Luca Ferrari

The lender tells you, okay, I'll give you a billion dollars, but we agree that in the short term, we'll be going out to

sell away essentially this billion dollar to many providers, each with one, 10, 50 million each, and they'll hold it for five years or seven years.

But I'm just giving you a bridge to that moment.

You need the money now.

You're doing M&A, for example, and we don't have time to talk to 20 parties plus.

It would certainly leak that you're buying that target.

So I help you get there, but then we agree contractually that we'll be transferring that

credit from me to these other lenders.

So that phase is also interesting and it's quite optimized because the debt markets are huge.

It's gigantic and vastly more efficient probably than the actually much smaller, say VC capital markets.

And so the process of how you take that credit from the point of view of a lender and syndicate it out is super standardized by now.

You create a deck, you record a presentation, you show up for one hour, maybe three times with batches of lenders.

Like it's super, super standardized, very efficient.

Yeah, it's a complex discussion.

And I think you're asking maybe a timeframe of five years because AI changes the very fabric of our society 50 years out or something like a long timeframe in ways that are both exciting and scary.

But in the medium term, I think for bending spoons specifically, I think it's mostly a good thing because we don't care too much about within reason the risk to each individual piece of our business.

Basically, most of our business units are 20% of our revenue or less.

A dramatic decrease in one of them is still...

Yeah, we've been growing at 75% a year.

A lot of them decline, but some do, some will.