Brian Stewart

idea, there can be these things that are sort of bubbling under the surface that only become relevant when they become relevant.

And when they do so, it becomes relevant very suddenly.

So I think the concerns about Blue Owl is in that

that realm where this high level of economic activity is happening kind of sort of, like I said, off stage, and there's a worry that it'll sort of come on stage in a very dramatic way at some point.

And then you have individual companies, like if we look at the Carvana example, I mean, Carvana is a company that has like a very high sort of capital investment to do its minimal amount of running.

You know, it has the giant car vending machine

The good news is that is like if they have sales increases, you get to leverage that installed expense base.

And so that is more profitable.

When you fall below a certain level, you have all these expenses that you can't get rid of.

And so, you know, it kind of can become a, you know, buster.

boom or bust situation when you have a situation like that.

I think we're going to take that as like a metaphor for the market as a whole or analogy.

You have the huge amounts of capex spending that are going on, especially at the hyperscaler level.

And, you know, there does need to be a payoff eventually from that investment.

You put all this money in like you can't just I mean, I guess you could just sort of write it off.

So, you know,

There's just this worry about the table stakes to play in the AI game are just so high at this point that it's not clear that everybody can play at the table.

Yeah, I mean, I think that's the lesson of this week, and I think I think you're exactly right to sort of underline that as sort of the data point.

for next week.

Like, I just think that that's probably going to be the pivot of trading generally is what does Nvidia say and how does the market react to what Nvidia says?