Jordi Visser

The other thing is they finished and everyone's panicked like Amazon.

The stock's down 10%.

Okay, their revenues were the weakest of the hyperscalers, up 14%.

Nominal GDP in this country

is 7%.

And I don't think it's going higher than that in the near term.

That's really high.

And yet these companies are getting a huge multiple in their revenue.

So when you look at those four companies and people are like, I think this is a problem.

These guys aren't going to get the revenues.

I'm like, the lowest of the four was 14% year-over-year revenue growth.

They're still growing

rapidly.

And that's with Amazon, which is part, you know, driving around trucks and dropping stuff off.

These companies are making a lot of revenues.

The problem is for them, they're also spending tons of money.

And I do not believe they should be trading at the multiples that they are.

Software companies should not be trading at the multiples that they are.

Amazon, when it started to destroy retail stocks,

Back in the early 2011, 12 period, retail stocks started to fall, very similar to software.