Figma IPO Recap, TBPN Market Recap, Ray Dalio Steps Down From Bridgewater, Coinbase Earnings Update, Reviewing The Mansion Section

(00:17) - Figma IPO Recap (03:28) - TBPN Market Recap (27:14) - Ray Dalio Steps Down From Bridgewater (34:52) - Coinbase Earnings Update (40:57) - Figma IPO Timeline Reactions (01:03:04) - Reviewing The Mansion Section TBPN.com is made possible by: Ramp - https://ramp.com Figma - https://figma.com Vanta - https://vanta.com Linear - https://linear.app Eight Sleep - https://eightsleep.com/tbpn Wander - https://wander.com/tbpn Public - https://public.com AdQuick - https://adquick.com Bezel - https://getbezel.com Numeral - https://www.numeralhq.com Polymarket - https://polymarket.com Attio - https://attio.com/tbpn Fin - https://fin.ai/tbpn Graphite - https://graphite.dev Restream - https://restream.io 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.

• 0:00Jordi Hays?

  You're watching TVPN.

• 0:02John Coogan?

  Today is Friday, August 1st, 2025. We are live from Manhattan, from New York City.

• 0:09Jordi Hays?

  The Big Apple.

• 0:09John Coogan?

  The Big Apple, the city that never sleeps.

• 0:12Jordi Hays?

  And we certainly have not been sleeping a lot this week.

• 0:15John Coogan?

  I got a pretty good night's sleep last night.

• 0:16Jordi Hays?

  Decent night last night.

• 0:17John Coogan?

  Massive day, massive, so wild and exciting.

• 0:21Jordi Hays?

  Still feels like a dream.

• 0:22John Coogan?

  Yeah, really, really crazy that everything came together. So if you weren't watching, we were at the New York Stock Exchange yesterday for the Figma IPO and Jordy was getting emotional over software.

• 0:35Jordi Hays?

  Design software.

• 0:36John Coogan?

  Basically the entire time.

• 0:37Jordi Hays?

  Collaborative, collaborative design software.

• 0:39John Coogan?

  You've actually used Figma for a decade.

• 0:41Jordi Hays?

  It was an interesting, it was an interesting first IPO for us to cover live.

• 0:47John Coogan?

  A hundred percent.

• 0:48Jordi Hays?

  From NICE, because it was a product that I've been such an active user of for so long and genuinely love and and I was thinking if next, next software IPO, the likelihood that I will have any emotional attachment

• 1:03John Coogan?

  Yeah.

• 1:03Jordi Hays?

  to the product is like near zero.

• 1:05John Coogan?

  Exactly, like, I love the CoreWeave guys, we've had them on the show, but it's like, I'm not a CoreWeave user.

• 1:10Jordi Hays?

  Yeah.

• 1:11John Coogan?

  So it's a little bit more abstract.

• 1:12Jordi Hays?

  In many ways, like Figma is one of the, one of the few, like, like, like enterprise SaaS products

• 1:18John Coogan?

  Yeah, yeah.

• 1:19Jordi Hays?

  that people like genuinely, like deeply love and have an emotional connection to. So super, super fun. Thank you to Lynn Martin and the whole NICE team for hosting us. I was looking down on the floor, there's a bunch of other media companies with dedicated space in the building and I thought, maybe, maybe we should make something happen there.

• 1:40John Coogan?

  My, my favorite moment of the entire stream was when you had told the story of hanging out in Figma as like a third space during COVID with a couple of your team members.

• 1:49Jordi Hays?

  I think Chris, yeah, Chris, the CTO, we talked about it.

• 1:53John Coogan?

  Yeah, so, so you talked about it a few times and you'd mentioned that like, yeah, it's so interesting that like, you know, it was this space where we'd hang out. And then, and then Dylan came on and was like, yeah, we're seeing this like weird phenomenon.

• 2:04Jordi Hays?

  Even in COVID, people would use it.

• 2:06John Coogan?

  People would use it as a third space. And I was like, how did you predict this? But it really was.

• 2:10Jordi Hays?

  Real.

• 2:11John Coogan?

  Yeah, yeah, it's real, so it makes sense.

• 2:13Jordi Hays?

  And we, of course, are recording this at 6:48 Pacific time, so our friends on the West Coast, sorry to go live.

• 2:26Jordi Hays?

  Before you're waking up.

• 2:26John Coogan?

  But the good news is that Restream works 24 hours a day.

• 2:30Jordi Hays?

  That's right.

• 2:30John Coogan?

  If you're looking to publish a stream to multiple platforms, get on Restream. And also, thank you to Ramp for making this possible. Time is money, save both. Go to ramp.com.

• 2:39Jordi Hays?

  Incredible timing with Ramp. Ramp's announcement this week.

• 2:43John Coogan?

  Fantastic.

• 2:44Jordi Hays?

  It was a massive, massive week.

• 2:46John Coogan?

  Really back to back wins.

• 2:47Jordi Hays?

  Back to back big days for us.

• 2:49John Coogan?

  Back wins.

• 2:50Jordi Hays?

  Yeah, and then we had a really fun time last night. We co-hosted an event with Emily Sundberg.

• 2:56John Coogan?

  Yes.

• 2:57Jordi Hays?

  From Feed Me. It was fantastic. We were at San Vicente, West Village, and Jeff Klein and Abby and the whole team there. We planned the event roughly, we locked it in like 24 hours before. We, it actually started, so it really came together and it was super fun.

• 3:17John Coogan?

  Yeah, it was great. So, thanks to everyone who attended and thank you for Vanta for making all of this possible. Vanta.com, automate compliance, security and trust. And you can go to vanta.com to get started. So, Apple beat earnings.

• 3:32Jordi Hays?

  There we go.

• 3:33John Coogan?

  Apple's iPhone sales blew past Wall Street's expectations in the June quarter, helping to lift the company's overall revenue about 10% from a year earlier. Interestingly, we've been tracking.

• 3:43Jordi Hays?

  Apple, Apple lands a windfall as customers raced to beat tariffs.

• 3:49John Coogan?

  Tariffs, yeah, that's the story. I think that what's really driving iPhone adoption is just Girardi and Monetix against, against what we did with Tyler. People saw, oh, if I beat Arc AGI as a human, I deserve an iPhone, a little treat. And so I think we kick-started a trend. And I wouldn't be surprised if the leaderboard, if I opened it up, it's, it's tens of millions of people that have treated themselves to it, Arc AGI. And then, and then gotten a new iPhone out of it, yes.

• 4:18Jordi Hays?

  I think there's, there's probably something there.

• 4:20John Coogan?

  There's something there. But on a more serious note, Rolf Winkler in the Wall Street Journal has the story. He says, "Apple's iPhone sales blew past Wall Street's expectations in the June quarter as some US consumers rushed to buy their devices before potential price increases from tariffs." I didn't realize that, that the prices are going up because of tariffs meme had actually taken hold.

• 4:45Jordi Hays?

  Yeah.

• 4:45John Coogan?

  Especially because it felt like on day one.

• 4:50John Coogan?

  Apple was maneuvering to never be in a situation where tariffs were going to affect the iPhone.

• 4:55Jordi Hays?

  Yeah.

• 4:55John Coogan?

  We put up that polymarket where we were saying, will the next iPhone be over a thousand dollars or under a thousand dollars? Like, where will that sit? And so there were like plenty of data points and very early you could see that that Tim Cook was negotiating with Donald Trump to make sure that the prices weren't moving very heavily. But of course, there's always like a impending possibility that something happens.

• 5:17Jordi Hays?

  Yeah.

• 5:17John Coogan?

  But it was odd that I wasn't aware that like this affected broad consumption.

• 5:23Jordi Hays?

  This happened a lot in the automotive industry. Every single dealer was using the pending tariffs as to get people in the door.

• 5:29John Coogan?

  Oh, interesting, yeah.

• 5:31Jordi Hays?

  To convert.

• 5:31John Coogan?

  Yeah, but I mean, Apple Store, it's not exactly the same. It's not used car salesman energy at the Apple Store. You think they're like pulling people off the street.

• 5:38Jordi Hays?

  Yeah, they probably weren't pushing it, but I think people underestimate how many people are iPhone buyers that are still price sensitive and the difference if price goes up 20%.

• 5:48John Coogan?

  Yeah.

• 5:48Jordi Hays?

  They're gonna, you know, they care about saving.

• 5:52John Coogan?

  The weird thing is like, I feel like right now, I always feel like it's a bad time to buy an iPhone because they release every year and I want it the day it comes out. And then even if I'm like a month in, like if the new iPhone comes out October 1st, if it's like, if it's like December, I'll be like, I'll just wait till the next one comes out.

• 6:09Jordi Hays?

  I know, these people rushing to buy.

• 6:11John Coogan?

  But if you buy this and then you get the new, and then the next one's gonna be a proper, I think a proper refresh of the design. We saw that new, maybe going less camera bump, maybe the flash and the LiDAR or the dot projector kind of moved over. And so there's a few different things that could be different and all of a sudden you could be stuck with an iPhone that doesn't scream, I have the latest and greatest, which I think people often enjoy. Although, although all of the design iterations have been so subtle, the upgrade from even four years ago to today, you really have to notice like, okay, yeah, the edge of the screen's like a little bit thinner and that's it. Anyway, the robust sales growth for the company's signature product was the highest increase

• 6:55John Coogan?

  in years, exceeding 13%. And I mean, I feel like we talked about this a couple of months ago on the show, the Like the iPhone had fully saturated, reached maximum penetration and was plateauing in China, losing ground there as the Chinese were moving to more domestically made and domestic brands, the Huawei phones, et cetera. And so when we talked about it a couple of months ago, we were, we were certainly not expecting a big jump in iPhone sales.

• 7:24Jordi Hays?

  Yeah, remember earlier this week, it was reported that Apple was closing a retail store in China for the first time.

• 7:30John Coogan?

  Yeah, that's right. That's right. So shares rose by about 3% in after-hours trading. Overall, sales came in at $94 billion, about 10% higher than the same period a year ago. So that puts them almost, just almost at a $400 billion ARR, which is nice to see.

• 7:47Jordi Hays?

