Avsnitt 591 - Kvarghysteri

0:00Just what is it that you want to do? We want to be free. We want to be free to do what we want to do. And we want to get loaded. And we want to have a good time. And that's what we're going to do. We're going to have a good time. We're going to have a party. walks off Marbella has levered. Now it's 22 sol here in Stockholm. So it's perfect when you come in on the desk and then skinned solen again. Yeah, exactly. I took with me solen. What did you take from Spain?

0:59It's... It's a lot of Americans who come to Europe. Yeah, it's been heard before. Marbella has been a new LA here. Yeah, I met a few Americans who buy stuff there. They invest in there. so it's exactly, it's interesting Jimmy Vidén, he's got it at the end it's really billy for them it's still a little report period we're going to talk about some reports that have come we have a budget to Evo we talked a little about Evo I thought we could talk a little annonser Hemnet, Blocket we're going to talk a little framtidsbranscher och sen lite AI och SaaS har ju fått lite fart. De rör sig ju lite i hand i hand fast tvärtom.

1:53Har du handlat några case som du ska prata om i veckan? Vad ska du bidra med den här veckan? Jag ska bidra med min take på den här AI-bäsen. Jag tycker att det var väldigt intressant med den här Google-rapporten. Rapporten var ju fantastisk. Alltså helt extremt bra. Intel, samma sak. So it's going to be spännable now With the other hyperscale Yeah, we can maybe send it to Korea There goes index down 10 % It would be interesting to send it to the bus In the night we're going to get it how much as possible But it's a rotation For if you look at index We'll come in on this episode If you look at index, it's not happening It's not a lot, it's not a little bit But it's not If you look at Micron Or Sandisk, which I'm going to do So if you look at it just like that, if you look at it, then you think that the bulls have crashed.

2:46Yeah, so we have a lot to talk about. It's a spännable episode. I think we'll take it on.

2:57We have with us RoboMarkets. Now is it's a report season in the USA. You've been sitting and handling wild in Mag7, or? Google kom ju förra veckan Det var en väldigt spännande rapport Som vi kommer prata mer om i avsnitt Ja och likadant med AI Och minnesbolagen Vill man handla utländska bolag Framförallt i dollar och euro så gör man ju det Hos Robomarket med sitt ISK med valutakonto Här har ju bolagen mest gått ner Då kan man ju även handla Kortsidan via Robomarket Vilket kan vara svårt att få exponering mot Och sen det är ju en rotation ur AI-bolagen in i annat så man kan göra långa saker också.

3:38Ja, precis. SAS-bolagen har ju fått lite fart och det gör man ju väldigt enkelt via Robomarkets. Eller om man vill sitta och kolla lite grafer på semestern så kan man ju koppla det här till TradingView. Väldigt enkelt, väldigt tydligt. Sitta och laborera lite. Exakt. Och sen vill vi slå ett slag för deras lilla podcast som heter 4 minuter till Wall Street som kommer innan USA -öppning varje dag. En recap om nyhetsflödet, vad som har hänt, vad man ska hålla utkik på och sånt. Väldigt bra, matnyttig så man får en snabb överblick. So now it's time to be a robot market If it's not that it's a big deal But come back, investering in your risk And it's not that you'll get back your invest in capital

4:19If we start with it, it's a little bit of a tema With both the two reports I've written down here We had Storytel today That's what we'll describe to A fantastic vending I looked a little on the graph, it was up to 250. When you just got to buy a cash, it was Corona. All of them were listening to books. 20-21. Yes, exactly. And then we were down to 20 kronor on the rente. They took in a American who got both, but it seemed like he was going to do it very well. And now it feels like the money sprung in. in the company. It was a little comments today. The Aktie is up 10%. The Aktie is up around 100 % today from 20%.

5:07It has gone five times. It looks really good on the last one. It was a little worry about the amount of the sale. They said that it was on the sign up for the sommar, you are pro-kund and then you don't have a betalable premium. It feels good to have the key metric in all the time. You don't have to write with them that are the loss-kunders. And then the question is how many are How many are there? We have a Storytel Now I have started to I don't listen to the book I don't listen to the book I use it more for the children And so And now I've noticed that it has been On Spotify Do you have Storytel?

