Lou Whiteman

So there's a lot of competition here.

It's kind of a stalemate.

You don't want to expressly be out competing with your biggest customers, but at the same time, there are margin opportunities here.

If these companies are overspending right now, I'm not sure what they can do about it at this point.

It's kind of the sunk cost fallacy, if you will.

They've spent so much already, and everyone else is still spending, so we got to keep spending too, right?

Exactly.

Especially considering that they have money coming out of their ears.

We talked about the profit margins.

They do have money and they do have ability to raise more.

If your competitors are still spending, you got to keep spending yourself.

That's a good question.

What is the real story?

Look, we are talking about the software stocks selling off.

I don't know if that shoe quite fits.

Because you look, yes, there are some software stocks that are down and down by a lot.

But there are some other ones that are down as well, such as quantum computing stocks.

look at IonQ and Rigetti, both of those down more than 30% here to start 2026.

You got Rocket Lab, which is a space company, down over 30% from its high.

I think we're seeing a sell-off in high-valuation stocks more than anything, I think, if we think about it more broadly.