Thanks for joining us for this special edition of Bloomberg Daybreak. I'm Nathan Hager Pay Happy New Year, everybody. Of course, markets are closed as we kick off twenty twenty four. Well, they're back. Last summer, you may recall we brought you a special high tech roundtable with Gene Munster, managing partner at Deepwater Asset Management, and wet Bush Securities senior equity research analyst Dan Ives. This was about halfway through the
trading year. Well, now, we thought we'd bring the guys back to see how their stock picks fared since they last joined us on the fourth of July, and we'll look as well at some of the trends that could shape the tech sector well into twenty twenty four. Well, let's start things off with you, Dan and remind our listeners just what you liked and didn't like when it comes to tech stocks back in the summer.
Listen, Apple and Microsoft to me are the table pounders here along with Tessa.
Because of the growth themes.
That are going on for Cloud, Microsoft and the Della continues to be the core Cloud and AI name the names right now. If you looked up disaster in the dictionary, you'd see the tickers, lift and Snap.
Those are names under new circumstance.
What I focus on despite maybe the stocks that have obviously sold off significant.
Okay, so since the fourth of July, Dan Apple's gained, Microsoft's up about ten percent, Tesla's down about ten percent. Kind of nailed it on the Apple Microsoft story. But Tesla's been a little more complicated.
Yeah, it has. I think they've essentially gone through a price war, especially in China, and I think what we're starting to see with electric vehicles is this is I still viewed as an air pocket period for Tesla, but no doubt for the first time they're going through some challenges and you know, I think right now for twenty four it's about standing firm on margins, no more price cuts, and starting to ramp unit volume. That's going to be
the name of the game for Tesla. But is Geneo as well when you look out this is still second third inning of a nine inning game in terms of this gross story.
Well, gene can't let you off the hook here. Let's take a listen to your July fourth picks.
Now, on the standout side, is Google still not getting the credit what they've done in AI remember in twenty seventeen they said they're an AI first company of some of the smartest people on it. Yes, there's going to be some sort of a bump in the road related to their revenue, but I think we haven't even seen the beginning of what they're going to.
Do in AI.
And then I would put Apple in there. I think Vision Pro is one that is going to surprise investors over the next few years. And a third one, a much smaller one, is Zillo. They can use AI to finally fix this estimate. I think that's going to benefit Zilo. And on the ones that we're a little bit more cautious on, We're negative on Lift. They've obviously had some problems. Don't want to pile on that, but I'll put Lift in that category.
We're going to have to pile on Lift just a little bit. But first Gene, you'll be happy to know Google parent Alphabet up about fifteen percent since the fourth of July. We mentioned Apple as well, it's higher. Zillow's up about ten percent. That AI call does seem like it had some pretty decent rethrow.
We're getting some tracks that I mean it is. This is a theme that Dan and I operate in on a daily basis, which we're seeing where the world's going the next few years. It takes time to get there, and Zillo is starting to do that. The zestament has been broke for a long time. It's just starting to heal. I think that that's going to add better transparency, better
accuracy to what people is. The largest part of their net worth is is their home and I think that taking some of the friction out of understanding the value of your home I think is valuable. And on top of that, you get a natural boost which I think is going to come to some of these real estate tech companies in the next year, just because raids as they even stabilize and maybe they get better, maybe they go down stabilization. I think it's going to be benefit
just across the board and Zillo. Other companies beyond zill in real estate tech that have been to say they've been obliterated over the last couple of years as an understatement, but I think they're due for a bounce back. Now.
I want to talk about both the really good calls that you both had, but you both mentioned Lift as a stock that you didn't like. You might be surprised to hear that since that fourth of July call, Lift has gained about fifty five zero percent. Dan any regrets.
I mean, look, you're going to see maybe people talking about could this get acquired? Could it be a restructuring story activist. So that's definitely some of the stuff that's happened with LYFT. But the reality is they have averaged like uphill challenges, and this is one where Uber continues to be our table pounder. You focus on your flowers, not your weeds. That's how you lift. It's the little brother Tuber.
How about you, Gene, you still love sour on Lift?
Yeah, it's painful to hear that that it's up to fifty five percent since I was negative on it, and I have a similar type of view, is that wish we would have been more positive on it six months ago, and then all the way we like to think about it deep waters that there's no rear ver mirror and we have to look forward. And I'm on that same
page that Dan is. I think that Uber is by far and away orders a magnitude better positioned, and I think that going forward, wish I would have gotten it right going forward, still think this company is going to be structurally challenged in the next few years.
