Downtown Josh Brown

Again, like all estimates don't always come to fruition.

What they will spend, maybe there will be bottlenecks.

Maybe, in fact, technology will do what technology always does, which is make something, you know, very expensive and scarce and that will make it cheaper and abundant, right?

So maybe this CapEx ends up not being as egregious as we think and doesn't weigh on free cash flow as much.

So there are all kinds of possibilities.

I think that what was the debate in the bubble was that all of this spending

was very clearly not associated with any margin or any earnings.

Right, which is how they generate ROI.

Wait a minute, what's going on?

Yeah, so that's where I think the data's really interesting.

I know you're teasing me.

I won't answer.

It doesn't matter.

So no, I think that's a really interesting point in terms of like when you aggregate it together, forget micron or any individual stock and just aggregate all the semiconductors together.

You go, okay, well, what's happened over the last six months, right?

They're up 70%.

What's happened over the last year?

They're up a hundred percent.

And now let's look at the data.

Let's just pretend again, back to sort of all the charts, like let's pretend we don't know the answer and let's be open-minded.