Caroline Hyde

Lauren, what data do you look to as to what might be being ripped out?

What is a point of offering rather than a platform that's integrated more deeply within a business?

Go there a little bit more because that was clearly the read across from some of this capital expenditure spend that we saw last week announced.

I mean, extraordinary numbers coming from the hyperscalers.

And then, of course, people thought, well, time to be long energy, time to be long.

The chips that go inside these data centers.

Is that still the right play for you, Lauren?

Lauren Webster, can't wait to have you back on the show.

Thank you very much indeed, Piper Sandler.

We appreciate it.

Coming up, Spotify reporting record user growth in its fourth quarter.

What to discuss next?

We're in these earnings, but Ed, what are you looking at?

checking on Spotify shares, having a strong day up 15%, at one point having their biggest move on record after the company reported, well, record user growth in its fiscal fourth quarter and $835 million in operating income.

Let's turn to Bloomberg's Ashley Carman, who broke down the numbers and looked...

The mighty have fallen a lot coming into this number, Ashley, so the bounce back is perhaps not surprising when they're able to give some sort of ease to the investor base.

But aren't people advertising more with Spotify?

Are they able to drive revenues not just by having more of us tune in and unearth our Spotify account every end of year?

What credence do investors give at the moment, Lucas, to that this would pass through regulators more easily?

This whole ticking fee, the idea that if it goes past the quarter expected, they get a chunk of change in return if it's delayed.