WEBVTT - Robinhood Markets Chairman & CEO Vladimir Tenev Talks Regulation 0:00:02.520 --> 0:00:07.000 Bloomberg Audio Studios, podcasts, radio news. 0:00:07.800 --> 0:00:10.120 Here's my question, tim at least two of these stocks 0:00:10.119 --> 0:00:13.600 makes money when people are in the markets, when they're trading, whether. 0:00:13.400 --> 0:00:16.520 Things go up and down. But if the risk. 0:00:16.320 --> 0:00:19.880 Appetite turns like this, the question is how much money 0:00:19.920 --> 0:00:22.480 will there to be made until risk appetite comes back? 0:00:22.520 --> 0:00:23.160 When will that be? 0:00:23.480 --> 0:00:25.920 Certainly a good question, a good place to start with. 0:00:26.040 --> 0:00:28.319 Robinhood chair and CEO of Lad Tenev, who joins us 0:00:28.360 --> 0:00:31.120 right now here in our Bloomberg studio of Lad. Good 0:00:31.120 --> 0:00:33.639 to see you, Welcome, you heard from Shinali just now. 0:00:34.240 --> 0:00:37.760 Robinhood stock down nine and a half percent as we speak. 0:00:37.760 --> 0:00:39.680 It's not more than thirty percent from that high on 0:00:39.960 --> 0:00:43.280 February fourteenth. Look, not an awesome place to start, but 0:00:43.320 --> 0:00:44.720 you're here in the chair with us. 0:00:44.920 --> 0:00:46.960 Yeah, yeah, I should have time this better. Shit, have 0:00:47.000 --> 0:00:47.640 timed it better. 0:00:47.840 --> 0:00:50.120 I know CEOs don't often look at the short term 0:00:50.159 --> 0:00:52.000 moves in a company's stock, But what's your message for 0:00:52.040 --> 0:00:52.599 investors on. 0:00:52.520 --> 0:00:53.200 Today like today? 0:00:53.960 --> 0:00:56.480 Well, I mean if you look at what has actually 0:00:56.520 --> 0:01:01.240 happened in Robinhood world where we report or earnings just 0:01:02.200 --> 0:01:04.600 a week ago, a week and a half ago, and 0:01:04.800 --> 0:01:09.600 we had our first billion dollar revenue quarter in the 0:01:09.640 --> 0:01:15.600 company's history. The business has been doing tremendously well. I mean, 0:01:16.040 --> 0:01:21.120 record net income, profits, record net deposits. Twenty twenty four 0:01:21.200 --> 0:01:24.160 we had fifty billion of net deposits into the platform. 0:01:24.440 --> 0:01:26.080 So business is doing well. 0:01:26.360 --> 0:01:30.560 And if you look back rewind to the day after earnings, 0:01:31.319 --> 0:01:34.360 I think the stock had a very positive reaction. So 0:01:34.440 --> 0:01:37.240 I think that's why to your point, we don't really 0:01:37.680 --> 0:01:39.399 try to look at the stuff day to day because 0:01:39.440 --> 0:01:42.479 then we get wrapped up into the macro and things 0:01:42.520 --> 0:01:45.480 that are outside of our control. But we're executing. Some 0:01:45.600 --> 0:01:47.480 days it'll go up, some days it'll go down. 0:01:48.000 --> 0:01:48.960 Speaking and going. 0:01:48.760 --> 0:01:50.520 Down, we are looking at a market right now, the 0:01:50.560 --> 0:01:54.880 magnificent seven, as tracked by Bloomberg is actually in correction territory. 0:01:55.080 --> 0:01:56.920 How are your clients. 0:01:56.440 --> 0:01:59.040 The people training on Robinhood behaving on a day like 0:01:59.080 --> 0:02:02.279 today when you've pick went also down below eighty seven thousand. 0:02:03.040 --> 0:02:07.440 Yeah, generally speaking, when we see days like today, our 0:02:07.440 --> 0:02:11.160 customers tend to be long innovation, and they're long some 0:02:11.240 --> 0:02:15.680 of these technology names, and they view these as buying 0:02:15.680 --> 0:02:18.720 opportunities because I mean, another way of looking at it 0:02:18.800 --> 0:02:22.520 is you can get high quality companies and assets at 0:02:22.560 --> 0:02:27.239 a discount relative to where they were in previous days. 0:02:27.720 --> 0:02:31.600 I think our customers, which might surprise some people, have 0:02:31.600 --> 0:02:33.679 a long term perspective on these things. They'd like to 0:02:33.720 --> 0:02:37.359 be owners of. Technology and innovation. 