Let's start with Meta. This stock is up now 10% in the after hours. What what do you make of the results, Gil? Is that move justified in your opinion?

Yes. Yeah, the results, uh, the the stock moves make sense. The results are that good both for Meta and we'll talk about it in a second, for Microsoft, for Meta, they've been, they were able to grow revenue 22%. That's a significant acceleration from last quarter. And the context is Google grew its ad business closer to 12%. So, Meta is gaining significant share in the digital advertising market. They're doing it with, uh, while keeping, at least to date, expenses under control. And therefore, investors have patience for, uh, the capex guidance that that they're providing. For this year, it's only a slight increase, but there was a comment in there about a significant increase in capex again into 2026. Investors will have patience for that as long as revenues growing this fast, they're selling a lot more ads and they're selling them for a lot more.

So, they're spending, spending, spending, Gil, but is your point listen, we we're seeing the ROI on that spend?

To some extent, it's more that investors with Meta have always had patience for the longer term investments when the current business is doing well. When the digital advertising business that that is the lifeblood of Meta is doing well, investors have patience for reality labs, for metaverse, for, and and now for these longer-term super intelligence investments. That's what's happening, which is to say the AI investments do pay off in the core business. This is how we sell more ads and we sell them for more is by being very good at AI, by being very good at developing the right feed and serving the right ads and then being able to monetize that, which Meta is getting increasingly good at. But the investment is well beyond that. The the investment, as you talked about earlier in the hour, is about Mr. Zuckerberg's pursuit of super intelligence, whatever that may end up being.

Let me ask you, Gil, um, taking a step back, when you think about Meta's role, strategy, competitive advantages in that broader AI market, how would you define those advantages?

Well, so one is, uh, they're working towards another platform, the next platform. You know, hence the the Meta Ray-Ban glasses and Oakley glasses. They want to have the next platform because they don't like that fee that they have to pay Apple and Android, uh, for for having their applications on their devices. They want their own device and AI is a big contributor to that. And then they're also working towards, um, having the dominant AI model. Uh, let's not forget a year ago, llama 3 was cutting edge, was state of the art. Llama 4 failed, which is why they have now gone and aggressively invested in talent. So, the next iteration of llama can again be state of the art. So, they can again be front of the pack in this pursuit of, uh, an an omnipotent AI model.

To your point, I mean, Zuckerberg is aggressively poaching, successfully, top AI talent from rivals. When you think about the risks to this one, Gil, I know you have a buy on this one, but when clients ask you, what are the risks I do need to think about, what do you tell them?

That founder mode is great when things are going well. Um, it's been more challenging owning Meta, and and before that, Facebook, when things don't go as well. If the advertising market rolls over because of a weaker consumer, uh, investors may lose patience for, uh, Mr. Zuckerberg's aggressive investment. So, that's that's the two the the two sides of the coin are, when things are great, you want to have founder mode. Uh, when, uh, when the core business, uh, doesn't do as well, you have a little bit less impact as a shareholder.