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WELCOME BACK AI THE STORY OF

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WELCOME BACK AI THE STORY OF 
2025, DRIVING MASSIVE GAINS IN

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2025, DRIVING MASSIVE GAINS IN
THE STOCK MARKET, RECORD DEALS

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THE STOCK MARKET, RECORD DEALS
HAVE HAPPENED UNPRECEDENTED

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HAVE HAPPENED UNPRECEDENTED 
DATA CENTER BUILT OUT CONCERNS

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DATA CENTER BUILT OUT CONCERNS
OVER PAST MONTH ABOUT A

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OVER PAST MONTH ABOUT A 
POSSIBLE BUBBLE FORGE, JOINING

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POSSIBLE BUBBLE FORGE, JOINING
ME ARK INVEST CEO CATHIE WOOD

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ME ARK INVEST CEO CATHIE WOOD 
GOOD TO SEE I WELCOME.

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GOOD TO SEE I WELCOME.
>> THANK YOU HAPPY TO SEE YOU.

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>> THANK YOU HAPPY TO SEE YOU.
>>OF COURSE, YOU’VE BEEN ALL

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>>OF COURSE, YOU’VE BEEN ALL 
ABOUT GROWTH, AND INVESTING IN

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ABOUT GROWTH, AND INVESTING IN
AI YOUR FLAGSHIP FUNDS UP

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AI YOUR FLAGSHIP FUNDS UP 
BETTER THAN 40% THIS YEAR

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BETTER THAN 40% THIS YEAR 
OUTPACING THE BROADER MARKET

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OUTPACING THE BROADER MARKET 
PUSHED BACK ON CALL THAT THERE

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PUSHED BACK ON CALL THAT THERE
IS A BUBBLE HOW DO YOU SEE

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IS A BUBBLE HOW DO YOU SEE 
THINGS?

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THINGS?
>> WELL, I WAS IN THIS BUBBLE

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>> WELL, I WAS IN THIS BUBBLE 
IN LATE 90S THIS IS NOTHING

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IN LATE 90S THIS IS NOTHING 
LIKE THAT.

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LIKE THAT.
THE LATE 90S, THE NO ONE HAD A

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THE LATE 90S, THE NO ONE HAD A
CARE IN THE WORLD, YOU KNOW

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CARE IN THE WORLD, YOU KNOW 
WHEN AMAZON SAID WE ARE GOING

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WHEN AMAZON SAID WE ARE GOING 
TO LOSE MORE MONEY BECAUSE WE

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TO LOSE MORE MONEY BECAUSE WE 
ARE INVESTING AGGRESSIVELY TO

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ARE INVESTING AGGRESSIVELY TO 
CAPTURE THE INTERNET AGE STOCK

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CAPTURE THE INTERNET AGE STOCK
BEING WOULD GO UP, THAT IS NOT

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BEING WOULD GO UP, THAT IS NOT
HAPPENING TODAY, THERE IS A

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HAPPENING TODAY, THERE IS A 
WALL OF WORRY OUT THERE, I

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WALL OF WORRY OUT THERE, I 
THINK, AI HYPE IS A BIG PART

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THINK, AI HYPE IS A BIG PART 
OF THE WALL OF WORRY.

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OF THE WALL OF WORRY.
WE BELIEVE THAT WE RIGHT NOW

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WE BELIEVE THAT WE RIGHT NOW 
IF WE WERE TO THINK ABOUT THIS

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IF WE WERE TO THINK ABOUT THIS
IN TERMS OF INTERNET TIME WE

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IN TERMS OF INTERNET TIME WE 
ARE IN THE EQUIVALENT OF 1959,

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ARE IN THE EQUIVALENT OF 1959,
BUT WE ARE PROGRESSING AT

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BUT WE ARE PROGRESSING AT 
TWICE THE SPEED.

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TWICE THE SPEED.
AS THE INTERNET AGE, SO IN ARE

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AS THE INTERNET AGE, SO IN ARE
’26 EQUIVALENT OF 97 VERY GOOD

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’26 EQUIVALENT OF 97 VERY GOOD
YEARS IN TERMS OF THE INTENT

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YEARS IN TERMS OF THE INTENT 
TRADE.

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TRADE. 
MARIA:  YEAH.

