Greetings, everyone. This is Kathy Wood, CEO and CIO of Ark invest. It is employment Friday, but there's no employment report. We will have that next week. But given all of the fireworks in the market and all the drama recently, I felt it was important to to do in the know, or at least in the know, part one today, just to address the three topics that we think have really unnerved the markets, AI hype, crypto meltdown and macro, macro statistics, but more macro variables like fed speak. So let's go through each one of those, and we'll start with the AI hype. So you can see from this first chart here what our predictions in December of 2024 were for, really the tech stack as AI was evolving. And you can see here that we saw rapid growth in all three areas of the tech stack, so the infrastructure layer, the platform layer and the application layer. That was true in the four years ended or five years ended 24 and our expectations for the next five to six years. Now, what we also pointed out below is that there were share shifts taking place place in terms of incremental growth among these three, and you can see that the big winner was platform as a service. Think Palantir, one of the most important companies in this AI revolution, and its growth rate. US commercial alone last quarter was 142% in revenue growth. No other software company is coming close to that, at least in the public equity markets, in the in the private markets. Of course, you've got the frontier model players running away with 250 to 850% growth rates. Think open, AI and anthropic in the last year, year and a half annualized. You can see the big loser we thought was going to be the application layer, largely software as a service. Now, if there's something wrong with this chart, you can see it is in our projection for software as a service going forward, on the top there 20% plus, it's not going to be anything like that. In fact, we do believe that software as a service is becoming a victim of this AI revolution. There will be consolidators and and software as a service providers, who do survive this route, they will consolidate the market. But we, we underestimated ourselves. We were saying that SAS was going to lose share. We didn't realize how much, how soon. And that gives you a sense of how quickly this revolution is happening...

[Transcript continues; provided by Bill via WhatsApp; generated by otter.ai]