Jay Jacobs

I don't think there's going to be a ton of change in sentiment based off of short-term earnings or just any individual company.

We see a lot of our investors looking at artificial intelligence as just a long-term transformational theme that they want in their portfolios.

Oftentimes, this is being funded by selling out of the tech sector and allocating to AI.

So frankly, for a lot of investors, they haven't net changed their position in the Mag7.

They're just extending to get a broader exposure to the entire artificial intelligence value chain.

No, I mean, we've continued to see inflows into BAI, which is our actively managed AI fund.

And I think, frankly, a fair amount of investors out there have, frankly, been looking for a buy-the-dip opportunity.

They've seen this trade continue with so much momentum over a couple of years.

Now that we're on basically the third-year anniversary of ChatGPT coming out, a lot of investors have been looking for a little bit of a buying opportunity to get into the AI trade.

Well, we're seeing a lot of investors ask about kind of what's going on beyond the Mag7.

There's been a fair amount of discussions about data centers, about power infrastructure, about some of the early adopters in artificial intelligence.

So a lot of that nuance is really about looking across the entire value chain for opportunities, not just concentrating all of the activity around the Mag7.

Well, that's right.

I think a lot of the exposure is looking at that AI infrastructure trade.

That's semiconductors, but really broadly looking across the semiconductor spectrum.

That's looking at data centers.

We have some power infrastructure names in the fund.

I think as we continue to see AI evolve, it's going to move from this

CapEx heavy infrastructure build out into more of the models that are generating revenue as you see more adoption.

And I think we're starting to see that in some of the earnings now about how many tokens are being processed by some of the largest, large language models.