Thomas Laffont: The $4T AI IPO Wave Is Coming… and We’ve Never Seen Anything Like It

00:00:00Why do you think I waited to make myworld podcast premiere for all in? Allthe ankle biters called and I said, "No,I'm just going to wait. [laughter] I'mgoing to wait till the besties call.">> Coatue is one of the most successfulhedge [music] funds of the last twodecades.>> $55 billion under management.>> This is their flagship hedge fund.>> The reason we decided to kind of getinto this business is to find greatentrepreneurs and find great companies.>> And they're looking to raise a wholebillion dollars more [music]to invest in AI.>> We're in an idea business and when youhave a truly revolutionary idea, it canget really big.>> I hope to do something a little bitdifferent. Besties, you've been on for acouple hours, so you can take a breaknow for a few minutes. Sit back. We aregoing to show you some slides.Andwe're going to walk you through reallyan update on the unicorn economy. So,the markets are back. We can see thatthe unicorn economy on average sinceSeptember of '24 is up 70%. I thinkthat's intuitive to a lot of us.But, what's even more amazing is thatthe public market has reallymade the same move up.So, if we look at the share of theunicorn economy of the NASDAQ, which hada significant move up since 2015, it'sreally kind of plateauedover the past few years and I think itspeaks to the performance of publiccompanies like

00:01:15Palo Alto and others. So,AI is dominating fundraising.What's kind of interesting in this slideis you can see their share continues toincrease.So, multiple years in a row now that AIis increasing its wallet share offundraising.But, the composition of that funding haschanged. If you look at the unicornfactory, which really peaked in the ZIRPera of 2021,we've now really normalized at a muchlower level pre-COVID.So, mathematically, if you put bothtogether, you can see that the fundingper unicorn has increased 5xsince 2021.So, we have fewer unicorns that are eachraising more.

00:02:04Now, I'm going to spend a minute on thisslide because this slide is really aboutthe health of our ecosystem.So, the way you interpret this is if youlook at the green line,which is the pre-ZIRP era unicorncohort,of which there's about 73,you can see that 20 quarters afterbecoming a unicorn,80% of them had either raised a newround or exited,which is, I would say, pretty healthy.Now, if we look at the 2021 cohort,which is the red line, two things standout. First, that 20 quarters in, you canseeless than 20% lesshad either exited or raised.But, look at the number, 479 versus 73in the prior cohort.So, now here comes this new cohort, whatwe'll call our 2024 cohort of AIcompanies, and the key question is, whatwill happen in the future?Which of these cohorts will theyresemble the most?

00:03:07So, we talked about how AI isconcentrating the funding base ofunicorns, but what we also see is thetop 10is capturing a significant share offunding. So, it's not just AI companies,it's a small number of AI companies,which probably makes sense since we knowthat Anthropic and OpenAI are raisingmassive rounds.

00:03:33And so, what I like to think is we kindof have a new index. If we reallythought about what the index of thefuture is,what for now I'll be able to call theMagnificent Eight, but that number isgoing to shrink as these companies gopublic,the first thing that jumps to my mindis, "Wow, what an incredible group ofcompanies."And look at the diversity. SpaceX,Stripe, Anthropic, Databricks, Revolut,ByteDance,Anduril. We have internet, we have AI,we have fintech,we have space tech.I'd feel pretty comfortable owning thisindex if I could for the next decadeplus.And obviously the performance of thisindex has been incredible. It representsalmost $4 trillion of valueand has really crushed the traditionalkind of Mac 7.Almost every single one of these nameshas outperformed that index.

00:04:30We'll go to the next slide.Now, another positive sign is that if welook at the exits,the exits are thawing.So, one of the things that we've talkeda lot about with the besties over theyears iswe know the unicorn economy is great atconsuming cash, but how much cash is itreally returning?We need to have a balance between theamount of cash consumed to the amount ofcash returned. That's how an ecosystemstays in balance.And if we look, 2026 is actually on apretty good trend.Not quite where 2021 was, but prettygood. And we still have half a year togo.

00:05:15But,that doesn't includethree companies that we know will becoming public pretty shortly. SpaceXobviously in the next few weeks.And we know Anthropic just today theheadlines hit that they've submittedconfidentially for their S-1.And if you add up the totality of justthose three companies, you can seethat it's basically going to be morethan the 10 years kind of combined.

