WEBVTT - Bank CEOs Testify and AMD's AI Chip 0:00:00.040 --> 0:00:01.800 This is new meg technology. I'm Caroline High. 0:00:01.840 --> 0:00:04.280 Let's go straight to some of the key takeaways from 0:00:04.320 --> 0:00:07.920 those very hearings Promotioninali Basek has been standing by also 0:00:08.080 --> 0:00:12.320 on Capitol Hill and Jannali the takeaways you think in 0:00:12.440 --> 0:00:14.960 terms of actually approaching Vasel three endgame. 0:00:15.600 --> 0:00:18.079 Listen, On one hand, the lawmakers, some of them have 0:00:18.239 --> 0:00:20.959 heard their cry, they heard the bank CEO's case, and 0:00:21.000 --> 0:00:23.240 they believed it in some cases. But you know, they 0:00:23.239 --> 0:00:25.560 would have to go to the Federal Reserve and the 0:00:25.640 --> 0:00:28.800 FDIC and other regulators and make it sure that those 0:00:28.920 --> 0:00:31.880 regulators waited to implement these rules and really push this 0:00:32.040 --> 0:00:34.280 off now. On the other hand, one senator I spoke 0:00:34.320 --> 0:00:37.560 to of particular interest was JD. Vance, the Ohio Republican 0:00:37.600 --> 0:00:39.920 who you may remember was a venture capitalist himself. I 0:00:39.960 --> 0:00:42.839 asked him whether the private credit industry, the private funds industry, 0:00:43.000 --> 0:00:45.600 would also face their own regulation, and he said that 0:00:45.760 --> 0:00:48.360 is very highly likely. He could see things going that way. 0:00:48.600 --> 0:00:50.959 So this push poll between the banking industry and their 0:00:51.000 --> 0:00:54.560 biggest clients are going to be very highly watched because 0:00:54.600 --> 0:00:57.279 of course we know that. Of course, the meeting's ending 0:00:57.360 --> 0:00:58.680 right now, and you're seeing the banks in just a 0:00:58.680 --> 0:01:00.880 few minutes here are all about to walk behind me 0:01:01.160 --> 0:01:04.160 as well, probably Caroline, But you know, you do see 0:01:04.240 --> 0:01:06.400 this push pull between the biggest banks and their biggest 0:01:06.440 --> 0:01:09.000 clients at this point in time, given the tension behind 0:01:09.040 --> 0:01:09.839 the capital rules. 0:01:10.520 --> 0:01:11.320 We're a tech show. 0:01:11.600 --> 0:01:15.760 Let's talk about AI, the questioning that, crypto, the questioning that. 0:01:15.880 --> 0:01:18.720 What did you take away from some of the thoughts 0:01:18.720 --> 0:01:21.119 from Elizabeth Warren Senator Warren in particular. 0:01:21.240 --> 0:01:23.840 Listen the feelings that have been left over from the 0:01:23.880 --> 0:01:26.440 crypto crash and how many millions of Americans have lost 0:01:26.480 --> 0:01:29.080 money and the finance settlement that we've seen so recently. 0:01:29.360 --> 0:01:33.200 Elizabeth Warren agreeing with big banks and their biggest CEOs 0:01:33.200 --> 0:01:36.360 never happens this way. But yet you have them agreeing 0:01:36.360 --> 0:01:38.559 that the crypto company should be facing the anti Monday 0:01:38.600 --> 0:01:40.880 laundering rules that these banks have had to face for decades, 0:01:41.080 --> 0:01:43.840 and so that was someplace that they faced agreement. Elizabeth 0:01:43.840 --> 0:01:47.080 Warren has turned her attention from the bank CEOs over 0:01:47.200 --> 0:01:49.520 to the crypto industry. That has been made pretty clear 0:01:49.560 --> 0:01:52.120 today and the rest of the Senators are very, very worried, 0:01:52.160 --> 0:01:54.720 not just about crypto but about AI and whether you 0:01:54.840 --> 0:01:57.960 are in an area where you're calling a bank and 0:01:58.000 --> 0:02:01.120 you don't know whether you're speaking to our official intelligence 0:02:01.280 --> 0:02:04.080 or a person with your personal financial information. 