Mark I'm going to start with you because you said that arm would in fact emerge as a Bellwether Tech stock I realize it's just day one but what is this bump on day one mean when you look at the context of the broader IPO market and where it's been up until now well look I think it's uh I think it's a great data point uh hopefully the first of maybe a small data set uh the market this was a deal that had a great company that is scaled and profitable um and really ran a tremendous process of of informing the buy side of all the growth drivers behind it so I was not surprised or I am not surprised that it has done well here and I think this is a great first step to reopening what has been sort of an 18-month drought of IPOs in uh in the U.S tech markets um and the last thing I'll say is I think it really does start to build a better um emotional vibe in the boardrooms of small mid cap companies who can now look at this and potentially see a pathway to a much more active 2024. Janae do you agree that this strong debut here from arm that is going to be enough here to help thaw some of the uh I guess the fact that we haven't seen much activity at all in the IPL Market yeah I think the fact that the IPO has gone very well today and over the last few days is a strong indicator you know I talked to an analyst this morning and he said you know if you're looking at the IPO markets thawing you can't just focus on one company it has to be a few companies that are listing and the fact that two other very strong companies clavio and instacart are planning to go public this month means that it is this is a Bellwether but it needs a little bit more than just one company to list to to give a sense of a shift I think the fact that arm has done incredibly well in opening and I think they could have even gone higher though you know they talked about it being 10 times over subscribed they could have even jumped the price a little bit higher they went on the higher range for this IPO but they didn't go too high I think is important because everyone's looking at pricing and if they price it too high that could certainly dampen the market so I think um it's been interesting to watch the sort of conservative pricing that we've seen around disarm IPO you know we know that softbanked at quite a 25 stake from the vision fund at 64 billion so certainly they could have pushed this higher and they didn't and I think that's because of the space we're in as a market right now
