Nasdaq, Inc. Common Stock Barclays 24th Annual Global Financial Services Conference

I'll start with macro. Macro, we would say that the environment is constructive. You still have very good, investment, especially in AI and digital. You also have a consumer that remains very resilient and earnings that are really supporting the valuations that we are seeing. When you take those together, we would say constructive. When you translate that into IPO, to your question, we've seen a very robust IPO environment. The first thing is, pipeline is absolutely there. We have had the best half year we have ever had with $111 billion raised. Of course, that includes $86 billion with SpaceX. That really tells you that the market is looking for scale, mature opportunities, but there is also a broad array of what is in the pipeline.

We are seeing a pipeline, of course, in the whole AI infrastructure, whether you are talking about semi or data centers or AI models themselves. Then you have defense, which remains here. We have a little bit in insurance and real estate, and even biotech, which had been a little bit quiet for a while, is starting to come back. We are quite excited to see the breadth of what we are seeing in the IPO market. Then if I then take that to our fintech space, we had an excellent performance in the second quarter, 15% revenue growth, 16% ARR growth. What that tells you about the environment is really a tremendous engagement with our clients. We are viewed as a core infrastructure for them.

We are viewed as an AI forward transformation partner, which enables us to be really in the dialogue. Whether you are looking at pipelines, whether you are looking at the tenure of our deals, the booking mix, we are seeing just really good stats with our clients and with how they are behaving with us.

Yeah. We like to win, and we have a wonderful 73% win rate, as you said, seven out of 10. What that is really representing is the fact that whether you are talking about switches like Walmart or people coming to market like SpaceX, but also like many, many others, people are looking for the association with Nasdaq, the quality of trading of course, but also the innovation and trust that is represented in our brand as well as, at this point, we have the top 10 companies that are all listed on Nasdaq. The association with us creates a flywheel because that creates relevance and the index is a beneficiary from it and also, of course, benefits our listed companies.

The data that we get out of those great companies as well as the trading is all a wonderful ecosystem that we have been able to derive.

Great. We feel great about our position in the market.

There is a lot. If you go back to 50 years ago, we were created to actually connect capital to innovation in a totally different way using technology. That has resonated. Over the last 50 years, and never more so than right now, we are continuing to evolve what markets are doing to grow markets, to make sure that we do that respecting the principles that we have put forward, integrity, transparency, liquidity, and also the intelligence that comes with all of that. Our role today is to continue to do that as the markets evolve. At the intersection of digital ledger and AI, we are seeing those trends converging into a great transformation, and we're particularly well-positioned. We've organized ourself around Digital Liquidity Networks. That's the first one. That is really our effort to drive all of the trends that reflect the investor demand for always on, and to make sure that this is done in a way that is, again, respecting this liquidity, transparency, integrity principle, and putting both the investors and the issuers at the core of that.