Gov. Phil Murphy Signs New AI Tax Incentives Legislation For New Jersey

3 months ago

Gov. Phil Murphy (D-NJ) signed a bill to increase investment in artificial intelligence by creating tax incentives.

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Transcript

00:00Good morning, my name is Brian Venturo, co-founder and chief strategy officer of CoreWeave.

00:20I'm honored to welcome you all to the CoreWeave offices today for this exciting occasion.

00:25We're especially delighted to host Governor Phil Murphy as he joins us to sign critical

00:29legislation that will position New Jersey as a premier hub for AI innovation.

00:33Governor, your presence here today is not only a testament to your commitment to the

00:37advancement of technology, but also your unwavering support for the AI business community in our

00:43state.

00:46Your dedication to fostering an environment where companies like ours can thrive has not

00:50gone unnoticed.

00:51We are grateful for your leadership and vision.

00:56Working with you and the administration has been a true partnership.

00:58Your proactive approach and open dialogue with the business community has been key to

01:02addressing our needs and enabling our growth.

01:04We appreciate your efforts to understand the unique challenges we face and to provide the

01:08support necessary that will ensure success and position New Jersey at the forefront of

01:11technological advancement.

01:13We are excited to continue this journey with you, Governor Murphy, and to contribute to

01:17the state's ongoing success.

01:19We look forward to the continued growth and prosperity of the AI sector in New Jersey

01:22driven by your leadership.

01:25Please join me in welcoming Governor Murphy to say a few words.

01:33Thank you very much, Brian.

01:35Forgive me for our friends outside.

01:39That's another story, as they say, but it's an incredible honor to be back here.

01:44So good morning, everybody.

01:45It's great to be back, not just in Roseland, but to be back here at CoreWeave.

01:50I want to thank Brian, who is CoreWeave's chief strategy officer and co-founder, for

01:54your very gracious words, along with his entire CoreWeave team.

01:59Thank you, especially co-founder and CEO Mike Entrader, who's with us as well.

02:04And we're here today to sign a piece of legislation that will empower our state's top minds to

02:10shape the future of generative artificial intelligence, both ambitiously and responsibly.

02:17Because at a moment when the future of this realm has yet to be written, we here in New

02:21Jersey can be one of its prime authors.

02:24And together, in partnership with our state's innovators, researchers, and industry leaders

02:30like CoreWeave, we can unleash a new generation of possibilities that will transform our world

02:37for the better.

02:38I want to thank all of the other amazing leaders here today who are working to make our shared

02:43vision for AI a reality.

02:46He's not here yet, I don't believe, but New Jersey Economic Development Authority CEO

02:51Tim Sullivan, keep Tim in your prayers, trying to find his way through there.

02:55The EDA's chairman is with us, Terry O'Toole.

02:58I want to also thank a couple of outstanding legislative partners who helped get this bill

03:03across the finish line.

03:05Two of them are here today, Senator Raj Mukherjee and Assemblyman Chris Tully.

03:10I also want to give greetings in absentia from Roseland's mayor, James Spango, who wanted

03:15to be here but is out of town.

03:17And again, I want to, once again, to Brian and Mike, thank you guys and the entire team

03:22at CoreWeave, not just for hosting us today, but for embodying the strength and vibrance

03:27of New Jersey's innovation ecosystem.

03:30In fact, CoreWeave's own story is really one of those classic Garden State innovation stories.

03:37Today, the company, and you can look this up publicly available data, is worth many,

03:42many billions of dollars.

03:44And it has established itself in short order as a global leader in AI infrastructure.

03:50But all of their success began literally in a garage in suburban New Jersey.

03:56CoreWeave's remarkable trajectory over the past several years is a reminder that New

04:00Jersey has reemerged as a bedrock for revolutionary innovation.

04:06With our state's talent, our highly coveted location, and our world-class educational

04:11institutions, and our global legacy of innovation, we are once again building the future.

04:19And there's no better example of New Jersey's sterling reputation when it comes to innovation

04:24than our growing leadership in the realm of AI, led in so many respects by CoreWeave's

04:30success.

