RUSH TRANSCRIPT Swap fast ░░░░░░░░ ready for you ready ░░░░░░░░ go at 11 pm ░░░░░░░░ on the schwab network ░░░░░░░░ king or lie from ░░░░░░░░ floor of the New ░░░░░░░░ Stock Exchange where now ░░░░░░░░ into the outlet for ░░░░░░░░ and 20 20 five ░░░░░░░░ that I want to ░░░░░░░░ in in 10 CEO ░░░░░░░░ cofounder matter mouse and ░░░░░░░░ you so much for ░░░░░░░░ us today Aren t ░░░░░░░░ s talk about What ░░░░░░░░ your outlook ants for ░░░░░░░░ 20 five especially when ░░░░░░░░ think about how a ░░░░░░░░ is growing Are we ░░░░░░░░ in the early innings ░░░░░░░░ are we starting to ░░░░░░░░ to where a I ░░░░░░░░ to mature I think ░░░░░░░░ s both I think ░░░░░░░░ think there s a ░░░░░░░░ amount of acceleration happening ░░░░░░░░ it s not consistent ░░░░░░░░ s some organizations are ░░░░░░░░ far ahead and some ░░░░░░░░ are just picking it ░░░░░░░░ as as we go ░░░░░░░░ I think that next ░░░░░░░░ we re going to ░░░░░░░░ it Towards these be ░░░░░░░░ first economies and when ░░░░░░░░ think about that is ░░░░░░░░ leadership still about say ░░░░░░░░ nvidia the world s ░░░░░░░░ who create a gps ░░░░░░░░ etc Like nvidia brought ░░░░░░░░ the etc I think ░░░░░░░░ are really exciting companies ░░░░░░░░ I think you ll ░░░░░░░░ the follow on So ░░░░░░░░ can have all this ░░░░░░░░ all this cat pics ░░░░░░░░ s the energy going ░░░░░░░░ come from this would ░░░░░░░░ huge energy demands on ░░░░░░░░ application side of countries ░░░░░░░░ service now and zoom ░░░░░░░░ are taking a I ░░░░░░░░ embedding and everything they ░░░░░░░░ So I think that ░░░░░░░░ workflow in the work ░░░░░░░░ we do day to ░░░░░░░░ will be a I ░░░░░░░░ and But I think ░░░░░░░░ s what s coming ░░░░░░░░ year Let me ask ░░░░░░░░ I want to ask ░░░░░░░░ what s what s ░░░░░░░░ important from your point ░░░░░░░░ view servicing that demand ░░░░░░░░ obviously there s a ░░░░░░░░ demand need for for ░░░░░░░░ I implore the the ░░░░░░░░ behind it in your ░░░░░░░░ all of Etc what ░░░░░░░░ needed to fuel a ░░░░░░░░ and that the power ░░░░░░░░ it or Or doesn ░░░░░░░░ need to be kind ░░░░░░░░ balance the protection of ░░░░░░░░ data That s a ░░░░░░░░ s a very complex ░░░░░░░░ so you definitely need ░░░░░░░░ so the big issues ░░░░░░░░ are going to come ░░░░░░░░ a I going to ░░░░░░░░ on security and compliance ░░░░░░░░ all the things that ░░░░░░░░ go wrong This is ░░░░░░░░ new way to work ░░░░░░░░ could have new vulnerabilities ░░░░░░░░ new cyber threats On ░░░░░░░░ other side you got ░░░░░░░░ scale and capacity challenges ░░░░░░░░ you re going to ░░░░░░░░ in if it s ░░░░░░░░ available right now you ░░░░░░░░ depend on it So ░░░░░░░░ that you have to ░░░░░░░░ that capacity come online ░░░░░░░░ as fast as possible ░░░░░░░░ the band so you ░░░░░░░░ to meet the man ░░░░░░░░ not fall over but ░░░░░░░░ securing compliant meet the ░░░░░░░░ and not fall over ░░░░░░░░ like that I want ░░░░░░░░ go back to you ░░░░░░░░ sales for