00:00SpaceX big big massive debut today later today. But look you mentioned that investors are looking to capital that are
00:08looking to capitalize on this AI wave have frightfully less options to go to.
00:14And look everyone is talking about AI these days and the hype there that we have been speaking about over
00:19the past six months or so.
00:21Where do you think investors can look for opportunities and returns in their AI investments.
00:29I think right now the challenge that investors have been having is they've turned to the hyperscalers. We've seen that
00:34run.
00:34They've turned to the chip companies, NVIDIA, TSMC, Samsung. We've seen that run.
00:41So they're looking for the next run and the next run is really looking like things like SpaceX or Anthropic
00:47or OpenAI.
00:48So there's a lot of enthusiasm over how do we get into that next wave of what's going to be
00:54the next big thing in technology.
01:00And when we talk about the spending that has been placed in AI infrastructure, for example, billions of dollars, hundreds
01:08of billions of dollars that are going to be spent on that,
01:11do you think the market is getting ahead of itself or do you think that those expenditures are justified?
01:18The market in some ways has been ahead of itself for some while as far as AI is considered.
01:23But what we are seeing legitimately is just tremendous demand for this technology, tremendous demand for compute power.
01:31And this is why we've seen such a big run up in the chip companies and hyperscalers and big iron
01:36companies that provide infrastructure for the data centers.
01:40And I think what we're really trying to figure out now is what's after that?
01:44What's after the infrastructure build?
01:46We've already had SaaSpocalypse where there's been a big discussion about the existing SaaS providers may in fact be disrupted
01:52by AI.
01:53And this is why I think we saw some of the optimism that we saw over SpaceX.
01:57It's like, what's going to be next?
01:59You know, we've talked a lot about robotics and NVIDIA talked a lot about physical AI.
02:03So there definitely is that wave that's coming up.
02:05But is that a short-term wave or a longer-term wave?
02:07And I think that's what we're trying to figure out right now.
02:10And certainly in the robotics section, I believe there's tremendous opportunity.
02:13But that's not necessarily a 2026 or 2027 opportunity.
02:18That's a little farther down the road, actually.
02:21So that actually brings me to my next question.
02:24And that is about the next breakthrough that we'll see in artificial intelligence.
02:28You mentioned robotics.
02:29Could that be, could it be something within that field?
02:32Would it be AI agents?
02:34Do you think it would be something else entirely?
02:37So I think the next big wave that's actually legitimately on the horizon, and you can really
02:41see it right now, is around agentic AI, those AI agents that we've spoken about.
02:46And this is where a lot of the enthusiasm has happened around companies like NVIDIA, because
02:51we realize that there's going to be a lot of what they call tokens, considered these units
02:55of compute power, that are going to be used by these agents.
02:58So we definitely know that that's going to continue to grow as we move into agentic AI.
03:04So that will be what we see enterprise people adopting over the next, say, year and a half,
03:12two years.
03:12There's also a big cybersecurity wave around AI.
03:15You know, for example, we have AI that can be used for good, but we also have AI that can
03:19be used for bad.
03:20So we're starting to see this emerging market around cyber and AI, and how do we actually
03:28work with that to make sure that we can stay ahead of it?
03:31In the future, we're also talking about quantum computing.
03:35Realistically, we've been talking about quantum computing for quite a few years.
03:38We've moved it from a 10-year horizon closer to, say, a three-year horizon.
03:42So what probably happens in between that is we spend a lot of time talking about agentic
03:47AI and cybersecurity.
03:51Yes, an interesting take on the good versus the bad.
03:54But look, I want to come back to the SpaceX story, because that's going to be the biggest
03:58story of the day, essentially.
04:01And that question has been asked quite a few times in the lead up to the IPO.
04:05But how much do you think SpaceX is getting all this attention purely due to its owner?
04:12Elon Musk?
04:13Well, arguably, Elon Musk has been a tremendous force in the industry, and we can point to
04:18many successful cases.
04:20So I think that when you think about AI investments, a lot of organizations think that this investment
04:26may be less risky as a result of the Elon Musk connection.
04:29And it's actually hard to deny his success rate with rocket launches.
04:35If you look at SpaceX versus the global populace of rocket launches, the only company that
04:42comes close is a CASC from China, because they are actually the only other ones that are
04:47coming in near that amount of rocket launch.
04:50So they definitely have a lead there.
04:51If you look at the telecom environment, telecom is actually going to be buying satellite services.
04:56And if they're going to be buying satellite services right now, they're going to be buying
04:59them from Elon Musk.
05:01Blue Origin has a long way to go, as we know.
05:04So even if we look at some of the very established providers, they've struggled to have this type
05:09of success.
05:10So I think if we look at sort of the short-term market of just even satellite services, they're
05:17going to do very well in that.
05:18And then the question is, what other things can they layer on over time?
05:21Yeah.
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