Two Overlooked AI Stocks Worth Knowing About

0:28This episode is brought to you by Google Chrome. that anyone can buy, many of which we believe will go on to grow your wealth.

0:41Right, normal service is suspended. For the next couple of weeks, this podcast will be dedicated to some of the insights that came from last year's Investicon, which was an inaugural event, also known as a trial, to see what getting some of the world's most accomplished investors into a room would entail and to assess if we should do it again. So we called it year zero and it was held on the floor of the Irish Stock Exchange. And as you guessed, we are indeed going to do another one far bigger, far better on the 27th of August this year, which is a Thursday and it's an all day event. There is no substitute for an in real life event, folks.

1:28The buzz, the shaking of hands, beer and food, and most importantly, the exchange of great investing ideas. This year's Investicon is going to make last year's look like a warm up act. We're going to save three early bird tickets per week, so you can only get them by listening to Stock Club and emailing brian at mywallstreet.com, who will hook you up with a discount, as they say. That's Brian at M-Y-W-A-L-L-S-T dot com. But let's start with last year and who better to bring into the conversation than my regular co-host, Mike O'Mahony. How you doing, Mike? I'm good. I'm good. Tipping away now. It's about 35 degrees outside.

2:17So, yeah, I'm trying to stay calm. I have about three fans pointing at me now, but I have to turn them off for the podcast because you can hear the noise in the background. So if you can start seeing like droplets of sweat come down on my forehead by the end of this show, just ignore it. Do you know what that is in Fahrenheit for American listeners? That's up around 100, is it? I think it's in the 90s. You can do this off your head. It takes me about five minutes, but I can do the maths eventually. The math equation for converting Celsius to Fahrenheit is just crazy. It's just like Fahrenheit's last theorem.

2:50It's a bit tricky. Oh, and Heather backstage just told us it's 95. So thank you, Heather. 95 degrees. By anyone's standards, American or Irish, or indeed French, it is boiling. Irish have very different standards. We're not built for this at all. This is not our tempo whatsoever. No. Well, Europe is on fire. It's very scary. It is literally on fire. It is very, very scary. About 350 ,000 people displaced around Bordeaux in the last couple of days. So this is only two hours north of me here. and they said it was the biggest evacuation since world war ii which is nuts my goodness wow so i think it started in a place called gironde and then there was another one happening closer to me then in um leland as well and it's it's scary because you know you're kind of following the news and you're like okay last night was a good day it rained or whatever but then you see the weather today and it's just so unpredictable so yeah it is it's it's terrifying and like i'm the worst thing ever is when you're like oh i think that's going to affect my like you know my plans for weekend or whatever it's like what am i talking about say it you're golf what am i actually talking about i'm worried about a game of golf or being able to drive north uh while people are like literally staying on the floor of an exposition hall like it is it is nuts um so yeah i suppose shout out like isn't this podcast is kind of putting our hearts out to those people because it's very scary time it's happening more and more often i know this is summer this is the weather forecast although we kind of tend to open with the weather most times but this summer is definitely like having the el nino effect the super el nino or whatever but it's just getting scarier and scarier these weather events um the wildfires the extreme weather in the winter i i don't know yeah well john our colleague john tyrrell and i uh we were talking during the week about how we both independently and coincidentally decided we're going to get our conditioning installed in our homes which for those in america is akin to saying you're going to learn how to speak mandarin like you just don't do it nobody really kind of does that in ireland but for the five six seven eight nine weeks of a year where it is hot in ireland is getting properly hot and as you said we don't do it too well so i'm going to get a starter pack aircon system installed in our bedrooms because there is literally months now where it's just too hot to sleep.

5:16Anyway, rather than making it the weather forecast podcast, let's move on. Mike, the inaugural Investicon was a year ago almost, and we sat on the old trading floor of the Irish Stock Exchange, which was a really beautiful setting, and a room full of serious investors threw out their preferred stock picks. And we thought that this week and next week and possibly be the week after, we'd revisit some of those or most of those recommendations. And this week, we said we talked about Eric Bleeker, who has to be the most insightful AI stock investor in the world, at least one of them. He is the owner, founder of 24-7 Wall Street.

