In a story is one way, but there may be things in like an hour interview that I don't even put in the story that may be hyper relevant. Yeah. Especially if it's delivered agentically. And also that actually does, that does feel like the more modern instantiation of the sub newsletter list. Like you go to Bloomberg and you're like, I want the markets newsletter, the tech newsletter, but not the politics newsletter. And with an MCP server or some sort of AI intermediation, I could say like give me the WWDC scoop, pass on whatever other scoop is less interesting to me. Like you know all my preferences and then you can pump out a lot of different stuff and find very high delivery rates based on what I'm actually interested in at a particular time. Yeah, I mean I have a throughput problem of getting reporting into the world. Right, sure. And so it's a good problem to have. But what it means is like WWDC yesterday is a great example. I went to that tech talk that Craig Federighi and all the Apple execs did. I broke out some stuff that seemed interesting to the widest possible audience but you know, there's a lot there. It was like an hour of stuff and like what if you just had direct, you know, IV drip access, you know, for your agent to. To my reporting in the rooms I'm in? Yeah. I don't know, we'll see. Yeah, yeah, I mean I'm sure you'll be the one building time to be experimenting anyway on wwc. What like what was your reaction? What was your expectation going into this? And then like what were the biggest announcements that stuck out to you specifically? Because I. Yeah, I mean that's really what I'm coming for is I want, I want your interpretation. Even if you give me, even if you run an LLM to clean it, clean up the final language. I want your taste applied to this question. I think they finally have a Siri that works. It's arguably what they should have shipped two years ago when they had that big trailer with I think it was like people on an airplane and it was doing all this agentic stuff on the phone that was like wow, it's crazy. Siri can do this. It didn't do that. Right. They had to basically apologize for it. They rebuilt the Siri stack to be, I think their word was expandable so more modern, more AI native. And now actually this morning I was in Cupertino for a hands on with the new Siri. So I got to see it in depth and ask questions about it and it is a step forward. But there's basic things about it that if you're claw pilled or you're using Codex or in chat all day, you're still going to be like, eh. For example, it doesn't have persistent memory, so it's not. It kind of forgets everything in each query. They haven't built that yet. I wouldn't have expected that. Hold on. I wouldn't have expected that because it feels like that's a source of like memory is. Is not like the number one feature that people benchmark the current models around. They're like computer use MCP integrations and like can it. Can I. Can I set Codex or cloud code to run for like nine hours and it comes back with something really polished and does writes amazing code. The memory thing feels like personal. Super intelligence feels very Apple and they have all of this. That's. That's very surprising to hear anyway, what else it is. I think they're moving very slow and they're very worried about the privacy aspect of all this, which I don't know if people really care about this with regards to AI. They seem to think they do. I think we'll see. Maybe there'll be a Cambridge Analytica moment for AI and then that will wake everyone up. I don't know. They're seeming to think that will happen. Yeah. There was a demo you brought up computer use where they were showing the news Siri and Apple Intelligence powered by Gemini and all that stuff on a Mac, renaming folders and renaming files inside folders. If you use computer use in Codex or Claude Cowork, you can do this. It's very easy. You can abstract it away from a prompt, but you can't actually even do it via a prompt in Siri, you have to do it via the menu right click, have Siri do something or do it through shortcuts, which I don't know if you guys use shortcuts. I don't use shortcuts. The last shortcut I used was to remap Siri to ChatGPT actually like in 2023. In January of 2023. Yeah. It would take whatever I said and fire it off into the API and spill it back to me. It was sort of meh. Yeah. I mean, I feel like one of the challenges for Apple is like software is moving more quickly than ever and the Apple kind of ethos and approach is this annual release and like let's make everything perfect and all this stuff. And it just feels like a really really tough challenge to be able to. And it's not to say that they need to be at the frontier of everything, right? Like all anyone's been asking for is just like a usable version of Siri. Like I haven't prompted Siri, I haven't gone to Siri for anything in. I use it to set timers. Set timers. That's the weather. That's a good, that's a good use case weather. But even then I'm so, but, but anyways. So the other, the other big thing about this new Siri is they have really nerfed the ChatGPT partnership. It's, you know, that was a big thing a couple years ago, right? And you have to prompt it each time to send something to chat and you have to do it via text. So there's not even like a software UI element of this anymore. So I was actually thinking about like meta narratives for WWDC this year. And one is that the Google partnership, obviously, which we could talk about. But the other is I really think there's this. OpenAI is kind of like the new Facebook to Apple where they work together closely. If you guys remember when Steve Jobs and Mark Zuckerberg