Welcome everybody. I’m Noah Brooks and with me as always Chris needs Chris. We have a lot of data this week. Let’s get right down to it. We’re going to start out with the jobs report that came out Friday. that’s right. We don’t have a lot of Why don’t we have a lot of data Chris government shut down government shutdown. Wow. So yeah, I mean, I think that’s, that’s probably a, an important starting point for this conversation. We don’t get a lot of government shutdowns. I know there’s been a lot of talk of government shutdowns over the last 20 years or so. We had one in 2019. We started one last week. we’re, what are we six days into it, seven days into it. You know, nothing’s really changed over that last week. There are a few things. There’s a lot of federal workers that are not currently getting paid at the moment. But from a market standpoint, we’re back at all time highs and the market, uh, it’s either whistling past a graveyard or it’s telling us that it doesn’t, doesn’t matter to the economy. Yeah. That 2018 to 2019 shutdown you mentioned was the longest, I believe. I think it was five weeks exactly. what was the straw that broke the camel’s back? Was it the TSA and air traffic controllers basically band together and say, we’re not doing this at the last day. They said it was like, 10 % of all TSA workers had called out. And when you have people and the news carrying essentially massive delays at airports, there was some safety concerns at Newark, which may or may or may not always happen. I flew out of Newark, so hopefully don’t have to do that during this shutdown. But yeah, I mean, that’s the straw that broke the camel’s back is you start like, it’s always someone else’s problem during the shutdown, you start messing with my flights and that comes on the news and then the the elected officials really feel that pressure. Yeah, they really feel that pressure. So going back to the last shutdown and we would, we don’t need to beat a dead horse on this, but I think it was over funding for the border wall. Correct. Yeah. Right. you know, so you could roundly say it’s immigration. This time it happens to be funding for, for healthcare. for healthcare subsidies that came online shortly after COVID. So there’s a lot of money at stake. You know, the Republican party is pushing for one direction. The Democratic party is pushing for another direction. Then each one seems like they’re entrenched at the moment. I don’t personally think you’re going to get this giant, I mean, I think it was, what’d you say, five weeks, 35 days last time. I don’t know that you’re going to get that. The president has come out and and people around him have come out and said that they were going to do permanent firings. I’m not sure that that would go over well with the voters. think that’s more of a negotiating tactic to get Democrats talking because to pass a CR continuing resolution, you need 60 votes in the Senate. Yeah, that’s tough when there’s a slim majority. And then you have a couple Republicans not on board will say like the ramp all type who are like, We don’t want to spend trillions for subsidies on, you know, affordable healthcare plans that were advertised as essentially paying for themselves over the long term, which doesn’t appear to be the case. And that’s where we have issues. I think the latest report we saw was, Republicans were trying to meet in the middle and say, we’ll do one year, we’ll fund one year of Obamacare subsidies and Democrats basically voted that down, said that’s not enough, we need more longer term funding. And so we’re still at that stalemate. And like you said, everyone seems pretty entrenched. Yeah, it does seem I mean, with all of these things, you know, we obviously don’t know what’s going on behind the scenes, only what’s being reported and what they tell us. It could come to an end at any time. know, Rand Paul’s an interesting character as a self described libertarian. you know, inward looking doesn’t want to spend a lot of money. I find myself the older I get. I have more libertarian views than, than I do. You know, left, right. more of a center type guy. I’m not a giant Rand Paul fan, but at the same time, I think some of the things that he puts out there tend to be more accurate than some of the things. Yeah, far more rational than the big spending sides of both parties. Yeah. Yeah. So I don’t know how this is going to end up, but the market doesn’t seem to be too bothered by it. Right. So we’re at all time highs as of yesterday’s close today’s Wednesday, the seventh or eighth. and we’re at an all time high. You know, what else is in an all time high gold gold. Yep. Over 4,000 an ounce. Yeah. So even a flake inflation adjusted. It’s higher than it has ever been. Now we were having an interesting conversation throughout the last few days about gold and why it’s, it’s rallying now as opposed to, because it doesn’t seem like this is the end of the world and gold is this giant safety net right at the moment. It seems like there might be, and you can’t make a case that U S equities are under owned. Right. Yeah, we just saw a stat foreign holders of US equities are at their highest level ever. back going to Liberation Day, we heard, you know, people are going to sell America across the board. And that may be true here