“So we continue to expect a strong relationship with Discover.”

In context

“ivity to actually make stuff happen there. So we'll keep you updated if there's any meaningful change relative to our expectations as we built into our portfolio guide on the Capital One Discover transaction. Michael Miebach: On your question, so just one point. So the relationship with Capital One has been a strong one for a number of years. We've grown together in the market. There are areas now in this setup where we'll continue to have a strong relationship. You have both organizations talk about that. At the same time, there might be areas where we compete going forward. But that is not unique. We have many examples. You look in the acquiring space, for example, where we have great strategic partnerships on one hand, and there will be certain aspects of our business where we compete. So we continue to expect a strong relationship with Discover. Sachin Mehra : Sorry, actually with Capital One. And then on your question, about China, look, I mean, I think we've shared previously what our exposure to China was as it relates to both inbound and outbound from a cross-border revenue standpoint. The lion's share of our revenue exposure to China is around cross-border. We do generate some amount of assessment revenue on our domestic volumes, which are there. So net-net, what I would tell you is the impact on revenues of the joint venture is still pretty small. I mean, it's still in ramp mode. It's still in invest mode, I would say, where we're investing in building out the programs Michael talked about and the acceptance infrastructure, so on and so forth. But then as it relates to the business we've always had as it relates to China, a”