Announcer:
From the New York Stock Exchange at the corner of Wall and Broad Streets in New York City, welcome Inside the ICE House. Our podcast from Intercontinental Exchange is your go-to for the latest on markets, leadership, vision, and business. For over 230 years, the NYSE has been the beating heart of global growth. Each week we bring you inspiring stories of innovators, job creators, and the movers and shakers of capitalism, here at the NYSE and ICE exchanges around the world. Now let's go Inside the ICE House. Here's your host, Lance Glinn.
Lance Glinn:
Each month on the Inside the ICE House Podcast, we engage in insightful conversations with business leaders, CEOs of NYSE listed companies, entrepreneurs, and visionaries. We explore their journeys, the challenges they've overcome, and their aspirations to shape the future. You can tune in every week on all major podcast platforms to catch these discussions and watch full video episodes on tv.nyse.com and on the NYSE YouTube Channel.
Inside the ICE House in September, we aired 10 new episodes, four of our traditional episodes, our new biotech series that included four episodes itself, our monthly series, Markets in Focus with Opening Bell Daily's Phil Rosen, and Inside the ICE House Breakfast on the Balcony. We kicked off the month with our biotech series, and we're joined by Thomas Fuchs, chief AI officer for NYSE listed Eli Lilly, Dr. Amit Etkin, founder and CEO of NYSE listed Alto Neuroscience, Nimbus Therapeutics CEO Abbas Kazimi, and Enveda CEO Viswa Colluru.
In all four of our conversations, we dive into the challenges biotechs are trying to solve and how AI is helping them transform medicine and aid in saving lives.
Speaker 3:
Historically, I understand that people are skeptical, for example, in the discovery side. There are very few examples out there where you would have really de novo design eye drug yet, but that's changing drastically. It's changing because of first of all, progress in, of course maths and machine learning. So we have better models to approach these problems, but we also have drastically more compute, and that of course allows us to do so much more. Supercomputers at the scale that weren't present just a few years back, and that allows us to push that envelope. So we have internal models that already propose molecules for some of our targets with new motives the chemists haven't thought about before, which are very successful. So I'm very, very bullish on that front. When you combine all those things, you get tremendous amount of imprecision and poor outcomes.
Speaker 4:
And so what we try to do at Alto and what we did at Stanford, to build up to that, to form the scientific basis is two things at the same time. One is identify signatures in people's brains, so what we call biomarkers, brain tests that tell you about what's actually going on with that person together with a new medication that works differently from what's out there that can get a better effect, both by being different and by being paired with a test that tells you who's the right person to get that medication in. Both fronts really hoping to transform psychiatry from essentially a purely subjective science to one where you have objective and still the patient's experiences part of it. But we actually have tests. We actually have new treatments.
Speaker 5:
Build an asset, get to a value inflection, exit, return capital, recycle, raise money, and do it again. So for us, the challenge was always not really thinking about can we go after novelty and novel targets? I think there's really big challenges, even till today on validating new biology, for us was can we use some of these computational tools and really advance the ability to get differentiated chemical assets? So going after programs that are fairly well known, but overcoming those chemical challenges, finding a differentiation pathway and developing that asset and taking it forward.
Speaker 6:
Everybody's focus was on biology, was on understanding disease mechanisms better, but there was very little focus on understanding what the best chemistry was for medicines. And this had two really interesting points of allure for me. The first one was historically the most successful medicines of the industry. In fact, medicines that birthed the industry didn't come from a deep understanding of disease mechanisms or combi chem or any of these modern technologies we associate with biotech. They just came from humans observing other human sampling their environment. Right?
That's how we got morphine and aspirin, the first two drugs to ever be put in a bottle and sold, but also artemisinin and quinine, things that have touched billions of lives and continue to touch billions of lives and won Nobel Prizes. The second point of allure was, okay, even if these historical acts of observation don't pan out in rigorous modern trials, very rarely do you find an idea that is untapped while being validated.
Lance Glinn:
Episode 484, featured Jimmy Pitaro, chairman of ESPN. The sports media industry is transforming as fans shift to streaming, personalization, and on demand access. With a vast portfolio of rights, technology, and storytelling, ESPN is redefining how audiences experience live sports and highlights across every screen. Jimmy Pitaro goes inside the ICE house to dissect its direct consumer future, expanded partnerships with the NFL and WWE, and how the network is positioning itself to remain at the front door for sports fans in a rapidly changing media landscape.
