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Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
00:29:01
Why tech CEOs are trying to woo President Trump & the latest on the drones flying around the northeast
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- [00:02]
Toby Howell
This episode is brought to you by Amazon Prime. There's nothing sweeter than baking cookies during the holidays. With Prime, I get all my ingredients delivered right to my door, fast and free. No last minute store trips needed. And of course, I blast my favorite holiday playlist on Amazon Music. It's the ultimate soundtrack for creating unforgettable memories. From streaming to shopping, it's on Prime. Visit Amazon.comprime to get more out of whatever you're into.
- [00:29]
Neal Freyman
Good morning, Brew Daily Show. I'm Neal Freyman.
- [00:32]
Toby Howell
And I'm Toby Howell.
- [00:33]
Neal Freyman
Today, it's not Barbie, it's not Lego. The best selling toy in the world is. Yeah, you're gonna have to wait for that.
- [00:40]
Toby Howell
Then. It's a bird. It's a plane. No, it's a drone hovering over New Jersey. But in reality, it's probably a plane. It's Monday, December 16th. Let's ride.
- [00:53]
Neal Freyman
The holiday season is full of heartwarming stories of generosity and giving. And I got another one for you right here. Last week, the extremely popular author James Patterson handed out $500 holiday bonuses to 600 employees at independent bookstores across the country. It's a tradition he started in 2015, inviting thousands of booksellers to apply and picking hundreds of winners from the nominees. In a statement, Patterson said, booksellers save lives, period. I'm happy to be able to acknowledge them and all their hard work this holiday season.
- [01:25]
Toby Howell
I mean, it does warm the heart to. James Patterson is also a juggernaut. He sold more than 425 million copies of this book. His total income over the last decade is estimated at $700 million. That being said, his books have been described as a literary equivalent of Kentucky Fried Chicken. And he's often been criticized for co authoring a lot of his stories. But a lot of people enjoy Kentucky Fried Chicken, Neal. And if it means some of his profits go towards these independent books sellers, sometimes you just have to tip your cap and say, that is a good deed. Now a word from our sponsor, the Range Rover Sport. That's right, Neil. We're finishing off the year in style.
- [02:05]
Neal Freyman
Style is a great word for it because the new Range Rover Sport oozes class. Each model offers a sophisticated take on sporting luxury. So you can cruise in style, but also get a little adventurous with its off roading capabilities.
- [02:18]
Toby Howell
It's a dual threat, Neal, focused on road performance, but with world famous off road capability. It's the fire and ice of cars. The Toby and Neil of cars.
- [02:27]
Neal Freyman
Okay, but who's the off road power and who's the on road cruising.
- [02:31]
Toby Howell
I think you're giving some off road vibes these days. Could be the five o'clock shadow.
- [02:36]
Neal Freyman
If you want a taste of the finer things and the wild side, build your Range Rover Sport at land rover USA.com today America's top tech moguls are marching one by one to Mar a Lago, a pilgrimage they hope will repair a rocky relationship with President Elect Trump and curry favor with the upcoming administration. Last week it was Google's Sundar Pichai and Apple's Tim Cook making the trek from California to Palm beach before Thanksgiving. It was met as Mark Zuckerberg and this week Amazon founder Jeff Bezos will have dinner with Trump. Meanwhile, Metta, Amazon and OpenAI's Sam Altman are writing checks to Trump, with all three saying last week they would contribute $1 million to his inaugural fund. For some historical context, it is not unusual for CEOs to cozy up to an incoming administration. The White House sets policies that will have major impacts on their companies and they want to make sure their interests are being heard. This has been going on for decades, but for the tech industry in particular, it is a striking reversal. Silicon Valley and Trump were no fans of each other during his first stint in the White House and shortly thereafter. It's certainly a sign of the times that Salesforce CEO Marc Benioff, who a few years ago had been a major Democratic supporter, said last week, it was a time of great promise for our nation.
