Cathie Wood

We're seeing TSM, you know, it was interesting, TSM's CapEx was stalled at roughly 10 billion, right?

And we were thinking, okay, is TSM signaling that there is an inventory problem looming out there?

Well, I think they just jacked that up.

Didn't they jack it up to, I forget what the number was.

Yes.

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.