Anthropic Q3 Revenue, Europe’s Freezer Hack Scare, Northwood Raises $375M | 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 is made possible by: Ramp - https://ramp.com Public - https://public.com Cisco - https://www.cisco.com Console - https://www.console.com CrowdStrike - https://www.crowdstrike.com Figma - https://www.figma.com MongoDB - https://www.mongodb.com NYSE - https://www.nyse.com Railway - https://railway.com Shopify - https://www.shopify.com/ 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

• 0:02Speaker 00

  We are live from the New York Stock Exchange.

• 0:04Speaker 01

  We're back.

• 0:04Speaker 00

  Here in New York. We're in New York Mag. We're featured. Not really featured.

• 0:08Speaker 01

  One sentence.

• 0:09Speaker 00

  More of a footnote, but we're technically in the New York Magazine. We're here with Joe Weisenthal.

• 0:13Speaker 02

  What's up, guys?

• 0:14Speaker 00

  Thank you so much for joining us. How are you doing?

• 0:16Speaker 01

  Our...

• 0:16Speaker 02

  Love joining you.

• 0:17Speaker 01

  The third brother.

• 0:18Speaker 02

  Thank you for coming to town.

• 0:19Speaker 00

  Yes, always good to be here. Joe?

• 0:21Speaker 02

  Yeah.

• 0:22Speaker 00

  Explain the midterms to me. What are the midterms?

• 0:25Speaker 02

  Well, you see, in the US Constitution, they elect the president every four years.

• 0:30Speaker 00

  Yes.

• 0:30Speaker 02

  No, here's the thing. You guys are probably like me in the sense where it's like, I don't know, I feel like very lucky to have a job where I don't have to talk about politics very much.

• 0:39Speaker 00

  Yeah, yeah, yeah.

• 0:39Speaker 02

  It's like, oh, my God.

• 0:40Speaker 00

  Yeah, yeah, no, it's true.

• 0:40Speaker 02

  Thank God, like, I guess.

• 0:41Speaker 01

  Because one sentence... Which is crazy, because you end up talking about politics maybe like 10 or 100 times more than us.

• 0:46Speaker 02

  I know, which is still not very much.

• 0:47Speaker 01

  Yeah, yeah.

• 0:48Speaker 02

  But unfortunately, like, sometimes it matters. And sometimes you can't talk about markets, you can't talk about tech.

• 0:53Speaker 00

  Sure. Yeah, there's an important story.

• 0:55Speaker 02

  Unless you talk about, eventually, you're like, all right, I probably should learn a little bit about this midterm thing like you guys.

• 0:59Speaker 00

  Yeah, yeah, yeah.

• 1:00Speaker 02

  This is my takeaway, you know, is that it seems that the expectation from a lot of people is the Democrats are going to have a huge night.

• 1:07Speaker 00

  Yeah, that's what...

• 1:08Speaker 02

  In the AI world, you guys should just be paying attention to the Texas governors, right?

• 1:13Speaker 00

  Explain what's going on. Greg Abbott.

• 1:14Speaker 02

  There's basically nobody who is data center-pilled anymore, right?

• 1:17Speaker 00

  Okay, yeah.

• 1:18Speaker 02

  But Abbott is the closest thing there is.

• 1:19Speaker 00

  The last man standing.

• 1:20Speaker 02

  Yeah, basically. And even he, even he isn't anymore.

• 1:24Speaker 00

  Is he flinching a little bit?

• 1:25Speaker 02

  Yeah, he's been flinching for months now. So it's like, he's like weird, like moratorium that are like, well, we should do a little more environmental...

• 1:31Speaker 01

  Yeah, you can't, it wouldn't make sense for him to go into the election like super pro-data center.

• 1:35Speaker 02

  No, it's the expectation.

• 1:36Speaker 01

  Like, I was even talking, I was talking with a city council candidate who got endorsed by this, like, crazy group in my town, right? And we're like, that's a little suspicious.

• 1:46Speaker 02

  Right, yeah.

• 1:46Speaker 01

  Like, why did he do that? And he's like, oh, like, we're just, you know, like, you know, I'm not committing to anything one way or another. Like, you kind of have to, like, play both sides a little bit.

• 1:54Speaker 02

  So no one is going into the election saying, I'm into data center.

• 1:57Speaker 00

  Okay, okay.

