Tom Gardner

economy.

It's a very different thing that's developing at Microsoft, Amazon, and particularly Google right now, again, with that enterprise spend.

When they spend CapEx at Google, Microsoft, and Amazon, they're trying to catch up to cloud demand.

They're basically saying, our numbers were lower than they should have been this quarter because we cannot meet the demand.

The same is not true for Meta right now in their CapEx.

They're spending more into zones of uncertainty out there.

So I think the market reaction has been accurate.

And I will just say, again, the AI solutions is the primary driver.

Let's take just Google Cloud.

That's where the real business growth is.

And these are...

Enterprises across every industry now are racing to introduce AI solutions into their product solution suite in life.

These are lucrative, resilient, and very distributed spends for a company like Google.

I'm not surprised to see the stock up here.

I think Google's business is looking very, very good today.

I do start by seeing incredible opportunities downstream.

We're seeing the AI infrastructure build out.

As you mentioned, the costs of memory are rising.

Companies like Micron, what an amazing stock it's been.

This is a company that has been through incredible cycles in its history.