0:02:38.200 --> 0:02:40.200 Is in volatility, though, just a good thing for your 0:02:40.240 --> 0:02:42.639 platform sort of doesn't matter if it goes up or down, 0:02:42.720 --> 0:02:45.680 especially with the launch of the new active trader platform, 0:02:45.760 --> 0:02:47.359 Robinhood Legend, just a few months ago. 0:02:48.000 --> 0:02:50.720 Yeah, what you're saying is right. 0:02:51.240 --> 0:02:56.399 Active traders tend to be more sophisticated, and for those 0:02:56.440 --> 0:02:59.560 types of customers, they have trading strategies that they can 0:02:59.560 --> 0:03:03.560 deploy regardless of market conditions. So when markets are going up, 0:03:03.880 --> 0:03:07.040 you know, obviously they have a set of strategies. When 0:03:07.040 --> 0:03:11.320 they're going down in sideways among different derivatives and even 0:03:11.400 --> 0:03:16.400 equity and option and crypto positions, active traders have the tools. 0:03:16.800 --> 0:03:22.120 And you know, we announced robinhood Legend at our Hood Summit, 0:03:22.160 --> 0:03:24.679 which was our event in Miami. We rolled that out 0:03:24.760 --> 0:03:27.119 over the last couple of months. You guys probably saw 0:03:27.200 --> 0:03:30.600 that's already up to fifty million in annual revenue run rate, 0:03:30.880 --> 0:03:35.760 so that product's been doing extremely well. And yeah, kind 0:03:35.800 --> 0:03:39.240 of what might surprise a lot of people, Active trading 0:03:39.520 --> 0:03:43.360 is more of a it's a business that is more 0:03:43.400 --> 0:03:47.240 sustainable even in down terms, because the more sophisticated customers are, 0:03:47.640 --> 0:03:51.080 the more they sort of trade regardless of what's happening 0:03:51.120 --> 0:03:54.240 in the macro and they deploy different strategies to take 0:03:54.240 --> 0:03:56.040 advantage of opportunities as they see them. 0:03:56.400 --> 0:03:58.720 I understand that you're maybe not concerned about a one 0:03:58.800 --> 0:04:01.200 day move in your stocks. It's the CEO of Robinhood. 0:04:01.280 --> 0:04:03.840 You have more people actively training as we're talking about 0:04:03.960 --> 0:04:06.680 the vix is at twenty right to the extent, there's 0:04:06.760 --> 0:04:09.040 one market metric that you watch when you wake up 0:04:09.080 --> 0:04:10.200 in the morning, what would that be? 0:04:11.560 --> 0:04:15.120 Yeah, I mean I really try not to watch the 0:04:15.160 --> 0:04:17.560 market myself too much. 0:04:17.800 --> 0:04:19.400 I mean, I'm aware. 0:04:19.120 --> 0:04:22.640 Of I think it's hard to ignore some of these things. 0:04:22.640 --> 0:04:26.039 But what I'm focused on is how well are we 0:04:26.080 --> 0:04:30.880 supporting customers. What's the rate of product velocity, because the 0:04:30.960 --> 0:04:34.719 rate of product innovation velocity is, at the end of 0:04:34.720 --> 0:04:38.600 the day, what matters. It's what matters in the economy 0:04:38.600 --> 0:04:41.640 and it's what matters in our business because day to 0:04:41.720 --> 0:04:44.080 day things go up and down, but over the long run, 0:04:44.240 --> 0:04:47.039 We're in a technology business, so all that matters is 0:04:47.040 --> 0:04:50.680 the rate of innovation and the rate of positive technological change. 0:04:50.800 --> 0:04:52.280 And I think we feel pretty good. I mean, you 0:04:52.360 --> 0:04:55.640 look at what we've rolled out, what we've delivered to customers, 0:04:55.760 --> 0:04:58.279 what we're continuing to do this year with three major 0:04:58.360 --> 0:05:02.120 product events coming, and we're going to continue to versify 0:05:02.120 --> 0:05:02.479 the business. 