00:05:46Which ultimately means, if you rememberand you were there when I presented thefirst all-in summit in 2024, we knew ourecosystem was out of balance.We were consuming way more cash than wewere returning.Which is just a fundamental imbalanceand you can see that noweven pre-theliquidity events that I just mentioned,our ecosystem is significantly morebalanced.And that will continue to improve.

00:06:16Part of it is that the growth rates ofOpenAI and Anthropic are unlike anythingthat we've ever seen.So if you look at this chart, justremember this chart starts in January of2025.That was only a year and a half ago.Just a few months in, these companiespassed Workday, a pretty incredible HRcompany.Then it was ServiceNow.It was Adobe by the end of the year.Salesforce on the way just in January.Now even bigger than Google Cloud andAzure.So what can that look like in thefuture? Well,this is just based on kind of someassumptions and some forecasts, but youcan seethat we estimate that only not only isit bigger than Azure, butby the end of the year could be biggerthan AWSand potentially bigger than all ofMicrosoftby 2028.

00:07:20Now these hyperscalers aren't sittingstill. They're seeing the disruption.But actually they're doing more thanseeing it, they're actually funding it.Because if you look at the ChatGPTmoment that we know happened, look athow much these companies, the largest inthe world, have invested in enablingand creating this change. Trulyunprecedented.

00:07:48So, I know SpaceX, a lot of people aregoing to talk about SpaceX, so I thoughtI would share a little bit of how we asinvestors think about SpaceX.So that as you think about whether it'sa stock that you want to own or you justwant to seem smarter at a cocktailparty, you can benefit from ourknowledge.The first thing that pops out when welook and study SpaceX is thatthe number one driver correlated to thevaluation of SpaceX is cadence oflaunches.

00:08:17Which intuitively makes sense. If yourbusiness is the launch business, themore you launch, the higher your valueshould be.So I think we see that in the data.But there's another fundamentallydifferentratio that I'm going to point you to,which is what if we took the valuation,we divided it by the number of launches,what would that look like?Well, you can see it was kind of in afixed range for a while and then itreally started to move up.And we believe that markets are rationaland so we started thinking, well, why isit that the market is valuing SpaceX uhhigher on a per launch basis when it'slaunching more than when it was juststarting out?

00:09:02And my fundamental view, and we'll kindof call this our coat your framework, isthat the reason isthat the quality of SpaceX's businessmodel increases the more you launch.So in phase one, which we callpre-constellation, you're just tryingyour rockets. And we know rockets arehard.And maybe you have a few governmentcustomers and that's a one-time revenuebusiness and it's unpredictable.Then you get into your initial ramp andnow you might have one constellation. Sowhy is a constellation important? Well,it's an end marketand it's a recurring revenue business.The more satellites you put up, the moresubscribers you have, the more revenue,etc.

00:09:48Now, you can move from ramp into scale.Now, you don't just have oneconstellation, you have multipleconstellations.And ultimately, we believe that a wide awide variety of companies andgovernmentsand militaries will want to own theirown constellations so they can controltheir owndestiny.So, now you move into being a scaledbusiness, which ultimately becomes aplatform. And we know how valuable theseplatforms are in this technology age.And platform means not only do you havemany more customers in your corebusiness, but you also have newbusinesses.It could be spacedata centers, it could be theoptionality of the moon and Mars andother space applications.

00:10:38Now, we know when defining feature ofthis era has been how quickly thesecompanies are scaling and if we justlook at whether it's the PC or theinternet or the mobile,Antarctic in particular is scaling likeno other company that we've ever seen.Now, this was kind of an interestinganalysis and this is what I'm I'mcurious to kind ofdiscuss with the besties, but we lookedat essentially three buckets ofcompanies.And we said, "Okay, within each bucket,what is the likelihood that you willhave a 10x?"Which I would view as an investor, maybenot a seed investor like Jay Cal, butfor us as growth investors, wow, a 10xis pretty good.They're hard to find.So, the data showed us that if you're aunicorn,the odds of you one day becoming adecacorn are about 8%.

00:11:34If you're a decacorn, so that meansyou're over 10 billion,the odds of you becoming a hundredbillion dollar company, not much better.8% to 13%.But how interesting that if you're acentacorn, hundred billion or more,the odds, and by the way, we're puttingin public and private companies,you now have a 31% chance of having hada 10x.This kind of flies, in my opinion,in different than maybe we would haveexpected.

