Azeem Azhar

It doesn't involve profit.

It doesn't involve a whole set of other things that you might need in order to justify this long term.

But when you look at the build-out of...

technologies during this phase, they are generally behind on the revenue curve.

It's not like building a hotel, which you expect to have 80% occupancy the day you finally open it.

So that's the kind of historical nature of all of this, that it's a technology, it's got to catch up.

16% coverage for now is okay.

If we were still there in a couple of years, I'd be a bit nervous, to be honest.

It's worrying for now, but I will explain the way that I think about this, which is that, you know, imagine you're taking off from the runway in a plane I have to fly on on Sunday.

Halfway down the runway, you're at 80 miles an hour and you're praying the pilot doesn't pull back on the stick because that's going to be really, really messy.

And so...

if we're 80 miles an hour, 90% down the way of the runway, we're going to hit the brick wall at the end of it.

And that's going to be horrible.

So that's why I put this in the amber, because we need to, in a sense, see what's happening with acceleration and see where that takes us.

But this is the piece that really makes a difference.

Ultimately, real revenues from real customers who are not being forced to pay, who understand what they're buying, is a way of

paying for any investment that you make.

And that, I think, is the biggest bet that's being taken.

I mean, they'll need a lot.

They will really, really need a lot.