Is the AI Trade Fed Rate Proof?

Rates are a blunt tool for the Fed, right? And they're going to hurt something like a homebuilder a lot more than an AI company that is issuing like mega deals into the bond market, I would imagine. Is it the case that, you know, maybe the bet on AI makes sense in that environment? Maybe the AI companies are the ones that are less rate sensitive than a lot of other businesses out there. I think right now that's like a perfect encapsulation of conventional wisdom to me. It's also, you know, very interesting that as we've had this latest explosion higher in yields and we've talked about like, oh, what's the impulse to this, that it's also come at a time where hyper scalar credit spreads. None of them are at their wides of the year at the long end. Yeah. It comes after a September of "You can tell me how much US IG (Investment Grade) issuance there was by hyperscalers. I believe that's a zero for September. So it's yeah, it's a very, very interesting . They cut back a lot because they got a little bit spooked with the CapEx response from the market. So that to me is something that like hey, a lot of this in the bond market, both a response to stronger growth and you know the potential for issuance. A lot of this is like the classic Mark Dow "belated overreaction" to something we've been thinking and talking about for a long while. And then I think the, you know, the question is how long can you know the cyclicals that are doing well that, uh, you know, operationally at least, uh, how long can they be plumbing 52 week lows, a lot of these. And is it just because AI is doing so well? And I think that's the kind of important part to be making the important point, to be making that so much of this market has been dispersion. Uh, Helene Miser calls it the either or the market. I've called it, you know, the Elaine George market: Jerry's friends. Only one can do well at the right time. But that's that's been a really, really defining trademark of 2026.