ICON

The European edition of the Fortune 500, ranking companies by revenue.

Fortune 500 Europe

The first-ever European edition of the Fortune 500, ranking companies by revenue. 

Fortune500_Europe

ICON ranks 408 with $7.7 billion in revenue (up 41.2%). The Ireland-headquartered health care and pharmaceutical company has 41,100 employees and made a profit of $505 million (up 229.9%).

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ICON (ICLR): Company Profile, Stock Price, News, Rankings

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ICON | Fortune

ICON (ICLR): Company Profile, Stock Price, News, Rankings | Fortune

In this episode of Fortune Daily, we go inside Gap’s attempt to turn cultural relevance into a sustained retail comeback.
After cycling through five CEOs in five years, Gap Inc. is betting on CEO Richard Dickson—the former Mattel executive who helped revive Barbie—to restore one of America’s most iconic brands. His strategy: stop relying on constant discounts and start telling a story consumers want to buy into at full price.
Fortune Senior Writer Phil Wahba takes us inside Gap’s remodeled Flatiron flagship and sits down with Dickson for Behind the Business. We examine the brand’s renewed push for fashion, celebrity partnerships, and viral marketing—from Hailey Bieber’s campaign to Gap’s Katseye dance video—and explore whether cultural buzz can deliver lasting sales growth.
While the core Gap brand has posted 11 consecutive quarters of comparable-sales growth, the broader turnaround faces headwinds as Old Navy and Athleta navigate challenges. Plus, Phil breaks down the rising trend of CEOs publishing lengthy online essays: who are they for, and why are they writing them?
Watch Phil’s full feature video here: https://youtu.be/PwDqR7Sa_rk

