Robert Armstrong

And I think that's an important difference.

Cheers.

Yes.

Well, let's just be clear.

The amounts of money these companies are now talking about, Amazon, Google, Microsoft, Meta, are unbelievable, right?

I mean, there's numbers being thrown around like

you know, the amount of spending as a percentage of GDP somebody was taking today is more than was spent on the transcontinental railroads.

You know, it's like, I mean, I don't know what percentage of GDP the Great Pyramid of Giza was, but like, this is like titanic amounts of money.

And I think the anxiety we've seen building for a number of months here is,

What is the ROI on these sums, hundreds of billions of dollars, the amount of revenue you're going to have to generate to make that a project comparable in profitability to the historical business of an Amazon or a Meta or a Google or a Microsoft are just staggering.

Yeah.

And so like, are these companies becoming structurally less profitable in the AI era?

Maybe.

And I think that's what, you know, Amazon is down, you know, 15% lower than it was a few days ago.

I think that is what the market is thinking.

Yeah.

You know, these may not be as, you know, they may be great AI companies in their next iteration, but AI might not be as good a business as their old business was.

And there's no way of going back.

You can't just sit by the sideline either.

Okay, I think this is...