NASDAQ Plunges As AI Stocks Sink, GTA 6, OpenAI’s Revenue Inflection | 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

• 0:11Speaker 00

  Thursday, November 5th, 2026. We are not live from the TVP National Dome. We're back in San Francisco.

• 0:17Speaker 01

  In a bunkie.

• 0:17Speaker 00

  We're traveling. We're in a bunkie. No, we're in a very nice office.

• 0:21Speaker 01

  We're deep underground.

• 0:21Speaker 00

  To our hosts. We had to go to the scene of the crime. The stock market's down. Tech is selling off. So I had to go to San Francisco.

• 0:29Speaker 01

  We gotta get to the bottom of this.

• 0:30Speaker 00

  We gotta get to the bottom of it. We gotta go give some people Stern talking to. The stock prices are too low. We're gonna sit down with them and say, hey.

• 0:36Speaker 01

  Figure it out.

• 0:36Speaker 00

  Figure it out. It's gotta go up. We like it.

• 0:39Speaker 01

  Buy the close. Buy the close. I wanna see momentum in the close.

• 0:42Speaker 00

  Yes, yes, exactly.

• 0:43Speaker 01

  We're what? We're down a couple trillion, a couple trillion. We've erased. I always, I always enjoy the 2.2 trillion erased, erased.

• 0:53Speaker 00

  Erased. Kind of gives you a sense of the scale of the market that you can, you can wipe out that much. The news, of course, the Nasdaq plunges 5% as investors retreat from AI trade after the election. This is a true panic, said Jay Hatfield, CEO and infrastructure capital advisors. This is 100% about the chip stocks and the potential slowdown in the AI trade. Based with a potential regime shift in markets after the midterms, investors are now positioning for an easing in the data center build out, knocking shares of chipmakers and data center suppliers hardest. What's interesting is like, this was something that was talked about. The prediction markets were predicting a blue wave days before the election, weeks before the election.

• 1:35Speaker 01

  But not Texas.

• 1:36Speaker 00

  Not Texas, but then still, even on election night, people sort of knew. And by yesterday morning, people knew that Texas was blue because people found out that Texas was blue and Greg Abbott had lost. Midnight at the latest, you could wake up and start trading it. So there's still some digestion and still some discussion that needs to happen before people start moving to really big positions.

• 1:57Speaker 01

  Yeah, in, you know, in an era where the market will move hundreds of billions or trillions off of purely seemingly algorithms. It's very interesting that you have this sort of very delayed onset, right? Where clearly people yesterday were like, we gotta figure out what to do here, right? You're going into last week, we're all sort of expecting like, you know, one of the biggest IPOs ever to land, right? And, and then it seems like everyone was a little bit caught off guard more generally. But, but again, surprised that we didn't see as much selling yesterday.

• 2:36Speaker 00

  Yeah. Let me give you some stats. So the rethink pushed the tech-heavy Nasdaq 5% lower, sending it into correction territory, which is defined as generally as a 10% decline from a recent high. Other stocks are also giving up yesterday's post-election gains. The Dow is down about 1,600 points. The S and P 500 is down 4% on pace for its worst day since April 2025. So we're not going back to dot com references.

• 3:04Speaker 01

  Nasdaq is still up 5% on the year.

• 3:06Speaker 00

  On the year, yeah.

• 3:07Speaker 01

  And, and it was Tuesday night, Gersner was talking about, we might, we might erase all of the gains from this year, give them all back.

• 3:15Speaker 00

  Which is crazy considering how much has happened in actual adoption of technology. But it just shows you how much was priced in at the beginning of the year. So, yeah.

• 3:23Speaker 01

  It's always priced in.

• 3:24Speaker 00

  The stock sell-off is fueling a flight to quality and trade in treasuries with the 10, with the yield on the 10-year note falling to its lowest level since September 9th. That's not that long ago, but still, interest rates are falling lower. Yeah, Kobe Essie letter. S and P 500 has raised 2.2 trillion over the last 55 minutes. This was this morning. Today's decline is now double the size of yesterday's post-election rally. The Nasdaq is 6% away from a bear market. So very, very rough. What else is going on? There's two funds that people are calling out.

