Jordi Visser

These are long duration assets.

They are growth companies, so they assume they're going to get growth.

And secondly, they're priced in price to sales.

They've had high multiples for a long time.

So I think you could argue the fact that all we're seeing right now is letting the air out of the companies.

But when you have Microsoft down 10%, when you have ServiceNow down 10%, and you have SAP down 17% in Germany, all in the same day, all on earnings reports, clearly at this point, the market is saying, you know what?

We don't need as many.

And I just want to remind people,

The size of salesforce.com is not that much off of Chevron.

For those people who watch my video, I've been saying that one of my favorite ways to play this, rather than try to short software because it's already been beaten down, is to be long Chevron against it.

Because at the time, they were the exact same market cap when I pitched a trade.

This month, if you have that trade on, you're up 40%, 4-0.

So Chevron's up 40%.

salesforce is down there's never been a move of this magnitude since the day salesforce got into into the industry i think we're at the beginning of what will be a mega massive rotation and the rotation is out of software so abundance things that can be created overnight it's just going to get easier and it is a world where you want to be long the things that are creating the intelligence and needed for that that are scarce micron technology

I know they've had a big run, but you know what Elon Musk said last night on Tesla's call?

He says, we will be out of memory in three years.

We're already out of memory.

He said he's building a fab for memory.

If Elon Musk is telling the world, this is not over in terms of the semis, we won't have the chips anymore.

I think people should really pay attention and just realize we are at a very, very historic inflection point where software has dominated for a long time.