Jensen Predicts The Future Of AI

Welcome back everyone. Today on the Joseph Carlson Show, investors just got to see some of the latest and greatest in technology with Nvidias new presentation at CES. CES is where they go to Vegas and they share what they've been working on and that's what Jensen Wong did. He revealed some incredible technology. The new GeForce GPU's are insane. The 5070 for example, one of their graphics cards, it's only $500 is more powerful than the 4090, which was $2000.

The leap in technology is incredible and all of this is being driven by artificial intelligence. Jensen Wong mentioned some things that are very important in this presentation. He mentions how not only are the calculations faster, but also they're doing an entirely new way of doing graphics cards in general. Instead of just doing raw calculations, they're now doing predictive calculations, which are driven by artificial intelligence. What he showed off in this

presentation was incredible. But regardless of that, the stock price is down. It's down big today, 5%. And Nvidia's not the only AI stock that's dropping today. We also have Palantir, the AI stock itself, down 6%. We also have Tesla in similar fashion, down 4% more than the rest of the market. So what is going on with these AI companies? Is the AI trade already over? The short answer, of course, is no, but we're going to be looking at it in more detail today.

Now, we also have news that one of the companies I've been buying into this is in the passive income portfolio. It's one of the most significant trades I've made over the past three months and that is buying into ASMLASML is in the tech category. Here we go into this, we see it right there. It is now a $22,000 position. I bought another $11,000 of ASML on the 3rd. But what happened after those two buys and making a video presentation on this is this stock jumped.

Yesterday, ASML stock was up 9%. On the year, it's up 8.72%. So why did ASML stock price jump right after I bought the company? Is it just because I'm really good at timing dips and I know right when to buy into the bottom? Is it because I made a video about it and that video got a lot of views? It convinced a bunch of people to buy the stock? Or is there an entirely unrelated reason to the stock

going up? We're going to be looking at the specific instance of ASML and the real reason the stock went up, as well as the whole idea of timing the bottom and companies and what I truly use as a measurement of my success in the thesis of a stock. We'll be going over all of that in this episode. Now, of course, we have some other related news that Uber's teaming up with NVIDIA, Meta is

joining the Trump train. We're seeing a lot of indications that Mark Zuckerberg is expertly pivoting his company

to get on the new administration's good side, and we have Disney squeezing out yet another company. This time it's Fubo. We're going to, we'll be taking a look at the past, at how Disney made this acquisition of Fubo and what they did to twist the rest of this company. So obviously we have a lot to get doing this episode.

Let's go ahead and jump into the main story here, which is Nvidia's new CES presentation where they unveiled all the things they've been working on, showing off the incredible progress Nvidia's made. Now of course, with this type of presentation with Jensen Wong leading it, it wouldn't be a a true tech presentation with Jensen without some type of kind of nerdy, awkward, funny bits to it. This is one of the things he did. Let's just go ahead and take a listen here.

Wait for it, wait for it. I thought I was worthy. Apparently Yoner didn't think I was worthy. All right, there you go. That's the type of thing that you missed if you weren't at CES. Is Jensen Wong pretending like he was Captain America there? I think trying to to act like he's going to catch Thor's hammer, but really what he has there is the most advanced chips in the world. So you might make fun of him for

being a bit of a nerd. That's OK because he's worth hundreds of billions of dollars and he's making the most advanced technology in the world. Nvidia's presentation overall was impressive. There's no other way to say it. They're creating stuff that no one else is right now. Their newest line of G Force GPU's, for example, they're commonly used in gaming setups and for Bitcoin mining, all different applications. They're also used heavily for artificial intelligence.

But these new GPUs, the level of progress is incredible. For example, he now says that the 5070, which is the lower end of this new line, is performing better than the 4090, which is the very highest end of the previous line. So now the the low end of the new chips outperforms the very highest end of the old chips. And of course, the highest end of the new chips has double the performance of the highest end

of the old chips. So the performance leaps are doubling and tripling and quadrupling in performance in just a two year period. It's really incredible to see. In the presentation, he also talked a lot about specific chips for different purposes. These purpose built chips are for all different industries that NVIDIA personally believes are going to grow substantially in the future.

So they're basically picking out different industries and then creating chips specific to those industries that they believe will have rapid growth that's dependent on the chips they're building. For example, Nvidia's launching an update to its GeForce GPU's, short for Graphics Processing units, which were created with the same Blackwell design that the company uses for its AI accelerators. So now the AI accelerator GPU's are being used for gaming.

