So what have you learned and how did it lead you to this sort of idea of ads for bots being essentially the next experiment worth running?

That's exactly right.

We've adopted this mindset of we would rather be at the table and learning as we go, as opposed to just simply waiting for others to pave the way.

And I think that that has led us to this moment in time right now that you so elegantly described in the setup here about where we see an opportunity.

And that opportunity is we, everybody in the media industry has been observing for the last several years that fundamental shifts are occurring in terms of consumer behavior, the role of AI answer platforms, the emergence of agents across the web and the explosion of those agents now being more dominant or a higher percentage of the total internet than human-based traffic.

And so there's a number of variables that have all emerged to get us to this moment in time.

What's really exciting and most interesting is we only launched the first agent ad, an ad targeted specifically to an agent who came to Time.com one month ago.

Remember,

And then as we go through this and, and more questions we ask, I'm sure we'll get into, uh, more detail, as I say.

Yeah.

I'm obviously gonna come at this from the goalkeeping point of view, and worry that we're almost stripping the individuality away and we're discouraging players from becoming a goalkeeper.

So whether a goalkeeper's mindset is very individual in a team sport, so we could end up losing young goalkeepers with that mindset of, "Oh, well, I'm not getting celebrated anymore.

I'm not getting encouraged to, to go in goal or be that individual one." So they could end up turning to other sports where they are celebrated within a team, such as athletics or hockey or cricket, where they have individuals within a team-related sport.

Uh, I'm...

That's the only thing I'm sk- very skeptical about, is why there wasn't thought process behind could one of them even wear gloves and almost become a sweeper keeper that had to, in possession, play outfield, but defensively became a goalkeeper? Um, are we stripping them of that action of naturally discouraging players from blocking shots or getting in the way of the ball, and that bravery aspect? And then you've also got to worry about for the inclusive point of view is a lot of young goalkeepers start off from being almost the last pick outfield, and then they get put in goal, and then they find their own relationship with playing as a goalkeeper, and they build up that rapport with a teammate.

Come on, are you converted? Where, where are you at, Mark? We wanna know.

We pray that the Lord will bless you as you listen.

Gracious Father in heaven, we are so thankful for your many blessings.

Lord, what a beautiful day here on this preparation day of camp meeting.

We're praying, Lord, for... that you would prepare our hearts for the, I was going to pray for a blessing on the Sabbath, but the Sabbath has already been blessed.

We just need to get in on the blessing, and I pray you prepare our hearts and minds to receive that blessing and be ready for the Sabbath when it comes.

Bless us today.

Bless the speakers across this campground with all the various messages being given.

of

We pray that the Lord will bless you as you listen.

Gracious Father in heaven, again, we are so thankful for the word of truth and the spirit of truth to give us understanding in spiritual things.

We thank you that you have a church on the earth and we can be a part of that church.

We thank you, Lord, that we have the privilege of coming together and fellowshipping and studying.

We thank you for this camp meeting and all of the presentations, all the seminars, all the speakers.

We want to lift them up before you as well.

And we ask now, Father, I ask that the words of my mouth and the meditations of my heart would be acceptable in your sight, my strength, and my redeemer.

We pray that the Lord will bless you as you listen.

Father in heaven, we are thankful again for a new day of life, privilege, opportunity, the opportunity especially, Lord, we have of knowing you and your son Jesus Christ and growing in grace and in knowledge of him.

I pray, Father, this morning your Holy Spirit would be with us as we study.

I pray the spirit of truth would give us understanding and clarity and confidence in your truth.

And I pray that you would empower us to be faithful witnesses To prepare this world for the soon coming of Jesus, we ask in his name.

Amen.

So, I began my pastoral ministry as something called a bivocational pastor.

It's not your money.

We pray that the Lord will bless you as you listen.

Father in heaven, we are so thankful today for the privilege of knowing you and your son Jesus Christ.

For knowing the truth for this time and being in a position to share it with those around us.

To be in a position to be eagerly waiting for the coming of Jesus.

We want others to share that hope as well.

Father, I pray this morning for this seminar and all the others that are going on.

I pray the Spirit of God would be present in a powerful way on this campground.

ashamed of later.

We pray that the Lord will bless you as you listen.

Gracious Father in heaven, we're just so thankful for your love and your mercy.

We thank you for the privilege we have of being a part of your service.

the knowledge we have of you and your son Jesus Christ, of which is salvation, you tell us.

And I ask, Lord, that the Spirit of God, the Spirit of truth, would be with us throughout this seminar, the other seminars, be with all of our speakers here.

Lord, I pray that when we leave this campground, our experience will be different and people will notice that we have spent time with Jesus.

For we ask and pray it in his name.

Essentially, a stripped down bot-friendly version of Time's website.

So we've taken all the visual design cues, all of the HTML off the page, and all it is is the actual content itself with the metadata that supports the content on the page, and we route the AI bots directly to those pages.

It requires less computational, um, power by them.

We're making it easier for them to actually get to that content.

There's also companies like Cloudflare developing tools that would allow publishers to put up basically a bot paywall, so that if a bot wants to crawl their site, it will have to pay.

I see those marketplaces being built right now, and there's no doubt that when we have this conversation in twelve or twenty-four months, it'll be a totally different world in terms of how publishers have navigated this transition.

Mark, Howie, how is it? Welcome

to the show.

Bo, Kat, Woodsy, I'm just trying to check flights as to whether I can get to Club Marconi on time because I'm all in to see this chicken soup race.

Beautiful.

Thanks for having me on.