• 1:57Speaker 02

  But some people might actually believe in things like progress and development and technology and stuff like that. You know, obviously, so much of the tech world, so much of the manufacturing world, etc. sort of sees Texas as the future. Probably, deep down, Abbott does himself, but he's been playing it down. But, you know, up until a few weeks ago, the assumption was that it was a lock in Texas. Maybe, you know, the Senate race has been competitive for a while, and now the Democrat, James Talarico, heavily favored. But like, no, but the Republican Senate nominee, most people perceive him to be like a deeply flawed candidate, like probably the least competitive Republican they could have picked. Abbott is Abbott, though. He's just like a regular Texas Republican

• 2:39Speaker 02

  for a long time. But it's gonna, like, now everyone thinks it's gonna be close. There was actually a poll last night that came out that had Hino Hossa, his competitor, up one. He's down to about 60% in the betting market, so that rounds to 50% in my book.

• 2:53Speaker 00

  Yeah, yeah.

• 2:54Speaker 02

  So like, I thought they built a crystal ball.

• 2:57Speaker 01

  Yeah, especially after the, in Brazil, it was 80% and then it traded...

• 3:00Speaker 00

  What's going on with prediction markets?

• 3:02Speaker 02

  Here's my take. I still basically trust markets. Like, I'm at core...

• 3:08Speaker 00

  You do?

• 3:08Speaker 02

  Yeah, including prediction markets.

• 3:10Speaker 00

  Okay.

• 3:10Speaker 02

  Like, I doubt any of us know more than what people bet, like, the collective wisdom. That whole thing, like, the collective wisdom market, I basically believe in that.

• 3:19Speaker 00

  Okay, so when you see, when you see a 20% to 80% upset, you think, yeah, that should happen one every five times?

• 3:27Speaker 02

  Yeah, I mean, I was pretty surprised. Like, this is what I think. This is what I think. Markets are really good conventional wisdom distillers, and that's actually very valuable. In other words, people will say that as a snare. They're like, oh, this is just, this is just conventional wisdom.

• 3:43Speaker 00

  Yeah, yeah.

• 3:43Speaker 02

  And I'm like, no, that's actually really good, because if we say like...

• 3:45Speaker 01

  It's priced in.

• 3:46Speaker 02

  Yeah, because this is a useful thing to have. There's like a meaningful difference between like 55. So we say, oh, this candidate A is favored over candidate B, right? Well, is it 55% or is it 80%?

• 3:57Speaker 00

  Yeah, yeah.

• 3:58Speaker 02

  Now, we actually have a number that we can put on it. And so it's like, oh, what is that conventional wisdom? So I think that's pretty useful. I, by and large, think it's like hard for most people to confidently look at any market and say like, no, this is wrong. So when a market has a Democrat, when it, at a 40% chance of winning Texas, my view is like, you gotta take that seriously.

• 4:17Speaker 00

  You gotta take that seriously.

• 4:18Speaker 02

  Like, I don't know. That's all I'm saying. That's all I think. It's like, it's very unlikely.

• 4:22Speaker 00

  Yeah.

• 4:23Speaker 02

  Yeah, a lot of people with serious political...

• 4:24Speaker 00

  What about here in New York? Is this an important election?

• 4:27Speaker 02

  I don't think so.

• 4:28Speaker 00

  It's less important?

• 4:29Speaker 02

  I don't think, there are some people a couple of weeks ago who are like trying to make the Attorney General's race a thing.

• 4:36Speaker 00

  Okay, a thing, but no.

• 4:37Speaker 02

  I don't think so.

• 4:38Speaker 00

  But it's not the major swing, okay?

• 4:40Speaker 02

  It would, might be interesting to see. There's been this talk, because, you know, it's a heavily Democratic state, it will remain so. Maybe, like, one possibility is that Democrats have a huge year nationally, or sorry, a huge night nationally, but that, like, some of the incumbent Democrats of the North do a little bit worse than their brethren, like some sort of like anti-incumbent bias that hurts them. I would be very shocked if anyone's talking about New York election.

• 5:04Speaker 01

  What's your peak chaos? Apparently, there's like electrical outages in some, in Maricopa County in Arizona. I didn't have a chance, I didn't have a chance to, to dig in.

• 5:14Speaker 02

  But here's my...

• 5:15Speaker 01

  But that feels like, and we were on the flight yesterday, we spoke with a buddy who's in the legacy media world, and he was coming out for the election, and he's like, expecting this to be like all week, basically. Like, he doesn't have, he doesn't have his return flight yet.

• 5:31Speaker 02

  Interesting. So if it's like, all right, like, there's two kinds of peak chaos, I guess. One is apparently there's some big storm coming up the other half of the country. Have you guys seen the weather?

• 5:40Speaker 00

  Yeah, yeah.

• 5:40Speaker 02

  So like, maybe that'll like end up the press election day or not.

• 5:43Speaker 00

  Okay, yeah, you don't want to go out this...

