Jay Jacobs

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.

And we're seeing a lot more companies talk about adopting AI in their business practices.

So I think over time, over the next couple of years, we will see a shift in the positioning from the infrastructure layer to the models, data and applications layer of the AI value chain.

No, that hasn't been the case.

And I think it's because you can look at kind of the near-term noise about who's buying or selling or some very short-term earnings.

The long-term trend of this theme has only been gaining steam.

And so I think a lot of our investors really look at it as, has there been a structural shift here or not?