Why do you think I waited to make my

world podcast premiere for all in? All

the ankle biters called and I said, "No,

I'm just going to wait. [laughter] I'm

going to wait till the besties call."

>> Coatue is one of the most successful

hedge [music] funds of the last two

decades.

>> $55 billion under management.

>> This is their flagship hedge fund.

>> The reason we decided to kind of get

into this business is to find great

entrepreneurs and find great companies.

>> And they're looking to raise a whole

billion dollars more [music]

to invest in AI.

>> We're in an idea business and when you

have a truly revolutionary idea, it can

get really big.

>> I hope to do something a little bit

different. Besties, you've been on for a

couple hours, so you can take a break

now for a few minutes. Sit back. We are

going to show you some slides.

And

we're going to walk you through really

an update on the unicorn economy. So,

the markets are back. We can see that

the unicorn economy, on average, since

September of '24 is up 70%. I think

that's intuitive to a lot of us.

But, what's even more amazing is that

the public market has really

made the same move up.

So, if we look at the share of the

unicorn economy of the NASDAQ, which had

a significant move up since 2015, it's

really kind of plateaued

over the past few years and I think it

speaks to the performance of public

companies like Palo Alto and others. So,

AI is dominating fundraising.

What's kind of interesting in this slide

is you can see their share continues to

increase.

So, multiple years in a row now that AI

is increasing its wallet share of

fundraising.

But, the composition of that funding has

changed. If you look at the unicorn

factory, which really peaked in the ZIRP

era of 2021,

we've now really normalized at a much

lower level pre-COVID.

So, mathematically, if you put both

together, you can see that the funding

per unicorn has increased 5x

since 2021.

So, we have fewer unicorns that are each

raising more.

Now, I'm going to spend a minute on this

slide because this slide is really about

the health of our ecosystem.

So, the way to interpret this is if you

look at the green line,

which is the pre-ZIRP era unicorn

cohort,

of which there's about 73,

you can see that 20 quarters after

becoming a unicorn,

80% of them had either raised a new

round or exited,

which is, I would say, pretty healthy.

Now, if we look at the 2021 cohort,

which is the red line, two things stand

out. First, that 20 quarters in, you can

see

less than 20% less

had either exited or raised.

But, look at the number, 479 versus 73

in the prior cohort.

So, now here comes this new cohort, what

we'll call our 2024 cohort of AI

companies, and the key question is, what

will happen in the future?

Which of these cohorts will they

resemble the most?

So, we talked about how AI is

concentrating the funding base of

unicorns, but what we also see is the

top 10

is capturing a significant share of

funding. So, it's not just AI companies,

it's a small number of AI companies,

which probably makes sense since we know

that Anthropic and OpenAI are raising

massive rounds.

And so, what I like to think is we kind

of have a new index. If we really

thought about what the index of the

future is,

what for now I'll be able to call the

magnificent eight, but that number is

going to shrink as these companies go

public,

the first thing that jumps to my mind

is, "Wow, what an incredible group of

companies."

And look at the diversity. SpaceX,

Stripe, Anthropic, Databricks, Revolut,

ByteDance,

Anduril. We have internet, we have AI,

we have fintech,

we have space tech.

I'd feel pretty comfortable owning this

index if I could for the next decade

plus.

And obviously the performance of this

index has been incredible. It represents

almost $4 trillion of value

and has really crushed the traditional

kind of Mac 7.

Almost every single one of these names

has outperformed that index.

We'll go to the next slide.

Now, another positive sign is that if we

look at the exits,

the exits are thawing.

So, one of the things that we've talked

a lot about with the besties over the

years is

we know the unicorn economy is great at

consuming cash, but how much cash is it

really returning?

We need to have a balance between the

amount of cash consumed to the amount of

cash returned. That's how an ecosystem

stays in balance.

And if we look, 2026 is actually on a

pretty good trend.

Not quite where 2021 was, but pretty

good. And we still have half a year to

go.

But,

that doesn't include

three companies that we know will be

coming public pretty shortly. SpaceX

obviously in the next few weeks.

And we know Anthropic just today the

headlines hit that they've submitted

confidentially for their S-1.

And if you add up the totality of just

those three companies, you can see

that it's basically going to be more

than the 10 years kind of combined.

