Welcome to OK Computer. I'm Dan Nathan. I am joined with Gene Munster. He is the managing partner and founder of Loop Ventures. Gene, welcome back to OK Computer. I'm a fan. Thanks, Dan. Thanks, bud. Well, listen, last quarter, we had this great pod. It was you and me. It was one-on-one. We hit the big five earnings. They were all coming in the same week.

You know what they are. They're Apple. They're Microsoft, Amazon, Alphabet, and meta. And we're going to hit all of those because they're all

reporting this week. You have positions in some. You do deep research in all of them. But first, Gene,

I want to take a quick step back. There were some big

movers over the last week or so in tech earnings. And Netflix had that huge rally. We had

SNAP that had that massive 30% one day decline after their Q3 results. And then we had Tesla,

which is one, which I think, you know, we've kind of, you and I've

gone back and forth on this one a lot. And I think that you have a really nuanced view in Tesla.

You have a very like, like steadfast long term view on it, but near term, you've been really

apprehensive. Let's start with snap because, you know, 30% in one day. There's some

huge gaps in this chart here. The company announced a huge restructuring in September,

okay, where they were going to do workforce reductions or cutting some non-core business lines.

It seemed like Evan had this sort of come to Jesus event. I saw him live with Kara Swisher at the Code Conference in September.

Were you surprised based on the miss that they had that the stock reacted so negatively?

Yes, I would have expected if you to give me that press release and said,

what's the stock going to do? I'd have said down 10 to 15%. Down 30 to me is an indictment in terms of the conviction that investors have.

It was, I think, an overreaction.

Keep in mind, they guided revenue down for the December quarter by 6%.

March of next year probably comes down by an equal amount.

So that 30% move, that gap is really multiple going away because just loss of confidence.

It's unfortunately not the first time that Snap in last year has had one of these big down days.

And I think that that probably plays into it.

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