$Alphabet(GOOG)$ Just a thought on the tech demand picture. Orders from other large, mid, and small corporations — think Exxon, CAT, Target — are actually coming in stronger than what we saw from the two mega-cap companies building data centers. The idea that a dip in those mega-caps' free cash flow will drag down profits across the entire sector is a bit hard to follow, especially when this is a global transformation. Every company is integrating AI in some form. So when names like GOOG, META, and MSFT need to temporarily scale back order sizes until they recoup some capital, it just lets the rest of these larger, mid-sized, and smaller firms worldwide get their turn to have orders filled. That's probably why we haven't heard any shift or slowdown in demand from CEOs. They are still backed up for years.
The way analysts are explaining this has been pretty poor, and that's allowed the bear thesis — mostly fear-driven — to spread on social media and weigh on the market. Tech doesn't really feel like a cycle anymore from where I stand.
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