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- [00:00]
A
Gavin Baker, welcome to the show. How are you doing?
- [00:04]
B
Doing great, man.
- [00:05]
A
Yeah, fantastically. Right. SpaceX IPO. It seems like everything went just flawlessly to a tee, like to the point where it wasn't even dramatic.
- [00:15]
C
A round of applause for the bank, the banker. It's like 20%, 20% pop almost to its.
- [00:20]
A
Yeah. What I mean by that is like, is like it would have been more dramatic if it had like popped up 70% and then went down 30 and then went up 50 and it was drama, but it was just like perfect execution from start to finish. Was that how you interpreted it?
- [00:34]
B
I thought Goldman Sachs and Morgan Stanley did a very good job.
- [00:37]
C
Yeah.
- [00:39]
A
What do you think the market is looking for Space X next? Is it all eyes on the first earnings report? Like where do we go from here? Because there's so much of the Space X story pre IPO that was a decade out, five years out, two years out. But is the market going to be processing quarter by quarter plays like many other companies?
- [01:00]
B
Well, I think the market is always quarters matter. The runners on X, it's like they're these reply people on X for any topic or experts. But somebody once told me a Marathon is 26 one mile runs and then all the runners were like, no, that's not true at all. Obviously running a mile is different than running a marathon, but every quarter matters. But at the same time, I do think if you look at how the market has as looked at Tesla over the last five, six years, you know, Amazon during kind of the days of, you know, when they were building out AWS and then you know, kind of their, their retail distribution infrastructure when they go through these investment cycles. I do think the public market has a much greater tolerance for investment and a much longer time horizon than a lot of people in the venture ecosystem give it credit for. By the way, this is Foxy in the back. He's our, he's one of the analysts here at Atreides.
- [02:05]
A
I was just listening to him on the Brad Gerstner podcast. I think he chimed in on that. Right, you brought him with. There we go.
- [02:10]
B
Yes, he did, but he did the work on SpaceX, so I thought you guys might want to fantastic about that. But I do think. I'm not sure the story is as far out as you made it seem to be. I think there are two variables that are going to matter a lot over the next year. The first is just how quickly can they bring on terrestrial compute? It does seem like they monetize gigawatts at a higher rate than anyone else. We know from Jensen that they bring on data centers faster than anyone else, per Jensen's words. And everyone in the ecosystem is really incented to get landed power in the hands of people who can energize it because everybody starts making more money when the GPUs are energized. So you know, if they can. What, what are, what, what was the altimeter figure for how, what they were monetizing gigawatts at Foxy. Do you remember for which deal?
- [03:09]
C
Well, I think it was like two to three, wasn't it like at least two times higher than like average neocloud pricing? And that's partly in due to scale and customer quality and things like that, but it was meaningful.
- [03:21]
B
Yeah. So they're doing 50 billion a gigawatt on Google deal. So how quickly they can add gigawatts really matters. Yeah, right. If you can energize 2, 3, 4 gigawatts in the next year, that's a lot of revenue. Now prices may go up, they may go down, but that's really going to matter.
- [03:40]
A
So all eyes on Colossus 3, 4, 5, 6, 7, 8, 9, 10, etc. At least in the short term.
- [03:45]
B
Yeah, our macro hard macro harder. Macro hardest. To that name macro hardest. And then I think cursor is another big variable. We talked about it with Brad about how Composer 2.5 after three weeks of RL and supervised fine tuning, Colossus 2 is kind of Pareto dominant. So what's going to happen when it's applied to a bigger, better base model? I do think cursor being in half the Fortune 500 is interesting. So I think those two things, while I mean I'm super excited for going to Mars and asteroid mining and and you know, a city mass drivers on the moon, like all that stuff is awesome and I think there's a decent chance it happens in my lifetime. I just think there is, there's much more tangible near term drivers here.
- [04:46]
A
Yeah.
- [04:47]
C
How do you think about the tension of the cloud business versus their own application and model business? I think a lot of people were surprised when the initial anthropic deal happened purely because knowing Michael Trul, he would have been very excited.
- [05:02]
A
That's my compute.
- [05:03]
C
Yeah, yeah. Get access.
- [05:04]
A
He's like, hey, you gotta share. I'm the only child around here.
- [05:07]
C
And it feels like you can imagine SpaceX, you know, bringing on a lot more compute very quickly. But at the same time every lab has had to go through this tension of like how much, how much Compute do we allocate to training versus inference?
