You can listen to the Robinhood CEO Vlad Tenev on tokenizing stocks, expanding access to private shares, fintech’s future using Speak’s shareable media player:
Robinhood CEO Vlad Tenev on tokenizing stocks, expanding access to private shares, fintech’s future Podcast Episode Description
(0:00) Introducing Vlad Tenev
(0:51) Jason tells his story of investing in Robinhood
(3:17) Tokenizing securities, offering tokenized shares in OpenAI and SpaceX, controversy
(7:29) Operating under Trump vs Biden, why offering tokenized securities for private companies could be revolutionary
(17:01) Criticisms around expanding access to sophisticated financial products
(19:34) Current landscape of financial companies, Robinhood’s future, competing with incumbents
(23:28) Harmonic and building mathematical superintelligence
Thanks to our partners for making this happen!
Solana: https://solana.com/
OKX: https://www.okx.com/
Google Cloud: https://cloud.google.com/
IREN: https://iren.com/
Oracle: https://www.oracle.com/
Circle: https://www.circle.com/
BVNK: https://www.bvnk.com/
Follow Vlad:
https://x.com/vladtenev
Follow the besties:
https://x.com/chamath
https://x.com/Jason
https://x.com/DavidSacks
https://x.com/friedberg
Follow on X:
https://x.com/theallinpod
Follow on Instagram:
https://www.instagram.com/theallinpod
Follow on TikTok:
@theallinpod
Follow on LinkedIn:
https://www.linkedin.com/company/allinpod
Intro Music Credit:
https://rb.gy/tppkzl
https://x.com/yung_spielburg
Intro Video Credit:
https://x.com/TheZachEffect
This interactive media player was created automatically by Speak. Want to generate intelligent media players yourself? Sign up for Speak!
Robinhood CEO Vlad Tenev on tokenizing stocks, expanding access to private shares, fintech’s future Podcast Episode Top Keywords
Robinhood CEO Vlad Tenev on tokenizing stocks, expanding access to private shares, fintech’s future Podcast Episode Summary
Based on the provided context, the phrase “has joined the group” refers to someone becoming a member of a group, band, club, or team. Throughout the conversation, there are multiple references to joining various groups, inviting members, and welcoming new people. Specific examples include:
Continue reading the full guide (click to expand)
– “we joined the band”
– “He should’ve joined the…”
– “Join the team.”
– “Welcome to the club.”
– “add one more bestie.”
– “they’re in, they’re in.”
– “invite you to…”
These statements all indicate the act of someone joining or being added to a group or collective. However, the context does not specify exactly who “has joined the group” in a particular instance. The general meaning is clear: it signifies the addition of a new member to a group. If you are looking for a specific individual who joined a specific group, that information is not explicitly provided in the context.
This summary was created automatically by Speak. Want to transcribe, analyze and summarize yourself? Sign up for Speak!
Robinhood CEO Vlad Tenev on tokenizing stocks, expanding access to private shares, fintech’s future Podcast Episode Transcript (Unedited)
Speaker: 0
00:00
I am Vlad Tenev, the founder of Robinhood.
Speaker: 1
00:07
Want to run this on your own file?
Upload audio, video, or text and get a transcript, summary, and insights in minutes.
Free trial includes 30 minutes (60 with a work email)
We’re talking about Robinhood. The stocks more than doubled since its last report.
Speaker: 2
00:10
And its speak surged 180% this year after nearly doubling in 2024. Shares of the trading platform now up more than 400% in the last year. Glad your presence there speaks volumes. Robinhood Gold, which hit a record 3,500,000 subscribers.
Speaker: 0
00:26
Most financial services get worse the more money you have, but we wanted to kind of invert that. Ladies and gentlemen, please welcome Robinhood CEO, Vlad Tenev.
Speaker: 1
00:46
My guy.
Speaker: 0
00:47
Good to see you, brother. Tremont, good
Speaker: 3
00:50
to see you. Glad
Speaker: 1
00:51
it’s so good.
Speaker: 3
00:51
The reason Jake Held’s here. Ai meh, I mean it is a great story.
