Would you rather be exposed to the AI story through
credit or through equities right now? I think it's
still an equity play. Uh, the reality is
you think about where do you want the convection in
your portfolio. It's on the equity side, and
we continue to see, even with some of the
recent pullback in AI names, a phenomenal year for
tech, phenomenal year for a lot of those themes
. There's likely to be more volatility. I think
2016 is gonna be more of a year where you're
gonna have to really think about stock selection, the
industries you're in, paying attention to evaluation. But
by and large, you know, we continue to
believe this is a multi-year, probably a multi-decade theme
. Having that exposure to the equities in your portfolio
, it gives you that long-term convexity, gives you
that long-term growth. At this point, are you
seeing concern build in credit space, in the credit
space, in credit markets about some of the exposure
to artificial intelligence, given some of the circular financing
, given some of the higher degrees of leverage in
the likes of OpenAI and related to Oracle? I
, I think there's definitely concern, uh, in
general. Obviously, what we've seen this year is
a continued growth in the capital spending. You know
, when you started the year, I think the
expectation for the four hyper scalers was they were gonna
spend around 300$350 billion in CE. That number's
only gone up for the year. It goes up
further for 2026. So, both on the credit
side, but also on the equity side, you're
getting this reasonable. Concern if if these companies are
going to spend what, you know, could easily
be half a trillion dollars on capital spending, what
does the return look like? What is the timing
of that return look like? So I do think
that's a reasonable concern. We're not overly worried about
credit markets. We think in general these companies are
producing very healthy amounts of cash flow. But I
said a moment ago, you know, 2026 is
likely to look different. Uh, both in credit
and equities, that it's gonna be more of a
year of differentiation, not simply you buy AI and
go to sleep, but more really thinking about what
parts of that space, what names you want that
exposure to.