When surprised me if we continue to see a bit of rotation under the surface we had. kind of a brief broadening out phase. that helped. at least in relative terms equal way to help small caps. I think that was very much driven by the shift toward easier monetary policy. That may have come to at least a pause if not a halt as of last week, which I think has moved. money back up the cap spectrum and we've redeveloped kind of a concentration problem on somewhat weaker bread. I think at least until the point where we start getting government-issued data, it wouldn't surprise me if you continue to see these rotations under the surface but still biased toward the mega cap names.

Well, I think in terms of the Fed. In our view, it's maybe slightly biased toward the Fed for now anyway being on pause meaning no cut. in December. That was maybe one of the most interesting things because it came about with last week's meeting was the dis- the double-decent one in the direction of more aggressive policy, one in the direction of not cutting it all and unless we either get... government data coming in and it's supportive of an additional cut, IE, we groom employment trends. Then I think the bias might be toward the fed. not giving us a rate cut in December. uh... you know as far as positioning is concerned retail traders are still dominating this market. you've seen an increase in terms of what share they represent a belly trading volume and their shift has been away from what had been a really low quality bias within this broadening out within the smaller cap. more than double the performance. of the non-profitable segment of... the Russell 2000 versus the profitable segment since the April 8th closing low and maybe because the Fed moved away from easier policy or at least a definitive stance toward easier policy. I think that has shifted a lot of retail trader money up. fully back into the mag 7, but selectively back into mega cap AI related names. It's also the case that only three of the mag 7 now are outperforming the S&P. on a year-to-day basis in video which is the best performer of the Magnificent 7. is ranked thirty-night in the S&P from up-trice performance standpoint on a year-to-date basis. So there's just a much fuller story being told under the surface of these cap-weighted indexes. And I think that's likely to persist. as we get closer to the end of the year.

I mean, the cattex numbers in the aggregate are absolutely massive. But I think what is what we're starting to see more attention paid to. Our things like free cash flow growth, the likelihood that the financing of this major, major capex boom is going to be more via the debt markets, either on the public credit side or the private credit side. versus out of cash flows. And that's in part because even if you look at the Mag 7 as a cohort, free cash flow growth has now. been two quarters in a row in negative territory. 6 quarters ago that was that free cash flow growth was more than 60%. So we've seen... kind of a complete round trip in terms of that free cash flow growth. Now, you could still have a long runway in terms of additional cat backs being... funded by debt, but it's just a different backdrop. Not to mention a few companies coming out and talking about some pressure on margins. So sort of this free for all, it's to the benefit of everybody, top line growth, bottom line growth, strong free cash flow. It's finally at set of free cash flow. It's margins that are staying healthy. It's a little bit more differentiated a story right now. More fine-toothed calming of the individual companies.