0:05:02.560 --> 0:05:06.640 Let's double down on one of those products, cryptocurrencies. Of course, 0:05:06.640 --> 0:05:09.680 this is the crypto show. What is the grand opportunity 0:05:09.720 --> 0:05:12.120 for Robinhood. You have sell side analysts taking a look 0:05:12.120 --> 0:05:15.160 at what you're doing and starting to compare you to coinbase. 0:05:15.480 --> 0:05:16.960 Are you after their business? 0:05:18.200 --> 0:05:22.160 Well, I think we compete in the general sense of 0:05:22.160 --> 0:05:27.039 offering crypto to customers. But also this is a nascent 0:05:27.120 --> 0:05:30.880 industry and not very many companies have entered yet. It's 0:05:30.920 --> 0:05:36.280 still even though bitcoin has now been around for fifteen years, 0:05:36.320 --> 0:05:39.880 institutions and other companies have been waiting for signals to 0:05:40.000 --> 0:05:43.040 enter the market. So from that sense, it's still quite early. 0:05:43.640 --> 0:05:46.720 And I wrote about in an OpEd that I did 0:05:46.800 --> 0:05:50.760 for the Washington Post. We're still in the US generally 0:05:50.880 --> 0:05:55.279 not allowed to connect crypto technology to real assets like 0:05:55.400 --> 0:05:57.440 stocks and other security tight on. 0:05:57.440 --> 0:05:59.159 That We're going to spend like ten minutes with you 0:05:59.200 --> 0:06:00.400 on tokenization next. 0:06:00.760 --> 0:06:03.520 Okay, hey, before we get there, though, I do want 0:06:03.520 --> 0:06:05.720 to touch on the news yesterday. Robin Hood said, yesterday 0:06:05.760 --> 0:06:09.360 the SEC closed that investigation into your crypto operations. It's 0:06:09.400 --> 0:06:12.520 not pursuing any enforcement action. It does raise the question, though, 0:06:12.520 --> 0:06:16.359 about regulators in general. Do you see a role for 0:06:16.600 --> 0:06:17.680 financial regulators. 0:06:18.360 --> 0:06:20.720 I do see a role for financial regulators. I think 0:06:20.760 --> 0:06:24.600 customers want to know that their assets are safe and 0:06:24.640 --> 0:06:27.840 that someone is watching over the companies that are providing 0:06:28.160 --> 0:06:31.520 financial services to them and holding them accountable. And we've 0:06:31.520 --> 0:06:33.839 been regulated company for a very long time. 0:06:33.880 --> 0:06:34.039 You know. 0:06:34.080 --> 0:06:36.640 We started as a as a FINRA and a SEC 0:06:36.839 --> 0:06:40.720 regulator broker dealer and expanded from there. So I actually think, 0:06:41.360 --> 0:06:44.039 you know, regulation is good for our business, not just 0:06:44.080 --> 0:06:46.360 good for customers. And we know how to operate in 0:06:46.440 --> 0:06:48.240 a highly regulator arena. 0:06:48.320 --> 0:06:49.800 All right, Sit tight with Lad. We're going to do 0:06:49.839 --> 0:06:51.520 some news and then come back in just a minute. 0:06:51.520 --> 0:06:53.800 We have much more coming up with lad Tenev in 0:06:53.839 --> 0:06:54.960 a just a moment, and with. 0:06:54.960 --> 0:06:58.520 Robinhood, CEO of Lad Tenev and Vlad. You spoke to 0:06:58.600 --> 0:07:01.560 us a couple weeks ago about the for tokenization. You 0:07:01.600 --> 0:07:03.240 were talking about that op ed you wrote in the 0:07:03.320 --> 0:07:05.679 Washington Post, And a day like today, I was watching 0:07:05.680 --> 0:07:07.800 Okay and Vidio down almost two percent. You know it's 0:07:07.800 --> 0:07:12.200 probably not down two percent. SpaceX is private stock, right. 0:07:12.280 --> 0:07:14.680 You made this point that it was ludicrous that investors 0:07:14.720 --> 0:07:21.320 could buy meme coins without reallybitting it from the regulators. 0:07:21.320 --> 0:07:24.160 But you cannot get access to private stock. How soon 0:07:24.200 --> 0:07:25.880 can you buy SpaceX on Robinhood? 0:07:26.280 --> 0:07:27.680 Yeah, I think that's a good question. 0:07:27.760 --> 0:07:30.480 We need a few things to happen in order for 0:07:30.640 --> 0:07:36.280 this to be possible. The accreditation rules have to be rethought. 0:07:36.520 --> 0:07:38.920 I think a lot of these rules were created in 0:07:39.000 --> 0:07:42.120 a different time where the problem was lack of information. 