“The market is pure narrative. It is pure narrative. And there is only one narrative that matters right now, and that's AI. So you tell me what happens to the AI narrative, and I'll tell you what happens to the stock market. Period.”

am not valuation sensitive in that way. All right,

but what's market telling me? The

So I think that's true. And, you know, a lot of people say the stock market is not the economy. I think right now it kind of is. Like, I think we're talking about companies that aren't even public yet having the ability to cause a recession. So, the companies that are public, I really think all of…

wow. And now, the bond

market, we learned, as Michael said, we learned yesterday how important to prevailing yields, the ability to sell debt. I really think this is one of those situations where the economy did become the stock market. And it may not last forever, but like right in this moment, I think it's more true…