Lisa Mateo

I don't think so.

Part of that is capacity, though, Ed.

I mean, you heard Microsoft say they took some of their own capacity, but you heard them say, and Amazon too, we can fill whatever we get immediately in terms of demand, but they don't have enough capacity.

So I guess I would look at it two ways.

One is if you go back and look at CapEx in the 90s.

It was about a two standard deviation above the mean spend in tech CapEx.

We're not even one standard deviation away from the mean.

And one man's CapEx spend is another man's revenue.

So AMD, NVIDIA, Broadcom, names we all own, will continue to benefit.

And here's the last thing I'll say.

60% earnings growth at NVIDIA, a P.E.

of somewhere around 23 to 24.

Procter & Gamble, 2% earnings growth on next year's earnings and a P.E.

of 24.

So I know which one I want to own for the long term.

But there's a lot of trading going on.

There's a lot of hiding in the defensive names.

That's what happens during these periods.

It happened last year.

If you look at all these names after DeepSeek, where we thought the world was ending, I mean, we were buying NVIDIA at just over $100 a share.