Jordi Visser

When you're looking for moats, you're going to realize there won't be any.

Now, are there moats right now?

Yes, it's the physical hardware world.

I can't say it loud enough.

This is all part of a rotation that we've talked about on this show.

PMIs would eventually go through 50, and we'd see this rotation into the more commodity side.

So when energy stocks are up 16% year-to-date and tech stocks are down 6%,

That's something that I've been preaching.

Yeah, I don't think there's any question.

In my opinion, and I'll give one thing, if Stan was sitting here right now and you asked him to talk about that, I'm guessing that one of the things he would say is, well, when I said that, there was no internet.

So again, you have to remember that 1992 compared to today, this is a very unique period of time.

We just had the four hyperscalers finish their earnings with Amazon last night.

CapEx is now up to $650 billion.

So remember, everyone was like, they're never gonna spend this much.

Not only are they spending numbers, they are so far above what people forecast.

So anyone fading the hardware side, those are real spending numbers that are all for hardware.

I mean, it's for semiconductors, it's for power, it's for building stuff.

And that's four companies.

That does not include Anthropic, OpenAI, and XAI.

Those are just those four companies.