Michael Nadeau

But I don't know like at what scale it's like really impacting it.

We know the margin improvement.

We just don't know like it's not clear to me if that's like definitely AI just yet.

I don't know.

I don't know.

Not hiring.

We haven't seen really any hiring over the last year.

So if your revenues are growing and you haven't hired, your margins are going to improve.

That's the narrative.

I think there's definitely probably some truth to this.

But I also think it's kind of a, you can use AI, you know, maybe Coinbase was going to have to do layoffs anyways.

And then they can say, well, we're restructuring our internal systems around AI and stuff.

And we think this is going to be the way to do it.

So I think there's probably a combination of productivity and it's an excuse, you know, they can sort of say, hey, we're going into a new world and we're implementing AI.

So we'll see.

Like to me, I don't know.

I don't know.

I think we need to, we need more time on this to know for sure.

But when I think about like, what would,

if you were trying to figure out what would sort of change the narrative, I think it would be something like this where people start questioning the spend and whether or not there's real ROI on the other side of that.