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nash (SFN): Company Profile, Stock Price, News, Rankings

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Chemistry cofounder Kristina Shen says the market may be nearing a “reckoning” point. So why is she still optimistic going into 2026?

In this episode of Term Sheet, Shen discusses why she decided to co-found her own VC firm, her excitement around health care, and why her team is focused on bringing the human element into venture capital. Allie also talks about the recent SpaceX and xAI merger and her exclusive feature story on Kleiner Perkins.

Chemistry cofounder: “more talented founders than ever” are moving into health care | Term Sheet

Tech

U.S. tariffs on Chinese imports are forcing a rethink of global trade routes—and triggering a wave of economic repositioning. Countries like India, Vietnam, Brazil, and Malaysia are emerging as alternative production hubs, while Japan and South Korea deepen trade talks with China and the Gulf States channel investment into Southeast Asia. This moment isn't just about shifting geopolitics—it's a strategic inflection point for companies under pressure to diversify, de-risk, and move fast. How can agile firms navigate this fragmented landscape to discover new opportunities for long-term growth?

New Corridors for Growth

Conferences

We'll now turn to a shift that many companies are feeling firsthand the search for new corridors of growth. Supply chains are being reconfigured. Companies are reassessing where their products are designed, built, and shipped from, and market access now depends on making the right call about where to invest, build, and bet next. This section looks at what's driving those moves and how companies can position themselves early. Before the next wave of competition arrives, please join me in welcoming Nick Nash, co-founder and managing partner at Asia Partners, and Dato Cu Haiwang, president of the Malaysia Semiconductor Industry Association. They will be in conversation with Fortune's Nick Gordon. So great to have both of you on our stage. Um, SH Wong, I wanna, I wanna start with you because you work in semiconductors, chips, probably one of the world's most important industries right now, strategic commodity. You know, um, like super important for things like not just AI but also electric vehicles, but also it's an industry that's definitely been hit by, you know, tariffs, industrial policy, subsidies in some countries. Kind of give us your big picture view of how the chip industry and Malaysia's chip industry is kind of looking at this more complicated world. OK, thank you very much. Um, as you know, the, uh, Semiconductor is now the new oil or the data, whatever you want to call it, uh, it is ubiquitous and it is everywhere all around the world in every gadget anything you can see it here, there is a semi-reductor inside. Um, as you know, last year, the global semiconductor, uh, revenue was $600 billion US dollars. It's projected to grow to $1 trillion by 2030. And in fact, the latest report was out and SIA thinks that it will reach 1 trillion by 2027. So for Malaysia, we are exporting 601 billion ringgit last year. And in order for us to stay where we are today, we are ranked number 6 in the world, 13th in the assembly test capacity. We need to ship 1.2 trillion by 2030. So that's the challenge. So as a result of this growth, you know, uh, driven mainly by data centers, AI, EVs and cloud, and so on, computing and so on, we're going to see tremendous growth in this area. So, however, now with the geopolitical tension, And with the uh tariffs and earlier was uh the COVID. A lot of interruptions happened to the supply chain and you can see that there is what I call um probably the companies need to now navigate through all this uh no China, no Taiwan and China plus one US plus one Europe plus one. All the company has to navigate through all these uh disruptions. So as you can see, Uh, the ASEAN and Malaysia benefited from this China plus one strategy because China could not ship to the US and therefore they need to find a way what to do and so you start looking outside of China and they, a lot of them look at Malaysia. So Malaysia basically benefited from this. I'm sure uh Vietnam and so on. And, and then because of this tremendous growth, we have many countries. India is one of them, very aggressively pursuing semiconductor, and we have many other countries around the world are looking at what can they contribute to the semiconductor growth, either in technology or in volume or in the design development. So everybody is after this spider. It's going to be a competitive race right now? Yeah, and I do want to get back to kind of what how you think Malaysia's progress towards putting itself into the supply chain is going, but before I do that, Nick, you know, from your vantage point at Asia Partners, kind of how are you looking at this kind of new, more, more complicated world? Well, I think one of the most interesting statistics that's bubbled up over the last 6 months is that