“The macro, I would argue, is more important for biotech than drug pricing. And when we talk about macro, I'm talking about interest rates, what's going to happen with AI regulation and the view on tech holistically. Because if the market's going to be under pressure, it's hard to see how biotech is immune. … If they're really going to go after AI, whether it's regulation or the data centers, I don't know that biotech is going to be the beneficiary of the trade, especially if rates stay higher.”

matter. Yeah, I tend to agree. I think we're going to be pretty clearly in the grit lock for the next two years. And I think we'll need to see exactly how much they try to go after Trump for whatever mishaps they, you know, one can bring up and discuss and whether that's going to come back and bite them in the next election as it did last time is TBD. The way I'm thinking about it is what's going to be, it's almost the macro, I would argue, is more important for biotech than drug pricing. And when we talk about macro, I'm talking about obviously interest rates, what's going to happen with AI regulation and kind of the view on tech kind of holistically. Because I think if the market's going to be under pressure, it's hard to see how biotech is immune. So I think it's a question of how much we're going to be in. In collateral damage more. If they're really going to go after AI, whether it's regulation or whether the data centers are going to be, I don't know that biotech is going to be the beneficiary of the trade, especially if rates are staying kind of higher. Now, there's a really question whether biotech last time was impacted because of rates, because it was the delta, it was the slope of how much the rates went up, how quickly, versus just higher longer. It looks like…