Ed Ludlow

I think it's a piece of all of those things because it's a natural evolution.

You know, when we first hear an innovation, take it back to when Chet GPT was first announced a couple of years ago and then the deep seek as well.

Investors figure out what's my shorthand way to play this.

But it's really more impactful from that and getting investors, particularly our longer term oriented clients involved.

focused on the issue that we're building infrastructure in the United States.

It's putting capital investment, in which we haven't done actually in a big macro way in a very long period of time.

And it's teeing up all of these really important evolutions.

And you've got a lot of recent examples, for example, in the healthcare industry, where you've had Lulian and NVIDIA announce a joint venture.

You had Mayo Clinic and NVIDIA announce a joint venture in terms of

processing that data and how science will be done and how diagnostic imaging will be done.

And those use cases are getting investors to focus more on those.

But it's tough from an investor standpoint because they want a what can I buy today that's going to be higher by the end of the week.

I think the issue is it's also important to remember from a use case scenario, it's not like big corporations or even medium-sized corporations can ditch the software they had.

People aren't going to give up their client service processing or their routines.

It takes a while to get that stuff done.

iterated in.

And I heard one of our analysts this morning just talking about it's not like someone sitting at the kitchen table is going to replace a lot of that macro software that we've been using.

But a repricing of do you discount the kinds of growth rates they've seen for 30 years or is it 5 or 10 years?

That's partly what the markets are trying to deal with too is figuring out how does this go forward.

And similar to the first internet build out in 95 to 2000,