Konstantine Buhler

So everybody has used AI for text-based modalities.

You talk to the AI and it responds to you in text.

We've seen voice hit the mainstream.

Voice has gotten so good that with companies like Sierra, which is a portfolio company that does customer support,

You can have entire conversations with AI flawlessly or companies like Listen Labs does market research incredibly well with voice.

And then in 2026, we'll see video start to really take center stage.

We obviously have seen Sora and Nano Banana and those perform incredibly well.

It's just the beginning for them.

Of course.

So we were the first outside investors in Citadel Securities in 2021.

We're proud to have invested a billion dollars in the business.

And a lot of the reason we invested in the company was the technology platform that they operate on and have built.

And this technology platform has changed an entire industry.

So if you think back 30, 40 years, the way that securities were traded was really in-person services.

Two people would find a price and then transact in person.

And they, especially Ken, had a vision of the future in which you're going to actually be able to discover that price using algorithms, predictive algorithms, and then actually be able to complete that digitally.

And we've actually seen that become the way the vast majority of equities are now traded digitally.

And it's just the beginning.

So only 8% of fixed income is traded digitally.

There's another 92% to go.