  In China, for the first time in two years, Apple's revenue rose. It's a little bit of a comeback story. They had suffered six to seven consecutive quarters of decline prior to that. So again, driven by increased iPhone sales. I guess there is real demand for the 16 and they, they were running a bunch of, but they were discounting going into some local festivals there.

• 8:16John Coogan?

  So Tim Cook said the company will face tariff costs of about $1.1 billion in the July to September period, compared with $800 million in the June quarter. That's still so little when you're making $100 billion. It's, I mean, it's a 1% tax effectively.

• 8:31Jordi Hays?

  Yeah.

• 8:32John Coogan?

  And so I do wonder if, if this is dramatically changing the amount of tax that's actually paid from Apple to the US government in, on a regular basis because, I mean, companies are famous for, you know, being in Ireland and withholding the earnings and then, you know, not, just not generating a ton of cash and investing in R and D or stock buybacks and just doing everything that they can to mitigate the tax burden. I wonder if this is a, if this is a meaningful.

• 9:00Jordi Hays?

  Yeah, it wasn't too long ago that Apple was sending how many 747s to pick up? They were like evacuating iPhones?

• 9:08John Coogan?

  That's right, they were worried about the tariffs in a pretty serious way.

• 9:13Jordi Hays?

  Yeah, I think that was more so, hey, if we get all this inventory to the States today, we're gonna save, you know, however many, it's just a good practical business decision.

• 9:23John Coogan?

  So, so the CFO, Kevin Peric, said the company saw some obvious signs of pull ahead demand related to tariffs earlier in the quarter. He attributed about one-sixth of iPhone sales growth to such purchases. So, what'd they say, the growth was 14%, so one-sixth of that, you know, an incremental 2% of of sales coming from customers who were worried about tariffs. He said, the rest was due to very strong upgrade performance in general. Interesting, another, I mean, that's just like the health of the American consumer. Like, people are not, they're like, I like my phone and I still have a job and I'm making a decent amount of money, so now this is as good a timed upgrade as ever.

• 10:07Jordi Hays?

  Yep.

• 10:08John Coogan?

  Another bright spot was an increase in China sales. Wow, unexpected. After declines in recent years, the tariff impact could rise in the near future, and exemption for smartphones from reciprocal tariffs is expected to to lapse. When it does, Apple could face steep tariffs for iPhones that originate in India as well, especially after President Trump announced new levies on India on Wednesday. Tariffs are just one issue that Apple has weighed on Apple shares this year. Apple has kept spending, kept spending in check relative to Microsoft, Amazon, Google, and Meta platforms, of course, because of their massive AI investments, which we will get into. But some investors are wary of rewarding that discipline as it points to the iPhone

• 10:53John Coogan?

  maker's struggle to keep up with an AI arms race. Maybe they should be spending $70 billion on CapEx to build a foundation model, who knows?

• 11:02John Coogan?

  Gross margin came in at forty six point five percent above the forty five point nine percent expected. And so the really interesting question is just like, what does the next iPhone refresh look like? And how much does it change the actual economics of the business if they do that folding phone and people love it? And then there's a whole new upgrade cycle. Like, imagine if if it really becomes a status symbol and everyone on the Pro phone needs to upgrade and it's a $2,000 phone instead of a $1,000 phone. Like, that's a pretty, that can be a pretty significant driver of growth.

• 11:37Jordi Hays?

  Yeah, what he mentioned, Tim Cook discussed openness to M and A on the earnings call as well, which is interesting. And

• 11:50John Coogan?

  What they buy.

• 11:51Jordi Hays?

  Yeah.

• 11:52John Coogan?

  Everything's so expensive. When you look through the history of Apple's acquisitions, like, yeah, like, they

• 11:57Jordi Hays?

  I remember Beats, they bought for $3 billion.

• 12:00John Coogan?

  Yep.

• 12:00Jordi Hays?

  That's their largest acquisition of all time. Their run rate at the time was a billion dollars a year.

• 12:06John Coogan?

  Three X revenue.

• 12:06Jordi Hays?

  Three X revenue to buy Beats.

• 12:10John Coogan?

  They probably sold so many Beats headsets from Apple stores.

• 12:12Jordi Hays?

  Yeah, I'm sure. Yeah, you don't

• 12:13John Coogan?

  They made that about ten times over.

• 12:14Jordi Hays?

  You don't see Beats, at least I don't see Beats very often out in the world.

• 12:20John Coogan?

  Not that often, but I definitely see good reviews for the for the AirPod competitors that are more athletic and they wrap around the ears. Some people say they don't fall out of your ears if you're doing like really extreme athletics. And they definitely sell.

• 12:34John Coogan?

  And then I think Siri was like, no more than a couple hundred million dollars acquisition. And they also bought Shazam, and that was also not a huge acquisition. They've never done some sort of massive, multi-billion dollar acquisition that was frothy.

• 12:48Jordi Hays?

  Yeah. So Tim said, we see AI as one of the most profound technologies of our lifetime. We are embedding it across our devices and platforms and across the company. We are also significantly growing our investments. Apple has always been about taking the most advanced technologies and making them easy to use and accessible for everyone. And that's at the heart of our AI strategy. All sounds good.

• 13:09John Coogan?

  I feel like the I feel like the text to speech has gotten better. Not the speech to text, that's still bad, but the text to speech because I was pulling up a semi-analysis article on Wednesday. And I went into reader mode and I told Safari, the native Safari app, read this to me. And it sounded pretty reasonable. And so I think they updated the model at some point because it used to be really robotic. And now it's not quite at the level of ChatGPT when ChatGPT reads you something. But the text to speech was pretty, pretty good. And it should, it should get better. It should get better very, very quickly. Anyway.

• 13:49Jordi Hays?

  Yeah. So CapEx, like you said, is up.

• 13:53John Coogan?

  Yeah.

• 13:53Jordi Hays?

  But it doesn't, I don't have the exact data point here, but the thing to note is that it's not an exponential increase in CapEx. And they've said that they're going to continue to rely on like third-party capital providers for some of these investments. And so they just said broadly, don't expect CapEx to rise anywhere near what other hyperscalers are doing.

• 14:13John Coogan?

  Yeah.

• 14:14Jordi Hays?

  The other thing that's interesting in relation to their notes on M and A is that Apple's acquired seven companies this year.

• 14:24John Coogan?

  Yeah.

• 14:25Jordi Hays?

  And I'm struggling to think of any of them.

• 14:29John Coogan?

  I mean, the most recent Apple acquisition I can think of is like, you have a buddy who sold a company to them, right? Or something like that?

• 14:35Jordi Hays?

  That was like years ago.

• 14:37John Coogan?

  Yeah, but like that's the one that comes to mind and it's only because it's like an in-network deal.

• 14:40Jordi Hays?

  So, yeah, they've acquired seven companies this year, Tim says. None were huge in terms of dollar amount.

• 14:48John Coogan?

  Yeah. I remember when I was digging into how they built.

• 14:51Jordi Hays?

  And he also said, Apple's making acquisitions at the rate of one every several weeks. So it's just

• 14:56John Coogan?

  Wow.

• 14:57Jordi Hays?

  Quite strange.

• 14:58John Coogan?

  Deals guy.

• 14:59Jordi Hays?

  Not, again, not hearing about a lot of this.

• 15:04John Coogan?

  Yeah. I mean, Apple comms famously locked down, so it's not like they're doing some like, you know, mutual podcast tour. If they do some sort of deal, it's usually like, come into the organization and then we're gonna, we're gonna run a pretty tight ship. I remember when I was digging into the precursor, like the rumors around the Apple Vision Pro a few years ago before the VR headset dropped, before their augmented reality headset dropped.

• 15:32John Coogan?

  And a lot of, a lot of the technology that went into the Apple Vision Pro was acquired in.

• 15:37Jordi Hays?

  Yeah.

• 15:38John Coogan?

  And so like, Apple Vision Pro, they acquired some teams, but they also acquired some patents and some technology and a whole bunch of different things.

• 15:44Jordi Hays?

  So Ben, Ben Taft, a neighbor of mine and close friend.

• 15:49John Coogan?

  So he, he was working on a virtual reality product called Mira and his entire, sure.

• 15:55Jordi Hays?

  I believe his entire team is still at Apple. And anyway, so Zuck earlier this week also shared that he believes that, uh, so eyewear will be like one of the important new computing platforms. Tim Cook on the earnings call yesterday was, was asked about next gen computing platforms and, and just hardware broadly. And he said, it's difficult to see a world where the iPhone's not living in it. That doesn't mean we aren't, we are not thinking about other things as well, but I think that AI devices are likely to be complementary devices, not substitutions. So obviously going to be somewhat biased there, given that the iPhone is the greatest cash cow

• 16:40Jordi Hays?

  in human history, but I, I tend to agree. And I do believe that's how a lot of, I mean, that's how a lot of these hardware, new AI hardware companies are messaging. They're calling it a net new device, not a necessarily a replacement. So we'll see, I think perplexity is working on a phone. Solana is working on a phone and those are, um, there's just a lot of people that are taking crack, taking a crack at the market, so obviously.

• 17:07John Coogan?

  Nothing's working on a phone. Nothing has a phone.

• 17:09Jordi Hays?

  Nothing has.

• 17:12John Coogan?

  Odd, odd company name, I know.

• 17:13Jordi Hays?

  Yeah.

• 17:15John Coogan?

  Well, uh, the market is selling off broadly today. The NASDAQ's down two and a half percent so far and, uh, Apple is one of the more stable in the mag seven. Most of the mag seven companies are down two to three percent. Apple less than 1% on this news. On the flip side, Amazon also reported earnings and is down 7% and is doing much less well, but it's interesting because the headline in the journal is "Cloud Helps Catapult Amazon." And the long and the short of it is that Amazon beat expectations on both revenue and earnings and did very well, but there was a big question about how AWS is performing

• 17:59John Coogan?

  relative to the competitors in the cloud. And so there was still a lot of pressure. And there's a few posts in the timeline about Amazon we should pull up, but I will first give a little bit of an overview of what happened with earnings, but also let me tell you about graphite.dev.

• 18:20Jordi Hays?

  Smooth, John.

• 18:23John Coogan?

  Teams that ship on GitHub use graphite. Code review in the age of AI, get on graphite.dev.

• 18:29Jordi Hays?

  Merrill, CEO, was at the event last night.

• 18:31John Coogan?

