And that's why

I think you've got to do the pricing work when you're not being emotional and things aren't moving around.

And that's what got us so comfortable with the IPO is I started kind of two months before the IPO, I was having dinner on Katy Trail and I just sketched out on a napkin.

I'm like, man, these guys could do $200 billion in three years.

I'm like, it's not that expensive.

And then Morgan Stanley came out with their 330 number, which is, I think, what sort of the institutional community used.

And Goldman threw out 450, but I think people are doing the 330 number.

So where do you think, give me just a broad sense of where you, do you think the markets, do you think the overall market's in a good place in terms of year end? Do you think we're going higher from where we are today?

Do you want to walk through a few of those?

Yes.

So Meta... incredible earnings growth, incredible price and volume on the ads that is being served up by Meta.

And the stock has got punished the last couple of earnings reports as Mark has reinvested CapEx to grow his business.

We think that aligns with our vision where these founders see where the market's going, and then they execute to grow.

So we appreciate that Mark's reinvesting in his business.

And when businesses are growing, remember Q1 grew at 30%.

And so the durability of Palantir has been in question this year, but I do feel like some of the staggering growth we saw yesterday kind of silenced a bit of that doubt.

And what does that mean for some of those companies that are obviously seeing the benefit from that today, like your Dells, for instance?

Yeah, so the beneficiaries were seeing Dell, right? They're winning in two phases in AI.

Number one, as we saw in the report last week, they absolutely blew out AI server growth well ahead of street expectations.

The guide was higher, the backlog was higher, and it's really showing that this is going to be a big business for Dell.

And the differentiator is you and I with a casual question like, what's the best subway to take to the New York Stock Exchange? We can put that data in the public cloud.

But if you're a hospital or an airport or the defense department, you can't put that data up into a public cloud.

So you have to have a server on-premises to do your AI workload, running the foundational models.

He absolutely...

Why is Palantir misunderstood?

So Palantir is going through a transition of its shareholder base.

If you look at the actual performance of the company, remember last quarter they went from a rule of 127 to 145.

So you have not only expanding revenue growth, you have expanding margins.

It has traditionally been an expensive stock, but it's not particularly expensive on PE to growth.

But I think what's going on is Alex's retail investors have moved on to chase the socks and the semis, and we've got a transition period.

We're going to transition from his retail base into a more traditional institutional investor base.

What about Oracle? Misunderstood.

So what do you think about the state of the AI trade, Michael Monaghan?

We're very constructive on it.

As you see at some of our top holdings, we own not only Palantir, but we own Oracle and NVIDIA.

And as we saw from the earnings report from the hyperscalers last week, the build-out of AI continues to be at very high rates.

And so we think we're early on in this trade.

We're very constructive on both the AI trade and enterprise software.

We think that the enterprise software valuation compression was well overdone, and we'll see accelerated revenue and accelerated margins.

Michael Monahan, what do you tell people who want to trade AI, who love tech or software? What do you think?