[00:00] Why is the market actually skyrocketing right now? The stock market is violently surging back. It's almost if only somebody had told us that peak fear was a few weeks ago, we could have been buying the debt.
[00:12] Oh wait, that's exactly what we did. But why is the market actually skyrocketing right now? Full host of reasons. Let's go through them one at a time. The very first thing is this right here. This is a chart of South Korean preliminary exports.
[00:27] So it's sort of an early read on how chips are flying off the shelves, basically, whether it's NAND flash or memory chips or otherwise from Samsung, you name it.
[00:39] It's an early indicator of chips flying off the shelf in South Korea. And these are exports mostly to the United States. This line has never been at this high of a level so far.
[00:54] This is remarkable. And this is the growth rate year over year. Obviously, we could make arguments about bubbliness. Those are targets that we worry about in the longer term.
[01:06] We know we've got our canaries in the coal mine we're paying attention to, whether it's the N-scale IPO coming up and then the follow-on IPO from Anthropic. Those will be huge to pay attention to long term. But short term, something interesting has happened.
[01:20] You've seen this explosion in demand for hardware, and yet you've seen most hardware stocks actually get left behind.