  Great to meet him in person.

• 18:32Jordi Hays?

  And got some fantastic updates on the business. So team is absolutely crushing.

• 18:37John Coogan?

  So "Cloud Helps Catapult Amazon." E-commerce giants' quarterly earnings beat Wall Street's expectations. Amazon.com reported sharp increases in sales and profit partly fueled by the growth of its cloud computing business. The company said Thursday that revenue rose 13% in the second quarter to $168 billion. Profit increased 35%. The sales and profit expectations beat Wall Street's expectations. The results beat the expectations. AWS reported that sales climbed 17.5% in the three months following the earnings report. Amazon shares fell 7% in aftermarket trading because the cloud business wasn't growing as much as its rivals. It's such a bull market.

• 19:19John Coogan?

  It's such a hot market that it's the Red Queen race. You have to keep up with everyone else. Jeffrey's analyst.

• 19:27Jordi Hays?

  Yeah, so a post here from Buco Capital Bloke. He said, "Doug from JP Morgan asks why AWS is growing slower than Azure and GCP. And Jassy responds with some weird comment about the law of large numbers and the Gen AI customer experience." And the stock instantly yeets four, negative four percent. Imagine your company losing ninety six billion from your bad answer lol.

• 19:49John Coogan?

  Yeah. Law of large numbers, what is he trying to say? He's just like, like, we're, we're, we're so big and because we are the biggest, it's harder for us to, to grow at the same percentage rate? Is that what he's saying? You know?

• 20:05Jordi Hays?

  Britten, uh, Britten, who's, uh,

• 20:08John Coogan?

  Yeah, yeah.

• 20:08Jordi Hays?

  Bias, he's over at Microsoft now. He says, AWS was leading when they had inertia on their side. I saw it break and left.

• 20:17John Coogan?

  It is wild.

• 20:19Jordi Hays?

  I mean,

• 20:19John Coogan?

  Some of the developer advocates get wild on the timeline. They love it.

• 20:22Jordi Hays?

  It's war.

• 20:23John Coogan?

  Yeah. It's war.

• 20:24Jordi Hays?

  Bloodsport to them.

• 20:25John Coogan?

  Yeah, yeah, yeah. It's, uh, it's remarkable. So, yeah, uh, Jefferies is saying the same thing. Disappointing, given the momentum at Microsoft and Google's units. Of course, Google has Gemini, Microsoft has OpenAI. Uh, Google has the TPU. Microsoft is, uh, is, uh, you know, a massive Nvidia customer and has all the OpenAI and the Crusoe facility. There's like so many different, uh, tiers of capabilities at Microsoft. Satya has been messaging very, very well to the enterprise about the capabilities of Azure as that cloud routing model. The idea that we, we have basically the best asset in the category.

• 21:06John Coogan?

  We have completely differentiated access to OpenAI, which is the, the, the one that if you just ask people on the street, what is AI? They'll say, oh, chat GPT, oh, just chat. Like, that's the one that they're familiar with. It has massive brand recognition and Microsoft has a preferential deal there.

• 21:21Jordi Hays?

  But,

• 21:21John Coogan?

  And then,

• 21:22Jordi Hays?

  At the same time, yeah, at the same time, I think that businesses make much more, uh, you know,

• 21:29John Coogan?

  Yeah.

• 21:30Jordi Hays?

  Research decisions around,

• 21:32John Coogan?

  A hundred percent.

• 21:32Jordi Hays?

  And that's why, We talked with Avi earlier this week. He's saying he's running Friend on, on Gemini.

• 21:39John Coogan?

  Yeah, but,

• 21:40Jordi Hays?

  Notable.

• 21:40John Coogan?

  Yeah, but, uh, but, but Amazon's been able to, to act as that model router for a lot of companies, obviously, uh, not with Gemini, but the, but with Llama and Grok that will serve all these different things. And so,

• 21:51Jordi Hays?

  Yeah.

• 21:51John Coogan?

  AWS just doesn't quite have that same narrative.

• 21:54Jordi Hays?

  Yeah.

• 21:54John Coogan?

  Like, we can describe Google's and GCP's plan in the sense that it's like they're staying on this parade or frontier with Gemini. They have all these great models. We can describe Microsoft's strategy with getting super early in OpenAI and then acting as, you know, model agnostic and serving Grok and Lama and DeepSeek and everything. It's harder to articulate AWS's AI strategy.

• 22:17Jordi Hays?

  Uh, direct quote here from Andy. We have more demand than we have capacity right now. We could be doing more revenue and helping customers more, and we're working very hard on changing that outcome and how much capacity we had. He did say that constraints such as power and chip availability may take several quarters to resolve. So, again.

• 22:35John Coogan?

  The backlog.

• 22:36Jordi Hays?

  The backlog is real, but Satya and Sundar are still putting up big numbers.

• 22:43John Coogan?

  Yeah. But, so, Amazon is best known for its e-commerce business, which no one cares about anymore because they only care about AI at this point. And its heft in the retail industry makes it a bellwether for consumer spending. It's business and rental space.

• 22:57Jordi Hays?

  I am interested to see, I wonder if they had any comments about, about the new de minimis exemption?

• 23:05John Coogan?

  Hmm. Yeah, yeah, look that up. Amazon spent $30.4 billion on capex in the second quarter, much higher than analysts' forecast of $26 billion. So, 31 to 26, that's a pretty, that's a pretty big jump. And that puts them on a 120, 125 billion dollar capex run rate. That is, that is massive, and that definitely puts them at the top of the stack. Like its rivals, but of course, like, if you're, if you're investing that much in data centers, like, you have to put up the numbers in the growth of the cloud. Like its rivals, Amazon has been trying to cut costs while increasing capital expenditures and integrating AI. Jassy said that AI would be,

• 23:48John Coogan?

  where are, where are we going with this? Would be, uh, would, would result in the company having fewer white collar workers. The company spokesperson recently said Amazon would lay off a number of employees in its cloud computing division in part because of shifting business priorities.

• 24:07John Coogan?

  Interesting. I don't know. I was talking more with Joe Weisenthal last night about why you would turn down one of Zuck's offers, the white whale, why you would stay at OpenAI and one of the, one of the

• 24:23Jordi Hays?

  Or Thinking Machines or Anthropic.

• 24:24John Coogan?

  Any of those, yeah.

• 24:25Jordi Hays?

  Any player.

• 24:26John Coogan?

  And I, I was thinking that there's this, there's this world where the, if you, if you want to be like a top executive, it's, there's something powerful about being at the company where that's the main thing.

• 24:44Jordi Hays?

  Being top, that's true. Also, just being in the top 10 kind of key players in an org versus being top 50 at Meta.

• 24:52John Coogan?

  Yeah.

• 24:53Jordi Hays?

  You're going to be able to have potentially more impact, responsibility, and, and ultimately, yeah, influence on this like broader trend.

• 25:03John Coogan?

  Yeah, yeah. Like, the Thinking Machines one's a little bit more complicated, but certainly like the question of like, why didn't Mark Chen accept like a billion dollar offer to go to Meta? Like, the financial stuff, maybe that pencils out, but I think the, the other interesting thing is that it's like, it's like, like, for Google, search is the priority. Search is the, is the most important, is the crown jewel of the, of the overall structure of that, of that business. And so if you're the number one researcher, the number one guy, or the number one person, the number one executive in search, like, that's extremely

• 25:40John Coogan?

  valuable. And with, with OpenAI, being in that position in, with ChatGPT, you are like the market leader right now. If you think you can maintain that, it's like, even if, even if Meta puts up a really great performance and creates a great number two product, there could be a really steep power law.

• 26:03Jordi Hays?

  Yeah.

• 26:03John Coogan?

  Where you're, you're running something that is, is not as important as Facebook and Instagram to their bottom line, to their business.

• 26:12Jordi Hays?

  Yeah, that's true. Yeah, I think the already, already rich reason is, is probably a real factor as well. I would be hard, don't know any details at all, but I'd be hard pressed. To believe that Mark Chen is not worth at least half a billion at this point.

• 26:31John Coogan?

  Yeah.

• 26:32Jordi Hays?

  So anyways.

• 26:34John Coogan?

  Well, in other news, Ray Dalio has sold his last remaining stake in Bridgewater and left its board, capping the protracted transition from the hedge fund firm he founded. And really quickly, let me tell you about numeralhq.com Sales Tax on Autopilot. Spend less than five minutes per month on sales tax compliance. Thank you for clapping.

• 26:53Jordi Hays?

  Great transition, John. Still got it.

• 26:56John Coogan?

  Still got it. So, yeah, Ray Dalio has been.

• 26:59Jordi Hays?

  And by the way, if you're just joining us, early show today, we are still in New York.

• 27:07John Coogan?

  New York, coming back today.

• 27:08Jordi Hays?

  And we will be headed back to LA later today.

• 27:13John Coogan?

  Yes. We should do Coinbase at some point, but in the meantime, Ray Dalio sold his last remaining stake in Bridgewater Associates and stepped off its board, capping a tumultuous transition at the hedge fund he founded. Bridgewater bought the remaining shares held by its charismatic billionaire founder. The firm told clients in a letter last week. People familiar with the matter said Bridgewater subsequently issued new shares to the sovereign wealth fund of Brunei in a multi-billion dollar deal that gave the Southeast Asian fund a nearly 20% stake in the Connecticut firm.

• 27:48Jordi Hays?

  There you go.

• 27:49John Coogan?

  Neither transaction has previously been reported, and Bridgewater's letter didn't mention the Brunei Investment Agency. The sovereign wealth fund has been a longtime investor and transferred its money invested in a Bridgewater fund to invest in the firm's equity. So they're rolling from LP to GP stake, basically. The Brunei Fund now ranks as one of Bridgewater's biggest owners, though co-investment chief Bob Prince has a larger stake, said one of the people. Dalio is 75 now. That really, I feel like. That crept up on me. I feel like, when I think of him, I don't think of him as that. I feel like, I feel like.

• 28:27Jordi Hays?

  You don't think of him as a.

• 28:28John Coogan?

  Seventy-five guy.

• 28:29Jordi Hays?

  You wouldn't.

• 28:30John Coogan?

  He looks great. And he's, and he's like, yeah, and he really is charismatic, but he brings a lot of energy to his podcast.

