Yeah, so of course I'm paying attention to what's going on in the Middle East. I don't know if you just saw it, a headline just dropped that suggested that there would be a nuclear freeze potential in this latest round of talks. Obviously, there's been several talks that seem to have made progress and then the Iranians backed out, but that's helping to lower crude oil prices this morning and obviously help equities. And really what we're seeing is we saw a ton of fear come into the market in what I would call a garden variety correction that we had earlier in the year as there was some fear around AI some fear around Iran. And we saw like fear get up to what I would call Great Depression levels, especially for a garden variety pullback. Then what occurred from there is the AI fundamentals just outweighed any Middle East fears. The AI proved that margins are increasing, earnings are increasing, and we've had this tremendous rally as a lot of that fear has unraveled. Now, As an investor, I think it's very critical that you know your time frame because right now, time frame is going to be important. In the short term, we've come a very long way. There are a couple of signs of froth. As you know, I've been bullish, but I'm getting a little bit less bullish in the short term because there's been signs of froth. We had one day where there was 2.6 trillion worth of notional call volume. So everyone's kind of flipped from super bearish now to super bullish. They're trying to lever up with these options. If you look at any of the sentiment indicators, take for example, the CNN fear greed indicator, that's gone from extreme fear. Now it's back up into the greed side of things, and then we've hit some major Fibonacci targets. It's a technical level that I like to use on some of the major names. We've hit it in Micron, advanced micro devices, and Sandisk. So there are things that suggest that the market can take a little breather here. But based on that power and based on the fundamentals, my best, my overarching view right now is that we likely correct through time and not price, because there's just too much buying power and the fundamentals are too strong right now, especially if we make progress on the Middle East front. Yeah, and we continue to monitor any progress regarding the conflict in the Middle East. But we have had the weekend to digest the summit between U.S. and China last week. So what was your take on the outcome of that gathering, especially as we look ahead to the rest of this year? Yeah, I expected more to come out of that event. You saw President Trump bring a bunch of high level CEOs and some potential deals were announced. I did expect more to come out of that event. But again, I think the market's main focus right now is on the AI fundamentals. And as long as this China's situation doesn't revert back to kind of a tit for tat. I'm going to raise tariffs on you. We're not going to do business with you type deal like it was in the past. I think it will be more of a side story than anything else. But the positive thing is the sentiment between the two leaders seem to be They seem to get along well, they seem to say that progress was made and there'll be more talk, but I did expect more. That said, it's not having too big of an impact on the market currently. Yeah, and Andrew, while I have you here, I do want to get your take on Iron. So we are looking at Bitcoin prices lower in New York morning trade, but Iron is a name that has pivoted from Bitcoin mining to securing a $3.4 billion AI cloud deal with NVIDIA. So in a market that is starved for infra, how massive of an advantage is their gigawatt to plug power capacity here? And give us your overview of this company. Yeah, it's huge for them. So the key thing about AI right now is it's the easiest bet is on the AI infrastructure players, because we see all this CapEx spending. Now choosing a winner between Gemini and Anthropic and Brock, all these different companies competing is going to be a little bit more difficult. The easy way to do it is just to bet on, as I said, the AI infrastructure. The reason I like Iris Energy or what they call themselves IRIN now is, as we know, we've talked about data centers are extremely power intensive. We have this aging electric grid. So unless you're bringing your own power, it could take about five years or more to get through all the regulatory red tape to connect to the grid. So IRIN already has 5 gigawatts of secured power capacity global through its ready-to-plugin sites. Another thing I would mention about them is that they are vertically integrated. So that really helps to boost their margins and their gross profits going forward. And then they inked that deal with NVIDIA, the last company I discussed on here that inked a deal with NVIDIA's similar type deal was Nebbius, NBIS. So there is a precedent for this. That stock has gone on a tremendous run. And what I like about IRINN is they have a ton of revenue backlog and visibility. So they have more than $10 billion in secured deals, expects annual recurring revenue of more than $4 billion. And Wall Street analysts are very bullish on it. Census estimates have revenue growing 65% this year and then exploding 235%. So what I like about IRINN, they have the NVIDIA deal. They're bringing their own power, which is secured and they are vertically integrated. So they're going to benefit from that from a margin perspective. And very quickly, Andrew, before I let you go, I do want to ask you about another name called Figma. So their Q1 revenue rose over 40 percent. And when we look at their year to date chart, we're looking at double digit percentage losses. But for the past month, the stock has jumped by about 20 percent. So what do you make of their latest earnings and how concerned are you about competition as well as margin? Yeah, so in the software industry, what we saw is a self first ask questions later mindset. We had this what I would call a SaaS apocalypse, and it was mostly due to AI fears. Now, my view on the software industry is the very top tier software companies are actually going to benefit from AI. but what happened is investors threw the baby out with the bathwater and they just kind of sold off these stocks very, very harshly. And what that's done is it's compressed margins. Now, if your business is falling apart and your margins are compressing, that makes sense. But Figma, they just announced last week a massive earnings beat revenue of $333 million, beat the $316 million, EPS of $0.10, smashed the $0.06 estimates. And they're growing their customer base 48% year over year. So not only is their business not slowing, we see their business speeding up. It did cross the 50-day moving average on that earnings report. It has a high short interest. So now that their margins, I'm sorry, their PE ratio has condensed, their earnings are growing, and a lot of shorts are off sides. That's going to make for at least a big reversion to the mean rally in my view, and that's why I own it for clients and in my portfolio as well. Well, Andrew, we will have to leave it there, but Figma is a name that we'll both be keeping our eyes on. So thank you so much for joining us as we kick off a new trading week.
Thanks so much. Have a good one.