0:07:42.600 --> 0:07:46.160 You know, it was before the Internet, there was no information, 0:07:46.360 --> 0:07:50.520 So the regulators, I think rightly, were worried about investors 0:07:50.760 --> 0:07:54.000 not having access to not having any knowledge about these companies. 0:07:54.400 --> 0:07:58.200 I think now with basically an infinite amount of information 0:07:58.280 --> 0:08:01.120 on the Internet AI that can help you distill it 0:08:01.160 --> 0:08:04.680 and synthesize it, a lot of those concerns just don't 0:08:04.680 --> 0:08:07.600 make sense. So I think that's why the rules have 0:08:07.680 --> 0:08:09.280 to be rethought. I think they will put in for 0:08:09.320 --> 0:08:12.440 good reasons, but those reasons no longer hold, and then 0:08:12.520 --> 0:08:16.920 we need to, aside from the accreditation, allow for the 0:08:16.960 --> 0:08:22.400 capability of connecting crypto technology with real companies. So comprehensive 0:08:22.920 --> 0:08:31.000 registration rules platforms, clarity for how platforms can list platforms 0:08:31.040 --> 0:08:33.200 such as ourselves listing cryptosecurities. 0:08:34.080 --> 0:08:36.400 I think all of that is going to be necessary. Yeah. 0:08:36.400 --> 0:08:38.560 I seen you argue that it's good for investors because 0:08:38.559 --> 0:08:40.400 then they get access to a company such as open 0:08:40.440 --> 0:08:43.160 ai or SpaceX, but also good for these companies because 0:08:43.160 --> 0:08:45.400 then they get access to that capital. What would you 0:08:45.440 --> 0:08:47.839 say to somebody who's watching or listening right now, says, 0:08:48.000 --> 0:08:51.160 wait a second, for every anthropic or open ai or SpaceX, 0:08:51.360 --> 0:08:54.240 there's a fairhose out there. There's a we work out there, 0:08:54.360 --> 0:08:58.360 and these accreditation rules are supposed to protect the investors 0:08:58.400 --> 0:09:00.840 who are not venture capitalists, those investors who don't have 0:09:00.880 --> 0:09:03.840 the ability to do that due diligence on those private companies. 0:09:04.160 --> 0:09:07.400 Yeah, I think there's ways. Those are legitimate problems that 0:09:08.520 --> 0:09:11.920 have solutions. I think we can solve those problems through 0:09:12.400 --> 0:09:17.120 disclosure requirements. In particular, if you're a platform that's offering 0:09:17.640 --> 0:09:22.640 these securities, whether they be crypto based or otherwise you 0:09:22.679 --> 0:09:27.599 should have disclosure requirements. You should clearly delineate between you know, 0:09:27.640 --> 0:09:31.240 a company like SpaceX that perhaps has high quality audited 0:09:31.320 --> 0:09:34.840 financials and something that's earlier stage that doesn't. 0:09:35.440 --> 0:09:36.600 And I think at the end. 0:09:36.520 --> 0:09:39.599 Of the day, the user should have the ability to 0:09:39.679 --> 0:09:44.079 decide and self certify. And actually, you know, the platforms 0:09:44.080 --> 0:09:47.840 can clarify what type of risk different assets and which 0:09:47.840 --> 0:09:48.800 buckets fall into. 0:09:49.080 --> 0:09:51.960 When you say SpaceX or open AI or talking about 0:09:52.000 --> 0:09:54.880 single companies, and you're talking about companies you can imagine 0:09:54.920 --> 0:09:57.120 being public one day, maybe just trading more in private 0:09:57.120 --> 0:10:00.800 hands until then, or maybe indefinitely. But there are a 0:10:00.840 --> 0:10:03.720 lot of financial firms that are looking to tokenize private 0:10:03.760 --> 0:10:06.600 funds also, Are you in talks with any of them? 0:10:06.640 --> 0:10:09.920 I mean, this is Apollo, it's Blackrock, it's everybody really 0:10:10.400 --> 0:10:13.640 hoping to make these private equity funds available to retail investors. 