• 28:36Jordi Hays?

  Certified unk status.

• 28:37John Coogan?

  Certified unk status, but also, yeah, just like an incredible amount of energy. And he doesn't look, he doesn't look like he's like fighting it. I don't know.

• 28:45Jordi Hays?

  And he probably wants to focus on being a content creator.

• 28:48John Coogan?

  Probably. I mean, two bucks under his belt.

• 28:50Jordi Hays?

  Done it all.

• 28:50John Coogan?

  He's done lax.

• 28:51Jordi Hays?

  Done it all. I just want to make TikToks now.

• 28:54John Coogan?

  Have you seen his like social distribution strategy?

• 28:57Jordi Hays?

  Oh, it's, it's great.

• 28:58John Coogan?

  Fantastic.

• 28:59Jordi Hays?

  Probably has a thousand clippers globally.

• 29:02John Coogan?

  Whoever, whoever he hired actually turned his book into like a straight up mega viral YouTube video with graphics and did it really, really well. And the team that was on that just executed at a very, very high level. It was very surprising, given that you wouldn't expect that to come from like a Connecticut hedge fund that's like so out of the YouTube world.

• 29:20Jordi Hays?

  Totally.

• 29:21John Coogan?

  But he's done very well. So Dalio, in a statement that said he looks forwards to Bridgewater's future success in his role as a client and a mentor, he remains invested in the funds. People close to the firm said they hope that Dalio's exit from its ownership ranks and board will simplify its governance. Though Dalio has given up his CEO, co-investment chair and board chairman roles over the years, in addition to selling down his own stake. He had remained actively engaged, regularly making requests and registering complaints, said people. He's still giving us feedback and he said he was leaving.

• 29:57Jordi Hays?

  That's, that's, that's been something I've been, I mean, we will have Gurley on the show at some point, but I've been trying to get a read on.

• 30:05John Coogan?

  Yeah.

• 30:05Jordi Hays?

  Is Gurley really, yeah, what's Gurley's soft power of a benchmark?

• 30:09John Coogan?

  Yeah.

• 30:10Jordi Hays?

  He's still. He went over to China recently, I think, to check out what's happening in AI there.

• 30:15John Coogan?

  Yeah, yeah.

• 30:17Jordi Hays?

  Benchmark, obviously, Manus.

• 30:18John Coogan?

  And people definitely read Bill Gurley's tweets and see that as like a proxy or a surrogate. He's like a surrogate for Benchmark. It feels like that, but I don't know. I don't know what's actually going on.

• 30:30Jordi Hays?

  Yeah, the question is, yeah, is he, could he still be one of their largest LPs, right?

• 30:37John Coogan?

  Probably, yeah.

• 30:38Jordi Hays?

  And then in that case, like, you do exercise quite a lot of

• 30:42John Coogan?

  Totally, totally.

• 30:43Jordi Hays?

  exercise influence over the firm.

• 30:44John Coogan?

  Yeah, yeah. So he's remained actively engaged, which is also hilarious because, are you familiar with how Bridgewater like tracks every meeting? Are you familiar with this? So Bridgewater famously like records every meeting and transcribes it all and makes it all available. Or they did for a long time.

• 31:03Jordi Hays?

  Yeah.

• 31:03John Coogan?

  I don't know how much of this is like apocryphal, but the idea is that

• 31:07Jordi Hays?

  Back in the day, was there somebody, was there somebody

• 31:11John Coogan?

  I think so.

• 31:12Jordi Hays?

  Actually transcribing it in real time?

• 31:14John Coogan?

  Stripe is something somewhat similar, where Stripe, for a long time, and I think it's probably evolved in the age of Slack and chat and whatnot, but for a long time, by default, every email was on kind of a listserv that anyone could look at. And so you could go and trace through not just the GitHub, you know, pull request history of how Stripe was built as a software product, but you could actually go and read the emails that the product managers were sending around, what the engineers were discussing, all the different trade-offs that led Stripe to build certain things certain ways.

• 31:52Jordi Hays?

  Yeah.

• 31:52John Coogan?

  And so incredible for onboarding, right?

• 31:54Jordi Hays?

  So if you wanted to, yeah, if you wanted to figure out basically the why behind anything, you could without bothering anybody or making them repeat

• 32:01John Coogan?

  Yep.

• 32:02Jordi Hays?

  the reasons or remember all the

• 32:05John Coogan?

  And then remember, we talked to Jeff at Stripe, he came on the show and he was saying that like, we're really glad we did that because now we have this incredible log of stuff that's already public within Stripe.

• 32:18Jordi Hays?

  And you can probably now query it and organize it, or what are all the, what are the key meetings that like drove this decision or this product?

• 32:27John Coogan?

  That's really interesting.

• 32:28Jordi Hays?

  Who were the people that pushed for those? Who were the people that, you know, had concerns about it?

• 32:33John Coogan?

  And so, and so you can query. So I think they've done that. And then he was also saying that they, they can, they now have, I believe in like an AI agent that's proactive and will actually jump in and say, based on what I know, like you two are talking about this, you probably want this extra context, even though you didn't even ask me. So that's very interesting. Anyway, Bridgewater's been doing that for a very long time. They called it radical transparency. It was very controversial because it's such a bizarre way to run a company. It's very different from most hedge funds, but it worked out and a lot of people that have been at Bridgewater have certainly enjoyed it, even though it is like kind of an acquired taste. But it certainly resulted in fantastic performance for the fund. In 2011, Dalio said

• 33:12John Coogan?

  succession at Bridgewater would be a 10-year process. We're now 14 years into this process. Little, little miscalculation there. It has been a protracted, messy affair, says the Wall Street Journal. The firm tried various numbers and combinations of CEOs. One of them later sued, then settled with the firm. Bridgewater chief executive Nir Bardia and Mike McGavick, co-chair of the firm's board, wrote in the letter to investors that the sale of Dalio's last shares was an ideal culmination of the ownership transition process. They said Dalio, the board, and employees would celebrate the firm's 50th anniversary together in Connecticut and New York. Bridgewater's assets under management

• 33:55John Coogan?

  have fallen in recent years to just $92 billion. Just a, just a small, little Quack, quack, quack. Just a small $92 billion fund. Still massive, but this is down from 168 billion in 2019. It's pretty massive. I mean, it is, it is the world's biggest hedge fund. We're one of, definitely in the top 10. And I remember a decade ago, these, these hedge funds were like, being in the 10 billion range would put you in the category of being the biggest. And they've all basically 10x, I believe. Yeah. Fascinating. Anyway.

• 34:29Jordi Hays?

  Well.

• 34:29John Coogan?

  Coinbase earnings.

• 34:30Jordi Hays?

  End of an era. Coinbase earnings, uh, let's walk through it.

• 34:33John Coogan?

  But first, let me tell you about adquick.com. Out-of-home advertising made easy and measurable. Only adquick combines technology, out-of-home expertise and data to enable efficient, seamless ad buying across the globe.

• 34:44Jordi Hays?

  We need to go see our billboards while we're here, John.

• 34:48John Coogan?

  We do. We still haven't seen them in person. I've seen so many photos, I feel like I've seen this. So Coinbase, in summary, um, they, they missed on top line but beat on bottom line. Uh, revenue was, uh, estimated to be, what was it? Uh, one point, um, one point, uh, wait, top line verdict? Uh, 1.59 billion, uh, and they posted just slightly below 1.4 billion. So Coinbase said its profit surged in the second quarter. So that's the bottom line beat fueled by gains in its investments, including crypto company Circle Internet Group. So they're making more money from Circle, uh, and that's obviously higher margin. So that's driving a higher, uh, profit. So the crypto's exchange.

• 35:31Jordi Hays?

  The update since the Journal is already out of date. Coinbase is down 15% today.

• 35:36John Coogan?

  15% today, wow.

• 35:37Jordi Hays?

  Still sitting at 82 billion.

• 35:39John Coogan?

  82 billion. Uh, Coinbase Global, led by CEO Brian Armstrong, said it earned $1.4 billion or 5.14 per share in the second quarter compared with 36 million a year ago. That's a huge swing. That's the nature of this company. Um, uh, it's still, it, it not on this like, you know, uh, just like clockwork, uh, uh, clockwork profit. So if you look at this chart here, I don't know if you can see this, Dory, but, um, it's like, it's like very neutral profits and then just put up a billion dollars in profit and then very neutral profits and then, and then like break even and then a billion, break even and then a billion.

• 36:21Jordi Hays?

  And so naturally the.

• 36:22John Coogan?

  Real founder's journey.

• 36:23Jordi Hays?

  The, the share price is just going to fluctuate wildly.

• 36:27John Coogan?

  Yes, yes, yes.

• 36:28Jordi Hays?

  Still almost a 10x from the bottom.

• 36:30John Coogan?

  Wow.

• 36:31Jordi Hays?

  Uh, in 2022.

• 36:33John Coogan?

  So the company said the increase was driven in part by a pre-tax gain from its investment in stablecoin provider Circle Internet Group, which had a blockbuster stock market debut in June. Total revenue rose to 1.5 billion from 1.4 billion a year ago, but fell short of Wall Street's expectations. Analysts were expecting 1.59 billion in revenue for the quarter. On a quarter-by-quarter basis, revenue fell 26% from over 2 billion in the first quarter, which the company attributed in part to lower market volatility. So if you remember Q1, the liberation day, Bitcoin was all over the place, and there were talks

• 37:13John Coogan?

  of the sovereign wealth fund in the United States. There was so much crypto news, back and forth, back and forth. That was all driving volatility, and that was driving volume on Coinbase, and obviously, revenue for Coinbase. Transaction revenue declined from 764 million to 764 million from 781 million a year ago. The slide was caused by a slump in spot crypto trading activities during the three months that ended June 30. Total trading volume rose to 237 billion in the second quarter from 226 billion a year ago. To drive its next leg of growth, Coinbase said it aims to become the everything exchange and focus

• 37:53John Coogan?

  on tokenization, or the conversion of trading financial, traditional financial and real-world assets into tradable tokens on-chain. The company also has been working to diversify its business, and recently partnered with JP Morgan Chase and PNC Bank to facilitate the buying and selling of cryptocurrencies by their clients. I think a lot of that is on the back of a couple acquisitions that they made for custody. Coinbase, at this point, goes all the way from, you know, like a consumer, you know, like just general user who just downloads the app, wants to buy a couple dollars of Bitcoin, all the way up to the largest institutions in the world at this point. We're really, really widespread of the client base, but I think that's part of the strategy. Meanwhile, Coinbase has been

• 38:38John Coogan?

  capitalizing on momentum under President Trump's crypto-friendly position.

