Kind of flat markets, uh, particularly in the US, so maybe you can help us unpack that a little bit, what you're seeing going on in terms of market leadership.

What did markets do this summer? I think overall they performed well.

Like you said, you know, flat, little bit positive returns.

You know, equity market drove performance as a whole.

I think we saw positive returns for most of the global indices.

There was one detractor though, and that was the NASDAQ.

And I think we are starting to see a little bit of that sell-off in technology.

Yeah

All right, Matt, the question burning on everybody's mind, who are the index providers that are, let's say, changing the rules, bending the rules, and, and who's sticking to their original methodology?

Let's focus on the majors here.

So Nasdaq inclusion, yes.

Companies that are in the top 40 in market cap will be eligible for inclusion on the 15th trading day after IPO.

So let's call Nasdaq in and around July 7th inclusion.

They've waived the minimum float rule and replaced it with a float adjustment factor that's capped at three times for securities with a float less than 33% of their market cap.

So focusing on that float adjustment, which will be an important factor specifically for SpaceX, but then also expected to be important for OpenAI and Anthropic as well.

[laughs]