00:00You guys made a lot of money in NVIDIA, you guys were very high profile in exiting that trade years
00:04back and the thesis was, Cathy, just for the audience, was if you believe that if the market was valuing
00:11a company like NVIDIA that much, the love should spread to other parts of the market.
00:17The reason I frame it that way, do you think the market is underestimating the application side of AI these
00:22days and not so much the upstream names that have been very much in favor?
00:28Yes. And we do own NVIDIA. We didn't sell it throughout our portfolios. We did own it.
00:36But we do think that the largest revenue generating opportunity from AI in terms of embodied AI is going to
00:46be in transportation.
00:47So, you know, we're very well known for Tesla and we think Tesla and robotaxis are about to take off
00:53so that, you know,
00:55many people who think of it as an EV company right now populated or powered by human driven cars,
01:04they're going to have to shift to autonomous mobility, which is going to be more of a subscription model.
01:13It's a platform company. It'll have software like margins, very different from today.
01:18We think that opportunity is going to be the biggest revenue upside surprise during the next five to 10 years.
01:26We know that the semiconductor companies are well understood in terms of their potential revenue generating opportunity.
01:34We don't think transportation or health care, health care, the reason for this, we think health care is going to
01:43be the most profound application of AI.
01:46But I think a lot of traditional investors who are wedded to benchmarks are not venturing here yet,
01:55but they will because there will be aha moments.
01:58There will be light bulbs going off as we see more and more publicity about AI helping to diagnose disease
02:10in very early stages,
02:12maybe even before traditional technology would see the symptoms and AI curing disease,
02:22as well as collapsing the cost and time of drug discovery and development cost collapsing the cost by we think
02:34it will be 75 percent and the time by 40 percent.
02:39So, you know, we think massive health care applications.
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