Capital One Acquires Brex for $5B, Davos’s $500M business, Apple’s Siri rebuild | Diet TBPN

Diet TBPN delivers the best of today’s TBPN episode in 30 minutes. TBPN is a live tech talk show hosted by John Coogan and Jordi Hays, streaming weekdays 11–2 PT on X and YouTube, with each episode posted to podcast platforms right after. Described by The New York Times as “Silicon Valley’s newest obsession,” the show has recently featured Mark Zuckerberg, Sam Altman, Mark Cuban, and Satya Nadella. TBPN.com is made possible by: Ramp - https://Ramp.com https://ramp.com/ AppLovin - https://axon.ai https://axon.ai/ Cognition - https://cognition.ai https://cognition.ai/ Console -https://console.com https://console.com/ CrowdStrike - https://crowdstrike.com https://crowdstrike.com/ ElevenLabs - https://elevenlabs.io https://elevenlabs.io/ Figma - https://figma.com https://figma.com/ Fin - https://fin.ai https://fin.ai/ Gemini - https://gemini.google.com https://gemini.google.com/ Graphite - https://graphite.com https://graphite.com/ Gusto - https://gusto.com/tbpn https://graphite.com/ Labelbox - https://labelbox.com https://labelbox.com/ Lambda - https://lambda.ai https://lambda.ai/ Linear - https://linear.app https://linear.app/ MongoDB - https://mongodb.com https://mongodb.com/ NYSE - https://nyse.com https://nyse.com/ Okta - https://www.okta.com https://www.okta.com/ Phantom - https://phantom.com/cash Plaid -https://plaid.com https://plaid.com/ Public - https://public.com https://public.com/ Railway - https://railway.com https://railway.com/ Ramp -https://ramp.com https://ramp.com/ Restream - https://restream.io https://restream.io/ Sentry - https://sentry.io https://sentry.io/welcome/ Shopify - https://shopify.com https://shopify.com/ Turbopuffer - https://turbopuffer.com https://turbopuffer.com/ Vanta - https://vanta.com https://vanta.com/ Vibe - https://vibe.co https://vibe.co/ Sentry - https://sentry.io https://sentry.io/ Cisco - https://www.ciscoaisummit.com/ai-virtual-summit.html Follow TBPN: https://TBPN.com https://tbpn.com/ https://x.com/tbpn https://open.spotify.com/show/2L6WMqY3GUPCGBD0dX6p00?si=674252d53acf4231 https://podcasts.apple.com/us/podcast/technology-brothers/id1772360235 https://www.youtube.com/@TBPNLive

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:01John Coogan?

  First, Davos is winding down. We're finally getting like the final, you know, surprise guest. Elon is the big one.

• 0:09Jordi Hays?

  Elon had to come in.

• 0:10John Coogan?

  He had to come in.

• 0:11Jordi Hays?

  The last buzzer beater gesture match.

• 0:12John Coogan?

  How do you think that works? Do you think he just has like an open invite and then he makes the call like a few hours before and just says, "Oh, it's going well. I'll be there." And then they just throw him on.

• 0:22Jordi Hays?

  I think Elon calls up J. Cal and says, "Hey, save me a seat."

• 0:26John Coogan?

  Save me a seat.

• 0:27Jordi Hays?

  And then they figure it out from there. I think when you're tracking to be the world's first teen heir.

• 0:32John Coogan?

  You got an opening invite.

• 0:33Jordi Hays?

  They just have a stage set up.

• 0:36John Coogan?

  Apparently, the events go really, really long. Some of the interviews go at 10:00 PM, some start. It's like a full, full tilt across multiple, multiple event spaces. There's different houses. All In was doing something at the Freedom House. They had a really cool interview with Satya Nadella that I watched. Tech was out in full force, and that's what I wrote about today in the TBPN newsletter. Fun fact: Davos makes half a billion dollars a year in revenue. It's a nonprofit, an NGO, a think tank, but you're thinking what I'm thinking, Jordi? For-profit conversion.

• 1:07Jordi Hays?

  That's right.

• 1:07John Coogan?

  Let's make it happen. Let's make it happen. It's an old, old organization. Klaus Schwab, who you probably know as the face of it, he was the founder. He started Davos in 1971, the World Economic Forum. It was called something.

• 1:21Jordi Hays?

  And he was pushed out last year.

• 1:23John Coogan?

