AI fundamentals haven't changed much - still explosive earnings growth, valuations have come down a bit, demand not slowing, balance sheets strong. What we're seeing is a sentiment shift, not a fundamental shift.

Investors are thinking about who benefits from AI spend. If we don't know the ultimate winners, at least we know whoever is in the game will be spending.

Large companies need scale and consistency in software. There's real value to the logic and hierarchy software companies create. We shouldn't undervalue that.

Need to think about starting point of portfolio - we're heavily overweight these companies. Doesn't mean you need 40% in just seven names.

Think beyond who else is entering ecosystem and potential winners, plus infrastructure layer with more value-oriented companies plugging into AI theme.

We've been seeing K-shaped economy that may collapse into more of a V. Upper income consumers continue to spend (top 20% grew net worth by $50T this decade, contribute 40% of spending).

There's upside risk for consumer in second half - if economy slows below trend, may get tariff rebate checks or stimulus direct to consumer that juices economy.