Lisa Shalett

that's been accounted for, that's still to be accounted for.

It kind of harkens back to the eyeballs and some of the words we made up during the peak of the internet.

And so what our hope is here,

is that as these deals are rolled out, that the companies are making the effort to really help us map what is real, what is on the come, and what is potentially just a promise that could vaporize if the demand isn't there.

Yeah, so what we've talked about is how critical 2026 is and probably the second half of 2026.

And the reason is because the gains that we can really credibly get from multiple expansion feels like we're getting to that point of exhaustion and earnings need to come through.

The controversy is not, you know, are there earnings for, you know, the hyperscalers?

I think everyone believes that.

The question is, are there productivity improvements from some of the folks who are implementing?

And again, I think we're willing to hold our breath for another six to nine months.

But I think by next summer, people are going to start saying, hey, show me the money.

how about in are there certain sectors that screening well for you guys right now and we're in stanley investment management uh yeah i mean obviously i need to be careful about uh you know not talking my book but um you know our favorite sector for the last 18 months has been financials uh i obviously you know maybe a tough tape um to report into this morning but these numbers

I think, from the sector look reasonably strong to us.

They obviously will have the tailwind of likely a steeper yield curve next year of some deregulation in addition to a decent deal backdrop.

So I think that that's kind of an ideal environment for them.

And financials should be a place where we start to see stories, at least, of Gen AI implementation driving margin expansion.

It certainly, you know, does play into it.

I mean, we've had a view that inflation is going to be sticky.

And what folks need to remember is while, you know, a weaker dollar can certainly be helpful for the earnings dynamics for large multinationals who trade around the world and their competitiveness, a weaker dollar actually inhibits

our ability to effectively price imports.