00:12:12And if we look at how quickly thesecompanies are creating value, this is achart that I kind of added at the lastminute because the data is so fresh, butyou can see it typically takes multipleyears to go from 500 billion to atrillion in market cap.Well, something happened very recentlyin the public market, which is that notonly did we have three companies do itin the same year,but we had two companies do it in amatter of weeks.So, we can talk about what conclusionsto take from that.Now, even as these companies werescaling incredibly quickly from 500billion to a trillion,we had other companies take a long timeto succeed.And this is a company called Cerebrasthat just went IPO, so I thought it'd bea good candidate.I was very proud to be a board memberfor a long time and led the series B.But if you look at the company's fundinghistory, you can see why I put thelittle construction icon,that it took a long time and there weresome dark periods, multiple years,of no new capital, of hard grind todevelop their technology,all of that time leading up to a massiveOpenAI contract,which then quintupled the value of the

00:13:27company.But, we know Cerebras has beensuccessful and frankly, it's not justCerebras. Semis are on a generationalrun. I was just talking about this withmy friend Brad Gerstner earlier. This isjust since 2024, the All-In Summit.You can see how muchthe semiconductor industry hasoutperformed the index.

00:13:53What will happen in the future? Well,one takeaway from having listened to alot of speakers this morning is thatthere seems to be wide agreement thatthe more an AI system knows about yourbusinessor you as a user, the more useful it is.You want to know when you go and book arestaurant that it knows already yourpreferences, whether it's what time youlike to eat or what food you like tohave, etc.So, we think ultimately that in thisera, the amount of memory per usercould quintuple just based on the demandthat these AI systems are requiring toprovide their services.That helps explain why we've seen someof these moves in these memorycompanies.

00:14:42And then I want to finish on a pointthat I think has a lot of controversy,which is where's the revenue?If we remember over the past 12 to 24months, there's been a lot of discussionabout is there revenue? Is there ROI?Where is this associated with?So, we tried to look and see, okay, whatis the size ultimately of the AIecosystem?We believe that it's about 140 billiontoday.It'll be about 300 billion this year andit'll double in 2027. So, where is thatrevenue coming from?Well, if we break it down, we can see wekind of estimate three key pillarsto this industry. One we know,consumer.Number of subs times an ARPU, that givesyou your consumer revenue.One that I think a lot of people forget,but it's ads.We estimate currently that about aquarter of ads served by Meta and Googleare AI enabled.We think that penetration willeventually go to 100%. That's 150billion.And then obviously we all know about thebreakthroughs in enterprise.

00:15:56And what Claude Code and Codex are doinginside of those businesses. So if youadd all these together, you get a goodsense of the size of this ecosystem.So this will be kind of my second tolast slide.One thing that's different to me aboutthis era versus the prior eras in whichI was an investoris that almost every sector of theeconomy is being transformed at themoment. So we know some of the obviousones, software,but look at Telco.I believe that within a few yearsStarlink will power a device which willactually enable you to make a phone callanywhere in the world, and we thinkthat's a solved problem, butevery time we get a dropped call we getreminded that there's a bettertechnology out there. So back toNikesh's framework on profit pools, Ithink the Starlink profit pool is theTelco global profit pool of broadbandand wireless.We know compute is driving massivechanges in semis.We had senators earlier on telling ushow data centers have changed the energyequation in Pennsylvania.Just think about the auto business. I'msure a lot of us followed what happened

00:17:11to Ferrari last week trying to introducea new technology of electric andautonomous.Begging the question of what is thefuture of that franchise in anautonomous and electric world and Ithink the response to thatcar kind of fed into this narrative.And then obviously in consumer, we knowGLPs are having a profound impact onconsumption of food, alcohol,composition of diet,and a huge focus kind of on wellness.So, if we put all that together, whatare our takeaways? Well,my first takeaway is that the newunicorn economy is healthier.And we really have kind of AI to thankfor that.The winners are compounding faster thanever, which means the cost of not beingin a winnerare higher than ever.Disruption is impacting every part ofthe global economy.And by the way, we don't even have superintelligence yet.So, if I think that it was about 2 yearssince my last All-In Summit,I started thinking, well, gee, whatcould this look like in 2 years? And weknow it's going to be a really

