We started the year rocky with volumes down almost 10% in Q1. Once we had policy clarity and interest rates started to ease, we had a lot of strength in the second half. We definitely see that through the end of the year and into next.

I think it changes everything. We are really in a transformative time. A lot of activity has been to acquire parts of the infrastructure required to industrialize the compute infrastructure and to generate power and energy required for this transformation. We think that's going to continue.

I think it's going to come in phases. Right now it's around core infrastructure, the AI stack: data centers, network infrastructure, data security, proprietary data sets, and on the energy side a lot of new generation. As we transition past that build out phase and activity moves downstream, we're going to see activity beyond technology as people focus on applications that use these capabilities.

Expansionary monetary policy tends to be correlated with increased activity. Certainly if we didn't have a rate cut like everyone expects, that would create some near-term volatility. But this isn't really driven by financial engineering. This is a strategic supercycle we're calling it, where companies are really racing to acquire capabilities in a world that's going to transform rapidly.