Subscribe to Fortune: https://fortune.com/subscribe/ 

Additional images courtesy of Getty Images

Inside Gap’s High-Stakes Comeback | Fortune Daily

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fortunedaily

Stores have to be good. You cannot be 100% online, and it turns out young people like going to stores if the stores are fun. Hello from New York, I'm Ellie Austin and this is Fortune Daily. 10 of white t-shirts, a viral dance video featuring Cats Eye, and a pair of jeans designed by Hailey Bieber, Save Gap. The iconic retailer has had 5 CEOs in 5 years, and it's lost a lot of its cultural power in the process. But now current CEO Richard Dixon, who's also the executive who helped rebuild Barbie, is betting that Gap can win back its cultural relevance and then Wall Street. And actually the Gap brand is showing signs of life with comparable sales up 10% for its 11th straight positive quarter. But at the same time, Old Navy, which is the brand that drives more than half of parent companies, Gap Inc.s revenue just posted its first decline since 2023. So what's going on at one of America's most recognizable apparel brands? Well, Fortune senior writer Phil Weber went inside Gap's very chic remodeled flat iron flagship here in New York to find out whether a cultural comeback can indeed become a business turnaround. Let's take a look at his reporting. Gap fell into a cycle. Too many stores, excess inventory, and over-discounting that taught customers to wait for the sale. The Gap brand lost nearly half of its sales and closed more than 60% of its stores globally. We weaned ourselves off of the overpromoted, over-signed offerings. It doesn't mean that we're not a value-oriented brand at all. In fact, we love our distinction as a value-oriented brand great prices, great style, and great quality. After cycling through four CEOs in four years, Gap hired Richard Dixon. He helped revive Mattel's Barbie to a record $1.7 billion cultural phenomenon. Part of the challenge when we started this reinvigoration, you'd come into our stores and we were more about price than product. It was about stuff, not story, and so we took the And said, OK, let's edit this stuff into a story and let's start to tell our product story in a way that is primary. So Phil, we just saw that clip of your interview with Gap CEO Richard Dixon, and as we saw you walked the floor of the big flagship store here in New York, what's different in a Gap store today compared to 5 years ago? There's a lot more storytelling and it's a lot more fun. Um, that store in particular is the model of what they want to have at all their stores, so there's References to the past, pictures of the first Gap store from 1969. There's also references to their new successes, gigantic posters of Hailey Bieber. In uh Gap jeans, she's their new um uh celebrity collaborator. So there's just, it, it, uh, they're really touching the past and the future at the same time in their stores. Is it working? It absolutely is. The Gap as a brand is on fire. The gap has been struggling for more than a decade, and now suddenly quarter in, quarter out is growing by double digit percentages, and there's a lot of buzz. They've been doing ads with Cats Eye, the collaboration with Hailey Bieber, and so many others, and so Dixon's focus on cultural relevance, as he calls it, has Really helped the brand come back. So one of the things that Dixon says is, or his theory is that a brand can't sell its way out of irrelevance, and I think this links back to why he's focusing so much on storytelling. But unpack that a bit for me from your time spent with him. What did you learn? So the Gap, the brand, not the company, but the brand. Ended up relying a lot on discounting. This happened, it happened at Levi's. It happened at Abercrombie. It happened at American Eagle. It was astonishing how cheaply you could buy a pair of jeans or a t-shirt in there. And so what happened is that because all these brands went on autopilot and they didn't really have a point of view or have anything to say, so the only way you could spur people to buy it is to cut prices, and then that created this addiction to discounting. And it has been a long slog for the Gap, and they seem to have broken that cycle. Um, Dixon came from Mattau where he really helped revive Barbie, and I think he, you know, was a key figure in getting that film to the big screen. How much of what worked on Barbie the doll can work for Gap Inc. I guess we're talking about. So and remind us the four brands that fall under Gap Inc. So Gap Inc. has the Gap. It has Old Navy, which is its biggest brand by far. 6% of revenue. It has Banana Republic, which is doing better. It has struggled for years, but it's starting to turn a corner. And then Athleta, which is, you know, Lululemon competitor, but that, that brand is in a lot of difficulty right now. OK, tell me a bit about why Banana Republic is doing well and Athleta is not doing well. Well, Athleta, Lululemon is also struggling, so there's a shift away from athleisure clothing, but they've just, they've been off trend for a very long time and people stopped paying attention. Banana Republic is starting to make a comeback. They were a little higher end than the Gap, and but they've tried all sorts of positionings in the market and lost people started to. Not understand what is Banana Republic for. They feel it feels a lot more lux now when you walk into a Banana Republic store than it did say a few years ago. But going back to the Barbie question, was that was kind of the success of Barbie and the revamping of that brand attractive to Gap when they brought Dixon in? Well, it was the reason they brought him in. He, he used to work in the apparel industry, so before Barbie, Mattel, but at at Mattel, he reinvigorated the Barbie franchise by bringing in different body sizes, different ethnic groups, and made her very relevant, and then of course there was a movie that was a hit, and so he comes to the Gap and he to Gap and he understands that. Clothing is just clothing if it doesn't have a story to tell, and he told me that with time, um, Gap Inc. had forgotten how to really maximize storytelling, and a sweatshirt is just a sweatshirt unless it has a story behind it. And so these creators that they are now engaging with, Cats Eye for instance. How do they help tell the story of the product, because it's one thing to see the cat's eye viral dance video, which I think we've all seen on social media. It's really like a captivating thing to watch. It doesn't automatically drive you into the store to buy the denim skirt that one of the dancers is wearing. Well, it catches people's eye, and that's where the other part of his work has been important too. Um, you, you reignite interest in the brand, so people might give you another chance, and then they go to the stores like, oh, the store is, uh, dynamic, it's fun, the product is better. And in fact, uh, they re-elevated the quality of Gap products because that's one of the things that when you're spiraling downward, you start to cut corners. Has that had a knock-on effect on price? Yeah, yeah, so they're able to charge more full price on. More items, but it's still a work in progress. I mean, again, not everybody cares that Cats Eye says that that's a nice sweatshirt. A sweatshirt has to have it stand on its own values. So Cats Eye piques interest. It reminds people that Gap exists and then it puts them in the conversation and it also gets you on TikTok and I mean it has worked brilliantly, but also the strategy is. harkens back to what made the gap so big in the 80s and 90s. You know, there was that famous gap spot where people were dancing in khakis, which reminds