Rory Sutherland

They're killing it.

Remember, we're going to make Google dance.

Remember that?

Have you seen the stock chart since he said that?

It's an inverse correlation.

Negative dancing.

And I think what's happened is the narrative shifts.

And suddenly the things that were perceived as strengths are realized as weaknesses.

There's truth to the shift of the narrative, which is they don't have this compelling part.

And then one day you miss Azure growth by 1%, and everyone goes, oh my God, narrative change, and out they go.

And that's what happened here.

Interestingly, of all the mega caps, the bag seven, with the exception of Tesla, obviously, which trades at an astronomical multiple, all are kind of in that 23 plus or minus forward PE.

And there was a period where Google was at a compelling discount to that.

And if you bought, you're up almost 100%.

And now they're all much of a muchness.

So if AI keeps eating everything, it gets harder and harder to

to have a compelling software business without having relevant products in that space.

And in the end, that's a tax that Microsoft is going to have to pay too.

So I'm trying to answer your question.

They're probably appropriately priced for now, but the real truth is they have to get their act together as a set of products that are relevant in the AI world at the knowledge worker level and at the Azure level, at the model level, if they're going to be at the right price 10 years from now.