But I do want to make sure people realize what you said is important. This is a completely different economy. And we are in the very, very early stages. I mean, it's year four of chat GPT. And all the first three years were about getting the IQ up. This is the agenic side. So digital employees are getting hired, which means profit margins are going to stay at these levels. And you guys need to be invested to some degree in the AI trade and not worry about this bubble. What's going on, guys? Today we've got a very special conversation with Jordy Visser. This one is worth paying attention to. The U.S. stock market is on absolute fire. We continue to hit all-time high after all-time high. And Jordy's here to explain to us, why is it happening, where the returns coming from? How is he changing his portfolio? And what do you need to understand about the stocks, about what's going on in AI, what's going on in the macro economy, and how he is thinking about what's going to happen through the rest of this year. This conversation has alpha dripping all over it. Make sure you give it a listen and then let me and Jordy know what you think. Here's my latest conversation with Jordie Visser. All right, Jordy, the stock market is on fire. Literally,

it cannot stop going up regardless of what happens in the world. A couple of data points is that we just saw in the month of April, the US stock market and the S&P went up over 10%. That has only happened 12 times ever in history. It also had seven all-time highs in the month of April, which is the seventh time that's ever happened. When you look at those data points out over the next 12 months, the numbers are bonkers. It suggests that we are likely to see a double-digit return over the next 12 months from the stock market, even though people are calling it a bubble and there's issues. What do you think is going on here? Why does the stock market keep going higher? The stock market is being driven by something that we talk about every single week. It's something we agreed was a good thing for us to do on here. Your fashion sense? Yes, exactly. I brought my purple sweater out for the end of winter. We talk about AI.

So let's leave crypto to the side for a second.

But the disruption of artificial intelligence into our world.

Six months ago, bubble was front page news every single week.

Go to Google Trends.

Just before Opus 4.5 came out, it was a bubble. Well, now we're seeing the

revenues come in. And when you have a stock like Caterpillar, for example, so Caterpillar, it was up 10%

yesterday. Their P.E is now approaching 40. Those types of things don't happen for cyclical companies unless you're kind of

coming out of a recession and you've had things down. Their PE is almost double in videos now.

I mean, think about where we are. Semiconductor names, every single one. Most of them are in one

of my thematic baskets, my portfolio. They don't stop. So this is AI. And to show you how

like breath still allows people to be bearish, let's forget software, which is still near the

lows. Let's forget the private equity companies, which have not budged very much. We make all-time

highs in the S&P. And the median stock is 13% below its all-time highs.

About half of the S&P 500 companies are up for the year and about half or down. So, unfortunately,

and I literally, because I spent so many time with institutional clients and

because the subscriber wall went up and I'm like focused a lot, I had to come up with

a term for this because if you're invested in the S&P 500, which is what most individuals

are through their financial advisors, there's a benchmark arbitrage that's happening. When you have something that

we've both stolen from Elon Musk and said supersonic supersonic tsunami, it means something's

moving fast and it's structural and it's just overpowering everything. So if you're invested in

...