Michael Saylor & Phong Le: The Transformative Power of AI + BTC | Strategy World 2025 Keynote

Please welcome to the stage, President

and Chief Executive Officer, Fong Lee.

[Music]

[Applause]

Good morning, everyone.

I am fired

up. I got up at 4:00 a.m. this morning,

which is an hour earlier than I usually

do. It's It was like the day before

Christmas, and you just can't sleep.

You're so worked up and excited and

ready to roll. That's how I felt this

morning. I went to the gym and I worked

out. There's one other person in there.

I was like,

"Yes, this is a big day. This is a big

day for us. This is a big day for our

customers. Thank you for being here for

our partners, for our potential

customers, for our

employees, for our

shareholders, for our

analysts, for Bitcoin enthusiast, for

data enthusiasts, for be this is big.

This is big. We revealed this year the

rebranding of Micro Strategy into

Strategy. And I think the

timing was perfect. I, by the way, I I I

went by the swag store yesterday.

Someone told me they somebody spent 700

bucks at our swag store. I am. I got the

shoes, which you can't get anymore. I

got the tie, which you can still get. I

got some socks on. I got the pin. I have

it all. I am all strategied up.

This company was founded 36 years ago as

Micro Strategy. It went public 27 years

ago. This is our fifth annual Bitcoin

for

corporations. The first two are virtual

if you remember. The next two and this

one are in person. And this is our first

ever strategy world. and it

represents a new day, a new brand and a

new era and a simplification of who we

are. And so I want to talk today first

and celebrate a little bit about our

growth.

Uh we have done some amazing things over

the last 36 years, over the last five

years, and over the last year. And those

who are shareholders know this

chart. Some of you may not know how much

success we've seen in five years. We

have outperformed every S&P 500 company

in the world.

If you compare us and our returns since

what we call the Bitcoin standard era,

which is August 10th, 2020, and it

hasn't really been that close. Like

these are video game numbers.

3,90% appreciation in our stock. And you

know, it's great. I love it. Personally

satisfying, professionally satisfying.

But the number of people who came up to

me yesterday and said, "Hey, you have

released me financially. You've helped

me pay for my kids' college. You've

helped me retire. It's just wonderful.

It just feels so good." And by the way,

the performance is even more

extraordinary when you compare us with

the rest of the world. Anyone here heard

of a company called

Nvidia? They're awesome. They're in the

middle of the AI transformation, which

we'll talk about. We outperformed him by

more than 3x in the last five years.

Three

times. And we're the most interesting

company. This is the part that people

don't always think about with us. We

have transformed the capital markets.

We've transformed digital markets,

right? We are with our trading volume as

a percentage of market cap, the second

most in all the S&P 500.

And if you look at our options interest,

the open interest and put and call

options, by far the most as a percentage

of market cap compared to the S&P

500. This is where it gets really

interesting. Let's compare us to the

technology universe. We're a technology

company, right? Strategy versus every

other technology company on an ARR basis

over the last five years has

outperformed a lot of our peers and a

lot of our competitors.

And I know you're all sitting here. A

large part of this audience are our

software customers, our BI customers.

That performance is great and I'm so

happy I bought some strategy shares in

the last 5 years. But what does it do

for our software business? That's what

I'm going to try to bridge today and

share you why this performance, this

extraordinary performance is important.

Right? A lot of these folks here on this

chart are our partners. Amazon, Google,

Microsoft are hyperscalers, right? The

next one, Apple is a big partner of ours

and we started partnering with Apple

when they released iOS and the iPhone

and the iPad. We were the first ever

enterprise application released on the

iPad. But for those four companies, we

have the largest balance

sheet in the technology world. We have

$50 billion dollar of extremely

liquid accreative appreciating Bitcoin

on our balance sheet. And what does that

do for us as a software company? It's a

war chest. Allows us to invest, allows

us to grow more so than some of our

competitors in this space. Salesforce,

SAP, IBM, and others.

$50 billion. Remember five years ago we

started this journey with $500 million.

We've increased our balance sheet a

thousand

times. Think of anything you've done

more. A thousand times in five years,

thousand times in 10 years. And what

this really

represents and what we're talking about

today is the digital

transformation of our company.

