01:16:07 · John Coogan
[01:16:07] S1: Yeah. Usually, background audio on my phone for most of these things. Like, anything here, I would either be watching on my phone. Although, of course, you could do it on the... In Safari, but, I like I like an app. I like an iPhone app. Anyway, the other the other big news, we're gonna talk to the semi analysis folks, tomorrow or the next day, but, they have a big benchmark out, g d p x. They're getting in the benchmark game. And, really, really interesting to see Dylan Patel issuing an official apology to Google. He says they cooked with carbon. It's spikier in terms of domains and capabilities, but it's really good in a few key areas. And so, GDPval is a benchmark for measuring agentic capabilities across the most valuable domains, and they they they they highlight the fact that the best model scores just 12%. It's neck and neck between a lot of the frontier labs and, of course, takes into account the... You know, semi analysis is lot about ROI and the actual value of these tasks. So it'll be very interesting to see the labs hill climb all of this, and maybe this is the answer to your question about the next leg up, because these are very practical things. Like, so many so many jobs, so much work doesn't look like a, you know, like a math eval on the day to day. But a lot of these GDPval benchmarks are specific tasks around, things that businesses would like to do more of, like go and patch bugs, go and, you know, fix things in the in the in the actual business. So, congrats to the seminalysis team on the launch. Natasha asked an important question. We gotta get to it. Jordi, did you see this?
01:17:51 · Jordi Hays, John Coogan, Ryan Serhant
[01:17:51] S2: She was a [01:17:51] S1: big fan of our she was a big fan of our, Elf on the Shelf interview. But Natasha asks, on 11/01/2026, is it too early to put my Christmas tree up? What do think, Jordi? [01:18:04] S2: Absolutely not. Absolutely not. As long as you have a backup tree. As long as you basically slate delivery of a second tree. Sure. Probably like December 1. [01:18:16] S1: Yeah. Well, you're a fan of the Christmas tree subscription that starts in, late July, and then you're getting a monthly tree Yeah. Leading up, and they just get progressively bigger and bigger in your house. So you can only... You only... You really only need the tree to last a month, swap it out till the final tree arrives. [01:18:31] S2: What's the right [01:18:32] S1: number of trees?... Tall In in one house? Yeah. One per room would be the baseline, but then also you consider outside... I'm talking about, like, bathrooms. [01:18:41] S2: Oh, bathrooms. Like, she wants a smaller tree in there. [01:18:44] S3: I mean, [01:18:44] S1: this is technically a room, a bathroom. I think you gotta put a small tree in [01:18:47] S2: there. Yeah. Yeah. So if somebody's saying, like, you know, five bed, five bath, it's really, [01:18:51] S1: 10 trees. 10 trees. But, I mean, what... There is a little bit of, like, an exchange rate because one snowman goes pretty far. You know? You can get a snowman going. And I believe we have our next guest joining in just a minute. What else is going on in this... In the timeline? We will bring in Lynn. We're good to go. Welcome to the show.
01:18:51 · John Coogan, Jordi Hays, Lynn Martin, Ryan Serhant, Joe Weisenthal
[01:18:51] S1: 10 trees. 10 trees. But, I mean, what... There is a little bit of, like, an exchange rate because one snowman goes pretty far. You know? You can get a snowman going. And I believe we have our next guest joining in just a minute. What else is going on in this... In the timeline? We will bring in Lynn. We're good to go. Welcome to the show. [01:19:09] S2: There she is. [01:19:10] S1: We have Lynn from the New York Stock Exchange back in person. Good to see [01:19:13] S5: you, guys. [01:19:14] S1: Merry Christmas. We're only fifty two days away. [01:19:18] S2: Merry Christmas Eve theme today. We got some reds and some greens. [01:19:21] S1: Some reds, some green on the ball charts. You know, it was all [01:19:24] S5: green this morning. Okay. Then... [01:19:26] S1: It flipped on us. You know? Yeah. [01:19:28] S5: That's what happens, [01:19:29] S1: I How how has it been over the last month? It's been kinda chaotic for us in the AI world and tech and business. [01:19:34] S3: In... Your world? [01:19:35] S5: Been It's a little chaotic. [01:19:36] S1: A little chaotic. [01:19:36] S5: The market feels [01:19:38] S1: Yeah. [01:19:38] S5: A bit nervous. Yeah. And I think you see that. [01:19:41] S0: To service, Chris. [01:19:43] S5: Just a little. [01:19:44] S1: Yeah. But there's other stuff that you can do on the infrastructure side. There's other work that you can do to advance the mission of the New York Stock [01:19:49] S5: Exchange Absolutely.
