Sergio Ermotti

We've been expanding our capabilities and leveraging really the complementarity of Credit Suisse and UBS together where we not only have a broader footprint in terms of capabilities but also of geographic footprint.

Well, look, Asia has been growing very fast in the last, probably the biggest engine of growth in nominal terms is accounting for around a quarter to 30% on average in the last five years of our profits.

So as I mentioned, we manage more than a trillion of assets.

Out of the seven trillion, we manage globally.

So it's a growing, steady growing business, which when you look at the engine of growth, GDP growth is definitely going to help.

Four and a half percent in China is quite significant.

important, but it is a driver for growth in the entire region.

We are selectively gaining some market shares in areas where we want to compete.

And last but not least, this monetization, this IPO calendar is very important to our wealth management business because this is really helping us to drive new money and new assets into our wealth management franchise.

I don't know if we are in a bubble or not, but of course, when you see this kind of multiples and performances, you have to ask yourself, is this a repeat of what we saw in maybe another time?

2001?

Exactly, the TMT bubble and so on and so forth.

I would say that in general, first of all, our advice is very clear.

Diversification, no concentration of risk around the sector.

The technology is here to stay.

But we should not really mix the two issues.

From an investor's standpoint of view, it's very important to diversify, not to get into a trap of trying to pick up the right, the winner or the loser.

But the truth of the matter is that the first wave was probably around the technology sector.

Now we're going to see how embracing and implementing AI can help other parts of the economy become more vibrant and more efficient.

And that's probably going to be also the next side of the story.