Matt Frankel

I think they're closer on the taxis product than the robot product.

Within two years, maybe we'll see some robo-taxis.

I think they're testing in Austin, I think is where they're testing robo-taxis.

I push back that you're the most skeptical of the three on pulling off the robot thing.

But yeah, you're right, they have limited

Capital, they do have a good ability to raise more, if I'm being fair.

Tesla has sold shares to raise capital in the past.

With a $1.3 trillion valuation, they wouldn't need to dilute shareholders very much to get another $20 billion, $40 billion if they needed to.

I don't think we're going to see mass production of robots or robo-taxis in two years, but I'm not sure that we need to.

Tyler, I noticed that trend, too.

In the third quarter, there was a clear theme of Meta and a few others being punished for increasing their CapEx outlooks.

But now it seems the market's buying into it, or at least just assuming that CapEx is going to be more than initially expected, no matter what.

In Meta's case, as you mentioned, it's a very big increase, roughly double 2025's level.

What makes it even stranger that the market's fine with it,

is that Meta is spending all of this money to largely provide infrastructure for the least profitable parts of its company.

They gave fantastic first quarter guidance.

I have to think that's the main reason we're seeing the stock rally higher.

On Microsoft, you really hit the nail on the head with the open AI concern.

Look how much Oracle is off of its highs recently.

OpenAI is substantially all of their backlog.