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MARIA:  YEAH.
I -- I MEAN THERE IS SO MUCH

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I -- I MEAN THERE IS SO MUCH 
MONEY HAVING MOVED INTO DATA

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MONEY HAVING MOVED INTO DATA 
CENTERS, I ASKED JENSEN HUANG

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CENTERS, I ASKED JENSEN HUANG 
ABOUT IT I ASKED JAMIE DIMON

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ABOUT IT I ASKED JAMIE DIMON 
ABOUT IT EVERYONE SAID COMING

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ABOUT IT EVERYONE SAID COMING 
HERE IS WHAT JENSEN HUANG TOLD

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HERE IS WHAT JENSEN HUANG TOLD
ME WHEN I ASKED ABOUT

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ME WHEN I ASKED ABOUT 
TRILLIONS OF DOLLARS INTO AI

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TRILLIONS OF DOLLARS INTO AI 
DATA CENTERS YOUR TAKE.

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DATA CENTERS YOUR TAKE.
>> I HOPE FOR INDIVIDUAL TO BE

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>> I HOPE FOR INDIVIDUAL TO BE
ABLEGOING BACK COMPETE IN

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ABLEGOING BACK COMPETE IN 
MARKET IN CHINA THE LAST FOUR

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MARKET IN CHINA THE LAST FOUR 
YEARS, THE ADMINISTRATION,

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YEARS, THE ADMINISTRATION, 
REALLY SET US ON A PATH, THAT

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REALLY SET US ON A PATH, THAT 
REALLY BACKFIRED THE POLICIES

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REALLY BACKFIRED THE POLICIES 
HAVE BACKFIRED.

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HAVE BACKFIRED.
FROM A 95% MARKET SHARE, IN

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FROM A 95% MARKET SHARE, IN 
THE CHINA MARKET ONE OF THE

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THE CHINA MARKET ONE OF THE 
MOST IMPORTANT MARKET IN THE

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MOST IMPORTANT MARKET IN THE 
WORLD WHEN PRESIDENT TRUMP

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WORLD WHEN PRESIDENT TRUMP 
LEFT OFFICE NOW ZERO PERCENT I

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LEFT OFFICE NOW ZERO PERCENT I
HOPE WE REVERT BACK TO

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HOPE WE REVERT BACK TO 
POLICIES OF TRUMP 45

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POLICIES OF TRUMP 45 
ADMINISTRATION, AND, I GET

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ADMINISTRATION, AND, I GET 
BACK TO MARKET AND COMPETE.

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BACK TO MARKET AND COMPETE.
OF COURSE CATHIE ABOUT WASN’T

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OF COURSE CATHIE ABOUT WASN’T 
A TO GO SELL CHIPS TO CHINA

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A TO GO SELL CHIPS TO CHINA 
PRESIDENT TRUMP IS GREEN

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PRESIDENT TRUMP IS GREEN 
LIGHTING SELLING H-200 CHIPS

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LIGHTING SELLING H-200 CHIPS 
TO CHINA YOUR REACTION TO

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TO CHINA YOUR REACTION TO 
THAT.

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THAT.
>> MY REACTION IS WE -- WE

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>> MY REACTION IS WE -- WE 
LEARNED FROM DEEPSEEK WHAT IS

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LEARNED FROM DEEPSEEK WHAT IS 
GOING ON IN CHINA FROM THE

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GOING ON IN CHINA FROM THE 
TECHNOLOGY POINT OF VIEW SOLD

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TECHNOLOGY POINT OF VIEW SOLD 
US CHINA IS PROGRESSIVE

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US CHINA IS PROGRESSIVE 
ACTUALLY ON THE OPEN SOURCE

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ACTUALLY ON THE OPEN SOURCE 
SOFTWARE FRONT PROBABLY IS

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SOFTWARE FRONT PROBABLY IS 
NUMBER ONE.

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NUMBER ONE.
NOW.

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NOW.
WHY IS THAT?

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WHY IS THAT?
IT IS BECAUSE OUR SOFTWARE

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IT IS BECAUSE OUR SOFTWARE 
COMPANIES STOPPED SELLING INTO

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COMPANIES STOPPED SELLING INTO
CHINA, BECAUSE THEY WERE

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CHINA, BECAUSE THEY WERE 
AFRAID OF I.T. THEFT CHINA

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AFRAID OF I.T. THEFT CHINA 
WENT OPEN SOURCE ROUTE I LOVE

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WENT OPEN SOURCE ROUTE I LOVE 
OPEN SOURCE SOFTWARE I THINK,

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OPEN SOURCE SOFTWARE I THINK, 
THAT THIS IS THE RIGHT

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THAT THIS IS THE RIGHT 
DECISION TO ALLOW NVIDIA CHIPS

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DECISION TO ALLOW NVIDIA CHIPS
BACK INTO CHINA.