00:18:26interesting time, and thankfully, wehave a great group to help us navigatewhat the next 2 years will look like.We're going to give this a title,the power law rules our lives. The powerlaw rules our lives. All the great gainsare being consolidated into smallnumbers of companies. Uh but we're stillseeing strength in those. How do you seethe private marketuhecosystem, the game on the field,evolving because of the stay privatelonger and these extraordinary outcomes.Obviously, I operate in the earlieststages. You have people who are doingSeries A's like Craft Ventures. You haveuh yourselves dipping down into private,but I was talking to Brad Gerstner, whoyou umdiscussed earlier. He was like, I I Ihave to figure out where to put my time.You know, we have early stage and andthey and they do obviously public likeyourselves. So,and then add to that,you have people like Andreessen Horowitzmaybe going for the average in a majorway and indexing venture. What what isthe playing field going to look like forpeople who are LPs, angel investors,venture firms? What How does this allsort out into a cohesive strategy overthe next decade or two? Because it'sclearly the private markets areoperating

00:19:41much differently than theplaybook 20 years ago.>> Yeah, so I think the the first breakdownI would I would submit ison the positive side of the ledger, theoutcomes are big, right? We're seeingoutcomes that we never thought possiblein private companies.And I think that's good just generallyfor our ecosystem. So, we have bigoutcomes.It's really why I wanted to kind of showthat SpaceX slide. It was somewhatcounterintuitive to me on the launchbusiness. Why is it that the companywould be valued more as it launchedmore?So, I think at least we have a number ofbig outcomes.And those outcomes will be publicwithin, it seems like a 12-month period.So, if I think about, you know, the ZIRPera where the outcomes were smaller andcompanies were not going public, I thinkat least in this era, we havebig outcomes and a desire of thesecompanies to go public. Right? I thinkboth Anthropic and OpenAI are bothpublicly saying that they want to bepublic. So, I would say that's good.I'd say the biggest issue istheIt seems like we're talking aboutK-shape and power law in every aspect oflife.>> Yeah.>> And it seems like that's the case instartups as well. So, we've seen, if youlooked at my

00:20:57centacorn slide, we'vereally kind of been stuck at this numberfor a little bit now.So, I think Jay Kyle, I think the pointthat you're asking is if we were to seeno new centaurs horns right in the nextdecade, we've basically not really seenany new one in the past couple of years.I think that's going to be a warningsign kind of for us.>> What does this mean for where capitalallocators should be thinking aboutputting their money? Because what you'reshowing here, a rational person who's anLP, would just saywait for whoever gets to a hundredbillion and yolo every dollar you can inthere cuz it's the most sure thing, it'sthe least brittle, it's the least amountof effort, and it's the quickest return.But as we know, supply demand equalsvaluation.These valuations are disconnecting fromany valuation metric we've ever had.Uh we had it explained to us today byBill Ackman, I think quite accurately.You're making venture investments intrillion-dollar companies and givingthem 50 times revenue, 100 times revenuevaluation. So talk a little bit aboutwhere people should rationally, as alimited partner, as a private investor,a high-net-worth individual,ultra-high-net-worth, where should theybe putting their money to work?And do you worry about this

00:22:12everybodyracing to be in three names?>> Yeah, look, that obviously was the rightstrategy for the past five years. Thequestion is about the next five years.>> Correct.>> Right? Sothe one pushback I would have just onthe valuation argument is these are notfake companies.>> No, absolutely not.>> I think we have to I remember the bubbleof 2000. I also remember 2021. Right?These are companies generatingsubstantial revenue at scalethat are growing faster than anythingwe've ever seen. So, you know, thesebusinesses arereal and they're performing, and I thinkit was widelyshown that Anthropic even had aprofitable month, I believe is what wasreported. So,you know, they're they're also kind ofprofitable.But ultimately, and I think Chamath, youagree with this,the public market is the greattest>> equalizer.>> Yes.>> Yeah.>> The scale. It will be the greatantiseptic. It will not care about my presentation or, you know, umand so I love that. I love that thesecompanies are going to have to face thescrutiny, both SpaceX, OpenAI, andAnthropic, of the market, right?

