Al-Apshah

I thought there was going to be a small reaction.

It was definitely larger than we expected.

But I think it's not that surprising when you take a step back and consider where the markets are in the US.

The AI trade has been going on for three and a half years.

It's been more or less a straight line up.

Essentially, everyone is max long today, and so there really aren't many incremental buyers left.

On the one hand, it spooks people when you do consider what is negative about this, but I think specifically the market right now is trying to digest this idea that AI has gotten a lot more powerful in the last six months.