V Tech Cycles

How do you compare this with the previous cycles we have lived? I would say there are two distinct differences that are noticeable. N The forward of an year of Alphabet is changed to the below of a market multiple. The forward of a year of Meta is changed more or less to the above of the market multiple. Usually you do not see the technological companies in the first line in a technological change multiple market forward of a year or below. Not that there are no names that are changed well to such value. But this is a very big difference. If we go back to 2000, there were no less multiples. It is as if everything was changed as a multiple of the factory or a multiple of the market opportunity. It was a very different world. In addition, the other dynamic is generally the majority of technological changes. The historical operators forgive and emerge again. And the most interesting dynamic here is that the simple port of capital in the balance of the historical operators allows them to invest in the way we are talking about. I just want to give you some quick n Alphabet will spend $ 75 billion in capital investment this year. Meta will probably spend about $ 70 billion and Amazon will spend about $ 110 billion in capital investment. So the largest companies live almost in the fear of being turned off and are being capitalized to play so much in attack as in defense. If you go back to the first smartphone or cell phones, they have ended up being turned off by the smartphone producers who have come and have in a certain sense overcome them being more innovative. These two things are very different from the previous cycles. What is not different is that, and I say it with all due respect for all the customers we talk to every day, investors are impatient. If these things require more than a cycle of use or if there is a small interruption, then you know that the narratives can lose moment The n So if these differences and these similarities are considered, what is the main conclusion for investors? I think we are at the end of the demonstration of the application level and then we will understand who will be the winners and losers on the application side. Sometimes it is the application level that records the most disproportionate performance and the most unique differentiation in the behavior change.