- [05:23]
B
A way to interpret that is that maybe the team at SpaceX is pretty confident in their ability to bring gigawatts online.
- [05:30]
A
Yeah, that makes sense.
- [05:32]
B
And the altimeter figure that they've ordered 20% of the Rubens and the Ruben is an epic chip like Blackwell, it was really hard to get it online. Ruben is kind of a more drop in replacement. It's a really, really good chip. You'll have the, you know, the Groq LPUs integrated at some point in the next six, nine months. So one way to interpret that is they're pretty confident that they can bring data centers online pretty quickly. But I also, I don't remember all, all of the details but I do think there, there was an out in the anthropic agreement that if they. Yeah.
- [06:13]
C
And the, and the Google, and the Google deal.
- [06:15]
B
Yeah.
- [06:15]
A
It could be short term if they knew.
- [06:16]
C
And that's, that's what I just meant. It's like, it is, there is like a tension there where if you, you know, there's a moment where maybe you want the compute but you don't necessarily have all of the revenue yet. And so you could see. Anyways, I'm very confident figured out.
- [06:29]
A
Yeah. On the topic of like Elon Web Services, is there a world where SpaceX winds up building out more of what looks like AWS? Like we've seen between OpenAI and Anthropic, there's this tension of like you gotta be on AWS because ITAR or you know, the ecosystem or enterprises just want to be on aws. They won't even go over to Azure or Google Cloud for whatever and you, you could imagine, is it enough to just be a token factory or do you need to have a database and in memory storage and cloud storage and cold storage and all the things that ABS provides.
- [07:07]
B
My thought is that being a token factory is more than enough for the next five to 10 years. Man, we need more token factories, but we'll see. And if they need that stuff, they will build it. Yeah.
- [07:20]
A
How are you thinking about the other hyperscalers, the other big tech companies? We were sort of puzzling over Meta's strategy at this point. Tons of resources, cash flow, data centers. They have experience there. Maybe they're not as fast as, as Space X, but there's a lot there. But it's a completely different motion to go into token factory and yet there's still a lot of demand. So how do you think all of that plays out?
- [07:47]
B
Well, I think there's many ways to go to the token factory business. If you're Meta, you could just say to someone like fireworks, hey, here are 100,000 GPUs. We'll take a revenue split and we'll see what happens. I am increasingly looking at EV to net PP and E as a valuation metric. Just with the idea of being installed atoms on Earth I think are going to appreciate in value. This is a little bit that halo trade that I think maybe Goldman Sachs came up with. High asset value, low obsolescence. But Meta's EV to net PP and E multiple is in an interesting place. It just suggests that the market has an immense amount of skepticism about their ability to monetize their own asset base.
- [08:38]
C
And I think that's warranted, given that all we've really got out of management is this concept of personal superintelligence. And it would be different if Meta AI was like at the top of the App Store and everyone you were talking to was like, yeah, you know, I'm using Meta AI.
- [08:54]
A
Or even there was like a killer feature within Instagram. Yeah, like, oh, people are shopping in Instagram now.
- [08:58]
C
And I think no one, no one doubts that, like, once Zuck has an AI product with a billion dollars of revenue, he can take it to tens of billions. But it's unclear. I feel like going into enterprise. What is this API business going to look like? We know they can use the GPUs just on making the ads product better at the end of the day. But there's a lot of questions.
- [09:22]
B
Look, I think a few things. I do think if I look at the way different players are behaving, it feels like everyone thinks we're entering the end game. Everybody loves to use these chess analogies and it looks like the end game may be here sooner than we think. I think that's why OpenAI is cutting Codex pricing, simply because coding, you know, coding tokens are so valuable and if you don't have enough of them, you may not be able to get into this RSI loop that, that everyone is, you know, pushing for. And I think if you're Zuckerberg, you feel that acutely. I thought, muse, what is it? Muse spark. It was to me, it was an upside surprise. And it made me feel like, you know, what's the. What's from Talladega Nights or what is it? So you're saying there's a chance?
- [10:19]
A
Hell, yeah.
- [10:21]
B
So you're telling me there's a chance?
- [10:24]
A
I mean, the other quote from Talladega Nights is if you're not your first. If you're not first, you're last. And that's how a lot of people.
- [10:31]
B
There's so many good books.
- [10:33]
A
He sold the windshield.
