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of swirling macro, and this is a big sigh of relief for investors in terms of what we see in big tech. what about job cuts? is the pain over? look, i think probably 70% or 80% of the cuts are over but these tech companies were spending like �*80s rock stars. they have cut costs, they have cut cost significantly and we see that ahead. investors want to see them rip the band aid off and i think it is put a bottom on these stocks, including amazon, meta and others. shares in first republic have fallen 50% as investors question its future. the falls came a day after the bank said customers have pulled more than $100 billion from their accounts during last month's banking panic. first republic had been seen as one of the bank's most at risk of failure after a series of bank collapses raised fears of a crisis in the sector. and the banking crisis has been one of several economic challenges faced by the us presidentjoe biden since taking office,