Rene Haas

We announced the Stargate initiative in January of 2024, $500 billion over a number of years.

People looked at those numbers and said, how is that even possible?

Now, 18 months later, it looks quite, quite credible.

So, bottom line is, we are seeing such an investment because the AI opportunity, the way I like to think about it, is kind of the final frontier relative to technology.

When you think about what could be beyond AI, it's really hard to imagine.

Also, the fact that AI has really had very little penetration, let's say, into large enterprise or into our health systems or things around drug discovery.

So there's a long, long runway.

I think people are a little nervous about it, as decidedly so, because we've not seen it before, right?

We've not seen the order of magnitude we're talking about.

So it's somewhat natural for you to look at it and say, well, gravity's got to hit it sometime.

But then if you intellectually look at it and say, my gosh, is AI going to be something that will change and transform how everything is done?

Well, of course.

And then there's going to be investment to support that.

And that's what we're saying.

Well, I have one very large shareholder who I talk to quite frequently who loves Arm and he's very long on Arm.

So he has no intention to sell at all.

And I shouldn't even say anytime soon.

I don't know when that would be, quite frankly.

We do talk about it.

He said he's got no interest in selling.