00:00 Speaker A
And as I mentioned, uh Gemini has been gaining some steam lately in terms of more people using it. and this is kind of diffused the AI trade to some extent, right? In recent weeks, we’ve seen Alphabet shares certainly rise. How are you thinking right now about the kind of, you know, arms race within AI and who might win and whether that’s the way you should even be thinking about it from an investment perspective?
00:31 Speaker B
Yeah, no, I mean, sure, when you think about just the history of the consumer internet, flywheels, network effects, whatever word you want to use, it typically ends up in a winner take the most or if it’s not a winner take all kind of scenario. And so, you know, Google was our favorite idea that started in 2025. and I think, you know, we were, we were happy and lucky to see that kind of coming together here recently, pointed out by the release of Gemini 3, uh, which is creating new capabilities, and then of course the AI overview ramp, Gemini app mode itself and the Gemini app mode itself. And so, I think with Google having that distribution, we continue to like their potential to be potentially, maybe not a winner take all but potentially a winner take the most kind of scenario, uh, and that’s kind of where we sit today. And of course, there’s been a lot of news flow around this just even in the last few weeks and maybe some kind of course corrections if we can call it that Open AI might be following, it’s hard to know what’s completely going on there. Um, but we certainly continue to feel that Google is very well positioned, uh, from a consumer perspective.
02:08 Speaker A
Well, I, I mean, Google won the first one, meaning it won search, right? You can say that it is certainly the winner takes the most the vast majority of the search. So at the same time, there were some challenges to it from a regulatory perspective. But what lessons do you think, um, that Google can take away from that or Alphabet can take away from that to apply to this fight as well in terms of encouraging adoption?
02:51 Speaker B
Yeah, I mean, the regulatory stuff is hard. I think that at this stage where we are still very early days in terms of adoption of these chatbot tools, you should try to create the best product uu uh the best situation for users that you can. uh uu let the chips kind of fall where they may. I think, you know, we had marked just yesterday Google uh VP, I believe of search he said, look, we want to create a scenario, we want to create a user experience where you don’t have to go looking for different things in different places. We love that kind of statement. We think it’s very, very compelling from the user experience where people were still maybe using Google for facts and GPT chat for other kinds of things. So, I think they are focused on building the best product. Could there be regulatory pressure down the road? Absolutely. uh, similar to what you just established with the search, but at this stage of the game, it is too early, I think that to presume either or or according to that.