Rob Armstrong

Is that a fair description, John?

Okay.

Let me just do the basic challenge to that view, right?

Which is easy.

When you have a nominally one and three quarters trillion company,

But there is only 5% of it or whatever being listed, you know, or 10% of it or whatever it is.

You have a scarce number of shares, relatively speaking, right?

That means their price is going to be high.

And so to determine the value of the company, you multiply the price on these quite scarce shares by an enormous share count that represents the whole company.

And so...

Who's to say it's the seventh largest?

If you're only floating a small percentage of the shares, you can't just do that multiplication and declare this is the seventh largest company in America.

But all of these things work together.

Speed of entry into the index –

how it is weighted in the index relative to the actual float of its shares, other factors we can also talk about.

All of this basically allows for the speedy transfer of risk in this company from company insiders to Joe and Jane public.

is that changes in rules and longstanding practices are happening at a moment when the valuation of the whole market is extremely high, and that valuation is supported by a small number of companies that have extremely, extremely high valuations clustered around AI, which this is one.

Mm-hmm.

Mm-hmm.

Mm-hmm.