SpaceX S-1, Anthropic Revenue Booms, OpenAI Cracks Erdős Problem | 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. Follow TBPN: 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.

• 0:02John Coogan?

  We have a massive show. There's so much tech news. People said the technology industry, they were out of news. They weren't. There's plenty of tech news.

• 0:11Jordi Hays?

  They lied. They lied to you.

• 0:12John Coogan?

  All over the Wall Street Journal, AI companies are duking it out for prime placement in the Journal. SpaceX got top billing in the Journal with the IPO filing. SpaceX sets its IPO in motion. The SEC filing starts move to raise tens of billions of dollars in record debut. We've talked about this a lot on the show. Clock is officially ticking on SpaceX's huge stock offering. What are you laughing about?

• 0:39Jordi Hays?

  Ryan says, I knew Jordi would do this two days in a row. Did I not do two days in a row?

• 0:43John Coogan?

  Nope. Haven't done two days in a row in months. We can roll the tape. I mean, after reading the, that, that, that piece about us, I feel like some brand differentiation is actually to our benefit since some people can't tell us apart. And so I, I've become a fan of the, the, the, the split in

• 1:02Jordi Hays?

  Of casual Friday, Thursday?

• 1:05John Coogan?

  Yeah. Of just a, of a casual look over there, more buttoned down, buttoned up, buttoned left and right over here.

• 1:10Jordi Hays?

  Somebody's got to be buttoned up.

• 1:11John Coogan?

  Someone's got to do it. SpaceX on Wednesday revealed new details about how it's, it's about its financials and how chief executive officer Elon Musk will try to grow a sprawling enterprise dedicated to advancing cutting edge technologies in space and back on earth. The company disclosed the information in an investor perspective. Publication of the document sets SpaceX on course to potentially raise 80 billion or more for a stock sale as soon as next month. The rumored date is what? Ju- June? July?

• 1:41Jordi Hays?

  Was it June 12?

• 1:42John Coogan?

  June 12? That's just 20 days away, basically. They're going to beat out Saudi Aramco that raised 26 billion when it went public in 2019. Musk has touted out of this world objectives for the company from deploying a huge number of, of artificial intelligence satellites in the future to colonizing Mars. Texas-based SpaceX has distinct businesses ranging from rocket launch to satellite operations to a nascent AI unit that is racing to catch up with rivals founded by Musk nearly a quarter century ago. Yeah, it has been a long time. SpaceX revolutionized the commercial space industry. The company has grown from a startup with a handful of employees that almost went out of business to one of the world's most valuable private companies with over 22,000 workers

• 2:27John Coogan?

  as of March 31st. It controls technologies that competitors and even nation states haven't been able to fully match. SpaceX reported its revenue last year at 18.67 billion and Dan Primack had a post saying that the business was smaller than he expected. He's going on CNBC today to talk about the IPO, has had a couple of interesting takes. People are going back and forth. Overall, the reception has been, the S1 is an extremely enjoyable read. Kevin Quoc says it's the most enjoyable S1 read in a long time. Reads so easy like sci-fi or fiction and

• 3:01Jordi Hays?

  It's kind of the perfect, it's kind of the perfect post.

• 3:03John Coogan?

  Or just regular.

• 3:04Jordi Hays?

  Because if you're pro tech, you like space, you're excited about space, that could be a positive.

• 3:09John Coogan?

  Yes.

• 3:10Jordi Hays?

  But if you're, if you're a bear, you can say it reads almost like

• 3:14John Coogan?

  Like pure fiction.

• 3:15Jordi Hays?

  Science fiction. Of course, the best TAM slide ever.

• 3:19John Coogan?

  Probably the best TAM slide ever. Sawyer Merritt has the screenshot here. SpaceX an IPO filing, "We believe we have identified the largest actionable total addressable market in human history. We estimate that our quantifiable TAM is 28.5 trillion dollars, consisting of 370 billion in space from space-enabled solutions, 1.6 trillion in connectivity across 870 billion in Starlink broadband and 740 billion in Starlink mobile, as well as additional opportunities in enterprise and government, 26.5 trillion in AI across 2.4 trillion in AI infrastructure, 760 billion in consumer subscriptions, 600 billion in digital advertising."