04:31In the past year alone, our administration has launched a number of world-leading partnerships

04:36and initiatives to create new opportunities for our state's workers, students, and entrepreneurs

04:42in the realm of AI.

04:44In December, we partnered with the world's top-ranked university, Princeton University,

04:49to launch a first-of-its-kind AI innovation hub, which held, I might add, its inaugural

04:54summit earlier this spring, at which both Brian and I spoke.

04:58This hub has already started bringing together industry leaders, researchers, ethicists,

05:05and innovators, as well as corporations, to explore the possibilities of AI and to

05:11incubate potentially groundbreaking discoveries.

05:14In that same spirit, over the past several months, our administration has also introduced

05:18a nation-leading AI training initiative that is helping our state government workers better

05:24serve the needs of our families.

05:26Literally, we are training all 61,000 of our state workers in generative artificial intelligence.

05:34In fact, just earlier this month, we launched a new platform called the NJAI Assistant to

05:40equip our state workers with state-of-the-art tools to help improve the delivery of public

05:46services to New Jersey's taxpayers.

05:49Moreover, with the budget I signed into law last month, our administration is also investing

05:55$4 million into creating a new AI innovation challenge.

06:00With this innovation challenge, we are going to share our state's resources with emerging

06:05innovators who are eager to harness generative AI and innovative cutting-edge solutions to

06:12our biggest challenges, from chronic diseases to climate change and everything in between.

06:19And we are the first, I might add, and only American state to survey both public and private

06:24sector workers on how they view the dawn of generative AI.

06:30There's another reason our administration is working with such great intensity to plant

06:34New Jersey's flag in the realm of AI.

06:37It is because even though AI presents a whole new world of opportunities for our state's

06:43workers and families and entrepreneurs, Tim, I'm glad to see you made it here in one piece,

06:48this realm also presents a whole new world of risks and responsibilities.

06:54We all must embrace the importance of collaboration in innovation.

06:58Our leaders in both the public and private sectors need to embrace the spirit of open

07:03and transparent partnership, and I'm happy to say in New Jersey they are.

07:08That is exactly why our administration believes that we have an obligation to bring together

07:13our state's innovators, researchers, workers, and industry leaders in shaping the future

07:19of generative AI.

07:21We envision a future where our state's top minds harness AI to create jobs instead of

07:27killing them, to unite our world as opposed to dividing it, and more than anything, to

07:32revive hope in our shared future.

07:36It is with that vision in mind that earlier this year I announced the launch of New Jersey's

07:41AI Moonshot.

07:42The goal is for our state's innovators to pioneer a series of AI-powered breakthroughs

07:48over the next decade that will change the lives of billions for the better, from helping

07:54cure debilitating diseases to educating our children or caring for our ecosystems.

08:00We want New Jerseyans to stand at the forefront of the AI revolution and build a more prosperous

08:06world in the process, and in doing so we're going to establish New Jersey as the home

08:12base for R&D and generative AI.

08:16But of course the reality is that many of our state's boldest thinkers and biggest dreamers

08:21are unable to realize this vision on their own.

08:24After all, the barriers to entry for a career and corporate success in the realm of AI are

08:29high, and the logistics for developing AI-powered platforms can be exceedingly complex and expensive.

08:38And today there are many aspiring innovators in our state who are unable to explore the

08:42potential of their ideas because they lack access to adequate infrastructure.

08:48So for that very reason, the bill I'm signing today, and again I want to thank Raj and Chris

08:53and their colleagues, will invest up to $500 million into building out New Jersey's AI

09:00infrastructure, $500 million.

09:03And with this investment we're going to make it far easier for our state's students, researchers,

09:08entrepreneurs, you name it, who share our commitment to innovating responsibly to explore

09:14the potential of their AI-powered innovations.

09:18We want our state government to be a catalyst for pairing together established players in

09:22the world of AI, like CoreWeave, with young innovators who are just getting their start,

09:28whether they're a high school student right here in Essex County or an entrepreneur launching

09:32their very own startup, whether it's in Elizabeth or Camden or you name it.

