Why wouldn't they? But yeah, in terms of that sort of the additional revenue that is taken away when an AI acts on your behalf? How can they tackle both?

I wonder how real this is going to get.

I do think there's interest in agents doing things for us.

But what proportion of spend actually shifts is a question that I think is still a very large open question.

I think there's actually a delight.

Most people like buying stuff.

The average person probably enjoys buying a thing.

Would you agree with that assessment? And why would you think that is, perhaps?

So from your standpoint, where did a lot of those kind of problems come from? How come this is something that we're still waiting for, even though it's been something that we've been kind of thinking about for such a long time?

Payments is this very, it's a human generated system, right? I think it's really important to think about payments as like a massive network of connected parties.

And that's, you know, we have the banks, we have the consumers, we have the network itself, think like Visa, MasterCard, and then we have the merchants and all of these different parties have different incentives.

Your banks are trying to protect you.

They want to make sure your money isn't ending up in the wrong hands.

Merchants are trying to onboard as many customers as possible and get them through the door.

And then the networks are trying to move all of this information around.

So how do you kind of balance these two conflicting ideas? Or maybe the better question is, how should banks be thinking about this balancing act between the customer experience, making sure they're offering that amazing personalization while still making sure it doesn't come across as creepy?

Hoban, what do you think? Does that roll-up strategy sound right? Acquire a bunch of related businesses, put in some AI, strip out some people? I'm maybe being unfair on the venture capitalists behind it, but...

No, I think you got it right.

I think it kind of has echoes of private equity.

I think what's really interesting is that, you know, the private equity pitch for a long time was by companies that are encumbered by overly, you know, generally high headcount and cut headcount and bring out efficiencies through technology.

And now this just has an AI lens.

I think the AI rollout strategy is being played out across big funds like Thrive Capital.

I guess, you know, they have a perpetuity fund.

And maybe that's one of the challenges here, right?