Caroline Hyde

And moving forward, I think the focus is not going to only be on compute needs and capacity needs, but also on AI utilization.

And what companies are really critical for that, whether it's in software, what companies are leading the way in financials and entertainment in adopting AI.

And then also how...

Once we learn more about the end user demand for AI and the pricing power of these AI services, that's going to give us a lot of clarity around the ROI around these AI investments.

So is that what we need?

Is it ultimately the revenues of companies outside of the world of tech to vindicate?

That's what pushes us higher in terms of real context for you.

Is it December when we get the Fed decision?

What is the catalyst, do you think, for us to reassess where we are in valuations?

I'd say it's less of the kind of macro backdrop really here and much more of the kind of proof point around the monetization of AI.

I think the more that you see businesses ramping up their IT budgets, the stickiness that you see in those investment spending, and then also AI delivering.

And we've seen some proof cases of that so far.

Coding has been a huge factor of that.

But once you see more companies, particularly outside of tech, maybe tech adjacent, coming at their earnings calls and talking about their AI generated savings, I think that's going to be a really important next lever for the AI trade.

And then what about the lever for actually the companies that are adopting?

The clients that are calling you on a daily basis, are they saying, do I double down more in tech?

Or are they saying, I need to double down outside of the world of tech?

I think it's diversifying that tech exposure.

You know, after a long run in these AI names, you don't want all your eggs in one basket because it is true.

Not on an NVIDIA net?