- [03:53]
Toby Howell
Yeah, after keeping the Trump administration or the Trump campaign at a little bit of an arm's length during the campaign season, a lot of these CEOs are saying, you know what, I do not want to risk being on bad terms with Trump. Let's go speak with him face to face. Let's go to Mar a Lago and just see what he's about and see if we can create this relationship. The thing about some of these inaugural fund donations too is what it does is guarantee you some face time with Trump in advance because donors to the inauguration fund do get invitation to inauguration ball, access to a candle at dinner with the Trumps, and then they also have a access to reception with a cabinet pick. So what you are seeing is paying $1 million saying like I do want to have more opportunities to have FaceTime with you. And also one thing about inaugural committees is that they are pretty low stakes in terms of donations. They are seen as a very normal thing for companies to do to seek favor. There is a little bit of a guise of patriotism attached to it as well. Without being seen as, like, overly partisan. So I wouldn't read too much into the fact that they're all donating exactly $1 million because it does give you access to the events and it is a rather normal thing to do to an incoming administration.
- [05:04]
Neal Freyman
I want to talk about one of these tech moguls that is going to Mar a Lago this week, Jeff Bezos, because I think he is a good example of what can when the relationship with the President goes sour. During the first administration, Trump's first administration, he repeatedly bashed Jeff Bezos, who owns the Washington Post, for negative coverage. And that did translate to the business world. You know, Amazon contends that they lost out on a $10 billion cloud computing contract with the federal government to Microsoft because Trump did not like Bezos. So that was a big business impact for Amazon because of that rocky relationship. So now you're seeing Bezos make the trek to Mar a Lago. He moved to South Florida. Reportedly he's become friends with Jared and Ivanka down there and he's hoping to make a. Not make amends because he probably thinks he didn't do anything wrong. But China, China reestablish that relationship. Because the one thing all these guys have in common is they're catching up to Elon Musk. Elon Musk already has that bromance with Trump. And there is the potential that Trump or Elon Musk could use that power to cut them out of lucrative business deals.
- [06:12]
Toby Howell
Right. He is the other power player that CEOs are also trying to figure out to navigate the relationship because a lot of those CEOs could be aware that Musk could just punish his business rivals, could push them to the side. Sam Altman is obviously a big one of those. Elon Musk has reputedly sued Open AI saying that it for SO or it went back on its promise to be this open company and it now is a for profit entity. Altman has said that he hopes or he thinks Elon will do the right thing because he said it would be, quote, profoundly unamerican to use political power to the degree that Elon has it to hurt your competitors and advantage your own businesses. So, I mean, that is, that could be a very optimistic look at the situation. But the reality is that Elon now has a ton of power in the administration. He could wield it one way or the other. In CEOs are trying to figure out how to navigate him as well as navigate Donald Trump. There is a new entrant into the 13 figure club, chip maker Broadcom pulled up a chair to sit at the $1 trillion market cap t just before the weekend after reporting breakout fourth quarter earnings. The stock jumped 24% to creep into uncharted territory and has now doubled in value this year. Unsurprisingly, it's been AI that has pushed Broadcom into the big leagues. It supplies advanced AI hardware to big tech companies much like Nvidia, but also has a robust software business as well. AI revenue is up 220% this year and it's got to the point that when Broadcom does well, shares of Nvidia and competitors like AMD shrink on fears that incumbent AI stalwarts could lose market share to the surging Broadcom. Looking forward, the company's CEO Hock Tan expects its opportunity to reach $90 billion by 2027, powered by what it calls hyperscaler customers, which are those companies like Metta and Google that require large scale data centers. Neal Broadcom is not a name that a lot of people know off the top of their heads, but they will soon.
- [08:11]
Neal Freyman
The last time I will say I thought About Broadcom was six years ago in 2018 and that was when Broadcom tried to buy Qualcomm for $120 billion. It would be one of the biggest, if not the biggest tech acquisitions of all time. Trump. Speaking of Trump, he blocked that deal from going forward because at the time Broadcom was based in Singapore and this was blocked over national security concerns. Turns out Broadcom did not need Qualcomm at all since 20 Broadcom shares are up 760%, Qualcomm's up 165% and the S&P 500 is up 119%. So Broadcom easily outpacing the other guys and that's really because of this revolution with chat. In 2022, sales of its AI chips are up a lot. Sales of its non AI chips are down. So without AI, Broadcom is probably looking more like Qualcomm and now it's in the $1 trillion club.
