Vlad Tenev

I think the big advantage that we have when you compare it to, say, ChatGPT or other LLMs or agents is we have not just the personal information about customers and their accounts and their activity with us, but we also have real time market data across multiple assets streaming into the system.

And that allows us to actually ground the information we provide

with a high degree of accuracy.

So now we can tell you, you know, not just the real time prices for stocks, but also real time predictions and what's likely to happen around thousands of real world events.

So you can imagine all of this is culminating into if you're a customer of Robinhood, you no longer

have to rely on external sources for the inspiration and the idea behind a trade.

It used to be that Robinhood was pretty much just a tool to execute the trade, but now the goal is to actually help you with the research, the idea, generate the inspiration behind the trade.

And prediction markets, Cortex, and Robinhood Social, which is a new social network we unveiled at Hood Summit a couple weeks ago, are all converging to drive this evolution in what Robinhood is becoming.

You know, we're thinking about that, like,

Cortex and Robinhood Gold in general, it is a subscription service, but it's very accessible.

So it starts at $5 a month, $50 for the year.

And we've seen that over a third of customers that sign up to Robinhood on a quarterly basis actually adopt the gold subscription relatively quickly.

So we see a world where the attach rate of our gold subscription offering

goes up even more, and it really rivals the attach rates of the leading subscription offerings industry-wide, not just financial services, but also you look at music streaming, video, and I think we can be best in class there.

So, of course,

Nothing's set in stone.

We're going to continue to iterate.

We might end up with, as you suggest, a basic version.

But right now, we're not seeing any bottlenecks to adoption of Cortex from the Gold subscription.

We've had a good year, haven't we?