Lou Whiteman

How much of that is just startup here and how much of that is somewhat permanent if they do, quote unquote, succeed in moving people to the oral version?

What does that do to profitability?

That seems like a slippery slope as far as that being the answer.

I don't know if Novo has a good answer right here.

And as you say, it's only going to get more competitive from here.

I get the market's reaction.

First of all, to be fair, if I squint, I can see the current energy business in Tesla, which is the only part that's really growing, coming out of the solar city.

I guess maybe we give them credit for that in hindsight, but yeah, I know what you mean.

When I look at this

I look at it in the context of these reports that OpenAI and Anthropic are rushing to an IPO.

There's a beauty pageant going on right now, Travis.

Everybody, all of these huge capital-intensive companies want to tap equity markets at the same time, trillions of dollars, that's a lot of capacity.

They're all trying to look as pretty as possible, as attractive as possible relative to the competition.

If you combine SpaceX with XAI and all the potential of AI, I think arguably that is something that will capture the imaginations and make it easier to sell.

Backdrop here is that these more established tech giants, maybe we'll talk about them later, Alphabet, Amazon, they have revenue.

Meta, they are fueling their AI spend with their revenue.

We joked about this last fall, but for these guys that don't have that,

the best time to have gone public was yesterday, and it always has been.

They need to do this as soon as possible.

To the extent that you can combine a whole bunch of things that have captured investor intention or captured imagination and put them into one package, I think that helps sell the IPO, and I think that's what really is at the heart of this.