00:00I mean, I think Apple or Apple's weakness maybe is kind of symbolic because it is shifting the
00:05conversation from the AI excitements to AI economics. For the last two years, investors
00:11rewarded companies simply for announcing AI initiatives. Today, markets want to know whether
00:19those billions of dollars in AI spending will actually generate higher earnings without forcing
00:25companies to increase prices or even compress margins. Apple is particularly important because
00:32it is also a consumer-facing company. If AI features require more expensive hardware or higher
00:38subscription costs, consumers may hesitate a little bit and investors immediately start questioning
00:45valuation multiples. But I don't think this is the case now or this basically signals the end of
00:52the AI cycle. And rather, we are basically entering the next phase where I think markets becomes more
00:59and much more selective. Companies that monetize AI successfully will continue to outperform,
01:05while those basically relay slowly on the AI narrative may definitely struggle.
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