So going forward, let's talk about the names that did really well, those calls that you both had. Microsoft Alphabet part of those Magnificent seven that have really driven the rally this year. Dan, When we see the kind of games that we've seen from those names, in particular Microsoft Alphabet, at what point do the megacaps start to look stretched to you?
I mean, I still believe we're in the be just the beginning of this AI revolution. So when I look at Microsoft, you know, we spend so much of our time traveling around the world trying to understand the monization of AI from Microsoft. For every one hundred dollars of cloud spend on Azure Wen, there's incremental thirty five to forty of AI spend. You put that together, a year from now, we're looking at a mark cap that's probably
closer to four trillion than three trillion. So I think the golden story under Nadella is just starting to take place in terms in Redmond.
You still piling in to Microsoft as well, Gene.
We do own it. We think that they're well positioned, and you know, I just want to put a little bit of A. I guess my view on what Dan said related to where AI is and where it's potentially going. And you know, we've been struggling over the past year to try to put context into the significance of this. There seems to be this tripping over each other in terms of what are the adjectives to describe it. So I'm going to take a shot at it. Here is that I would put electricity in a scale of one
to one hundred, one hundred being most transformative. Electricity is at one hundred. I would put AI at ninety or ninety five, the Internet at fifty, the smartphone at thirty three d TV if you're curious, as a negative five.
Been a while since we thought about shot correct.
The reason why I put that into context is it I think illustrates how bullish we are and we think we're going to see We're in nineteen ninety five and we haven't even started to see the enthusiasm around A and we think we're gonna get a point where the optimism around it in three to five years is going to be deafening and it's gonna be a bubble. Good news is going into this. I think you are owning companies like Microsoft and Google and Apple are going to
benefit from this massive run up. You gotta be careful on the opposite side of it. We learned that. But I'm agree with this thought that Microsoft is one of those foundational AI companies, thanks obviously to their partnerships, and they're gonna benefit from it.
Interesting that you say it's gonna be a bubble, Gene, because when you have the kind of valuations that we've seen for these companies and so much focus this year on this Magnificent seven, a lot of folks are wondering whether we might be in the bubble already. Dan, I'm guessing that's not your view just yet.
Why look, I think it look a lot of the work that even Gene, you know, Dug and his team done in deep water, it just shows similar to our work. We are in their early days of monization. So I don't view it as a bubble. This is not a nineteen ninety nine two thousand movement. It's a nineteen ninety five movement and the monization of AI is just starting. We viewed as a trillion dollars of incremental spend over the next decade. As at his the shores of tech.
I view this not the time to go deep into the caves like a lot the bears have done this year, missing out. This is the time to basically get the popcorn and get ready for what we've used a new tech bulmarket.
Are we at the start of a bull market in tech? For you, Geene?
I think so. I think that to put there where we're currently in terms of evaluation, where we were in two thousand, call it the Nasdaq is twenty five or so multiple or twenty twenty five multiple, and at the peak of the bubble it was almost a two hundred multiple earning it's multiple, and so we it's just a very it's just a lot to go. I agree with Dan.
I just love the way he can just capture exactly how to think about these getting a popcorn and sitting back and just watching this happen, because it's going to happen. And so I think we're just have We're at a point right now. I've been for the last two years. I've been more on the cautious side, and I am just extremely excited about how this AI is going to impact and bring a lot of just generate a lot of wealth for investors in the next three to five years.
I do I actually have a question Nathan again for Dan on this topic around Okay, and.
Well, let's get to that question in just a moment, because we do have a lot more to unpack here when it comes to the Magnificent seven and the AI story. So we'll let you pose that question to Dan as we continue this conversation on big tech in the new year on this special edition of Bloomberg and Daybreak. It is now eighteen minutes past the hour on Nathan Hager and this is Bloomberg. Welcome back to the special edition of Bloomberg Daybreak. The markets are closed for the New
Year's holiday. I'm Nathan Hager. We are back with Gene Monster managing partner, Deepwater Asset Management and Wetbush Security senior equity research analyst, Dan Ives and Gene Before we were so rudely interrupted by the break, you had a question you wanted to post a Dan, So go ahead.
