George Hammond

It is a startup that's 11 years old.

It's moving incredibly fast.

And what that looks like sometimes is picking up projects and putting them down when they don't quite work and taking a new tack.

And I think you could regard what they're doing here and putting more emphasis on the enterprise business as a response to very obvious traction that they and their rivals are picking up, a very obvious effort to go and make more money by doing this.

And in the fullness of time, investors might come to celebrate that decision.

So, opening AI gearing up for public listings, so are Anthropic and in a separate field, so is Elon Musk's SpaceX.

And these will be, we anticipate, the three biggest IPOs of all time.

So, they are going to put an interesting pressure on the public markets, which have just never had to absorb three private companies at this scale.

There is then a question of which of the AI rivals will go first and try and take advantage of the available liquidity and very obvious demand for AI companies on the public markets.

And so OpenAI is seen as a proxy for the overall market for generative AI companies.

It's been the pioneer in this space and its valuation will definitely have a read across for other AI companies as well.

On the other hand, we have seen in the last six months in particular, this kind of curdling of public opinion around AI and uncertainty about its impacts.

I think it's very hard to gauge where public sentiment will be on the technology and therefore on the companies building it in the six months or a year when these companies do go public.

Thank you.