Marc Lipschultz

In fact, the collective result is, of course, tech is touching all-time highs at the moment where, as of this week, people announced, you know what, we're actually going to spend a lot more on AI infrastructure than we thought.

Much more, actually.

This continuing curve, every time you look, it just keeps going up.

And you listen to the commentary, and the commentary is, we don't think we're spending enough.

Microsoft says, we don't have actually enough capacity to even fuel both AI and kind of our core business.

So that gap, while very expensive to cross that Rubicon,

of course is what creates the opportunity for great partnerships for us to bring that kind of capital in conjunction with these spectacular companies to build the backbone, which for us is the very safe way to participate, build the backbone for the infrastructure for this AI future.

So portfolio companies are, let's start with very strong and healthy.

We have 400 or so in our portfolio.

And on average, growth remains both revenue and earnings in the high single digits.

So it's a very healthy place.

But strong companies can reduce headcount as well.

Absolutely.

So we have not seen any meaningful change in labor practices.

But it is certainly the case that technology itself is making a lot of activity already more productive.

And we're at the very front edge.

So, you know, this all it is certainly the case that when you build and invest this kind of capital, you do ultimately have to get a return on it.

And some of that will disrupt the traditional labor market.

We are not hearing anything I would call systemic or dramatic at this point within the portfolio.

And to the degree it's happening, it's really more about efficiency technology.