Let's talk a little bit about AI. How is AI impacting you personally and your
particular investment sector?
Anybody wants to go first? Yeah, I think I can mention one case in point.
Ocean data collection is a hard thing to do. Getting all of these disparate sources
to match up is a challenge that AI can help with in a significant way. We're
collecting more data on the ocean before but it's really, it's all over the place.
So one of the cool companies that's doing this that we just invested in too is
called PeerSight and they're using satellite data to track. They want to create a
constellation of satellites and now the satellite costs have come way down by the
way. It doesn't cost, they're gonna launch on SpaceX next year. It only costs like
hundreds of thousands of dollars to get these little CubeSats up there. And then
they can create, they use radar data to analyze the entire world's oceans for ships
And they're ship tracking because 200 nautical miles and out and beyond it's it's
the wild west. Okay. It's an outlaw ocean and they're operating without rules and
they do a lot of illegal fishing and a lot of legal swapping of oil. They do a
lot of dumping of things human trafficking all sorts of bad stuff. Okay. That
happens on the high seas and this group called pier site. They're out of India.
They have some of the top space investors out of Bangalore India. It's like the
Silicon Valley of India, they brought the cost down to develop these satellites and
then they can use AI on the back end to analyze the blank pixels, the blue water
pixels from where a ship is, right? And to monitor the whole world's oceans is a
really big feat and AI can help with analyzing. Is this a ship? Are they conducting
illegal activities? And then you got to get the enforcement that actually has to
happen on the spot. So to enforce fisheries rules and to force laws at sea, you
actually have to be there or take pictures of it actually occurring. And that's
actually a hard thing to do. Very few groups are doing it. So a lot of security
agencies are interested in them. A lot of VCs conservation related huge impact from
stopping illegal fishing and some of the bad actors at sea. So AI can really help
with that with taking all the world's ocean data and getting it down to what do
you need to know and how is it actionable information. That'll be significant for
the ocean space. Thanks for the insight, Matt. So I'm not really that interested in
AI from making, from a making money perspective, because it's just another Ponzi
scheme. And it doesn't mean that it's not real. Like it's very real. Because we see
these self driving cars, they're amazing. You get into the cars, they do themselves.
That's all an attribute of AI. The problem is, though, That this game is being
played at much higher levels. So like look at open AI the valuations precede Look
at the two ex -founders of open AI who set up their own company. They raised two
billion dollars Preceed where's this a large guy? You're gonna get a chance playing
in that game. It isn't gonna happen It's like Richard said earlier on you don't run
towards where everybody else is or where they're running to you run towards to
What's adjacent are around it are different to it. So the things that I'm really
interested in, what is AI going to massively disrupt and change? So case in point,
compute power. Compute power is going to be the biggest thing in the world. There's
going to be food, there's going to be water, and there's going to be compute power.
And if any business thinks that they're going to be in business in 10 years, and
have a chance of competing with the largest players in the world on a compute power
places, you're delirious. Like this is all going to be eaten up by them. That's a
place that we can make an ownership in. Data, we had this great conversation about
data earlier on. Data is going to be destroyed. AI is not going to be able to
play with data, with bad data and make it all beautiful. That's not what happens.
Bad data is going to turn into worse AI data. So we're moving heavily into the
data space. Anything that's going to be touched by AI is an incredible opportunity
to move into really early before the upside comes. So that's what we're going after.
Yeah, I think for us, our portfolio companies are not very sophisticated, more blue
-collar, so we see a ton of opportunity in the customer service, sales space, but so
now we're trying to either partner with a consultant or bring on new talent to deal
with that because my partner and that's not our expertise. I would agree with that.
If you look at a lot of baby boomer run businesses that have 15, 20 plus years of
stabilized cash flow, they're not interested in learning how to integrate AI and
other company, but it can significantly improve the front end and it can
significantly reduce inefficiencies as well quickly. Kind of,
but like nobody has ever woken up in the morning and said, "I wish there was more
AI in my life," right? Like it's not a thing. And most of these companies and most
of us receiving those phone calls, like we're not getting these phone calls and go,
"Oh my God, this is awesome. "I just had an autonomous pretend person "call me up
to sell something," rather than having a real person selling it. Like still, so far
it hasn't made the difference inside the companies, but it will to your point.
- Yeah, I think changing now. And it's going to change aggressively. So I know a
lot of people that are really good at sales. And I had someone tell me that
they're going to set up a chatbot with one of my companies and it's going to do
better than the best salesperson that we've ever seen. And they did that. And I was
blown away. And now they're telling me it's about two months away from being able
to do that on voice. And I am a full believer in what's going to come with AI.
In fact, I will say, AI will be the greatest wealth builder since inception of
mankind. And I think that if you're not willing to integrate AI into what you're
doing, it's like saying, I'm not going to use this new technology called electricity,
and I'm going to keep using the horse and buggy. And we all know how that story
changed. Only the difference here is AI is about 100 times more impactful to society
than electricity. So I'm on the other side of the fence on that one. Michael?
- Yeah, we currently don't use AI to identify investment opportunities.
However, it's huge in this space. It's huge for other things.
We use it like marketing that you were just saying.
So, but in terms of identifying the crypto, you know, the best crypto products on
the market. We haven't found a way to use that yet. - Got it.