What is your advice, Howie, in layman's terms, to our punters who are going to call it?

Right, this is a great question.

I've got two really solid points, and the first one is absolute.

What was the moment like, mate?

It was actually overawing.

I thought back.

I haven't been that nervous since the World Cup final in India when I was sitting next to superstars of the game thinking I shouldn't be here.

I understood the privilege of it and what it means to the people of Australia.

But after seeing and calling it for so many years, just the privilege of it probably got to me a little bit.

I was actually really edgy beforehand.

of cracking games, plenty of cracking games on Super Saturday, Howie.

What was the moment like, mate?

It was actually overawing.

I thought back.

I haven't been that nervous since the World Cup final in India when I was sitting next to superstars of the game thinking I shouldn't be here.

I understood the privilege of it and what it means to the people of Australia.

But after seeing and calling it for so many years, just the privilege of it probably got to me a little bit.

I was actually really edgy beforehand.

of cracking games, plenty of cracking games on Super Saturday, Howie.

Talking about the helmet, how much thought did you put into actually wearing the helmet today, too?

Well, that would've annoyed him, 'cause that wasn't his favorite look.

I know his favorite Chief is when he had the hair, so I thought I'd pay homage to him.

I did think about the helmet though, but I don't think he would've taken that that well.

How'd you go, mate?

Well, it's disappointing 'cause I ordered the medium and I should've got the [laughs] I should've got the small, Robbo.

It's a bit oversized.

But, um, you know, through this job you get to go to a lot of things and, um, be involved in a lot of moments.

Essentially, the effort sought to get you off of death row.

What's interesting is that his sentence was mixed.

So the first count, which was bank robbery in which a killing occurs, he was convicted and got life.

On the second, which was using a firearm during and in relation to a federal crime of violence which resulted in murder, he was convicted and got the death penalty.

Then that was appealed by Billy, and it was reversed, so commuted to life.

But then the state appealed it to the Eighth Circuit and made back to death and put him on death row.

But I think the fact that you had these different outcomes just suggests there's something fishy here, and also the fact that the state appealed to get it back on death row just shows how hell-bent they are on having s- the highest possible outcome and win for their case based on what they decided to pursue, which was death penalty.

And a judge, of course, ruled that even if the court would agree with Mr. Allen that these statistics amounted to a compelling indictment of the federal government's use of the death penalty against minority defendants, which is basically him almost tacitly acknowledging that it did, he goes on to say the law is nevertheless clear that a defendant cannot make out a selective prosecution claim under the equal protection clause without evidence that there was discriminatory motive to prosecute him in particular.

In what way has it shifted?

Tom, it's a, it's a dichotomy.

It's a dispersion of views.

But, uh, clearly market participants have, uh, have discounted private credit concerns.

That's not, uh, that's not front and center for them to the same degree as it was just a month or two ago.

They're not overly concerned with the situation in the Middle East.

Uh, you see in the market today not a lot of focus per se on, on, um, on some more strident language coming out of China, uh, vis-a-vis Taiwan.

Yep

Yeah.

But what I do have is an understanding, as last year, um, just helping out on my son's junior footy team, helping out as a coach and, and a runner, and just seeing under 14-year-old clubs, coaches, players, parents, and their different approaches to concussion, and you see some are fully aware of what's going on, and then you see some kids and some parents that probably aren't aware of the dangers involved and wanting to get their kids...

And just the language around junior footy.

Ru, you're going through it now.

You know, "Put your head over the ball."

Yeah.

He doesn't hold anyone responsible but himself.

He doesn't talk about doctors or clubs.

Yep.

But what I do have is an understanding, as last year, um, just helping out on my son's junior footy team, helping out as a coach and, and a runner, and just seeing under 14-year-old clubs, coaches, players, parents, and their different approaches to concussion.

And you see some are fully aware of what's going on, and then you see some kids and some parents that probably aren't aware of the dangers involved and wanting to get their kids...

And just the language around junior footy.

Ru, you're going through it now.

You know, "Put your head over the ball.

Go in harder."

Yeah.

[coughs]

... and, and our trading desks are, are gaming out, using, you know, real game theory to anticipate various outcomes.

Because as we saw yesterday with an incredible whip saw, uh, and we could see that tomorrow, the next day, you have to be prepared for multiple scenarios.

Because this is not like tariffs where a simple strike of the pen can reverse and you go back to close to where we started.

Uh, the damage to infrastructure is gonna take years to replace.

The, uh, the damage to trust and the implications on global inflation are, are gonna be here for a while.

So I think you have to be prepared for better, but not normal outcomes.

Gary Gensler a couple days ago said, "Yeah, it's $2 trillion, but the global capital markets are $120 trillion." So to put it into context, h- how do you guys think about that?

On this crazy Wednesday with the news flow we have, what is the constraint in this system that we have? Is it monetary policy? Is it this trade fiasco we're in? What- what's the constraint in our trilemma?

Well, I guess, Tom, there are a number.

And good morning, thanks for having me.

Um, you know, I think the constraint, uh, has been, uh, for most of the year, has been, uh, overarching uncertainty, um, the unknown.

And that's been holding back corporate America in particular, away from the Mag 7.

It's been holding back animal spirits.

And with the passage of the Big Beautiful Bill, with the resilience of the economy, uh, and with, you know, getting deals, you know, preliminary deals done with- with key partners like the UK, uh, Japan, and the EU, some of that uncertainty is fading.

Uh, uh, I mean, is this the main story? The surprise for the second half is dollar resilience?