Speaker: 4
00:57
It’s so true. Jake Howe bumbles into eight shares of Robinhood. Vlad builds a $100,000,000,000 company. It’s unbelievable.
Speaker: 1
01:04
I mean people know me for the Uber investment. There’s 4 or $5,000,000 valuation, but there’s
Speaker: 0
01:10
When do I flip that?
Speaker: 1
01:12
Well, yeah. It’s gonna take a little more. I think you got 20 x left to go. But
Speaker: 5
01:16
Wait. Was Ai the third or fourth investor in Robinhood?
Speaker: 1
01:19
It was $20,000,000 valuation, but it’s a good story, I think, because you hadn’t launched. And we’re at Antonio’s Nut House. I went for a drink with my friend Adeo. He brought his college roommate, Elon. We’re hanging out at Antonio’s Nut House in Palo Alto. Rest in peace, Antonio.
Speaker: 4
01:35
Please keep dropping these Nate. One
Speaker: 1
01:36
second here. So Vlad comes over and we we Vlad and I knew each other a little bit and Vlad pitches me on this idea and he says, I’m a quant. I said, What’s a quant? He said, Quantitative analysis? I said, Yeah, I heard of it. Hit me with the idea. And then he goes, Is that Elon Musk?
Speaker: 1
01:53
I said, Yeah. Just hit me with the idea. I know you’ve got a start up. He says, Well, I sana to get this generation, these millennials, these Gen Zs, I want to get them to trade stocks. I said, Love it.
Speaker: 1
02:05
They don’t care about, like, getting a driver’s ai. They’re still on their mom and dad’s Netflix. You’re sana try to get people who don’t care about the future to trade stocks. He says, Yeah. I said, What’s the business model? He said, That’s the best part.
Speaker: 1
02:18
We’re gonna let him trade for free. So I said, okay. Let me repeat this back to you, kid. You sana get a group of people who don’t have any interest in the future to trade stocks
Speaker: 4
02:29
and then We have 36 stocks.
Speaker: 1
02:30
You’re gonna make money. That’s why you end up.
Speaker: 3
02:32
Thank you, Vlad. Ai not bad. Problem.
Speaker: 1
02:34
I sai, I’m in.
Speaker: 0
02:35
Okay.
Speaker: 1
02:36
I’m in.
Speaker: 0
02:36
Not only that, but he sai, this is probably the best idea you’ll ever have.
Speaker: 2
02:41
I just say that to him too. I was like, this
Speaker: 1
02:42
is the best idea. What if it works? And here we are ten years later. What’s worked?
Speaker: 4
02:46
And last speak, you’re out of the S and P 500.
Speaker: 0
02:49
I was.
Speaker: 4
02:49
Last week or yesterday? Two days ago.
Speaker: 2
02:51
It was Friday. I mean, what a huge accomplishment.
Speaker: 3
02:54
Thank you. I meh, I think I think I think it was because I rejected you for a job. Right? You heard about that. But this is a tip
Speaker: 1
03:00
in your cities.
Speaker: 0
03:01
Yeah. Thank you guys for upgrading me, by the way. I guess that’s been the best part of being added to the S sana P, going from just the Jason interview to to the whole squad here.
Speaker: 3
03:09
We were doing the rehearsal yesterday and everyone wanted to do the the interview. So we sai, let’s all get
Speaker: 1
03:13
in here. Yeah. Why don’t we
Speaker: 4
03:14
all get in here? Can I, let’s maybe start? So look, you built an incredible business. There’s a part of it that looks like the, you know, what comes after the e trades of the world, etcetera. But there’s an enormous other part of your business and there’s all these emergent paths.
Speaker: 4
03:29
I sana just start by double clicking in something that you announced a few months ago in France. And maybe you wanna talk us through it, what the goal was. You got a lot of support, but you got a lot of blowback as well. There was a lot people that were like, ai, this is a little too disruptive.
Speaker: 4
03:44
Tokenizing these stocks, putting them on the blockchain. Maybe talk us through the business and then just double click on that narrow thing so we can understand what you’re up to.
