Jordi Visser

So for the last three years, the trade was the infrastructure trade and it was the Mag7.

I'm just saying that that is not the trade.

So do I still think Tesla's gonna have a great year next year?

Yes, because I think humanoids will be brought forward.

Most institutional investors will not buy, oh, great, we're gonna cure drugs.

How do I invest in that?

But when you see their earnings revisions going higher, and this is the thing people have to realize I wrote in CoreWeave,

where we've had to lower stuff quant strategies look for estimate revisions moving higher if the cutting expense side and the efficiency thing ends up being the big thing if small caps do well because of the rate cuts and the fact that people have to remember the one big beautiful bill the majority of the fiscal impact is going to happen in the first half of the year because we got the midterms so they wanted that to happen we also have

rate cuts going on around the globe.

And on a two-year lag, we started to cut rates.

You're going to start seeing the impact of lower rates that's going to filter in because monetary policy runs with a lag.

This is the first half of next year.

You've got commodity prices that are ticking higher.

Why?

The CapEx.

The CapEx is still going to happen.

It's just going to be slower than what people thought.

So these companies will have to push their earnings out.

And that's why when you get into this, this is about less about, oh, we're having to push our earnings out and

oh my gosh, those numbers are huge, we have to go buy these.