Yeah, yeah.

And so, you know, the, you're building a data center and you're like, "I need energy now.

I can't wait for the grid, you know, to build a connection to my data center." So there are all these kind of improvised...

There's also, uh, I forget the name of the company.

They make fuel cells.

But anyway, there's basically a lot of quick workarounds to get energy into a data center.

But that is gonna hit limits, so we are gonna find out pretty soon, you know, interestingly, whether, like, we as a society, the United States, can ramp our energy generation and transmission fast enough to meet the needs, um, of this sector, or whether that will become, for example, a big disadvantage to China.

Absolutely

Are there certain products or grocery categories that you're seeing are really under pressure right now?

Yeah.

So snacks is under pressure.

And this is ironic because snacks was identified by the industry not too long ago as the biggest growth driver that they were all chasing, and that has now just hit a wall.

So if you look at Campbell, for example, as an interesting test case, because the company's really half snacks and half groceries.

They were talking about snacks being the growth driver, again, not too long ago, maybe two years ago.

In the most recent quarter, meals and beverages, so basically groceries, soups, sauces, was up 6% in terms of sales.

I want to pick up on something you were talking about with weight-loss drugs like Ozempic and ask, you didn't hear that many executives talking about it in this latest round, but how much do you think the growing focus on health and wellness from consumers, from the Trump administration, and things like weight-loss drugs are impacting big food companies' businesses?

Why does it have so many supporters and detractors?

Gold's performance over time is very uneven, and the case against gold was made famously by Warren Buffett, where he said, "If you bought all the gold in the world, it would just sit there as a cube and not do anything." Whereas if you took the same amount of money and invested it in companies or even farmland, those would produce things over time, they would change, they would benefit from technological advancement.

And this is true over the very long run.

If you look at, say, a 20-year time horizon, stocks do much, much, much better than gold.

However, if you shrink that to just 10 years, it's not infrequent that gold can have a 10-year outperformance over stocks.

And it tends to be when everything else is going wrong.

So it happened in the 1970s, happened in the 2000s when we had the financial crisis, dot com-

Why are these two commodities, gold and silver, linked this way?

Why?

Yeah, well, there's been a renewed interest in Chinese tech stocks since this whole deep seek thing, which, you know, was, of course, a Chinese AI that appeared at least to, you know, make a lot of advancements on the cheap.

And so since that news, Chinese tech stocks have rallied.

Alibaba is up around 37 percent so far this year.

Wow.

OK.

And but that's, you know, particularly notable because a lot of these stocks are kind of dead money for years.

But that was after several years of falling.

And how does that play out in the market though? Like are there companies that that is good for their business either because it chases out a foreign competitor or then they can raise prices on top of that and pad their margins? Like that isn't necessarily a – that kind of inflation is not necessarily bad for the – So

there's going to be winners and losers to your point, okay? But my concern is more if we get a kind of broad inflation because of tariffs, all right? So if we just have like just some targeted tariffs on China again, that won't happen, okay? But if we have sort of these across-the-board tariffs of the type that Trump is talking about, that will be inflationary for the entire economy.

And then I think that could be extremely negative for the market because it means that the Fed might not be able to cut I think one difference this time between last time is we've clearly reached a point where the public is kind of fed up with price rises.

OK. Yeah.

And you see especially in a sector I cover, which is food.

So food companies are all, you know, raise prices massively during the pandemic and for a couple of years after the pandemic.

And lately have been taking incremental cutting prices, maybe one percent, doing more promotions, things like this, because they see.

Because companies