There will be periods where all of them will outperform, but in the end, I think they'll all run into trouble. And what these guys will run into, they're going to get benefits, but they're going to have competition from each other and competition from OpenAI and competition from Anthropic. They are going to drive prices lower. And so there will be periods where the enthusiasm and the hope will get there. But in the end, I believe all of them will go through multiple compression. And remember, the Micron has already gone through multiple compression to very low levels. I know the Mag7 have, and I know software has as well. They're all going to go through it.
And remember, the Micron has already gone through multiple compression to very low levels.