Rick Munarriz

Alphabet, 75% increase in AI-related spending.

Amazon, 50%.

Meta, 90%.

Microsoft, 69%.

which seems to be bringing a BB gun to an arms race, up 35%.

And they're all expected to grow.

They were spending in 2026, and understandably so.

So let's talk about this, Samit.

What do you think are your expectations?

Are these companies going to be spending more or less, these five big hyperscalers?

And you may call Apple a hyper-failure if you want.

I don't mind.

Do you expect growth rates to continue, A, growing, and B, at the kind of speed that we're seeing it grow?

I think even though we're saying, well, hey, scalability, it should get lower.

AI should get cheaper.

We're not seeing that.

And I think at this point where you have to keep up with the Joneses, especially if you're in the Mag 7 and you want to keep up in this race.

And I think Apple will eventually do it.

I think Apple right now is almost like Nintendo in the console war that they almost feel like

hey, we have a great brand, you know you're gonna buy us, our kids love it, and we have IP, we're very easy to use.