Joe Weisenthal

And that video file also is part of, so in addition to the audio, because, you know, whiteboards are the lingua franca of software development.

So that's also gets uploaded to it.

And so that it like sees that whole work

flow and stuff.

It's pretty wild stuff.

I'm curious, tokens, there's been a lot of headlines lately about token sticker shock.

We are spending a lot on inference.

I'm curious if you could tell us anything about token consumption this year versus last year at BlackRock.

But also, like...

One of the things that we're also seeing, and it's related to this, is like the compute constraints that have long been talked about as theoretical are starting to actually bite people who are sort of like anthropic users or like whatever.

Like, can you talk a little bit about token consumption and is the compute constraint real from your perspective?

If you could snap your fingers and get 100,000 more plugged in GPUs, would that be a big help right now?

In the future, this is, I guess, more from just an investment standpoint, but like what is the investor's source of edge in the future?

You know, at one point maybe there was a source of edge because you were early to jump on and see the potential of stringing together some microsystems and you could replicate whatever or these workstations.

Just looking forward for the portfolio manager, et cetera, what constitutes edge?

I've heard.

You know, we said in the beginning we could go for hours, and there's a million other things that we could ask.

One last question on my mind.

I've asked this version to a few different people, and it maybe kind of relates to the other kind of tokens, tokenization.

But just this idea – That's going to get confusing.