Diet TBPN: November 7, 2025

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

• 0:00John Coogan?

  The timeline is in turmoil over

• 0:02Jordi Hays?

  Again.

• 0:03John Coogan?

  Sam Altman again. Backstop gate continues unabated. The main point of debate is over Sarah Fryer's comments that she used the word backstop. She backtracked on her backstop comment and said, I wasn't asking for a backstop of OpenAI Equity. I was advocating for this American manufacturing plan. Here's an OpenAI document submitted one week ago where they advocate for including data center spend within the American manufacturing umbrella. They specifically advocate for federal loan guarantees and Sim for Satoshi says Sam lied to everyone.

• 0:38Jordi Hays?

  Let's read the specifics.

• 0:39John Coogan?

  Yes. The specifics are AI server production and AI data centers. Broadening coverage of the AMIC, which is the American Advanced Manufacturing Investment Credit, will lower the effective cost of capital, de-risk early investment and unlock private capital to help alleviate bottlenecks and accelerate the AI build in the United States. Counter the PRC by de-risking US manufacturing expansion. To provide manufacturers with the certainty in capital they need to scale production quickly, the federal government should also deploy grants, cost sharing agreements, loans or loan guarantees to expand industrial base capacity and resilience.

• 1:20Jordi Hays?

  So what's happening here is OpenAI, a week ago, and everyone can go and read this letter, which is publicly available on their website, was making the recommendation that the government should effectively treat data centers or AI

• 1:34John Coogan?

  Yes.

• 1:34Jordi Hays?

  or token factories, put them in the manufacturing bucket, which would qualify them for similar incentives that traditional manufacturing, defense tech, etc.

• 1:45John Coogan?

  And I don't have a problem with asking the government for a handout. I think that that's actually like best practice. It's actually in your shareholder's responsibility. Like you have a fiduciary duty to ask the government for as much help as possible. You have every incentive to ask your person in Congress, in your senator, the people in Washington, to do everything they can to support your mission. This has worked out in the past with Elon and Tesla. It didn't work out in the case of Solyndra. The game on the field is if there are taxpayer dollars that are moving around the board, you want to get those into the industries that are aligned with you.

• 2:18Jordi Hays?

  And so the thing that people are taking issue with is that in the opening of his message yesterday, he said, we do not want, we do not have or want government guarantees for OpenAI data centers.

• 2:28John Coogan?

  Yes.

• 2:29Jordi Hays?

  And that seems to conflict with the message, the letter that they wrote a week ago that is still up on their website.

• 2:36John Coogan?

  You can always advocate for like, we should change the game. Like, we shouldn't be doing this. Like, I would prefer a more of a free market economy. But in the world where we're not in a free market economy, you want to have your company win, right? That's just rational. Now, it is weird optics to talk about the game on the field, and that's very odd. When you say, oh yeah, this is a one hand washes the other situation, or, oh yeah, this is a, this is a situation where, you know, a backstop will allow us to be more aggressive. That feels like the banker saying, oh yeah, I knew that the government was going to bail us out in 08, so I was intentionally underwriting loans where it was somebody's fifth house and I knew that they couldn't pay it. I wasn't asking about their job. I wasn't asking about their income. I wasn't asking about their assets.

• 3:19Jordi Hays?

  Which is why I kind of expect a lot more of the narrative and to shift towards subsidizing and incentivizing, like, bringing new energy online.

• 3:28John Coogan?

  You were talking about that yesterday.

• 3:29Jordi Hays?

  Which directly benefits the labs and, and anybody building a data center. But it also feels very much in America's interest broadly. It theoretically would benefit the average American, too.

• 3:40John Coogan?

  OpenAI needs to be crystal clear about the position that they're in, which is that they are the hottest company in the world. There is unlimited demand for their shares. They could be a public company, they could go raise more private capital. They need to be on the opposite end of the risk curve from the stuff that's like, uh... No one really wants to invest in an American fab that might lose money for a decade. Like, when you think about the things that make money in the short term, it's SaaS, right? AI for SaaS.

• 4:10Jordi Hays?

  People's concern for government-backed data center lending is that you're lending against chips, which have a really fast depreciation schedule.

• 4:20John Coogan?

  Yep.

• 4:20Jordi Hays?

