Andy Cross

And that might be a weighing impact on investor appetite to put more capital to work into stocks.

Now, we might have some pretty big IPOs hitting the market this year, which would be very exciting.

And I think individual investors especially would kind of gravitate towards that.

In the K-shaped economy, the wealthy are as well off now as ever before.

So we have a little bit of that.

But I do worry about the job impact having some negative consequences on the appetite for individual investors to be investing.

Yeah, they continue to put up great on, for the most part, great on the earning side, the revenue side, even making impacts on a lot of their AI benefits.

But certainly the market is just thinking about the return on all of these spending.

It's going to be trillions of dollars, trillion dollars close, give or take, you know, whatever year you're talking about.

What's a few hundred billion dollars between friends?

Yes.

And we had just re-recommended Amazon recently.

We had this conversation among the team.

Amazon's going to spend billions, hundreds of billions of dollars on CapEx this year.

What happens if they came out and said, hey, we're not going to spend quite as much?

How would the market react?

Would they be positive because it's going to benefit their free cash flow?

Or negative and say, gosh, they're not spending enough to be competitive in the AI race against the likes of OpenAI and Google and Microsoft and Meta who are spending equally hundreds of billions total.

So there is this thinking of the market and the market doesn't quite know what to make of these numbers anymore.

Travis, and it gets to our earlier conversation.