Azeem Azhar

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?

So if you're only seeing, you know, fractions, basis points of the traffic flow, it's quite difficult to make a difference in the market.

But perhaps they construct a model that becomes an appealing licensing model for the big companies.

But Bill Gross has been there before because, of course, it was Bill who came up with cost-per-click advertising with goto.com.