okay so when you think about this one of the issues that's coming up for equity investors is this notion of circular financing where the capex spenders are actually in many ways become part of the conviction that there's an ultimate payment structure on the interest expense to kind of keep all of this together How would you say, at this point, fixed income investors are looking at considering and assessing the circular financing component that is so topical right now?

Sure.

There are really a lot of questions about how the money is going to get raised because there's so many different types of assets that need to get built.

And there's a lot of dependency.

So the dependencies really start with the fact that In order to create a data center, you need power, you need chips, you need land and permits.

You also need customers.

And one of the things that's really challenging is that for many of the adopters of AI, the costs associated with developing new products are also substantial.

certainly a lot of questions around