Anna Rathbun

Investors wondering where all of the investments are going and they're going to invest more of it.

So that's Meta.

But everyone else, I think there is a race here.

And there's a bit of a FOMO in all of the AI players.

And there's a higher risk to missing out than to spend today and to see where we are tomorrow.

Because I think the demand is still going to be high tomorrow.

Right.

So here are a few things.

I think people thinking about valuations, and that's myself included, it's very, very high compared to historical norms.

It's nerve wracking, but it's a short term sentiment driven play.

Beta is subject to a lot of noise and

It's going to happen.

There may be a correction or people are going to get nervous.

However, if you're a long term investor, like a lot of our clients are, you're going to take a look at the fundamental value add of these data center build outs and AI moves.

And I do think that there is something there.

If you look at the S&P 500 index and the companies in there,

How many can actually do the AI play?

How many of them have the expertise, the vision, the balance sheet capacity to do all of this?

And there are just a few.

And that's one of the reasons why investors who want to put capital into the AI play have no choice but to go into it in the public markets, right?