5:47No, it's just how much On Spotify On YouTube I can say All that is Yeah, so there has konkurrensen Hårdnat, when I talked to With a person with a little Insyn, so they didn't have Nothing for 3-4 months Now is the question of it has Come on, I tried to do a Duabonnement on Spotify So when I clicked on these books Man får not oendly on Spotify So it stood that I would ask Min owner of Spotify If I listened to the book Or not, who it is But And then they want to be able to get out of it. There is a plan on Spotify. I think that the stock market in Storytel would be much higher if you had not had the Spotify-hot.

6:38I think that Storytels big winnare is that they have maybe bromsed in the USA and the world's world. They have to sit on the market on a few more. marketer. And then even got the Nord Stream with more that they buy for a magazine so they can buy content. Spotify with music has been based on the externa parts while Storytel with the own magazine they buy a much higher margin. So can you just do it? If it will be a or not. We have the whole SaaS and I don't think it's any vibe coding risk här. Att någon ska koda ihop ett eget Storytel. Många har varit inne på det här spåret att det ska bli mycket enklare att du kan skriva böcker, ljudböcker och sånt.

7:30Det har kommit lite startup så att vem som helst ska kunna ge ut en bok. Det var väl grundaren av Storytels nya företag var väl det här att du ska kunna publicera en bok mycket enklare. Att du inte behöver bli signad av ett förlag utan du ska kunna ha den ut på alla digitala plattformar och så. but yeah, you should have been able to have done this before, now we are in a valkval, classic 1 2, I don't know really, you are more avvaktable, or? I think it's the new company that has started it is more interesting with the for-lug and spread and I don't know if it's going to be the biggest problem it's just like they should be We don't have that word.

8:15It doesn't have to go through the rules. No better than the other.ёрMike became yourividades. Yeah. It didn't exist before. Not many AI books. No, but you could be a song in a treasure. Or, nates. werd out. licence and separate the ones who wrote it with and likewise. So, for YouTube hosts are never saying like a fan of an anime. So, that is maybe the same thing. David Guetta gjorde inte sin egna låta, det var en massa andra som gjorde och likadant. I förvaltarvärlden så har väl folk haft en massa spökskrivare. Men de borde ju kunna använda AI till exempel i röster och liknande, så det känns som att Storytel skulle väl kunna dra ner på en del kostnader via AI.

8:58Ja, men det kommer ju komma AI-musik och AI-skrivna böcker och sånt, så jag tror att det kommer bli viktigare och viktigare att äga en större del av kakan själv. Ja, och det har ju de gjort. För den som producerar. For the person who wrote. Or prompting. I think also that how much you can pay for it, it will be short for it's an incredible konkurrens and it will come a great job. So all of them will be productive and more books, more books, more songs, but... Kvalitén and if people want to act or not, it's probably... Kvalitén will probably be very high. But it will be so much. So that your...

9:41I think the time you're paying money on it, the time you're in, will be short. Yes, it's all about with TikTok and what else is. The attention span. I think that future generations of their books or books are 10 chapters instead of 40 chapters. If you have a cool clip that goes viral, then it goes viral in two days. And before it goes viral in three weeks. Yes, exactly. We hopped on the way. We had Camby, which is one of my biggest fans. They continue to deliver. Here was the footballs-VM and their very high margin. I think that the company will have learned that the resans are going to guide low, to show the expectations, to show the expectations of the top line.

10:23Very much goes down on the last one. I behalve my shares. The market went up much on the report, but it came back a little bit. It came back a little bit and now it's been a little bit. But they have become a winner here with their regal and therefore maybe they can get a higher margin and it feels like they say that the pipeline looks fantastic but it's like, you've talked about Hong Kong now it's probably something in Central America many of these lotteries, the staties, the operators are very easy to pull in Camby when they get in on the sportsbook market And it's good to be able to sit on a stake or another.