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BACK INTO CHINA.
>> DO YOU WORRY ABOUT NATIONAL

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>> DO YOU WORRY ABOUT NATIONAL
SECURITY OF LIBERATION ARMY

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SECURITY OF LIBERATION ARMY 
USING THOSE CHIPS FOR THE

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USING THOSE CHIPS FOR THE 
MILITARY.

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MILITARY.
>> I AGREE THAT IS A RISK, I

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>> I AGREE THAT IS A RISK, I 
AM SURE THAT OUR GOVERNMENT IS

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AM SURE THAT OUR GOVERNMENT IS
GOING TO BE ALL OVER THAT

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GOING TO BE ALL OVER THAT 
RISK.

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RISK.
WE WILL SEE HOW THEY ARE ABLE

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WE WILL SEE HOW THEY ARE ABLE 
TO CONTROL IT.

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TO CONTROL IT.
ALL TECHNOLOGY CAN BE USED FOR

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ALL TECHNOLOGY CAN BE USED FOR
NEFARIOUS PURPOSES BUT THAT IS

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NEFARIOUS PURPOSES BUT THAT IS
WHY WE HAVE YOU KNOW, NATIONAL

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WHY WE HAVE YOU KNOW, NATIONAL
SECURITY DEFENSE AND SO FORTH

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SECURITY DEFENSE AND SO FORTH 
YOUR TAKE YOU MADE NOTABLE

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YOUR TAKE YOU MADE NOTABLE 
SHIFTS CUT 15.8 MILLION

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SHIFTS CUT 15.8 MILLION 
DOLLARS OF META SHARES YOU ARE

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DOLLARS OF META SHARES YOU ARE
CUTTING BACK ON TESLA NUMBER

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CUTTING BACK ON TESLA NUMBER 
ONE HOLDINGS STILL ADDING TO

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ONE HOLDINGS STILL ADDING TO 
NVIDIA GOOGLE LAST FEW WEEKS

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NVIDIA GOOGLE LAST FEW WEEKS 
WHAT IS DRIVING TRADES WHAT

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WHAT IS DRIVING TRADES WHAT 
CAN YOU TELL US HOW YOU ARE

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CAN YOU TELL US HOW YOU ARE 
POSITIONED GOING INTO THE NEW

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POSITIONED GOING INTO THE NEW 
YEAR.

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YEAR.
>> WHAT IS INTERESTING, ABOUT

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>> WHAT IS INTERESTING, ABOUT 
ALL OF THOSE IS THEY ARE AI

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ALL OF THOSE IS THEY ARE AI 
RELATED OF COURSE, THE FEAR

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RELATED OF COURSE, THE FEAR 
THAT WE’RE IN A HYPE PHASE

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THAT WE’RE IN A HYPE PHASE 
GOING TO END BADLY I THINK IS

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GOING TO END BADLY I THINK IS 
PREMATURE, I THINK AS I SAID

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PREMATURE, I THINK AS I SAID 
WE ARE MORE LIKE 1995.

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WE ARE MORE LIKE 1995.
AND IF YOU LOOK AT THE END

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AND IF YOU LOOK AT THE END 
CAPITAL SPENDING INDICATORS

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CAPITAL SPENDING INDICATORS 
MACRO ONES THERE WERE FIVE

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MACRO ONES THERE WERE FIVE 
VERY SOLID YEARS, OF CAPITAL

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VERY SOLID YEARS, OF CAPITAL 
SPENDING CONTRIBUTING TO REAL

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SPENDING CONTRIBUTING TO REAL 
GDP IN THE UNITED STATES.

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GDP IN THE UNITED STATES.
WE ARE AT JUST WE THINK THE

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WE ARE AT JUST WE THINK THE 
BEGINNING OF THAT.

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BEGINNING OF THAT.
THE -- IN LAST COUPLE YEARS.

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THE -- IN LAST COUPLE YEARS.
SO, SO THAT IS ONE THING.

