The following is a presentation of TFNN. Good morning, market kickoff with your host, Tommy O'Brien. Thanks so much, my producer. How'd that happen? Good morning, everybody. Thanks so much for tuning in. We kick things off. We get the market up about two points in the S&Ps right now, trading at 5,020. We have the Nasdaq 100 up two points right now. You get the Dow up by 47 points and you have the Russell, particularly Volatile recently. Check out the Russell, up eight tenths percent. What is interesting here, the Russell, not quite getting back that slide that we had from Wednesday morning and you back things up to where we are in the S&Ps. And you talk about getting it all back, man. You talk about volatility, folks. In the last 48 hours, we've had the S&P trade down 2% and trade back up 2%. Be careful in markets where you're chopping around 2% over every couple of days on a news cycle that depending on what data you're getting, right? We're talking about hot data. We're talking about soft data. Today we get some soft data. And how does it compare in terms of where we go? And here's the headline. Retail sales drop by most in nearly a year after the holidays. Everybody pulled back during the holidays. We had some tough weather going out in there. Are we getting a little bit of variance on the January numbers? We will find out as we go forward. But nonetheless, you take a look at it on this chart, man. You're talking about a dip of eight tenths of a percent, retail sales broadly declined in January indicating consumers took a breather after a strong holiday shopping season.  Now I think about it in terms of whether it's, you know, stuff for kids, toys for kids, right? Christmas time, you're buying a lot of toys for your children if you've got kids in the house. Who is showing up to target or any retailer and buying toys in January, man? Retail sales, I mean much more than toys, of course. But you get the point, right? You make a lot of those purchases. Boy, you are exhausted with purchases after the Christmas period. The drop was nearly the biggest in the year. Nine of 13 categories decreased led by building materials, stores and auto dealers. Retail sales, they were only looking for two tenths of a percent. It's down eight tenths, sales excluding autos. They were looking for a rise. You're down six tenths percent. The control group, they missed by four tenths percent. They were looking for a rise as well. So, retail sales, tough number there. Looks like the market might not be quite as hot as we may have anticipated.  It's gonna be an interesting day to see how the market digest this number. You jump over to the 10 year right now. There's your volatility on that A30 number. And what's remarkable is we've almost given it up. As we, just like that, we're trading lower. Again, we're right back to where we were right now and you're talking about yields that are sticky to the high side right now. You put this thing on a daily. Yeah, I guess a couple of days ago we were down at a price point of about 109.17. Nonetheless, all right, we check out the dollar index this morning. Back to a 15 minute timeframe. Pretty remarkable how we're gonna give back everything we got from the CPI, right? Is that what's gonna happen? Absolutely remarkable, if that's the case. The dollar goes from 104 to 105, just like that. We're back to almost 104.30 this morning. And as I talked about in the S&Ps, there was your CPI print. You dive low to 49.36. You come back and touch 5,025. And with that, we're just dipping a little bit lower right now on the S&Ps as well. We jump around to the gold contract. Not quite the same in terms of not getting it all back, right? Gold from 2,045 on that CPI print down to about 2005. You've just been shopping around at that price level so far, gold struggling to find a bid even though you're up by $10, quite the acceleration to the downside. And I say only up by $10 because you take a look at what the dollar index has done, right? The dollar was just back to almost where you were on Monday or Tuesday. Meanwhile, gold contract, Monday or Tuesday, was pushing 2,030, 2,040, so still off those levels on the gold contract this morning. You jump over to the VIX. Quite the spike on Tuesday on that CPI acceleration and just like that, we're back under 15. We're sitting at 14.33 this morning so far on the volatility index. All right, jumping around to what else we have going on. Yeah, where do we kick things off? How about corporate? Well, there's a couple of stories, right? You go to the front page of Bloomberg this morning and we're gonna talk about dozens of banks rapidly piled up commercial property loans and it's these smaller banks that are really at risk here and you look at where they are. This is 2,000 lenders exceeded regulators guidelines on commercial real estate where are they? Look at New York Community Bank, man. There's the regulatory guidance in terms of asset size, in terms of where they are. They're right at around 200 billion. Commercial real estate ratio of total capital, 462%. Okay, that's what's a stick out here. This is commercial real estate and we could spend almost the whole hour on this chart right now, folks. Let me zoom in. It is the commercial real estate loan portfolio, excuse me, ratio of total capital. And imagine, so that's total capital, right? You take in a million dollars in total capital and then you have 462% of that in commercial real estate. Yeah, you would have 4.6 million out there for commercial real estate and you have a million in capital. Think about that. How far does commercial real estate have to come down? You take a 25% hit, you have 4.62 million in loans. That's over a million dollar loss and you only had a million in capital, 462%. Yeah, so these banks are overmatched in a big way in terms of their exposure and this is the one I wanted to get you here. This is loans to capital, okay? Ratio, same deal we were just talking about here. Now, we saw that New York community banks at like 462%, but look at how the small banks are all the ones that are really overcapitalized. You get to the big guys, they're gonna be fine. Again, the reason why they're gonna be fine too, part of the reason is because of regulations and keep that in mind every time you see these headlines about the banks, et cetera. Now, this issue goes a little bit deeper, okay? We all know there's gonna be some problems in commercial real estate. My home city, my hometown, Boston, faces a billion dollar tax deficit from the faltering office market. You talk about a reverberation, man. That's the tax system that they have and when you have properties dropping like that, the report calls for the value of the office space to dip by 20 to 30%. What do we just do? We just did a comparison of, you know, a bank like New York Community Bank has 462% loan to capital ratio and you have many properties dropping by 20 to 30%, yeah. This is from Tufts. The findings are based on a McKinsey estimate that office values are gonna drop by 30% or more through the end of the decade. Boston has an over reliance on commercial property taxes. It wouldn't make sense when you look at that. Beautiful city, South Street in downtown Boston, Massachusetts, back in beautiful July in the summer. Gotta love Boston in July, man. More than a third of the city's tax revenue is linked to commercial property market. How does this change everything? It does change everything, man. By comparison, Chicago, Miami, New York, Washington, five to 15%, Boston's at 33% of their revenue and you have these, you know, giant cities that are between five and 15. Now, partly because these metropolises are able to bolster their budgets with local sales and income taxes, which Massachusetts largely prohibits at the local level. So yeah, that's why, I mean, you know, the idea of paying an income tax in a city even from Massachusetts, that one blew my mind when I first started. Stay tuned, folks, we're talking markets. We're coming back with our man, Kevin Hinks from Schwab Network Fast Market. Don't go away, we'll be right back. If you're looking for potential trading setups in the stock market, then Rocket Equities and Options Report is a newsletter you should try. Tommy O'Brien delivers options and equity trades when the markets present them using a combination of fundamentals and technicals. Sign up for Rocket Equities and Options Report today with a 30-day money-back guarantee so you have nothing to risk. For all the details and to start your subscription today, visit the front page of TFNN.com. TFNN, educating investors. 