Stacy Rasgon

But you have that.

You've also had multiples in memories come down actually probably the most of everything.

The multiples are probably down 20% year to date on an average basis.

Some of them are more while earnings estimates have, I don't know, quadrupled or quintupled, something crazy.

And the reason is investors,

You get worried when numbers go up that much, you worry that are we close to peak, right?

And if you're worried that you're close to peak, you're going to pay less for that earnings.

And so that's some of the dynamic, I think, not just in memory, but I think broadly we've been seeing.

And I think that is where the debate is.

Are these earnings sustainable?

The level of AI capex that we've seen from the hyperscalers, we're getting...

not that far off of a trillion dollars this year.

Are those levels of sustainable?

How much more can that grow?

These are the kinds of conversations I think that investors are having as they're trying to evaluate whether or not that the stock still makes sense to be in or not.

But for now...

the fundamentals have actually been fine.

Like, earnings have been growing.

And at least from a demand standpoint, at least within the AI space, it doesn't look like we're seeing any signs of slowing at this point.

We can talk about some of the other end markets, but, I mean, AI is really the driving force behind everything.