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inflation. Do we can we afford to have no relations with China? Do we have to have a dialogue? One of my asymmetric views is we will have a strong relationship with China one form or another. I do believe we do need a trading agreement with China. I hope there's a future where we have conversation with China where China agrees to buy a hundred billion dollars of our agriculture to help our farmers.
I hope there's a future where China agrees to buy a large portion of their LG with US producers. So there's there are opportunities and I know right at this time there's no conversation or little conversation. I know the whole issue that's going around it but I do I am hopeful that we are going to have conversation with China that will hopefully allow us to have relationships that there is business.
Uh that being said we are still going to have uh tensions related to technology. We are going to have to making sure that it's US technology that's going to be diffusing technology especially for AI. It should be US technology that is connecting the world not Chinese technology. And you guys have been very uh very uh involved in financing some of that buildout of course being a key partner for example in the uh in the buildout of the of the AI infrastructure in terms of data centers and everything else and obviously not worry about the peak in data center that Wall Street's so fixated no peak there's no right and in fact the capex that's necessary to do that is only going to grow as we democratize AI we need more data centers because the utilization will be greater So this is a there is but the costs are going to go up aren't they conceivably for the servers that go into a data center now a one gawatt data center with all the GPUs all the power all that we're talking $50 billion per data center right we're talking major and this is but data centers don't throw off a big return so a data center throws off even with leverage because at 11 or 14% return the that's fine for your I mean you're happy to f that's the beauty of our capital Microsoft trades at a much higher PE that owning owning data set degrades their PE.
Same thing with they don't want to. They'd much rather have you and pay you and they're more of our capital markets. But do does it this has been the most important thing we've been talking about for the last year and a half, two years has been driving a lot of our our certainly our equity markets. Do we slow down our advances as a result of some of these tariffs that are in place right now?
You better not because China's not slowing down in their technology. Um, okay. It's Sputnik. We need the competition. Competition is good. They are not slowing down at all. We're not. And they're building 100 gawatts of power right now using nuclear. So, they're going to have the power generation to do AI.
This is one of my calls of action. We need to be forceful in building out our infrastructure that we have the power generation so we could do these. I I want to get to a lot of other subject but you see no slowdown at this point at all in terms of the spending by the hyperscalers the others who would be customers the data centers that you get behind there certainly could be one quarter or two quarters but everything that we see in the plans in their in their in their long-term plans is to build this out as fast as possible pedestrian for one second my chapel trust has a huge position in your stock I thought that your organic growth was better than expected and look the the flows in are still good.
The technology is great. Uh lost in the whole shuffle, your stock has come down a lot and to me represents value. I think our stock represent incredible value. We we had our best beginning of the year in six years. Um we had uh 14% technology growth uh in the in the quarter. We had if you take out the one client who took out some index low fee index business, we had $140 billion of of flows.
We actually in a in a in a in a period of time where most people lost uh assets and equities, we had equity increases. Our systematic equity team, our a perio team, you know, we had positive flows. So we had an incredible quarter of flows and we had a 6% net fee growth, which I think the street estimate was three or four.
And so yeah, we we had in every almost every category a beat across the board. Um,
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