Matt Robinson

Maybe you guys could start with, you know, for someone who's getting into the research

What's the big takeaway here and how did you even think about building a framework to analyze a business like this?

It's interesting.

It was making me think of GPUs and how do you, I was talking to some finance folks about, okay, well, what is the value of these H100 chips going to be in a few years?

And everyone's kind of shrugging their shoulders like, you know, and sort of putting it out there.

And it's kind of seemingly like a parallel to these models.

Like, what is the value of, you know, GTP4 like three years ago was, you know.

So how do you think about that?

One question I have is like, you know, you talked a bit about compute and costs there.

And, you know, this may be a little down in the weeds, but the cost of compute in sort of buildings models is going down.

And how do you sort of see that kind of going forward?

I'm curious, you know, the opening has got a little bit of slack for saying that they may introduce ads, which is, I thought, kind of peculiar that they did, because we all have been, I mean, I've been using Gmail for 20 years.

And actually, in preparing for this, I stumbled upon some research from Google, Larry Brennan, about how they were sort of against ads in the beginning.

And they, you know, changed their minds.

And I'm just curious how you think about ads and how that, you know, if you have, what, they have 800 million eyeballs every week or, you know, how that might play into this.

And that was helping with conversions, right?

With Meta's ads.

Yeah.

Right.

I guess everyone can just make up their own ad and, you know, it's a lot easier to do that.