We digitally transformed our balance

sheet. We digitally transformed our

capital markets. We digitally

transformed the capital

markets. We digitally transformed

investor

relations, right? Like a lot of you here

are investors. Last week on Thursday, we

had our Q1 earnings call. We had 150,000

people show up to our earnings call.

Mike's mentioned this before. I remember

2015 we had 40 people show up to our

earnings call and 10 of those were

employees. We've increased the interest

in the company

5,000x even more than we've increased

the balance sheet and even more than

we've increased our share price. We have

digitally transformed how companies

interact with shareholders, with

yourselves. Thank you to the True North

folks for putting on a great event

yesterday. You represent the digital

transformation of investor

relations. Gone are the days where you

get information trickled out to you once

a month.

Here are the days when you get data

delivered to you about our company and

our KPI and our metrics every 15

seconds. That's how companies should be

interacting with your shareholders.

That's why we created this website.

That's why we created our digital

applications and our mobile application.

And by the way, we wouldn't have been

able to build these beautiful interfaces

if it wasn't for our team of amazing

software

engineers that build our software, that

build our BI tools and applications.

Not only do we believe in digitally

transforming the capital markets and

investor relations, we believe that with

Bitcoin, we can digitally transform how

we interact with

corporations and with

competitors, right? Like if if I was to

tell you, hey, I found an unlock to

increase your stock price a thousand

3,000 times in five years and I told

you, by the way, I'm going to tell

everybody how we did it. create an

open-source playbook and set of

documents and hold a three-day

conference every year to try to get

everyone else to do the same thing. You

might say, "Hey, you want to just keep

that all to yourself so you can keep

doing this thing and you be the only

one?"

No. Because we believe in transparency

of information. We believe in digitally

transforming data and information and

providing it transparently to everybody.

That was the core of how Micro Strategy

was founded. That's the core of strategy

as a company and that's why we run

Bitcoin for corporations because we

think the more the marrier. Let's share.

Let's have some fun. Speaking of

fun, this is Otto and this is Maxi.

People have asked me directly. There's a

whole bunch of stuff on X. What the heck

is Maxi? Maxi is not a

skunk. Maxi is not a raccoon. Max, I see

where you're going with that. Maxi is

not a bear representing the bear market.

Those who know Bitcoin, Maxi is a honey

badger. Maxi is a honey badger. And if

you don't know what a honey badger is, I

will excuse that. A honey badger is the

most fierce competitive fighting force

in the animal kingdom. And if you're

like, sure, whatever. Isn't that a lion?

Go YouTube a

video, honey badger versus lion. Some of

you have seen it and you will understand

why the honey badger is the symbol of

Bitcoin and the symbol of strategy. It's

all about having fun. So, those those

who who who uh are going to stay with us

hopefully tonight, we're going to have

an awesome party. Uh and you know, it's

fun to win. It's even more fun to

celebrate winning. So, let's do some of

that together tonight. I'm looking

forward to the party

tonight. All right.

So what does this mean for strategy the

company? For many of you, you're getting

to interact with our 250 or 300

employees here. We have 1500 employees

around the world. We've got 4,000

customers around the world. Uh we have

millions of users of strategy around the

world. Number one, it helps us hire and

retain great people. You think after

hearing that speech from me, people

don't want to come work for the best

company in the world? I hope you all get

a chance to meet some of our employees.

We have some that have been here 25

years. We have some who've been with us

10 years, 15, 10, whatever the number

is. They're

awesome. I can go out there and hire

anybody I want in the universe to come

work for the best performing company in

the universe. And not only that, when we

get them, they stay. Last year, we

tracked this metric called uh voluntary

turnover. Our voluntary turnover in the

company was the lowest it's ever been in

my 10 year history being

here. It also allows us to focus on bold

innovation. And that's what we're going

to talk about a lot today this morning

is how are we innovating as a company,

right? No longer do I have to focus on

what happens tomorrow, the next week,

the next month, our quarterly earnings,

although they're still quite important,

even the next year. We get to make the

bets that are going to make this company

better, that are going to make life

better for our shareholders, that are

going to make life better for the world

and

civilization because we've decided to

move our balance sheet to

Bitcoin. We'll also attract some of the

greatest partners in the world. All

right. Uh you probably saw the list of

the folks who are sponsors and partners

of strategy at Strategy World. It's

bigger than it's ever been before.

