Companies will continue to spend strongly on AI because it is currently a small share of GDP and the full effect of AI on the economy is not yet known.

“Yeah, the spending is strong. It's going to continue to be strong. We get a lot of questions, is this a bubble? Is this going to end anytime soon? And our sense is absolutely no. It's no. Okay.”

Meta was rewarded by the market because it demonstrated that AI is successfully improving its advertising revenue, whereas Microsoft failed to show similar concrete improvements for its core business.

“But Meta was crucially able to show that AI is improving their ad targeting and their ad revenue and and their counterparties love this. You know, whether it's on Instagram, WhatsApp threads, Facebook. And so the market rewarded that.”