me of what Cats Eye did. So there's always a little bit of a hint of the past. And you know, you had Sarah Jessica Parker, you had Madonna, you had Missy Elliott back in the day. So this is really sort of just taking the gap back to what made it big to start with, especially in the 90s, it's biggest. They did have talking about big name collaborations, they did have a collaboration with Kanye West and Yeezy that very much went south. Tell us a bit about that and how much is that haunting the company at this point? Well, they've gone through it, but that was during the period of throwing spaghetti at the wall, and Kanye West, for all his artistic genius, not a reliable person when you're a mass brand. He was supposed to develop all sorts of products and the only thing that they ever showcased was that gigantic hideous puffer jacket. Um, so that, that, that was, uh, that was just trying to latch onto celebrity without really thinking through what it could do for the brand, and they lost a lot of money as a result of that. They lost a lot of money and they lost a lot of time, crucially. Mhm. Um, Dixon said I thought it was a really interesting leadership story that when he came into the company there was a positivity bias and the execs were not facing problems and challenges head on. Um, what did that look like specifically? Well, it's just, there was a focus on when things went well to tout them but not examine why things that failed failed, and actually what's interesting. The thing is that that was also something that Macy's CEO flagged to me last year, Tony Spring, that when he got there, nobody ever wanted to talk about the problems. Everything was like, oh well, we did this collection, it did well, and he said and our stores are dumps, we have to do something about it. And then so. In both cases you've seen that candor and honesty without falling into negativity and cynicism have really helped brands come back. You speak to an analyst in the video feature who says who's very skeptical about that sort of 10%. That we see Gap trumpeting, that their sales are going up every quarter, and he says that everyone's kind of revenue is going up as a result of tariffs. Is that correct? He is, and there's a certain amount of inflation that's lifting everybody, but even pardon me, even putting that aside, Levi's has had a turnaround. Abercrombie and Fitch's had a turnaround. American Eagle, so if the gap weren't growing, it would be very worrisome. So there is a little bit of Yes, it's staging a comeback, but it's not unique in doing so, and that's also why the stock has not had liftoff as people might have expected. The stock has remained relatively flat. We've talked about the stores. How does Gap do well as e-commerce these days? I know Dixon says he sees. The people coming into the stores and enjoying the experience of shopping. What does its e-commerce presence look like? They have a very big online business, but they really need, and in fact this has become the consensus in retail land, is stores have to be good. You cannot be 100% online. And it turns out young people like going to stores if the stores are fun. And so the Gap store uh in the Flatiron District here has records, and it has fantastic vintage photos by Anna Leibovitz of spokespeople of years past next to Hailey Bieber. So you have to make your stores interesting. You also have to make them attractive to the Instagram generation. Absolutely. Um, so I mentioned in the intro to this to this conversation that while Gap is doing well, Old Navy, which is a really, you know, 50%, it constitutes 56% of revenue for Gap Inc. is not doing well. So how do you read the story of Gapping more generally? Is this really going to be a turnaround? Well, uh, as Old Navy goes, so goes Gap Inc. and, um, you know, Old Navy has also tried celebrity collaborations, you know, they, they, uh, they used to be, you know, they used to have that golden touch too, and in fact right now they have a collaboration with Cardi B, uh, but that's not enough, and so, uh, Old Navy has sort of lost its position. It's not helping that Walmart has been doing. A lot of really trend forward stuff at those price points and so Old Navy has to figure out what its value proposition is and it's been several quarters of weakness and they just changed the CEO from Target and Walmart. Target, yeah, Michael Francis, who was at Target a very long time ago, and so that shows you that the Richard Dixon playbook. Um, works, but celebrity collabs on their own aren't enough. You really have to have, um, Clothing that is on trend and you have to have absolutely peerless supply chains, some of the less sexy stuff of apparel, and you have to have good prices and you have to really differentiate yourself, differentiate yourself from others because Walmart and Target. are their competitors and fast fashion as well. And so this is Old Navy is actually the biggest clothing brand in the country after Nike. Phil, thank you so much. Where can people watch your full Gap feature? They can go to YouTube to the Fortune section, but specifically the Behind the Business tab. So we wanted you to stick around, speak to you about another subject which you recently wrote a CEO daily essay about, um, was very pertinent to the moment we're in. CEOs writing these enormously long essays on all different platforms. Um, I'm thinking about Dario Amodai's essay this weekend about the long. Safety of AI, it scrolled on and on and on despite being very important. What's going on? Why are CEOs writing these things? Well, part of it is, uh, they want to position themselves as big thinkers, but also there's a bit of a land grab happening in trying to get public opinion about AI, uh, but there's also a lot of ego involved. I think that, um, they tend to think that they're experts at everything and that everybody is hanging on their every word. And what could be said in 2000 words is said in 13,000 words. It's a bit like having a sub stack or being a contributor at Forbes. No offense, and so it, it's, it's they're trying to shape public opinion but also position themselves as people who are thinking these big things. Do you think they have teams helping them? Do they have editors? Are they the ones actually writing these posts? Uh, they're a little difficult to read and they clearly need an editor, so I'm guessing that they might be writing it themselves and then just having one person say, I'll just have a look. And that person probably said this is phenomenal. Warren Buffett is known for writing thought pieces, but generally he errs on the more succinct side. Is that correct? Well, when he was, uh, that was his annual letter to shareholders, so it was one time a year, but remember you. Millions of people who are trying to figure out how to invest like he did, and there was a point to it and it was clearly earned that audience. This is a little bit like, OK, well I'm just gonna, you know, a stream of conscience, put this out on the website and people will read it. At what point do you earn the right to be read if you're one of these big tech guys? Well, they do have the right to be read, but they should be edited and make it. Cleared, we, we don't need to know every single, uh, thought that they have and how it all connects. I mean, everybody needs an editor. It's, it's hard for journalists to admit it, but we, we need editors. We really do. It always ends up bad, so thank you. Thank you. That's it for Fortune Daily. I'm Ellie Austin. Please remember to like and subscribe. It really does make a difference to the show and other people finding us. I'll see you tomorrow and in the meantime, I'm off to explore the Gap flagship. OK, thank you guys.

