Jordi Visser

He made a statement in there which is really going to impact the investments that will work this year.

And I'm going to talk a lot about this in the video over the weekend, but

He said, we've reached the physical limits for AI on the power side, and that power is the ultimate constraint.

He also said we have infinite demand for power, that we're at a point where the AI needs to get to AGI to get to all these things will never stop.

But

where we are now after two years of the leaders of the stock market being the data center names.

It wasn't just NVIDIA.

It was GE, Vernova.

It was everybody who was involved in the construction of the data center, the transformer suppliers, the Siemens Energy, the Mitsubishi.

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.