The Market Is Getting Google Wrong

Can you tell me the last time a giant company reported a hundred and ten billion dollars in profit just for the stock to go down the next day? If you answered last week, then congrats. You got it right. I'm talking about Google who despite reporting an astronomical earnings, actually posted their first negative cash flow quarter in over 22 years. So, what the hell's going on? What could they possibly be doing with all that money? And is this a good time to buy one of the biggest companies in history? What's up everybody? It's LG Du Set here and welcome to Milk Road AI daily AI show that's old enough to tell young people that I used to search things on Metacrawler and even Altavista. [music] Today's July 31st, 2026 recording on July 30th. Every week I sit down with Vincent, our AI analyst, for a deep dive into a specific company or sector. And today, we're talking Google. They make so much money, but they reinvest every single penny into growing their capacity for the AI buildout that's still full steam ahead regardless of what the market would have you believe. Today, we'll dive into Alphabet, their earnings, and why all that CapEx is going to pay off pretty soon. If you want to see Vincent's full portfolio and get his trade calls, which includes big wins like Bloom Energy earlier this year, you got to sign up for Milk Road Pro. It's just a dollar for 7-day trial at the link below. And a reminder that our podcast today is free. And it wouldn't be possible with our partners at Securitize, the regulated rails for tokenization, and Bitget Stocks 2.0 with real liquidity and real dividends. Keep an ear out later in the show for a message from that. Vincent, it's been a historic week. A lot has happened even since we did our roll-up episode two days ago. Um and we've talked to we've already done another episode with Kyle about the market that people have listened to by this point. So, I feel like today we're just going to settle down to end the week and talk about one of the biggest companies in the world and what is going on with them. And maybe I feel like their earnings have been forgotten since last week since everything that's happened. Um but we're here to talk about Google. So, tell me tell me how you're feeling about Google. What's your thesis about them? >> Yeah, so Google is a stock that's up 6% year-to-date when we're recording this. So, I feel like it's a it's a non-volatile name more or less that we can cover which has a lot of upside, I think. Why is that? It's because Alphabet is priced like their AI CAPEX would destroy value in the future. While the evidence, especially from this earnings last week, is suggesting that they're building kind of a second earnings engine with their with their cloud and AI business. And that's kind of the core thesis that that makes me kind of bullish on on Google from here on out. >> So, hold on. Can you explain that first statement to me that it's being priced like AI CAPEX is destroying its value? How does that work? Like, wouldn't they increase value by spending money on more stuff? >> Good, LG. Good. You should invest in Google. You got You got the core message. >> [laughter] >> Uh but actually no. But actually the the market hates CAPEX at the moment. So, maybe a good analogy here is the the Microsoft earnings of yesterday. They're up 10% because by actually artificially engineering that they're not increasing CAPEX, the market is appreciating that. So, because Google is just keep increasing their CAPEX, spending more money on AI data centers, the the market perceives this as more risk being taken on the balance sheet. And therefore, the multiple that Google has compressed a lot. So, shareholder value compressed. And that's basically the argument of why AI CAPEX is destroying value. >> Got it. And you're telling me and basically we're going to talk about today about how they are building something else, like a totally separate line of revenue and that that the market is kind of just missing that because it's worried about CapEx. It's just worried about it being a hyperscaler that's spending all this CapEx and doesn't see it does it's kind of missing this all this extra money that may be coming in already. >> Yeah. So what we're talking about today is a company that is taking the money it makes from the legacy kind of internet business and invests it into future AI business. That's kind of the core underlying thesis that that everyone should keep in mind while we're going through this. >> Okay. Okay, great. Well, let's get into it, man. You've got a great sheet here prepared for their Q2 income statement. >> Yeah, so so so this is just a slide to to kick things off. Alphabet had an exceptional quarter across growth, profitability, everything, right? I just want to highlight here that AI is not only their their cloud business, which is growing fantastically, but AI is also supporting the the core legacy business with Google Search, with YouTube, um and others and we saw it in in in in also the especially the