Michael Nicolletos

One, because you can do it for free.

B, because it's going to be commoditized.

C, because technology improves.

So you'll be using an older model, which doesn't charge, and you don't care because you're doing it for your home stuff.

And you'll be doing it with the old model because you don't really care.

Obviously, with the JP Morgan, Google.

Just if you're JP Morgan, Google, or the 50 largest companies that you'll use the last model in order to make your cybersecurity safer, you will pay, but that's not going to be a broad market.

I think in terms of technology, it's something huge.

And it's going to change our lives in terms of monetizing that technology.

The first monetization has already occurred in the private markets or during the IPO.

But I think you'll have a gap between the IPO and the next few years on how this recalibrates versus reality.

I think the CAPEX was done mainly for national security reasons.

That's why...

The U.S.

government allowed it because it needed to be ahead in this race.

But in terms of monetizing it and difficulty there, that's my thesis.

So if I were an investor and I haven't bought because I didn't get access to any of these, wait how this works out.

In the next six to a few months, I think you're going to get a much better entry point.

There's going to be a point, in my view, in the next 12 months where there's going to be a headline, you know, like for like, is CapEx working out?

Are the cash flows, is it sustainable?