So let's start with the first one.

What does the bond market have to do with the AI build out? As you said in your question, Gabe, we are currently living through one of the largest corporate financing cycles ever.

And it's also one that most people really aren't watching because it's happening primarily in the bond market, not in the stock market.

You know, these so-called hyperscalers, you know, think Amazon, Microsoft, Alphabet, Meta, and Oracle to name a few.

Well, they need capital and they need lots and lots of it.

Now, some people listening might be thinking, you know, but these companies generate enormous amounts of cashflow and hold attractive cash balances on their, you know, really massive balance sheets.

And even though that's true today, almost the unprecedented scale of this investment needed for tomorrow is just so big that they have no choice but to borrow from deep pools of liquidity, i.e. the global bond markets.

You