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. and 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 enthusiasts, 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 were 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.

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 them 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 like

that performance is great and I'm so

happy I bought some strategy shares in

the last five years but what does it do

for our software business that's what

I'm going to try to bridge today and

show you why this performance is extreme

Extraordinary performance is important.

All 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

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 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 auto 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. I can see where

you're going with that. Maxi is not a

bear representing the bear market. Those

who know Bitcoin, Maxi is a honeybadger.

Maxi is a honeybadger. And if you don't

know what a honeybadger is, I will

excuse that. A honeybger 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 also attract some of the greatest

partners in the world, 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 Kenter Fitzgerald who's

sponsoring our party tonight. Jaywood

Capital Adviserss 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. And we

just start with it 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

anguish na 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 is 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 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 one% 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 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 the

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 hm

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 oursself 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 used 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 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 do 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 the 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. had never been done

before. We made it a perpetual dividend

good for a thousand years that 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 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 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 going to 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 chats.

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 cyberspace 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 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 ask 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 real time 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 is 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 going to 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,

fungeible 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 often times is, yeah, you

want to 10x your money, you buy Bitcoin.

You want a 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 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 chad 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

wanted 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.

That'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 entire

bakery section and you could get cakes

without having to order them. 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 door to door in an

hour. You don't even have to leave your

house. Imagine 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 cake. And

sure, that shirt you got, maybe it was

shipped from another country, and you

can wear it for a year. very laundered a