11:06Now they have some kind of stake in their own market. But you don't need to go to the crypto casino, but they can go to the old legacy actors when they want to have a safe try. The market underscats are many small. They have noticed that they have their own customers for a few years. They have been able to get it now. So now it's... ...with many others. Framtidens år Och uppenbarligen så var det ju rätt aktie Att äga ett VM -år Så nästa år så blir det väl lite tuffare jämförelsetal Men då ska ju de här nya avtalen PMU, nya USA, Kanada Med mera avtalen Väga upp för det Så är det ju, och sen vissa pratar ju om AI-hotet där också Samtidigt borde de ju Kunna med AI minska sina kostnader också Verkligen De sa ju det att nu kunde en Person sköta typ en hel match and 30 traders there so then is the question and they have a deal so then they should these konkurrent I don't know I don't know but I can be there it's not if all they have a deal they had a little rebate or credits for it was down in 3 hours and that was the biggest risk if they could vibe code I think that the risk It's probably about 5-10 years that the operators should sit and vibe-coded together.

12:30But it should not be able to do it. It was someone who talked about that Betsson was under the final of the VM. And Camby had 100 % uptime I saw it right under the footballs VM. And it's well it that you sell in to your customers. If we go further to the iGaming branch then we had Evo. We talked a little about Tobac's Evo for the week. With a lot of like. Now we have Dart. Kenneth Dart, how is he? He's going to be 29 ,99 % before. He's going to be on with different swap. That's kind of like in Tigo. How he's going to be on. He's not going to be on all. How it works. Fram and back. I'm going to be on a swap with more.

13:07But now he's got 2 million dollars. So he's got over this. For the time he's got over this 30 % with different swap. And then it didn't mean anything. But now he's got his own business out. And then he's got over this. and then you can choose to sell under the same thing or put a bid if I have heard the right on 90 days what he has paid as a price so that everyone will get it right here it's still it's most balls here if he doesn't want to buy up the whole company it's worth like 100 billion so he must still I don't know if he has any garanties but he still has to keep up that you should be prepared to take 70 billion on your own book So it can't be any technical mistake Yeah, then you can sell it in Then you can't do it But he'll come in at all But it was just Tigo had also a so-called I understand that the course goes up You'll get a tactical Kudde Medan the bud ligger So all the chances to leave in Say that it's 700 Or 690 Or something Yeah, then you have an oen and up With 5%, 3 % Snesida It's a pretty nice Actie it could come a new thing and then they have their massive buyout-goop that happens but you're wondering about that that they buy out-goop and then they have sold and then they have been sold people have been kicked out the stock I had a good position here that I had to get out of the stock when it was so weak I was extremely bitter it played out like as I thought it was a perfect summer-posse but I think that he will put 690-695 that it's what he has paid to do he has probably been waiting very long because the course has been less and less and then he has got a 90-day snit and then he has been waiting exactly the day when he had a low-snit and has bought these 2 million dollars and then after this he has got 5 % of the other who have decided to get lost liquidation to sell it to him he comes up to 35 and then he just has to dunk it on and buy more The hard one is more endgame Vem ska han sälja till Sen Or om han ska plocka ut det här Tobaksbolagen plockade han inte ut Det har inte varit hans strategi Att köra privat Men han kan ju sälja till bolaget själv Så som de köper tillbaka Absolut Men det vore ju Då måste väl kursen upp lite För att det ska bli den signalen Annars tror jag kursen skulle reagera Titta på hans historia He's going to have to buy tobacco as long as possible With the dealings and all things So I don't think he's going to think about Exit No, Duckmoe has got up there More on their numbers And it's going to grow up 10 % You'll get free cash flow Over 10 % So if they didn't have a casino And so on Then it's not worth it No, it's not worth it So I think you should listen to Marlon i Market Maker snackade lite intressanta grejer om Evo och hur spelbranschen funkar med Sydkorea och allting.

16:17Så det är en komplex värld där ute som man inte hänger med om när väldigt många marknader fortfarande är gråa eller svarta för hur man finns på de marknaderna och liknande. Och därför handlas aktien med en sån rabatt. Men jag tycker lite som i Hackså, de kom ju också med sin rapport den gick ner, men att så länge man liksom växer och visar att man är ett riktigt bra Then it's a lot of money Then it's a lot of money Then it's a lot of money But when you see a little bit of a facade I think that Eva had four-kvartals With negative cash Then the value goes much Like Betsson But so long you're in this sweet spot That you're doing too much It's like if you want to come in In a company with Vitsnus To example then people would like to start with it when you're in this growth phase.