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SO, SO THAT IS ONE THING.
META, META’S RETURN ON INVEST

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META, META’S RETURN ON INVEST 
CAPITAL IS PROBABLY GOING

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CAPITAL IS PROBABLY GOING 
TOLLING GOWN AS MARGINS

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TOLLING GOWN AS MARGINS 
COMPRESS BECAUSE IT IS

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COMPRESS BECAUSE IT IS 
INVESTING SO AGGRESSIVELY.

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INVESTING SO AGGRESSIVELY.
TO MAKE ITS WAY BE VERY

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TO MAKE ITS WAY BE VERY 
RELEVANT IN THE AI AGE.

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RELEVANT IN THE AI AGE.
TESLA AT THE TOP OF THE RANGE,

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TESLA AT THE TOP OF THE RANGE,
AND SO WE WILL TAKE PROFITS

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AND SO WE WILL TAKE PROFITS 
ALLOCATE INTO OTHER STOCKS

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ALLOCATE INTO OTHER STOCKS 
THAT MAY HAVE HADINGS

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THAT MAY HAVE HADINGS 
INGESTION A TACTICAL MOVE.

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INGESTION A TACTICAL MOVE.
FOR ALL WE KNOW TESLA HAS BEEN

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FOR ALL WE KNOW TESLA HAS BEEN
IN FIVE YEAR RANGE AS I SAID

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IN FIVE YEAR RANGE AS I SAID 
LONGER THE BASE BIGGER

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LONGER THE BASE BIGGER 
BREAKOUT SO WE COULD BREAK OUT

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BREAKOUT SO WE COULD BREAK OUT
HERE, BUT WE’VE BEEN IN THIS

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HERE, BUT WE’VE BEEN IN THIS 
RANGE A WHILE TAKING A LITTLE

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RANGE A WHILE TAKING A LITTLE 
OFF THE TOP, AND YOU KNOW

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OFF THE TOP, AND YOU KNOW 
WAITING TO SEE IF VOLATILITY,

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WAITING TO SEE IF VOLATILITY, 
HE IS A NORMAL COURSE OF

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HE IS A NORMAL COURSE OF 
ACTION FOR US.

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ACTION FOR US. 
MARIA:  AND USED YOU’VE SAID

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MARIA:  AND USED YOU’VE SAID 
GENOME SPACE IS INTERESTING I

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GENOME SPACE IS INTERESTING I 
WANT YOUR TAKE AS WELL,

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WANT YOUR TAKE AS WELL, 
LOOKING AT BIOTECH?

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LOOKING AT BIOTECH?
HOW IS YOUR PORTFOLIO

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HOW IS YOUR PORTFOLIO 
POSITIONED WHETHER GROWTH, AI

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POSITIONED WHETHER GROWTH, AI 
TRADE, VERSUS OTHERS LIKE

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TRADE, VERSUS OTHERS LIKE 
HEALTHCARE AND BIOTECH?

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HEALTHCARE AND BIOTECH?
>> WELL, AI IS PERMEATING

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>> WELL, AI IS PERMEATING 
EVERY SECTOR EVERY INDUSTRY

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EVERY SECTOR EVERY INDUSTRY 
ACTUALLY BLURRING LINES

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ACTUALLY BLURRING LINES 
BETWEEN AND AMONG SECTORS

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BETWEEN AND AMONG SECTORS 
AUTONOMOUS MOBILIZED MANY

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AUTONOMOUS MOBILIZED MANY 
DON’T THINK OF IT THAT WAY

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DON’T THINK OF IT THAT WAY 
STARTING WITH ROBO TAXES, THEN

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STARTING WITH ROBO TAXES, THEN
HUMANOID ROBOTS, THE OTHER THE

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HUMANOID ROBOTS, THE OTHER THE
MOST PROFOUND APPLICATION WE

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MOST PROFOUND APPLICATION WE 
BELIEVE IS GOING TO BE

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BELIEVE IS GOING TO BE 
HEALTHCARE.

