🟢 [E5342] Uh and with all that together and the fact that a lot of the energy side is going to be the big focus, I think we're going to see PMIs rise up towards 60 during the course of next year, particularly with rates lower around the globe.

🟢 [E5352] Um, Alphabet reiterated the same thing.

🟢 [E5336] I think it's time we uh we have a conversation on the market structure because I believe it's going to be a major story for next year if I'm right about what's happening with stable coins, what's about to happen with AI agents, what's continuing uh with the energy issues around AI and the DRAM short

🟢 [E5341] Uh and with all that together and the fact that a lot of the energy side is going to be the big focus, I think we're going to see PMIs rise up towards 60 during the course of next year, particularly with rates lower around the globe.

🟢 [E5334] I think it's time we uh we have a conversation on the market structure because I believe it's going to be a major story for next year if I'm right about what's happening with stable coins, what's about to happen with AI agents, what's continuing uh with the energy issues around AI and the DRAM short

🟢 [E5340] They they they cut uh they said December is not a sure thing.

🟢 [E5351] I can say this over and over again.

🟢 [E5339] So despite the fact that the markets didn't react the same way, I'll get I'll get into that as we get into the the retail structure.

🟢 [E5338] I expect the PMIs to move higher this year and I think part of it is going to be a resolution of the uncertainty.

🟢 [E5350] Again, you have to remember these things and just not worried.

🟢 [E5337] So whatever uncertainty was out there for people across the country in terms of the cost of things uh this is going to bring certainty for the next year and the China situation and the stability is still going to mean the trade side.

🟢 [E5349] It will be led again by things related to AI and by the speculative side of retail.

🟢 [E5335] So, it's going to be a big year again for the retail uh component of the stock market.

🟢 [E5348] Uh AI is changing everyone's lives.

🟢 [E5347] It's not about overbuilding, but about responding to customer demand and being ready for the next wave of AI AI and cloud workloads.

🟢 [E5346] Uh Amazon reported later and I just want to make sure as we go through these elevated respending spending is a direct response to surging cloud and AI demand.

🟢 [E5355] So every bear who fought QE, which is the same bears who were fighting AI, you're going to go through the exact same pain.

🟢 [E5354] I'm going to cover this in a uh a post for 22V this week in terms of the new QE being AI uh and the fact that people have to start realizing that as the expense side is reduced through efficiency, the operating leverage creates a much bigger number for QE.

🟢 [E5353] I do believe we're going to see pockets of that, particularly in crypto in the coming year.

🟢 [E5344] Uh they set expectations for continued capex growth.

🟢 [E5358] Now they're complaining companies are spending too much on com on capex.

🟢 [E5343] Uh just remember all year the amount of times you heard people worrying about capex and everyone all three companies early in the week described a rapid ramp in capex.

🟢 [E5356] Short-term RPO of 400 billion shows that our need to build infrastructure is very high.

🟢 [E5345] Looking ahead, we expect our fullear capex to be approximately 125 billion in 2025.

🟢 [E5357] I remember when they complained companies were spending too much on buybacks and not enough on capex.