Michael Roberts

It doesn't have multiple liens on top of it, which is really what happened at First Brands.

It's tough to do.

And I think, you know, the fraudsters are getting better at it.

So we're going to have to respond to being much better on due diligence.

We were not involved, obviously, directly in First Brand, so don't know how much due diligence was done, but I think these type of financing arrangements are going to require much more due diligence, much greater technology, much more specific understanding of exactly what you're financing.

Yeah, so just for those who don't know, we had a partnership, still do, with IBM.

We developed quantum computing really for financial markets, focusing on the bond market.

And we used both quantum computing and more traditional computing, brought them together, changed the way we looked at data.

There's this thing called representation data that we actually flipped into more of a quantum computing type of mode.

That led to a 34% improvement in our ability to predict a trade.

So if you were going to make a trade, we get to understand that trade 34% better to see the matching between buyer and seller is really what it comes down to.

So that was very effective.

It's an initial study.

We did, however, tested on multiple quantum computing machines.

We did all the statistical analysis.

So we really do think there's something there.

It can be used for any traded asset, so any asset class.

I think the power that that brings is going to give an edge.

I don't know how it wouldn't give an edge.

But I think it'll be once we roll it out and others roll it out, there'll be quick adoption by, I think, the industry.