00:00Would you rather be exposed to the AI story through credit or through equities right now?
00:04I think it's still an equity play. The reality is you think about where do you want the convection
00:09in your portfolio. It's on the equity side. And we continue to see, even with some of the recent
00:14pullback in AI names, a phenomenal year for tech, phenomenal year for a lot of those themes. There's
00:20likely to be more volatility. I think 26th is going to be more of a year where you're going
00:24to have to really think about stock selection, the industries you're in, pay attention to
00:28valuation. But by and large, you know, we continue to believe this is a multi-year, probably a
00:34multi-decade theme. Having that exposure and the equities in your portfolio, it gives you that
00:39long-term convexity, gives you that long-term growth. At this point, are you seeing concern
00:44build in credit space, in the credit space, in credit markets about some of the exposure to
00:49artificial intelligence, given some of the circular financing, given some of the higher degrees of
00:53leverage in the likes of OpenAI and related to Oracle? I think there's definitely concern
00:59in general. Obviously, what we've seen this year is a continued growth in the capital spending.
01:05When you started the year, I think the expectation for the four hyperscalers was they were going to
01:10spend around $300, $350 billion in CapEx. That number's only gone up for the year. It goes up further
01:16for 2026. So both on the credit side, but also on the equity side, you're getting this reasonable
01:22concern. If these companies are going to spend what, you know, could easily be half a trillion dollars
01:27on capital spending, what does the return look like? What does the timing of that return look like?
01:33So I do think that's a reasonable concern. We're not overly worried about credit markets. We think in
01:38general, these companies are producing very healthy amounts of cash flow. But I said a moment ago,
01:43you know, 2026 is likely to look different, both in credit and equities, that it's going to be more
01:50of a year of differentiation, not simply you buy AI and go to sleep, but more really thinking about
01:55what parts of that space, what names you want that exposure to.
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