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Is AI The Next Housing Bubble? · The Jon Sanchez Show

• Jon G. Sanchez: Good Friday afternoon to you. Welcome to the John Sanchez show on News Talk seven eighty KOH. Whew, we made it through another one. What a wild ride it was. But you know what? It's all over now. Time to sit back, relax, and learn what happened. That's my goal with you this afternoon. We've got very, very serious but very interesting topic. And even for those of you that that may not consider yourself you know really deep into the world of tech, if you are an investor and you don't even have to be an investor into tech technology, today's show is designed for you. After I'll through today's stock market activity, which was a was a pretty tough session today. Pretty tough session across the across the board. It was specifically on the Dow side. I'd give you the reasons why. We're going get into the underlying issue that I've been discussing, just kind of giving you bits and pieces. But today I'm going to give you the whole meal. And I'm talking the following subject. Is AI the new housing bubble? Let me repeat that. Is AI the new housing bubble? You know, artificial intelligence, obviously all day, every day we all talk about it, we use it, it's here, it's here to stay, but it's also got some problems going on. We know that AI may change the world, but that does not mean, as some people will tell you, that every AI investment is going to make money. You see, we've got a problem, folks. You think the government's going into debt and we have a massive deficit? Well, wait till I give you some of the data today. You see, Wall Street is borrowing hundreds of billions of dollars from you. They don't do it themselves, it's not their money. They're borrowing it from you. To build data centers, purchase chips, finance companies that are currently very, very unprofitable. Is this a healthy investment boom? Or are we rebuilding the financial plumbing that helped create the housing crisis? And what you're going to learn today is there are an absolute staggering number of similarities that I've uncovered between the housing bubble/slash burst and what's going on with AI investments. I think, gosh, probably every day for the last week at least, I have mentioned Core Weave. Core Weave, of course, and I'm not picking on then. I'm just using this as an example. Here's a company that saw its bonds that were already in junk status, junk ratings, surge over the last few weeks in the yield, meaning the investors were selling the bonds, driving the prices down. about eighty to eighty two cents on the dollars what that bond was worth when it should have been worth a hundred or and realistically it's a thousand dollars. And that started to churn. And that's the reason we have seen the volatility in the tech space. Right? My old analogy one day we love tech, one day we hate it, one day we love it, one day we hate it. Yesterday we hated it. Today it was like you know, okay. But Core Weave, as you're going to find, is just one example of what's what's going on out there. I'll tell you, I'll be right up front and honest with you as I always am. I have a personal desire to have a thorough understanding of what's going on to the best that I can behind the scenes in the world of AI. Because I honestly feel that one of two things are going to happen. Either AI is going to be you know, from a practical standpoint, it already is the best thing that's ever been created, probably besides the internet. Or it is going to be a return of what we experienced in the A in the housing bubble, where this country saw some of its largest corporations go under. You see, Wall Street is plowing billions, hundreds of billions of dollars, like I said, of your money into AI. But it's doing it what no one is really talking enough about, and hence why I'm doing this topic today. They're doing it in the sense of lending. But what is different about the AI bubble, and I'm gonna come right out and just go smack you right across the face today and I'm gonna say we are in an AI bubble. Whether you agree or not, we are in an AI bubble. But you see, Wall Street's not going tell you that. Matter of fact, Jensen Wong, the CEO of Nvidia, came out. Coral Weave is just great. We've had a number of executives come out this week. Everything is great. The demand is stronger than what we can supply. We're going to get through this capital crunch that Wall Street is starting to experience, and these companies are starting to experience. Because you see, folks, one thing that's different that you're going to learn the housing bubble was Pretty much confined to the United States. We saw ripple effects in other parts of the world. But you see, AI is not. AI is a global phenomenon. The challenges that we face here at home of data centers and the all the financing that's required to open these data centers, it's going on around the world. And I'm gonna be real clear. I am not gonna sit here and say the AI bubble's gonna burst tomorrow, next week, next month. My fear is it's gonna burst at some point in the near future. I'm saying within the next year to two years, if we are lucky. And if it does, it is going to be an absolute disaster for our economy, for our stock market, and unfortunately, for your portfolios, if you are not prepared. After today's show, you should be fully prepared. I