What are you seeing right now in the market as more applications are making their way to the enterprises? How are they dealing with it?

Yeah, so what's really amazing with the vibe coding is how quickly you go from an idea, an English sentence, to an application that's working.

You can click it, you know, it does things in just minutes now, which is really incredible.

That's not something that any of us could have dreamed up five or ten years ago, and all of us wanted that capability.

So vibe coding is really cool from a technological perspective.

However, actually, vibe coding within the enterprise is pretty tough.

And the reason is writing the code is some part of the challenge.

So when you talk to these leaders, these CIOs, CTOs, CISOs, what are their biggest concerns? What are they worried about? And what are they excited about with the new evolution of vibe coding?

How can investors use Russell-based exposures, particularly small cap or style-specific ETFs, to diversify beyond market cap-weighted portfolios that might be very dominated by the largest companies or the tech sector?

Yeah.

Also a very common question [chuckles] that we get all the time.

Um, the...

Le-let, let, let's begin with the context of this, right? So the US equity markets have become more concentrated, as, as quite obvious, um, for many of our clients that mention that as well.

Um, with a large share of those returns really driven by the mega cap stocks, um, in, in, um, in most, well, most of the indices that are market cap weighted.

So then when we begin with the broad core, most investors will start with total market exposure to capture the full opportunity set in a simple, diversified way.

Beyond the benchmark, what practical factors should investors evaluate when selecting Russell US ETFs?

And I wonder what advice do you have for organizations and for executives who are worried about, uh, the total cost of ownership or-- of artificial intelligence?

Yeah.

Two points.

Uh, one is first, there's really great news, which is that there's a lot of innovation right now in the LLM space.

It used to be more of an oligopoly with just OpenAI and, uh, Clopay, maybe arguably even just OpenAI for the first year or so.

Uh, but today there's so many options, uh, whether it's the open source models, uh, from the US or from China, uh, there's a lot of competition now in the model industry.

And, uh, to what you said, you-- what we've discovered, uh, internally at Retool, but also, uh, with many of our customers, is that you oftentimes do not need the best model, the most intelligent model to do a lot of these tasks.

[chuckles] Um, and I wonder, you know, as you contemplate this asymmetry, uh, what are your observations or recommendations for heads of tech and digital at major enterprises to ensure they are both getting the advantages naturally, uh, out of artificial intelligence while safeguarding, uh, their most important assets at the same time?

Is this then an historical pattern that has occurred over the years where, as you alluded to with Alexander Graham Bell, it was kind of fostered a little bit back in those days, but as we have moved forward, history has allowed us to kind of open these doors as we move forward?

Yeah, that's absolutely right, and I'd love to start with the example of Alexander Graham Bell because it was in Philadelphia in 1876.

So 150 years ago, there was a Philadelphia Centennial Exposition in which he introduced the telephone.

Everyone was amazed, but then it became very obvious.

A single telephone has almost no value.

You really gotta have it in the hands of millions of people to really, uh, make those connections and realize the value.

And so the invention was important, but the system of bringing that invention to the market by forming the Bell Telephone Company, about adopting a leasing model, uh, rather than just simply selling the telephones, that there's repeated points of contact with the customers and upgrading of the quality of the phones-

Right.

What are your thoughts on that?

I-- my sense is that that introduces a lot of complexity.

I think that perhaps there is a bit of synergy in technology leadership, but I think that the customers are sufficiently different.

If you thought about the customers for the vehicles versus the different lines of business of SpaceX, those are largely non-overlapping.

And so investors can already buy through the public markets these two stocks separately, and so it's not clear that this conglomerate structure really unlocks a great deal of synergy that would justify any meaningful premium to these companies, uh, separately.

In, in fact, makes it a little bit more...

A-again, we already have three companies in one in SpaceX-

Yeah.