for treasuries or the dollar, the dollar is down, I think a shade over 10 % year to date, most of that was in the first half of the year didn’t really move much in q3. But, you know, that’s still in treasuries per se, but it’s not in equities. Now they’re almost at like a 30 % weighting of US equities. So foreign holders are investing in America. It’s just not in our debt or in our currency. And you know what else, depending on which international market you’re looking at, South Korea is at an all time high. Japan has been rallying Europe has been rallying. We talked about that earlier in the year. Good, bad or indifferent, they are spending a lot of money on defense. right? And we can go into why they’re spending the money. It’s I mean, it’s fairly obvious to everybody in Europe and probably around the world. They are spending they’ve they’ve allocated a lot of resources, they’ve started doing deficit spending, which they haven’t done a lot of the EU over the years, except during COVID. And well, I think was COVID where they were deficit deficit spending. generally speaking, they don’t run giant deficits like the United States has been doing recently. And that spending is driving their markets. So Europe is up, I think close to 29 % for the for the year. Developed markets overall up about 27 % for the year, Europe’s a little bit higher. And then emerging markets up over 30 % for the year. And so US I normally lead off with US stuff, but S &P 500 is up about 14.7 % as we’re sitting here today. So it’s not one of these things. I think you pointed out earlier, it’s not like, you know, the US market is outperforming all these other markets, gold, international leading leading the way higher at the moment. the weak dollar, it benefits our multinationals that are getting revenues in other companies in other countries. could say maybe it hurts pure importers, which wouldn’t be the largest, largest companies do import significant amount, think of like Walmart, but they’re also getting revenues elsewhere. So it sort of balances out a little bit, but think about the more domestic companies that import but have almost all their revenue exposure here, it’s kind of hurting them maybe think of more like a target rather than a Walmart. And I think you’ve seen that in target share price a little bit, but helps the multinationals with a weak dollar and you know, global equities moving up global consumer spending. It’s just not everybody is winning right now. No, no, I can’t point out any of the big losers right at the moment. My brain is not there at this particular second. But some of the big winners happened to be countries like Brazil, who were having a heyday because the tariff situation And you wouldn’t think that’s the case, but China essentially has stopped buying any soybeans from American farmers. And Brazil is one of the benefactors of that. They have ramped up production and that’s not something you just do overnight, but they’re in the process of ramping up production and they are selling a lot more soybeans to China. We’re in this weird situation where I think we’re going to wind up coming out with farm subsidies for soybean farmers and crops. And this is the same situation that happened in 2019. When we had not sanctions on China, when we had tariffs on China, and they stopped buying in 2019. We’re in the same spot again, what happened last time was they use the money from the tariffs to essentially just pay the farmers. Yeah. What I heard specifically with soybeans is we were told one to two years ago from China, they’ll buy basically any amount of soybeans we can produce. So all of our farmers went out there and they planted soybeans. now, you know, this year specifically, those harvests are ready to be, you know, collected and China is no longer buyers. So that artificially is knocking down the price of soybeans here, which affects obviously the world economics, you know, around that. in in agriculture. And so China is now buying from other sources at a slightly depressed price just because we have this glut of soybeans here that’s impacting the global relationship. Well, so the tariff situation is not exactly worked itself out yet, right? So we’re still adding tariffs on some countries, removing them some other countries. I don’t know. the exact dollar amount that we’ve recouped in tariffs, but it seems like we’re going to wind up paying some of the farmers again. And I don’t know that that’s necessarily bad or good. The, the issue in my mind is maybe more of the long-term, market share that us farmers have. If Brazil is ramping up, supply and they’re selling to China and certainly other parts of the world. I mean, what’s going to stop that from happening again next year or continually happening. And even if China starts buying from the United States, you know, whenever this ends or whenever there’s some type of an agreement, they might start buying, but I don’t know that they’re going to buy the same quantities that they bought in the past. And that, that goes to market share. So they’re finding new suppliers, we might have to find new buyers for our soybeans. Being a farmer isn’t the easiest thing. Think about every decision they make on what to plant, what the harvest is essentially a futures play, whether it’s not in an actual