China's exports to America have fallen by 20%. And its exports to ASEAN have grown by 20%, and that symmetry is fascinating to us. We feel that in this, shall we call it, dual circulation world, actually China and ASEAN grow ever more close together, and it will be fascinating to find opportunities as we are actively trying to Asia partners, not just to see goods leave China and come to Southeast Asia, which has all sorts of political ramifications, but goods leave South. Asia and going to China, for example, one of our portfolio companies called Khyber specializes in exporting from ASEAN into China. How often do you hear about that? But what I would tell you is this is an extraordinarily interesting moment for China and Southeast Asia to do more business together because they're both confronting the US trade war simultaneously. And and what are some of the kind of new corridors that you're seeing in terms of trade or investment, you know, not just China. but say ASEA Latin America. I know you were at sea in a previous life and C keeps on talking about how Shope is surprisingly big in Latin America, but also, you know, Gulf in Southeast Asia, maybe South Asia and Southeast Asia. What are these new corridors that you're seeing growing from Southeast Asia to other parts of the quote unquote global South? Well I think there's always a tendency to think in geographic terms, but I think sometimes it's helpful to change the dimensions on the chart, you know, electrical. Engineers are very, very comfortable with going from time space to frequency space, so to speak, with the Fourier transform in a similar way. Let's think about it through two different lenses. Yes, of course you can have ASEAN in Latin America and that's done very well for Shopee and for C Money, but let me give you two other lenses. The first is the income tier. We like to think about the world in the give or take 2000 to 4000 income range, the 4000 to 8000. The 8000 to 16 and so on and so forth, we tend to find that if you're in one of those slices. 2 to 44 to 88 to 16, you have a significantly easier time doing business in other parts of the world that are similar to that. I don't know if you're earning 8 $800,000 a year as an AI engineer in Silicon Valley if you have much socioeconomic empathy for the consumer need in a 6000 per year country like many in Southeast Asia. That's a big part of what's made Shopee and see. Successful, they're going after somewhat similar economies affluence wise, but the second quarter that doesn't get enough conversation as well, and again it's very different than the usual sort of headlines, is temporal trade, meaning what was a good idea 10 years ago that we can apply now here. It's a really neat little bit of history and it's almost too cute to be believable, but Amazon, everyone's heard of that, went public in 1997. Alibaba.com. The first major e-commerce platform from China went public exactly 10 years later in 2007, and Shope went public exactly 10 years later in 2017. So as much as we talk about here to there and tariff from here, tariff to there, let's not lose sight of that socioeconomic trade and also the temporal trade in terms of taking an idea from the past that might work very well in a new soil in the present. Um, SH Wong, I want to go back to you. You know, one of my favorite like historical tidbits is that Penang was the home of Intel's first non-US plant. Malaysia's had a long history in the chip supply chain, but now it's, you know, now Malaysia kind of wants to, you know, move more into higher value services or higher value parts of this chain, whether it's design or it be advanced packaging. And there's a lot of kind of money being put behind that, but kind of what's your sense of the progress that's being made in terms of taking on more of the chip supply chain in Malaysia and kind of what still needs to be done? OK, I think maybe I can just have a quick tutorial on history. Um, in 1972, uh, we have this so-called 8 samura with this Intel, AMD, Hewlett Packard, and HP and a few others. Uh, set up the the companies in Penang, OK, and since then, They they started because of uh low cost and so on. But since then, um, the whole industry has moved all the way from assembly to test automation to EMS. In fact, now we have everything, right? We have also uh IC design and the wafer fab and so on. However, we are more concentrated in assembly test. So that's why I said we grew at that time in 1972, about 230 million to now 600 billion last year and this year we until September, the growth is 16.7% over 2024. So last year, The government announced the national semiconductor strategy and to me that is the best news that we have got from the government when they announced that strategy because it is really setting and they spelling out their ambition, their aspiration for the country. What do you want to be after all this growth? What should we be? And so they came up with two key things I would say. One is to have 10 companies. Uh, create 10 companies or at least grow 10 companies in advanced packaging