Philippe Laffont

or can they completely re-engineer their business? And they do have two great businesses, Waymo and YouTube, and really cloud and all the cloud apps. So they have three great businesses. And then they have this one search business. Like you said, maybe it's 60% of the revenue. It's probably 85% of the profits because it's just so profitable.

or can they completely re-engineer their business? And they do have two great businesses, Waymo and YouTube, and really cloud and all the cloud apps. So they have three great businesses. And then they have this one search business. Like you said, maybe it's 60% of the revenue. It's probably 85% of the profits because it's just so profitable.

110, right? So you're right, because some of these others lose money That's actually a good point. So if you put that together, it's just a classic innovator's dilemma. And imagine that they create a Gemini app and we start downloading the Gemini app. I would love to be the fly on the wall between the head of the Gemini app and then the head of like the search box.

110, right? So you're right, because some of these others lose money That's actually a good point. So if you put that together, it's just a classic innovator's dilemma. And imagine that they create a Gemini app and we start downloading the Gemini app. I would love to be the fly on the wall between the head of the Gemini app and then the head of like the search box.

And they're both fighting because one guy is stealing the business from the other and stuff like that. Personally, me, I found that these stocks, they're like a little bit too complicated for me. And I think that sometimes in life, you just got to say, hey, this is just tricky. There's like a lot of forces at work.

And they're both fighting because one guy is stealing the business from the other and stuff like that. Personally, me, I found that these stocks, they're like a little bit too complicated for me. And I think that sometimes in life, you just got to say, hey, this is just tricky. There's like a lot of forces at work.

But the one thing stepping out that I would think about is there was this concept of the max seven. And for the last two or three years, everybody is like, oh, you just need to own the max seven. It's really easy. I can do it on my own.

But the one thing stepping out that I would think about is there was this concept of the max seven. And for the last two or three years, everybody is like, oh, you just need to own the max seven. It's really easy. I can do it on my own.

And I think what AI is showing is that at a time of great change, and like you guys said on the show, a couple of you, AI is sort of precipitating so many fast changes. To me, it's a little bit like the end of the Mac 7. And what we should do is almost think like, hey, what is the next? Remember when the Mac 7 used to be Fang and then Fang++ and nobody talks about Fang anymore.

And I think what AI is showing is that at a time of great change, and like you guys said on the show, a couple of you, AI is sort of precipitating so many fast changes. To me, it's a little bit like the end of the Mac 7. And what we should do is almost think like, hey, what is the next? Remember when the Mac 7 used to be Fang and then Fang++ and nobody talks about Fang anymore.

And now, I don't know, like with the Mac 7, the Sexy 6 or the Fabulous 5, there's going to be a new index that comes up. And I think we should think about like, who's going to be on the new index, which private companies, which public companies. And I think Google for sure has some struggles, but it's got a lot of advantages and a lot of cash.

And now, I don't know, like with the Mac 7, the Sexy 6 or the Fabulous 5, there's going to be a new index that comes up. And I think we should think about like, who's going to be on the new index, which private companies, which public companies. And I think Google for sure has some struggles, but it's got a lot of advantages and a lot of cash.

I think they're right to invest. I find these companies that decide to harvest you know, the cash cow and buy all their shares back, you know, it never really works. I think that the only chance that Google has to create an amazing company is you got to take some risks.

I think they're right to invest. I find these companies that decide to harvest you know, the cash cow and buy all their shares back, you know, it never really works. I think that the only chance that Google has to create an amazing company is you got to take some risks.

At the end of the day, the man in the arena, he who takes the risk usually gets the spoil and they've got to invest in the future. It'll be interesting to see if their shareholders, you know, agree with that or not.

At the end of the day, the man in the arena, he who takes the risk usually gets the spoil and they've got to invest in the future. It'll be interesting to see if their shareholders, you know, agree with that or not.

I wish.

I wish.

Yes, where there's so much more usage, imagine you get, you lose 99% of one bucket. but you're only getting 10 or 20% of the new bucket.

Yes, where there's so much more usage, imagine you get, you lose 99% of one bucket. but you're only getting 10 or 20% of the new bucket.