17:15I think you should see it as a value case. You should buy it when it's billy, sell it when it's billy. Sell it when it's billy. Exactly. Thank you for it. So as in tobacco companies that you could do in 20 years. Then we go further on so we have some francebransch and sparing. There have we actually been quite I'm going to take a sparing that I've had under the summer. I'm going to talk about Hemnet. They had Sprint, which was a very good interview in DI. They were not done so many interviews. They were in the winter, up 100 times there. Revolut 100 times. They were extremely framgångsrika. They were in Kinnevik when it was framgångsrikt.

18:01They started Sprint and started 20 times in Hemnet. or anything. They are back to the list of them. They have been able to play out with a very fine winst. And now they are called the extra-stammer. And the home has totally failed the last year. And that they have been well known with Boley and the other. They raise prices. It's like a kisser. It's good to get high intäkter. To the end of both, kunder and mackers. All are completely crazy. To the end of the end of the year, people will look at alternatives. so I bought 10 % and sold but it's interesting how they're going to go around to look at if you look at Vend which is block it it feels like it has been very much AI-or in the classified radannonsbranschen I've never used chat GPT or like to find a blocketannons I think more it's a bit of a where should I go in It's Blocket, it's Facebook Marketplace So many have used Vinted It would be good with an aggregator Where you can search for all three But without these sites ChattGBT will not be able to give me a lot of secret-hand-grej If it doesn't have any site they can link to So all these sites can't be gone And then ChattGBT is left And then you can buy a big one No, you say ChattGBT I think it's Gemini that's winning it Google's AI Search Google's AI I think it's been a bit of a five years I think that Google Vinner konsument AI And If not EU Stämmer de här som är klana 70 billion Säkert Men de kommer ändå att vinna Men Jag tror jag har nämnt det någon gång innan I podden att jag tror att framtiden är Booking.com, Trivago, Hotels.com Till slut kommer det bli att de bara dataleverantörer In i en AI-modell In i en LLM-modell Eller ska de en egen LLM-modell?

20:13Ja, men jag tror inte att folk åker och har hur många som helst Och de levererar datan in Dels får de potentiella kunder på det sättet Men för konsumenten blir det bra också You don't need to let You can't find the best alternative for you It would be super smooth But it still needs to be a site And then you have to ask I don't know if you will need to go I don't know if you will need to go I don't know if you will need to go We're talking about a site But it's just like a database Like a API-coupling In the model And then you will have a kickback It's like you can load up a file I don't know exactly how it will be but it feels like it's going to be when people are looking at it when people are looking at it like Hemnets case it's been a competition it's like a bully it's like a nice to have that Hemnet has a better website a better UI it's like that that bully didn't have the first 10 years it was just a spindle in the network as SSAB SBAB It's an aggregator and it's not a lot and it's not a lot but I don't see I don't see USP in the home but I'm sure it's gone it's probably a lot to do but it's very specific for Sweden how we sell and buy there are no more that's the same object and then it's just difficult to take a bet on an annons I'll go in on Idealista if you're going to be scared in the fast-steds-branch.

21:55Yes, exactly. It's the UKT that owns them. Yes, they have been. So here it's like it can come how much konkurrens is. Yes, and there is Adivinta. They have written up their value all the time when they have been bought out of P-Bolag. Vissa, it's very high marginals in the radonons-branching, especially if you're a marketer. And one of the france-branches I see is second-hand. I've been very bad on that Now you've noticed it With barn, lexsaker Barncläder I've got a whole A whole new It's a lot of people have been talking about it And one of the big big big There is Vinted That's the sprint that we've invested in That's a big platform for this And they've taken off Frakten or made it much less And the stuff comes out of the door And so you can buy and sell with each other and we were in Kalmar there was something called Busfrö I was in there several times and bought baby-saker super-billigt, how much people have been in the business in the business it feels like that all very many people have sat on second hand and internet have missed luck but I think that now it feels like the consumer you talked about the poor time it feels like people have become more more for this I don't know what it's like.

