Cameron Gleeson

Yeah.

Yeah.

And look, this question became a bit of a, I won't say a meme, but it was a concern like in the latter part of 2025.

We saw that a lot of these hyperscalers were issuing a lot of debt.

There was concerns around circularity of some of the deals they were entering into with the producers of semiconductor chips and the like.

And so it was a genuine concern, I think.

What we're seeing now, I think we've probably moved beyond that.

It's probably the wrong question to ask now.

The idea of it being a bubble is a confluence of, is this real?

Is AI real?

Are there evaluation concerns?

I think there's no question now in terms of the adoption and the usefulness of AI.

With some of the announcements, for example, from Anthropic, we've seen throughout the course of 2026, there is absolutely evidence of productivity to be gained through these tools, which is really exciting.

And I guess Anthropic is a good place to start to unpack this as a company, releasing Claude code and then Claude work and other tools, in particular industry verticals.

you know, really got people excited.

And if I think about, you know, my own workplace at BetaShares, the level of engagement with AI tools has just absolutely skyrocketed even this year.

And Anthropic as an organization, you know, they're a privately owned company at this stage, but their revenue run rate from the end of 2025 was sitting at, you know, $9 billion per annum.

And that has already increased by the end of March to $30 billion per annum.

So three months.

That three months to see that sort of more than 3x increase, that is absolutely unprecedented.