don't want you selling all your tech. I don't want you selling all your AI. It's not there yet. But my job is to say, look at here's what I'm seeing in the horizon. And I hope I'm wrong. I really do. I don't think I am, but I hope I'm wrong. Because if this house of cards begins to tumble, it's going to make the housing bubble look like child's play. Because there is so much more money involved in this. And again, the tentacles of the AI octopus, they're everywhere. They're everywhere. And as you're going to learn, there's some very how can I say this? Very unique financial engineering that's going on. That again, people are not paying enough attention to. And this is what caught us in the 08-09 housing bubble crisis. No one wanted to pay attention to the signs that were there. And that's why a select few of people that did pay attention, that did their homework prior to the bubble bursting in the housing crisis, they made literally billions of dollars. Because the data was there. This time, the data's there. Everybody's saying everything is fine. There are no problems whatsoever. Huh. Well, in my 36 year career, I've heard that twice. Once in the 99, 2000.com crash. The second time was the housing bubble. Actually, I've heard it three times because now I'm hearing it. You see, when you get into a situation where you're analyzing a sector like AI or an industry or a technology like AI, you can't just look and see what's going on with the stocks themselves. You see, stocks, they're a unique animal. They don't tell you the whole story. What you have to do, which none of you have time to do, that's why I love doing this, you go deep into the credit markets. Because you see, that's where everything starts. It doesn't start with the company going public and the stock trading on the stock exchange. It starts with the valuation of the company. It starts with the rounds of seed capital to get the company up and running. Then it eventually evolves the the IPO. And then that's when the public gets involved. But what you don't see is what's going on in the surface, or bel excuse me, below the surface. And that is the credit market. And it's concerns at this point in regards to the AI bubble. So I I could go on, but let me let me get the stock market side out of the way because I I obviously I I'm so excited to share this information with you. All right, let's talk about today. What the heck happened? Well, first of all, it was a tough day for the Dow. We lost six fifty-three on the Dow, 1.23%. So again, percentage-wise, nothing major. 52, 215 was our close. NASDAQ. After a 600 plus point loss yesterday, gave up another 54 points today, 0.21%, nothing major. SP down 40 points or 0.52%, half a percent, we'll call it at 7,623 close there after a sell-off pretty good yesterday. So right on the surface, what's going on from the equity market standpoint? I I think I'd mentioned this on the show yesterday. We're seeing a rotation. And this rotation is we love tech, and I'm, you know, obviously AI involved in that. We love it. Or we did. And then all these credit concerns that I'm going to share with you began to surface. We rotated out of tech and we went into, as I call them, the boring stocks, the pharmaceuticals, the utilities, the you know, the Walmarts of the world, insurance companies, kind of quote, safe havens. Boring, but safe havens. Hey, if they're making you money, I don't care if they're boring or not. And that's why yesterday we saw this again, very significant sell-off in the Nasdaq. but yet we did fairly well in other aspects of the market. You know, yesterday we lost get my data here, six ninety-four on the NASDAQ, but the Dow rose 12 points. SP was down 94, because SP has a lot of tech in there. So keep that number in mind. Lost 694 yesterday on the Nasdaq, and again today, what did I say? We lost 53. Yesterday the Dow gained 12. Today the Dow lost 652. So you see. We did another rotation. All these names that we loved yesterday, those boring stocks I just mentioned, they didn't love them so much today. Nor did they love the Nasdaq. What they did love, however, was cash. Because bond yields rose today pretty significantly. Four basis point increase on the 10 year to a close of 499. So they didn't pile into the bonds because those yields went up. So where else are they going to go? They're going to go to cash. So this is what I mean. There's something going on underneath the surface that these institutions are not liking at this point. And that's why, again, I'm so excited to share this topic with you. The oil situation continuing to escalate. $3.72 gain on oil today. $103.17 was our close per barrel. you've seen the news as well as I have. military strength is starting to build up in the Iranian area by by the U.S. Israel is doing all kinds of war games and and practicing and things. Some are saying you know, we've got Netanyahu's election coming up here in a couple days. Some are saying that the Houthis and in Iran may look to attack Israel right before the elections. So some today came out and said there could be some pretty good bloodshed going on this weekend in Israel. So that put the market on edge. And then of course you've heard the president say he thinks as soon as the the midterms are are over, then you know that's when everything's gonna start from our standpoint, going after is going after Iran again. So I once again