Which ultimately means, if you remember

and

you were there when I presented the

first all-in summit in 2024, we knew our

ecosystem was out of balance.

We were consuming way more cash than we

were returning.

Which is just a fundamental imbalance,

and you can see that now

even pre-the

liquidity events that I just mentioned,

our ecosystem is significantly more

balanced.

And that will continue to improve.

Part of it is that the growth rates of

OpenAI and Anthropic are unlike anything

that we've ever seen.

So, if you look at this chart, just

remember this chart starts in January of

2025.

That was only a year and a half ago.

Just a few months in, these companies

passed Workday, a pretty incredible HR

company.

Then it was ServiceNow.

It was Adobe by the end of the year.

Salesforce on the way just in January.

Now even bigger than Google Cloud and

Azure.

So, what can that look like in the

future? Well,

this is just based on kind of some

assumptions and some forecasts, but you

can see

that we estimate that only not only is

it bigger than Azure, but

by the end of the year could be bigger

than AWS

and potentially bigger than all of

Microsoft

by 2028.

Now, these hyperscalers aren't sitting

still. They're seeing the disruption.

But actually, they're doing more than

seeing it. They're actually funding it.

Because if you look at the ChatGPT

moment that we know happened, look at

how much these companies, the largest in

the world, have invested in enabling

and creating this change. Truly

unprecedented.

So, I know SpaceX, a lot of people are

going to talk about SpaceX, so I thought

I would share a little bit of how we as

investors think about SpaceX.

So that as you think about whether it's

a stock that you want to own or you just

want to seem smarter at a cocktail

party, you can benefit from our

knowledge.

The first thing that pops out when we

look and study SpaceX is that

the number one driver correlated to the

valuation of SpaceX is cadence of

launches.

Which intuitively makes sense. If your

business is the launch business, the

more you launch, the higher your value

should be.

So I think we see that in the data.

But there's another fundamentally

different

ratio that I'm going to point you to,

which is what if we took the valuation,

we divided it by the number of launches,

what would that look like?

Well, you can see it was kind of in a

fixed range for a while and then it

really started to move up.

And we believe that markets are rational

and so we started thinking, well, why is

it that the market is valuing SpaceX uh

higher on a per launch basis when it's

launching more than when it was just

starting out?

And my fundamental view, and we'll kind

of call this our code two framework, is

that the reason is

that the quality of SpaceX's business

model increases the more you launch.

So in phase one, which we call

pre-constellation, you're just trying

your rockets. And we know rockets are

hard.

And maybe you have a few government

customers and that's a one-time revenue

business and it's unpredictable.

Then you get into your initial ramp and

now you might have one constellation. So

why is a constellation important? Well,

it's an end market

and it's a recurring revenue business.

The more satellites you put up, the more

subscribers you have, the more revenue,

etc.

Now, you can move from ramp into scale.

Now, you don't just have one

constellation, you have multiple

constellations.

And ultimately, we believe that a wide a

wide variety of companies and

governments

and militaries will want to own their

own constellations so they can control

their own

destiny.

So, now you move into being a scale

business, which ultimately becomes a

platform. And we know how valuable these

platforms are in this technology age.

And platform means not only do you have

many more customers in your core

business, but you also have new

businesses.

It could be space

data centers, it could be the

optionality of the moon and Mars and

other space applications.

Now, we know when defining feature of

this era has been how quickly these

companies are scaling. And if we just

look at whether it's the PC or the

internet or the mobile,

Anthropic in particular is scaling like

no other company that we've ever seen.

Now, this was kind of an interesting

analysis and this is what I'm I'm

curious to kind of

discuss with the besties, but we looked

at essentially three buckets of

companies.

And we said, "Okay, within each bucket,

what is the likelihood that you will

have a 10x?"

Which I would view as an investor, maybe

not a seed investor like Jake Hal, but

for us as growth investors, wow, a 10x

is pretty good.

They're hard to find.

So, the data showed us that if you're a

unicorn,

the odds of you one day becoming a

decacorn are about 8%.

If you're a decacorn, so that means

you're over 10 billion,

the odds of you becoming a hundred

billion dollar company, not much better,

8% to 13%.

But how interesting that if you're a

centacorn, hundred billion or more,

the odds, and by the way, we're putting

in public and private companies,

you now have a 31% chance of having had

a 10x.

This kind of flies, in my opinion,

in different than maybe we would have

expected.