Jimmy Pitaro:
It starts with our brand and our four letters. As you know, our direct to service is called ESPN, and we contemplated many different options here, but we ultimately went with ESPN because we know that there's real power in our four letters. We do a ton of research, we have a world-class research team, and one of the things that I take a great deal of pride in is the fact that younger people love ESPN. They see us as the most innovative, the most trustworthy. They see us as a digital first brand. And so if you think about that, it's pretty incredible the fact that we've been able to, I guess, thread this needle and maintain our relevance with the core traditional sports fan and also extend our brand and our relevance to younger people who are spending so much time on social platforms, on various digital platforms.
And so that really is our focus and our priority going forward. And we believe that everything I just said sets us up really well for today. Our massive digital reach across dot-com, across the app, across social platforms and channels. If you look at how we're resonating, it wasn't too long ago, Lance, where we were the number one brand in the world on TikTok. Now I think we're the number one media brand on TikTok, but we're up into the right in terms of engagement on that platform, in terms of engagement on Instagram, et cetera. And we take a lot of pride in that, and that is really helping our business. And like I said, we believe that it sets the foundation for today's launch.
Lance Glinn:
In our second installment of Markets in Focus in partnership with Opening Bell Daily, Phil Rosen joined me at the New York Stock Exchange to break down the Feds rate cut, its broader economic impact, and discussed while rate cuts may offer short-term relief, stabilizing the labor market remains the bigger challenge.
Phil Rosen:
Really, what we've been looking at for months now has been a expectation for 25 basis points of cuts today. And my read on the last week of economic data is that the case is building for a 50 basis point cut and markets seem to sort of agree with that. I think we've seen bets for a 50 basis point cut increase to 10% in the last few days, and that comes from weakening labor market data, pretty unconcerning inflation data I would say. And that combination confirms the Jackson Hole speech from Powell a few weeks back when he essentially waved the white flag on inflation and said, look, the risks line the labor market now, and we're pretty much going to let inflation do whatever inflation does.
And he didn't say that in as many words, but that was the messaging or the takeaway that I read in it. And the big headline last week, we had almost a million jobs wiped out from the BLS revision in the 12 months to March. So that to me, all the concerns that the labor market was weak, it turns out it was way weaker than anyone even knew or thought. So all of this is pointing to I think, a bigger cut than we're going to get, but the Fed is probably going to take its time and go forward with a 25 basis point cut.
Lance Glinn:
As inside the ICE House had breakfast on the balcony, M13 co-founder Carter Reum joined the NYC's Joe Beneroach. Venture capital is evolving as founders become funders bringing first-hand experience to the investment table. M13 has helped shape the shift by backing bold ideas and building platforms that support entrepreneurs from seed to scale. Carter joins inside the ICE House to share his journey from founder to VC leader, the changing dynamics of venture capital and how he and his team identified the next generation of game changing companies.
Carter Reum:
Venture capitalists are always talking about backing great founders, and I always think that's kind of a cop-out and it's kind of generic. What does great mean and why? So the first thing is when we assess a founder, we always use this baseball analogy from Moneyball. If you're a Billy Beane fan or Brad Pitt fan, whatever it may be, of wins above replacement, LeBron James accounts for the most wins above his replacement. And so some founders are great at one idea and at other ideas, they might be awful, right? Because what they need to do. And so I think the two things I look for in today's climate are as follows. One is, can a founder inspire? And what I mean by that is can they inspire to get a media interview that maybe they shouldn't have gone early in the early days? Can they inspire to get that key executive or team member to come join them when they probably shouldn't?
Can they inspire guys like me to give them money and capital, which give them an unfair advantage? So that ability to inspire, because it is hard as you're building and you have to create unfair advantages along the way. And then the other thing I look for on founders is the ability to look, I always say in a microscope in one eye and a telescope in the other eye, and what I mean by that is the microscope in one eye is looking at the day-to-day executing. But in today's world, that is so fast-moving and competitions not just coming from who you think your competition is, but everyone's competing for the wallet, the attention, the phone, whatever it is, it's coming from everywhere. You have to be looking out at a telescope and you have to be able to look around corners and see where you think the world's going because it's moving fast, right?
Bill Madison:
Yeah.
Carter Reum:
And so to me, those are the two things I look for founders, but it changes, right? And again, I think some founders are great for one idea, and they might not be for another idea.
Lance Glinn:
On episode 485, Andrew Robertson, chairman of BBDO Worldwide went inside the ICE House to discuss his new book, The Creative Shift. Creativity is undergoing a transformation as data technology and shifting consumer expectations reshape how ideas are formed and shared. He sits down inside the library of the New York Stock Exchange to discuss how organizations can unlock innovation, foster emotional storytelling, and adapt to a rapidly changing creative economy.