us and ░░░░░░░░ At their dream forest ░░░░░░░░ that they have annually ░░░░░░░░ agent forthright and they ░░░░░░░░ about that being kind ░░░░░░░░ the next generation or ░░░░░░░░ next iteration utilizing a ░░░░░░░░ don t think about ░░░░░░░░ not just being called ░░░░░░░░ but it s now ░░░░░░░░ s an agent a ░░░░░░░░ is that When it ░░░░░░░░ to the use case ░░░░░░░░ I I I think ░░░░░░░░ s I think it ░░░░░░░░ actually a step along ░░░░░░░░ way you want to ░░░░░░░░ agents that help you ░░░░░░░░ certain things and you ░░░░░░░░ sort of delegate tasks ░░░░░░░░ them What is what ░░░░░░░░ what the a lot ░░░░░░░░ the tech folks what ░░░░░░░░ re seeing is beyond ░░░░░░░░ is really thinking about ░░░░░░░░ twins Now and everything ░░░░░░░░ you re saying is ░░░░░░░░ So what if you ░░░░░░░░ not available at like ░░░░░░░░ rats what do you ░░░░░░░░ I m not the ░░░░░░░░ so so for a ░░░░░░░░ of people at work ░░░░░░░░ like what my see ░░░░░░░░ those not available right ░░░░░░░░ My my see it ░░░░░░░░ not available but if ░░░░░░░░ were here what would ░░░░░░░░ say How Would that ░░░░░░░░ So What s it ░░░░░░░░ public I m like ░░░░░░░░ How about the us ░░░░░░░░ put the CEO and ░░░░░░░░ cfo in the CEO ░░░░░░░░ and their agents there ░░░░░░░░ s for digital twins ░░░░░░░░ work on that document ░░░░░░░░ them and then if ░░░░░░░░ say like oh you ░░░░░░░░ what we forgot let ░░░░░░░░ see so in and ░░░░░░░░ s a different us ░░░░░░░░ so they re going ░░░░░░░░ do the work knowing ░░░░░░░░ about how you were ░░░░░░░░ all your knowledge and ░░░░░░░░ going to do work ░░░░░░░░ you So I think ░░░░░░░░ agencies this concept of ░░░░░░░░ twins but okay So ░░░░░░░░ see plus minus to ░░░░░░░░ Yes okay let s ░░░░░░░░ hypothetically speaking I m ░░░░░░░░ or the cfo as ░░░░░░░░ have a digital 20 ░░░░░░░░ that humans and eat ░░░░░░░░ and a digital twin ░░░░░░░░ need that But then ░░░░░░░░ have the ethics question ░░░░░░░░ comes out What what ░░░░░░░░ the protections against anything ░░░░░░░░ can kind of come ░░░░░░░░ and create ethical challenges ░░░░░░░░ a result or are ░░░░░░░░ ethical challenges because it ░░░░░░░░ a dick It I ░░░░░░░░ there s there s ░░░░░░░░ lot of this This ░░░░░░░░ an air first economy ░░░░░░░░ is a new questions ░░░░░░░░ example What if you ░░░░░░░░ see if the leaves ░░░░░░░░ you able to keep ░░░░░░░░ the ip or you ░░░░░░░░ keep the digital twin ░░░░░░░░ your cfo to help ░░░░░░░░ when the new cfo ░░░░░░░░ in Who owns that ░░░░░░░░ peed in those questions ░░░░░░░░ perfectly clear right now ░░░░░░░░ s like whoa where ░░░░░░░░ the come from a ░░░░░░░░ or emails and there ░░░░░░░░ video calls and all ░░░░░░░░ recordings Well that s ░░░░░░░░ the company but who ░░░░░░░░ that That s where ░░░░░░░░ twin of of the ░░░░░░░░ at work We first ░░░░░░░░ having this conversation about ░░░░░░░░ up a I ve ░░░░░░░░ around for a while ░░░░░░░░ the generative a I ░░░░░░░░ s we started