security or a futures contract, but every decision they make is effectively that and they can hedge obviously, but that’s the game they’re playing just naturally as being holders of a commodity. Yeah, I grew up in farm country and they’re tough people. And I’m sure that I’m sure that this time around they’re going to be the same way and be tough. But yeah, I mean, it is a little bit difficult out there. There’s there’s no question about it. I think from a market standpoint, I don’t know that the overall market, let’s say the stock market really is worried about that. I mean, the name of the game right now is AI is artificial intelligence and companies are doing whatever they can. There is a, you have the stats on the open AI and AMD situation from earlier this week. Open AI is throwing so much money around and right now they don’t really have the revenue to pay for all these contracts and deals they’re doing. So it’s interesting Altman’s doing. He’s canvassing the globe, trying to get investors to give them money. And most people are giving money because obviously we see the runway AI is likely to have, but yeah, AMD just inked a deal with them. We don’t know the exact dollar amount. It was tens of billions of dollars in revenue opportunity. think the CFO said, and effectively what they’re going to do is after those purchases are completed, they’re going to give basically warrants. to open AI to own up to 6 % of AMD. it’s this sort of circular economy, you know, is the buzzword lately surrounding AI. You know, AMD and video did a hundred billion dollar deal buying some of open AI is private equity. And you have Oracle just into $300 billion deal from open AI. You have core weave a big data center provider. selling cloud, cloud space to open AI and all these majors. NVIDIA is invested in CoreWeave. It’s their largest holding in terms of their own secure, we’ll call it like treasury portfolio in the company. Treasury. Yeah. I don’t know how exactly. Their treasury. Their portfolio. Not treasuries. So all these guys are scratching each other’s backs kind of. It maybe is slightly concerning for sustainability. in the long term because they can’t be doing this year after year. But they’re effectively leveraging up and saying we want as much exposure to this story because we have the insight into it. And we know how big this opportunity is the total addressable market in 10 years is going to be exponentially massive. we’ll come back to the circular economy because it’s for me it’s a little bit reminiscent of the late 90s early 2000s. I’m going come back to that in a second. But Let’s talk about what 10 years from now looks like. We explored, you know, what the possibility of like 50 years looks like, but are these companies and are the benefactors of artificial intelligence going to earn enough and save enough money utilizing AI for this runway to keep going? And I think that’s on, on everybody’s mind right at the moment, because at right now, valuations tend to be stretched. It doesn’t mean that we couldn’t go for another four or five years and earnings catch up and simply it just continues to move forward. But it does seem to me that at some point and you, you coined this, earlier in the year, you know, priced for perfection. If we get some type of stumble in the economy where people or companies maybe slow down on capex spending and that’s not in, certainly not in the cards at the moment, there’s no such slowdown. But you can’t necessarily continue to climb, you know, at an 80 degree angle straight up on on spending at some point, companies go, okay, well, we’ve spent enough this year, we have to wait until next year, we have to wait until 18 months from now. That’s not happening at the moment. Yeah. I mean, here’s how I look at it to that point is open AI is apparently using Nvidia chips strictly for training and building out their algorithm. And then this AMD deal, which is a massive deal, is going to be essentially the inference on that pre trained model. So they’re using the most powerful chips Nvidia to train the model. And then they’re going to use the AMD chips, which are a little bit cheaper, slightly less powerful to basically do the algorithm calculations, which is us doing an input of a question and getting the output. so I think there’s going to be an interesting dichotomy in the future of how much is going to be paid for developing, you know, with top level chips versus inferencing with maybe a little bit lower level chip. The lower level chip guys, the AMDs of the world now are raising their standards. Intel has been, of course, in the, in the last great rush of CapEx spending in the nineties. They’re in this circular economy too. Yeah. He is investing in Intel. The government’s investing in Intel. They don’t seem like they would survive without some significant funding. They seem like they’ve lost their way over the years. Yeah, I mean, if you look at us compared to other countries, we definitely spend less on subsidizing industries, which has put us behind in certain areas, everyone goes back to manufacturing per se, guess Intel is manufacturing chips. Well, but yeah, Intel definitely lost out, they made some really bad capital allocation decisions. And I think there was a legitimate concern, they weren’t going to