Record Highs in a Chaotic World: Iran Ceasefire, Oil Spikes, AI Cybersecurity Threats & More

In this episode of Ask Avidian, Chief Investment Officer Jake Borbidge of Avidian Wealth Solutions delivers a timely market update as major indexes hit all-time highs despite ongoing geopolitical tensions, tariffs, creeping unemployment, and rising credit card delinquencies. 

He breaks down the Iran conflict and the recently extended (or indefinitely held) ceasefire, why markets are discounting extreme risks, and the real impact on oil prices. Jake also covers developments in space, cybersecurity (including Anthropic’s powerful new Claude Mythos AI tool and its implications for both defenders and bad actors), commodity/farming prices, and shares exclusive insights into how Avidian is building an AI-native framework internally—with strong guardrails, sandboxing, and best practices—to supercharge investment research while keeping everything secure. 

Packed with actionable perspectives for investors navigating volatility, this is a must-listen for anyone who wants the signal over the noise.

Disclaimer: 

Avidian Wealth Solutions is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  

Avidian is neither a law firm nor an accounting firm, and no portion of its services should be construed as legal or accounting advice. 

Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

This information contained herein may be dated.

Transcript

Intro & Welcome

Speaker 0:00

Hi everyone and welcome back to the Ask Avidian podcast. This is Jake Borbidge, Chief Investment Officer with Avidian Wealth Solutions. Let's get started.

News Headlines: Markets, Oil & AI

Speaker 1 0:12

Markets have opened steady in Asia despite the stalled peace talks between the U.S. and Iran, but the price of oil is up.

Speaker 2 0:20

Anthropic has decided not to release its latest AI model to the full public. All right.