6:03He's a podcaster. And of course, he's returning this year to Investcon on the 27th of August. So you and I just, I think Eric threw out about six names and you said you'd pick one. and the rest I think yeah he was great was it yeah and he had them all stalled up I think he was talking about like the infrastructure build out semiconductors and then particular software plays which is a bit against the grain because software has been kind of the number one target it seems especially for investors when it comes to AI they've been the biggest losers so you're going for the infrastructure play and then I have the well it is that's also the more I learn about it the more I have an infrastructure play it actually is but it's very much a software yeah basing business if that makes sense every direction feels very much like a sas business and it operates like a sas business but underpinning it is this like global network of servers geographically located around the world and i've already started my pitch without actually saying the name of the go for it so um can i guess yeah well i think you know but you can guess yeah well based on what you said it's cloudflare yeah Exactly.

7:13And Cloudflare is... No, you're right. I did know, but I didn't know actively. Come on, Mike. I'm not that good. I remember he said something about it, but Cloudflare was one of his picks. And how has it done in the years since he picked it? This episode is brought to you by Facebook. So you were scrolling on Marketplace and there it was. The bike you'd been searching for. You sent a message and it turned out the seller was super chatty. kind of funny and an avid cyclist the next thing you know you're in a cycling crew well a community cycling group the thing about facebook you might find more than what you're looking for from a browse to a bike ride this summer find more on facebook in the year since it's up about 30 which again is um is definitely going against the grain but it's also a stock that's been in the My Wall Street universe for seven or eight years now at this stage.

8:10I remember it was in the old My Wall Street app. It was added very recently after its 2019 IPO. And it's one of these stocks that has always kind of been quite complex and hard to grasp, always exorbitantly valued, which was enough to keep me away from it. And I'm not sure what conclusion I'm going to come to by the end of this pitch, But it tells you a lot about a stock that's been able to maintain kind of, frankly, a ridiculous valuation for so long. But it's funny when I think of Cloudflare, I always go back to when it had that big outage last year. I think it was November of last year. But that was CrowdStrike.

8:56So CrowdStrike was in the summer of 25. This was in November. but very similar stories but essentially had a big outage and it made people realize that half the internet is running on its platform very similar to crowdstife that just you know stopped the planet for a day and a half it seemed like yeah um because it's one of these planes stop serving did the fast food everything just kind of came to a halt 100 and cloud fair had a similar thing it wasn't as um bombastic but like basically kind of all the web apps were down nobody could do nobody could do a half a day's work until they came back up and it just shows the the companies that mightn't be as common place names as a microsoft or an amazon or whatever but still have that like real core components of you know the modern internet i will say um so cloud fryer is one of those stock one of those businesses and um yeah so what does it actually do i've said that is quite complex and it's hard to grasp just because we realize it's important because, you know, an outage like that has such an impact globally.

10:03So it's a cloud infrastructure and cybersecurity platform, and it's built on this technology known as edge networks. And this is where Eric uses this analogy last year. He calls it the toll booth, essentially the toll booth of the modern internet. And he brought it into AI as well, because CloudFriar is it's kind of like a layer that sits in between the end user and the servers hosting the websites. And there's loads of benefits to this for the actual site owner. So it optimizes performance, protects against cyber attacks, and overall just manages web traffic. But at its core, and I don't want to dumb it down because somebody who will know Cloudflare very intimately will probably be screaming at me when I say this, but I think at its core it is a cybersecurity company, really, just with a lot more added benefits thrown in.

10:52So for the big companies that use Cloudflare, they're getting essentially what is a web application firewall that filters, monitors, and blocks bad actors coming into sites. So it stands there in between, say, the big global internet and then your web application in particular. It's that tollbooth. I'm going to keep going back to that tollbooth analogy throughout this. So one of the most common cyber attacks is called a DDOS attack, which stands for distributed denial of service. And so this is where the tollbooth action comes into play because it filters traffic to only let real users through.

