Lot’s coming on gen AI this week at Boca; it seems first among topics. Most of the participants are coming into the week healthy. With inflation paused in its decline, brokers are not getting killed by low inflation. Exchanges, especially energy related products and markets are strong. What is fascinating to me and I think mostly good is that all players see themselves as technology companies now. In addition, BOCA is attracting big tech in a way it hasn’t in the past. I can’t say that they understand the markets in a way that they are competent, but they have the funding to come up the learning curve quickly. Capital markets, especially listed derivatives is a community. I think they will have a cultural learning curve as much as a market learning curve as they look at how to participate in the capital markets world. The Google partnership with the CME so far seems less than obvious in value add. I do see the pace of tech coming to the capital markets in force and that will change the culture in itself. More during or after the conference.