Overall IT spending continues to show resilience, above global GDP growth. Strength is overwhelming in AI and cloud, but non-AI spending is recovering. We expect double-digit percent growth for the semiconductor market in 2025, due in large part to continued massive spending on AI-related infrastructure including GPUs and high bandwidth memory. Incremental trade restrictions may prove more disruptive than prior rounds. AI spending presents opportunities for data infrastructure providers but also poses risks. It is yet to be seen whether software companies will benefit or be disrupted. Interest rate path will be key to credit inflection for many highly leveraged tech issuers. Some companies are distracted by cost-cutting measures rather than focused on growth.