• 4:04John Coogan?

  That's massive.

• 4:06Jordi Hays?

  Well, is that for X?

• 4:07John Coogan?

  I don't know.

• 4:08Jordi Hays?

  The idea, so, so

• 4:10John Coogan?

  And 22.7 trillion in enterprise.

• 4:12Jordi Hays?

  Everything else is more believable to me than X getting meaningful digital advertising penetration.

• 4:17John Coogan?

  Yeah, I guess, I guess the time, the time matters here because a lot of these markets aren't this big currently, I think. I don't know. But I guess over time, you know, if you think about the next 25 years, the next 100 years, I don't know if these are inflation adjusted, but there's lots of things that could happen. For illustrative purposes of sizing our addressable market, SpaceX excluded China and Russia from global estimates. I feel like you might want to put in China and Russia over the next couple decades. Who knows? Maybe we become best buds with both companies, with both countries, you know? Anything can happen.

• 4:51Jordi Hays?

  That would be great.

• 4:52John Coogan?

  A world peace might come, and that's going to expand TAM. That's an economic incentive for world peace. I like to see it.

• 4:58Jordi Hays?

  There we go.

• 4:59John Coogan?

  There were some beautiful photos that were shared in the start of the S1.

• 5:01Jordi Hays?

  Lots of pictures.

• 5:02John Coogan?

  Lots of pictures to start, and then it gets very text dense. But the photos were, I liked them. I thought that they were unique. I hadn't seen them like that often, and they felt like they were kept in the back pocket for a while. And they, I don't know, they just like remind you of SpaceX. It's like a beautiful thing. Dan Primack says, incredible that Goldman beat out Morgan Stanley for the SpaceX IPO. Lead left. Given that Michael Grimes returned to Morgan Stanley in part for this deal, of course, Morgan Stanley is on the deal. But that is, it is a big win for Goldman that DJ SpaceX is at the helm. Goldman Sachs and Co. LLC, Lead Left in the joint book running managers. But everyone's getting a piece of the SpaceX IPO at this size.

• 5:44John Coogan?

  Will Bitsky says, shout out to the Goldman analyst that was originally sacrificed to win this Lead Left IPO. It must have been an incredible amount of work. It's not just the biggest IPO of all time. It's not just this incredibly complex structure with multiple businesses. It's also you're reporting to Elon Musk. Elon Musk is your client, and he's going to ask for things probably more aggressively than anyone who's a CEO of a company that's going public. So, lots of winners from the SpaceX IPO. Luke Nosick is a huge one. He was at Founders Fund, co-founded Founders Fund with Peter Thiel. His next role will be leading, this is from a long time ago. He left to start Giga Fund, which was billed at the time as a new investment firm that initially will be focused on raising capital

• 6:26John Coogan?

  for Elon Musk's SpaceX, a Founders Fund portfolio company where Nosick is a director. And so David Kwan says, today I learned Luke Nosick left FF to start to find exclusively focused on investing in SpaceX. There are a few of those that we're hearing about these days. Of course, exclusive does not mean 100% of the capital went into SpaceX. It just means that they were very, very focused on that. GigaFund has a lot of different companies in the portfolio. Cover, we've had a bunch of founders on the show who have raised money from GigaFund, but SpaceX is where Luke is a director, deeply involved, and has focused on participating in many, many rounds. And so conviction will do that to an MF, says Pocket Jack's Capital. Lots of big winners. Frank asked Codex for SpaceX fair value

• 7:09John Coogan?

  based on the S1. Should be an interesting build up to the IPO. What was the result from?

• 7:15Jordi Hays?

  Sid Lanzarum, 1.1 to 1.5.

• 7:17John Coogan?

