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I love themes. They help you craft a portfolio with the wind at their backs, not in your faces. The kind of stocks that you can confidently buy more of when they go down. That's important. You know why? Because at some point they all go down.
And the best time to discover which themes are working is during earnings season, closer to the tail end. The themes often determine the day, especially a listless day like today. Dow dropped 464 points. S&P dipped 0.18%. NASDAQ declined 0.06%. I've been waiting for this point in the earnings season for the themes to emerge, and now they are here, and I can reveal them. The first theme is totally counterintuitive. I mean, completely. The consumer is incredibly strong right now. Now, we've been told over and over again the consumer's totally stretched, whacked by less government assistance, huge jumps in inflation. But this earnings season, uh-uh, the companies are saying otherwise. It all started with the banks, for two huge consumer banks. Bank of America and Wells Fargo told us that consumers of all economic levels are feeling positive and have money to spend within their means. They're not taking down a lot of debt. Healthy, good balance sheet. Now, frankly, I didn't see this coming. Look, I knew that American Express, I knew that there'd be buoyancy because they got a rich clientele. But to see and hear the bookings and the expediency in the last couple days tell a tale of incredibly robust vacation demand. I'm calling that downright encouraging.
Now, it is true that post-COVID there's been a predilection to travel. That's the long on memory, on money, short on time. I mean, that's in other words, like people came back from COVID and they said, you know what, I got to see the world. But I thought that would have been a little transitory. It now seems evergreen. And the CEOs of Delta, United Airlines, they've embraced the storyline. Oh, I like Capital One, COF, as a way to play consumer spending now that it's merged with Discover to become a heavy hitter in the credit card space. There's opportunity there. Hey, you know what? The stock of America's best is down 7% for the year. I like that, too. Capital One's down 9%. I think either can fit in your portfolio. I think both are going higher. What else? Williams-Sonoma and Ralph Lauren, two high-end retailers, big beneficiaries of a strong consumer. I like them both. Ralph Lauren reported a terrific quarter this very morning. Remarkable job. More on that one later.
Second theme. All right. Look, we know, and you heard about it all day on the network, there is a shortage of every kind of memory in the universe in the data center. Owning the companies who need memory, we know that can be dicey, as we know from the crazy action in stocks. So can owning the companies that actually make the memory. Ah, but owning the companies that make the machines that make the memory. Wow. I think they're the most consistent and the most valuable because there are no worries about demand, obviously, and they're all flush. The semiconductor capital equipment troika is Lam Research, KLA, and Applied Materials. It's very difficult to pick just one because they're so spectacular. Longtime viewers know that one of my all-time favorite guests is Rick Hill. He's the retired CEO of Novellus, which sold itself to Lam Research. That makes me partial to Lam, and it doesn't hurt that CEO Tim Archer is from the Rick Hill coaching tree. But this is not an easy choice. I regard Gary Dickerson, the CEO of Applied Materials, as the most vocal champion of the group, which, let there be no doubt, is the real intellectual property behind the American semiconductor food chain. These companies are the envy of the world, people, including China, which we're constantly told is ahead of us in technology. No, they aren't. At least not when it comes to making semiconductors. These three are our edge.
This is a really interesting one. I had thought that cybersecurity would somehow be commoditized or become the province of the hyperscalers or tech titans, the much more apt name for them coined by the amazing Jayshree Ullal, who built Arista Networks into a networking powerhouse. But no, this third theme is real. Leave it to the Chinese and the mischievous gremlins of the frontier AI modelers like Anthropic, OpenAI, which seem to find ways into organizations that you never dreamed they could, unless you have a bent for science fiction. Earlier this year, we were thrown off the scent of this group. The group became heavily shorted because Wall Street was too quick to believe the braggadocio of Dario. He's the CEO of Anthropic. Everybody loves that guy. He told us that Anthropic could offer the best cybersecurity, which might be odd given that it knows how dangerous its own rogue agents have been. We know better now. So, both CrowdStrike and Palo Alto Networks have become go-to stocks. They're not victims of AI displacement. If anything, AI-powered hackers make them more essential than ever. They are some of the best stocks in this entire market. I've been deep into the theme for the charitable trust, which you can follow along by joining the CNBC Investing Club, and we just took some profits because we're up 100% on both Palo Alto and CrowdStrike. In the end, we live by the cred that bulls make money, bears make money, but hogs, they get slaughtered. I mean, you got to double your hog if you don't take something off the table.