09:36The point is, with the legislation I'm signing today, we are making yet another historic

09:41investment into building the most competitive, diverse, and inclusive innovation ecosystem

09:47in the entire nation.

09:49This has been a top priority for our administration since day one, but in recent months we have

09:54gained even more momentum in support of this mission.

09:58And Tim and Terry, along with their entire team at the Economic Development Authority,

10:03deserve huge credit for the successes we have seen.

10:06I mean, just briefly look at the list of recent steps that we have taken, led by the EDA,

10:12up and down our state, from SciTech City in Jersey City to HACS's newly opened headquarters,

10:19which is about 10 miles east of here in Newark, to the New Jersey wind port down in Salem

10:24County.

10:25We're racing forward in our efforts to support New Jersey's most promising innovators and

10:32to create a new generation of jobs for our state's workers.

10:36And with initiatives like New Jersey's first-in-the-nation Innovation Evergreen Fund, we are investing

10:42tens of millions of dollars into our emerging visionaries so they can pioneer the discoveries

10:48of tomorrow right here in the Garden State.

10:51And you add to all of that the bill that I'll be signing in a few minutes.

10:55And let me be clear, Corweave is one of the hottest companies on the planet.

11:00Their reach is hyper-global.

11:03They could have planted their headquarters flag anywhere, literally, and they chose the

11:09great state of New Jersey.

11:11And I thank you, gentlemen.

11:13So the bottom line is, in nearly every possible category of innovation, not just in generative

11:18AI, but certainly including that, our administration is working to uplift New Jersey students and

11:24workers and companies, big and small, so they can access a new world of opportunities.

11:30And together we're building a New Jersey where every family can find their place in the economy

11:35of tomorrow.

11:37So thank you all again for your support, especially our friends and hosts here at Corweave, including

11:42the many folks back there watching us.

11:46And with that, I'd like to turn the podium over to one of the architects behind our state's

11:50economic comeback, the Chief Executive Officer of New Jersey's Economic Development Authority,

11:55Tim Sullivan.

11:56Tim?

11:57Nice to see you.

11:59Do you have any blood on you?

12:00No.

12:01I need an AI-powered car to get here a little faster, I suppose.

12:09Mike Bryan, thank you so much for having us.

12:10Governor, thank you both for everything we're going to do here in signing the bill, and

12:14I guess thank you in advance or in supplication for not firing me for being late.

12:18I was supposed to laugh harder at that.

12:21That was – I hope you're not going to fire me.

12:24It's great to be here.

12:25What a momentous day this is on a continuation of our journey to making New Jersey the most

12:31diverse and inclusive innovation ecosystem in America and recapturing our leadership

12:35position in innovation and entrepreneurship.

12:39I want to recognize and thank our Chairman, Terry O'Toole, who's here as well.

12:42He's been such an extraordinary leader, and he's been chair for about a year and

12:45a half now.

12:47And a lot of the successes and greatest hits that Governor Murphy was just going through

12:51are things that have happened under Terry's leadership and on his watch and with his shaping

12:55and stewardship.

12:56So we appreciate his time and energy and effort to helping deliver on Governor Murphy's

13:01strategy of a stronger and fairer New Jersey, a stronger New Jersey economy.

13:07Stepping back a little bit, I think Governor Murphy covered this extremely well, but I

13:10just want to add a couple of grace notes.

13:12On October 1st, 2018, Governor Murphy, not terribly far from here in Nutley, released

13:18our economic development master plan or strategy.

13:21It was called the State of Innovation and Building a Stronger and Fairer New Jersey.

13:27We have been on this since day one, since the first time I met then-candidate Murphy

13:33from the earliest days of the administration onward to right now.

13:36We have talked about recapturing New Jersey's heritage as a leader in innovation, not only

13:41because it's great to have great big success stories and cool next big thing companies

13:46like CoreWeave taking root and taking flight from New Jersey, but because it's how you

13:50get durable and enduring job creation in any successful ecosystem.

13:54It's when young, growing companies go from one or two folks to one or two thousand folks

14:00to ten or twenty thousand folks.

14:01That's how you get durable job creation.

