Part of that is short term, right, when you have this drop in yield, that's going to make some of the

growthier companies all of a sudden a little bit more attractive, but in the longer term, I think that investors, even within the tech space,

they're looking for safety.

So it's the big tech, well-capitalized companies that you're seeing

have done better over the last week or so, versus some of the smaller less-well-capitalized

companies. And that brings us back to something we've talked about for a long time

Carl and Sarah, which is this idea of the bundle

versus best of breed if you were looking to cut your costs looking to sort of narrow

your software focus and you're an enterprise maybe you look to Microsoft which may not do everything

well but does everything good enough.

Even so today you are seeing a few bright spots, you've got Sentinel 1, you've got Smart Sheets

which reported last night, these are solid recurring revenue plays in a moment where investors want some,

how do you call it, safety I suppose.

But are they really safe if one of the fallouts from this crisis and failure of

SPB is that you're going to get less cloud spending and less enterprise tech

spending because a lot of these businesses have just gone through the ringer.

And especially if you are consumption-based cloud model, that is going to be a tougher proposition

and if you're a smaller company that's saying needs to raise more money. The financing

landscape for technology companies is changing beneath their feet in real time.

Talk about the public markets, but the private markets as well. You talked to a lot of

startups that we're getting lines of

credit from Silicon Valley Bank. The next era of disruptors are going to have a much

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