Tal Liani
BofA Securities, Research Division

I was asked to introduce myself before every session because the transcript after that doesn't know who is presenting. So my name is Tal. I'm 6 foot 3. And tomorrow is my birthday. So tell me...

Gina Mastantuono
President & CFO

Happy birthday.

Tal Liani
BofA Securities, Research Division

Here you go. Thank you. So I introduced myself for the record.

We -- as you know, I cover software and networking, and we recently launched coverage on ServiceNow, and we launched it with a positive view. And we distinguish between -- I'm just starting with kind of 30 seconds of our views just to give a framework for our discussion.

Gina Mastantuono
President & CFO

I was just talking that's always...

Tal Liani
BofA Securities, Research Division

We started with a positive view because we distinguish between companies that will use AI as a tailwind and companies that will be -- we will see great competition because of AI. Our biggest fear is that the AI labs, the next step for them is to launch applications because if they want to be -- especially those that are going to lose on the enterprise side, meaning they'll be behind, the natural evolution for them is to launch an application and to go into CRM, to go into -- because that's the way to penetrate to the enterprise space.

So the -- when we looked at our entire universe, whether it's Workday or ServiceNow or Salesforce, we identified ServiceNow as a company that is really entrenched, meaning it's impossible, in my view, to replace ServiceNow. It's also impossible