  Yeah, so it's been on the ropes. My thesis is that Davos is back. It was a really good year. I think Tech is going to double down on this. But the first decade, it just sounded like it was an amazing party. One person in 1981 told Time Magazine that "The Forum offers a delightful vacation on the expense account." What a great, what a great line. So it's been a rough decade for Davos. Liz Hoffman teased the concept of an inverse Davos index in Semaphore, which I thought was sort of funny. And she sort of wrapped up a few times when the consensus at Davos wound up being woefully wrong. And so she went through a few things. First was that everyone got together at Davos. There was

• 2:01John Coogan?

  an economist who went on stage in 2008 and said, "It is inconceivable, repeat, inconceivable, to get a world recession." It's like the one thing like not mincing words, not hedging at all. Just like my prediction is that we will never see a world recession. And of course, we did. The Davos crew, they also missed Brexit and the rise of MAGA. Davos in 2020, it's always in January. In 2020, it was January 21st to 24th. And there was really no talk of a global pandemic or being worried about that. There was one panel about sort of risks from antibiotics or something, but they certainly weren't talking about the coronavirus. And just a week later,

• 2:43John Coogan?

  Bology posted that famous going viral post on January 30th, saying like, hey, I'm tracking this. I've been tracking this for a while, and this seems really serious. And a lot of people in tech were already tracking it. So there was this disconnect between like, you go to Davos and you hear like, the number one thing this year is the metaverse. Apparently, they did a big metaverse push. And then the year plays out and it's a wildly different story.

• 3:03Jordi Hays?

  It seems like there may be moving the internet. I certainly wouldn't say the internet has forgotten about the iconic line, you'll own nothing and be happy. But I haven't seen it so much over the last week. A lot more focus on.

• 3:18John Coogan?

  Yeah, it's interesting. That line was all about just financialization and was really

• 3:23Jordi Hays?

  I like to think it was about enterprise software.

• 3:25John Coogan?

  Yes, yes. We're moving away from box software.

• 3:28Jordi Hays?

  Exactly.

• 3:28John Coogan?

  To SaaS.

• 3:29Jordi Hays?

  You're gonna own nothing.

• 3:30John Coogan?

  Yeah, you don't own this particular version of turbo puffer. You pay for consumption. This year feels like a big turnaround. Dario Amade, Demis Hassabis, Sachin Adala, all their interviews have been going viral on the timeline. In California, there's been a bunch of articles written about what they've said at Davos. There hasn't necessarily been a huge reversal in the positions of these tech leaders. They're saying things that they've been saying for a year or two, sometimes more. But there's some

• 4:01John Coogan?

  Feeling like where when you say a line like we could have 20% unemployment in two years, it just sounds different when you say it directly to a bunch of world leaders, a bunch of global elites, a bunch of, you know, international executives than when you say it on a tech podcast that's a little more insider-y, a little more inside baseball. So it just hits different. And then it's also an interesting reflection to hear like the Satya Nadella all in interview had had an interesting like almost like high, low aspect to it where Satya was talking about very specific details of copilot implementation, what the future of the workstation could look like, whether people will be running, you know, sidecar.

• 4:42Jordi Hays?

  He's a product guy.

• 4:43John Coogan?

  Yeah. So he's going in a lot of detail there. And then he's also zooming out and reiterating what he told other business leaders just about the general wave of AI adoption that's still pretty early on the global stage. And so it's felt like there's two different conferences going on. We've read this from a take from a couple of different people where tech leaders are talking about research progress, employment impacts, sovereign AI data center build outs, and then the politicians are talking about Greenland, Venezuela and trade deals. But even though there's like this two, this bifurcated vibe going on, it still feels like a win-win because the tech industry is getting their messages into the global stage now where in an audience that will ultimately determine how quickly this

• 5:26John Coogan?

  technology rolls out and how it will be regulated. And I imagine that the tech industry is driving a lot of growth for the World Economic Forum because every company, you've seen the Palantir house, there's a lot of different tech companies that have really gone big on sponsorship, gone big on their presence. And I imagine this will get bigger. OpenAI was sort of notably absent or not absent, but didn't take didn't take over the stage. And you would imagine that next year, given the vibes around this one, that there will be more of a presence from basically all the big tech companies.

• 5:58Jordi Hays?

  Yeah, we had a, we had an opportunity to have a presence there and we didn't. Think that it fully made sense for this year, just given historical.

• 6:06John Coogan?