operating profit, uh which was actually outgrowing the revenue, uh which was really bullish. So just an overall kind of snapshot on on how well the company is doing at the moment, especially in Q2 of this year across all its uh yeah, business units. >> [snorts] >> Got it. Okay, great. >> And then obviously the question emerged, why the the company sold off, right? And I have a chart on that um on on exactly where you see that for the first time in two decades the the the free cash flow of Alphabet actually went negative. So the capex was higher than their their operating profit. Yeah, the chart is is ridiculous. But that is the only argument why why why why they're down, right? >> Mhm. >> Because capex just doubled again and just overwhelmed the growth that the the legacy or core business has [clears throat] today. >> Just going to pause there for a second to point out that the market is showing signs of something kind of different happening. And our analysts at Milkroad Pro are all over it. They spent the last couple weeks making a lot of trades, getting out of some positions, and getting into a lot of new ones, getting ready for the next wave of robotics, space, or even kind of picking some different AI winners. If you want to see what they have in their portfolios, what position is they're opening, it's just a dollar in Milkroad Pro at the link below. Right, so despite making an ungodly amount of last quarter, 100 their net profit is what 110 billion or something like that, they have their first negative cash flow quarter in over 20 years because that's how much money they're spending. >> Yeah, and all of that money is flowing into AI and the cloud business. Basically, they're taking their money, building out data centers to increase the capacity that they can sell that they can sell to all the the downstream models, like Anthropic, OpenAI, and others. >> Geez. Okay. Oh, wow, man, that's insane. So wait, hold on. Wait, maybe explain that to me a little bit more. Or if you have it later in the the presentation, then great. But what what are they spending out spending in on exactly? Because I think this is one thing that I think we've tried to kind of understand, and you've done a great job helping us. This is like hyperscaler spending trillions of dollars, but what what what are they actually going and buying and are they are they using that money right away? Cuz I've also understood some of these companies that are that have these contracts for the next 5 years, some of that money doesn't come onto their balance sheet for a few years. So so this this money is leaving Google, but where is it going right now? >> Yeah, this money is leaving Google and flowing into all the AI infrastructure names that are up a couple of hundred percent this year. >> Right. Okay, so that's where it's Yeah, that's where it's going. That's those revenue numbers. You got it. Okay. >> Yeah, and so the the question from here on out is basically Google needs to or what Google needs to do is prove to the market that this spending, this capex that you're seeing on this slide is converting into into future cash flow, right? And I think I think the cloud numbers that we just saw from or got this quarter is actually the strongest evidence that Google is that Google's heavy AI spending is is is is generating this profitable second growth engine that I how I called it in in in kind of the intro, right? Um and you see the numbers on on this slide here, right? It's just exceptional growth, but not only growth in terms of how much revenue they're making from the cloud, but also how much money like the operating margin, how much how much money they're making off the business, which just proves that they have pricing power, that the demand for cloud capacity, essentially compute, is so big that it allows them to increase uh the operating margin, right? And this this chart basically just suggests that the more they keep spending, the the more the demand for compute increases, the the the the more bullish for their revenue and operating margin from the cloud. >> Got it. And this is this is cloud demand from who? Who's who's who's who are they making this money from? >> Yeah, it's basically OpenAI, Anthropic, all the other models that I but of of course AI is not a the strongest part of the cloud business, right? But in in comparison to the neo clouds which only sell capacity to like in in into the AI market, Google and the other hyperscalers of course have legacy markets that they're selling non-AI cloud capacity. But they were that's part of yesterday's news, right? The the cloud business of the future will be AI only. >> Right. Right. Okay, that makes sense. And they have like a massive backlog for this, right? >> Yeah, exactly. This is like I mean the backlog is is the core argument for them to just keep investing. And it's also the core argument of why I like them ever increasing capex, ever increasing investments because the backlog just proves that they they're spending or they're investing money into something that has