So what's changing?

Well, if you look at where we've started, so thematic investing has been narrative-driven, focusing on identifying major structural trends for investors.

So at Morgan Stanley, we've identified core themes of artificial intelligence and tech diffusion, the future of energy, societal shifts, and the transition to a multipolar world.

So what's changing is that investment approaches are becoming much, much faster, so we're now seeing clients deploy agentic AI to drive trade recommendations.

And sure, AI can read a new hundred-page thematic report from Morgan Stanley faster than humans, but for the right conclusions, it's important to connect these models with high-quality data sets, and we think that's gonna be helpful for human investors as well.

So this is where the third phase of thematic investing comes in.

The first phase was identifying secular trends that cut across markets and industries.

But how do you separate genuine exposure from a more marketing-driven, uh, language around thematics, Daniel?