Josh Gilbert

We're not...

seeing anywhere near the same level right here we're seeing businesses continuing to generate revenue continuing to generate profits and that's the biggest thing is that this is changing industries every single day and i think we're just at the very early innings of this this is just getting started this isn't a one-year story this is a you know a decade-long story for these businesses and as i say we're definitely seeing the broadening of the ai trade it's not just about chips now it's

NVIDIA's networking revenue, which is basically the layer of everything that goes into an AI factory, for example, they're looking to become the full stack infrastructure layer of AI.

So it's not just about chips.

It's about networking revenue.

It's about, you know, you talk about SpaceX, right?

They're looking to take data centers into space.

So there's so much where companies are trying to figure out bottlenecks at the moment.

There's huge opportunity here.

And I think that, like I say, it is broadening, but NVIDIA still leads the AI trade.

Okay, you mentioned SpaceX.

Yeah, look, I think SpaceX is a very interesting one, to say the least, right?

It's part space company.

It's part AI business.

So...

I think there's a lot to it.

And I think whether you're bullish on the AI story, interested in the space, the Starlink opportunity, we're going to see attention across all sides of the market.

The question mark obviously is overvaluation.

I think in the prospectus that we saw looking towards $2 trillion on $18 billion of revenue in 2025.

So although this is a generational business, I think that even though you're generating $18 billion in revenue, you're losing $5 billion in