• 5:45Speaker 02

  There's people, people I know are like looking at the weather, and it's like, oh, Democrats...

• 5:48Speaker 01

  Who do you think is behind the storm?

• 5:49Speaker 02

  I don't know.

• 5:51Speaker 01

  Which side, so who, so what side?

• 5:57Speaker 02

  You guys must have had some of these, like...

• 5:58Speaker 00

  Kwee Bono.

• 5:59Speaker 02

  You guys must have had some, like, weather startup guy, like those clouds.

• 6:03Speaker 00

  Oh, yeah, I guess, yeah, from Red Baker. We've had a bunch, yeah.

• 6:06Speaker 02

  I know, it's funny, because it's like, no one really controls the weather. It's like, well, what about those guys you had on, literally, your show?

• 6:12Speaker 00

  That's his entire pitch.

• 6:13Speaker 02

  You know what I think could be just like a very crazy outcome tomorrow? So like, you know, the, there's some questions about the Senate and who's going to take the Senate.

• 6:22Speaker 00

  Sure, sure.

• 6:22Speaker 02

  Number of competitive races could swing Democratic. The one, interesting one, is that in Michigan, you know, there's the far-left candidate or the left candidate, Abdul El-Sayed. I think it would be a very funny outcome from a sort of like chaos, like, people just going absolutely insane online, if he ends up being the only competitive Democrat that wins. So it's like, if Republicans pulled out in Kansas and Iowa and all these others...

• 6:50Speaker 00

  But then they lose the one that everyone's using their mind over.

• 6:53Speaker 02

  Yeah. Like, I'm just thinking, what would get, like, people like the most insane?

• 6:57Speaker 00

  Really, the most mad, yeah.

• 6:57Speaker 02

  Because, you know, we live for fighting on Twitter, right?

• 6:59Speaker 00

  For sure, for sure.

• 7:00Speaker 02

  And this is like we wake up for, to see people arguing online. And if that were the final outcome, like, you would have people just absolutely losing their minds.

• 7:06Speaker 00

  100%, 100%. What, what do you think of the 4D chess that the tech community is secretly behind the blue wave because they overbuilt AI compute, and they want to create bans on compute development so that that reduces supply that can drive up prices, earn more margin in the short term?

• 7:24Speaker 02

  I like this take.

• 7:25Speaker 00

  Yeah, because there's a lot of supply coming online.

• 7:27Speaker 02

  This is the, this is, this is a good take.

• 7:30Speaker 00

  Okay.

• 7:30Speaker 02

  Because, no, I like this, because it gets to one of the things I've been thinking about, which is like, okay, and because people talk about...

• 7:37Speaker 01

  This actually might be 5D, too. We might be in the fifth dimension.

• 7:41Speaker 02

  People talk about the AI trade, right?

• 7:43Speaker 00

  Yes, yes.

• 7:43Speaker 02

  On Wall Street. And the thing that I don't totally understand is like, well, there's no consensus on who, yet, on who actually makes money. Let's just say, eh, it's like, everything goes well. Like, let's just imagine, it all goes well, it's great for the economy. I would still say there's not obvious consensus on like who the money makers are in that scenario, whether it's the lab companies, whether it's the chip companies.

• 8:03Speaker 00

  Oh, sure, sure, sure. Yeah, like, right now, there's even a, yeah, diffusion, like, the Microsoft plus Palantir versus OpenAI plus Anthropic.

• 8:09Speaker 02

  No, or just like, or is it just going to be like the chip makers? Is it going to be everyone else on the rest of the economy, seeing greater productivity?

• 8:14Speaker 00

  Yeah, yeah, doesn't commoditize the top level.

• 8:15Speaker 02

  Does it commodify? Like, there's ambiguity on this question.

• 8:18Speaker 00

  Yes, yeah.

• 8:18Speaker 02

  So like, it certainly seems to me, I love...

• 8:21Speaker 00

  Well, yeah, but the bottleneck grows. They want to create bottlenecks, so they're funding data center bans to create more bottlenecks so they can trade them.

• 8:28Speaker 02

  Yeah. No, this is like, because it's like, no, no, like, we want to be the winners again.

• 8:32Speaker 00

  Exactly, yeah.

• 8:33Speaker 01

  But I think, but I think AI going well to some people just means like 20% GDP growth, right? Like, that's actually, like, that's actually...

• 8:41Speaker 00

  That's insane, but yeah.

• 8:41Speaker 01

  No, but look, there was, there was a survey at a company that, that, I won't, I won't...

• 8:46Speaker 00

  Was it? Well, yeah.

• 8:46Speaker 01

  I think it was Anthropic.

