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In an ever-increasingly connected world, financial markets play a vital role in ensuring the smooth flow of capital across borders and time zones. For market operators, the rise of digital trading systems and new blockchain technology holds promise for always-on accessibility but comes with potential drawbacks, including gaps in oversight, cyberattacks, and navigating complex regulatory environments. What are the global forces influencing financial markets? How can market operators worldwide advance transparency that enables investors to match their portfolios with environmental and social objectives while reinforcing global market trust? A panel of financial market decision makers share their strategic insights. 

The Global Forces Reshaping Financial Markets

Thank you all for being here. Thank you. um, Bonnie, let's start with you. OK, we're seeing a wave of new listing destinations. Um, what are you seeing? And do you think that the traditional financial powerhouses, you know, New York, London, these exchanges are gonna see challenges in the years ahead? OK, uh, maybe let me start with what I am seeing on my part of the world, um. And uh I'm very conscious that I'm still the old fashioned stock exchange when it comes to uh capital raising. And the reason I'm, I'm saying that is because, um, I guess, you know, a lot of you would have been reading about how the private money, you know, has been taking over a little bit, uh, and quite a lot of companies have decided to Stay um private for longer and there's a lot of available capital whether it's from private equity or private credit, etc. However, uh I'm, I'm very pleased to say that um actually year to date we've been doing really quite well uh and Hong Kong. In fact, we have by now probably uh completed close to 80 IPOs, uh raising uh close to $30 billion US dollars for these newly listed companies, uh, and we're gladly sort of at the, at the top of the global league table. Um, and, and I guess at the end of the day, um, Running an exchange or running the capital markets is really about connecting capital with opportunity and there are now various different alternatives that companies can seek to make use of. Um, but my personal view is that we're going to see this increasing um Uh, availability of, of different venues, right, so that companies will have more choices, investors will have more choices, and in fact, you alluded to it at the beginning already with the technology uh now uh also uh being featured, um, the, you know, I, I think, you know, people are, are now seeing a lot more proliferation of From fundraising channels and and uh and means so I think it's upon us, uh, runners of of operators of exchanges to make sure that you know we find ways to stay relevant absolutely and bringing you into the conversation, um, yesterday I was on a panel with uh an entrepreneur who has decided to stay private a little bit longer. What are you seeing in this region and thank you Lou. Good afternoon. Um, yeah, if I look at it from the Saudi capital market point of view and the Saudi exchange point of view, we have been blessed also of having a very healthy IPO pipeline. Of course it's driven by the uh macro level transformation that is happening in the kingdom, um, so, uh, we witnessed a growth in the last 3 years I would say. Um, at least, um, on the average IPO pipeline we have around 8 to 9 IPOs a year. Now the average is around 40, 45 IPOs a year, which is a significant increase, and I think that for for us it's mainly driven by um the transformation driven by Vision 2030. However, as, as uh Bonny was alluding to. Um, the alternative, uh, channels and platforms for issuers, for investors, for market intermediaries today are totally different. We're playing with the different players today compared to, um, yesterday. traditional exchanges used to be the go to, um, to capital formation. Um, it started a few years ago on the private market. Um, but it, it has its own challenges, um, in my opinion. Now it's, it's a wider range of, uh, of, of channels, but I just want to remind ourselves that, um, historically, um, stock exchanges are a source of innovation, uh, from the beginning because whatever we, we, we provide today it's based on technology and innovation, um, the products that has been on the um. Um, and on the markets between developed, uh, emerging and frontier markets has been there for decades, and these are based on innovation and, and I think what, what, what we, the situation we are in today is basically we need to make sure that we are faster, uh, we are adaptive, uh, to what the clients needs, um, rather than being the only. Capital formation. Well, Bob, I think when people think of the NASDAQ, they think of huge tech IPOs, but actually your business is everything outside of the US, and the Nasdaq technology underpins, I think you said, 140 different exchanges. So tell us a little bit about your model. Yes, thankfully I'm actually honored to be up here with two of Nasdaq's long-term partners. So thank you for inviting me to participate with them today, and I What is interesting is that NASAQ has grown as an organization. When I joined 19 years ago, we kind of did two things. We did listings and trading, and that's