Rory Sutherland

I mean, literally at some level, now I'm channeling my inner Jason.

We underwrite bigness and we underwrite growth.

And this is bigly and growthly.

It's a big market and it's growing like a weed.

I mean, it's 350 million, but I think it's kind of like 5x year on year.

And I don't have the numbers I used to a while back, but explosive growth, right?

It's like parabolic growth quarter on quarter.

So that's what they're underwriting.

I mean, as I say, you can pencil out a multi-hundred billion dollar market cap here.

Now, having exuded optimism, it is just worth pointing out there are a large number of practical issues for the Waymo business and even more so for the robot taxi business.

And circling back to where the data centers and space business, there's just a large number of things that the market is effectively discounting as practical.

Google will solve it, or Elon will solve it, or Moore's Law will solve it.

There's just a lot of wood to chop here.

When you see this kind of discounting of the future and the discounting of problems, there's a little part of you that says, are we at that point in the cycle where we are just getting way ahead of ourselves?

What are the biggest problems that we're discounting, do you think, Roy?

First of all, the Waymo works, but the problem is cost structure at a high level.

Waymo works, and the problem is cost structure.

The Tesla product doesn't quite work yet, but if it does, the cost structure will be lower.

Waymo has the physical costs of the more expensive cars.

It has, obviously, including the LiDAR cost, and then less visible.