• 8:47Speaker 00

  It was Anthropic, but I thought the, the average... The Anthropic employees were really high, but then the average American was really high, too.

• 8:52Speaker 01

  Yeah, yeah, yeah. Everyone is expecting like...

• 8:54Speaker 02

  Except economists.

• 8:55Speaker 00

  Yes, yes, yes, yes. That was the funny thing.

• 8:57Speaker 02

  The economists are like, oh, yeah, it could really drive a huge productivity boom. We might get up to 3.5%.

• 9:01Speaker 00

  3.5%.

• 9:02Speaker 02

  But this is, but, you know, we joke about it, but we all should have, I mean, anytime this comes up, what will be the productivity effects of AI? It's like, what were the productivity effects of the internet? It's hard to see. You don't see them on the charts. Even though, what were the productivity effects of the mobile phone?

• 9:18Speaker 00

  I, I thought I did just see a chart in the Financial Times that showed worker productivity in the United States was growing, and it was outpacing other countries. Did you dig into that at all?

• 9:27Speaker 02

  I know I haven't, but...

• 9:29Speaker 01

  But it was, you could attribute it, you could attribute it to layoffs, right?

• 9:32Speaker 02

  Yeah. And there's, yeah, so there's like a, yeah, like, that's probably what it is, because ultimately, like, the US allowed a bunch of people to get laid off and replace, substituted them with checks. And so that flatters your productivity for a while. And also, the US has, so that probably started the divergence. And then the US economy's just been much stronger than Europe since, for the last several years. It's hard for me to imagine it's a big AI difference, but.

• 9:59Speaker 00

  Sure, sure, sure. Yeah, I mean, in general, are you still feeling that the American consumer is undefeated? It feels like there's all this chaos in the market. There's a lot of fragility where it's like, oh, if this doesn't go perfectly, it could be bad. But all of that is basically just froth.

• 10:16Speaker 02

  I go back and forth all the time. I'm in this bubble in New York City. If you're walking around New York City, you cannot fathom right now that like, there's some slowdown in the consumer.

• 10:25Speaker 00

  I saw people waiting line down the block for $40.

• 10:28Speaker 01

  $10.30 for sandwiches.

• 10:29Speaker 02

  Yeah, no, like, New York feels absolutely, you know, everyone's like, I can't get a dinner table.

• 10:34Speaker 01

  No, I see, we see this in LA where the people, you'll have, it'll be like Monday at 10 a.m. And people will be lines around the block for a record store.

• 10:43Speaker 02

  Yeah. And I'm like, if you're walking around New York City, you could never be convinced that there is a consumer slowdown. I do think that for the, and even like when you listen to corporate executives speak, it's a little bit ambiguous. Because I've been hearing, well, we've noticed the consumer is starting to get a little bit more discriminating in their purchasing. I've been hearing that since 2022. So it's like for every year, so we noticed that the consumer is starting to trade down a little bit.

• 11:06Speaker 00

  Yeah.

• 11:08Speaker 02

  I don't know. I've seen some back and forth of that. It still feels like there's a lot of spending.

• 11:12Speaker 00

  Yeah.

• 11:12Speaker 02

  In this economy from every sector. This is the most important thing right now, actually, which is that, you know, you can, can divide the economy into roughly three sectors. There's the household sector, the business sector, and the government sector.

• 11:24Speaker 00

  And where's the gambling sector for this?

• 11:26Speaker 02

  Well, the gambling.

• 11:27Speaker 00

  Because that's a huge part of our economy now.

• 11:29Speaker 02

  That's the secret.

• 11:31Speaker 01

  I did, I did see a, a ad on, on the way here that just said, predict big.

• 11:35Speaker 02

  Predict big. Just predict.

• 11:37Speaker 01

  I was like.

• 11:37Speaker 02

  Predict, bro.

• 11:38Speaker 01

  Predict big.

• 11:39Speaker 02

  I just predict. What do you do?

• 11:41Speaker 00

  Trade online.

• 11:42Speaker 01

  You don't really see bet big.

• 11:44Speaker 00

  Yeah, no.

• 11:44Speaker 01

  Predict big.

• 11:46Speaker 02

  But every one of them is spending. This is the key thing. Households are spending. They're going in, they're either like selling, I basically, if they're on the top part of the K, they're like selling based on their equity accumulation. If they're on the lower side of the K, they're probably like going deeper into consumer credit.

• 12:00Speaker 00

  Yeah.

• 12:00Speaker 02

  Businesses are spending either from the AI build out or just like spending on AI.

• 12:05Speaker 00

  On the token, yeah.

• 12:06Speaker 02

  And the government is spending on old people and more.

