Cathie Wood

And they ended up having the last laugh back then.

But the most senior portfolio managers and investors in our industry today, they were fairly young during the tech and telecom bubble.

They now have the gray hairs and they're saying, been there, done that.

I am not going to get caught in that kind of a mess again.

So we have, you know,

Two steps forward, one step back as you get that kind of worry.

And the reason we think this is not like the internet is because we have so many technologies now.

Back then, as you say, we had come off sort of the PC and PC software cycle into the internet age and then into mobile.

But we didn't have...

five major platforms evolving at the same time.

And they involve 15 different technologies.

So the five platforms are robotics, energy storage, and AI.

And of course, Tesla is the poster child capitalizing on that one.

The other two innovation platforms are blockchain technology,

and multi-omic sequencing in the life science space what we are expecting is the convergence of these technologies will be like s-curves feeding s-curves so in in most technologies they evolve slowly slowly then all at once right well we're having all of these technologies yes it's taken a long time for autonomous

mobility to get here, really.

We were talking about it at the founding of ARC in 2014.

But it is here, and part of the reason is robotics, energy storage, and

AI have developed enough, have evolved enough so that their costs are low enough so that we're ready for prime time.

I'm going to give you an example of how ridiculous in the tech and telecom bubble it was.