survive this without that injection of cash, we’ll say from the government and now government doing it, other people are sort of stepping in. And yeah, I think that’s correct. They are something we need. We don’t yet have a TSMC foundry here yet. And there’s some negotiations between us and Taiwan about doing that. But we need someone that can produce chips. And if that means saving what was a dying company, I guess we have to do what we have to do for national security because this is an arms race. Well, so national security, it makes me think I am in the camp that eventually China is going to wind up taking over Taiwan. And there’s lots of reasons. And certainly we’re not going to get into all of them. But one of the reasons and one of the major reasons is to make sure that they secure TSMC’s foundries. They’re the biggest supplier of high quality chips, which Basically chips go from TSMC to Nvidia. Nvidia will call it up skills them, you know, puts on their proprietary things and then they sell them. So that is definitely a huge bargaining chip to control TSMC. Yeah. It seems to me that that is going to happen. And I bring it up. You mentioned national security and people throw that around a lot. What do you think happens? when they invade? It’s not good. Do you think the market cares? Yes, for sure. What do you think our response I’m prompting you with these questions because I feel like I don’t know that anybody knows. Right? I mean, the CIA is running those game theories out in all types of ways probably using AI. to out what would happen. But I just don’t see how that could be good. That’s why we’re trying to lay the groundwork to have some foundries here. Here’s here’s what I think on that. I think they go in Taiwan gets taken over in a matter of a day. And we don’t do anything. Not a darn thing. I don’t think that we can commit troops or missiles to a direct confrontation with China. does TSMC, you know, blow it up? Do they run out of Dodge when they see that writing on the wall? Do they have like a self destruct button they can hit? Why would they want to do that? I mean, they don’t necessarily want to be taken over. But at the same time, they don’t want it to come to an end. Yeah. I’m not saying there there wouldn’t be engineers. They’ll have a buyer but China is not going to pay full price if they take over. Well, they’re going to nationalize that. Yeah. Yeah, no question about it. And that’s been the overhang on TSMC, which has done very well, but on the stock is like you said, in the next three, five, 10 years, the writings on the wall for something like that to happen. going back to the circular economy, and I’m going to weave this into Taiwan. One of the major competitors to Taiwan semi back in the day was Applied Materials. And a mat has not necessarily gotten near the love and the growth. that Taiwan Semi has over the years. And it seems to me like we could be wooing applied materials to building a new plant here or there in the United States. But if we’re not prepping for China’s takeover of Taiwan, and that’s a whole nother conversation, but the fact of the matter is that if they do take over Taiwan and Taiwan Semi, they could shut down. I mean, first off, they’re going to wind up having access to Nvidia’s chips one way or the other, either through taking the designs and just saying, Hey, we need this stuff, making them do it. Or eventually, you know, selling Nvidia selling chips to, to China directly as, as they have been doing. But if they take over Taiwan, I mean, all bets are off in terms of them or us being able to pump the brakes on their technological advancement. And likely if it comes to that, we’re going to sanction them heavily and they’re going to cut us off from all access to TSMC chips. So does that make the chips that are being sold right now that more valuable? All these data centers that more much more valuable. All right. Going back to the 10 year thing, These large language models, you know, I think someone said the genesis of LLMs was chat GPT coming to the market in 2022. Certainly they’re being utilized in business significantly more than let’s just say search engines used to be. And everybody’s wild about the efficiency that artificial intelligence brings to businesses. Let’s, let’s weave this to our economy right now and the lack of jobs report. Now that has nothing to do with what the jobs number is. It seems to me though, that we are kind of in this stagnant, no hire, no fire situation. We over hired during the days or years after COVID businesses needed to make sure that they had the capacity. and the people there. And then they’ve been kind of slowly, you know, I don’t want to say pumping the brakes, but not necessarily hiring as much. And now we’re in this point where they’re like, okay, maybe they’re finding a balance in, all right, some people are going to leave, there’s some attrition there, whether it’s through retirements, or whether it’s just through job changes. And they’re slowly getting back to this neutral spot where they don’t need to add anybody. but they’re not actively firing anybody. How long can that go on before the stock market starts to go, okay, well there’s not enough people being hired? Well, regardless of what the stock market thinks about it, I think it’s going to