Ronan Reid

Eventually, somebody wins out.

So there's massive investment going into AI.

Whether it all generates a return over time will be interesting to see.

But I think when you still look at it in terms of broader

participation, there isn't a broader impact on the economy.

If it was really impacting and there was broad usage of AI, we would have more like, you know, job losses and other things because that's what AI does.

Like, you know, it effectively automates activities.

There hasn't been the same extent of it.

And I think people are still struggling to see how much real underlying demand.

There's no doubt it is going to radically change the way economies work, the way businesses work.

No doubt whatsoever.

Whether it justifies the level of investment is, for me, is a pretty big open question.

And you have a lot of big companies now chasing it.

And I think the example you gave at the start was interesting in Aramco.

It was an oil company, the Saudi oil company, who would have thought the Saudis had to raise money when the amount of oil they have.

And now we have the tech companies.

And the reason why they were loved and the Mag7 worked is because they were so profitable and throwing off so much cash.

And now they're investing, and they're investing beyond the cash they generate, and they're raising huge amounts of money.

And when you look at, I think it's Anthropic, the two largest shareholders, some of the largest shareholders are definitely Google and definitely Microsoft, who are pumping money into it as well.

So I don't believe the annual...