• 4:00Speaker 01

  Two, maybe three.

• 4:01Speaker 00

  And Engineers Gate.

• 4:03Speaker 01

  As well as Lone Pine. And again, no one knows, I mean, I think Walleye, Walleye already put out a letter saying that they're basically closing down one of their long-short strategies.

• 4:14Speaker 00

  One of them.

• 4:15Speaker 01

  And they're gonna continue to focus on some of their other products.

• 4:18Speaker 00

  Short of.

• 4:19Speaker 01

  But everything else, we'll probably won't find out exactly what's happening for at least the next 24 hours.

• 4:24Speaker 00

  Yeah. Factors all going the wrong way today equals liquidations are happening. And people are fake news posting about Leopold. It does seem like if his thesis has remained the same, and certainly if he's using leverage, it would be really tough right now. But people don't exactly know what he's doing. You know, I think it's fair to throw those community notes on people that are saying like, it's blown up, like, you don't know. We'll, we'll see, but.

• 4:52Speaker 01

  Yeah, he might be all the way out of the market.

• 4:55Speaker 00

  You don't know.

• 4:55Speaker 01

  He's somebody who's posting, you know, screenshots of his Bloomberg profile. Doesn't seem to be online right now.

• 5:01Speaker 00

  Oh, interesting.

• 5:02Speaker 01

  He might just be like, I'll see you in 2027.

• 5:04Speaker 00

  Or just doing privates. That's what saved him in the last, in the last crisis. So who knows? But Lone Pine, Lone Pine, people are speculating. They're in trouble. Nebius, ASML, Seagate, Applied Materials. What else do they have here? Teradyne, Corning, lot of tech, lot of semi, lot of semi stuff. And if Leopold is in fact in CoreWeave, Sandisk, Nebius, et cetera, Core Scientific, Bloom Energy, some of those names are down 50, 60%. And so even without leverage, it's a very, very rough perspective.

• 5:38Speaker 01

  Did we get liquidated and lose the?

• 5:43Speaker 00

  We're down better.

• 5:44Speaker 01

  Yeah, yeah.

• 5:45Speaker 00

  Yeah, yeah. We had to sell the cameras and we're on webcams now. Okay. Like, give us a break. We should really, we do need to get the threadbare suits going and the sacks, like the, you know, some burlap sacks and some bindles. We need to be standing in line for some handouts. Adam Kobe Essie says, "Our perspective on today's market crash in the era of AI, the biggest technological revolution in human history. People are eager to call the top. That's how disruption works. It disrupts. Revolutions yield polarity and sentiment and volatility comes with change. However, if you zoom up, if you zoom out, the S and P is still up 9% year-to-date and 85% since the AI revolution began. AI is nowhere near over. In fact, it's only getting started. Corrections are healthy.

• 6:30Speaker 00

  Asset owners will continue to win in the long term." You know, everything can shift depending on the next like earning cycle, leak cycle, on progress on all sorts of technology. But it does seem like the, the, the, one of the commentaries that's starting to take hold is like, the hyperscalers are holding up pretty well, even though the Nasdaq's down 5%. Most of the big mag seven are down like 2%. And the thesis is like, well, they have the data centers already built and they don't necessarily need any new permits.

• 7:00Speaker 01

  Potentially be a lot more valuable.

• 7:02Speaker 00

  Yeah, and they can sell into the spot, spot price. And then also, the hyperscalers have a lot of powered shells, or at least they have a lot of data centers that might be running older chips, but they can re-rack, reconfigure them potentially. And so it'll still be slower than some of the Neo clouds, but we'll see. I'm still optimistic that we'll hear announcements from Neo clouds in the next few weeks about where they are going, where they want to go and what the new trade is. Because a lot of these, a lot of these construction projects, if there's an incentive for the local community, if it's using clean power, if it's quiet, if it's beautiful, if it's in a remote location, there's a lot of people that can actually get behind it.