23:19It's not just about the environment. It's more about why I'm going to buy a new... No, it's not what people say. I'm going to buy a Fisher Price for 500 or 100. If you buy a plastic thing that you buy in China for 400 pounds, or you buy a bag of them. The younger people do it in 10 minutes, so they're in 13 minutes. So it's a no-brainer when it comes to such a thing. And clothes, you talked about that Many are modemedvetous It's a vestee collective It's a stort for It's a stort for your Modemedvetous No, but Alltså, women Some women They buy it there You can buy premiums Vissa say that they don't want to use it So you buy it and sell it again And there is everything from People who sell new things The dyra greeter Skickas in till dem De validerar direkt Men det verkar gå som tåget Men där Har de eget lager då?

24:27Man skickar inte till varandra Det beror på vem du köper av Det beror på hur man köper och vilken produkt man köper Och du kan också kräva det själv Att du vill att de ska ha validerat eller inte För drömaffärsidén är ju som vinter Att de själva inte har några lager De tar bara en liten avgift I don't know if they have their own own law. So you said that this was a good deal? This was not a bad deal? No, they were printing money. And it's a combination of the last year's inflation and cost-reviews. And just to see... And just to see... Just to see the price on clothes, on premiums. It's just exploded.

25:07It's been how much it's been. So it's clear that people look at it. because people don't want to pay how much as well. No, and so it has been to come. H &M has been to buy up almost all the selfie. There comes in more tons of clothes. And it's better than that it's sold. We've been to buy it. You don't have to pay it. But instead of going to Ufflodan on the way to win, you get out of a hundred thousand in a month. If you send out a couple of dollars. I have no different clothes that people want to have there. But it feels like it's also a job for the industry. that Selpia has a enormous, it's like hundreds of thousands products that come out on the internet that sells in second hand and that was not for 10 years ago, that was still not yet.

25:52And even in premium segment, the investor collective I think it's also new for sale, and it's you see on LVMH, all the Colopaxi-kursion. And then it's that Kina has gone through it, premium segment, ryssarna are well I think I can't help them.

26:39Yeah, exactly. Just on LVMH, I know that some of these brands will always be able to find out that they have legacy and everything. But I think they also have gone away from it in the skriket that you should see the brand over all. I mean Monclerk has gone away from it. For it is... Foktalen does it really make it really skum if you have a Monclerk jacket on it. They have gone for different goals for different goals Maybe the snabbling vs. the long-sitth Framförall the svartling But then And then you have to do a I'm not in Totems goals But they don't own so big brands And it goes like that And then Just the thing with design AI Dropshipping All that is, konkurrensen folk vill bara ha kvalitet så jag tror att det finns mycket konkurrens där som kommer det poppar upp nya märken hela tiden ja men precis och om vi ska ta nästa framtidsbransch som man har tagit med sig på semestern så är det väl GLP1 det känns ju fortfarande när man är ute och reser att i Stockholm så är det liksom en en kundgrupp och sen ute på resten av Europa och världen och Sverige så är det en annan and it it feels like it's an ometbar market for GLP-1.

28:09Then the price will go down with Novo, Lilly, I have no real answer there but it feels like it will do very well for the population and that you will find the spades here, which we talked about before. The Estalabs, which we talked about with operation and bröst and like, the one has gone from 25 to 92. It has gone to 92. I've seen that all quark, all queso is done. I don't know if it has with GLP-1 to do, but something has happened with the question there. So it seems like it happens a lot in the whole segment. And if the whole population will go to eat less, it's clear that it will... Substitut will come to do it instead.

