Azeem Azhar

It takes time.

There's a lot to do.

And I think that that has been part of the story of how rapidly technologies diffuse and deploy across economies.

And so I take a view that these systems will get better, they'll get better quicker, that we have to get prepared for them to be really good.

But reality is always more messy than the spreadsheet model.

I think it's quite different to the dot-com bubble, because while there was a lot of circular supplier sub-financing, that was provided as debt rather than equity, which has technically a different categorization, and the spending was often sham on the way back, and nobody was using those fibers.

I mean, we didn't start to use those fibers that were laid until 2012, 2013, when YouTube was really, really kicking off.

So the differences here are that this is done in equity.

A lot of these things are tranched.

That means that they're dependent on people reaching specific milestones.

And businesses across America and across the world are demanding this technology like we've never seen before.

Now,

Is it ugly?

I'm actually looking on my screen at the moment at the spider's web map that you talked about, and it's really ugly.

And you should look at that and say, this doesn't feel right.

But let me give you one other example where perhaps...

We're familiar with it, and it worked for a long time in vendor financing, which is in about 1919, General Motors set up something called GMAC, and they said dealers are finding it hard to get finance to set up dealerships, and Americans have got stable jobs but can't buy the car up front.

So what we will do is we've got the best balance sheet, we've got the most cash, and we will finance both dealers and dealers.

American homeowners.

And GMAC still exists today.