00:00If AI goes down next year for some reason, even AI sentiment or AI activity, then it
00:05has a big impact on stock markets, on the economy and so on.
00:08So I think that's why people are really pulling out all of the stops in terms of diversification.
00:15So that is cross asset diversification, a lot more interest from our clients in hedge
00:21funds as well, trying to play the relative losers and alpha rather than beta.
00:28And certainly health care comes in that as well.
00:30Okay.
00:31So that's the diversification story back to AI and all that that will deliver in 2026.
00:36You say that we're on the verge of a really strong capex cycle.
00:40I mean, it's already started, but you see it intensifying in the United States and you think
00:43that the market is underappreciating that.
00:45I mean, some of the numbers around capex are enormous.
00:48What is to underappreciate them?
00:49What are we not realizing?
00:51So it's basically the adoption, you know, so if you look at the adoption in, you know, in
00:55different industries.
00:56So it's people tend to focus on, you know, on the chips, on the technology, on the software
01:00and so on.
01:01But there is an adoption in the healthcare industry in terms of, you know, faster diagnosis, drug
01:05development and so on.
01:06So a lot of investment is going to go into that in the financial sector, in the, you know,
01:11in the telecom sector, you know, fraud detection, those kind of things.
01:15You know, so every company is looking at it and quite often it's relatively low investments
01:21that they need to make as adopters to have to get a low hanging fruit.
01:26Now, investment is going to the delta, so the growth rate of investment is going to slow.
01:32It was about something like 85% growth of AI related investment this year.
01:37We think that's going to slow to 45% from a higher base.
01:40So still very substantial and still going to drive a lot of a lot of economic growth.
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