Azeem Azhar

are merely pabulum because they are Microsoft is still jurisdictioned in the US would have to adhere to any kind of court order relating to data access, services access, or even just turning off that cloud.

And so I think that fundamental notion that sovereignty is now really right up the agenda and not a kind of vibes based sovereignty, but a real

sovereignty where the interdependencies are managed, the risks are mitigated.

It's easy, frankly, at the model level to do that because of open source and other things.

It's easy at the application level.

Funnily enough, it's probably manageable at the cloud level if you're prepared to move from the major high-up scalers.

But the chips remain a problem, not this year, but maybe next year or the year after that or the year after that.

The way that I think that this would end up playing out is that if you are a major cloud provider like an AWS or a Google, you will use your influence in Washington to slow down the most harmful possible routes to open partnership-based approach.

But at the same time, I think if you're a European nation, you really need to start to think quite seriously about what your options and alternatives are.

In a way, it feels fairly momentous.

So this discussion, the way that I think about this is that even if there are logical ruptures, as Carney identified, there's adjustment times, there are conversations, there are things that happen behind closed doors.

You have still the interests of American businesses to the constituencies in the U.S.

Someone like Howard Latnick, of course, going to fight the corner of the U.S.

business.

but you are also going to see the application of certain classes of new approaches.

We've reported in Reuters today that the Danes were selling down some of their holdings of US treasuries.

So who knows what will happen?

I have this morning been in a number of sessions just around AI and AI deployments, really seeing what's happening there, which of course is progressing with a different pace, but is also very disruptive given, again, the doubling of

AI capabilities every six or seven months and the challenge there is for organizations to adopt those.

Needless to say, it's a very full program right now.