Everybody wants to be part of a winning

team, right? I want to thank AWS Kent

Fitzgerald who's sponsoring our party

tonight and Jaywood Capital Advisors for

being our titanium sponsors of World.

Thank you to those

guys. We'll talk more about partnerships

later. We can withstand threats in a

world that is increasingly changing

faster and faster through technology,

through be geopolitical challenges,

through economic challenges. We

withstand the threats. When you have $50

billion in your treasury versus $500

million in your

treasury, when the macroeconomic winds

change, right? when there's instability

and a customer says, "Hey, you know, we

had a tough quarter. Are you okay with

doing this deal next quarter?" Right?

When a employee says, "Hey, you know,

uh, I have changes that I have to go

through in my life. Can you help?"

Right? When generally speaking, there

are multiple threats to the

organization, we can withstand them

because we can plan long term and we can

invest in customer success, right? We

have about 60 folks here today that are

part of a brand new organization that we

stood up at the end of 2023 called

customer success. When our competitors

and other companies are removing their

organizations responsible for customer

success when they're charging you for

customer success, we're investing in a

team and giving that to you. And that's

a long-term commitment. That's something

we're very focused on is making sure the

customers here do better and better.

It really what is this all

about? This is about

freedom. Bitcoin is

freedom. A digital transformation of

your capital structure provides freedom

to

strategy. 3,000% return in three years

provides freedom economically to our

shareholders.

And I will argue that what we are going

to do to the data world provides freedom

to your data and to your intelligence

into your information. That's important

today, more important than

ever. 36 years ago when we were founded,

we were founded on a singular vision,

intelligence everywhere. and the company

has toiled through good times and bad

times trying to make this vision a

reality. I think

today in

2025 strategy with our digital

transformation with our capital

structure with 50 billion dollar worth

of

Bitcoin with the advent of generative

AI and the technology waves of change

that that is

creating. We are closer than ever to

finally realizing this

vision. And so, who better to talk about

the vision of the company that he

established 36 years ago and to talk

about how that's going to change the

world of Bitcoin, of capital, of data,

of information, than our very

own

founder and executive chairman, Michael

Sailor.

Good to have you here. Happy to be here.

Wore the wrong shoes, I see.

Uh maybe you can sign mine later,

though. I heard you were doing that last

night.

I've signed a few. All right. So Mike,

um this is a big moment for the company,

but as the founder, uh I imagine you're

extraordinarily proud, uh of what we've

been able to build over 36 years and

especially in the last 5 years. Why

don't we just start with with with we

rebranded the company this year from

from micro strategy to strategy. Uh why

did we do it and uh what is the

significance of the rebrand?

You know, uh, a great principle of

design is the design's not perfect until

there's nothing left to take away. And I

think,

uh, Apple proved that, uh, with designs

like the iPhone where they just kept

pushing the edge of the envelope. Can I

take away the keypad? Can I take away

one more button? And um I think if you

look at the history of of uh great

consumer products

um the more elegant the simpler it is

the more powerful it is. So when we

looked at our brand we realized that we

had outgrown it. Um micro strategy made

sense when we brought the company to the

marketplace back in the early 90s. Micro

was a

forward-looking idea. We were a

strategic consulting company and and

Micro signified that we were going to

incorporate technology into into

decision support. But of course, 30

years later, technology is in the fabric

of everything. It was no longer

necessary to signal that you had

microprocessors backing what what your

product was. And um you know we looked

at all of the you know the great brands

uh in the world.

Google,

Amazon. We thought about people we can

remember. Eventually we remember them by

their first name or their one name.

Julius Caesar became Caesar. Napoleon

Bonapart became Napoleon.

Madonna Prince

Sting. We have an international customer

base. We have an international

shareholder base. And and what we

realize is we had the opportunity uh to

take ownership of perhaps one of the

greatest words in the English language

which is the language of commerce and

technology in the world. So if you ask

people, you know, give me 10 words in

the English language that are

universally positive. Uh they uh they

cannote

insight. Uh they're uh they're welcome

in any any

conversation. You know, certainly one of

the most powerful words in the English

language is hope. But if you said what's

what's a powerful word in business? The

most powerful word in business I believe

it's strategy. You can't you can't uh be

successful in business without strategy.

