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Speaker 1: The money show the market.

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Speaker 2: We've Governor's sportfolio manager at rand Swiss with good evening.

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Speaker 2: So we have a ceasefire, but oil price is creeping

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Speaker 2: up through the day. I think there might be a

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Speaker 2: suspicion that Israel kind of what you know, it's pounding

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Speaker 2: of Lebanon, it wants to end the ceasefire. No one

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Speaker 2: really knows what will happen in the negotiations. Still so

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Speaker 2: much uncertainty, and well, certainly as you're going to the weekend,

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Speaker 2: I think that also adds to the anthority because there'll

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Speaker 2: be a couple of days, but the market won't create.

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Speaker 1: Regarding the cease fire right now, it doesn't really make

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Speaker 1: sense that there is a cease fire, you know, to progressing,

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Speaker 1: because the distance between the two parties seems extremely large.

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Speaker 1: I mean the points between the US and that to

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Speaker 1: the Iranians, there's a ten point planet, a fifteen point

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Speaker 1: plant to each side that basically is not really in

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Speaker 1: any way in the same solar system in terms of

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Speaker 1: you know, creatibility. But as you mentioned, these raallys I

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Speaker 1: think are probably wanting this to not end at the moment,

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Speaker 1: as far as they were concerned, this was going reasonably

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Speaker 1: well from their point of view, and I think that

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Speaker 1: there is a chance that we could see some spoiler

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Speaker 1: effects coming through if Donald Trump doesn't basically play foot

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Speaker 1: download regards to their actions.

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Speaker 2: There's been so many sort of consistent reports around trades

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Speaker 2: just before Trump makes announcements. There was the one last

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Speaker 2: night reuter Is saying someone a group of energy traders

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Speaker 2: placed nine hundred and fifty million dollars worth of trades

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Speaker 2: that the oil price would drop. This was a couple

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Speaker 2: of hours before the ceasefire was announced, that oil price

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Speaker 2: to drop. They would have made a lot of money.

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Speaker 2: We've seen other trades like this during this conflict. I

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Speaker 2: mean it looks and I'm not a trader, but it

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Speaker 2: looks like insider trading. I know some people might say

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Speaker 2: markets are too big to influence, how do you read it?

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Speaker 1: Look apparently the US is a quirk off the government

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Speaker 1: in which you know, Congressman and like Cimenters et Cucha

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Speaker 1: and other polticians teche to the market. They can basically

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Speaker 1: you know, buy and sell you know, shares and in fact,

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Speaker 1: you know, sort of the best tread in the world. Actually,

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Speaker 1: the US Congress, people like insid Nancy Pelosi or Rocana

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Speaker 1: and so on, and they are Democrats. But you know,

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Speaker 1: the trop administration is by nominally immune from this, and

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Speaker 1: we have seen some really suspicious trades, including trades by

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Speaker 1: the head of the War Department that Pete Hexit's broker

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Speaker 1: trying to buy you know, defense stocks ahead of the

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Speaker 1: commencement of the war. Strange enough that didn't work out

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Speaker 1: for them. I think it's it is probably distateful. I mean,

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Speaker 1: it's wanting to to like, you know, try and front

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Speaker 1: run a you know, an infrastructure plan or something, and

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Speaker 1: another thing to basically try and front run a war

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Speaker 1: that is resulting in you know, thousands of the enemy

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Speaker 1: side and even a few dozen debts on the American side.

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Speaker 1: So from that point of view, I do think it's

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Speaker 1: a bit distasteful, but unfortunately, the way the US system works,

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Speaker 1: it's not quite illegal.

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Speaker 2: Sure. And the AI company Anthromorphic, they have a new

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Speaker 2: AI model. They say it's too dangerous to release, and

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Speaker 2: as I understand it, it's because it's been so good

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Speaker 2: in their testing and working out the weaknesses in fire

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Speaker 2: walls of other pieces of software, and in fact, they

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Speaker 2: seem to be trying to basically let other software companies

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Speaker 2: have a go at at first set would improve the

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Speaker 2: security on their product before it's released. I mean, this

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Speaker 2: is quite astonishing because maybe for the first time an

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Speaker 2: AI model could lead to market disruption in lots of

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Speaker 2: difficult and perhaps unquantifiable ways.

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Speaker 1: Most certainly a couple ofies to know and Tropic is

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Speaker 1: basically the air company that's most concerned with safety. Uh,

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Speaker 1: and that maybe something which is the all reacting to

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Speaker 1: the stret of their model number one number two. Uh.

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Speaker 1: The one thing that people may not realize people open

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Speaker 1: doc but chat Chippy t as being you know, the

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Speaker 1: default you know, lm out the air model of the use.

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Speaker 1: But a Tropic you know, in terms of like you know,

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Speaker 1: programmers in terms of the the least benchmarks, has really

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Speaker 1: been you know, doing really well despite the fact that

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Speaker 1: they are probably the least well funded of the major ones.

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Speaker 1: The talking about Rocker you know, Open Ai and Gemini,

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Speaker 1: et cetera. They're probably the least fund of the you

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Speaker 1: know companies, if not the least the second lister after

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Speaker 1: you know it was Gemini and open Ai. It probably

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Speaker 1: metted as well. But they've been really good in terms

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Speaker 1: of that now in terms of what they actually have

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Speaker 1: produced here. You know, often you have to take this

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Speaker 1: for the picture salt, but it does appear that, you know,

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Speaker 1: people have been talking about the fact that the them models,

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Speaker 1: the thought model, has been spectacularly good at programming over

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Speaker 1: the last a while, and in fact we have started

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Speaker 1: to see a drop in the demand for junior programmers,

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Speaker 1: you know, in the US. Whether this model is as

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Speaker 1: good as you know they are touting, we don't know

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Speaker 1: for certain, because of course we can't actually look at it.

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Speaker 1: But if it is the case, like you mentioned, it

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Speaker 1: would be very disruptive and it would actually justify some

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Speaker 1: of the pullbacks resortstance in software prices over the last

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Speaker 1: couple of months.

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Speaker 2: Well, governor, thanks very much. Indeed, portfolio manager at rand

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Speaker 2: Swiss really appreciate the time