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Thinra SIPC.

Welcome to the Risk Reversal podcast. I am Guy Adami. She is Elizabeth Thomas. Clearly a haircut

over the weekend. I think it looks fantastic. How are you?

Thank you. It was time for a refresh. Sometimes you just got to hit that refresh button.

I think it was just Dan and I on a show. We talked about a juge, a hair juzh. This is like the

ultimate juzh. What seemingly does not need a refresh again segue, is this marketplace, which, you know,

every day seems to rally on same type of news. And, you know, Monday it was the OpenAI Amazon

announcement, which got people excited. And, you know, again, I'm not going to sit here and trade

Amazon, nor are you. I'm not going to talk about the merits of open AI.

But what we can't talk about is seeming this endless string of announcements that get us back to seemingly the same place, but yet the market continues to reward.

The market is still rewarding spending, which I think probably continues through 2025, maybe a little bit into 26,

but something we've talked about quite a bit. And Mario and I have put charts on this out,

that the growth in KAPX spending is going to slow in 26. And at some point, I think in

2026, investors are going to get really choosy about saying, okay, now show me the money,

show me the revenue, show me the use cases, show me where the productivity gains are.

And to their credit, some productivity gains have already been identified, and we've heard

...