“To me, the right question is always for each individual company, are they a beneficiary or are they a victim of AI? The only third option is I don't know yet. There's no neutrality.”

…of applications typically significantly larger than the infrastructure. Otherwise, you could not really justify the infrastructure. In this case, I think it's taken longer than usual for the application layer to kick in terms of the multiple expansion. In fact, we haven't seen the multiple expansion. If anything, we've seen multiple contractions. And what I'm seeing in reality is actually that to me, the right question is always for each individual company, are they a beneficiary or are they a victim of AI? The only third option is I don't know yet. There's no neutrality. So I think that I see many companies in my own portfolio and outside my portfolio, which are, let's say, an application layer company, let's say a vertical focus, and AI is Godsend for it making the business so much better on every level, both in terms of efficiency and cost, but also in terms of what they can do for the customers, the value of the product of the service to the customers. And…