Andy Cross

Well, Trav, I think the start of the year, right, there was a little bit more of kind of, hey, how is the market shaping up with so much of the tech spending?

There's just trillions going into data centers.

And that pivoted very quickly towards the Iran war, the activities going on in the Middle East, and the impact on not just oil prices, but now I think more and more it's what are the ripple effects to those increases?

Oil prices are going to percolate.

If they stay elevated throughout the economy,

How is that going to impact consumer spending?

How is that going to impact investor appetite?

And so I think the markets have started shifting as we're thinking, gosh, where is the value going to be?

Not just for individual investors, but also for institutional investors.

And so much of that capital now has started to flow a little bit more towards things like energy and materials in the marketplace, energy consumption.

is up more than 30% so far this year, but the overall impact into the market, whether it's a NASDAQ or just the S&P 500 for energy is relatively small.

So you haven't really seen the impacts and that's been, even though the investing appetite has shifted,

You haven't seen that show up in the general markets because energy is just such a smaller part of the investment landscape and of the indices.

And technology is so much of a huge, big part of that part of the market.

And that's money starting to flow out of there as investors get a little bit worried about, oh gosh, how much of this AI spending in data centers is going to be recouped because of the value for those dollars looking down the road.

Where is the investor return going to be?

So you're starting to see this market shift.

And that is showing up in the overall indices and just some nervousness with the investor appetite going into 2026.

And the rain war is certainly not helping.

Yeah, energy makes up three to four percent maybe of the index right around there compared to, you know, technology and financials.