This is a whole new way of doing gaming, and they explain it further here. New GE Force 50 series cards will take advantage of Blackwell's capabilities to create even more realistic experiences for computer gamers. While traditional graphics chips build an image by calculating the shade of each pixel in a picture, the new technology will learn more heavily on AI to anticipate what the next frame

should look like. So what they're doing here in the way that they explain this is actually incredible. They're basically changing the entire way that GPUs work. The old GPUs, like the 4090 for example, just does raw calculations super fast. So it's doing a ton of math and it calculates everything frame by frame. So every pixel you see, all of that's calculated frame by

frame. The new chips in this fifty line instead use artificial intelligence, the type of LLM way of doing things where it takes all this information and then it redicts what's going to happen next and only calculates that O it can kind of narrow the scoe of what it's working on because it's now predictive. That's an entirely new way of redesigning how these chips work. So they're not just making them faster, but they're also just changing the way they work all together.

And that new way of doing things is a lot faster. G force allowed AI to reach the masses. Now AI is coming home to G force. So these are truly AI LED G force chips. Now you get into the numbers here and again they highlight that their flagship, the 5090 model is the highest end of their chip and that's going to be available for $2000, which is the price of the 4090 just like a year ago.

So the price is not really going up for these, but the demand is is crazy because these are so much more powerful. The RTX 5070 is going to cost less than $600.00 and it's going to have better performance than the prior ranges top end model. So the RTX 5070 being faster than the 4090 is truly a feat that's astonishing. Now these GPUs of course, are focused primarily on gaming, which is becoming a smaller and smaller portion of Nvidia's business.

For example, Bloomberg highlights that gaming now is only an $11 billion revenue portion of the company. The other parts, which are like cars and different things are 3.8 billion, but the data centers are now $113 billion. So gaming is about 10%, maybe a little bit less than 10% of their total revenue. When we break this down, we can see it clear on Qualtrim. This just shows you the evolution of of NVIDIA overall. If we look at just the revenue,

you can't really see it here. You just see everything growing all at once. We break it down by revenue lines. We see this more clearly when we cross out the very small segments like the professional visualization and automotive. We get to the two main ones, gaming and data centers. That's what forms NVIDIA now. Again, right now, gaming is a very small portion, around 10% of the total revenue. But if you go back to just 2022, so we're going back two years, 2 1/2 years IN2022Q1, gaming was

bigger than data centers. So it was around 60% of revenue at the time. And that highlights the incredible growth of the data center business, going from $15 billion in revenue up to $100 billion. The fact that NVIDIA went from having their gaming be 50% of their revenue to now 10% shows the incredible growth of their data center business. Bloomberg is correct in saying that Nvidia's data center business now dominates its overall business. It is basically the company at

this point. And although that's a great thing, when you look at that, of course NVIDIA and everyone has to be thrilled that they've grown this data center business to exponential size in only a couple years. But it also kind of creates an issue. It's not good for a company to be heavily reliant on one niche revenue stream. That could change in the future, even though it doesn't look like it's changing anytime soon.

Being so reliant on just data centers is probably something that NVIDIA wants to change, and it looks like they're starting to do that. They recognize that they have all of this revenue concentrated into one segment and they're trying to diversify out of it, and they outline different ways they're doing this, primarily through robotics and cars.

Wang announced that Toyota, the world's biggest vehicle maker, is now a customer of Nvidia's autonomous driving AI products and will use it's drive chips for software. They said that extending AI into more of the physical world will transform the industry 50 trillion. But the move will also bring challenges. Robotics and cars will require software that can handle real life complexities in a Safeway. The company has created NVIDIA Cosmos to help make a robot smarter and produce fully

autonomous vehicles. So now NVIDIA is trying to get into the software game. They don't just want to be a hardware seller and a hardware vendor. They want to create the accompanying software that's more similar to Apple. This is the best decision that NVIDIA can do is continually diversify away from their data center business by going into other territories and matching that with software. Cosmos technology is able to create video from input such as text.

