Welcome to OK Computer. I am Dan Nathan, joined by Jeff Richards. He's the managing partner at Notable Capital. Jeff, welcome back to the pot.

Great to be here. Good to see you. You look good. As do you. You know, it's been a while. I think we last talk in April. And you know, you gave me a little bit of the rundown of what you were seeing in the private markets as it relates to generative AI, some of the valuations, just some of the trends that you were seeing. And then we obviously talk a bit about the public markets. To me, I think the public markets have been gaining a lot more of the headlines of late. Maybe there's a little open AI stuff, a little anthropic and the like, but it seems like a lot of

the rounds that we were hearing early this year, late last year of just X, you know, Google people

or Deep Mind or this, whatever, starting, you know, these things and being minted at like unicorns

right away, it seems like that's baited a little bit. So a couple of other things I just want to hit

here. I'll just set the stage really quickly. The Apple event, this glow time just got done as you and I are set to record. I love to hear

a little bit of some of the thoughts I watched it. I'm pretty uninteresting to me, but I guess the real

question is how they're going to integrate Gen.I. Models onto the device and what that means for

their services business. The other thing I got to hear, why is software so soft in the public markets here? I think that'll be something that you

will be able to help us with. And again, just kind of lay the land in the private markets.

Where do you want to start here, man? You want to set the stage for what you're most focused on right

now as a tech investor. I know one of the interesting things about you is that you have this kind of barbell approach. You're obviously very focused on investing in the

private markets, but you have tremendous knowledge and you lean on what's going on in the public

markets to help inform that. One of the big broad trends for the last few years has just been the

dominance of the mag seven. And I'm going to get to how that ties into the private market.

But it's really just astonishing when you look at the seven versus the other 493. And the way that

we perceive the strength of the market over the last two or three years, really so driven by those

companies. And if you own QQQQQ, you own SPI, you own any of these major ETFs or indexes,

you own so much of Apple and Nvidia and Microsoft and Google, which has obviously been good

for everybody who does.

But I think one of the interesting things that that also does is when you think about

people who are allocating assets all over the world, there was a tremendous amount of

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