Here's a big theme that right now really only impacts two large companies: pent-up demand for mergers and acquisitions. Now that the Biden era of overzealous antitrust enforcement has been replaced by the Trump era of almost non-existent trust enforcement, most companies don't believe this moment can last. So they're taking advantage of it to make deals. When the summer's over, I believe we're going to come back to see some blockbusters that are on the order of that rumored AstraZeneca bid for Bristol Myers or Stripe's for a real bid for PayPal. I know the targets in these cases may not be interested in merging, but the potential acquirers, oh man, they're all set. They seem very interested, and I think they're willing to pay up. How do you play this merger mania? Not by picking potential targets. That's a sucker game. Instead, you should buy the stocks of the companies that enable these deals. And well, why not Goldman Sachs and Morgan Stanley, both of which have terrific M&A departments. This M&A advisory business is a gold mine. We're talking tremendous earnings per person and therefore earnings per share.
Finally, tech had such a run that portfolio managers want exposure to other sectors of the market that still have innovation. Think of them as non-tech tech stocks for the club, the charitable trust. We've been emphasizing Eli Lilly and Johnson & Johnson. And we talked about these from the, I talked about them at length with Jeff Marks today at our 10:20 call. They both had terrific quarters and deserve to be bought on any weakness. BD's got plenty of medtech. We're going to hear from them later in the show. Amgen just racked up an excellent quarter. And credit where credit's due. Time to accept that Moderna has begun to realize its stream of specialized vaccines for specific illnesses. Just last night, the company received FDA approval for its mRNA flu vaccine. Well, there's a reason why the stock's up 83% for the year. Of course, there are no guarantees when you do thematic investing. You may stumble into the wrong drug stock. Perhaps sales and trading can cause a setback at Goldman Sachs. You buy a cruise line thinking that the consumer's living large, then someone in the group reports a weak quarter. It drags them all down. But the bottom line, I just think this quarter's information is fresh enough that you can pick a travel stock, a semiconductor capital equipment maker, a cybersecurity company, something that works in the M&A world, or medtech, and you'll greatly increase your chances of making money for the rest of 2026.
That was easy. Jeff in Colorado. Jeff, yeah, thanks for taking my call, Jim. In the past, you recommended Bristol Myers. I've held it since you recommended it. The last 30 days, there's merger rumors has pushed the stock up. Would you buy, hold, or sell it? Um, I actually, uh, given how much that even an aggressive acquirer like AstraZeneca was willing to pay, it's probably worth it to trim. I just don't see as much upside. Uh, look, it's not an expensive stock. It has a 3.9% yield, but there are others that are better, including J&J, which I like much more. Let's go to Ian in North Carolina. Ian, Jimbo, what's cracking? Not much. Just cooking around with you. Good. Um, yeah, doing well. Axon just reported earnings. Stock got hammered afterwards. Buy, hold, or sell? No. Um, no, I don't want to touch it. It may have, it's only down 8%, but it's been an amazing performance for so many years. The stock's had too big a run. I want to move elsewhere. Let's go to Debbie in Georgia. Debbie, hey Jim, first I always have to say thank you for all that you do. So thanks for that. And now I'll get into my question. So I watched you guys on Squawk on the Street this morning. So, I have a pretty good idea what's going on with this stock and that it also may be a long time before it recovers from the big mistakes they made. But in the spirit of educating us, when we have the benefit of a split, we didn't necessarily pay for it, but how do you evaluate when it's worth letting go of? And I'm talking about Honeywell Aerospace. When do you let go, or we let go of it because you're playing with the house money? First, it's a great question, but it didn't feel like it was house money. It really hurt us. Um, both Phil LeBeau and I were stunned. Phil said three times that they could have told us that things were bad. I called management. I said, well, management called me back and said, look, I said, listen, I think it was a very suboptimal situation. I really don't like the situation. I think that the company should have been much more forthcoming. I think it was a rookie mistake. Uh, we sold the stock at the opening for the charitable trust. It is a great company, but man, they are not ready for prime time. And it was very disappointing.
All right, earnings season is the time to reevaluate the themes you're participating in and prepare yourself for the rest of the year. I just gave you some good ones. One man tonight, medical device maker BD just poured a strong quarter as I told you what's ahead for this company. Then, Constellation Brands has been in the doghouse for a while, but their latest earnings show it's not the last call for this stock yet. I think it's darn cheap. Let's get the details from the company's top... AI technologies on the move after earnings. I'm going to sit down for an exclusive with the security provider CEO. So stay with Cramer.
