Pod Insights Prof G Markets Google vs. Nvidia: Is the AI Chip King Finally Under Threat? About this episode Ed Elson is joined by Patrick Moorhead, CEO and Founder of Moor Insights & Strategy, to break down the news that Meta is in talks to spend billions on Google’s AI chips, and what that means for the broader AI race. Then, Santiago Roel Santos, founder and CEO of Inversion, joins the show to unpack Bitcoin’s recent slide and share his outlook for crypto heading into 2026. Finally, Ed closes the episode with a message on gratitude.
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Transcript 5,289 words · 11 speakers
Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.
0:00 Speaker 00 Flowing ad budget on metrics that look great till the CFO sees them? That's bull spend. And marketers are calling it out in Dashboard Confessions.
0:09 Speaker 01 I remember telling my boss, "It'll be good for the brand," when leads were slow. Yeah, it wasn't.
0:17 Speaker 00 Cut the bull spend. LinkedIn lets you target by company, job title, and more. Advertise on LinkedIn. Spend $250 on your first campaign and get a $250 credit. Go to LinkedIn.com/campaign. Terms and conditions apply.
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1:24 Speaker 03 Hi, I, uh... Let's get you a basket.
1:29 Ed Elson? Today's number? 154 million. That is how many goats exist in India, more than any other country in the world. The other number that we could have gone with is one. That's how many goats host this podcast.
1:58 Ed Elson? Welcome to Prof G Markets. I'm Ed Elson. It is November 26th. Let's check in on yesterday's market vitals. The major indices climbed on continued hopes for a rate cut in December. Consumer confidence fell by the most since April, fueling bets that we'll see a quarter point cut from Jerome Powell. Meanwhile, the yield on 10-year Treasuries fell on reports that Kevin Hassett is the frontrunner to be the next Fed Chair. And finally, Bitcoin declined again. More on that later.
2:31 Ed Elson? Okay, what else is happening? Another week, another win for the Google bulls. Meta is in talks to spend billions of dollars on Google's AI chips known as TPUs. The deal marks a shift in strategy for Google. TPUs were generally confined to its own data centers. Now they could be deployed across the data centers of other companies. This also marks a shift for Meta, which up until now has relied mostly on one company for chips, and that is Nvidia. Google's stock rose as much as 4% on the news, pushing it closer than ever to a $4 trillion market cap. The stock was already soaring thanks to the release of Gemini 3, Google's new large language model. Meta also rose 4%.
3:14 Ed Elson? The most dramatic stock reaction of all, however, came from Nvidia, which fell as much as 7%, which leaves us wondering, did Google just become Nvidia's biggest competitor? Here to help us answer that question, we're speaking with Patrick Moorhead, CEO and founder of Moor Insights and Strategy. Patrick, thank you for joining us again on Prof G Markets.
3:35 Patrick Moorhead? Yeah, thanks. Thanks for having me on here. That's craziness out there. So let's chat.
3:41 Ed Elson? Hundred percent. Yeah, we need to make sense of all of it. I think the first thing we need to make sense of, I mean, the big news is Met is spending all of these billions of dollars on TPUs. Most people are aware of GPUs, but perhaps not TPUs. What are TPUs and why is this so important?
4:01 Patrick Moorhead? Yeah, so think of TPUs as the industry term is ASICs, okay, which is an application-specific integrated circuit. I know I'll have some people challenge me on this, but an ASIC is designed to be a little bit more focused in on the solution it's trying to fix. It's typically lower power. All things considered, but typically it's a little less flexible. So GPUs are more flexible, TPUs for a specific workload are typically more efficient.
4:39 Ed Elson? So using less power, which actually we've discussed a lot on this podcast, could be a huge problem because of how much AI, how much power AI is going to drain. And it looks like Meta would rather go for TPUs or they're going to use that in addition to the GPUs. What's the decision here behind Meta reportedly buying all of these TPUs?
5:03 Patrick Moorhead? Yeah, yeah. So first off, there's nothing that's ironclad here. So it appears though, and I do believe that they will use both TPUs and GPUs. And Meta itself has made a lot of data center silicon themselves. It's called MTIA. And they've been, like I said, very focused on certain workloads. So one of their MTIA's is a recommendation engine. And you know, what is Instagram and Facebook? It's one giant recommendation engine. Recommend me ads, recommend me content, recommend me friends. But it appears as if they've looked at their own internal capabilities and they looked at
5:48 Patrick Moorhead? Google and said, hey, I like what I'm seeing with this generation of Google DPU's, but I do not for a second believe that they won't be using a ton of GPUs as well.
