Do you feel that the investment, particularly over the last two and a half, three years, is now getting a little bit bubbly or are we still at the very infancy of the AI revolution and the general investment that it's going to create?

Ivan, thanks for having me.

I hope it will be a quite nice discussion in the coming few minutes about the environment, about the market in general.

Thank you for the question.

I would like to try to lay out my whole framework of thinking about the current situation and how how AI investing will work out in the future.

I mean, of course, we cannot predict what will happen with AI and so on.

But like for me personally, the way how I try to tackle this topic is more like trying to see certain historical comparative situations in the last 30 years.

How do they get around that clearly impact on a very traditional, very cash cow, using your term, business sense when AI starts really taking off?