Rob Goldstein

And one of the remarkable things about the technology, even if, and I know from listening to you, you've played with a lot of the coding tools.

If you look at the coding tools, they write code

And then there are bugs in the code and then they find the bugs and they fix the bugs.

So like the way we've been trained to think about a computer is how could that happen?

Wouldn't it be smart enough to write the code without the bugs?

Right.

Because it's much more like a person.

It's much more about thinking than this binary zero and one structure that we've become used to for computers.

And I think one of the remarkable, if you spend time with any of the big technology firms or the big AI companies, the frontier model providers, they use this term regulated industries.

And needless to say, regulated industries like financial services

we need to be certain that we have the appropriate processes and controls in place.

So through one lens, that's a big friction.

Through another lens, I think it's actually a competitive advantage to the industry because if you think about it, we have so many controls.

We have so many controls as a natural part of the process.

So for example, one of the first things we did within BlackRock

the technology became available, we created this principle that we call the first draft principle.

Why can't we have a first draft of everything we produce be created through AI, whether it be a client presentation, an internal document, a prospectus?

And the reason why you're very deliberate about saying first draft is because we have 16 people who check the first draft.

And that ability as a starting point is a very sort of strong catalyst towards leveraging and getting to know the technology.

But I would actually argue that today the technology has provided a lot of people like individual productivity, but at an enterprise level, if you look at the case studies,