00:00What I'm describing, I think, is the future. Everywhere, I hope BlackRock gets to that future
00:06faster than others. We have been doing a lot of work, enhancing Aladdin in many ways.
00:11One of the big themes that we have is how do we provide more transparency in the private markets
00:19to be as close as possible to the public markets in pursuit of this whole portfolio?
00:25I try to spend hours every Friday getting demos of things we're working on. A group of people that
00:31included portfolio managers, risk professionals, engineers, product managers, sat in a room for
00:41multiple hours talking about how this capability should work. That discussion, through the recording
00:48of it, created a functional document. That functional document was then put in some of
00:55the AI coding tools that we use. That document, through the AI coding tools, led to a prototype.
01:03There was a debugging process. I've seen a lot of prototypes before in my 32 years.
01:10Can imagine.
01:11So I know the questions to ask where you see the prototype is like a thin shell, but if you
01:19press
01:19enough, the shell cracks. This wasn't like a prototype. This was like the real deal. And when you look
01:28at that cycle, we effectively collapsed what would have taken, the unit of measurement would have been
01:37months. Now the unit of measurement was days. There's just going to be an explosion in the ability to
01:45engineer things.
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