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You know, it's really interesting because I I hesitate to ever cast any doubt on Nvidia, especially in this day and age and in this market right now and in the performance that they've exhibited, but those Nvidia earnings are going to be out Wednesday. That report itself, if it is a dud, then what does that signal for the back half of this year?

Well, initially, because of the weight, 6%, 7% depending on the index, initially you'll get some weakness. But what we have seen since we got some clarity that the Fed's going to be cutting is a regime change that started in July was temporarily impaired by the yen carry trade unwinding for a minute until BOJ relented and said, wait, we'll we'll wait to raise rates until the Fed actually starts cutting so we don't get the liquidity mismatch. Um, so I I think the focus is, uh, take the shift is going to be from large caps to small caps. Large caps underperform small caps in the first 12 months after a cut by 11%. So small caps out perform by 11%. And that's also consistent with earnings growth. So this year, small caps are expected to grow earnings at 7%, next year 37%, and and mag 7 earnings growth decelerates from 30% this year down to 18% next year. So, so if Nvidia does less well than people think, I think you're going to start to see a lot of the stocks under the surface start to pick up the slack. So even if mag 7 underperforms, uh, you can make a tremendous amount of money under the surface.

Just to just to put a fine point on this as well here. I mean, the information technology sector and according to some data from FactSet, information technology is the reporting the second highest year-over-year earnings growth rate of all 11 sectors at 18.9% right now. And Nvidia is the largest contributor to year-over-year growth right now. So for investors trying to figure out whether or not, even given the run-up that we've seen in Nvidia, this is still a ripe investment opportunity, what would you say to them?

Okay, it's nuanced. I think the earnings are going to be okay tomorrow. The reason is we saw all the hyperscalers were spending like crazy. That's why their margins are going down. Magnificent margins are going down, earnings growth is going down because they're giving all the money to Nvidia. Uh, I think there's going to come a time where investors say, where's the return on our investment? That's two quarters out. But right now, Nvidia's price for perfection, uh, $3.2 trillion valuation. Our entire GDP is $28 trillion. So you're saying it's worth 11% of our total GDP, like trees don't grow to the sky. It can grow a little higher, but you have to keep in mind, uh, 28 times sales is pretty rich, 37 times earnings is pretty rich. Yes, you'd say the earnings growth is 38% long-term growth, but then you look at the numbers and it just doesn't make sense because rule of 72, is it really going to double every two years? That would imply it's going to be half of GDP before we know it. Uh, doesn't make a lot of sense.