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I've learned a tremendous amount myself over the years. Kevin Hinks, we have another market moving number and the S&Ps, they're not moving that much. We're up by one this morning. Good morning, Kevin. Good morning, Tommy O'Brien. Yeah, it's kind of an interesting batch of economic data because the retail sales number was weak, right? Retail sales down 0.8, 700.3 billion. That's down 0.8 of a percent from last month. By the way, it must have 106.2 billion. We're more likely to be up to 1.4, so we're going to cross the board and retail sales next April down 0.6. All those numbers weaker than expected, but here's the thing, Tommy, jobless claims, 212,000. Historically high is the path that jobless claims are on right now. How about this? Import export prices. Import prices month-over-month up 0.8. Export prices month-over-month up 0.8. So higher prices for imports and exports. Fiddley Fed was higher, stronger than expected, and private state was stronger than expected. A lot of strong data, including some inflationary data in import-export prices, but, Tommy, you've got a lower-use-mess dollar, you've got lower yields. Be hard to sell them off with the way the dollar and yields are going. That said, we're not jumping out of the gate either, Tommy. It's a great summation, man, and it's always so remarkable, Kevin. It feels like that over the last couple of years, maybe since COVID, but especially since we've been dealing with all this economic data with inflation, trying to get it under control, that it's like there's always something for either side of the argument that we're trying to go through, as in there's always maybe some hot data, maybe some cold data. At first we thought it was going to be transitory because there were certain pockets that existed, and that's what makes things particularly volatile. It's absolutely remarkable. You get 2% down in the market, almost off that CPI number on the S&Ps, and by the market hasn't even opened on Thursday morning, we basically have it all back, and we're sitting at 5,020. You made the case with the yields, and before I talked to you, I was taking a look at that two-year, because I thought it was so cool you were talking about the two-year. When I talked to you yesterday, kind of bringing it back, you got that gap maybe around November 27th, you dipped below this area, and that's quite a little bounce. I mean, on the two-year, and you mentioned yesterday, the 10-year I think when I talked to you, it was 4.3, just like that, we're at 4.2. Do you think this changes anything in terms of where we may go, or just a pretty critical area, and we go forward from here on yields? The question that people trading, investing, following these markets have to ask themselves is how much of the really good data, like lower interest rates, like the effect of AI, like the effect of NVIDIA by itself, is built into this market. And the scary answer might be all of it, right? There is concentration risk right now in this market that it has to deal with. So I think we're, we run it incredibly long way. The market looks like it's extremely fragile up here, but until something breaks, the fact that it was able to shake off that inflation data on CPI in Rally yesterday was pretty impressive. And the fact that some stronger data already this morning, other than the headline retail sales, all things pretty impressive, but what? And boy, these markets are, I think next Wednesday, when we get NVIDIA's earnings is gonna be pretty incredible, pretty overall. Yeah, I looked at NVIDIA's stock as you were mentioning them and boy, absolutely remarkable how this stock just won't go down no matter what happens on a weekly basis. I'm not sure I've ever seen a stock accelerate like that. I'm sure I have with the run we've had, but from 500 to 750, like nothing's even happened. And boy, some weekly bars to put it lightly. They're up next week. We got some equities coming up today though. Do you guys have any equities for fast market at 12 today, Kevin? Yes, like Bolio is gonna come out of the show, do a presentation about Roku. They have a ring after the bell, I believe, yes, after the bell. Now we're gonna look at the trade desk, a really interesting company that we're gonna look at in the first segment, and then DoorDash is our final segment. We'll look at the deliveries. You know, it's interesting what's going on with Lyft, what's going on with Uber, how they sense the jump in profitability. It's an easy story on Uber yesterday. Uber, six of the last 12 quarters, they've been unprofitable. Right now, the last three have, well it's really good news for them. And it's, well, man, we're in the next, already, a bit ahead of schedule, but I don't know, you have to watch them and see how it plays out. Boy, some remarkable charts to put it lightly, man. I was jumping from Uber on a weekly, on a daily. It doesn't matter what you put that equity on. And DoorDash is, well, talking about quite an acceleration, man, I put it up here on the Thinkorswim platform.  We started last year off about a 50 bucks, we're pushing 120, absolutely remarkable. Kevin, I appreciate the time on an action-packed busy morning as always. We look forward to the program at 12 o'clock today, man, and have a great weekend, and I'll talk to you next Tuesday. Always a pleasure. Folks, check it out. You heard it. They're talking three great equities. We're still in earning season. They're coming out, and yeah, how about these companies? How about Uber yesterday, right? Now, you got some expectations for Dash. As in, you've had Lyft come out with great earnings. You've had Uber come out with a buyback, I think was the deal that accelerated them higher yesterday, and that shifts. You know, when you go to profitability, man, you start returning that money to shareholders. Boy, it is absolutely remarkable when you put it in that context, and you get a remarkable move, man, from 66 to 79.  Even if you take the highs of last week, you're still talking about 72 to 79, almost an eight or 9% acceleration, and in the middle of that, you had a 2% downturn in the markets for Uber. But as Kevin mentioned, you got Dash out with their numbers after the bell, and they got some expectations, man. This is a one-way trip right now, from 50 bucks about a year ago in March, and you back it up even more than that. As you chopped around it, Lowe's kicked off 2023. It basically, the Lowe's a 47 bucks, and it's been a one-way trip. You did come into their earnings 90 days ago at a price tag of 70, though. So you're up $50 on a $70 stock over 90 days. That is gonna lead to increased expectations, and Door Dash is gonna have their work cut out for them. You know, the one thing I will say now, these companies are gonna start bringing in a lot more money for advertising, right? Instacart's doing that to the same degree. Let's take a look at cart as we come into the opening bell. Yeah, this is Instacart. Be careful of this one, folks. You gotta separate where things are, a luxury, right? Which sometimes not going out and picking up the food is a necessity. If you're factoring in it as like a time saver, you got kids especially, that's the one I relate to. It's not always a luxury, but sometimes it is a luxury.  And in the age when numbers are still rising on a CPI basis, okay, nobody is canceling their Uber rides, all right? That is a built-in necessity of life that is going nowhere. But I have familiarity with Instacart because at one point in time, I was exclusively using them. And then I think about that they lost an account. It was $5,000 to $10,000 over the course of the year, just getting groceries. Why? Because it was too expensive. Yeah, so I had to go to the grocery store. Be careful of those equities. Stay tuned folks, we'll come back for the opening bell. Are you ready to take charge of your financial future? TFNN is your gateway to the world of trading and investing. Whether you're starting out or scaling up, TFNN empowers traders and investors of all skill levels with top-notch investing systems, strategies and techniques. It's time to protect and grow your money with insight you can trust. Join us live Monday through Friday during market hours for exclusive content that moves with the markets. At TFNN, we bring the trading floor to you. Our season hosts are here to answer your calls and questions live on the air. 