Jordi Visser

Correct.

Dan Ives is talking about the tech sector.

Correct.

I do not agree that the tech sector is just going to continue to do what it had done.

I do not agree with that at all.

i i think we we've got a problem going on that is the core weave thing if if he didn't acknowledge core weave and i haven't read what dana said that was a warning sign uh that led me to writing a paper that at some point multiples matter explain a little bit more what is the core weave situation just so people fully understand so um core weave came out with their earnings report

And they said they had insatiable demand.

And that is the part that Dan Ives cares about.

So for everyone listening, when you're hearing tech, at some point, tech needs the infrastructure to be built out or it can't grow any faster.

And what CoreWeave said was we're cutting our CapEx because we can't get the power shells from the data center.

And what I basically said was at some point, CapEx and capital needs concrete

And there's no concrete, and it's metaphorical, but the reality is this is where we've talked about energy, energy, power, power.

At some point, the gas turbine situation matters.

So everyone who's been long GE, Vernova, are they gonna be fine five years from now?

Probably.

But what people have to realize with the demand side that is going exponential, at some point, the commodity stuff is a necessity to make sure that the compute can actually happen.

We have plenty of semiconductors.

So that was a trade that I was more interested in.

And I still think the semiconductors will be fine for next year, although I'd be more looking for the names that are smaller.

What Dan is depending on.