28:49Yeah, absolutely. It's like a wrap, that's what all kids drink. That I miss it. You get a smell when you drink water. It's not a smell on water. but you have to put in a pool over there. It's the same with GLP-1 that you instead of eating you can look at princess-torten. Now on the summer when you're around and you're around and you're on the strand so I think that GLP-1 has a fortsatt to the potential. You look at your own own. I can't for my life understand how many people are not for long since they've been to these sprutas. It's like no It's not a It's not a It's not a It's not a And I think When you're in South Europe What I'm reacting to Is that you see Diabetes Blip in the arm You see it To the left and the left Over all So The trend Is going to continue And to find A lot around There around I think Yeah Exactly And I think That a combination Is that When GLP1 And Sempic All the first Of the last The last year It's come so himla mycket att man tappar muskler och sådana där saker.

30:00Det är såklart att det blir så. Alla som har suttit igen munnen någon gång när man ska hårdbanta inför någonting, bröllop, man vill komma in i småkingarna och sådär, då tappar man muskler. Men sen börjar ju folk lära sig att okej, om jag ska äta mindre så måste jag äta annorlunda för att behålla. Och kanske träna lite också. För att behålla muskler måste du äta betydligt mycket mer protein då, om du äter mindre. I think I was just I think that Gospel might is People learn get Walnut and calculate better I fast I you ago said and you could see people you developed pretty you in I think I where I saw that but then you have also I think that then you have eaten a little bit you must get it ordently with protein and now we see that case and quark and it's like a lot it's almost like a brist yeah it is a brist yeah so long I haven't seen tomma hyllor but it's a little covid brist on stuff people sprang and bought it but now I'm going to I'm going to get it I got a SMS it's a lot on the toilet on the ICA and then you got it so it was not so far it I think that trend is long to go.

31:28Yeah, if we go further to next one, we have talked about robot. The one feels quite clear. There isn't a... It's coming from the Stead-robot that I talked about. But Tesla has not really... The kurs is going on just now. And we talk about how it is going to blow up with SpaceX and so on. but it feels like we are on the ground it has been a hype, it will be on the real? with robots or will it not be? it is a hype now in the robot segment how did the CCXI? for the year I tried to do the Mobileye the one I haven't really got to slain I have seen the robot I have looked at The ones who will be paying on the robot Alltså underleverantörerna Infineon Texas Instruments For it's quite a lot And some of them do Delar to humanoids But still We haven't really seen A real robot It's cool When you see the video But just Just the fact that it's a good thing.

32:49It's a good thing. I looked at the interview that Elon Musk made with The Economist. It was a few days ago. He talked a lot about robot. But he talked about a timeline about 5-10 years. He talked about robot or Tesla's perspective? That it's their biggest driver? He talked about robot over the last. But Tesla... They should try to do it. but he talked about more in the world how it will look at that much work will disappear and that we will have universal high income people don't need to work if they will get money from the state and that the state will print a lot of money for that and for that it will go and an interesting thing he said he said that he is a economist Shefsredaktör Hon som intervjuade Hon sa ju då, men om staten ska printa så blir det Massa inflation, och han menar ju på att Det blir det ju inte om AI och Robot tillverkning Om tjänst Inflation skapas ju Bara för att staten printar Pengar medan supply av tjänster Och produkter står still Eller inte växer lika snabbt som Printan Pengabasen, då blir det inflation for it's more money that's going to be the same product.

34:15But if AI and robots can be so big so that it goes faster than consumption, so we can get a budget then you can print without inflation. For it's more product and services than money that print. Then it's not inflation. He's talking about a little bit about it. here also. It's true. With AI, if you can spot it out how many services for low cost then you don't get any inflation. Snarше should the price go down. It's a bit of it that you've seen on SaaS-slakten. Now you can't even put out barnet with the bedvattnet but the till-växten in SaaS-modellen that the 10-15 we had or so when it was golden age for SaaS they could do up sales they could just increase the price every year 5 % fast it's the same product it's over you have to come with new products so the value I think I think the value of the product then there are some who come with new products that people are willing to pay for but I think it's very difficult to do the slenterya-messiga price -ökningar.