still the kind of the bow of the ship. When people think of Nasdaq, they think Nvidia today, but they also think Microsoft, they think Starbucks, they think Regeneron, they think the biotech sector that that we've been able to develop. But the reality is we've gone from a $5 billion market cap company. to a $5 billion revenue company that's $50 billion in market cap and done acquisitions and we do everything from trading technology, matching technology, regulatory technology, risk and treasury management, anti-financial crimes. So we do a lot of other things that are beyond the scope of just thinking, listings, and trading these days. But as we said, I spend Most of my time working with entrepreneurs around the globe, we have about 800 companies that are non-US, and that's where I spend my time working with them as well as talking to those companies that might be public companies and you know what one of the things that I'll say to all of you, which is what I said last backstage, is that I believe that most companies belong in their local markets. I firmly do. I don't go to. Kong, China, Tokyo, Singapore, Argentina, and try to convince companies not to list in the local markets because most companies do belong there. But there's a small group of companies every year that choose to list outside their local market, and we at Nasdaq firmly believe we have the strongest value proposition for those companies to list on our exchange, and that's, that's where I spend most of my time. Yeah, I want. Say we do want to take some questions from the audience. So if you have one, raise your hand, we'll get a mic over to you. Um, but Bonnie, you, I think you said that you have about 200 companies in the pipeline, uh, more than that with 300, 300 by now, OK, and talk about what kind of companies like what what do investors want right now, right? So what do investors want right now? Well, maybe I should talk about the 80 IPOs that we've um completed year to date. I would say over half of them are technology focused, so what we call new economy companies. And this year, in particular, we've been uh doing especially strong in the biotechnology space. Uh, I think this is just, you know, very well sought after. And if I look at uh especially the, the books, you know, during the IPO times for um these um companies. Uh, we are very glad to see actually a return of um international investors, um, because, you know, as you've probably been reading in the last few years, we went through a phase where, um, there, there were questions, right, as to, you know, the investability of Chinese stocks, but I think we have, you know, made a lot of progress and so this year, uh, what we were able to To see is really very strong appetite on the investor side. They want AI, they want, you know, anything to do with semiconductors, they want a lot of um uh um um names in the green technology space. Um, but aside from technology, what is also emerging is a very interesting phenomena, uh, which is what we call new consumption. OK, I don't know if you know this, uh, thing called Labubu. Of course, of course, right? I guess, you know, a lot of people know about. I was, I was with Grant in in Shanghai a couple of weeks ago. He's built an amazing business, right? So, um, we now see, uh, you know, a lot of these, uh, sort of new companies. In what we call the IP space, and they're growing very quickly, very well sought after. In fact, you know, I've visited a few cities recently, uh, Paris, London, and, you know, I always see the Pop store and the lines outside waiting to get that blind box. So Tim Cook just got one. you see that? Yeah, yes, yes, yes. I got a mini one for myself. Anyways, um, so you know, really quite a broad spectrum, uh, of what interests investors and, and, you know, to, to sort of put more color on it. I think what we are seeing also is a desire, um, on the part of investors around the world to seek more diversification. I think you know, your Bob has been obviously doing really well on the NASAQ side and we see a lot of flows right globally uh being attracted or gravitating towards the US markets, but I think I missed a lot of the volatility and, and um or uncertainty and predictability we're seeing in the markets. Um, it's quite uh You know, uh uh phenomenon this year seeing um more investors trying to adopt a more diversified, uh, uh, trading or or investment strategy. So the 300 companies in my pipeline this year are waiting to be listed, uh, I would say still, you know, predominantly in the tax space, but we are now seeing um. A lot more variety. In fact, I can tell you that in the last two months I've probably met over 20 different types of humanoid robots. Wow, yeah, yeah, yeah, yeah, they do all sorts of funny, um, yeah, yeah, yeah, yeah, and you know, quite a few of them are looking. Uh, to seek a listing on Hong Kong Exchange, I think, one of the great things that Khalid, Bonnie, and I all do is that we're able to expand the market. Like, it's, it's not necessarily 300 companies, 300 companies, 50 companies that like we talked about that are in the pipeline. Does the, the, the number continues to grow. Well, we've gone, we went through the end of 21 through 2 or 3 years of tough markets where people couldn't get public. Now suddenly in 25, we're