The cumulative cap-ex of all these MAG companies, in their history is $1.5 trillion. Think about it. Now, they're talking about $3 trillion in just three years. So these business are created with not much capital. You're spending a trillion dollars a year, and the revenue on AI talk about maybe $70, 80 billion? When Google went public, I remember it was 2004, they were worth $50 billion market cap, but they're generating $700 million of free cash flow. Very cash generated business. 20% plus

option. I remember it was 2004. They were worth 50 billion market cap, but they're generating 700 million

of free cash flow. Very cash generated a business. 20% plus operating margins. If you look at

open-a-anthropic, SpaceX, the whole different league. As the numbers start coming out,

then they realize it happened that how lopset markets are and positioning. If you look at the

profitability of the area that they're growing is far lower,

half or more of revenue is coming from Open AI slash Anthropic. How in the world,

open I have invested trillion dollars? When your revenue is maybe 20 billion. X.a.I,

cash losses were given to double legit billions, 12 to 15, and their capacity utilization on

the colossus was 11%. Now they're selling the capacity to Anthropic. Or, double legit billions, 12 to 15, and their capacity relation on the Colossus

was 11%.

Now they're selling the capacity to Anthropic.

Our view is that this is a powerful technology,

but the economics are really bad.

And time is not a friend.

I'm Ted Cydes, and this is Capital Allocators.

My guest on today's show is Rajiv Jane, the chairman and CIA of GQG Partners, a global

equity manager he founded in 2016 that soared to $160 billion in assets,

rebuffing the challenging decade for active managers.

Our conversation covers Rajeev's path from trading in India to his long tenure and

and founding of GQG.

We discussed the periodic crisis lessons that shaped his approach, his definition of

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