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Speaker 2: Rebecca Patterson right now to be kind senior fellow with
Speaker 2: the Council on Foreign Relations. Her work at Bridgwater bessemer
Speaker 2: at JP Morgan over the years, thrilled she could join.
Speaker 2: I guess I gotta do the FED meeting. To me,
Speaker 2: it could be dramatic. If he's going to change things.
Speaker 2: He doesn't want to dawdle around, does he mean?
Speaker 3: I think Priority one, two and three this week is
Speaker 3: reinforce the Fed's credibility. You don't want any questions about
Speaker 3: any political bias. So that's goal number one for Kevin
Speaker 3: Warsh this week, I think, which he should be able
Speaker 3: to execute beautifully. I think beyond that, if he does
Speaker 3: a press conference, I expect he will, but it's not
Speaker 3: a given. If he does a press conference, then that'll
Speaker 3: be his opportunity to lay out the priorities. What is
Speaker 3: he going to focus on?
Speaker 4: First?
Speaker 3: I would imagine he wants to review all the economic models,
Speaker 3: the processes. He's going to review communication. He's already been
Speaker 3: very vocal about having less communication, think more less.
Speaker 2: It has been for years.
Speaker 5: Yes, a new thing, the balance sheet will wait.
Speaker 6: Yeah, so, Rebecca. Obviously he's got some level of pressure
Speaker 6: from the President from the White House to lower rates.
Speaker 6: But wait, the data is not there. He's got a
Speaker 6: committee he has to deal with.
Speaker 2: Yep.
Speaker 6: Wait, I would think the messaging this week is as
Speaker 6: much for the rest of US i e.
Speaker 7: The market, maybe even more so for the President. Yeah.
Speaker 3: I mean, he's got a difficult needle to thread here, right,
Speaker 3: keep the President on his side ideally, but build credibility
Speaker 3: trust with his colleagues at the FOMC, I mean, And
Speaker 3: to your point on the data, I mean, right now,
Speaker 3: core PCE for May is tracking at around three point
Speaker 3: three percent year on year. If that's the number that
Speaker 3: comes in or something like that, there's no way they
Speaker 3: can cut rates anytime soon. And even if the straight
Speaker 3: of the hormones straight of hormones does open soon, which
Speaker 3: we all hope it does, and oil prices retreat further,
Speaker 3: you still have a strong economy, now probably stronger. You
Speaker 3: have inflation coming through the AI channel as well as
Speaker 3: other channels, and so it seems like the market pricing
Speaker 3: and the possibility of a hike makes a lot more sense.
Speaker 3: So that is going to be a challenge for Chairman
Speaker 3: Warsh for sure.
Speaker 7: I met u s dollar here. We kind of came
Speaker 7: into the year.
Speaker 6: I guess the consensus on the street was for a
Speaker 6: week or a dollar, and then the war with Iran
Speaker 6: starts and we had that flight to quality like we
Speaker 6: typically see.
Speaker 3: Now what well, the dollar until the news over the
Speaker 3: weekend was down or sorry, was down again only two
Speaker 3: major currencies, the Norwegian crown and the Australian dollar, both
Speaker 3: big commodity exporters. It was stronger against everything else, primarily
Speaker 3: on rate expectations, higher interest rates following higher energy prices
Speaker 3: and broader inflation pressures. Now that that is off the table,
Speaker 3: you have seen yields, as you guys just mentioned, down
Speaker 3: a little bit. You are seeing the dollar down a
Speaker 3: little bit today. And the question again it goes back
Speaker 3: to the Fed, do we have a hawkish bias in
Speaker 3: the press conference this week or not. I think the
Speaker 3: rate expectations will continue to be pretty important for the
Speaker 3: dollar going ahead. And again it's not just the US, right,
Speaker 3: two sides to every currency trade. We expect a Bank
Speaker 3: of Japan hike this week. The ECB, the European Central Bank,
Speaker 3: just raised rate. So it's not clear how much stronger
Speaker 3: the dollar gets.
Speaker 2: Out of Florida. And Johns Hopkins, I mean, there was
Speaker 2: this idea that if you end a war, even as
Speaker 2: Caplin says, a middle war, the idea is you get
Speaker 2: a disinflationary tendency competison now at CFR. But if you're
Speaker 2: on Wall Street right now, and what's clearly a boom
Speaker 2: investment banking environment, do you just assume disinflation?