14:05We thought we had a real opportunity to do what New Jersey wrote the playbook on in most

14:08of the 20th century, which is how do you take innovation, entrepreneurship, and commercialization

14:13and scale it.

14:15We've seen over the last six and a half, going on seven years, real momentum in that effort.

14:21I think it's one of the reasons why we continue to lead the region in job creation, why we've

14:25added more than 200,000 jobs since Governor Murphy took office, why we continue to see

14:30huge rates of new business formation and startup formation.

14:34We know we have more to do.

14:36I think one of the things that's smart about the bill that the Governor's about to sign

14:40and shout out to our sponsors, to Senator McCurdy and Assemblyman Talley, who represents

14:45my parents, by the way, in Bergen County, they said to say hello, is the extension and

14:57a deepening of this commitment to innovation.

15:01Another big reason to give so much credit to Governor Murphy for his vision for this

15:05is that it's easy when you have a job like Governor Murphy's and the distinguished members

15:11of the legislature to focus on what's right in front of your face, the issues that are

15:14hitting you on the dashboard every single day, when it's something breaking in the news,

15:18some tragedy, some horrible thing that's happened, some big thing that's happened.

15:23Governor Murphy's had us focused for the last several years on thinking about the generative

15:26AI opportunity and not just in the context of getting to know the founders of CoreWeave

15:31and hearing their great success story, but thinking about what's going on around the

15:33globe, what's going on around the country, and making sure New Jersey's positioned to

15:38not just participate, but help lead the generative AI revolution.

15:42Because this is very clearly the next big thing.

15:45You can analogize it to the internet.

15:48Brad Smith from Microsoft at the big gathering we had in Princeton a few months ago analogized

15:52it to the printing press.

15:55And big with these metaphors.

15:56I think you can't miss for what generative AI represents for the future of our society,

16:01of our economy, of our state, and of our country and our world.

16:04And so this bill that the governor's going to sign I think really positions New Jersey

16:08to make smart and targeted investments to support not just the AI industry, but all

16:13of New Jersey's economic competitiveness.

16:15Because being on our front foot with regard to generative AI is going to be like 20 or

16:2025 years ago thinking we should probably have a good internet infrastructure and we should

16:25have, companies should have websites.

16:27Those kinds of innovative ideas.

16:28But this is going to be that kind of fundamental component of business strategy, economic strategy

16:37for our state.

16:38And it's not just investing in infrastructure and hoping that things go well.

16:42It's going to structure public-private partnerships between companies that take advantage of these

16:46tax credits and these investments to enable our young and growing entrepreneurs, our institutions

16:53of higher education, to have access to the kinds of computing power that they need, that

16:57companies like CoreWeave are delivering to the marketplace that they need to grow their

17:00companies.

17:01And so it's not just helping the great big companies and the success stories, but helping

17:06the next generation even behind them grow and scale and turn into the even, you know,

17:10the next success stories, the next CoreWeaves, the next hopefully 5 or 10 CoreWeaves to come

17:14behind that here in New Jersey to build on our momentum and drive this ecosystem even

17:20further forward.

17:22We're incredibly excited about the bill the governor is about to sign.

17:25Again, deep appreciation to the sponsors for sponsoring it and to the leadership in both

17:29chambers of the assembly for bringing it forward and getting it to the governor's desk.

17:33And we're incredibly excited.

17:34And as soon as we finish up here, we'll get back to work working on the regulations that

17:38will emanate from this and the applications that will stand up for this through the balance

17:43of this year.

17:44So again, deep appreciation for the chance to be here.

17:45Deep appreciation to the CoreWeave team for having us.

17:48And thank you for everything you're doing in New Jersey.

17:49Thank you for your partnership.

17:52And I appreciate all the momentum we have today.

17:54I'm excited to continue to see it move forward in a couple minutes with your signature, governor.

18:00Thank you, Tim.

18:01Thank you, Tim.

18:02A couple of things before I ask Raj and Chris to come up and say a few words and then we'll

18:08sign the bill.

18:10Importantly, one point I want to underscore that – oh, see, you're going to sit here.

