Jane Fraser

The bank's not saying anything that we're worried about.

I'm not sure if we're just in with a lot of our tech clients on the West Coast.

I don't think anyone was ready to say that it's a full-on AI bubble, but no one is saying that there are some real pockets of, let's call it the British understatement, frothiness in the market.

It's more around the edges.

What I found interesting is we can see a lot of the demand for the infrastructure build that's going in in AI and the energy for the next couple of years.

Where you saw some opinions diverge was in the three to five year period, could we be in danger of overbuilding?

But no one's feeling that for the big investments that are going on at the moment for the next couple of years.

So I think on that one, certainly some pockets of frothiness there on the valuations.

But the core infrastructure investments are important.

And as we're seeing in our own bank, and I think many companies are, we'll start getting some of the productivity benefits coming through.

But the scale and the pace of investment is unprecedented.

That is for sure.