Speaker 3: I wouldn't assume anything right now. Look, we have we
Speaker 3: have some tweets and some headlines suggesting that we have
Speaker 3: a step forward towards peace, but the deal isn't supposed
Speaker 3: to be signed till Friday, and even then it's not
Speaker 3: clear yet if it sticks, it's not clear what the
Speaker 3: terms are going to be. I mean, Iran wants and
Speaker 3: needs funding. I think they could still pressure to have
Speaker 3: some sort of fee, service fee to go through the
Speaker 3: straight not at all a service fee.
Speaker 2: And Paul, this is really Rick Wilson just now on
Speaker 2: Twitter with just a scathing quick note like where are
Speaker 2: the details?
Speaker 5: Yeah, when do we get the details? I don't have an.
Speaker 3: Answer, and we might not for sixty days. Right.
Speaker 2: The markets will flip right around if we do that.
Speaker 3: Well, they do that, right, And that's the point. Oil
Speaker 3: has come down, stocks are up. Does it last? Do
Speaker 3: you want to chase it here? I mean, if we
Speaker 3: have peace and it's certainly in both sides interest to
Speaker 3: have peace. Iran desperately needs money. It needs to rebuild.
Speaker 5: The US does.
Speaker 3: Not want oil at a four handle or thirty year
Speaker 3: year olds at a five handle going into midterms.
Speaker 7: Gold, well, it seems like just a cup of coffee goes.
Speaker 6: Tom had said we were at five thousand dollars and
Speaker 6: now so we've seen a pullback.
Speaker 7: Here at forty three hundred.
Speaker 3: Yeah, yeah, I mean you had a lot of speculative
Speaker 3: money going to gold at the beginning of the year.
Speaker 3: We had a little bit of a parabolic move, so
Speaker 3: that was part of it. But the other part of
Speaker 3: it is we did have two big central banks, Russia
Speaker 3: and Turkey selling Russia sold for four months in a row.
Speaker 3: Turkey was the biggest seller of gold in March. But
Speaker 3: those are the outliers. Central banks in general are continuing
Speaker 3: to buy.
Speaker 2: Bloomberg surveillance across the SNAE show Boy and for San Antonio,
Speaker 2: Three Am and a diner and re Ordered tried to
Speaker 2: get over the hangover. Joining us now with the Rebecca
Speaker 2: Patterson and studio is Anry Horder, who was, Yeah, doing
Speaker 2: a seminar in Houston.
Speaker 5: In Newston, can you get.
Speaker 2: Me tickets to San Antonio. I'll take it over. How
Speaker 2: did you get from Houston to San Antonio?
Speaker 7: Our friend drove me.
Speaker 2: Friend.
Speaker 5: Yeah, So a friend saw that I was in Houston.
Speaker 8: Also saw I was at Game three with the presidents
Speaker 8: and I'm going to game five.
Speaker 5: Why didn't you come?
Speaker 8: And I made a game time game time decision Saturday
Speaker 8: night and I was like, you know what, like, I'm
Speaker 8: so cold?
Speaker 7: Are you sitting with Prince Harry?
Speaker 8: I was not sitting with Prince Harry.
Speaker 5: Oh yeah, you texted me.
Speaker 7: I saw him.
Speaker 8: I saw Spike Lee. I was sitting more by Patrick Ewing,
Speaker 8: which was pretty amazing.
Speaker 3: Did he block your view?
Speaker 5: He did not block my view?
Speaker 7: He was actually behind me.
Speaker 8: So I will say San Antonio was the sixth borough
Speaker 8: on Saturday night. It was how to be fifty percent
Speaker 8: maybe seventy five percent New York Knick fans and the
Speaker 8: first order or two.
Speaker 5: Obviously we were.
Speaker 8: Behind, but we've been there before and it was a
Speaker 8: little intense, and then Jalen Brunson does what he does.
Speaker 8: This team works together so well and they clinched it.
Speaker 8: It was incredible.
Speaker 2: You have to call him my Jalen. Missus Keene is
Speaker 2: calling my Jalen this week.
Speaker 8: My Jalen.
Speaker 2: I gotta ask what was in the arena the energy
Speaker 2: that was not captured for America on TV.
Speaker 8: I think what was not captured was the moment you
Speaker 8: realize they were about to become champions after fifty three years.
Speaker 8: There was literally tears from New Yorkers and their faces,
Speaker 8: grown men just absolutely crying. One guy next to me
Speaker 8: was a New Yorker, stayed for the whole thing, moved
Speaker 8: to San Antonio in nineteen ninety four, so he was
Speaker 8: technically there supporting the Spurs, but even he was emotional
Speaker 8: and he said, this is.
