“The NeoCloud guys, the compute guys, they're basically levered trades to AI. As goes AI, that goes them times three or times negative three. … Alphabet and Microsoft are both AI plays, but quite frankly, AI could end up being vastly overhyped and be like the railroads, and they would still be fine. People are still going to be buying Google search ads and YouTube ads and PowerPoint.”

The kind of simple or lazy observation, and it might not be the right one, is that there's just been a rotation out of, if you think about the NeoCloud or the NeoCloud guys or the compute guys, they're basically levered trades to AI, right? I mean, as goes AI, that goes them times three or times negative three. Whereas if you still want to play the AI trade, but you want some diversification, you go into big tech. I mean, Alphabet, Alphabet, Microsoft are both AI plays, but quite frankly, AI could end up being vastly overhyped and be like the railroads, and they would still be fine. People are still going to be buying, you know, Google search ads and YouTube ads and PowerPoint. You know, I mean, or it just, so I, you know, the lazy explanation is people said the levered AI trade based on one piece of data from yesterday looks a little scary. So I'm going to take my leverage down. I still want exposure to it. I still want to be, you know, big tech or these names look like great ways to play it with some downside protection because the piece of data that I think the market is looking at or the brightest. So the market every day absorbs hundreds of millions of points…