They enter hives, pop heads with their giant mandibles, and they're mean.

If you come and disturb a nest, you don't have one angry hornet that is clacking its jaws at you, which they do.

You instead have, you know, 20 or 30 of them, and they clamp on with their jaws, and then they will sting you repeatedly.

Chris remembers driving over a ridge into the county where hornets were spotted.

I could see, like, just all of the forest laid out before me, and just knowing that, like, every 50th tree could have had a hornet nest, and just being aware of how daunting and how ridiculous this was to even try in some ways [laughs] 'cause there's just no way.

How does that work exactly?

We have a patent-pending system called Cortex, and what it does is it takes your message, finds your intent, what tools you have connected, what you have in your knowledge base, sends that off to the best model for the job.

So you don't have to choose between Gemini and Claude and it automatically is going to do that for you.

It's going to save everything in a memory that is 100% private encrypted.

So ChatGPT, OpenAI, none of these companies have your private business memory.

In your Knowledge Hub, it's going to separate out personal and business memories, and you can manually add things like import your memory from your current AI, upload a document like an SOP you might have at your business.

And all of that saves into the Knowledge Hub, which you can use directly through iMessage inside of your iPhone.

guys been at this for?

Uh, shifting gears again over to the gold market, and Chris, uh, so gold's been in the headlines, obviously, uh, but what has that meant in terms of investor flows? How supportive really is the, uh, undercurrent from investors, and how does the de-dollarization theme, uh, play into all that?

Thank you, Jason.

Yeah, gold certainly has been in the headlines this year.

It's been, uh, a busy start to 2026, and, you know, I think diversify the buy is arguably the undercurrent that is driving the positive investor flows that we've seen in gold markets year to date.

You know, as was mentioned, you know, there's sort of a debate about smoke versus fire in terms of, you know, flows and other assets, as is- as has already been discussed.

But for a recipient market like gold, there is certainly fire.

We've seen drips out of sort of any other asset class.

You know, what do these moves mean for gold going forward, and in particular, uh, the recent, uh, volatility that we've seen?

What exactly does that mean? And you know, what from the sentiment or uncertainty channel was driving gold prices, in your opinion?

Yeah, that's a, a great question.

Again, un- uncertainty is our top theme for this year, but for the reasons you-- many of the reasons you described, there's risks to both-- in both directions here, and it's part of why we're a bit conservative in, in our baseline view, at least for gold prices.

But what we saw over twenty twenty-five and already in twenty twenty-six, was that uncertainty can take many forms.

It's been trade and tariffs, it's been politics and government shutdowns, it's been concern, as you mentioned, about Fed independence, which may be overblown, geopolitics and armed conflict.

And so over the last year, the flavor of uncertainty has changed, but I think uncertainty in totality has remained a relatively consistent theme.

And in twenty twenty-six, we've seen it deliver some outsized price movements, obviously, and that remains a risk going forward in twenty twenty-six, whether it's coming into the market or coming out of the market.

How does that impact gold, especially in the context of what we're seeing in volatility in other asset markets? And you've talked about a gold-positive macro backdrop, but how does all that shake out for gold?

Do you think that also kind of leads us to U.S. treasuries as well? Do you see kind of a reversal of these central banks going from buying so much gold to buying more treasuries?

Well we think that the broader theme of central bank central banks moving into gold more sustainably is still intact.

Central banks for a number of years you mentioned it before have been buying gold in significant size.

We saw official sector holdings rise by over a thousand tons in each of the last three years and this year we expect to be another strong year even if it's not at those levels.

The reasoning largely has been around de-dollarization and diversification but we'd also add yield politics to the mix especially this year.

So we see central banks continuing their interests.

We see investors who have continued to accumulate gold.

And if those things get settled, Does that mean gold automatically moves back lower? Do you think the trend of central banks buying is maintained?