With regard to venture capital, it is usually early-stage venture capital that is being invested there.
I'll go to Elissa first and then to Ignacio and anybody else who wants to jump in at that time.
In terms of the AI regulations, you want them to be.... It's like accounting. You have a principle. You have very prescriptive regulations when it comes to accounting. You want to make sure that the regulations are not so tight that they limit growth and the capacity to evolve and innovate, but you also want to make sure that they are not so loose that there are holes and loopholes in them, if you want to use that word.
Are we striking that right balance in terms of getting it done? That's very difficult to achieve. I've spoken to colleagues in Europe on AI, both at the subnational and the European level. All parliaments are grappling with this issue.
Where are we in striking that right balance?