Don't miss a second of Mad Money. Follow Jim Cramer on X. Have a question? Tweet Cramer #madmentions. Send Jim an email to
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This morning we got a very strong quarter from BD. That's the big medical technology and supply play. Now that was formerly known as Becton Dickinson. This was the first full quarter after they split off their biosciences and diagnostics business, something we loved. They posted a 9-cent earnings beat off a $34 basis, higher-than-expected revenue up 5.4% year-over-year. They also said their full-year revenue growth would be toward the high end of their previously issued guidance, raised the low end of the earnings per share outlook, and that's why the stock jumped almost 4%. Even after this move, though, BD still trades at roughly 14 times forward earnings estimates, which is pretty darn cheap. So let's take a closer look with Tom Polen, chairman, president, CEO of BD, to learn more. Mr. Polen, welcome back to Mad Money.
Thank you for having me, Jim.
So when you first told us about the split-off, I said, 'Well, this could be making it so it's a really clean, good company, and the shareholders — it'll work out for everybody.' And it did exactly what you said it was going to do.
I think you're seeing this is the first full quarter of the new BD, and you're seeing it perform exactly as we've designed it to do. We saw a speed on revenue, on EPS, raise the midpoint of our EPS guidance. And I think what's most exciting is you saw 90% of our portfolio grow high single digits. We spent the last five years developing a number of different growth platforms, and we had six of those double-digit growth in the quarter.
Well, that's terrific. And from what I looked at when I went over the portfolio, these are consistent. These could be secular growers for a very long time.
Correct. So we actually stepped back again over the last several years and looked at where healthcare is heading. And to your point, there are secular transformations in healthcare. Connected care, AI, robotics, moving care into the home are all trends that we've positioned ourselves to be leaders in. And those are the areas that you see. Our connected care business, our advanced patient monitoring business that uses AI, delivering GLP-1s has been a rapidly growing business. We saw that up high teens this past — double high double digits this quarter. And so those trends we see having, you know, a long runway ahead.
Well, let's talk about the GLP-1s because everyone knows after Lilly yesterday, I mean, it's just a booming business. Some people say, 'Jim, you like BD, but that there's no real moat to that.' And I said, 'Actually, I think they're far more complicated than you realize.'
Yeah, certainly. Obviously, everyone's familiar with GLP-1s. They're not as familiar with how you deliver those. And that's something we've built expertise in — how you do that quickly, easily, keep the drug stable. And from a capacity perspective, we typically have five to six times the capacity than the number two player in that space. And so if you've got a booming product and you need capacity and you need someone that you can trust to keep up with the demand, there's no better partner than BD.
And being stringent can be very profitable.
Quite. And we've built that again, that capability over the years. They're about at the company average.
I mean, but it's kind of one of the reasons why I like the split-off is you're number one in every one of these categories.
We're number one in 90% of the markets in which we compete.
So then that brings me to a strange point. I typically don't talk about P/E multiples with CEOs, but I wrote a book about it and felt like, you know what, I wish they talked about it a little more because it has to do with historical valuation. I have never seen your company's stock be as cheap, and I have never seen the portfolio be as strong. So maybe you can explain to me what the market doesn't know. And you know, obviously the market got a little smarter today.
So I think the market hopefully will continue to get a bit smarter. You've seen some secular rotations out of medtech overall as there's been rotations into AI, etc. You're starting to see that come back in, right? Medtech overall, and certainly BD, a bellwether when it comes to just durable consistency. It's an area — 90% of anyone going into a hospital would be touched by our devices. We make 35 billion devices a year that are used millions of times a day. In fact, 90–95% of our revenue is recurring consumable devices. Right. That is a business that, to your point, deserves a higher multiple. And with the innovation and growth, where not only are we the company that's a backbone of health today, but we're helping transform healthcare for the future in the ways that I've discussed.
Well, let's talk about the — you know, I'm going to give you a choice. The GORE TAG stent graft, the LithoVue fiber laser system. These are yours, only yours, and they sound like no one else is even in those categories.