I always use the term fluid, no pun intended fluid situation when it comes to this oil saga, but today was the day where oil was strong and again drug the market down. Welcome back to the John Sanchez show on News Talk 780K. All right, we're getting ready to get started in our topic. Is the AI, or is AI, not the, is AI, the new housing bubble. Once again, a recap of today's action 653 loss on the Dow down 1.23%. NASDAQ give up 54% and the SP lower by 40 points. Oil strong, $3.72 rise to $103.17 a barrel. All right, going to skip kind of going over some of the movers because I got a lot to talk about on the AI subject, because this is really what's driving the market. Okay, buckle up your seatbelt. I'm gonna take you inside the AI debt machine. I'm going to explain some terms you may have never heard about, but that are very important that you understand what they are. I'm going to explain special purpose vehicles, SPVs, as they're called, long-term leases, circular financial relationships, and enormous capital commitments. I'm going to examine what resembles 2008, that comparison I was telling you about, what is fundamentally different, and what evidence you as investors need to be watching. Because The most dangerous part of an investment boom, as we've experienced many times in in history, is not necessarily the technology. The most dangerous part, in my opinion, is the belief that nothing can go wrong. And that's what Wall Street wants you to believe right now. I'll let you be the judge. Obviously, unless we manage your money, I'll let you be the decision maker as to what you want to do about it. Again, I want to just give you the preface. I love AI. I love AI. But I'm concerned and I need to share that concern with you this Friday. Before we begin discussing individual companies. I need you to understand one of the most important and least understood pieces of artificial intelligence financing, the financing machine, as I like to call it. And they're called, I've touched on these briefly, I've never gone into detail like I'm going to right now with you. And this critical part of the financing machine is called the special purpose vehicle. SPV is what we're gonna refer to. Maybe you say, what in the world is SPV? I want you to visualize something that's the best way to understand is how I'm going to go through this with you. I want you to visualize a big circle. And that circle is a corporation. Okay. And I'm going to pick on Meta because they have a lot of these SPVs. And again, I'm not saying anything is wrong, but I just want to use them as an example. I could use Oracle. I could use a number of different companies. Okay. So you got this big circle. That's Meta itself, right? That's the corporation and all of its entities. Outside that circle is another little circle, or in Meta's case, numerous circles. And they're called SPVs, special purpose vehicles. You see, an SPV is a separate legal entity created for one purpose. It's organized to own one data center, hold a group of computer chips, develop a particular database data center campus, or enter into a single long-term lease. Those of you that have followed me for years know I've given you the same analogy when it comes to asset protection strategies I lay out for you using LLCs, right? That little circle is the LLC. It's outside the big circle, which is your estate. Look at it the same way. They've got one purpose, as you're going to find out. So think of it as placing one enormous project inside its own legal and financial box. So let's imagine that artificial, an AI company needs a new $5 billion data center. Well, then that's chump change compared to the cost of some of these things. But let's use that for our example today. Okay. So this AI company needs a new $5 billion data center. Instead of placing the entire project directly on the company's operating balance sheet, again, I'm just going to pick on Meta. Once again, it's only an example. So instead of Meta, if they need a $5 billion data center, they don't want to put all the debt that's going to be incurred on by by building this data center. They don't want to put it on the meta data balance sheet, right? Wall Street doesn't like that. That's debt. They run the risk, of course, of all kinds of additional problems, liabilities. It's a drag on the balance sheet. It could affect their credit rating. I mean, the list is long. So Wall Street, in its infamous wisdom, says, hey, let's create these new things called SPVs, special purpose vehicles. So instead of placing the entire project directly on, in this example, Meta's balance sheet, a developer, a financial institution, or an infrastructure investor creates this new entity. Again, we're going to use an example. Let's call it the Desert AI Infrastructure LLC. Now that LLC will own the land, the building, the electrical equipment, and the cooling infrastructure of the data center. The AI company or cloud provider signs a long-term contract agreeing to lease that facility or purchase its computing capacity. So again, you got this LLC sitting out there. Meta says, yep, we need to build this this great new project called Desert AI infrastructure in the middle of whatever, Nevada Desert, Utah Desert, wherever it may be. And then Meta signs a long-term contract agreeing to lease that facility for 15, 20 years and all of the computing capacity, as I'll get to in a moment, meaning