- [10:36]
B
Yeah, 100%. But I think if I'm pretty confident Mark Zuckerberg has proven to be a good entrepreneur over time and has been willing to pivot, you know, and it's just, it's so funny, you know, right now Facebook is, you know, Meta is tell investors there's like, no chance that we're going to, you know, you know, monetize GPUs externally. Well, like 10 days before they announced all those layoffs, which I think was at the end of 22. If not, I don't remember when they started to announce. The layoffs shortened shortly after Brad, maybe two months after Brad wrote that letter to Mark where he said, you're the king. You can do whatever you want, but this is what I might respectfully encourage you to do. You know, they went from saying, we're not going to do that. We're going to keep investing to, you know, super focused on OPEX in a couple of days, man. So it's like people, they meet with Meta and they hear, oh, you know, we're not, we're not going to monetize our GPUs externally. Well, I don't know. Check back in a few hours.
- [11:43]
C
Yeah, yeah. No, it's like everyone, it comes down to, like, everyone has a price. You look at, you look, you look at Elon and Anthropic's relationship four months ago, and then you look at kind of, kind of as the opportunity unfolded, it made sense for them to partner. I wanted to ask how on the
- [12:01]
B
Meta thing, I think there is one point that's important. What ultimately drives behavior for all these big cap companies, like getting to AI. I think that does feel existential for all of them. But the stock price also really matters because if you don't, if the stock goes down, you know, you gave people a grant at this price, stock goes down, you know, your engineers are unhappy. And it's tougher to get to where you want to go if you don't have, you know, these, you know, now forget the 10x engineer. People are talking about the 10,000x engineer. You know, you're not going to get there if you don't keep those 10,000x engineers. So just, I think, like, we'll see. We'll see with Meta.
- [12:41]
C
Yeah, yeah. How did this IPO update your, your general kind of framework for the role that retail is playing in Capital markets. A lot of it was very funny last week to see people like, say, like, oh, the IPO is only 2x oversubscribed by retail. Yeah, they're dumping all these other $3 billion IPOs were 10x oversubscribed. And it's like now we're talking about, you know, a very, you know, order of magnitude difference here, man. But it still feels like retail is play a very, very important role over the next 12 months, maybe more so than ever, given that the hyperscalers are now running cash flow negative, you have the conflict in the Middle east, there's rebuilding efforts that needs to happen. And so I feel like retail, this is kind of retail's moment now maybe more than ever.
- [13:40]
B
Yeah, well, so a few things. One, people say retail in a pejorative way and I would just say stupid is as stupid. And we track, there's all these indices of retail favorites and man, they're up a lot. And they're up a lot. 25 and they're up a lot in 24. So stupid is as stupid does. So I'm not, I think retail is probably outperforming the overwhelming majority of professional money managers, whether they're private equity managers, venture, you know, public equity managers, whatever. So like retail, I don't think it's pejorative. I do actually think in the case of SpaceX, I'm not sure, you know, you process so much information. I'm not sure where this comes from, but I actually think after the ipo, for whatever reason, some of that retail stock may have gotten allocated to people who were flipping it because my understanding is there was more institutional buying. I don't know where this after the ipo, plus retail buying. Now I'm sure, you know, retail is very sensitive to momentum, so maybe what's happening today changes that. But I think another really underappreciated thing about the SpaceX IPO is that 10, over 10,000 SpaceX employees bought on the IPO. And that's just, you know, everybody does all these lockup analyses and oh, how much stock is going to come, come to market. And for sure there's all these triple layer SPVs or whatever. Or maybe there are, there are, people speculate, there are and I'm sure some of that will get unwound. But the reality is that SpaceX employees own a lot of this. And if you're an employee or even if you're an investor who has an SPV or you're directly on cap table, you've had a chance to sell every six months for the last 10 years. If you wanted to sell, you could have sold and whatever when they did that offering in the second half of last year. I think the supply demand dynamics here are going to be very interesting with retail in general. They've been a more powerful force in the market over the last three and a half years than it any other time in my career, including the year 2000 bubble, which I think this is nothing like, by the way. But yeah, they matter. And stupid is as stupid does.
- [16:15]
A
I'm interested to go a click deeper on the idea of like value will accrue to companies that are in the token path. I think that phrase is extremely powerful right now, but I want to sort of expand it and understand the fringes of the token path because we talked to Matthew Prince at Cloudflare stocks at all time highs, it's delivering tokens at the edge and obviously there's an immense amount of AI agents that are interfacing with different websites. They need to be distributed. So there's a lot of value there. But is Cloudflare in the token path if they're the one finally sending you the packet of tokens at the edge? Or does that not count? How does that, how do you think about that?