11:28I assume you'll know about it. Every listener, I think, will have gone to a website and the Cloudflare screen pops up before you get there. You either enter a captcha or just click a box on human, whatever else, and you're in. So that's at its core. That is stopping the bots. It's the goalkeeper. It's the tollbooth. Whatever analogy you want to use, it is that protective layer. That essentially filters out bad actors. But that's one element. And it's probably the most top-line element. But again, it's so much more than just that. So the CDN, the content delivery network, is essentially... Distribution network, I think.

12:08CDN is content distribution network. No, content delivery network. Is it really? No. I never knew that. Every day is a school day. I've gone around saying CDN is content distribution network for years. Delivery, distribution. The whole, both work. I'm mortal. I'm so embarrassed. Oh, I'm like one. All the tech team has been laughing at you for the last five years. Oh, I can feel myself go red. And what essentially this is, is a network of servers around the globe that speeds up the delivery of web content. So if you are storing that content closer to the user, then it's going to perform better.

12:42The sites will work a lot faster. It'll appear a lot faster than if you would have to ping all the way to, I don't know, if you're watching a YouTube video, instead of trying to connect to a server in San Francisco, it'll route you through one in Dublin or London or I don't know, bad on the slow, I'm not sure where they are. But it just leads to faster load times, the shorter, obviously shorter physical distance that reduces all the data delay. But then again, it takes the pressure off the main server because if you have one server, Google's cloud platforms sitting there in the desert in Nevada, if you have millions and billions of requests coming to that one place it's going to overload it so what this does is just basically distributes all of that traffic to where those users are sitting essentially so obviously that takes a lot of pressure off and it also makes it a much more secure area as well because you're also distributing sudden traffic spikes so if you overload say i don't know if you overload a site but you have cloudflare it stops that from happening and that's what mitigates this ddos attack as well um so yeah sticking with the analogies now not only is it a toll booth but then it's also the traffic controller as well so it sends all these little internet cars in the right direction to where they're going and when you think about it like as in okay that sounds pretty good but what scale is this working at so cloud cloudflare estimates that 20 of the internet goes through its platform which is pretty impressive i mean that's big big numbers.

14:12It says it handles 63 million HTTPS requests, so people going to a website, per second. 42 million DNS requests per second, and it blocks an average of 240 billion cyber threats daily, which is just nuts, nuts numbers when it comes down to it. It's got a network across 337 cities in over 100 countries. It serves millions of websites and 220 ,000 paying customers at last count, which when you think about it, like they're the kind of numbers that you can't really compete with when it's obviously it's a software at top level. But, you know, the fact that the network is there serving that under it, the physical servers in these locations, you know, tactically distributed across the world to provide the best service for its website users.

15:08It really does give a sense of the scale that new competitors would have to overcome. I remember a company back in the day, right around when, it was right around that COVID hype when Cloudflare and Fastly, do you remember that? I think Fastly was another edge competitor and it just kind of got blown out of the water, essentially. It was a hot, everyone was shouting for Fastly. At the time it went on a hot streak. The thing, the share price went up 10x, 20x, 40x And there was an awful lot of commentary from people who didn't really have a clue what was happening. Yeah. In fairness, this is quite complex technology to grasp.

15:43And the opportunity was there, but it just all got concentrated through Cloudflare. And why Eric Bicker mentioned it and why it's doing so well in recent times is it's got a lot of tailwinds from AI. First of these, obviously, major LLMs, they're able to build their massive data centers and train their models out in the desert, wherever. But when it comes to actually running them, they can do so closer to the user and then obviously get all the benefits from CloudFour's Edge network. And then the user gets low latency, et cetera, et cetera. Because if you were to ping again across to Nevada into some massive data center and come back, it's going to be much slower.