6:01 Ed Elson? Yeah. Yeah. It's so interesting to see what happened to Nvidia. I mean, Google rips, Nvidia falls, which seems to suggest that the market believes that Google is, I don't know, stealing Nvidia's lunch to some extent. And then I saw this very interesting tweet from Nvidia's newsroom, which I just want to read to you. They said, we're delighted by Google's success. They've made great advances in AI. Nvidia is a generation ahead of the industry. Nvidia offers greater performance, versatility and fungibility, which is designed for specific AI frameworks or functions. So I, I read that. I don't really know the technical language they're talking about, but what I get the sense is we're still number one. We're the top dog. What do you make of that?
6:45 Patrick Moorhead? So I actually agree with them. And what they're talking about with fungibility is I use the word flexibility. And think of it like this. Let's say there's three generations of AI out there. Okay. And again, an engineer would cringe when I use that, but I'm really trying to simplify this.
7:06 Ed Elson? Yeah.
7:06 Patrick Moorhead? Uh, let's say you can get three generations out of a certain Nvidia GPU or an AMD GPU. You might only get one out of an ASIC. And whether that be a TPU or Inferentia and Tranium over at AWS, or even an MT, an MTIA. So I, I actually agree and, and we can debate on, on performance figures. But if I look at what you can slam into a rack, it does deliver a higher performance. And I don't know if it's a year ahead, but it is higher performance.
7:41 Ed Elson? Would you say then that this, the way that the market seems to be punishing Nvidia here is perhaps unfair? Perhaps everyone wins, Google wins and so does Nvidia?
7:52 Patrick Moorhead? So in this era, and whether you believe what Sam Altman says or what they're saying over at Anthropic, there is just not enough compute to go around.
8:05 Ed Elson? Yeah.
8:05 Patrick Moorhead? And I think everybody is hedging their bets. They're hedging it with AMD. They're hedging it with TPU and, and the general industry terms and XPU. And, uh, what they're doing is they are going to do a bake off. Right? First off is let's keep everybody honest. Let's cut deals with everybody. And then let's see what actually comes out of this. And hey, I can move the knob more on Nvidia, or I can move it to AMD, or I can move it to TPU. Everybody's keeping themselves honest. And, and I think I was on your show when we did a, you know, one of your shows when we really did a deep dive in semiconductors.
8:45 Patrick Moorhead? And I talked about nobody being comfortable with any, any supplier that has 90% market share. The, the industry will react. That's exactly what you're seeing. And Ed, this market reaction you're seeing is from, I think, people not doing their homework. This is not new. In fact, you know, a lot of the data that we put out talks about Nvidia in, in two to three years having 70% market share, but the market is gigantic. Everybody can grow and everybody can do very well. So the market's just really catching up with reality. I think they're
9:23 Patrick Moorhead? over indexing. I do believe that the five to six quarter, 500 billion number, billion dollar number Jensen put out there is absolutely spot on. And that means if you just add up that present market value, that adds probably an additional $70 to the stock where, where it was two weeks ago.
9:47 Ed Elson? Yeah, it does certainly seem that, you know, if the chip race hadn't already begun, certainly everyone seems to understand or recognize that it has begun, whether it's Nvidia or Google, or as you say, Amazon's Tranium chips. It seems like all of these players are now building chips. Perhaps they were for a long time, but now we all certainly know it.
10:06 Patrick Moorhead? Yeah. So one of the things is up until this point, nobody was swing me around the room on Google AI, right? Bard came out and that didn't work very well. Bard two didn't work very well. Gemini one didn't, didn't work very well.
10:24 Ed Elson? Yeah.
10:24 Patrick Moorhead? And then Gemini two was like, hmm, API calls going way up. OpenAI has 73% market share and Google has almost the rest. Now with Gemini three, everybody posting these infographics, these videos out there. It's like, oh my gosh, TPUs can make great AI. And that's the bit what everybody's reacting to because it's in their face 24 by seven. If you hang out on social media like you and I do.
10:51 Ed Elson? Yes. So that.
