00:00Whether you pronounce it AI or SI, Claire, is up to you.
00:04What have you seen? Interest rates have had an effect.
00:07You see market participants that are discriminating between the kinds of investments they want to make.
00:15You've seen credit spreads for certain assets widen out, gap out.
00:20For others, you've seen some tightening in financial conditions, but not significantly.
00:24So on the thrust of your question of, with respect to the new technology and this investment surge, do interest
00:33rates matter?
00:33I believe they do, and I don't believe that they're somehow divorced from the rest of the economy.
00:38Secondly, I'll just say this.
00:41It is convenient to say that the strength of the economy is all about this new technology wave.
00:49In fact, if we look at the data, really including data from the last meeting till this, the CapEx story
00:57is not just robust, not just strong, but it is broadening.
01:01And so if you want to tell the story somehow that this is strength we're seeing only in narrow pockets,
01:08that's a much harder story to tell now than it would have been several quarters ago.
