Jordi Visser

So you go through transformers, you go through switching gear, you go through all of these different components, and then eventually

You get to where we did in starting in September of last year, and this was the inflection point.

So I believe that when you have a theory on the markets in terms of an inflection point, you'll start to see it.

Now, quality really got hurt badly in the second half last year.

We started to see small caps outperform large caps, and we started to see the mag seven run into mud.

And I think that's going to be a theme for the entire year.

I believe the S&P 500 will see earnings growth of at least 15% this year.

I think the S&P will be up 15%.

But I think the top 40% where there is absolutely a bubble of concentration

will underperform.

Now, if they're flat to down 5%, those top 40%, but the market's up 15, you can do the math yourself.

If the bottom 60% are making up for the down five, that means these things are all up over 20%.

That is a change, and that's the point that you go through.

I think people have to adjust to the fact that we have reached

The constraints, the models will get better every six months as they have because the chip efficiency is growing rapidly.

Rubin was announced at CES this week by NVIDIA.

We have Blackwell rolling out this year.

Only about 20% of the chips inside the data centers are Blackwell.

They're far more efficient than the hopper.

All right.