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Stuart Kaiser of City, writing there hasn't been much market breath lately on both sell-offs and rallies.

The market has been mixed as people rotate instead of broad changes in risk. Stuart joins us now for more. Stu, good morning. Hey, good morning. How are you? I know you can't talk much about this IPO specifically, but the amount of IPOs that are coming to the market at the moment. Do you see them as a red flag for the bull market or a green flag to deploy more capital? I mean, ultimately, we'll have to see how they perform. And I think it's not just IPOs, right? You have secondary offerings from meta, from Google, from Amazon. You have tremendous amount of convertible bond issuance, high-g bond issuance. So this is a sort of broad-based demand for capital. And I think a lot of investors are looking at this as one of the largest construction and industrial production cycles the world has ever seen, right? And that needs to be financed. And what we're seeing, I think, the last couple weeks is a little bit of a friction in the market as people digest just the enormous amount of capital that's going to need to be raised to get this done. Ports of pushbacks, Stu. We've talked about Meta, Oracle, maybe spending too much, thinking about raising more capital, stock markets pushback. Are all companies going to be treated the same? We'll be just isolating the weak points. I mean, I don't think all companies will be treated the same. The winners are going to, the winners and the big free cash flow companies like we see from the Mag 7 in the last couple of years are going to be able to raise that capital. And companies that are maybe the tier two or the tier below that are going to see credit spreads rise and going to see some more pressure. I think what's gotten people's attention recently is last year it was all about debt financing, right? This year it's been about equity financing. So that's gotten equity investors attention. Like, wait, this applies to us as well? This doesn't seem very fair. And much like Lisa, I was forced to watch Star Trek against my will.

So, you know, I have some scar tissue that I'm working through as well related to this. We can talk about that later. You know, this is actually something I think a lot of people on Wall Street probably are working through this morning. There is a sense, though, and you talked about this. John was talking about the rotating pool of capital and how it's going from different names and different pockets, and the breath has been really bad.

How much are people selling some of the previous winners to get in on the new hot and shiny thing? You know, it's a tough situation right now because the winners is

still where people want to be. And this year has been really defined by estimate revisions.

Earnings going higher and that's driving stock returns. And frankly, that's been in a relatively narrow part of the market. So as much as people might want to rotate, when you say, okay, when you rotate, you have to sell this guy and buy that guy, the guy they have to buy is not something they want to own. Right. So in some sense, it's like you're being forced to rotate against your will a little bit. And it's been a little bit tricky. So I think, look, some of the stuff is up so much. If you look at NASDAQ earnings are up 10% since the end of March. Semiconductor's earnings have been revised up 17% since the end of March. So you kind of fade that at your own risk, right? Is that done? And I think a lot of investors do not think those revisions are done.

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