Nancy Tangler

So that's a second or maybe even third derivative player in AI.

So I think it's

broadening out.

We're hearing it from all across.

Raytheon talked about how they were utilizing AI in order to improve supply log jams.

That's a stock we own in TGLR.

All of these we own there, actually.

So I think it's important to start listening to the companies, paying attention to who's seeing margin expansion.

And we're definitely seeing it at the company level.

Well, I wish I was as clever as Ed Yardeni because he coined this phrase too, but I wrote a piece called The Bubble in Bubble Talk.

And I think it's important to note a couple of things.

In the 90s, from 96 to 2000, the growth stocks whose valuations were skyrocketing were actually experiencing contracting earnings.

We're not seeing that now.

The growth stocks in this particular technological revolution were

are experiencing about 20% growth on average.

CapEx was also something that was healthy and then accelerated through the entire decade.

We're just now starting to see that ramp up in the last couple of years.

So I think it's important.

And then these companies have Fortress balance sheets and all this...

I don't want to say I am going to say nonsense around Oracle.