You need an investment strategy. You

need a technology

strategy. You can't be successful as a

superpower without a a political

strategy, a defense

strategy. Strategy has just got

incredible power. Uh after 30 years of

seeing people misspell the company name,

they would spell it Micro

Strategies. I I used to meet our

customers and I would meet customers

that had been doing business with us for

10 years and they said, "Yeah, so you're

from Micro Strategies." And and so I had

real market feedback and my and and my

real world experience combined with my

theoretical experience suggested to me

that if you own

strategy.com and and if there is no

greater company than you squatting on

the strategy handle then less is more.

Take away the micro. Strategy is a word

that it's much easier to spell, easier

to say, easier to see.

easier to remember, easier to type. And

uh I think you can see it here at the at

the conference when you look around and

you see the strategy branding. One of

the one of the interesting nuances of of

words is it if you want to make the word

four times weaker, make it twice as

long. when you stretch it, the font gets

smaller. And so we we've taken a word

and we've made it four times stronger

and we've made it

international. And uh you know how many

billions of uh school children will be

taught how to spell strategy? And the

answer is all of them. And uh how many

if you asked a billion people do you

react favorably to the word strategy?

every one of them. If you went to the

same sample set and said, "How many of

you like micro strategy and think m how

do you how many of you think micro

strategy is a good idea?" And the answer

is most pe 1% of them will recognize it

and half of them will think why would I

want a micro strategy when I could have

a a bigger a macro strategy or or or a

global strategy or a digital strategy.

So we um we thought now is the time

because we do have this international

need to communicate to a billion people

and we have as we pointed out on our

earnings call a few days ago we now have

55 million beneficiaries in the world

and so it's time for us to go global.

It's time for us to provide uh the world

with a consumer brand that stands for

empowerment, that stands for success,

that's uh that's

egalitarian, that's unifying,

uh and uh that's

powerful. Thank you.

Um you know we went through this

exercise uh last year of coming up with

the core values of the company and one

of the values uh that we are or are

editing we had them before and one of

the values that that we toyed around

with with was innovative

uh and then we looked and found out that

80% of technology companies have a core

value called innovative and so I didn't

think that would be a very innovative

value. Uh, and so we centered on this

word bold and bold is beyond innovative

because it takes creativity and

intelligence. It also takes guts. Um, I

remember you and I hashing through five

years ago what to do with our balance

sheet. And uh, I think people would say

what we did was pretty gutsy and bold.

uh tell the audience and folks in

general, you know, you founded this

company, you've taken it through many

ups and downs. This is the biggest by

far. How why is it important to be bold

as you go through a digital

transformation of your organization?

Um consensus

thinking won't result in success in a

world of 400 million competitive

companies.

Um once if you walk down the street and

you ask a hundred people, do you think I

should do this? And most of them agree

with you, then there's no way for you to

break free of that competitive uh

dilemma.

So, you know, the idea that we should

sell products and take the dollar or the

idea that we should speak English or the

idea that we should work in offices or

the idea that we should use a computer,

the these these are all great strategies

when everybody else disagrees with you,

when you're the first. But um at some

point if you find yourself stuck in a

competitive uh a competitive dilemma

when uh when you can't break free um

then you have to do something that's

bold and uh and that means doing

something that if you walk down the

street and asked a 100 people did do

they think you should do it? If 95 of

them said no, then then probably it's a

it's a getting to be popular bold

decision. If 99 of them said no, then it

might work for you. It might just work.

And and the example of that is you

invest in Amazon when everybody thinks

Amazon is a stupid idea going bankrupt

and that's when you'll make 30 extra

money. And in uh the summer of 2020,

every single person in the world agreed

that Amazon was critical to the

civilization and you should buy Amazon

stock. Nobody made any money. It's the

worst performing right of the

Magnificent 7. So you have to do

something which is bold and and you have

to you know you have to think from first

principles like uh bold starts with a B.