real demand, right? I mean the numbers just exploded ever since basically in Q4 2025, right? That that was when kind of the whole agentic world launched. And and from there on off we have this kind of spike in demand for compute because AI agents just need so much compute, right? And you see it in the numbers here for the backlog. And think about it, they're converting 257 billion according to to management over the next 24 months. This that's the those 257 billion are revenue over the next 24 months for the Google Cloud business. That's just ridiculous. >> cloud. That's just cloud, too, right? Which is how much of that was that how much was cloud part of their their most recent revenue or their most recently >> almost 25 billion for quarter. >> Right. Right. Yeah, in the quarter. So >> Exactly. >> Oh, it's that would that would increase by like that's going to increase almost 50% like 30 to 40%. Is the cloud >> Yeah, you're almost at 32 33 per quarter. So it's it's it's and and and that's visible today, right? So and and and it's 24 months 2 years out. So it's it just proves that it makes sense to for Google to invest into this because they can see how much demand there is and and and and also how much the the the the pricing power of the hyperscalers will increase because demand for for compute will just outpace the supply of of of of the hyperscalers. >> Got it. Well, man. Yeah. So definitely and this is you know, this is kind of what we're talking about Kyle earlier too is that basically like the amount of demand that there is and this is something too that yesterday at the end of the day at the end at the end of the trading day and I'm talking about Wednesday that a lot of CEOs including Meta and Zuckerberg came out and said me like, "Listen, you don't understand how much demand there is, right?" And this is a good This is a good way to illustrate it too even for something like Google their cloud business. Like this is an obscene amount of of demand. And you think a lot of this Vincent is also coming from agentic trading already this quarter. >> I think >> Or from agent agents in general not trading but agents in general. >> Yeah, agents in general. Trading will come soon but we talked about that on the on the on the Robinhood season, >> Robinhood, yeah. >> [laughter] >> Uh but yeah, I mean it's just it's just one example, right? Think about it. Just to illustrate how much more compute agents need when they start trading. Let's say you're opening your trading account at Robinhood and you're instructing your agent to 24/7 trade on on on on stuff and you want to achieve a 15% return, right? It constantly goes through the trade through the markets, assesses opportunities, trades, sell buy stuff, sell stuff and all of those step require require compute, right? Now, it's not only me doing that, but the other 27 million customers at Robinhood as well, right? And that's just one example, then we have AI agents spending, AI agents building stuff at companies. Just the demand the step up in compute demand from AI agents is massive versus us just using chat GPT and Anthropic as LLMs. >> Yeah. Yeah, absolutely. And that's why and you're you're kind of making the argument as well that that's why like cloud will remain so valuable, right? Is that it's like they need this stuff. >> Yeah. So, this was where I was originally wrong on hyperscalers in terms of understanding the business, not wrong in terms of their multiple compressing and their stocks not performing well this year because this actually happened. Uh and I wrote about it on on Milk Road actually beginning of this year, end of last year that I expect the hyperscalers earnings um so well, not earnings, but the the multiples. So, um earnings to sales basically uh to to decrease a lot and and and we saw that, right? For Google, it it declined from 21x to 16x year-over-year in June. But, where I was wrong was that I thought they will have massive issues when it comes to their pricing power. Why? Because on the one hand, we have the infrastructure getting more and more expensive. It gets more expensive for Google to build out the data center. This they need to spend more money for less compute that they can sell was basically the argument. And then on the other side of the barbell we have open weight models competing with Anthropic, OpenAI, etc. And there was my error that I misunderstood how how strong and how big open weight models are going to be because what they are actually doing is they are diversifying the customer base for Google which strengthens their pricing power versus declining it because they can sell the stuff to more customers. Uh essentially just demand growing again which supports the pricing power. So I think this is actually the most important or one of the most important parts of this presentation understanding that we're moving into a world where we do not only have Anthropic, Gemini, uh OpenAI, but we have lots we have many different models. We we're moving into world of sovereign AI as well, right? And all those