And if we look at how quickly these

companies are creating value, this is a

chart that I kind of added at the last

minute because the data is so fresh, but

you can see it typically takes multiple

years to go from 500 billion to a

trillion in market cap.

Well, something happened very recently

in the public market, which is that not

only did we have three companies do it

in the same year,

but we had two companies do it in a

matter of weeks.

So, we can talk about what conclusions

to take from that.

Now, even as these companies were

scaling incredibly quickly from 500

billion to a trillion,

we had other companies take a long time

to succeed.

And this is a company called Cerebras

that just went IPO, so I thought it'd be

a good candidate. I was very proud to be

a board member for a long time and led

the series B.

But if you look at the company's funding

history, you can see why I put the

little construction icon,

that it took a long time and there were

some dark periods, multiple years,

of no new capital, of hard grind to

develop their technology,

all of that time leading up to a massive

OpenAI contract,

which then can tuple the value of the

company.

But, we know Cerebras has been

successful and frankly, it's not just

Cerebras. Semis are on a generational

run. I was just talking about this with

my friend Brad Gerstner earlier. This is

just since 2024, the All-In Summit.

You can see how much

the semiconductor industry has

outperformed the index.

What will happen in the future? Well,

one takeaway from having listened to a

lot of speakers this morning is that

there seems to be wide agreement that

the more an AI system knows about your

business

or you as a user, the more useful it is.

You want to know when you go and book a

restaurant that it knows already your

preferences, whether it's what time you

like to eat or what food you like to

have, etc.

So, we think ultimately that in this

era, the amount of memory per user

could quintuple just based on the demand

that these AI systems are requiring to

provide their services.

That helps explain why we've seen some

of these moves in these memory

companies.

And then I want to finish on a point

that I think has a lot of controversy,

which is where's the revenue?

If we remember over the past 12 to 24

months, there's been a lot of discussion

about is there revenue? Is there ROI?

Where is this associated with?

So, we tried to look and see, okay, what

is the size ultimately of the AI

ecosystem?

We believe that it's about 140 billion

today.

It'll be about 300 billion this year and

it'll double in 2027. So, where is that

revenue coming from?

Well, if we break it down, we can see we

kind of estimate three key pillars

to this industry. One we know,

consumer,

number of subs times an ARPU, that gives

you your consumer revenue.

One that I think a lot of people forget,

but it's ads.

We estimate currently that about a

quarter of ads served by Meta and Google

are AI enabled.

We think that penetration will

eventually go to 100%. That's 150

billion.

And then obviously we all know about the

breakthroughs in enterprise

and what Claude code and codex are doing

inside of those businesses. So if you

add all these together, you get a good

sense of the size of this ecosystem.

So this will be kind of my second to

last slide.

One thing that's different to me about

this era versus the prior eras in which

I was an investor

is that almost every sector of the

economy is being transformed at the

moment. So we know some of the obvious

ones, software,

but look at Telco.

I believe that within a few years

Starlink will power a device which will

actually enable you to make a phone call

anywhere in the world, and we think

that's a solved problem, but

every time we get a dropped call, we get

reminded that there's a better

technology out there. So back to

Nikesh's framework on profit pools, I

think the Starlink profit pool is the

Telco global profit pool of broadband

and wireless.

We know compute is driving massive

changes in semis.

We had senators earlier on telling us

how data centers have changed the energy

equation in Pennsylvania.

Just think about the auto business. I'm

sure a lot of us followed what happened

to Ferrari last week trying to introduce

a new technology of electric and

autonomous.

Begging the question of what is the

future of that franchise in an

autonomous and electric world and I

think the response to that

car kind of fed into this narrative.

And then obviously in consumer, we know

GLP-1s are having a profound impact on

consumption of food, alcohol,

composition of diet,

and a huge focus kind of on wellness.

So, if we put all that together, what

are our takeaways? Well,

my first takeaway is that the new

unicorn economy is healthier.

And we really have kind of AI to thank

for that.

The winners are compounding faster than

ever, which means the cost of not being

in a winner

are higher than ever.

Disruption is impacting every part of

the global economy.

And by the way, we don't even have super

intelligence yet.

So, if I think that it was about 2 years

since my last All-In Summit,

I started thinking, well, gee, what

could this look like in 2 years? And we

know it's going to be a really

interesting time, and thankfully, we

have a great group to help us navigate

what the next 2 years will look like.

