Dylan Patel, SemiAnalysis, Nebius, Glean, Legora.. 12 Hot Takes From The Biggest Names in AI

24:40You can see it around us right now. Ton of attention, ton of participation. Really impressed at how they pulled a global audience to Paris in the middle of the summer, in the middle of the heat. People are ignoring it. They're showing up, and it's been a fantastic experience. What are the biggest trends that you're seeing here? It's incredible. The discussion shifting from what our AI native is building to when our enterprise is adopting. So it's really incredible to actually have the discussion where we're seeing the bridges being built to see enterprise adoption take place. Lots of discussion about, you know, obviously the CapEx and power and stock prices, which I think at the end of the day is a bit of a distraction because this is a marathon that we're running.

25:24And actually being able to drive that enterprise adoption, that's the critical next stage for the entire industry. Well, I can understand you guys have a lot of fans over there at Nebius and a lot of fans of the stock, too. So I want to ask you, what is your hottest take today? Hottest take today, and boy, that's such a wonderfully generous offer. Hottest take today is incredible opportunities in front of us. and staying focused on the long term to not only serve today's immediate needs, but how are we going to help to transform industries and how are we going to help to make enterprises successful with AI?

26:06What is the biggest problem you're seeing with the build-out of data centers? The biggest problem with the build-out of data centers is something that Nebius is not experiencing, which is that a lot of people are focused on single individual projects. Our organization has built a portfolio of opportunities. Today we have 20 data centers. We're multiplying that into the future. So the biggest challenge that many of our competitors are facing is being single-threaded, which is strange when you're in a multi-threaded parallel processing industry and getting stuck with a single project. The challenges are that a lot of things are happening locally with different community challenges, regulatory challenges, power challenges, which everybody faces.

26:49Fortunately at Nebius, we're actually pursuing a broad, diversified portfolio approach. The beautiful thing about the data centers being created today is they have some of the most advanced technology data centers have ever had. So whether it's from new memory to optics, how are you guys thinking about that? All the time looking at the interesting innovation that's taking place. The fact that we can actually build from scratch, from dirt up, and be able to look at each layer of the entire data center stack and be able to consider new methods, new technology, new providers, puts us in a unique position to be able to take advantage of all those advances.

27:28So we're always looking at the new and innovative things that are taking place to be able to improve the quality, the capabilities, the reliability of the solutions that we're delivering. Amazing. Okay. As we close out, what are you most looking forward to in the next 12 months? the next 12 months in AI is an eternity. I mean, I had been at Nebius for 12 months, actually 13 months. And if you look back 13 months ago, it was a completely different company. So the next 13 months is talking about the tens of billions that are being generated in Nebius revenue and the extraordinary traction they were gaining with not only the phenomenal AI natives that we're working with, but also making our way to scale enterprise and big brand adoption.

28:19And being able to expand our solution set from the model training that people are doing today into the inferencing that we started to offer and into agentic workloads. Fantastic. Well, thank you so much, Mark. Pleasure. I really enjoyed the conversation. We're here with Arvind of Glean. Arvind, how are you doing? Doing very well. How's RAISE treating you? This is a fantastic conference. I didn't expect what I saw here. What is the major trend that you're seeing that's going on here today? Have you been able to actually see anything? Well, I've not been able to attend most of the talks because there are so many good people at this event.

28:59So just like getting to meet them all has taken all of my time. But some trends are clear. Number one, all the new AI companies are here. And the big trend, in my opinion, is open source and how that is fundamentally changing the full AI stack and bringing rise to a whole bunch of new companies that have new opportunities with open source. So what's going on at Glean? What's hot right now? Well, Glean is actually, we're finding ourselves in the midst of very, very good timing. So, when you think about AI, making it work in the enterprise, the two big things are context. Like how do you bring all these agents that you want to automate the work that humans do.

29:42They need that context, that data, that information that humans use to do the same work. And that's actually something that we are really, really good at. So being the leader in context crafts is actually helping create a massive demand for Glean. And then the second big trend in the industry is people keep complaining about like they can't measure the return on investment Where is the business value coming from and so Glean comes in handy on that front at least from a bottom line perspective Because we do really really good in terms of helping a customer reduce their token usage in two different ways One we can pick the right model since we work with all the closed domain and open source models We can pick the right model for the right task which is cheaper for them, but still gets the work done.

