00:00Is it a rising status. What data can we look at to feel that AI and all the tailwinds are
00:05benefiting this city. Well first of all it is absolutely rising. It's booming. It's booming of course in a lot
00:11of tech hubs right now. But New York is absolutely feeling the benefit. We've got we're hiring at twice the
00:17rate of San Francisco four times the rate of Boston in our tech sector here. You know last count we
00:22had over 9000 startups were raising venture year over year. It's just I think it's doubled like 40 50 percent
00:31and that's of course against the backdrop of this entire AI boom that is just putting so much oxygen into
00:36the tech sector. And is that why New York gets that oxygen is because look if it is financial industries
00:42that are going to be disrupted. Well you want to be where that industry is. If it is going to
00:45be health care you want to be that industry. Is that. I think that's a huge. There's a couple of
00:49things happening. Number one of course is that once the companies are building within sectors they have to be here
00:54like you just said. You need the expertise. You need the smart capital. You know you need not just
00:59disrupting those industries but those industries are the clients. They're the customers. They're also going to be your mentors. You
01:06know that's how you build network. But what we also see at the higher level and we're at this point
01:10that we saw in the early 20 early 2000s to early 2010s when the big tech companies and the big
01:16platforms build their technology on the West Coast. They often come here when it's time to figure out how do
01:22you monetize it. Who's going to buy it. How are they going to use it. Like those are New York
01:27questions to get answered. So I feel very great.
01:29about where New York sits right now in the ecosystem. Julie I was going to say that you know a
01:35year ago the headline probably was that you know Silicon Valley and SF in the AI era where tech companies
01:41are born they go to New York to mature.
01:44What what in the last sort of 12 months of data would would either reinforce that for you or do
01:49you think it isn't quite that story yet. No I think that's very true. I think you've got two things
01:54happening in parallel that underscore that trend.
01:56First of all the largest frontier labs are hiring and growing in New York like crazy. Open AI Anthropic huge
02:03new huge new real estate deals they're they're hiring here.
02:07So you see that and then you also just see the startups just again they're they're coming here as well
02:13but it's a slightly different flavor of startups that you get in in San Francisco.
02:17And I think that's okay. You know I think that's good for the country in San Francisco you get a
02:22lot of really really hard tech and in here in New York again it's slightly more integrated into existing sectors.
02:29I feel very bullish about that. I think that's long-term incredibly healthy place for our city and our state's
02:34economy to be.
02:36We actually see a lot of open source AI happening here in New York which is interesting. We're seeing a
02:42lot of infrastructure happening here. Also interesting.
02:46You know people are really excited right now and people want to be in New York City. I guess that
02:51is the underlying.
02:52Well Julie let's finish on the experience of the the highly paid tech employee software engineer otherwise who has options.
03:00Right. Part of the story in SF has been the city being a place where people want to spend their
03:05money and live right alongside locality to their employer.
03:10What's the New York City pitch equivalent?
03:13Well New York City does urbanism like no other city in the world surely in the United States but I
03:18would argue the entire world.
03:19And I think there's so much about the tech sector culture. So many people building in tech want to be
03:24here.
03:24They want to be where there's functioning public transit where the density of the city lends itself to the kind
03:30of creativity and excitement and diversity that you really can only get in a city as dense as New York.
03:38And you see that like this is as Caroline said this is the first day of tech week.
03:42Our tech week is much much bigger than San Francisco's tech week.
03:45And that's because here you can bounce from event to event.
03:47Julie every week is tech week in San Francisco I think is the point.
03:50Perhaps. Perhaps. But you know I would one quick little anecdote that might be a little too cute by half
03:55but I think it's very true.
03:56When you're in San Francisco you meet people who work in tech tech people who live in San Francisco.
04:03When you're in New York you meet New Yorkers who work in tech and that just it's a different it's
04:07a different dynamic.
04:08And I think for our country you need both. I feel really good about that.
04:12I think New York just is so it feels so optimistic right now.
04:15There's just so much building going on in the tech sector that that I feel like it's it's great.
04:21It's a great time to be building in tech in New York.
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