OpenAI’s new Astra model is making waves, but questions about access and regulation are splitting Silicon Valley. In this episode of Fortune Daily, host Ellie Austin is joined by Fortune AI Editor Jeremy Kahn to break down the fight over AI guardrails and what a "smart" rulebook actually looks like.
Plus, Kamal Ahmed previews next week’s United Nations General Assembly, and Diane Brady explores how humanoid robots are transforming the world of logistics in 'The Future of Work.'

Subscribe to Fortune Daily for more deep dives into the world's most powerful companies.

Additional images courtesy of Getty Images and Nina Wurtzel

Who Really Controls the Future of AI?

Who will the winners and losers be as artificial intelligence evolves from a corporate tool to a robotic form of talent? Which organizations will successfully adapt to the new landscape and reap the market rewards—and who will be prescient enough to bet on them? An icon of investing shares his outlook on the coming SaaSpocalypse and how it will disrupt his firm's portfolio companies...and Vista itself.

Robert F. Smith, Founder, Chairman, and Chief Executive Officer, Vista Equity Partners
Allie Garfinkle, Senior Writer, Fortune 

A New View on Disruption

Conferences

Over its seven decades of operation, Hyatt has accumulated one of the richest records of guest behavior in the hospitality business. In a little more than a single decade, Silicon Valley’s Snowflake built a software platform that turns vast troves of fragmented data into decisions companies can act on. Their CEOs discuss the strategies and tools that leaders of consumer businesses can use to build deeper  customer loyalty, achieve more efficient operations, and smartly deliver a personal touch.  

Mark Hoplamazian, Chairman, President, and CEO, Hyatt 
Sridhar Ramaswamy, Chief Executive Officer, Snowflake
Jeremy Kahn, AI Editor, Fortune