  It's not bad. That's not bad. Bull case gets to 1.7 to 1.9 if investors assume Anthropic sticks. AI infrastructure margins are strong. Starship unlocks major new markets and public market scarcity drives demand. But 2 trillion means the market is effectively assigning something like 800 billion to 1 trillion to the AI orbital compute story on top of an already rich Starlink valuation. Possible is an IPO mania print, but that's not what I'd call for fair. So we'll see what happens. I mean, the big, the big news was the partnership with, with Anthropic where Anthropic is spending over a billion dollars a month, I think. It's ramping up.

• 7:53Jordi Hays?

  15 billion dollars.

• 7:54John Coogan?

  A year. And that's huge for SpaceX, given that they did 18 and a half or something last year. This is a huge jump up in, I mean, they have to be one of the biggest NeoClouds like overnight with this.

• 8:05Jordi Hays?

  Yeah, I was trying to find.

• 8:07John Coogan?

  Huge, huge.

• 8:08Jordi Hays?

  I was trying to find some of our conversations from last year where we were XAI and Grok was, was growing, but maybe not at the rate that, not close to the rate that would require that much infrastructure.

• 8:21John Coogan?

  Yeah, finding product market fit on the actual distribution side. Obviously, we love X, but it's not the biggest platform.

• 8:28Jordi Hays?

  Yeah, it wasn't, it certainly shoot for the stars.

• 8:30John Coogan?

  Yeah.

• 8:31Jordi Hays?

  And if you miss, you have a pretty great NeoCloud business, right? Anthropic has to pay way above traditional NeoCloud pricing for this.

• 8:43Jordi Hays?

  Compute and so ends up being a great outcome for SpaceX.

• 8:47John Coogan?

  Peter Haig says, just reading the SpaceX SEC document, one thing that sticks out is the capital spend on AI is 3X that on space. It's an AI company with some rockets, which is a wild, wild pivot at the la- it's the 11th hour. You know, this has been a rocket company for 20 years or 15 years, then an internet company with Starlink, but that was still so tied and so clear and so quick to get to like a logical link. Like you needed the launch capacity to build Starlink. And so you had this new capability, satellite internet is amazing. And it went from idea to launching the satellites to consumers actually using

• 9:29John Coogan?

  it when they're traveling, camping, off the grid, real, and then showing up in planes and all sorts of different applications. It became very, very relevant, very real, very quickly. And the Colossus XAI, that felt like a different company because it was, but it has just become so, so, so big so quickly.

• 9:48Jordi Hays?

  Yeah. And looking back at the plays Elon and his investors have made around this over the last year, right? There was that felt like somewhat of a coordinated effort beginning of this year or late last year, when suddenly everyone started talking about space data centers very suddenly. I remember Gavin Baker.

• 10:05John Coogan?

  Yeah.

• 10:06Jordi Hays?

  Started coming out, talking about it. That's around the time when they sort of floated the December of last year, floating the idea of like what the potential valuation would be.

• 10:15John Coogan?

  Yeah.

• 10:15Jordi Hays?

  Started building that AI narrative, started, you know, made a play for Cursor, you know, partnered with Anthropic, even though, you know, only a few months ago, they were much more combative.

• 10:25John Coogan?

  Yeah.

• 10:26Jordi Hays?

  And so.

• 10:26John Coogan?

  Name calling.

• 10:27Jordi Hays?

  So, yeah, he, you know, I think this is why Elon has been able to accumulate so much capital.

• 10:33John Coogan?

  Yeah.

• 10:34Jordi Hays?

  Is like he is pretty much the best in the world at like making, just making plays.

• 10:38John Coogan?

  Yeah, making plays.

• 10:39Jordi Hays?

  And doing whatever it takes.

• 10:40John Coogan?

