Holding Cloudflare; not trimming yet due to expected market upside through early 2027.

Ultimately decided, we've had Cloudflare since late 2019, early 2020. Not ready to trim yet, even though it is sort of on the watch list to trim that position.

We think ultimately there's probably going to be a run higher in the market through the end of this year and first month or two of 2027. So we're gonna wait and see.

I pulled up Cloudflare, Akamai, and Fastly again, and also added in Nokia. A large part of this is because the CDN companies, yes, they are actual infrastructure businesses. There is hardware here that Cloudflare, Akamai, and Fastly are managing, but they make most of their money via usage and software, so a very different type of business model versus Nokia, which primarily earns revenue and profit from selling equipment.

But for now, I think we're just gonna sit tight with our Cloudflare position and Vistance Networks as well, some other companies in the semiconductor value chain that participate there as well, and call it good.