The Data Suite Spot

Mark Schriar, thank you for being here with us. Um, I wanted to start with an anecdote about my own experience recently. I stayed in the Hyatt Hotel and I left an item behind in my room. I left a jacket, a running jacket behind, and I could not find online, well, this is maybe a, this is maybe a bad thing. I couldn't find online a number for that specific hotel, but I had to call, I had to call the general number and I got connected to an AI agent and I thought, oh my God, this is. Going to be a nightmare. I'm going to get stuck in some sort of decision tree. I'm never going to get this jacket back. I'm never going to figure out how to connect to this hotel. And it just said explain in, you know, plain language what what you'd, what you'd like. And I said I left this jacket at this particular branch of the hotel. I was just staying there. They said no problem, connected me directly to lost and found of that hotel. They had my jacket and it was great. I got it back. So that was a that was a delightful AI agent experience. And Mark, I want you to talk to, I mean that was one use case, but how is Hyatt really using AI across, uh, across your organization, um, and to what extent is data, because this is a conversation about data is data the key kind of underpinning of that? Um, sure, thank you, um, we're using AI in a variety of different ways, but let's just start with sort of the, the front end of commerce, so. Um, we've, we've built out several, uh, gente platforms so far. One is to enable, help our sales team be more efficient and effective to respond to the more than 1.5 million RFPs we get every year from corporate customers. Um, that actually has turned out to be very successful. We've grown our market share and group business and, um. And freed up a full day a week per salesperson who's otherwise working on this, so the ability for them to go and optimize the remainder of the revenue stream for the hotel has been really fantastic. We actually launched an agenda, a generative interface for the search function within Hive.com. At the beginning of 25 and that's actually been phenomenal because instead of, you know, date range, number of rooms uh and city or or even individual hotel, you now do free form uh pros, uh, regular language and we actually learn a lot about you we, you know, you could say my wife and I are taking. Our 15-year-old son and our 12-year-old daughter, and here's what we'd like to do. We just learned that you've got two kids. We look at the date range and say spring break, question mark follow up for next year. Third, we just found out that you like golf, a Michelin star restaurant, a great water park for your kids, and a great spa. All those things are important to thinking about. How we interact interact with you and then there are a bunch of other things um that are helping our hotel teams be much more efficient and effective in the use of data we have a massive amount of data on all of our hotels we operate over 1500 hotels in 78 countries. Um, and actually without Snowflake we wouldn't have been in a position to even begin that. And then fast forward and we'll talk about this I'm sure, um, Snowflake became our partner in building the agentic platform to actually do all the analytics behind the signals that we are sending to our hotel teams every week. Um, to say, here, here's some patterns that we're, we're seeing. Might you consider this? or here's our recommended, recommended action, and the feedback loop that one of your prior, uh, panelists had, uh, talked about. To actually allow for the cognitive loop to actually work is really the critical piece of that, and that's actually what we have underway. So there's just a few examples, right? And, and should, I, I wanted to talk to you about a couple of years ago if you wanted to run these agentic experiences, the advice a lot of people are getting, well, you have to get all your data together. You have to go put it in a giant data lake. Um, people were, you know, a lot of the, the consultant. are out there selling these very large data transformation projects and I know because we spoke at Davos this year for a while that really this is sort of an outdated way of thinking that actually now it's possible with these agents to potentially keep the data in separate buckets but to run an agent layer on top and to actually get the meaning you want and the right information to those agents, yeah. I think two things have happened, Jeremy. One is that by using things like agentic AI, specialized coding agents, simply your ability to get data projects done faster has just gone up, sometimes by an order of magnitude. Um, things that used to take years can now be finished in months. But the other point is a really interesting one about AI, which is that it comes with built-in gloom. Meaning that he can talk through different systems, he can stitch the data together because these models are very smart at figuring out that kind of context. It just makes for much faster progress. You do benefit if you want to run like a massive machine learning algorithm that wants to optimize the guest experience. You benefit from having the data sit in a platform like Snowflake, but I think what AI is also uh creates. for all of us, and Mark was telling me about some of the things he got done with his team, and they're mind blowing is the speed at which he can actually go try an idea and see is data here or here right before you embark on some 6 month or 2 year migration. I think that's the big unlock. Got it. And Shaar, you've talked about moving from sort of systems of record to systems of insight to systems of action. What does that really mean? Well, analytic systems like uh Snowflake came to be because, uh, transactional systems, your CRM system or even your HR system had super limited capabilities analytically. They were fine for I want to, you know, file for vacation from this day to this day, something specific about you. But on the other hand, if you wanted to get any kind of general trend around when are people taking vacation, when are people actually, you know. Uh, showing up, um, at the, you know, at the best H Hyatt hotels, you needed analytic systems in order to be able to do that. I think what AI back to the blue point that I was making earlier, has made possible is that now you can combine that kind