Michael Nadeau

Yes.

So this is, I think, you know, this is an interesting thing to show here because I think the big narrative, and I think this is one of the things to really be paying attention to right now, are what are the narratives, what are the primary narratives from the bull side of the equation and do those line up with what the data is showing?

And so I think one of the big narratives out there is that

Well, this is a little bit different today because from a few perspectives, one, the companies that are financing this build out, the big hyperscalers, these are extremely profitable companies.

They're well capitalized.

They were using free cash flows to build out the CapEx up until more recently.

Now they're doing some debt financing.

So I want to understand, like, is it true that, okay, yes, earnings are really strong and forward earnings are really strong.

This is true.

And this chart shows that.

So even just looking at Q1, this is a blended growth rate for Q1 because not all companies have reported earnings just yet.

So it's blending what analysts had expected for Q1 plus actual reporting.

And we're at 27.7% right now.

The big narrative is that this was not happening back in 1999.

That is not true.

That's the narrative.

And I think, you know, it's sort of a lazy because a lot of people are looking.

There was a lot of fraud.

There were the pets.com and just like these domains that popped up and didn't really have a business model and got really high valuation.

So that is true that that did happen.