It feels like Dan, you know, on the same page in terms of how impactful AI. It's going to be a massive impact. There's an opportunity of the next three to five years for wealth creation as the synergies and the revenue opportunities start to emerge from these companies around AI. It sounds like in general we're on the same page. And my question is this more about twenty twenty four.
Do we think we're actually going to see some of the monetization for AI in twenty twenty four or is it going to be more just announcements and building towards better products that start to have an impact on revenue in twenty five, twenty six, twenty seven.
H Gee, I think you nailed that. I think that's the biggest question. And to our point, there all the research we've done, I think we see monization front and center from copile, it from some of the hyperscale players, starting as early as March and April, and I think that is going to be the tip of the iceberg to this broader trend we're seeing right now. We have over eighty use cases based on our survey work four
or five months ago, bay less than fifteen. And I think that you filew like Nathan Gene knows this so well. You follow the use cases. That's the yellow brick road to the winners and who you want to play.
Okay, Well, if you've got eighty use cases Dan, and you've narrowed it down to that a dozen or so, what do you think of the most likely use cases that we could see start to bear fruit in this new year, Because, like as GEDD was saying, the big question is there's so much prompt around AI, you got to think that maybe this is the year that a lot of these companies are going to have to show that the promise leads to results.
Yeah, And I think where you're seeing it first areas of financial some of the regulatory insurance. There's massive use cases around that actuaries are using that we're seeing from an unstructured data perspective. Banks are going after, they're diving to deepend the pool. The use cases are massive, and financials, life insurance. I also think we're seeing massive use cases healthcare, hospitals.
Science is a very very big focus. And then ironically, government, which usually is so far behind, we're seeing a lot of use cases when it comes to on DoD and on defense and military and some of the agencies. And that's why we view this as probably the biggest transformation that we've ever seen, especially going back to mid nineties.
That's really fascinating because we have seen a lot of the big banks, in particular Gene is trying to get ahead of the trend on AI and getting those use cases implemented. Where do you see the most promising use cases for AI right now, Well, it's.
In twenty twenty four. I agree with Dan on this concept of copilot, and I think that when he talks about those eighty features, that's like real substance. There's real utility that's being delivered next year. When I saw some of these products previewed by Microsoft in twenty twenty three around copilot, my sense was we're going to see these in five years, and then they start talking about them being available in two months. It just hit home how
fast things are moving. So I think that you will see an uptake small uptake and Microsoft revenue next year. I think another company that's going to benefit from this is you know, outside of the banking don't spend as much time on the banking side specifically, but we spend
a lot of time on social side. And I think companies like Meta and even though it's not the AI quote AI product, I think AI making content easier to generate and really making the algorithms more I would say for lack of a better word, addictive and to increase engagement.
I think you're going to continue to see where it actually presents itself is the growth in daily active users and time spent the metric they don't give out, but daily active users continues in this two three percent year of year, which is a hard number to grow and it's close. It's over two billion. I think that that is going to be how I think we're going to see AI impacting these businesses and that's real and we're
going to start to see. Of course, obviously the hardware side and video will continue to be a big beneficiary, maybe a little bit with amw AMD and then play it forward. I think twenty five twenty six is when things really get and when it comes to monetization around AI.
No I want to ask you Dan to think about AI getting more implemented in social media. There's so much question around social media, whether it's too addictive right now, and then when you think about artificial intelligence getting wrapped into it, whether that could create even more of a backlash around social media and AI more broadly. There's still a lot of concern, isn't there that artificial intelligence has the risk of getting to and meshed in our lives.
Yeah.
Look, it's been a concern and that's not going away. But I think with Jane's talking about, I think is a very important issue because when you look what's happened in social media and you look at Facebook, and you look at Google and snap TikTok and everything else, I mean AI, the monization's real in terms I mean from better words, essentially targeting, advertising, ramping. The regulators right now are in the right lane in a minivan going twenty
five miles. The technologies a ferrari left ling going ninety five and the reality is regulatories despite all the noise, it's not stopping this free graine.
But that's the thing though, If the regulation stays in the slow lane, it raises the question once again about whether artificial intelligence has a risk of outrunning itself and getting two out of control. What's the concern Do you have that concern, Jane.
