The Ledger, every show

“The idea that somehow the most wrong thing was this allegation of collusion that we're somehow colluding with hedge funds that we have no business relationship with to somehow restrict buying of these stocks. Yeah, I think that was just wrong.”

“And so I think it's important for the tokenization mechanism to work. Without the opt-in of the companies that, that are being tokenized. And I think that's actually the innovation that we've been able to drive. Like we can, we figured out how to make this wor…”

“We don't really have any business with hedge funds.”

“We're working to solve this problem through tokenization in, in the EU and also through Robinhood Ventures in the US, which is a closed-down fund that we're gonna be taking public.”

“We got this we got this bill in the automated clearinghouse system for three billion dollars.”

“Payment for order flow enabled commission free trading, right? It helps cover the costs of the business that that, that leads to our ability to offer commission free trading. And moreover, it allows smaller investors to participate.”

“There's something like 1100 Erdos problems. About half of them are open unsolved. And yeah, Harmonic solved at least one of them.”

“So, you know, right now, let's say you can easily at low cost produce a proof that's 10 pages long and actually we can produce longer ones, but just as an example per per unit cost and time, you can produce a 10 page proof while in a year it'll get to a hundre…”

“Alpha Proof was the first AI model to get a silver medal, to achieve silver medal performance at the IMO last year. But Alpha Proof they did not announce a gold this year. So, yeah, we were we were, the Harmonic team was excited about that, that, you know, i…”

“Tokenization will be the primary vehicle for ex-US investment until we get regulatory clarity and you'll see tokenization of privates seep into the US as well.”

“So I think that it's gonna be tough increasingly in a global market to Have as much control over, over the price as maybe private companies have historically had.”

“And I think the same thing is going to happen for private retail access. It's just going to go earlier stage, but the benefits are so strong that I think that there'll be It'll be standardized as time goes on.”

“You can trade and hedge fire risk. You can hedge hurricane risk. And if you think about the process of like insuring yourself against a fire or a hurricane, It can be very expensive and it's cumbersome. You have to talk to a broker on the phone and the contrac…”

“And I think that, you know, five years from now, The exact mechanisms, whether tokenization is legal or closed-end funds, that's less clear. But what I know is I, I'm very confident that retail investors getting exposure to private companies Will be easier, mu…”

“And now with Aristotle people are doing like systematic, they're going through them. And there was one that Aristotle solved fully autonomously. And then a bunch of others where Aristotle assisted in solving or converting into formal math language.”

“If you look at AI as a category, you have the fastest product adoption of any products in history. And at the same time, it's the most hated category.”

“Yeah, for sure. Yeah, that's definitely happening.”

“Nowadays I'm routinely talking to customers that are looking to move hundreds of millions and have that in Robinhood.”

“The goal is if you have a family office, you should be able to run that family office on Robinhood, or we can automate the running of that for you. And you can have tens of billions on there and feel like you're actually at a disadvantage using any other brick…”

“And prediction markets solve that, which is why I think for traders, it has the potential to become a really big market. And for mass market consumers, it could be a better source of news and forecasting.”

“And I think that's the best argument for doing prediction markets inside a regulated framework, because if we don't they could go offshore much like a lot of the crypto business.”

“We were actually, I think, the first to tokenize OpenAI and SpaceX, and we made that available to our retail customers in Europe in the form of a giveaway”

“I don't think you're gonna get there without some significant labor force disruption.”

“We've moved from, you know, GitHub Copilot, which is an auto-complete system, to Cursor, and now things like Windsurf, where, I mean, nearly all of the code is, is written by AI, and the adoption rate within engineering for us is, You know, close to a hundred …”

“The use case that's going to be very powerful even within the US where we actually have decent access through Robinhood and other things to US stocks is illiquid assets that Actually have not been successfully made tradable or accessible to retail like private…”

“My intent would, it would be to go as low as possible.”

“They basically obsoleted American Express travelers checks, which, you know, foreigners and countries with depreciating currencies would like stockpile these things to keep their money.”

“We're going to solve that problem by combining the logistics of on-demand delivery with all the work that we're doing in finance. And you'll, you'll get cash delivered to your house.”

“People thought there was this whole collusion narrative with Citadel that ended up being disproved”

“Well, on retail in the US we're kind of like close to the same size as Coinbase. We charge a lot less, so we have less revenue. But in terms of volumes and retail volumes, It's pretty close particularly if you look at supported coins.”

“And so I think you will see that in the next couple of years, really really start taking off and good products. Have recently become possible with like the latest models that can reason and make better decisions. The models are likely going to get better and b…”

“Those studies, a lot of them are from the nineties or earlier. And you see the dominant factor being commissions. It's like, oh, they're trading a lot. And so the commissions are eating up like nearly all of the returns. And now, you know, we remove commission…”

“Everyone's talking about the relatively small number of people that are trading actively and, you know, doing more speculative activity. And I don't think too many of the stories about, you know, the folks that are Stashing money away slowly over long periods …”

“Well, I mean, I would first say they all pay the same rate. We work with the largest firms and you know, the stuff is all highly regulated.”

“It was a DNS system failure, which was a failure by a system that we didn't even write ourselves, right? Open source software for some of that.”

“Yeah, at the time we had seven hundred million on deposit at NSCC, so the request was a four X increase in our deposit requirement.”

“You know, the fact that Robinhood customers had At the time of the congressional hearing, 35 plus billion more in unrealized and realized gains, equities in crypto on top of money that they deposited.”

“With GME, according to CNBC, retail was a net seller of GME Monday through Wednesday, which by the way is before Robinhood put in place the buying restriction. So Monday through Wednesday, as the stock was increasing, retail overall was net selling it.”

“I think it's a permanent shift. I think there's a movement in this country that has started and is continuing to have more of the investing done by individuals directly.”

“I guess the number one person that, if I had to pick just one, it would be our mutual friend, Mickey Malka, basically agreed to fund our initial five hundred million dollars with five minute phone call.”

“Restricting the buying of securities is something that every, pretty much every broker did to some degree during this week, right?”

“Well, I think a lot of the a lot of the other brokers who relied on clearing firms had the same issue, right? You know, there's firms like Apex Clearing which has introducing brokers Cash App, for example, clears through a third party as well, and they all had…”

“Most of our customers don't use leverage. Most of our customers aren't active traders or trading options”

“Well, I think if we migrate to a better settlement infrastructure and move to real-time settlement, you get a lot of that stuff for free, right?”

“By Friday, we had moved to a much more sophisticated system where intraday we adjust the position limits in it was up to 50 stocks, and we published that on our website.”

“We had to make a tough call to put GameStop and a bunch of other companies on position closing only, which basically meant you couldn't open up new positions, take on more risk for a period of about one day.”

“Earlier this year, we actually achieved gold medal performance at the International Mathematical Olympiad, which is the world's most prestigious mathematics competition. These are like cracked high schoolers, like five people got perfect scores in the Internat…”

“All of the data that the vast majority of the data that trains Aristotle is actually data that we generate. It's not, you know, internet data.”