Rory O'Driscoll

They should see the biggest impact from bumps.

And there's no reason, actually.

Listen, I'm not saying that that these are even the best companies we've ever had, but there's no reason I don't think they will rebound as the overall trends.

I think these are just jitters.

The overall trend, I think, is still we're still anti-gravity here.

It is interesting you lose so much over guiding 100 basis points lower.

Yeah.

What's really interesting, and I'm not smart enough to fully predict this, who gets a pass on gross margins and who doesn't?

If you're a Broadcom or someone, you're not getting any pass, even though you're getting massive AI spend.

We're very worried.

All we care about is we're worried you're going to lose insane profitability in the semiconductor industry due to AI.

Oracle got this great pass until it didn't.

CoreWeave gets apparently an entire pass.

OpenAI does.

Meta doesn't.

I can't keep up with who gets the gross margin pass.

All I know is we learned in Palantir some folks deserve the pass, and then we're going to find out some don't deserve a gross margin pass.

I don't know.

Not Anthropic, right?

Yeah, sorry, Casa.