James Fontanella-Khan

And so Trump really finds himself in the position where it's not an easy thing to manage.

Maybe not every conversation, but certainly a lot of the deals that we look at are driven by AI in one way or the other.

We mentioned scale earlier.

And again, you need to be bigger than ever to compete in this space.

But it's also...

What is interesting, a lot of industries which were slightly sleepier or like a little less sexy, frankly, have suddenly become the center of the attention.

They're being impacted by AI.

So give me some examples of that.

Well, I mean, in the power and utilities is one, but like in the energy sector, in kind of...

Industrials.

Industrials.

We've seen a lot of action, yeah.

Exactly.

And the other thing is that the nature of deals has also changed because of AI.

And that's, I think, the biggest change.

From my perspective, I've been doing this now for over a decade, and it was just like kind of – it was journey pretty vanilla, A buys B, and, you know, you move on.

Times get boxed by a regulator.

You've got to make some concessions.

Now we're seeing, for example, the tech companies were left out of –

Kind of the mega merger mania that we saw in the last 10 years.