Angelo Zeno

So we're not necessarily concerned about margins here, but that said, listen, if we get to a point where the whole debate between supply demand starts to even out and those competitive pressures do start to intensify, then you have an issue.

It's not something we're really kind of concerned about here over the next 18 to 24 months though.

Yeah, I mean, and to the extent that they, you know, they're looking at this strategic pivot, I think, you know, remains to be seen.

But yeah, I mean, listen, it's an opportunity for them.

Again, I don't think they take up a huge chunk of the market.

I think it's actually a bigger play and opportunity for Broadcom, to be honest with you.

And as you kind of go into 26 and 27, the accelerating growth that you're going to see in their semiconductor business is,

I think it's kind of a nice intriguing play alongside their software offering where if you have any concerns about share loss from NVIDIA, take a look at Broadcom because that becomes a nice interesting play on a company that will be taking market share here on that customer silicon growth as they also continue to broaden out their customer base outside of just, you know, Alphabet's TPUs to other custom silicon vendors.

I actually feel much better about valuations today than I did three, four weeks ago.

And it almost kind of self-corrected itself out, right?

So when you look ahead of just late October, look at valuations.

They were essentially where we were at the June 24 tech highs and essentially at 20-year highs.

So you kind of look at what the market has done here.

We've actually had a better than expected Q3 earnings season.

On top of that, also a pullback here on the tech side.

That's really kind of compressed valuations.

multiples to now where you would expect multiples on a forward basis to be here over the last five years.

So when you look at valuations, especially given the earnings growth that we see over the next 18 to 24 months, we actually think this is actually an enticing opportunity, especially with some of those larger cap tech names.

You look at maybe some of the most reasonable valuations out there.

Meta and NVIDIA really kind of stand out at this point in time where I think they could be kind of nice rebound plays on the sharp pullback.