Look at our logo and where do you see

the bee? When we shrunk our our brand to

strategy, we created space in our brand

for a bold innovation. The the bold

innovation on your lapel pen. Uh if you

think about the 10 most popular symbols

in the world, think about the most

popular iconic symbols in the world. I

dare you to think through 10 and list

them. I think most people would say the

dollar. They might say the

cross, right? They might say, you know,

they may they might say the Islamic

crescent and that be we I don't know

where we sit in the top 10, but I'm

quite sure that we catapulted ourself

into having a corporate logo that is one

of the 10 most recognizable symbols on

earth. And uh with 8 billion people

competing for recognition, that's no

mean feat. Um, our decision with Bitcoin

was was driven out of experience. We had

we had 30 years of business experience.

It was it was driven out of uh uh

realization, right? We embrace reality

and and after you tried, you know,

there's this phrase, this joke about,

you know, Winston Churchill said it

about Americans. He said, "Americans,

they'll do the right thing after they've

tried everything else."

and we had tried everything else. And uh

and when you've tried everything that's

not bold, when you've tried everything

conventional, then you either you either

have the courage to take a risk or or

you know you suffer this life of quiet

desperation and you meet you know in a

mediocre fashion you fade from history.

And uh we decided that we were going to

we were going to not fade from history

in a mediocre fashion. We had to take a

risk and uh and that risk was to

recapitalize the company on an asset

which on paper from first principles

looks better. It looks like a big tech

monopoly. It looks like digital gold. If

it's digital gold, it's 100 times better

than gold. If it's the next unrecognized

digital monopoly, it's going to grow by

10 to 30, right? Find something

everybody needs. Nobody can stop and

nobody under few people few people

understand, right? Where most people

just don't agree with you. And when it's

a non-consensus thing from first

principles, there is an opportunity and

we've we've seen these things throughout

the history of business. Um, we were

inspired and uh we were catalyzed

uh by our history and by the events of

uh 2020 and uh I think the results speak

for themselves.

Well, thank you for that. And you also

did all of us a service. I think you

explain to a lot of our partners, our

banking partners, our legal partners,

our technology partners, why we

constantly ask you to come along for a

ride and do the impossible. And when you

give us ideas that everyone else has

done, we say no. Do something that no

one else has done. And I think it's a

it's it's a great concept for capital

markets, for corporations, but we'll

talk about why it's an important concept

for data, too. Um, one of the lesser

known things that have happened over the

last five years with strategy is how

we've used AI and Gen AI specifically to

come up with our strategy. And uh I

sometimes tell people that you're one of

the biggest power users of Gen AI and

that our digital transformation, our

capital transformation was AIdriven and

people are a little surprised to hear

that. Tell share share share with the

group exactly the story of of how you

use AI and how the companies used it to

transform our capital structure.

Um, you know, when uh the first chat

programs came out, they were cute and

then they started getting smart. And uh

when the first image generators came

out, they were cute and then they

started getting smart and then they

started getting better. And and um I was

uh I was drawn into the world because I

wanted to be able to communicate

messages.

So, first we would uh we would generate

images and and uh eventually I found

that computerenerated portraits of

myself are actually better looking than

I am. No, no, no, no,

no. But humble

brag. No, no. Uh actually the more

important point is if you wanted to make

a point it was a lot easier to put

myself on Mount Everest with a

computerenerated image than doing it in

the real world. And so we started to to

generate content much more rapidly. Then

uh then I realized I could uh I could

use AI as an editor and it became my

editor. And you know, you want to you

want to make a sophisticated point, but

you're in a hurry and you have people

say, "Do you run your own X account?"

Yeah, I run my own X account. I create

my own my own post. And it's like, well,

aren't you worried about misspelling or

mistyping or like can you, you know, is

that the right way to use the hyphen?

