Pablo De Vries

It's a mixed bag. Some sectors are definitely feeling the pinch from global economic headwinds, but others are thriving due to specific trade agreements. Hard to paint it all with one brush.

I think you nailed it with the AI infrastructure play. Every big tech company needs more servers, and SMCI is positioned perfectly to capitalize on that demand. It's less about a single catalyst and more about sustained tailwinds.

Definitely worth watching. If bond yields start moving up again, that narrative for industrials and energy could get stronger. Have you looked at the volume behind these moves?

Are we seeing a true 'flight' or more of a diversification? Large institutions often de-risk by spreading their operations, not necessarily abandoning a location entirely.

Could this just be pre-holiday jitters? Volumes are pretty thin, which might be exaggerating the moves.