Q : What are the key factors driving the acceleration in spending, and how sustainable is this growth? A : Stephen Squeri noted that the acceleration in spending was broad-based, with strong holiday spending contributing significantly. Travel and Entertainment (T&E) spending, particularly in airlines and restaurants, was notably strong. Christophe Le Caillec, CFO, added that the holiday shopping season was especially strong, and while the first three weeks of January 2025 looked promising, it's too early to predict sustainability for the entire year.