Market Update – All-Time Highs

Economic Resilience Amid Headwinds

Iran Ceasefire & Market Reaction

Oil Prices – Spot vs Futures Curve

Real-World Impact: Diesel, Ranching & Construction

Data Centers, Electricity & Power Generation

SpaceX IPO & Trillions Moving from Private to Public Markets

Anthropic Mythos AI & Cybersecurity Implications

Avidian’s AI-Native Framework & Best Practices

Closing Thoughts

Speaker 0:26

Questions. So uh just to kind of recap, so that so we're in uh you know about a third of the way into the year, uh, so a little bit more than than the quarter end and wanted to touch base on performance. Um been a bit of a a choppy but generally upward trending market. Uh if you looked at where things are at today, most uh indexes are trading at all-time highs. Uh, you would kind of think, okay, if I didn't, if I just woke up this morning and I looked at where things are trading and where stock prices are, uh, you could almost uh forget the fact that we've been in multiple different uh geopolitical geopolitical conflicts this year. Uh you could forget the fact that tariffs are still something that is top of mind for a lot of people that are looking at data. You'd forget the fact that our unemployment rate uh is, you know, kind of starting to creep up. And you'd also forget the fact that there are a rising level of delinquencies in credit card payments uh across the country, right? Um, the health of the stock market, the health of the U.S. economy and the global economy has been extremely resilient this year. And also the risk appetite for investors has been fairly robust, where they've been able to uh shake off a lot of the, you know, otherwise kind of negative news uh developments. So uh one that we'll just touch base on real quickly is the Iran war. So um I'm sure everyone listening to this knows that there was a ceasefire, two-week ceasefire uh that recently expired or was set to expire, but was extended. Uh, and I think it's indefinitely, it's a little unclear as to what the terms of this ceasefire are because during this ceasefire, things seem to still be exploding. Um, so something is being fired, and that's that hasn't fully ceased. Uh, we've seen ships uh, you know, uh taken by both sides of the ceasefire. However, I think what the markets are are taking away from this ceasefire is really just kind of shrinking the tails of what could potentially go uh poorly with this conflict, uh, with the war in Iran. And so the fact that both uh parties are are at the negotiating table, they've been there multiple times, uh, is really telling the market that you can start to ignore the extreme tales of a extremely long and drawn-out conflict. Uh, you can ignore the extreme tale of a you know heavy number of US boots on the ground in Iran. Uh, I think the market is starting to discount those things as very remote possibilities, where you know, a couple of weeks ago or maybe a couple of months ago, it was starting to assign a meaningful probability. And so that's really, in my view, why you have seen the markets rebound and start to pay attention to things that matter longer term, which is earnings, which is you know the level of debt of companies, things that that drive the fundamentals of uh equity ownership. And really, as equity owners, we own the earnings of the company. So that's what what our focus um should be. However, uh, one of the I'll call it lasting fingerprints of this conflict um is definitely oil oil prices. Um, oil prices get a lot of attention in the news. Most of the time, the news and you know, just kind of come back. One of the themes of our podcast, we like to separate the news from the noise, right? So the news pays attention to oil prices. Uh, we also do as investors, but we look at different things. So the news is going to write a lot about where spot uh prices are trading. And the spot price is really just kind of you know an indicator of uh where you would have to transact, transact today if you wanted to buy or sell barrels as a financial trader. Um, not a ton of oil transacts at the spot price in the physical terms, right? So that's more of a financial instrument. Uh so individuals that are actually going to utilize oil for you know something that their companies uh need to produce, uh they tend to look, I would say, a little bit more at the futures market, um, try to understand where oil prices are going over, you know, kind of the medium term, call it three to six months out. Um, and a lot of companies actually will hedge their oil price exposure if they are large consumers of oil or oil or oil-related commodities. Uh, they may hedge some of that exposure, especially if it's a meaningful piece of their cost structure. So when we look at oil prices, we try to understand the impact of oil prices on earnings, you know, it's really not the spot prices that uh you pay that much attention to. You start to look at the that at the futures curve. So if we look at that curve today, and again, futures curve is gonna be what is the market telling us oil is gonna trade at uh in three months, in six months, in a year, um, we've noticed obviously some changes. So the the front end of that futures curve is the spot price that has climbed up significantly since the start of the year, start of the Iran conflict. Um, I want to say it topped out at 120, was maybe one of the highest points that it was trading at. Uh, that might be off by a few bucks. Um, and it's come down a little bit. And every time we get news of a ceasefire or news of some kind of calming, uh, you see oil prices on the spot market sell off substantially. Uh, and then if there's, you know, if there's more conflict or or less certainty around uh, you know, a uh less certainty around peace talks, you'll see those spot prices