models need compute and they will eventually sign a deal with with a hyperscaler or near cloud. >> Real world assets like funds, treasuries, and private credit are still running on rails built decades ago. Gated, paperwork heavy, slow to settle. Everyone's talking about tokenizing them, but far fewer can actually do it and do it without cutting regulatory corners. Securitize can. It's the SEC regulated infrastructure bringing real world assets on chain. Nine years in, native tokenization, not wrapped, backed by BlackRock, Morgan Stanley, and Cathie Wood's Ark Invest, and chosen by the New York Stock Exchange, VanEck, BNY, and Apollo to do it at scale. It's the regulated bridge between traditional finance and crypto. Tokenize the world at milkroad.com/securitize. >> Right, naturally. And is this something like how I guess from a a business strategy, how does Google manage this, right? Because I feel like I feel like they know they they have a lot of contracts now and they are due to receive many more contracts, right? And that's why they're building. Like they're not just It's not just that they have um they are uh dishing out uh some of their cloud and and a lot of their current capacity, but they're going to also going to increase it because they they expect demand to continue to roll in. It's not just that there's been a lot of demand up to today, is that the demand that the asks will continue, right? >> Yeah. Yeah, 100%. You're making a a great point here because one argument is free cash flow, obviously, right? Against Google because of the capex we saw in the chart earlier. Now, what could actually happen is that we could accelerate back to a positive free cash flow much faster than what people expect because the existing cloud capacity may materially earn less versus what they can charge in the future, right? So, what they're doing today is the installed base is is priced below market rates because they signed the contract 1 or 2 years ago or maybe even half a year ago where demand was lower than today. So, every time they they they make a new contract with a customer, they can increase the price. And now because the data centers and the GPUs have a longer lifetime than the contracts they're signing, they can increase prices during the lifetime of each and every GPU that they're selling. That's a really bullish argument for their earnings and and and and also their pricing power. >> Yeah, of course. Just like and and and it's something that a lot of companies like them will be able to do, right? That it's like any new contract. And it's it's a normal business thing to do. Is that just your stuff gets more expensive. And I think also Vincent, like are they are they improving their hardware as well? Cuz I feel like I've done some few episodes with you and and Melvin recently where we talked a lot about stuff that's in the rack and out of the rack as well last week with Bloom. Um but also stuff that's in the rack that it's like listen, these components are just going to get stronger, better, faster. And that, you know, again is bullish for a lot of the bottleneck stocks because they are the manufacturers of those things. Um but Google also makes their own chips as well. And I'm assuming that that'll that'll be good good justification justification for them to charge more. They'll have to because they're spending a lot on making these chips. >> Yeah. Actually, for them making their own chips, the TPUs, >> Mhm. >> is giving them a a structural advantage because it allows them to improve the the the economics, the AI economics while reducing dependence on chip suppliers like Nvidia, right? Because what they can do is they they they design the TPUs in a way which perfectly fits their demands. And obviously they do not need to pay margin on Nvidia or for Nvidia on on on the TPUs, right? So it it just gives them greater control on the hardware that is being deployed in their data centers. So it's another way for them to just making sure they're staying independent in the market. And that they can keep increasing the margins on the cloud capacity that they're selling. And then one last point on the TPUs, they also started this quarter to sell the chips to other data centers which are outside of their their um cloud capacity. And that's really that's that's that's great for them because it just opens up a completely new revenue stream that that that keeps growing as we're short chips in in the US. >> Got it. Yeah, of course. One question I have for you about um Google is Gemini, which I used to use and I don't anymore. >> [laughter] >> Yeah, fair enough. Remember Nano Banana when that was the thing couple of months ago? >> Nano Banana was cool. I feel like I I used it a bit and then I just used something else for Nano Banana. Or I might be using it, who knows? Maybe some of the programs I use are just or they're just running an API to Nano Banana. You know what I mean? That I don't even know it's Nano Banana behind it and they're just using it. I don't know. I don't know. I don't know what