Ronan Reid

When you look at the metrics, I saw a comment, someone saying, hey, they're only coming at software values.

They're coming at massively inflated.

Traditionally, software values at the extreme was five times revenue.

This is multiples and multiples of that.

And eventually, markets always normalize.

Like, you know, either share prices come down or earnings go up.

That's the way it works.

And I can't yet see the demand.

And the flip side of that that people haven't learned is if they were all winners, then there'd be less people working.

then there's less revenue, then there's less other side to it.

So I think it's somewhere in between that is where it comes down and there will be winners and losers.

You could see that Jeff Bezos tried to challenge SpaceX on the launch, didn't work.

Like, you know, so things get burnt up quite quickly.

So it'll be interesting to see how that plays out in terms of the absolute level of capital investment.

Yeah, I think there is.

I mean, we've already seen constraints, private credit constraints,

Credit markets have tightened up.

Interest rates are higher.

I'm surprised because this is high risk, as what you said earlier, and you raise equity for high risk.

You don't raise debt.