30:25And second, with our context graph, we can actually, when a model is trying to do some complex work, it doesn't have to spend all this time just trying to assemble the raw materials to do that work. With Glean, they get that context in one shot, so we actually make most of your AI workloads much faster and very cheaper. What is the biggest challenge that you have been hitting recently? A challenge, I think, from a business perspective, it is finally businesses are running into this, you know, that, well, we're going to actually measure our spend on AI. And so that is creating a little bit of friction, you know, now with all these customers having so many different tools, so many different choices, you know, to bet on.

31:06It's getting confusing for them to pick, you know, who's the right partner to, you know, to actually start the AI transformation journey on. So that's been always the challenge in AI because suddenly when AI became hot, every software company in the world became an AI company and it's confusing the buyers. So clarifying that doubt in them, helping them understand the landscape, what companies do what work and why is Glean relevant in this crowded mix of technology providers, You know, that's always been like, you know, the difficult task for us. All right. Now I have to ask you a difficult question.

31:44What is your hottest take right now? Well, I think open source models are going to dominate AI in fencing. You know, you'll see in the next two years we'll shift to where it's almost no open source to where it's going to be almost all open source. Amazing. Okay. Arvind, thank you so much. Thank you. We're here with New York Stock Exchange star of the show. How are you doing? Well, I'm better now that I'm with you. I mean, but this is kind of incredible, actually. It's my first time in Paris. I'm Laura, by the way. Hi. I run social for the New York Stock Exchange, so I like to think I have the best job in the world.

32:19You might have the best job in the world, but luckily, being at the New York Stock Exchange means I get to work with you a lot, so it's kind of a win-win. But yeah, this is kind of incredible. First time in Paris, and I get... First time in Paris. Yeah, I get the whole hullabaloo. I get it. Paris is amazing. Yeah, it's pretty amazing. Also, it's hard to beat New York in my eyes. Tried and true, so I understand the lore and the love of the Louvre. How about that? Whoa. When I was on my way over here, I was like, you know what? I could commute. Straight up. The flight wasn't that bad. I came from LA.

32:55I just slept the whole time. I could probably just commute here. Hop, skip and jump. Yeah. And we have the match tonight. I'm very excited. It's France-Morocco. So there might be riots. We're going to see. And you will see Molly and I on the pitch. No kidding. We are not going. No, that's in the United States. Right. All right, Laura. So you have been around Raze. You've been seeing all the companies come in and through and around the New York Stock Exchange booth. You've done media yourself. What is something we should all be paying attention to? What is the trend of the day? The hottest thing happening here at Raze.

33:28I would say folks are going to be saying AI all day, authentic cloud, quantum, all of our favorite words. I believe the thing that's making these companies stand out is their access and visibility. It's their partnerships. A lot of those partnerships are happening here. We're seeing it in real time, watching real C-suite founders, entrepreneurs actually meeting in person to close deals. It's actually kind of crazy to see it with my own eyes. you only hear about it, I think, in closed doors and golf courses and karaoke bars. But I firmly believe that it is about the story you're telling, how well you're telling it, and where you're going to go from there, how it's going to set you apart.

34:10And that has a lot to do with what we're doing, right? There's a reason why NYSE and NYSE Ward are the main media sponsors of Raise. Hello. There's a reason NYSE is one of your sponsors. And also, Raise rang the bell. Come on. Come on. the biggest financial stage like the epicenter of global finance there is a storytelling aspect to it that like sets people apart and if you can stand out and if you can you know cut through the noise I think there's a lot of noise honestly and I think if you have a clear message and you have a clear goal with really good people that's what helps with being in person and stuff is you meet the actual real good people talk about vibe coding it's all about vibe you know vibe meeting vibe media our new podcast Molly and Laura amazing place to end it Laura thank you so much thank you so much see you at the New York Stock Exchange we're here with a poor from altimeter a poor how are you doing good glad to be here how's raised this year things are definitely upgraded since last year yeah it's big big time big guests big speakers big companies?