  Yeah, travel and stuff.

• 6:06Jordi Hays?

  Yeah, travel was a big factor.

• 6:08John Coogan?

  And so I, I think Davos is back. I think it's time to ski and congratulations to everyone that's been having fun and making waves in Davos. There's a whole bunch of videos that we should go through. Midnight Capital has given us some instructions. He says, or they say, listen to this, then watch the second video.

• 6:25Jordi Hays?

  And this host over at Fox Business has given us a run for our money in the costume department.

• 6:30John Coogan?

  Maria Bartiromo knows how to dress. This is a fantastic outfit.

• 6:34Speaker 02

  Is the space getting more competitive for you today? Our space is incredibly competitive. I've got a lot of competitors. It's hard to, it's hard to imagine. Google's been here for a while and they're excellent AI company for a very long time and, and they're incredible company. But we have competition from, from all sides. And? Well, we just have to run fast, you know?

• 6:57John Coogan?

  And then Midnight Capital says, watch the second.

• 6:59Jordi Hays?

  You know a company has an insane monopoly if they're trying to convince you that, that...

• 7:03John Coogan?

  I think that's where we're going with this. You're giving away the, you're giving away the punchline. Play the, the, the TL clip at the London School of Economics.

• 7:11Speaker 03

  The people who have monopolies pretend not to have them and the people who don't have monopolies pretend to have them. And so it gets kind of confusing. If you're Google, you will never say that you're a search engine. You will say you're a technology company, which, and technology is a vast, incredibly competitive space. If you're in a completely competitive business, let's say you're trying to open a restaurant in London and you will say, well, this is totally different from any other restaurant. It, it will be the only British Nepalese fusion cuisine within a five block radius of the LSE.

• 7:40Jordi Hays?

  I studied.

• 7:40John Coogan?

  Yeah, Jensen studied and said, you know what? I, I, I'm incredible. It's incredibly competitive. Of course, he's also going through an acquisition with Grok and it's, it seems like the Grok deal will go through, but.

• 7:52Jordi Hays?

  Like I have so much competition, I had to spend $20 billion on a team.

• 7:55John Coogan?

  Yeah, yeah. And yeah, please define my market as also including CPU and also including ASICs and also including like everything else that could possibly compete with Nvidia.

• 8:04Jordi Hays?

  The journal had a good summary of kind of some of Jensen's points of view.

• 8:07John Coogan?

  Yeah, what'd he say?

• 8:08Jordi Hays?

  At Davos, Nvidia CEO says AI needs more investment in defiance of bubble fears. Jensen called for higher investments to further spread the technology across developed and emerging economies. Huang described AI as a five-layer cake consisting of energy chips, cloud infrastructure, models, and application. He said AI's applications, how the technology is used in a specific industry is the most critical layer of that cake as it is where the economic benefits lie. Sectors like energy or semis, both key to developing and harnessing the technology are already growing thanks to AI. But he said more investments are needed to ensure that benefits of the technology spread to more industries across both developed and emerging economies. The AI bubble comes about because the investments are large, and the investments are large

• 8:51Jordi Hays?

  because we have to build the infrastructure necessary for all of the AI layers. I think the opportunity is really quite extraordinary and everybody ought to get involved. It's open for business, folks.

• 9:01John Coogan?

  Me defending my vibe-coded CRM I made in one shot with GPT-4O.

• 9:06Speaker 04

  Sometimes it's too slow, for sure, and needs to be reformed, for sure. But which is predictable, loyal. Sometimes...

• 9:18John Coogan?

  You're very loyal.

• 9:19Speaker 04

  That's interesting.

• 9:20Jordi Hays?

  He is on one right now.

• 9:22John Coogan?

  I love it. What was the story behind the glasses? Somebody, I saw some meme that I think he suffered an injury or something, and some people would say do an eye patch, but he went with the sunglasses.

• 9:32Jordi Hays?

  It's like a rock star.

• 9:33John Coogan?

  Yeah, he looks like a rock star. Let's play this clip from Elon Musk at Davos.

• 9:37Speaker 05

  The lowest-cost place to put AI will be space, and that'll be true within two years. Maybe three, three at the latest.

• 9:47Jordi Hays?

  Three at the latest.

• 9:48John Coogan?

  Three and later, that's a very aggressive timeline.

• 9:51Jordi Hays?

  Yeah.

• 9:51John Coogan?