18:18Were you thrown out on the other seat or – again, I'm not surprised you and Raj are wearing

18:24a tie, but I'm still trying to get over Brian wearing a tie here, as I'm sure his

18:27colleagues will join me in that respect.

18:30Two things that are important to note.

18:33One is that this is shifting – I think what I'm particularly impressed by the EDA – Tim,

18:39Terry, colleagues, and Raj, and Chris – we've gone through a pandemic, we're in a new

18:44reality in terms of what the business and economic realities are.

18:51This is shifting money from a sort of more traditional bucket – every dime, I believe,

18:57all $500 million – this is shifting money that was already legislated into what we think

19:03is a cutting-edge opportunity.

19:07And I love the fact that it's as nimble as that and that you all deserve credit, EDA

19:11and the legislators, for doing that.

19:13And then secondly, and Mike and Brian are far more qualified to talk about this than

19:18I am, but I think history does show – and I want to underscore a point that Tim made

19:22– when Microsoft planted its flag, when they did in Seattle, that was the flag, and

19:28then spiderwebs started to grow out from there and created an ecosystem that didn't exist.

19:35Probably same true of Amazon, certainly Bell Labs in our state, way back when you could

19:40have made the same comment.

19:42It's the successes – it's not just the success of CoreWeave, it's the success of

19:47CoreWeave in the context of the broader picture that we're even further excited about.

19:52So I wanted to underscore that, and thank you, Tim and Terry and colleagues, for getting

19:57us today.

19:58You don't sign a bill unless it gets to your desk, and you need leaders in both chambers

20:03to help get it across the goal line, and we have two outstanding leaders.

20:06Would love to have them come up and say a few words.

20:09First of all, senator from the legislative – 32nd Legislative District, the one and

20:13only – a Marine veteran and one of my favorite people in this state, Senator Raj Mukherjee.

20:20– So general-purpose technologies, GPTs – not to be confused with CHAT-GPT, Generative

20:32Pre-Train Transformer – but general-purpose technologies are those which have the potential,

20:39to revolutionize multiple industries.

20:44Think electricity, the locomotive, the telephone, the internet.

20:51Artificial intelligence is a general-purpose technology.

20:56It will transform every industry and touch every aspect of our daily lives, from life-saving

21:03healthcare breakthroughs to traffic jams.

21:08And you've heard this one before – Terrence is going to make fun of me for this analogy

21:12– but at 211 degrees, water is just really hot.

21:16With that extra degree, at 212, it boils.

21:22And that makes steam.

21:24Steam powers the locomotive, incidentally.

21:28That was another GPT.

21:30CoreWeave will continue to grow rapidly as a company that calls New Jersey home, exemplifies

21:39what that extra degree of blood, sweat, and tears can produce, as it provides the critical

21:47infrastructure that we need for the development of AI to reach its full potential and for

21:54the AI boom to be powered.

21:57So if artificial intelligence is the locomotive, CoreWeave, a New Jersey company, is the steam.

22:07And one of the great things about having a governor with the quantitative background

22:11and the level of attention to detail that Phil Murphy has – and I absolutely love

22:16this guy – is that every time Tim Sullivan and I are crafting a framework to advance

22:24his economic development agenda, when it comes to incentives, he wants more than proof

22:28of concept.

22:29That's not enough for Governor Murphy.

22:32He wants to see the ROI potential and the materiality, and that the incentives are what's

22:38minimally necessary to achieve those aims.

22:43This is.

22:44Next New Jersey will cement New Jersey's place at the forefront of technological advancement

22:51and economic competitiveness as we tap into the transformative potential of AI.

22:58And through job creation and catalyzing innovation and empowering our higher education institutions,

23:05we are going to see incredible return on our investment.

23:10And it's not just because of what Mike and Brian and their team at CoreWeave – which

23:16I like the name better than Atlantic Crypto, because you are now at the core of powering

23:24the AI boom, from rush-ordering GPUs to $20 billion enterprise valuation – no insider

23:32information here, but I still think it's dramatically undervalued, even present day.

23:39We are not just doing this for companies like this, but for the companies that are

23:46still being brainstormed by some Princeton University student in their dorm or in their

23:53boxers in their mom's basement.

