Michael Batnick

non-residential business fixed investment that's driving it.

And that's what's interesting.

I mean, if you're talking about business cycle economics, right?

Like typically the investment piece that cracks is residential investment, right?

So what's interesting about this is that, because typically if you look at it, I mean, equipment like non-residential business investment, CapEx, right?

That actually follows growth.

It doesn't, it's not a leading indicator historically, right?

I mean, basically the way it works is companies think growth, it's the accelerator effect is what we call it, right?

Like companies think growth is going to pick up and so they start investing more.

What's unusual about this cycle is that it's not like growth expectations are really taking off in any material extent, but you have this sort of spectacular capital spending boom nonetheless.

So that to me is like, to your point, like why are all these like traditional things not working?

Yeah, what's happening today?

Who knows?

I guess one thing I was thinking about, and I really enjoyed your conversation with Denise last week.

You know, she's great.

This whole notion of, like, it's early, it's not a bubble because the earnings are so strong.

And...

But I also would say at some level, like the earnings are tied to some kind of temporary phenomenon with this.

At some point, the data center build out will stop and the earnings won't be there.

So what are we really talking?