integrated Facebook and iOS, Facebook had a bunch of its press challenges, privacy challenges, et cetera. And then they just kind of drifted apart and then it became this messaging war. And you started to see that bubble up yesterday with Craig saying stuff about like, we're not going to have ads or um, just these subtle hints that they have like ideologically drift away from, from OpenAI and ChatGPT. And that partnership is knock on law. That was another big thing that, that stood out. So on the, on the actual integration, that's somewhat, I mean, somewhat to be expected, right? Like you can't like hire maybe John. I mean you can't hire, you can't hire like Johnny and say like we're going to, yeah, we're going to create a bunch of devices and poach a bunch of people and then expect like it to all be good. And in so many ways it makes sense for a Google and an Apple because Google and Apple have been working together perfectly for years at the search partnership. And this feels like a search partnership, enemy of my enemy is my friend kind of thing. Yeah, I think so. They know Google well. And a bunch of Google people have come into Apple to reboot the AI strategy. And the whole point of that, very unique, which Apple's never done this by the way. And on the record, like post keynote thing with their execs it was very unique. We got in this tiny theater, got to ask Craig in the execs questions. He did this like I called it AI in the newsletter, I called it AI101. He had this like almost whiteboard like graphic where he was explaining AI stacks, how they work normally, how Apple's works and really doing a lot to try to show that yes, they're distilling on Google but they really control everything. It's insanely post trained on everything Apple wants. It's not going to give the same kind of responses that Jim and I would in a Google Surface. And I think that was the point of that entire thing was to just say like yes, we're working with Google on AI, but we are not actually using like the Gemini product. I wonder if it's going to have its own stylist flooring. You got to do a salami bench where you tell Siri people, if you tell Siri, you tell Gemini that you've had a kilo of salami, it will tell you to dial emergency services. So 999, you've tried this personally, Jordy? No, no, no. But there's been some chatter about it. Yeah. I wonder if it'll have its own turn of phrase like it's not this, it's that or you're absolute. There's like all these different phrases that each different model sort of like leaves its touches on with. There's only a certain set of devices that the new Siri is going to work for. I think there's, it's anything that Apple intelligence runs on right now and then the latest models can do or the latest phones with 12 gigs of RAM can do the highest tier and then beyond that you go into the Apple private cloud which is Nvidia GPUs in Google Cloud platform which is like their own thing. Have you dug into like where in Google Cloud it's going? Because they just did that SpaceX for Colossus and that feels like, and that feels like not perfectly in line with like Apple's commitment to environmental considerations. I think that's going to be a way slower ramp than people realize. So for to start the new Siri is only in English, it's not in China in the EU and they're doing a beta invite wait list approach. This makes so much sense I think through the year because I was looking at like a billion users. If a billion users are even just asking for set a timer and it's doing inference like that's a ton of tokens and we've seen the ramp at Google as they've stuffed everything everywhere. Like, yeah, they're just going to wind up with a big token budget at some point. But it sounds like it's a wall crawl run strategy. I think it's a slow ramp. They were showing us some of the new photo stuff, photo retouching, removing things and photos and it would take it like 25 seconds to, you know, change the backdrop of an image. So they're doing cloud inference, but they're again, it was like even in the Dem in Apple park yesterday on launch day it was like slow and there were bugs because they were like, yeah, our servers are melting. We're getting way more interested in this than we thought. So I think they're going to take a very slow approach. But that was actually the number one question that people were asking was what are the inference costs of this? How is Apple doing this? Yeah. And like how big are they actually going with gcp? But I think it's going to be a slow ramp. Yeah. Because I mean if you look at the like leaked financials from the AI labs, like we're not in this paradigm of like training is the only cost, like inference does have cost, it does Capex associated with it. And Apple's been telling a very beautiful story of like, hey, we're sort of an AI winner without any of the capex. But if you start offering inference, you're going to have a Google cloud bill. You're going to need data centers, you're going to need clean data centers that take longer to build and all of that is going to show up at some point. Point. But I think the hope is that they're just not jumping the gun. They're not stretching themselves. They have the cash, they have access to the debt market. What's the latest on Liquid Glass? Liquid Glass. You know, they barely talked about it and they didn't talk about the Vision Pro really either. Which is where you see Liquid Glass kind of at its fullest. That product set certainly on the backdrop. I know all that outstanding Pro. I'm the biggest user. Oh, you are. I love the Vision Pro. I watch movies in it. You use it on a plane. Yeah. But mostly you're that guy. I'm that guy. Yeah, I