0:02:04.720 --> 0:02:06.760 Sanalie, we're going to let you start running after some 0:02:06.800 --> 0:02:08.919 of those bank CEOs and tis some of those senators 0:02:08.919 --> 0:02:10.680 who've just seen more behind you. We thank you so much, 0:02:10.800 --> 0:02:14.639 Nalie Bassek. Meanwhile, and let's talk the democratization of finance 0:02:14.760 --> 0:02:17.800 retail access to certain assets in particular, Now retail investors 0:02:17.800 --> 0:02:20.840 on publics Brokeridge will be able to buy slices of 0:02:20.840 --> 0:02:23.520 corporate bonds just like they do with stocks, bringing a 0:02:23.560 --> 0:02:26.000 wider buyabase to what is of course a multi trillion 0:02:26.000 --> 0:02:29.320 dollar fixed income market joining us now Janick Malling his 0:02:29.400 --> 0:02:32.840 public co CEO and co founder, and ultimately it is 0:02:32.880 --> 0:02:35.960 a more in liquid asset class and equities. But you're 0:02:35.960 --> 0:02:38.600 wanting to try and bring some sort of liquidity ability 0:02:38.639 --> 0:02:41.520 to buy directly on your platform, why yeah. 0:02:41.560 --> 0:02:44.920 I mean with this unprecedented rise we're seen in rates, 0:02:45.240 --> 0:02:47.280 the retail community has grown a large you have a 0:02:47.280 --> 0:02:50.120 tite for yield, and with that they've rediscovered the whole 0:02:50.120 --> 0:02:52.359 world of bonds. We've we've seen that firsthand of public 0:02:52.400 --> 0:02:55.280 back in March of this year, we announced the ability 0:02:55.320 --> 0:02:59.320 to easily buy six months T bills and since went 0:02:59.360 --> 0:03:01.720 on to become them bought asset on the platform year 0:03:01.760 --> 0:03:04.240 to date. Now, I think when you look at the 0:03:04.280 --> 0:03:08.360 experience around buying corporate bonds, the full universe of treasuries 0:03:08.360 --> 0:03:12.360 and municipals, it's really still quite antiquated, I would say, 0:03:12.440 --> 0:03:14.720 I mean, the last time race for this high was 0:03:14.760 --> 0:03:17.639 literally before the iPhone, and so the sort of old 0:03:17.760 --> 0:03:20.600 it's a little clunky, they're high minimums, they're difficult to use. 0:03:21.320 --> 0:03:24.360 And what we're announcing today is that we're sort of 0:03:24.360 --> 0:03:28.480 building a modern alternative for fixed income to really bring 0:03:28.520 --> 0:03:32.080 the experience of finding, evaluating, and investing in bonds into 0:03:32.120 --> 0:03:33.000 the twenty first center. 0:03:33.919 --> 0:03:36.040 Tell us what technology is necessary to bring it into 0:03:36.080 --> 0:03:36.960 the twenty first century. 0:03:37.000 --> 0:03:39.040 I mean, the reason you're able to bring this. 0:03:38.920 --> 0:03:41.240 Is because of your own sort of way in which 0:03:41.240 --> 0:03:44.120 your platform is using apex for example. What are some 0:03:44.160 --> 0:03:47.640 of the difficulties of providing such optionality to your users. 0:03:47.680 --> 0:03:48.200 It's interesting. 0:03:48.240 --> 0:03:51.360 So back in twenty nineteen, we I believe, were the 0:03:51.400 --> 0:03:54.520 first to launch fractional stocks, like the ability to actually 0:03:54.560 --> 0:03:57.280 buy slices of shares, and it really works in a 0:03:57.400 --> 0:04:01.080 very similar way here. And we also Apix is also 0:04:01.120 --> 0:04:04.400 our partner on the stocks business, and so after we 0:04:04.440 --> 0:04:07.520 saw the huge takeup of our T build product, you know, 0:04:07.760 --> 0:04:10.560 we reach out to them and we partnered on building 0:04:10.600 --> 0:04:13.080 this kind of solution. Whereas obviously we're the prober dealer, 0:04:13.160 --> 0:04:17.400 they're sort of more infrastructure and pipes and regulative reporting 0:04:17.440 --> 0:04:19.320 and so forth. But it really works in a very 0:04:19.320 --> 0:04:24.000 similar way in that the liquidity around buying, even like 0:04:24.080 --> 0:04:27.240 these fractions, if it comes out of inventory, is actually 0:04:27.320 --> 0:04:29.320 much better then if you have to go to the 0:04:29.360 --> 0:04:32.000 market every time. And obviously the bond market is a 0:04:32.040 --> 0:04:34.039 little bit different than the equities markets in terms of 0:04:34.040 --> 0:04:37.440 how the liquidity deband works, and so one could argue 0:04:37.520 --> 0:04:40.279 that it's potentially even more interesting for the bond market 0:04:40.279 --> 0:04:41.599 than it might be for the equities market. 