Jay Jacobs

But also you could see cost-cutting benefits through artificial intelligence.

Could it be faster with less trial and error developing those drugs that reduce the amount of cost to bring them to market?

So there's both a revenue and a cost opportunity in the healthcare space.

And then we talked a little bit about it in the AI section as well.

I think this shift from just digital AI to physical AI with robotics, with autonomous vehicles, that's something that we think is going to become an increasingly important part of the conversation with AI going forward.

I think the important thing to look at is what is the state of the technology?

What's the use case?

What's the size of the opportunity behind that use case?

And then ultimately, what's the probability that it gets fulfilled?

The earlier you are in a theme, potentially the more opportunity you have, but also the more risk you have that it doesn't play out.

Where we are with artificial intelligence today is really in a sweet spot where it's still very early.

It still hasn't seen economy-wide adoption and disruption yet, but we have enough evidence to believe that this is here to stay, that this is a real technology with many different use cases that continues to improve at light speed.

And when you combine those factors together, that creates the conditions for a really important theme and potentially an important allocation in people's portfolios.

Thanks for having me.

I don't think there's going to be a ton of change in sentiment based off of short-term earnings or just any individual company.

We see a lot of our investors looking at artificial intelligence as just a long-term transformational theme that they want in their portfolios.

Oftentimes, this is being funded by selling out of the tech sector and allocating to AI.

So frankly, for a lot of investors, they haven't net changed their position in the Mag7.

They're just extending to get a broader exposure to the entire artificial intelligence value chain.

No, I mean, we've continued to see inflows into BAI, which is our actively managed AI fund.