Tom Gardner

speaker

979 appearances 13 recordings 1 series first heard Oct 2025 last heard 16 Aug

Tom Gardner’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 13 in all, peaking in Jul 2026 with 4.

newest first · ▶ plays the moment

And the demand for AI enterprise right now is off the charts

Meanwhile, Meta does not have a cloud business and does not have backlog.

Its business is advertisers, and advertisers can cancel in difficult economic times.

So the quality of the revenue across these businesses is very important to distinguish between the companies.

Then I will just add that the capex spend, so not only are we talking about the quality of the revenues, but the capex spend that is so dramatic

We're talking about these four companies collectively spending over $600 billion in capex this year.

We've never seen anything like this in human history on this scale.

But when we talk about Meta's capex, they're spending, again, against advertising markets where

There are some real questions about consumer confidence.

The consumer drives 70% of the U.S.

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.

Showing 141–160 of 979 · page 8 of 49