the structure is of of Gemini or even the numbers for it. >> Yeah, absolutely. And and and you you're basically making the argument already. Gemini is kind of the most bearish argument for for people that do not like Alphabet. The way I see Gemini is it's making the biggest value for Alphabet by introducing Gemini into the existing products and making them more useful and more kind of monetizable, right? So they they they obviously introduce it into Google Search, right? Remember when there was the argument around oh AI is destroying Google Search. Actually, it's the other way around. Google Search grew by 70% 17% this quarter. And what it also does it it just improves the the the conversions, right? It increases the the the efficiency and the positive argument for for Google to tell its customers, hey, because we're using AI, we're making your ads better. We're increasing the likeliness that people are going to actually do something on your ads, right? That that your ads can work. And and and and same goes for YouTube, right? Ask YouTube, I I use that a lot actually. Just basically have a video, maybe maybe you do that on this video as well. Ask a specific question and it points you to to the specific point in the video where this was happening as well. And and then again, there is this great kind of case study that I have on here on the slide as well from Arcteryx. It's a it's a it's a a pure outdoor company, right? Their return on ads increased by 70% over the last couple of months because AI just enhance the efficiency that much. And you can see how this is going through the entire business of Google. Just making the the legacy inter- internet business, how I framed it earlier, much more much more efficient, much more profitable in a way. And Google Gemini in in in terms of the LLM, it has, I think, 900 million weekly users, I think it was. It wasn't even daily. So, it's a massive number. So, it's not that Google Gemini is like it's it's done, no one's using it. It's like 900 people using it. But then again, they're they're using not the LLM, but they're using it through Google Search and so on. So, it's actually a really smart way for for for Alphabet to monetize their the LLM capabilities that they have built. >> Everyone's tokenizing stocks these days, but almost nobody's doing it right. Thin liquidity, prices that drift from the real thing, dividends that just vanish. Bitget Stocks 2.0 is different. Real NASDAQ and New York Stock Exchange depth through licensed brokers. Prices mapped one-to-one. Dividends paid to your account in real time. Plus, you get the lowest fees in the market at just .04% and you can trade them like any other crypto as margin, in earn, in grid trading. Tokenized stocks finally done right. Head to milkroad.com/bitget to get started. >> Of course, yeah. And I think I think from my experience, too, I think we make the mistake of comparing it directly to um ChatGPT and Claude because we're like, well, I haven't I have downloaded those apps and I don't you know, I use them, but I think it's also search. If you use Google for search now, it has been completely revamped and often I feel like most people are getting their answer in what Gemini kind of spits out quickly, right? Rather than actually looking through like So, I feel like there's a there's more of an integration there and like you're saying, on the advertising side, which is such an enormous part of what Google does, right? Both of Google and Meta and a few other companies have really built like such an empire on advertising um them having something that can actually add a lot of value to their advertisers has been pivotal and we even a similar company that Martin has written about and talked about is AppLovin, which does it for mobile games as well, right? Where they have this kind of like recursive improvement for ads and that is clearly like a huge line of business for any kind of you know, advertising marketplaces like Google. Let's talk about their other lines of business. What else what else do they have at least on the the kind of AI infra layer? >> Yeah, so there's one more kind of future upside optionality layer and and and all of that that's Waymo, right? It's a it's a robo-taxi company essentially. Actually, it's the the largest robo-taxi company that is out there. You can see the numbers on the on the chart here right there. They have on an annual basis 26 million rides. If you compare that to what Tesla is currently doing, it's it's it's way way big and they're making actual revenue out of that. Now, the thing is to me it's not part of of it's not part of the investment thesis on on Alphabet because it's from my perspective substantially disadvantaged when it comes to scale economies of scale versus Tesla in terms of producing Waymos and then so they will basically lose out against Tesla because Tesla can produce much more cars at way lower cost, which puts them at a structural disadvantage. Again, it it's it's part of the business, part of the AI business. It adds It adds some upside to the