10:54 Ed Elson? Sets us up perfectly to just quickly check in on Gemini 3, which was recently released, certainly a big reason why we're seeing this rally. And a lot of people are very excited about it. I haven't used it yet myself, but I thought it was very interesting. Marc Benioff was very excited about it. He tweeted about it and he pinned his tweet that Gemini 3 is the greatest thing he's ever used, which was interesting. And then reportedly Sam Altman told the OpenAI staff to brace for, quote, "rough vibes and temporary economic headwinds." I don't know if that is because of Gemini 3, but I do know that it came after Gemini 3.
11:34 Ed Elson? Tell us a little bit about Gemini 3 and what it means for AI.
11:36 Patrick Moorhead? Yeah, so Ed, this falls under the market share of 90% that nobody's comfortable with. Okay. And it seems like this wheel of innovation between Anthropic, Google, OpenAI, and some of the Chinese vendors is this this circle that everybody has, oh, sorry, XAI as well. Everybody has the best new model within two weeks of each other. So it is a big improvement, primarily because it
12:08 Patrick Moorhead? fixes a lot of the problems that they had before. Code creation, as an example, was something that Google was not great on. And then you see all the visual tools that's getting all of the amazing feedback with Nano Banana. It is a much better model. Google's first challenge is to figure out, how do I bring higher EPS to Google Corp for its own consumer products? And second of all, how do they monetize this from an API basis for developers? And thirdly, how do they monetize this from a Google Cloud infrastructure as a service?
12:52 Patrick Moorhead? So it is promising, Ed, but we still need to see some of the meat downstream that they can monetize this. It's not that Microsoft has a lock on business users, but Ed, I do these CIO roundtables and I go to everybody's using Microsoft AI and not just Copilot, but things like Azure AI, agent toolkits and things like that. So that is the, that is going to be a tough thing to break for Google. But man, what a, what a strong, what a strong start.
13:23 Ed Elson? Absolutely. Before we let you go here, I'm going to ask a very reductive question that you as a technical expert are going to cringe at, but that's, that's okay.
13:32 Patrick Moorhead? Not at all.
13:33 Ed Elson? Who's winning the AI race right now? I mean, I thought it was Microsoft and then maybe Nvidia. Now maybe it's Google. They've had an amazing year. Who's winning right now in 2025?
13:46 Patrick Moorhead? Okay. It's not in 2025. I mean, who's winning in 2025 is Microsoft. That's who's winning. If I look at the revenue that they've created based on that financially, they're winning. The last two weeks, Google Gemini. Next week, it could be XAI. So, but financially, this is Prof G Markets. It is absolutely Microsoft for 20, for 2025. They are crushing it inside of the enterprise. You know, and they still are the backend and the front end for OpenAI. Microsoft is the trusted provider for enterprises. Google's doing
14:29 Patrick Moorhead? great. Don't get me wrong. They're picking up a lot of market share, but they still are the, the number three enterprise cloud out there.
14:38 Ed Elson? All right. You heard it from Patrick. Patrick Moorhead, CEO and founder of More Insights and Strategy. Patrick, always good to see you. Thanks for joining us.
14:47 Patrick Moorhead? Great to see you too. Thanks for having me on the show.
14:51 Ed Elson? Off to the break, a closer look at Bitcoin's decline. And if you're enjoying the show, give Prof G Markets a follow.
15:03 Speaker 00 Are your ad campaigns lighting up the dashboard? But not the pipeline? That's bull spend. And marketers are calling it out in. Dashboard Confessions.
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16:36 Ed Elson? We're back with Prof G Markets. Bitcoin has fallen for nearly two months now, and it has shown no signs of stopping. As we discussed last week, it has dropped 21% in the past month to roughly $87,000, erasing all of its gains for the year. It's now down as much as 30% from its recent all-time high in October. Other major cryptocurrencies, including Ethereum and Solana, have seen similar losses as well. And in the stock market, crypto-related companies such as Strategy and Coinbase are down more than 20% in the past month. All in all, over $1 trillion has been wiped out in the crypto markets in just six weeks. So for more on what is happening in the crypto markets right now, we are speaking with Santiago Roel Santos,
17:21 Ed Elson? founder and CEO of Inversion, a crypto holding company. Santiago, thank you very much for joining us on Prof G Markets.
