Give us the fundamental underpinnings that gives you confidence that this isn't some tech rack rewritten. So I think what's really interesting is we actually look at the equities landscape a little bit different than everybody else. So everything we do is through a thematic lens or a thesis driven.So we actually carve out the equities landscape into AI, decentralized energy grid tech space. And you guys are talking about a few minutes ago space quantum computing. So when we think about tech or we think abou ...

Talk us through, Mark, why this is such a big thing for the iPad and what innovation is really at stake here. Yeah. Let's just take a step back and talk about what is a vapor chamber.It's a liquid cooling system. So there is actually special scientifically developed liquid inside of the iPhone 17 Pro today. And the reason they did that is that they notice their chips can run so powerfully, like they're in a laptop where it can get the device pretty hot in something as thin and light as an iPhone.You can't p ...

I understand, Chris, though, to be a critical piece of the build out here. It seems almost a bit modest, that valuation. Yeah, I you know, we feel like it's a great valuation for investors to get in and we feel like we have a lot of room to grow from from here, just a lot of momentum kind of happening across the space. And, you know, we're well captured, we're well positioned to capture a meaningful amount of it. So, you know, we're thrilled to bring on.You're very busy in America, Right. But what is your a ...

Technology Sector Performance & Valuation - Technology sector earnings have re-accelerated, returning to the top quartile historically [2] - Technology valuations are now in the top quartile, matching high earnings growth [3] - Historically, high growth and high valuation environments have been more predictive of positive outcomes than low growth and low valuation scenarios [3] - Technology sector operating margins are increasing, unlike the negative margins seen in the 2000 tech bubble [6] - Technology sector CapEx, when divided by sales or free cash flow, shows no anomalies, supporting the high growth/high valuation narrative [7] Market Dynamics & Tailwinds - Recovering median earnings in economically sensitive sectors like technology are a positive setup [9] - Lower oil prices act as a tax cut, benefiting the technology sector through cost to margins and potentially lower inflation [10] - US earnings, particularly in technology, are accelerating while European and emerging markets are decelerating [12] - Since 2010, international stock outperformance has had a 0% odds of continuing, highlighting that cheap valuations don't always guarantee future success [14] Risk Assessment & Indicators - Public credit markets, specifically high yield credit spreads, should be monitored for signs of stress, but currently, credit spreads are well-contained [16][17] - The market may be able to "climb the wall of worry," suggesting resilience despite potential bubble concerns [17]

Just give me the headline of your story. The headline in the story is that Amazon is essentially no longer the only game in town in cloud computing. They've got real credible rivals down to Oracle and Google.Five years or so ago, it was only Microsoft that was knocking on the door. And now you add on all this AI workloads, and that's not a business that Amazon rather, is going to be leading in. Just for context, though, how successful does it remain. How much market share does it still own.And what are we s ...

This is a path to production, right. For and the enterprise category between you and Tropic Open. It's a fierce battle.I think let's just start by you explaining why you feel this is such a significant milestone for Mr. .. So hello and happy to be here.For us to say we're a global company really focused on creating value for the enterprises. And we have had three years now of experience in doing that. And so to do is basically the one stop shop platform where you can build your application as a business.And ...

Market Trends & Industry Dynamics - PC 市场持续疲软，但 Windows 刷新周期正在帮助企业需求，服务器市场也经历了数个季度的疲软，目前正进入追赶阶段 [2][3] - 行业对 x86 架构的特定需求以及 Intel 的实施方式存在差异化，这促使 Nvidia 开放和分离高带宽连接 [14][15] - Hyperscalers 已经意识到拥有最新 CPU 和基础设施的价值，并愿意投资和刷新 CPU [13] Intel's Performance & Strategy - Intel 近期前景看好，表明其业务良好，具有运营杠杆，即使失去了大量市场份额，仍然是市场领导者 [4] - 18A 制造正在加速，预计明年初将投入量产，但良率表现不佳 [6] - Intel 的长期发展关键在于 Fortinet 的积极进展，此前 CEO 对此持谨慎态度 [7][8] - Intel 在 AI 领域的代工机会在于晶圆和封装 [10] - Intel 的管理层希望最大化 PC 业务和服务器业务的价值，并专注于这些领域 [11] - Intel 在封装方面具有优势，是该行业的战略资产 [12] Foundry Business & Partnerships - Intel 要想在美国成功制造芯片，需要政府、NVIDIA 和软银等方面的资金支持，以及多年的合作承诺 [19] - 为了使 Intel 在制造方面取得成功，需要客户、产业政策以及合作伙伴的深度参与和投资 [9] - Nvidia 对 Intel 产品的兴趣是真实、彻底和深入的，而不仅仅是姿态或政治压力 [16]

