Cameron Gleeson

In terms of exposure in that space, I really like NDQ, the NASDAQ, because it's got the hyperscales.

It's got...

you know, good exposure to hardware.

So a lot of the chip makers, it also has exposure to software, right?

So it's got this blend.

So no matter which direction that turns, provided, you know, the overall, you know, thematic, you know, remains in place, then I think you're likely to do quite well out of that.

Yeah, yeah, yeah.

So firstly, the NASDAQ itself, you know, if you have exposure to companies like Microsoft and Google, you know, you already have some indirect exposure because they have an ownership stake in some of these private companies.

Yeah.

But the NASDAQ sort of sees itself as really the home of innovation.

And if you look at all of the, you know, the great, you know, private companies that have come out of VC land, they've typically preferenced listing on the NASDAQ.

Yeah.

NASDAQ wants to ensure that it remains in that sort of pole position.

And so the index of most indices will require a degree of seasoning.

So a company must be listed for a certain set period of time before it can be included in the index.

Now, a really good example of that is the rules around the S&P 500, the US Broad Market Index.

It requires a company's been listed for a period of time, but it also requires a number of quarters of consistent profitability.

And that was really interesting.

And like the company, which, you know, really did make that an interesting story was Tesla, because it became an enormous company, you know, in terms of its market capitalization before it became profitable.

And it wasn't until it was about the seventh largest company in the US before it was included in the S&P 500.