  We don't know. And if you look at, right now, CoreWeave's corporate default swaps are now sitting around 500 basis points, jumped up dramatically. This is one of the leading NeoClouds.

• 4:32John Coogan?

  They are in the platinum.

• 4:33Jordi Hays?

  NeoCloud in the platinum tier. And people are worried about them, right?

• 4:38John Coogan?

  Yep.

• 4:38Jordi Hays?

  Potentially, you know, having some bankruptcy risk. And so, if you start doing government guaranteed data center lending, you could get in a situation where there's a bunch of new data centers that come online that really don't have a clear pathway to ROI.

• 4:53John Coogan?

  Yeah.

• 4:53Jordi Hays?

  And it just incentivizes the entire stack to just really exuberant. Going back to Sarah Fryer's interview on Wednesday, she felt the market was not exuberant enough. There's been a lot of insanity this year, silliness, maybe we don't need more. The director of the Federal Housing Finance Agency, William Poulter, says Fannie and Freddie eyeing stakes in tech firms. Bill Poulter, the director of the Federal Housing Finance Agency, said that Fannie Mae and Freddie Mac are looking at ways to take equity stakes in technology companies. "We have some of the biggest technology and public companies offering equity to Fannie and Freddie in exchange for Fannie and Freddie partnering with them in our business. We're looking at taking stakes in companies that are willing to give it to us because

• 5:35Jordi Hays?

  of how much power Fannie and Freddie have over the whole ecosystem." So...

• 5:41John Coogan?

  Yeah. This Wall Street Journal event is... Just so many articles came out of this. Did you get a whole new soundboard? What's going on with the soundboard?

• 5:51Jordi Hays?

  I did. I still got all the classics.

• 5:52John Coogan?

  You got all the classics.

• 5:53Jordi Hays?

  But I'm working with some new material.

• 5:54John Coogan?

  Working with...

• 5:55Jordi Hays?

  Let's give it up for Global Businessmen.

• 5:57John Coogan?

  Let's give it up.

• 6:00John Coogan?

  You have a new neighbor. So Tom Petty apparently lived in your neighborhood in Malibu, California. He was living in Malibu in a 11.2 million dollar house, 8,744 square feet, seven bedrooms, has a music studio. The buyer is Steven Slade Tien, a psychoanalyst and author. Tien didn't respond for a request for comment. I wonder if he, if he'd want to, you know, get beer sometime, hang out. We should reach out to him for comment.

• 6:31Jordi Hays?

  I was at the first ever Outside Lands.

• 6:33John Coogan?

  Really? How old are you?

• 6:35Jordi Hays?

  Tom Petty headlined on Saturday. This was in August of 2008. And that was my first time smelling cannabis. And I kept asking, like his friends' parents, like, what is that stinky smell?

• 6:50John Coogan?

  It's so stinky.

• 6:51Jordi Hays?

  We can't get away from it.

• 6:53John Coogan?

  Yeah. Elon's trillion dollar pay package is done. It's signed. It's approved. I'm sure it will be contested in the courts. It's always contested in the courts. Elon could get one trillion in Tesla stock if he hits all these different tranches. He's worth half a trillion now, but he also owns 414 million Tesla shares outright. Got another award in 2018 of 300 million shares. And this next award is 424 million across 12 tranches. Basically, what he already had, they're giving him the same amount again. And there's a bunch of things that he has to do. He has to get the market cap really, really high. And then there's also these like qualitative operational goals, or I

• 7:36John Coogan?

  guess they're quantitative. 50 billion in EBITDA, 20 million cars delivered, 1 million robots sold, 1 million robotaxis in operation, 10 million full self-driving subscription. Now, some of those are obviously more gamable than others. What's the definition of a robot? If he comes out with a really cheap robot and he sells a bunch of those because it's more of a toy, does that really fulfill the goal? What's the definition of a robot?

• 7:57Jordi Hays?

  Yeah, it qualifies. Is it just a Tesla that is enabled?

• 7:59John Coogan?

  Yep. And I turn on FSD and my friend rides in it.

• 8:02Jordi Hays?

  Is there anything for actual rides?

• 8:05John Coogan?

  Some of these are more gamable than others, but the market cap really isn't.