• 7:45Speaker 00

  But it's clear that the broadly, the electorate in a lot of states are saying, okay, we don't like the current deal. We don't like the, the structure of the trade for a variety of reasons. Some of them completely legitimate, some of them sort of misinformed by, you know, misunderstandings of the, of the impact. But it'd be interesting. What is Joe Weisenthal saying here? So is there something going on beyond coding? Intuitively, maybe personal assistant bots. But as Elon said, the Grok bot hadn't, hasn't had good economics. A lot of those are like, if you wait, the economics will get better.

• 8:21Speaker 01

  Get better.

• 8:22Speaker 00

  But it's super competitive and you're, and there's so many other things that at least SpaceX can do with their compute. They can send it over to Google, Anthropic, all the other buyers. So. As the conversations went on, I gradually began to understand where the pessimism was coming from. In the end, they were all asking the same question. So what comes after AI coding? What will be the next engine of ARR for Anthropic and OpenAI? Several candidates came up. AI for S, for science, AI chip design and so on. But none of them clearly convinced investors. I couldn't offer a clear answer either. Sure, there are rumors that Anthropic has made a major breakthrough in both AI for science and AI chip design. But what we actually want to know is when any of that turns into money. Yeah, some of these initiatives, if they're, if they're.

• 9:04Speaker 01

  Yeah, I think the main, the main thing is like, what Joe's referencing is, you know, I was talking about like, we need a step up in capability in a meaningful way because there are, there are a bunch of businesses in the world, small and large.

• 9:20Speaker 01

  Where they want to be using more AI, but they can't really find a way to spend more than a couple hundred bucks a month per person, let's say. And so AI spend is still tiny relative to the other costs in the business. And so they're sitting there saying, I'm willing to spend a lot more. I just can't find a way yet to apply it outside of coding and a couple of these other domains.

• 9:42Speaker 00

  Yeah, yeah. I mean, if you just add up the revenues from all the harness companies, I don't want to say called wrapper companies, but like the companies that are in AI enablement, AI diffusion, AI for law, AI for finance, these types of companies, you add up all of that, even if the labs were able to just immediately get that revenue, it doesn't move the needle that much. And so the next, yeah.

• 10:07Speaker 01

  They are getting a lot of the revenue.

• 10:08Speaker 00

  Oh, yeah, already they're getting a ton of revenue. But what I'm saying is like, like an engineer can easily justify a hundred thousand dollar token budget a year if they're making two hundred, three hundred, four hundred thousand dollars in their comp package. Jensen's floated like a one to one ratio, and that doesn't seem that crazy for certain roles. Much harder to justify for a lawyer right now.

• 10:31Speaker 01

  I think he floated more aggressive.

• 10:33Speaker 00

  Yeah. But it's, it's that right now, everyone who has a marketer on their team, everyone who has in-house counsel, everyone who has a CFO, they would all love to be able to go to them and say, yeah, your budget for AI is a hundred thousand dollars a year. Go spend it and let's make sure the ROI is there, but we're generally confident that the ROI is there. Right now, people are like, you can have 200 bucks a month. You can have maybe $2,000 a month, but you're not getting 20 grand a month yet. And so that's like the, the original like white collar work pitch that then has kind of melted away because of the job displacement discussion. So now we're into AI for science and AI for chip design.

• 11:17Speaker 00

  But a lot of those times, even if you have a breakthrough, like there's just going to be, in terms of adoption and actual monetization of a new drug, there are just going to be people who say, I want a phase three trial and I want, you know, humans to have tried this drug for nine months straight. I want, you can use AI to design it. You can use AI to do all the different testing and, and you can work on AI for the manufacturing. But at the, at the, at the end of the day, I want to see that there's an evidence that a human took this pill and survived a year later. And that's what a lot of the FDA trials do. But, but we'll, we'll, we'll see. I mean, at the same time, like the market is good at pricing breakthroughs.

