Lauren Webster

Absolutely.

So the money is not pulling out of the market and sitting on the sidelines.

It truly is going into a lot of the infrastructure opportunity, what is often called the physical AI play, where it is energy, networking.

I mean, we're even seeing physical security around data centers getting another look.

And so there's a significant opportunity in that infrastructure and elsewhere that is IRL or in the physical world.

Look, there's a broad realization that you're going to have to invest ahead of the real realization of the opportunity, the real realization of the profits.

And so that's why you're seeing a lot of these hyperscalers pour tremendous capital, hundreds of billions, into their CapEx infrastructure associated with AI.

And there will be support for others across the software ecosystem.

as long as there is also that enterprise customer journey narrative going with it as well.

Yeah, I'm going to go back to where I started, which is really this forming, norming, storming.

You have a lot of AI forming right now.

And I will tell you, we are not at the end of that formation.

There are going to be gives and takes.

And then that storming with traditional software, the winner there is...

is going to be those that are really spending time understanding the evolution of their technology with their customers and how those customers are applying AI to their solutions.

And then you'll have this normalization, and it could be a few years out, where there's a balance between AI infrastructure leaders and those software innovators, enterprise, SaaS, who have really seized the opportunity to embed AI for their customer benefit.