And I found, well, it'd be great if I

had an intelligent editor. And I started

using it as an editor. Then I realized,

you know, my job is to is to have an

opinion on does this bill influence

Bitcoin and how. So when when uh they

drop a 200page bill, I realized if I

could put that into AI, summarize it,

query it, and compare it, I could think

a hundred times faster, maybe a thousand

times faster. And I began using

AI to uh to accelerate my ability to

think. Now, um that's pretty important

if there's a hundred bills and you you

know and and uh someone wants to know

what about this, what about that, what

do you think about that document? And uh

you know, I can't afford to have a we've

had 40 people in a marketing department

or working for me. And if I ask the

question, I might wait a few days or a

week to get the answer. But I don't have

a week or a few days. I have

sometimes two minutes. If you want to be

relevant, sometimes something gets if

Elon Musk posts something, you have 60

seconds. The world requires that you be

smarter, faster,

stronger. So I started using it in that

way. And then uh and then not a long

time ago came along deep research and

that was a big aha moment because first

I used an order of magnitude more

computing power and then I used two

orders of magnitude more computing power

and then I started asking questions via

deep research. Well, how would you

design this security or or is is this

possible? I have a a question which

would require five lawyers and three

financeers to answer and it would take

them two weeks to answer and and I would

put this chat in deep research mode and

I would grind it and it would grind

through 50 sources and work for 15

minutes and come back and it doesn't

necessarily give me the answer that I

can immediately act on but it gives me

an uh somewhere between 80 and 95% of

what I need and then I take that to the

finance department. and I take that to

the legal department. So, so a lot of

our innovative uh capital markets

activity, things like strife, things

like strike, we had to fight through all

sorts of complicated legal issues,

complicated financial issues. You know,

we did a convertible preferred stock. It

had never been done before. We uh we

listed on NASDAQ. It never been done

before. We attached the shelf

registration to it. It had never been

done before. We made it a perpetual

dividend good for a thousand years. It

had never been done before. We um we

created a perpetual call option. It had

never been done before. We put a shelf

registration on it. Never been done

before. Now, when you go to when you go

to uh 25 professionals with 30 years

experience, say, "I want to do 20 things

that have never been done before, and I

want to do them in a hurry. I need an

answer in the next 48 hours, right? That

that creates a very stressful situation.

And what I found with AI is the AI

doesn't have a lot of ego. I can ask it

a question. I can tell it that's not

right. I can tell it that's stupid. I

can disagree. I can work through my

issues. And then after I've gone through

20 iterations which would have ground

human beings into a

pulp, you know, I I can then take the

95% answer to the finance team and the

legal team and the bankers and the

market and say I think this is this is

plausible. And I don't just share the

result. I share the link. I say go into

the chat. You know, I've uploaded 27

documents. I've actually had to grind

through case law of every public company

that's ever done this before. I've

analyzed the finance. I think it's more

likely than not this will work. And at

that point, when you've taken the

process to

95%, you can then get to a result and

build consensus. And half of half of AI

is about consensus and doing it in a

cheerful, constructive way. Right? When

I'm yelling, I prefer to yell at the AI,

right? I really want to do this. No, you

can't. Well, what if I do this? No.

Well, and eventually get the you get to

a point where maybe you can move forward

and and I can say, you know, with a high

degree of confidence, right? Uh a lot of

the things we've done in the capital

markets, we just couldn't have done

that. They were those two preferred

stocks, Strife and Strife are the first

AI designed uh securities that I know of

certainly in in our industry. So, so I I

I've I've been inspired by it and and I

think we're just scratching the surface

that, you know, the next step will will

be to go from deep

research, which is where, you know, I

you know, by the way, I went from the

$20 a month, you get a a few of these

things to the $200 a month subscription

where you get unlimited to the we're

cutting you off because even unlimited,

we think you're you're burning our

silicon. Yeah. I I I I think we're gonna

go from deep research to agents where I

just say, "Hey, you work for me. Scan

everything in the, you know, in the

Twitter sphere uh today about knowing

what I think and tell me what I should

say and I'll tell you what I'm going to

do it." And then scan the capital

markets. I tend to ask questions like,

"Look at every single publicly traded

company and give me the open interest

divided by their market cap and the

liquidity and the trend of the liquidity

and then tell me where we stand."

Click.

Okay. And the next step will be, "Well,

why don't you just do that every day?"

And then, you know, so what I think I've

I've learned is we're going to consume

exponentially more silicon and

exponentially more

uh electricity and digital power um

because that's the way you break through

to the new idea and the new market and

um you just you just can't go the 20th

century way. You can't even you can't

even do things the way we did it three

four years ago. It's and in the words of

Magnus

Carlson it's too weak. It's too slow.

You have to be faster and stronger and

smarter.