  Yeah. So the most recent play unrelated to the news that made the front page of the Wall Street Journal, Anthropic revenue surge is set to post first profit, sales seen reaching 10.9 billion in second quarter, up 130% over pre-debut this quarter. Truly, in the title of the, in the, in the actual URL of the Wall Street Journal article, they call it "mind-blowing growth about to propel Anthropic to its first profit." Absolutely fantastic execution. So, Tom Brown, co-founder of Anthropic, says, "We're expanding our partnership with SpaceX and will be scaling up GB 200 capacity on Colossus 2 throughout June. Appreciate Elon Musk and the team helping us find good homes for the Clods." Is Claude plural?

• 11:25John Coogan?

  I thought it was all one Claude, and the purpose of Anthropic was to build Claude, and Claude will eventually build Claude. But I guess you have multiple instances of Claude running on different servers on different GB 200s. Anthropic's Q2 revenue is set to increase by over 200%, will post an operating profit. The AI will never be profitable group is in absolute shambles right now. There have been a lot of folks who have been just doubting time and time again, will this ever make money? Will this ever make sense? And Dylan Patel sort of laid out on the Dwar Kesh Patel Show, this idea that at a certain point, the leading, the leading models might actually be able to raise money because they're,

• 12:06John Coogan?

  there are raised prices because they're driving so much economic value. Semi Analysis also put out a, a table showing for particular workflows that would take them, you know, $1,000 of human time, that they would have to hire more people for, they were able to use AI and actually get an equivalent result for a 10th of the cost, or a 100th of the cost, or even, you know, a 30% savings sometimes.

• 12:31Jordi Hays?

  Lisa Algeeb says, "Can someone check on Gary February 23rd, 2026?" He said, "Turns out, Gen AI..." Was a scam.

• 12:41John Coogan?

  I had to check the date on this because this seems like something he would have written in like 2024 and I would have been like, ah, okay, yeah, maybe the usages are a little limited. Maybe there is some sort of wall here, the data wall or, you know, maybe we won't be able to, you know, maybe we'll need new paradigm, but to write this in 2026 when we're in like the fastest period of acceleration in terms of actual value from these models is uh, pretty, pretty remarkable. I'm interested to see where he goes from this. Is he going to double down? Is he going to stick with this? It has been a couple of months since February.

• 13:13Jordi Hays?

  I think, I think there's, I think the, the entire crypto boom and NFTs in particular just broke a lot of people's brains.

• 13:22John Coogan?

  Yeah, and VR, Metaverse too.

• 13:24Jordi Hays?

  Metaverse.

• 13:24John Coogan?

  Another thing that was like overpromised.

• 13:26Jordi Hays?

  Metaverse and.

• 13:27John Coogan?

  Underdelivered.

• 13:28Jordi Hays?

  Metaverse, yeah, potentially even more.

• 13:30John Coogan?

  Yeah, yeah, there was a lot of discussion about, uh, this will destroy Hollywood. This will destroy movies, like everyone.

• 13:35Jordi Hays?

  But the Metaverse, there was never, there was never a moment where you could use a product and have a mind blowing experience.

• 13:42John Coogan?

  Well, without paying for it, like you had to buy.

• 13:44Jordi Hays?

  No, no, I'm just saying, I'm just saying like, period.

• 13:46John Coogan?

  No, no, no, the Apple Vision Pro demo, like there was a day you called me and you were like, why is everyone losing their mind on the timeline over the Apple Vision Pro? Do I need to buy one of these? And I was like, eh, it's kind of like a preview. It's not like perfectly there. I like it, but it's.

• 13:59Jordi Hays?

  I don't even think I, I, I.

• 14:01John Coogan?

  But there was, it was the current thing.

• 14:02Jordi Hays?

  Remembering correctly because there was no moment where I wanted to buy one.

• 14:06John Coogan?

  No, no, no, you didn't want to, but you recognized that it was the current thing when uh, the Apple Vision Pro launched for like that week when everyone got them delivered and they tried them, there were a lot of people.

• 14:16Jordi Hays?

  They had vision pro psychosis.

• 14:18John Coogan?

