So Rob, can you tell me how does AI play into the picture, and how does Southeast Asia play into the AI picture?

picture?Yeah.

So I think, uh, that's a really interesting dynamic that's emerged in the last few years.

So basically, there's a huge build-out of data center capacity to support, uh, the AI industry now, and that's happening globally, but mainly in China, the US, and, and s- uh, some other locations in the Indo-Pacific, like Japan, Australia, and Malaysia.

Those data centers, they basically require these very advanced leading edge semiconductors, uh, known as GPUs, to power these AI models.

But actually, those data centers, it's not just those advanced semiconductors.

There's a whole host of, you know, uh, server equipment, uh, cooling systems that are needed, as well as, like, other electronics that help, uh, a data center run.

That seems to go against the grain of a lot of thinking out there, so what's your argument?

Do you want to talk a little bit about the America First agenda and its impact on the economies in Southeast Asia?

Yeah, sure.

So thanks, Jess, for the question.

I guess with the America First agenda, we see, as you said, a very transactionalist approach.

So Trump views, as Richard said, bilateral deficits with other countries as a huge negative.

So he views international commerce and trade in a very zero sum manner.

You could even hop back to kind of mechanicalist thinking around trade or protectionist thinking of the 1930s.

Rob?