00:00So how positive are you still about tech and AI themes, given the whole conversation over the last week about
00:05whether we should pace the frontier?
00:09Yeah, I mean, to us, tech has been kind of the most favorable story, mostly on the kind of underlying
00:15very, very strong earnings and margins and profitability.
00:19In terms of kind of slowing tech, I mean, that's hard to distinguish kind of marketing from kind of actual
00:27desire to do it, given there are no hard kind of benchmarks the companies propose.
00:33They're kind of just talking about it in a really non-binding way.
00:36So to us, that was really not a reason to sell out of tech stocks.
00:41I mean, yes, some regulation is possibly coming, but we strongly suspect that that regulation is very likely to be
00:48kind of more supportive for larger companies that have a kind of more scope to work with regulators and kind
00:57of shape that regulation.
00:58So, again, very positive for kind of large mega caps.
01:01So, yeah, we I mean, as you can kind of guess, we're not really kind of seeing this conversation we
01:08had last last week as a kind of changing of direction and any weakness.
01:12As always, you probably expect me to say that's a reason to kind of rebuild positions in the sector.
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