David Solomon

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.

I appreciate the question, and it's certainly fair to say that there are lots of days where I've woken up and said, how did I get here?

I certainly saw myself as a very unlikely candidate to steward this firm.

And I think I use the word steward because I think it's an important word.

The firm's been around for over 155 years.

I've been running it for, I'm in my eighth year, but I'm a steward of a great institution, and my job is to do everything I can

with the broad leadership team to leave this organization stronger than we found it as a leadership team so the next leaders can steward it, you know, further along.

And there aren't a lot of organizations, you know, that make it under one name, you know, for 150, you know, plus years.

And so that's a tremendous responsibility.