suddenly getting. Some momentum in the US unfortunately they've thrown cold water on it with the government shutdown, but you know we know what the pipeline looks like for 26 and beyond, and I think all of our markets are seeing more and more early stage investors who want to get out, private equity companies, you know, government backed companies, you know, more mature companies, recycling of of companies that have come through private equity. So we're seeing a lot of these fantastic companies that want to come to market and and. We're growing the market together and our platforms are where people are able to raise money and help help the economy. That's what, that's what it's really about for us. Khalid, talk a little bit about the startup culture here, you know, the VC funding like how is that whole ecosystem combining to bring you good candidates? Well, this is basically what we have done when we created, so we run two equity markets, the main market, and we started in 2017. Um, a parallel market we call it the growth, um, uh, as a translation of NO. This is basically to capture, um, these small startups, family businesses that they cannot meet the requirements and the demand um of listing on that platform and we it's tremendous. We, we, we are over 130 companies, um, if we, if we discount corona period. Um, that's a significant and the number of applications we're reviewing now on that particular platform is over 50 applications and every year it's repeated itself. So, um, the exchange as traditionally do, um, they provide, um, um, a platform for exits realizing of of investments or a long investments capital formation for them. And it's a safe, uh, regulated environment that brings a different type of investors to these companies because this is could be part of what the uh startups is looking for, um, as part of their continuation and growth. What, what's, uh, what's striking is basically for us is these companies moving from unregulated environment to a regulated environment. Did we, do we see a big struggle on them and some companies, yes, um, um, and, and this is basically what we encourage, um, these startups, um, small, medium enterprises, family houses, if they decide to go public. This decision is not a 3 month decision. This is a 3. So you have to start the process from early on to change the culture, to change the way you manage things, to understand what the investor will look look at at your company in order for you to perform. And when you say struggle, are you talking about reporting requirements? What are they struggling with? I don't think the reporting requirement is stringent for them to comply with. I think it's a lack of being able to. Understand what are the continuous obligations that they're supposed to live with. Many companies in these small enterprises do not apply compliance officers, for example, the governance officers. All of these types are, all of these functions types of functions are new to them. So we help them through several inductions prior of workshops that the exchange does for them. But um I just, since we, we, we looked at private placements, in my opinion, public and private, um, they used to be far away. They used to be competing heavily against each other. I think the, the gap now is narrowing because of the other alternatives that are coming in place, and this is what we need to be concerned about, um, and I think we're not, we're feeling the pressure, but we're not, I'm not concerned. Because I think this is an evolvement that exchanges have gone through, um, started with. Equity markets then look at the space of um. Security offering services offering around um issuer needs uh financial intermediary needs as well as an investor needs. So with a lot, it will evolve and I was discussing with Bonnie this morning, it is. The The base of change, um, on the alternative platforms on the sophistication of investors, um, it's, it's unheard of. I have been in this business for the last 1819 years. Well, this is, you wake every morning. Um, you come, there's a new channel, there's a new way of doing things. There is a new requirement. Yeah, I mean, we, in fact, that's exactly what we talked about this morning. I think you talk back two decades ago. If you have money and you want to invest, what do you, you likely want to call your brokers and then you talk about, you know, what. There are available and then, you know, you may decide to put some some money on one stock or another. Now, right, we, we basically compete to be to, you know, against cryptocurrencies, commodities, and people can get exposure through pretty exotic um Instruments, right, to get exposure to, you know, all sorts of investment opportunities. So I think now we're entering into the stage where exchanges are not really competing with one another. We're working together with one another to make sure that we all stay relevant and miss all these um uh this intermediation and, and that's quite a fascinating. Well that's a good, that's a good segue to token. and Bob, give us a little primer because I know it's huge and I, you know, it's going to change all of our lives. What is going on in the US versus the rest of the world and what's going to happen in the future? So tokenization in terms of trading is allowed in US