Yeah. One of the other products we announced launching today is a new advanced patient monitoring technology, which is a minimally invasive technology. It uses AI, and these are the types of technologies that we're really seeing take off. This is a billion-dollar business we have, grew double digits in the quarter. This is technology that are wearables for a patient in a hospital. You combine what's happening in their body, the measurements we're getting off the sensors, and we're combining that with artificial intelligence to predict what's going to happen to them 15 or 20 minutes before it actually occurs in their body. That allows doctors and nurses to intervene to prevent things like major blood pressure drops, organ damage, rather than reacting.
Rather than wait for those beeps to go off and they run in and...
So we can say someone's blood pressure is going to drop 15 minutes before it actually happens, so that it can be prevented from ever happening in the first place. And we're seeing a big surge in demand for those types of technologies, and we're by far the number one leader in bringing those to market.
Okay. Talk to me about PureWick. It does matter. Intervention grew 5.5%, solid mid-single digit, but it's again, you own this business.
PureWick is a phenomenal product. There are hundreds of millions of people with urinary incontinence, and it's a very personal condition that people have to deal with, both in the hospital but also at home. And this product, PureWick, has now 35 consecutive quarters of double-digit growth. We've been — now it's reimbursed for all veterans in America. We've put in a dedicated sales team to help veterans. We're seeing that really ramp up here lately, and we're continuing to get more and more reimbursement expansion for that product in the marketplace. We continue to see a long runway ahead.
And just talk to me a little more about connected care and AI automation because people — I mean, I look, I think AI is really important. I don't want to overdo it, but that seems to be real when it comes to BD.
You know, we've invested in a platform called Anata, which we have over 3 million smart devices in hospitals today. And Anata is our AI platform that takes all the data from those systems and turns it into actionable information to clinicians. It also is doing things like we have more than 10,000 pharmacy robots that are preparing prescriptions, helping to ease where you can't get a pharmacist. There's very significant labor shortages around the world. Again, we're using AI to make sure that the right pills are going to the right patient and helping to eliminate medication errors. So we have a systematic approach to apply AI to all of our smart technologies, again, to make patients safer, to get better quality care, and to do it cheaper for the healthcare system.
Well, Tom, look, I salute you. Anyone who comes on the show and says, 'Listen, we're going to do this reorganization,' and it turns out to be absolutely loved by institutional shareholders, as is turning out to be what you told me would happen, and it's just beginning. I really do appreciate it, and our viewers do too. This was a great call by you. I know it wasn't easy. Took a little time, but...
You got it done. All right, that's Tom Polen, president, CEO of the new BD. Because I got to tell you, this is one that is going to bring out a lot of value. I love this part of tech, and it's not — you don't have to worry about memory and memory shortage. Yeah, buddy's back after the break. Thank you, Tom.
Coming up, with Constellation Brands stock still looking hung over, is now the time to buy into the alcohol giant? Cramer's asking the CEO next.
All right. What's it going to take for the market to start warming up to Constellation Brands again? Beer, wine, spirits. You know, it is Modelo, Corona, Pacifico. It's more than cut in half from its highs in the spring of 2024. Now, some of that's due to industry-wide weakness. Some of it's thanks to the Trump administration's immigration crackdown because Constellation's customer base leans Hispanic. But at this point, the stock sells for less than 11 times this year's earnings estimates, pays a 3.1% dividend yield. Company also is under new management with Nick Fink. He's formerly CEO of Fortune Brands Innovations, taking over in April. Now, at the very end of June, Constellation reported what looked to be a pretty good quarter. Better than expected sales and earnings. Better than feared volume numbers from the core beer business. Management also had positive things to say about the World Cup, meant for business, but it's pretty important. But because Constellation didn't raise its full-year forecast, the stock, I think that's why it got hit, languishing. So, could this be the buying opportunity? Or do we still need to be cautious with this one? Let's check in with Nick Fink, the new president and CEO of Constellation Brands, to find out. Mr. Fink, welcome back to Mad Money. Yeah, thanks for having me, Jim. It's great to be here. All right, so Nick, I'm looking at what I think are the fastest-growing brands in the business. And I say to myself, beer never really lost its luster. We could talk about some others, but that's not what we're going through. These are great brands, really moving brands. How come people don't realize that there's genuine growth here? Look, I think the category has been challenged because the consumer's been challenged, right? It's been a tough couple years, inflation, etc. And you're seeing that in some of our consumer data. As you said, we lean Hispanic, right? That is a long-term