President Trump announced that he would

not resume bombing, but would instead

rely on economic pressure. I have to

conclude that a strategy relying solely

on economic pressure will have

difficulty succeeding. The Iranian

regime does not care if its people

suffer. They care about the regime's

survival. And this conflict is going to

continue, I think, for quite some time.

Despite all the doom and gloom out

there, the market is back to all-time

highs. The S&P is up 13% [music] and

Nasdaq is up 14% for the year. There

are, however, many commentators calling

for a crash. Tension levels are running

very high. I just [music] think it is

premature to make that kind of a major

market doom and gloom call. When Open AI

and Anthropic go public, we will have

some real data. Until then, we have

supposition. Relying on supposition is,

by definition, uncertain. And

uncertainty is uncomfortable. My message

to investors is to they need to deal

with it. Stop rushing to call the top or

the bottom. Accept [music] that we don't

have enough information to make the

exact right calls and work with the

information that we do have.