Michael Nadeau

And so if you're bullish and you're saying this is not a bubble, like look at these earnings, valuations are not, you know, we're below, we're significantly below where we were in 21.

You can sort of make the argument that, hey, look at all these earnings, like this is not a bubble.

This is just like, you know, the market's just really hot and this technology is incredible and all these companies are implementing the technology they're spending.

So you can make the bull argument, I think, based on this.

But going back to what we were just talking about, what is the leading indicator if you're focusing on earnings and you're waiting for it and you're going to say, okay, well, I'm bullish.

All the earnings reports are coming out really strong right now.

And I'm going to just wait until Q2 on that.

Like, that is the key thing.

It's like, is price following fundamentals or are fundamentals following price?

And this is really, we know in crypto, it's price that is a leading indicator.

Similar story.

So again, this feeds the narrative of the power of AI.

You know, it's creating efficiencies, it's creating productivity, it's driving

These, you know, forward margins are rising.

So we're at about 15.3% right now.

That's the highest, you know, we've been since in the history of this chart going back to 2004.

Again, this was also true back in 1999, where margins were actually rising as well.

And we got up to about 12.2%, so not as high as we are today.

But this chart's here just to show that if you're making the bull case, this is part of that.

Margins are improving.