all the chips. Lenders then examine the contract and say, is this a financially strong customer? Are they obligated to make the payments for the next 10 or 15 years? Or are we going to be lending money against those future payments? The key, of course, in our example is Meta, even though it's not on the Meta balance sheet, it owns the SPV. Therefore, if I'm a lender, I look at it and go, Hey, Meta's behind this thing. It's all cool. They got the strong balance sheet. Yeah, let's lend the SPV the money. I'll stop right there. Back to the John Sanchez Show and New Stock 780 KOH. Once again, a challenging session today on the Dow side. We lost 653, 1.23%, NASDAQ down 54%, SP gave up 40. Once again, my topic today is AI the new housing bubble. You know, during the break, I was going through some some old emails actually from yesterday. Sure enough, what a coincidence this is. promise you, I did not plan this. Got an email from Bloomberg, and it's titled Hedge Funds Bet Bearish. Listen to this, it's just two very short paragraphs. But it ties in perfectly with this topic today. it says the bad signs are piling up when it comes to where markets may be headed. Hedge funds are betting heavily against stocks this month with bearish wagers nearly at a five-year high. Goldman Sachs yesterday said it's prime brokerage clients. So those are those are basically the hedge funds. You've heard us talk about this for years. a prime brokerage client is a hedge fund. They borrow money from as an example, Goldman Sachs in in this in this story. They borrow the money from Goldman Sachs. They leverage the portfolio, you know, who knows how many times? Three, four, five times. That's why it's called the Prime Brokerage Client. So those are your hedge funds. Okay, so let go back to this real quick email. So the bearest wagers are nearing a five-year hike. Goldman Sachs says that's prime brokerage clients have been selling stocks short. So remember, selling short means you're betting that the stock is going to go down at roughly five times the rate they've been buying them. Short exposure is now near the highest level of the past five years. While funds have also been dially back their overall bullish bets. The trend also enhances the risk of sharp squeeze if the markets turn around. Still the shift comes as now established cycle of fear and frenzy over artificial intelligence shifts downwards. U.S. inf inflation, exacerbated by a war-driven energy price, is mixing with new signs that AI won't pay off. And time to spark a new sell-off in chips and infrastructure stocks. There you go. That was from Bloomberg. ties like I said perfectly right into our topic. So let me get rid of my email and let's go back. Okay. So just to recap once again, is AI the new housing bubble? I'm seeing way too many similar signs. This is why I want to bring this to your attention today. So we just started the discussion and I can see already I'm I I'm gonna do my best. I'm gonna do something. I don't know if you're following me on YouTube or Spotify or you know any of those. Subscribe, go to the John search the John Sanchez show because what I'm gonna do again, I think I'm only gonna be able to scratch the surface of what I've prepared for you today. I will do my best, probably not today. I won't have time to do it, but over the weekend, I'm gonna go through this. It's probably gonna be a probably hour, hour and a half long video of this topic. again, I'll put it on Spotify, I'll put it on my YouTube channel, etc. So this search the John Sanchez show, J O N, and Give me, like I said, till probably Sunday. I'll try to get it recorded tomorrow morning. And if you're interested in this topic, because you know, if you're an investor, you need to pay attention to it. Okay, so now back to the SPV, the special purpose vehicle. So the example I gave you again, you got the corporation, and we're gonna pick on Meta as an example. And then they have this SPV that's sitting outside the corporation, right? Meta's the big circle. The corporation is like a planet hovering around. Okay, it's on the outside of it. All right, once again, our our hypothetical SPV that we're calling it today is the Desert AI Infrastructure LLC. Again, that LLC, this SPV, it's gonna own the land, the building, the electrical equipment, the cooling infrastructure, and as you'll hear here in a second, even the chips. The AI company or the cloud provider, like a core weave or somebody like that, they signed a long-term contract agreeing to lease the facility or purchase its computing capacity. Lenders then take a look at it, the contract, and they go, hey, is this a financially strong customer? They're going to be obligated to make payments for the next 10, 15 years, whatever their lease is. And are we, Wall Street, willing to lend money against those future payments? That's why the SPV is created, folks, because it is backed by whoever is going to sign the lease and the commitments. Then Wall Street, as I'll share with you in a moment, turns around and lends them billions and billions of dollars. So the SPV borrows the money. That borrowed money is then used to build the data center. Again, it costs billions of dollars to build a data center. Purchase the required infrastructure I just mentioned. Once the facility becomes operational, the customer's payments may flow into a controlled account, as it's called. Now, those