Zaid

I think those capped out at 3%.

four to 5%.

So I want to turn it over to you.

Why are you so bullish on this particular cycle of the CapEx boom when it comes to AI?

So you think that AI is going to be the engine that drives innovations in all these other fields like healthcare, robo-taxis, transportation.

But you can make the case that we've had – you can make the same case for the internet, right?

The internet innovated so many different industries.

And there was a boom and bust in that industry as well.

Are you sure the market is going to kind of put up with this kind of spending that we're seeing in AI, or are they going to start rejecting it like we saw with the AI bust back in 2000?

so that you make a very, very compelling case.

I guess what I worry about is right now, a lot of the spending is coming from the hyperscalers, the Microsofts, Google, Amazon.

And as we saw this week with Microsoft, the market is now ready.

They're being a little worried right now.

The market's worried that, well, if this investment isn't paying off, like we saw with

The Azure cloud growth came in slightly under what the market wanted.

The stock got crushed.

And so how much stomach does the market have for all this increased spending if there's not a payoff in the near term?

Yeah.

And yeah, TSMC increasing their CapEx plus ASML, which is one of their suppliers, the lithography machines.

They make the lithography machines.