ramp back up, right? Quite, quite volatile in the spot market. What matters more again is kind of where oil prices, where longer-term expectations on those prices are going. And that's where markets will start to factor in um, you know, not just the temporary disruption of this conflict, but the longer-term, you know, disruption of lost inventories, lost production to overall global supply uh for oil. And then how does demand respond? Does demand stay static and prices increase, or does demand decline uh and prices stay the same, or somewhere in the middle? And I would say it's probably somewhere in the middle. Um, but we have also seen those medium to longer term term expectations uh steadily climb as this conflict has uh dragged drug on um, you know, beyond weeks into, you know, now we're in in the months in terms of counting the time frame. And so we're seeing those prices start to climb up, you know, call it $10 to $15 uh or more from where they started the year. And the increase in uh in those prices is actually kind of stretching out more than just the summer, uh more than just kind of year end 2026. You're starting to see an increase in the futures curve going out, you know, two, three, four years. And so I think what the markets are telling us is that yes, this conflict may uh conclude. Um, and maybe it concludes in a few weeks, maybe it concludes in a few months. It's not gonna be something that lasts multiple years, but the impact to overall global supply is gonna have more lasting effects uh that might span the period of years and not weeks or or months. Why that matters to me personally, and and I'll just kind of give you a very uh simple and straightforward example of how it starts to impact industrial companies and other manufacturing companies around the country and around the world. Uh, you know, so in prior podcasts, we've talked about uh ranching and owning land and how that can be fun and kind of an enjoyable thing to do. Um, you know, currently I am out of the market. I would say I am between ranches, which is a very first world Texas thing to say. Um so I'm doing my research on, you know, what is the next property that I buy as both an investor and a consumer and somebody that enjoys being out in the country. And so obviously the land matters, location matters, topography matters, what's on the property matters, uh, but then also, you know, kind of your vision, what do you want to do with that property matters as well. And so that's typically, you know, where my head is at when I'm looking at land. Um, you know, I'll stand in a field and I'll try to envision, you know, six months from now with uh, you know, some investment, what could this field or what could this you know patch of woods look like? And that's really where I try to kind of you know think ahead to. Uh a lot of times that involves excavation, involves usage of heavy equipment. Uh, sometimes that involves timbering, uh, a lot of, but more often it involves, you know, track hose and bulldozers and all that kind of funka stuff that, you know, I'd love to be out there driving around myself, but typically because of my day job, I have to hire somebody to do it. Uh, those tools use a lot of fuel. And so when I look at getting the cost of a project bid, and I ask contractors how much is this thing going to cost today, that price has climbed substantially because one of their big cost, uh, one of the big things in their cost structure is oil. Sorry, not oil, is is diesel fuel. And it could be gasoline, but it's typically diesel fuel uh for that, you know, really heavy equipment. Um, that, you know, these smaller contractors, they're probably not hedging. So they're just, you know, bringing they're buying diesel fuel for the project. They're bringing it to the project at their smaller contractor. If they're a bigger organization, they might hedge, you know, a few months out. Um, but the day rates on that equipment have climbed substantially. I'm not going to quote prices because I don't want to give any any secret sauce away from any of the guys that I've been talking to. Um, but we're seeing significant increases uh that track you know closely to the level of increase that we've seen on oil. Now, obviously, oil or sorry, diesel is not a hundred percent of that cost structure. We've seen diesel climb from the $3 range to around $5, but it's a big chunk. And so the the commensurate increases really for them just to stay, you know, break even or slightly profitable, um, you know, are still in the in the you know mid to kind of high double digit range. So uh as you look at those projects, the the the way this mat the reason this matters is because, you know, okay, near term, maybe those prices are high, maybe those bids are a little bit elevated. You know, real estate investing, it's a longer term game. Uh, you know, should I think about, okay, well, I might be able to buy this property. Maybe I just don't do the project for a while. Maybe I wait, you know, like I said, three to three months, six months. So I start looking at that futures curve and deciding, uh, do I have the expectation of better bids in the summertime, in the fall? Uh, don't want to wait multiple years. Uh, and in that case, you know, you do see the uh the hopes of potentially slightly greener pastures, but still higher expenses, higher uh costs than I would have uh experienced if I you know bought in and started this project a year ago. And so again, just kind of one real world example of how this stuff can impact uh, you know, the real economy, um, just for a very simple and transparent uh way to think through it. Obviously, if you're running a manufacturing company that that is you know using heavy equipment to build things or to assemble things or to cut things or to weld