00:23:27Andultimately, I'm a big believer in themarket. And so I'm very excited to seethese companies go public, withstand thescrutiny of short sellers,pontificators, debaters, politicians,kind of etc.>> Let me Let me ask you two questions onthat. The first is very tactical, whichisnormally we would say that theantiseptic or the disinfectant happenson T equals one day, right?>> Yeah.>> Now the rules are changing. There'sgoing to be a lot of passive buying. Soit's going to move out that date cuzyou're going to have to wash through alot of supply demand. So that's thatcould maybe>> Six month plus one.>> Six month plus one is when you'd say wecan really start to get a sense of whatthese companies are.>> Okay, so that's a tactical question.The more strategic question, Thomas, isdo you think that there's somethingstructurally inefficient or wrong that'sallowing these compounders to accelerateat scale? Like is that a marketefficiency problem or do you thinkthat's just a survivor bias and weshouldn't look too much into that? Howdo you look at that?>> I don't want to read too much into itbecause the end of those companies is sosmall and look at Anthropic, right?Anthropic pre-Claude code was acompletely different company thanpost-Claude code, right? So one oneevent completely

00:24:42dented the trajectoryof almost that entire industry.So it's hard for me to know whetherthat's truly,you know, whether these companies werelike the mule in the Foundation series,something that could never be predictedand just came out of nowhere and it wasjust a one-time thing.You know, um we'll see. I do think thatthe narrative of oh, these models arecommodities and these companies aregoing to get I think that's been prettythoroughly disproven now.Right? Um and>> How do you asyou know, your asset base has swelled,you've gone intoyou've expanded strategy, you're nowdoing you know, data centers, you'redoing many things.How do you keep it all organizedwhen maybe a slide like that would say,"Hold on a second, maybe we should havejust plowed $10 billion into Micron?"Like how do you balance that>> reason I I make a deck like this and insome ways I should thank you guysbecausewhen we when I do something like thisfor you guys and it is tremendous amountof time from uh myself and our team andum we really want to present you withaccurate information. So, the past 2weeks has pretty much been a full-timejob doing this.But, for me it re-anchors my convictionaround what to do. You know, I I can'tgo and listen

00:25:58to a thousand people andthen I get distracted and I I don't knowwhat I'm thinking anymore. So, goingback to these ground truths of numbersand valuation bring me back to a pointof okay, conviction. Right? So, for mewhenever I try and understand the world,I go back to okay, what do I understand?I understand models, I understandnumbers. Let me go back and kind of peelthis out. What I think hopefully thedeck will show is, "Look, there issubstantial reasons for why right? Ifyou look at the the trillion-dollarcompanies that became trillion-dollarcompanies in a matter of weeks,these are not fake companies. Like thesecompanies have been around for decades,right? And they trade at the lowestmultiple of earnings of the S&P 500 ofalmost any other company.So, there is kind of something kind ofreal happening.>> energy there that just got released.>> Correct. And now it's like, "Well,someone made a point to me on on um onuh you'll like this on memory, right?"They said well if if I want to design achip like open AI, I can go to TSMC. AndI know it's hard, but at least I haveTSMC to help me. If I want to makememory, well there is no TSMC.>> Right.>> So what should the memory multiples beversus ASIC chips as an example?>> The wrath of Lina Khan can be seen seenclearly in this and Zach's I want to getyour input

00:27:13into how policy and electionsmatter when it comes to outcomes.>> As I saw, I don't know if it was thischart, but the the chart where you showthe odds of each category reaching thenext level. The>> Would you have predicted that out out ofcuriosity?>> very counterintuitive. Where I mind wentwas extrapolating one more, which iswhat are the odds that trillion dollarmarket cap companies get to 10?>> Yeah.>> Yeah.>> And the last one was 31%. I mean itseems to me would be like 50%? 100%? Idon't know. It seems I'm thinking is itgoing to be greater than or less than30? And it seems to me it's greater than30% are going to hit that.>> It's It's It's probably the filteringmechanism of what's the compoundingadvantage or the durability of earningsof that company. And for every step youhave a filter that says, do you have acompounding advantage? Do you increaseDo you have a stronger durability ofearnings? And if so, you're going toaccelerate to the next phase. It'salmost like fundamental to business umvaluation analysis, like Ben Grahamstyle analysis.>> To get to that level that's called thetrillion dollar club, you have to have adominant business. And then the questionis just at what point do you hitsaturation? And it seems like all ofthese markets have ended up being somuch bigger than anyone would