securities but outside of the US. So many of you may have heard of that Robin Hood and eToro and some of these companies are trading tokenized. Securities of US companies outside of the US, um, what we actually announced at NASDAQ and that we're trying to use the benefits of technology and, and certainly the blockchain is one that in this area is super relevant is that we're going to move towards the tokenization of the clearance and settlement piece. The trading actually. You know, to say this sounds kind of almost crazy, but blockchain does their validation in about 1 2nd or so. It's maybe a little bit less, it's getting faster, but markets trade faster than that. All of our markets trade faster than 1 2nd. They actually are calculated in microseconds, so we can't do tokenized trading. as quickly as those market participants want us to in the US, and so we'll diminish the liquidity in our market by moving towards that. But what we do know is that the clearance of settlement piece is the natural place and a place that we're moving quickly towards figuring out with the community, you know, obviously we're bringing everyone along, but we think that that's the best place to use tokenization in the US. I see we have a question in the audience if we can get a microphone. Um, Stand up. Hi Alex Tranoff in Silicon Medicine. Um, my question is, uh, to Bonnie, um, uh, you've done such a phenomenal job with the Hong Kong Stock Exchange and uh, uh, in recent years, and, uh, uh, you know, in the past couple of years it was a little bit kind of gloomy and doomy. And now it's uh the listing of more so everybody wants to invest in Hong Kong. Hong Kong is hot. I've got 300 companies that are being listed. What's driving this growth and also what, what's driving biotech growth as well and um. Uh, how many of those companies are international and also since we're in the Middle East, how easy it is for the Middle Eastern companies to list in Hong Kong. OK. All right. Well, I think, you know, the first question maybe because they appointed a new CEO at the Hong Kong Stock Exchange that explained the upturn. I'm just joking. I'm just joking. I, I guess, you know, I, I touched upon it earlier. It's, um, you know, this desire on the part of investors to really diversify, um, you know, just miss all the uncertainty in the world, um, they, they, they want to put their eggs in more than one basket. And I guess the fact that, you know, China is able to turn out so many fascinating companies. And I mentioned the 300 number, which is my pipeline number, um, that has drawn a lot of attention um to um the, the Hong Kong listings. Um, and I guess, you know, the liquidity also, uh, it's another big attraction. Um, you know, many of you may know that we have, uh, something called the Connect franchise. This is an infrastructure that was built 11 years ago, uh, which basically connects the China market to the rest of the world, uh, meaning that investors. In the Chinese mainland can actually invest in securities listed on the Hong Kong Stock Exchange, which includes a lot of international issuers um through a pretty convenient route, uh, and vice versa, international investors can also invest what we call northbound um into the Chinese mainland through the Hong Kong uh connect franchise, and that has been actually our trump card I have to say. Secret weapon. I stopped using trump card. That's your card, yeah, because, because, you know, we're the only market which offers that, and you can imagine the growing middle class in the Chinese mainland, which is now, you know, reached 400 million, and they are looking really for ways to um uh to, to, to get a return. And so, um, southbound trading, it's now accounting for about 25%. Of our daily trading volume and I think that provides a very good support to our liquidity and therefore um increase in turn the attractiveness of our market as a capital raising center. Now your question about why biotechnology um is, is such a, a, a, we have a very uh well performing biotechnology segment this year in Hong Kong. I guess it's because, you know, we are able to attract very Very exciting companies, um, uh, from the Chinese mainland as well as actually around the world. Um, we have, uh, today attracted biotechnology companies from Singapore and, you know, elsewhere, um, but most importantly, they see it as a convenient way uh to enable them to maybe get into the phase of doing licensing deals with the big. Farmer and having an an acquisition currency in the form of Hong Kong uh stock is a useful one. So you know, quite many things, um, you know, acting together, but I would say, you know, that you know we, we definitely want this, uh, to sustain and so and I think we're gonna have to end it there. Thank you so much. Thank you, thank you.

As global power dynamics shift and capital flows are reshaped, the world’s leading investors and institutions are rethinking how and where value is created — from trade and macro forces to evolving client priorities across Asia and beyond. What defines leadership in wealth today and who’s best positioned to shape the next era of global finance? Join these financial titans for a high-level look at how strategies are evolving across institutional portfolios, private wealth, and emerging markets. 