of insights with the ability to take action. Um, for example, in our own case, we use this technology called MCP to connect to our Slack system, to connect Gmail, etc. to the core agentic platform that lets us access Snowflake data. This means that it's super easy, it's just as easy for me to say how much revenue did Snowflake make yesterday and what was the variant to summarize. Is a Slack channel for me because it's a lot and I don't really have time to read the whole thing. It's like bringing all of these things together that I think is going to be a big unlock for Agent TKI. Got it, Mark, as a customer of these services, I really wanted to ask you, you have so many vendors out there for all probably all every software vendor you use at Hyatt. Is now trying to sell you on why they should be the agentic AI orchestration layer. Everybody wants to be the orchestration layer, including Snowflake here, but from a customer perspective, what, who, how are you making the choice of which vendor to go with? Where do you think it makes sense to actually, this is who we want to partner with to create that orchestration layer? So I don't know how you know that, but it's true, every single one, I think there are two things that I think about. One is, um. The complexity and speed required to get through something, um, and the expertise involved and I think those are the those are the areas in which we will turn to individual experts. I personally think that the separation that Shoar just mentioned about a system of record versus the analytic layer versus the agentic layer makes all the sense in the world to me because we benefited from that thinking in being able to get things um. Going through a lot of testing and learning and experimentation much more quickly than we would have had we done it serially and otherwise, um, and especially if we just try to use one company to do it all so I think there are different companies that have been stood up. I'm not gonna name any by name, but they're, they specialize in certain areas and I'm a huge believer in not reinventing the wheel, so very happy to work with them. It's true, also true that we've set up, uh, the generative, uh, search function, the RFP uh response writer on our own. We're currently working on one which actually is an intersection of both internal data and external data and actually, uh, Snowflake is helping us do this. This is why, you know, this is the big evolution in our of our relationship. The we're we're pulling in not just hotel operating performance but customer data internal and external TripAdvisor ratings, Yelp ratings, um blog feedback, etc. etc. and we're ingesting that and actually processing that alongside what's going on in that particular market and with that hotel's particular customer base. With all of the internal information that we collect ourselves and we're utilizing that to try to provide signals to our hotel teams and we as a company are very purpose driven so our purpose as a company is to care for people so they can be their best in order to care for someone you have to practice empathy and then take action so we understood where the friction points were for the hotel teams and where they would benefit the most from getting. Assistance to make their jobs easier but also get them focused on the things that were the most important, most impactful, and leave more time for them to actually engage with our guests so this has been a big unlock and I think if I may, the big difference in our relationship with Snow. Flake has been they didn't come and say we're a hammer in search of a nail this is what we're gonna build for you when we were building this platform I just described, they're working with us so they're practicing empathy sitting down and saying what do you really need? How's this really gonna be used? We needed to go talk to hotel teams we need to understand and I think that's a big difference maker because a lot of the sessions this morning. Uh, or midday have been around the frame, the technology, the stack, etc. chips, um, but the human factor is huge, and I think the absorption, not just adoption, because I think Microsoft and Amazon just abandoned the token. Uh tracking that they were doing, there's a reason for that, right? That's not, that's not absorption, that's just using it, maybe it's productive, maybe it isn't. I'm looking for actual results at the end of the day, so I'm looking for absorption, people who are really taking it in, understanding it and utilizing it, and I think building this platform that we're building so that it can be absorbed and utilized is really. Right, I wanna go to the audience, see if we can get a question from the audience. If not, I've got lots of questions, not seeing any right now, so I'm gonna carry on. Um, sure, uh, one of the things we're starting to see is because everyone's competing to be this agent orchestration layer, um, and everyone, a lot of the traditional vendors are very, uh, particularly a lot of the traditional data vendors are very worried about being disintermediated. You're starting to see people putting in. What they're calling toll gates. They, they don't want to allow free access for a third party agent on their system, or they certainly they don't want to allow that under the current license arrangement. They're going to charge something quite a bit extra for that if they're going to allow it at all. What do you feel about this? It's Snowflake, you know, are you ever going to gate third party agents on your platform? and what do you make of this whole trend? I think Practicing what Mark just said. Empathy for the customer, uh, is a, is a really important quality that distinguishes people that see a bright future ahead versus one that want to, you know, from people that simply want to protect what they have. And the other thing I'll say is that sometimes we forget the fact that technologies are about creating great experiences whether it's for internal users, the people that use Snowflake within Mark's team, or for the guests that show up. And the more your products like help people create these great experiences, the more successful you're going to be. Everyone, yes, aspires to be top dog, but you need to create great experiences. That's what it's um it's going to all be about, um, and uh we believe in interoperability. I tell people, uh, you