Cathie Wood

quite significantly.

And they're extremely cautious.

They've been through many, many, many cycles.

And what they do is they go to the customers of their customers.

That's how paranoid they are about this inventory situation.

And I think they learned as they were doing that, wait a minute, what's happening is the applications

associated with AI are so broad, so profound, and the productivity changes are so enormous that they began to understand, wait a minute, this is a revolution.

It's a revolution.

We actually think the payoff is, from our point of view, we have a five-year investment time horizon.

And we think the payoff's going to be not five years.

We're going to start seeing – we've already started seeing productivity gains.

We've said for some time we've been through a rolling recession.

Manufacturing's been down for three years.

Housing's been down for three years.

Small businesses, terribly depressed for three years.

That is all starting to change.

But productivity, partly for that reason, companies have been focused on efficiency gains.

And so productivity is close to 2% on a year-over-year basis, which is fairly strong for this time in the cycle.

We think that's going to accelerate to the 5% to 6% range.

as manufacturing comes back, as the entire global economy recovers from, I think, the vestiges of an interest rate cycle that really hurt.