0:04:41.839 --> 0:04:44.320 We'll come back tell us whether or not this outstrips 0:04:44.360 --> 0:04:45.880 the demand that you've seen for the T bills. Thank 0:04:45.880 --> 0:04:48.040 you very much and for your patients throughout a plus 0:04:48.080 --> 0:04:51.200 of banking course. Hearing that we were sat through yannik Maning, 0:04:51.240 --> 0:04:54.160 their public co CEO and co founder on that product launch. 0:04:54.200 --> 0:04:54.719 I mean, while. 0:04:54.520 --> 0:04:58.040 Sticking with the theme of maybe more the artificial intelligence 0:04:58.080 --> 0:05:00.359 questioning that was going on in the banking hearing is 0:05:00.400 --> 0:05:02.520 dominating the tech news flow today. 0:05:02.680 --> 0:05:04.479 MD in particular, they're holding that. 0:05:04.600 --> 0:05:07.400 Advancing AI event today where it will flesh out its 0:05:07.400 --> 0:05:09.600 strategy for its high power AI accelerator. 0:05:09.640 --> 0:05:11.560 It's the three hundred x ED. 0:05:11.880 --> 0:05:14.040 You're standing by on the ground ahead of the event, 0:05:14.080 --> 0:05:17.200 ahead of an interview with Anissa Su, the CEO of AMD, 0:05:17.520 --> 0:05:21.240 and well, what's the anticipation. What are we really going 0:05:21.279 --> 0:05:23.720 to be hearing from her about the excitement for the product. 0:05:24.040 --> 0:05:26.120 Yeah, Look, it's really about the battle ground for the 0:05:26.160 --> 0:05:29.680 market for AI accelerators, those high power GPUs that go 0:05:29.760 --> 0:05:33.120 into data centers and are right now training large language 0:05:33.120 --> 0:05:36.640 models or foundation models. Later when those models are developed, 0:05:36.680 --> 0:05:40.200 powering the inference side of generative AI tools. That market 0:05:40.279 --> 0:05:42.720 has an incumbent in video in the H one hundred 0:05:42.960 --> 0:05:45.160 and this is really a side by psyche comparison in 0:05:45.240 --> 0:05:48.760 videos H one hundred versus them three hundred x. The 0:05:48.800 --> 0:05:52.279 technological advantage that three hundred x has is that it 0:05:52.360 --> 0:05:56.239 has HBM three, the latest generation of high bandwidth memory. 0:05:56.560 --> 0:05:58.840 That is a technology that's not going into in video 0:05:58.920 --> 0:06:01.599 products until the second quarter when they come to market 0:06:01.640 --> 0:06:04.160 with eight two hundred, but they still have that market 0:06:04.200 --> 0:06:07.920 incumbent title. There's a lot of optimism and hype around 0:06:07.920 --> 0:06:11.880 this because it's a big potential addressable market. The analysts 0:06:11.880 --> 0:06:14.520 think that AMD can take some share in and. 0:06:14.480 --> 0:06:17.520 Analy it's not trapping themselves for any updates on the financials, 0:06:17.520 --> 0:06:21.200 but certainly about the specifics of this particular product launch. 0:06:21.240 --> 0:06:23.599 We cannot waited for your interview a little bit later. 0:06:23.680 --> 0:06:26.320 Make sure you tune in live to ed sit down 0:06:26.560 --> 0:06:30.640 with the amdco Lisa Sue Banks ed Sweet you later. Meanwhile, 0:06:30.680 --> 0:06:35.000 look Apple sinking to reverse a decline in Mac and 0:06:35.040 --> 0:06:38.720 iPad sales, preparing several new models and upgrades early next year. 0:06:39.200 --> 0:06:40.400 Of course he's behind the scoop. 0:06:40.440 --> 0:06:42.880 Mark German joining us now to discuss and bring us 0:06:42.880 --> 0:06:45.760 the latest what they're planning new iPad Air, iPad Pro, 0:06:45.920 --> 0:06:47.240 MacBook Air models as well. 0:06:47.480 --> 0:06:49.320 Yeah, Carolin, thank you so much for having me. Yes, 0:06:49.360 --> 0:06:51.680 we have a bunch of new iPads in Max coming 0:06:51.680 --> 0:06:54.279 out in the coming months. These releases are likely to 0:06:54.320 --> 0:06:56.960 have to happen in the March timeframe, so in the spring, 0:06:57.080 --> 0:06:59.360 just a few months from now, a little early on 0:06:59.400 --> 0:07:02.560 the Apple typical product calendar. So there's a few things 0:07:02.560 --> 0:07:05.120 happening here on the iPad side. There's going to