Well, I think that there's the companies know. I think the companies are really defining and driving AI, know of what the risks are, and I think, as I agree, I love that analogy. Dan, You are just wonderful at these analogies that far they're in the Ferrari and ripping along, and they know that I'm going to try my best to stick with this Ferrari example, but they know that if you go take it to one hundred and eighty miles an hour, you could crash and then you're done.
And I believe that these companies know about the existential risk from AI, and there is, and they know that the risk is can be pretty it could be a significant negative to humanity. I'm not an alarmist, but I think that people when we talk to you know, Doug from our team, Dan mentioned him. He is the smartest guy on AI and he does a ton of interviews with founders and AI, and that's something that's on their mind.
And so Nathan, I think that they're going to there's going to be this actually self regulation piece sounds bizarre when it comes to tech and not in regulating to be nice and not you know, for the greater good of all humanity, regulating AI to make sure that humanity stays around. I think that that is as bizarre as it is, it's a real topic, and I feel that the knowledge of the existential risk will prevent very bad things.
As Dan said, the regulars are going to try to keep up with AI and they're just they're not going to have a chance to keep up with it.
And Nathan I would just say one, Dan Jean, sounds very important when you talk about what's happened in self regulation. The other overarching theme is US first China. For the first time in years, US is ahead of China. So the issue from a belt way to a two perspective, where you are do you shoot yourself in the foot at a time that you're in arms race with China? Where right now we have the golden Child's Nvidia, Microsoft Open AI in the US And that's the balance.
And that's the thing. I mean, we're right at the start of how to think about this technology and twenty twenty four really could be the year that things really start to come into focus when it comes not just to how to apply artificial intelligence, but how to keep it under control. And we're going to carry on this conversation focused on tech with a Gene Monster of Deep
Water and Dan Ives of web Bush. Take a closer look as well at this mag Magnificent seven, those seven tech stocks that have really driven the stock rally this year that says this holiday edition of Bloomberg Daybreak continues. It is thirty five minutes past the hour. I'm Nathan Hager, and this is Bloomert. Welcome back to this special edition of Bloomberg Daybreak. The markets are closed on the New
Year's holiday. I'm Nathan Hager, and we are back now with Dan Ives, senior equity research j analyst at Wedbush Securities, and Gene Munster, managing partner over at Deepwater Asset Management. It's been such a fascinating discussion so far, guys, about artificial intelligence, and so much of what's driven this excitement around AI is these seven stocks, the so called Magnificent Seven in Nvidia's one of them, along with Alphabet, Amazon, Apple, Meta, Microsoft, Tesla.
Think I got them all? Those seven stocks altogether doubled in value in twenty twenty three on the Bloomberg Magnificent seven Total Return Index. So I want to ask you, first off, gene was AI alone the biggest driver of these gains? And do you see it continuing in the next into this year.
I think AI was a quarter of the of the gains, and some companies, more like Nvidia was one hundred and fifty percent of it. In Google's case, it was there's a lot of debate where investors stand on Google relative to AI, but I think the biggest driver in twenty
twenty three. We came off of twenty twenty two where tech was a four letter word, and now we go into twenty three where there's just this optimism that rates are going to start to stabilize or go down, and then so you have not only the benefit of wanting to have growth, but there's still this flight to quality, and so I think that that benefits some of the
Magnificent seven. I think company like Apple, world's greatest company you have, they've been pretty quiet when it comes to AI, and the stocks at fifty five percent this year, well ahead of the NASDAC, and so I think that I think that AI has played part of it, but also the bigger part is just our lives are becoming more dependent on these companies.
How do you see it, Dan? What drove the Magnificent seven rally and does it continue?
I think a big part was these tech companies, after spending money like nineteen eights rock stars, you know for many years, they started cut costs. I mean that was the Zuckerberg your turnaround. I think you say the same thing at Google and others, So they prepared for a hard landing, but instead we got a Pillsbury dough Boys soft landing numbers were ahead expectators. I think that was a big piece. And then AI, it's the gold rush.
You put that in there. Combined that creates what we've seen, especially where so many investors, institutionally speaking, we're yelling fire in a crowded theater. Now into twenty twenty four, now the real monization starts to happen. So I view it as kind of again, this is in ninety five going into what I've used a three year stretch.
Geene, you mentioned that twenty twenty two was the year when tech was a four letter word. Obviously this past year much different story. What's to say that we don't see cyclicality in twenty twenty four that we could see up and downs once again for tech?
