Jordi Visser

I would say that if it's right, the market would probably need to go down 5% on the S&P.

And so far, it hasn't done that.

But that would be where I would determine that it was right in terms of what's going on.

What it did do is it led to more vols.

So the VIX has gone down.

15, 20% higher from where it was.

We obviously saw the software names get hit and the S&P broke below the 50-day moving average.

So there's no more warning signals.

The reason I think it's important for people to think about this, I do believe that in a market that is a transition away from concentration,

to deconcentration and that's what we're doing guys you've got you've been complaining for years there's only seven names those seven names to me will not outperform the market anymore they are spending tons of money they are becoming like commodity companies their multiple has to come down they are not going to get the revenues necessary in my opinion in the amount of time that are there and if you want to go back to the elon musk when you finally get to listen the whole thing did you listen i i listened to half of it so far at the very beginning he makes his statement and it's

It'll be in my video for sure.

I posted on X last night and it just said the software, and I forget what he said, the software lads or the software people are gonna realize scaling in software is very different than scaling in hardware.

And I think his point was- Spoken from the king.

I think his point was, if you think about it, what is the difference between Elon Musk, Sundar Pichai, Demis Hassabis, Sam Altman, go through the list.

He's an engineer.

He builds rocket ships.

He is a hardware guy.

He imported a power plant to do it.

And all he talked about on there was, we're not going to have any gas turbines.

I don't know how to tell people.