35:18Great, like really good setup. Lots of great founders. Really excited to meet a lot of the CIOs. I got to know the CIO of Goldman last night, CIO of Procter & Gamble, and where they are on their AI journey has been the biggest learning for me. I've been waiting to ask you this question for quite some time because you've gone viral a lot recently with your Stanford lectures. so aboard what is your hottest take right now well today of all days there's four seasons in AI they're called open AI and tropic SpaceX and Google so if you're a CIO if you're a CEO if you're about to make a multi-million billion dollar decision of which lab to build your intelligence on plan for the climate not for a weather what does that mean that's multi-model routing that's evals that's thinking about post train custom models yeah that's out of stake it's a it's a four seasons of the year so what's the climate that's a great question the climate is evergreen right so you've got to plan for if you're about to spend a hundred million dollars you don't want to get stuck in one of the seasons sometimes the summer is long sometimes it's it's a heat wave but I think but I think you I think you want an evergreen evergreen season.

36:37And I think that evergreen season, the climate looks like you'll have a portion of your workloads going through open source, as Jesse from Decagon wrote very eloquently. A big portion of their volume goes through open source, about 90 % now. And then the frontier stuff, you know, discovering new use cases will always go through the most intelligent models. Coding might stay there for a long time. And so planning for that multi-model world planning to have not get stuck in one regime is a climate for people who have not seen your lectures just yet highly recommend it who have you spoken with I know you've brought on different guests and you bring them for the students what was the plan there oh you know we had a we had a great lineup it's a it's a labor of love and I was really excited to bring back some of those conversations back to school you know if you're a student and you're making a big life decision I wanted to make sure that you saw the whole AI stack from chips to data centers to models and the ultimately the AI applications and so we had a great set of speakers across all of the parts of the stack we had folks from Nvidia and grok we had Ali Gozi from Databricks we had to him from base stand we had such and from open AI the folks from anthropic so it's a great lineup and we're very lucky to have them amazing okay to close out what are you most looking forward to this year?

38:00Oh wow I'm looking to the seasonal changes in the climate this year. Well you guys saw what happened today Saul from OpenAI goes live. SpaceX Michael Truel just launched a model at his opus level. You know it's what a great time to be alive and watch the seasons change. Amazing. Anything else? Did we miss anything? Anything you want to share? More to come later in the year. More to come later in the year. Thank you so much Apoorv. Thank you. We have Nikhil from Turbo Puffer. Nikhil how are you So well. Love being here in Paris. A little hot, a little chaotic, but you know, we're telling people to puff.

38:34So we have to address the rumors you don't sell puffer jackets. No, those are internal only. We do have puffer jackets, but only for a select few. Now if you go to tpuff.supply, we do occasionally drop new merch there, so stay tuned. Oh my gosh. Okay, so let's get into it. For people who don't know Turbo Puffer. PUFFER. WHAT IS IT? WE ARE A SEARCH ENGINE OPTIMIZED FOR AI WORKLOAD. WE POWER RETRIEVAL FOR CURSOR, NOTION, LAGORA, ANTHROPIC, SOME OF THE BIGGEST NAMES IN THE BUSINESS. WHAT THAT MEANS IS IF YOU THINK OF A PRODUCT THAT HAS A SEARCH BAR, WE WANT TO BE THE THING POWERING THAT SEARCH BAR.

39:13WE ARE THE THING POWERING THAT SEARCH BAR IN MANY CASES. BUT FOR ANY AGENTIC APPLICATION, THEY'RE SEARCHING ON YOUR BEHALF BEHIND THE SCENES. SO YOU MIGHT BE ASKING FOR A REPORT ON SALES. the first thing that agent is going to do is search Turbo Popper for everything mentioning sales and get that all into the context window of the model. Amazing. Okay. Given that, what are you seeing as the biggest trends here at Raise? So much data. I've been talking to folks. We used to think in terms of gigabytes or terabytes, folks are coming up to me with not just one, but 10 or hundreds of petabytes that they want to search over.

39:46Now, I'm not sure everyone is prepared for the cost of searching over 100 petabytes. There's a bit of a negotiation. What is the cost on that? So our largest workloads cost tens of millions of dollars to search over right now. And those are web scale use cases with tens of terabytes. Searching petabytes is going to cost another order of magnitude or two on top of that. And what is the architecture behind it? So the reason that this is viable at all, the reason folks are able to do vector search over the entire web on TurboPover is because we're based on object storage. So that's S3 or Google Cloud Storage, which is rock bottom storage prices, the absolute cheapest storage you can get.

