Jordi Visser

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.

is that the build-out continues.

Because if the build-out doesn't continue, and what CoreWeave said starts to like, God forbid, we hear the same thing from NVIDIA and Oracle, the AI trade will continue to unwind.

And what'll happen is multiple compression.

The earnings are still gonna grow.

The orders are still there.

I mean, Oracle still has a massive back order, but back orders are only good

if you can get the earnings and the dollars in the door.

And that's what I would be worried about for them.