00:00I think actually what's interesting that you've seen from GE and other aftermarket aerospace suppliers is that their growth has really diverged from what we've seen in terms of air travel.
00:09And so, you know, departures globally are actually trending below, you know, what was sort of expected at the beginning of the year as a lot of this uncertainty sort of takes its toll.
00:18But you've just had such a buildup in the aerospace market because of those supply chain challenges that companies are still, you know, working as hard as they can to satisfy that demand.
00:26And you're seeing, you know, that really robust growth continue to play out here.
00:30And I think, you know, you're going to continue to see this divide as we get deeper into earnings season between the industrial companies that cater to more of these growth markets, aerospace in particular, and then certainly anything that supplies the AI data center boom versus, you know, your typical industrials that do more kind of quicker turnaround products.
00:48I mean, that's an area that's been under a lot of pressure and there's not really a sign of improvement there.
00:52And I think you saw 3M talking to that point today where they talked about, you know, the macro environment into 2026 will likely be the same as 2025, which has been pretty sluggish for the general industrial market.
01:04How much of that sluggishness also has something to do with the quickly changing business environment, with the confusion and the back and forth on tariffs, what level we do or don't have with China and other countries?
01:16I think that has a lot to do with it.
01:20You know, coming into this year, there was a lot of enthusiasm that we might start to see a rebound in the general industrial market.
01:26Remember, this is an area of the economy that's been really slow for a couple years now.
01:31And analysts were really looking for a pickup and that has not materialized.
01:34And what you hear from CEOs is tariffs are one thing and whatever the cost is, they will figure it out.
01:39They will adjust their business as needed.
01:41But they need to know what the rules of the road are.
01:43And they still don't know.
01:45There's a lot of changing policies.
01:46There's new tariffs, you know, announced constantly, new investigations into imports of certain products.
01:52And that makes it really difficult for companies to plan.
01:55And if you think about investments, you need to know what these things cost.
01:58If you're going to build a new factory, you need to know what it's going to cost to do so and what that trade environment looks like down the road.
02:04And so that's continuing to handicap decision making among manufacturers.
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