John Coogan

And he cites a few economic statistics that are recent.

Personal consumption.

The biggest component of GDP grew a relatively muted 1.6%.

Investment fell in housing, business structures.

I think we're spending more on data centers than housing now or office buildings, I guess.

I think it eclipsed office buildings and factories and transportation equipment like trucks and aircrafts.

Meanwhile, investment soared 43% in tech equipment.

Obviously, that's chips and GPUs.

23% in software, surprising.

And 22% in data centers.

Certainly on the revenue side.

DataDog, Atlassian, there's been some acceleration.

And it really was extremely widespread where you had, I mean, you had like DoorDash and companies with strong network effects where the software was not their moat.

They still had to go and answer to the market.

And some of them got in and out of that in a week or a month.

And some of them, it took a quarter or two to show that there's resiliency.

Some of them are still beaten down.

But overall, software is still doing very well.

On the flip side, there's another headline that hit the journal yesterday.

U.S.