Skanda Amarnath

They might be able to handle it.

We're talking about some of the best balance sheets historically.

in terms of a lot of the big mega cap tech, but it's still quite remarkable that like we've had the scale of spending, it's growing so fast.

And with that comes risks and also obviously just growth in the present.

It's true.

I mean, you always have to look behind your shoulder for something.

But I think if you look back to the dot-com boom, right?

Was there like a macro signal that told you this was over?

Or was it that earnings started to miss around April 2000 or Intel-

you had a lot of these sort of events through 2000.

Yeah, there's a lot of vibes, but it's like, I don't think I could point to, aha, it was housing starts turned in 1999 or 2000 and that caused the cyclical slowdown.

It's like, I don't, I think it's really about the stock market.

It is about, it's about tech.

It was a bunch of spending that got pulled forward in terms of IT systems, Y2K, a lot of that stuff.

And then you keep spending, you keep spending, and it's like every exponential curve is always underestimated in real time.

At some point, there is an exponential curve.

Not yet.

I would say there's probably some signs that the household sector will eventually face stresses if the job market isn't good.

Right now, we're seeing signs that the opposite.

But this is still not yet a point to me where the household sector is pretty flush in terms of liquidity.