  Vision pro psychosis. A lot of people had NFT psychosis, all sorts of psychosis. Uh, we'll see how the AI psychosis develops. It goes both ways.

• 14:26Jordi Hays?

  Yeah, but anyways, comparing it, anyone can have.

• 14:29John Coogan?

  Yes.

• 14:30Jordi Hays?

  A pretty wild experience with AI.

• 14:33John Coogan?

  Yes.

• 14:33Jordi Hays?

  In, you know. On like a ton of different services.

• 14:37John Coogan?

  Yeah.

• 14:37Jordi Hays?

  You could never do that with Metaverse.

• 14:39John Coogan?

  So, Lisan Al-Ghaib is contrasting Gary Marcus's Substack post with what's happened in the AI industry. Anthropic valuation up 173% since the start of the year, posting profits in Q2, according to the Wall Street Journal. OpenAI valuation up 67% since the start of the year, and OpenAI general-purpose model solves longstanding and well-known Eirdos problem.

• 15:03Speaker 02

  I believe it's Eirdos.

• 15:04John Coogan?

  Eirdos, Eirdos problem without a scaffold. And so there was a lot of questions about, you know, how hard is it to solve these problems? But fortunately, we have Tyler Kozgrov, who's going to take us through what actually happened with this solution to this math problem that people are very excited about. Noam Brown said, "Today, we are sharing that a general-purpose internal OpenAI model achieved a breakthrough on one of the best-known combinatorial geometry problems. Less than one year ago, frontier AI models were at IMO gold-level performance. I expect this pace of progress to continue." And Siddharan Ramesh, I don't know if he was joking about this bet, but he says, "I have lost my $30,000 bet

• 15:48John Coogan?

  that AI would never solve the planar unit distance problem."

• 15:51Speaker 02

  Yes, I believe that was a joke.

• 15:52John Coogan?

  That's a joke.

• 15:52Speaker 02

  Yeah, I think if you go to the comments.

• 15:54John Coogan?

  He jokes around a lot, but, uh, no. But a lot of people were surprised and a lot of people were excited about this. So take us through what actually happened.

• 16:01Speaker 02

  Okay, yeah, so I can basically go through like a simple explanation of what the problem actually is.

• 16:05John Coogan?

  Okay.

• 16:05Speaker 02

  So, so just for some context, Paul Eirdos, kind of this legendary mathematician, throughout 20th century, he basically proposes, I think the number is like a little over 1,200 different, like little problems. These are the Eirdos problems. People talk a lot about these as like goals for AI to solve. And you've heard, like, over time, there's been kind of like small iterative kind of solutions to a lot of these problems.

• 16:26John Coogan?

  Yeah, sort of like collaborative mathematician working alongside AI model.

• 16:30Speaker 02

  Yeah, and then sometimes.

• 16:31John Coogan?

  Or an easy one, just getting.

• 16:32Speaker 02

  There's like a main kind of place where all of the solutions go. So sometimes people will find, like AI will like find a different paper that wasn't actually put on the website and then they're like, oh, AI solved it, but it's honestly true. But this is kind of the first time we've really seen kind of a big step change. Like this is actually a new solution. This is using like, you know, kind of novel ideas here.

• 16:52John Coogan?

  Doesn't exist in papers out there already?

• 16:54Speaker 02

  Yeah, so this was problem number 90. So I can kind of read, read the question, then I can explain what it means. So it's, does every set of n distinct points in the real plane contain at most n to the 1 plus 0 of 1 over log log n many pairs which are 1 apart? Okay, so like, what does that mean? Basically, we have like the real plane, right, 2D, and we have a bunch of points on it. What is basically, how many like pairs of those will be basically 1 unit apart? And what's like the max number? Like, how do we basically organize those points such that we have the max number of them?

• 17:29John Coogan?

  It's not just a grid?