be a bit more of a persistent trend where we have economy and businesses that are going to be putting out strong output. But through the productivity gains, which may be even starting right now, you’re going to see lower hiring and more of that of sort of like a no hire, no fire situation over the long term. And then through attrition, just naturally, you’ll kind of get to a point where labor market has less people employed, the labor participation rate will bleed downwards, which it already has started bleeding downwards a little bit. I think that’s a longer term trend, actually. But to your point, I think where you’re leading with that is at what level is this unsustainable for the most of the economy, which we’re a service economy where what point is the threshold where we don’t have enough people working to sustain the services side of things. And that’s definitely a reasonable concern. I’m not sure what the level is, but if we get to maybe without just due to productivity gains where over the next five years or 10 years, maybe we end up with eight or 9 % unemployment. And it’s not because the economy isn’t working like, which is the normal way it works is the economy breaks. We jumped to 10 per eight, nine, 10 % unemployment. The economy is going to be working fine because of the productivity boosts. But the people that are on the sidelines just don’t have the tools to have, you know, a highly compensated job in that market. So you’re saying universal basic income. Eventually when the robots take over, always might have to go that route. I don’t get a lot of service people in my house, but I do get service people in my house, of course, like air conditioning and plumbing. And it seems to me that those are some of the jobs that are going to be around the longest, not that they can’t be replaced with some type of robot in 25 years. But I don’t see at least in the short term, some robot getting under my kitchen sink and replacing my dishwasher or my garbage disposal or something like that. It doesn’t seem likely in the short term. And maybe it’s just my imagination is, you know, much, much less than when I was a little kid, but I don’t see that happening. I think eventually we’re going to see some star wars type stuff where it’s like droids and are two D two’s out here. They’ll go out and they’ll fix and refuel the planes and there’s no longer the TSA and airport workers walking around down there on the tarmac. It’s just going to be a little robot zipping around. Yeah. Well, listen, it’s certainly possible. I hope that I don’t live. Well, I don’t know. I mean, I’d like to see that I’m all for efficiency. always say anything to get me through an airport quicker. I’m all about. I don’t care what it is. you can replace those gate agents with a robot and I would be certainly fine with that. If it gets me to my plane faster and to my final destination faster, don’t, hope it fixes security lines. Makes them shorter. Here’s the thing about security lines. I personally, I fly a fair bit and over the last 20 years, I think security has gotten a lot better. I agree. I mean, when you go to the Philadelphia airport or Newark airport, I’m talking 20 minutes, 25 minutes in a security line of, I don’t know, eight, 900, 1000 people. And you’re flying through. People were worried. Now they have the facial recognition at the airport. Do it up. I’m all about it. I think eventually we’ll get to a point where it’s like 10 people at a time or just let into a room. They do the quick scan and you walk through, you don’t have to take off your shoes. You don’t need to be separated from your bag. Cause they’ll have the AI technology to just do that quick scan and say, over here, there’s a red flag in this luggage. So then the TSA worker will like pull you out, look at it, but then you just continue on. won’t be like the lines. You know what I would love? would love if they could do that at the grocery store where I didn’t have to walk out. I mean, know Amazon had talked that I talked about that. years ago, you know, as a future situation and some of their whole foods. To me, there’s going to be some type of eye in the sky watching what you put in the cart. And as you get to the end, it just charges you and you walk out. I don’t love it, but I kind of love it. If I don’t have to wait in in that line and I don’t have to go through the actual like the self checkout to me is. That is so tough for me to do, especially like if you just have like a few items, no problem. But if you’re sitting with a cart, I never do self check out. I just, I get so frustrated. There’s an item limit for sure. Yeah, there’s, there’s definitely an item limit. Um, let’s change it up for a minute. We’re talking about security. Uh, let’s talk football and Mark Sanchez for a second. Oh boy, that was a turnaround. I had to move to it. I have it down here that I wanted to talk about it. I said to somebody, isn’t that guy like my age? Isn’t he like 50 years old? And they’re like, no, no, he’s only he’s only 36. So he’s only 36. I didn’t realize that. Right. He seems older. Right. Yeah. So I bring this up for a reason. Right. Apparently he was at a hotel. He got into some altercation with a delivery driver for the hotel. From what heard, he was acting like he was almost like employees. Security. can’t