Just tell us about that relationship and how you think the whole data vendor ecosystem is adapting to AI and/or evolving with AI.

Yeah.

So the term data company is really problematic for, for us.

It, it's really a kind of a, a name that covers very different kind of businesses serving different needs, entirely different kind of businesses.

So you mentioned that there are data companies that are serving the large language model training right now, the Merkle, the Surge AI.

They are good at massively labeling data, connecting the, you know, different type of data and help the, help build up the data sets that are used for the training.

While for us, we are more on the real-time data end.

How do you view that?

You know, the fundamental

models of, you know, social media, e-commerce and all that, they are similar.

They're the same.

It's just they are separated from each other.

I think the best example is the EVs, actually.

Automobile sector is definitely a very great sector And every, you know, respectable industrial powers will need to have a strong automobile sector.

China also wanted, right? China actually for decades wanted to build a domestic automobile industry, but actually they never succeeded.

Where do you see Chinese tech companies, you know, playing in this increasingly global market, how are they counterpositioned against their U.S. counterparts?

Are we seeing recovery? Is it stagnation or something else entirely?

We've been through some tough years, and I think everything started actually in 2021.

If you remember, 2021 was not a COVID year for China.

It was doing pretty well, actually, coming off the back of a strong 2020.

But in 2021, China started to basically self-detonate the real estate industry.

while the full impact of that was felt in later years.

And then 2022 happened, there was the very stringent anti-COVID policies, and then there's a lot of geopolitics that's making the capital market very weak.

Are you bearish or bullish on Pop Mart? And what does their trajectory tell us about Chinese consumer brands going international?