Jay Hatfield

Well, I think there's one area where people are concerned, and that's because parts, we've been saying for a while that there's no bubble in the market as a whole.

But I do think there's bubbles in parts of the market, obviously crypto, but even with OpenAI, they traded 25 times revenue versus seven times for the MAG-8.

And three times for the market.

And that concern about open, and they have $1.4 trillion of obligations.

So that concern is leaking into other companies like Oracle.

But generally, most of the commitments are coming from the MAGAID, who have tremendous commitment.

Not just cash flow, but free cash flow, great businesses.

So we're not overall worried.

And also, I just point out, it's not so much people think they're going to default.

It's just supplying.

Man, Oracle's CVS is like 110 over, which is not that attractive even for investment grade.

So just that there had been a lot of issuance, that means that you have to pay more to issue.

So we don't think it's a big credit concern, but there's...

an open issue about really whether open AI, if you will, will really be able to beat out Google and other incumbents in the long run and whether that's a little bit of a bubble.

Well, we think it's probably that trade's getting a little bit tired.

You'll notice that Oracle is bouncing back.

You know, the stock was 50% higher or 33% higher, if you will.

Yeah.

50% upside from here just, you know, three weeks ago, three, four weeks ago.

So we think that trade's probably fully done.