- [17:01]
B
Every CDN has this business, you know, Akamai, they signed, what was it, a $1.8 billion with anthropic. And if you have all these points of presence and you can deliver really low latency tokens to high value users, I think what's interesting for all these CDNs is they're getting a massive premium for that latency. It turns out one of the lessons from Cerebras is people are willing to pay for speed and you see that in the prices these guys are commanding. But I do think, I mean, my gut is in terms of tokens consumed on planet Earth, these CDNs are delivering less than 1% of them. I mean, maybe less than 10 basis points.
- [17:46]
A
Most of the tokens are happening internally and then you just get the result.
- [17:51]
B
Would I say that these guys are in the token path? I mean, I would say they have a path towards being in the token path, then they have part of their business that's in it today and like everyone, they're trying to move it more and more there.
- [18:05]
A
Yeah, I mean, Matthew was talking about co locating Nvidia servers on the edge specifically for the delivery of voice models because you want those to be very low latency. Maybe you want your coding model to go off and cook in Virginia for 20 minutes or an hour and then come back to you with the final result. But if you're trying to actually talk to a model, you, you probably want it as fast as possible. What about on the opposite end?
- [18:28]
B
Wasn't there that startup that Nvidia just invested in that like Will.
- [18:31]
A
Oh yeah.
- [18:32]
B
On your house to put a GPU, you know, four GPU server on the outside of your house. Yeah.
- [18:41]
A
GPUs are going everywhere, going in your bed eventually.
- [18:43]
C
I mean it's full circle too. Wasn't Jensen talking about stuff like that back during like the original crypto cycle being like everyone's going to be mining?
- [18:53]
A
Yeah. And I mean the Tesla Powerwall is like a version of that for storing energy. It doesn't store compute, but it stores energy locally on the edge off the grid. And there's a lot of powerful things that get unlocked by that. What about land? Is land in the token path at some point on the extreme other end because people are obviously searching for going further and further upstream. They found a toilet company that makes a particular material that goes into semiconductor supply chain. People are hunting for like the final, the final ingredient. Maybe it's just sand that turns into silicon.
- [19:26]
B
Yeah. I do think the Bottleneck Bros, as they are called are this like bottleneck trade is kind of nearing its end.
- [19:33]
A
Okay.
- [19:34]
B
And you know I did, you know, the Wall Street Journal had the story about this Japanese company that makes. I forget what they make. Isn't it
- [19:47]
A
Ajinomoto?
- [19:48]
B
Yeah, Ajimoto. And you know, everybody's in this because they thought they were going to raise prices and then they just said we're actually not going to raise prices. This is the wrong thing for us. And I almost posted yesterday on X, welcome to Japan to all of the Bottleneck people. But you know, everybody's, you know, having Claude run what's the next bottleneck? Yeah, that was, that was the game for the last year. The next game is what has enduring franchise value. Yeah. Kind of on the other side of these bottlenecks. Whenever, whenever. That is as far as land. Is land a bottleneck? Man? I do think the math for Orbital Compute, to me, once they can reuse Starship.
- [20:30]
A
Yeah.
- [20:30]
B
I think the math for Orbital Compute becomes pretty compelling. You know, it's just 60 billion to bring on a gig. Terrestrial 25 is power and cooling. You don't need that in space. And so the right comp for that 35 billion of kind of IT equipment, GPU, CPU switches, memory storage, is that 25 billion versus the cost of launch. And once Starship is reusable I think the cost of launch is 5 billion. That means you can put a gig into space for 30 billion and the gig on Earth is 60 billion. And that 25. The power and cooling feels reasonably inflationary to me. So I don't know that I would say land is in the token path,
- [21:18]
A
maybe beachfront property, but that's about it.
- [21:21]
B
Beachfront property is beachfront property. Airplanes, really nice cars, firmly in the token path. All that stuff is in the token path.
- [21:32]
A
I gotcha.
- [21:33]
C
How do you think the events of last week with Anthropic and DC update different countries on their own sovereign AI play? Because there's been, there's been attempts. It doesn't feel like, you know, many of the attempts have, you know, you can have a powered shell and you can have the best GPUs, but if you don't have the talent, it's really, it's going to be really hard to get to the frontier. And now if you don't have massive usage, it'll also be really hard to get to the frontier. And so do you think the ship has sailed?
- [22:04]
A
No.
- [22:05]
B
Well, look, look, I think every country is going to want to have their own sovereign AI strategy at a minimum for national defense. I think where that ends up is I saw today that the EU had restricted exports of McStrawles.
