Stacy Rasgon

And frankly, if you haven't been there, given the magnitude of the move, like you're starting to get into the realm of potential career risk, right?

If you haven't been invested in these things.

And so I think there is a lot more interest and attention being placed on the space now.

And that may be driving some of this.

And maybe a fourth thing, which at the margin probably drives volatility.

I don't know how much of the upside it drives, but I mean, you have a lot more retail involvement as well.

And so that probably does drive a little more volatility and maybe more willingness to buy some of the narratives over some of the other fundamentals that are there.

So I think it's a combination of all those four things that have taken the stocks up.

But they've really been on a tear.

Yes, there's a relevant debate on how sustainable are these earnings.

Let me take memory just as an example because that's where I think we're seeing the more extreme behavior.

I don't cover the memory space.

It's a colleague of mine, so I will refrain from discussing investment conclusions on these.

But just on a factual basis, take a company like a SanDisk.

They just guided to an earnings next quarter that is higher for that quarter than the entire stock price was 18 months ago when they went public.

I'm going to make up the numbers, but it was, you know, they guided us.

I can't remember, something like $32 a share.

And it was, it went public at like 30 bucks or whatever it was 18 months ago.

On that basis, 18 months, it was trading at like, you know, 0.25, like price to forward earnings.

I mean, it's just been amazing how much, and memory is its own special case, right?