00:35:53 · John Coogan, Gavin Baker
[00:35:53] S0: Interesting. [00:35:54] S2: In private markets Yep. Once those are fully unlocked. Because they have to be public and unlocked. Interesting. So I think you will see mutual funds, you know, and they they've they've always been involved. You know, my former colleagues, Capital Research, zero price, m Sam, g Sam, you know, Franklin Templeton. If I forgot anyone, I'm sorry. I love you all. But, like, they've been they've been pretty involved. I mean, the sovereigns have been very involved, particularly, you know, particularly the ones in the GCC and particularly the ones in The UAE. Yeah. Like MGX Mubadala. Mubadala, all the sovereigns there. I mean, Atreides and Valor, we co led Crusoe with Mubadala. [00:36:41] S0: Yeah. [00:36:42] S2: So I think the The UAE in particular has been extremely front footed [00:36:47] S0: Yeah. [00:36:47] S2: With all their sovereigns with respect to AI. [00:36:50] S0: Yeah. And now Apollo is taking a stake in Mubadala, which sort of completes the the cycle. [00:36:57] S2: Yes. Yeah. But I mean, that... That's gonna have to evolve. But it's also... Do think we're probably getting has these underpriced... So all these clouds, they signed contracts at well below what are below market values. And has those contracts reprice higher? Has they bring on more compute with more spot like we discussed with, you know, the same thing that CoreWeave is is is trying to do. I do think you're going to see... Like, there's a pretty big acceleration in the clouds last quarter. [00:37:35] S0: Mhmm.
00:37:35 · John Coogan, Gavin Baker, Jordi Hays
[00:37:35] S0: Mhmm. [00:37:36] S2: And, you know, forget relative to expectations this or that, but I think you're gonna see a pretty continuous acceleration in the sum of the big hyperscalers cloud revenue growth, the neo clouds. That number is just going to continue to accelerate. And then, you know, it's it's dropping down at very high margins so that, you know, operating cash flow is following. And then you're gonna be able to, I think, finance probably more than people think of the 2027 build out out of cash flow. Like, I don't know if we've seen the peak of external financing, but I think we're getting close. Yeah. Yeah. That's... And that'll be really helpful. [00:38:23] S0: Totally. Yeah. No. No one can complain about that. That's just, yeah, investing in the future. [00:38:28] S1: AI skeptics will be... [00:38:30] S0: In a bad place. [00:38:31] S1: In a horrible place. We're gonna have to check on check on them. For sure. You're gonna have to go around. [00:38:35] S2: And and look, maybe I'm maybe I'm wrong and, you know, but like, I will change my mind when the facts change and I'm just gonna try and keep calling balls and strikes. And then trying to, you know, be an advocate to help understand ordinary Americans that this technology can and should be awesome for them.
00:38:35 · Gavin Baker, Jordi Hays
[00:38:35] S2: And and look, maybe I'm maybe I'm wrong and, you know, but like, I will change my mind when the facts change and I'm just gonna try and keep calling balls and strikes. And then trying to, you know, be an advocate to help understand ordinary Americans that this technology can and should be awesome for them. [00:38:54] S1: Yeah. Yeah. Yeah. I'm I'm I'm very interested to see how Anthropic and Open I... OpenAI becoming public companies like impacts like overall sentiment specifically on x. Because right now, you have such a small number of people that actually hold shares in these companies. Oh, Right? And so like, maybe there's 50,000 people that have some incentive to be relatively optimistic. One, you know, or you know, you should be able to see both the the bull case and the bear case for for any company. But when that changes and you have millions of people globally that suddenly can have exposure, how does sentiment change? Right? And I think I think people are gonna be... I I think it will be less... Much less extreme once you have the the the sort of middle of the road investor has some exposure. Right? It's not like totally binary, where like very very small number of people have exposure. Like... And and and it's direct exposure. Right? Because if you happen to own Yeah. Shares through some retirement fund or through a hyperscaler or things like that, it...
00:38:54 · Jordi Hays, Gavin Baker, John Coogan
[00:38:54] S1: Yeah. Yeah. Yeah. I'm I'm I'm very interested to see how Anthropic and Open I... OpenAI becoming public companies like impacts like overall sentiment specifically on x. Because right now, you have such a small number of people that actually hold shares in these companies. Oh, Right? And so like, maybe there's 50,000 people that have some incentive to be relatively optimistic. One, you know, or you know, you should be able to see both the the bull case and the bear case for for any company. But when that changes and you have millions of people globally that suddenly can have exposure, how does sentiment change? Right? And I think I think people are gonna be... I I think it will be less... Much less extreme once you have the the the sort of middle of the road investor has some exposure. Right? It's not like totally binary, where like very very small number of people have exposure. Like... And and and it's direct exposure. Right? Because if you happen to own Yeah. Shares through some retirement fund or through a hyperscaler or things like that, it... [00:39:59] S2: And maybe and maybe some of them will do what Elon did, you know? Every child in America is gonna have a share of SpaceX. Sure. That's awesome. I think that's way better for America than setting up some foundation [00:40:09] S0: Yeah. [00:40:09] S2: That, you know, a board or a bunch of bureaucrats are gonna decide how to allocate the money. Yeah. You know, just give people the money. Yeah. Like, I hope, like [00:40:19] S0: That's simple. Yeah.
00:40:19 · John Coogan, Gavin Baker, Jordi Hays
[00:40:19] S0: That's simple. Yeah. [00:40:20] S2: Let people make individual decisions. Yeah. And, you know, I would, you know, I would encourage more company and more, you know, more wealthy people in America to do what Elon and Michael Dell and and, of course, you know, my friend Brad Kirschner [00:40:34] S0: Yeah. [00:40:34] S2: Have done. That's great. That's awesome for America and great for capitalism. [00:40:38] S0: Yeah. And it's... It feels so important that that infrastructure got built before the big liquidity wave, before SpaceX goes public so that it's there, it's and been tested and it's been implemented and rolled out so that anyone who wants to participate in that can actually go and, like, take advantage of it without needing to, you know, say, oh, it'd be nice if the government had a program that would let let me give shares directly to the American populace. Like, nope. It's there. It works. It's up to date. Like, it's in the App Store. You can go download it. [00:41:07] S2: Yeah. Just give give people the money. Yeah. Give everybody stake in capitalism. [00:41:11] S0: Yeah. No. I completely agree. It's great. Well, thank you [00:41:14] S1: so We'll see very soon. [00:41:15] S0: We'll see you. [00:41:16] S2: Yeah. Tomorrowxsummit.com. [00:41:18] S0: Check it out. November seventeenth, eighteenth, Austin, Texas. We'll see you there. Have a great rest of your day. Cheers, guys. [00:41:25] S1: Good to see you. Goodbye.