Mike Cyprys

I was hoping you could update us on the AI tools that you have available for advisers today. How you see that evolving over the next year or so

I was hoping you could elaborate on how those are contributing today. I realize it's early days

how you're seeing the pipeline, the opportunities set across the different affiliation channels where you operate

how much of that would you say is attributable to deploying AI versus maybe some of the Generative AI tools

how you're positioning Apollo to navigate, what challenges and risks do you see ahead

how you think about the outperformance this past year relative to that $150 billion guide?

I was hoping you could elaborate a bit on how you anticipate these partnerships evolving, what the different flavors might look like

I think you mentioned that you're on the cusp of serving the 401(k) marketplace. Just curious if you could elaborate a bit on how you see that opening up?

how that looks across the direct lending book

how you go after this market opportunity in scale and talk about how you're expanding your sourcing funnel

if you could maybe provide a bit of an update on some of the progress expanding your sourcing funnel

I was hoping you could elaborate a bit on the opportunity set that you see in today's marketplace for ABF?

how you're thinking about the investment opportunity with data centers there just given post the deep seek development

you could just dig in a little bit around the traction you're seeing overseas

Could you update us on how you are using AI across the organization today

Just curious if you could talk about your objectives for that over the next couple of years

I was hoping you could elaborate a bit on the partnership, your goals, ambitions there, why partner with Wand versus other vendors

Just curious what you're seeing from your U.S. clients and non-U.S. clients in terms of potential and evolving interest for non-U.S. strategies

I was hoping you could elaborate a bit more on how it is contributing to revenues and flows today

I just wanted to ask about Putnam. I think it's been about a year since you guys have closed the transaction there

what that would translate into in terms of revenue, operating income and EPS in 5 years' time? And what sort of growth might that be

update us on the progress penetrating U.S. and international wealth channels, particularly for alternative products

I was hoping you could speak to your priorities across your footprint in Asia, from your local partnership in India to initiatives you have in Japan

how you might go about tokenizing ETFs. You already have the tokenized money fund with Petrol

how the conversation is progressing in particular with insurance clients, to what extent you're seeing new mandate wins

are you getting any sort of sense of how retail and institutional allocations may shift as we look forward from here?

I believe insurance and private wealth were some of the areas that you were most excited about

Curious where you see that showing up in growth and fundraising results

just curious how you are deploying AI across your portfolio companies, what learnings you have had along the way, what sort of impact you are seeing from this deployment

Wanted to ask about your brand strategy and how that's evolving as you extend further into the private wealth channel

I was hoping you could maybe elaborate a bit on how you see the path unfolding for alts accessing the 401(k) retirement channel

can you talk about how you find the confidence to put capital to work here and how you see the cadence and type of deployment playing out near term versus medium term?

Just curious how you're thinking about the evolving investment opportunity around AI, particularly in the infrastructure layer with data centers and power

I was hoping you could elaborate on how you might go about that and the opportunity set that you see there with clearing.

I was just hoping you could share your updated thoughts on plans around extending trading hours to twenty-four-seven

I was hoping you could elaborate a little bit on what products might make sense as you look out over the next 12 to 24 months?

I was hoping you could elaborate on your aspirations there. What steps might you be taking over the next 12 to 24 months?

I'd just be curious your views around tokenization and blockchain. What use cases do you find think to be most compelling?

Curious your thoughts around taking the ZeroDTE success and bringing that to intraday options. Just curious what's your appetite for that

Just a question on U.S. equities trading and your announcement to move 24/5. Just hoping you could elaborate a bit on the opportunity set that you see here

update us on your partnership with Google, including tokenizing cash, what the time frame and key milestones are

I was hoping you could help quantify the impact of that in terms of added margin and collateral efficiency for customers

How do you see the scope and path for migrating other contracts eventually to the cloud or what that might look like

how do you think about some of the advantages or even disadvantages of stablecoin as collateral versus tokenized deposits

I was hoping you could elaborate on the progress there, how you see the use cases versus other alternatives in the marketplace?

I was hoping you could elaborate on some of the hurdles you've had to overcome? And what could be the scope to enable 24/7 trading for other products?

