Nora Melinda

And he is talking about the fact that potentially a lot of these tech companies are using it to pad artificially their earnings here.

So when we think about tech companies and the fact that we do see them flying high, we're seeing valuations super intense here.

We're seeing them very high.

It just really begs the question more broadly as to whether or not these tech companies are running further beyond what fundamentals will actually allow.

It's regularly called a K-shaped economy.

So you're absolutely right.

We have AI valuations that are really driving business investment and overall economic growth.

R&D spending, for example, it was up 15% in Q2.

That is the highest it's been since the dot-com era.

Right now, you know, we saw an immediate de-escalation when we had the U.S.-China trade talks back in October.

And so that removed an immediate headwind.

Now, what that does, and in broader sense, what tariffs do is they create a situation where companies don't have quite the forward guidance that they would like.

Because we're talking about investment cycles that are 7 to 10 years.