Joe Lynam

We'll take a very short break and be right back with you.

Catherine, we were speaking about AI in a potential bubble before the break.

Are you not a little bit worried about the circular investment that is going on in the sector?

For example, NVIDIA loans money to OpenAI, and I know Microsoft has a keen interest in OpenAI, which is partially owned by you guys.

And then OpenAI buys NVIDIA chips.

It looks like a circular investment which could go wrong.

OK.

I mentioned at the very outset that yet another investigation has been launched by the European Union into Microsoft.

We know for a fact the big tech giants don't like it.

And we know that they have leaned on the American president who then in turn leans on the European Union.

Is it a good look for an American president to lean on the European Union with its 27 sovereign governments who've passed a piece of legislation, in this case, the Digital Services Act, Digital Markets Act, agreed by 27 sovereign governments, and they want to dilute it just because it affects American companies?

Is that a good look?

Despite the huge fines.

Do you think that the EU is stifling innovation?

What do you think about...

the image of your Uber boss, Satya Nardella, the boss of Microsoft, and other big bosses sitting around the table in the Oval Office or in the White House, very cosy with the US president.

And it appears to some as if there's a bending of the knee going on in corporate America.

Among the 40 billion euros that you've invested in this country is, of course, data centres.

Microsoft has its own targets to be not just carbon neutral, but carbon negative by 2030.

How does that sit with building data centres that emit quite a bit of energy?