• 8:09Jordi Hays?

  How many self-driving subscriptions are there today?

• 8:11John Coogan?

  I saw, I, I looked that up. It's somewhere between like one and three million right now. So he has to, he definitely has to like triple the size at least. He hasn't sold any robots, so a million would be entirely new robots. Uh, he's obviously delivering a lot of cars. And on the EBITDA front, 50 billion in EBITDA, company did like 13 last year. So that's, that's a huge increase in EBITDA. I mean, 50 billion in EBITDA is a lot of money. He's, he only has to take the market cap to 8.5 trillion and Tesla's already worth a trillion. So. It, it's going to be weird to live in the world of the trillionaire, like, but we are getting close. Like that's going to happen, not just within our lifetime, like definitely within the next decade. I wonder how that's going to reshape our, our culture, like the world in America, because when billionaires became so prevalent and prominent,

• 8:55John Coogan?

  there was a lot of heat that was taken off the millionaire.

• 8:57Jordi Hays?

  Billionaires are the heat shield.

• 8:58John Coogan?

  Yeah. So the millionaire became more accessible and the billionaire became the thing that the society scapegoats for all the problems.

• 9:05Jordi Hays?

  Yeah, approximately 9.4 to 9.5% of American adults are millionaires.

• 9:10John Coogan?

  Yeah. Like what happens to the billionaire when trillionaires come in? Like what happens when you have to say like, well, like trillionaires are the real policy failure, but billionaires are also the policies failure. And millionaires, we're like kind of okay with, but it's not great. It's like, it becomes much more complicated. What does this mean for other companies? What does it mean for Sam Altman at OpenAI? Can he run a similar playbook? Could he go to the OpenAI for-profit board and say, hey, if, if OpenAI IPOs at two trillion, I want 20%? We know that Sam runs a bit of an Elon playbook. They were in business together. They co-founded OpenAI together. And then I also wonder what, what will happen at the garden variety unicorn? If you're just the CEO of a $5 billion company and you're just kind of hanging out there and you say like,

• 9:55John Coogan?

  yeah, I, I had 30% of the company when I started. I've been diluted down to five or 10. But I like this company and I want to get it up. Could I go to the board and say, okay, we're at 5 billion now. If I get us to 50. Will you double my equity position? How would the growth stage venture companies feel about that?

• 10:14Jordi Hays?

  I think the right way for founders to think about that is like, no one's taking your shares unless you decide to sell them.

• 10:20John Coogan?

  Yes.

• 10:20Jordi Hays?

  Your job is just to make the share price go up.

• 10:22John Coogan?

  Yeah.

• 10:23Jordi Hays?

  And there's going to be more shares issued over time.

• 10:25John Coogan?

  Yeah.

• 10:25Jordi Hays?

  But if you just make the share price go up forever, it doesn't really matter.

• 10:29John Coogan?

  And you can also buy back.

• 10:30Jordi Hays?

  You can also buy back.

• 10:31John Coogan?

  Yeah.

• 10:31Jordi Hays?

  Almost no other CEOs would take a deal like because it's so ambitious.

• 10:34John Coogan?

  Yep.

• 10:35Jordi Hays?

  And so I think it's, I think it's healthy.

• 10:36John Coogan?

  Our good friend Tyler Cosgrove has put together a slide deck for us that tries to help map the mag seven. Really, I call it the TBPN top 10, TBPN top 10, the 10 most important companies in AI loosely.

• 10:53Jordi Hays?

  Yeah.

• 10:54John Coogan?

  The mag seven plus a few bonus ones. And we're going to try and take through.

• 10:59Jordi Hays?

  Watch your head, Tyler.

• 11:00John Coogan?

  And look, you're about to hit the horse. We're going to try and go through the various companies and rank them based on how AGI pilled they are and how much they need AGI. Is that right?

• 11:09Speaker 02

  Yeah. So basically on the horizontal, we have how AGI pilled they are.

• 11:12John Coogan?

  Sure.

• 11:12Speaker 02

  So I feel like that's fairly self-explanatory. You kind of believe that AI will become something like, it can produce the median economic output of a person. So then on the vertical axis, we have how much they need AGI.

• 11:23John Coogan?

  Okay.