You know, um I I I get the uh

extraordinary uh pleasure of being on

the receiving end of Saturday morning

messages from Mike. Look at my AI chat

and uh tends to be like four pages long

and I read it uh at 4 in the morning

while I'm working out. Um, and you're

quite constructive and cheerful in those

chats with the AI, which is a little

different than sometimes, but I feel

like it's made you a nicer, more

cheerful, constructive person in

general. Uh, and so I think there are

other um civilization level benefits of

AI. It's going to cause people to be

nicer to each other. What are what are

some of the other big things you think

AI will do to the world?

You know, I think it's uh if we think

about classic economics,

um econ the economy was about uh land,

labor, and capital. And you use those

three components to create prosperity.

And I think we're living in this digital

transformation

where digital land or digital property,

digital labor, digital

capital. And and it's, you know, it's

it's pretty clear that the agents in

cyerspace are going to work a billion

times harder or a billion times faster

for us all. It's pretty clear that those

those bots will be put into robots and

the cars are going to drive themselves.

And at

sometime in in our lifetime, we'll have

talking, walking, useful robots. And so

so the robots are coming to the real

world. The agents are coming to the

cyber world. You're going to see an

explosion of digital labor. Um I think

we'll need less physical property and

we'll need less physical labor. There'll

be a dramatic decrease in the physical

labor component in the economy. And of

course, if the robots and the agents are

doing a lot of work, they don't need as

much real estate. They don't need as

much physical property. What they do

need digital property, intellectual

property, right? So, so the in access to

proprietary data. Turns out that I'll

tell the AI a question, you know, give

me the the 30-day call rate, you know,

selling call options at the money. and

it's really good at calculating it, but

it gets shut down if it's scraping a

website. It needs a clean data feed. A

and so I'm either hyper intelligent or

I'm stupid as can be. It'll give me the

absolute wrong answer if it has to

scrape a website, but it'll give me a

perfect answer when I give it clean

data. So, so digital property in the

form of data feeds, you know, what what

is the vector trajectory of every iPhone

in the world right now? If you give that

to the AI, you get some interesting

results. What what is the status the

open interest of every public company

everywhere in the world right now,

you'll get interesting insights. So I

think the companies that have digital

properties, right? It's not so much the

Bessemer process for creating steel.

It's not a static, you know, knowhow.

The AI figures out how to do things

statically pretty well. what it doesn't

do is it doesn't figure out h you know

how do I extract realtime proprietary

data feeds and so I think that that uh

the value of data which which you know

all of our customers have the value of

proprietary data is going to explode and

you got to think about you know can I

license my data to someone else so that

they can plug it into an AI so they can

change their product and I think um uh

digital capital isn't, you know, which

is Bitcoin is very important. When you

when you come away from these things,

you think if I plug digital intelligence

and digital labor into digital

property, by the way, property is

heterogeneous. There's there's 10,000

proprietary databases just like real

world property is heterogeneous. Tokyo

real estate's different than New York.

So digital property is a whole set of

thousands of of heterogeneous but very

valuable things in the world. The

digital labor and the and the digital

intelligence less heterogeneous. You

know there are going to be some monster

models and everybody's going to use

them. Digital capital

Bitcoin homogeneous. You know a Bitcoin

is a Bitcoin. And what you're going to

see is is companies are going to create

extraordinary products, extraordinary

services. There's going to be a 100x

increase in productivity. There's going

to be a 100x increase in in everything.

We're going to produce more of

everything in every way that everybody

can imagine.

And if you're a corporation, if you're a

private actor, if you're a capitalist,

what are you going to do with that

capital? you're gonna roll it into

Bitcoin. The AIs are going to want to

are going to want to buy the Bitcoin.

The companies are going to buy the

Bitcoin. The demand is going to be for

the most scarce, desirable, liquid,

fungeable capital asset. And so, the

explosion of productivity with digital

property and digital intelligence and

digital labor will create an explosion

in demand for digital capital. And I

think all of those are just mutually uh

beneficial trends. And if you're a

company, you just want to figure out how

your shareholders benefit, how your

customers benefit, how how your

employees benefit from this trend.

Awesome. So

other last question.

Um you've been wildly successful in your

career. The last five years, Strategy

has been the most successful company in

the world,

arguably because of a digital

transformation of our capital.