Speaker: 0
03:53
Yeah. So we had an event in in the South Of France that we called to catch a token. And the idea behind that event was we wanted to show what Robinhood, the app, the platform would look like if it was built from the ground up on crypto technology. So what that looked like was stocks on blockchains. Obviously, we added a bunch of crypto native features like perps. We launched in now 31 countries.
Speaker: 0
04:21
And then, we also wanted to demonstrate to The US what the power of putting traditional financial services on blockchains was. And to me, I think a lot of people talk about twenty four seven speak trading, instant settlement, these things that do have real value. But I think the most powerful thing is taking inaccessible illiquid assets and making them available.
Speaker: 0
04:47
And and so we we were actually, I think, the first to tokenize OpenAI and SpaceX. And we made that available to our retail customers in Europe in the form of a giveaway. And and that was very, very ai. You know, not not without its controversy, but I felt like it was such a powerful thing.
Speaker: 4
05:05
Ai how do you how do you do it? How did you enable that?
Speaker: 0
05:08
It’s actually very similar to, Stablecoin in a way. So if you’re a Stablecoin issuer and this it’s a little bit oversimplifying, but you can think of it as we keep some dollars or treasuries in a bucket over here. We mint and burn tokens against that bucket, but back at one to one. And the tokens can actually trade publicly on a variety of of blockchains.
Speaker: 0
05:33
So it’s just extending that token that that tokenization concept from stablecoins to, public and and private states.
Speaker: 4
05:41
So you had to go and secure your own block of SpaceX and OpenAI stock and
Speaker: 0
05:47
That’s right.
Speaker: 4
05:48
And then put it somewhere. Were the companies okay with it?
Speaker: 0
05:52
It depends. I think I think that, I’ll say a couple of things. I think a lot of people are okay with it in principle, but if you’re a company and you’re focused on your mission ai OpenAI is and you hear about some new thing, it’s kind of a distraction. So I I don’t really blame them for tokenization or private access not being their their top priority. But I did sana be the first to tokenize OpenAI.
Speaker: 0
06:21
So, it’s
Speaker: 1
06:23
Did Sam give you a call?
Speaker: 0
06:25
I have had a couple conversations with with Sam before and after. Yeah.
Speaker: 1
06:29
Because, yeah, he’s a spicy individual. What was his take? Did he tell you to stop?
Speaker: 0
06:34
I think that actually, Ai like to think we get along quite well. I think he understood why we were doing it. Again, the distraction aspect when they have so much going on, is is a real thing. But at the end of
Speaker: 3
06:49
the day
Speaker: 1
06:50
Where do
Speaker: 4
06:50
you take it from here? Are you gonna go and get 50, a 100 of these well known private companies? Is that the goal? Is it every private company? How like, what do you do from here to build on top of it?
Speaker: 0
07:00
Yeah. So we we’ve been hard at work trying to figure out how to do it in The US. I think that’s that’s, everyone’s interested in that since the France announcement. Obviously, expanding what we do in Europe as well. And there’ll probably be different mechanisms in The US and and in Europe, at least for some time.
Speaker: 0
07:21
But, yeah, you you should expect that we go bigger and deeper into the space and have plenty of things to do
Speaker: 1
07:28
in the future. I’m curious curious what the relationship has been with the new administration. The last administration, you know, was not very pro innovation, crypto, and now you got David, running that specifically. How has the change in the administration changed how you look at innovation at Robinhood? And then, Sachs, I’m sure you have some follow-up questions here.
Speaker: 0
07:49
Yeah. It’s been very positive. I mean, just, by nature of how many times I’ve been to Washington, the last administration didn’t invite me to the White House once. I asked for meetings, and they wouldn’t even meet in person. They were all working remotely, until Ai think 2023, early twenty twenty four.
Speaker: 3
08:11
It was
Speaker: 0
08:11
funny how remote work kind of broke down along political lines. It’s sort of like the the Republicans wanted to get back into the office.
Speaker: 1
08:18
I think you’re referring to remote work as not working.