17:29 Speaker 10 Thanks, Head. Great to be here.
17:30 Ed Elson? So Bitcoin is down to around 87,000 now. It's down more than 20% in the past month. It's been just kind of a brutal few weeks. We've been trying to make sense of this. What's going on with Bitcoin right now?
17:45 Speaker 10 Well, you know, over the net outflows, right? You're basically seeing ETFs dry, like that liquidity dry up. The markets, the marginal buyers no longer there. You know, I think throughout the course of the year, the run up to 120K, you saw a huge inflows from institutions and, you know, that has, now you're seeing net outflows on the ETF side.
18:05 Ed Elson? Do we know who is selling and do we know why they're selling?
18:08 Speaker 10 Not micro strategy.
18:10 Ed Elson? True.
18:11 Speaker 10 But, you know, there are some whales that have taken profit. You know, the 100,000 is a very psychological level. I think you saw a lot of profit taken above that level. So there's still anxiety and nervousness in the market. I think a lot of people just took profit above that 100K level.
18:26 Ed Elson? And so taking profit, meaning selling, basically.
18:31 Ed Elson? It's interesting because when I think about Bitcoin, which has something of a cultish ethos around it, I feel like the whole idea is you never sell. Bitcoin is something forever. We're hodeling indefinitely. So the idea that people are hitting 100,000 and they're switching back into fiat currency, to me, that's not a great thing for Bitcoin at large. What do you make of that?
18:57 Speaker 10 Yeah, Bitcoin's always been this macro hedge, digital store of value, digital gold. And, you know, it's sitting at one and a half trillion. That's less than roughly 5% of gold's market cap. So I'm not overly worried about it. I mean, I think if anything, Bitcoin this year has solidified itself as something that institutions want to have in their portfolio. It's still a very much an macro, tied to macro flows. So it's going to continue to be volatile as much as it continues to grow, much more volatile than gold. But, you know, it's just normal things. Bitcoin doing Bitcoin things. So the volatility is normal and expected. But I would say a lot of institutions this year and in the next year are going to continue to just get off of zero.
19:40 Speaker 10 Because the, you know, it deserves a place in a portfolio. And I think institutional managers have sort of come around that idea this year, and that's not going to go away.
19:49 Ed Elson? Does the fact that it's not behaving like gold cause any concerns in terms of this idea that it should be in your portfolio in the same way that a lot of money managers say gold should be in your portfolio, but gold's up, having its best year in years, and Bitcoin's down, does that cause any concern?
20:09 Speaker 10 Absolutely. I mean, I think if you're a portfolio manager, it's hard to go to your client and say, hey, we put a position on Bitcoin and it's down 25%. No one loves, no one likes that. And it's hard, especially if you're a money manager. In a lot of my conversations, family offices are okay with it. They're more sophisticated, but the retail investor and portfolio managers, I would say definitely volatility is an enemy here because you go to your client at the end of the year and say, here's how everything performed. The stock market's up 12, 15%. Gold is up. This thing that was going to be a representation of gold and a hedge is actually down.
20:48 Ed Elson? Yeah.
20:48 Speaker 10 And you know, you know this, Ed, but in portfolio construction, you want to have assets that are uncorrelated. And Bitcoin's always pretended to be an uncorrelated asset class, right? Small, differentiated. That's what gold is. That's what commodities pretend to be.
21:02 Ed Elson? Right.
21:04 Speaker 10 And I think if you're going into the end of the year, talking to your clients about putting in a position in Bitcoin this year, you're down and the market's up. And so it's very hard because crypto is still a risk asset, right? It's really far out on that risk spectrum. And I think there's a pocket of the market and the liquidity that may, on the margin, be more hesitant to put in a greater exposure to that because there's no one likes volatility. As much as everyone wants to be here saying, yeah, we want, you know, uncorrelated returns and get off of, you know, beat the market, it's hard to have that conversation with your clients if you're underperforming.
21:40 Ed Elson? Yeah. When we look at some of the other cryptocurrencies, especially the altcoins, which have been kind of decimated this year. I mean, they weren't crushing already, but... I mean, the meme coins, all of the stuff that where all the speculative stuff is happening. Is that going away, do you think? Do you think that Bitcoin is coming out of this as kind of the one and only crypto? Or do you think we're going to see a proliferation of more cryptocurrencies? What do you, what do you think this means for the rest of the crypto market?