can use our interfaces, the app that we create, uh, directly if you like. On the other hand, if you have your own application and you simply want to use an API to embed an agent from us, that's perfectly fine. If on the other hand, you just want to write a SQL query to get at the data using a technology like MCP, that too is fine. We also make sure that we write data in a format that can be read by other engines. So at every layer of the stack, interoperability is the name of the game, and I think it also reflects our confidence and belief. You know, in the future that we want to create together and I think being customer first is a must, right? And my intuition is customers are probably not going to like the idea of a gating Mark, is that right? I mean, no way, yeah, yeah, I mean we, we just replaced all of our core systems on property, our central reserve reservation system, property management system. Uh, point of sale and revenue management system, not many people, not many sane people do that all at the same time we did, and thank God we made it through on budget time. Um, that was more luck than intellect, but the one thing that distinguished our choices in what we were going to do is I wanted basically um. Um, a layer of the systems to be agnostic to whatever new hotel that we were going to take over, whatever systems they were running, I wanted them to be able to plug in so that the central reservation system that we adopted already has 140 different property management systems API into their into their system. So that means your your turnaround time and being able to bring a hotel on is very fast. So if they, if there was a gate there and I had and we that was an expense that had to be borne by our hotel owners, I would resist that significantly as as one example that's a very specific. Practical example in hotels, but it's true generally, right? I wanted to ask a question about it. We've just been through this period on Wall Street people refer to it as a fast apocalypse. Snowflake has been to some extent a victim of this, although recently your stock has come back very strongly. I, I wanted to ask from a customer perspective because the, the thesis sort of behind the apocalypse is, oh, you know, thanks to AI coding agents, customers are just and the large enterprise are just gonna start building all their own bespoke software they're gonna build up their own agents, they're not gonna need the offerings. From these software vendors, Mark, is that, is that true from your perspective? I think there's some cases in which we will actually build our own, um, but there are many cases in which we will use third parties. Um, I'd like that flexibility. I like being able to make that by build decision, uh, and sometimes it's it's almost a hybrid where we're getting certain input in certain, um, services from, from partners, but also, uh, working, having a team internally working on it. Um, but the relationship between the vendor and us, our own team, is really the critical factor there. So, um, I think it's, it's not a clean yes or no. And Stradar, I imagine you're going to tell me that the Sass Pacos is over and Snowflake's been oversold, but what's your view of what's happened and the market reaction in the last, you know, 6 months? Every company that's in software truly needs to internalize that the cost of creating new software or changing existing software is dropping precipitously. And anyone who doesn't like absorb that is in for a root shock. I compare this to, let's say, um, blogging and media in the early 2000s. Sorry, there's a before and there's an after. Um, it like the early internet made both creation and distribution super easy. It had a set of consequences that like you're still living through. I think software is going to go through a similar sort of change, um, and so companies need to think very hard in terms of what is their durable advantage. It might be that they're able to provide infrastructure, you know, much better, or it can be that they're able to provide a set of governance capabilities or capabilities that our customers want that they look at and go, you know, it's not worth it for my team to be building this. These folks will be better at uh. At doing this and so we think a lot in terms of how do we truly meet customers where they are, what we need to provide for them, and how do we also stay at the cutting edge of what is possible with software. Fantastic. Uh, there is a question in the audience. I see someone with their hand up but we're gonna get there very quickly. We don't have that much time, so please be brief. Your perspective on data sovereignty for Snowflake and the work you might be doing and for Mark, uh, perspective on longevity and wellness entering the hospitality those are all right, let's maybe we can ask you both to answer the same question. Uh, let's, let's talk about data sovereignty. Maybe both of you talk about data sovereignty very quickly. Uh, data sovereignty is real, um, and it's here to stay. We just, uh, it obviously comes in different forms from in everything from. You know, I'm in Germany. My data center needs to be operated in such a way that it cannot be shut down because somebody in the US says shut it down. Um, so we, we work with a number of, you know, we work with the hyper scalers. We work with others to make sure that we respect the wishes of the local government. We don't have a choice. Mark don't think it's health care by the fact I want Mark to get in here before we, before we run out. I have nothing to add. Oh, OK. Oh, that was easy. That was really easy. I'll let you continue that. What about longevity? Do you have 30 seconds on longevity? It's, it's alive and well. Sorry for the for that, um, no, we actually, uh, bought a business called Miraal, um, which has an extraordinary, um, um, well-being, uh, content, uh, all based on mindfulness, and we're extending the expanding that across the, the company because especially corporate customers want to integrate more mindfulness and well-being experiences in their stays in their group meetings, um, so it's become a massive business for us and I think there's we're just at the beginning. Well, from data to longevity, there we go. Thank you very much for listening. That's all the time we have. Thank you.

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