加密货币靠散户持有赢了政治战，AI却把散户完全排除在外

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It's too centralized, right? It's like AI companies with their big data centers and their employees using secret models to sort of do all this work.

这太集中化了，对吧？就像AI公司用他们庞大的数据中心和员工，用秘密模型来完成这一切工作。

Vlad Tenev14:41

If all of that is happening and it's owned by the AI labs themselves, I think that's a bit of like a dystopian outcome and unlikely to happen for a couple of reasons.

如果这一切都发生了，而且都归AI实验室自己所有，我认为这有点像是一个反乌托邦式的结局，而且出于几个原因不太可能发生。

Vlad Tenev16:46

So KPI contracts now allow you to actually trade the, the EPS print, the revenue print, or any of the other KPIs that, that might matter to a company.

所以KPI合约现在让你可以真正交易EPS数字、营收数字，或者任何其他对一家公司重要的KPI。

Vlad Tenev27:11

we're seeing really strong adoption, like over 150,000, uh, customers have opened agentic trading accounts with us in, in the few months since we've launched it.

我们看到了非常强劲的采用率，有超过15万名用户在我们推出这个产品后的几个月内开设了智能体交易账户。

Vlad Tenev29:16

if you wanted to invest in a large language model, a couple of years ago, and you wanted exposure to open AI or Anthropic, you're basically out of luck as a as an individual investor.

如果你几年前想投资一个大语言模型，想获得OpenAI或Anthropic的敞口，作为一个个人投资者，你基本上是没有机会的。

Vlad Tenev39:38

everyone born in January 2025 onward for the next three years, they get a thousand dollars ceded by Treasury. And Michael and Susan Dell, through their foundation, added another over six billion to children in lower income zip codes.

从2025年1月起出生的每个孩子，未来三年内都会获得财政部拨出的1000美元。而Michael和Susan Dell通过他们的基金会，又为低收入邮编地区的孩子追加了超过60亿美元。

Vlad Tenev49:16

The best approach to all of these challenges is just grow thick skin. You can control that about yourself, but you can't control the outside world.

应对所有这些挑战最好的办法就是练出厚脸皮。你能控制自己变成这样，但你控制不了外部世界。

Vlad Tenev52:32

数字与实体

术语

MCP模型上下文协议

让AI助手调用外部账户/工具执行操作的接口协议，Robinhood用它来接入智能体交易

KPI contractsKPI合约

直接交易公司财报具体指标（如EPS、营收）本身的合约，而非通过股价间接押注

license to operate经营许可（社会默许）

企业继续被公众和监管接受运作的隐性信任，一旦丧失就会招致强烈反弹

accredited investor合格投资人

美国法规下允许投资私募股权等高风险资产的投资者身份门槛

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