Transcript

I mentioned that the Internet economy is changing, so let's get specific about that. And I'm talking of course about the twin revolutions in money and intelligence, you know, crypto and especially stable coins on the one hand and AI on the other. Stable coins are reaching enormous scale. The total value of stable coins in circulation has now surpassed 10% of the total value of paper dollars, and that's up from just 5% two years ago. They are a powerful, powerful lever for growth and efficiency, especially for businesses with the global footprint. AI is rapidly giving rise to new modes of commerce on the Internet. Now, like it or not, agents will soon be swarming all of our sites. You know, in fact, they already are. And they're taking actions on behalf of shoppers, developers, researchers, operators, and really everyone. So this means new channels for growth and also the need for new economic infrastructure native to the AI era and new tools to help us understand and optimize how AI is affecting your businesses.