The New Rules of Wealth

Mary Suhaan, thank you both so much for joining us here today, um. I'm very aware that as we're talking, uh, there's the headlines that are out there right now have to do with trade talks between Trump and Xi and a bunch of deals that the US has just concluded in Southeast Asia and in Susan's home market, um. This just stresses how much in some ways the geopolitical and the economic order have changed in the past year, and I'm just curious to know each of you has a responsibility over over both institutional and individual wealth. How has all the flux of the past year, how have you managed it? How have you kind of surfed those waters? So let's just put things in context. Do you know how much trade outside the US is of global trade? Trade outside the US, not off the top of my head. 89%. OK. So TOTUS, that's trade outside the US in DBS we call it COTUS as opposed to POTUS. Um, so trade outside the US is 89%, um, and it behooves all people who have supply chains, that's most companies, to look at how they diversify the supply chain. It used to be China plus. One, now it's China plus N because you know, your plus one could also have tariffs and it will still have a high cost of supply. So it's China plus N, which inevitably adds costs. So then in the past, the supply chain was always cost optimized for the most efficient supply chain. Today you are diversified to be just in case rather than just in time. So that does that cost and friction, um, but it also reduces dependency. So that's your supply chain on the upstream. Then the pardon me for interrupting, but that's for you running Southeast Asia's largest bank. This is creating opportunities for investments, for new relationships for ways for you to be involved in paving the way for this kind of capital. Absolutely it's creating trade networks that previously did not exist or it existed, but it was nascent. So for example, as we're in Saudi Arabia between the GCC and the and, and, and Asia, between between China and, and, and Saudi. Uh, Indonesia, Southeast Asia, the, the, the trade and within intraregional trade within ASEAN countries as well, it's gonna go up and it's already going up, uh, and it's so, so how do you fund this because if it's intra-regional trade or it's GCC to to China, for example, um, is there an alternative payment mode other than say just purely relying on the US dollar, for example, other currencies, etc. that can help to, to, to, to, to pay for, for these supply. chains. Then on the demand side, it's also looking at new demand growth areas. In the past there was a strong reliance on the US, uh, and now with Asia growing, uh, with, um, the Middle East growing, with the global South growing, the global South connectivity, the Asia to to to Middle East, Europe to Asia, etc. the trade outside the US, certainly on demand side, I think will grow, uh, and that's where a lot of energies are being focused. That's interesting. So Mary, from your perspective in private wealth management and this what the TOTUS opportunity if you want if you want to call it that, um how's that affecting the way that you and your team? Well, you know, first of all, it's so great to be here in the region and just as Cusson said, this is, this is a time for all of us to be rethinking whether we're properly diversified in our own asset allocation, whether you're a sovereign wealth fund or an individual, you tend to have home country bias. Uh, how do you think about that in today's changing. World order ever changing world order, uh, and we're here in this region, uh, today is a great example of the opportunities that are abound. We just celebrated our 90th anniversary here in Saudi Arabia as JP Morgan and um it was quite a momentous occasion last night. We we just also announced that um Saudi Arabia is going to be the headquarters for our entire Middle Eastern uh efforts here, and there are so many things happening in here in Asia. headed to uh headed uh to her neck of the woods um later this week and to think about making sure that you're seeing the opportunities that are that are that are exist everywhere and you know um when we think about and I'm sure we'll talk about AI and and the like, but the all of the evolutions that are happening from a techno technological standpoint are levelizing the playing field for everyone to have a new opportunity to think about what's next and so that's why flows of. Capital are moving as such um, people are thinking about where it is that they can allocate to both protect their assets as well as have appreciation and of course making sure that you are strategically protecting your assets you know we talk a lot about making sure that you have resiliency in your portfolio that you're stress testing. There's a lot of assets that have obviously had a lot of appreciation. Are you ready for a correction if it happens? We're due for a correction at some point. It doesn't mean it's imminent. It just means you have to be ready for it. It's like any good. Management strategy. Are you prepared if something goes down 5, 1015, 20%? Can you survive for how long? Will it give you an opportunity to reset? Do you have cash in your portfolio to take advantage of it when