You know, people like Dan and I we obsess about where the world's going, what the next three to five ten years look like, how it's going to change our lives. And when it comes to markets, there's this other piece to it, which is around interest rates and money flows, and it's something that we're not experts on and we don't we're not economists, but unfortunately it does have an impact.
And so when we think about twenty twenty four and think about you know the impact of money flow and and rates and the market saying there's going to be rate cuts next year, if that happens, it's going to be really positive for even though they're anticipated, it will be positive for these tech socks. I believe even a
stable rate environment. This is contrarian, but I believe even a stable rate environment, so the FED doesn't really move rates in twenty twenty four, I actually think it's going to be okay and positive for tech stocks, and because we've been through such a crisis over the past twenty
four months related to uncertainty around rates. Even though they're higher, even though they're not necessarily going down, the fact if they stay stable, I think that's going to allow more inflows into tech just because the discounting mechanism that interest
rates have on it. And so I'm really optimistic about tech and twenty four, even though it's had a great run in twenty three, I think it's going to be the first year of that three to five year ramp going into what's going to be Again, I believe it will be a bubble, but we got a long way to go from where we're at to the top of that bubble.
And clearly, Dan, you're bullish, megabullish on tech. I mean, the stocks that we've been talking about have managed to power through despite massive rate hikes from the Federal Reserve. How does it keep going? How does that monetization continue into twenty twenty four.
Well, first, I think street numbers are under estimated by five ten percent for twenty four, so as numbers are going to move higher into twenty four and twenty five fed despite all the jaw booning boy that cried wolf. They're cutting whether it's two or three times, probably starting in the spring, and then you start seeing more and more of this monization that happens not just with mag
seven but across broader tech. And what that's also going to do, it's going to stimulate M and A. I think there's going to be just a tidal wave of M and A the FTC con that's kind of us a mosquito now that I mean, it's black eye after black eye, especially in Microsoft, Activision and the others, Big text free daymore so you can see a lot of big deals you probably have. You know, the markets is really gonna, I think, go into this next phase of
this modernization and what that does. It creates this bull market that we've already begun in tech.
It's an interesting idea to think about these big tech companies getting even bigger through M and A. Is that something that's on your radar as well, Gene.
I think we're gonna see more M and A. I think the biggest I love to have the conversation with Dan around Apple and AI and how they're thinking about leveraging other models or building their own foundation model. To me, that's kind of the topic of the breakouts we're gonna do. We usually wait till the I would recommend checking out Dan's projections predictions for twenty twenty four. We always does such a good job on it from our perspective. I think that a huge topic is going to be you know,
what is Apple going to do relative to AI? And I think that there could be some M and A related to that, whether it's next year or the year after. And I think we will see more M and A. I don't know if it's going to be Blockbuster M and A, but I think there will be some Blockbuster M and A related to AI companies like Anthropic for example.
Interesting raises a question as well, Dan, whether we continue to see this kind of outperformance from just these seven stocks in particular, or whether we start to see a little bit more of a broadening when it comes to the tech story. Are you looking at some other names that could start to outperform this year?
Yeah, I think the broadening starts to happen. You look at what I've used, the messy of AI poun Teer. I think from a use case pure play, it's one of the best out there names like Mango, dB, Snowflake or just some examples. And then I think the install based plays is not just what's happened Redmond in the trophy case, what Adobe's doing, what Salesforce dot com is doing. Now you're taking AI into these massive installed bases, and I think that's why it's really giving a renaissance of growth.
And I think that's something that you know when you go with Gene and I do just like he said, and he does a great job in his podcast with Doug, we're looking at let's just don't focus on valuations. What's focused the next two three, five years, and that's where this Fourth Industrial Revolution is happening.
I want to ask aswell about in video. Obviously it was the big focal point for AI chips gene Does in Nvidia need to watch its back when it comes to that kind of dominance. Are other players nipping it its heals?
Not yet? The key question within video right now is what's their growth going to be in twenty twenty five The streets looking for fifteen percent revenue growth one to five. That growth has been ripping a lot higherbe two hundred percent in the or in the quarter that just ended ends at the end of this month, at the end of January. The As far as comp ddition, we're invested
at deep Water. We invest in both venture private companies and public companies the whole spectrum of tech, and we are invested in companies that are building chips to compete with Nvidia, and just knowing what their timeframe is, it's still a few years out before they get the chips taped to a point where they can actually be deployed. So I think that AMD Intel aren't going to make much of a dent in this and there's just going to be such a massive infrastructure build. I think in
VideA is still in a great place. I think I'd rather have my money in companies like Apple or Google, but in Vidia still in a great spot.
