Chuck Robbins

and develop and design our own silicon, we wouldn't be participating at all.

It's just black and white.

And so as we look at both internal innovation as well as inorganic opportunities, we're very focused on security.

We're very focused on AI.

We've made some tech and talent deals.

Anything that can help us accelerate our solutions in those areas, we're open to look at.

Oh, it's just so funny.

Look, the customers that are buying the predominant amount of this technology have incredible balance sheets, have incredible cash flow, have incredible profitability.

I think Caroline said it.

They actually pay their bills, and so...

And they view it as an existential issue for them.

That's a really key element.

They don't view this as something that's nice to have.

They don't view it as something that is okay if we're successful, great.

If we're not, great.

They view it as existential, which you see with the level of spending that they're putting into it.

It's a lot and it's moving fast.

But the difference between now and 2000 is that these are massive companies with strong financial performance and they believe in this 100%.

So I don't think it's going to change.

We haven't gotten into physical AI.