• 38:43John Coogan?

  With Bitcoin trading near its peak of more than $120,000. Shares have jumped 52% this year, cementing it as one of the largest publicly traded crypto companies with a market cap of more than 90 billion, although it is of course down today. And Bitcoin is at 115.

• 38:58Jordi Hays?

  Yeah, outside of the numbers, the thing that stood out was Brian's messaging around. He says it here on X.

• 39:07John Coogan?

  Yeah, he saw his post, right?

• 39:08Jordi Hays?

  Yeah, Coinbase is becoming the everything exchange. All assets will inevitably move on chain, so we want to have everything you want to trade in one place. Incoming are DEX integration, which will allow users to access millions of assets and expansion of our derivatives offerings. He says next are tokenized equities and more. So again, we covered this before, but it feels very much like Coinbase and Robinhood are converging towards. To ultimately.

• 39:38John Coogan?

  Super Bowl.

• 39:39Jordi Hays?

  Basically the super bowl, fintech super bowl.

• 39:42John Coogan?

  We're not gonna, we don't like the war analogies. That's too, that's too negative.

• 39:46Jordi Hays?

  Yeah.

• 39:46John Coogan?

  I like the, I like the sports analogies.

• 39:48Jordi Hays?

  The NBA finals.

• 39:49John Coogan?

  The NBA finals of fintech. Truly. And it's funny because like when both those companies started around the same time, I believe Andreessen Horowitz invested in both of them.

• 39:58Jordi Hays?

  Yeah.

• 39:59John Coogan?

  And I mean, I went through, I was in the same YC batch loosely with Brian Armstrong and Coinbase. And then I remember talking to Chris Dixon at a dinner and he was like, hey, like, you know, you're young. Like, what apps are you using? And, and the one app that was on my phone that was like an up and coming startup was Robinhood. And he was like, he was like, why are you investing in public equities?

• 40:22Jordi Hays?

  Yeah.

• 40:22John Coogan?

  And I was like, I owe some tests.

• 40:23Jordi Hays?

  And remember Mickey, Mickey from Ribbit is also early in Coinbase and Robinhood. Right, so.

• 40:30Jordi Hays?

  All is converging.

• 40:31John Coogan?

  Yeah, Mickey is just wearing the NFL hat, like the, I just support all fintech. He's like, you know, picking a team.

• 40:38Jordi Hays?

  Yeah.

• 40:38John Coogan?

  Yeah, it was the Rob Lowe, I believe is the meme. Rob Lowe in the NFL hat, you've seen this?

• 40:43Jordi Hays?

  Yeah.

• 40:43John Coogan?

  Yeah, it's great. Anyway, let me tell you about attio.com. Customer relationship magic. Adio is the AI native CRM that builds scales and grows your company to the next level. Let's go through the mansion section. Find me some posts on the timeline.

• 40:57Jordi Hays?

  Before that, let's give a little bit of coverage of updates on the Figma IPO.

• 41:01John Coogan?

  Oh, yeah.

• 41:02Jordi Hays?

  Of course, there was a funny post in here from Juwan.

• 41:07John Coogan?

  Okay.

• 41:08Jordi Hays?

  Juwan apparently got a offer back in 2019.

• 41:14John Coogan?

  Okay. Oof, Series C territory.

• 41:17Jordi Hays?

  And he was gonna get a base of 165K a year and 300,000 in Figma RSUs.

• 41:26John Coogan?

  300,000 shares.

• 41:27Jordi Hays?

  And I guess by his calculation, it would have turned into 30 million. But, the important thing, Juwan is now getting the ability to spend his time automating finance.

• 41:40John Coogan?

  Yes.

• 41:41Jordi Hays?

  And certainly didn't pick a bad company to join on that front.

• 41:46John Coogan?

  He's doing great.

• 41:47Jordi Hays?

  Gary Tan says, if you stick around in tech and you're good, sooner or later, you start collecting these stories.

• 41:54Jordi Hays?

  I think you remember Gary designed the Palantir logo back in the day.

• 41:57John Coogan?

  Crazy.

• 41:58Jordi Hays?

  And I wonder if he held on.

• 42:01John Coogan?

  I don't know, yeah.

• 42:03John Coogan?

  It's a trillion dollar company.

• 42:04Jordi Hays?

  More, Siki ran some numbers, Siki Chen said, there's 10x returners, there's fund returners, and there's Figma. Figma alone returned 10x the entire fund of not one, not two, but three VC funds. So, he pulls up Index Ventures, which made their initial investment out of a seed fund. The, it was a $4 million investment, or 3.9 million, out of a $400 million fund. And it is a 1,850x multiple. Their, their current.

• 42:38John Coogan?

  Was the multiple of fund on that?

• 42:40Jordi Hays?

  The fund multiple is 18x. Greylock, who did this, Greylock, who's did the Series A, is sitting on an 11x fund. They did the Series A out of a $600 million fund. KP, which did the Series B.

• 42:56Jordi Hays?

  Is sitting on a 10x fund out of a $700 million fund, which is just wild. And then Sequoia will have returned one and a half X on a $2.5 billion fund.

• 43:11John Coogan?

  That's crazy.

• 43:12Jordi Hays?

  So.

• 43:13John Coogan?

  Just from that one deal and then there's other stuff.

• 43:15Jordi Hays?

  And Gary chimes in, says, grand slam homerun business.

• 43:19John Coogan?

  Yep, yep.

• 43:20Jordi Hays?

  It's not just a homerun business, it's a grand slam homerun business.

• 43:23John Coogan?

  This is good advice for all the VCs out there.

• 43:25Jordi Hays?

  And.

• 43:26John Coogan?

  Just get one figma in your.

• 43:27Jordi Hays?

  I noted this on the timeline yesterday, but we are retiring the gong that we had at NICE yesterday. It's a game hit gong by none other than Dylan Field, so we still need to get him to sign it and date it, of course. But pretty, pretty, pretty wild.

• 43:49Jordi Hays?

  Delian says, greatest capital markets on earth, greatest country on earth, and throws up not one, but three American flags, quoting Signals. Signals posts, he said, nothing hits like an IPO in America. It's the most iconic cultural moment that's relatively infrequent. The most beautiful part about it is that only here does a company going public trigger a national feedback loop of inspiration. Kids watch it, builders feel it, and the next gen catches fire. Nowhere else turns liquidity into legacy. So.

• 44:20John Coogan?

  Signal has such a funny posting style.

• 44:22Jordi Hays?

  Very, very unique.

• 44:24John Coogan?

  Good job.

• 44:25Jordi Hays?

  And yeah, pretty, pretty insane.

• 44:31Jordi Hays?

  We also didn't really cover this yet, but ChatGPT is apparently now generating a billion a month in revenue.

• 44:39John Coogan?

  Yep.

• 44:40Jordi Hays?

  But it's, but it's projecting to burn eight billion in 2025.

• 44:45John Coogan?

  Wait, that's, oh, so they will, so they'll generate 12 billion in revenue and spend 20?

• 44:49Jordi Hays?

  It sounds like they're run rating.

• 44:51John Coogan?

  Run rating a billion.

• 44:52Jordi Hays?

  Run rating a billion.

• 44:53John Coogan?

  A month, so 12 billion a year.

• 44:55Jordi Hays?

  And the other story here is that Anthropic is now at four and a half billion in annual, annualized revenue. DD's calling it, DD Doss is calling it the fastest growing software company in history. And they just overtook OpenAI to become the market leader in LLM API cost. So he drops an analysis here, so.

• 45:14John Coogan?

  Well, if you want to use AI, use Finn AI, the number one AI agent for customer service. Finn is the best performing AI agent, delivering higher quality customer service and higher resolution rates.

• 45:25Jordi Hays?

  And another post here, so of course, a couple of days ago, Mark Zuckerberg announced his vision for personalized superintelligence, personal superintelligence for everyone. Nir says, I'm having flashbacks of 2023, and it's a post by Character AI that says, we started Character AI to bring personalized superintelligence to everyone on Earth. So anyways, funny little throwback, funny little throwback there. And then in other news, one thing I wanted to highlight, Fintech Junkie.

• 46:05Jordi Hays?

  What's his, I feel bad that I don't remember his real name, but clearly he's running as Fintech Junkie end to end now. But Fintech Junkie was a founding partner, co-founder of QED Investors.

• 46:29Jordi Hays?

  Fintech Investment Group backed a bunch of companies. I think they were, I think they led like two rounds in Wander and they're in a bunch of great stuff. He's introducing 37 Maru and taking a step back from QED now.

• 46:44John Coogan?

  What is 37 Maru?

• 46:45Jordi Hays?

  So at a high level, 37 Maru is a small batch idea factory with one simple approach. Identify profound problems, develop well-thought-out solutions, find amazing founders to partner with, and then obsessively build together. So Venture Studio is my read on it. This is my chance to collaborate with the many remarkable people I've grown to know and respect in the VC world, as well as the opportunity to partner with a few hunger eager founders, capital F founders, to build special businesses together. 37 Maru isn't an incubator or an accelerator. It's a way for me to throw my time and resources at a very small number of ideas and roll up my sleeves as an operator once again. It is, uh, gotta put him in the truth zone here a little bit because this, this does seem like

• 47:29Jordi Hays?

  the definition of a, of a venture studio. So to say, it's not a, it's not an incubator.

• 47:37Jordi Hays?

  And he says, "I don't plan on doing it alone. Every idea will require a co-founder. Every idea will require, require hiring amazing people to work with."

• 47:45John Coogan?

  Yeah. And, uh... What's the name again? Thirty-seven Maru? Is it M A R U?

• 47:50Jordi Hays?

  M A R U.

• 47:51John Coogan?

  You think that's, is that a reference to Move 37 and the Kobayashi Maru from Star Trek?

• 47:57Jordi Hays?

  It must be. It must be. Who's Kobayashi Maru?

• 48:00John Coogan?

