Jaden Schafer

all of these different, you know, like basically all these companies that did something different.

And now that's like, well, we need a lot of new supplies for what's happening in AI.

And they're looking outside of maybe the typical AI data center chip providers.

And they're going to, you know, they're going to some of these like cosmetic companies and other places, toilet companies, places you wouldn't expect.

I think there's a lot of opportunity right now.

But I think this is also probably a little bit of a cyclical risk that comes with

really wrapping all of your business into the next wave of tech capital spending, because this is obviously going to go crazy and a lot of money is going to go in this way.

But Toto, potentially, if there was an AI bubble today and everything got wiped out, I mean, 40% of the operating profits of Toto are coming from this right now, making these

ceramic bits.

So I think at the end of the day, these companies don't want to tie themselves too heavily.

But also there's massive spending, massive demand, and I think they can all make a lot of money by making sure they get into the industry.

So it's a really fascinating time to watch as toilet companies are becoming a really important part in the semiconductor supply chain.

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