and IC design. That's number 1. And number 2 is to uh have 100 companies who have revenue of 1 billion over the next 5 to 10 years. So that is what is stated. At the same time, we are talking about now made in Malaysia to made by Malaysia because we are trying to tell all the companies that we are good users of technology. We are not involved in innovation and developing new technologies, and we want to move our Malaysian companies into doing that. So today in the automation environment of precision engineering environment, we have a few, a handful, which in Malaysia, we call it big, probably in the world we will be very small, but we want it to be big so that they can become global champions and we are trying to build that and Malaysia has this ambition to build that. So getting on to uh IC design, today we have one company who is capable of doing IC product, product level instead of services and uh I think they have more than 40 IPs already, so we show that we have the talent who can do it, but of course if you want to accelerate and try to get on into many types of innovation, we need more our world's best talent to help us to do that. But, can I ask you a follow-up question? If you look at semiconductors and what a magnificent sector it is, uh, Dal and I both share a great fondness for the late Andy Grove, who was one of the great pioneers of the industry. The biggest company in the world that everybody knows is Nvidia. It's run by a Taiwanese. The second biggest company is Broadcom. It's run by a Malaysian. Intel is now run by a Singaporean, Malaysian Malaysian, Malaysian born in Malaysia, studied in Singapore. Success has many fathers, as they say. But may I ask a simple question? Whenever the topic of semiconductors arises, inevitably the topic arises. Ah, it's capital intensive. Ah, the paybacks are long, and yet. I looked at this recently. Nvidia's CapE, their PP&E, is far less than 1% of their market cap. Broadcom is likewise very asset light, fabulous. Why don't we have more fabulous high ROIC semi companies in ASEAN when the guys in California who run them are from ASEAN? So I, OK, this is one strategy to go fabulous, because the other strategy is to go vertically integrated. That's more traditional. OK. Uh, so AMD in the early days just could not catch up with Intel because Intel was investing heavily, OK, and always ahead of the power curves. Every time there is a ramp. Intel take all the market share because they have the capacity, whereas AMD do not have. And so AMD decided to go fabulous and now you have Nvidia, you have Broadcom all going fabulous. There's one strategy, OK, but the other strategy is to take control of your own destiny. So I think it's up to the company to decide. So Malaysia can't do the vertically integrated. We can do the fabulous one. So we can do the design and development and then we let Others to do the foundry so to speak. Now, Malaysia has to Uh, for FA has to attract FDI because FAT investment is very high. You're talking about billions of dollars depending on what kind of fat, very high-end fat will be more than 10 to $20 billion. Even higher than that will be 30 to $40 billion US dollars, but let's say you're talking about the mid-level could be somewhere about $5 billion US dollars, but then you must think about how I'm going to recover all this money. So, uh, my, our advice to the government is not to get involved with this. Let the let the foreign companies who are rich enough to do this. So we focus on the development side and get. All this done in the foundry. However, in assembly test we can participate in the EMS we can participate. So that's where our positioning is for the time being. I, I want to ask about a couple other cor I mean I mean we talk a lot about trade corridors, but there are also new investment corridors and they kind of where are you seeing kind of investment, new investment flowing from? Where are the new sources of capital for for Asia for ASEAN? Well, first of all, I think we should just call it what it is private. Innovation capital in ASEAN is not currently at an all-time low, but it has reverted at least a dozen years. We quantify this just in the nature of our work as entrepreneurs and investors. We look at how much money is coming into the ecosystem country by country as a region, and I'll tell you something very sobering. Apart from the spike of capital that happened in 2021 and 2022, we all remember that kind of bubble, and every country got a big chunk of it. Our region is underfunded. In fact, the amount of capital coming into ASEAN today, which of course includes Malaysia. Relative to the size of ASEAN's GDP has not been this low since approximately 2012. So as much as we can talk about trade flows, let's hit the nail on the head with the fact in the room, capital flows are low. The only positive of that. Is that investors who come into ASEAN now have less competition, have lower entry prices, and much more humble and hungry entrepreneurs. So that isn't a selling point for ASEAN. I don't know what is. This is probably the