Neil Dutta

In 2022, the stock market did...

go in reverse.

It was a bear market and it didn't last five years, but all of the names that everybody loved got cut in half for the most part.

Like Amazon, Facebook, Nvidia fell two thirds, like legitimately lost like a lot of money.

And people didn't stop spending, at least as far as- No, because we had income growth.

So I know it's not apples to apples at all.

But so you're saying that if

What would it take for the spending to slow down?

Would it be the stock market or the labor market or both or who knows?

In a world where these hyperscalers and others joining the party are spending $700 billion of CapEx, does it matter if the consumer pulls back a little bit?

So tech, AI, it's sucking everything in.

We're going to get to some of the work that you've done on everything looking like a semiconductor stock.

The framework that I'm...

that I'm working with today.

And by the way, things change so fast and people act like what's happening today has been in place forever.

Like nobody wanted the MAG7 stocks in the fall.

These things were getting destroyed.

Oracle fell by 60% because people were like, there's no way that Sam Altman is gonna be able to pay that five-year $300 billion contract.

There's no way.

And all of a sudden it's hot again and people are like, oh, bubble.