Caroline Hyde

Move on to what's happening underneath the hood of the benchmarks.

Because, look, we are seeing significant gains for Spotify.

I might add it has been crushed leading up to these numbers.

So we're still down on the ETH.

In terms of a one-year basis, we're up 15%, almost a record move on their shares after their addition to monthly average users really eclipsed expectations.

Snap gets an upgrade.

It's really seeing that you could be buying into the strength of subscriptions for this company.

Datadog, check that out, up 16%.

Again, software was beaten up, but Datadog giving an earnings report that steadied some of those nerves, Ed.

That's it, isn't it?

That's the read across.

It's how much is AI going to be eating any of these companies' lunches?

And it must be the desire of the executives right now to push back and to show real operating margin growth and in particular, real revenue.

I mean, Datadog was up 29% for their last quarter just gone.

The kind of customers you serve.

Cristobal, who is that then?

As we still typecast you as an AI video generation company, but you're not.

You're a robotics company, you're an avatar company, you're a world company, so who do you serve?

It is fascinating.

It also has different impacts on different people.