00:28:28havepredicted.>> Yeah.>> I mean just>> And monopoly or or governmentintervention cuz fundamentally if youthink about the breakup of the Bellsystem, I mean who knows where thatwould have gone over time. They couldhave had a monopoly on the internet.They could have had a monopoly oncommerce. They could have had a monopolye-commerce and on and on and on.>> But but as a trading strategy, whatyou'd like to do is have a bot that juststarts buying up shares of a companyonce it hits 1 trillion.>> [laughter]>> And actually, if you had done that, Imean, a lot of the>> I remember who Who was the first companyto hit a trillion? Was it Apple?>> I believe so, yeah.>> Yeah, and then everyone was like, "Oh mygod, well, you know, now there's what,like five or something?">> Well, by the way, that's what I>> study that showed if you bought I'msorry to interrupt, but that if youbought the Nasdaqum over a 10-year period, you get like a3x multiple or something quitesignificant. You just rebalanced everyyear on the top 10 companies in theNasdaq. So, just buy the top 10companies by market cap and yououtperform over a decade by like 3x.>> Yeah, Thomas, why didn't you do that?What is your maybe maybe just the lastquestion so we make sure we wrap upabout something that I think you areuniquely positioned to tell us. Whathappens when all this money getsdistributed back?Like, what do you think happens to yourcompetitive dynamics? What do you thinkhappens to entrepreneurial dynamics?What happens in Silicon Valley whenthree or four trillion dollars gets putback to GPs,

00:29:44then to LPs, and then therecycling happens?>> Well, the first thing that comes to mindis I remember when David was so bearishCalifornia real estateum>> [laughter]>> We'll see whether this influx of capitaluh>> Time to sell.>> San Francisco homes are still>> Yeah, maybe buy the mausoleum.>> Anybody Anybody interested in a 40,000square foot mausoleum?>> [laughter]>> Protesters not included.>> The one thing I'll say on SpaceX, andlook, I don't know whether 1.75 is theright price for the IPO, and you know,frankly, I have no clue.What I do know is that the global profitpool of telco and service providersacross the worldis anywhere between two to 400 billion,depending on who you want to address,right? So, you do have to think about acompany that just in a core business,which by the way wasn't even in a coupleyears ago,is addressing a profit pool of multiplehundreds of billions of dollars with asubstantially better product, right? Ithink all of us, when you think aboutStarlinkworks all the time, no radio towers, youknow, etc.So,I go back to it and I thinkit's hard to know, Chamath, cuz we'venever had anything like this before,right? Umthe ultimate question would be if

00:30:59youlook a bit in the in the ride-sharingwars and in food delivery wars, at somepoint that excess capital was used tohave a price war.>> Right.>> Could we see a price war between OpenAIand Anthropic as a question, right? Ifthese companies have so much capital, isone of them ever going to pull a pricelever to try and compete with the other?>> Rationally, they should.>> They should. So,we might see things that we can'tpredict today, right? Where companiesmight say, "Well, I have my 200 billionof cash." Now, the issue is they'respending so much on infrastructure,right? So, it's it's not obvious, but Ido think we're going to see somecounterintuitiveum changes.You guys will discuss them on the showevery week, and hopefully I'll come backin 2 years andand analyze what went right and whatwent wrong.>> Honestly, I think what should happen isyou should come back here every year andwe should get the benefit of>> Yeah, let's lock it in.>> We'll lock it in.>> We'll pay We'll pay We'll pay We'll payfor the two years.>> pay for the two weeks of work that'sdone.>> [laughter]>> Which we really appreciate, by the way.>> Really do appreciate the work and theeffort. I know it's a lot. Yeah.>> And it's it's really great to have youbring this to the audience.>> It just shows also the power ofsometimes slowing down>> Yeah.>> and to meditate on you know, the theactual state of reality, and it wasincredibly grounding.>> Incredibly rich coming

00:32:14from you.Incredibly grounding.>> I think it's a compliment or an insult.I'm>> Compliment to Thomas.>> enough to know.>> Thank you.>> I'll just say thank you.>> To you, Chamath, for that incrediblecompliment, and for you, Thomas, forcoming. Thank you.>> [applause][music]>> Thanks, bro. Yeah, thanks. Great job,guys.

00:32:38>> [music][music]>> Woo!