Emily Flippen

They just keep issuing tons and tons of share buybacks.

And that's been good over the short term, but I actually don't know if management

is doing valuation on their stock so much as they are putting their hands up and saying, we don't know where else to spend this capital.

So we're just going to try to return it to shareholders in the interim.

And to me, that shows a lack of long-term vision, which when you are experiencing potentially an existential threat from AI, it's like, okay, well, maybe stop sitting on your hands and do something about it.

I really appreciate that.

You have me second-guessing myself, Lou, because you're right, there's a lot of uncertainty with this business.

The reason I think I'm maybe more willing to hug this bear here is because there is a fair bit of visibility into AI spend and data center spend, which is ultimately what's driving Supermicrocomputer over the course of the next year or so.

massively missed revenue guidance last quarter.

I think they came in around $5 billion versus prior guidance $6 to $7 billion, all because of, for the most part, delivery delays.

But they still have a pretty big runway of $12 billion north of secured business that's coming into the market over the next

couple of quarters.

Unless leadership is actively lying to us, which to your point, Lou, maybe that's what's happening.

I mean, that's virtually contracted sales there.

So there's a lot of visibility into at least over the next 12 months or so for this company that make me think that any pessimism, short interest is maybe a bit overblown.

I am hugging this bear.

Now, granted, like I said previously, I was hugging the Lululemon bear all through the course of the past year.

Every single month, week, quarter, whatever time frame you chose, you could say the same thing about Lululemon, which was it was a once in a decade plus valuation getting cheaper and cheaper and cheaper.

Now, it's once in a lifetime valuation.

It's entirely possible that Chipotle continues to fall from here.