Jay Hatfield

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.

Microsoft is getting smacked and is pretty cheap.

So OpenAI is not dead yet.

It's just that...

There's clearly competition to go on the retail side.

So that I think is mostly priced in.

Also keep in mind that we had normal market weakness after earnings season.

The market was fully valued.

We had a 7,000 target.

We were just shy of that.

The medigate was slightly overvalued by our models.

So some pullback and readjustment is normal this time of year right after earnings season.

Well, you know, I would have said actually incorrectly, I guess, that the Fed was not a big overhang on the market.

But you did see Friday that the Williams comments, which are important.

The head of the New York Fed is a permanent member of the FOMC.