The video then becomes the basis for virtual training, helping reduce dependency on expensive and time consuming real life experimentation. For example, the generated video can be searched and honed so the important but infrequent events such as a cars encounter with an emergency vehicle can be tested repeatedly. So basically what they're doing is right now you have, Tesla is basically the only big full self driving company that sees millions and millions of these

outlier events. Tesla has so many vehicles on the road that they have data for running into an emergency vehicle or different unique edge cases. But Nvidia's saying, hey, with our chip, you don't need to have the millions of vehicles on the road. We can virtually recreate these instances over and over again so that you can train your data just running into them a few times. So they're virtually creating these edge cases to train the AI faster.

NVIDIA is now also partnering with Uber to develop self driving technology. We see that new story here. Uber has an entire press release going over this relationship. The Uber CEO is incredibly smart. He knows the challenges the company's facing. He knows that full self driving and robo taxi is going to be a real thing in the near future and by partnering with NVIDIA, he's making moves to pre empt this challenge.

By working with NVIDIA, we are confident that we can help super charge the timeline for safe and scalable autonomous driving solutions for the industry. Now of course he's not saying this here, but implied in this is that Uber is going to have this technology integrated with their application. They want to have their app be the go to hybrid of both human

drivers and robotaxis. By partnering with NVIDIA, making the technology more integrated with their company, they increase their chances of success. Jensen and NVIDIA have predictions on how this robotaxi system and selfdriving will roll out. They say that mass market car makers are going to shift towards using one computer, an operating system for their entire model lineup rather than segment systems by class of

vehicle. So they are predicting that there's going to be a huge operating system for robo taxis that basically manages everything. That transition will set the table for a wider use of the chip designers comprehensive offerings. To speed that up, NVIDIA has had its products certified by the government Transportation Safety organizations. So Nvidia's on top of this, they're getting into these new evolving revenue streams, trying to diversify away from data

center. Cars are the most specific thing on the road map right now. It's the thing they're actively developing. But they also have a longer road map where they believe after autonomous vehicles, there's going to be robotics with just humanoid robotics. And they had an entire line of a different humanoid robotics, which they believe again, that they can be the go to chip provider for and the operating system for running these robots.

Now, after hearing all of those exciting plans, seeing that NVIDIA is making huge progress, they're coming out with real devices, real technology. They're positioned for all these secular trends. The stock is still down the day after this event. And that leaves a lot of investors confused of what to expect. Why is the company trading down? And I think a lot of this comes down to simply expectations. Everyone already knows that NVIDIA is an incredibly good company.

Everyone is very excited about what they're doing. So the fact that they're creating incredible stuff is exciting, but it's a problem of what's already priced into the company. When I look at NVIDIA right now, or I look at Palantir, or I look at Tesla, the most exciting companies in the market today, all of them have a common theme. They trade at really high valuations. Tesla's at an almost 100 PE ratio. Now, of course, PE ratios are short term by nature.

They're not the only way that I would do analysis on a company. It's not a true form of full valuation, but it does just signify what you're paying over at least the full 12 months future. And 93 Ford PE ratio is rather expensive. It's a very high multiple. The expectations for Tesla are huge. We have Palantir, a company trading out of 130 PE ratio. You can even look at the price to revenue, which is 61 times.

I have a difficult time finding any company in the entire market that's at a more expensive multiple than Palantir. So NVIDIA shorthand valuations are not outrageous, but they are pricing in a very bright future for the company. And the big thing this company needs to do in order to justify its current valuation is exceed investors expectations by a wide margin. And there's some analysts that believe they can accomplish that.

And Dan Ives is one of them. He believes that NVIDIA once again will exceed investors expectations. Yeah. I mean, look, to me, I think Jenton laid out the strategic vision for the coming years when we look at robotics, autonomous. I mean, I believe ultimately those are going to be some of the biggest use cases of AI. And I think what you saw from NVIDIA last night is they're they're not just sort of going to be a provider that they're going to. Play a huge role.

In this sort of vision and obviously tests on the autonomous side continues to be front and center. I think this is the next step. I think this is a snapshot of the future and you you look at it incrementally, you go out in the next few years. I think St's underestimating growth by by 2530% which is why I think not just 4 trillion, you could be looking at 5 trillion mark cap under.

He mentions that he believes the Street, the Wall Street analyst consensus is off by 20 or 30% over the next year. If that happened, his prediction is that NVIDIA will go from a $3 trillion company. Now it's 3.47. So it's a massive company. I believe it's now officially bigger than Apple once again, or at least it's going back and forth with Apple. But he thinks it's going to go to 5 or $6 trillion O the company could essentially double again a market cap from this point.

