Ed

Yes.

And on, on the kind of services side, uh, we do have a bit of a mushy labor market, which tells you maybe wages won't wage growth.

Won't be that strong this year.

And.

You know, although a lot of things surprised me, uh, surprise you, people do teach you back in school.

that inflation and wage growth are very intimately linked.

And it's hard to get hot inflation when wages aren't going up.

So I'm not sure I buy those arguments either, but I guess those would be the standard ones that the inflation doves would roll out right now.

Yeah.

NVIDIA has been going sideways.

The stock's been going sideways for four months.

Meta is struggling.

Oracle is struggling.

There is a sense visible in market prices that the market is becoming more cautious about this narrative.

And of course, the dream scenario, what we should be all happening is that we have kind of incremental caution rather than a moment of freak out, that this kind of just cools down.

And, you know, look, as somebody, as a really smart investor, Patrick Kayser at Brandywine Global put it to me this week.

He was talking about the moment you're worried about is not that revenue that like AI data center spending just suddenly stops in the middle of 2026.

That's not going to happen.

The cranes are already there.

The purchases are made.