01:19:49 · Lynn Martin, John Coogan
[01:19:49] S5: Exchange Absolutely. [01:19:50] S1: Even in turmoil. Tell me more about, some of the latest announcements, some of the tokenization efforts, the other stuff that's going on at the New York Stock Exchange. [01:19:57] S5: Yeah. The nice thing about this is the world doesn't stop moving. Yeah. And the technology doesn't stop moving, and there's a tremendous amount for of opportunity for the technology. So we've been really advancing the ball on the digital infrastructure of the future. [01:20:15] S1: Yes. [01:20:15] S5: That's probably the right way to phrase it because [01:20:17] S1: Is... Yeah. Is that customer pull? People are coming to you asking you to implement these? Is this, you know, the customer doesn't know what they want. They would ask for a a faster horse, and you know that this is the right technology to implement. What what direction does it flow? [01:20:30] S5: So I've had the opportunity now for the last four years to see all of the inefficiencies that exist in this market. So despite the fact that The US capital markets are the envy of the world, the most efficient from a market perspective, and that we continue to make advancements to improve liquidity, improve transparency. There are different parts of this value chain that could definitely use some modernization. And when you think about the settlement window right now for equities, it's still t plus one. [01:21:02] S1: Yeah.
01:21:02 · John Coogan, Lynn Martin, Jordi Hays
[01:21:02] S1: Yeah. [01:21:04] S5: You think about the process associated with a annual general meeting and getting votes and approvals, That's what we announced today. Like, the blockchain technology could really free up a lot of these clocks Yeah. In the system. So that's what we're excited to advance, and we've been spending a lot of time with folks in DC, the SEC, and others around how do we do this responsibly to bring about all of the efficiencies that this amazing technology has with none of the scary stuff and protecting market integrity while you bring efficiency to the market. [01:21:47] S1: How have you been grappling with all the cybersecurity jitters? There's the, Black October sort of extending with the fridge storage today. [01:21:55] S2: Well, yeah. And even even, you know, I think people, at least personally over the last week, I felt okay with needing to get on the phone when I need to send a wire, you know? Yeah. Or or at times you need to go into a branch. Right? And realizing like, okay, like, maybe this wasn't always necessary, like, five years ago, but now it feels like [01:22:17] S1: Sure. [01:22:18] S2: A relief in some way. And so that's like figuring out what what of the old friction should be brought into the new world. [01:22:24] S5: Well, if you think about things like, the price bands that happen in equities every day. Some people say, why do you need price bands? Well, you need those moments if the stock is moving too much in one direction to take a pause. Yeah. Maybe there needs to be [01:22:41] S1: Yeah. [01:22:42] S5: A speed bump
01:22:42 · Lynn Martin, Jordi Hays, John Coogan, Joe Weisenthal
[01:22:42] S5: A speed bump [01:22:43] S2: Yeah. [01:22:43] S5: In the day. Yep. And that's really all it is, is a speed bump. And we've been very focused on how do we leverage the human with the cutting edge technology and marry the two together. This is why I don't think AI is going to destroy humanity because having the best of humanity Yeah. With the best of technology is gonna enable the human to do a heck of a lot Yeah. More in the future. [01:23:10] S1: Yeah. I completely agree. That's human. Very important for you. In in in the process. Take us actually through the the road to Christmas. What is on the, calendar for the New York Stock Exchange between now and Christmas? Tree lighting happening this year. What else is happening? [01:23:26] S5: I mean, we've got some IPOs, god willing. I mean, there is a jittery market at the moment. So, god willing, there'll be some more IPOs. [01:23:32] S2: What are what are what are points throughout history where there were major market jitters and fear and companies just decided to roll the dice and say, we want to get out. [01:23:45] S5: I mean, look at 2020 as the most recent one, right? Remember, we did have start to have the banner years of IPOs in 2020 and 2021, and we had a pandemic. [01:23:55] S1: People were nervous. But still, [01:23:56] S2: you had effectively 0% interest rates, which would have played a factor in driving demand, right? [01:24:04] S5: So that's right. [01:24:04] S0: But we [01:24:04] S1: also had circuit breakers back to back to back. Like market went down, like, 30% in a month or so.