Cameron Gleeson

And as I talked about that margin expansion we're seeing in the hyperscaler, you know, universe is, you know, really encouraging.

Yeah, yeah.

So there's multiple winners.

And I guess one of the key points here is it is a dynamic ecosystem.

And we are seeing that there are changes in leadership or where the value is extracted.

No doubt there'll be some value extraction or productivity benefit for the end users, consumers, and non-IT companies like banks I talked about before.

But then, you know, where does the rest of that value extraction come in?

And I think it comes at all parts of that chain.

But right now where we're seeing it's the hardware layer and the hyperscalers that were eating the biggest part of the pie.

Yeah, well, I'm glad that it has, for your sake.

Yeah, so we had a very choppy earnings season.

And even before that, we started to see that the rate hikes that were getting priced in here in Australia hurt high growth stocks.

And some of these names took a hit.

But I think even we saw some relatively strong announcements from, I can't remember one of the names, just this morning.

But it does look like we turned the corner there with ATEC.

Obviously, it was a bit of throwing the baby out with the bathwater

Yeah.

Yeah, they have the biggest cloud business in the world.

They've been a leader in that space and the growth rates on that are pretty spectacular.

And their Tranium chips are, you know, if you like, not a direct substitute for NVIDIA, but there are a number of these hyperscalers that are becoming vertically integrated.