23:56And I look forward to all that we will achieve and where our state will be in this revolution

24:03because of the bill that the Governor is signing today.

24:12Raj, you added the extra degree to your remarks today.

24:13I just want to make sure you know we were paying attention.

24:16That was awesome.

24:17And deep thanks for your leadership.

24:18And again, we can't thank you enough because we don't get here – a bill does not get

24:23there without both chambers and leaders in both, and you've been extraordinary.

24:28And so has Chris Tully.

24:29He's representing the 38th Legislative District, and like Raj, helped muscle this thing over

24:35the goal line, and it will have transformative – measured in years, if not decades – impact

24:41on our state.

24:43Please help me welcome Assemblyman Chris Tully.

24:45Good to have you, buddy.

24:49Good morning, Governor.

24:50Thank you very much, and I'm so thankful and grateful to be here as we mark this pivotal

24:54milestone and exciting new chapter for New Jersey.

24:58As prime sponsor of this bill and as the chairman of the Assembly Science, Technology, and Innovation

25:02Committee, I'm so honored to celebrate with all of you the passage of this program

25:06that will shape our state's economic landscape for decades to come.

25:10This legislation signed here today by Governor Murphy is not only about policy, but it's

25:14about vision – imagining a future where AI companies choose to set up shop here in

25:18New Jersey, bringing with them high-paying jobs, groundbreaking research, and world-changing

25:23technologies.

25:24The message of this program, it's loud and clear.

25:27New Jersey is open for business.

25:29We're opening our doors to pioneers and entrepreneurs worldwide, inviting them to

25:33make New Jersey their home and their launchpad for success.

25:37And we are committed in New Jersey to provide them the support, the resources, and the incentives

25:41they need to succeed and create those ideas and grow into the future.

25:47And enough cannot be stated about the initiative that the governor talked about and all that

25:53he has done through the AI initiatives, through the AI hub, through this legislation here

25:57today.

25:59I want to commend you and your team, the NJEDA, Raj, and all of our legislative leaders.

26:04This is a big deal, and we're declaring in one voice that New Jersey is open for business

26:08and that we want the AI industry and all businesses to look in New Jersey where they're looking

26:13for a home.

26:14So with that, Governor, I'm so thankful to be here today.

26:17Thank you for having me a part of this effort, and everyone have a blessed day.

26:21Appreciate it.

26:22Really well said, and thank you for representing Tim's parents so graciously.

26:29One other comment I want to make before we sign this.

26:33You wake up every morning and you look in the mirror.

26:36I always recommend this to young folks who are looking for any advice.

26:40And be honest with yourself, whether it's an individual, whether it's a company, whether

26:45it's a state in this case.

26:47And you look, you have to be cold-blooded.

26:49Who are you?

26:50Who are you not?

26:52What can you be and what can you not be?

26:54I've said this many times, I'm going to die probably trying to make cars and trucks again

26:59in New Jersey.

27:00But when I look in the mirror, I don't see that.

27:03What I do see is I see an innovation economy.

27:06I see with proof points up and down our state, bio, pharma, life sciences.

27:11Tim and I spent several hours this week with bio, which is the big industry association.

27:19They love us.

27:21Tech telecom, film, television, digital increasingly.

27:25The green economy, offshore wind, fintech, the guts of the sports betting business.

27:30That's who we are.

27:31We lead with talent.

27:32We lead with innovation.

27:34We lead with our location.

27:36And I'm saying all this because you roll the tape back a couple of years.

27:41We affirmatively decided collectively, all of us, to make an all-in bet on generative

27:47artificial intelligence.

27:48I want to thank Carolyn Canella on our team just back from maternity leave, who was one

27:53of the early movers on our team to get us into position.

27:58And how serendipitous and fortunate were we early in those months of making that affirmative

28:05bet that we came into contact with these guys and this extraordinary company who planted

28:10their flag affirmatively.

28:12As we're betting affirmatively on generative AI, they planted their flag affirmatively

28:17in the great state of New Jersey.

28:19And we're living a 1 plus 1 equals 3 reality as a result of all that.

