Dan Ives

That's why this is a deep seek moment that we're going through.

Over this last week.

And I just think where every year you're going to have four or five times to have these opportunities to own tech.

And I think we sit here six months, nine months, 12 months, looked at this as an opportunity, especially when you look what's happened in software.

I think that is a very good case study to what's happening here, is that the fact that they're basically taking down the software sector, thinking that it's structurally declining and some of these names are essentially going to go away.

Talk to any CTO, CSO, CIO about the concept of that with the Salesforce ServiceNow, a Workday.

I'm not saying it's not a headwind.

And there's not some names that are disintermediated.

And there's not pure plain names that are definitely structural on the wrong side of this.

But what's happening here, you're putting the whole sector in one.

And I think that's the wrong trade here.

I mean, my own view is that they are connected.

And the fact that you are seeing a risk-off trade, I don't think it's coincidental.

If you look what's happened in Bitcoin, what's happened in tech,

i think there's obviously different things driving them but there i i think when you see crypto selling off the way it has it does have an effect on tech investors it's a risk-off trade that you see playing out and then you can make the argument especially when you do have blockchain utilities and everything where it's going if it makes you more negative on the ai trade

You can make parallels to ultimately what that's going to mean for crypto.

Look, it's my view.

We sit here, we're in a fourth industrial revolution.

We just happen to be living in it.

I'm not saying you're not going to have these bumps in the road like we always have, but I sit here today and think we are still in the first third of the cycle.