So do you see already some evidence of this regulatory divergence and restrictions affecting the markets? Do you have a message for regulators, for international standard setters on this risk?

Yes.

I think we don't see regulation moving in a way that market become more fragmented, that we don't see yet.

But we see national either security concerns or nationally economic decisions, which leads and has led to more fragmentation.

I think here more about on the AI front, if you think about Mutos, right? The Frontier LLM, which at the very beginning was restricted for the testing only to US companies.

None of the G7 companies could test it, and having a not level playing field in terms of understanding how Frontier LLM is working at should be a concern of ours, because on the one hand, we have become much more interconnected with the technological push.

But on the other hand, the multipolar world means that, yes, you can have different access, either in terms of capital or either in terms of restricting access to certain technology used like AI.

Now let me mention, I think we've seen a lot of large investment cycles, right? This is not new, but tell us what is different now with this one, right? Why should we, you know, insurers, investors, regulators, pay more attention to this one?