Only one or two hyperscalers will be the winners, says Miller Tabak's Matt Maley

THAT'S BEING PUT TO THE TEST THIS EARNINGS SEASON WITH DIVERGING FORTUNES EVEN THIS WEEK AS THE MARKET WONDERS WHICH OF THESE PLAYERS WILL EMERGE VICTORIOUS. MY NEXT GUEST SAYS THERE MIGHT BE FEWER THAN YOU THINK. LET'S BRING IN MATT MALEY, THE CHIEF MARKET STRATEGIST AT MILLER TABAK. AND MATT, THIS GOES BACK TO A BIG FIGHT THE MARKET'S BEEN HAVING OVER ORACLE. AND WHETHER THEY SHOULD BE ONE OF THE SURVIVORS OR NOT. SUBJECT BY THE WAY, I THINK OF A NEW YORK TIMES PIECE THIS WEEKEND. SO HOW ARE YOU THINKING ABOUT THIS? >> WELL, I DEFINITELY THINK THAT THE SITUATION IS ONE WHERE THERE'S GOING TO BE FEWER, YOU KNOW, ALL WAS IT 5 OR 6 PLAYERS ARE NOT GOING TO WIN. I THINK IT'S GOING TO BE MORE LIKE 1 OR 2. AND IT'S JUST A SITUATION. I MEAN WE ALREADY KNOW WHERE ORACLE HAS ADMITTED THAT. THEY'RE WORRIED THAT ONE OF THEIR ONE OF THEIR CUSTOMERS, WHICH EVERYBODY ASSUMES IS OPENAI IS GOING TO BREAK THEIR LEASE, YOU KNOW, ON, ON SOME OF THESE, BIG DATA CENTERS. WE'LL SEE WHAT HAPPENS THERE. BUT, YOU KNOW, I LIKE PARTICULAR, GOOGLE, WHICH I KNOW HAS HAD A TOUGH WEEK THIS WEEK OR SOLD OFF, I'M SORRY, LAST WEEK OFF THEIR EARNINGS. AND AMAZON, THESE ARE THE ONES THAT I JUST THINK HAVE THE WHOLE PACKAGE TO KIND OF PULL THINGS TOGETHER AND RIDE OUT ANY KIND OF BATTLE THAT TAKES PLACE OVER THE COMING WEEKS. YEAH. >> WE. >> SHOULD REALLY. >> WE SHOULD MAKE A GRAPHIC AND NASCAR ESQUE WHERE, YOU KNOW, WE HAVE ALL THESE CARS IN THE RACE. SO YOU'RE SAYING GOOGLE AND AMAZON, YOU'VE GOTTEN KIND OF THE POLE POSITION. META AND ORACLE YOU THINK DON'T MAKE IT THROUGH POTENTIALLY. AND OBVIOUSLY WE'VE SEEN THE PRESSURE ON THEIR EQUITY ON THEIR DEBT. MICROSOFT, YOU ALSO QUESTIONED STILL EVEN AFTER YESTERDAY AND AFTER THE STOCK MOVE. >> YEAH. I MEAN THERE'S DEFINITELY A SITUATION. WELL, IT'S FUNNY BECAUSE YOU SAY MICROSOFT THEY'RE CERTAINLY GOING TO SURVIVE. IT'S A GREAT COMPANY AND GREAT MANAGEMENT TEAM. AND IT'S CERTAINLY YESTERDAY'S EARNINGS DOES GIVE YOU SOME MORE CONFIDENCE THAT THAT THEY MAY BE ONE OF THE PLAYERS THAT DOES WIN. THE ONE THING THEY DON'T HAVE THOUGH IS THAT THAT YOU KNOW THE SILICON, MOAT, YOU KNOW, LIKE WITH, GOOGLE HAS WITH THEIR TPUS THAT REALLY HELPS THEM WITH THEIR SPEED, YOU KNOW, HIGHER SPEED AND, AND, ENERGY EFFICIENCY. AND MICROSOFT DOESN'T HAVE THAT. SO WHERE ARE THOSE OTHER TWO? THEY KIND OF HAVE THE WHOLE PACKAGE THAT YOU NEED TO, TO SUCCEED. SO I'M KIND OF IN BETWEEN ON MICROSOFT RIGHT NOW. >> WELL, AND AGAIN, WHAT I APPRECIATE ABOUT THIS CONVERSATION IS NOT THAT YOU OR I OR ANYBODY HAVE THE DEFINITIVE ANSWER RIGHT NOW, BUT EVERYONE'S TRYING TO FIGURE THIS OUT. AND IN SOME CASES, THE BALANCE SHEET LOOKS BETTER. IN OTHER CASES, IT LOOKS LIKE A BIGGER RISK. THAT SAID, WHEN WE TALK TO BRENT THILL, WHO'S BULLISH ON ORACLE'S LONG TERM PROSPECTS, HE BASICALLY SAID, YOU'VE GOT TO TRUST THE MANAGEMENT TEAM. THEY'RE GOING FOR THIS. THEY SEE THEY'VE GOT 5% OF THE RANCH BUILT, HE SAID. AND THEY'RE ALL IN. I MEAN, DO YOU SYMPATHIZE, AT LEAST WITH THEM KIND OF MAKING THIS THIS BET, RISK BETTING THE FARM, SO TO SPEAK? >> WELL, KELLY, I MEAN, THE ONE THING IS, YOU KNOW, THAT BETTING AGAINST LARRY ELLISON HAS NEVER BEEN A REAL GOOD IDEA. SO I DO YOU KNOW, I'M SO I AM SYMPATHETIC WITH THAT THAT ARGUMENT. BUT, YOU KNOW, IT'S JUST THE AMAZING AMOUNT OF, OF SPENDING THAT THEY'VE PUT IN. AND WHEN THEY, THEY THEMSELVES ARE THE ONES ADMITTING THAT THEY MAY HAVE A TOUGH TIME MONETIZING THIS TO THE WAY THAT THEY HAD BEEN THINKING EVEN SIX MONTHS AGO AND CERTAINLY A YEAR AGO. THAT DOES BRING THE SITUATION INTO QUESTION. AND IT