tailwind, but the last couple years has been a headwind, right? As that clears, you'll start to see the growth come through. Now, I mean, I know that is involving immigration policy, but at the same time, you've got a tremendous affinity all over the country for Modelo. I mean, that's been one of the great growers of all time. Yeah. Well, the amazing thing about Modelo, now the number one share in the United States, number one beer by value, but yet still distribution gaps to the big domestics, still awareness gaps to the big domestics. So, we're still scaling this brand. A lot of room to go. Now, this is my favorite. This is the one I drink from when I'm at my bar, Modelo days, and it has, it's roaring right now, isn't it? On fire. Completely on fire. Just entered the top 10 beer brands. So, of our four brands, now three are in the top 10: Corona, Pacifico, and Modelo. A lot of people tell me this is the fastest growing of the non-alcoholics. It's also, it's doing really well. I think we can put more behind it. I think we should put more behind it. But that is a subset of beer that is doing well, and we have amazing liquid within that. And so we've seen this thing roar into the top three, but I think we're just getting started. You have category growth, and then you have a great brand and great liquid behind it. Tastes just like Corona. Absolutely. And it looks like Corona. Okay. But it does matter. Now let me ask you something. With all these great brands, why do we still need spirits? Well, you've seen consumers move across categories more so than they ever have. You've seen our distributors move across categories more so than they ever have. Tell me what that means. Well, for example, you're seeing distributors that were historically beer distributors now carry beer, spirits, and wine. You're seeing wine distributors now carry beer, right? And so, you're seeing this convergence. The consumer is also moving across...
categories more than we've ever seen them do. So putting an innovation and consumer insights engine behind multiple categories could be interesting. I think it's a TBD. There's work for us to do. There's no question. We've done a lot to make the wine and spirits portfolio better. It's now growing way above market. I think we showed, you know, 8% growth last quarter. So really doing well. Have to work on profitability. That's next. But having our toe in those categories allows us to now be choiceful and disciplined about where we play across the board.
But are clears doing better than browns? I mean, is the word, you know, wine doing better than bourbon? That kind of thing. Is there something that's still excelling in this moment?
You know, I think this brand's on fire. Probably maybe one of the fastest growing full strength spirits brands period. Huge growth there. On its way to be a multi-million case brand.
As you know, that is hard to do.
That's very hard. But great liquid, great packaging, great price point, right?
So I think it's not just incredibly low for this. It's accessible and that's where the consumer is today and we started out there and
Let's go back to beer for a second. GLP-1s, lifestyle, in terms of clean living, you know, body is temple, cannabis, are all those overdone in terms of what turned out to be something that people just want? They want beer.
I'll give you my thoughts. We look at the data and we interrogate
You have more data. You have AI data. You have everything.
Yeah. You're not seeing a ton in the data today on either cannabis or GLP-1s. That said, I think it's our job to be vigilant as people change their lifestyles. We should be there to meet them. So, for example, we're the leader in small sizes, right? We have a huge share of the 7 market, right? We make these Coronas, Modolitos, right? That's a great vehicle for somebody who's looking to maybe have like a taco and a beer, but just on a smaller size if they're on GLP-1s. So, what we want to do as a team is really think about where's the future going, track it. But you know, there's also some thoughts that it's going to lead to people going out more, they feel better, they're healthier. And then as we get further along, you know, to things like GLP-3s, there may be some science that says it's less about appetite suppression, it's more about metabolism, it's more about muscle building. And that could actually open up some opportunities for us.
Okay. Now, these kinds of beers kind of had a bad reputation for a long time with them. And I always felt like they don't taste that well. Now, Monday through Thursday, if someone wants to watch a game like a Monday Night Football, this is it because it tastes the same to me. Is it a rival to beer? I mean, does it matter? Do you win either way?
I think we win either way. And look, look at Europe. In Europe, the category got to like 8 to 10%. The beer category in the United States is over 60 billion. So 8 to 10% of 60 billion. It's a pretty nice category. We get our fair share of that. That's a lot of growth. So we win either way. But you're right, getting the liquid right is hard. And we're blessed with a great liquid team. You know, yeast eats sugar to make alcohol. So if you take that out, a lot of them are too sweet.
And that's what our team was able to engineer the exact taste of Corona without the alcohol.
All right. Well, when are you going to introduce my absolute favorite, which is Victoria?
Well, as a non-alc or just in the market,
Doesn't matter. It's a gorgeous bottle. It's a really premium brand.
Victoria is growing as quickly as this from a smaller base.
Very authentically Hispanic.