be 0:07:05.200 --> 0:07:08.800 a new strategy bigger displays at lower prices, So there's 0:07:08.839 --> 0:07:11.320 going to be two new iPad Air models. These are 0:07:11.360 --> 0:07:13.640 going to have the M two chip that came to 0:07:13.680 --> 0:07:15.800 the iPad Pro at the end of last year, and 0:07:15.840 --> 0:07:17.559 you're going to get a twelve point nine inch screen 0:07:17.600 --> 0:07:20.920 for the first time on a cheaper iPad, so potentially 0:07:20.960 --> 0:07:23.720 spending maybe five to seven hundred dollars less to get 0:07:23.720 --> 0:07:27.000 that almost thirteen inch display a laptop size screen on 0:07:27.080 --> 0:07:29.440 an iPad. And then at the high end new iPad 0:07:29.480 --> 0:07:33.080 pros with O LED screens, new designs, and new external 0:07:33.160 --> 0:07:36.200 keyboards that make the iPad pros function more like laptops. 0:07:36.520 --> 0:07:39.520 And then speaking of laptops, new MacBook Airs coming in 0:07:39.560 --> 0:07:42.680 the spring, new thirteen inch and fifteen inch models. So 0:07:42.800 --> 0:07:45.280 the MacBook Air updated for the first time on the 0:07:45.320 --> 0:07:48.640 thirteen size after year and a half, the fifteen inch 0:07:48.680 --> 0:07:51.440 model being updated about after nine months, and the big 0:07:51.520 --> 0:07:54.120 change there moving from the M two chip to the 0:07:54.240 --> 0:07:56.880 M three chip that came to the MacBook Pro and 0:07:56.920 --> 0:07:58.280 the iMac in October. 0:07:58.720 --> 0:08:01.320 Chips the driving fulls of conversation so far today, Mark, 0:08:01.360 --> 0:08:03.960 I'm interested though regulation is going to be fun incentive 0:08:04.040 --> 0:08:06.400 or for us throughout the show, I'm interested as to. 0:08:06.280 --> 0:08:07.559 What's happening over in the EU. 0:08:07.720 --> 0:08:09.840 Apple, it seems, is managing perhaps to get a carve 0:08:09.880 --> 0:08:10.920 out for its I messaging. 0:08:11.080 --> 0:08:13.440 Yeah, what we reported earlier this morning our colleagues in 0:08:13.440 --> 0:08:15.240 Europe is that there is a carve out in the 0:08:15.280 --> 0:08:18.360 Digital Markets Act where Apple is not going to have 0:08:18.480 --> 0:08:22.840 to make I Message interoperable as part of these new regulations. 0:08:22.920 --> 0:08:25.360 This is an overhaul to how iPhones and iPads will 0:08:25.400 --> 0:08:29.080 function in Europe. But this is super interesting because just 0:08:29.080 --> 0:08:31.360 a couple of weeks ago, Apple announced it's going to 0:08:31.400 --> 0:08:35.720 support OURCS or rich Communications services. This is a Google 0:08:35.800 --> 0:08:38.800 sponsored or something led by Google, prode by Google that 0:08:38.920 --> 0:08:42.880 allows I message to text message, or allows different phones 0:08:42.920 --> 0:08:45.640 iPhones and Android phones to text message on a single 0:08:45.679 --> 0:08:50.240 protocol or network. Apple's adding that essentially making I Message interoperable. 0:08:50.600 --> 0:08:52.640 And it really shows that Apple made the right move here. 0:08:52.679 --> 0:08:55.400 They got ahead of the Digital Markets Act and now 0:08:55.440 --> 0:08:57.720 Europe is letting them off easy on messaging. 0:08:58.000 --> 0:09:01.079 I believe versus a green Markama, thanks so much when 0:09:01.080 --> 0:09:03.559 it comes to all things Apple. Meanwhile, let's talk a 0:09:03.600 --> 0:09:06.120 little bit more about regulation in the European Union more broadly, 0:09:06.120 --> 0:09:08.559 particularly when it comes to AI. Remember, they are racing 0:09:08.800 --> 0:09:11.439 as of today to reach a deal on the world's 0:09:11.480 --> 0:09:14.679 first major set of AI rules. Representaors meeting to try 0:09:14.720 --> 0:09:16.959 and hammer out what's the EU's AI Act. It's actually 0:09:17.000 --> 0:09:19.079 the first was proposed all the way back in twenty 0:09:19.080 --> 0:09:22.400 twenty one, but boy has the technology changed beneath their feet, 0:09:22.400 --> 0:09:25.480 Blue Moost Jillian Deutsche joining us now to really try 0:09:25.480 --> 0:09:27.440 and see whether or not we'll get any sort of 0:09:27.520 --> 0:09:30.240 agreement as of today, because past it it starts to 0:09:30.240 --> 0:09:31.280 get difficult, right. 