Andrew Robertson:
Over time, you can get to the point where people might feel like that. Where I've had this idea, it's not in response to anything in particular, but I want to take it to something. But I think really where I see the biggest opportunity is to make the shift. To consciously create a separate space, environment, separate conditions, where it's clear that this is not business as usual. This is a moment when we are all going to do something very different and it has a beginning, it has an end, and in between those two, we're going to do something different. And I think that if in effect you're making that a process in and of itself, you're making as bizarre as it sounds, you're making people compliant with the uncompliant process. But I think that's how it has to be done, because if you don't make it part of the way the company works, people will be rightly anxious and nervous and will hold back because that's what should happen most of the time.
Lance Glinn:
Visa's Mathieu Altwegg joined us inside the ICE House for episode 486. Artificial intelligence is reshaping the way consumers discover, select, and purchase products, ushering in a new era of intelligent commerce. On this episode, he explores how Visa is partnering with leading tech companies like NYC-listed Klarna to securely integrate these agents into the payment ecosystem,
Mathieu Altwegg:
As is the big topic you're opening up here, when we think about the future of checkout, I would say there are two probably areas where we could spend a bit of time when we bring the two pieces together, first of all, on the expression of that choice, I think this is where we could already have generative intelligence that supports you as a consumer. The choice of, I want to pay this with a debit card or a debit account, and I want to pay this with a pay later or a pay for instance. This choice can be supported by generative intelligence and the AI. And so I think we see that the way that expression is being today, we're thinking about a toggle inside of a digital environment here. Your personal agent will be able to help you make this choice and potentially do some of this choice on your behalf, understanding your typical patterns, your budget, your available spend or available budget.
Lance Glinn:
To finish off the month, we were joined on episode 487 by Bill Madison, CEO of LexisNexis Risk Solutions Insurance. Data is the engine driving today's insurance industry turning raw information into actionable insights. As the go-to data and analytics partner for the industry, they are helping power smarter decisions at every step. Bill goes inside the ICE house to discuss how he's navigated industry challenges while always working for the betterment of insurers and policyholders.
Bill Madison:
So you think about what was happening in March in 2020. Okay, the world is thinking differently about a lot of things. So you as a consumer, you were not driving your vehicle. We're going to stick on auto for a second.
Lance Glinn:
I was not driving my vehicle.
Bill Madison:
Okay. So it was March, you were driving, right? End of March, you're not driving, it's parked in your garage. Okay? So consumer groups were saying, okay, so why are we paying all these insurance premiums out there when we're not driving the vehicle? And it's complicated. Really, the insurance companies still managing risks and so forth. They got costs. So they started to feel the pressure, and in some cases, they were giving rebates back to consumers. Some were giving the relief on the payment, of the premiums coming up. But for the most part, the insurance carriers started to file lower rates with the departments of insurance across the US market. So when your lower rates is all for the good of consumers, associated with it, but the carriers were doing very well financially because no one is driving, not having claims. So you had that interesting dynamic over the course of 2020. 21 hits. And guess what? Consumers started driving again.
Lance Glinn:
Yeah, things opened back up.
Bill Madison:
But they opened back up in a big way. And the industry really couldn't anticipate how active consumers are going to be in driving again. So now that the claims started coming through, they go back to the departments of insurance to get the new rates file and the departments are going, oh, we can't give you the 12% rate increase, but we'll give you two or 3%, and you've got to go and take this over a period of time.
Lance Glinn:
You can listen to these episodes along with all past and future inside the ICE House episodes, wherever you get your podcasts. Remember that we also have ETF Central podcast episodes that release every two weeks on Wednesdays and market storylines that release every Friday. Full video episodes of all our podcasts are also available on tv.nyc.com and on the NYC YouTube channel. Be sure to join us every week for conversations with leaders, entrepreneurs, and visionaries. Thanks for listening.
Speaker 13:
Information contained in this podcast was obtained in part from publicly available sources and not independently verified. Neither ICE nor its affiliates make any representations or warranties express or implied as to the accuracy or completeness of the information, and do not sponsor, approve or endorse any of the content herein, all of which is presented solely for informational and educational purposes. Nothing herein constitutes an offer to sell, a solicitation of an offer to buy any security or a recommendation of any security or trading practice. Some portions of the preceding conversation may have been edited for the purpose of legal clarity.