Speaker 7: Pretty bittersweet for me for our fans.
Speaker 6: On radio, I just have to highlight the outfits that
Speaker 6: are in this studio here. Rebecca Patterson, New York can
Speaker 6: Nick orange head to toe fantastic. Hamry Horner comes in
Speaker 6: to the whole thing going and the Tom's got the blink.
Speaker 6: I mean I didn't know Tom either.
Speaker 5: You were a Celtics fan.
Speaker 7: Well, we're all Nick fans.
Speaker 5: Yes, I said, he just writes to pay check exact.
Speaker 2: One more question for Rebecca Patterson. Here. The spirit of
Speaker 2: this to me, the single miscall a New York city
Speaker 2: in the gloom was a census of twenty twenty where everybody,
Speaker 2: including the smart people, said, oh, we had six hundred
Speaker 2: thousand in the MSA here. I mean, it's his bet
Speaker 2: against New York that's always been there.
Speaker 3: You know what, I think there is a human emotion
Speaker 3: that you always want to go after whoever's on top.
Speaker 3: And that could be a company, it could be a person,
Speaker 3: it could be a city. So it's easy to go
Speaker 3: after New York. But look, New York's back. People are
Speaker 3: working five days a week in the office, real estate
Speaker 3: prices are coming back.
Speaker 9: God.
Speaker 3: I mean last week, if you tried to get around
Speaker 3: the city in a cab or even on the subway,
Speaker 3: it was packed.
Speaker 2: Yeah, Rebecca, thank you so much. Rebecca Patterson with us
Speaker 2: writing for the Console on Foreign Relations, a terrific podcast,
Speaker 2: Stay with us more from Bloomberg Surveillance coming up after this.
Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us live
Speaker 1: weekday afternoons from seven to ten am Eastern Listen on
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Speaker 2: The Royal strategist for Robinhood joins us right now for
Speaker 2: two shortest visits stuff guild with us as well. If
Speaker 2: I haven't ended his conflict. How does it change your
Speaker 2: six months forward view, your journey thirty report.
Speaker 10: I think it makes costs a little bit lower for everybody.
Speaker 10: All those input costs that were elevated obviously start to
Speaker 10: come down. I don't think it'll happen right away because
Speaker 10: it takes a while to restart things. I saw something
Speaker 10: this morning where quit will take the longest because they're
Speaker 10: the most impacted. But it I mean, obviously the market
Speaker 10: is for discounting, so the market will care about it
Speaker 10: now and today, and you're seeing it in energy prices
Speaker 10: and energy stocks.
Speaker 5: All right.
Speaker 6: So let's say we do get some type of resolution
Speaker 6: here with around a little bit more certainty in that
Speaker 6: part of the world that brings the AI story right
Speaker 6: back to the you know, the front burner here. How
Speaker 6: do you guys think about AI at Robinhood, because that's
Speaker 6: a story that's kind of morphed over the last several
Speaker 6: years since we've all become involved with AI. How do
Speaker 6: you guys position it these days?
Speaker 10: Yeah, I mean at the company, we use it a lot,
Speaker 10: but when it comes to you know, I've subscribed to
Speaker 10: Jensen Huong's five layer cake approach, and it starts everything
Speaker 10: from like the materials and the energy inputs down to
Speaker 10: the application layer. And I think, you know, at times
Speaker 10: you're going to have some things that go back and forth,
Speaker 10: like some fits and starts, because the physical world can't
Speaker 10: just doesn't move as fast as the agentic world. And
Speaker 10: so I think that's where you know, obviously the conflict
Speaker 10: in the Middle East impacted that, but I do think
Speaker 10: we're moving a little closer to the application layer, which
Speaker 10: is like that that top end of the layer, which
Speaker 10: is if you look at a company like Eli Lilly,
Speaker 10: they have lily Pod where they take all of the
Speaker 10: data they've ever garnered and have, you know, can work
Speaker 10: with it in AI. I think that's the most powerful
Speaker 10: aspect of working with AI is when I take all
Speaker 10: this data and I put it into something that I
Speaker 10: can talk to. Talking to your data, I think is
Speaker 10: extremely powerful.
Speaker 6: How do you guys think about just I mean, what's
Speaker 6: your approach here as we go into the second half
Speaker 6: of twenty twenty six, here, stocks, bonds, alternatives on your platform?
Speaker 7: What are your clients doing these days?