0:09:31.280 --> 0:09:33.199 Absolutely, you know, this is a really big night and 0:09:33.240 --> 0:09:36.200 possibly very very late night ear and Brussels as we 0:09:36.280 --> 0:09:40.280 see negotiators come together and try to finalize this AI Act, which, 0:09:40.280 --> 0:09:42.080 as you said, Caroline, has been in the work since 0:09:42.080 --> 0:09:45.520 twenty twenty one. While this technology has been moving so fast, 0:09:45.640 --> 0:09:48.079 regulators are trying to keep up, and then to be 0:09:48.200 --> 0:09:51.240 around Generator BI in particular, has really thrown the conversation 0:09:51.320 --> 0:09:53.480 into disarray. Today was supposed to be the day that 0:09:53.520 --> 0:09:55.760 they walk out and easily have some kind of deal, 0:09:55.880 --> 0:09:57.439 but we're I'm actually sure if they will come out 0:09:57.440 --> 0:10:00.440 with one. We have lots of EU countries hereorried about 0:10:00.520 --> 0:10:05.559 uber regulation passibly killing off doabstic competitors to OBANII. I 0:10:05.640 --> 0:10:07.680 mean you also want makers who say this technology is 0:10:07.760 --> 0:10:11.720 just too powerful, too risky to not put clear guardrails around. 0:10:11.960 --> 0:10:12.400 We're going to be. 0:10:12.400 --> 0:10:14.840 Having lots of conversation about the similar sort of discussion 0:10:14.880 --> 0:10:18.079 happening over in Capitol Hill as well. Really the regulation 0:10:18.120 --> 0:10:20.240 front and center. Gillian Deutsch, thank you so much. We'll 0:10:20.280 --> 0:10:22.920 see whether we get a deal later. Let's talk about 0:10:23.080 --> 0:10:25.560 bench capital right now. Shine a spotlight on it as 0:10:25.600 --> 0:10:28.400 we do every day. And America's Frontier Fund or AFF, 0:10:28.679 --> 0:10:31.520 has start to make some of its first startup investments 0:10:31.559 --> 0:10:34.320 through a new VC firm. AFF, which is backed by 0:10:34.440 --> 0:10:36.960 like Sir Peter Teel, Eric Schmidt and others, is a 0:10:37.000 --> 0:10:40.040 non profit investment platform focused on tech breakthroughs. It deems 0:10:40.040 --> 0:10:42.800 to be in the national interest now. The nonprofit sponsors 0:10:42.880 --> 0:10:45.800 VC firms is part of a broader mission to boost 0:10:45.880 --> 0:10:48.200 tech innovation in the United States. One of those is 0:10:48.280 --> 0:10:51.959 road Run Adventure Studios. Now, road Runner co founder president 0:10:52.000 --> 0:10:54.880 Adam Hammer joins us now for more on how you 0:10:54.960 --> 0:10:59.160 are looking to allocate money to disruptive research. You're bringing 0:10:59.200 --> 0:11:02.240 on board, well, your first three companies to join the 0:11:02.320 --> 0:11:04.400 studio to not only get money, which I think you've 0:11:04.440 --> 0:11:08.559 raised not only from New Mexico in particular, but you're 0:11:08.559 --> 0:11:11.240 also looking at basically handholding them through their growth. 0:11:11.320 --> 0:11:15.120 Right, that's right, Caroline. So we're on a mission to 0:11:15.200 --> 0:11:19.280 partner with brilliant scientists, innovators and entrepreneurs to build new 0:11:19.320 --> 0:11:23.160 disruptive companies in America for America. And to your point, 0:11:23.280 --> 0:11:26.439 what's unique about our model is we're not only providing capital, 0:11:26.559 --> 0:11:30.679 we're providing lab space, we're providing product management, talent resources, 0:11:30.720 --> 0:11:32.360 and we're going to make sure that every company we 0:11:32.440 --> 0:11:34.440 build is mapped to a first customer. 