Christina Ruffini

They've been trading sideways for a long time now, but they're still the biggest stock in the S&P with a nearly 8% weighting.

So however they move around earnings is going to be really important.

And they've lost some of the buzz.

They usually would be in raise and shares would gain.

We haven't seen that in the last few quarters.

So that reaction, the investor sentiment around this report is paramount.

I mean, this sell-off has been so profound.

I mean, you just said Salesforce down 34%.

I think it's about 50% from the most recent peak.

So that's a lot of money coming out of those kinds of stocks.

And, you know, there's just so much anxiety around that piece of the puzzle.

And it seems like investors are just not willing yet to buy the dip and say, okay, this is the point where they've gotten cheap enough, where we think there might be some compelling opportunities.

stuff here going forward and i think the thing that's interesting when you're thinking about nvidia is are they would they be able to quell any of those fears right they're kind of on the opposite side of the trade they're not software they're hardware so it seems like there's not a lot of positive catalysts necessarily coming up that would sort of relieve some of the anxiety in the software trade so

So we're seeing a lot of selling there and just kind of waiting to see maybe what might be the next thing that gets hit from the sort of fears of software AI disruption.

I don't see it as that.

Those are probably translating into some of the NVIDIA orders and it has big impact for the chips providers as well.

So it certainly matters quite a bit, but I think it'll take a really big beat to see the stock actually move because expectations are so high.

And that's kind of similar for the whole technology sector.

That's right.

So it was started as essentially a side project by a staffer who I talked to, who said that it was being used internally by anthropics engineers.