• 12:01Speaker 00

  Like the GLP ones drove a trillion dollars in market cap way before they were even in the hands of people. Like they were like very limited rollouts to people for, through doctors. It was pre diffusion effectively and, and the market was able to capitalize that early because it was expected and understood. And so you could see at least some of the financing be underwritten by breakthroughs in AI for science or chip design or any other harder field that takes more time. You can actually match the capital to that. So there's still lots of optimism there. So to summarize the Citrini article, Citrini overhauls thematic model book calls peak in AI infrastructure capex.

• 12:42Speaker 00

  Citrini says, AI infrastructure asymmetric risk is subject to downside. Citrini expects higher costs for US data centers after Democratic. So I think that we brought the, hey, we didn't have to sell the soundboard, okay?

• 12:56Speaker 01

  Yeah.

• 12:57Speaker 00

  We might be at 5%, but we still got the.

• 12:58Speaker 01

  We grabbed this on the way out.

• 12:59Speaker 00

  Yeah, that was the last thing. Citrini warns macro regime shifting toward late cycle stagflation tilt. So lots of, lots of rough stuff on the timeline. Stephen Ballabend's extremely bullish on NeoClouds. If there's pushback on data centers in some districts, that will artificially suppress supply of the exact product that Lambda sells, compute, the demand for compute will continue to grow exponentially. There's never been a better time to be a cloud at Citrini, right in the replies. How much active data center power capacity do you have? Asking questions. Yeah, it's sort of his Christmas. So IPO window, it's impossible, but it's necessary. This has got to get out.

• 13:42Speaker 00

  Jim Cramer says, I think that Anthropic is going to have to take a discount to get it done. They have been the principal progenitor of fear, which is what the American people feel. That's not that big of a deal. Like it's a well capitalized business.

• 13:56Speaker 01

  Also, fear can be a driver to invest.

• 14:02Speaker 00

  Yeah, yeah, that's true. And I mean, they had.

• 14:05Speaker 01

  I'm scared of this thing, but at least I want to make some money on it.

• 14:09Speaker 00

  Totally. And the last round was 960, something like that, 960 billion, like just a hair shy of a trillion. So even if, even if they go out at 1.2, it's still an up round for all the investors there. Everyone's happy, like it's, and they haven't done around since. I don't know, they haven't granted equity. So it feels like they do have a cushion of, of safety there where like, okay, they, they mentally jumped from 960 billion, basically one trillion to basically two trillion. Everyone was like, it's going to be two trillion, IPO can be two trillion, 50% haircut. They're still in the green, so not too bad. But, you know, I think Kramer does understand what's going on in the market, like what people will be worried about, how much, how much excitement there will be.

• 14:48Speaker 01

  Yeah, the question is, and I don't know the answer to this, is can you go out when all of the companies in your supply chain are nuking?

• 14:56Speaker 00

  Yeah.

• 14:57Speaker 01

  Like, or does it make sense to, you know, wait until things stabilize a little bit more? I genuinely don't know the answer. I still think, you know, Anthropic's been going, and their bankers have been going out to like individual investors and getting all these allocations. And I can still imagine a lot of people saying like, I believe in this company long term. I don't really care about the short term. This is like a buying opportunity, especially if it comes in, because at, at, at the lower end of the range, I think there's like, I still think there's tremendous amount of upside.

• 15:31Speaker 00

  Yeah. I'm trying to remember, how much did SpaceX raise in the IPO? Was it like 60 or 80 billion? And I feel like Anthropic had floated like maybe 200 billion, over 100 billion, some sort of really big number. So even just scaling back the float, scaling back the, the amount raised, obviously scaling back the valuations as well. There's a number of levers that they could pull, but it is not what you want to see if you're trying to get out or you need to get out. But we'll, we'll see how they play it. I mean, the, the prediction markets, I was looking at the prediction markets on like the, the IPO, not that, I don't know how prediction markets have held up on, on the non-election, non-sports stuff, but I was looking.