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We have the markets open. You got the S&P up about two points, right where we were coming into the opening bell there. You see the acceleration on 830 on the retail sales. You spike higher to 5032, but just like that, we've given up the gains. You actually have the market lower at this point. NASDAQ 100, we dip lower as well. You're trading, I say lower from where we were to that spike high. Right now, you're still positive by 10 points. All the market's barely in the positive and you get the Russell up by about 16 points right now. We jump over to some of the equities. How about Apple? So, Apple shares. I'd be careful on Apple shares today, folks. I feel like this thing is very fortunate to be where it's at when you find out that Warren Buffett is selling his stake and he has a $167 billion position in this equity. I mean, imagine that. He's got a $167 billion position in this. This equity has 16 billion shares outstanding and he owns eight or 900 million, right? Yeah, something like that. Now we pull over the headline and Apple's underperformed. Okay, so this is not a coincidence here. I would imagine that they are making some calculated the decisions, even if it's a small diversification, it is still quite, yeah, $167 billion. That is what it left it with. So it sold 1% of its Apple shares in the final three months. Yeah, these are the 13 F filing. So this is super delayed. You end the quarter and then you have 45 days. So this could have started happening October 1st. Think about that, okay? Now they're gonna get a letter in terms of Berkshire, his annual letter in nine days. Yeah, February 24th, it's gonna be the first letter since his longtime partner Munger died November 28th but Apple's struggling right now. Yeah, they're trading lower. I think this thing, if I had to flip a coin and be forced, I mean, I would go lower on Apple today, man. That is a scary proposition when you have Warren Buffett selling his position and he's selling it because you're underperforming. Okay, that's the thing keeping in mind here. I mean, look where Apple is compared to any of the other big growth stocks. You take a look at Microsoft, my goodness. Talk about getting lapped, okay? Apple's not even the biggest company in the world anymore. You jump over to Google shares, right? And yeah, they're back to where they were at the end of 2021 but they're well over where they were prior this year. And Google is up from 90 to 143 versus Apple. Yeah, you're still making a run from 130, man. I guess maybe that Buffett needs a little Microsoft in his portfolio going forward. Maybe a little bit in the video shares in his portfolio going forward is what I would guess. As there's some new players in the market that might be leaders going forward. All right, let's jump around and see what else we have going on. How about Bitcoin? It's not stopping, man. Bitcoin shares, 53,035, quite the acceleration from the lows of 39,000 and change, you're up another 2% today. Ethereum, you gotta stop clicking on those prices. Up 2.8% today, well above where we were. You put this thing on a longer-term chart. We still got highs of 5,000 out there in Ethereum, okay? And you're just approaching where you were back in April of 2022. Different story compared to Bitcoin, all right? You see Bitcoin, you're coming up to this double top of about 60 to 70,000. You're at 53, we're almost at that area. Ethereum's a different case, man. You still got $2,100 to go to that high of 4900.  But do you see the same type of pullback once it's approved, right? Buy the rumor, sell the news. Keep your eye out for that one. We jump back to crude. Quite a little pullback from $78 in change yesterday. We hit 75 this morning. We're trading at 76,75 right now. We take a look at that gold contract, gold catching a little bit of a bit. We get some action as we kick things off. Gold at 2019. Let's see what's happening in yields right now as we get some dollar movement potentially. Yeah, we're seeing a little bit of higher price, lower yield on the open right now. You get the 10-year, pushing one 10-14 yet again. We jump over to the dollar index. Ooh, okay, watch out. So what do we got? We got weakness in the dollar. We have higher price and lower yield coming at ya. We got the 10-year at about 4.2 right now. Let's jump to see where we are in the two-year, which is ZT on the futures. Just mammoth moves, man. Yeah, just chopping around. We will see, but that is quite a move in the dollar, man. As you got dollar weakness, you get the Nasdaq rolling over a bit and watch out for Apple today, folks. Jump over to Microsoft shares slightly in the red. There's a drop for you. Microsoft drops about two, three bucks. Amazon basically flat so far this morning. Ooh, look at these equities, man. Google's off 2.4% and what are they doing? Because they had a drop last night. Maybe somebody in the den held me out. What was going on with Google? So they must have had something coming out or somebody out with their numbers last night after the bell. Nonetheless, Google offered by 2.3%. That's gonna put some weight on the negative side in the Nasdaq, because you get the Nasdaq 100 at the only index in the red right now. Jump around to some of the other equities. Intel in the positive by 1.1%. Nvidia shares, they're down by 1%. A little bit of a drop. $10 is nothing for Nvidia right now, which is remarkable. Yeah. I don't know, you got growth stocks in the red. And that's even as we have yields. Dipping a bit with the Nasdaq now off 30, the Dow up by 110 as the market's adjusting just a bit. We keep our eye on Apple. Not bad, only down about 90 pennies. And remember, folks, this is super old data, right? And Apple's been underperforming on this run. And we just got data with the last three months of the year, those three months of the year completed in December, okay? So if he was selling at the end of the year, you've been chopping around at these levels. It might be an area to diversify for Buffett. You don't wanna see him selling when half of his 167 billion of his $300 billion portfolio is in Apple. Yeah, Google off by 2.5. We jump over to Netflix shares. They catch a bid up by 1.1%. It's amazing, the divergence we have going on this market with winners and losers right now with volatility everywhere. Disney shares down about a quarter percent right now. Keep our eye on Amazon off a bit. How's Tesla doing with Elon? Catching a slight bid up by 2%. We jump over to China stocks. Alibaba up about half a percent. All right, let's see what else we got pulled up. All right, we jump over to some of the equities. You got John Deere trading lower down by 4.2% right now. So they lower their full year net income guidance. And it's full year ending in October. They're looking for net income of about 7.5 to 7.7 billion. The market was looking for 7.7 to 8.2. And this is where when you're using forward earnings that you can get smacked in the face because we talked about earnings per share, right? Using trailing earnings versus forward earnings. You're getting adjusted like this. It's gonna adjust that PE because those forward earnings aren't gonna be there. You got John Deere down by 4.5%. We'll finish this conversation up. Take a look at some of the other equities that are moving this morning. Take a look at some of the other equities that there are numbers after the bell tonight. Stay tuned, folks, we'll be right back. Are you ready to take charge of your financial future? TFNN is your gateway to the world of trading and investing. Whether you're starting out or scaling up, TFNN empowers traders and investors of all skill levels with top-notch investing systems, strategies, and techniques. 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Dow catches a little bit of a bid on the opening bell where it by 128 points and how about the Russell? Up by 1.5%, even the Russell gets that entire slide back from where you were on Tuesday and boy, you talk about a slide. In the Russell, what was that? Almost 4%, 3.5% to 4% down, get it all back within the span of 48 hours. Not exactly indicative of a very healthy market but you have that type of extreme volatility. The Vic sitting at 14.25, we keep our eye on yields as this market chops around. We check back into the dollar that was crashing. Yeah, 104.24, weakness in the dollar probably helping this market out to a degree. We kept our eye on Apple. Apple catches a bid down by only 2.10%. You see the volatility spike on that 13F filing last night down to 181.88. Looks like fears have been calmed at least for right now as Apple barely in the negative. Google off by 2.5% and dropping on the open, make it 3% right now for Google shares in the negative. NVIDIA shares off by 1.3%. You jump over to arm holdings up by 1.8%. And Netflix having a day as well, up by 1.2%. Speaking of streamers, let's read this article this morning. It will be interesting to see how this landscape changes. Pay TV distributors may be planning their attack against the new sports joint venture, that venture, coming between Disney, Wonder Brothers, Discovery and Fox, those three entities. And how are they gonna compete? TV distributors such as Comcast, Charter, Direct TV, whether they'll be able to offer customers the same skinny sports bundle as the joint venture. Yeah, I bet. How do you compete with TV? Man, live sports is one of the biggest things out there. There is a package for everything right now, but live sports was one of the areas that you really needed to be a live TV subscriber of one of those entities. Now they say here conversations have not been particularly substantial because limited information about what that joint venture is even gonna look like is out there. They really haven't defined how this is gonna look. What they have said is, they're gonna compete for