Mike Cho

how are you thinking about the potential for AUM and product expansion from the index licensing versus any licensing fee changes

is there anything to consider for this segment, you know, into guess, into 2026, you know, relative to the low single-digit medium-term guide that's out there now?

Can you just talk through any particular areas where you think Nasdaq has a propensity to drive higher growth? And is there a broader approach to frame the opportunity ahead for Nasdaq as the digit...

I also think you called out low single-digit growth for 2025. And so I was hoping maybe you could just remind us of the mix of the business

can you just remind us and talk through some of the areas where we might see some of your efforts or just kind of general progress first

Can you just unpack kind of where the priorities are in terms of the growth of that spend

I was hoping you could unpack some of your comments there as well, you called out the strong pipeline. I think you also called out March was pretty strong

was there anything to call out in terms of comp expense or comp ratio during the quarter

are there areas that saw any particular strength this quarter. And if you look back maybe over the last 4 quarters, what segment or tweaks in Raymond James' approach

how does the prospective resource allocation into these initiatives ultimately impact the $1 billion of tech spend you called out in the future years

Can you flesh out which segments, whether it's independent or employee, that's kind of seeing more uplift more recently

I was hoping you could unpack a little bit more about that pipeline you see and maybe across different channels where you might be seeing better engagement

how you're planning the trajectory of balance sheet growth across some of the key segments for the remainder of the year

I was hoping you could just talk through what you're seeing in terms loan demand

I was hoping if you could just flesh out some of those comments in terms of the magnitude of improvement into April and maybe any particular segments or channels that you might called out

I'm just curious what you're hearing from clients and what ultimately drives more demand area

Can you give any color or anything incremental in terms of maybe what you saw in the quarter