Steph McGovern

Has that changed any of the types of conversations you're having?

What, therefore, are some of the conversations you're having in terms of nuance?

Because the nuance is constantly changing.

Initially, it was all about return on AI.

Then it was about whether or not enterprises are really using them effectively, whether the pilots are working.

What are the types of conversations that you're having about to the upside and the downside when it comes to your actively managed AI trade?

So when you're looking at BAI, I think it's about $7 billion in assets under management there.

Where are they managing to play out the entirety of the AI trade?

Because as you say, much of the value has been gained in AI infrastructure bets, but that's broadening out now.

When, though, you do hear headline risk, SoftBank selling its entire stake in Nvidia, Peter Thiel, macro funds selling its entire stake in Nvidia, do you suddenly get a load more calls?

Do you suddenly get a little bit more of a questioning of the circularity of deals that we've had of late?

Okay, so maybe a buying opportunity.

What about some of the sell-off that you've seen in crypto?

Of course, significant flows have come into your ETF when it comes to the Bitcoin exposure, but that's come back of late, it must be said.

How is that feeling sentiment-wise?

JJ, because of BlackRock, great to check in with you.

Thank you very much indeed today.

Meanwhile, coming up, well, we're just talking about crypto.

It was supposed to be crypto's year with an administration in the White House that was more friendly to it.

So why is it that digital coins have been foiling?