things, all those things require power. A lot of that power is generated through the use of burning uh hydrocarbon fuels. Um, okay, so let's talk about another. So so obviously one of the reasons that oil matters to consumers is because it's it drives a piece of you know your consumption bucket, uh, even if oil is not part of, you know, kind of the core CPI that the Fed likes to focus in on. It is part of the wallet share of things that come out of your pocket to pay for just the normal day-to-day expenses of living. Um, another thing that has been getting a lot of attention is the price of electricity. Um, you know, the price of electricity is something that, you know, has I would say has been climbing for some time now for factors that have nothing to do with what is current in the market. So one of the reasons in Texas that we've seen electricity prices climb, you know, not including the last two or three years, but leading up to that, is really just the build-out of our grid's infrastructure, right? We want our grid to be more resilient to storms, more use, more resilient to outages, and more just resilient generally to the increase in power demand from growth of residents, uh, you know, population increase in the Texas area. So that has been going on for a long period of time, uh, probably, you know, 10 or more years, right? I don't, I uh I'm striking uh uh a blank when I try to think about the last time that I paid single-digit uh cents uh for a kilowatt hour of of power. Or sorry, maybe it's a watt hour of power. Uh so that price has been climbing steadily. However, recently, we'll call it the last two or so years, data centers have really kind of uh entered the mix in terms of the incremental demand on power. And so that's got a lot of people worried about the impact of data centers to just kind of their day-to-day life. Um, so we I wanted to debunk a couple things. And, you know, I listened to some podcasts too. I mean, there's these are things that, you know, some of these things are on podcasts, you know, com you know, frequently. So many of you have heard about this, but I like to educate people that, you know, might only listen to the Ask AVideon podcast because it is the best one around. Um, so water consumption. I know there's a lot of uh, you know, news stories around you don't want data centers in your backyard because they're gonna suck up at your drinking water and you're not gonna be able to, you know, take a shower or water your lawn, especially if you're in an area that doesn't get a lot of rain. Um, and I would say that's, you know, that was maybe a relevant concern a few years ago when the first data centers were being built. Um, and and efficiency was really just not the focus. It was mainly just, hey, let's get these things up so we can see if they actually work and provide some value. Uh today, data centers, most of them operate on what's called a closed loop system, meaning that, you know, once you fill that data center up with the water that it requires, right? So there's cooling pipes, there's other systems that require water. Once those are filled, they don't need to continually be refilled. A lot of that water is recycled, you know, taken from a hot place, carries that heat away, goes to a cool place, lets the heat release, and then recycles just like refrigerant in a refrigerator or refrigerant in a air conditioning system. Um you don't constantly refrige refill the uh refrigerants uh in your other cooling systems, and water acts as a you know kind of large-scale refrigerant in these systems. So the the concerns around you know data centers using all using up all of the usable water, I think that's something that, you know, we've kind of largely moved past. Um the second is, you know, okay, our data center is going to consume all of our electricity. You know, we were uh you know a little bit thin on spare capacity a couple of years ago. And we noticed that when we got, at least in Houston, we had some uh long strings of very hot and very sunny days, and we started to see some you know grid failures or just really getting really close to stress on the grids, and that's something that you know has occurred multiple places in the US. Obviously, I'm you know, I live in Texas, so that's what I remember most uh uh most concretely. And um so that's been a concern for a number of years. But if you add in data centers, that makes me say, okay, well, now these data centers, which are known to consume large quantities of electricity uh all throughout the day, especially even during peak hours, um, are these data centers going to uh decrease the reliability of the grids? And so that's when you uh so again, this is something that I think was a big concern a couple of years ago. Uh a lot of data centers that are built now, especially the larger ones, are using what's called behind the grid uh power generation. Um, and and so why why we bring that up is because the the term behind the grid has largely been used to diffuse the concerns around increases in power generation. And that's what when I listen to reputable podcasts, that's mostly what I hear. And I think there's some merit to that. And so we'll talk a little bit about that. So, what what does behind the grid generation mean? It really means that the um that if you're consuming power and you can do this at your own home, right? And you can kind of be like off the grid or behind the grid at your own home. The way residents do that is they would have a bunch of solar panels and a battery system on their house, and that would be their primary source of power. When they need a little extra power, they may take some from the grid. A lot of times they're actually sending power back into the grid, right? That that's a you know kind of easy way to think