16:21And again, people are just not going to use it. They're going to go to Google. They're going to go to somewhere else. So that's really the kind of competitive proposition is that you are just giving a better user experience to the people who use your site. And that's the most important thing for the companies. So it's got a specific product for these AI networks called Workers AI that apparently, according to Cloudflare anyways, runs on a single line of code. That's plug and play, essentially. And then on top of that, and probably what's leading to the most increase in numbers and revenue is the rise of AI agents, which are essentially just let loose across the internet to scrape and crawl websites to their heart's content.

17:04So Cloudflare obviously charges by total traffic or total number of requests. All these AI agents. These AI agents could make, you know, 150 requests for one entrance into Chatty Petit. You know what I mean? whereas we would go on to google and then we would click a link that's two requests these ai agents could make 150 in that space so just the numbers extrapolate and then when we think of the scale of how many ai agents are working across the way not only just from generative ai and us talking to chat gpt or google gemini or whoever else but underneath like a lot of process and stuff they're working away as well so it just it is just exploded the sheer volume going through these tollboots and then Cloudflare charges based on total traffic or total number of requests.

17:51So obviously, numbers go up, essentially, is the good thing here. And not only that then, but it also provides tools for website owners to manage these bots. So they can block them, they can monetize them, manage how they interact with the site, etc. So that's where all the AI tailwinds come from. Not all of them, obviously. There's a lot more. I'm kind of trying to give a top-level view of things but you can see why cloudflare even though it is a software stock um it is one that is flourishing in the age of ai because you know there's a lot more than just a sas interface here and it's not more than just shipping out code and it's kind of like the homeland security of of the internet or or maybe kind of customs and excise control at the airport yeah um are they growing 100 so this is uh this is when it comes down to it uh i'll run through all the numbers here so market cap is currently sitting at 90 billion pretty close to all-time highs it's all-time highs about a couple of weeks ago um it's interesting about this as well i mentioned there was a covid darling i mentioned the fastly stuff so it went public in september 2019 was up 11-fold by November 2021 at that peak of that software bubble.

19:07It wouldn't reach that height again until September of last year. So it's been four years underwater. So long-term investors are sitting on some really nice gains, but they've been through the absolute ringer to get them. So yeah, recent quarter, it grew revenue at 34 % year over year, but it only took in 640 million in revenue at a market cap of 90 billion which just gives you a glimpse of how expensive it is like it wasn't even profitable on a gap basis big spending that's top line that's crazy yeah so then we come to bottom line it's not profitable on a gap basis big spending on r &d big spending on stock-based compensation which are real throwbacks to that software bubble we mentioned already like if you look at it on a trading basis so for the last 12 months it's trading at about 300 times cash flows profit or negative so that's no good about 40 times sale or 40 times enterprise value to revenue I mean there isn't a company in the world that justifies that kind of valuation but of course this isn't a company you look at you know in the rear view through a trading 12 months basis considering how future relevant it is you know that's not really the argument you have to make here this isn't what's already happened And it's what's about to happen for this business and what's built for the future.

20:28You know, it has established itself as this this core component of, you know, the foundations of the modern Internet and and the scale and presence, the physical scale and presence backing it up. It looks too big of a hurdle to climb for competitors. That said, like how much success is priced into those kind of numbers? So I don't really I can't justify anything being that expensive, especially when there's a decent element of competition here as well. It's not directly competing with the major cloud providers. You know, it kind of positions itself as this neutral platform that sits on top over to the side of AWS and Microsoft Azure and Google Cloud.

21:07You know, like it kind of gives this abstraction layer where enterprises can manage, you know, their security, their DNS access, zero trust. It does all that and traffic routing with companies that use multiple clouds. So if EmmettSavage.com wants to use Amazon for this and Google Cloud for this, you can kind of manage that within the Cloudflare platform, which is a big advantage. But also, I imagine Microsoft, Amazon, Google, they're not really that happy seeing a company build$100 billion in market cap while sitting essentially on top of their platforms. Whether it's in their best interest to directly compete, I'd probably up for debate, especially considering how fast this market is moving at the minute.