That's a very bullish stance on this company. And to come to these conclusions, you have to have the same type of stars align that caused NVIDIA to go U in the first place. So if you believe this company can continue with its trend of just dominating all the technology, all the processing, and have all these different things work together to boost NVIDIA stock, then this could

work out for me. There's just a bit too much that has to work out to justify the valuation. Now moving on, we get to the news of ASML. This stock had a big day yesterday. The stock was up 9%. I posted about it on Twitter and this is also a company that I just recently bought into. About a week or so ago, I bought $10,000 of the stock. I announced it on my YouTube channel. In fact, I made a video going over ASML in my bowl case, Sonnet, observing what I think is going to happen and why I

think it's a good buy. That video got a lot of views, around 200,000 views. So a lot of attention on that video on ASML, which I think is great because this is a, a great company, but I also bought more of the stock a few days later on the 3rd of this month, I also bought another $11,000 of it, bringing my total position size to $22,000. If I look at it now, I go into My Portfolio, we look at the

tech category here. SML is right here, $22,000 and it's already up 9.3 percent, $1700 in the green. So after owning it for only a week, this company's up almost $1700. Now a lot of people commented that I timed the stock perfectly, that this was buying the dip at the perfect time. And I must know how to do that because I did this with ASML and I recently did it again with Google. That was another one that I bought and it rocketed up right after buying it.

So people are saying, Joseph, you must know how to time the dip on these companies or, or you're, you're pumping these companies, right? I make the video and they do get a lot of views and that must cause the stock price to go up 10%. But the truth is that neither of those are correct and I'm sorry to disappoint, but I just want to come clean here. I want to diffuse some rumors.

I'm not an expert bottom dipping stock timer, and I don't make quite enough noise to make a company that said $300 billion market cap surge up 10%. Neither of those are really the case and I want to explain why. When you do good value investing, in many cases it looks and appears like you're an expert at buying the dip or timing a stock when really all it is is value investing. In the case of Google, this is

one where it was similar to FML. I bought into the company and almost immediately afterwards, the stock just rocketed up. Let's take a look at when it was. So it's three months ago. I bought into it, I think right here at like 17177. It was right around here. And then I think it was the next day or a couple days later, I can't quite remember, the stock went up like 10%, went from 170 up to 196. Lot of people saying that that

was expert timing. Now, the reason why in this case was because Google had a spree of announcements, the first one being that they invented a supercomputer or they made a huge breakthrough with a supercomputer, got investors very excited. So the stock rocketed up right after my purchase with ASML. Very similar type of event occurred. I bought into the company just a week ago. I made a big video on it. I bought more of it and then just a bit after.

If we look at it over the past week, it went from $714.00 up to 768. So went up 9%. Now, the reason the smell jumped was because of a combination of news. There was a report that Foxconn, the chip maker, was doing much better than expected. They have much more demand than expected since ASML works with the lithography chip making that caused the stock to surge

upwards. And there's the news that Microsoft announced that they were going to spend $80 billion on AI data centers next year, or rather, in 2025. So the combination of this really bullish news on chip making caused ASML stock to jump. So in both cases, it appears as though I timed the stock perfectly with each of these buys. But that's really not the case at all. I didn't know when I bought Google that they were going to announce they had a supercomputer breakthrough.

That wasn't knowledge that I had. The reason that I bought Google on that dip was because Google is a great company trading at a low valuation with a very bright future, and it had negative sentiment. The fact that there was some good news afterwards that caused the stock to jump up, although was fortunate timing. It shouldn't have been unexpected. And this is the case in point that I want to make with buying the dips and timing the bottom of stocks.

The way that I look at it is it's not so much timing the bottom or trying to time exactly when the stock is going to jump up in the future. It's more so identifying high quality companies and buying them when there's negative sentiment, when there's temporary issues.

When you buy companies that are incredibly high quality, that generate immense amount of cash flows, that have very bright futures with secular positive trends and they're trading with a lot of negative sentiment, it's only a matter of time until some news comes along and bumps up the stock price. That news coming along and bumping up the stock price is eventually what makes it look like you time the dip when in reality you just bought good companies on a dip and waited.

That's all I'm doing in these situations. So whether I'm buying Salesforce or Booking or FML or Google, I'm buying these companies specifically when they have negative sentiment, when investors aren't focused on them, when they believe that these companies for one reason or another are not the buy today. That's when you buy into these companies. When the valuation is low, the sentiment is negative, but the true fundamentals of the company are very strong.

