Philippe Laffont

What do you mean by that?

What do you mean by that?

Tokens, I don't know. I put the greater, greater sign. Tokens are much greater than tariffs. Tokens, you mean AI tokens? AI tokens, yeah. So I sort of view tokens, I don't really understand as well as Dave for sure, all the AI models and stuff like that. But I sort of view tokens to an AI model is like fuel to a car or electricity to a computer, right?

Tokens, I don't know. I put the greater, greater sign. Tokens are much greater than tariffs. Tokens, you mean AI tokens? AI tokens, yeah. So I sort of view tokens, I don't really understand as well as Dave for sure, all the AI models and stuff like that. But I sort of view tokens to an AI model is like fuel to a car or electricity to a computer, right?

And Microsoft said that in their Q1, they processed 100 trillion tokens, 50 trillion alone in March. And so the tokens are really going basically vertical, which is probably because of these reasoning engines, which are much more sophisticated and require more compute power. And I think the market, it's a bit unfair for Trump, but the market did not just go down because of tariffs.

And Microsoft said that in their Q1, they processed 100 trillion tokens, 50 trillion alone in March. And so the tokens are really going basically vertical, which is probably because of these reasoning engines, which are much more sophisticated and require more compute power. And I think the market, it's a bit unfair for Trump, but the market did not just go down because of tariffs.

If you remember, it went down because people freaked out, we're in an AI bubble, AI is not really working, what's the ROI on AI? That was maybe, I don't know, half, a third to a half of the problem. And I think what Microsoft said is like,

If you remember, it went down because people freaked out, we're in an AI bubble, AI is not really working, what's the ROI on AI? That was maybe, I don't know, half, a third to a half of the problem. And I think what Microsoft said is like,

capex is going up and everybody has a gigantic shortage of chips right now that i know for sure from all of our private companies public companies there's a shortage of chip a shortage of compute power and so i think that's also maybe why the market's going up and so for me it was sort of a way emotionally i got so drained with the tariffs and thinking about tariffs and having to think about something i don't really understand and i feel now there's a chance

capex is going up and everybody has a gigantic shortage of chips right now that i know for sure from all of our private companies public companies there's a shortage of chip a shortage of compute power and so i think that's also maybe why the market's going up and so for me it was sort of a way emotionally i got so drained with the tariffs and thinking about tariffs and having to think about something i don't really understand and i feel now there's a chance

When you look at the next year or two, at some point, tariffs goes away. Trump makes this big deal with deregulation. The tax breaks sort of cancel out the tariffs. We move on and what are we left with? We're left with tokens. And I think the world of tokens, for me, I've been doing this for 35 years. It's maybe the most exciting trend and thing that I've seen.

When you look at the next year or two, at some point, tariffs goes away. Trump makes this big deal with deregulation. The tax breaks sort of cancel out the tariffs. We move on and what are we left with? We're left with tokens. And I think the world of tokens, for me, I've been doing this for 35 years. It's maybe the most exciting trend and thing that I've seen.

And all these people that say, oh, this is the end of American exceptionalism. I almost wanted to say, no, you guys are wrong. This is the beginning of American exceptionalism because we've got Wall Street, we've got Silicon Valley, and we still got a pretty good government that at least tries to get stuff done. So I'm pretty excited by that.

And all these people that say, oh, this is the end of American exceptionalism. I almost wanted to say, no, you guys are wrong. This is the beginning of American exceptionalism because we've got Wall Street, we've got Silicon Valley, and we still got a pretty good government that at least tries to get stuff done. So I'm pretty excited by that.

Well, I think you guys have summarized the situation pretty well. I would just add just a couple of small things. One is the market cap of Google is like $1.8 trillion and that of ChatGPT is, let's say, $300. So Google is worth $600. chat GPT and is that the correct ratio into the future or not? The second one is I was around, sadly, in the times of the yellow pages.

Well, I think you guys have summarized the situation pretty well. I would just add just a couple of small things. One is the market cap of Google is like $1.8 trillion and that of ChatGPT is, let's say, $300. So Google is worth $600. chat GPT and is that the correct ratio into the future or not? The second one is I was around, sadly, in the times of the yellow pages.

And I remember when the yellow pages, the way you go somewhere to bounce and go somewhere else. And basically these yellow links got replaced by the blue link and the yellow page companies went away. Now, part of the reason they went away is they were very levered. Google has no leverage, sits on a lot of cash and Imagine what someone like Elon would do if he had to re-engineer Google.

And I remember when the yellow pages, the way you go somewhere to bounce and go somewhere else. And basically these yellow links got replaced by the blue link and the yellow page companies went away. Now, part of the reason they went away is they were very levered. Google has no leverage, sits on a lot of cash and Imagine what someone like Elon would do if he had to re-engineer Google.

I think it's a much larger company, let's say, than Twitter. So the part that I'm wondering about, I haven't made an opinion on Google, is like, hey, is this the next IBM? You're going to stick around for a really, really long time, but you're just not going to be a company growing as fast as you used to, and maybe there'll be little growth, and you just sort of struggle ahead.

I think it's a much larger company, let's say, than Twitter. So the part that I'm wondering about, I haven't made an opinion on Google, is like, hey, is this the next IBM? You're going to stick around for a really, really long time, but you're just not going to be a company growing as fast as you used to, and maybe there'll be little growth, and you just sort of struggle ahead.