know. I love it. Is the anti brain rot device for me. I put it on and I'm not on my phone and I just watch a movie. I watch Citizen Kane. It's a movie that would be like, you don't want to watch Citizen Kane on your phone. You don't want to watch it. And even if you watch it on the tv, you're going to get up, go get popcorn or like, check your phone, somebody's going to text you, laughing at you. Because it's a slower. You obviously watch Citizen Kane from start to finish on my Apple Vision. Probably Lawrence of Arabia. Lawrence of Arabia. It's a three hour movie. It's a long movie. It's hard to make the time to sit down. Wait, John, do you mind if we pull up an image of you on a plane using a Vision Pro? Do you actually have one? Ben has one. Wait, really? No way. No way. Yes. Yeah, let's pull it up. Yeah, you can pull this up. This is hilarious. When did this happen? This is a year ago. Yeah, yeah. Were you in the ad? The Apple ad should have been. I'm a believer. Put me in the ad. Pull it up, boys. There we go. There we go. Oh, my God. I'm that guy. Boys. Are we even in business in this? Like, what does this see? That could very well be. This is economy premium, I think. Economy premium. Okay. This is years ago. I spent my last dollar on the Vision Pro. Okay. Okay. I don't know what's going on in this photo. This is a long time ago. This is fun. It's incredible. Anyway, they did launch a feature for liquid glass. You can turn it off now. There's a slider that's basically an off switch, which is very funny, but, you know, listen to your users, I suppose. Yeah, it took a backseat. I mean, everything was all Siri. I've actually never seen a keynote so focused on one product. Apple usually does this State of the Union across all the platforms. And like, you get 15 minutes on CarPlay, you get 15 minutes on Vision Pro, all that stuff. It was basically an hour of. Siri, have you been tracking any backlash to spatial reframing? Spatial. That's what it's called. Right? Like, it's good because I saw that up close. My briefing. Yeah. Oh, people. Like, we're booing there or something. No, no, no, I didn't. There was no boos. I'm saying I was in a briefing where like, a product manager was showing it to us and letting us play with it. It's pretty cool. I mean, I. Yeah. I mean, Apple is like, they said, we're not going to let you put a Dragon in a photo. Like, we want to try to stay real to the essence of a photo, but we know that there are ways that a photo could look better with AI and whether that's reframing or whatever. But yeah, they're not going to do, you know, mid journey level, Gemini level, nano, banana level stuff. Yeah. But it is this whole, you know, idea of like what is the devastating for the dragon community. Yeah, yeah, yeah. If you're into live action, role playing, LARPing or the Renaissance fair, like you're an Android user. Yeah, you're an Android user probably. But yeah, I mean it is interesting that like there's a backlash to AI. Apple was like they missed AI, but like the silver lining there is that everyone sort of sees them as like they're holding the ground, they're saying no to putting AI everywhere and it's like actually they maybe just didn't have the people in the right places at the time. Like they totally would have loved to do it. They actually acquired an AI company in 2011 called Siri for hundreds of millions of dollars. They were ready to go and they just sort of like missed on the rollout. But now I did see like a small bit of backlash to the spatial reframing saying that like I. Apple as the camera company, what you see is what you get. There's not. The images aren't over processed and so this is like, you know, they're leaning into AI too much. But I don't think it'll go anywhere. I think it's. I think it's pretty moderate. You can already remove things in the photos app with the retouch tool or whatever like this is. Can you. Have you tried to remove something from the image with the iOS? Clearly, clearly you have and have not been able to. So I guess maybe I'm. It looks like. It looks like a content aware fill attempt from like a few years ago. It is not at the level of any of the frontier AI image models. The new version is flawless though. It is good. So they fixed it. It's not flawless. They showed us doing it to a boy who was covered, like his leg was partially covered and they took something away and it made his leg super long, like really awkwardly long. Maybe they're promoting hype. Maxing leg extension surgery is very popular these days. You never know. Is it subtle? Subtle messaging. Well, speaking of that, I wouldn't want kids getting body dysmorphia from editing their photos on an iPhone inappropriately. What did you think of all the privacy, parental control talk? It felt like that had a remarkable amount of airtime in a relatively short keynote. Why do you think they're doing that? What was the outcome? How was it received? What do you think comes from. Yeah, there was this rumor in the industry a lot of the bigger apps in the App Store, I was hearing it from their executive last year that Apple was going around and suggesting that it was going to charge like basically create a new service line to verify it. So basically like have these developers somehow pay to be a part of this system? I don't think that ever materialized or at least they haven't announced it. But I mean you see the regulation on this topic and how it's heating up everywhere in every big country and it was kind of funny like the day of the keynote every year there's protesters outside of Apple park around the keynote year. It was about like it was around the actors strike and there were, it was like a