Chamath

What do you see in terms of appetite for U.S.

bonds?

Has China disappeared?

Are they still selling down?

Are there other buyers emerging?

And how does broader capital markets look to U.S.

debt in this moment?

Secretary Besant, this is a, I would say, conservative administration.

And if you look at the kind of economic...

policy of traditional conservative administrations, you would not assume that the administration would lead the federal government to make large investments in the private industry, or to participate meaningfully in the economy, as we are seeing with some of the deals that have been done over the last couple of months where the administration has taken equity stakes in key industries and key businesses.

and also has concurrently provided either regulatory unlock or some sort of trade participation.

Can you just comment on what some people are calling state capitalism?

Is this, from your view, a set of strategic interests?

Or is this a permanent shift in how the government plays a role in the economy?

And, and how does that make sense from a free market perspective?

Fantastic.

That's a real watershed moment.

Secretary Besson, we appreciate your leadership and your service and for spending the time with us here today.

You've been open and articulate as always.

And we thank you for that.