  Kobayashi Maru is this like, it's like the final exam that you have to take at Starfleet or something. I don't really remember. Uh, in the simulation, it's a training simulation used by Starfleet Academy to test cadets' character decision-making and how they handle a no-win scenario. Part, it's a legendary part of Star Trek lore. And then Move 37 from the Lee Sedol Deep Mind match.

• 48:23Jordi Hays?

  Yeah.

• 48:23John Coogan?

  But then there's also Thirty-Something Signals, and I don't know where Jason came up with Thirty-Something, how he picked that, because he named Thirty-Something Signals before Move 37, so it's clearly not a reference to Deep Mind.

• 48:34Jordi Hays?

  Maybe Move 37 is a reference to Thirty-Something Signals.

• 48:38John Coogan?

  They're like, "We saw DHH's Valkyrie and we're embedding, we're sending coded messages."

• 48:43Jordi Hays?

  We saw his remote work setup.

• 48:44John Coogan?

  Yes, yes, yes.

• 48:45Jordi Hays?

  And we want that. The superintelligence wants that.

• 48:48John Coogan?

  Yes, yes, yes. And it's, "And I can only communicate with you via numbers. Via, so the, the, the, the superintelligence locked in AlphaGo."

• 48:57Jordi Hays?

  Yeah.

• 48:58John Coogan?

  It's like, "I need to send a signal to DHH."

• 49:00Jordi Hays?

  Not seeing patterns that don't exist.

• 49:00John Coogan?

  "Put me in the car and take me around the track. I need to fill the G-forces."

• 49:05Jordi Hays?

  Well, Thirty-seven Maru's investment themes, algorithmic isolation, uh, which he's saying, "Personalized content algorithms are fracturing our shared cultural experiences, leaving us with less common ground than ever before. Uh, the algorithms powering our daily digital diet have become remarkably sophisticated at learning our preferences and serving us exactly what we want to see." I'm not going to read through all of this, but he basically is referencing back in the day, radio, TV, everybody was kind of like consuming a lot of the same media. And you could strike up a conversation with anyone about last night's episode or this week's hit song.

• 49:44Jordi Hays?

  I do feel like I got a, you know, my immediate thought is, is when a tweet deeply resonates with me.

• 49:51John Coogan?

  Yep.

• 49:52Jordi Hays?

  Most, most of our friends, I feel like have already seen it.

• 49:55John Coogan?

  Oh, yeah.

• 49:56Jordi Hays?

  Also thought it was funny. So there's like some effect of like, even if a group of people don't follow the same person, like if you have like, again, like common ground with somebody already, then, then the content will be served to you. But anyways, he wants to, um, uh, fresh tools and experiences that focus on shared content and group activities. Music's missing layer, uh, says the music industry offers consumers inexpensive passive streaming services and expensive engaging live events, leaving a vast opportunity for new products to emerge in the middle. The access paradox, zero commission, trading apps have democratized market access, but created a generation of untrained investors gambling with sophisticated financial products they don't understand.

• 50:41Jordi Hays?

  I think some people like that they don't understand. It makes it more exciting. And, uh, he, let's see here.

• 50:49John Coogan?

  Understand the internals of the slot machine.

• 50:50Jordi Hays?

  He wants to create, creative new approaches are needed to support ongoing waves of participants focusing on innovative tools, intuitive safeguards and adaptive resources rather than conventional teaching.

• 51:00John Coogan?

  Have you ever heard of dice control? Have you ever heard of this, this theory? So at, at the craps table, you know how you have to like throw the dice?

• 51:06Jordi Hays?

  Yeah.

• 51:07John Coogan?

  And there's like, and there's like, like, you can't just be like, I threw it like that. You know, they, like, you have to throw it across the table. It has to bounce, hit the back. And the back has like this spiky foam that makes the dice go in random directions.

• 51:19Jordi Hays?

  Yeah.

• 51:20John Coogan?

  So in theory, it's like impossible to, to be like, I'm intentionally good at throwing snake eyes. Or I'm intentionally good at throwing, you know.

• 51:27Jordi Hays?

  In theory.

• 51:28John Coogan?

  Seven, in theory. But dice control is, is a thesis that some people believe that you can actually control the dice. You, you can actually become so precise at throwing the dice that you're like, okay, I know that if I throw it. The perfect, perfect arc, it will bounce once, do a 360, bounce another time, do a 720, and then land exactly where I want.

• 51:50Jordi Hays?

  I need back to back to back 720s.

• 51:52John Coogan?

  Exactly.

• 51:52Jordi Hays?

  And I'm into money.

• 51:53John Coogan?

  Exactly, exactly. So people, there are people that believe this, and I guess in theory you could do it.

• 51:59Jordi Hays?

  I just need 3000 X's in a row, John, and I'm a billionaire.

• 52:02John Coogan?

  Yeah, yeah. And, uh, yeah, I'm thinking of the financial markets equivalent of that now.

• 52:07Jordi Hays?

  Well, 37mar's last theme is financial nihilism. So he simultaneously wants to...

• 52:14John Coogan?

  Blackpilled here, what's going on?

• 52:15Jordi Hays?

  Well, no, I like it. Like, on one hand, it's like new approaches that help people that are new participants in financial markets. And then the other side is just, is just like, life's a casino.

• 52:25John Coogan?

  Sure, sure, sure.

• 52:27Jordi Hays?

  And he says, "A new theory is needed to help restore society's confidence in the achievability of realistic financial goals." So this is more focused on, uh, yeah, helping people get out of being blackpilled.

• 52:40John Coogan?

  Yeah.

• 52:41Jordi Hays?

  And towards ownership. I mean, I think that, that, um, the, uh, the Gersner accounts that Trump is rolling out are, are an example of that. But that's a, you know, public solution versus private.

• 52:55John Coogan?

  Has anyone built a casino on top of that yet, where you can wrap the Gersner accounts and trade forward contracts against your Gersner account?

• 53:02Jordi Hays?

  Yeah, it's like...

• 53:03John Coogan?

  In the most, in the highest leverage casino possible?

• 53:05Jordi Hays?

  Miss Rachel meets, like, Robin Hood, who's just teaching four-year-olds to use options.

• 53:11John Coogan?

  I mean, I do, I do like that he's coming out with some strong theses about how he wants the world to look and then executing on that. I'm thinking of, uh, other folks who have done that, like Trey Stevens with the Soul Reader, the Face Kindle. He's like, you know, "I, I like to read, I want portability, but I don't want the, the infinite dopamine machine to read. I don't want to read on the infinite dopamine machine. So I'm making a pair of E Ink glasses that let me read, uh, in essentially isolation." Paul Merleke, same thing with Chromatic, uh, and Mod Retro, thinking about, "I, I want the world to embrace this nostalgia."

• 53:50John Coogan?

  Legacy technology. I think there were things that were done very well. So I'm going to go in and marshal resources and to actually go and build that company that otherwise would just not exist. Because it's not, it's not a natural path that the, the, the, the, the business community or the capital markets would like go and fund. So he has to marshal himself.

• 54:08Jordi Hays?

  Also important, I finally remembered fintech junkie's name, which is Frank Rotman.

• 54:13John Coogan?

  Oh, no way.

• 54:13Jordi Hays?

  So we should have him on the show. I've, I've always appreciated his writing over the years.

• 54:16John Coogan?

  Yeah, yeah, yeah.

• 54:17Jordi Hays?

  We'll reach out, Frank.

• 54:19John Coogan?

  Fantastic. Well, let me tell you about Bezel. Getbezel.com. Bezel is the top marketplace in the world for authenticated luxury watches. Thank you. And speaking of the luxury world, maybe we should.

• 54:30Jordi Hays?

  Wait, before we go into that, I just have one more, one more story that dropped.

• 54:34John Coogan?

  Okay, tell me, tell me.

• 54:34Jordi Hays?

  This week by Andrew Ross Sorkin contributed to it. We got to hang with Andrew last night.

• 54:41John Coogan?

  Absolute legend.

• 54:43Jordi Hays?

  Absolute legend.

• 54:45John Coogan?

  It was a pleasure talking to him.

• 54:46Jordi Hays?

  Yeah, it was a pleasure. His day is like very inverted from ours. He starts.

• 54:50John Coogan?

  He's clearly, he's clearly much better at this.

• 54:53Jordi Hays?

  He had a, yeah, no, there's levels.

• 54:55John Coogan?

  There's levels to this.

• 54:56Jordi Hays?

  He basically showed there's levels.

• 54:57John Coogan?

  There's levels to this.

• 54:58Jordi Hays?

  So we do the show for us. It sits in the middle of every single weekday. And that makes it very hard to have any type of deep work or anything like that.

• 55:05John Coogan?

  Oh, yeah. It's crazy. We're doing it on hard mode.

• 55:08Jordi Hays?

  Andrew last night goes, yeah, I, I think about it as like I do television on my way to work. He does, he, he, he works, he, he's live like six to nine.

• 55:17John Coogan?

  Yeah.

• 55:17Jordi Hays?

  Eastern and anyways, very cool. But he contributed to this piece in Dealbook. New exclusive, OpenAI secures another giant funding deal. The venture capital round values the chat GPT maker at 300 billion.

• 55:32John Coogan?

  300.

• 55:33Jordi Hays?

  And underscores the fierceness of the AI money race.

• 55:36John Coogan?

  We've been hearing rumors about 350. 300 seems like potentially an absolute steal.

• 55:42Jordi Hays?

  So OpenAI's latest mega round, while Wall Street has been focused on how tech giants are spending on artificial intelligence, the most prominent name in the field, OpenAI has been racking up big money. Dealbook is the first to report on the huge numbers and what the round means for the company behind ChatGPT in an increasingly heated AI race. OpenAI has raised 8.3 billion at a $300 billion valuation, months ahead of schedule, as part of its plans to secure 40 billion in funding this year.

• 56:10John Coogan?

  Billion.

• 56:11Jordi Hays?

  Yeah. And again, I believe that.

• 56:16Jordi Hays?

  Yeah, the whole, you know, a lot of the deals with Masa were getting like announced with like clearly like Masa needed some lead time to pull the capital together. Obviously, he's very bullish on the company. So back in March, OpenAI announced ambitious funding plans with SoftBank committing to provide $30 billion by year end. So Masa is just racing, you know, dialing, probably flying all around the world to help put this money together. Might, might end up being one of the biggest SPVs of all time in the private, in the, in the venture, in the venture context. It's hard to think of.