Um, other than buy Bitcoin, what advice

do you have for folks here who want to

transform themselves and their

companies?

I I

think, you know, it's it's pretty

clear you want to harness digital

intelligence and harness digital

capital to drive your cost down, drive

your productivity up, improve your

products, improve your services. You

want to look for that revolutionary new

product. You want to look for that

revolutionary new service. You want to

improve your securities. You want to

revolutionize your capital

structure. What I say oftentimes is,

yeah, you want to 10x your money, you

buy Bitcoin. You want to 100x your

money, you buy Bitcoin with somebody

else's money. You want a thousandx your

money, you buy Bitcoin with someone

else's money, and then you lever the

Bitcoin. And so my advice is think about

innovative ways to build the most

powerful capital structure in the world.

And that'll be the subject of my talk

later

today while you're thinking about ways

to actually build the most compelling

transformational products or services in

this world. And and if you can't do

that, at the very least, make sure that

you yourself are a thousand times or a

million times smarter, faster, stronger.

Or if you happen to be like me and you

post pictures, make sure you're million

times better looking and put yourself on

the top of Mount Everest.

Oh, Michael, thank you uh for all you've

done for all the individuals in this

room and in the world for Bitcoin, for

intelligence, for data, for software.

Such a pleasure working with you. Thank

you. Thank you.

That was fun.

Um, why don't we just do one more round

of applause for the giga chat himself,

Michael. So, you're all wondering where

this is going, aren't you?

Let's talk about how do we digitally

transform our data and how we will

enable you all to take the lessons of

what our company has

done, what AI

provides to digitally transform your

organizations. Okay, I want to tell you

three stories. First, um, I'll start

with, and these are stories about, uh,

I'll call it three different

revolutions. I'll start with the

consumer revolution. Uh, prior to World

War I, uh, if you wanted to buy, uh, an

apple, you might go to the grocery store

down the street. you want to buy a cake,

you might go to the baker around the

corner, you know, place your cake order,

take you a couple days. Uh, and if you

wanted to buy a shirt, nice shirt, you

might go talk to your tailor, you know,

a block down the street and say, "Hey,

make me a shirt." And you get it in

about a week, maybe two weeks, depending

on where you are in your shirt pecking

order with your tailor. Uh, and

everybody's happy. It's pretty good

process.

uh World War II came along and post

World War II in the US came the era of

the consumer revolution. With the

consumer revolution came the advent of

grocery stores,

supermarkets,

hypermarkets, and

automobiles, suburban living, and you

could go hop in your car and you could

go to one store that had four or five

different apples to choose from. You

could have an entirely bakery section

and you could get cakes without having

to order them. And you'd have a clothing

section where you could have five

shirts, 10 pants, cool sneakers, and

selection broadened. And it was great.

And what made that happen? What made

that happen was not because the farmers

and the bakers and the tailor got

better. What made that happen was the

rise of a supply chain, an industrial

supply chain, right? Uh so then from the

farmer would go to a wholesaler, it

would go to a warehouse to a delivery

company who would bring the goods to the

supermarket and everybody was happy.

Great consumer choice. So much more was

available. Perfect.

Except for the maker, the farmer, the

baker, the tailor, they didn't get more

money, that they got less. And as you

got into the 1950s, they went from 90

cents on the dollar for that apple went

to the farmer to 50 cents on the dollar

on that apple going to the farmer. But

you were happy. You're the consumer. You

got more apples. You're pretty happy.

You got to go one place. And then what

happened after that was the technology

transformation of the consumer

revolution. The rise of

ecommerce, the ability to go to one

place

online, order an apple, five apples, get

them to your place, shipped doortodoor

in an hour. You don't even have to leave

your house. And man, if you wanted a

cake, you wanted a Hostess Twinkie, you

could get that thing, too right to your

doorstep whenever you want. You pay a

little bit for delivery. You want a

shirt? Now you have a million shirts to

choose from. As many as you could want.

Beautiful. Consumers are happy. Sure.

Maybe the apple took a month to get from

its farmer to your

destination in the winter months. You

know, it takes even longer than that,

right? Sure, maybe that Hostess Twinkie

has been filled with preservatives, so

it could be sitting on the shelf for a

year or two years, and by the time you

eat it, it doesn't at all resemble the