0:11:35.040 --> 0:11:37.120 Let's talk about those first customers. Let's think about the 0:11:37.120 --> 0:11:40.520 commercialization of these three companies. Where you've got hydrosonics, you've 0:11:40.520 --> 0:11:43.479 got inadas so, you've got clean tech, you've got biotech, 0:11:43.520 --> 0:11:47.640 you've also got manufacturing with fab Ai. How soon do 0:11:47.640 --> 0:11:50.520 you think these companies will find customer product market fit. 0:11:51.520 --> 0:11:53.360 So we're on a pathway to make sure that each 0:11:53.360 --> 0:11:55.880 of these companies have a first customer within the next year. 0:11:56.440 --> 0:11:59.720 We've built a proprietary method of commercialization here at Roadrunner, 0:12:00.080 --> 0:12:02.440 we have key partners, both in government and in the 0:12:02.440 --> 0:12:05.160 private sector that we work closely with to ask what 0:12:05.200 --> 0:12:07.400 are your hardest problems and how can we be building 0:12:07.679 --> 0:12:09.280 products and companies to solve those. 0:12:09.800 --> 0:12:12.199 What's so interesting is not only your model, but where 0:12:12.240 --> 0:12:14.960 you're based and how you're raising the money. You want 0:12:15.000 --> 0:12:18.240 this studio concept to go outside of New Mexico. Right 0:12:18.240 --> 0:12:19.880 where else would you look? Who have you been having 0:12:19.920 --> 0:12:20.520 discussions with? 0:12:21.360 --> 0:12:24.560 That's right, Karen So, Yes, this movement starts in New Mexico, 0:12:24.600 --> 0:12:27.559 but it certainly won't end here. We're really privileged to 0:12:27.600 --> 0:12:31.120 be part of this long tapestry of innovation and history 0:12:31.200 --> 0:12:33.719 here in New Mexico and building upon it. But we're 0:12:33.760 --> 0:12:36.560 headed national next, so looking at places like New Jersey, 0:12:36.960 --> 0:12:40.160 in North Dakota and Florida, and Tulsa and Texas and 0:12:40.240 --> 0:12:42.840 taking this to different regions and in other areas where 0:12:42.880 --> 0:12:46.000 we feel like there's so many untapped resources that we 0:12:46.040 --> 0:12:49.480 can come in build companies for those local communities and 0:12:49.520 --> 0:12:52.680 make sure that they have that disruptive potential that's important 0:12:52.679 --> 0:12:53.880 for American competitiveness. 0:12:54.480 --> 0:12:57.160 What's interesting is course we named some of the big 0:12:57.840 --> 0:13:00.720 tech players who are behind the nonprofit bit side of 0:13:00.800 --> 0:13:03.880 affrom Thing and Marrig Schmidt, Peter Teel. Of course, this 0:13:04.000 --> 0:13:07.160 is a for profit element. Have you spoken to them 0:13:07.280 --> 0:13:09.560 about some of these allocations, about the companies that you're 0:13:09.600 --> 0:13:10.240 going to be backing. 0:13:11.120 --> 0:13:13.200 Well, we certainly have a lot of supporters Eric of 0:13:13.200 --> 0:13:16.360 course as a friend and mentor whom I used to 0:13:16.360 --> 0:13:18.360 work for. But what we try to do is make 0:13:18.400 --> 0:13:20.840 sure that we have partners both in the venture capital 0:13:20.840 --> 0:13:24.480 community again also in government and in private sector. A 0:13:24.520 --> 0:13:27.400 lot of the technology we're building is critical tech. It's 0:13:27.400 --> 0:13:29.880 again really important for the United States to lead on these, 0:13:29.920 --> 0:13:33.880 both for national security and for American competitiveness. We're making 0:13:33.920 --> 0:13:36.720 sure to share those deals, share what we're building, shop 0:13:36.760 --> 0:13:39.440 at ahead of time with venture capital partners that are 0:13:39.520 --> 0:13:41.640 friends of ours, and make sure that each of these 0:13:41.640 --> 0:13:43.560 companies and founders are lined up for success. 0:13:44.080 --> 0:13:47.199 You, of course previously managing director head of Strategy over 0:13:47.240 --> 0:13:50.360 at Schmidt Futures. You've brought on others that have worked 0:13:50.400 --> 0:13:53.920 at Schmidt Futures, those that have really deep tech knowledge 0:13:53.920 --> 0:13:57.840 in particular places like Amazon and other key companies. Who 0:13:57.920 --> 0:13:59.960 else are you bringing on? What expertise you look at 0:14:00.160 --> 0:14:01.880 at for road Run Adventure Studios. 