35:40Utan att du har levererat massa AI-funktioner eller effektiviseringar av din tjänst. Ja, så jag tror att kunderna verkligen kommer, om de ska betala mer så kommer de verkligen få mer. Och så har det inte varit. Nej. Bloomberg-terminalen. Det höjer 10-15 % per år in front med mera. Exakt, och det är inte fan vad det blir bättre. Vi avslutar av med lite AI Google. It has been a rotation here both after the report we've talked about it in a few weeks now Sandisk has halvered Kospi and Korea has almost halvered it's also it's been a lot of money a lot of speculation in this case, it's just a look at Sivers it's coming from 100 to 29 Yeah, it's exactly the last AI there has been it was just a It was all for dyrt And for much sentiment It was all for overhett And it was a lot of people People are on big winters When do they cash out?

36:45Yes, and people are on a lot of people Sydkoreaners are on a lot of To load up and to go So that If you look at Google's report It was fantastic It was completely amazing Molnir växte how much as possible YouTube växte till och med search växer alltså inte AI utan search växer men de spenderar deras capex är så stor så att de fick ju för första gången negativt kassaflöde sen börsnoteringen och det straffar marknaden för men jag får ju liksom såhär okej, om du tittar på deras capex de lägger ju inte av utan de ökar i massor jag tror att övriga hyperscalers alltså några av Magnificent Seven kommer göra samma sak So, the money in in half-ledare and infrastructure around AI will not mince if you look at the Google report Inters report was fantastic opened up 11 % and then it was 6 % So, the nedgång in AI and half-ledare is not because it's not because it's not because it's not because it's not because it's not because it's not because it's overhyped or sentiment sentiment.

38:00Sentiment blev alldeles för galet liksom. Och snart så, jag blir lite köpsugen här att snart så ska man väl selektivt köpa de här. Det är klart det kommer komma en studs här. AI har inte dött för det. Ja, exakt. Och då är det så här, okej. Jag tycker att det är lite så här jag vill ju alltid köra lite med hängslen och livrämmen. Och nu känns det konstigt att säga hängslen och livrämmen. Men Intel är lite intressant för att där har ju redan Trump och USA de har ju liksom satt kronan på att Intel ska bli våran foundry. Now it's going to be much less than the other In the up-going But it's still a bit like You have to Don't go down Because Trump has taken a stake Or the US state has taken a stake I looked at Nokia The was down 40-45 % The question was if it just went up Or if it was like It's not a lot of A-JTS So, there's a lot of You can try to play a stud And then you can see it It's like the oil Now I'm going to be a short sandwich, so I must stänga the first before.

39:01I've looked at oil companies, some of them have gone up a little bit here when oil has come back. Equinor has gone up 30%. It's a little bit like this. You don't need to use studs in Sivers, which is a long-fram-i-tiden case. It's hard to do it. In the first phase of the increase of Sivers, all of them you don't see it really. So it's not them you want to have on the other server You want to have them that are paying for money Exactly In a situation SK Hynix and Samsung It's clear that it's a quality company But they are on peak earnings So they are looking at the price P-eatlet is always low in the bransch So you have to be a little bit försiktig och man ska ju inte gifta sig med något av det här.

39:52För jag vet inte, var det här toppen? Eller är det här ett nerställd på grund av hur mycket leverage och håsen blev liksom överdriven? Men det är intressant, för andra sektorer handlas rätt bra. Och det är det som gör att indexarna Nasdaq är ju ner S &P 500, det är också ner lite grann. Men om du... Hade du tittat på halvledareindex så hade du ju trott att If you haven't seen S &P and you've got to giss, then you'd have thought that it was right in the källan. It was nearly 26 % now, or anything, when I filled it. Yeah, exactly. All right, I'm a half-lead index. Socks index, as it's called. If you just looked at it, you'd have thought that that the price was not.

40:34So it's a form of rotation in other things. Which feels very sunt. Yeah, it's absolutely sunt. The price is not falling with the AI-to-value. No, it's not that index is not falling. with it. I think that some of them who have been half-ledged in their portfolio must see very much as well. Yeah, Serenity was going to be 40-50%. Yeah, so it's a little... It's like being with a 28 event in the portfolio. And then it's very easy to think that next week it will go back. And if it's done on the real, then you won't see them again. Yeah, I think... easy version. Man skulle liksom inte spela att vi ska ha en sån uppgång vi har haft.