• 56:50John Coogan?

  You have to print out the SPV document and hang it on the wall.

• 56:56Jordi Hays?

  And again, they're burning eight, like roughly eight billion this year, so they, they do need the cash. A wave of new investors participated in the new round, including private equity giants Blackstone and TPG and the mutual fund manager T. Rowe Price. So really going after the big dogs. Other participants include Fidelity Management, Founders Fund, Sequoia Capital, Andreessen Horowitz, Co2 Management, Altimeter Capital, D1 Capital, Tiger Global, and Drive Capital.

• 57:21John Coogan?

  Just a few of our buddies.

• 57:21Jordi Hays?

  Just a few of former guests of the show. Blackstone and TPG aren't major investors in AI model makers, but they were seen by OpenAI as particularly valuable since they can promote the adoption of ChatGPT among their portfolio and companies, including those in healthcare, financial services, and industrials. The round was five times oversubscribed and left some early investors in OpenAI frustrated by the smaller allocations they got as the company prioritized bringing on new strategic backers. The lead investor was DragonEer Investment Group, which committed 2.8 billion. You got the size going there?

• 57:55John Coogan?

  I do.

• 57:55Jordi Hays?

  There we go. An astonishing check from a single venture capital firm that may be one of the largest ever written.

• 58:05Jordi Hays?

  The investment cast a spotlight on DragonEer, which made successful early bets on companies like Airbnb, Spotify, and Uber, but has largely stayed behind the scenes in SV. Mark Stad, DragonEer's founder, is now taking a very public claim on what many in Silicon Valley see as the defining tech platform of the next decade. The investment represents about 10% of the firm's funds, which I'm just reading as AUM. OpenAI's business continues to surge. Dealbook hears that the company's annual recurring revenue has soared to 13 billion, up from 10 billion in June, and is projected to surpass 20 billion. By end of the year. So it is funny when you just see people. I think we talked about this on the show last week.

• 58:50Jordi Hays?

  All the, all the stuff around, you know, GPT psychosis felt like, you know, massive comms crisis brewing. But we said at the time, numbers are still going to go up, right? Like the usage is just astonishing. The number of businesses, business users who pay for chat GPT has reached five million, up from three million just a few months ago. The new funding round comes amid OpenAI's delicate negotiations with Microsoft. Remember that OpenAI is seeking to become a for-profit company, which of course, Microsoft needs to sign off on. Which is still its biggest investor and partner.

• 59:30John Coogan?

  Yeah, remember a couple, was it a couple of years ago or maybe even just a couple of months ago? People were like, oh, the foundation model labs are cooked. All the value will accrue to the application layer. And then OpenAI is just like, cool, like what if we got an application installed on everyone's phone and then charged them $200 a month for it? Could, do you think we could make a million, a billion a month?

• 59:51Jordi Hays?

  Five million B to B.

• 59:52John Coogan?

  Yeah.

• 59:53Jordi Hays?

  Users, paying B to B users too.

• 59:55John Coogan?

  Yeah, like they're dominating in the application layer. Absolutely.

• 1:00:00Jordi Hays?

  And all of this, you know, the, the negotiation with Microsoft as well as some of this new capital, like a lot of the new people coming in. Traditionally, you know, some of the largest asset managers in the world. It does feel like there's a, the, the path to IPO is, is starting to become quite a bit more clear.

• 1:00:20John Coogan?

  Yeah, well, we know that they use linear. You gotta get on linear, linear.app, meet the system for modern software development. Linear is a purpose-built tool for planning and building products in other OpenAI news.

• 1:00:31Jordi Hays?

  One thing, so Dylan, when we interviewed Dylan yesterday, he was highlighting how design is a like competitive advantage and that's the edge. And there's no better example than Linear. That's just been, again, one of those companies that has to have incredible products and incredible product experiences and design because they're helping people design and build products. And just a perfect example where they came into a crowded category. And it's really one of those like Jiro dreams of sushi businesses where again, they weren't the first tool in their category. There's companies with billions of dollars in revenue and they just focus so you know intensely on making a delightful product.

• 1:01:16John Coogan?

  In other OpenAI news, they are doing Stargate Europe. OpenAI is joining forces with two European companies to set up a data center in Norway dubbed Stargate Norway. The project is expected to house 100,000 Nvidia GPUs. By the end of next year, OpenAI is partnering with AI infrastructure company N-Scale Global and industrial group Aker to set up a facility in Gavondal, just outside Narvik in northern Norway. The company is jockeying for position in the AI race or seeking to expand data center infrastructure to meet the energy needs to power the technology. And if you're looking to travel the world, get on Wander.

• 1:01:56Jordi Hays?

  Find your happy place.

• 1:01:58John Coogan?

  Book of Wander with inspiring views, hotel-grade amenities, dreamy beds, top-tier cleaning and 24/7 concierge service. And so, yeah, yeah, the, the, there was that article a while back that was saying like Stargate isn't going well. They've scaled it back and it's like, it just keeps, I keep abstracting it until I go, well, what is Stargate? Is, if Stargate is just build a lot of data centers, like we can build data centers, it is possible. The question is like, can you build more than, can you build $500 billion worth of data centers extremely quickly? And the answer is probably no, but if you shoot for the moon, you land in the stars. And that's kind of what's happening where it seems like Stargate will have a lot of really, really big facilities all over the place.

• 1:02:42John Coogan?

  And like, that will be like a compounding advantage and a continuing, a continuing project for everyone involved. And so some of the folks in the group SoftBank or and MGX are equity funders in Stargate. And they committed 100 billion initially with plans to invest up to 500 billion over the next four years. So in other news, the mansion section has dropped. It's Friday.

• 1:03:09Jordi Hays?

  Finally.

• 1:03:09John Coogan?

  It's one of our favorite sections from, uh, let's see, is this in focus now? Well, we will pull that up in just a second. So tech founder Eugene Nonko has paid $51 million for an oceanfront home in Delray Beach, the highest recorded home sale in the city. Eugene, co-founder of the software company Media Alpha. Have you ever heard of this company, Jordy? Media Alpha. He has, uh, his wife Olga Nonko bought the home from iCare mogul Massimo Musa. Property records show Musa had taken the home off the market and initially listed for 60 back in 2021. The Nonkos declined to comment. No one, no one's commenting, but the home is very interesting.

• 1:03:52John Coogan?

  Massa and his, and his ex-wife Carrie Whitego paid around nine million for the Delray Beach land in 2002 and spent around five years building the home. The property has nine, has a nine bedroom, roughly 22,000 square foot main house as well as a guest house. The estate's amenities also included gym, a roughly 1,000 bottle wine cellar. Not too helpful for me. I guess I could put a bunch of Diet Coke there. But this is where it gets interesting. Guess how many movie theaters this house has?

• 1:04:24Jordi Hays?

  I mean, since you're asking, so high, three?

• 1:04:26John Coogan?

  Two.

• 1:04:27Jordi Hays?

  Damn.

• 1:04:27John Coogan?

  It has a formal movie theater for guests and another movie theater just for kids. It's like, I don't want the popcorn in the seats.

• 1:04:37Jordi Hays?

  I want to force the kids to watch whatever the parents want to watch and vice versa.

• 1:04:41John Coogan?

  Exactly.

• 1:04:41Jordi Hays?

  Although it's somewhat, I mean, you know, people are going to critique this and say like, it should be a family experience, you know, shared experience, lost social time.

• 1:04:52John Coogan?

  Oh yeah, yeah. Controversial, but yeah. You know, many, many people are in the market for a two bed, two bath. Get a nine bed. Two movie theater, a thousand bottle wine cellar. Seems like a fun house. Musa co-founded several companies, including in the eye care industry, including My Eye Lab and the Lasik Vision Institute, which he sold because he sold this house because he wanted to downsize. Media Alpha, and I've never heard of this company Media Alpha, but I wanted to dig into it. It says, in the late 2024, Media Alpha was notified by the FTC was prepared to file a complaint against the company for alleged deceptive marketing practices. As of April, Media Alpha said it was in active settlement discussions with the FTC.

• 1:05:33John Coogan?

  In June, the company announced that Eugene Nonko would step down as Media Alpha's CTO and become the chief architect. And so I guess he founded this company, stepped into the CTO role instead of the CEO role. Now is stepping down and still was able to purchase a $51 million home. So he's clearly done very well. The previous Delray Beach record was set at 50.5 million, so just barely edging that out earlier this year. The area has seen a number of high-end transactions recently. And another property.

• 1:06:06Jordi Hays?

  I mean, this home is truly palatial.

• 1:06:09John Coogan?

  It is. It is. It is very loud, opulent. The gold over the.

• 1:06:16Jordi Hays?

  Statues of philosophers.

• 1:06:18John Coogan?

  Philosophers? Oh, no, no, I haven't seen this.

• 1:06:22John Coogan?

  But the the golden fireplace is really, really something. Anyway, another tech founder who I think we are actually.

• 1:06:28Jordi Hays?

  One thing, if we can really mine that asteroid that had however many.

• 1:06:32John Coogan?

  Yes, many more palatial.

• 1:06:34Jordi Hays?

  Twenty quadrillion tons of gold. Everybody is going to have a golden fireplace like this. So universal, basic, golden fireplace coming soon. So everybody can look forward to that.

• 1:06:46John Coogan?

  What was the Donald Trump thing? He had a golden toilet in the Trump Tower apartment that he had? I think everything was gold in that apartment, but also the.

• 1:06:54Jordi Hays?

  Oh, that's another thing. While we're at it, we've got to cover the White House is creating a new. Ballroom.

• 1:07:02John Coogan?

  Oh, yes.

• 1:07:03Jordi Hays?

  Press secretary.

• 1:07:04John Coogan?

  Really quickly, let me tell you about public.com. Investing for those who take it seriously. You can lock in a 6% yield that won't change if the Fed cuts rates and a diversified portfolio of investment grade and high yield bonds. Go to public.com. So tell me about the, I saw somebody was saying, oh, I thought it was 9,000 square feet, which would already be huge for a ballroom. Apparently it's 90,000 square feet. Is that correct? How big is this ballroom?