0:14:02.679 --> 0:14:05.520 It's a great question. We're privileged to have a great 0:14:05.559 --> 0:14:09.560 season team here, particularly folks that have commercialization experience, folks 0:14:09.559 --> 0:14:13.360 that know how to translate deep tech to actually building products, 0:14:13.400 --> 0:14:16.720 which is hard work. So a lot of product management experience, 0:14:16.720 --> 0:14:19.760 a lot of commercialization experience. What talent is core to 0:14:19.760 --> 0:14:23.680 building companies. Plenty of brilliant ideas die on the vine 0:14:23.680 --> 0:14:25.320 if they don't have a champion, if they don't have 0:14:25.360 --> 0:14:28.640 a CEO behind them. So we're building a talent infrastructure 0:14:28.640 --> 0:14:31.200 and have a head of talent that's in studio. What 0:14:31.240 --> 0:14:35.400 we'll be building with is continuing to bring in product managers, 0:14:35.400 --> 0:14:38.080 continue to bring in scientists, and then folks that can 0:14:38.080 --> 0:14:40.880 help us really do the business development around deep tech. 0:14:41.280 --> 0:14:43.840 Road Run Adventure Studios co founder and president Adam Hammer. 0:14:44.040 --> 0:14:46.280 Great to have some thoughts with you today, Thank you 0:14:46.360 --> 0:14:48.640 very much. Indeed, meanwhile, well let's go back to the 0:14:48.680 --> 0:14:51.720 world of AI, because Google is opening access to Gemini 0:14:51.960 --> 0:14:55.960 and what is called its largest and most capable AI model. 0:14:56.360 --> 0:14:58.360 This is as a search shod and because really. 0:14:58.120 --> 0:15:00.680 Trying to catch up here to companies like AI with 0:15:00.800 --> 0:15:01.520 GPT four. 0:15:01.760 --> 0:15:02.960 Now this foot model. 0:15:02.760 --> 0:15:06.320 Has three versions, including one that can run directly on smartphones, 0:15:06.320 --> 0:15:09.480 for example, not just in the data centers. Meanwhile, the 0:15:09.520 --> 0:15:12.800 application of AI is something that tech leaders, civil society, 0:15:12.800 --> 0:15:15.680 advocates of academics are all trying to get their hands 0:15:15.720 --> 0:15:18.000 around in terms of how you regulate it. Actually, on 0:15:18.040 --> 0:15:21.040 Capital this Hill this week, they're all there and they're 0:15:21.040 --> 0:15:24.320 discussing AI's implications, for example, for national security and the 0:15:24.320 --> 0:15:28.360 potential threats posed by this rapidly advancing tools landing. AI 0:15:28.440 --> 0:15:31.480 founder CEO Andrew Young is joining us now, you, of 0:15:31.600 --> 0:15:35.120 course an academic yourself called colsera co founder as well. 0:15:35.920 --> 0:15:37.480 What did you make of the. 0:15:37.480 --> 0:15:41.200 Statements being made up on Capitol Hill with other leaders 0:15:41.200 --> 0:15:44.880 of anthropic for example, and where did it land for those. 0:15:44.760 --> 0:15:47.160 That are trying to regulate it? What was your message today? 0:15:48.520 --> 0:15:51.480 Yea, Damiti just ended twenty minutes ago. I'm actually speaking 0:15:52.000 --> 0:15:55.480 to you from the Senate Russell Halls where we're just 0:15:55.520 --> 0:15:58.640 debating this vigorously for two hours. I feel like there's 0:15:58.640 --> 0:16:02.400 a wide range of opinions, and I think that types 0:16:02.440 --> 0:16:06.600 about AI doomsday scenario are overblown. When I look at 0:16:06.640 --> 0:16:09.080 the common arguments or why AI could lead us to do, 0:16:09.280 --> 0:16:11.520 it comes down to maybe three things one is it 0:16:11.560 --> 0:16:13.840 could happen. We're not sure how, but it could happen, 0:16:13.920 --> 0:16:18.480 and you can't disprove a negative. You can't prove a negative. Second, 0:16:18.520 --> 0:16:20.440 a is a Peth authority. Some other people think it 0:16:20.440 --> 0:16:23.200 could happen, so let's worry about that. And then lastly, 0:16:23.360 --> 0:16:26.720 I think AI is a fantastic productivity too. And so 0:16:26.760 --> 0:16:29.600 there's some arguments that if someone wants to do something 0:16:29.600 --> 0:16:32.520 malicious that a productivity to could help them, But I 0:16:32.520 --> 0:16:35.280 feel it was still falling short in terms of quantifying 0:16:35.560 --> 0:16:39.440 what really are the realisticrets and just because of productivity 0:16:39.440 --> 0:16:42.400 to may help someone do something bad. You know, how 0:16:42.440 --> 0:16:45.080 should we think about regulating productivity tools? 