it does happen rather than just sitting there and watching it? And so those are the kind of things that, you know, we're all spending time focused on and doing that while looking at the opportunities that are abound around the world and thinking about you just heard the panel here of the new airlines that was launched, there's there's opportunities everywhere. Yeah, and the broader the base of those opportunities, the more you're cushioned against the impact of any kind of individual correction that happens somewhere on the subject of AI, one question that Fortune is probably visiting editorially at least 3 times a day is AI bubble or no AI bubble. In the S&P 500, which is of course just one part of the global markets, a very high percentage of the gains in the last few years have come from AI and AI adjacent stocks. Morgan Stanley report said it was something like 75% since 2022. Um, from your point of view, uh respective points of view, is there, is there an overconcentration in certain AI stocks at the expense of diversification, and is that a risk? Well, if you look at the Asia like Japan multiples, you know, we're at 12 to 14 times. I think the US marries in the high 20, 30s, AI, you know, uh, uh, astronomical, um, so there is some, there is an AI arbitrage, I guess between Asia and the US, um, and, um, thank God the US market is open so global clients can participate in, in, in, in the US market and And, and take advantage of the momentum there. Um, but, um, I think by and large, whether it's AI stocks, tech stocks, hardware, software. Um, Asia still trades for the discount to, to, to the US, um, and, um, the, the Asian use cases are maybe a little bit more pragmatic, so rather than large language models, you have small language models, you have more use case driven outcomes, and you also have a blend of hardware and software, right? So whether it's robotics, drones, They in China, they call it the low flying economy, uh, biotech, etc. Look, I mean, US and Silicon Valley is the hub of innovation and everybody's super inspired by, by what's going on in the US, um, and, um, Asia with a large population and a very big stem graduate cohort in India, China. Uh, uh, uh, etc. naturally means there will be a lot of innovation and energy and, and, and, and, and startup activity. So I would say, you know, has a global view rather than a kind of um regional view and and look at some of the growth opportunities. I mean, in time to come, I hope East West tech becomes interoperable right now it seems to be a little bit bifurcated. If you will, but um maybe this is the case for somewhere like Singapore being the Switzerland or the east, perhaps to try and make, you know, both sides more interoperable, um, and have your IP set somewhere safe, um, but obviously, you know, with, with the PDPA and and data security and what have you, um, to then bring the best of East and West AI together. I, I think that's exactly right, and I think you asked the question better. Than anyone that's asked it recently just to be, to be truthful because everyone says, is there an AI bubble. That's like saying, is there a computer bubble. That's a crazy question. That's not like, no, there's not an AI bubble. AI has not even been deployed anywhere to the extent that it will be. Less than 10% of companies actually say that it's embedded in the services and the products that they deliver today. There's an enormous amount of opportunity. But what you ask is, are AI stocks having a little too much concentration? Of course, like some do, some don't, some you're trying, you're trying to extrapolate multiples out into the future of something that's only 3 years old from the mass general population. AI has been around for a lot longer than that, but how do you think about it in terms of everyday use, in terms of companies taking away the no joy work to be able to to make workers more efficient, to think of entire. Fairly new ways to run your company and, and so first there's the stages of just like AIing the processes that nobody likes getting rid of the no joy work, but then there's the when you really have time, you step back and you rip apart the whole thing and you say why did we even do it this way? Why did we move something from A to B to C to D? We don't even need to do things that way. That's when you're going to see the power of AI drop to the bottom line of all these companies, and that's going to be the massive. Uplift. That's why you're saying the multiples are the way they are. And the question is how fast will we grow into those multiples. It's not that the multiples are wrong, they will eventually be right. They may not be right for every company, but they, yeah, do they reflect 2026 reality or 2036 reality exactly. That's a great way of framing it too. Speaking of AI change in the way these all these other companies work, I'm curious to know from each of you what are you doing now with AI that's in your own work as a leader and as an executive. Well, um, it's, it's, you know, I think people learn best by doing, right? Don't you agree that. And so it's just letting 1000 flowers bloom, right? So for us, the kind of inch deep mild wide horizontal use cases we call the DBS GPT. That all