Francine Lacqua

Bloomberg Audio Studios.

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I guess it was touch and go because at times people were bracing for a belligerent speech from President Trump.

So I don't know how you look at geopolitics and geoeconomics given what we've learned so far.

Do you worry about AI bubbles?

I mean, this is the thing that worries the markets.

If you put your BlackRock hat on for a second, it's AI and it's geopolitics.

Which one's more uncertain?

You announced a big, actually, partnership with Microsoft that you've raised $12.5 billion as part of this partnership to bankroll data centers.

When are you hitting $30 million?

$30 billion.

When's that coming?

I mean, the way we've covered World Economic Forum is also trying to figure out whether there was a move away from U.S.

assets.

Do you see that at all or is it a conversation that you had with the Trump administration?

What have you learned here in Davos?

I mean, you've spoken to everyone.

Are people nervous about the relationship between the US and the EU?