I load up on a position during those time periods and then I just wait. In some cases, the stock will go down a little bit further and that's fine, but eventually if you buy a high quality company at a depressed price point, it's only a matter of time until there's some catalyst that comes along. The combination of low valuation and high quality creates an environment where any positive news whatsoever will result in a big stock price jump.

And that's the case with Google depressed stock price. So any positive news caused the lift. That's the case with FML. It was at a depressed stock price. It's been trending down for the past six months. Any positive news is going to

cause a big boost. So these are instances with these companies where what appears like market timing or timing the dip in these companies is really just value investing, buying the highest quality assets when opportunity presents, and then waiting patiently for different catalysts to breathe new light and new sentiment into the stock. If you do this with any company and you can literally name off any high quality company, if you did it with Meta, you made huge gains.

If you did it with Netflix, you made huge gains. If you did it with Amazon, you made huge gains. Buying the best companies during negative sentiment is a winning strategy. So I'm sorry to those that think that I can perfectly time the dip and I can time the bottom of stocks. I can't. And I'm also sorry to those that think that I can move the market cap of a $300 billion company. That's very difficult to do.

I don't think that my videos are really moving the market cap of these companies in any meaningful way. And in fact, even with stocks going up soon after buying, I don't consider that investment success. If a company just goes up because of positive news, that's fun and it's exciting to celebrate. But ultimately the way that I determine success of any of my investments is the free cash flow per share growth.

I want to buy companies that can meaningfully grow their free cash flow per share over long periods of time, that can grow their earnings per share over long periods of time. For example, if I look at Texas Roadhouse, if this stock just went up because investors bought it and the multiples expanded, I would not consider that a successful investment even

though I've made gains. The reason that I consider Texas Roadhouse a successful investment is because I bought a company that grew its earnings per share dramatically, creating real value fundamentally for investors. I bought it here and it's doubled in its earnings per share. That is investing success. So with ASML, I'm not going to be looking for quick stock price jumps as a measurement of my success.

I'll be looking at the free cash flow per share of this company over the next three years and seeing how much it grows. If it stays flat or if it goes down, that's going to be a failed investment. But if the free cash flow per

share grows dramatically above 20% per year, I'll consider this a successful investment regardless of the stock price. Now moving on, we get to some breaking news that Mark Zuckerberg and Meta seem to be fully joining the Trump train. They're now realigning their business to be more in line with the new administration. This headline from the Wall Street Journal highlights just a part of it. Meta is ending their fact checking on Facebook, Instagram,

in a free speech pitch. So they're no longer going to be the arbiters of truth where Meta designated this group of people that can determine what stays on the platform and what doesn't. Now, this was a point of criticism for the past couple of years. In fact, Donald Trump said that it was election interference because it was under the guise of fact checking. But in many cases, it seemed as though they were just censoring different pieces of information.

For example, criticisms towards the medical field during COVID in 2020 or different political discussions that had right leanings. In fact, the most critical part of the criticism was the acknowledgement from Mark Zuckerberg a year ago that they were pressured from the Biden administration to delete specific posts. So they're doing the bidding of the central government. Now we're seeing a transition here.

We're seeing Meta realign themselves, and Mark Zuckerberg himself explains the change here. Hey everyone, I want to talk about something important today because it's time to get back to our roots around free expression. On Facebook and Instagram, I started building social media to give people a voice. I gave a speech at Georgetown five years ago about the importance of protecting free expression, and I still believe this today. But a lot has happened over the

last several years. There's been widespread debate about potential harms from online content. Governments and legacy media have pushed to censor more and more. A lot of this is clearly political, but there's also a lot of legitimately bad stuff out there. Drugs, terrorism, Child Exploitation. These are things that we take very seriously, and I want to make sure that we handle responsibly. So we built a lot of complex systems to moderate content. But the problem with complex

systems is they make mistakes. Even if they accidentally censor just 1% of posts, that's millions of people, and we've reached a point where it's just too many mistakes and too much censorship. The recent elections also feel like a cultural tipping point towards once again prioritizing speech. So we're going to get back to our roots and focus on reducing mistakes, simplifying our policies, and restoring free expression on our platforms.

You'll notice that he references the elections in A Tipping point on free speech, and I'll have more to say on that in just a minute. More specifically, here's what we're going to do. First, we're going to get rid of fact checkers and replace them with community notes similar to X, starting in the US. After Trump first got elected in 2016, the legacy media wrote non-stop about how misinformation was a threat to democracy.

