Ed Elson

seem to be in real contention with one another.

And I'm struggling to figure out which one is actually the dominant sentiment on Wall Street, which one is actually the right sentiment, which one is crazier than the other.

And it's hard to sort of parse out what the price of these stocks are actually telling us at this point, because those are two, as you say, completely opposite stories.

My instinct when I see these massive sell-offs is, I think, similar to yours, which is this seems to me an overreaction.

This seems to me highly emotional and not nearly grounded in the reality that we're seeing on the ground and the data, not nearly enough.

At the same time, I could also see someone saying, you're just sweeping these concerns under the rug.

It's convenient for you, especially you, Gil Luria, as someone who's in this industry, to say, it's not a big deal.

People are overreacting.

Things are going to be okay.

Look how productive the technology is.

What would you say to those people?

All right, Gil Luria, Head of Technology Research at DA Davidson.

Gil, thank you for taking us through this.

Thank you, Ed.

After the break, what you didn't hear in Trump's State of the Union.

And for even more markets insights, you can subscribe to my weekly newsletter, Simply Put, at edwardelson.substack.com.

We're back with Profiteer Markets.

In the longest State of the Union address in history, President Trump said the nation has achieved, quote, a turnaround for the ages.

He celebrated the strength of the economy, claiming that inflation is, quote, plummeting.

It's not true.