• 17:30Speaker 02

  No, so you would think that, but I can basically explain why. So let's kind of like formalize this better. So we have U of n, right? And this is basically the largest number of unit distance pairs among n points in the plane. Okay, so basically, like, we're thinking about like, how do we solve this? Naively, it's like, okay, what if we just take all the points? We have n points, and we just put them in a line?

• 17:50John Coogan?

  Yep.

• 17:50Speaker 02

  And unit distance apart, right? So it looks something like this?

• 17:53John Coogan?

  Yep.

• 17:54Speaker 02

  Right, so for this example, we have 4 points, but it doesn't matter, it's just n. So 1, 2, 3, 4, how many pairs are there? There's 3, right?

• 18:02John Coogan?

  Okay, yeah.

• 18:02Speaker 02

  So basically, this scales with n minus 1.

• 18:04John Coogan?

  Yeah.

• 18:05Speaker 02

  Right, so you could have a billion points, and there's 9999, whatever, n minus 1.

• 18:09John Coogan?

  Yeah.

• 18:10Speaker 02

  Okay, so now, if we put it in a grid, what happens, right? So if we have a square grid here, there's 9 points here, and then how many, how many pairs are there? I believe there's 12. And basically, as this number scales up, it's still linear, so it's 2n.

• 18:24John Coogan?

  Okay.

• 18:24Speaker 02

  Basically, if you do a billion points, it's 2 billion pairs.

• 18:27John Coogan?

  2 billion pairs.

• 18:28Speaker 02

  Yeah.

• 18:28John Coogan?

  Okay.

• 18:29Speaker 02

  So then, basically...

• 18:30John Coogan?

  The pair is specifically that line? The line represents the pair?

• 18:32Speaker 02

  Correct, yes, because it's 1 unit distance, right?

• 18:34John Coogan?

  And you specifically don't... Diagonal doesn't count because it's not 1 unit length?

• 18:38Speaker 02

  Yeah, it's not a unit distance.

• 18:39John Coogan?

  Got it.

• 18:39Speaker 02

  So then, okay, what's the next thing we can do? The next kind of configuration is what's called... The lattice construction.

• 18:47John Coogan?

  Okay.

• 18:47Speaker 02

  And so if we can pull up a picture of it, it's this kind of crazy looking grid. That has all these super like intricate lines in between. You can see it on the, this is from the OpenAI blog. If we can pull it up here.

• 18:59John Coogan?

  Oh, I think I saw this.

• 19:02Speaker 02

  So this is what it looks like.

• 19:03John Coogan?

  Okay.

• 19:03Speaker 02

  So if you can like zoom in on any of these points, you see that, you know, it somehow, it looks like a grid, right?

• 19:08John Coogan?

  Yeah.

• 19:09Speaker 02

  But there's not just kind of pairs at the, at the edges, right? There's like way more.

• 19:14John Coogan?

  Okay.

• 19:14Speaker 02

  So this scales at n to the 1 plus O of 1 over log log n, right? This is basically the best kind of example that we know works.

• 19:25John Coogan?

  Yes, but not a proof.

• 19:27Speaker 02

  We know we can find this, but is this the upper bound? We don't know.

• 19:29John Coogan?

  Okay.

• 19:30Speaker 02

  So this is basically the lower bound.

• 19:31John Coogan?

  Okay.

• 19:32Speaker 02

  So then the question is like, we have the lower bound.

• 19:35John Coogan?

  Yep.

• 19:36Speaker 02

  Which is that this is the best one we found.

• 19:37John Coogan?

  Yep.

• 19:38Speaker 02

  This is the most number of pairs. And then we've theorized that the high bound, upper bound, scales with n to the 4 thirds. And then so ESDOS, the original conjecture, that he thought that the upper bound is still going to be less than n to the 1 plus O of 1. So this means O of 1, it's like as it scales, as n scales to infinity, right? So O of 1 basically scales to 0. It go to 0 as n goes to infinity. Basically, OpenAI figured out that this is not true. And that there actually are some, there are some n's for which this kind of max number of pairs is greater than the original ESDOS conjecture. So for infinitely many n, this is not for every single n, right? So it's not like 5 points or whatever, but there are infinitely many n's for which this is true.

