Tim Stenovec

What's the damage that we'll see in your view?

What's your prediction?

On a rock, do they really have to figure out their own LLM?

I mean, how much of open AI do they own?

How do you do that?

How do you do that from just a resources perspective if you have spent so many billions of dollars

supporting OpenAI and ChatGPT?

The acquisitions, Red Hat, HashiCorp, Confluent, that's a big part of the spend.

Is that like looking to sort of what Salesforce has done in recent years, growing through these acquisitions?

On Microsoft, James, you own Microsoft in your clockwise U.S.

core equity ETF ticker time.

It's the sixth biggest holding, about 4.6% of the fund.

It's down 3.6% after hours, 464 roughly.

Would you buy at these levels, add to your position?

Not into the metaverse.

We should note that meta shares extend their gain to more than 5% right now.

So there are a lot of people out there, Kurt, who are believing this story.

It's not like this, though, every quarter.

There have been quarters of late where...

Meta platforms, I almost said Facebook, comes out and says, we're spending more money than you want us to spend.