sports rights individually. So this is a partnership, but they are competing for the rights individually to own those rights and then they're gonna team up. So obviously the revenue is gonna be shared at some degree that's probably determined by who has rights for what, but I don't know how those companies compete when you're gonna be having this whole package put together for sports. And you're gonna have a standalone ESPN app as well, right? In 2023 Charter began offering a package of cable networks that didn't include sports to lower the cost of cable TV for customers who only wanted news and entertainment, offering sports to only those people who wanna watch sports is good for distributors, but it's harmful to programmers who benefit from the millions of households that pay for sports, but don't watch them. Now, what I'll say is, we have Roku's in the house, folks. If you want news and weather, okay? Roku TV Live is completely free. You have a ton of local television options. I turn on local Boston news sometimes just to check out what's going on. That is not what's gonna get people paying for cable television, folks. News and weather, they're gonna figure out and people don't know it yet, but that's an easy one that you can get. Watching Roku Live right now, it's great, Duffy. I agree, it's great. Yeah, there's a million things that are available for free on Roku TV, which is why we don't pay for that type of service. So if that's the thing that's keeping people, these companies are in trouble, man. Sports is the last thing keeping you. And laziness, and I say that as in all of us, canceling something, a subscription, changing, right? Change is not always difficult, easy. So all of that ties into it, but when it comes to new signups especially, yeah, I can't imagine that's gonna work. Right, Roku Live, yeah? You got Roku, I mean, folks, if you have cable TV, check out what you can get from Roku Live and they have similar things on Samsung, Samsung Smart TVs have a similar, they all offer those types of free programings at this point. So how do you compete with that? I don't know, especially if you lose sports. Look at the Dow, accelerate 38,666 right now, S&Ps up by about nine points at 5,027. As this market catches a bid, pretty remarkable off those retail sales numbers that this market catches a bid, man. I guess it makes sense when you look at the prospect for the Fed. We jump back to the 10 year right now, pushing the lows of about 930, keep your eye on the dollar today as the dollar's sitting at 104.27. And you get a weaker dollar, and that's gonna put a little bit of a bid into gold as gold's up about $11 at 2015 right now. All right, we take a look at some of the equities with their numbers, DoorDash. So they have their numbers after the bell, you're trading higher up by 2.2%. It's remarkable, right? In terms of the winners and the losers going on the volatility in this market right now. I believe you have AMAT out with their numbers after the bell, you're trading at 188.55 right now up by 1.2% as well. Talked about John Deere with their numbers, they miss, they guide down for their earnings off about 4% so far this morning at 369.94 for John Deere, even with a positive market. We keep our eye on Apple, Apple chopping around down about 4.10% right now, and Google trading lower in pretty dramatic fashion. Look at this one, man, down by 3.4% now. Nvidia drops about $10 on the opening bell. Look at Tesla, look at this. It's either you're up 1% or 2% somewhere or you're down 1% or 2%. And Alibaba catches a bid up by about 8.10% as well. Bitcoin's sitting right at 53,000 so far this morning. Check out some of the other equities, Coca-Cola. They're up by about 4.10% right now. Check out some of the airlines. Look at this one, united up by 1.6% right now, Delta. Up by 1.1%. Cruise ships, Carnival. They catch a bid and then they pop. Norwegians up by 2.4% right now. Look at these moves, man. It's a particularly volatile market, especially when you jump around to equity to equity. Yeah, the Russell's now up 32 points at 2048. The S&P's sitting at about 5,027. Okay, we jump around to some of the equities that are moving this morning. We jump over to Cisco. We're down 4% or so. Let's see how they open. Yeah, you catch a little bit of a bid right now. A yearly decline in revenue during the fiscal second quarter. They issued lighter than expected guidance for the fiscal third quarter and they are downsizing 5% reduction in jobs for Cisco out there. And they're gonna cut over 4,000 jobs for Cisco. So it looks like, yeah, they missed the mark, but they're cutting and maybe that's what's gonna save them today is they're down only 2.8%. They were down all the way to 4690 after they came out with their numbers. Jump over to Coinbase, speaking of crypto. Coinbase is up by 6.7%. So JPMorgan upgraded the cryptocurrency exchange to neutral from underweight. Yeah. Bitcoin regained a trillion dollar market cap reading some of this stuff over at CNBC over here. I'd be careful in Coinbase, folks. You're up from 70 to 170 in that October run, pushed in the beginning of the year. And listen, they're gonna get a lot of business being the custodian on many occasions for these ETFs, et cetera. That's gonna be a big boom for them. They just went from 70 to 171. You're back pushing the recent highs that you were up on Bitcoin. If you wanna get into it, buy some Bitcoin, buy some Ethereum, I'd much rather do that than trust my money with Coinbase, if you believe in it. Stay tuned, folks. One more segment, we'll be right back. Gold Report. As a precious metal, gold is still king. It continues to hold the most effective safe haven and hedging properties across the global major trading hubs of the London OTC market, the US futures market, and the Shanghai Gold Exchange. The Gold Report. Tom O'Brien publishes his weekly Gold Report every Monday morning for subscribers consisting of coverage of the XAU, HUI, GDX, the Dollar, Bonds, the South African Rand, as well as 25 different mining equities with specific buy-sell recommendations. The Gold Report. New subscribers get a 30-day money-back guarantee so you have nothing to risk. Subscribe to Tom O'Brien's Gold Report newsletter now at TFNN.com. You might think that if you want to be successful at trading in the stock market, you're going to need a crystal ball. After all, it's impossible to predict the future, right? Like any endeavor in life, before you decide it's impossible, get some advice from the experts. You might find that it's not so impossible after all. 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A must-have tool for every trader out there striving to find an edge in today's markets, TFNN newsletters cover every aspect of the markets so you can analyze the market before you trade. Try any of our great newsletters risk-free with our 30-day money-back guarantee. Just visit the Newsletters tab on the front page of TFNN.com. TFNN, educating investors. Don't forget, you can listen to TFNN live on your mobile device 24 hours per day. Go to TFNN.com and hit Watch Tiger TV. That's TFNN.com and hit Watch Tiger TV. If you got Apple trading lower, you're down to buck 30, you're down by three-quarters percent, you're below 183, we put that back on a five-minute chart, pay attention, man. I wouldn't want to be risk-reward-wise. Apple's already been underperforming and now we got news that Buffett's selling. Be careful on Apple shares. Now, they're off by seven-tenths percent. Google is getting whacked, man, off by nine-tenths percent. You jump over to Nvidia shares off by 1.7 percent right now. As I said, winners and losers, man. Amazon, they're lower by only six-tenths percent, though. You look at that. Netflix is higher by 1.4 percent right now. And I wanted to finish on talking a little bit of big picture, okay? Jumping back to the CPI for a second. And I want to look at, here was the print that we just got in terms of the CPI, okay? Year over year, month over month. This is month over month we're talking about, okay? This is the one-month percentage change in the CPI, okay, seasonally adjusted. And what I wanted to just touch upon, so the number comes in hot in January for the headline number at 0.3 percent. These were supposed to be the good months. We had talked about it somewhere prior, as in you had a nice monthly comp, excuse me, yearly comp that you'd be going into, as in decent numbers, especially when you had the yearly number where you were at an increase of 0.5 percent month over month in January, an increase of 0.4 percent month over month in last February. But look what happens once we get into March, April, May, June and July, okay? When we start comping out against these numbers, so when we get the March CPI number, which we'll get in April, okay? When we get the April number, which we'll get in May, we're gonna get all of these numbers, okay, and April's a decent number. But you take a look at these five months, March, April, May, June and July. Month over month, we had quite a slowdown on the CPI. And so if we don't see that type of slowdown, the year over year numbers are going to accelerate in these middle months, just putting out that risk, man. And then you have to keep your eye on energy because energy's been helping us. And we're back at 77 bucks. Yes, we're off at 75.50, but folks, we're off 75.50, we're just pushing the highs here. We'll see how we handle it. We have been chopping around at near 72.50 for a period of about, what, one, two months? Easy, and keep your eye on Apple, man. There you go, it's dropping. Yeah, look at this thing, dropping like a stone. Apple just gave up two bucks. That's $30 billion in market cap. Folks, thanks for tuning in. I'll be back tomorrow. Stay tuned for our man, Basil Chapman. He's up next.