Speaker: 0
08:21
I mean, that is, I wasn’t gonna say it, but, yeah. Yeah. It was funny how that works out. But it’s it’s been very positive. I meh, last administration, we were playing a lot of defense. It was just sort of like one enforcement action and we had a Wells notice and all aspects of our business were sort of under assault.
Speaker: 0
08:45
So I think the most direct thing was when that went away, we had to think, okay, well, the administration now wants to work with us rather than just trying to attack us from all these angles. And for a while, we didn’t even know how to operate in that environment because we were just completely not used to it.
Speaker: 1
09:03
Yeah. You were on your heels. Have you
Speaker: 3
09:04
met with Elizabeth Warren?
Speaker: 0
09:07
I have not. No. I just receive letters from time to time.
Speaker: 4
09:11
But
Speaker: 3
09:11
She really But but sorry.
Speaker: 0
09:13
She hates
Speaker: 3
09:13
you. Well, she told me personally,
Speaker: 0
09:15
she really can’t take you.
Speaker: 3
09:16
No. The reason the reason I ask is, what is the core motivation of the idea of we need to enforce, we need to kind of restrict, we need to prohibit. Is it consumer protection that the belief is that systems like yours that are more open, more accessible, more usable, more consumers will trade more and potentially lose money and therefore they have to try and play a role in restricting consumer access to these markets in these marketplaces And that’s what they’re ultimately kind of driving towards?
Speaker: 3
09:44
Or do you think that there’s something more vested interest wise that’s motivating?
Speaker: 0
09:49
I mean, I think I think there’s probably both. Certainly consumer protection is the stated reason, but obviously, these folks have funders and backers and lots of interests. I mean, there’s Oh, powerful. There’s powerful financial services companies in the state of Massachusetts.
Speaker: 0
10:05
So I don’t know what’s happening behind the scenes, but, you know, I Sai do think the consumer protection angle is what they’re kind
Speaker: 4
10:14
of pulling up.
Speaker: 1
10:16
How do you yeah. How do you look at this type of innovation in your role at the White House to support it and to foster it while still, you know, having some rules on the field?
Speaker: 5
10:28
Well, I think Vlad’s vision around tokenization is very exciting. You wrote an op ed, I think it was in the Washington Post, that I thought was very good on this topic. We now have a regulatory framework in place, the Genius Act, which the president signed in July, that creates the set of rules for stablecoins, which are just tokenized dollars.
Speaker: 5
10:48
And like Vlad is saying, if you can tokenize a dollar, you can tokenize anything. You just basically create a reserve of that asset in a secure account at a bank somewhere or a broker, and then you mint tokens on a one to one basis. So I think it’s very exciting. There’s no reason why we can’t tokenize let’s start with public securities.
Speaker: 5
11:06
I think that’s the easy case because with public companies, there’s ready disclosure requirements. There’s an abundance of information, and anybody can buy a public security, right, because of those disclosure requirements. And the companies don’t really care who their stockholders are, ai?
Speaker: 5
11:24
Sai mean, because they know that the public owns these securities. So what we could get ai away with tokenized public securities is, like you were saying, a 20 fourseven global marketplace with instantaneous blockchain based settlement. And that can be really exciting. There’s no reason why trading has to be on this nine to five exchange with all this, you know, we could enable stocks to trade as easily as you transfer a stablecoin.
Speaker: 5
11:53
Now, the private security part is interesting. That is, I think, more complicated because, first of all, the companies, like you’re saying, they do care who their shareholders are, and they do generally restrict those things. And that’s why you probably got the phone call from Sam. And then the regulators care also because there’s not as much public disclosure.
Speaker: 5
12:14
So there’s more of an impetus to protect the public. By the way, I’m not saying we can’t get there on private securities. About a decade ago, I founded a startup to tokenize real estate called Harbor, and we were just way too far ahead of the curve. But that was basically to tokenize ai real estate security. So I think we can get there.
Speaker: 5
12:36
But I think the place to start that would be really exciting would just be, let’s do the public securities first, because it’s easy or easier from a regulatory standpoint, and then we can work our way into private.