- [09:10]
Toby Howell
That being said, though, its CEO Hock Tam loves to take swings. I mean it tried to swing acquire Qualcomm for the biggest tech acquisition ever, but it's also recently bought VMware for $61 billion. VMware helps with server virtualization. They also that VMware deal only trails Microsoft's acquisition of Activision Blizzard and Dell's Dell purchase as the biggest tech deals ever. It also agreed to buy this software vendor in 2018 for $19 billion. It had another acquisition of a security company for $10 billion in 2019. So Hock Tan does like going on these shopping sprees. He does like to acquire as a means to grow Broadcom. But Broadcom is a little bit different than Nvidia in the sense that Nvidia sells GPUs, graphic processing units. Broadcom calls its version of GPUs, GPUs, which are just slightly different. They are a little bit more advanced. These chips aren't for just your everyday company. They are only for the companies that really want to push to the edge of efficiency and power. 20, 30% faster, 20, 30% less power. So you have to be a Google, you have to be a matter, you have to be a Microsoft to actually find use in that. But luckily those companies are spending very, very big on AI. And so Broadcom is in a pretty solid position right now.
- [10:32]
Neal Freyman
They're spending $59 billion in the last quarter alone. That's four companies. Alphabet, Amazon, Meta, and Microsoft spent 59 billion on capital expenditures. A lot of that is going to Nvidia. A lot of that is going to broadcom. That's about 18% of their total revenue over the quarter. So a very concentrated group of customers. You know, you have a talk about having a, you know, a very specialized customer base. They have, you know, three or four customers. So it really, the fortunes depend on whether these companies continue to spend or they pull back.
- [11:01]
Toby Howell
And now it is $1 trillion. That is pretty crazy because you definitely haven't heard of Broadcom unless you're pretty plugged into maybe the chip industry. But now it is literally part of that 13 figure club. The rumor mill is still buzzing about the drones flying over New Jersey, with more questions than answers emerging over the weekend. To recap, New Jersey residents have been bewildered over the past few weeks due to drones buzzing over their state. A U.S. army research facility has reported 11 confirmed instances of drones illegally entering its airspace, while more than a dozen drones have been spotted over a US Naval weapons station since early December. Sightings have also been reported in six counties across the state, prompting U.S. lawmakers to get more involved. U.S. senator Chuck Schumer called on the Department of Homeland Security to deploy recently declassified tech that can ID and track drones back to their landing spots in an effort to get to the bottom of the sightings. As for what we do know, officials from Homeland Security say that the drones don't appear to be linked to foreign governments, while the FBI is pretty sure a lot of people have just been seeing planes. Quote, many of the reported drone sightings are in fact manned aircraft being misidentified as drones, they said in a statement. Either way, Neal, we're now multiple weeks into these sightings, and still no one has really gotten to the bottom of things.
- [12:20]
Neal Freyman
No, they. They don't know what's going on. This really dominated the Sunday talk shows yesterday. Everyone was talking about, I know you were busy watching Manchester City, Manchester United, but there were tons of lawmakers going on these shows talking about the drone issue. It is certainly raised to the national level because it's not just New Jersey. It's also Connecticut, New York, and Maryland as well. On Friday night, they had to shut down Stewart International Airport, about 60 miles north of New York City in order to deal with a drone issue. So the question here is, are these benign? Like, what is going on? Are these planes? Are these actual. Is there actual a drone infestation? Senator Andy Kim, who's from New Jersey, a senator for New Jersey, said he went out on local patrol with police in New Jersey and said that after going out with police to observe reports of possible drones, the. I concluded that most of the drone sightings that were pointed out to me were almost certainly planes that said. He criticized information delivery from federal officials, saying they weren't being transparent and that they should, in their public communications. Just compare this to a crisis CEO moment that you want to be as transparent as possible. Explain your reasoning, because right now the Pentagon and the FBI are saying, guys, it's not a big deal. Everything's legal. They are planes. You're making all of this up. That's just like not a good community, like a good effective communication strategy. So senators and other law state lawmakers are calling on the feds to say, okay, if there is nothing, explain how you found that out and let the people know, because they're getting a little frustrated and they're getting a little worried.