services related thing. Cook's comp too, I think. Yeah. When it was around that this year, this year was around kids safety. So there was like these child safety advocates that were out there with their bullhorns like saying this stuff. And then Apple went ahead and did what I would consider like the fullest suite of kids safety features of any platform on that very day. Which I think kind of shows that maybe it's just an issue they see really bubbling up and becoming really huge and trickling down from Meta and the social platforms and those huge trials that we've seen in recent months to the platform layer. And you know, all the, all the apps will say oh, we want Apple to verify, you know, the age. Because it's a lot easier than all of us doing it on our own and not having a shared consensus. So I think the industry is actually loving this because. And it depends on how much if Apple's going to charge or not. But I don't think they are at least in what they announced. But it seems like a win win. I mean the device should be verifying age. It's an obvious thing they can do. They already have the secure enclave, they can store it safely. Why would they not? So I don't know. I actually really thought that was a good move on their part and maybe they are just trying to get ahead of things too. Kids, get ready to learn Linux. If you want to browse the web without your parents approval. That's always been the case. I think this is good. I think it's good to have the parental controls and then the kids will. Did they, did they talk about ads at all besides that small shot around that they. Because they're bringing ads to Apple Maps. They have ads. You got to imagine that they'll put ads. The idea the Idea that they really can't take the stance that, you know, ads are universally bad or they would have to self identify as a bad actor. Oh, I mean, when you look at the new Siri app, Right. Which I looked at this morning and played with, it is a very, very bare bones, I would say almost knockoff of ChatGPT. So a lot of surface area for ads. A lot of surface area for things. I mean, there's barely anything in there. Sure. I don't think they'll do it anytime soon. Like the idea like they're putting ads in maps. So you will search something and it will pop up. Like the first result will be for somebody that paid to be there and then to be like, oh, well, we would never put ads in, you know, in a, you know, web search experience. It just, it doesn't really, it doesn't really make sense. Well, also working with Google, the largest advertising company on earth, to help supply your AI strategy. Yeah, there's. Yeah. I mean one of my initial guesses that for like the longer term is that but eventually the dollar flow would flip. So right now Google pays Apple for the default search in Safari to be Google because they monetize Google searches with ads. They give them a percentage of revenue. Very important distinction. Yes. And it's huge. And so my prediction was that eventually Siri would be so integrated with Gemini that there would be ads in the Gemini stream and Gemini tokens would be monetized because the cost would drop and the monetization would increase. And eventually Google would be paying Apple for the right to be in those. In those query streams that then are monetizable with links or affiliate links or ads or whatever they want to do. But I think all of the big tech companies are being, you know, wall crawl run on this. But. So maybe it's. I thought that too, John, but I don't think that's the strategy at all. I think Apple sees, I think what the smartest thing I heard, I think it was Dave Moran. He told me I could quote him. Shout out Dave Morin, I saw him after the keynote. Was that, yeah, shout out Dave was that Siri is the harness. So Apple's OS and Siri are the harness. And they built this flexible new infrastructure underneath that could be a future model. They were hinting, but not saying explicitly in all my briefings that there will be future models that you can choose from or plug into this. And Google right now is their best partner for a myriad of reasons. We've talked about some of them, but they Want to do all the post training, they want to do the reinforcement learning, they want to make it appley and they have their foundational model strategy and they're not at the frontier, but I think they want to be eventually and they're getting that flywheel going. And I think this is potentially just a short term thing to them, owning their destiny on the AI side more. I think they feel like they finally have the pieces in place to get there. It's still going to take probably a couple of years, as we see with matter. Like, rebooting a lab is no small feat. You have to get the flywheel going. I think they're on that path now and they feel good about it. But I thought what you said was correct, right. That it was going to be just Gemini tokens that they monetize, like search and I don't think it's that going that direction at all, actually. Interesting. Would you expect Apple to make an AI related acquisition at north of a billion dollars in the next thinking machines? A year ago, you know, I thought they would have already done that by now. They looked at perplexity. Yeah, they looked at thinking machines. If they got this far, what do they need? Yeah, so they have this web knowledge graph now that I think was what the Perplexity acquisition would have unlocked for them. So they already went and did that. So I don't know what value perplexity brings them now. I don't know what thinking machine strategy, frankly, even is for it to make sense for Apple, much less like what thinking machine strategy is. So, yeah, I guess