21:50but I always find it a bit scary to be swimming in the same pool as those great white sharks, essentially. Yeah, it's a weird one. So that's Cloudflare. It's up about 30 % in the last year since Investacon. It made for a very nice pick for last year's attendees, and especially one of Colette, like Eric, you obviously mentioned the toll booth analogy, but he specifically got into the rise of AI agents. And how much that is extrapolated in last year is kind of nuts. So it was a very prophetic pick. I just think looking at the valuation numbers, I can't get away from it. It just has always been exorbitantly expensive.

22:35And it looks like one of those stocks that might always be, you know, like Amazon was that back in the day. Quality is always expensive. It just is. Yeah. But there's expenses. We see it all the time. Expensive is 300 times cash flow expensive. But again, you're looking at cash flows for the last 12 months. What are they going to be in 10 years time? They could be a hundredfold that. Yeah. So yeah, that's Cloudflare. I'm a bit mixed. I obviously love the business and how it's operating, but it's really tough to get away from that. Maybe I don't see the vision. It's my perennial flaw. As you were describing, I find myself daydreaming about the vision that the founders, almost almost always the founders have for these businesses and the foresight they have that the rest of us very often lack and i was thinking about walt disney when he was buying up fast tracks of land in california and then florida to build disney world and disneyland and that he had this picture in his mind for where it was going easier for us normal lay people retail investors to buy in to the vision that disney had for that future business because now we can all see it and enjoy it and most people with kids end up engaging with it but when you think about something like cloudflare you're like how on earth did the founder have this picture of a future where the product was so critical so essential so important so future relevant um and it's very often with software companies the they fall into the groove like nvidia started off with CPUs and GPUs for PlayStation.

24:12Yeah, exactly. For gaming and ended up the behemoth, the indispensable giant of the AI world. And I don't know if Cloudflare's story was similar, but you've got to take hats off to these founders who can see it. And even now as retail investors, we look at it, we appreciate its criticality. It's 20 % of the internet is flowing through Cloudflare and we can probably, presumably will continue to do so. but I look at the founders and go hats off to you that's pretty amazing what you've done 100 no it is it's it's a it's a mission critical platform and it's funny we talk about the 20 % of the internet that's probably the high-end you know new sites high-end performing sites like he's in an awful lot of that internet is just never going to be updated it's like the what's the famous the space jam website do you know what it means that like is in maybe it's 20 % Do you have not heard it?

25:08You should look up the, I think it's still live. Is it the movie? Yeah, the website from the Space Jam movie originally. It's like one of these like testaments to really bad web design essentially. I definitely will look that up. But do you know what I mean? That 20 % is probably the most valuable 20 % of the internet as well. Do you know what I mean? So with that in mind, it really does have a very strong foundation. I just, I don't think I can justify the valuation. Did you know Sam's Club isn't a store? It's actually a club with cool finds and like a whole community. It's a club. Of course, Jason.

25:44It's in the name. Sam's Club. Oh, yeah. Come join us. Sam's Club. So let me bring you from that corner of the AI world to the other. And I'm going to pitch one of the other stocks that Eric pitched to us a year ago, which is up over 100 % since Investicon a year ago. And yet I still think it looks a magnificent business. And again, it's far more hidden than Cloudflare. And the company is called Vertiv Holdings. Now, before I dive in to describe what Vertiv Holdings is and does, I'm going to start with everybody's favorite segment. I'm going to describe its graph. So revenue at the end of 2021 was just shy of 5 billion.

26:32Then it grew, grew, grew, grew, grew, grew. And in the last 12 months, it is up to just shy of 11 billion. So revenue has grown from 20 at the end of 21 to it's well over doubled. and its return on equity, which is a commonly held and understood measure of capital efficiency, is at an eye-watering 38%. So we have a business that's grown revenue quarter on quarter reliably at a highly efficient level. Now, what does Vertiv Holdings do? Well, it's a Westerville, Ohio-based company that sells physical infrastructure that sits between the utility grid and the server racks. So when you walk into a greenfield and you go, I'm going to build an AI data center here, we just got to plug it into the power underneath the earth and stick all the racks into the thing.