Just curious to hear your views on what you see as the major hurdles and roadblocks today for bringing that to the marketplace

how you see the opportunity to help more customers manage risk here. You already have weather contracts. I guess, what's the potential to broaden out that product set

how API connectivity is contributing to Robinhood today. I believe you offer it in crypto

I was hoping you could update us on your partnership on the stablecoin side. How you see that ramping and contributing, what are some of the milestones here in '26

what sort of uptake you're seeing with Legend, how that's contributing on 24/5

hoping you could talk about the traction that you're seeing from clients in your overnight sessions, how that's contributing today?

what hurdles you might face to achieve this ambitious goal? How you might overcome them

Just curious how you think about that impacting clearing revenues and collateral economics across your platform

I was hoping you could update us on how you're using AI across the organization today, what use cases have been most impactful

I was hoping you could elaborate on the success that you're seeing there, the steps that you've taken to drive this improved momentum?

what other stones might you be able to turn over curious where you might find incremental meaningful opportunity

how we should think about the cadence of that throughout the remainder of the year and into 2026

Maybe just remind us how many strategies you guys offer in SMAs today, how you see that evolving

where specifically you're seeing AI-driven revenue uplift versus AI-driven cost savings in the portfolio

could you update us on how you're deploying AI across the firm today as well as within your portfolio companies?

I was hoping you could elaborate a bit around how the changes you're making to the insurance business make you a better partner for insurance clients

curious how you see the industry evolving given potential changes here from AI to blockchain

you also mentioned you're taking some mitigation steps. Maybe you can elaborate on the mitigation action steps you guys are taking

I was hoping maybe you could update us on the platform today, the progress that you made over the past year

what sort of milestones do you anticipate in the first year

how you see the potential to ultimately migrate toward a fully on-chain environment? What hurdles would need to be overcome?

I was hoping you could elaborate on how you envision that working? What are some of the key issues and hurdles that need to be resolved?

how do you think about the opportunity across Nasdaq? What areas can make the most sense next? How meaningful in terms of efficiency gains

with the deep seek advancement. Just curious how you see that impacting your business in terms of potential for faster generative AI product innovation

I was hoping you could maybe talk a little bit about the steps that you're taking at Raymond James to help and expand deepened relationships with advisers

any notable differences in behavior from those versus, say, legacy users

I was hoping you could elaborate on -- how you've been expanding that platform where that stands today relative to where you'd like that to be

How you see this ramping in terms of usage and adoption compared to where adoption is today for Ray

do you think that, that level and pace and speed of that investment spend would accelerate

what sort of appetite you're seeing from advisers and their clients

Just curious if you could elaborate a bit on what you're seeing, how the magnitude of the pipelines has evolved

Just curious if you could just give us a little bit of an update, thoughts around digital assets, stablecoin strategy

Just curious around use cases that you've identified. Just curious how many you've identified, how many you have in production

I was hoping you could talk about the responsibilities for this new function, what resources will be at their disposal

just curious if you can maybe just give a little bit of an update on how you're thinking about the opportunity set

I was hoping you can elaborate a little bit more on some of the major areas for investment that you're focused on

you elaborate on how that's performing and contributing across Canada and the U.K. today

maybe you could help remind us just in terms of the economics there, how that compares to your traditional channel

how you monitor and assess the scope for changes in customer behavior and preferences around that

curious what risks and opportunities might that present for Schwab and for the industry

You mentioned potential for Bitcoin and Ether spot trading. But what about staking noncustodial wallets and otherwise

Can you talk a little bit about how the firm manages exposure in a more volatile environment

how much of your ETF growth is coming from new client acquisition versus migration from existing mutual fund assets

talk a little bit about how you're experimenting with tokenization and blockchain. Where do you see some of the most compelling use cases

I wanted to ask about digital assets. I saw that you filed for a multi-token crypto ETF

just curious how you see the industry evolving given the advancements here. Curious how you're adjusting your business model

I just hope that you can elaborate a bit on the steps that you're taking to drive this early success, how you see your ETF business progressing