having ░░░░░░░░ conversation and 20 20 ░░░░░░░░ with the launch of ░░░░░░░░ a I and you ░░░░░░░░ than you had the ░░░░░░░░ claude etc You see ░░░░░░░░ the the winners is ░░░░░░░░ a winner Take all ░░░░░░░░ it a multiple winners ░░░░░░░░ s your view on ░░░░░░░░ know it s a ░░░░░░░░ question so I think ░░░░░░░░ the lead used to ░░░░░░░░ the best engineers recruit ░░░░░░░░ best models and that ░░░░░░░░ to be sort of ░░░░░░░░ the domain But what ░░░░░░░░ happened is as you ░░░░░░░░ seen like these engineers ░░░░░░░░ around to different companies ░░░░░░░░ these models that are ░░░░░░░░ and it s in ░░░░░░░░ s really turning out ░░░░░░░░ be not exactly a ░░░░░░░░ but they get very ░░░░░░░░ differentiation kind of goes ░░░░░░░░ So then the differentiation ░░░░░░░░ to come from the ░░░░░░░░ So what is the ░░░░░░░░ data That s behind ░░░░░░░░ models I can have ░░░░░░░░ do things that other ░░░░░░░░ kid so think about ░░░░░░░░ Think about you tube ░░░░░░░░ s special about the ░░░░░░░░ in these models that ░░░░░░░░ have it do things ░░░░░░░░ others can t I ░░░░░░░░ go back to something ░░░░░░░░ we touched on a ░░░░░░░░ bit when we talk ░░░░░░░░ balancing the need that ░░░░░░░░ need for a I ░░░░░░░░ the growth there versus ░░░░░░░░ in new talked about ░░░░░░░░ security Especially think about ░░░░░░░░ increasing number of data ░░░░░░░░ that we see It ░░░░░░░░ almost like I say ░░░░░░░░ myself included humans almost ░░░░░░░░ there to be great ░░░░░░░░ nowadays because so much ░░░░░░░░ our information is just ░░░░░░░░ line where where s ░░░░░░░░ onus on on protection ░░░░░░░░ the data and There ░░░░░░░░ the the key thing ░░░░░░░░ first economy and world ░░░░░░░░ that you re going ░░░░░░░░ have a wise and ░░░░░░░░ threats so think of ░░░░░░░░ chess game We have ░░░░░░░░ and defenders in the ░░░░░░░░ just got the super ░░░░░░░░ and now they can ░░░░░░░░ 18 steps ahead They ░░░░░░░░ think about these moves ░░░░░░░░ are non intuitive and ░░░░░░░░ attacker Have more sophistication ░░░░░░░░ what when can the ░░░░░░░░ sort of catch up ░░░░░░░░ that s the question ░░░░░░░░ pendulum swinging when you ░░░░░░░░ these new technologies for ░░░░░░░░ pawns in this thing ░░░░░░░░ we re using the ░░░░░░░░ analogy is it us ░░░░░░░░ human oh my gosh ░░░░░░░░ s so us Right ░░░░░░░░ I m a CEO ░░░░░░░░ got see of foes ░░░░░░░░ you can take my ░░░░░░░░ linkedin profile Like my ░░░░░░░░ videos my podcast and ░░░░░░░░ can reproduce me you ░░░░░░░░ make something going man ░░░░░░░░ it s it s ░░░░░░░░ There are so familiar ░░░░░░░░ people that like you ░░░░░░░░ give me my voice ░░░░░░░░ mannerisms most of my ░░░░░░░░ and you know that ░░░░░░░░ an attack So how ░░░░░░░░ we How do we ░░░░░░░░ this impersonation increases You ░░░░░░░░ how to defend against ░░░░░░░░ it that mean I ░░░░░░░░ see me taking a ░░░░░░░░ to process That s ░░░░░░░░ I think about the ░░░░░░░░ to talk about the ░░░░░░░░ swam That sounds great ░░░░░░░░ the negative just like ░░░░░░░░ we see someone duplicated ░░░░░░░░ social media then you ░░░░░░░░ trying to reach out ░░░░░░░░ the social media platforms ░░░░░░░░ is do we can ░░░░░░░░ take this down etc ░░░░░░░░ it doesn t always ░░░░░░░░ Al Need for because ░░░░░░░░ s not a lot ░░░░░░░░ regulation around a I ░░░░░░░░ do expect that I ░░░░░░░░ t mean Do you ░░░░░░░░ that to happen this ░░░░░░░░ or is that something ░░░░░░░░ seems to be further ░░░░░░░░ the line and is ░░░░░░░░ responsibility on the government ░░░░░░░░ on the corporations to ░░░░░░░░ themselves You I think ░░░░░░░░ s Have the value ░░░░░░░░ between the end user ░░░░░░░░ the staffer or the ░░░░░░░░ on what did they ░░░░░░░░ in exchange for these ░░░░░░░░ and in some cases ░░░░░░░░ what you get the ░░░░░░░░ version but the free ░░░░░░░░ We can be training ░░░░░░░░ product and you know ░░░░░░░░ is the proper value ░░░░░░░░ of workers that go ░░░░░░░░ sort of out of ░░░░░░░░ and to the extreme ░░░░░░░░ And then I think ░░░░░░░░ a number of leavers ░░░░░░░░ you get to regulation ░░░░░░░░ s transparency there s ░░░░░░░░ platforms like reddit x ░░░░░░░░ will call people out ░░░░░░░░ it s like Well ░░░░░░░░ is a really did ░░░░░░░░ read the fine print ░░░░░░░░ you ve got sort ░░░░░░░░ like the threat of ░░░░░░░░ which is conversation that ░░░░░░░░ come from governments to ░░░░░░░░ big tex and and ░░░░░░░░ if that doesn t ░░░░░░░░ than you actually have ░░░░░░░░ regulation So I think ░░░░░░░░ s a lot of ░░░░░░░░ leavers to keep to ░░░░░░░░ the systems on the ░░░░░░░░ but there s a ░░░░░░░░ of risk Okay and ░░░░░░░░ know this is is ░░░░░░░░ were talking We let ░░░░░░░░ this talking tech but ░░░░░░░░ do want keep our ░░░░░░░░ on Really is nowadays ░░░░░░░░ that question has been ░░░░░░░░ over the past few ░░░░░░░░ Now is a I ░░░░░░░░ creator or jobs destroy ░░░░░░░░ little bit of ago ░░░░░░░░ s like the internet ░░░░░░░░ the early days was ░░░░░░░░ 19 90 one and ░░░░░░░░ 14 moto minutes like ░░░░░░░░ and you don t ░░░░░░░░ and then 19 90 ░░░░░░░░ you actually people are ░░░░░░░░ trying to become mainstream ░░░░░░░░ then suddenly it s ░░░░░░░░ So there s going ░░░░░░░░ be jobs that don ░░░░░░░░ exist any more likely ░░░░░░░░ pdf salesman but that ░░░░░░░░ s this whole new ░░░░░░░░ of jobs like social ░░░░░░░░ exists because Any other ░░░░░░░░ It s going to ░░░░░░░░ the landscape and there ░░░░░░░░ going to be new ░░░░░░░░ Jobs right Much for ░░░░░░░░ us today still had ░░░░░░░░ ve got Joe that ░░░░░░░░ all from Charles schwab ░░░░░░░░ joining us to give ░░░░░░░░ the latest stacks report ░░░░░░░░ what we re people ░░░░░░░░ and selling in December ░░░░░░░░ what is the mood ░░░░░░░░ the average investors that ░░░░░░░░ next stay with us ░░░░░░░░ yeah Earnings analysis and ░░░░░░░░ insights on every change ░░░░░░░░ trend in markets available ░░░░░░░░ anywhere.