Jay Jacobs

And we're seeing a lot more companies talk about adopting AI in their business practices.

So I think over time, over the next couple of years, we will see a shift in the positioning from the infrastructure layer to the models, data and applications layer of the AI value chain.

No, that hasn't been the case.

And I think it's because you can look at kind of the near-term noise about who's buying or selling or some very short-term earnings.

The long-term trend of this theme has only been gaining steam.

And so I think a lot of our investors really look at it as, has there been a structural shift here or not?

And oftentimes if you're looking at 13F filings or just headlines, it could just be repositioning within the value chain.

It doesn't represent a lesser bet on artificial intelligence as a whole.

So we continue to have a ton of conviction.

Our clients have not been terribly concerned about headlines.

It's really about kind of the continued adoption of artificial intelligence that's been driving so much of the interest in this fund.

You know, kind of similar.

I mean, this fund, iBit, is still up nearly double since we launched it just last January.

So I think, you know, a lot of early people are still quite excited.

And then what's been changing is there's been growing availability of iBit.

So some of the major wealth platforms in the United States, which represent trillions of dollars of assets, have just enabled their advisors to be able to buy iBit.

And so, frankly, for a lot of people who are just getting into the ecosystem,

They're quite thrilled that they get to be able to get in off of highs as they start to think about allocating as a more structural position in people's portfolios.

And I'm Nathan Hager.