park there. You can’t park there. Get That’s what made me bring it up. That’s exactly what made me bring it up. He’s trying to be a security guard and winds up getting an alteration with a truck driver, delivery driver. And apparently, mean, he multiple times. There’s video of him walking away. And I just think to myself, why is this? Why are you worried about where this, where this guy is delivering? Why are you worried about a truck parked in an alleyway? He was intoxicated. Well, yeah, he was intoxicated, but he just threw away his entire career. Yeah. I mean, there’s probably going to jail for a little bit more than a little bit. I mean, yeah, he has maybe not even jailed. Maybe that’s prison. There’s a little difference. Prison, prison. Yeah, he’s probably going to prison over one little incident. And to me, that’s really scary that somebody like that has the capacity to do it, not to get into a fight. mean, there’s lots of fighting out there, but somebody of that stature with that kind of money, with that type of elevated position, know, why are you concerning yourself with the delivery guy? Yeah. Why do you inject yourself into that? And, I think like, how do I bring that to back to the markets? I guess is, is how I think about it. Everybody’s worried about. all sorts of things today. And I’m not going to go through the list of what people are worried about. I just think everybody should just relax. Yeah, right. The most a former Eagles quarterback. Yeah, you got to go to the Eagles game this week. I did go to the Eagles game this week. They did not do so very well. They lost, which you know, it is what it is. They were and for now they’re they’re form one we were on like a 280 day wind streak or something like that you got to give them one or two questionable calls at the end you know what happened to me at the game though this is no joke I had a nice pair of kohan white sneakers on like my good ones you took that to a football game well that’s what I was wearing at the tailgate and at some point somebody got a hot dog that was loaded up with mustard and had a few bites of it and I put it down and we’re walking out. I don’t know where we are. We might be on the train back home and I looked down and there’s mustard all over the back of my white sneakers. At that point I wasn’t really concerned about it because it was dried and I figured whatever. No big deal. I’ll it when I get home. Get home. Didn’t take care of it. so last night I’m like, shoot, I want to wear these sneakers again. I got this mustard on it. I tried wiping off the mustard. No avail. It’s yellow. The yellow mustard stained the leather on the shoes. I threw it into the washer with bleach and detergent. No go didn’t work. Ailer’s tried rubbing the sneakers with like one of those. You have asked chat how to fix it. I said to her, I said, well, I could just take mustard and rub it all over the shoe and then make it all yellow. She didn’t think that was very funny, but Yeah, game was great, great time. There’s certainly no slowdown in the economy. The parking lots were filled to the brim with tailgaters. The game was at capacity, although they lost what it is what it is. But I think there’s that that’s an interesting observation. The economy seems to be doing really well. And I know there’s kind of a bifurcation between people You know, the wealthy subset of people that aren’t really worried about things. And then another subset of people that have to worry about inflation at grocery stores and all of that. But when I look around, when I go into the large target shopping center or the Walmart shopping center here locally, those parking lots are filled and yeah, you don’t know what’s happening online. It’s just, you know, one person’s observation, but you go back to, forget COVID you go back to 2008, 2009. When we were in the depths of a recession, and there was nobody out there. And I’m not suggesting that we’re in the depths of recession, because obviously we’re not. But anecdotally, people are spending a lot of money, we see retail sales continue to go up. There’s no red flag there on spending. But yet everybody’s concerned about this bubble coming. Yeah. And and that’s difficult because The facts are saying one thing and everybody’s feelings are saying another thing. Yeah. I echo the consumer spending. was at the rider cup Sunday a couple of weeks ago after all the theatrics and fireworks happened with Rory and Shane Lowry. I was there on Sunday, but it was a lot of fun. There were a lot of people. There was not a lot of security getting in, but just walking around there were like snipers and there was a lot. could see them. Yeah. Like top row. of the grandstands and stuff was pretty crazy. But fun event, a lot of people spending. the president there? there? He went on, I think Friday. Okay. there earlier. I didn’t see anyone famous. I was disappointed. was hoping Michael Jordan was there. Trump was there on, I think Friday, Friday or Saturday. I was hoping to run into someone, but Michael Jordan was there. 