- [13:54]
Toby Howell
One thing that could be contributing to this, though, is that even if a lot of the sightings are plain, some people could be actually seeing hobbyist drones because a 2023 FAA regulatory change did allow drones to be flown at night, which could possibly behind some of the increase in sightings. Plus, US Law does really limit how the US Military can actually respond to drones. They're not allowed to just shoot them out of the air, as they do need special authorization. They need to give special authorization to local authorities to deal with drones as well. And so maybe a combination of those two factors is leading to an increase in sightings. It could, I mean, we could be talking about literally just a few pranksters or someone flying these drones around because they're allowed to at night even though they aren't allowed to go into FAA restricted airspace. But still maybe those are some of the factors that are contributing this as well.
- [14:43]
Neal Freyman
It's completely legal. Like there, there's 800,000 drone registrations now, which is the equivalent of the population of San Francisco. There are a lot of drones flying around. You can fly them around at night. It's legal to fly a drone in most locations below 400ft. You don't really need anything else to send a drone up there. So, you know, there's, they're like, there's nothing we can do. Like we can't shoot them down because we're not allowed to shoot down random drones that are flying legally because there's collateral damage over the local area and things like that. So, you know, we'll see what happens with this story. I think there is a push for more transparency from federal officials to just explain, just show their work essentially.
- [15:20]
Toby Howell
Up next, it is our winners of the weekend.
- [15:25]
Neal Freyman
In the noisy world of advertising, it's easy for a message to get lost. And if your brand isn't targeting your ideal audience, there's a chance you'll never reach them. But here's the good news. LinkedIn Ads can help you reach your people with precise B2B targeting.
- [15:39]
Toby Howell
LinkedIn Ads gives you the tools you need to reach your customers, build the right relationships and drive results. Their tools are especially important for B2B campaigns.
- [15:49]
Neal Freyman
The results speak for themselves. By working with LinkedIn ads, B2B tech companies generated two to five times higher return on ad spend than other social media media platforms.
- [15:58]
Toby Howell
Start converting your B2B audience into high quality leads today. LinkedIn ads will even give you a $100 credit on your next campaign. Go to LinkedIn.commbd to claim your credit. That's LinkedIn.commbd terms and conditions apply. LinkedIn the place to be to Be Whether you're looking for the perfect flight or the perfect phone, we all want the best.
- [16:22]
Neal Freyman
But figuring out what makes something the best in its class isn't easy. Especially when you're searching for the right AI tool for your business.
- [16:30]
Toby Howell
With one exception. Grammarly, it's helped me achieve the perfect writing tone through game changing tech that personalizes content based on audience and context.
- [16:39]
Neal Freyman
Plus, They've got over 15 years of experience in secure private responsible enterprise grade AI. It's even trusted by teams at one third of Fortune 500 companies.
- [16:49]
Toby Howell
They're a super recognizable name for a reason. Teams that communicate better with Grammarly report 25% faster time to resolution for support tickets, 52% less time spent writing sales emails, and can save 19 days per year per employee.
- [17:03]
Neal Freyman
Ready to level up your biz? Join over 70,000 teams and 30 million people who trust Grammarly to work faster and hit their goals while keeping their data Secure. Go to Grammarly.comenterprise to learn more. That's Grammarly.com enterprise welcome to winners of the Weekend, the segment where Toby and I picked two things that cemented their spot on Santa's nice list. The past couple of days I won the pre show Gingerbread Housemaking competition, so I get to go first. My winner is anyone who hates changing the clocks twice a year because now you have the most powerful person in the world on your side. Friday night, President Elect Trump wrote on Truth Social that he wants to end Daylight Saving Time, calling it, quote, inconvenient and very costly to our nation. He said he'll work with Republicans to make Standard Time permanent when he takes office just as a refresher. The idea behind Daylight Saving Time is to shift an hour of sunlight from the morning to the evening during the summer months so that people can enjoy the daylight during their time off from work and spend money to juice the economy. It became federal law in 1966, so now every state besides Hawaii and Arizona spring their clocks forward in March and fall back after Halloween every year. Toby this debate has been raging for decades, and even though Americans say they don't want to keep changing the clocks, there's been a little political appetite to change it. Maybe Trump getting on board will give it the juice it needs to get across the finish line.