thesis. It's It's an expensive business if you look at the at the valuation side of things. Um and let's see what what Google will be doing with Waymo in the future. I do not see If If they really want to scale Waymo to to a certain size, then I do not see Waymo as being part of Alphabet forever. So, I could envision them separating the company at the point in time, and then you could look at Waymo as a kind of more standalone business where it maybe has more flexibility also in terms of growing. But, it's part of the story, and and it's it definitely needs to be covered when when talking about Google. >> Would that would make Waymo benefit from from FSD being legalized in the US? Is that Is that part of the story? Cuz we talk about that a lot with Tesla whenever we whenever Kyle's here and he talks he brings up Tesla. >> Yeah, I mean, of course, regulatory issues are the the biggest kind of barrier for for adoption. That said, Waymo is using a completely different technology than Tesla, right? They They're using lidar, which has at the moment an easier life when it comes to adoption and actually being allowed. Now, it's a much more expensive technology versus what Tesla is doing as well. So, then again, it makes them economically disadvantaged, and in the end, that will reach the customer in terms of higher costs per mile. So, yeah, my view on Waymo is I think if you're investing into Google now, it should not be because of Waymo. >> [snorts] >> Uh >> Got him. Okay. You're just giving like a a bit more of a preview to the future of of another line of business that later down the line should do quite well. Let's talk about Let's talk about the here and now though, Vincent, to kind of wrap this up because obviously a very volatile week uh or this week and and and this was this happened all after Google reported their earnings last week, which also were good but also preceded or precipitated them to for the stock to fall. What is your current read on the price action? >> Yeah, so the stock is or fall back near levels that historically have been really attractive to buy kind of this 200 day average. Honestly, I don't care too much about technical analysis. I think the core part is that valuations are lower. So, what you can buy with Google is a is a juggernaut in the AI space that has a diversified business that has really cheap multiples. I mean, price to earnings is at 16, which is really cheap for such a promising business in the future. So, yeah, if you think about buying the the hyperscalers, I think Google could be at an attractive spot to do so. And obviously then it comes down to what are the core risks? Why would you not buy Google today, right? And to me, the core question is just will the multiple remain capped by this negative free cash flow outlook? >> Mhm. >> Or will the market eventually look through this investment cycle and understand the value and recognize how much, as you can see on the chart, how much future cash flow and and future margins and revenue they they will be making. And this is the question I have not fully yet kind of brought my head around because >> This market is really sentiment-driven. We saw the Microsoft earnings, CapEx down, it's just artificially financially engineered stock up 10%, right? The other way around for Google, CapEx up, free cash flow down, stock was down more or less 10% on after the earnings, right? This is kind of it's it's not that the business is is is in a structural disadvantage position or something or that for some reason AI demand, compute demand is is falling off a cliff. To me, the biggest risk is actually investor sentiment and they not kind of understanding what Google is building here and why they're spending so much money. >> And is this And And this is this chart that we're looking at here to kind of wrap it out. This is their expected revenue Or no, this is a hyperscaler cash flow. I didn't realize that. I thought this was only This is only hyperscaler cash flow. Got it. >> Yeah, the the dark blue part, as you can see, is is is also is also good. >> Got it. Yeah. >> And what this chart is showing you that the next 2 years they will keep spending money. And they are potentially moving into a world of of of negative free cash flow on an annual basis even if if they just keep increasing increasing CapEx. At least it will go down massively, right? And then kind of from 2028 onwards it's expected that they're making so much free cash flow out of the cloud out of the cloud business out of the investments that they're making today that it's kind of growing, right? And then it's growing exponentially versus before this this kind of AI spending hype, right? This is This is basically what you're betting on when you're buying Google today. >> Right. Yeah, of course. So So, Vincent, tell me this. What's your move? Cuz I don't think Google is currently part of your milk for a pro portfolio. You're telling me that, you know, this is this is this is a really good point to buy. It sounds like it's it may be a good opportunity