[laughs]

... you know, certainly get asked about this at every dinner, um, catch-ups that I have.

But, you know, short answer is that we don't think we are in a bubble yet, um, at least at this stage in this point in time.

Um, because if we go back to, you know, the fundamental definition of what is a bubble, right? You know, a bubble is defined as a large increase in the value of an asset that can't be explained and, you know, cannot be justified by fundamentals.

And so we kind of break this question up into two parts, right? And we focus on the first part of this question.

Yes, it is true that we have seen a significant increase in valuations for, you know, tech companies like the hyperscalers and the mega-cap companies in the US.

But it's worth putting things in context even, you know, just looking at valuations alone.

Mm-hmm.

[laughs]

... you know, certainly get asked about this at every dinner, um, catch-ups that I have.

But, you know, short answer is that we don't think we are in a bubble yet, um, at least at this stage in this point in time.

Um, because if we go back to, you know, the fundamental definition of what is a bubble, right? You know, a bubble is defined as a large increase in the value of an asset that can't be explained and, you know, cannot be justified by fundamentals.

And so we kind of break this question up into two parts, right? And we focus on the first part of this question.

Yes, it is true that we have seen a significant increase in valuations for, you know, tech companies like the hyperscalers and the mega-cap companies in the US.

But it's worth putting things in context even, you know, just looking at valuations alone.

Mm-hmm.