Gavin Newsom

in everyone's perspective.

Larry Fink had his version of, no, we're not.

Others would suggest that we are.

But at the end of the day, the boom bust will lead to this sort of infrastructure, this new platform that will change everything in more ways on more days.

And fundamentally, on the other side of that is a little bit more optimism.

But in the short term, the situation will be winners and losers, to your point.

We are the beneficiary, the country is the beneficiary.

You saw outperforming consumer spending as it relates to GDP in this country.

I mean, this is the only thing Donald Trump has going for him right now, personally too.

because the crony capitalism that he's doing in this space, the crypto and the AI space.

But it's a really exciting and livening time.

California, as you know, is the first state to lead in terms of doing regulations for frontier models, large language models.

We worked through that over a two-year process.

It's become, we think,

I don't want to overstate it, but Kathy Hochul mirrored a lot of what we did.

She made it her own in New York.

In some ways, it may have the tenets of becoming a national model.

We take it very seriously.

Truth, trust, peril, promise.

But I don't see it in binary terms.