• 20:22John Coogan?

  Okay.

• 20:23Speaker 02

  That it's greater than n plus, n to the 1 plus some constant.

• 20:29John Coogan?

  Interesting.

• 20:30Speaker 02

  So that was basically the big thing, right? This is like, you know.

• 20:33John Coogan?

  Huge if you're into math.

• 20:34Speaker 02

  Decades old problem, right? This is incredible thing. Terrence Tao is like, wow, this is incredible.

• 20:39John Coogan?

  Yeah, yeah.

• 20:40Speaker 02

  But yeah, that's basically the overview of the problem.

• 20:42John Coogan?

  Okay.

• 20:42Speaker 02

  But yeah, I think it's very exciting because this is not like a math model. This is just an internal model.

• 20:47John Coogan?

  Sure.

• 20:47Speaker 02

  General like reasoning.

• 20:48John Coogan?

  Yeah.

• 20:49Speaker 02

  You could say it's like generally intelligent. Yes, I think you could say that. And then I think it's interesting because from like public perception, it seems like this didn't take like that many tokens. This was not like millions of dollars of inference time.

• 21:07John Coogan?

  Sure.

• 21:07Speaker 02

  It was like maybe something like hundreds to thousands of dollars of inference compute.

• 21:13John Coogan?

  That's very interesting because we were talking about like Gourin's conjecture about like novel ideas coming from just like brute forcing different connections between things. And this is more token efficient.

• 21:23Speaker 02

  Yeah, this is not just taking some solution to a different address problem and just like spamming it on all 1,200 of the problems and oh, one of them works.

• 21:31John Coogan?

  Okay.

• 21:31Speaker 02

  This is like kind of a new novel idea. Like maybe this solution is the way that they found this, it's like super complex. You can read the proof. It's like 18 pages long.

• 21:39John Coogan?

  Wow.

• 21:39Speaker 02

  I don't really know what it means, but like there's a lot of mathematicians are saying, okay, this is actually could be useful to a lot of other problems. This is like a new way to do things.

• 21:47John Coogan?

  Interesting.

• 21:47Speaker 02

  So I think it's very exciting. This is like

• 21:49John Coogan?

  Yeah.

• 21:49Speaker 02

  maybe similar to a, you know, alpha fold moment or something where now this is like a real kind of step change in in math capabilities.

• 21:57John Coogan?

  The other news, rumors about OpenAI is being close, closing in on the IPO fund filing and that pushed out Nvidia's results, which is normally something I would expect on the front page, but there was too much AI news. Nvidia results skyrocket on rise of AI agents. We talked a little bit about it yesterday, but the big news is that they're doing an $80 billion share back, share buyback authorization and take him, take him was bullish. People were wondering where he would sit on Nvidia. He laid out pretty convincing case. You can go listen to the interview. It aired yesterday on TVPN. Let's click through the timeline, see if there's anything that we missed before we

• 22:41John Coogan?

  jump off. DJ Kauz has an idea here, found a $10 bill. It took five seconds to pull, to pick it up. That's $63 million in annualized ARR.

• 22:54John Coogan?

  This is the thinking you need to be deploying.

• 22:56Jordi Hays?

  I didn't know that Messi, the football player, had a prime copycat called Mas.

• 23:03John Coogan?

  Mas.

• 23:03Jordi Hays?

  And it's shutting down after 23 months in business.

• 23:07John Coogan?

  I wonder if that has to do with the logistics of shipping internationally because he is an international icon. But setting up distribution and retail presence across many countries very quickly. It's not quite as easy as dropping it on Amazon and flying off the shelves. A lot of those are sort of one country by country, and I wonder if that has a piece of what happened. So this is shutting down fully, Mas Plus. Interesting. Well, Mitchell Baldridge recommends setting up a Vanguard account, not Fidelity, not Schwab, Vanguard. Smart advice, you might think. They do have the lowest fees. If you want to get up to speed on Vanguard, listen to the latest episode of the Acquired FM podcast. But he says, wrong. It's not because they have the lowest fees.

