Um, and now is that just because the power industry is an AI proxy?

I mean, you referred to utilities earlier as a sort of traditionally stodgy industry, and I think that's exactly how people perceived it, and then there was this remarkable change in perception that started a couple of years ago when utilities and, and the power complex really arrived at the sort of, the epicenter of, of the AI, the AI complex, particularly because it is one of the major bottlenecks to the development of data centers, which are obviously the building blocks of, of AI.

And that definitely persists today.

And so as, uh, if, if you do fall into the bullish camp on AI, then utilities offer an attractive way at a reasonable valuation and with a defensive nature means to sort of play that as a theme.

Uh, I'd push back on them being solely an AI play.

And although I have no doubt that, you know, on a DeepSeek day equivalent, DeepSeek Mark 2, that some of those names would sell off, I don't think the fundamentals are as correlated to the pure play AI complex as sometimes people make out.

I mean, often people will point to the investments that are being made in grid CapEx, for example, which is driving a step change in, in utility networks growth from pretty moribund, flat, or even declining asset bases into what can be double digits, even above 20% growth in, in compound, um, compound growth rates in the asset base.

And following that logic then is, i- i- if they're not about, uh, the AI trade, or not fully, as you say, the ch- the cherry on the cake, it's very nice, um, does, uh, does it mean they might have maxed out already then?

And now is that just because the power industry is an AI proxy?

I mean, you referred to utilities earlier as a sort of traditionally stodgy industry, and I think that's exactly how people perceived it.

And then there was this remarkable change in perception that started a couple of years ago when utilities and the power complex really arrived at the sort of the epicenter of the AI complex, particularly because it is one of the major bottlenecks to the development of data centers, which are obviously the building blocks of AI.

And that definitely persists today.

And so...

As if you do fall into the bullish camp on AI, then utilities offer an attractive way at a reasonable valuation and with a defensive nature means to sort of play that as a theme.

I push back on them being solely an AI play and.

Does it mean they might have maxed out already then?