00:00Give me a sense here, kind of like what people wake up to tomorrow with regards to sort of,
00:05you know, how they sort of trade in and out of this, whether it's through your ETS or through
00:09the stocks themselves. Well, the first thing to point out is that there's been a lot of
00:15volatility this earnings season in particular. And of course, we've just come off the back of,
00:20you know, a very brutal month, which is July for momentum stocks, particularly a lot of the
00:25semi-stocks. Of course, I think it was the worst July for the Nasdaq for 22 years. So in that
00:32environment, you know, you've had earnings, the Google earnings, for example, spring to mind where,
00:37you know, for all intents and purposes, the numbers were amazing, but with slightly higher CapEx than
00:43the market expected, the shares took a dive and subsequently, you know, recovered. And I think
00:48we've seen that playbook in past earnings. And I think what we might be going through with AMD right
00:53now is similar. I haven't had time to digest the earnings as of right now, but I suspect it's a
00:59little bit of an overreaction to perhaps a number that was, or the market of price to perfection,
01:05that maybe there was some detail off. But the one thing that we typically see in the business is we
01:10see a lot of activity, people trading in these levered ETFs in the pre and post market. So we get
01:17activity coming out of Asia overnight. And that's the great thing about a lot of ETFs, which not everybody
01:23knows, you can trade in the pre and post markets. So before the official session start. And when we
01:29see moves such as this, whether it's AMD, whether it's SpaceX, whether it's SK Hynix, you typically see
01:36a lot of interest even before the official session opens, of course, when the market opens in the morning.
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