 Hi everyone and welcome to JSA TV, coming to you today from the Tech Capital's International Finance Forum in central London, and joining me is Phil Berchie, the founder of Structure Research. Hi Barb, thanks for having me. Yeah, it's so great. It's great to finally do an interview with you. We're good friends and partners, and it's nice to be here today and meeting up in London. And tell us, you know, I know that you're here, you know, in support of this event. How's the day been going for you so far? It's been busy, and it's, you know, always good to, you know, just get the day going fast when you're trying to get over jet lag. So, but yeah, this is a wonderful venue for networking and for kind of getting a different perspective, obviously a look at different markets around the world. And yeah, it's a really productive event and certainly a nice change from, you know, not too long ago, we weren't doing these things and we were, you know, had the screen between us and the Zoom app, so. So true. It's so nice to be back in person again and nice to see you and, you know, we're fellow Canadians, I like to say. You're based in Toronto, but you have team all over the, your team members are all over the world. So, tell us a little bit about Structure Research and, you know, where, what markets you cover and just some of what you offer to your clients. So, we like to think of ourselves as a focused research group, very targeted. We spend all our time in the internet infrastructure or digital infrastructure ecosystem. We have six analysts, we're distributed, core group in North America, but we have an analyst in the UK, an associate in Singapore. Our coverage is global, and so, you know, even though we're small, we're definitely accessing, you know, airplanes and venues like this to meet people. But we definitely spend, you know, more specific to this geography. We spend a lot of time over the last, say, three or four years building out our European practice. And so, we've built out data sets and full coverage for core flat markets in Europe, and now we're moving to the Southern European region in that second tier. So, definitely a market of importance for us. And like I said, it kind of fits in with our global approach and mandate. I mean, I know that I can say, speak on behalf of JSA and our clients where there's always such tremendous value that you, you bring to our clients and we're always proud to be able to recommend you and our clients that do work with you or, you know, find great value in what you offer. And on that note, you open today's session with a bit of a, I know it was a whirlwind, it was 20 minutes. And I mean, I said to you earlier, we could have listened for at least an hour to that. But give us a bit of a high level what you went through today or any of the key trends that you would like to highlight from that. Yeah, definitely. 20 minutes, it's pretty quick. I've prepared 40 slides, so simple math that's two slides a minute. But no, we had to kind of pick and choose in terms of what we could focus on. But I think some core themes, especially for this audience, is what is happening since last year in terms of where the market has gone, what the temperature is, how is it tracking. And there has been some decelerations that started kind of coming out of the pandemic halfway through last year through to this. And so, you know, commented a bit about where that's going and how we're seeing the rest of 23 play out 2023. So, you know, I think the, in general, our conclusion, and I think a lot of the conversation here would support our thesis, which is that, you know, it's a slower environment, but the core fundamentals of this sector are in place. There doesn't seem to be any, you know, any, you know, there are headwinds, but these, the directional trends of the industry are moving in that direction inexorably. And they're not, there's not likely anything in the way. And so it's a, it's a waiting game in many ways. So, I think that's the core theme and term, a core message in terms of what our outlook is for the sector. Definitely feel, obviously, hyperscale is a big part of that story. And so, we drilled into, you know, a lot of the, you know, hyperscale leasing and how that's impacting, you know, cloud adoption, sorry, data center growth and expansion. And of course, you know, always have to look at what's next and what are the main challenges. And, you know, I think I concluded with a bit of a look at the self-build market. And so we at Structure Research are starting to incorporate the self-build portion as a component of hyperscale data center research. And so, we give a little taste of our, of our data sets. There's obviously more, if you want to contact us. But absolutely, I think hyperscale, where it's going, and of course, you know, where it's going in Europe and on a global basis. Yeah, and I was going to say, I mean, there was, you sort of scratched the surface this morning and thank you for that sort of high-level overview. But of course, people can connect with you to, to dig a bit deeper and to, you know, get a fuller look. I'm sure that you would be happy to speak to, to any of our audience here. But you also have an event coming up, I believe. So that's why we're here. The Tech Capital has, has been a partner of ours on the event side and on the, on the media side. So, you know, they've supported our event and we're here to support theirs. Our summit is held in Toronto, in Canada. This year, October 4th to 5th, we have a little fancy new venue this year, the Shangri-La Hotel. It's a two-day event, similar in approach and focus to, to this event. I would say we have a bit of a longer history, so it's, it's definitely come, come a long way with the two-year interaction, notwithstanding. But definitely a very good cross-section of operating companies, supporting vendors, and of course, finance, investment and real estate. And so we try to spread that across our audience evenly. And it's a, and the backdrop is our, our third-party independent research. And so our, I think our, the last thing I'd say, I think our event has developed a strong reputation for being global and having very solid content to support the event. And, and that's, again, something that we're gonna continue driving forward. Yeah, I would agree. It's a great event. I look forward to attending October 4th and 5th in Toronto. This, that's this year, 2023, October 4th and 5th. And winter doesn't start till a few weeks later. That's right. Still warm and beautiful in, in Ontario at that time of year. This kind of outfit will do just fine. So thank you. Thanks for joining. Thanks for having me. Always pleasure. Always a pleasure to catch up and see you in person. Thank you. Thank you for tuning or for joining us. And thank you viewers for tuning in to JSA TV coming to you today from Tech Capital's International Finance Forum in London. Until next time.