00:00It does feel like deals are starting to take different structures, though. I mean, just as an
00:03example, XAI and Cursor, where you have the company not necessarily buying it outright,
00:08but saying we might buy you later. Is there an element, Tammy, where because these things are
00:12moving so quickly, because you need access to technology so quickly, you're structuring things
00:17a little bit different and in ways that you're not really waiting to wait, I don't know, the six
00:21months to a year that it would take for a deal to close? Yeah, that's a great point. And you're
00:25certainly spot on with that. The kinds of deal structures and strategic alignment we're seeing
00:30in the industry has changed a lot. I mean, even as Scarlett was pointing out early on, we're seeing
00:35lots of cross investments in companies, more strategic investments across the board than I've
00:40ever seen before, because the need for strategic alignment in the industry is greater than ever.
00:44You know, when you've got, you know, this year, $800 billion of infrastructure for data center
00:49going to the ground by the major capital expenditures and the major cloud providers, that's a lot of
00:55money at stake. And so the need to actually find ways to deploy capital to align risk doesn't
01:00necessarily always mean M&A. So there's a lot of new ways people are looking to achieve similar
01:05outcomes without outright acquisitions. By the way, some people would look at that and
01:08Wally say, oh, this is concerning. It's all circular financing. Everyone's becoming more interconnected
01:13and it becomes a house of cards that might fall. Is that a concern?
01:19Again, I'll take one giant step back. Please.
01:21What we're seeing is enormous demand for AI. And the enormous demand for AI is putting enormous
01:30demands on the build out of the infrastructure required to deliver the intelligence through AI.
01:37That financing requires creativity. So we are seeing innovative structures with co-investment,
01:45with alternative sources of financing, with governments playing a role. So I think all of these things
01:51are really important for delivering the capital required to deliver ultimately what the industry
02:00is driving towards, which is AI intelligence. AI intelligence deployed to real world situations.
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