Azeem Azhar

It probably won't be as high as 30%.

It probably won't be lower than 3% to 4%.

It'll be in some range.

It'll depend on leverage.

It'll depend on politics.

And we've seen that happen in other environments.

It's been the cut of the music industry or the royalties that an author gets relative to the final sticker price of the book.

I mean, there are markers.

Do you think it's better for it to be resolved through that kind of process?

Or would you like there to be

you know, a group of economists to go out and figure out what a fair exchange ought to be and there to be a presidential commission that recommends some kind of output?

I mean, is it better for the market just to figure it out the way it is today?

Right.

So that ProRata is Bill Gross's business.

Bill is a long-term friend of mine.

And I think a couple of my readers of Evie are actually part of the founding team of ProRata.

And it's a really, really interesting model.

The question is whether they can sit in the choke point of the traffic, right?

Because right now, the bulk of the traffic

is coming through TatGPT, and then some that's going through Gemini, and some that's going through DeepSeek, right?