Matt Frankel

I mean, I could see both ways.

I wouldn't necessarily buy this basket of 11 stocks today, but I also wouldn't bet against them in any form.

I mean, with AMD, for example, the one that I own and talk about, I can see a scenario where it's a trillion dollar company or even a $2 trillion company by the end of the year.

But I can also see a scenario where it gets cut in half.

If like one of its product launches doesn't go as well as expected, for example, I wouldn't necessarily call it a bubble, but it's definitely a fragile environment when it comes to the AI spending that we're seeing.

And not that it can't continue for years, even more than two or three years.

This could be a long-term trend for the next decade, you know.

How many of us called the Mag 7 expensive when we first heard that name?

So I wouldn't bet against them in any way.

I wouldn't call it a bubble, but they're definitely, you know, they need things to go well.

Yeah, well, I noticed a few common themes among them.

As you said, all three of the companies you just mentioned had very different performance.

But there were some common themes.

I mean, for example, all three are seeing meaningful hits from tariffs to the business in one way, one extent or the other, with Under Armour taking the worst hit.

In all three cases, direct-to-consumer sales, meaning like sales through a website, are outperforming wholesale.

For all three, apparel sales, this is interesting, are growing faster than footwear sales because all three of these are footwear companies at heart.

or at least declining less rapidly than footwear sales in Under Armour's case.

All three are facing challenges in the US market.

Consumer spending has slowed down quite a bit.

Even On, the biggest growth story of the three reported slower revenue in North America than it did everywhere else.