continuing, right? Because like you're even just looking back at that last slide that it's like the the cash flow is supposed to be is expected to be even lower next year than it has been this year. So, maybe a way to look at this and and you you tell me is that it may sit around here or be at a good buying level for a a little while longer until a lot of that money comes in or maybe this will start to get priced in pretty soon. >> Yeah, this is the $1 million question. Um So, what I'm doing is I'm definitely waiting for the the Amazon earnings after the bell because I want to see their cloud earnings as well. We saw the Microsoft cloud earnings yesterday. They were phenomenally as well. That is just proving the point, uh especially when it comes to operating margin, that they're able to to to monetize this cloud business. It's also really good way when you have a a really focused AI infrastructure portfolio and you want to diversify um some of that money into into something that is not fully correlated with the AI infrastructure. It's a great buy if you want something that is not up a couple of hundred percents this year. >> Mhm. Mhm. >> But it's definitely not that much of a beta versus a Bloom Energy or a Micron uh because again it has much less risk of course uh and and and and it's a it's a it's a massive company. So, for me I'm I'm I'm definitely waiting for the earnings for some confirmation signals there. And then uh we'll see whether I jump into the names or not. >> Mhm. Mhm. Okay. Okay. That's good to know. I have one last thing to share with you, Vincent, and this is something I did while we were recording. You told me that Gemini uh it was very useful. So, what I did [clears throat] is that I went into the I guess the editing uh bay for one of our episodes that we did recently, the Robinhood one. >> Yeah. >> And I I prompted Gemini to make a new thumbnail for us because there is an option in there when you're editing your YouTube videos be like get suggestions for a thumbnail. So let's take a look at what what it created. Okay, so this one on the left, this is the current one, right? Which is his secret plan and uh we did a little I think we had a few different we had a few different options here, right? We had two. This is our original thumbnails, right? So we had we did basically uh we did one with you with an animated Vlad behind and this is about the Robin Hood episode and then we did one just with Vlad's photo his thumbnail. But this is basically this is our episode about Robin Hood. So let's see what Gemini came up with. They gave us this which is this kind of mutant version of me beside a robot. It's not bad. It's not bad. That that's that's that's kind of okay and this made it it made it on the spot. Uh let's see what else. And then it took a nice photo of you or took it like it kind of it kind of changed you a little bit and then put AI agents trading beside it. A bit more of a a kind of like uh straightforward screen or a thumbnail, let's say. And then it made one more which it labeled as multi-analyst growth thesis. And it put $1 trillion opportunity and then it put what I think is me as animated me. I'm assuming this is Melvin and that's Kyle and then you've been replaced by a woman. You've been you are gone from the image and there's just this this this corporate-looking girl who is now the fourth person on the podcast which doesn't even make any sense because this is a podcast that was just you and me. >> [laughter] >> Yeah, but >> [gasps] >> but the but the bigger point is that for someone who is completely on his or her own who needs to build thumbnails fast, right? Maybe who someone who who does not >> This will be good. Oh, yeah. I'm not saying this won't be good. >> This I mean that's that's good, right? I'm I'm I'm I'm definitely sure that the that the the video would have performed more or less the same as with the thumbnail that we were using. Sorry, guys. >> Yeah, with this one with this even though Kyle and Melvin aren't even there and you've been turned into a woman. Maybe. >> Yeah, maybe not this one but the other the other first two options. I'm pretty sure I can tell it to edit those two, so I could I could I could edit it. So, maybe Gemini is something we will start using. Uh Vincent, thank you, sir. Um thank you for for the wonderful insight into Google. Looks like there there are a lot of opportunities yet for something like that. So, um appreciate the insight and and good to get some context on why these stock prices drop after historic earnings, right? Cuz it's always so shocking to see and it doesn't seem to make sense, but I think you've explained it really well for us. >> Want to stay ahead of the biggest technological shift [music] in history? Subscribe now to get insights straight from the sharpest minds in tech and finance. Quickly, you'll note this show's for educational purposes only. Nothing here is financial advice. Investing always carries risk. Never invest more than you can afford to lose. Thanks for tuning in. See you in the next one.