William, what's China's position on AI? Is it open at all to any sort of cooperation on global regulation? Or would it just see that as another attempt by the US to hold back its developments? And does it just want to be able to go ahead at its own fast speed?

Yeah, I think it's an interesting topic, you know, Peter and Alex.

I think from day one, the domestic China L.M. company has choose open source, you know, direction.

You know, it's kind of like, you know, Google, you know, shops, if you like.

While the U.S. choose a closed end system like, you know, the Apple store, you know, meaning that they are not open source.

That would be the material impact down the road.

And my view is I think open source would be best suitable for everyone, in particular non-US and non-China, so that people can catch up in terms of development, the LLM.

So William, what are your thoughts on this? Are we now higher for longer on the US Treasury? Has 5% now become a flaw for the 10-year yield and we're now going to have to get used to it remaining above 5% for perhaps a considerable period of time?

Does Unitree's blockbuster debut tell us something specifically about this company or does it signal a much broader re-rating of China's robotics sector?

Yeah, I think it's about so-called first move for advantage.

To be honest, they did a lot of good branding.

If you look at the Chunhua, the Chinese New Year show, you see they are dancing, they are playing Kung Fu.

So definitely from a marketing perspective, they have done a really good job.

If you watch some of the video, one of our Taiwanese singer in China, they invite Unitree to be the dancer on the stage.

So I think from a branding and marketing perspective, Unitree really brings the robotic theme or the hardware to the whole consumer or the day-to-day life.

William, for retail investors who are looking to these blockbuster IPOs, what should they be watching or be careful of so that, you know, they're not just buying into the hype or bubble?

I mean, William, are we seeing a bubble burst here?

Well, it's the first stage, but still SK Hynix is up dramatically compared to what happened last year.

But definitely some of the retail leverage money is gone.

As we have been talking repeatedly in the program, I think the global guys, they're already exiting or selling some of that.

Who's using the leverage is the Korean retail last link for that part.

I don't think it's burst already, but the leverage money is gone.

And unfortunately, the so-called AI-related theme is still one of the most powerful themes globally.

So what are your thoughts on Hong Kong?

Yeah,

definitely.

I agree a lot with what Matt said.

I think the team is definitely very close.

There's a ton of camaraderie.

You're spending so much time traveling together, getting meals together, like all those hours spent together in the van.

Those stick with me the most.

I won't copy, I promise.

Well, William, what, what's your reading on this? W- how do you take it?

Well, um, I would be echoing Andrew, but trying to come up from a different angle, you know.

Because, um, I spend money in Shanghai and China, I see, um, there are some early sign of positive inflation, if you see what I mean.

Uh, it's, um, um, the Chinese government is trying to create a so-called wealth effect, you know, from the public equities, which I think they are doing slightly positive given the sentiment.

And then, um, stop the big, um, internet company and, um, the tycoons in doing the so-called anti-inflation, lowering the price like Meituan, et cetera.

And for example, a coffee from one of the coffee chain was costing, like, one US dollar last year, and people are buying, but, you know, it is, everyone is losing money.

And the latest situation is now two US dollar, meaning that I think the anti-inflation, trying to make sure the company make money, uh, people are still buying.

Why do you think that is?