We're going to give this a title,

the power law rules our lives. The power

law rules our lives. All the great gains

are being consolidated into small

numbers of companies. Uh but we're still

seeing strength in those. How do you see

the private market

uh

ecosystem, the game on the field,

evolving because of the stay private

longer and these extraordinary outcomes?

Obviously, I operate in the earliest

stages. You have people who are doing

Series A's like Craft Ventures. You have

uh yourselves dipping down into private,

but I was talking to Brad Gerstner, who

you um

discussed earlier. He was like, I I

I have to figure out where to put my

time. You know, we have early stage and

and they and they do obviously public

like yourselves. So,

and then add to that,

you have people like Andreessen Horowitz

maybe going for the average in a major

way and indexing venture. What what is

the playing field going to look like for

people who are LPs, angel investors,

venture firms? What How does this all

sort out into a cohesive strategy over

the next decade or two because it's

clearly the private markets are

operating much differently than the

playbook 20 years ago.

>> Yeah, so I think the the first breakdown

I would I would submit is

on the positive side of the ledger, the

outcomes are big, right? We're seeing

outcomes that we never thought possible

in private companies

and I think that's good just generally

for our ecosystem. So, we have big

outcomes.

It's really why I wanted to kind of show

that SpaceX slide. It was somewhat

counterintuitive to me on the launch

business. Why is it that the company

would be valued more as it launched

more?

So, I think at least we have a number of

big outcomes

and those outcomes will be public within

it seems like a 12-month period. So, if

I think about, you know, the ZIRP era

where the outcomes were smaller and

companies were not going public, I think

at least in this era, we have

big outcomes and a desire of these

companies to go public. Right? I think

both Anthropic and OpenAI are both

publicly saying that they want to be

public. So, I would say that's good.

I'd say the biggest issue is

the

it seems like we're talking about

K-shape and power law in every aspect of

life.

>> Yeah.

>> And it seems like that's the case in

startups as well. So, we've seen if you

looked at my centercorn slide, we've

really kind of been stuck at this number

for a little bit now.

So, I think Jay Kyle, I think the point

that you're asking is if we were to see

no new centacorns right in the next

decade, we've basically not really seen

any new one in the past couple of years,

I think that's going to be a warning

sign kind of for us.

>> What does this mean for where capital

allocators should be thinking about

putting their money? Because what you're

showing here, a rational person who's an

LP, would just say

wait for whoever gets to a hundred

billion and yolo every dollar you can in

there cuz it's the most sure thing, it's

the least brittle, it's the least amount

of effort, and it's the quickest return.

But as we know, supply demand equals

valuation.

These valuations are disconnecting from

any valuation metric we've ever had. Uh

we had it explained to us today by Bill

Ackman, I think quite accurately. You're

making venture investments in trillion

dollar companies and giving them 50

times revenue, 100 times revenue

valuation. So talk a little bit about

where people should rationally, as a

limited partner, as a private investor,

a high net worth individual, ultra high

net worth, where should they be putting

their money to work?

And do you worry about this everybody

racing to be in three names?

>> Yeah, look, that obviously was the right

strategy for the past five years. The

question is about the next five years.

>> Correct.

>> Right? So

the one push back I would have just on

the valuation argument is these are not

fake companies.

>> No, absolutely not.

>> I think we have to I remember the bubble

of 2000, I also remember 2021. Right?

These are companies generating

substantial revenue at scale

that are growing faster than anything

we've ever seen. So, you know, these

businesses are

real and they're performing and I think

it was widely

shown that Anthropic even had a

profitable month, I believe is what was

reported. So

you know, they're they're also kind of

profitable.

But ultimately, and I think Chamath you

agree with this,

the public market is the great

test

>> equalizer.

>> Yes.

>> Yeah.

>> The scale.

>> It will be the great antiseptic. It will

not care about my presentation

or, you know, um and so I love that. I

love that these companies are going to

have to face the scrutiny, both SpaceX,

OpenAI, and Anthropic, of the market,

right? And ultimately, I'm a big

believer in the market. And so I'm very

excited to see these companies go

public, withstand the scrutiny of short

sellers, pontificators, debaters,

politicians, kind of etc.