  Blue Origin launched satellite internet to rival SpaceX and specifically to rival Starlink. Bezos backed Blue Origin is launching a satellite network for enterprise data center and government customers. Terrawave, the company aims to begin deploying the first of 5,408 satellites in the fourth quarter of 2027. So little over, little under two years. The service will compete with Starlink and it will also compete with Amazon operated Leo, which is interesting. Bezos is entering an increasingly crowded satellite internet market that's currently dominated by Starlink. Starlink has more than 9,000 satellites in orbit and roughly nine million customers.

• 10:34Jordi Hays?

  We gotta do some more research on the Chinese Starlink equivalents. They have Guo Wang, which is their like state led effort trying to get to 13,000 satellites by 2030. Currently they have around 150 and then there's Qianfan, which currently has around 100 also trying to get. They're trying to get to 15,000 by 2030 and they're, they're more commercial focused. So it'd be interesting to track.

• 11:04John Coogan?

  And you would, you would think that the Blue Origin news, the, the, the news that, that Starlink has a second competitor. Blue Origin, Jeff Bezos, major players. Well, what does that do for AST Space Mobile? The stock is up 14% today and it's up 24% over the last five days, 35% over the last month and 100%.

• 11:28Jordi Hays?

  AST Space Mobile can't keep going, there's no way.

• 11:30John Coogan?

  Over the last six months. Elon also gave some timelines for Optimus humanoid robots at the World Economic Forum. He said, by the end of next year, we will be selling humanoid robots to the public, to the public, not just enterprises. You're going to be able to just buy one of these the way you buy a Cybertruck or a Model S Plaid. That is a very, very aggressive timeline, but he does, he has been buying the parts to actually manufacture them. And you know, what does selling to the public mean? Does it mean a thousand deliveries, 10,000 deliveries?

• 12:02Jordi Hays?

  Having having an Optimus that is just on on staff here that can just go hit like if I can hit a button and have the Optimus hit the gong physically. That'll be fantastic.

• 12:12John Coogan?

  Yeah, priceless, really.

• 12:13Jordi Hays?

  Yeah, priceless. There's really no no amount of money that we wouldn't pay to be able to get that kind of experience here in the UltraDome.

• 12:20John Coogan?

  We've seen like, you know, Boston Dynamics, we've seen with the Chinese humanoid companies. You can do cool things with these with 1X and whatnot, even if it's teleoperated, even if it's prescribeded like there there are the technology does work. It's more just like, how impactful will it be? How expensive is it? How reliable is it? Is the battery one hour?

• 12:41Jordi Hays?

  Has he has he spoken about teleoperation?

• 12:44John Coogan?

  No, I don't.

• 12:45Jordi Hays?

  Seems like he'd just be generally against it on principle.

• 12:48John Coogan?

  I know that don't the Tesla robotaxis do some teleoperation? I think in the test zones, there was like the ability to take over on that early demo. So I don't think he's dogmatic about it, but he certainly is, you know, if you're against LiDAR, you gotta be against.

• 13:02Jordi Hays?

  tragically saying says robots replacing humans hitting the gong. Okay, never mind. Shut it down.

• 13:07John Coogan?

  I'm full of it now. Let's move on to this clip from Satya Nadella at the All In AI Summit.

• 13:15Satya Nadella?

  Best line I would say for PCs or computers was to say if you it's a bicycle for the mind. Bill had a line which I liked as well, which was it's information at your fingertips. We kind of need now a new concept metaphor for how we use computers in the AI age. You have one? And the one I like actually came from the CEO of Notion, which I like, you know, that manager of. Incredible product. You haven't bought it yet.

• 13:42Satya Nadella?

  But the it's both management of, you know, basically a manager of infinite minds. That's a nice way to think about it, right? If you remember, Jobs had the best line, I would say for PCs.

• 13:54John Coogan?

  The manager of infinite minds.

• 13:56Jordi Hays?

  How many minds are you managing, Tyler?

• 13:58Speaker 07

  Right now, right now, it's probably. Like four, because I have every, every LLM.

• 14:04Jordi Hays?

  Okay.

• 14:04John Coogan?

  Actively running.

• 14:05Jordi Hays?

  You gotta get those numbers up.

• 14:06Speaker 07

  Yeah, I'm not, I've never really used multiple Claude instances yet.

• 14:10John Coogan?

