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Listen on demand wherever you get your podcasts or watch us live on YouTube. Jean Bovent joined us absolutely definitive at Black Rock here. Global Head of Research for Black Rock Investment Institute and with a real Canadian feel as well.

John, I see the moment here. I was reading very carefully, Way Lee, the other day,

synthesized the Black Rock view of the software shock of four, five, six days ago.

Yeah, I think it's interesting maybe to start by comparing this to last fall, right?

So last fall we had market selling off and that was all on the back of doubts about whether AI was a real thing.

And now we got this kind of, as you say, shock over the last few, a couple of weeks, which is also a sell-off story,

but it's because of AI is a real thing this time.

And now market extrapolating to the disruption is going to really cause.

So I guess one takeaway is that, you know, we see that as increasing the conviction on this AI

mega-for is being real. It's happening. It's disrupting now.

And now markets are starting to think through what that means

for winners and losers. I think it's early, though, on that question. So we're going to see

markets start to run to conclusion and make big, you know, sweeping software type labels on

stuff and run with this. But I think it's going to be a story that's going to, you know, be much more new ones.

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