Rob Goldstein

There are certain technologies that are about collating public information and making it easy for you to access.

And I think it's fair to say that the AI tools that exist...

are the ultimate oracles in being able to do that, in being able to scour all public sources and give you back information in the way that you're most comfortable with.

So particularly that segment of SaaS, which is that convenience layer, where they don't really have proprietary data, they're not really in the workflow.

They're a convenience technology.

I think those convenience technologies are in trouble.

They're certainly going to be looking for ways of reimagining their value proposition.

I will give you a productivity enhancement from Friday of last week.

By the way, what I'm describing I think is the future everywhere.

I hope BlackRock gets to that future faster than others, but I believe it's the future.

We have been doing a lot of work, enhancing a lot in many ways.

And one of the big themes that we have is how do we provide more transparency in the private markets to be as close as possible to the public markets in pursuit of this whole portfolio.

So we have a large program of work that's been going on for quite some time.

So I try to spend hours every Friday getting demos of things we're working on.

So my Friday afternoon demo, along the theme that I just described, was a demo of a tool that was awesome.

But let me go through how it was created.

This was the first time end-to-end that at least I've been shown this so I

A group of people that included portfolio managers, risk professionals, engineers, product managers, a group of people sat in a room for multiple hours talking about how this capability should work.

That discussion was recorded.

That discussion, through the recording of it, created a functional document.