• 11:24Speaker 02

  So I think this is a maybe a little harder. So I want to qualify this.

• 11:27John Coogan?

  Yeah.

• 11:27Speaker 02

  So, I mean, this doesn't necessarily believe that you have this kind of sentient, you know, AI that's as good as a person.

• 11:34John Coogan?

  Yeah.

• 11:35Speaker 02

  But I think it more so in this context just means that AI will continue to become more and more economically valuable. Let's start with Sam Altman. He believes in AGI, right? He runs kind of the biggest AI company.

• 11:45Jordi Hays?

  I think that more and more, at least in the short term, OpenAI looks like a hyperscaler.

• 11:51John Coogan?

  Mm hmm.

• 11:52Jordi Hays?

  They're kind of a junior hyperscaler.

• 11:53John Coogan?

  Mm hmm.

• 11:54Jordi Hays?

  And I think their actions are more, you know, I, I think that OpenAI, a lot of people, you know, want to say that they're, they're bearish on, on OpenAI at current levels.

• 12:04John Coogan?

  Sure.

• 12:04Jordi Hays?

  But ultimately, when you look at how their business is evolving, they seem to me like they'd be fine if the model's plateaued.

• 12:12Speaker 02

  Uh, next we have Dario.

• 12:13John Coogan?

  Okay.

• 12:13Speaker 02

  He's extremely AGI pilled. This is kind of the reasoning why he's, he's so anti-China.

• 12:18John Coogan?

  Yeah.

• 12:19Speaker 02

  Right? Because he sees it as an actual race. This is going to see intelligence.

• 12:22John Coogan?

  It is nuclear weapons.

• 12:23Speaker 02

  It is a national, you know, security.

• 12:24John Coogan?

  Totally.

• 12:25Speaker 02

  It's a problem if China gets there first. You need a lot of continued growth for Anthropic to keep kind of making sense economically, I think.

• 12:33John Coogan?

  Okay, yeah, yeah.

• 12:34Speaker 02

  Next is Larry.

• 12:36John Coogan?

  Larry Ellison.

• 12:37Speaker 02

  Larry. Larry is in kind of an interesting spot here.

• 12:40John Coogan?

  Yeah.

• 12:40Speaker 02

  So this is kind of a weird place to be where you don't believe in AGI, but you need it.

• 12:44John Coogan?

  Okay, how did he wind up there?

• 12:46Speaker 02

  He doesn't seem the type that is believes in some kind of super intelligent.

• 12:50John Coogan?

  Yes.

• 12:51Speaker 02

  God that is gonna come, that's gonna, you know, birth this new thing and humanity will rise. Okay, Satya.

• 12:57John Coogan?

  Okay.

• 12:57Speaker 02

  There we go. I think this is a fairly reasonable spot.

• 12:59John Coogan?

  Yeah.

• 13:01Speaker 02

  Obviously, there's, you know, there's some sense where he is slightly AGI-pilled or maybe more than slightly.

• 13:05John Coogan?

  Clearly believes in the power of the technology.

• 13:07Speaker 02

  Yeah, I mean, he's very early on OpenAI.

• 13:08John Coogan?

  Yeah.

• 13:09Speaker 02

  He thinks that AI in general will become very useful, but maybe it won't become, you know, super intelligent. Maybe it's not gonna replace every person. It's just a useful tool. It's the next.

• 13:18John Coogan?

  The quote I always go back to is him saying like, "My definition of AGI is just greater economic growth. So show me the economic numbers and that will be..." It's like, it's a, it's a very practical definition.

• 13:30Speaker 02

  Yeah, I think people see him as very reasonable. He's not getting over his skis.

• 13:33John Coogan?

  Yeah, I like him in the center. I like him in the center of the grid somewhere. That seems like a real.

• 13:37Speaker 02

  Yeah, he's also, if OpenAI works out, he'll do very well. If they don't work out, I think he's also.

• 13:42John Coogan?

  He's hedged.

• 13:43Speaker 02

  He's doing quite well. If Jensen was very AGI-pilled.

• 13:45John Coogan?

  Yes.

• 13:46Speaker 02

  I mean, he is the kind of, he's the rock on which this all is built on.

• 13:50John Coogan?

  Yes.

• 13:51Speaker 02

  He has the chips.

