What's been going on? What's behind this?

Yeah.

I guess...

So just to give you a bit of context about the report, first of all, and Tony, you are right, that we do a lot of research, and it's kind of where we are kind of have this enviable place in the market where we can work with partners to be able to look at what our clients are seeing and doing in the market and digest that and then provide those insights back out to market.

And so we produce this report with Dealroom on a quarterly basis, and we have done it for many years now, and it combines the proprietary startup database that Dealroom has, combined with publicly available information, other sources of information, then also company-submitted data that we, we kind of verify, package up, and be able to kind of get a sense of what are the key trends and movements across the UK innovation economy that are interesting both to us as a bank, to our clients that are going through that journey, but also the investors that are kind of helping to fuel some of that, some of that activity.

And then what, what's, what's going on really around this H1, H1 dynamic that we're seeing? What's, what's coming out of those numbers? And you are right.

It's this record AI investment that we're seeing.

Isn't it pretty hard to raise money out there at the moment?" I said, "Well, not according to the, not according to the report." [laughs] So how, how do you, how would you sort of describe the environment?