RUSH TRANSCRIPT Tangible results ░░░░░░░░ investments in AI remain ░░░░░░░░ be seen Jason betts ░░░░░░░░ the investors view In ░░░░░░░░ first instance of Jackson ░░░░░░░░ this Friday but actually ░░░░░░░░ macrolevel event is the ░░░░░░░░ earnings Is a sale ░░░░░░░░ the devil is in ░░░░░░░░ details The devil is ░░░░░░░░ the data and that ░░░░░░░░ refreshing We have seen ░░░░░░░░ complacency for much of ░░░░░░░░ year We saw the ░░░░░░░░ 2 5 three weeks ░░░░░░░░ between weaker tech guidance ░░░░░░░░ the lackluster jobs report ░░░░░░░░ market threw a temper ░░░░░░░░ We have seen the ░░░░░░░░ improve The market has ░░░░░░░░ reacted positively to that ░░░░░░░░ forward everyone will have ░░░░░░░░ eyes on Jackson hole ░░░░░░░░ the rest of the ░░░░░░░░ earnings as well I ░░░░░░░░ have my eyes on ░░░░░░░░ ended it is business ░░░░░░░░ usual Ed In the ░░░░░░░░ part of the earnings ░░░░░░░░ the expenditure on the ░░░░░░░░ scalers was a big ░░░░░░░░ What is unclear is ░░░░░░░░ topline growth Do you ░░░░░░░░ that part of the ░░░░░░░░ Jason There will always ░░░░░░░░ concerned about when valuations ░░░░░░░░ like they might be ░░░░░░░░ A sharp eye on ░░░░░░░░ We will have our ░░░░░░░░ on all of that ░░░░░░░░ are in a position ░░░░░░░░ I would encourage clients ░░░░░░░░ look under the hood ░░░░░░░░ look carefully for any ░░░░░░░░ concentrations in the tech ░░░░░░░░ and the AI space ░░░░░░░░ have gotten away from ░░░░░░░░ and have been rewarded ░░░░░░░░ it Just because you ░░░░░░░░ been rewarded doesn t ░░░░░░░░ you should continue to ░░░░░░░░ do it I would ░░░░░░░░ investors to look under ░░░░░░░░ hood Anything that is ░░░░░░░░ high flyer concentrating the ░░░░░░░░ Caroline More broadly should ░░░░░░░░ be selling down technology ░░░░░░░░ we are still only ░░░░░░░░ off the record highs ░░░░░░░░ the NASDAQ 100 Jason ░░░░░░░░ think if we just ░░░░░░░░ at the valuations as ░░░░░░░░ whole come with these ░░░░░░░░ stocks sold off 20 ░░░░░░░░ Back to the all ░░░░░░░░ highs or 5 below ░░░░░░░░ We need to see ░░░░░░░░ strong very strong earnings ░░░░░░░░ for that trajectory to ░░░░░░░░ in my opinion or ░░░░░░░░ will see hangover effect ░░░░░░░░ will see a market ░░░░░░░░ gets more sober on ░░░░░░░░ AI trade What are ░░░░░░░░ costs What is that ░░░░░░░░ to look like an ░░░░░░░░ to net profits I ░░░░░░░░ that is all I ░░░░░░░░ to say about that ░░░░░░░░ I m reading between ░░░░░░░░ lines that you feel ░░░░░░░░ is height in AI ░░░░░░░░ you don t want ░░░░░░░░ remain so committed on ░░░░░░░░ high flyers is there ░░░░░░░░ to put it Jason ░░░░░░░░ is going to be ░░░░░░░░ Ron act that I ░░░░░░░░ this because there valuations ░░░░░░░░ appear to be stretched ░░░░░░░░ they are only 5 ░░░░░░░░ their highs and that ░░░░░░░░ be cybersecurity The difference ░░░░░░░░ in my opinion a ░░░░░░░░ clearer picture on tangible ░░░░░░░░ We know there are ░░░░░░░░ guys who will continue ░░░░░░░░ get better regardless of ░░░░░░░░ the AI trajectory moves ░░░░░░░░ this perfect case scenario ░░░░░░░░ the market is pricing ░░░░░░░░ will need a lot ░░░░░░░░ cybersecurity The bad guys ░░░░░░░░ still be working hard ░░░░░░░░ getting better I think ░░░░░░░░ is probably the strongest ░░░░░░░░ might be a bit ░░░░░░░░ defensive in the technology ░░░░░░░░ Ed Do you include ░░░░░░░░ in that laughter Jason ░░░░░░░░ t talk about individual ░░░░░░░░ unfortunately but as a ░░░░░░░░ I would say cybersecurity ░░░░░░░░ my opinion it is ░░░░░░░░ pretty big thing Ed ░░░░░░░░ sounds like it is ░░░░░░░░ economic data that ties ░░░░░░░░ of this together Your ░░░░░░░░ rating depends on that ░░░░░░░░ but why Because of ░░░░░░░░ view of what the ░░░░░░░░ will or won t ░░░░░░░░ Jason I think what ░░░░░░░░ heard was just asking ░░░░░░░░ we are going to ░░░░░░░░ Fed and what it ░░░░░░░░ or won t do ░░░░░░░░ off I think we ░░░░░░░░ get 25 basis points ░░░░░░░░ September I think it ░░░░░░░░ funny not funny in ░░░░░░░░ good way but a ░░░░░░░░ weeks ago we had ░░░░░░░░ for emergency rate cuts ░░░░░░░░ definitely 50 basis points ░░░░░░░░ all of a sudden ░░░░░░░░ guy was no longer ░░░░░░░░ and the date it ░░░░░░░░ I think the Fed ░░░░░░░░ 25 basis may be ░░░░░░░░ We will have a ░░░░░░░░ idea after Friday Regardless ░░░░░░░░ the Fed s movement ░░░░░░░░ m not convinced that ░░░░░░░░ a huge impact on ░░░░░░░░ over