22:11 Speaker 10 Well, it's an interesting question because Bitcoin is in a rare category of its own. It's sort of ossified as this digital gold store value construct. Everything else is pure technological bets, more like a tech stock. And so I think people that come into the casino trying to hunt meme coins or Ethereum or Solana. I think of it as the flows that go into investing in things like AI and technology stocks. And so it's very momentum driven. It's very narrative driven. And now I think the main character is just AI, right? People just want to, are more excited to put a position there. It's as volatile, it's well more understood, the narrative is front and center. And so that's sort of my criticism, being a long time investor in the space.
22:56 Speaker 10 I just think the industry is overly reliant in this particular use case, which is a digital casino that is open 24/7, 365. However, I will caveat all that by saying you're going to continue to see a popular crypto called stablecoins continue to proliferate, more and more businesses using that. And so it's sort of a, this kind of two worlds, right? You have real technology, real use cases, companies like Stripe and Robinhood and SpaceX using stablecoins because it's just a better way of do payments versus the noise, which is meme coins and what's the price of Dogecoin and Ethereum. And so there's a big disconnect between the technology and some of these crypto assets and meme coins that are just purely speculative and very volatile.
23:36 Ed Elson? Yeah. When we look at some of these Bitcoin treasury companies, which obviously became kind of popular at the beginning of the year, it's also so interesting because, you know, this administration was the, it was the, it was the crypto administration and it's so funny, here we are at the end of the year and Bitcoin is down. But looking at those Bitcoin treasury companies, MicroStrategy is obviously the most prominent and largest example, which is also getting kind of crushed right now. What do you make of what is happening in the Bitcoin treasury space? And what do you think's going to happen to MicroStrategy moving forward?
24:14 Speaker 10 I'm not worried about MicroStrategy at all.
24:16 Ed Elson? Okay.
24:16 Speaker 10 They have. They're not a forced seller. They negotiated phenomenal terms with lenders in the form of convertible notes. So they're not a forced seller. Their next maturity is 2028, and so convertible note holders may elect to get paid in cash, not equity. So there's a, there's a huge margin there in the window for MicroStrategy to, you know, the interest payments on that is very low. It's like less than 1%. So that's MicroStrategy. I think Sailor being Sailor negotiated great terms. There's other, whole category of other MicroStrategy-like vehicles that have less favorable terms. And so you are seeing some forced selling. You know, Tom Lee has its own vehicle that is warehousing Solana Ethereum.
25:01 Speaker 10 Uh, there's a couple other Solana vehicles. They haven't negotiated as favorable terms, so I'll be paying a lot of attention there because, you know, as prices continue to come down, you, it will force some selling into the market.
25:15 Ed Elson? Yeah. Uh, just before we let you go here, what would be your outlook for Bitcoin and for crypto going into 2026? Uh, we had kind of a good year that ended up turning bad. Uh, if you had to make any predictions, what, what would it be for 2026?
25:31 Speaker 10 I'm not an oracle. I would say it's very much tied to macro and liquidity. It will continue to be that. Um, I'm paying a lot of attention to just the actual use cases of the technology that are disconnected from the price. Candidly, I mean, I wrote a blog piece last week, just the value, you can't really justify the valuations of a lot of these networks. Putting Bitcoin to the side because it's a commodity, it's purely based on supply and demand.
25:52 Ed Elson? Right.
25:53 Speaker 10 But something like Ethereum, something like Solana, they're valued at 50, 60, 100, 200 times price to revenue.
25:59 Ed Elson? Right.
25:59 Speaker 10 The best hottest AI, uh, company is trading at 25 times price to revenue. So at, you know, at some point, you know, you have to show fundamentals and crypto as much as, you know, the hardest question as an investor is, is it priced in? The administration came in very favorable. It has delivered on the regulatory piece. Now I think it's a sobering moment for the crypto industry to say, okay, we've created this 24/7, 365 internet capital markets. Can we graduate beyond just being a pure speculative asset class? And can we deliver on the fundamentals? Will the value capture be there? And I guess like to me, that's the biggest opportunity, but also the biggest challenge as an industry.