Speaker 10: I mean, the stock market's been really good, so there's
Speaker 10: been a lot of buying of stocks. Whenever there's the pullback,
Speaker 10: we see them use ETFs to kind of, you know,
Speaker 10: add a little bit more exposure, but the buying has never.
Speaker 5: Really slowed down.
Speaker 10: I'd say prediction markets is are something that's rising, and
Speaker 10: I see a rising and ability to people to put
Speaker 10: their own views into it beyond the sports area that
Speaker 10: I focus beyond the sports area. So for example, the
Speaker 10: New York City, I'm sorry, the La Mayor Race was
Speaker 10: one of the top things in the last week or so.
Speaker 10: And also the price of bitcoin, the price of oil,
Speaker 10: like that's kind of where they were playing. And we
Speaker 10: also have robin Hood Ventures, which is our foray into
Speaker 10: It's a close and fun and it's our foray into
Speaker 10: actually private investments.
Speaker 2: Steph Coil, thanks so much with Robinhood driving all of
Speaker 2: their strategy this morning. Stay with us. More from Bloomberg
Speaker 2: Surveillance coming up after this.
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Speaker 5: YouTube through Queen Victoria Street in London.
Speaker 2: Julian Lee joins oil strategist doesn't describe as expertise and
Speaker 2: a global sense of flows of hydrocarbon. Julian, I'm looking
Speaker 2: at a chart of Brent crude. The obvious question is
Speaker 2: do we get back to seventy dollars from the present
Speaker 2: eighty two? But what I see is a convexity. There's
Speaker 2: a real acceleration to a lower price. Is it the
Speaker 2: market getting out front of oil or is a market
Speaker 2: chasing where oil is going to be?
Speaker 4: I think, you know, at the moment, it's perhaps the
Speaker 4: market getting a little ahead of oil. There is a
Speaker 4: growing expectation that this MoU will get signed on Friday,
Speaker 4: and that will result in an opening of the strait
Speaker 4: of hormos. It's not going to be, you know, back
Speaker 4: to normal immediately. But there is a timescale to get
Speaker 4: flows back to normal through Hormus within thirty days. That
Speaker 4: may be optimistic. So I think the market is starting
Speaker 4: to price that in. There's still a lot of hesitancy
Speaker 4: among ship owners. They really want to see a bit
Speaker 4: more than just talk about this. I think they may
Speaker 4: start to change their position come Friday if this deal
Speaker 4: is signed. And at the moment, you know, we've seen
Speaker 4: in the newsroom, we've seen three different versions of what's
Speaker 4: in this deal. All of them have come from the
Speaker 4: Iranian side. They're all slightly different. We've had nothing official
Speaker 4: out of Washington yet, so you know, there's still plenty
Speaker 4: of room there, I think for wrinkles to appear before Friday.
Speaker 4: And I think that's what shippers are slightly nervous about.
Speaker 4: The market I think at the moment is it's much
Speaker 4: more optimistic about a deal being done than they have
Speaker 4: been for the past month or so.
Speaker 6: Julian, I'm looking at just an image on the screen
Speaker 6: of all the dots representing ships that are in strated
Speaker 6: permeus both sides, but quite frankly, and there's they're all
Speaker 6: over the place. Isn't it that the insurance companies who
Speaker 6: decide if this trade is open or not.
Speaker 4: Well, I think it's a mixture of the insurance companies, certainly,
Speaker 4: the ship owners, and to some extent the ship's crews
Speaker 4: as well. You know, it is an owner willing to
Speaker 4: risk its its vessel and its crew by sending it
Speaker 4: through a waterway that is still to some extent contested.
Speaker 4: They will want to see much more clarity and I
Speaker 4: think some mechanism of protecting these ships, at least legally,
Speaker 4: if not physically, before they start to move.
Speaker 6: Do we yet have a good sense of the damage
Speaker 6: that may have been done to the infrastructure in the
Speaker 6: energy real complex there in that world, because I'm not
Speaker 6: sure where oil goes even if the straight is open.
Speaker 4: Well, I think that's a very good question. I mean,
Speaker 4: there has undoubtedly been damage to some key facilities, certainly
Speaker 4: liquefied natural gas production in Katar, some gas and perhaps
Speaker 4: oil production in the United Arab Emirates, possibly installations elsewhere
Speaker 4: in the region. The other problem, I think is not
Speaker 4: just physical damage, but it's the fact that being unable
Speaker 4: to get their oil and their gas out of the Gulf,
Speaker 4: countries have had to scale back production. They've had to
Speaker 4: shut wells in they've had to reduce the flow from fields.
