Carrington Clarke

Yeah.

And so at the moment when we've been talking about the valuations of these privately held companies, it's been based on the different funding rounds they've gone through, which is given that they say they've raised a certain amount of money at X valuation.

It's less transparent than once you're on the stock market where you can very clearly see how much is a share worth, how many shares are held by individuals and therefore what is the value of this enterprise.

Now, at the moment, there seems to be nothing but optimism when it comes to the business models of these companies.

Remember, there were some shakes at the start of the year.

There'd previously been some shakes when it came to the CrowdStrike, the sell-off that we saw in AI, where suddenly people started to worry about valuations.

They all seem to have subsided for the moment.

And it appears that if your company is linked to AI, you're basically seen as backing a winner.

So how do you feel when you look at the valuations we're seeing on the stock market and the risk of there being some problems down the path?

I mean, you've been watching markets for a very long time.

Does this remind you of any other type of boom that we've seen in the past?

So we've been talking in the last few years about the Magnificent Seven.

These are the big mega cap companies that have driven so much of the growth in the stock market.

I guess if we add

these three that are expected to launch this year.

We've got some sort of 10.

What's our adjective for the 10?

We'll work on that by the end of this program.

But it is so concentrated where we've seen this growth recently and also the

the mingling of them is also quite extraordinary.