0:16:45.640 --> 0:16:49.360 So you're almost trying to take out, draw out rationalize 0:16:49.520 --> 0:16:53.040 some of the so called hype around the doom of AI. 0:16:53.280 --> 0:16:56.080 But at the same time, how do you practically think 0:16:56.240 --> 0:16:58.040 the US And indeed, as we wait for the E 0:16:58.280 --> 0:17:01.360 potentially to have some sort of initial on the EUAI Act, 0:17:01.800 --> 0:17:04.960 how will regulation take form? Do they have to regulate 0:17:05.000 --> 0:17:08.399 the foundational models or should they only regulate the application 0:17:08.520 --> 0:17:08.879 of AI? 0:17:10.400 --> 0:17:13.400 I think that was a great insight. One thing that's 0:17:13.440 --> 0:17:16.440 important to note about AI is a general purpose technology, 0:17:16.520 --> 0:17:19.160 meaning it's useful for so many different things, from copy 0:17:19.280 --> 0:17:22.680 editing and chatting with people to answering questions the customer support, 0:17:23.080 --> 0:17:26.159 and so regulating the core technology is very difficult to me. 0:17:26.320 --> 0:17:29.639 Regulating the core technology makes as much sense as regulating 0:17:29.840 --> 0:17:32.160 high powered electric motors, which could be used to all 0:17:32.160 --> 0:17:34.720 sorts of things. But once you take that electric motor 0:17:34.800 --> 0:17:39.080 and turn it into a electric vehicle or blender, you 0:17:39.200 --> 0:17:41.520 can think about whether the rest of the applications the 0:17:41.600 --> 0:17:44.639 car or the blender. When you take this AI technology 0:17:44.680 --> 0:17:46.840 and you build it into medical device, let's make sure 0:17:47.040 --> 0:17:49.280 the medical device is safe. You take AI and put 0:17:49.280 --> 0:17:51.320 in the self driving car, let's make sure the self 0:17:51.400 --> 0:17:54.440 driving cars safe. But I worry that we put owner's 0:17:54.520 --> 0:17:57.920 regulation on the technology rather than the regulation, then we're 0:17:58.000 --> 0:18:01.040 slowing down the hundreds of thousand and maybe even more 0:18:01.280 --> 0:18:04.520 beneficial applications that we could and should be using AI for. 0:18:05.520 --> 0:18:08.879 I mean, we turn to you because of the expertise 0:18:08.920 --> 0:18:11.720 that you not only have at Stanford University as an academic, 0:18:11.800 --> 0:18:14.480 but also as an innovator in and of yourself and 0:18:14.960 --> 0:18:19.159 funding innovations with landing AI for example, I'm interested in 0:18:19.200 --> 0:18:22.160 whether you think innovation thus far is being stifled by 0:18:22.680 --> 0:18:26.320 pre enting regulation that isn't actually there because companies are 0:18:26.320 --> 0:18:28.840 having to get on advice, they are turning to consultants, 0:18:28.840 --> 0:18:31.680 they are trying to sort of ensure that they're building 0:18:31.720 --> 0:18:34.360 in the right way ahead of any real rules coming 0:18:34.400 --> 0:18:34.920 into place. 0:18:36.480 --> 0:18:40.280 Yeah, the AI regulation space has been remarkable, with a 0:18:40.320 --> 0:18:44.560 lot of fears about long term harms, even extinction risk. 0:18:44.600 --> 0:18:46.679 And today one of the things that was discussed was 0:18:47.000 --> 0:18:49.720 to ask not what do you think are the risk 0:18:49.720 --> 0:18:52.760 of something leading to do, but whether your hopes for AI, 0:18:52.880 --> 0:18:54.760 what do you think are the adser that AI will 0:18:54.960 --> 0:18:58.120 need to much better future for everyone? And a lot 0:18:58.160 --> 0:19:01.320 of us, including me gave Esmans, I think AI has 0:19:01.760 --> 0:19:04.600 over seventy percent churns of building, letting us build a 0:19:04.680 --> 0:19:08.600 much better world, and then regulation to hold us back 0:19:08.640 --> 0:19:11.160 from that would be a problem. One of the things 0:19:11.160 --> 0:19:14.040 that was discussed a lot was the concern of regulatory capture. 0:19:14.440 --> 0:19:16.760 And I think there's actually one way to regulate to 0:19:16.880 --> 0:19:20.760