I mean, just

adding layers, layers of complexity, right? Here again, you know, I think that's already the reality today, which is most businesses have kind of adopted a, you know, potentially four days in the office, one day we're remote, you know, depending on kind of what the math is.

And, you know, I've worked in businesses for a long time, so it doesn't really impact me because I basically understand what the role and responsibilities are.

I think if you're somebody that graduated from college and this is your first experience, I think that remote adds a layer of complexity to the situation.

Then you further add that layer of complexity with this notion of AI being part of your daily experience.

Look, net-net, a lot of the tasks that are being replaced aren't particularly ones that use a high level of your, quote unquote, education.

So look, there could be an opportunity to just be more creative and more effective and sell more things, whatever the more is.

I mean, are there any companies that are doing that particularly well? I mean, sort of using technology and not simply replacing the entry-level human sort of experience?

I wonder why the ecosystem is so difficult to replicate, why it's become so sort of self-reinforcing, if you like.

Well, I think it really boils down to the fact that if you think about, like, let's just think about a factory, right? In a factory, we produce widgets.

In many of these technology companies, the widgets are the people, the cogs in the machine that basically operate the business and you could go function by function.

Those types of talent pool are very persistent in the Silicon Valley.

So you have groups of people that go from company to company in high growth phases that basically execute on the business models.

And from my experience, having worked many decades ago at Oracle, I saw it with my own two eyes And it can't be understated how important it is to basically have this type of functionality in order to grow a business.

And you combine that with, you know, incredibly talented individuals coming out of, you know, just world-class universities, which are kind of cutting edge.

And is it drawing that kind of talent pool from across the world, really? Because it does seem to be a hub for sort of entrepreneurship everywhere.

I wonder if you can talk about why that is.

The thing that makes cybersecurity such a challenging sector to invest in is if you take a step back and look at other sectors, and let's just use the database sector, for example.

When you take a look at a company like Oracle, who has innovated around the database for the last, call it, 30-plus years, in cybersecurity, because the adversaries change vectors of attack, There isn't the opportunity to innovate around a certain technology or a certain direction due to the fact that your adversaries want to change how they attack you.

It's very simple, right? You have AV software, adversaries decide antiviral software, they decide they want to attack through a different vector, and then that software becomes almost obsolete.

So in cybersecurity, This notion of having the right architecture at a given time is so incredibly important.

And those architectures change.

So our job is to figure out the companies that are basically providing those layers of security that for the relevant vectors today is the way to think about it.

Can you give us an example of how that happens in practice?

What makes quantum computing different from normal computing, the computers we use today?

It's an entirely new way to compute in that today's computers use binary outcomes, one or zero, when they're programming.

With quantum, you add a new variable into the equation.

So you have a multitude of possibilities.

But with that becomes a lot of challenges, such as reliability needs to skyrocket in order for quantum to work effectively.

which means your margin for error really goes down just from an engineering perspective as they're building the systems.

Quantum computing isn't just about fast computing.

And so what might those problems be? What could quantum computing do that an ordinary computer couldn't?

Where the sort of conversation around AI has changed in more recent months, what would the sort of software sell off? Do you think it is coming to that point where it is broadening out a bit more now?

Well, I think that what you're seeing is the early demonstrable examples of AI impacting business in a positive way.

And that's been really tough for the software sector.

And I don't know about what your own personal experience is with AI, but It's pretty incredible.

I think for a variety of workers, it's really a productivity enhancer and really makes your day-to-day life more efficient.

Now, what do you do with the extra time? I have no idea for some people.

But I do think that I've been amazed at some of the stuff we've even done internally that just from a team perspective, I've just been blown away with just the amount of time saving we're getting from some of these kind of what I consider lightweight AI applications.

How have your software holdings sort of fared throughout this? Are you a bit worried that, you know, some unforeseeable AI tool could come along? 100% is the