Speaker: 0
12:47
Yeah. It’s certainly easier technologically. I mean, we we’ve we’ve made both, available to some extent in the EU. I think private could be more meaningful long term, and I’ll I’ll I’ll tell you why I think so. If you look at the technologies that are transforming society right now and that we feel so optimistic about over the next five years, it’s AI and to some extent, you know, space exploration.
Speaker: 0
13:15
And I think with AI in particular, there’s a lot of fear right now. I mean, you talk to a random person on the street, more than half the ai, they’re a little bit nervous about what AI is gonna do to them. Now imagine the scenario if, you know, 20 to 30% of someone’s net worth is in AI companies. Now suddenly, they’re not fighting against this thing.
Speaker: 0
13:39
They want it to succeed because if AI succeeds and just ownership as
Speaker: 5
13:44
a way to let more people participate in the boom.
Speaker: 0
13:47
Yeah. Because I worry about the status quo. I meh, these AI companies in particular are getting into valuations of hundreds and hundreds of billions with zero retail ownership, and that technology could completely disrupt, you know, how normal people live their lives. And we actually expect it to drive that sort of disruption because if if you look at Kathy’s presentation, you know, you’re talking about negative inflation, high GDP growth rates, giant productivity improvements.
Speaker: 0
14:17
I don’t think you’re gonna get there without some significant labor force disruption.
Speaker: 5
14:22
Okay. So what do you you need from, let’s say, the US government broadly, whether it’s the Sai or whether it’s maybe new legislation on Capitol Hill? What what exactly do you need to bring about this revolution?
Speaker: 0
14:34
I think I think, relaxation of accreditation, standards towards more self certification. You you meh, a test. I think a test I consider to be one form of self certification, but the simplest form is just someone saying, I understand the risks. I understand I could lose a 100% of what I put in this investment. You can even put, like, a skull and crossbones.
Speaker: 4
15:00
No crying in the casino.
Speaker: 0
15:02
Yeah. Exactly. You could put somebody
Speaker: 1
15:03
crying in the casino. Yes. Yeah. Literally in the app. No crying
Speaker: 4
15:08
in the casino.
Speaker: 0
15:09
I think that would help. I get
Speaker: 4
15:10
I mean, the point you’re making is you can’t, on the one hand, cry for access and on the other hand, cry in the casino. Exactly. You can’t do that.
Speaker: 0
15:17
But the the executive order on four zero one k access, I think, was a step in the right direction. So we could also ease into it by extending that to individual retirement accounts, which are great short term vehicles, and then give it to,
Speaker: 4
15:32
two different questions.
Speaker: 3
15:34
Ai can’t you just create a synthetic or ai a fast contract saying if and when OpenAI ai public, because you can see how many shares there arya. You know what the legal registration of the corporation is. Can’t you create like a synthetic contract that just creates the value of the stock and ultimately needs to settle at some point after the company goes public?
Speaker: 0
15:51
We can’t do that currently, and and OpenAI in particular is a tricky one.
Speaker: 3
15:56
Right. Well, it’s a non profit. Yeah. Pick any other LLC or Ai. Or sequel or something. Right.
Speaker: 0
16:02
But yeah, we’re we’re continuing to look at all angles, but Ai I think some clarity would be helpful.
Speaker: 3
16:08
Because this is the whole value of of ai, sorry, Chima, but like futures markets and prediction markets is you can effectively create a synthetic on some underlying without actually having ownership or a secured interest in the underlying or delivery of the commodity. You could basically just sai, when this thing goes public, it’s above $20 a shah, below $20 a share on some number of days after, something like that.
Speaker: 3
16:27
But I meh, I guess, one one question for you is is that where prediction markets can take us?
Speaker: 0
16:31
So, the the difference within with prediction markets is you can create a prediction market, but it has to have an expiry date for the contract. So for example, we we have a prediction market live on the platform now about which companies are gonna IPO. You could do something like that.
Speaker: 0
16:47
There have been prediction markets, in the past, not on our platform, but some other platforms that make a market around the IPO price. But if you just want exposure to underlying equity in a private, I I don’t think we can do that.
