i am joe zhao pleased to say joe zhao is with us.ne who worked with the fed, knows how to think about the implications valuations of companies. ai, some call it a mini bubble, it's. >> not if you're looking. >> where interest rates are the ai super cycle which is starting this year, year one, and the bubble -- a couple of reasons. if you look at historical tech bubbles like crypto, 10 to 12 years of q. week monetary policy and in 2001 when the.com bubble burst, usually these tech bubbles tend to form when you have -- monetary policy, strong markets, strong economy. in 2023, anything but that. with a very difficult market. my point is it ai has been this important, imagine when the fed normalizes and when the markets kind of resume. caroline: you are backing some of the key names we talk a lot about on the show. stability ai, even though there is management concern. on a day where we see all of ai once worth $4 billion valuation in 2021 and now basically cells off and has to fold. what is the distinguishing factor between companies th

. >> good morning, joe this caps off a three-year investigation into crypto billionaire cz and changpeng z zhaopay $4.3 billion. that's the biggest fine ever levered. cz is also paying a $50 million fine as part of that the outspoken founder appeared in a seattle courthouse yesterday. he has not been sentenced yesterday, but in a post on x, he said, quote, he must take responsibility he said it was not easy to let go emotionally of binance. he also tried to make a distinction of what happened at finance and xts. they did outline some of the crimes facilitated through binance over the years including transactions that aided child sexual abuse and terrorist financing. it's the latest elbow by u.s.ing are laters against crypto kurp ency exchanges bitcoin and crypto market ts did dip on that news but they see the settlement as a potential positive they go so far to say it could be reviewed as a tailwind as fears of market manipulation have declined, guys. back to you. >> that was what for a while people were hoping that that would be the end result of ftx it took a while to work everything out, kat