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So top of the morning to you. He said in entire the rocks wrong accent, but welcome to Dublin. My name is Mike Bersal I'm CM co-founder of profium, but also Co-founder of the nArx project, which we'll be talking a bit about today I hope this is the talk you're expecting if it's not you're in the wrong place There's also being live-streamed and recorded. So hello to everyone in the future and elsewhere at the moment This is the abstract in case you missed it. So what are we talking about? We're going to talk about the problem we're addressing here It's really about isolation Then we're going to talk about various PETs Not in a huge amount of detail, but just to give you a comparison Talk about why open source is important and then hopefully a live demo So please have your mobile phones or laptops ready to participate in the live demo if it doesn't work It's Patrick's fault over there. He's right in the corner and he got it working this morning So I'm fingers crossed right Patrick. Yeah And then hopefully some time for questions as well So let me start with a story Once upon a time computing was simple. It was lovely and easy and this is what it looked like and then the British came along and I'm afraid that we messed it up Royally so possibly unfortunate given where we are, but I wrote these slides before then so And it's about tea and this is maybe a surprise to many of you But it's about tea TV is always good and cake and there was a a chain of tea shops and cake shops called Lions in the UK There aren't many left anymore, but there were and they had Logistics issues and so they They commissioned computers back in a day and Leo 3 was one of theirs I come what it stands for but it was that and it kind of looked like this or it's certainly the front end looked like this This is what a gooey used to look like and they came up with this idea of multi-tasking Where more than one person could be using a computer at a time. There are some seats here Do please come through and find places to sit and ever since people have been obsessed with sharing And in my view, this is a really bad thing not only because sharing cake is terrible But also sharing computing resources cause you some significant security issues So the problem isn't really the computers. It's really the workloads. So what we want to think about here security is isolation And isolation can mean a whole bunch of things, but I'm going to focus on three things confidentiality integrity and availability the CIA triad Confidentiality people can't see what you're doing integrity. They can't change that Availability can continue doing what you want now generally, please come in. There's still a few seats over here Do do come in Generally availability is easy observed and we're not going to talk about that You can generally see if your workload is running in this sort of context So we're not going to talk a huge amount about this, but there are three types of isolation I think one is workload from workload isolation that's stopping one at workload interfering with another and VMs containers now How to do this we've been doing this for quite a while The next is hosts from workload isolation again. We're pretty good at this with things like se linux or sec comp or you know hypervisors and all those sorts of lovely things However workload from host isolation is much much more difficult and classical virtualization Just doesn't like to do this because the hypervisor whatever is doing the sharing of Memory pages to applications can just see what's going on and there's not much you can do about it in the standard models So pts privacy enhancing technologies Look to solve some of these problems And here's a definition I found on Wikipedia said must be true Actually, I think it's okay in this in this particular case. It's not too bad. I'm not going to read it all out But they're talking about Fundamental data protection principles minimizing data use maximizing data security. I like that. I also like the empowering individuals I don't think we always think enough about that and those of us who work for corporates I mean, I'm we're only 14 of us But you know, I'm sure the people who work for a lot a lot larger companies But I think this is an important thing we need to be thinking about as a community generally I think it fits well with our open source ethos as well so You can think of two sets of privacy technologies One is is hard where there is no trusted third party. There's no one you trust to do stuff with your data And another is where actually there is certain people you can trust to do certain things, right? You can say at this corporation is company this organization is safe And we're going to be focusing on the ones on the left Which is frankly the harder problem and fits better with the isolation issues We were talking about before instead of cloud computing and edge and on-prem as well, frankly so this is a Picture that I lifted unashamedly, but with permission From a white paper by the confidential computing consortium Which kind of lists out some of the technologies and we're going to talk about the ones in bold a little bit fully homomorphic encryption multi-party computation and confidential computing because are the ones you hear most about when we're talking about PET's generally At the bottom you'll see some things which aren't confidential computing I don't want to spend too much time on this if you're interested. We can talk about it TPMs For instance aren't we're talking about general computing here rather than just be able to run certain specific operations So we'll we can come to that if we need to happy to take questions So before we do that I said I talk a little bit about open source In my view Everything should be open source again I don't think there's going to be many people disagreeing with that as a general principle here But in the security realm There is a very well-known dictum which is in the cryptography you make the protocols open and a key secret Because the protocols are the things that she protecting what's going on and they should be everyone should be looking at those Auditing them do mathematical checks on them all those sorts of things We've seen some very very interesting stuff in the in the well I hate to call it post-cryptom Quantum the essay quantum resistant or not so quantum resistant protocol realm over the last few months where people have been trying to write Protocols or primitives which they hope will be resistant to quantum computers Those discover that standard laptops without quantum computing can break them in under an under an hour in some cases So this is a really important thing. We need to make this stuff open and Open source security There's a couple of things. It's not just the the protocol, but it's also the implementation All right, so you want that let's give the example of elliptic curve cryptography or RSA Not only the protocols that you're and the primitives that you're implementing open source But you want to make sure that your actual implementations open source too because very easy to mess up an implementation of crypto I know They say that anyone can design a crypto protocol that they can't break I can also tell you that anyone can implement a Crypto protocol. They can't break which other people can so you need to do this very carefully and you want it to be open This allows people to audit do many eyes put quick fixes in although just a quick thing here Is everyone know about the many eyes principle? Just in case you don't the there's a it's sometimes the Linus's rule I think but it's here in a number of places in the open source world with enough eyes or bugs are shallow and It's kind of true the problem with security in particular is there aren't that many eyes with you know people belonging to people with this Deep security knowledge to be able to look at these things really take them apart And some of those people are Improved by people who don't want them to be doing this So many eyes only works if we as a community Sponsor and employ people