40:24The problem is it's really slow. So our innovation is we add all this caching on top of S3 so that you see performance that's almost equivalent to what you get with a system that's not based on object storage. But you get something much closer to the economics of object storage. Damn. Okay. Are you ready for the hardest question of the day? I'm so ready. What is your hottest take right now? I think search is still too expensive. And Turbo Puffer was founded because we thought Search was an order of magnitude too expensive at the time. We've brought it down by an order of magnitude. But it kills us that there are still products out there that are limited in their ambition because Search is still too expensive.

41:02So we're always looking for ways to bring the cost down even more. If you think about it, if you're spending$5 on Turbo Puffer per user, but you're only charging your users$5 a month, the economics just don't work. But if we can bring that cost down by an order of magnitude, so you're only spending 50 cents a user on searches, suddenly you're able to build a product where you couldn't before. Your margins work, you get crazy growth, you explode. So that's what we're always looking for. What product isn't currently in the market because search is too expensive? Amazing. So what's next? More relevance.

41:34We started with vector search. We added keyword search. We added regex. But what people actually care about is, are my searches good? They don't care about, did I get 95 % of the results I should have gotten for this vector search? They care about, is my agent performing? Is it completing the tasks successfully? So our task is, how do we get the best possible search results fed to these agents so they actually complete the tasks? So we're taking more and more of that in-house. There's a bunch of new techniques like lane interaction, like search agents that we're going to build into the product so that you as the user, just you puff harder.

42:08You send more queries to Turbo Puffer, and you can trust that you're getting good results, and you don't have to worry as much about the mechanics of search. Amazing. Thank you so much, Nikhil. Yeah, thank you for having me. If you're building what's next in AI, you need to know MongoDB, the database platform developers love and built for the agents you're running. MongoDB stores searches and reasons over your data in real time, with vector search and embeddings from Voyage AI all in the same system. No separate pipelines, no stitching together 10 different tools. It's why 75 % of the Fortune 100 and leading AI-native startups run on MongoDB.

42:46Build and scale from your first user to billions of vectors. Go to mongodb.com slash AI to learn more. That's mongodb.com slash AI to learn more. Bye. So we are in the middle of chaos here at Raze. It is very popular this year and we have Barack from Wonderful AI. So Barack, welcome. Hey Molly, good to see you. It is absolutely chaotic here in Paris at the Rated Summit. I'm Barack. I'm from Wonderful. I'm the chief strategy officer at Wonderful. I'm actually the first institutional investor in the company and then joined because I believe in it so much. We're an enterprise applied AI partner to the world's largest enterprises outside of the US.

43:28We're both a platform and a partner to them. So what is your hottest take right now? I believe geographies will be even bigger than verticals when it comes to AI. When you look at actual labor and labor displacement and what's actually happening in the world and where it's likely to go, countries are way more interesting from an expansion perspective and a focus perspective than verticals. And that you can go horizontal without a vertical specialization with AI, as long as you're able to solve the go-to-market strategy with it. Damn, we are back in Uber land grab competition stage. That's exactly right.

44:05It's like the enterprise applied AI playbook with the Uber go to market strategy. We're in over 30 countries around the world and pretty much the last six months that we've expanded to most of them. So it's quite a wild ride. So what is the secret to wonderful? It's really the focus and the strategy. I think generally in the AI universe, the opportunity is massive, but one of the hardest things for companies is how to actually differentiate and to break out from the pack. What it requires is a non-consensus insight that you need to actually be right about. I think for Wonderful, that was really the geographic focus to go generalized, to go horizontal in terms of the use cases that you can actually offer for enterprises, but to actually focus on rest of world versus US.

44:48That was the non-consensus part. The rest of it around the challenges with Applied AI and what you actually need is very similar to the way most of us probably think about it. but it's the playbook that you bring to it and local delivery that was most non-consensus about that wonderful what's your favorite country wow great question i live most of the year in tel aviv so i'm i'm biased towards israel but to visit and that i've had the pleasure of visiting was japan really opened up in office and i was there about a month ago uh tokyo is is just i mean japan in general is like a completely unique world and especially as as it relates to the enterprise playbook and how they do business and the respect culture and everything it's it's fascinating and I love it amazing great place to end thank you Brock yeah lovely to meet you Molly everyone we have max from lagora max how's race for you it's very warm the electricity went out yesterday I keep getting pestered by customers but I think that's a great thing and it has been a fun time to come to Paris I think.

