00:00Are you pivoting at all? Does the strategy need to change in any form as you think about a new
00:04world incorporating AI? Not the strategy and the philosophy, okay? What we are good at,
00:11our core competency, is our team is very, very good about investing in the highest quality assets
00:18that serve the enterprise and technology. And we're divided into all these domain teams. We
00:24have our fintech team, our healthcare software team, our identity cyber team, our network and
00:29firewall cyber team that have been with us for a very, very long time. So that's our one core
00:33competency that we do. I feel we do very, very well. The second one is we turn great innovators
00:40into great businesses. So innovators that are doing well, that are doing a great job for their
00:44customers, that are growing at rapid rates, they're usually not making money when we get them.
00:49So we need to make them into private equity, fundamental investments that earn 40% margin,
00:54et cetera. So that kind of stays the same. The tactics of how you do it and what you focus
01:00on,
01:01they change about every three to five years. And they're changing wildly now. The main one is we
01:08have had to make our companies very, very quickly AI centric companies. Right. And take some risk on
01:16that and invest a lot of money on that and experiment on that and move very, very quickly on it.
01:21And that's
01:21new. That feels like almost an impossible task, just given how quickly everything
01:25is changing. And it's, I'd imagine it's hard to find the talent for that. Just considering all this
01:31stuff, yes, AI in some form has been around, but you can't find AI experts, I'm assuming with decades
01:37of experience because this current iteration is so new. So how difficult is it to transform these
01:42companies and find the right people to do it? You know what? What a great question. Since it's all new,
01:47you cannot talk to a person that has been doing AI for 25 years. Tell me how this stuff works.
01:53Right. So you think about the talent. And the nice thing is software and AI are not two different
01:59worlds. They're not two separate communities of people where you have the AI people here and the
02:04software. They're all the same. They're all developers. They're all providing these solutions.
02:09They're building models. They're building software to make those models work. That's what agents are.
02:15So the way we look at it is we have 20,000 engineers across 77 companies. Those companies are worth
02:22about $300 billion. It's right underneath us. But it's been an incredible amount of work to identify
02:29the talent within that group, coordinate them, put them together, give them the right incentives
02:34and the right goals in order to move these companies forward.
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