about what is behind the grid look like. Obviously, it's much more complex for a large data center that's using a ton of power. It probably involves more than just solar panels, probably involves, you know, gas-fired power generation. Think about a gas turbine. Uh, sometimes it uses diesel-fired power generation. So a diesel generator uh would be you know some of the equipment that you would see uh in these behind the grid systems. And those power uh generation systems, diesel energy, you know, diesel, uh sometimes it's wind, sometimes it's solar. It's usually a combination, uh, gas-fired turbines, another one. Uh, those would serve to produce the amount of electricity that you need, kind of at that peak uh utilization of the data center. And then off peak, they actually have the ability to provide power back to the grid. And so the narrative, which I think there is some merit to, is that behind the grid power generation associated with jet with uh data centers actually increases the reliability of your grid because that excess power when it's not being used can be sent back into the grid. So I would say there there's some potential of that being a positive. Um and it also increases the uh aggregate uh supply of power, which I think there is some truth to that as well. Uh where I am not seeing anybody paying much attention to it. It's it's kind of made the news here and there, but but definitely not the podcast circuit yet, is the um the equipment used to create this power generation. And the reason I bring that up is because there's currently, and we we know this because we look at this as an investment opportunity, um, but there is currently a shortage of equipment used to generate electricity. Uh hyperscaler firms, data structure data center companies have bought up most of the power generation equipment that is going to be produced over the next handful of years. And so I think the lead time right now, if you want to buy a traditional gas-fired turbine, you're you're in line for about five to seven years, right? That's quite a long time to have to plan or to be able to get delivery of a piece of equipment. And so what you have seen is that the price increase, or sorry, the the inn inavailability, right, the lack of availability of these systems is now starting to result in some substantial price increases for the equipment needed to generate this power, right? Why does that matter to the end consumer, the residential consumer? It really kind of matters when you think about how utility companies uh look at capital deployment, capital expenditures, and then how do they plan for how do they plan to pay for those capital expenditures? And I'm gonna grossly oversimplify the process here. Hopefully there's no uh hopefully nobody listening uh will take offense to my gross oversimplification, especially if you're in the uh you know power generation or utility company uh world. But a gross oversimplification is that a utility company will look at its capital expenditure needs. They have somewhat of a monopolistic uh, you know, uh uh control over the market that they sell power into. So they kind of have a you know a set of customers they know are going to be customers. They have you know very little negotiating power if you uh on the, especially in a regulated market, deregulated market, a little different story, but not a lot of negotiating power on what on the price that you pay for that electricity as a as a consumer. And so these uh utility companies, they can look at their capital expenditure budgets. They there is a you know kind of a uh safety factor, you would call it, in profitability. They bake into these projects and then they pass on the rest of the cost to the end consumer. That matters because the these uh utility companies still need to continue to expand their power generation capacity, right? They have population growth, they have things that they need to deal with. Uh so there they can't just let their power gen uh capacity stagnate. They can they need to continue to grow that to some extent as well. The prices that they're gonna pay for that equipment obviously have gone up, right? That gas fire turbine, if you want to get one of them, you're gonna have to pay market price. That market price is substantially higher than it was a couple of years ago. However, the the cost of that, or so the increased price there, again, thinking about how they budget for these things, they're just going to tack on a little bit of margin to that CapEx project, 10% on top, and then they're gonna pass that increase on to the consumer. So while the consumer may not be bidding for electricity against a data center, they are in some ways bidding for electricity power generation equipment against data centers. So those are not necessarily day one price increase uh impacts, but they are kind of longer-term price in priest uh price increase impacts that you can expect to see continue to materialize over the next few years. Um, we think it's important to understand this, not just to keep you guys informed, but to also understand why we think some of these uh private investments, like data centers, are attractive, but also why they might be an effective inflation hedge for inflation that you might not really be thinking about on a day-to-day basis. Okay, uh, so enough on data centers. Uh, we're gonna switch gears and trying to weave this, uh weave this collectly, do uh correctly, doing a little bit of touch and go. Um, so SpaceX, a couple things. We've talked about SpaceX in the past. Um, SpaceX has you know confidentially filed for an IPO. Uh rumors that the $1.75 trillion mark are uh might be a little bit low. Uh I think the most recent rumors are are that SpaceX may try to go public at 2 billion or sorry, 2 trillion. Um, there's