best time for capital to be coming into ASEAN. The other corridor that's on my mind is talent, you know, where is talent moving? Where are, where are kind of the world's best employees, the world's best engineers, the world's best founders, where are they going? And I want to, you know, ask SH Wong this question. Like, where do you see kind of the new corridors of talent going? If you are a young, eager engineer in Malaysia, where do you go to school? OK, before I answer that question, can I, oh yes, I talk about the uh investment. Three years ago, uh, a lot of announcements were made in Malaysia. Intel announced a $7.1 billion investment. Uh, Infinion announced a €7 billion investment. AT&S and now €1.7 billion euro investment, TI 15 billion and so on. So we have all these announcements, right, with all these theories, with all this confusion. All these investments are all taking place. So we are getting that through, OK, so that's really good news. It means that they have confidence in the way Malaysia is managed and the stability and so on, the neutral and non-aligned uh position we are taking. Coming to talent, you know, first of all, I must say we have good talent, right? Uh, Malaysia's top talent in the local public inities, they are really good. OK, the company I spoke to that created that developed 40 IPs are all Malaysian engineers, studied locally, not from overseas, but we also have, you know, Engineers who go out last time to England and then to Australia and then to US, I think now back to probably Australia more than other countries, but they also have good talents. However, we are also having so-called uh attraction by other countries on the talent. So Singapore gives ASEAN scholarship and then our people just go there. And if you don't go there with the ASEAN scholarship, they will still hire you and take the our Malaysian talent. Now today it is not just Singapore, we have China, we have Taiwan, we have the rest of the world trying to take our talent. He's telling me that we have the talent. Now, the the the situation is how do we create this Ameri uh this uh Malaysian dream like the American dream and the path that we are going to take to create this uh. Environment whereby you can get all these opportunities in Malaysia, OK, and I want to tell you why all these investments happening and why I think uh with the ambition and the aspiration Malaysia is having, we should be able to attract some of the engineers back because it since 1972 to now, you know, the Malaysians have delivered. Whatever the corporate, whether it is US or other countries have in their performance, OK, and they, all these companies put their latest technology in Malaysia to debug and get it all stabilized before they go high volume. Today it is still happening the same way and why? Because of performance. So I think Malaysia has that capability. So now is to just give that uh narrative and the uh aspiration that people will appreciate and then we can go on hopefully with the help of uh funding that we can move forward. Nick, I want to give you the last word on this talent. Oh no, no, no, I give it to that. But, but you know, people, you know, obviously the US used to be kind of a very a prime attractor for all this talent, but now people talk about, you know, Hong Kong. is rising, for example, Tsinghua is rising, for example, in prominence in terms of developing new talent. What are you seeing in terms of these new corridors of talent around the region? Well, there's no question that Asia is producing extraordinarily talented engineers, scientists, business people, but I want to just leave a parting message for the room. Nick, what's the market cap of Nvidia? We had this, you want be ready, it's 4.6 trillion 4.6 trillion with a T. Would you divide it by 10 for me? For 60 $60 billion. Would you divide that by 10? OK, so 1% of Nvidia's market cap is $46 billion. You can count on fewer than two hands. The number of public companies in Southeast Asia with a $46 billion market cap or greater C is one of them, DBS is one of them. A handful of the nickel producers in Indonesia are getting up there, but this is the point. You may go and get your bachelor's and PhD at Tsinghua, but would you rather attach your career, the short life spans we have, to a company that could become a 3 or $4 trillion dollar company or a company that could become a 2 or $3 billion company? The issue here is that we're not thinking big enough. If Southeast Asian talent can be attached to companies that can scale beyond 4050 $100 billion of market cap, they will stay. But the only way to do that is to consolidate industries across national borders because no one of our countries in ASEAN is big enough to produce a multi-billion dollar company. But together we can do something very remarkable. Well, with that call to action, that's a great place to end our conversation on new corridors for growth. I want to thank SH Wong. I want to thank Nick for a great conversation today, and I will hand over to the next speaker to introduce our closing session.

