Michael, taking a step back, how does the data center market look like today in Europe, if you were to give a quick snapshot?

Yeah, okay.

So there's a couple of things to understand.

The data center is not in and of itself an economic value.

It's a piece of infrastructure.

It's like a road or a railway line or a port.

The entity itself is a piece of real estate, and it only has as much value as the market wants to put on that piece of real estate.

So what does that mean? What type of regulation are you facing and how is it shaping you as an industry? Okay.