Technology and communication services best performing sectors this week. But of course, if you've been following the market at all lately, you know they are still firmly lower on the month and the year. Despite the recent rebound, every name in the mag 7 remains 18% or more off recent highs. Wed Bush Stan Ives here to help us break it all down. Part of the tech sector he's calling a safety blanket this morning. All right. Where is the safety right now then in that blanket? The only safety area that we're it's in software. I mean I think for the first time since this started you know we we did survey work almost hundred uh data points that we have across you know CIOS IT managers projects and it's really these hypers scale deals and a lot of the AI projects only about 5% of them maybe 10% of them are getting pushed so that's that's much better than we expected which I think specifically bodess well Microsoft Alphabet I think Amazon in terms of their AWS numbers names like Palanteer on software side. So I so to me and that also even for cyber security and what we're trying to do is sort of navigate this period for investors be like look chips we've talked about in terms of everything with Nvidia Apple and everything we've seen the supply chain you've used the word Armageddon more than once I know that look and because the reality is is that when at night when we're talking to the supply chain that's what they're telling us because you start to look at what's happened in terms of orders where the raw materials are coming from what that ultimate ripple effect is and that that's something where the visibility there is so clouded the only area that we see as a safety blanket in this storm category 5 storm is software and I think the hyperscalers I mean we'll see Google tonight I think you know Microsoft next week I think that is going to be a narrative that plays out that a lot of these AI projects I think Palanteer is a good example of it they're actually holding up because of the priorities that we're seeing that was much better than we expected finished that last night. Now, uh, back before, of course, all we did was talk about tariffs. We talked, all we did was talk about data centers, uh, and the AI boom, so to speak. Of course, you were one of the biggest, uh, certainly cheerleaders. Um, the revolution, so to speak, Dan, we're trying to determine where spending is right now. Every day, investors are still trying to figure out, is Microsoft backing away? Is OpenAI filling the gap? Uh, is Coreweave, you know, going to actually be a key beneficiary in some way? On and on from there. We haven't heard from any of the hyperscalers yet in terms of their spending plans. What are you hearing and what are you expecting? So in terms of like the abandoning uh data center and just all the controversies there I I strongly disagree from all of our work that that's happening. And now again, is there reallocation on the edges? But I continue to believe when I think about the 325 billion in capbacks, you could maybe see some of that get a bit lower, but ultimately what I'm seeing from a hypers scale and big tech, I mean, they're plowing ahead because the reality is is that they recognize that it is still an arms race. You talk about AI revolution. AI revolution is still here despite tariffs and all the uncertainty and and sort of the twilight zone we're going through, but no tech company wants to be the one where I'm going to pull back. You're going to go ahead and then I'm behind. And I think the way you the narrative I expect to see in earning season. Yeah. Not not about the guidance. It's about them basically recommitting because that's what they're hearing from their customers. And we've talked about it. We've already cut numbers 10% across the board. But I think factored into these stocks are 10 15% earnings cuts across the board already in terms of where we're looking at. I believe Sarah has a question. Wait, did Dan just on on enterprise spending, right, which is which is the other piece of this like from my conversation with IBM, it does feel like this time is different. You know, always when you see a slowdown in growth or recession, companies cut their tech spending. Is it different this time? because of AI and because what that allows companies to do is save on cost and that just totally changes the dynamic about what investors should be expecting on enterprise spending. Yeah, I think Arvin nailed it in terms of IBM because we're seeing similar things where the difference here too is that a lot of the CIOS we're talking to, they're already if you're 6 million into a $12 million project, you're not stopping right now because of tariffs. So what's happening is that a lot of these projects about 15% IT budgets they've been greenlighted. So you're seeing a lot of the AI projects a lot of the hyperscaler stuff that's getting done. And I'd also say even on the cyber security side now look in terms of other priorities lower priorities those are getting pushed but that is the difference that's happening here and that's why I think software and cyber security will be significant outperformers in tech as we go through this storm. Dan, I'm looking forward to having you at our, is this true? First ever Inerson CNBC Pro event. I cannot wait. I mean, you know, June 12th. And look, it speaks like to so many of the viewers that, you know, obviously I only talked to them, you know, through the TV to actually see them here in person. New York Stock Exchange with an unbelievable lineup. Just going to be super excited to for that day. And I will, you know, I will not disappoint on the I know cuz today very muted. Wow. Yeah. But I will not disappoint on the outfit. I don't even know what that means. I'm a little scared actually. Not to be there now. Yeah. Yeah. Dan, thank you. Thank you.