Yeah, I mean, speaking of portfolio allocation, right, and diversifying your portfolio, you know, we can also talk about some other companies that are still within, I guess, the general tech industry and sector, but they are not pure AI plays or not like the max seven, right? So Subra, for example, if I want some exposure to US tech, you know, what are some of the industries that I can look at?

Yeah, so that's a great point.

I think oftentimes people think of technology just as the tech companies.

But actually, today's tech, if you see, the way I see it, there are, with AI, there are three layers.

The first layer is, of course, the infrastructure layer, and everyone talks about it, the data centers, semiconductors, which is used to build the computing power systems.

But then you have to actually build the data centers.

You've got to power the data centers.

So I wouldn't be surprised that if investors are kind of looking to get exposure, it won't be too US centric there will be quite exposure to US companies they will get some Asia companies but investors should not try and start constraining themselves to I want to find AI companies in Singapore or in Malaysia or in whatever geography focus on the business model and fundamentals

Mm

... um, they're borrowing huge amounts of money.

So in absolute terms, the quantum is large, $200, $300 billion.

But if I just take a step back, uh, and you look at the four largest companies in the US, their market capitalization, or the value that they have, is in excess of $15 trillion dol- dollars.

They generate every year $1.5 to $2 trillion of revenue.

They generate profit on a, as a group, uh, a couple of hundred billion dollars.

So if you take on borrowing of $300, $400 billion, it sounds large, but relative to the size of these companies, it's actually not that big.

Mm