I just don't get it. So I think, I think they could make an acquisition, but it would be talent based. I don't think there's anything that's going to be fully resetting the strategy or like foundational, like an Oculus or something like that. I mean, I think that moment's kind of passed. It feels like. Yeah, it feels like all these companies are huge and mature and you're not going to buy Anthropic. You know, even if you're Apple, you can't afford it and they wouldn't sell, so you have to go out on your own. Yeah, yeah, makes sense. Yeah. And if you look at the history, it's like Beats was like, I think their biggest acquisition ever, but it was like pretty conservative from a revenue. What did that do? It got them some like Dr. Dre Ads. Well, yeah, but it's just like they just, their style is like, let's buy, you know, let's do like, like Effectively, aqua hires get really great people on board. But the issue is that all the, all the great teams get marked up so quickly into the billions now that they get kind of. They're no longer that great of candidates for acqui hires because the investors on board are going to say like, yeah, give you guys $200 million to take a big swing. Just take a big swing. So how open do you think to close it out? How open do you think the Siri ecosystem will be over the next year? Because I'm optimistic that the base Siri model will be good on launch. But even if I put aside the ChatGPT relationship, I imagine that Gemini is going to launch three new models that are better in Q1, Q2, Q3, you know, they're going to be launching much more rapidly. And if I just want to switch over the default model to something that's more frontier, I saw in the Siri app I could select from the drop down. It was unclear if that was a default or something that I have to do per query. And then there was a big question in my mind about will I be able to effectively remap the side button to just say, hey, Siri, AI fine tuned on Gemini 3.1 or 3.5 or whatever. That's great. But 4.0 just came out from Google and I want to use that when I hit the button. Do you think that'll be an option? I think they want to get there to some degree. But the question is how much this harness needs to be custom fitted for a specific model and how plug and play these things are. I mean, we just saw with Fable today, right? This is kind of a new paradigm in a model. And would that work in a harness like Siri as it exists today? Maybe the future of these models is actually being built in sync with the harness that they're meant to exist in. So I don't know if models will exist like search engines in the sense of plug and play like that. The products are just so integrated and models are changing the way we think about operating systems with agents. Right. So could you maybe to some degree, I think they will do something like a half measure there, but I don't think it's going to be quite as full featured as you think. But you did kind of hit the nail on the head, which we can end on this. Like the new Siri, it's up to the developer to opt into this new Siri in the sense of it can see everything on the screen if it's like basic text and Photos, but it can't understand a UI unless the developer opts in, which means you're basically letting Siri take all your data. If you're canva, it's like you're giving it up to Siri and it lives on device and they say it's private and Apple won't train on it, but you're still kind of fundamentally doing that. Right. And so that's going to be the big question is will the metas of the world, will the OpenAI's, the anthropics, open their apps up to Siri of their own accord because the users demand it or they think it's a good business strategy. But then you're giving that data, that valuable UI to Siri. So I don't know. That's going to be the next thing to watch, I think in the coming months. Very fun. Well, good time to be a subscriber of sources. So go subscribe if you haven't already. It's always a great time, but it's the best time ever, every day. Love catching up with you, Alex. Always. Great. Great to see you a couple weeks ago. Enjoy the west. Safe travels. We'll talk to you soon. Have fun. Have a good day. Goodbye. Well, whether you're bullish on Apple or bearish of Apple, go express it on public.com investing. For those who take it seriously, they got stocks, options, bonds, crypto, treasuries and more with great customer service. And our next guest is already in the waiting room. We have Rob Schroeder from Vinyl Equity. He's the co founder and CEO. Rob, how are you doing? Welcome to the show. Hey guys, thanks for having me. I appreciate it. Thanks for hopping on. Appreciate that. First time on the show, why don't you kick us off with an introduction on yourself and the company? Me? Yeah. So my name is Rob Schoder. I am the founder and CEO of Vinyl Equity. Vinyl Equity is a transfer agent for public companies or soon to be public companies. We've been around since 2022 and we just raised or just announced our series a raise today. How much? How much did you raise? $20 million. We're supplied by Jump Cabinet. Fantastic. Okay, explain transfer agents like I'm five years old. Yeah, it's a good question. Most people have no idea. So you could think of transfer agent as doing for the public markets what Carter has done for the private markets. And so when a company goes public, they have to have what's called a master security file and it is the basis of their equity ownership and so transfer agents for a long time have maintained these records. You could think all the way back to the beginning of Wall street, used to have somebody who take a paper stock certificate trade on Wall street and they'd