  Okay. Yeah, it's interesting, like the manager of infinite minds concept, obviously, that essay from Ivan, CEO of Notion, it went viral over the holidays. I think a lot of people in tech read it. Having Satya Nadella there just further popularized that concept, bake it down into a repeatable phrase that can prepare people for what's coming, adapt. That is valuable and that's what we're seeing here. Anyway.

• 14:35Jordi Hays?

  It'll feel like you're playing StarCraft now.

• 14:38John Coogan?

  I like the StarCraft analogy.

• 14:39Jordi Hays?

  The StarCraft analogy is real. Zerg army. Let's pull up this video that was posted by the New York Times PopCast. John Karamica posted this video yesterday. Somebody sent it to me and I was so confused because there's only about a hundred of these rugby's out in the world.

• 14:57John Coogan?

  Yeah.

• 14:57Jordi Hays?

  And we kind of knew, we kind of, like everybody on the team like kind of sent them out.

• 15:02John Coogan?

  Yeah.

• 15:02Jordi Hays?

  So I was, I first thought this video was AI generated.

• 15:04John Coogan?

  It did, and it's about AI, so let's play the video. Okay, so yeah, it's about Bruno Mars and and if we, I don't know if we can scroll back to the beginning. Is that possible on Instagram reels? If you repost, but yeah, if you zoom in here, he's dancing and the dancing, this part, I was like, maybe this part's AI. But then when he sits down, you can see that he has a microphone, a lav mic clipped to his collar. And so everything about this says this is not AI generated. This is real and the hand motions are so accurate and they're occluding.

• 15:39Jordi Hays?

  And he just looks extremely cool.

• 15:41John Coogan?

  Yeah, it's great.

• 15:42Jordi Hays?

  So Dylan messaged John and we figure out that John accidentally purchased fake TVP and merch online.

• 15:52John Coogan?

  Be careful.

• 15:53Jordi Hays?

  But at least he's still looking great.

• 15:55John Coogan?

  Yeah.

• 15:55Jordi Hays?

  So.

• 15:56John Coogan?

  Yeah, it works.

• 15:57Jordi Hays?

  Silver lining.

• 15:57John Coogan?

  But yeah, I mean, our saga to battle the fraudulent merch, the knockoff merch has been incredible. This site popped up and we assumed, okay, they're not going to take payments, certainly. They're definitely not going to print and ship anything and we'll be able to get this taken down in two seconds. And we, I actually sent them an email saying like, hey, uh, hey, like, I assume you're a fan. Like, just so you know, like, we don't want this out there. Like, I'd be happy to talk to you about maybe working together or something, but can you please just not use our brand and our trademarks and all this stuff out there on the internet without, without talking to us first? Like, let's have a conversation about this. Did not get a response.

• 16:39Jordi Hays?

  Not a fan.

• 16:40John Coogan?

  And I think some other people on the team were like, uh, yeah, John, that was never going to work. And they were right.

• 16:45Jordi Hays?

  And you tried to go golden retriever mode.

• 16:47John Coogan?

  I did, I did. I was like, I'm gonna, I'm just gonna assume the best. I'm just gonna assume that's an overeager fan or someone who just is entrepreneurial kid who's just trying to just make something happen.

• 16:57Jordi Hays?

  This is a Canadian. We know it's a Canadian.

• 16:59John Coogan?

  We know it's a Canadian.

• 17:00Jordi Hays?

  This is a Canadian.

• 17:01John Coogan?

  Anything could happen up there.

• 17:02Jordi Hays?

  We need to put out like a. Dot in the chat says, you guys have a good line at Shopify. I assume most of them are hosted there. No.

• 17:07John Coogan?

  They keep finding a way and at this point, they are in fact, taking people's money and shipping fake product now and, and fooling people that are discerning.

• 17:16Jordi Hays?

  And apparently it smells kind of funny. Which is a big, which is an issue. The real merch is coming.

• 17:23John Coogan?

  The real merch is coming. We do have a partnership with Shopify.

• 17:26Jordi Hays?

  A bunch of different stuff.

• 17:27John Coogan?

  Of course, Shopify.

• 17:29Speaker 07

  We need to put out like a Maduro style bounty.

• 17:34John Coogan?