Speaker: 1
17:02
How do you think about, you know, the one criticism people have had, which is, hey, we have got a young generation. They’re frisky. They sana take all this risk. They wanna bryden. And your responsibility as a platform that is giving that access, if you’re the on ramp, the education you give, and Ai remember with the options and people being able to short, you came up with an incredibly elegant solution.
Speaker: 1
17:28
When you try to short something, you give people a test, you give them education in that moment before they do it. So how do you think broadly about young people getting into wagering, they’re playing cards, you know, they’re betting on fantasy football and doing sports betting, but they also sana, you know, have their hand in crypto and in puts and calls and pretty sophisticated stuff.
Speaker: 1
17:52
So what’s your responsibility as a platform then in introducing them to those sophisticated, ways of betting and investing?
Speaker: 0
18:01
I have a lot of thoughts. Actually, when, you interviewed me for a job in, 02/2008, which by the way was the only, it was one of two, like, final job interviews that I got. Most people just rejected me. I never even got a call from from, from Google or any of the others, but, it was either Weatherbill, later Climate Corp, or Optiver, where I interviewed to be an options trader.
Speaker: 0
18:26
So I got very, very close.
Speaker: 3
18:29
We had a math team.
Speaker: 0
18:30
Yeah. Yeah. Ai got very close. Like in
Speaker: 1
18:33
the interview?
Speaker: 0
18:34
He we probably don’t even remember. Gosh.
Speaker: 4
18:36
Take us back
Speaker: 0
18:36
to that day. Alex Michalka.
Speaker: 3
18:38
Of course. Yeah.
Speaker: 0
18:38
Yeah. Ai think he was, sana ai look the chat right now. I forget my recruiter’s name, but that guy was great. Anyway, and then I became an entrepreneur. So, it might not surprise you to know that me personally, I’m I’m sort of like adverse to control on the level of risk that I would take because my entire career path was sort of ai maximally levered bet on one company, which is the one that I started.
Speaker: 0
19:08
You. So I would be reluctant to discourage people from being entrepreneurs to doing what they wanna do with their money or time. Of course, I’m I’m in favor of ai reasonable things ai you should it should be clear to you what you’re investing in. But yeah, generally speak, I think if it’s available to wealthy people, high net worth individuals
Speaker: 4
19:30
Let me it
Speaker: 0
19:31
should be made available to retail
Speaker: 4
19:33
as well. Let me broaden the conversation. It used to be historically we would have banks. We would have brokerages. We’d have payment processors. We’d have merchant acquirers. They were all disaggregated. They could all be public. They could all build thriving companies. Now, with stable coins and everything else, there’s this creeping convergence.
Speaker: 4
19:53
You’re issuing a credit card. Coinbase has a credit card. SoFi has a federal banking license. Stripe just launched a new l one called Tempo. Everybody’s competing with everybody.
Speaker: 4
20:04
Tell us the scope of where you think Robinhood goes in the next four or five years and what the financial landscape and infrastructure looks ai. The Visas, the Mastercards, the JP Morgans. What roles do these companies play as you guys just become more and more ambitious and girthy and big and you know, market cap and all that stuff?
Speaker: 0
20:26
Yeah. I think the industry goes through periods of consolidation and then divergence. I think Robinhood has a unique advantage which is that our customers put an increasing amount of their dollars into Robinhood. So what we’re thinking about and it became pretty clear to us as soon as we rolled out our second product. We kind of saw what happened.
Speaker: 0
20:49
Customer spent more time on Robinhood. The two products help each other. So for example, with retirement, we noticed, you know, the big question was, well, if we launch retirement, is it gonna cannibalize the core brokerage business? But what we saw was the opposite. If someone opens up a retirement account, they tend to actually increase the amount they put in their individual account.
Speaker: 0
21:11
And we saw that again with the credit card. If they’re a credit card primary user, top of wallet, they actually put more money into into Robinhood. So then that gets us to a future where we ask ourselves, can we be your comprehensive financial platform? Can you put your direct deposit into Robinhood?