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HEALTHCARE.
AND COMPANIES LIKE AI, THAT IS

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AND COMPANIES LIKE AI, THAT IS
IN A FLAGSHIP ARKK, AND OUR

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IN A FLAGSHIP ARKK, AND OUR 
MULTIPORTFOLIO STRUGGLED MOST

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MULTIPORTFOLIO STRUGGLED MOST 
OF ALL PORTFOLIOS LAST FOUR

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OF ALL PORTFOLIOS LAST FOUR 
YEARS, BECAUSE HEALTHCARE, AND

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YEARS, BECAUSE HEALTHCARE, AND
TECHNOLOGY CONVERGING IS

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TECHNOLOGY CONVERGING IS 
CONVULSIVING TO HEALTHCARE

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CONVULSIVING TO HEALTHCARE 
ANALYSTS DON’T LIKE TECHNOLOGY

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ANALYSTS DON’T LIKE TECHNOLOGY
MOVING FAST AND IT CAN

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MOVING FAST AND IT CAN 
ANALYSTS DON’T LIKE

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ANALYSTS DON’T LIKE 
REGULATION, POLITICS ALL OF

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REGULATION, POLITICS ALL OF 
THAT.

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THAT.
SO IT IS WE THINK VERY

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SO IT IS WE THINK VERY 
INEFFICIENTLY PRICED TEMPEST

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INEFFICIENTLY PRICED TEMPEST 
AI, THERAPEUTICS GENE EDITING

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AI, THERAPEUTICS GENE EDITING 
CURING DISEASE, THERAPEUTICS

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CURING DISEASE, THERAPEUTICS 
GOING TO BENEFIT FROM

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GOING TO BENEFIT FROM 
CONVERGENCE KWOONG SEQUENCEING

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CONVERGENCE KWOONG SEQUENCEING 
TECHNOLOGIES.

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TECHNOLOGIES.
>> WHEN YOU LOOK AT PRICING

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>> WHEN YOU LOOK AT PRICING 
PART YOU BELIEVE THAT THE COST

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PART YOU BELIEVE THAT THE COST
TO DEVELOP A DRUG COULD FALL

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TO DEVELOP A DRUG COULD FALL 
BY FOUR TIMES WITH AI, IS THAT

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BY FOUR TIMES WITH AI, IS THAT
THE BIG IMPACT FROM AI?

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THE BIG IMPACT FROM AI?
OR IS IT LIKE ROBOTICS TALKING

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OR IS IT LIKE ROBOTICS TALKING
ROBOTICS IN TERMS OF SAVING

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ROBOTICS IN TERMS OF SAVING 
LIVES HOW SPECIFICALLY WILL

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LIVES HOW SPECIFICALLY WILL 
YOU SEE THE BIG IMPACT FROM AI

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YOU SEE THE BIG IMPACT FROM AI
ON HEALTHCARE?

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ON HEALTHCARE?
>> YES.

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>> YES.
THREE MAJOR WAYS, ONE AS YOU

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THREE MAJOR WAYS, ONE AS YOU 
SAY, THE COST OF RESEARCH

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SAY, THE COST OF RESEARCH 
REQUEST DISCOVERY DEVELOPMENT

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REQUEST DISCOVERY DEVELOPMENT 
DO TO SAY DEEPLIES 600 MILLION

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DO TO SAY DEEPLIES 600 MILLION
WE THINK FIVE TO 10 YEARS, WE

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WE THINK FIVE TO 10 YEARS, WE 
ALSO THINK, THAT DIAGNOSTICS

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ALSO THINK, THAT DIAGNOSTICS 
IS GOING TO TRANSFORM BEING

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IS GOING TO TRANSFORM BEING 
ABLE TO DIAGNOSIS DISEASE

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ABLE TO DIAGNOSIS DISEASE 
THROUGH BLOOD TESTS INCLUDING

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THROUGH BLOOD TESTS INCLUDING 
CANCER IN STAGE ONE OR EVEN

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CANCER IN STAGE ONE OR EVEN 
BEFORE STAGE ONE AFTER ALL,

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BEFORE STAGE ONE AFTER ALL, 
POLYPS SHED INTO BLOOD AS WELL

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POLYPS SHED INTO BLOOD AS WELL
AS TUMORORS, TECHNOLOGIES AS

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AS TUMORORS, TECHNOLOGIES AS 
GOOD AS THIEF BECOME WE THINK

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GOOD AS THIEF BECOME WE THINK 
THAT IS POSSIBLE THE THIRD

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THAT IS POSSIBLE THE THIRD 
CURING DISEASE, SO I MENTIONED

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CURING DISEASE, SO I MENTIONED
EDITING OTHER THERAPIES WE

08:59.812 --> 09:02.304
EDITING OTHER THERAPIES WE 
THINK HEALTHCARE, WE ARE GOING

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THINK HEALTHCARE, WE ARE GOING
TO MOVE FROM PERIOD OF SIT

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TO MOVE FROM PERIOD OF SIT 
CARE WHERE WE SPEND 80%

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CARE WHERE WE SPEND 80% 
DOLLARS AT LEAST, INTO A

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DOLLARS AT LEAST, INTO A 
PERIOD OF PREVENTIVE CARE AN

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PERIOD OF PREVENTIVE CARE AN 
HEALTHCARE.