• 12:08Speaker 00

  Did you see Torsten Slok over at Apollo saying?

• 12:10Speaker 02

  What's his latest?

• 12:11Speaker 00

  His latest is that basically Fortune 500 having a little bit of indigestion around AI spend outside of the Mag 7. Mag 7 is seeing positive ROI. If you're a tech company, you can immediately deploy the AI agents, improve your software, see an ROI. But if you're the, you know, you're in the S and P 500, but you make tires, or you do forestry, or you do oil and gas, a lot harder to actually improve revenue or actually replace a job because many of the jobs are clearly digital.

• 12:41Speaker 01

  My stance on this is like, for this, for the overall trade to work, you have to have a massive capabilities jump, like soon. Like in Q4 of last year, everyone, everyone, everyone was like, whoa, it doesn't seem like chatbots are going to be like.

• 12:56Speaker 02

  That was 4.5.

• 12:58Speaker 00

  And then you had agents. And it's like, the trade right now requires that.

• 13:04Speaker 01

  Like Elon, Elon's saying like, yeah, like you have some deceleration, you know, like Anthropic Q3, you see a little bit of deceleration, it's still growing tremendously. And, and Elon is saying like, you know, basically all the SpaceX projections are like, just focus on supply, right? Which is like, we're going to bring on insane amount, don't worry about demand. We're bringing on insane amount of supply, right? And, and that could prove to be an amazing decision, right?

• 13:32Speaker 02

  Yeah.

• 13:33Speaker 01

  But we need that capabilities jump, like fast.

• 13:37Speaker 00

  Yeah, right now, there's no one outside of an engineer that can go to their boss and say, I want to spend $10,000 a month on AI. It's pretty hard if you're in marketing.

• 13:45Speaker 02

  My colleague at Bloomberg today, Todd Gillespie, has had a good thing. Goldman is clamping down on its non-technical employees, like vibe coding, including its traders, which I thought was pretty telling. And it said it was for both risk and productivity. So if it was just risk, you know, I know there's some issues with people, there's still anxiety about data sharing and stuff like that, or data retention or whatever. But it's also about the productivity. So it's like, maybe not every trader needs to be vibe coding up their own app.

• 14:15Speaker 00

  Their own dashboards and stuff.

• 14:16Speaker 02

  Their own dashboards and stuff like that. And I thought that was a telling story that speaks to the Torsten.

• 14:20Speaker 00

  Yeah, yeah. There's something about an engineer who's actually seen what a month of engineering work does and how hard that is, and they're maybe a little bit more judicious with the token stuff.

• 14:30Speaker 02

  Like, I'm a very big believer in what some economists, and I wish I could cite the person who like first either wrote the name, but like they call like the messy jobs thesis. We all have like, you know, within a job, we have like 30 tasks, right? And so forth. And so you could say, well, like AI is really good at this task, but it's not really a replacement for someone's job.

• 14:52Speaker 00

  Yeah, totally.

• 14:52Speaker 02

  Except maybe if you're just producing lots of code, then your job isn't so messy.

• 14:57Speaker 00

  There are some jobs that look a lot like repeat tasks.

• 14:59Speaker 02

  Yeah.

• 15:00Speaker 01

  Yeah, I think, I think what we need to see is like real agency. And I don't mean like, I don't mean agents of like, you're telling an agent to go and do something. You need like, you know, right now, we have the equivalent of like, every company has access to like 100 PhDs and they just like sit in the room and they don't even talk or they don't even look around, right? And so the next, I do think the next leg up can come from like, hey, I'm setting a budget cap. Now use that most effectively to improve my business, right?

• 15:27Speaker 02

  No, I've played around with it.

• 15:28Speaker 01

  And that's effectively what you do on Meta, which is like, you're like, here's how much I'm willing to spend. Get me as many customers as you can, right? And I do feel like what, what's missing is still true agency, right? And so agents are like, almost like.

• 15:44Speaker 02

  No, it's true.

• 15:45Speaker 01

  The agents that we have today are like, really all like subagents in some ways.

• 15:49Speaker 02

  Yeah, that's right.

• 15:49Speaker 01

  They're only, they'll only do things that they're told to do. And so.

• 15:53Speaker 02

  Well, they're also, they're also clones of each other. Like this is like another issue, which is like, you think like, oh, if you gathered 100 PhDs in a room and told them to go accumulate customer, do whatever, it might actually work. But if it was 100 of the exact same PhD who had all done the, Alex Emaus, who's over at Google, DeepMind. Yeah, he's a cool guy. He's talked about this. Like part of the reason this hasn't really, like people haven't really cracked, like sort of like autonomous multi-agent teams, is that it's actually kind of all the same agent in many cases. You sort of need to get a Thunderdome, like battle, make them battle out with like, get them like genuinely different points of view. And I don't know if anyone's like, really cracked the right orchestration for that.