Speaker: 0
21:30
Can you put all of your money into Robinhood? Can you get to gold subscriber premium status as soon as possible? And then can we get all of your family members onto Robinhood as well and your kids? Sai, yeah. I I don’t think anyone’s really thinking about it from that angle, but I think that there’s gonna be over a 130,000,000,000,000 that changes hands from silent generation and baby boomers to younger people.
Speaker: 0
21:58
And and I think Robinhood is actually very well positioned to be one of the, if not the number one, primary institution that benefits from that transfer. We’ve got over a quarter trillion assets on the platform already which seems like a a big number, but it’s actually just a drop in the bucket compared to
Speaker: 4
22:17
what’s gonna happen.
Speaker: 0
22:18
Where do
Speaker: 4
22:18
you see the JPMorgan’s and the best Mastercards and Visas? How do they compete with an elegant product with hundreds of millions of users that just, you know, the product velocity that you have, the risk you’re willing to take?
Speaker: 0
22:30
Yeah. I mean, I think that, if you if you think about an incumbent, they have certain benefits. They’re ai very muscular from a regulatory standpoint. Like they know how to deal with regulators. They’ve got global scale. They’ve got, you you know, tens, hundreds of millions of customers, lots of assets.
Speaker: 0
22:47
But the disadvantage is that they’re sometimes slow to adopt new technologies. They don’t have the best engineering teams. They can’t move very fast, and they can’t hire the best talent. And so I think that we don’t have those downsides. We have great talent. We move really quickly.
Speaker: 0
23:08
We use the best technology. We haven’t been super acquisitive historically even though we’re doing more. And that prevents us from being bogged down by these, like, massive integration things that take multiple years. And so it’s a question of can we get the benefits of scale while also maintaining the nimbleness of a technology arya.
Speaker: 4
23:29
Do you wanna give the audience, before we run out of time, maybe last question, but tell them about the LLM you guys are building. This is a different project for you. Oh, yeah. And the goal of that and why you decided to fund that sort of outside the scope of Robinhood?
Speaker: 0
23:44
Yeah. So, he’s talking about Harmonic which is a company that I started two years ago and I’m chairman of and, completely separate from Robinhood. And and basically the goal there is to build what we call mathematical super intel intelligence. So this is, mathematical reasoning that is exceeding the capability of any individual human researcher.
Speaker: 0
24:10
And we we had a pretty cool result a couple weeks ago where we announced gold medal level performance at the International Math Olympiad, which is the biggest mathematics competition in the world. And ai I think to my knowledge, we’re the only formal model.
Speaker: 4
24:26
You’re the only formal one that got ai then.
Speaker: 0
24:28
Yeah. So OpenAI
Speaker: 4
24:29
ai Gemini.
Speaker: 0
24:30
OpenAI and Gemini, did it with informal. Yeah. Gemini’s ai formal model got a silver last year.
Speaker: 4
24:38
No. Explain why it’s gonna be so critical to have a a mathematical super intelligence model.
Speaker: 0
24:43
Yeah. So two reasons. One that has to do with how these models are trained and the other which is more of a consumer pain point. The thing that we’ve figured out with formal is how to verify that a statement is true very precisely. And when you’re doing reinforcement learning of these models, having a strong reward signal is very helpful because you can just discard all the data that’s not helpful and train on the high quality, like, correct data.
Speaker: 0
25:11
And when you’re a user of these AI models, sometimes they hallucinate. And and this is actually not just a consumer problem, but also an enterprise problem. Because basically if you’re a software engineer using a coding model, your job has has become, over the past couple of years, it’s turned from writing a whole bunch of high quality code to reviewing LLM generated code and making sure that that’s correct.
Speaker: 0
25:36
So in a world where you’ve got, you know, LLMs producing thousands and thousands of pages of code, human verification just doesn’t scale, particularly for back end. So we sana solve that problem.
Speaker: 1
25:49
Okay. Give it up for David Sacks’ saloni favorite Vlad.
Speaker: 3
25:56
Good to see you guys. Thank you. Thanks, brother.
Speaker: 1
26:00
Ai man. I’ll see you in Vegas.