Rob Armstrong

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.

Rules have been changed on the left and on the right to make it all happen.

There is going to be widespread ownership of this thing.

And if it turns into a turkey, we're all going to court.

And it's going to that's what the story is going to be.

I'm just saying that.

Right.

And, you know, things happen and buyer beware and nobody's forced to own anything they don't want to own.