Jon Quast

Yeah, I mean, this is such a lively conversation on bonds.

Why don't we make it even more exciting by talking depreciation?

But no, this is a question.

You spend a lot of money for GPUs, and how long do those GPUs last you?

And people say, well, you don't need to worry about depreciation because it's a non-cash thing on the chart.

But hey, the thing is, once those GPUs are depreciated, you have to replace them.

So it does come into play.

And so how long can we use what we've already spent money on?

That's a big question.

I should preface this by saying I wouldn't want to bet against any of these three, but if I'm taking a long-dated call position, I'm doing that on Axon Enterprise.

I think that this is a company that's proved itself time and again.

The market opportunity remains very large, and it has visionary leadership that really wants

to expand into so many different things.

I think that that's one that I would like to have my money riding on, even at today's present valuation.

If I'm putting a put on something, I'd say it's on Zillow.

And the reason why is I think that the real estate market is still just ripe for disruption.

Is Zillow the disruptor at this point?

I'm not sure.

So if I had to take a put on one of these three, I'd take Zillow and then Spotify.

I'm a little bit more neutral on that.