that come from the entrepreneurship. Then everyone tested and it sort of lots of different use cases on the horizontal use case, whether it's just getting policies um summarized and made simpler for people to understand, to helping walking customers or, or, or, or, you know, horizontal uh use cases, then you've got the vertical use cases which are a little bit more specialized and needs a lot more work and, and, and um um vertical insights, whether it could be AML KYC, it could be. Uh, creating pitch books for investment banking, it could be a wealth co-pilot, um, it could be ESG questionnaires answering ESG questions, etc. so or credit dossiers, writing credit memos and getting rid of the no joy work that she's, yeah, yeah, absolutely. So the mundane no joy work as, as, as Mary rightly points out, um, should really save people a lot of time for them to then engage clients more, uh, and do, do more meaningful work. Yeah, but AI, you know, AI is, look, if you're not frustrated. using AI in your company, then you're nowhere near where you should be, and your entire teams need to be highly frustrated with it not moving as fast as your brain is trying to think about it, and that means you have the curious worker who's going to take you to the next generation. And so we talk about the entrepreneurreneurs that we're meeting and the people that are on the forefront of this and so you can just see it in the companies that you interview, the management teams who get it, the management teams who don't. How do you think about that? JPMorgan invests $18 billion a year in technology, of which a large portion of it comes. Uh, into play when we think about optimizing the way we do everything from protecting our clients from cyber and the like, uh, to just making, uh, processes and procedures much better. But we, we talk about AI as an investment, you know, really the world needs investments in all of these things, and we had talked a little bit about security, resiliency, you know, making sure JPMorgan announced 1 trillion.5 dollars of investments back into the security and resiliency initiative that we've launched. We're going to make our first investment public this morning, New York time. Where we're thinking about helping in the defense sector, there are, there are parts of what we do when we think about how we help us and our allied countries that are 100% outsourced to China and Russia right now in terms of the core minerals and materials that are required, that just can't be. How did that happen? And so leaning in and making sure that we're all doing our part to make sure that those investments are in the right places around the world. Um, and that we're investing in technology in, in security and resilience, domestic manufacturing, you know, all things on the technology front to make sure that the world is getting to a better place, a big deal, uh, the I saw a great quote actually, well, not to pat ourselves on the back, but a great quote in a Fortune article from Susan when you began your tenure as CEO this March, and you mentioned to your staff, you know, you better buckle up. It's going to be a volatile year. Since then, 7 months since then, you know, looking back at those 7 months. What's gone better than you thought? What's gone worse than expected. And if you maybe 30 seconds for an answer. Well, the markets have been volatile, but what's gone better than I thought? Well, obviously the equity markets, they've all ratcheted they came down on April 2nd, and then they've all gone up to new heights. That's been gone better than I expected. But interest rate volatility, which you don't look at certainly in Asia, we've had 400% interest rate volatility in some of the key rates, crazy, um, and so that's been, um, you know, that's taken us by surprise, honestly, so we were, you know, right to buckle up and, and when you get these kind of, you know, large moves. Hedge yourself, right? So we were able to capture some of these hedges when it happened and it can go both ways. And so that, you know, in volatility lies opportunity. Hedge yourself, be ready for the volatility, but don't be afraid. You're talking about people that are making very long term investment decisions. Get yourself. Ready for the revolution that we're in the middle of. It's exciting. It's happening globally. Don't miss it. Don't miss it. And especially if you have the, if you can put a cushion that gives you a backstop while you take risks, then the greater rewards you got it. That's a great note to end on. We're so very grateful to have you both here and so grateful to our audience for to you for their time and for yours. So thank you so much. So exciting to be here. Thank you.

How are top investors making smart bets amid global uncertainty, rapid innovation, and volatile markets? In this session, leading voices will share how they’re navigating risk, identifying real opportunities, and allocating capital with discipline. Hear insights on what’s working, what risks to avoid, and how CEOs can make smart investment decisions that hold up in an unpredictable world.

Lunch Session: Risk vs. Reward: Investment Strategies for Economic Uncertainty

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