00:00 Speaker A
We think that it’s likely that the semis and, you know, the Nvidia story is probably coming close to an end. The amount of investment in capital equipment, we’re seeing it right around the peaks that we saw back in the uh late 90s, early 2000s bubble.
00:15 Speaker A
Uh again, and I don’t want to say, I, you know, bubble is probably the worst thing to say as well as it’s not different, it’s different this time. But
00:27 Speaker A
again, you’re seeing spending. So we think the people who’ve enabled AI thus far have received the bulk of the rewards. We think now AI becomes a monetization story and all of this capital investment, we have to see that it generates the returns that we’re going to get that ROI. I think that’s why you’ve seen some weakness, uh, the the last few days in Oracle just because people are not sure of that. And
00:54 Speaker A
I think there our other big concern around the space is the amount of cross-investment we’re seeing.
01:04 Speaker A
That always feels a little uncomfortable when you see, you know, somebody is lending is, you know, investing in somebody who is their one of their biggest clients who then trumpets them as one of their, uh, as as one of their great stories. So, again, it, you know, and we see it with Nvidia and Microsoft and but also and Open AI in particular.
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