45:53I've done a few of these in the US, in London, in the Nordics and it's always a bit of a different flavour but it's been great. So you're based in Europe. How is the Europe vibe right now? Well I think the vibe in Europe overall versus companies like Legora is quite different. So I think the general vibe is there's a fear that some of the best frontier models get locked up in the States. And there's a lot of discussion around how do you continue winning in manufacturing and these types of markets that are important. And then you have really fast growing software companies like Legora, where we adopted a global mindset from day one.

46:35And so we don't really view ourselves as only European. I think we view ourselves as very global. and we have been competing at the global stage from day one and so we still wake up every day thinking about what can we do more what can we do next which is really thrilling did you expect this level of growth I think going into this I didn't really know what to expect I think I've had a very unique experience fundraising and working in our market that most startups doesn't have typically you don't raise 600 million dollars in two weeks but we got some great advice when we were in Y Combinator which is if you build a great company it's easy to fundraise and if you build a great product I think it's easy to you know work with customers and to deliver value so no I did not expect this but I think that we are leveling up and we are you know meeting the opportunity when it's now being presented to us so legal AI is one of the fastest growing categories stories right now and it's super competitive.

47:42How are you dealing with the token situation? So we were actually the first legal AI company to move into consumption based pricing. And I think that's really important because it one just continues to solidify that we're the product leader and innovator in our space. But secondly, it really aligns the value that we bring with the way that the business model works. So if you have a flat rate and you say, you know,$200,$300 per user per month, and then they use$2 ,000 worth of tokens, you have a problem. And so we've been running at a very positive gross margin for a long time, and this will help us continue to do so.

48:20And I think it helps our customers already see where their tokens are being spent and how to think about that long term. Because, you know, token consumption have been the business modeling coding tools since inception. It's the pricing model of the big labs. And now it's going to be the pricing model in legal. And I expect many of the other companies to follow us into that. Damn. Okay. I have a really hard question for you right now. Are you ready? Shoot. What is your hottest take right now? My hottest take is that there is a lot of complaining from European startups rather than just locking in and building for the global stage, I think there's a bit of laziness.

49:06It's nice in the summers here to go to Italy or to go to France where we are today. But if you want to build the biggest companies in the world, you need to look past that. And you need to understand that you're competing with the US, you're competing with China. And if you want to win globally, you need to work as hard as they do. Sorry, you can't go to Saint-Tropez. No, sorry. The great lock-in is year-round. Yes, that's exactly it. Amazing. Thank you so much, Max. Thank you, Molly. We have Gil here, CTO of Merge, which we recently did an amazing episode with you guys at the New York Stock Exchange.

49:42It was great. How are you doing, Gil? I'm doing great. Happy to be here in Paris for the conference. Okay. We have one burning question that I know you've been waiting for. What is your hottest take right now in AI? I think some people are starting to agree with this. Token maxing not working. You're getting zero results from using more tokens. It was cool to encourage your employees to use more AI. But I think what we're seeing now is we're not getting more output. The only thing that people are seeing a real connection between I guess you know you know sort of productivity and usage of AI is how you use AI to bring your cycle times down get feedback and iterate really quickly.

50:17I love asking you this question because you are so technical and it is a fun fear mongering topic. So what are THE BIGGEST CONCERNS PEOPLE SHOULD BE WATCHING OUT FOR WITH INTEGRATING ALL THESE APIS WITH ALL OF THESE NEW AI APPLICATIONS? I THINK MAINLY IT'S SECURITY. I THINK DOWN MARKET, WHO CARES? YOU'RE GOING TO LET YOUR OWN PERSONAL DATA FLOW. I DO IT FOR MY PERSONAL CONSUMPTION. BUT WHEN IT COMES TO BUSINESSES, THEY ARE JUST AFRAID OF DATA FLOWING OUT OF THE SYSTEM. SO INTEGRATIONS ARE THE POINT WHERE AN LLM ACTUALLY BECOMES DANGEROUS. SOMETHING ISOLATED, I MENTIONED this before but something isolated and LLM it might insult you but it's not gonna do much worse than that but the second nothing can send your data elsewhere that's where all the problems come in so I think we're just gonna see a lot more governance and locking down before we see AI really opened up to the masses to talk to all your systems I think Alex Karp recently went viral for this rant of AI sovereignty within your organization you agree I absolutely agree I it's just it's there's never been a good position in business to hand over the fate of your company, your future, your development to another company.