• 16:34Speaker 00

  I mean, people used to just like turn up the temperature on these. Do you remember this whole thing?

• 16:37Speaker 02

  Yeah, I forgot about temperature. No one talks about it. Somebody thinks you're feeling so ancient now.

• 16:42Speaker 00

  Going back and forth for just getting, getting like a weirdness up and get it, to let, let's get some more hallucinations. Yeah, I mean, people were saying like hallucinations are sometimes like a feature more than a bug. Like not, you don't always want to hammer it out because you want some creativity. The other big, the other big news, I mean, there, there's a few big news stories coming across the timeline today. Anthropic's Q3 numbers are out officially. These have been rumored or leaked from the Investor Day. It didn't seem like a huge surprise, but Q3 revenue came in at $17 billion. I think that's a $69 billion, $68 billion run rate, but based on that quarter.

• 17:22Speaker 00

  It's 1127% year-over-year growth, 47% quarter-on-quarter growth. That's a deceleration from Q2, which has people a little nervous, but overall, some are, this is, there's already a balancing act going on with some, some like leaked rumored vague posting around Fable 5.5, generating videos from scratch and doing a bunch of cool stuff. So again, the big question is, yeah, what is the next leg up? What is the, the next application of the models if they get better? If the straight line on the log graph continues, what is the unlock? What is the next thing that, that everyone can't get enough of?

• 18:06Speaker 00

  The other news, fridges are getting hacked. Hackers are remotely, remotely taking control of supermarket refrigerators and freezers across Europe, turning up their temperatures and forcing stores to throw away thousands of dollars worth of food. We talked about this in the context of, of a military base that saw this hack happen with the fridges. And I wonder how deliberate this is. Is this just a script that goes out and tries to just wreak havoc? Is it, is there any targeting to it?

• 18:33Speaker 01

  Yeah, it doesn't feel like, it feels like they just come in, ruin all the food. And then what is the next ask? Like, hey?

• 18:41Speaker 00

  We'll stop ruining your food if you pay a bounty.

• 18:43Speaker 01

  But it feels like you would be able to.

• 18:45Speaker 00

  We haven't heard about those.

• 18:45Speaker 01

  At that point, all the food is ruined, so you could just try to.

• 18:49Speaker 00

  Do it again? I don't know. Yeah, it is odd. And the countries, it doesn't tie together. I mean, it's just Western countries right now, Sweden, Belgium, Luxembourg, Estonia, Ireland, Netherlands, Finland. IKEA is affected, a bunch of other stores. And so one ICA supermarket in Sweden reported that its freezers reached 122 degrees Fahrenheit. That's, that's really, really hot.

• 19:14Speaker 01

  How do they go, how do they go that hot?

• 19:16Speaker 00

  If you're designing a freezer, it should, shouldn't be able to pump up the heat that much. But I guess if you reverse it or something, reverse the fan.

• 19:23Speaker 01

  Dude, people are going to realize that old supermarkets can be turned into saunas.

• 19:29Speaker 00

  Okay.

• 19:29Speaker 01

  And start the conversion process.

• 19:31Speaker 00

  Potentially, potentially. I think it's time to get an icebox, get the, get the ice, iceman coming and delivering with the big tongs. Time for that. In Ireland, 13 super value stores were affected. In Belgium, a butcher reported that hackers raised his refrigerators to 64 degrees. Again, very odd that the, the, the goal seems to be just to cause damage. Katrin Eggers, spokesperson for Belgium's Center for Cybersecurity, says, no one knows who is behind these attacks and that we may never know since no one has demanded a ransom. There's growing suspicion that the goal is simply to cause damage rather than make money. Strategy Risks Melissa Chen thinks the rise of these kinds of attacks is good reason to hold on to older appliances that aren't connected to the internet. Interesting.

• 20:16Speaker 01

  In other news, Apple and Palantir reporting earnings today.

• 20:24Speaker 01

  We really want Apple to, uh, really want Apple to crush.

• 20:28Speaker 00

  Yes.

• 20:28Speaker 01

  Otherwise, I think it's, we're gonna be seeing a lot of red out here.

• 20:32Speaker 00

  It's more rough.

• 20:33Speaker 01

  After that, um, yeah, and Palantir will be an interesting signal as well.

• 20:37Speaker 00

  Yeah.

• 20:37Speaker 01

  From a diffusion standpoint.

• 20:39Speaker 00

  Yeah.

• 20:40Speaker 01

  More news, uh, Mark Walter is exploring selling Cadillac F1 at a $3 billion valuation.