- [18:29]
Toby Howell
You can make a lot of arguments for either side of this, whether you want to stay with Standard Time or move to permanent Daylight saving times. One of them is consumer spending. Most people say that when people spend money after work, it's better to have more sunshine available because you would go to stores because it's still light out. That being said, online shopping is A lot of people do most of their shopping these days, so does it really matter if it's light or dark out? Another thing too is that Daylight Savings time is supposed to make your electric bill cheaper, but there hasn't been really any agreement on whether it actually does lower energy use. And then finally, sleep and health is a big one as well. Standard time when it's lighter in the mornings does help your circadian rhythm because getting that sunlight Anyone who listens to you know the Andrew Huberman pod knows that daylight exposure, sunlight exposure is probably good for you, provides a better night's sleep because it gets you on that security and rhythm. But also more sunlight in the evenings is probably good for your mental health as well because no one likes it being dark when you, when you leave work every day. So for every argument for one side of the equation, some people have another argument arguing for the opposite.
- [19:36]
Neal Freyman
Right. But permanent standard time is just better. Oh, so Neil clearly thinks I'm clearly on that side. More sunlight in the morning. But I want to talk about this discrepancy because Trump said that he wants permanent standard time, which you don't believe because you think he messed up. Because Trump. Because the general political consensus. There have been bills introduced in 2022 and 2023 by Marco Rubio, a Republican, wanting permanent daylight saving time because that is where you get the most. You maximize the evening sunlight, which seems to be a little more politically palatable. Permanent standard time is the one of, is what people like. Wonky. You know, the wonks want the sleep association, the medical health experts, that's they want permanent standard time. But in terms of, you know, what is more politically feasible? It's daylight saving time. Permanent. So, Toby, you think that Trump misspoke here?
- [20:27]
Toby Howell
Yeah, when I think when he said he wants to end daylight saving, he means he wants to make daylight saving permanent because that is what he expressed support for back in 2019. So I do think that by ending it, he just means we don't want to shift clocks anymore. Pick one way or the other. And I think the way, based off his previous statements, is he wants to make DST permanent. My winner of the weekend is Hot Wheels because they are on fire right now. The 56 year old brand is the best selling toy in the world according to the market research firm Circana, with fans stretching from 3 year olds all the way up to 63 year olds. It's one of the standout lines under the Mattel umbrella, going toe to toe with the likes of Barbie and saw its sales grow 14% to reach nearly one and a half billion dollars last year. At its current pace, Mattel sells 22 and a half Hot Wheels cars per second, good for 709 million cars a year. Now a lot of trends are kicking Hot Wheels into high gear. One, they are cheap, with most starting at just $1.25 apiece. Two, nostalgia is in right now and these cars evoke warm feelings of childhood fun. And three, there is a major collector scene with adult fanatics driving about 1/3 of global revenue, according to the company. The only way I can describe it, Neal, is Hot Wheels is hot.
- [21:43]
Neal Freyman
They are hot. They are also licensing their ip, which you're seeing from Barbie and other toy brands is a great way to maximize revenue. Of course, there's a Hot Wheels movie coming on the heels of Barbie. Mattel is like, oh, well, Barbie sales jumped 16% after he released the Barbie movie. You know, let's do that for Hot Wheels, too. That's already growing at 14% a year. Why don't we juice sales even more? I think, you know, I think they just have so many. We talked about Broadcom having a very narrow customer base. Hot Wheels has literally everybody on the planet buying Hot Wheels for various different reasons. You have the kids that want it just for fun. You have the adults that are literally paying $99 a year for a subscription to get the latest collectible models. That is recurring revenue for a toy company. That's kind of unheard of. So this company is clicking on all cylinders, and it just goes back to maybe. Americans love affairs with cars.
- [22:36]
Toby Howell
It really does. I do think you can't overlook price either, because selling for a $1.25 apiece, that's a big draw in an inflationary environment, especially if you think. If you actually do the math, the toys cost less today than they did in 1968. They retailed for about 69 to 89 cents back in the 60s and 70s, but that's roughly six to eight dollars in today's dollars.
- [22:58]
Neal Freyman
So it's one of where they. Making these.
- [23:01]
Toby Howell
I know they're.
- [23:01]
Neal Freyman
The level of craftsmanship cannot be high.