- [22:19]
A
I think that's a joke. I think that's a meme. So people have gone so far on the Mistral le Chat thing, Le Chateau, that they're saying it's like Mythos is distilled on it and it's breaking all the benchmarks. I think it's a good model, but I don't know that it's quite there yet. Yeah, but you can imagine that we get there for sure.
- [22:39]
B
Yeah. So I think what sovereignty I will look like for essentially all countries really, other than the United States and China, although I think China is going to fall further and further behind, is just some sort of. You do. You use, you use one of these providers to do some reinforcement learning on your language, your culture, your values. You have a system prompt, you do some supervised fine tuning and you run that on whatever the best open source model is. I think that's where sovereign AI ends up. And then you run it in your own data centers so you feel like it's safe. And whatever defense questions you're asking it or whatever. Forget questions, whatever defense and intelligence and maybe, you know, policing activities your sovereign AI agents are doing, you know, 24 hours a day, you feel like they're safe. Yeah, so I think that's where sovereignty ends up and I think, you know, there'll still be a big build out for that. But man sovereign AI at the frontier? I don't see it.
- [23:44]
A
Yeah. What do you think the drivers are of the widening gap between Chinese open source models and American closed source models
- [23:50]
B
in is China has made a terrible mistake not, you know, taking. It feels like the administration has been willing to let them buy H2 hundreds or P30s.
- [24:00]
A
Oh yeah.
- [24:01]
B
And I think they're on this like, you know, they have this crazy belief that, oh, you know, our own internal chips are good enough. They're not. And then, you know, I think what's making them think that is that Chinese labs are very, very good at distillation. Somebody told me it only took 160,000 reasoning traces from 01 and 03 to get the original deep seq. They're very clever at industrial scale distillation, running it through multiple APIs, pinging each API from. You know, we've all seen those iPhone farms in China. You know, they've got, they've got the same thing for distillation and they've got, you know, 100,000 endpoints distilling these models across every API available. They've gotten really, really good at that. But man, all that goes away if people stop releasing these models at the frontier. And I think Mythos is a sign of things to come there.
- [24:58]
A
Yeah, it seems like they're getting much better at locking down the reasoning traces, locking down the espionage. It feels like back during the 01 days, the labs weren't even aware that distillation was so possible, that that was something that was such a, such a potential threat for sure.
- [25:17]
C
Jordan, is any part of you worried that you'll never see another, another company like SpaceX?
- [25:28]
B
Worried is the wrong word.
- [25:29]
C
Not, not worried. Not worried. But, but like you have to appreciate, you have to appreciate that a moment like that it's possible that you have an opportunity to invest in a company like that one time in your career and thank God you did it because there's plenty of people that had the opportunity and didn't.
- [25:46]
B
Well, I did own 15% of Nvidia when it was a sub 2 billion dollar market cap and I own 10% of Tesla was sub 2 billion dollar market cap. But, but SpaceX certainly it's been a special experience for me and I think there is a chance that it is one of the most important iconic companies of all time. I mean, it already is. There's a chance. It's the Most. And I think in general it's just like I kind of want to take a step back and like all this trillionaire hate from the left. It's like there was a great post from my friend Kevin Mahaffy saying like, oh, this is a Bond villain who's decarbonizing the world. Last time I checked, people on the left like the environment, connecting poor people in low income countries, schools and hospitals to the Internet, very low cost. And he's helping blind people see today and interact with the world. That's a villain. And then just like there's so many parts of the SpaceX story, like all of the, you know, blue collar workers who've gotten super wealthy. If you're opposed to data centers on Earth because the environment, well, SpaceX is your, is your solution. So, you know, there was another great post that just said, you know, the left won and they don't even appreciate it. The world's first, first trillionaire, you know, has done more to kind of solve the environment than like everyone else on Earth. Goodbye.
- [27:27]
A
Yep, yep.
- [27:29]
C
Yeah, there was another good one. It's like, yeah, Elon could solve world hunger by, you know, market selling every, you know, piece of stock that he has and send the world into a global economic downturn, losing, you know, millions of millions of jobs in the process.
- [27:46]
B
Yeah. Somebody said, Elon, that the World bank could solve hunger with 5 billion. He said, if you prove it to me, I'll do it.
- [27:54]
A
Yeah.
