Yeah.

They hold the data, and this is super interesting because n- number one is most of the models didn't see these data yet.

They can even not read them because they are design data, engineering data.

They also trace what you changed.

Changes are super interesting because the model can learn why you changed something.

And it's also the serviceability of, or how you orient the instructions for your manufacturing.

So this is a single sort of truth.

That would be nice

What is it?

Well, AI as we know it, when it started off, it's a general purpose technology, and it surprised us because when you just ask a question, you can ask it in natural language, and you get amazing results.

However, when you ask something, you get an answer that can be right, that can be wrong.

Sometimes it's completely wrong.

It's hallucinating.

Um, so the quality is, let's say, questionable, and if you want to deploy AI technology on the shop floor, it has to be deterministic.

So AI is a non-deterministic technology, and by the way, this is not a bug.

You seem to be thinking about that one.

... you can point to? Please.

It's real now.

And, and we can talk about the design phase, the manufacturing phase, and the operation phase when your assets are in the field.

But you talked about a, um, a example on the, on the shop floor.

Actually, we now launched our engineering agent.

What is it? It is an agent which programs an industrial PC for you.

So if you have a, a cutting shop on the shop floor, and the cutting is not precise anymore.

... do you think that Siemens is being treated and valued as a technology company?

Is it real now? Is there a deployment that you can point to?

Please.

It's real now.

And we can talk about the design phase, the manufacturing phase, and the operation phase when your assets are in the field.

But you talked about an example on the shop floor.

Actually, yes.

We now launched our Eigen Engineering Agent.

How will your investments, your attitude towards M&A reflect that? And when you think about the market of today, the volatility we see in the technology sector, do you think that Siemens is being treated and valued as a technology company?

They can't all be happy with you.

I'll give a little bit of insights how we, how we did, uh, how we did in the past and how we do it right now with our One Tech Company program.

In the past, we had many restructurings and many changes.

The point was a managing board, these are typically something, but we have, we have now, um, seven people, and we used to have fifteen or more, whatever.

In the past, these guys were going together with their strategies in a room, defining a new structure, laying out a new org chart, and then, "Dear, dear, dear colleagues, this is where we're gonna go, and we reshuffle." You can imagine how that, how that goes down.

Um, this time, we created a North Star, where we wanna be.

The North Star is basically what, what I sketched to you, these fabrics, the businesses, um, and head, but, but, uh, allow them to focus on what, what they need to do, focus on their customers, on their applications, but yet we want to get horizontals into it.

And do you see LLM technology, the core technology, improving at a rate that might change your assessment of it?

So

what we see is, number one, is you see that the energy demand is roughly scaling with the GDP growth.

It's decoupling because exactly of this effect that we are providing more and more efficient technology.

So that means you are decoupling, but still it grows along with economic growth.

And then on top comes a demand for data centers.

They demand high quality of energy at the same time, which in some cases creates bottlenecks.

Is it now from power generation? Is it either renewables or gas turbines? There's a huge bottleneck for gas turbines as we speak.

Is that an area where we might see you be active in M&A? Think about what else you might need that you might not get from the Jensen and NVIDIA partnership.