Caroline Hyde

But SML CEO Christophe Fouquet did speak with Bloomberg on the phone earlier.

Take a listen to what he had to say.

Why are the shares down then?

Let's talk about the results with Pierre Ferrou, he's head of Global Tech Infrastructure and New Street Research.

Why did we sell the rally, the record high in the shares earlier today?

So you think this is peak?

I mean, that's not what one would hear from Jensen Wang, who thinks we still got trillions to go.

We are still in this mode of trying to question whether we're in an AI bubble or not.

Do you think that we got any clarity on that from ASML after we, of course, got TSMC, after SK Hynix showed such strength in memory?

Yeah, if the stock's down and 2026 is the peak, the market doesn't believe Mr. Fouquet.

He thinks it's about sustainability.

Listen to this real quick.

Is this going to last?

And he's saying that the signals from his customers are that it is going to last.

And you're saying the market isn't showing us that.

I have a question for you.

What is the leading indicator in the world of tech, right?

I can give you a chart right now.

It shows you expected capital expenditures for the hyperscalers and other associated names like Meta and Oracle, right?

Is that the leading indicator?