• 23:51John Coogan?

  It's because their interface is so awful, you will never trade. It has made his clients millions.

• 23:56Jordi Hays?

  Let's close it out with this video.

• 24:00John Coogan?

  What you got?

• 24:00Jordi Hays?

  Playing Catan with a billionaire.

• 24:02John Coogan?

  Yes.

• 24:03Jordi Hays?

  I think, I think you'll like.

• 24:04John Coogan?

  What is this face? Is this a face filter or a background replacement or both? Something funny is going on here.

• 24:09Jordi Hays?

  Face filter.

• 24:10John Coogan?

  Okay, face filter.

• 24:11Speaker 03

  My turn. I'm going to put down a data center.

• 24:17Speaker 03

  That's against the rules. How else am I supposed to AI generate my Christmas card?

• 24:22John Coogan?

  Not popular.

• 24:23Speaker 03

  I'm not joking.

• 24:28Speaker 03

  Do you like it? No, it's blocking all the land. Wait a minute. Are you one of those paid protesters?

• 24:37Speaker 03

  Next turn, I'm going to use seven water on my data center. That's not how that works. That's not a resource in the game. How else am I supposed to power it?

• 24:46John Coogan?

  The water stuff is really, it's so interesting that no one has moved to energy. Like, natural gas, there are natural gas turbines that would be opposed, and yet, people are focused on the water.

• 24:57Jordi Hays?

  Stop giving them ideas.

• 24:58John Coogan?

  I know, I'm doing their job for them, I suppose, but, it's like, I don't know how, I don't know why the water's... I think it's just because, like, water's delicious and electricity is vague and abstract and you don't think about it. Like, you can visualize a glass of water, it's hard to visualize a battery in the same way. But, yeah, the, what is it, it's like, dozens of LLM queries every day for a full year is equivalent to eating a single almond, something like that. But, Matthew Ball is back at Xbox, congratulations on the move, he announced it yesterday. We're gonna try and get him on the show, he's one of my favorite people, favorite authors.

• 25:36John Coogan?

  If you haven't read his book or his blog, he has a fantastic mind for future of technology and he, I could not be more optimistic about the the future of Xbox with him on the team. Takehim says this hire is a literal game changer. Matthew Ball knows gaming and what needs to be done. This news makes me the most bullish I've been on Xbox in seven years, and I completely agree.

• 26:00Jordi Hays?

  And, to close it out, the White House is awarding $2 billion in grants.

• 26:04John Coogan?

  Oh yeah.

• 26:05Jordi Hays?

  $1 billion.

• 26:05John Coogan?

  Quantum computing.

• 26:06Jordi Hays?

  To IBM, to nine quantum computing companies, and taking an equity stake of their grants. So we're taking an equity stake.

• 26:14John Coogan?

  It's an investment.

• 26:15Jordi Hays?

  It's an investment.

• 26:15John Coogan?

  It's an investment, and you, American taxpayer, will now own a basket of quantum computing companies.

• 26:23Jordi Hays?

  Spaghetti computing is up.

• 26:25John Coogan?

  That's not spaghetti computing, it's rigetti computing.

• 26:27Jordi Hays?

  Spaghetti computing is up 30%.

• 26:30John Coogan?

  Who came up with that? That seems like a Trump, like, something he would say.

• 26:34Jordi Hays?

  I created that.

• 26:35John Coogan?

  You created that, okay.

• 26:36Jordi Hays?

  Just now.

• 26:37John Coogan?

  I like spaghetti.

• 26:38Jordi Hays?

  I'm sure I'm not the first person to think of it, but...

• 26:40John Coogan?

  And we will see you tomorrow, Friday. Goodbye. We'll smoke.

• 26:44Jordi Hays?

  We love you. Have a wonderful evening.