• 20:46Speaker 00

  Interesting.

• 20:47Speaker 01

  Um, less than two months ago, TWG said it was not considering exiting its stake in the team. This is from Sportico.

• 20:56Speaker 00

  I wonder how, uh, I wonder how the business is doing. We heard Toto Wolff on Cheeky Pint, talking to John Collison about, uh, the economics of the Mercedes F1 team.

• 21:05Speaker 01

  Yeah, it seems like that he just has like an amazing business.

• 21:07Speaker 00

  Yeah.

• 21:08Speaker 01

  But he was like very realistic about like, he, he was basically saying like, I'm being valued on my cash flows.

• 21:13Speaker 00

  Yes.

• 21:13Speaker 01

  More than hype.

• 21:15Speaker 00

  Yes, it's not a trophy asset like an NBA team, like an NFL team, like some of the other teams that trade where they're not really generating a lot of cash flow, but it's still.

• 21:24Speaker 01

  Yeah, it's interesting because with a, with a team, there's so much, there's so much demand from somebody who's like, I live in LA and I want to own the Lakers, right? Or like, I live in New York and I want to own XYZ team. With F1, it's like your team is just going all over the world all the time. And so you really have to, one, want to go to a lot of races.

• 21:43Speaker 00

  Or have business all over the world potentially and be more, uh, more global. Yeah, it almost feels like, uh, if you want to go really big into F1, like, you know, partnering with Las Vegas in some way or Miami and, and, and if you're a Miami,

• 22:00Speaker 01

  Yeah.

• 22:01Speaker 00

  Uh, you know, business person, you, you would just want to make sure that you're, you want to buy the heat and then also participate when F1 comes to town.

• 22:08Speaker 01

  Do what George Kurtz did, which is, you know, become a big, become a big part of, uh, AMG. And, uh, and then, you know, deliver the world's youngest world champion.

• 22:20Speaker 00

  Yes. Incredible.

• 22:21Speaker 01

  Yesterday, really, really amazing.

• 22:23Speaker 00

  So good. And early too, or still early in the season. So great to see.

• 22:29Speaker 00

  Northwood, Northwood is on an absolute tear, Northwood Space. We've had Bridget on the show multiple times at this point. Uh, she's back raising $375 million to a $2 billion valuation. Co-led by A16Z and DFJ Growth, just less, less than nine months after Series B. Northwood says this round of funding will be used for accelerating delivery on existing contracts, talent acquisitions and the build out of Northwood's ground, global ground network for commercial US government and allied space missions. And we've seen, uh, just, yeah, just incredible. Uh, it, it was a very contrarian move. It's not exactly like a bet against Elon, but it's, it's, it's standing, it's expecting that the other players will be taken seriously,

• 23:13Speaker 00

  that there will be, uh, you know, a way to either work with SpaceX ultimately, or work with all the other partners who want to have a separate backbone. So, uh, it was just like the right idea at the right time, great execution.

• 23:26Speaker 01

  Yeah.

• 23:26Speaker 00

  And, uh, yeah, what, what an absolute run. What else is in the timeline?

• 23:32Speaker 01

  Really sad news. The Texas family that was on the, uh,

• 23:37Speaker 00

  Plane?

• 23:38Speaker 01

  Plane crash yesterday, uh, was a 44-year-old tech entrepreneur named Adam Robinson, who had a company, uh, called Retention.com. I never knew Adam, but, um, I know that a lot of people in e-comm, uh, were, were customers and, um, yeah, just a really tragic event all around.

• 23:58Speaker 01

  And, uh, a, a rough year for the Austin tech community.

• 24:03Speaker 00

  For sure. Yeah, there was another plane crash.

• 24:04Speaker 01

  Prayers with, with their family.

• 24:06Speaker 00

  Yes, yes. It is a palate cleanser. I mean, let's, uh, go over to Andre Karpathy because he hacked together HackerTube, which is, he built his own YouTube, you saw this with a, a content recommendation. So he has, he has all the different comments and, uh, Hacker News submissions. He filters those through Claude and then creates a new YouTube, fully vibe-coded, uh, just clone of YouTube. Uh, so he can, uh, just watch exactly the videos that he wants recommended by real programmers. Uh, sort of an interesting moment of, um, of, you know, these like in, instantiating like custom software. These like, uh, it's like a luxury.

• 24:46Speaker 01

  And I like, I like how people were like, what, what's your prompt? And it was just like the most simple.

• 24:51Speaker 00

  Yeah.

• 24:51Speaker 01

  He shared it. It was like, it was like two sentences.

