David Solomon

The swings are probably shorter than what's required to make these, these long structural changes.

I would frame it a little bit differently just to make a point that these things, when you get one of these super cycles, you know, of tech investment, it can feel frothy and they can run for a long time before ultimately you have a recalibration or a significant pullback.

And the analogy I would draw is that Alan Greenspan talked about irrational exuberance in markets, I believe, in the fall of 1996 when the NASDAQ was at 1,300.

You're now talking about 1999.

The NASDAQ ultimately went to 5,200 in March of 2000, and then it retreated 85% over the next 18 months.

So what I would say is I don't know if we're in 1999 or 1996 or in 2000, but when you have these accelerations, you have massive capital formation around forward growth.

And by the way, I'm a big bull on the technology, the opportunity, et cetera.

At some point, there'll be rebalance and recalibration.

I think one of the things I'm watching closely, Scott, is the pace at which enterprises adopt the technology, because that's obviously where a lot of the economics to support the investment come as enterprises adopt the technology.

And I think.

that it's going to be harder and slower for enterprises to adopt.

And the perception of how quickly that will come, you know, might actually turn out to disappoint a little bit.

That could create a recalibration.

I'm not suggesting that the recalibration has to look like, you know, the NASDAQ recalibration of, you know,

2000 and 2001, you know, and remember also here, a lot of the capital that's getting invested is coming from massive companies that have extraordinary cashflow and earnings, and they might not get reasonable returns on that capital, but that's very, very different

Because that's out of their free cash flow.

So when you look at the big hyperscalers and they, you know, the top four spent, you know, $400 billion last year, you know, it would be a shame if they don't get reasonable returns on that.

But the market impact on that is different than what we were looking at when you were looking at, you know, the internet expansion and, you know, all the capital was coming directly from public markets.

So similarities, differences, you know, I do think we have a tendency to look ahead with optimism and ultimately that requires recalibrations on valuation.

I'm sure, you know, there will be some of that around this, but it's hard to say whether we're in 1996 or, you know, we're in 1999.