All right, guys, thanks so much. Welcome to closing bell. I'm Scott Wapner, live from Post 9.

Here at the New York Stock Exchange, this maker break hour begins with an exclusive interview. Goldman's president and chief operating officer, John Waldron, on all things markets today. In fact, I want to show you what the markets are doing today. We are mostly red as the Middle East weighs on investors. oil and bond yields, they are rising today. Let's put a bit of a damper on the high flying

tech trade at least for one day, and we will follow everything right into the close today. Let's get right to it, though, and welcome in, John. He's here with me once again at Post 9. Welcome back. It's great to have you on. Thank you, Scott. Always good to be here with you. So let's start with the tech trade, because I think that's sort of captivated everybody. David told Leslie Picker yesterday that we're in a period where there's, quote, more greed than fear in the market. I'm wondering whether you think there's too much exuberance in this market. Well, I think David frames it well. I think that there's always that, you know, kind of meter between greed and fear, and I think

right now people are feeling more greed.

You know, whether it's exuber, you pick your word.

I think exuberance is a pretty good word.

You know, we're seeing extraordinary demand for anything that's in that AI ecosystem, that particularly I'd say looks

like it's part of the infrastructure layer that's building the compute for the future.

And so, you know, the appetite for that continues apace. We're seeing evidence of it all over

the place. You know, I'm not going to predict how long it's going to go and when it's going

to end and what the catalyst will be. But right now, the demand is quite strong. But if we use the word exuberance, how will we know when that becomes irrational? Like you see stocks today, and you've seen them, of course, you're watching the market, go up 20 and 30 percent individually in a single day, events that used to be special in time, and now they feel routine.

Yeah. It's unnatural. It's unprecedented. I think there's no question about that. However,

I do think that we are in the age of a big revolution and how technology is affecting the

economy, affecting the world, affecting companies, affecting individuals. You know,

it's an industrial revolution of sorts. We're going to see how dramatic that is. I don't think

any of us really know the answer to that question. I do think there's evidence that the microeconomics

of some of this infrastructure bill are pretty attractive. And so, you know, these are companies that have extraordinary profits, extraordinary cash flow.

It's not the exuberance of other eras we've seen exactly.

So, you know, I would still maintain a fair bit of conviction that we have a ways to go here.

So when you say it's not the exuberance of eras, you know, gone by, you sound like you're

talking about 2000, right, the dot-com era. So we're not

in a period now, because people are looking for analogs back then, like, oh, this is 1995. This is

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