actually some rumors uh this week also that they are buying Cursor, which is a competitor to Claude and Claude, or sorry, competitor to Anthropic. Uh they have a competitor product to Claude Code, which is quite good. Uh it's an area that SpaceX, which now includes XAI, which includes Grok, their own large language model, was somewhat lacking in, right? So that company, even though it's heading towards IPO, does is trying to keep its own deal pipeline going. However, the thing that we wanted to touch base on uh with regards to the IPO today is really just the massive effect that that IPO specifically, and then there are some other large private companies. OpenAI is one, Anthropic is one, uh, and there's a number of uh other large private companies that are that will be going public, potentially could be uh, you know, somewhere in the range of four trillion dollars of migration from illiquid wealth and illiquid ownership of companies to liquid ownership of companies. So, what we just wanted to touch on real quickly today is what does that look like from a uh, I guess, a market dynamic perspective. And really what it means is you've got, you know, trillions of dollars of wealth that is currently locked up, untradable for the most part, uh, in port in a portion of somebody's portfolio that would be representing their private market asset bucket, right? So think about your private private equity bucket and your portfolio. For most people, it's 10 to 15% of their portfolio. If they're if you're heavy users of private markets, for a lot of people, it's significantly smaller than that, right? So those assets represent a chunk of that small piece of the puzzle. When they move into the public market space, now they are in a piece of the puzzle that is substantially larger, right? You've transferred $4 trillion of market wealth into the public market sphere. Uh, if you are a portfolio manager at a sovereign wealth fund, likely you either only cover privates or you only cover publics. If you are the portfolio manager on the private side, you've just seen a large chunk of your portfolio leave, which means there's a little bit of a vacuum. You've got to find, you've probably received cash in terms of liquidity, right? To oversimplify. And you've got to find new private equity deals, private equity companies, and funds to invest in to fill that void, right? So it creates an influx of cash on the private side and a hole in the portfolio that needs to be filled with actual companies. On the public side, it's kind of the opposite, right? It's like pouring water into a cup that's already full, right? You already had a full portfolio of public company equity, and now you've just been injected with another large chunk of public company equity. That cup is now overflowing. You have to figure out what you need to sell uh to make room for that new allocation. And this happens, you know, often anytime there's an IPO, but most of the time it's just, you know, basis points of overflow. So really not a meaningful difference. Uh when it is trillions of dollars of overflow in portfolio terms, that could be, you know, mid to high single-digit percentages of your portfolio. So there's gonna be a need for uh those institutions and all the way down to individual advisors. There's gonna be a need for them to figure out, okay, well, now I am overweight private equity, uh, I need to rebalance my portfolio. What do I sell to transition either back into fixed income or back into private equity to make sure that I have the right asset allocation? So that's gonna be the problem that a lot of uh institutional and retail investors are faced with over the next uh couple of months, couple of years, um, as these liquidity, these large uh liquidity events continue to occur. So just something to think about. Um, most of these liquidity events are happening in the US equity markets, which means that as a percentage of the portfolio, US equity markets are going to increase, continue to increase, the benchmarks are going to continue to increase. That's gonna likely result in some, you know, I'll call that not quite forced, but almost forced transactions to rebalance those portfolios. It means money movement from uh outside of the US back into the US to rebalance, right? It might mean, you know, selling some of your international securities to, you know, accommodate that larger US equity presence in your um uh in your uh public market portfolio. So again, those dynamics are things that we can look at and we can kind of you know see, okay, well, this is a this is kind of where the puck is heading. These are some things that, you know, are natural transaction outflows of of those large uh large capital movement events. Um and then, you know, kind of last couple things today. So we'll we'll talk about uh we're gonna stay on the technology topic. Uh there was an article and created a lot of uh consternation, especially in the cybersecurity space, uh, the announcement of the model out of Enthropic called Mythos, uh, which is supposedly a more advanced model than uh Enthropic's most current model, which is uh Opus 4.6 or 4.7, right? So this mythos model is supposed to be really, really good at finding ways to expose uh loopholes, uh access points into secure uh software environments, secure technology environments. Um I've spoken to a couple individuals with a background in cybersecurity. Um, try to get my head around, you know, what is the extent of this problem? Is it something that I should be concerned about? Is it something that our clients should be concerned about? Um, and is this mythos model really uh something that is a game changer? And the way that I've really tried to understand, and the way I kind of the conclusion that I'm coming to, and obviously I'm an