Altaf Kassam

There's a couple of tailwinds there.

When you think about the layers of AI, we've had receptive AI, generative AI, which is basically LLMs, and everyone's talking about agentic AI.

And then you've got physical AI, which is things like robots.

And you're right, that's further out in the future, but it has a lot of promise.

Again, I think the same story is going to have to apply.

It's going to have to be about monetization and showing that it can justify the spending that's been put into it.

So

It is another long horizon story.

And again, the market tends to be a bit more short-sighted these days when it sees the numbers that are going into CapEx.

Yeah, I think it's definitely, you know, when we talk about deep pockets, what the market has been comfortable with so far is that a lot of this investment has been self-financing.

It's been coming from the huge cash flow piles that these companies have had, and they've been chucking off cash and using it to invest.

Where the market gets less comfortable is when we have leverage, when we have this circular financing.

So showing that AI can pay for itself, you get a big tick.

If you're saying, well, we have to raise debt or we have to get an investment from another company that's effectively in the same business or in the same vertical, that makes the market a lot more nervous.