Dan Caplinger

And it's interesting.

Lou's absolutely right.

This is

That's as much as they're going to be able to do.

Capacity is a constraint.

They can't just ramp up production of these highly sophisticated, complicated machines.

But that was what I thought with ASML.

Agree with Lou, Taiwan Semi...

I think, in better shape, a more direct connection, a more easily ramped up.

But there you get these rising geopolitical concerns.

And so, you know, I just don't know how that's going to play out.

And it has to be part of the... That's the reason that Buffett sold.

Yeah, and it's just one of those things.

And yes, you are starting to see some foreign companies looking at building out manufacturing capacity to a greater extent in the U.S.

to try to address some of those concerns.

But will it be enough?

Not if AI demand is as strong as everybody makes it out to be.

For consumer credit, I've been surprised, along with a whole bunch of economists, that consumer credit has held up as well as it has in this relatively high interest rate environment, as interest rates have refused to go down.

I think that that's out there, but I will admit that I've been wrong so far.

I would have expected it to come sooner.