• 24:53Speaker 00

  It was like, here's the idea, make it. Yeah.

• 24:55Speaker 01

  Yeah.

• 24:56Speaker 00

  Incredible.

• 24:57Speaker 01

  I want, I want, I want this, I basically want my YouTube, my exact YouTube algorithm.

• 25:02Speaker 00

  Yeah.

• 25:02Speaker 01

  No AI voice. I don't want any, I don't want any videos where the creator isn't talking through it themselves.

• 25:09Speaker 00

  Yeah.

• 25:09Speaker 01

  That's a good start.

• 25:10Speaker 00

  Yeah.

• 25:11Speaker 01

  And then I think secondary is like detecting like pure AI scripts.

• 25:14Speaker 00

  Yeah, also, I mean, you can easily go through the channel and go backwards to see when the channel was created.

• 25:19Speaker 01

  Yeah.

• 25:20Speaker 00

  And that helps to know, is it some new?

• 25:21Speaker 01

  Channels older than, than four years old.

• 25:24Speaker 00

  Basically. And this is interesting. The, the trick is I don't watch a lot of YouTube on desktop. I need an iPhone app, Andre, so let's get it in the app store. Uh, I don't watch YouTube on TV.

• 25:38Speaker 01

  Really?

• 25:38Speaker 00

  Yeah, usually background audio on my phone for most of these things. Like anything here, I would either be, uh, watching on my phone. Although of course you could do it on the, in Safari, but, uh, I like, I like an app. I like an iPhone app. Anyway, uh, the other, the other big news, we're going to talk to the semi-analysis folks, um, uh, tomorrow or the next day, but, uh, they have a big benchmark out, GDPRX. Uh, they're getting in the benchmark game and, um, really, really interesting to see Dylan Patel issuing an official apology to Google. He says they cook with carbon. It's spikier in terms of domains and capabilities, but it's really good in a few key areas. And so, uh, GDPRX is a benchmark for measuring agentic capabilities across the most valuable domains.

• 26:23Speaker 00

  And they highlight the fact that the best model scores just 12%. It's neck and neck between a lot of the frontier labs and, uh, of course takes into account the, you know, semi-analysis is a lot about ROI and the actual value of these tasks. So it'll be very interesting to see the labs hill climb all of this. And maybe this is the answer to your question about the next leg up. Because these are very practical things, like so many, so many jobs, so much work doesn't look like a, you know, like a math eval on the day-to-day. But a lot of these GDPRX benchmarks are specific tasks around, uh, things that businesses would like to do more of,

• 27:07Speaker 00

  like go and patch bugs, go and, uh, you know, fix things in the, in the, in the actual business. So, uh, congrats to the semi-analysis team on the launch. Uh, Natasha Mascheranos asked an important question. We got to get to it. Jordy, did you see this? She was a big fan of our, she was a big fan of our, uh, Elf on the Shelf interview. But Natasha asks on November 1st, 2026, is it too early to put my Christmas tree up? What do you think, Jordy?

• 27:35Speaker 01

  Absolutely not.

• 27:36Speaker 00

  Absolutely not.

• 27:36Speaker 01

  I think as long as you have a backup. As long as you have a backup tree.

• 27:40Speaker 00

  A backup tree.

• 27:41Speaker 01

  Like as long as you basically slate a delivery of a second tree.

• 27:44Speaker 00

  Sure.

• 27:45Speaker 01

  Um, probably like December 1st.

• 27:46Speaker 00

  Yeah. Well, you're a fan of the Christmas tree subscription that starts in, uh, late July. And then you're getting a monthly tree leading up and they just get progressively bigger and bigger in your house. So you can only, you'll, you really only need the tree to last a month, swap it out till the final tree arrives.

• 28:02Speaker 01

  What's the right number of trees?

• 28:05Speaker 00

  In, in one house?

• 28:06Speaker 01

  Yeah.

• 28:06Speaker 00

  I mean, one per room would be the baseline, but then also you can say outside.

• 28:10Speaker 01

  But I'm talking about like bathrooms.

• 28:11Speaker 00

  Oh, bathroom.

• 28:12Speaker 01

  Like you want a smaller tree in there.

• 28:15Speaker 00

  It is technically a room, a bathroom. I think you got to put a small tree in there.

• 28:17Speaker 01

  Yeah, yeah. So somebody's saying like, you know, five bed, five bath, it's sort of like 10 trees.

• 28:23Speaker 00

  10 trees, but I mean, what, there is a little bit of like an exchange rate because one snowman goes pretty far. Leave us five stars on Apple Podcasts, sign up for our newsletter, tbpn.com, and we will see you tomorrow at 11:00 AM Pacific. Goodbye.