to be doing this work. I believe really really strongly in that so The other thing about open source is commercialization can be difficult if you're trying to create an open source product open source company around Around security and it's open source. It can be tricky. I know that we're doing it right now It but it can be done lots of people to talk to about it about this in this this conference So let's let's carry on a bit So I want to briefly talk about about the three things on on my list The first one is is fully homomorphic encryption fully homomorphic encryption is magic If you're not a mathematician, I'm not a mathematician. It is hence magic as far as I'm concerned There's some very very clever mathematical principles being used to allow you to do operations Mathematical operations on data whilst it stays encrypted all of the time So you you encrypt stuff with a particular key and then you can do operations on it without having to decrypt out Decrypt it and stuff comes out the at the other end. Absolutely amazing You need to design your workload if you're going to be doing that very very carefully Because there's only certain operations you can do and only certain ways you can run it and the performance to use a technical term sucks In most use cases until recently you couldn't do division with fully homomorphic encryption It's at that sort of level of complexity Many of the implementations of fully homomorphic encryption are entirely closed source Google any Google people here today Well, if there are if there aren't it's fine I'm just gonna say good things about you Google has done some great work actually in open sourcing some of this work and there are other people as well But you'll find a lot of money out there and a lot of closed source stuff Which always makes me just worried from a security point of view, but it is amazing stuff and just kind of seems to work The next one is secure multi-party computation SM and PC or sometimes just NPC It's difficult to define this because actually there are lots of different techniques which kind of fit in this bucket a Lot of them are Mathematics based and there's things like zero knowledge proofs which can which can fit in this sort of bucket as well But again, you can't this isn't about general computers about taking a particular problem Let's say a voting problem a number of NPC Areas around use cases around voting anonymized or pseudonymized voting Or you look at pseudonymized data and applying it writing your application and running it so In some cases that it's fairly fast sometimes. It's fairly slow, but quite difficult to generalize If they're experts in the room about this, I'm sorry to have Glossed over some of the very clever things going on, but honestly, it's it's a very large field So the thing I know most about and what we're doing at profane and the enhanced project is trusted execution environments Hands-up who's heard of SGX or SEV or Confidential, okay, so most people so trusted execution environments are basically Capabilities of a CPUs currently CPUs you expect to see them in GPUs and other places as well soon In fact knock is announced some stuff around that already which allow you to encrypt memory pages of applications in use At the CPU level which means that even if you've got kernel access or hypervisor access or admin access Whatever or even access to the physical hardware to the you know to the buses, etc You can't look in again. It's magic, but it's hardware magic rather than mathematical magic as far as I'm concerned Um This does mean that you can't run these sorts of workloads workloads design for confidential computing on any old chip You do need specific chips But these are becoming pretty much available in you know You can go to many of the clouds these days you can buy machines off the shelf with these chips the epic chips from AMD and It's the no, sorry. It's the epics of the Intel ones What they call the AMD ones I it's Milan and onwards basically for For our friends at AMD and I slake on onwards the ones that we support for Intel But the nice thing is you can run generalized workloads. You don't need to be you know doing these Rewriting applications for you can take an existing workload And hopefully with no or small changes run it in these contexts So I wanted a bit of a comparison here. So on the left-hand side, we've got standard virtualization Right. So, you know containers and VMs and all those sorts of things on the right. We've got the other things And the first one obviously is that you can't there's it's a bigger chart Don't take pictures now because it's going to be a lot that's going to be more more lines Okay So you can't do do confidential computing on all chips But at the bottom, you know, we'll see Data confidentiality is what we're trying to meet here and that is provided by the lower level Now if we think back however to one of my first slides I talked about Isolation I talked about the CIA tried right so this is data confidentiality and you could ask the question What about data integrity and this is where start things start getting interesting because data integrity is not guaranteed by Fully have a morphic encryption and not necessarily by multi-party computation either It is by confidential computing Next is the workload itself. What if you care about the workloads? Confidentiality and its integrity and I put this I've realized I'll put it the wrong way around on the right It should be the green one should be a depends on implementation should be on Confidentiality confidentiality of the workload there. I'll change that in the slides that we put out. I do apology to apologize So basically when you have a workload, there are times in you care about the workload Maybe it's a risk management system or maybe it's an AI model you've been putting together And in fact the workload in itself is more more confidential than the data that's running in if we're doing a Thing to decide whether to buy stock for instance everyone has the same data going in which is you know prices of stock Everyone sees the data going out, which is you bought stock or you haven't but it's actually the decision-making process the workload itself Which you want to make sure is confidential and of course you want to make sure that no one can mess with it They say the integrity is also important So that's another thing that a comp that some confidential computing can provide and The last thing is attestation attestation is one of those terms, which is Sounds very complex and is actually very easy very easy. It's difficult to do, but it's easy to explain Attestation is a proof That what you're running is what you think you're running So if I go to you gentlemen the front row and I say please put this workload in a trusted Execution environment, and you say yeah, I've done that. I say well The whole reason I gave to you was so that you couldn't look at it, and you're just telling me you've done it How do I how can I trust that so trust that execution allows him to give me a proof? Which he can't mess with which allows me to check that's the case so for Intel sgx and MD sev and future things so arm cca. They've talked about there's other ones TDX from Intel etc part of what confidential computing involves is a is a cryptographic proof Provided by the CPU which can be checked by a third party, and that's really important because if let's say you're running on Azure or gcp or Equinix or OVH and you say to them Prove that you're running what what I think you're running and they say yes I am then it's kind of like they're marking their own homework right that you've kind of missed the point So you need a trusted third party to be doing that So apart from the fact that I messed up those two lines This is the this is the picture that you probably want to take but I will I will put an updated version of that so What I'm going to talk now a bit about is is n arcs n arcs is a confidential computing project Oh give hub star, please obviously we like those for 190 this morning if we get to 900 or even a thousand that should be very very But it's a completely open source project and it is part of the The confidential computer consortium. Let me talk a bit about it So the first thing is we support both SGX and a and amd's sev and What we allow you to do is to take a workload and run it on either of those now you think that's kind of easy Because it's just a x86 right but it turns out the way that they have implemented Confidential computing is almost completely different between the two Everything we do is completely open source It's all written in rust with a little bit of assembly language right at the bottom because we're talking siskals And we are very careful about which bits of unsafe code we have because rust is generally safe So we restrict very carefully the assembly pieces to an unsafe I should be very clear that I've written none of this code. They won't let me write code