Jon Quast

And it's really hard to quantify.

And I think that for sure with Microsoft, they were looking at, yeah, the growth of the cloud unit and looking at the capital expenditures and saying, am I getting a return here based on what it's paying out?

And management pointing out, listen, we're not just investing.

in capital expenditures for our cloud unit for the AI models.

There's plenty that we're investing in for ourselves, not just our customers.

Look at it holistically.

Meta, a little bit more straightforward, I think.

They saw the big increases in ad revenue production for the company.

Some of that is attributable to AI and how its models are improving.

I think that in one hand, investors are like, okay, we see the return a little bit more today with Meta, but it's really hard to quantify.

But really looking at what Meta is building here, it is interesting, Matt, as you point out, that it's spending in the least profitable parts of its business.

This feels like a coiled spring, just spending and building aggressively behind the scenes, and then we're expecting it to suddenly launch something impressive.

That's what Zuckerberg is talking about.

It's talking about wanting to build and control its own technology so it's not beholden to any of the other players in the industry.

And interesting as well, Zuckerberg kind of talking about how, I think we've all written off the metaverse at this point, but Zuckerberg's kind of talking about it like, listen, we're going to build personalized AI that's going to know you and create content on the fly for you to consume.

And perhaps you're going to be

consuming that in a metaverse context, maybe not with a headset from Oculus, but maybe with the AR glasses.

I'm not sure that we have a full grasp on where Zuckerberg and Meta are planning to go here with AI and how it intends to incorporate that into the metaverse, but it'll be interesting to watch.

Chris Hill, So, 120 years ago, two guys in Wisconsin figured out how to make a water meter that could withstand freezing temperatures.

Now, Wisconsin is called the Badger State, and so they named the company Badger Meter, ticker BMI.