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This is the Bloomberg Surveillance Podcasts Catch us live weekdays at 7 a.m. Eastern on Apple CarPlay or Android Auto with the Bloomberg business app. Listen on demand wherever you get your podcasts or watch us live on YouTube. Why don't you bring it in a stage of Emmerich? She hangs out in Zook. Is that hangs out in Zoug. I looked it up on the map.

Oh, I didn't know that. It looks over the lake. A lot of other places. It's very zugi. Okay, very good enough. Is that how you pronounce it? It is Zoug. I came close. You got it, Tom. Anastasia Amarosa, chief investment strategist at Partners Group. andastasia boy we were tough we just mentioned the Sox indexes had such a rip over the last 16 days of gains here. Indeed. So tech is now back being the driver for this market. Is that where we are these days? Yes. I think what's happening, Paul, is investors can't really figure out when the end of the ceasefire, when the end of the conflict is going to be in the Middle East.

And in the meantime, they're focusing on what they can control, where they can't observe,

and that is artificial intelligence.

And I will say the total addressable market for AI just keeps on expanding.

This year, with the move from conversational AI to agentic AI to glimpses of physical AI.

And what do you need for all of that is semiconductors. And so that's why investors keep flocking to the space. So as we step back, I mean, it looks like, I don't know, we're all in the same boat trying to figure out what's going to happen in Iran, but I think what we can, at least in the near term, it's higher for longer energy costs. Yeah. And we're starting to say, like, a number of companies call that out, most notably the airlines. And maybe, you know, they've been calling out and really calling out the cost, incremental cost for energy. How does that factor into kind of your outlook for these markets if we do have a higher energy sector for longer? That's right. I mean, I think the really critical distinction for the market is

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