anymore Roman has so you can put Wave Roman. Yeah, Roman has so And we provide a we the runtime is web assembly So that means that Weathers who knows about web assembly? Okay, a few people it started off in browsers to kind of do JavaScript right but it's moved to to server wazzy is the web assembly systems interface and Basically, it's a very good fit for the sort of stuff with Try to do a server base made in microservices or those type of use cases So the thing about web assemblies that provides exactly the same runtime across all of these different Platforms so whether you're running on Intel SGX AMD's scv arm realms TDX from From Intel when that comes along even though some a little and some big Indian It's exactly the same executable and this is really helpful when we're talking about Integrity and checking that what you think is running is what you're running right because you can prove that it's the same thing so we provide web assembly to do that and We provide the attestation and that application integrity that I talked about And confidentiality that I talked about out of the box So it's we believe that you really need this to be to be doing things properly to be doing confidential computing We are a Linux foundation project We were the first Linux foundation project to be accepted first project to be accepted by the confidential computing consortium by about half an hour So we win over Microsoft's OE SDK But that means that profane of which I'm I'm the CEO with a custodian. We like to think of it. We don't own it It is absolutely a Linux foundation Project, which we think is the right way to be doing these things. So yay go the Linux foundation. Thank you very much indeed Um, so what I'm gonna do now. Um demo goes willing is an actual demo So Wish me luck and let's see if we can make this work So you can all try this yourselves. Don't do it now because I'm going to show you something else first The um, but I'll do not step and what we're going to do is connect to an actual Ah Put put an application into a trusted execution environment. Okay, um, so I'm gonna select a platform the I know that we have we have some problems with the with the display I'm sorry about that, but you should be able to see most of the things and I'm gonna choose. I'm gonna choose AMD. Okay Doesn't make a difference. It'll work right Patrick. Yeah. Yeah, he's nodding. That's good. Okay So the first thing I need to do is log in so I'm gonna log in It's just a github login as long as you've got a github login. You're good to go This is how we track what's going on We don't want people doing, you know Bitcoin mining on our on our platforms with nothing else, right? so it's that sort of thing so What I'm gonna do is I'm going to I'm going to deploy this thing here and this is a Wasm web assembly Application written in Rust um if you want to just upload your own web assembly You can do that or we've got a whole bunch of examples that you can try They're all open source and then you can load them into our registry Which is called the drawbridge and keep practicing with them and and see how they work etc etc etc We really encourage you to do that. I won't go through that in this demo. We don't have the time But let's do that so I'm going to deploy this so what is going on here is we've we've taken this web assembly. We've asked the the AMD box Which is in equinix to start up a workload. Okay, and There's a link here Which I'm going to follow and What's going on here is that we present a Certificate but this is not a certificate which has been signed by any of the browsers So don't be surprised to see this this is just for testing production environment are different But I'm going to I'm going to accept it for now I'm going to accept the risk and continue and Crypto is basically a a wordal clone but written in web assembly and deployed to a trust execution environment So let's take a guess at what the word might be. I honestly don't know it is it is random It's not an ox. Okay, so what I'm going to encourage you to do is to get your phones out and Have a go at this as well right now because you can you can connect to this thing Which is running a trustee execution environment the the URL you need is HTTPS colon slash slash SNP Dot try Dot n-arcs Dot profion Dot client, you know what I'm gonna make this bigger somehow. Let me just Let's try I'll do one too Can I make that big anyone I had to make that big okay, so where do we get to SNP try n-arcs profion dot cloud Colon three three four three seven. I'll say it again slowly HTTPS colon slash slash SNP Dot try Dot n-arcs Dot profion dot cloud Colon three three four three seven. Oh, that's very clever. Okay I'm not sure how to pass that around just pass the machine around hoping no one steals it He is a security guy he didn't fall for that. Oh, that's a good idea. Let's try it. Let's try that show me Not count Let's do right, so that's fine Okay There we go, that's better isn't it good good thinking by a Finnish gentleman at the back. I'm guessing there we go Geetos That's what one of my three words of a finish everyone I'm used to know how to order reindeer and beer in finish. Those are the only other things that are useful There's lots of other good things in Finland to be clear So hopefully and you will of course need to oh do you need to try and go back to that you will of course need to Accept the certificate, but hopefully you can you can connect I've people anyone actually managed to connect to the word will chrome Clone yeah, excellent Let me know if you if you guess the quest guess the actual thing But doesn't really make a difference the point is that this is an application written in rust compile to web assembly And you can you can go and you can do this yourself Try dot n-arcs dot dev any time you want okay? And we encourage you to do so the fact that it is actually working Suggested demo. God's has smiled on me and I The coffee that I bought for Patrick this morning was of the what needed to happen So, um, right, what's the people playing with that? We've got about 10 minutes of questions 10 even 15 minutes for questions. Is it? Excellent, so I I've let me just finally finish off the last couple of slides whilst people are playing with that and Oh Yes, I have a book out which talks about many of these things It's called trusty computer systems in the cloud published by Wiley in 2021 if you're interested in this sort of stuff kind of from first principles And you need a way to get sleep at night then feel free to to get hold of this N arcs dev is well where you'll find this Profit.com and that's my LinkedIn if anyone wants to do that in the meantime I'm open for questions, please and if there's any difficult questions I'll get Roman to answer them or Patrick. So that's great. Please excellent, thank you Okay, so the the the question said was this animal said says My cliff much. Yes. Sorry. I'm saying that he's not a trusted computing expert himself But as far as he's away, you need to be careful with things like branching, etc When you're doing these things So that depends partly on what you're doing. That's certainly very true of homomorphic encryption, for instance less true of Confidential computing Although there are some mitigations that you you you can be doing. It's not something we've Side-channel attacks are a concern in all of these use cases, of course, right? There are more concerns actually on things like constant time crypto, which is something that we're we're working on In in the implementations that we're doing we haven't implemented it yet, but we've we've designed it something we can do The again, one of the things that we do is we allow we allow you to make sure that your Application is confidential from the host so they can't tell what you're doing Which means it's much more difficult for them, of course to be guessing what you're doing particularly if it's a standard computing piece of computing Application so Yes, there are trickinesses there I think it's generally less of problem in the confidential computing world and particularly again if you're taking if you say that you want to make sure That what you're doing is confidential as well but is there's a lot of research going on this area and Yeah, keep an eye on it Like So saying that the the extensions the CPU is is basically a different set of Execution modes within the standard CPU Yes, exactly how they're implemented depends very much on On the chip manufacturer When they just provide separate chip, right? Yeah, so other other chip So arm had a mode called trust zone, which is a different again So that doesn't meet the trust on its own doesn't meet the requirements for being a trust execution environment on its own Although it is possible to build one Opti does something a bit like that. We chose not to support it because of a number of Restrictions on what we were looking to do and we spoke to one about it They said, yeah, we'll