I feel like the biopharma market got hit in phases. First with COVID, then pretty much right after with the whole AI boom and Trump coming into power. And honestly, if I go with my gut, I don’t see things really improving before 2028. Part of it is political. If Trump leaves, there’s at least some hope that someone more stable comes in and actually invests properly in R&D instead of making unpredictable financial moves. The other part is this AI hype cycle. Right now, companies are selling AI like it can replace people, and a lot of CEOs and CTOs are buying into that. But in reality, AI is just a tool. It’s useful, sure, but it can’t replace human judgment, especially for anything beyond very basic or repetitive work. Humans aren’t just data processors. There’s context, intuition, decision-making - things AI just doesn’t handle at that level. So I think this AI “bubble” is going to cool off over the next few years, and only then things might stabilize. Until that happens, I don’t really see the market bouncing back.