Mark Gurman

I think a lot of the economics that we've made add the specialization of the niches.

So, you know, domain specific knowledge will always be very important.

And so, you know, I think just general knowledge is probably gonna be not take the economics.

And so what really matters is like being able to like put this into ROI.

Now, at the same time, it doesn't mean that if you have a stronger model, that doesn't mean it doesn't create more competition for existing incumbents.

So I don't think the battle is won or lost for these companies.

I think it's just important that they stay front-footed in incorporating the latest technology trends into their platform.

Yeah, so I think that, you know, memory is a fascinating industry because one is secular trends and AI is not just new TAM.

And then we've also gone through multiple years of underinvestment because memory has been a downturn.

So I think one, it is that they're secular, but there's also cyclical elements of it.

So, you know, in terms of our portfolio, we definitely own a lot of the bottlenecks where the economic value capture is in, such as memory.

At the same time, I think that

Cisco networking is also going to be participating in AI.

I think that the implications of the memory shortage is actually becoming more widespread and having implications that a lot of times the market didn't think about.

So it is fascinating, but I do think Cisco continues to be a really important company that's driving a lot of this AI adoption.

Tony Wong, D. Rowe Price, great to have you back on Bloomberg Tech.

Really appreciate it.

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