All Right, We've still got a little bit of time left to continue this tech conversation a few more minutes time with Gene Mounster of a deep Water Asset Management and Dan Ives over web Bush Securities. So we'll continue this tech roundtable with more of a look ahead to what's in store for big tech in twenty twenty four. As this holiday edition of Bloomberg Daybreak continues, it is fifty minutes past the hour. I'm Nathan Hager, and this is going to welcome back to this special edition of
Bloomberg Daybreak. The market is closed for the New Year's holiday. I'm Nathan Hager wrapping up this hour now focused on tech with Gene Monster of Deepwater Asset Management and web Bush Securities. Dan Ives. Guys, since it is the new year, let's hear some resolutions. Dan, what are you hoping to see out of tech in twenty twenty four?
I mean, I think tech stocks are gonna be up twenty five percent a year from now when the bell rings going into twenty five. What I'm really focused on is M and A that I think is going to really cataize these names, but a really monization of AI, the AI party. It's only nine thirty pm, it's not two am, so.
The ball hasn't dropped just yet. What about Eugene your New Year's resolutions for tech.
I think we're going to see some fracturing in the Mega seven. I think companies like Apple and Google are going to be Microsoft are going to be in a great place, and the rest just aren't going to perform at that same level. And I think we're going to start to see more, I think more performance from some of these companies that have been kind of left out in part because of just stabilizing interest rates. We have
a deep water Frontier Tech ETF. It's powered by innovator Tickeers Loup, so it invests in these call it sub one hundred billion dollar market cap transformative tech companies. But that's one segment that I'm really optimistic about how that kind of sub one hundred billion dollar tech trade works in twenty twenty four.
Since you mentioned some individual stocks there, Gene and since we started this hour with a look back at your likes and dislikes. What are some of your likes and dislikes when it comes to individual tech stocks at the start of this new year.
So it's Google and Apple on the largest side. I think that what Google is doing is I think what they've showed it was a heavily edited video, but what they showed with Gemini was impressive, and I think it's going to really emerge that GPT from open Ai and Gemini from Google are going to be the two foundation models that are kind of front and center. So I
have to see that as being a positive. And then Apple, people forget there's I mean, Dan wrote the book on this, but just to strengthen what's going on with the iPhone, I think is going to be a positive. But also I think vision Pro is really going to It's not gonna, I think, surprise people in twenty twenty four, but I think twenty twenty four is the year where investors get their hands on these vision pros and the light goes on that this is really something different. It's spatial computing.
Bringing the physical and the real world together is something that is magical, and I think they're going to start to anticipate that vision pro over the next three five plus years is going to be a bigger part of Apple's business. I think that's going to be positive for Apple. And then kind of in the smaller I just generally think about kind of this this group of the sub one hundred billion I mentioned our et off that kind of plays into that.
Dan, I know you've got a four trillion dollar valuation call on Apple, so you definitely like that stock. What other stocks do you like in twenty.
Four Well, I think this is going to be the year for AI. I look at names like Pall and Teer, Mango dB, and I think the rerating that happens on Google and Amazon it's just starting when it comes to AI. But ultimately at the top of that mound is Microsoft, and I think that's a four trillion dollar markap by early twenty five.
What about dislike Stan Well dislikes to me, it's really low quality.
I mean that's why I continue you lift, you know, snap, if you looked up in the dictionary, disaster continues to be. You know, it's dogate the homework excuse quarter after quarter. Those are the two in local quality names that stay away from.
How about you're justslike Genemunster.
My dislikes would be Netflix. I think that Netflix, it's just not a compelling growth story, and I think that in the midst of and they just don't really have a good AI play and so still a large company. Is still a two hundred and fifteen billion dollar market cap that is in a hyper competitive market with not much innovation going on.
Okay, we'll see if those hold up as we get to the rest of twenty twenty four. Here. So great to have both the guys for the entire hour, Gene Munster, managing partner at Deepwater Asset Management and Dan Ives, senior equity research analyst at Webbush Securities. Let's see if we can make this a tradition. Happy New Year to both of you, and thanks to you as well for joining us on this New Year's holiday. But stay right here.
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