27:34Well, that middle bit is where Vertiv has its expertise. So things like uninterruptible power supplies, switching gear, busways, cooling systems such as chillers and computer room air handlers and liquid cooling distribution units, the bread and butter, the utility, the stuff you just have to have. We opened up this podcast talking about air conditioning in our homes. Well, you bring that into an AI environment, a rack space, you better make sure that that room of yours is set up properly. So it's not a chip company. It's the layer of hardware that must be in place before any NVIDIA or other GPU can actually run.

28:16And 75 % of its revenue comes from data center customers. So as AI racks get more and more dense, more and more chips, more and more racks and more and more, you know, whiz-bangery goes in there, they get hotter. And traditional air cooling just can't keep up. I mean, good old Daisy, I'll stick an air con in the corner there, Pat. all right we'll put in the left corner of the right corner it doesn't matter put it in actually put one in both the corners bit of expansion well not anymore pat we can't keep up because data centers are getting hotter and hotter so they're being pushed towards liquid cooling which is vertiv's speciality and in april of this year 2026 the company acquired strategic thermal labs which is a firm that specializes in advanced liquid cooling technology for servers and is saying that's strengthening heat management capacity in AI-dense environments.

29:14What a mouthful. And it has deepened how liquid cooling inside servers interacts with the broad cooling and power infrastructure across data centers, which sounds pretty on point. And it's funny, again, if you're not an engineer or involved in this space or a data center technician or designer, it might sound like, well, yeah, you just cool the room down. But it isn't because the thermodynamics... This isn't a normal room either. This is a... It's not a normal room. It's not like... A mile long list of just little black boxes, you know. You can't see the far wall. I was in a data center unoccupied once, hadn't been kitted out yet, and I couldn't see the wall.

29:58You couldn't see the horizon. I couldn't see the horizon. 13 miles on the open seas. I was like, is that a ship down there? They're like, no, that's the other wall. So the whole thing is that cooling these things is a very specific science engineering project. It's state-of-the-art engineering and state-of-the-art physics. So that's what Vertiv does. So let me just talk about its recent financial performance. So in Q1, 2026, revenue came in at about$2.65 billion, with an adjusted earnings per share up 83 % year over year. And that was the adjusted diluted earnings per share was up 83%. undiluted was up 136 % and here's the thing, the project backlog the amount of work in their book out in the van RPO, repaying performance obligations doubled to$15 billion so the team, the ladies and lads who were installing this stuff and they thought they would get the minutes break they're not, there's even more it's so true, I think about these companies, we talk about memory as it seems like the core theme of this podcast this year so far, where they have these huge, huge backlogs, like 10 billion going on 100 % a year or whatever else.

31:25And it's like, oh, it's great. You work there. And I hope you're profiting, you know, from the share success or whatever. But geez, you're just watching the work pile up at the same time. You think you're busy now. You're going to be busy for the next 10 years. When I was a student, I used to work in a factory. and one summer this ginormous horrendous behemoth of a a truck trailer arrived and the right emmett get in there and empty that i'm like by hand are you serious so i had to spend the whole summer walking in and out of this thing lifting very heavy components in and out and just as i was approaching the final 10 percent in rolls these trucks with about five more than my looking at and going oh jesus christ please don't don't let that be more and that's exactly what it was it was more and uh and that's what's happened over at vertive the aircon team are going ah thank god we're nearly finished and then you know drink up your tea and eat your sandwiches because we're going to the next one and then we have 500 more to do but anyway shares are up as i said they've doubled since last year's investicon that's how we roll folks that's worth the ticket price there that's how we try to roll i mean obviously not everything we we we highlighted and touched turns to gold or will turn to gold but we're very much uh it's one of the nice stories of by advertive and growth has been led in this business by the america's region uh which was up 50 percent in the quarter with 30 percent year-over-year top-line growth overall uh that's in its q1 report and it raised full-year guidance to net sales of something like 14 billion dollars and no surprises citing ai data center demand and growing backlog and expanding their liquid cooling capabilities all the stuff i just said and one analyst uh cited a seeking alpha piece uh that i was reading uh earlier this spring and management is targeting um as i said 14 billion revenue and around six dollars earnings per share for 2026 with operating margins expanding to 25 by 2029 which for for this business is pretty impressive like software has great margins but when you're installing cables and tubing and liquid cooling stuff you don't have those kind of margins but to get to 25 is absolutely astounding astounding for physical infrastructure very much and it's not like it's not like the memory chip so they can just charge anything but it's getting up to that point and Advertive is very much one of the one of the key specialists because there isn't that many I think Comfort Systems USA is the other one yeah yeah so I it's it's kind of let me just have a quick look it's currently at about 277 dollars per share um it hit about 339 there after its its post earnings jump where everyone realized this really are drawn to something and there was a debate about how much room is left in the valuation and and evidently shares have pulled back a little bit um in fact one day it dropped about seven percent in a single day uh which i suppose is a reminder that ai infrastructure winners have had a volatile year and just like any other business just as it is with cloudflare um it has its competitors there if you're building an ai day center it's not a slam dunk monopoly there's there's eaten this modine the schrader or what's called schrader electric yeah um they're all competitors uh eaten added liquid cooling capability via this void thermal acquisition that they made more or less at the same time as Veritiv's in March 2026.