  Private credit investors cortisol has been spiking because they are cashing out in droves. Redemptions by individual investors in funds soared at the end of 2025 after performance declined. Reviving questions about suitability. This is from Matt Warriors in the Wall Street Journal. He says, for the first time since the start of the private credit boom, large numbers of individual investors are trying to get their money out. Several of the big funds eligible to wealthy individuals receive requests from about 5% of shareholders to cash out at the end of last year, well above the normal volume, according to the SEC. One managed by Blue Owl got redemptions for about 15% of its shares. The rising redemptions come in an awkward time for private credit fund managers and for the Trump administration as they push for new rules that would democratize private

• 18:18John Coogan?

  markets by encouraging their inclusion in 401k retirement plans for all Americans. Private fund managers, including Apollo Global and Blue Owl, blame fear mongering about a recent spate of corporate bankruptcies. This is the whole cockroaches back and forth with Jamie Dimon and some of the folks in the private credit world, Blackstone, Apollo, Blue Owl. Individual investors are falling into a similar pattern, a familiar pattern of selling out when an asset class underperforms expectations. These investors got really surprised when their dividends went down. The business development companies, they typically make high interest loans to midsize corporations with junk credit ratings, using the interest income from those loans to pay dividends.

• 19:00John Coogan?

  A handful of these funds have cut dividends because the yield on their loans are falling in lockstep with benchmark interest rates. For more dividend reductions will follow, Dodd said, likely prompting more redemptions. Total returns from five of the largest private credit funds aimed at individual investors declined to an average of about 6.22% in the first nine months of 2025, compared with 8.76% in the same period 2024. Breaking, SpaceX is set to hire Bank of America, Goldman Sachs, JP Morgan Stanley to lead its IPO. That's a whole host, a murderer's row. Got them all. The IPO is expected to be valued as much as 1.5 trillion, making it the largest IPO in history.

• 19:42John Coogan?

  But the community notes, put it in the truth zone because Saudi Ramco's IPO in 2019 sported a valuation of 1.7 trillion. Well, there's other news about Anthropic. The revenue run rate for the end of 2025 was 9 billion, up from 4 billion in July 2025. What incredible growth. Iconic Lightspeed and Menlo are set to join the new funding round from TechMeme here. This is maybe a deceleration? I was debating this with Tyler. I mean, they went from 100 million. To one billion, they 10x'd, then they were going to 10x it again. So everyone was expecting 10 billion.

• 20:20Jordi Hays?

  And 10x it again.

• 20:21John Coogan?

  And they landed at nine on run rate.

• 20:23Jordi Hays?

  Did they predict 10 billion?

• 20:26John Coogan?

  I don't know. I actually don't know the exact quote. I think Dario was pretty loose about it. He was just saying that, like, we've seen incredible. Yeah, he was saying, we went a full order of magnitude from 100 to a billion. We're going to do a full order of magnitude again. Is it a full order of magnitude to go from one to nine?

• 20:42Speaker 07

  And he said he only expects like

• 20:43John Coogan?

  You got around.

• 20:44Speaker 07

  Three or four more, you know, 10x's.

• 20:46John Coogan?

  He said that?

• 20:47Speaker 07

  No.

• 20:47John Coogan?

  No. No, no. I specifically remember him saying like, we cannot keep that level of growth going.

• 20:52Speaker 07

  He said it would be pretty crazy if that.

• 20:54John Coogan?

  Yeah.

• 20:54Speaker 07

  I don't think he said we can.

• 20:55John Coogan?

  Oh, okay. He said it would be pretty crazy.

• 20:57Speaker 07

  Yeah.

• 20:57John Coogan?

  There is other news from the information. Amir says that Anthropic's inference costs on Google and Amazon servers were 23% higher than the company projected. Of course, when you're growing so fast, you're probably willing to pay more for inference just to make sure that everything stays online.

• 21:17Jordi Hays?

  Better to service the demand and not get that frustration, you know, people hitting rate limits, et cetera.

• 21:23Speaker 07

  Yeah, I think later in the summer, there was a lot of news about how the Anthropic API is like always down.

• 21:28John Coogan?

  Yeah.

• 21:29Speaker 07

  For issues.

• 21:30John Coogan?

  Yeah, yeah. Yeah, there was that. And then there were also some like FUDs type articles about negative gross margins, about, you know, margins being really, really bad at these labs. Like, where's the value accruing? Is it all going to accrue to Nvidia? Last month, Anthropic projected it would generate around 40% gross margins from selling AI to businesses and application developers. But I think that gross margin came in a little bit lower. But, you know, there's so much more that they can do to optimize. They're buying TPUs now. They're going to build new data centers. And also, it does feel like we're going to enter a world where inference is load balanced across a variety of. Semiconductor stacks. And so for really fast things, you might be going to a Grok

• 22:14John Coogan?

  or a Cerebras, or you know, you might for more basic stuff, you might be going to a legacy model that's cheaper to inference and all of that might be blended together into something that's more profitable.

