All right. Remember like a couple days ago, it feels like we were really worried about concentration risk and then we just got all these announcements about data centers and deals between Nvidia and Open AI and AMD and Open AI. Should we still be worried about concentration risk or is AI in this trade so powerful that it's something that well we should keep in mind but just keep investing.over the long run. This is a classic capex cycle and most these capex cycles end poorly with a bare market in some cases ...

Group 1 - The conversation highlights a growing divide between public markets and the underlying economy, raising questions about the current economic struggles despite strong performances from certain companies [1][2] - The traditional role of public markets as a barometer for the economy is being questioned as more companies remain private and seek private funding [2] - There is a concentration of capital expenditure (CapEx) in a few data and technology companies, which may obscure the true state of the economy driven by private companies, as 90% of hiring in America is done by them [3] Group 2 - Public company earnings for the second quarter exceeded consensus estimates by 700 basis points, indicating stronger-than-expected performance [4] - Credit portfolios under management show a ratio of quality upgrades to downgrades of 3 to 1, suggesting overall strength in credit performance [5] - Lingering inflation is noted as a significant issue, with consumers not experiencing price decreases over the past year, complicating the ability of companies to pass on costs [6]