payments are distributed through what is called a cash flow waterfall. So visualize this a dollar comes in. Let's just make it simple. Dollar comes into the SPV. Operating expenses are paid first. Interest and principal or interest and principal payments are paid next. Required reserves, those are replenished, and whatever remains may be distributed to you, the equity investor. The structure offers several legitimate benefits. The project has defined assets, right? It's got this data center, it's got chips inside of it, so on and so forth. The lenders, therefore, have clearly identifiable collateral. All those things I just mentioned. The income is connected to a specific customer contract. In our example, Meta is the one that owns the SPV, or quote quote. a better term is Meta is the one that backed that SPV, and hence why Wall Street lent against it. And the financial performance of the project can be evaluated separately from Meta's other business in this example, right? Because again, it's a standalone entity out there. You may be thinking, this is genius, right? Well, it's even better. These SPVs also create a really important distinction. Who really borrowed the money? What is the parent company, or what is the special purpose vehicle? If the parent company guaranteed the debt, like Meta in this example, the lender may be able to pursue the parent if the project fails. This is what we call, and I'm sure many of you have seen this over the years, recourse debt. Recourse means you can come after the borrower. Okay, so follow me so far? And this is again purely an example. Meta, the parent corporation, forms the SPV. Somebody comes in, Wall Street comes in and says, Meta, well, you how much money do you need? we need $5 billion to build this data center and buy the chips and so on and so forth. Everyone goes, geez, it's Meta. And by the way, Meta signed a 15-year lease on this on this data center. So you know it's got to be good. Well, Meta's laughing all the way to the bank, as you'll find out here in a second. If the financing is non-recourse, right? I just said it's recourse, meaning if this SPV, which is I hate to use the word shell corporation, but it's somewhat similar to that. Not quite, but similar. You get the point. If the SPV has this recourse debt, meaning if Meta in our example fails, they can come after Meta. Well, maybe or maybe not. If the financing is non-recourse, The lender's recovery may generally be limited to the assets and cash flow inside that SPV. Hmm. Think about that. Now there's no going after Meta, the guarantee, guarantor, I should say, of the SPV. And that, of course, is subject to any limited guarantees or exceptions written into the agreement. This is where we hear the term. I don't know if you've ever heard it. It's called bankruptcy remote. A bankruptcy remote SPV is designed to reduce the possibility that financial trouble elsewhere in the corporate family will put the project into bankruptcy. The SPV may be prohibited from conducting unrelated business, borrowing additional money, or moving assets outside the entity. It may also require approval from an independent director or manager before voluntarily filing for bankruptcy. But bankruptcy remote does not mean bankruptcy proof. It means that legal structure, that SPV, that legal structure attempts to isolate the project. Starting to see the the writing on the wall here. If the project itself cannot generate sufficient cash, well, guess what? Wall Street doesn't care. That debt's still there. And if the debt is non recourse, the lender, i.e., Wall Street, i.e., your money, may discover that its primary recovery consists of a highly specialized data center. Like we've said all along, four walls, concrete walls, expensive electrical infrastructure, and computer chips that may no longer be the newest technology. You see, that's what we've said from the beginning. These data centers, they're great, right? They're needed. But if this thing fails, guess what? You got a a concrete structure that really what's it going to be used for? I'm sure someone will find a use. So this leads me to the most important question. What is the collateral actually worth without the customer contract? In other words, what is this data center in our example? What is that actually worth? without meta guaranteeing it. Well, a fully occupied data center with a financially strong tenant like a meta may be extraordinarily valuable, right? Everyone, it's like it's it's very similar to a shopping center. Why do you see all the like these Fortune 500 retailers at a shopping center, right? If you've never fought done commercial real estate, developers love when an anchor tenant, you know, a Best Buy a Walmart, a Costco, whatever, because they're they're they're They're the deep pockets behind the shopping center. They don't want little mama pops because mom and pops come and go. And it's the same example here. If you have that facility without a primary customer, Meta in this example, it's going to be worth substantially less, particularly if it was built for a specialized purpose. Or it's located where replacement customers are limited, like in the middle of a desert or filled with technology, that's quickly becoming obsolete. But remember, folks, a lot of these chip manufacturers like Nvidia and you know There's a lot of chip manufacturers. They're all coming out and