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HEALTHCARE.
SO IT IS GOING TO TRANSFORM

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SO IT IS GOING TO TRANSFORM 
HEALTHCARE COMPLETELY, WE

09:16.895 --> 09:17.195
HEALTHCARE COMPLETELY, WE 
THINK.

09:17.229 --> 09:18.629
THINK. 
MARIA:  I AM SURE THAT IS THE

09:18.631 --> 09:20.122
MARIA:  I AM SURE THAT IS THE 
CASE I WANT YOUR TAKE ON GOLD

09:20.133 --> 09:21.689
CASE I WANT YOUR TAKE ON GOLD 
AND BITCOIN AS WELL GOLD IS

09:21.700 --> 09:24.135
AND BITCOIN AS WELL GOLD IS 
DOING SO WELL THIS YEAR UP 60%

09:24.170 --> 09:25.694
DOING SO WELL THIS YEAR UP 60%
NEARLY 60% FOR THE YEAR BET

09:25.705 --> 09:28.773
NEARLY 60% FOR THE YEAR BET 
BIT HAS BEEN A LOT MORE CHOPPY

09:28.774 --> 09:31.009
BIT HAS BEEN A LOT MORE CHOPPY
DOWN 20% LAST THREE MONTHS,

09:31.043 --> 09:32.800
DOWN 20% LAST THREE MONTHS, 
YOU’VE MENTION THIS COULD

09:32.811 --> 09:35.079
YOU’VE MENTION THIS COULD 
FLIP-FLOP NEXT YEAR GOLD

09:35.081 --> 09:38.216
FLIP-FLOP NEXT YEAR GOLD 
FACING DOWNSIDE RISKS BITCOIN

09:38.251 --> 09:39.575
FACING DOWNSIDE RISKS BITCOIN 
POISED TO OUTPERFORM.

09:39.586 --> 09:41.309
POISED TO OUTPERFORM.
>> BITCOIN IS BEHAVING MORE OF

09:41.320 --> 09:45.423
>> BITCOIN IS BEHAVING MORE OF
LIKE A RISK ON ASSET HAS

09:45.458 --> 09:48.760
LIKE A RISK ON ASSET HAS 
PLAYED THE RISK DIFFERENT

09:48.761 --> 09:50.652
PLAYED THE RISK DIFFERENT 
TIMES DURING EUROPEAN SWORN

09:50.663 --> 09:51.696
TIMES DURING EUROPEAN SWORN 
DENT CRISIS DURING OUR

09:51.698 --> 09:53.656
DENT CRISIS DURING OUR 
REGIONAL BANK CRISIS RIGHT NOW

09:53.667 --> 09:56.768
REGIONAL BANK CRISIS RIGHT NOW
RISK ON, THIS IS IT IS

09:56.769 --> 09:58.503
RISK ON, THIS IS IT IS 
CLIMBING ANOTHER WALL OF

09:58.504 --> 09:58.803
CLIMBING ANOTHER WALL OF 
WORRY.

