But you touched on the economic backdrop just very briefly there, and I think that's really important because we have seen a very resilient US economy and a really strong earnings picture, haven't we? Putting the conflict aside just for a moment, how are you seeing some of those other indicators in a macro sense play out?

Yeah, you're absolutely right.

And you know, at the end of the day, we are talking about the markets, right? Your clients are investors.

And we know at the end of the day, we need economy to be growing, which begets earnings growth for the markets to actually generate good returns.

You've gotten great returns from the US equity market in the last few years.

Not just good, great returns.

And a huge amount of that has been driven by earnings growth.

How are we positioning things when it comes to those high-growth technology businesses?

There's this big difference between how we're thinking about markets reacting to revenues and thinking about earnings as well, because they're looking for is this being monetized and are they seeing the gains from this so as that hyperscaler capex number keeps rising even as free cash flows starting to look like they're turning negative for me it's the market really trying to price in whether this capex is going to be rewarded and really who's going to be the big beneficiary of this and it may not be those companies that are there today Is it the ones that are spending the money? Is it the ones that are going to be the adopters of this technology? But for the here and now, it's all about how far can this CapEx story continue to go and continue to climb? So from the US equity investment team, how are they thinking about this capital investment cycle and where it goes from here?

Yeah.

And I think like the earnings number, these are big numbers we're dealing with, right? Everything's really big right now.

And it's rising, right? If you look at CapEx expectations for the hyperscalers in June 25, looking forward for 26, that figure as of now has risen over 100%.

If you're looking for capex expectations for those same companies for 27, it's risen 150%.

And it looks like we'll probably hit a trillion by 28.

So it's an awfully big number.

You know, what are we seeing in terms of the non AI part of the US equity market?