saying the IRS is wrong as far as the life expectancy of these chips when it comes to depreciating them. They're going to last a lot longer. Yeah, I got a you know bridge to sell you in Alaska too. This is one of the reasons that the contract, meaning the underlying strength of that borrower, or borrow's not the correct word, the underlying strength of the tenant, i.e., meta in our example, is so very important. The contract is not merely generate revenue. Because Meta's the one, they're the customer. The contract can support the value of the building, the debt, the entire financial structure. Hence why Wall Street's given them all this money. Now let's address the question many of you may be asking, which is what happens if a major customer, i.e. Meta in this example, just simply walks away? Well, the answer is not that the customer can necessarily hand over the keys without some severe consequences. I'll cover that when we come back. Back to the John Sanchez Show on News Talk 780 KOH. All right, we're talking about is AI the new housing bubble? And again, I'm just scratching the surface. I will try to get this recorded on YouTube and check, I'd say by Sunday, I should have it up there to search the John Sanchez show. Okay, so we're talking about, and again, we're just at the very beginning, SPVs, special purpose vehicles. Again, these are entities that are set up by hyperscalers, as Meta and the Oracles and the Googles are called, to Build out these data centers, just to make it really simple, and all the chips and everything in between. They're not on the balance sheet. What you have to do, I I need to get this out there before the show is over. You have to look at the footnotes on the financial statements when they come out every quarter. This is where SPVs are listed as to what's going on, the cost, and so on and so forth. Okay. So this is why these hyperscalers do this, because they're if again, they're going into debt, say for five billion dollars to build a data center. It's nowhere on the hyperscaler's balance sheet. It's sitting outside in this special little LLC that because they're the long-term tenant, if they walk, the SPV collapses. But there's no harm to the parent corporation. And I was thinking during the break. Where where we start to see a little you know crack in the in the in the surface, remember a few weeks, actually it's been about a month now. Remember on this show, I mentioned this. Oracle issued a force majeure notice to the developer of a data center in Dona Ana County, New Mexico. It's a massive two point four five gigawatt data center that Oracle is building with Blue Owl Capital. Called Project Jupiter. Well, they've ran into all kinds of problems. Oracle cited infrastructure, regulatory delays, six-month delay in getting LP natural gas pipeline pushed there. Then they ran into regulatory issues after the New Mexico State Land Office denied route permits. I mean, on and on and on. So in the SPV, there's a legal clause for Oracle that allows Oracle to delay payments. Remember that back to our meta example, to delay payments to the special purpose vehicle and extend the lower development stage rents so they pay lower rents until the project is up and running if the facility misses its expected twenty twenty eight launch window. Both companies have said, nope, we're not abandoning abandoning the project. But when this was announced, Oracle stock plummeted. And I just checked the numbers. I mean, year to date, Oracle's down 35.27%. One month it's down 12.73%. See where I'm going with all this? Now back to the situation. Okay, so I left off with what happens if the the the the the customer. The one that has said, hey, SUV or special purpose vehicle, we're gonna sign this 15 to 20 year lease with you. You were using our Meta as the example. What if Meta says, we're walking away? This AI thing's not what it was, or whatever the reasons may be, technology's change, who knows? Well, again, Meta can't just hand over the keys without consequences. Because, see, many of these SPV agreements are what are called take or pay contracts. The customer, met in our example, even though it's not on their balance sheet, may be legally obligated to pay for the capacity, whether they use it or not. So if the customer stops paying, the SPV or its lenders, of course, may pursue and they will legal remedies drawn upon reserves, enforced guarantees, seize collateral, or attempt to restructure the agreement. But a contract, as we all know, is not the same thing as cash. Of course, Met in this example may dispute whether the project met the performance requirements, it may negotiate for lower payments, which they typically do, it may enter financial distress, it may refuse to renew when the initial contract expires. There's a million different things going on. This is why SPVs deserve our attention. So again, I will get my entire probably one, one and a half hour topic of is AI the new housing bubble recorded on YouTube over the weekend? Search for it if you want to learn about this. Again, nothing major at this point, but I wanted to bring it to everybody's attention because this is the problem with Wall Street right now. This is what everybody's concerned with. This is what may be affecting the volatility in your portfolio. Now you'll have the knowledge. God bless, have a great afternoon and a great weekend. I'll see you on Monday.