Speaker 4: Once everything opens up again, all of that has to
Speaker 4: come back into operation. That will take time. We think
Speaker 4: the shutdowns have been done in a fairly controlled manner,
Speaker 4: so that shouldn't have damaged the infrastructure. But then it
Speaker 4: has to be opened in a controlled manner as well
Speaker 4: in order to avoid surges of pressure that can damage
Speaker 4: well heads and pipelines and all that kind of stuff,
Speaker 4: and that will necessarily slow the process of everything coming back.
Speaker 2: What does it, excuse me, what does it mean for
Speaker 2: the Pacific rims Julian. Obviously the boat's going to come
Speaker 2: out to Paul's great question. And infrastructure, I guess that's
Speaker 2: distillates and refinery cutter in Awe. But how does Singapore
Speaker 2: fields this morning? Or Japan?
Speaker 4: Well, I think you know. I think Asia in particular
Speaker 4: has been hit hard by the closure of Horn Moves.
Speaker 4: Most of the oil out of the Persian Gulf, whether
Speaker 4: it's from the Arab side or the Iranian side, most
Speaker 4: of that goes to Asia, and so it is them
Speaker 4: is refiners in that part of the world who've been
Speaker 4: scrabbling around for barrels from elsewhere. I think if the
Speaker 4: strait does open fully, and if we start to see
Speaker 4: oil and gas flowing again, I think refiners in Asia
Speaker 4: will breathe a huge sigh of relief. The people who
Speaker 4: perhaps won't will be those in the Kremlin who have
Speaker 4: enjoyed the surgeon prices that this war has brought, and
Speaker 4: have enjoyed some relaxation on sanctions on their oil that
Speaker 4: has allowed Indian refiners back into to the market, and
Speaker 4: perhaps even some of the you know, the US oil
Speaker 4: companies who have have had a real boost from the
Speaker 4: higher prices and the demand for US.
Speaker 2: Crewed Julian, thank you so much. Really appreciate the breathe
Speaker 2: a small folks. This is the way we start really interesting.
Speaker 5: We stay with us.
Speaker 2: More from Bloomberg Surveillance coming up after this.
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Speaker 2: This is an important conversation Jim rowins with us with Deloitte,
Speaker 2: and this is on the fundamental issue of revenue for
Speaker 2: all this AI stuff. Off the twenty billion dollar n
Speaker 2: Nvidia bond deal today, Jim, on these tokens, to me,
Speaker 2: there will be price discrimination, There'll be all sorts of
Speaker 2: levels of usage. When do we start seeing a much
Speaker 2: more sophisticated pricing of how we use AI? Yeah?
Speaker 5: Thanks s having me on, guys.
Speaker 9: I mean, I think one of the key things that
Speaker 9: we're seeing right now in the market is that people
Speaker 9: are moving from basic AI use cases, you know, chat
Speaker 9: simple agentic workflows, to thinking about how they apply AI
Speaker 9: agents across their business functions, and that's seeing a real
Speaker 9: explosion in the usage of tokens. But it's also going
Speaker 9: to see the explosion of value creation because we're now
Speaker 9: talking about real work getting done by agents in the
Speaker 9: enterprise and really adding efficiency to what we're seeing.
Speaker 5: But do you model price down?
Speaker 9: You know, we're going to expect to see that the
Speaker 9: cost per token go down over a period of time,
Speaker 9: but the number of tokens people need continue to increase up.
Speaker 9: And given the constraints that we see in the data
Speaker 9: center space, there's going to be a competition there for
Speaker 9: those tokens for you enterprice to get access to them
Speaker 9: and use them effectively in their enterprise.
Speaker 6: Jim, I'm going to speak for about ninety nine percent
Speaker 6: of our viewing and listening audience.
Speaker 7: Can you explain, I don't know what a token is neither.
Speaker 5: Yeah, what's the token? Right? What is a token of?
Speaker 7: Why does it matter? Yeah?
Speaker 5: Think about it.
Speaker 9: So, if you're in front of one of your AI
Speaker 9: tools and you're putting some input, that's an input token.
Speaker 9: So you're asking a question, you're asking it to do something,
Speaker 9: provide some feedback. You've sent it a picture and you
Speaker 9: want some help with something. That's an input token, and
Speaker 9: then the response back from the large language model is
Speaker 9: the output token. So organizations price it on both the
Speaker 9: input and the output. So if you think about a
Speaker 9: closed source model, they're charging you for the input that
Speaker 9: you're putting in the output that you're taking out. If
Speaker 9: you think about an open source model, that's where some
Speaker 9: organizations are finding success putting models inside their enterprise and
Speaker 9: running their own kind of AI factories where they're running
Speaker 9: essentially these tokens without having to go outside the enterprise
Speaker 9: to pay those fees.
