Gary Cohn

And if it's a fifth candidate we haven't seen yet, they'll be equally as happy with that one.

The AI build-out in rates, they're linked, but they're not inextricably linked.

This AI build-out is being built because there's demand, there's forward demand, and the AI companies feel like they are behind the curve in being able to facilitate the needs of their clients.

They are going to build these data centers.

The only question that rates have is what is the ultimate all-in cost to build these things.

And interest rates are going to be important.

These are big, huge, capex expenditures with 30-year lives.

So the amount of interest you're going to pay to finance one of these centers is important.

So 25 or 50 basis points has a lot to do with these decisions.

But I will caution you, like I always do, the Fed only controls Fed funds.

They control overnight rates.

You've been talking all morning about the 10-year, the 10 years at 430.

Where these data centers are going to be financed, they're going to be financed to the medium, to the long, to the very long end of the curve.

It's going to be a combination of duration.

Fed funds is not going to affect that.

So Fed funds could possibly go down, and the interest rate to finance a data center could be unchanged.

Do you miss the trading floor?

Of course you missed the trading floor.

Yeah, I think that he would have probably... But John, that's when there really were trading floors.

Like you actually stood up and talked on phones and spoke to each other.