Azeem Azhar

I mean, this is not a market which is not being

hasn't got people running after it trying to spend money.

And I think that's, Hannah, you sent me your kind of latest analysis of the market dynamics.

I mean, that's exactly what we're seeing.

You know, there's a bunch of other things going on, like U.S.

levels of debt and what's going to happen with employment or not.

But I think at the heart of it is

that on this call are people who are

in general, probably more closely attuned to what's going on and the trends that we see.

And, you know, I think to Jaime's point about us not wanting to give up capabilities, it's absolutely right.

I mean, I have a, you know, I have a model evaluator that I built and, you know, occasionally I throw something back to a GPT-4 class model and it's kind of moronic, the response.

I don't want to deal with this anymore.

And the one place within my team where we do use quite a lot of models, but there is a lot of batch processing and we'll throw that into DeepSeek 3.2 and that can be cheap, but we're never going to put that on the edge because it's like batch processing.

Why would you put your kind of core infrastructure on edge devices?

And then I think people are a bit disciplined, more disciplined about

How long do you want to wait and how much do you want to pay for a particular class of output?

And as you start to get more and more value from the output, you're willing to pay more.

And I think that for a lot of companies, and maybe this is true for many investors who are still sagging on a Microsoft Copilot license.

They've never really had the breakthrough moment of getting Claude Cowork to do 10 hours of tedious manual work in, as Jaime points out, 35, 40 minutes while you go off and do something else.

And once you do that, you sit and you say, well, actually, it's worth paying 75 pounds or 100 bucks a month for Claude Max in order to take this opportunity.