Azeem Azhar

I mean, in the case of the dot-com, we were...

an order of magnitude practically away from that in terms of the capital that had gone in and the revenues that were being generated.

And the question is really how long can you sustain yourself at that point?

The thing to note here is that

We had no-gen AI revenues three years ago, and our estimates and the calculations that we've done are quite conservative.

We've come in at about $60 billion for 2025.

One of the big investment banks has suggested it's closer to $153 billion for 2025.

In truth, it's probably somewhere in between there.

So we're quite conservative.

And I would add to that, Derek, that that $60 billion is just a rough measure to cover the capital expenditure.

It doesn't involve margin.

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.