51:23So I think people are going to want sovereignty. They're going to want control over their own systems. Whether that means hosting in-house or using third parties, they want the flexibility to switch whenever they do not want to be locked in. Amazing. Well, Gil, we will let you go, but what are you most looking forward to at Raise this year? Honestly, I think what's been so cool, I know this is probably an untraditional answer, but the mix of sort of this really classic French architecture and these statues from the year 1500 mixed with all the AI. And it's such a cool juxtaposition. I'm loving being here.

51:55Perfect place to end it. Thank you so much, Gil. Thank you. Ariel, welcome to Sorcery. I'm happy to be here. We're here at the Illuminati. Yes. Actually, I've never been in such a bizarre place to do an interview, so that's cool. So we're fresh off stage. We were just talking about Nivan and how you guys are dominating travel. What is your hottest take right now with travel? I think the hottest take is what we talked about, how humans are still so important, both for meeting and being here, but also supporting all of this. It was actually a cool outcome of this interview. I mean, it is true. We were talking about this, but hallucinations.

52:32You can't have an AI agent do everything, especially with travel, because it's so, so complex. So how are you at Navon helping solve this? It's so, so important. Think about it. If I send you to the wrong flight, I'll tell you that I upgraded your flight and we didn't do it. I'll send you to the wrong room. People are so, so emotional when it comes to travel. They care about it. So you cannot have any fuck-ups. Halluzination is a huge, huge, huge fuck-up. We've built our own platform, our own model to prevent that. And we are supporting most of our customers by using our own AI platform that actually does not hallucinate.

53:10Before you've had a customer come over to you, I would assume, what has been the worst travel story you've ever heard? It's actually my travel story. This is the travel story that started Navan. I was one of the first ones to start an offshore operation in Ukraine, in Odessa, Ukraine. And I went there, arrived there in the middle of the night, freezing cold. By the way, I hate the cold. freezing cold came to the hotel because of some credit card issue the hotel canceled my reservation and they told me to go down the street and find a new hotel the travel agency didn't pick up the software didn't work I walked with my luggage like down the street one hotel after the other until I found something but this was by far my worst travel experience and really what inspired me to start a company so you've been public now for almost a year a year.

54:04That's pretty incredible. So you guys are also ripping. So what's going on there? What are the latest stats? Yeah, we grew last quarter by 50 percent in terms of usage. We grew our revenue by 40 percent. We became cash flow positive, became profitable. So our kind of stats are amazing. But the most important thing we have more and more users using us. We have more than 10 billion dollars of bookings a year now going really, really fast. So more people are joining this kind of of the one thing. Amazing. Well, thank you so much, Arielle. And I think we closed out on stage with bullish on humans.

54:38Yes. And I think that's the most important thing. It's the most important thing to figure out because nothing matters. We can do all of this AI infrastructure, the AI fun stuff, but we need to remember that we're all humans and this needs to stay. Perfect. Thank you. CJ, welcome to Sorcery. Great to be here. Great to be in Paris. Great to be in Paris. It's fun. Fresh off the stage, you're very popular today, by the way. I keep hearing your name from everyone. Thank you. So what excites you right now? Number one is about customer-focused innovation and making sure we are the foundational layer for all AI applications and agentic applications.

55:21So that's number one. Number two, making our customers really successful as they roll out AI and there is clear ROI that they can see and they have a peace of mind when they use us as the data layer so that's really exciting. And third is just the pace of innovation. We want to move fast for our customers. We do these things called dot local conferences that are very local, hence the name dot local. Next one is in San Francisco. We want to make many announcements there. After that one is in New York. We want to make announcements there. Then it's in Mumbai. We want to make announcement there, which are all related to innovation.

56:00So the pace of innovation in service of our customers really excites me. I have to ask you a very difficult question. Yes. What is your hottest take in AI right now? My simple answer, which I believe to be true, is data is the unsung hero and data is back. You cannot create an AI application without a great data layer and your AI application is as good as your data. As the kids would say, facts. Yes, facts. And it tracks. Well, great. So you heard it here, big data is back. Thank you, CJ. Thank you very much.