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Hi, everybody. I'm Nicola Tangan, the CEO of the Norwegian Southern Wealth Fund. And today, I'm in really good company because I'm here with Ruth Porot, the president and chief investment officer of Alphabet, which is the parent company of Google.

Now, of course, Google needs no introduction, but Alphabet, in addition, also make self-driving

cars, AI chips, it owns YouTube and many more things. And we own 1.3% of the company,

totaling roughly $30 billion. So big welcome, Ruth. It's great to be with you. Thank you.

Who is going to win the AI race? Well, we feel we're in a really strong position for a number of

reasons. I think when you look at the history of Google focused on AI.

We started many, many years ago.

And at this point, we have a very differentiated approach,

which starts with the extraordinary team we have,

led by Demis Asabas, who obviously just won the Nobel Prize.

That goes to the strength of the models.

You look at what we're doing on chips with our TPUs,

and then we're already really using it across our various platforms,

so billions of people are benefiting from AI.

So this full-stack approach, we think, is an important element.

That being said, what's exciting to see is how much innovation there is broadly.

And so what we're looking at is the opportunity, I think, collectively, globally to have an

unlock from the upside given the innovation that we're seeing, not just at Google, but at other

places.

Some of your competitors say that you were a bit slow out of the box when it came to AI models, but your latest Gemini is phenomenal. So what happened here?

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