The health care industry is one of the biggest drivers of economic activity worldwide. Digital transformation, accelerated R&D, and new research into the causes of disease are promising important advancements in the coming years. However, will innovation be able to solve the industry’s numerous, serious challenges – including unequal access to care, sky-high costs, workforce shortages, and cybersecurity threats? We'll examine how the integration of technology and other scientific advancement into our health care systems will impact global health equity, as well as individual patient outcomes.

Health Care Innovation For All

Mike Brock, GM, TBD, Block
Brooke Major-Reid, Chief Capital Officer, Affirm
Adam Nash, CEO, Daffy 
Ksenia Yudina, CEO, UNest
Moderator: Brian O’Keefe, FORTUNE


Brainstorm Tech 2022: The Future Of Fintech

welcome. So mike I know you have a bone to pick, let's start right there. Okay. Uh T. B. D. Is part of block formerly square, incredibly successful. Fintech company T. V. D. Is frequently described in the press by my media brethren and sisters as a Bitcoin centric subsidiary of Block or Bitcoin focused subsidiary block. Uh and you don't agree with that, So set the record straight. What is, what does T. V. D. What does it mean? Uh or why would people call it a Bitcoin centric subsidiary? What I what I would agree with is that Bitcoin is the technology that we most believe in as a future um basis for building a new financial system. But we also believe that stable coins are a very very important part of the future. What I actually quibble with is when people say that we're building everything that we're doing on Bitcoin and and and the reason why I quibble with that is I think what people are doing is they're taking a lot of the patterns that they've learned from this web. Three discussion of like trying to put all of these uh technologies and products and services onto Blockchain and that's not what we're doing. Like we don't think that that's the right approach for everything like we are focused very very heavily on building decentralized systems which serve um the goal of being able to let people own their identity and own their data and we don't believe that that all of that has to be done on the Blockchain, in fact, we think Blockchain is a pretty terrible tool for that. What we do believe in though is that like we think Bitcoin as as Jack often says, is that we think it's the true native currency of the internet. We also believe stable coins Yes, on Blockchain are a way in which to uh put forward financial empowerment for individuals all around the world. But the story of decentralization is a much broader conversation and we're making large investments in those technologies throughout the ecosystem and many of them have nothing to do with Blockchain. So what's an example of the kind of decentralized services that you want to build? You know, that would be the first big targets? Yeah, I I think I think this, I think the first of all, I think the most important application that needs to be solved is identity. I um the identity is at the heart of everything we do on the internet, at the heart of our life is at the heart of how we use money, how we identify ourselves, how we um identify businesses and institutions and create secure like transactional relationships between each other. And this is this is a problem that has really not been solved in a decentralized way and I think it is ultimately the key for moving towards a more decentralized future and once you have those base layer of technologies that allow us to own our identity and then ultimately own our data attached to that identity, then you can really start thinking about reimagining financial services, social media and all of these other areas that I think, you know, a lot of us would would like to see more democratized and more decentralized. Um I don't think you get there without decentralized identity. And so we've been really laser focused on that. Um we've been actively contributing uh around the D. I. D. Specification um which is an open standard which has been submitted to the W three C. Were also participating with decentralized Identity Foundation um and working towards a common standard that all individuals, companies institutions and even governments can use um in order for us to break free of this paradigm that we have today of like log in with google, log in with facebook, log in with amazon. Like I don't think that that I don't think that that's the right frame for a competitive, more democratic future. So you mentioned Web three and you know, you recently announced uh along the lines of what you're describing with the decentralized um Platform, you just you announced that you were creating something called Web five, which is intriguing because, you know, we're only getting our brains wrapped around Web three. And what happened to Web four? Why Web five? Why are we jumping right to Web five? And how did you pick that? Well, I mean we we wanted we wanted to do something that would get people's attention to start talking about. Um and and I think what we really wanted to do is draw attention to the fact that if what you're really trying to do is thinking about think about decentralized applications and services, then you really need to like think very deeply around things like like like like how how are you going, how is what is customer experience going to look like? What are your customer acquisition strategy? Like I don't believe Toca nomics is something you want to expose to a customer. I think, I think the average consumer wants to pick up their phone, use an app very simply not think about micropayments and all the stakeholders hold their capitalism stuff that like people think that at the average consumer is like somehow like crying out for I think they want something that's simple, that works. That's even simpler than their current experience today where we can one click on board to a financial service or one click on board to healthcare service and have our information be transmitted to our doctor about our health records that we control. These are all things with the Web Five technologies that we believe