• 22:27Jordi Hays?

  Apparently.

• 22:28John Coogan?

  Yes.

• 22:28Jordi Hays?

  Google DeepMind is signing a licensing deal. It really is a licensing deal economy that we're in. Last year was the press release economy.

• 22:35John Coogan?

  Yeah.

• 22:35Jordi Hays?

  This year, very, very much the licensing deal economy. Hume AI, which builds emotionally intelligent voice interfaces. And they're going to hire CEO Alan Cohen and seven of their engineers.

• 22:50John Coogan?

  I, I, I never thought of, of Google as particularly behind in voice interfaces. Certainly, it's an important part of the stack if you have an app that people are chatting with and talking to. Obviously, Notebook LM was sort of a viral success, but I do really wonder about the longevity and the, and the retention.

• 23:14Jordi Hays?

  News from Sam Altman.

• 23:15John Coogan?

  Oh, yeah.

• 23:15Jordi Hays?

  He shared today, we have added more than one billion of ARR in the last month just from our API business. People think of us mostly as ChatGPT, but the API team is doing amazing work.

• 23:25John Coogan?

  That's fantastic. I mean, we saw they just did this huge deal with ServiceNow. Like, they're definitely cooking. They've been cooking for a long time. They have a, they have an enterprise go to market motion that's definitely working and, and somewhat disconnected from like, whatever the hot story of the week is.

• 23:40Jordi Hays?

  People are, people are pretty funny in the comments going, brother, one billion of ARR at a five billion valuation, you're going to need to make that MRR. Obviously, this person misread Pose, which is a added one billion in the last month.

• 23:54John Coogan?

  Okay.

• 23:54Jordi Hays?

  The rumor, Google is spinning out the TPU team into a separate entity under Alphabet umbrella to sell hardware to third parties directly.

• 24:01John Coogan?

  Okay.

• 24:02Jordi Hays?

  It could happen.

• 24:03John Coogan?

  Someone calls it a cross-chain atomic swap.

• 24:05Jordi Hays?

  Waymo, it's like, did they need to raise money at the Waymo level, right? Sometimes it's helpful for, you know, a company to be. Have its own.

• 24:14John Coogan?

  Alphabet structuring and how they report out earnings and whatnot. Apple is revamping Siri as a built in iPhone, Mac and chatbot to fend off OpenAI. And there's an image here. What is this? The Gemini, Google, uh, Google Gemini AI chatbot on a Galaxy S25 Ultra smartphone. So, Apple plans to revamp Siri later this year by turning the digital assistant into the company's first artificial intelligence chatbot, thrusting the iPhone maker into a generative AI race dominated by OpenAI and Google. The chatbot, codenamed Kempos, uh, will be embedded deeply into the iPhone, iPad and Mac operating systems and replace the current Siri interface, according to people familiar with the plan.

• 24:55John Coogan?

  Users will be able to summon the new service the same way they open Siri now by speaking the Siri command or holding down the side button of their iPhone or iPad. The new approach will go well beyond the capabilities of current Siri for even a long promised update that's coming earlier in 2026. Today.

• 25:14Jordi Hays?

  John, say Siri again really loudly and clearly for anybody that's watching on their TV at home or in their office.

• 25:21John Coogan?

  Yeah, the, the feature is a central piece of Apple's turnaround plan for the AI market where it has lagged behind Silicon Valley peers. The Apple Intelligence Platform had a rocky rollout in 2024 with features that were underwhelming or slow to arrive. Kempos, which will have both voice and typing based models. Tyler, what's that sound like? Typing? You're going to be able to type to Siri.

• 25:42Speaker 07

  An app?

• 25:43John Coogan?

  Oh, an app. Let's go.

• 25:45Speaker 07

  Wait, you can, can you type to Siri?

• 25:46John Coogan?

  No.

• 25:46Speaker 07

  Right now? You can't?

• 25:47John Coogan?

