Well, I say, Sarah, I think a lot of these AI stocks are pretty fully valued, especially the big ones. A couple of months ago, we backed off of communication services just two weeks ago, we backed off of the info tech sector. So we brought both of those from overwates down to even weights. Those stocks that basically determine where those sectors go look pretty fully valued to us. We've been taking some other angles on the AI trade. We've liked industrials, utilities, and financials. You will see some trickle down on capex from AI. It's going to help other parts of the economy. Somebody has to build data centers and upgrade the electrical grid and then of course utilities. Demand surges, rates are higher, they're going to make money there. So these are ways we're playing AI, remaining with that theme but not leaning so hard on tech or communication services.

Yes, Carl, what surprised me earlier in the year and continues is that if even a whiff of big companies missing earnings or cutting AI capex spending came out, the market would have reacted very negatively. But these companies keep confirming and increasing AI capex spend. Earnings results are twice what consensus expected through Q3. Things have been pretty good but we felt we needed to carry full weight, lean that way but look at different angles.

We have a 7,500 number out there for the S&P for end of next year. We won't get there if tech and communication services don't participate; I think they will. We expect a broadening in earnings and price contribution with less from the MAG7 stocks and more from the other 493 stocks. These big growth companies have strong products, cash flow, revenues. They're definitely going to participate and have some more upside. But we also see opportunities in other sectors.