Caroline Hyde

There is some pushback in the market that, yes, it's a trophy on a pension fund's desk.

Maybe it's a trophy on Alphabet's CFO and treasurer's desk if they sell 100-year bonds.

But it also signals the top of the market.

Look, we go back to when the last time a tech company did this.

It was Motorola back in the 90s.

And people are trying to make the assertion that maybe Motorola was at the peak of its game then.

And where is it now?

What do you say to those sorts of question marks about 100-year debt?

But would they do 100 a year?

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.