0:10:14.360 --> 0:10:17.160 Yeah, I mean, I think we've been talking to you. 0:10:17.400 --> 0:10:21.240 You should assume we're generally in conversations with anyone trying to. 0:10:21.200 --> 0:10:22.680 Do interesting things in the space. 0:10:23.120 --> 0:10:25.480 I think what we have to decide is what's interesting 0:10:25.800 --> 0:10:28.760 to retail and right now, if I had to pick 0:10:28.800 --> 0:10:31.920 the biggest pain point, that a retail investor has. It's 0:10:32.640 --> 0:10:35.800 we're in the midst of perhaps the biggest technological revolution 0:10:36.440 --> 0:10:40.680 that we've ever seen. AI is like transforming everything, And 0:10:40.920 --> 0:10:44.160 what can you invest in? I mean in Nvidia and 0:10:44.320 --> 0:10:47.880 to some degree Tesla, but no open AI, no Anthropic. 0:10:48.400 --> 0:10:51.840 All these companies that are doing humanoid robots, a lot 0:10:51.920 --> 0:10:55.560 of them are private. So I think it's tough right 0:10:55.600 --> 0:10:58.080 now if you want to be in the AI sector 0:10:58.080 --> 0:11:01.480 as a retail investor, there's relatively few options that you 0:11:01.520 --> 0:11:03.560 can actually that you can actually invest in. 0:11:03.720 --> 0:11:05.679 You said, you're talking to anyone who's doing interesting stuff 0:11:05.679 --> 0:11:07.880 in this space right now? What about on their regulation side? 0:11:07.880 --> 0:11:10.160 Are you talking to folks actively in the Trump administration 0:11:10.200 --> 0:11:12.760 who are working on crypto, who are working on AI. 0:11:12.880 --> 0:11:15.160 Right who have given you some indication of how soon 0:11:15.240 --> 0:11:16.320 you can get this done? 0:11:16.720 --> 0:11:17.000 Yeah? 0:11:17.080 --> 0:11:19.760 I mean, I'd say that when we talk to folks 0:11:19.760 --> 0:11:24.880 in the administration, everyone's really motivated to make the US 0:11:25.160 --> 0:11:26.560 the leader in this industry. 0:11:26.880 --> 0:11:27.520 You know they have. 0:11:27.840 --> 0:11:32.120 There's these two technological shifts that are happening, crypto and AI, 0:11:32.280 --> 0:11:34.480 and they're happening simultaneously. 0:11:34.679 --> 0:11:36.240 Have you been able to speak with David Sachs. 0:11:36.960 --> 0:11:39.440 I have yeah, yeah, you know, I've known him for 0:11:39.480 --> 0:11:42.839 a while. I think I'm excited about David Sachs coming in. 0:11:43.160 --> 0:11:46.440 And actually, if you saw our Investor Day, crypto and 0:11:46.559 --> 0:11:50.200 AI are the two technology trends that we believe will 0:11:50.200 --> 0:11:52.880 shape Robinhood's future in the future of the financial industry. 0:11:52.920 --> 0:11:56.920 So actually seeing that the government is aligning itself with 0:11:57.120 --> 0:12:00.760 these trends and making sure that the US is number one. 0:12:01.559 --> 0:12:02.480 I think it'll help us. 0:12:02.520 --> 0:12:04.880 It'll help the companies like Robinhood that are trying to 0:12:04.920 --> 0:12:07.760 be on the leading edge of these industries. 0:12:07.880 --> 0:12:11.960 You know, I appreciate your note there on regulation having 0:12:11.960 --> 0:12:14.440 its place, because more recently a lot of people in 0:12:14.440 --> 0:12:17.640 the crypto industry very excited about a pullback. And while 0:12:17.640 --> 0:12:19.599 you can understand that the way the last couple of 0:12:19.679 --> 0:12:22.800 years have gone, you have seen this exuberance that has 0:12:22.800 --> 0:12:25.760 pushed many many retail investors into very many meme coins. 0:12:26.040 --> 0:12:29.720 You have seen an acknowledgment here that listening standards might 0:12:29.760 --> 0:12:32.240 start to loosen up. What do you make of the 0:12:32.280 --> 0:12:34.959 meme coin frenzy that probably doesn't look that good to 0:12:35.000 --> 0:12:36.320 many people today. 0:12:36.679 --> 0:12:39.920 Yeah, I mean I think that this is a new thing. 