Michael Batnick

But I think what that analysis is showing is that

this is going to support a lot of the equal weighted indexes because it's such a profound effect on the broader economy, right?

Like Caterpillar is probably part of that S&P 493, right?

Like I think I was reading that Generac is doing better now because of the data center build out to build back up, you know, power for these facilities.

So that's why I say like, just because, I mean, is the equal weight, like historically we look at that as a sign of like market broadening,

But if the AI tech capex boom is touching lots of industrial names, as an example, and lots of freight, right?

Like that stuff needs to move around the country.

That's, you know, that's also probably helped by all this.

So is it really like a sign of breath?

Or is it just a sign that things are

really concentrated into one area of the economy.

Like what is, like how much is like traditional non-residential structures like doing?

The other thing I was thinking, I'd love to hear your thoughts on this, Michael, is that when clients ask me, do you think the market's pricing in a slowdown?

See, like you're looking at it like, but I don't know.

I mean, discretionary stocks don't look great, right?

I mean, like that's what my, that's what Jeff has been telling me.

Like discretionary is underperforming consumer staples.

Equal weight.

Like, he's been pointing that out.

I mean, restaurants don't look good.