Jason Snipe

The infrastructure AI beneficiary stories at Eaton's at the corners of the world. I think those stories still remain intact. The massive buildout of AI data centers requires significant power management and electrical infrastructure, providing a secular tailwind for industrial suppliers regardless of broader market cycles. LONG because the physical infrastructure demands of AI provide highly visible, long-term revenue streams. A slowdown in hyperscaler capital expenditures could reduce demand for power infrastructure components.

Software now trading at 16 times forward, which is below a market multiple. I think there will be opportunities there as well because I think there's a harmonious play with AI. Software stocks have derated to attractive valuation levels, creating a compelling entry point for a sector that will directly benefit from AI integration and software-on-demand models. LONG because buying a high-margin, AI-adjacent sector at a discount to the broader market offers a strong margin of safety. Enterprise IT budgets contract due to economic uncertainty, leading to earnings downgrades that justify the lower multiple.