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Business Out. Stocks hovering near record highs as investors await more magnificent seven earnings.

Stuart Kaiser of Citigroup writing this. The early reactions to earnings have been mixed. We remain positive U.S. equity beta with a quality tilt and preference for AI power generation. Stuart joins us now. So great to see you. Good morning. Thank you for being here. I'm glad the polar bears didn't need you. I'm just curious going forward, what's your takeaway is? Are you still all in on power generation, despite the fact that investors seem a little bit cautious about spending more than revenues are growing? Yeah, we're still very positive on that story. And I think you're going to get a lot of political headlines next week with, with election day coming up that puts even more focus on utility prices, to be completely

honest with you. All the CAP-X numbers that Emery mentioned, a lot of that is going straight

into data center build-out. I mean, one of the metadata centers in Louisiana cost $27 billion,

which for New Yorkers, that's three tunnels under the Hudson River. It's an astounding amount of

money. So, yeah, we're still there. Look, there are obviously risks to that. You know, just one headline that these chips need, you know, less power than we thought would be very destructive for that trade like we saw with Deep Seek back in January. But for now, we do think it's the best sharp ratio way to kind of have that AI trade on. And frankly, the best example of this is Caterpillar, the fact that those shares popped the most since 2009 on energy, not necessarily bulldozers. I'm just curious what you're expecting to learn from Amazon and Apple and whether that could feed into the story or whether these earnings are irrelevant to you based on the Kappex spend that we've already heard from the likes of Microsoft in Alphabet and Meta. I mean, definitely not irrelevant. I think Amazon in particular, because you're going to get, you know, a little bit of a site into AWS, but also consumer spending. So I think Amazon will be quite interesting. I think Apple surprised people a little bit, you know, just given the uptake on the iPhone. But definitely important. Last night was a little more important, and that's how it was priced. But you know, Amazon earning something after the bill will be very important again. Do you think the bar is just too high,

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