Yeah, I don't. I don't. I don't like to be. You know, over dramatic. We're moving bubbles.

You know, I've been looking to tech multiples and trying to put tech multiples in a historical context. You know, I've looked at them. variety data, variety data, public company tech multiples. You know, also private capital formation for tech companies, and it strikes me that... You know that the multiples are kind of 75% tile or 80% tile. So there's no question. We're somewhere in a cycle where the values are. are higher but the growth opportunity coming from AI. is significant, but I'm certainly in the camp that they're going to be. winners of losers, capitals, been allocated to companies that are going to be hugely important companies. and it's going to be allocated to companies that that ultimately you know won't make it or won't, you know won't succeed in that context and ultimately. Whenever we have a new technology, especially at scale. and you have significant capital formation around it. There can be wonders of losers, one at smart enough. you know the pit. pick them all and ultimately there's a rebalancing but I think the long-term trends. around this technology, the opportunity for productivity gains. for some great companies to be formed is really quite exciting.

Bye, I think you're...

a couple of baseways that we're using it. We're very focused on this. The first is we've always. I mean since I started 40 some years ago. We get... Technology tools into the hands of really smart people to make them more productive. So I was joking. about doing a common stock comparison 40 years ago, it took six hours and it took a library to go get micro-feesh to get back issues of the Wall Street Journal. Now somebody can do it in seconds. It doesn't mean we don't have a lot of very smart young people. doing a lot of work, they're just doing different work than they did. When I started 40 years ago. and so we continue to get these tools into the hands. of our very smart people and it makes them more productive. It gives them an ability. to spend more time with clients to do more at scales. Our footprint are reach. The more interesting thing we're spending a lot of time on, you might have seen last week, Becky that we put out. a memo where we announced. what we're calling one-goven-sex 3.0, the evolution of our one-goven-sex operating ethos. is we're really looking at six principles, you know, throughout the firm to operate the firm. more efficiently serve clients better. We're looking at processes inside the firm and saying this technology. gives us the right and the ability. for the first time to reimagine these processes. and really do them entirely differently. to automate a bunch of things to create meaningful efficiency. that can be reinvested and growth in the business. It's not just taking out costs and giving us more capacity. to invest in our business and grow. And so we announced that because we're doing a lot of work internally. And we said that in January we'll talk more specifically about how this can affect. you know the business. and we wanted a framework to be able to really work inside the firm. and really drive this forward, but I can't find a CEO. that I'm talking to in any industry that is not focused. on how they can reimagine an automated processes in the business to create operating efficiency and productivity. And that's a really good thing for economic growth.

I don't think it's different technology has been. Having an impact on headcount, the way people work. what workers you have, you know, for decades and decades and decades. And this I think one of the things that's happening here that's a little bit different is this is going to a pace that's quicker. And so because the pace is so quick, I think there's a possibility. that there's a little bit more volatility. or you know an unsettled transition. You know, around certain job functions and things like that. But at the end of the day, we have an incredibly flexible nimble economy. We have a great ability to adapt and adjust. And yes, there will be... job functions at shift and change. You know, if you go back. 25 years ago, we didn't have 13,000 engineers at Goldman Sachs, and we've shifted and changed. My guess is the mix of engineers with this technology will again. shift in change but um But I'm excited about it if you take a... 3 to 5 ure view. It's giving us more capacity to invest in our business. And I've... I see lots of opportunities for our business, but I see Still feel some constraints because we've got to deliver returns is to how much we can invest to grow our business in this. this should free up work capacity. to do the things we want to do. to serve our clients and grow our business. And that's exciting.