  I don't, uh, maybe, but you don't have an app. You, you don't have a place to store all your conversations, which was my take. Embracing the chatbot approach represents a strategic shift for Apple, which has long downplayed the conversational AI tools popularized by OpenAI, Google and Microsoft. Executives have argued that users prefer having AI woven directly into features, something Apple has done with its writing tools, Genmoji emoji generator and notification summaries, rather than standalone, standalone chat experiences. That's not, that's not an unreasonable take. And in the long term, I, I wouldn't be surprised if that's, if that's, if the, if the AI woven in the features, like the AI that's in the Photos app is better than, okay, I gotta open up the chat app and ask it to edit this photo and import the photo from my photo. Like, no, you just want to be able to go into the Photos app,

• 26:32John Coogan?

  have the, you know, change the color temperature, change the brightness, draw on it, add text, and then also have AI features in there, I would imagine. So I I am bullish on Apple diffusing AI into all the other apps.

• 26:44Jordi Hays?

  We have some breaking news.

• 26:46John Coogan?

  Yes.

• 26:47Jordi Hays?

  Breaking news is, without further ado, Brex has been acquired by Capital One. Hit that gong. Five billion dollars. Boom.

• 27:00Jordi Hays?

  Wrong header there, boys. Yeah, so Capital One strikes 5.15 billion deal for fintech Brex. Deal would give credit card issuer access to technology used by thousands of companies for corporate credit cards.

• 27:12John Coogan?

  Interesting.

• 27:13Jordi Hays?

  Brex, of course, was valued at 12.3 billion in 2022. They hadn't hadn't raised in a while outside of, I believe, a debt facility.

• 27:22John Coogan?

  Yeah.

• 27:22Jordi Hays?

  But anyways, I think I think this this deal makes a lot of sense. 5.15 billion in cash and stock in a deal that give the card issuer more firepower with corporate clients. Brex founded nearly a decade ago, offers corporate credit cards, expenses and rewards. Also oversees nearly 13 billion in deposits held at partner banks and money market funds. Acquisition comes at a key moment in the payment world as fintech and crypto firms threaten to siphon business away from banks. Capital One with roughly 670 billion in assets, not as bad. Obviously acquired Discover last year for 35 billion.

• 27:58John Coogan?

  Paribus.

• 27:59Jordi Hays?

  No way.

• 28:00John Coogan?

  Yeah, Capital One bought Eric Gleiman and Kareem Atiyah's previous company.

• 28:04Jordi Hays?

  Yeah, yeah, I knew that, but I didn't I didn't put that together.

• 28:07John Coogan?

  And they spent brief stint at at Capital One. Love to hear it. Thank you so much for taking the time to come on the show and explain all of that. Very wide ranging conversation. I love the history and the personal story and everything that you're doing. So thank you so much for taking time out of your busy day to come chat with a bunch of people with a funny soundboard. We will see you later. Hopefully, hopefully, we made a good impression and you will be back soon.

• 28:29Speaker 08

  You did. Now I know why you're famous.

• 28:32John Coogan?

  Thank you so much.

• 28:34Speaker 08

  Bye bye.

• 28:35John Coogan?

  Goodbye. Have a great day, Jordy.

• 28:41John Coogan?

  Oh, that was amazing. Plaid. Plaid powers the apps you use to spend, save, borrow and invest. Securely connecting bank accounts to move money, fight fraud, improve lending. Now with AI. Go and check it out.

• 28:57Jordi Hays?

  Couldn't keep it together. The chat the whole time.

• 28:59John Coogan?

  I know. The chat was going insane.

• 29:02Jordi Hays?

  I literally, I was fighting for my life.

• 29:04John Coogan?

  Oh my God, the chat was going insane.

• 29:07Jordi Hays?

  At the screen, I was just trying to.

• 29:08John Coogan?

  I know, I know. It was just wall to wall flashbang. And I'm just trying to hold it together. I love, I love you guys, the chat. I love you. But also, you make the job a little difficult sometimes. I look at my phone, I have 100 notifications. I assume it's people texting me to pull the flashbang. And also, by the way, I can't, I can't trigger the flashbang. That's Geordie exclusive.

• 29:31Jordi Hays?

  I think that's it. I think that's it. The concerning thing is the chat knows that now they can just say, start spamming flashbang into the chat. And I'm not going to be able to keep it together.

• 29:43John Coogan?

  Nope. And we will see you tomorrow. 11 a.m. Pacific, sharp.

• 29:47Jordi Hays?

  We love you. Goodbye.