• 1:07:26Jordi Hays?

  Yeah, so the press secretary announced yesterday the construction of a new 90,000 square foot ballroom.

• 1:07:32John Coogan?

  90,000 square feet. That is so huge.

• 1:07:34Jordi Hays?

  Be able to fit quite a lot of people in there. That should be where we do the next event with Emily.

• 1:07:41John Coogan?

  Yes.

• 1:07:41Jordi Hays?

  Seems like an ideal. I know, I know some people that could probably get us access to that, to that, to the space. Obviously, we'll have to wait a few years, but construction is expected to begin in September. It sounds like this is being funded by donors.

• 1:07:57John Coogan?

  I mean.

• 1:07:57Jordi Hays?

  Press secretary says President Trump and other donors have generously committed to donating the funds necessary to build. What does it cost to build?

• 1:08:04John Coogan?

  I'm pretty sure a football field is around 50,000 square feet. So you're, it's twice, it's two football fields. That's, that's absolutely.

• 1:08:13Jordi Hays?

  Maybe Trump wants to be able to hold like a, like a gladiator style.

• 1:08:18John Coogan?

  He went, he went to the.

• 1:08:19Jordi Hays?

  NFL All-Star game. Yeah, the.

• 1:08:22John Coogan?

  Really could. You could do UFC there. You could probably do UFC there. You could do WrestleMania.

• 1:08:27Jordi Hays?

  It's 50, a typical football field is 57,000 square feet. So we have.

• 1:08:31John Coogan?

  Bigger than that.

• 1:08:32Jordi Hays?

  We're gonna have a.

• 1:08:33John Coogan?

  With some stands.

• 1:08:34Jordi Hays?

  America needed a presidential ballroom.

• 1:08:38John Coogan?

  Where is this going to be? In the White House? No.

• 1:08:41Jordi Hays?

  In Washington.

• 1:08:42John Coogan?

  Okay, just somewhere in DC. Cause they can't possibly find a spare 90,000 square feet in the White House, right? That would make no sense.

• 1:08:50Jordi Hays?

  Yeah, let's see. But what was exciting to me is like the spaces like we should, it shouldn't be, hopefully this is not, nobody sees this as hyper political.

• 1:09:03Jordi Hays?

  But the space looks absolutely beautiful and I think it's important to exercise the muscle of building beautiful things.

• 1:09:09John Coogan?

  Yes, although it is somewhat ironic because Trump was a little bit upset about the Fed remodeling a bunch of stuff and spending a ton of money on a

• 1:09:18Jordi Hays?

  This is donor.

• 1:09:19John Coogan?

  Oh, this is donor.

• 1:09:20Jordi Hays?

  They said this is being funded by donor.

• 1:09:21John Coogan?

  Okay, okay, so no, no impact on the taxpayer.

• 1:09:24Jordi Hays?

  Yeah.

• 1:09:25John Coogan?

  Okay, got it. Makes sense. A little bit more defensible. We'll see.

• 1:09:27Jordi Hays?

  Sure, I'm sure somebody can figure out how, how it's going to impact the taxpayer, but.

• 1:09:32John Coogan?

  Who knows? Hopefully it's built quickly. That would be my biggest hope. Anyway, should we move on to what's going on in Miami?

• 1:09:40Jordi Hays?

  We should, we absolutely should.

• 1:09:42John Coogan?

  Miami area penthouse is sold. This is fun because it's a, it's a, so look up Open Evidence and pull up the cap table because I think you're going to want to dig into this company. We haven't had Daniel Nadler, the founder, on the show yet, but we got to talk to him because I've heard a lot of people talking about Open Evidence. So this spring, 42-year-old tech entrepreneur Daniel Nadler gave up his Miami rental apartment and moved into a beachfront hotel. We were talking about living in hotels recently and where you stand on that. The goal was to be, was to streamline his life and focus on building Open Evidence, his Google-backed medical AI company, which is now valued at $3.5 billion.

• 1:10:23John Coogan?

  Quote from him, "I didn't want the overhead of dealing with houses and all the stuff that comes with houses," he said. "If I could wake up at 4 a.m. and just order room service, this is so perfect. I love it." Then a friend pointed out that the hotel where he was staying, the Four Seasons, at the Surf Club in Surfside, Florida, also had condos for sale, which is hilarious that you're staying there and you don't realize that they're, it's like, that's kind of an L on the Four Seasons for not up-selling. It's like you.

• 1:10:53Jordi Hays?

  You have a guest here that's just.

• 1:10:54John Coogan?

  Stayed here for a month. Why don't you just tell them about the condo that's right over there?

• 1:10:58Jordi Hays?

  Friend of the show lives in a Four Seasons.

• 1:11:00John Coogan?

  Oh, really?

• 1:11:01Jordi Hays?

  I think Mr. John Fiorentino, doesn't he live in a Four Seasons?

• 1:11:05John Coogan?

  Oh, I had no idea. No.

• 1:11:06Jordi Hays?

  Uh, residence?

• 1:11:07John Coogan?

  Uh, so this week, uh, he, he checked out of, uh, the hotel and moved over to the condos. He paid thirty eight point two million dollars in cash for a fully furnished penthouse at the beachfront Surf Club.

• 1:11:20Jordi Hays?

  So much?

• 1:11:21John Coogan?

  Four Seasons, thirty eight point two million dollars for a six thousand square foot, five bedroom, uh, penthouse with a rooftop pool. Uh, the seller was tied to an entity, um, who bought the triplex for, so it's three stories.

• 1:11:34Jordi Hays?

  Open evidence.

• 1:11:35John Coogan?

  Thirty million.

• 1:11:36Jordi Hays?

  Uh, open evidence, uh, just a couple of weeks ago.

• 1:11:39John Coogan?

  Yes.

• 1:11:39Jordi Hays?

  Uh, raised a new round, uh, of two hundred and ten dollars, two hundred and ten million dollars.

• 1:11:45John Coogan?

  Two hundred and ten dollars.

• 1:11:46Jordi Hays?

  Series B at a three, three, and they raised two hundred and ten dollars, everybody. Give it up, hit the size guy.

• 1:11:51John Coogan?

  Probably, you probably could do that, just raise two hundred and ten dollars and then just put that out there and people will misprint it and you'll get all the press you need.

• 1:11:57Jordi Hays?

  Uh, led by GV and KP.

• 1:11:59John Coogan?

  Okay.

• 1:12:00Jordi Hays?

  Uh, and valuing the company at three and a half billion, so, uh, he, I imagine, uh, was able to, to pull enough liquidity about.

• 1:12:08John Coogan?

  And I believe this is one of those stories where the company's been going for, uh, a long time, like pre-AI boom, and then now is a major beneficiary of the AI boom, so it is.

• 1:12:16Jordi Hays?

  Started, seed round was in twenty twenty one.

• 1:12:19John Coogan?

  Twenty twenty one, so that's still pre-GPT three, like, pre-GPT four, right?

• 1:12:24Jordi Hays?

  Of course, Sequoia did the A.

• 1:12:26John Coogan?

  Of course.

• 1:12:27Jordi Hays?

  And Sequoia did the A in this year?

• 1:12:31John Coogan?

  What? Oh, wow, so they were grinding for a couple of years and then started, uh, taking off. Nadler's new penthouse spans about six thousand square feet with five bedrooms and roughly two thousand square feet of terrace space. Nadler said, "There's also a roof deck with an infinity pool facing the ocean."

• 1:12:47Jordi Hays?

  There we go.

• 1:12:48John Coogan?

  "It actually feels almost like one of those Venetian palazzos, but in the sky," he said. I like this guy, what a good, what a good turn of phrase.

• 1:12:57Jordi Hays?

  He sounds like he's not, is not the guy to turn off his Zoom background on a call.

• 1:13:02John Coogan?

  Yes.

• 1:13:02Jordi Hays?

  He's just, he's just.

• 1:13:04John Coogan?

  Yeah.

• 1:13:04Jordi Hays?

  Embracing reality.

• 1:13:05John Coogan?

  Yes.

• 1:13:05Jordi Hays?

  Um, well, any, any more notes here and then I think we go.

• 1:13:08John Coogan?

  Uh, "I wanted to pounce on it," he said. Whatever I paid, I think it'll be worth double that in five years. There's very little negotiation, Nadler said. He said, that's what he wanted, and I said, okay. A Canada native. Nadler is founder of Kensho Technologies. Okay, because I was wondering, how did he wind up with $40 million in cash to buy this penthouse? If he's still in the Series B? He could have done, yeah, he could have done some crazy secondary, but that would be kind of a crazy deal. But he is a second time founder. In 2018, he sold Kensho Technologies for $550 million. So you walk into Sequoia for a Series A for your second company, they're probably going to say yes. And that's what happened.

• 1:13:50John Coogan?

  So his decision to move into the Four Seasons is partially inspired by inventor Nikola Tesla's tenure at a New York hotel during the last years of his life. It sounds completely insane, but there's precedent, Nadler said.

• 1:14:03John Coogan?

  He's like defending it.

• 1:14:04Jordi Hays?

  All right, we got to wrap this up.

• 1:14:06John Coogan?

  Thank you so much for watching.

• 1:14:07Jordi Hays?

  Really important news before we leave. Mira Maroti has started following and growing Daniel.

• 1:14:12John Coogan?

  That's amazing.

• 1:14:13Jordi Hays?

  And.

• 1:14:14John Coogan?

  Congratulations to growing Daniel. He's posted about Mira Maroti so many times. It's wild that she's following him.

• 1:14:20Jordi Hays?

  I wouldn't be surprised if, you know, Thinky Machines buys his company. He's an AI founder.

• 1:14:28John Coogan?

  That would be amazing.

• 1:14:29Jordi Hays?

  He's a tier one poster.

• 1:14:30John Coogan?

  I just think he'd have a lot of fun there. I don't know. Whatever he chooses to do, I fully support. And we're looking forward to getting back to LA. Looking forward to get back to Aidsleeps. Go to aidsleep.com. That's our final ad read. And thank you for watching. We will talk to you on Monday. Have a good evening.

• 1:14:48Jordi Hays?

  Fantastic week. Have an incredible weekend. We love you.

• 1:14:51John Coogan?

  Bye.

• 1:14:51Jordi Hays?

  Bye.