>> Let me Let me ask you two questions on

that. The first is very tactical, which

is

normally we would say that the

antiseptic or the disinfectant happens

on T equals one day, right?

>> Yeah.

>> Now the rules are changing. There's

going to be a lot of passive buying. So

it's going to move out that date cuz

you're going to have to wash through a

lot of supply demand. So that's that

could maybe

>> Six month plus one.

>> Six month plus one is when you'd say we

can really start to get a sense of what

these companies are.

>> Okay, so that's a tactical question.

>> The more strategic question, Thomas, is

do you think that there's something

structurally inefficient or wrong that's

allowing these compounders to accelerate

at scale? Like is that a market

efficiency problem or do you think

that's just a survivor bias and we

shouldn't look too much into that? How

do you look at that?

>> I don't want to read too much into it

because the end of those companies is so

small and look at Anthropic, right?

Anthropic pre-Claude code was a

completely different company than

post-Claude code, right? So one one

event completely dented the trajectory

of almost that entire industry.

So it's hard for me to know whether

that's truly,

you know, whether these companies were

like the mule in the Foundation series,

something that could never be predicted

and just came out of nowhere and it was

just a one-time thing.

You know, um we'll see. I do think that

the narrative of oh, these models are

commodities and these companies are

going to get I think that's been pretty

thoroughly disproven now.

Right?

Um and

>> How do you as Coatue, you know, your

asset base has swelled, you've gone into

you've expanded strategy, you're now

doing, you know, data centers, you're

doing many things.

How do you keep it all organized

when maybe a slide like that would say,

"Hold on a second, maybe we should have

just plowed $10 billion into

Unprofitable." Like how do you balance

that

>> the reason I I make a deck like this and

in some ways I should thank you guys

because

when we when I do something like this

for you guys and it is tremendous amount

of time from uh myself and our team and

um we really want to present you with

accurate information. So, the past 2

weeks has pretty much been a full-time

job doing this.

But for me, it re-anchors my conviction

around what to do. You know, I I can't

go and listen to a thousand people and

then I get distracted and I I don't know

what I'm thinking anymore. So, going

back to these ground truths of numbers

and valuation bring me back to a point

of okay, conviction. Right? So, for me,

whenever I try and understand the world,

I go back to okay, what do I understand?

I understand models, I understand

numbers. Let me go back and kind of peel

this out. What I think hopefully the

deck will show is look, there is

substantial reasons for why right? If

you look at the the trillion-dollar

companies that became trillion-dollar

companies in a matter of weeks,

these are not fake companies. Like these

companies have been around for decades,

right? And they trade at the lowest

multiple of earnings of the S&P 500 of

almost any other company.

So, there is kind of something kind of

real happening.

>> energy there that just got released.

>> Correct. And now it's like, well,

someone made a point to me on on

on uh you'll like this on memory, right?

They said, "Well, if if I want to design

a chip like Open AI, I can go to TSMC."

And I know it's hard, but at least I

have TSMC to help me. If I want to make

memory, well, there is no TSMC.

>> Right.

>> So, what should the memory multiples be

versus ASIC chips as an example?

>> The wrath of Lina Khan can be seen seen

clearly in this. And Sachs, I want to

get your input into how policy and

elections matter when it comes to

outcomes.

>> As I saw, I don't know if it was this

chart, but the the chart where you show

the odds of each category reaching the

next level, the

>> Would you have predicted that out out of

curiosity?

>> very counterintuitive. Where my mind

went was extrapolating one more, which

is what are the odds that

trillion-dollar market cap companies get

to 10?

>> Yeah.

>> Yeah.

>> And the last one was 31%. I mean, it

seems to me it would be like 50%? 100%?

I don't know. It seems I'm thinking is

it going to be greater than or less than

30? And it seems to me it's greater than

30% are going to hit that.

>> It's It's It's probably the filtering

mechanism of what's the compounding

advantage or the durability of earnings

of that company. And for every step, you

have a filter that says, "Do you have a

compounding advantage? Do you increase

Do you have a stronger durability of

earnings?" And if so, you're going to

accelerate to the next phase. It's

almost like fundamental to business um

valuation analysis, like Ben Graham

style analysis.

>> To get to that level, let's call it the

trillion-dollar club. You have to have a

dominant business. And then the question

is just at what point do you hit

saturation? And it seems like all of

these markets have ended up being so

much bigger than anyone would have

predicted.

