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Eventually these models that are being built will, we'll lose control of them, right? And they'll go off, they'll, they'll escape the lab, so to speak, and they'll be able to kind of self-replicate and then eventually threaten all of humanity.

It is, though, I think, a hypothetical fear.

Like, if you look at what's actually happening inside these labs, the models have not reached the, the, the, the thresholds that I look for, which are like the ability to, to run so efficiently that they could lit- literally go anywhere, right? They don't have to be in a data center.

I mean, the research that, that these companies are doing, like they had a, OpenAI had a big math breakthrough the other day.

Millions of dollars in compute just to, to do this, right? And they still, even the stuff we use, you know, at home nowadays, it still has to run in these huge data centers with many, many, you know, $40,000 GPUs.

This is not like going out in, in the world and escaping at this point, and it also can't learn.

Go ahead, Reid

Uh, but if the markup is lower and lower, do we see that sort of, uh, unlimited demand can, you know, persist?

Well, I think there's two or three...

There's, there's actually two or three sort of different things going on there, right? One is who's, who's actually selling the equipment for the data centers, right? The GPU providers.

Um, then you've also, you've got the, the model providers, right? Who are, who are creating the software, the application layer, the, the frontier models for, that run on these things.

Um, and then you're actually talking about the, the data center services providers, right? The, it, you know, just having a data center and being a dumb, you know, essentially like rack provider is not actually like a great long-term business.

It's pretty good now.

But that's why like these companies, like CoreWeave, they wanna offer services on top of the data center, right? So there's actually like three things going on.

... talk through what happened and why you feel that way.

Let's just give you, you know, the bullet points." Then you go away.

away.Yeah. No, I, I, I, I see what you mean.

Um, I actually, I like Gemini too.

Like, I, I use that.

I think it's good for, like you kind of said, anything visual.

Like, I used it to try to, like, redecorate my house, which, you know, was like just, just in mayhem.

And so it was really helpful for that.

Reed, i- is this going to be the year and why ha- why is Tesla and, and not really viewed in the same league as Waymo? I guess, it's not as good?

The big question we've been talking about on this show for a long time, which is, what is the valuation of these chatbots and these m- from foundational model companies and when is it gonna be justified? And I guess if you gobble up the whole web, you're okay.

Well, you know, like, so you mentioned sports scores.

That's an interesting one.

Like, people used to bu- uh, used to pay for newspapers so they could open it up and see the sports score, right? And then, you know, online publications started putting the scores up.

And now I think the way it works is if you, if you Google a sports score, you just see the score right there, and I, I believe they have a deal, maybe it's with ESPN, but, like, eventually, it's, it's gonna...

I think they (laughs) just get those scores directly from the leagues and they're just gonna be paying the league for that information.

This is not really a, it's not, that's not really, like, a valuable service that somebody, that some publication is providing.

That's, that's the question, right?

Does the fact that all these share prices have gone down as much as they have, you know, does the fact that Nvidia could lose a cool half trillion dollars [chuckles] in a couple of months, uh, does that impact the tech industry's willingness, ability to continue to invest in AI? What do you think, Reid?

Reid?No, I, I think that the investment in AI will continue.

Um, you know, there's a...

I think there's two things happening.

I mean, one, for sure, like if you look at the private markets, there's plenty of money to go into these, you know, in, in, into building, you know, building out AI infrastructure, et cetera.

Um, I think there, there may be a question around like is it gonna be the public companies that do that? Because, you know, Amazon is, is spending, you know, $100 billion this year on AI infrastructure, [clears throat] for instance, and Microsoft is not far behind that.

You know, all these companies are spending huge, huge dollars on building out their AI infrastructure, which there is huge demand for as well.

So what have you found and, um, and which part of the executive statement should we believe the most?