Quantum Computing Advancements - Google Quantum AI 展示了量子回声算法在量子芯片上比传统计算机快 13,000 倍，可用于模拟和计算分子的精确结构 [6] - 谷歌的目标是在五年内看到量子计算机在科学和医学领域实现现实世界的应用 [5] - 谷歌已经展示了使用 Willow 芯片进行纠错，并继续增加量子比特的数量，同时减少错误 [4] Technical Challenges and Goals - 学术界认为，谷歌的演示未使用可扩展或容错芯片，商业化和扩展该技术将面临巨大挑战 [3] - 量子计算的目标是实现容错量子计算，目前还没有人实现 [3][4] - 谷歌正在努力将量子比特的数量增加到 1 million，以解决化学、物理、材料科学、电池和能源等领域的重要问题 [12] Investment and Support - 美国政府一直是量子计算的强大支持者和合作伙伴，并对生态系统的投资和持续合作感到兴奋 [8] - 美国政府可能会支持美国其他较小的量子计算公司 [7] Google's Strategy and Mission - Google Quantum AI 的使命是构建量子计算，以解决其他方法无法解决的问题 [9] - 谷歌将继续改进硬件和软件算法的性能，以解决重要问题 [13] - 谷歌拥有一支由工程师、技术人员、研究科学家和项目经理组成的优秀团队，他们正在推动这项技术的边界 [14] Market Reaction - 谷歌量子计算的突破性进展引起了市场的反应，Alphabet 的股价明显波动 [8] - 各方对使用该技术表现出越来越浓厚的兴趣 [9]

Data Center Lending & Investment - Bank of England is probing data center lending due to concerns about potential air bubbles [1] - Initially, data center investments were primarily funded by well-capitalized hyperscalers using their own resources [2] - There's an anticipated $5 trillion spending up to 2034 for data centers and compute infrastructure to fuel the viewpoint [5] - Increased debt issuance is being observed, suggesting a broader range of financing is needed to meet investment targets [3] Market Valuations & Credit - Extreme valuations are present, but there's a distinction between extreme valuations and an air bubble [3] - Active credit managers have an opportunity to vet and potentially gain added yield in the data center space [6] - Caution is advised when adding debt, with attention to tight credit spreads as a potential valuation risk [6] Trade Policy & Earnings - Despite significant shifts in trade policy, no immediate discernible impact on earnings or inflation has been observed [8][9] - The long-term implications of globalization on earnings have been positive for the US and globally, suggesting a potential headwind as globalization rolls back [10] - Trade talks with Canada are ongoing with lingering volatility within the market [12] Market Valuations & Opportunities - US market valuations are generally high across sectors, with the exception of healthcare [13][15] - Valuations are in the ninth and tenth deciles relative to their own history, impacting prospective three-year returns [14] - Healthcare is identified as a more attractively priced area with potential benefits [16]

We think of West and we think about Amazon as a hyperscalers cloud and stuff, but there is so much more. And getting to know what you do. I mean, you're talking with folks in gaming sports video.They're trying to engage with the consumer at all different levels. There's so much happening and I appreciate you laying out those stats and then also watching that presentation on an app. I very much appreciate that.I think let me start with you. Fundamentally, the cloud has become the backbone of media distributi ...