Seth Fiegeman

So for us, if we build it, it will be put to use.

As it's put to use, there will be a return to our shareholders.

Yeah, I think it allows them to be flexible and nimble.

I think that standing up these data centers is no small feat.

And a lot of times it requires various players, it requires the data center capacity, the power.

And so I think it's encouraging to see Microsoft collaborate with the ecosystem

and plug in partners.

And so to me, I think it makes sense.

I think it's also a testament to the demand signals they're seeing and kind of the workloads really take off.

And, you know, I think AI is really hard to do.

Not every company that is trying to do it is successful, but I think the ones that are finding success are seeing tremendous promise.

And so I think that's what essentially gives people confidence to invest here.

Yeah, we're all constantly managing position sizes in the portfolio, but in my opinion, I think that you want to be invested in the areas where there is essentially a bottleneck, there's scarcity, and that performance depends on it.

So I think that HBM, memory...

You know, HCDs and now NAND, there's becoming more of a shortage.

And so to me, the industry is getting better and it's a critical component.

So, you know, from my perspective, there is opportunity for these companies to compound value over time.

Yeah, well, I think it's novel.

But, you know, you look at the cash generation of a lot of these companies, they're really blue chip.

And, you know, to me, I think that this investment is smart.