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A warm welcome to the Risk Reversal Podcast. Guy at Dami here. Today, my honor, my pleasure, to speak to the great Peter Bookbar. Peter, I think you all have gotten to know him over the years. His work is extraordinary. We're fortunate that he carves out time for us. Peter, how are you? Hi, Guy. How you doing? Good to see you. I'm good. You know, it's been, I will say, the market, listen, I don't want to make too much of anything that's going on, but there clearly been some signs over the last couple weeks that there's a shift. There feels like the ground is moving under our feet. So start with the market and work our way down. Did anything sort of stick out to you over the last few days?

Really started over the past sort of month in a way with some cracks in the AI trade in terms of

its broad dominance. And we saw that with Oracle, with growing concerns about the

balance sheet stresses that a lot of their commitments are creating. And we see that both in their

bonds and the price of their credit default swaps. Not that Oracle is going to default on any

of these loans, but I think it's noteworthy in terms of signaling.

And also the market response to Meta. Meta had a great quarter to grow revenue north

at 20% of such a huge revenue base is very impressive. But the market gave that quarter complete thumbs down based on what we've

seen in the stock because of all the money that they're spending. And while Mark Zuckerberg is

going to spend what he wants to spend because he believes in what he's doing, the stock market is

actually beginning to say, hey, I think maybe you're overdoing it. And that spending 35% of revenue on

...