09:58.805 --> 10:02.031
WORRY.
AND THAT IS THE FOUR YEAR

10:02.042 --> 10:06.245
AND THAT IS THE FOUR YEAR 
CYCLE, WE THINK FOUR YEAR

10:06.279 --> 10:09.538
CYCLE, WE THINK FOUR YEAR 
CYCLE IS GOING TO BE

10:09.549 --> 10:10.682
CYCLE IS GOING TO BE 
DISRUPTIVED BITCOIN REALLY

10:10.717 --> 10:13.209
DISRUPTIVED BITCOIN REALLY 
DROPPING 735 TO 90% IN EARLY

10:13.220 --> 10:16.478
DROPPING 735 TO 90% IN EARLY 
DAYS THE VOLATILITY IS GOING

10:16.489 --> 10:21.083
DAYS THE VOLATILITY IS GOING 
DOWN, IT IS DOWN ABOUT 30 SOME

10:21.094 --> 10:22.494
DOWN, IT IS DOWN ABOUT 30 SOME
ODDPERCENT I THINK THERE IS A

10:22.495 --> 10:27.632
ODDPERCENT I THINK THERE IS A 
FEAR FOUR YEAR CYCLE, WE THINK

10:27.634 --> 10:29.425
FEAR FOUR YEAR CYCLE, WE THINK
THAT THE MOVE BY

10:29.436 --> 10:30.459
THAT THE MOVE BY 
INSTITUTIONALIZATION INTO NEW

10:30.470 --> 10:31.904
INSTITUTIONALIZATION INTO NEW 
ASSET DALLAS GOING TO PREVENT

10:31.938 --> 10:33.061
ASSET DALLAS GOING TO PREVENT 
MUCH MORE DECLINE WE MAY HAVE

10:33.072 --> 10:35.807
MUCH MORE DECLINE WE MAY HAVE 
SEEN THE LOW A COUPLE WEEKS

10:35.842 --> 10:39.535
SEEN THE LOW A COUPLE WEEKS 
AGO, NOW, GOLD IS MORE OF A

10:39.546 --> 10:41.037
AGO, NOW, GOLD IS MORE OF A 
RISK OFF ASSET.

10:41.048 --> 10:44.306
RISK OFF ASSET.
AND THAT -- ITS RISE WE THINK

10:44.317 --> 10:47.953
AND THAT -- ITS RISE WE THINK 
IS -- IS -- IS PROOF THAT WE

10:47.954 --> 10:50.012
IS -- IS -- IS PROOF THAT WE 
ARE CLIMBING A WALL OF WORRY

10:50.023 --> 10:53.125
ARE CLIMBING A WALL OF WORRY 
INVESTORS USING GOLD AS HEDGE

10:53.126 --> 10:55.618
INVESTORS USING GOLD AS HEDGE 
AGAINST GEOPOLITICAL RISK,

10:55.629 --> 10:57.220
AGAINST GEOPOLITICAL RISK, 
AND, IF YOU LOOK AT WHAT

10:57.231 --> 11:00.265
AND, IF YOU LOOK AT WHAT 
HAPPENED FROM THE EARLY ’80S

11:00.267 --> 11:03.126
HAPPENED FROM THE EARLY ’80S 
TO LATE 90S, GOLD WENT DOWN AS

11:03.137 --> 11:06.795
TO LATE 90S, GOLD WENT DOWN AS
WE WERE IN THE REALLY GOLDEN

11:06.806 --> 11:10.566
WE WERE IN THE REALLY GOLDEN 
AGE FOR -- FOR -- INNOVATION

11:10.577 --> 11:17.073
AGE FOR -- FOR -- INNOVATION 
ENDING WITH THE INTERNET WE

11:17.084 --> 11:18.851
ENDING WITH THE INTERNET WE 
THINK SAME WOULD HAPPEN WILL

11:18.885 --> 11:21.653
THINK SAME WOULD HAPPEN WILL 
REMAIN RISKON REGAGE THIS YEAR

11:21.655 --> 11:24.247
REMAIN RISKON REGAGE THIS YEAR
OF AI HYPE, WILL I THINK IT IS

11:24.258 --> 11:25.849
OF AI HYPE, WILL I THINK IT IS
GOOD AS INVESTOR I AM HAPPY

11:25.860 --> 11:27.016
GOOD AS INVESTOR I AM HAPPY 
PEOPLE ARE WORRIED.

11:27.027 --> 11:28.528
PEOPLE ARE WORRIED.
BUT I THINK WE WILL CONTINUE

11:28.562 --> 11:30.420
BUT I THINK WE WILL CONTINUE 
TO LEAN INTO THAT BECAUSE WE

11:30.431 --> 11:36.369
TO LEAN INTO THAT BECAUSE WE 
REALLY JUST HAVE BEGUN THE AI

11:36.403 --> 11:36.659
REALLY JUST HAVE BEGUN THE AI 
AGE.

11:36.670 --> 11:38.971
AGE.
>> ARE POISED TO INCREASE

11:38.972 --> 11:41.564
>> ARE POISED TO INCREASE 
HOLDINGS SXURND EXPOSURE TO

11:41.575 --> 11:42.999
HOLDINGS SXURND EXPOSURE TO 
BITCOIN ETF.

