Jordi Visser

That's the only thing big enough in this to make people shake, and they've been worried about it.

I think this year, if the credit stuff continues, and I've talked about this, if software doesn't bounce,

and I don't think it'll bounce significantly, but it either needs to become a value trap, meaning it just kind of sits at these depressed multiples and everyone's trying to spend time picking and choosing it, but it's not worth it because it's just dead money for now.

You could end up in a scenario that if it falls down, one of the hyperscalers is Microsoft.

Microsoft, it's part of the SaaS world, but it's also part of the hyperscaler world.

So they're kind of in the epicenter, and they've got one foot in there, one foot in the hyperscalers.

The hyperscalers have underperformed the market significantly.

It's one of the reasons why I'm positive on global things.

You asked me, and I didn't directly answer it last week, but you said, okay, you might be freaking people out.

Where should they put their money?

I'm like, well, if you want to be safe and make money this year, it's commodities, but it's also moving into Europe and emerging markets and Japan and other places because they don't have that much software.

90% of the software

In MSCI world is US companies.

So if you don't wanna be in the pain, go to the foreign countries, because they have a lot more manufacturing and commodities.

So I do think that the reality is if people wanna get negative for this year, you could easily get to the point, particularly with the Chinese models coming out faster and faster and faster, with the likelihood of data centers not being built on time,

the reality that we're heading into midterm elections where right now it is starting to move we're not only in the house right now but we're starting to get in the senate probabilities for republicans to lose that i think the data center ai pushback could be a bigger story as we get into the second half of the year and i think you can make an argument that if the hyperscalers

and their ability to actually get this stuff done, they need the revenues to get their RPOs.

They are spending the money.

If these bottlenecks between memory and turbines and all this stuff really start to back up,

and the Chinese models keep accelerating, you could end up a point where people start worrying that this is real and maybe open AI is an issue and all this stuff comes to the market.