Speaker 5: So is this our.
Speaker 6: Token costs now a line item on my P and
Speaker 6: L that I have to mention for sure?
Speaker 9: Yeah, Like when I talk to a lot of CIOs
Speaker 9: and enterprises that I'm working with. They're looking at their
Speaker 9: overall token budget, much like they were looking at their
Speaker 9: cloud budget that they were dealing with over the past
Speaker 9: couple of years, and so they're saying, you know, how
Speaker 9: much money do I need to set up side for
Speaker 9: the tokens for my employees? But also it's not just
Speaker 9: the amount of tokens that you're using, it's am I
Speaker 9: getting the value for the token that I'm putting in?
Speaker 7: Right?
Speaker 5: Like? What's the actual output that I'm getting that helps
Speaker 5: my enterprise?
Speaker 7: Jim Rowan.
Speaker 2: This weekend, Sir Lewis Hamilton did awfully well at Barcelona
Speaker 2: for Ferrari and at the top of his helmet is
Speaker 2: his personal endorsement from Perplexity. So I guess they're behind now.
Speaker 2: They're not like Apple, but they're behind. Where are we
Speaker 2: going to be in front? What does Deloyd say in
Speaker 2: five years about where the Perplexities and all the meta
Speaker 2: and all the other non players.
Speaker 5: Where are they going to be?
Speaker 2: Well?
Speaker 9: I mean you have to break down the market into
Speaker 9: a couple different sets of companies, right, so you have
Speaker 9: your frontier model organizations that are advancing the capabilities of
Speaker 9: these labs, you have the hyper scalers that are out there,
Speaker 9: you have open source providers as well, and so we
Speaker 9: think there's going to be continued advancement on the model frontier.
Speaker 5: When you continue to get better.
Speaker 9: You see the release after release with the new capabilities
Speaker 9: that are out there. At the same point in time,
Speaker 9: organizations and other capabilities like other software companies are adding
Speaker 9: a layer above the model, sort of what we call
Speaker 9: an agentic harness, a wrapper around the model that allows
Speaker 9: you to tool calling, maintain memory, really complex technology related things.
Speaker 9: And those are the areas where they're trying to differentiate
Speaker 9: to say that beyond the model, these are the things
Speaker 9: I have to offer you.
Speaker 5: They can create value for you.
Speaker 6: So tokens allow me to measure the cost of my
Speaker 6: AI usage. Are companies is it possible to measure the value?
Speaker 6: I mean, is that what they're trying to do?
Speaker 2: Now?
Speaker 5: Yeah, I mean it's a complex equation.
Speaker 9: Right, you put your tokens in, you're not going to
Speaker 9: get an immediate ROI back out in a calculator. What
Speaker 9: you need to figure out is what are the workflows,
Speaker 9: like where am I applying this technology today and how
Speaker 9: is the work getting done? Differently in a more efficient
Speaker 9: and effective way, or am I opening up new areas
Speaker 9: of revenue growth through the usage of those token And
Speaker 9: so that's where the application of both where am I spending?
Speaker 9: But then what's the business value creation side becomes a
Speaker 9: big question for clients.
Speaker 2: You people did a great essay. I loved what Deloitte
Speaker 2: did on this. Are we to compete away the profits
Speaker 2: of AI? Just compete them away to a perfectly competitive analog.
Speaker 5: I don't think you compete them away.
Speaker 9: I mean in our token economics paper that we had
Speaker 9: back in January, we did an infrastructure survey back in
Speaker 9: March too. We're seeing a large number of the token
Speaker 9: volume increase. But it's really what the enterprises add their
Speaker 9: IP to this conversation that really differentiates what they're trying
Speaker 9: to do. And so the model is going to be
Speaker 9: the model, but what do you wrap around it? Where's
Speaker 9: your internal intelligence that you're adding to the model to
Speaker 9: differentiate your services? And that's the key piece. I think
Speaker 9: I'm going to put this paper out folks January of
Speaker 9: this year from Deloyte. I'm sure they'll do an update
Speaker 9: at some point. Jim Rowan, thank you, Gold Principal US
Speaker 9: head of Ai at Deloyde. This paper was absolutely fabulous
Speaker 9: on tokens.
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