11:43.010 --> 11:47.413
BITCOIN ETF.
>> IT IS PASSIVE, SO THE MORE

11:47.414 --> 11:49.372
>> IT IS PASSIVE, SO THE MORE 
THE MORE THAT INVESTORS WANT

11:49.383 --> 11:52.518
THE MORE THAT INVESTORS WANT 
TO PARTICIPATE IN THIS NEW

11:52.519 --> 11:55.444
TO PARTICIPATE IN THIS NEW 
ASSET CLASS THROUGH RAKB THE

11:55.455 --> 11:57.690
ASSET CLASS THROUGH RAKB THE 
BETTER FOR US, THE BETTER FOR

11:57.725 --> 11:59.726
BETTER FOR US, THE BETTER FOR 
INVESTORS LONGER RUN WE

11:59.727 --> 12:00.093
INVESTORS LONGER RUN WE 
BELIEVE.

12:00.094 --> 12:01.127
BELIEVE. 
MARIA:  SO SOUNDS LIKE YOU ARE

12:01.128 --> 12:06.022
MARIA:  SO SOUNDS LIKE YOU ARE
BULLISH GOING INTO NEW YEAR

12:06.033 --> 12:09.726
BULLISH GOING INTO NEW YEAR 
YOU WANT TO BE INCREASING

12:09.737 --> 12:11.595
YOU WANT TO BE INCREASING 
EXPOSURE TO AI EVEN THOUGH YOU

12:11.606 --> 12:15.098
EXPOSURE TO AI EVEN THOUGH YOU
MUTT LIKE META BECAUSE OF

12:15.109 --> 12:15.465
MUTT LIKE META BECAUSE OF 
VALUATION.

12:15.476 --> 12:17.544
VALUATION.
>> YES MORE RETURN ON VESTED

12:17.545 --> 12:20.113
>> YES MORE RETURN ON VESTED 
CAPITAL ISSUES I REALLY

12:20.147 --> 12:21.371
CAPITAL ISSUES I REALLY 
BELIEVE THAT WE ARE MOVING

12:21.382 --> 12:23.717
BELIEVE THAT WE ARE MOVING 
FROM A ROLLING RECESSION WHERE

12:23.751 --> 12:25.542
FROM A ROLLING RECESSION WHERE
WE’VE BEEN LAST THREE YEARS

12:25.553 --> 12:26.653
WE’VE BEEN LAST THREE YEARS 
MANUFACTURING HAS BEEN

12:26.654 --> 12:28.979
MANUFACTURING HAS BEEN 
NEGATIVE, FOR THREE YEARS IN

12:28.990 --> 12:30.223
NEGATIVE, FOR THREE YEARS IN 
THE UNITED STATES, INTO A

12:30.257 --> 12:32.782
THE UNITED STATES, INTO A 
ROLLING RECOVERY WHICH I THINK

12:32.793 --> 12:34.227
ROLLING RECOVERY WHICH I THINK
WE ARE ENTERING NOW THEN A

12:34.262 --> 12:35.929
WE ARE ENTERING NOW THEN A 
PRODUCTIVITY DRIVEN BOOM THE

12:35.930 --> 12:39.032
PRODUCTIVITY DRIVEN BOOM THE 
LIKES OF WHICH WE’VE NEVER

12:39.033 --> 12:39.456
LIKES OF WHICH WE’VE NEVER 
SEEN BEFORE.

12:39.467 --> 12:41.034
SEEN BEFORE. 
MARIA:  WOULD.

12:41.035 --> 12:42.335
MARIA:  WOULD.
NANCY LAZAR TALKED ABOUT

12:42.336 --> 12:43.536
NANCY LAZAR TALKED ABOUT 
PRODUCTIVITY BOOM YOU’VE GOT

12:43.538 --> 12:45.429
PRODUCTIVITY BOOM YOU’VE GOT 
TO BELIEVE AI A BIG PART OF

12:45.440 --> 12:46.796
TO BELIEVE AI A BIG PART OF 
THAT IT IS GREAT TO CATCH UP

12:46.807 --> 12:48.141
THAT IT IS GREAT TO CATCH UP 
THANKS SO MUCH FOR JOINING US.

12:48.176 --> 12:50.100
THANKS SO MUCH FOR JOINING US.
>> THANK YOU, MARIA.

12:50.111 --> 12:51.378
>> THANK YOU, MARIA. 
MARIA:  GOOD TO SEE YOU CATHIE