Caroline Hyde

And how big a factor is that in this market right now?

Obviously those comments today, I think will help a little bit

to ease those concerns.

But at the end of the day, there is this sort of worries surrounding circular financing, and they're not going to disappear overnight.

And that's because circular financing makes an ecosystem fragile.

It just takes one disappointment for the whole loop to fall apart.

So I think it is right that the market does question whether this circular financing could be a problem.

Meanwhile, Fiona, you could think that these are companies that are

strategically thinking of how they can ride extra upside should the AI wins really come to bear.

We're going to be digging into how OpenAI is backing a fund of its own VC partner that is looking at integrating its technology into portfolio companies, into service companies, for example.

It wins not only by adoption of its technology, but on seeing some equity upside, Fiona.

What do you need to see to vindicate that the productivity gains are there?

Yeah, this is why it's so difficult because I think sometimes or often, if you're in that bubble and it's falling apart, you won't often realise when it's actually too late.

So, you know, I think the numbers that we've been seeing from NVIDIA have been encouraging.

You know, the latest earnings report was extremely positive.

There weren't really any faults there.

I think this is just a nervousness that we're seeing.

But I think at the end of the day...

We know that AI technology is solid.

We know that it exists.