0:12:41.360 --> 0:12:44.800 I think the use cases of different types of coins 0:12:44.880 --> 0:12:49.080 are yet to be discovered. People are innovating very fast 0:12:49.080 --> 0:12:53.480 in the space. But two things. One the fact that 0:12:53.920 --> 0:12:56.960 it's so easy to create a coin and tap into 0:12:57.040 --> 0:13:02.440 global liquidity and actually like the creation process. You know, 0:13:02.600 --> 0:13:05.480 you can sit down in front of some software, create 0:13:05.520 --> 0:13:07.880 a coin and have it be trading and you know, 0:13:08.720 --> 0:13:13.640 access to investors in five minutes. That's also that's a 0:13:13.679 --> 0:13:16.440 scary thing, but it's also an incredibly powerful thing if 0:13:16.480 --> 0:13:20.160 you juxtapose it with how cumbersome the IPO process is 0:13:20.480 --> 0:13:21.720 and it takes months. 0:13:21.840 --> 0:13:23.079 Companies aren't doing it. 0:13:23.600 --> 0:13:26.400 And that's why I think tokenization is so interesting, because 0:13:26.640 --> 0:13:29.840 if you juxtapose these things, it's so clear what the 0:13:29.880 --> 0:13:35.560 benefits would be of bringing cryptotechnology. In particular these like 0:13:36.240 --> 0:13:39.640 the ease of listing and tapping global liquidity into real 0:13:39.679 --> 0:13:40.880 world productive assets. 0:13:41.040 --> 0:13:42.560 You said that you want Robin to be the place 0:13:42.559 --> 0:13:45.880 where customers can buy, sell, trade any financial asset, or 0:13:45.920 --> 0:13:47.640 conduct any financial transaction. 0:13:48.280 --> 0:13:49.560 What is your ultimate vision here? 0:13:49.600 --> 0:13:51.320 I mean, is this going to be a place where 0:13:51.640 --> 0:13:54.800 people could buy and sell real estate one day? 0:13:55.559 --> 0:14:00.199 I think so, I think whatever a customer wants to invest, 0:14:00.600 --> 0:14:04.120 and there actually is an overlap with real estate between 0:14:05.600 --> 0:14:09.640 you know, assets that you actually utilize and are also investments, 0:14:09.840 --> 0:14:12.160 and a lot of our customers are interested in that. 0:14:12.320 --> 0:14:16.880 So yeah, every asset that's investable, and even you know, 0:14:17.120 --> 0:14:19.880 some assets that you'd like to hold in physical form 0:14:19.960 --> 0:14:21.360 are all in scope of the vision. 0:14:21.680 --> 0:14:23.840 Hey, before we let you go, I want to hear 0:14:23.840 --> 0:14:26.760 a little bit about the new startup, new Ish Harmonic, 0:14:27.160 --> 0:14:29.280 that you co founded back in twenty twenty three. You're 0:14:29.320 --> 0:14:31.920 looking to build the world's most advanced reasoning engine. You're 0:14:31.920 --> 0:14:34.520 also executive chairman there. How do you divide your time 0:14:34.600 --> 0:14:35.040 right now? 0:14:35.920 --> 0:14:39.640 Well, so I'm chairman, which is a board role, and 0:14:39.720 --> 0:14:43.160 I'd say I'm more involved than I'm much more involved 0:14:43.200 --> 0:14:47.720 than a typical angel investment. But there's an amazing CEO 0:14:47.920 --> 0:14:51.000 and a great team at Harmonic that are operating day 0:14:51.040 --> 0:14:53.600 to day, and you know, they let me help them 0:14:53.600 --> 0:14:56.200 out and hang out from time to time. But I'm 0:14:56.200 --> 0:14:58.560 not operating like like I am at Robin. 0:14:58.280 --> 0:15:02.520 Hood mathematical super Intelligence. So I hear very complicated things 0:15:02.600 --> 0:15:02.960 going on. 0:15:03.320 --> 0:15:06.840 I think solving a real problem. I mean, like the 0:15:06.960 --> 0:15:10.920 models need to right now. The models are very confident 0:15:11.360 --> 0:15:14.280 about spewing wrong information. And then a lot of domains 0:15:14.480 --> 0:15:20.200 like financial services and even news media, those hallucinations can 0:15:20.240 --> 0:15:25.120 be pretty pretty critical, so we're trying to solve that problem. 0:15:25.280 --> 0:15:26.960 Robin and CEO of blad Tennef, we thank you for 0:15:27.000 --> 0:15:27.600 joining us here.