can be accomplished in a way more technologically sound way than trying to find ways to stuff it onto the Blockchain. And with Web five, I think we forced open a lot of those conversations around Are the technologies of the Web three community are using to try and reinvent these things actually fit to the purpose of the problems they're trying to solve. And we think the answer is no. And that was the basis for the narrative around Web five got it Brooke, I believe that today is prime Day. And the reason I know that is because I've seen about a billion tv ads for it. But the reason that I'm asking you about that is because last year a firm announced a partnership with amazon and so this is your first prime day and I'm wondering how's it going? Are you getting live updates? You know, our people like blowing up your firm account on prime day? Yeah, no, we're super excited about it. I think once it was announced the, the possibilities around what partnering with an amazon would look like. I think you leave that to the imagination and to have our first prime day, The entire company is extremely ecstatic and we are getting a lot of great traction. And also in terms of just demands using a form at the checkout. And so it's something that when you think about momentum and scale, um, it's, it's definitely something you lead into and with something as massive as, as prime Day, we're all kind of looking at the metrics and making sure that we are optimizing for consumers in all the ways possible with a partner like amazon. So a firm is basically described as a bin al pay later, You know, digitally could for people who are not familiar with it. Could you just give like a very quick description of like the service you offer right now and sort of where you're going with it? Yeah, I know, absolutely, I I'd be happy to. So do you think about buy now pay later? It's, you know, ranges from just providing um loans for folks to at the checkout to really purchase things that are actually either considered purchases or more um you know, everyday purchases. The thing with the firm is that what we are aiming to do is create honest financial products that improves lives. So when you think about transparency and all the things that folks want in their financial partnership with companies, it's really around kind of that trust. And so what a firm is building is more than just you know, products that people at the checkout use or merchants are, are satisfied with. It's a platform that engages the consumer in their financial activity day to day. So where we are today is that we offer um, you know, loans to check out in terms of you know bi weekly To all the way to 60-month loans. So zero all the way out um interest bearing 60 month loans. And we actually create an ecosystem where you're providing value for the customer in terms of meeting them where they are, but also for the merchants in terms of, you know, providing access to consumer base, fewer abandoned carts um hire a ov um check out so where we're headed with it is using that interaction and, and and really leveraging the transparency and the honesty around what we're providing to create an ecosystem around payments and all the things that we know consumers want to kind of aggregate their financial life. So when mike is talking about is laying out the framework of a decentralized way of handling transactions and breaking the paradigm we have now do you see an intersection with the kinds of services you're providing and that kind and that kind of uh framework? Yeah, I totally do. And I think the interesting thing about is that we're uniquely positioned given the fact that we underwrite each transaction. We are actually engaging in a way that is using technology um in terms of underwriting and all the things that you want in terms of proper risk management and and the, the identity piece and ensuring that you're actually not thinking about the customer, just another credit score. You're really taking that information and decision ng in a way that is informed but also beneficial for the customer in terms of who can repay the loan at the transaction level and engaging with them in an honest transformative but also a very simple transparent way Cassina. I mentioned in the introduction um the amount of money raised by Fintech last year, one of those companies was your company. Uh You raised $26 million B funding raised last year. Um so I just wanted to like unesco is an app that you've created a service to save money for your child's future. What was the back story for? You know that motivated you to create an app to create a new way of doing this? So the motivation was actually coming from three directions. First I graduated from U. C. L. A. Anderson with about 200,000 in student debt and a lot of my friends were affected by the same issue uh and I really saw an opportunity to change the future of the next generation by providing the right tools to the parents right now to save for the kids future. Um Second I'm a parent myself, so I understand that for any parent, the kid is number one priority and once you have a child, our priorities changed from ourselves. It's not about our retirement anymore, it's how can I provide for this little human that really needs my help. Um but most importantly I spent four years at Capital Group, which is the parent of american funds and is number one provider of 5, 29 U. T. M. A. S in the nation and I was working with individuals, learned about pain points, learned about what was broken in the industry uh and that existing solutions pretty inaccessible for average americans, people that need it, the most existing solutions are very expensive, They require a lot of paperwork. Uh they're very inconvenient. So my inspiration was to create something that will be intuitive, simple and accessible to people of all economic backgrounds. Great, if anybody has a question, raise your hand will get you a mic. We do have one over here, so we'll get a paddle over there. Meanwhile I want to ask you. So you were very familiar with the 529, the standard sort of education savings fund paradigm. How did you consciously create your app to differ from the existing, you know, uh