- [27:55]
B
And turns out you can't solve world hunger for $5 billion. But yeah, SpaceX is certainly, I would say SpaceX, Nvidia, Tesla, they've all been very special to me in kind of a different way. But man, there is nothing like a rocket launch. And so I just don't think has a visceral experience. I highly recommend everyone listening, you guys, if you have kids, take your kids to a lodge. You don't want to go with Space X. Everybody's always like, oh, get me the special tickets. You just literally, you can go to a beach at Boca Chica and be where the special SpaceX viewing area is. You could literally be closer to the lodge. You could, there's hotels near Vandenberg. Take your kids, see a lodge. It's super inspirational that humans are capable of this. And it's much more visceral than you realize. You know, the sound, the blast of hot air, a lot of people cry. So go see a launch. But there will be a never. I don't think. I'm pretty skeptical that there will be another company that delivers A visceral experience like that. And then listen, if SpaceX puts a city on the moon and then Mars and enables becomes the British East India Company, the solar system, I think this will. There's a lot of hard engineering that needs to happen to go into all that. This will probably be the most important company of certainly my lifetime, maybe, maybe of all time. And so from that sense I don't think there will ever be anything else like it. And yeah, I guess that is a little bit sad. But you know what, there's so much awesome stuff happening in the world that it's tough for me to get too down.
- [29:42]
C
Yeah, hard to be too.
- [29:44]
A
I have one last question. We have of you mentioned owning Nvidia sub 2 billion. What is the health of the sub 2 billion market right now? Is there, is there anything that you're excited about there?
- [29:57]
C
Anything that the Bottleneck Bros. Haven't ran,
- [29:59]
A
you haven't run up to a trillion yet.
- [30:01]
B
Bros have taken everything under 2 billion.
- [30:04]
A
Maybe not even, maybe not even like, like public companies, but private areas. I mean we're starting to see the knock on effects of AI in bio and material science. And like Neuralink was sub 2 billion for a long time. Right. And so there are more like not in theme but accelerated by. So I don't know, there's also just
- [30:25]
B
like you know, SAS company, there's loads of incredible venture companies, you know, startups under 2 billion. Yeah, like loads of them.
- [30:35]
A
Yeah.
- [30:36]
B
You know, I talk to the, you know, several times a week minimum.
- [30:41]
A
Yeah.
- [30:42]
B
In public. You know, until the Bottleneck Bros came along, until AI came along, there was not a lot happening in public. Small cap land. And by the way on this like all these small caps, these bottlenecks, this AI, it does feel a little weird to me that you could have like a large following on social media, post about, you know, buy stock at something and then post about, you know, outline your thesis in a $35 million market cap company. It sends it up like a thousand percent and there's a lot of that going on. And by the way, this is not like a serenity comment. I think that guy's, that person is smart. But I mean there's, there's a lot of shady stuff happening, it feels like to me.
- [31:35]
A
Sure.
- [31:36]
C
Well, yeah, and it's always, you look back at, you know, you were a young, young analyst at Fidelity right during the, the doc, you know, the end of the, the dot com cycle and there was a lot of just like euphoria stuff happening. And in the years that followed There was consequences right there. There were people ultimately had to to
- [31:56]
A
face sometimes civil penalties, all sorts of different things. Companies went bankrupt, there were all sorts of different perturbations in the market. And of course we got a bunch of really enduring generational companies through that period too.
- [32:12]
B
Although a lot of these accounts are anonymous and I'm sure they're logged into social media with a made up email called through a vpn. And so, I don't know, we'll see.
- [32:24]
A
It is different than a sell side research report that maybe goes a little bit too far, but there's still a whole complete department around it. We are in uncharted territory. So everyone needs to stay safe out there and do your own research, I suppose.
- [32:40]
B
Yeah.
- [32:40]
A
Anyway.
- [32:41]
B
Well, guys, man, this was super fun.
- [32:42]
A
This was great. Let's do it again soon. Thank you so much.
- [32:45]
C
Anytime. Let's get the whole team on too. Yeah, you know what?
- [32:49]
B
That's actually fun.
- [32:50]
A
Yeah, that'd be great.
- [32:50]
B
Let's do that with the whole team.
- [32:52]
A
That'd be amazing.
- [32:53]
B
That's awesome.
- [32:54]
A
I would love it. Yeah.
- [32:55]
B
Yeah.
- [32:55]
A
You got a conference. You have a conference room with a nice wide angle camera. You can just have the whole crew there. That's great.
- [33:01]
C
Partner into a partner meeting. Exactly. Great to hang with you guys.
- [33:06]
A
Thank you so much for coming on. We'll talk to you soon.