Calls the current period a 'white knuckle' one for software due to an 'AI ghost trade'—the bearish view that LLMs will kill software. Believes this is the most disconnected, oversold trade of his career and a generational buying opportunity for winners.

States the use cases will be in software, citing Palantir and Oracle as examples. Argues the bear case would only be valid if enterprises started adopting 'true LLMs' directly, which he calls a 'fictional narrative'. Sees current period as a bottoming for the software sector.

Agrees, stating value is in the data and stacks, not the LLMs themselves. The 'ghost trade' misunderstands that software monetization is just beginning. Calls Microsoft one of the most disconnected stocks relative to its sell-off.

Says it creates volatility but is an opportunity for bulls. In his view, 'tech will make all time highs' this year. The path is driven by capex spending, which acts as a 'yellow brick road' multiplier for software and infrastructure.

Views the issue as whether the conflict is contained for a few weeks/months. If contained, the negative impact is limited. The key question for tech is whether it changes the view on capex dollars or AI use cases, which he does not see. Instead, he sees an acceleration in the AI trend.

Suggests he 'could be a little more aggressive as tech continues to go higher.'