35:03So there are plenty of perfect substitute products from where I sit. But that's what the infrastructure is. It's not like if your local county, country or state has decided to build a highway that there's only one provider of tarmac and steamrollers. like your buyer has choice on something that is not quite a commodity but not too far from it and so like we're talking about large hyperscale customers might eventually bring more cooling and power engineering in-house rather than buying it you know makes sense it is a core competency um so that could be a pressure for vertive and especially as we see these data centers roll out more and more and more and we hear things that are like it's going to be the size of manhattan and you're like, is that big?

35:52Oh, it's huge. Have you not been to New York? So it's scheduled to report Q2 very shortly. Actually, it's due to report our tomorrow. Mike, you and me in the real world, today is Tuesday, 28th of July. This won't publish until Thursday, 30th of July. Sure, wouldn't you know, they're reporting tomorrow, July 29th. Of course. So that's tomorrow. In between me talking and you listening, folks, there will be news. So hop in and have a look at Vertiv and see what happens since this old grey coot basically gave you a storyboard. But it will give a fresh read on whether it's raised guidance and whether this sort of backlog is holding up.

36:34So my bottom line about Vertiv is that the fundamentals of the business, that's like its backlog and its growth rate, and indeed its tech with this kind of liquid cooling exposure, certainly support a further bull run. So Eric Bleeker laid it out a year ago at Investagon as a great investment. It's less cheap now. I mean, a big business has doubled in size by value, and it has kind of re-rated a lot this year. So the risk-reward now depends very heavily on continued execution rather than re-rating from a smaller base. So that's kind of where we're at. It's certainly, I'll be tuning in tomorrow evening to hear what the story is with it.

37:18So all of that goes to say that I think Vertiv is an extraordinarily future relevant business that like any other has its first share of competitors moving in to eat its lunch. But I still think has room to run. Now, my question to you, Mike, is our hypothetical$10 ,000 and we have to split it between Cloudflare and Vertiv and you can't just go 50-50 because them is the rules that I just made up here and now. What would you do? I don't know. It's weird because there's no denying that we're in the middle of a bubble here when it comes to AI infrastructure. And like the demand Vertiv is seeing isn't sustainable long-term, but there's no denying that it is sustainable for the next two or three years just by the order backlog alone.

38:10And we're seeing this story over and over again. So it's tough for me. And both of us are in this plane of doing businesses and stocks in particular for analysis of what it can do in 10 and 20 years, not two and three years. so it's really hard for me to look at version and be like yeah this this this demand is going to stick around forever and you know they're going to be building ai infrastructure at this pace from here until 2050 it's just it's just not i think there's the comparison is with the dot-com bubble and the fiber build-out where essentially what happened was these fire companies were on the pig's back but companies overbuilt essentially um there was there was more There was more supply than demand by the end of it.