00:00I think what the market's really trying to discern is whether or not it's price to perfection.
00:04And so I think that there's been an exceptional amount of earning strength.
00:08And I think now, you know, the forward-looking guidance will be as important as the prints themselves.
00:13So that's, I think, predominantly what we are focused on.
00:16But I think we would also push back on some of the, you know, wider spread thoughts
00:22that concentration and broadness can't coexist when it comes to earning strength.
00:28I don't think the two things are mutually exclusive.
00:31I do think that AI and tech, you know, broadly speaking, is leading a lot of the strength,
00:37is doing more of the heavy lifting.
00:38Tech alone is supposed to grow earning 60% year over year this quarter.
00:42But at the same time, we are seeing more sectors participate within that,
00:46with 10 of 11 S&P 500 sectors expected to produce profit growth this quarter.
00:51OK, that's interesting in terms of the broadening when it comes to the earning story.
00:53How are you thinking about how traders, investors should be getting exposure more broadly to the AI story at this
00:58point?
00:58Yeah, so I think that the market's really focused on not just excitement around the future potential of AI,
01:04but are we really starting to see the execution of that start to come through?
01:08So I think there's a really profound focus on return on investment,
01:12on, you know, what does that CapEx story look like moving forward?
01:16Can that demand be sustained to fuel that spending?
01:20And then at the same time, what does that then flow through into corporate profit margins?
01:23And, you know, how are they, you know, facilitating all of that spending?
01:27And so I think all of those are dynamics that investors are watching.
01:29And it's not just a rising tide lifting all boats,
01:31which is certainly, I think, evident in the fragmentation that we've seen within the AI trade itself.
01:36And so I think that AI is not just a one sector story.
01:40It's very much one that we think that needs to be invested across the entirety of the AI value chain.
01:45And there we're really focused on assets that I think are, you know, more capital intensive, harder to replace.
01:52So there's a degree of, I think, staying power and earnings durability to them.
01:57So that spans everything from semiconductors within the hardware space towards infrastructure and power.
02:03And so you can think of even utilities, you can think of industrials.
02:07And so I think that, you know, it's not just a one sector story when it comes to playing AI.
02:11Bye.
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