Paul Schroder

Is it an investable proposition?

What does it mean to the concentration of markets?

Is there strong earnings that underpin it?

Is it an investable proposition?

And the answer to that question is categorically yes.

The second question is as an enterprise, how do we use AI and what does that mean for our operations and does it help us make better investment decisions and can we serve members better and can we do that in a way that's good for colleagues who work here?

And then the third question is like is AI like

cataclysmic for the whole society, like what a job is going to look like and how's work going to be and what's war going to be like.

And we have to think about those three levels.

So to answer your question about is it a bubble,

Earnings are really quite strong with all of those main tech companies.

And they've made a lot of money and they look well placed.

Valuations are also high, but earnings are good.

So what we're really carefully watching is some of those companies perform better than others.

Some of those earnings are stronger than others.

But if...

If people weren't invested in those AI-strong companies, they would have lost a lot of money.

And can I make one particular point, Alan, is it?

People don't quite know what's going to happen with AI.

I think it's going to speed the good and speed the bad.