investor, right? So I'm not a cybersecurity expert, although I play one on TV sometimes, um, is that this mythos model, what it is really good at, again, finding different ways that call those loopholes, call those just ways to get access to software systems, uh, you know, little known or unknown bugs that might be sitting around for years and even decades at a time, and then piecing those bugs together to access a secure environment, right? So that's the big concern. And what this model is able to do is it's able to do that with very little guidance. Okay. Now, if we were to turn the clock back six months when we didn't have this model, however, you had a cybersecurity expert, a quote unquote hacker, and they had the most advanced models at that time, they still had some pretty advanced tools to try to break into software systems. And then on the other side, the good guys, right, they have some pretty advanced tools to try to find the bugs in those software systems and close them. So it's, you know, in this case, it's really just uh, in my view, a situation of, you know, the good guys have a much more advanced tool. They need less expertise to expose holes. The bad guys maybe have an access to this tool as well, and they need less expertise to expose those holes. But I think in the hands of a highly trained, you know, cybersecurity expert, um, I think those individuals are probably still equally effective. I don't think that this mythos model really upskills them uh to any significant degree. But I think what it does do is it does lower the bar for a potential bad actor to have you know advanced tools to access these systems. Now, obviously, Claude or sorry, Anthropic has controlled the access. They have not released mythos to anybody uh other than maybe some you know government agencies to do some testing and then maybe some uh large software companies to help show and close uh those loopholes. Um so I would say that still that this tool is still in the hands of the good guys. Um, but it it does bring up a concern that you know, if if Anthropic can build this tool today, who can build it in six months or in 12 months? And how are those uh non, you know, kind of how are those entities going to use that tool? Um, so it is an interesting thing to watch. Um, but today I don't think it is an extreme game changer. It doesn't make me think that our systems are uh extremely that much less secure, but it does raise the ante uh for the cybersecurity industry uh to continue to continue to innovate and improve on what they're doing and to also close those loopholes. Um and I just wanted to give you guys a little bit of note. So at AVIDIAN, we've uh been investing a lot of uh time, a lot of mind space, a lot of energy in into the AI world. We so we invest it in we invest in a couple ways. Number one is we find opportunities that are exciting and interesting to us uh that we can place our clients' capital into. So that is that is the the number one focus for us. However, uh to better understand those opportunities and also to make our investment process uh more advanced, more scalable, uh more reliable, more robust, more, more uh in-depth, uh, we are utilizing uh AI tools internally, right? So we are actually as an investment team building an AI native framework for doing things like individual stock and individual private company research and fund research. Um, it those tools have kind of helped us, you know, upskill some of the things that we're trying to do and also added scale to our business. Uh, however, I think it's, you know, we can probably share some of the things that we're doing that I think are are maybe starting to form up into best practices. So as a team, we're sharing uh repositories of skills. That's you know, how do we how do we build knowledge? We try not to build knowledge in silos. We try to build knowledge in a way that is distributed to you know the team, right? So everybody can contribute to that knowledge and also benefit, benefit from it. Um we use curate curated agent marketplaces where we do try to use you know some customized agents, a customized list of agents, and also we we start to find which agents work best with you know some level of guidance on the specific problems that we are interested in. So I think that's a good thing to know like what agents are well suited to your problem, uh, what agents are you know maybe not so good. We've also created some standardized guardrails in terms of you know the security around our AI environment is highly secure. It's as secure as anything else that we do. And we're also very careful about the data that we place in that environment. Uh, we make sure that it's not data that can be um, there's no client-identifiable data, right? It's it's a it's kind of an agnostic data set. It's more used for research. Uh, and so we we do try to create guardrails there. Um, we do we use a combat, a concept called sandboxing, which basically means we build things to test out and to run uh in an area where they're kind of isolated from the rest of the things that we do. Um so nothing, you know, there's no rogue agents that we're worried about. Um so I thought it was kind of helpful to just share that with some of our listeners. Um, this is something that you know we are uh still learning. Uh we're getting better at it every day. We're very excited about the impact that it's gonna have on our ability uh to bring great investment opportunities to our clients, um, but also to do to do so in a way that you know is even better than what we've been able to do over the past handful of years. So with that, I'm gonna wrap up again. A lot of topics today. Uh, any of these things sparked your interest and you want to take the discussion deeper, just come check us out at avidianwealth.com.