structure? So one interesting observation about 529 is that 70% of people still don't even know about uh about this excellent tool to save it, invest for kids. Um and even those people that know they find the solution very complex and overwhelming and you know, time consuming a lot of people are just put off by the complexity of the existing process. So our solution uh actually criticized the United the transition to a different type of account that's much better for our user base. But our solution meant to help you create accounts in just five minutes versus like ours that will take you. Um you know, we were acting as financial advisors by helping you to identify the right in the petroleum for your kids that would become more conservative as you know, child becomes older and approaches college and also it was a very social experience. So you don't have to do it yourself as a parent, you can actually get help from your friends and family. So we created this gifting feature to accept gifts into the app. Like with, you know, easily sharing the link. Um and also Brands we partnered with over 150 different brands. Every time when you subscribe or shop through the app, you actually get financial rewards into your child's account. So you have some news coming up that I have to ask you about. I'm excited to ask you about in August you're gonna allow parents to buy and hold crypto in your app. Um not everyone would think that was maybe the best idea, especially after crypto or you know, Bitcoin fell below 20,000. Um why are you doing it? Uh and you know, what does the data show you about? Uh why it's a compelling and and good thing to do for, for saving for your kid's future. So we always listen to our users and trying to get the feedback before we launch any product on our app last year. We stand the survey to all user base to understand, what is it? Parents would like to see next on UNIX platform. And we asked about things like life insurance and debit cards, to manage allowances and credit cards to build the credit overwhelming feedback was that parents want to see crypto and individual stocks on the platform. Uh so that's what drove our decision. I would say that crypto is really going mainstream, more and more consumers hear about it. I want to give it a try and uh in terms of like volatility, yes, we understand that there is like some risk and volatility involved but we are here to give parents access over the long term to build a future for their kids and we believe that crypto can be a pretty transformative well building tool if you invest responsibly over the long term key part is the last part there probably but Alright, let's try to get one question. I think we have one over here just quickly stand up and identify yourself. Hi dan Dolev payments analyst at Mizuho, so I actually cover two names here and I have questions for both Mike and Brooks mike like how does the kind of going back to what you said about Bitcoin? How's the decline in Bitcoin changed the strategy strategy at TBD if any. Uh and then for you Brooke what do you think is the most misunderstood thing about a firm. Okay, let's keep it kind of tight, you know this this is gonna, I mean this is gonna sound a little bit too easy and dismissive but in but it is the truth, I don't think much about the price of Bitcoin. Um I I look at the Bitcoin infrastructure as infrastructure like as an open protocol. Um I have a belief that long term that um that Bitcoin will continue to accrue in value. Um Net net I do not generally, I'm not one of those people you see on twitter encouraging people to um buy Bitcoin or do any technical analysis. I definitely think people should invest responsibly um and should not invest more money than than they're able or willing to lose. Um but I believe that the core technology of Bitcoin which we are using to do things like secure digital identity um and also you know provide a layer for enabling uh you know completely decentralized payments is the future I believe in that technology um and the market machinations are are largely um uh like in many ways for me right now. A little bit beside the point. Yeah, no thanks for the question. Exactly, no thanks for the question. I think everybody understands the firm is the solution both for both consumers as well as merchants. I think one of the things that um we really need to drive home and make more well understood in the market is how we underwrite and the technology that goes into risk management, we are extremely front footed in terms of controlling the risk in our book and in the business and as someone who has the responsibility of managing the capital that is available to fund our business. It is impressive when I joined over a year ago to see the rigor around that and how holistic it is. So we do underwrite every single transaction, it's a very transparent process for the consumer. You sign up, you are um you know, decisions around a transaction, we know exactly what you're purchasing, but then we basically continue to monitor and look at the portfolio in a way that is very front footing in terms of managing risk using machine learning tools and continuing to create rigor around not just risk management in the book, but risk management around the profile of the products we offer to clients. So um if I were to ask you to take one thing away in terms of being mystifying something about a firm is how incredibly in control we are of the outcomes, the credit outcomes and the nature of our book that allows me to have a better time um financing the business uh despite any idiosyncratic moves in the market. At the end of the day, we control creating good product, good loans that are finance a bill in the market. Now, you made the debate as to where the spreads go or where the market goes, but at the end of the day you can control what you can control, which is uh generating good credit outcomes. So you have access to robust pools of capital. Great, well, and at the end of the day, you guys are all bringing some creativity and rigor to creating new services and thanks for sharing your stories today and thanks for being here. Okay

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