So why now? What's changed that makes this buildable today when it wasn't, say, five years ago or when you started?

Yeah, well, let me draw from a little bit of what I just talked about, which is that one thing we recognized early on And I didn't touch on it in the intro, but myself and my co-founders have been working on this for 15 years, first starting mostly at MIT and Berkeley.

And we started IR Labs coming out of MIT in 2015 while we were still students.

So I also like to say all I've done in my adult life is try to get this technology to work.

So we're fully committed and all in on it.

But let's talk about the why now and also what had to happen to enable things.

And I want to go back to saying, hey, well, how did it used to look? And I just described these kind of telecommunications products and solutions.

I hear right from people, maybe not everybody, but I hear whispers of, like, folks concerned because I'm not going to say that TSMC is not – immature but you'll hear tower and you hear global fan and it makes it sound like others that they're more that they're farther along right that tsmc is just not so you're making a big bet right on this you guys are working with tsmc you're in house everything's under one roof plus with your customers so i'm just give us some color like your your confidence level that that tsmc is the right bet for this and that they're they're moving forward on a path where um you know there's confidence right confidence that tsmc is the right play here

I'm really happy to have the team here with us mark wade partner at kaz investments and patrick dahan head of petroleum analysis at gas buddy thank you both for being with us you know memorial day weekend is upon us and the pump prices are heavy but mark let's start with you i want to hear your thoughts on the oil print right now and what i mean what's going on here and what do you expect to happen

Well, thank you, Nicole.

It's great to be here with you.

It really is a pleasure.

Oil prices, they're very high.

I think they're going to be high for a while to go still.

I think what folks aren't really appreciating about what's going on with oil prices is it's not just a production issue, but this is also an infrastructure and a transportation issue.

Explain that.

How's it different when you invest in a GP? Is, are there certain cases where it makes sense to invest in a GP and not the LP, in the LP and not the GP? And how do you kind of disentangle that?

Absolutely.

There are situations.

You probably have heard the saying, "I'd, I'd rather be an owner of the business than a customer." Right? That, that's true here as well.

When you acquire GP interests, you're underwriting many of the same risks, but not all of the same risks.

And there's, frankly, there's different ones.

It's easy to observe investment performance, the track record.

Why is that not the top? Give me the bull case.

What are the different types of problems that you're trying to solve today?

The first I'll say is access.

And I don't mean access to some generalized private equity fund.

I mean, access to the best opportunities that exist out there.

The way I describe it to folks is that somewhere in the world right now, somebody has the best investment idea that's gonna generate the best returns over the next three, five, 10 years, whatever timeline you want to think about.

Somebody somewhere has it.

The objective is to be the first call that that person's going to make to finance that opportunity.

I might become excited about something that's terrible, and I might think that something that's really good is actually not good.