Caroline Hyde

But I think, you know, Alphabet again with Amazon are going to be very much a litmus test as far as that whole sort of, you know, AI theme is concerned.

Obviously, with Alphabet, you're looking at a $4 trillion valuation.

So,

You know, investors are really going to want to see whether there's momentum in that Google Cloud and advertising to support that valuation.

So, you know, focus, as I said, will be on that cloud growth, will be on AI initiatives, monetization of that, and also spending.

I mean, this is what, you know, the market has been getting very nervous about is, you know, what is that AI spending?

What are we looking at?

How much is it expected to go up?

And what are the returns on the back of that?

What's interesting is both Alphabet and Amazon will be a bit of a tell from Nvidia, maybe AMD as well, which is coming out beforehand, of how well are they producing their own chips?

How much does that matter to Nvidia in the future?

I mean, we don't get their earnings until later in February, as always, Fiona.

But do you think semiconductor concerns should start to build in, in terms of companies being able to build their own and just turning to a Broadcom, for example?

Yeah, I mean, it's definitely a question that's on the table and a focus that will be there.

And I mean, if we do see that happening, then obviously that will move attention away from NVIDIA and that sort of, you know, first to market market.

momentum that that stock had.

I don't think we're necessarily there yet, but I think it is right to expect that to slowly start creeping in.

So, attention will be on that as well.

As you said, NVIDIA, not for a little while yet, but it's always a massive focus as we get past these earnings this week.

How many calls are you taking also about the private side, the question marks around OpenAI's fundraising and what that really means to the rest of the ecosystem to your public investors for a moment?