Brad Gerstner

Good.

Come on.

No seriousness.

But what makes you bullish, let's say, in the next six months, 12 months, catalysts?

And then what do you think the headwinds are as well?

Let's take the short to midterm, six months to two years.

I think that in the short term, the people that makes the new thing

needs to get valued and needs to demonstrate value.

So who are the people making the new thing?

It's the NVIDIAs, it's the memory makers, it's the anthropics, it's the SpaceXs, and it's the opening eyes.

But eventually it all comes home to roost.

And you can't just make things for a market who then doesn't have a measurable benefit themselves.

To be very clear and blunt, there is literally not a scintilla of evidence that AI has helped lift the operating margins of the S&P 500.

There's all kinds of bluster.

There's going to be an important fork in the road.

It's probably two or three years from now.

One path will be OPEX shrinks, hence margins increase.

And the other path is revenues grow and margins expand and OPEX stays flat or maybe it even goes up.

Those two things are very important differences because in the former, you're talking about shrinking workforce and shrinking OPEX as a percentage of operating margin and revenue.

In the latter, you're actually growing through it.