actually work wait for the CCA realm stuff and that's why we chose to do that Yeah, any other questions from anyone else, please Janne put in the back a tricky one. Okay So the question is For Intel SGX we rely on close source especially microcode from from Intel to provide some of the capabilities Do I know if Intel Will allow other people to provide that microcode? My answer that question is I don't know and even if I did it would be under NDA I think it's worth talking to Intel about this One thing I can say is I hardly recommend that all chip manufacturers who are providing this Open source all of it all the way down to the hardware of it all possible But certainly the microcode level and we are seeing that I think from arm for instance So I hardly recommend anyone Working for these chip people or if they have any say with them to encourage more open source down to the firmware level I think it's really important For us to be able to do this. I should be clear that the attestation Measurements that we do always do Do cryptographic measurements of both the hardware and that firmware and that micro so John all my microcode on all platforms So we can be sure it is the right stuff, but we can't be sure exactly what's in it because it's a generally close source Very good point. There's another question towards the front here. Yes Yeah, okay great great question so example of how attestation works So I've kind of glossed over that because I wanted to talk about the main platform rather than the broader thing So profane we are a commercial company and we're providing attestation SAS services as part of what we do So the the model we we do is that It works like this There are three pieces there is the n-arcs runtime which actually sits on the host Okay, and that's the bit that sets up the trust execution from there was something Oh, yeah, we call that a keep we're we use castle metaphors and the keep is the sort of central part of a castle the safest bit place right we provide an attestation service called The the steward which is the person who hands out the keys in the castle And then we have a registry think docker hub type type thing called the drawbridge and that is where you put your applications They're encrypted so we can't see them other people can't see them So that's the drawbridge and that's where things are so first thing you do is you put your application in there, okay? You then contact the the host By running the n-arcs binary you might have got it there using a container You might have used whatever it is, but you've got it there It might just be a an OS provided package But you you started up with a slug with a basic URI pointing at a drawbridge instance and the particular application in that and the Cryptographic hash which is associated with that so as n-arcs runtime starts up It knows what to load, but it doesn't load it yet It starts up a trusted execution environment and puts part of itself into that Including the web assembly runtime, okay? So we now have a trusted execution environment where SGX or SEV or in the future realms or whatever it may be So we have that running, okay? It then asks the OS for an attestation measurement You're going to shout at me if I get this wrong out you Roman, please do So it asks it for an attestation measurement that is provided as a signed certificate chain basically with some information as well to the To the keep the keep then contacts the steward the attestation SAS service With a CSR with a certificate signing request Okay, which includes that attestation measurement and that you all right that slug Okay, so it then goes to this to the SAS service the steward the steward checks it gets known good versions of the keep a Chip Manufacturer information a whole bunch of stuff, right? So it checks that what's in there is what should be in there and what it provided it is what should have provided it if that is good it signs that certificate and Sends it back to the keep the keep then sends that certificate as part of an ACTPS or TLS Communication to the drawbridge the drawbridge uses the information in that a that it was correctly signed And therefore is running in a keep and be that it is a an application It knows about to release that application over that encrypted link to the keep the keep is then then ploys that application So we now know that we have the keep running With the application you want and that we've proved that what it is now that the final piece of cleverness here Is that we use that same certificate for all further communications transparent encrypting network comms? Which means that if you are another application or another component of an application Talking to that application in the keep, you know two things about it You know one that it is running in a keep because it's been signed by the attestation service and two You know that the application that you're talking to is the application you thought it it was So you can you've got some Really good to high levels of assurance about what you're talking to and the safety Confidentiality and integrity of that So that's kind of the the quick story, but that's that's what we're about We can run that in sort of air gap mode, etc. But generally it's a these are SAS services and if you're a large company You'd probably have your own drawbridge instance, but we'd be providing the SAS service Got another I think four minutes. Do we have? Five minutes more questions, please. I'm loving this The question was what's on the critical path between now and large-scale adoption? Well, we moved to Minimal viable product last month so customers So There's a number of things I guess so We are implementing a multi-threading Which isn't there at the moment Some of the networking is getting nicer and easier to use There's some crypto implementations that we want to make sure are tighter in the in the keeps themselves Web assembly needs to keep getting more mature, but it's doing very well there There's another thing which was an issue and isn't anymore and that's availability of the chips They're just out there now. You can get hold them pretty easily. Oh, sorry get hold of them pretty easily Both in clouds or you can buy by them for yourself final one is Upstreaming so the SGX Kernel pieces went in in 520 so they need to be I mean we can all go all of them But unless you know we need to get those into the into the distros obviously and the scv Stuff is not all up streamed We have if you want to be running this yourself at the moment Then we have kernel patches and compile kernels you can use to do that But we're working with the various people to make sure that all that stuff get gets upstream We we have you know kernel maintain it on the on the team who's working with those sorts of things So I think those are the main things anything else. I've missed I think those are the probably the things it runs now You can you can play with it now you can just do it and please please do and there's a If you delve further back into nrx.dev and oh, yeah, please give us a star You'll see that there's Lots of examples in different languages that you can play with I think this is probably the last question. I think let's Do do does that they need to be? Coded and web assembly about three people in the world coding web assembly It's it's it's it's a bytecode representation basically the answer is you code it in Almost any language you want and we have example C C++ JavaScript type script assembly script Rust go Python Blah and you compile it and for most of those languages are very easy to compile There's some quite a bit of work and we're working with upstream on those for some of them as well But no you can write in many different languages Compile to web assembly and you're good to go and you'll find instructions instructions on nrx.dev So oh what very very quick question Yeah example of work like that runs on nrx it's early day still but The sort of things we we have customers looking at is if they've got a large a large stack and Microsoft's in their particular parts that are dealing with for instance, PII personal identifiable information or credit cards or risk management or fraud management or Those sorts of things running them in in those sorts of use cases is a good one their number actually one thing I should have talked about is that actually some really interesting hopefully homomorphic encryption and Multi-party computation use cases which are really complimentary and work really really well with confidential computing And we're definitely talking about those sorts and so things like research Pharmaceutical research where they're taking lots of patient data, but the patient data can't be given to them We can do those sorts of things as well. That's some really exciting stuff Anyway, thank you so much for your time had great great time great questions any questions Find me linked in find me later on find me around the conference and thanks for your time