• 13:51John Coogan?

  Yes, he has the chips.

• 13:52Speaker 02

  If he was AGI-pilled, he would not be giving out those chips. He would keep them all to himself and he would be training his own model.

• 13:56John Coogan?

  Okay.

• 13:56Speaker 02

  So that's why I think he's, he's more on the doesn't believe in AGI side. There was a new blog post yesterday. It was basically AI 2027. There was a new one. It was AI 2032. So it's basically very similar arguments.

• 14:08John Coogan?

  Wait, is this the same team?

• 14:09Speaker 02

  Uh, different team, but the, the team of AI 2027 was promoting it.

• 14:13John Coogan?

  Sundar. He believes in AGI more than Satya, you think?

• 14:16Speaker 02

  Yeah, well, I, I think you can see this in kind of, they were even earlier in some sense than Satya, right? With, with DeepMind.

• 14:23John Coogan?

  Yeah, there is a little bit of like, if you really believe in AGI, the actions that we see are you like squirming and being like, "I gotta get in. I, I, it doesn't matter if I'm 1% behind or 10% behind or 80% behind. I gotta get in."

• 14:38Speaker 02

  I, I think Sundar is also definitely below this line because, you know, Google has been doing very well. AI was, at, at first, I mean, people thought of AI as like, "Oh, this is gonna, this is gonna destroy Google. This is bad for Google." So if AI doesn't work, then Google's just in the spot they were before, which is doing very well. If AI does work, then. I mean Gemini is one of the best models. They'll do very well. So Zuck is also kind of an interesting spot.

• 15:01John Coogan?

  Yes.

• 15:02Speaker 02

  I think I think Zuck is actually someone who has shifted rightward.

• 15:06John Coogan?

  It's fascinating. It felt like Zuck was sort of like, oh yeah, AI like it's this cool thing. I'm going to check the box. I got my team. We did this fun little side project. It's this open source model. We kind of found our own like little lane, but we're not like competing in the big cosmic battle.

• 15:24Jordi Hays?

  Do you think that was just a counter position to way to win, like try to win the AI war? Go say, hey, we're just going to try to commodit commodify this market and like Chinese approach?

• 15:35Speaker 02

  So Elon, I mean, he's been AGI pilled, I think for a very long time.

• 15:39John Coogan?

  Super AGI pill. I agree with that.

• 15:40Speaker 02

  Open AI co-founder, even before that, he, I think he was fairly big in the, in the safety space.

• 15:44John Coogan?

  Totally.

• 15:45Speaker 02

  You see him even on, on Joe Rogan, he was talking about AI safety.

• 15:48John Coogan?

  He still believes it. Yeah. He hasn't backed off.

• 15:49Speaker 02

  And AI safety is important because it's going to become super intelligent. It's going to take over the world. We need to be safe.

• 15:53John Coogan?

  Totally.

• 15:53Jordi Hays?

  So he talked yesterday about, about uh, humanoids being sort of an infinite money glitch. And I feel like you kind of need uh, AGI in order to kind of unlock the, the infinite money glitch.

• 16:09John Coogan?

  Yes, but at the same time, very strong core business. The cars don't need AGI. The rockets don't need AGI. Starlink doesn't need AGI. So yeah, so he's, so he's not entirely indexed on it in the way the foundation labs are.

• 16:21Jordi Hays?

  Chad says, where's Tyler on the chart? Feels like Tyler isn't AGI pilled anymore.

• 16:25John Coogan?

  Let's figure it out.

• 16:26Speaker 02

  I actually am on the chart here.

• 16:27John Coogan?

  Let's go to Tyler.

• 16:29Speaker 02

  I am, I'm over here. So I, uh, yeah, I, I think I'm very AGI pilled, right? I, you know, I'm ready for the Dyson sphere.

• 16:37John Coogan?

  Yes.

• 16:37Speaker 02

  I think it's, you know, only a matter of years, handful.

• 16:40John Coogan?

  Only a matter of years.

• 16:41Speaker 02

  If AI does not work, the macro economy is looking not good. So I feel pretty bad about my job outlook.

• 16:49John Coogan?

  Okay.

• 16:49Speaker 02

  Uh, without AGI.

• 16:50John Coogan?

