Scott Galloway

And most of these companies are doing that except for Meta.

We should also maybe mention Apple.

Notably, there was no change to their CapEx policy.

However, they did announce that they're going to buy another $100 billion worth of shares.

I mean, this company just loves buybacks.

I think eventually they are going to get punished for this, honestly.

I think, I mean, we're seeing the return on AI.

We'll see if John Ternus ends up deciding to actually invest more in this.

But, you know, what we're seeing with all these tech companies, they want to own the rails.

They want to own the infrastructure.

That's what they're doing.

They're getting paid for it.

I think they will continue to get paid for it.

So this was arguably the most important decision for Apple of the last 10, 20 years.

probably 10 years, deciding not to invest in data centers, not to participate in the AI race.

Jury's out on whether it was the right decision.

But the more I see these numbers, these cloud numbers from Amazon, Microsoft, Google, the more I think, you know what?

They might have made a mistake here.

But the market's rewarding them.

I mean, Apple is up.