Caroline Hyde

When you say opportunity, you mean start to catch the falling knife, start to perhaps add to your investments in companies that are beaten up?

Yes, absolutely.

And the falling knife narrative is especially important because it is a bit dangerous.

We are looking at a transformative technology and we don't exactly understand what that terminal value looks like because we don't understand how these business models will completely evolve.

But I think if we have a base case expectation that we're seeing AI integration, then I think you can think of some of these companies as maybe survivors or even thrivers.

I'm reading our markets wrap on Bloomberg, and they're painting a picture where if NVIDIA earnings are really strong, that will carry the market for the rest of the week and maybe further afield.

It will be good, let's say, for the NASDAQ 100.

But if they are too strong, then we'll go back to the idea that AI is coming for software, as an example.

There is a world where NVIDIA's earnings are too good, and we end up with the same result, which is anxiety about legacy sectors.

Do you kind of buy that argument?

Well, in terms of the day-to-day price movement with how investors are going to react to NVIDIA, I think that's anyone's call.

I do think there's a thread-the-needle type of environment where they have to be just right, this Goldilocks scenario.

But I think the real question is what can slow the disruption or the fear investors have around disruption and

Quite rightly, when the team met this morning, we were like, there are many other earnings going on at the same time.

And, you know, you reflect on this in your notes, right?

Earnings have been strong, generally speaking.

They've met expectations.

But in that environment, sometimes that still isn't enough.

What are you learning in aggregate in this earnings season for tech?

I think that's a signal of fundamental health.