  Sure, sure, sure. Even though you're already employed.

• 16:52Jordi Hays?

  Breaking news.

• 16:53John Coogan?

  Through the timeline. What's the breaking news?

• 16:55Jordi Hays?

  TJ Parker has finally found a new car.

• 16:59John Coogan?

  No way.

• 16:59Jordi Hays?

  That he likes. Guess what it is? Guess.

• 17:01John Coogan?

  No.

• 17:02Jordi Hays?

  It is the Ford Raptor R. Look at this. Look at this. Finally found a new vehicle I quite like and great gas mileage to boot.

• 17:09John Coogan?

  This was the problem with your Ford Raptor. It wasn't the R.

• 17:12Jordi Hays?

  Zero to sixty in three point nine.

• 17:15John Coogan?

  Seven hundred and twenty horsepower, 5.2 liter supercharged V8.

• 17:19Jordi Hays?

  Altman today, we're looking at selling compute, but we need as much as possible. Zuck last week, we could sell compute. Are we in a compute shortage or not? Because both are saying they're buying as much of it as they can and thinking about selling it.

• 17:32John Coogan?

  I like that that story about Jensen where like he understands the dynamic here, but there's still you get kind of crushed if there's a sell off in terms of demand.

• 17:41Jordi Hays?

  It's not the worst idea to buy as much as you can so that you have preferred access to it and then resell some if you have more than you need.

• 17:49John Coogan?

  I mean, we just talked to David Bazooki from Roblox and he was saying that, "Look, we had our, we had our own on-prem, but then we had spikes of demand. And so we went to the hyperscalers for that because they can load balance across, well, people are playing Roblox here and then maybe they watch some Netflix over there and then they are storing, you know, all sorts of different data. And there's different workloads that happen at different times." Jumping straight to selling compute, I think that the timelines are a little bit funky on this one. It seems odd. It seems rushed. It seems rushed. Elon apparently confirmed that Tesla is going to build a semiconductor fab.

• 18:28Speaker 03

  It's still not enough. So I think we may have to do a Tesla Terra fab.

• 18:36John Coogan?

  Whoa.

• 18:37Jordi Hays?

  Great name.

• 18:41John Coogan?

  That is a bombshell.

• 18:43Speaker 03

  It's like Giga but way bigger.

• 18:45John Coogan?

  Terra, yeah. Terabyte.

• 18:47Jordi Hays?

  He's feeling good right now.

• 18:48Speaker 03

  I can't see any other way to get to the volume of chips that we're looking for.

• 18:55Speaker 03

  So I think we're probably gonna have to build a gigantic chip fab.

• 19:00John Coogan?

  Morris Chang at TSC is like, "No, actually I'm fine. I will, I will supply you." Samsung is like, "I'm good. I will do it."

• 19:06Jordi Hays?

  Pull up this other, pull up this other video of Optimus.

• 19:09John Coogan?

  There's some flex.

• 19:09Jordi Hays?

  This thing, this thing has motion.

• 19:11John Coogan?

  Yeah, it's not bad.

• 19:12Jordi Hays?

  Imagine you're working late at the office one night and this thing just walks out onto the floor and starts looking at you and doing these moves.

• 19:19John Coogan?

  Yeah. Most people that bought Teslas already had cars, right? And so it was just like a one for one swap? Who are you replacing with this?

• 19:30Jordi Hays?

  Well, with this, you can replace like an exotic dancer?

• 19:34John Coogan?

  Yes, that's true. Elon Musk now has $1 trillion in his bank account. That's 1,000 times $1 billion. He could give every single human on earth $1 billion and still be left with $992 billion. Let that sink in. People love this funny math whenever it drops. China has a similar humanoid robotic project, although it's way, way scarier because it went full Terminator mode on this. In spooky, spooky territory. This is pretty crazy. In the last 10 months, three very talented friends have joined separate hot, early-stage startups in senior roles and quit after realizing that the company's actual revenue was significantly less than what the founder had told them during the interview process and shared online.

• 20:19Jordi Hays?

  Yeah, again, this going back to spring, right? It just felt like there was this, every founder was feeling this insane pressure to show like 1 to 10 million of, like a 1 to 10 million ramp that was just insane.

• 20:30John Coogan?