>> Yeah.

>> I mean, just

>> And monopoly or or government

intervention. Cuz fundamentally, if you

think about the breakup of uh the Bell

system, I mean, who knows where that

would have gone over time. They could

have had a monopoly on the internet.

They could have had a monopoly on

commerce. They could have had a monopoly

e-commerce. And on and on and on.

>> But but as a trading strategy, what

you'd like to do is have a bot that just

starts buying up shares of a company

once it hits 1 trillion.

>> [laughter]

>> And actually, if you had done that, I

mean, a lot of the

>> I remember who Who was the first company

to hit trillion? Was it Apple?

>> I believe so, yeah.

>> Yeah, and then everyone was like, "Oh my

god, wow." You know, now there's what,

like five or something?

>> Well, by the way, that's what I was

There was that study that showed if you

bought I'm sorry to interrupt, but that

if you bought the Nasdaq

um over a 10-year period, you get like a

3x multiple or something quite

significant. You just rebalanced every

year on the top 10 companies in the

Nasdaq. So, just buy the top 10

companies by market cap and you

outperform over a decade by like 3x.

>> Yeah, Thomas, why didn't you do that?

What is your maybe maybe just the last

question so we make sure we wrap up

about something that I think you are

uniquely positioned to tell us. What

happens when all this money gets

distributed back?

Like, what do you think happens to your

competitive dynamics? What do you think

happens to entrepreneurial dynamics?

What happens in Silicon Valley when

three or four trillion dollars gets put

back to GPs, then to LPs, and then the

recycling happens?

>> Well, the first thing that comes to mind

is I remember when David was so bearish

California real estate

um

>> [laughter]

>> We'll see whether this influx of capital

>> Time to sell.

>> San Francisco homes are selling

>> Yeah, maybe buy the mausoleum.

>> Anybody Anybody interested in a 40,000

square foot mausoleum?

>> [laughter]

>> Protesters not included.

>> The one thing I'll say on SpaceX, and

look, I don't know whether 1.75 is the

right price for the IPO and you know,

frankly, I have no clue.

What I do know is that the global profit

pool of telco and service providers

across the world

is anywhere between two to 400 billion

depending on who you want to address,

right? So, you do have to think about a

company that just in a core business,

which by the way, wasn't even in a

couple years ago,

is addressing a profit pool of multiple

hundreds of billions of dollars with a

substantially better product, right? I

think all of us, when you think about

Starlink

works all the time, no radio towers, you

know, etc.

So,

I go back to it and I think

it's hard to know, Chamath, cuz we've

never had anything like this before,

right? Um

the ultimate question would be if you

look a bit in the in the ride-sharing

wars and in food delivery wars, at some

point that excess capital was used to

have a price war.

>> Right.

>> Could we see a price war between OpenAI

and Anthropic as a question, right? If

these companies have so much capital, is

one of them ever going to pull a price

lever to try and compete with the other?

>> Rationally, they should.

>> They should. So,

we might see things that we can't

predict today, right? Where companies

might say, "Why I have my 200 billion

of cash?" Now, the issue is they're

spending so much on infrastructure,

right? So, it's it's not obvious, but I

do think we're going to see some

counterintuitive

um changes.

You guys will discuss them on the show

every week, and hopefully I'll come back

in 2 years and

and analyze what went right and what

went wrong.

>> Honestly, I think what should happen is

you should come back here every year and

we should get the benefit of

>> Yeah, let's lock it in.

>> We'll lock it in.

>> We'll pay We'll pay for the two weeks of

>> We [laughter]

really appreciate it, by the way.

>> We do appreciate the work and the

effort. I know

>> And it's it's really great to have you

bring this to the audience.

>> It just shows also the power of

sometimes slowing down and to meditate

on you know, the the actual state of

reality, and it was incredibly

grounding.

>> Incredibly rich coming from you.

Incredibly grounding.

>> I think it's a compliment or an insult.

I'm

>> Compliment to Thomas. Compliment.

>> Thank you.

>> I'll just say thank you.

>> To you, Chamath, for that incredible

compliment, and for you, Thomas, for

coming again. Thank you.

>> [applause]

[music]

>> Thanks, bro. Thank you. Great job, guys.

>> [music]

[music]

>> Mhm.