26:42 Speaker 10 Because if we can't really prove to an investor, to the market that the use case is there and the value capture is there. I think it's going to be pretty hard to justify the valuation for Ethereum at 350 billion. Right. Because you'd rather buy, you know, any stock like Nvidia in the public markets that is trading at a fraction of that. Right. And so there's a big disconnect between the promise of the technology and the valuation for a lot of these coins. And I think the market's kind of, it is a normal thing as the market grows up and starts to realize, hey, am I getting paid enough to take this level of risk? And I think that's in the back of a lot of people's minds, going in, you know, finishing the year and going in a next year, I would say.
27:22 Ed Elson? All right. Santiago Roel Santos, founder and CEO of Inversion. Santiago, thank you. Really appreciate your time and happy Thanksgiving.
27:29 Speaker 10 Thanks, Ed. Happy Thanksgiving.
27:34 Ed Elson? Tomorrow is Thanksgiving, which means that markets will be closed. And more importantly, we will not be publishing an episode of markets. Yes, we are taking a break. No episode on Thursday, also no episode on Friday. We will be back on Monday for a special episode in which we will discuss the relationship between money and masculinity. This was a fascinating conversation, heavily informed by Scott's book. We get into other topics as well. Either way, I'm very excited for you to hear that episode. Until then, we're going dark. We will be giving thanks as it is Thanksgiving. And before we go, I would like to give some thanks myself.
28:18 Ed Elson? So first, I want to thank you guys, our audience. We started this daily show about six months ago. I don't know if it came through, but I was very anxious at first. I was very anxious about hosting this solo, but it turned out to be very successful and it also turned out to be a lot of fun. And that is thanks to you guys who tune in and engage with us on social media and who offer up your very Very interesting and often very hilarious perspectives. And it generally just makes this business a lot of fun and I thank you for that. I also want to give thanks to Scott. I don't know if Scott is listening, but Scott, if you are listening, I just want to recognize I know what you have done for me and it is more than
29:01 Ed Elson? any other mentee could probably describe and I am extremely grateful for that. And finally, I want to thank our team. If it wasn't already obvious, this show would be impossible without all the people we work with behind the scenes on this. So that is Claire Miller, our producer, who is essentially the captain of this whole show. Mia Silverio, our research lead. She is essentially the brainstem of the show. Our research team, they're the reason we find all of these great insights. Our associate producer Allison, she's the one who makes us sound good. Our editors Brad and Joel, they cut this show three nights a week. Our video team, they're the reason we're on YouTube. They're the reason we're crushing on YouTube. There are so many people to thank.
29:44 Ed Elson? And I say this to give them credit. But I also say it selfishly. Because actually, the research shows that by expressing gratitude, literally writing down or saying what you're grateful for, it turns out that that actually makes your life better. It makes you happier. Many studies have shown this. And that's also why I think that this is such a good holiday. Because it's not just a meal. It's also a reminder of what actually makes humans happy. It's a reminder that as much money and status as we may try to accumulate, and we talk about that a lot on this show, none of that even registers.
30:28 Ed Elson? If you can't find a way to feel grateful for it. If none of it satisfies you, if you don't feel content, if you don't feel appreciative, then none of it has value. It's worthless by definition. And so this holiday is really all about that feeling and what it takes to achieve that feeling. And it basically tells us that the only way to achieve that feeling, to achieve the feeling of gratitude. The only way to do it is to share with other people. It's to share the food, the space, the camaraderie, the love, the appreciation, et cetera. The whole thing is about sharing.
31:12 Ed Elson? And if we don't share, then it all ends up feeling pretty meaningless and pretty depressing. So that's why I like Thanksgiving. And before we go, I will leave you with a quote from Seneca, the famous Roman Stoic, the ancient philosopher, who basically summarized everything I just said in the past rambling few minutes. And this is what he wrote, and this is what we will end with today. Quote, "There is no enjoying the possession of anything valuable unless we have someone to share it with."
31:52 Ed Elson? Okay, that's it for today. This episode was produced by Claire Miller, edited by Joel Patterson and engineered by Benjamin Spencer. Our associate producer is Alison Weiss. Our research team is Dan Shalan, Isabella Kinsel, Kristin O'Donoghue and Mia Silverio. And our technical director is Drew Burrows. Thank you for listening to Prof G Markets from Prof G Media. If you liked what you heard, give us a follow. I'm Ed Elson. Happy Thanksgiving and I'll see you on Monday.
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