies.

And it's compounded by the fact, if you look at the average tenure for public CEOs now, I think it's like four years or something.

How do you do something really meaningful in technology

If CEO tenure is so short, how do you see through these really important long-term investments?

And you look at any of these profound technology shifts, they don't happen in a couple of years.

It takes a really long time.

I mean, that's certainly the case, obviously, with the latest breakthroughs in LLMs, right?

decades of research to get to that point.

Or the smartphone, for example, which everyone views as an overnight success.

But the iPhone was shipping hundreds of thousands of units in its first year.

And that was building on so much progress that Apple had made over the prior decade.

So I think it's always really easy in technology to look at these developments and call them overnight successes.

But I think

the folks who really inspire us, the Jensen's of the world, or you look at what Bezos was able to accomplish, or look at Elon.

I mean, he saved Tesla from bankruptcy not too long ago.