28:23And I can't thank you guys enough and your colleagues for hosting us today, more importantly

28:28for being in Jersey.

28:30And I am highly confident, as Tim mentioned, that this bill will propel New Jersey and

28:36the reality around generative AI, including Corweave's prospects and the spider web that

28:41will build up around you to another quantum level up.

28:45Thank you all.

28:46I'm going to sign this sucker.

28:48We'll take one.

28:50I'd love Brian and Mike to join, Tim, Raj, Chris, and I'd love Terry to join as well,

28:58if you could.

29:12This is the money shot, but I can't see a thing.

29:16I'm sorry.

29:23Okay.

29:24Now let's be real.

29:26Put my glasses back on.

29:32So this is Senate Bill number 3432.

29:35The synopsis is establishes New Jersey's program for artificial intelligence investments.

29:42And by the way, there are many specifics associated with this bill.

29:45Tim and or I or Terry are happy to get into the details, but it includes all of the good

29:51government provisions that would become known for in our administration.

29:54And again, I want to thank Tim and Terry and their colleagues for making sure that the

30:00goodness that we stand for in the state is also included in this.

30:04The sponsors are, as I mentioned, in the Senate.

30:07He's here with us, Raj Mukherjee, also his colleague, Troy Singleton.

30:10I want to give him a shout-out.

30:11In the Assembly, it is the aforementioned Chris Tully, along with Will Sampson, Rob

30:16Karabinczak, and many other co-sponsors.

30:19And with that, let's get down to actually signing this.

30:25Is this the 25th?

30:27It is, right?

30:28July 25th?

30:29Yes.

30:30I just want to make sure there's somebody out there.

30:32It's 2024.

30:33It's more than 24.

30:34It's like 212 versus 201.

30:36Exactly.

30:37Definitely the 25th.

30:38The 24th.

30:39First pen is Brian Ventura, co-founder and chief strategy officer at CoreWeek.

30:43Brian, where are you?

30:44God bless you, buddy, and thank you.

30:46When we write the book about this company, we're going to write in particular about the

30:52serendipitous coincidences of coming together, which is pretty extraordinary, right?

30:56To another co-founder, chief executive officer, another great guy, leader, Mike Entrader.

31:05Mike, congratulations, buddy.

31:07Appreciate it.

31:08Well done.

31:09Richly deserved.

31:12The chief executive officer of the Economic Development Authority, Tim Sullivan, is in

31:15the house.

31:16Tim?

31:17Yeah.

31:22The chairman of the Economic Development Authority, a guy I met 42 years ago, Terry O'Toole.

31:28Back here.

31:29Terry, where are you?

31:30Congratulations.

31:31Thank you, pal.

31:33A little bit of a headache, huh?

31:34Yeah.

31:35Shifty.

31:36Shifty.

31:37That's what you want here.

31:42This doesn't get here without great leadership in the legislature.

31:45This pen is for Senator Raj Mukherjee.

31:47Raj?

31:48God bless you, buddy.

31:49God bless you.

31:50Semper Fi.

31:51And last but not least, same comment about the Assembly.

31:55Great leadership on behalf of his colleagues.

31:57This pen is for Assemblyman Chris Tully.

32:00Chris, congratulations.

32:01Well done.

32:02And I'm happy to say, let me stand when I say this.

32:08Between you guys, so I'm not blocking anybody.

32:10This is now the law of the land.

32:13Congratulations, everyone.

32:19Special for you guys back there.

32:21Thank you for everything you do in Jersey, all right?

32:24I'm going to come back in a minute, like in a mosh pit.

32:28Can I take a group photo with you all?

32:30Is that all right?

32:31Okay.

32:32Don't be so enthusiastic.

32:34Congratulations.

32:35Thank you, sir.

32:36You did great.

32:37Congratulations.

32:38Great having you here.

32:39That was really good.

32:40Okay.

32:41Oh, yeah.

32:42Can we get you up?

32:43Come on.

32:44We'll get Raj.

32:45Raj?

Gov. Phil Murphy Signs New AI Tax Incentives Legislation For New Jersey

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