Gita Gopinath

equity.

Yeah.

Coming both from domestic investors, but also from foreign investors.

We're at $40 trillion in terms of foreign holdings of U.S.

equities.

Wow.

That is at a historic high.

Even if you look at it as a share of the rest of the world's GDP, it's about twice as high as what it was just before the 2000 dot-com bust, I guess, at the peak of the dot-com.

The world has never been that invested in U.S.

equity markets.

It's like it's the only game in town.

So, you know, if there's a gluttony, I would say it is for U.S.

equities.

We're all in this together.

And as we know, in terms of what's coming into the markets right now, I mean, we have some very big IPOs and that will make us even more all tied at the hip when it comes to AI and stock markets.

Yes.

I mean, but, you know, hey, there are now more ETFs than there are actually companies being created on the market.

So if you wanted to spend a lot of time picking and choosing, you could be selective, too.

We're seeing a lot of that.

I mean, we moved squarely, firmly, decisively away from a pure efficiency-based model of I'm going to buy from the cheapest place and I'm going to sell if I'm the cheapest source to one where everybody is building up their own capacity as much as they can.