walk all the way down to the transfer agent to record, record that transaction on their ledger. It's interesting. I just bought a. I put my whole life savings in SpaceX and the guy said we didn't need to use a transfer agent. And then I saw him on Instagram, he's in Miami. And then I think he was in South America or something. Yeah, and the stock certificates look like Monopoly paper dollars. I'm realizing now I might have needed a transfer. They should have called us. But how have they modernized to date? We're no longer, no longer walking paper stock certificates around the trading floor. Historically, they haven't. Yeah, long and short of it. So I actually, I started the business after running portfolio operations at Angellist. And we did, I think 200 plus IPOs in a couple of years that I was there out of the portfolio. And every time we worked with the transfer agent, it just felt like we were sending paper around all around the country just trying to get our shares into a brokerage account. So tons of market exposure, post lockup. And you know, as you look at the market today, it has changed drastically in the last six months. I mean, even just in the last six months, you've got tokenization, you've got these massive IPOs that have cap tables that are substantially more complex than they've ever been before. And user expectations have shifted. And you guys have talked about it, you're buying Space X shares down in Miami from people on the street, but they're. You're also expecting to get those shares instantaneously. And we live in a world today where you can get packages delivered in less than a day. And yet from the transfer agent to your brokerage account, by and large you can't get your shares delivered in 24 hours. And so vinyl was built to solve that problem effectively. Quick question. The name why vinyl transfer agents keep records? Oh, okay. You spent a lot. Lionel's booming. Spent a lot of time trying to figure that out. Yeah, that's right. Yeah, we're back. Yeah. So, so with, yeah, this, the SpaceX IPO is insane also just because of all the layer. There actually are unironically a lot of unwind. And part of why solving this is so important is like, you know, the way markets feel like they're at least in this, whatever part of the cycle we're in right now is such violent movement, like 24 hour delay could meaningfully impact, meaningfully impact your, your returns. How, how are you guys like what does your go to market look like at this point? Like where, where do you guys kind of like take the, take the baton? I don't know if that's, that's the right way to think about it. Yeah, we generally come on board with clients as they're getting ready to go public. So they're thinking about in the context of an ipo. And so if they're making a switch from cap table administrator to a plans administrator, we think that's a really good time to align. But there are companies depending on their readiness that will bring on a transfer agent, you know, two months before an ipo. We help facilitate the transfer of that information seamlessly. We do use APIs. We are an API native business. And so it is fairly seamless and straightforward for us to ingest those records. When we get our company stood up, we actually give them a staging so they can go and test all of the data, make sure it's correct. And that's an anomaly in the world that we live in. And so, you know, for a very long time this has been a just in time industry that's operated on paper, that's operated very reactively. And we want to pull all of these motions forward so that companies can go into the public with markets with certainty. I think what you guys are referring to is the liquidity process and the transfer agents involved in the liquidity process. I talked to a family office the other day who told me that on average they see, they see shares show up post lockup nine days after the lockup is lifted. And those shares will often see 10% Delta. And when in the pricing, when from when the lockup was lifted. And so our ambition is to make a more fluid capital markets from the point of issuance to delivery. And by being proactive and having more nimble systems, we're able to do that. Little bit of a somewhat related question. Bill Gurley hit the timeline earlier last night. Last night, 8pm he said if someone is telling you you are subject to a lockup agreement and your firm signed nothing with the lead underwriter, they are either lying or misinformed. Lockups are a silly contract with the underwriter primarily to help engineer a secondary. Prove me wrong. All correct. He turned off reply. So you can't prove him wrong necessarily. But he said also it's never been enforced. The underwriting bank would have to sue for breach of contract. He asked AI the best example of lockup breach. Couldn't find one. Try it yourself. Find a counterpoint. Please share. I want can you explain what he's talking about? Do you have any idea what he's getting at? Is there any truth to this or do you want to push back and prove him wrong? So so lockups are agreed on with underwriters for the purposes of smoothing out market entry and smoothing out volatility for all intents and purposes. And so, you know, as he refers to it as sort of an abstract or created construct, it is right. It is agreed on with the company as a way to manage the inflows and outflows of securities into the markets. The vast majority of companies don't see the kind of demand that we're going to see and probably the kind of volatility that we're going to see over the course of the next several months. And so you see some creative constructs that have been.

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