Rob Goldstein

My intuition is it doesn't.

My intuition is this would be a great exercise in those who talk most or probably most reflected.

Well, I think that you have to sort of go back in time a little bit.

So one of the key, key, key lessons learned that I've experienced, and I remember one of the near-founding partners, a gentleman, Charlie Halleck, who unfortunately passed away, what he instilled in me, among many other things, was...

If you have the right modelers and engineers and you leave them unconstrained, they will bankrupt the company in terms of their insatiable appetite for compute.

In the old days, you had a physical data center that was the constraint.

You would have to order hardware.

At some point, people would say, we're outgrowing our data center.

You'd say, let's wait a year and see what happens.

So in today's world, the elasticity is obviously very different.

But as a starting point,

There are a group of people within BlackRock, and I think this is true in any sort of great financial services company, that if you leave them unconstrained from a compute power perspective, 20 years ago they would have bankrupted the company, 10 years ago, and today they will.

So part of it is, how do you think about where to invest?

I don't know offhand the number of tokens we're consuming today relative to a year, but it's multiples higher.

And I think that we're still at a point, again, as a company, but also at a broad industry level, where I don't really think...

the game has started yet.

So I don't think anyone really knows what the token consumption is going to be.

And equally as important, I don't think anyone has really started optimizing their token consumption.

It is a certainty that not only will that exist, but one of the gentlemen who, the person who actually leads our AI lab, a gentleman, Steven Boyd,

I had called him in the early days of this happening, and I'm like, what are we missing?