Like very authentic. So, we may not advertise Victoria in English for years to come. It speaks to people seeking out, you know, that piece of the culture. We're doing some things that are pretty refreshing and colorful and in your face. I love that brand. It's incredible. Fantastic. When I'm down in Mexico, don't see it here much, but that's great. Now, let's go back to what I originally said, which if you had given us a guidance boost, I really think that maybe the stock could have been higher, but are you circumspect about
It's a volatile environment, Jim. I mean, we saw a great March, then we saw it slow down, then we saw it pick up a little bit, and we just felt we want to play the year through a little bit and see how things turn out with gas prices still up 35% over where they were, you know, back at the start of the year. So, we want to just wait and see. But our growth relative to the market is accelerating. We're putting more money behind Corona. We put more money behind Modelo this year. We got great activation. So, we're seeing that gap get wider and wider. You know, we just posted in the last four weeks some, you can see the Circana data, some really nice growth relative to the market. And so I think we're building that gap against the market. And then in addition, I think as things ease a little bit, these are premium brands, you'll see people start to flow back into the premium brands.
Okay, so the 21 to 25, where are they with yours? I mean, you know, that young demo which I was afraid was going to stay away from beer is not staying away from
They're not staying away from beer. They're more occasion based though. They're less every day I have one. There's a moment. So it might be once a week, twice a week, three a week. We go out and so we have to help create occasions. Right. In New York, the Knicks was a huge occasion. Yes. Right. The World Cup's been an occasion. You've seen on-premise numbers go up. And so you don't have to create occasions on that scale, right? We go back to music festivals. We go back to the beach where Corona lived. Go back to creating moments, not just expecting people to pick it up. You'll get that consumer.
You're a very hands-on manager for these. It's good. I think that there was a sense that they just sell themselves, but not in the new world.
No, you got to fight. You got to fight for your share. But we got great partners and distributors have been out in the market all over, you know, and Constellation Brands, we just topped the distributor survey, first time ever, you know, number one for relationships with our distributors. And you can see that in the field just how strongly they feel about the portfolio.
Incredibly important. I know for the business how much you want that relationship. Well, Nick Frink is running Constellation Brands, STZ. I don't know. I think the time is right. How about that? Everybody's back.
Coming up, could Akamai Technologies be the next big winner of the AI age? Cramer's meeting with the top brass to find out next.
Look at this incredible move in the stock of Akamai Technologies. Over the past few years, this company's evolved from a simple content delivery network, I used to call it the fast lane on the internet superhighway, into more of a cyber security and cloud infrastructure business, fast growing. Going to the close, Akamai was already up more than 35% for the year. Then they reported basically inline revenue, slightly better than expected earnings, mixed outlook current quarter, trimmed free cash flow forecast just a tad. Initially the stock got slammed, but then it caught fire, I think, because they reported a big cloud infrastructure win in the robotic space. So let's take a closer look with Dr. Tom Leighton. He's the co-founder and CEO of Akamai Technologies. Get a better sense of the quarter and what comes next. Dr. Leighton, welcome back to Mad Money.
Thank you. Nice to be here.
All right, Tom, I can't believe it's been 5 years and I'm just going to quote from your conference call tonight because the call was so huge. Akamai has long been known for operating the world's most distributed platform for content delivery and cyber security at global scale with a reputation for reliability, quality, and trust. And now we're leveraging our global footprint and years of experience serving the world's largest enterprises to do for the AI-driven economy what we have done for cyber security and content delivery. It's huge what you're doing. So with that background, tell us.
Oh, it's huge. So we're unique in being able to support the AI infrastructure needs from core to edge. So that whatever task you have, whatever agent you're working with or model, if you need to train it, okay, maybe we do that in the core, but the real usage, the day-to-day uses is inference where that model is being queried. It's telling a robot to do something. And that you want to do close to the robot or close to the user so it's fast and scales and is efficient.
Now, why is that better than having these gigantic massive data centers?
Well, the massive data centers are fine for training the big foundation models, but they're not near the robot. They're not near the user, and so it's going to be slower. And if that robot is looking at things like it's a car and it needs to see, you need to process that video. And to do that at scale, you can't do that in a data center. Just like you couldn't distribute big sporting events from a data center. You got to do it from the edge.
Now, this is something that's being validated, including a 600 million four-year deal for cloud infrastructure tonight.
Yeah. Yeah. You know, we have, yeah, there's a lot of customers using this platform, growing very rapidly, and that's what enables us to say our overall growth rate is going to accelerate.
