Tyler Crowe

Whatever side of it you put it on, either before two years or after two years, I think today's announcements really start to set the clock on expectations for Robotaxis and humanoid robots in a way that we haven't seen before in Tesla's earnings.

After the break, we're going to talk about the dichotomy of Meta and Microsoft's earnings happening today in the market.

In other magnificent seven earnings this week, we had the tale of two reports coming out today.

Shares of Meta are up about 9% as we record the show.

It beat revenue and expectations.

But what blew me away was the capex guidance.

We were just talking about $20 billion at Tesla.

But Meta plans to spend close to double its 2025 capex, and that's between $115 billion and $135 billion in 2026.

On the other side of the coin, we have shares of Microsoft, which are down 12% as we're recording, after the company reported that its Azure cloud computing unit growth slowed a bit.

It, too, is ramping up capital spending.

And it also said its future sales backlog nearly doubled, with a significant increase coming from its investment in OpenAI.

Guys, it feels like we're having a freaky Friday moment, because we did this last quarter, more or less, and it felt like we had the exact opposite reaction here, where everyone looked at Meta's ambitious spending and went, whoa, whoa, whoa, and while Microsoft was wholly solid and people were like, yeah, there's a business behind this to really drive this forward, and now we're getting the exact opposite reaction three months later.

I'm curious if both of you saw this as well, but I really want to start to wonder is...

are we betting on AI or open AI specifically with a lot of these AI investments?

With Microsoft this quarter, that backlog number we saw, it was very much an open AI story, and a lot of it going to them.

We saw this kind of reaction last quarter after Oracle announced its massive backlog was basically a bet on open AI as well.

Should investors in companies with large exposure to open AI, like Microsoft or Oracle,

be a little more nervous than perhaps some of these other AI bets we've been talking about.

To your guys' point of trying to pick the winner each quarter, it seems a little bit silly.

It's a reminder to all of us, this time last year, most of the market chatter was, Alphabet is the AI loser, it's falling behind.