  And the weird dynamic is that like, as that pressure ramps up, you just get more and more incentive to fake it with community-adjusted ARR and contracts that don't actually stick.

• 20:43Jordi Hays?

  And Kazakhstan has signed an MOU to buy up to $2 billion of advanced chips from Nvidia. Let's hit the gong for Kazakhstan. Warm it up, warm it up, warm it up.

• 20:56Jordi Hays?

  Great hit. Great hit for our friends in Kazakhstan. Good to see them getting into the game.

• 21:04John Coogan?

  Maybe they should do Borat 3 of that data center.

• 21:05Jordi Hays?

  Love that.

• 21:06John Coogan?

  Breaking Nvidia's losses accelerated to negative 5% of the day, now down 16% since Monday's high. That marks a drop of 800 billion since Monday. That is a wild sell-off. Didn't Tyler quote this and say, is this bullish or something like that?

• 21:22Jordi Hays?

  No, that was on the DoorDash. They went down 20%.

• 21:25John Coogan?

  Everyone's down 10 or 20%.

• 21:27Jordi Hays?

  Yeah, whether you beat or miss, you're going down. Heisenberg is sharing, sharing a little bit of red here. Microsoft down 10% in the last eight days.

• 21:39Speaker 04

  What the hell is he doing?

• 21:40Jordi Hays?

  He's shopping.

• 21:41Speaker 04

  Microsoft went down three points. That's real good.

• 21:46Jordi Hays?

  Meta, down 18%, losses have accelerated. My inbox is full of people breathlessly trying to interpret this. And it is one-year look at SPY.

• 21:57John Coogan?

  It's over. It's just completely over. The bubble popped. Now, it's ready to start rebuilding.

• 22:01Jordi Hays?

  It was a good run.

• 22:02John Coogan?

  We can go up from here.

• 22:02Jordi Hays?

  Oh, the stocks have already stopped trading, so we're safe now.

• 22:05John Coogan?

  We're safe. It can't hurt us anymore.

• 22:07Jordi Hays?

  The economy can't hurt you on the weekend. Bank of America, as of yesterday, just fully recovered from the global financial crisis.

• 22:16John Coogan?

  Wow.

• 22:16Jordi Hays?

  Took 19 years.

• 22:18John Coogan?

  Took the day, and then it's like back in another crisis. Can you imagine? Famously backstopped by none other than Warren Buffett.

• 22:23Jordi Hays?

  There's some more information on the Snap perplexity deal. Snap gets 400 million, which is greater than perplexity's total revenue. Snap gives nothing except access to...

• 22:36John Coogan?

  Wait, wait, whoa, whoa, whoa. It's more? What? They're paying more than their revenue? The deal looks incredibly in Snap's favor. Snap gets 400 million dollars, greater than perplexity's total revenue. Now, Signal is saying this is most likely 399 million of perplexity equity to Snap, not cash. So there is a question about how much of it is cash. But it is possible that they're just giving 400 million dollars of equity, like a stock grant.

• 23:03Jordi Hays?

  I'm surprised that Snapchat has not figured out a way to just monetize all the capital that a lot of these consumer AI companies have, given their massive, massive user base.

• 23:13John Coogan?

  Snap will be integrating perplexity directly into Snapchat's chat interface. Perplexity will pay Snap 400 million dollars over a year in a mix of cash and stock as part of the deal, and gets access to Snap's 900 million monthly active users.

• 23:29Jordi Hays?

  Snapchat's gonna accidentally build AGI just trying to make the dog filter blink realistically.

• 23:36John Coogan?

  I love it.

• 23:36Jordi Hays?

  Deutsche Bank is exploring ways to hedge its exposure to AI to data centers. It's looking at options, including shorting a basket of AI-related stocks and buying default protection via synthetic risk transfers. So.

• 23:50John Coogan?

  Like, everyone is getting in on the action. Like, a few years ago, like, the, like, it was like, if you have anything that's related to AI, like, go, go, go, raise money, grow it, spin it, flip it, turn it around, pivot it, whatever you want to do.

• 24:06Jordi Hays?

  Uh, have a great weekend, everyone. We love you.

• 24:09John Coogan?

  Goodbye.

• 24:09Jordi Hays?

  See you Monday.