- [23:03]
Toby Howell
Right? There has been a little bit of pushback because people have shown the bottom of Hot Wheels cars and how over time they've been a little simplified because you're right, they are producing a lot. But one of the things is. I mean, I mentioned that they're selling 22 and a half Hot Wheels toys per second. They're also making 22 and a half Hot Wheels toys per second. So that level of scale allows them to sell them for very cheaply. And maybe it's subsidized by this subscription plan that some people are talking about. One fun story about just the Mattel toy umbrella, whatever you want to call it, the connection between Barbie and Hot Wheels runs very deep because Hot Wheels creator Elliot Handler was married to the woman behind Barbie, Ruth Handler. If that isn't fate or if that isn't just an aligning of these toy forces, then I don't know what is.
- [23:50]
Neal Freyman
It's Monday, and as per tradition, here are the events you need to know about for the week ahead. The Fed is holding its final meeting of the year on Wednesday, and it's overwhelmingly expected to cut rates a standard quarter percentage point, the third rate cut this year, well, that's pretty much locked in. The big question mark is its rate path in 2025. Inflation is proving to be more stubborn than anticipated, hovering above that 2% target. And Trump's economic policies, like tariffs, could complicate the picture even more. Economists surveyed by Bloomberg have a median estimate of three rate cuts next year, but we'll see what Jay Powell says.
- [24:26]
Toby Howell
This might be the last meeting where we know what's going to happen because there are just so many question marks on the horizon. Does inflation just jump back up or are these tariffs going to be more of a bargaining chip if they do go into effect and jack up prices? That's when the situation becomes a little murky. Because how can you go ahead with rate cuts if you see inflation starting to creep back?
- [24:46]
Neal Freyman
You probably can't. Maybe it's cold outside and if you plan on hunkering down, there's plenty to watch on the screen big and small. Mr. Beast squid game inspired competition show Beast Games hits Amazon Prime Video on Thursday, offering a grand prize of $5 million. Mufasa, the prequel to 2019's live action Lion King, arrives in theaters on Friday. And then if you want to impress your film major friends, go see Oscar contender the Brutalist, starring Adrien Brody, also out on Friday.
- [25:14]
Toby Howell
I don't know, I mean, the only one I'm interested in is the Brutalist, because the Lion King prequel I just haven't seen much buzz about. Even though 2019 Lion King gross $1.7 billion worldwide, that is a gigantic number. I can't see this. It just doesn't seem like there's been much buzz about it. And then Squid Games. I can't believe we're still doing squid games. Mr.
- [25:34]
Neal Freyman
Beast.
- [25:34]
Toby Howell
I know it's Mr. Beast, but still like it feels like Squid Games cultural relevance has passed. They did release another season and Squid Games on YouTube, what he recreated did do very well. But I don't know, it's hard for me to get excited about it's too.
- [25:47]
Neal Freyman
It'S a big, big deal for the creator economy, if you want to call it that, for Mr. Beast to move beyond YouTube to the streaming and TV realm. So we'll see how that goes out. I mean, I'm not going to watch, let's be honest, in here's an awesome story. The University of Vermont will play in its first ever championship game in any sport tonight when the Catamounts take on Marshall for the men's soccer title tonight.
- [26:10]
Toby Howell
No disrespect to the Catamounts, but they eliminated my younger brother in his final collegiate game ever in the NCAA tournament, so I forever have a beef with them. So to see them doing well is a little bittersweet for me. But congrats to the counter mounts. That is an awesome achievement and I will be tuning in to watch that.
- [26:27]
Neal Freyman
Okay, that is all the time we have. Thanks so much for starting your morning with us and have a wonder wonderful start to the week. It's officially let's circle back in 2025 season in your inbox. For any questions, comments or feedback, send an email to Morning Brew daily at Morning Broadcom. And if you're a satisfied customer and want to help grow this podcast, share it with friends, family and coworkers who are lacking A solid news roundup in the morning for everyone with Sharer's block. Toby's got a recommendation.
- [26:55]
Toby Howell
I want you to share the podcast with someone who has a theory about the drones. I know you got an uncle or a cousin who's been thinking about these things, so share this pod, give them the drone conversation timestamp and just say thoughts. I think the rest will take care of itself.
- [27:09]
Neal Freyman
Let's roll the credits. Emily Milian is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchena Ogu is our technical director. Billy Menino is on audio, Hair and Makeup's Got a Dinner down in Mar? A Lago. Really? He's inviting anyone? Devin Emery is our chief content Officer, and our show is a production of Morning Brew.
- [27:29]
Toby Howell
Great show, Danielle. Let's run it back tomorrow.