Nicolas Owens

That's what I keep saying.

It's sort of a... mostly a wash.

We actually lowered our fair value.

That probability weighted to 62 from 63 today.

The cost of the... But it actually raises the moonshot value.

So I think it...

The whole idea of Cursor, my understanding was it was to bring on these people who will be able to make Grok learn better and be more useful for coding-type applications.

So I give them benefit of the doubt and say, let's make that true.

And it was originally structured as an option to buy if that, let's say, likely or proves out.

I think they kind of just jumped to the finish and said, let's do it.

The...

So kind of the purchase price, the outlay and the dilution of $60 billion of equity is offset by an adjustment I made in the forecast of, let's say, greater enterprise-type revenue from that audience.