We tried in good faith to address those concerns without becoming the arbiters of truth, but the fact checkers have just been too politically biased and have destroyed more trust than they've created, especially in the US. So over the next couple of months, we're going to phase in a more comprehensive community notes system.

Now Zuck continues on explaining all the different ways they're improving the content moderation in favor of free speech, modeling it after Elon Musk's Twitter or X. But what is Mark Zuckerberg really doing here? What changes is he really making? What he's doing is he's turning a powerful enemy into a friend, a powerful adversary into an advocate.

Donald Trump so far has been incredibly critical of Meta, even saying that some of the things that they've done and some of the things that Mark Zuckerberg has done should lead him in jail if he does again, because he calls it election interference. But now Trump is becoming more complimentary of Meta and the changes that they've made. And Mark Zuckerberg has successfully made this pivot from getting his company out of criticism from the central

government. And one of the most impressive ways that I've seen, another thing that he's done to make friends with Donald Trump and the new administration to get his companies out of the crosshairs is to bring Dana White from the UFC onto the board of directors from Meta. So now Dana White from the Ultimate Fighting Championship joins Meta's board. This is such a smart move. He's befriended Dana White to the point where now he's willing to accept this executive board seat.

Dana White is one of Donald Trump's biggest supporters. He spoke at his convention rally. And Dana White is also a uniquely great pick for the board seat because unlike many people in these positions that are influenced by money, Dana White is not. He's at a point where he cannot be bought. I truly believe that he's not someone that's going to be influenced by money to compromise his principles.

He will tell anyone and he sponsor anything in very harsh terms to go away before he's influenced by them. So he's someone that sticks firmly to his principles. Now, he's a key figure in being on the board of Meta and being a close ally with Trump. So Meta investors should be very happy with how Mark Zuckerberg was able to expertly pull off this political pivot. Now, next we get to news that Disney has bought yet another TV media asset and this time it's a

beaten down company called Fubo. Fubo is an Internet TV provider that focuses on sports. They have a lot of sports statistics as you're watching the games. And it's been a struggling company. In fact, the stock is down like 90% from its highs. It's really gone through a lot. And part of the reason it's down so much is Disney. But now Disney will become the majority owner of Fubo with a 70% ownership stake. Fubo shareholders will own the remaining 30% of the company.

The deal is expected to close in the next 12 to 18 months. Now, big companies buying smaller struggling companies is nothing new. But how did Disney get into this position? How are they able to pick up Fubo for a really cheap price? 10 months ago, the Fubo CEO went on to CNBC to explain what Disney was doing to their company. You know it's. It's pretty simple. 10 years ago, or roughly 10 years ago, we set off on a path to create an affordable alternative to cable,

a skinny bundle around sports. And for the last nine years, we've been blocked from doing so. This sports cartel has used different tactics. They use their marketing power, market power to impose bundling of channels that obviously don't fit, you know, the bundle that we were looking to build. And that has led to, you know, hundreds of millions of dollars of, of costs related to that, which has been become a tax, a heavy tax and burden on

customers. They have forced us to pay egregious licensing fees in the order of 30 to 50% plus above market. They force us to include all channels in our basic bundle. We call that penetration rates and our penetration rate is around 100% for most of the content and then they also have. You know what I would.

Describe as tyrannical contractual terms that really limit our ability to create, you know, different packages and product features that are in line with, you know, some of their offerings such as Hulu. So all in this has really created a difficult situation not only for us but for customers at large. I mean, this makes you know, junk fees look like a walk in the park, so.

Ten months ago, the Fubo CEO referred to Disney and other cable TV companies as the cartel that imposed tyrannical contracts on them, forcing them to bundle a huge tax on their customers. That's the way that they were describing the company. But Disney continued to beat down Fubo, causing the stock price to decline and decline by forcing them with these huge bundles until Disney could consume them. And that's what you're seeing happen here. Now, Disney owns 70% of the

company. After this latest agreement, Fubo's getting a little stock surge up to around $5 per share. But ultimately, this is going to be Disney taking over one of their competitors through the ways that they know how. But ultimately, I don't believe this is going to have much of an impact on Disney or the media landscape. These bundles and acquisitions and consolidation have been happening for years, and this one likely doesn't move the needle. That's going to be it for this

episode. Hope you enjoyed. See you in the next one.