23. Yes, sir. Okay. Yeah. But I was there for the only good day where the U S actually performed well because we got our butts kicked the first two days and then we made a good comeback fell short but good deal people spending for sure it was like I walked in at like 9 a.m. they didn’t tee off until after 12 and there was at least 400 people staying outside the store where they were only letting like one person in one person out I’m like I’m not waiting in this mmm so I came back later and then I spent yeah yeah of course that’s that’s how it works well, I think that’s a, that’s a good spot to kind of wind down on where the markets are at all time highs. People are still spending retail sales are up, but everybody is a concern about the potential for an AI bubble and you know, a repeat of the.com bubble, but there’s major differences between today and in that time period. I go back to a company like Yahoo, which I don’t know that anybody really, maybe people do use Yahoo. I, Yahoo. Finance is great. mean, it’s not great. Okay. It’s not great, but it’s useful. Okay. I’ll give you the useful part. I, but I don’t know that they make any money, right? Back in 1998, 1999, they would, uh, put out numbers that talked about how many eyeballs were on the website. Um, I guess today we would call that daily active users, right? They, they at that time were, we’re calling it eyeballs. and I don’t know, they might’ve had 200 million eyeballs in a month or something like that, but no, no actual revenue and certainly no earnings. talk about like Qualcomm where, know, at their peak, they were like, based on their valuations, it was like they were going to get 150 % of the total addressable market of modems. It’s like, well, that’s not possible. You said modems. can’t do 150 % of anything. No, well, I mean, but you’re right. The main I would say the main difference right now is until Oracle did that debt offering that 40 year debt offering. Everything was financed with free cash flow. Yeah. So there was no debt being taken out by the hyperscalers, which is really amazing. Now we know they’re huge cash cows and have these war chests to invest. But yeah, it would be interesting to see how this goes. I would say it’s more of like a 1997 scenario, early innings of a bubble, there probably will be a bubble. I don’t think we’re there yet. We always talk about price to earnings ratio being like a temperature gauge rather than like a buy or sell indicator. The water is warm right now, obviously, but It can get a lot warmer. We could turn this thing to a hot tub. Yeah. I think there’s a significant runway for technology, artificial intelligence to continue to the markets higher. It doesn’t mean there won’t be any pullbacks. As a matter of fact, I think you could see a five to 7 % pullback almost anytime depending on what type of exogenous news comes out or economic situation. But the fact of the matter is that the artificial intelligence narrative is not going away in the short term. And I don’t have the foresight for five to seven years from now, but in the next year to two years, the AI narrative is not disappearing. And the expectation really is that you were talking about circular economies. This is going to continue until everybody’s tapped out, right? And they can’t go anymore. And the risk, and we’ve heard it from their mouths. The risk is that they under invest, not that they over invest. I think Zuckerberg said if we spend 200 or 300 billion too much in overcapacity for AI, that’s better than being 100 billion under invested. So Apple is the odd man out right now. They’re the only one who I think is below 20 billion in CapEx on AI. I just want to mention this just because I think it’s interesting. And I had mentioned this to you earlier. If we rally 5 % in Q4, the SMP 500 will be higher than every single Wall Street analysts year end price target. And it will be the third year in a row that we surpassed every single analyst. Well, the three year number, right? We were looking at this, the three year number, and maybe this is, you know, playing with numbers because three years ago, three year number on the SMP 500, three years marks kind of the the bottom for the 2022 market, but the three year number is about 86 % today. And that is a monster rally off the bottom. And I’ve said this before, but if, if you’ve missed that, and I don’t mean that everybody should have all their money in the S and P or all their money in stocks, but generally speaking, if you’re an investor and you have a portion of your assets in equity markets, you should have had a big return over the last three years. in your equity portfolios. you know, depending on where you’re at, whether you’re overweighted in growth, whether you’re overweighted in value, whether you’re just down the middle, the markets have done phenomenal over the last three years. And to your point about exceeding expectations, it doesn’t seem like there’s any catalyst to slow that down in the short term. Right? I don’t know about five years from now, but right at the moment, there’s a lot of spending going on. The economy is healthy. us consumers are doing reasonably well. They’re not slowing down. It’s going to take either years of growth that people, that companies finally tap out, or it’s going to take some other external event to stop this market. The line don’t bet against America. I love it. Don’t bet against America. Everybody. Hey, thanks for being with us today. We really appreciate your time. We will see you next time on the market enthusiast.