• 16:12Speaker 01

  Yeah, because like, hopefully the people that are underwriting the IPO, like.

• 16:18Speaker 00

  Are trading the call sheet because then it's more accurate.

• 16:22Speaker 01

  No, I'm going to say the opposite. Stay out of it.

• 16:26Speaker 00

  Yes. But, but, but I would imagine that someone who is not an insider, but has a deep understanding of the market, like if you, if you aren't on the Anthropic IPO, maybe you're a retired investment banker, but you've taken tech companies public, like you were at Morgan Stanley during 2000.

• 16:43Speaker 01

  So on November 3rd, at 6:00 PM, the market was saying 88% chance of an IPO before December 1st, and now.

• 16:55Speaker 00

  Was it 60 something?

• 16:56Speaker 01

  61.

• 16:57Speaker 00

  61, wow, that's a lot.

• 16:59Speaker 01

  Yeah, over 20%.

• 17:02Speaker 00

  So that could just be like vibes based, you know, people trading the market, but it also could be, you know, a retired hedge fund guy or a retired investment banker who really understands the likelihood, how the likelihood changes as a function of the overall market.

• 17:18Speaker 01

  Yeah, the interesting thing is there's a world where some institutions, like more institutional investors, larger investors get a bit more skittish because they're looking at their book and, and seeing, you know, massive losses or at least paper losses and retail get, being able to get a lot more exposure. I think like for better or worse, retail is going to be able to invest like more in this IPO than in, than in many of the, of the, of the IPOs of the last year or so, just because it seems like if the price is right, there's unlimited demand for capital.

• 17:56Speaker 00

  It's interesting, like the, the all out blitz on marketing from OpenAI and Anthropic across social media and influencers and whatnot, like awareness is way higher than with a NeoCloud or a SaaS company. One last thing from Jim Cramer, he says, data center locations, he says, these are what I'm concerned about. He's looking at Iron, they have three in Texas, CoreWeave has four in Texas, one in Ohio. They do have plenty of others, some in Sweden, some in Canada, some in India, Nebius has lower Texas exposure. And so people are worried about what will happen to these if they're still building capacity, still getting approvals.

• 18:39Speaker 00

  I'm sure all the analysts are really digging into the exact sites, where they are, how many permits, will they be subject to a pause, will they be subject to a renegotiation there? It does feel like there's, there's already been, I saw some messaging from OpenAI around like power protection program V2, how you actually interact and make sure that power, electricity rates don't go up, like concretizing the, the water usage more. And so all of this will just be more and more, but there are, there are plenty of examples of like the data centers like going well. And then we're going to go over to Take Two CEO Strauss Zelnick, who sat down with the

• 19:21Speaker 00

  Wall Street Journal to discuss the launch of GTA 6. Let's play it.

• 19:26Speaker 02

  Is there a concern? I mean, I think there is a concern that this is your big hit and that you don't have enough hits in your library.

• 19:35Speaker 02

  Can you, I mean, can you, how do you like knock that down?

• 19:41Speaker 01

  Well, look, we have 15 franchises that have each sold at least 5 million units in an individual release. I think we have the best collection of owned intellectual property in the video game business. And I think that's reflected in our top line, our bottom line, and our market cap. So I guess the way I respond to it is like, examine the facts. I don't know. I mean, look, we have in addition to Grand Theft Auto, we have Red Dead Redemption, a massive title, sold over 65 million units in the most recent release, Red Dead Online, Grand Theft Auto Online. We have NBA 2K, which is the second biggest sports title worldwide, the biggest in North America, WWE 2K, Bioshock Borderlands, Civilization, and then on the

• 20:26Speaker 01

  mobile side, Warzone, Friends, I forgot about Bioshock, that's a great series. Hundreds of other titles. It's a pretty good story.

• 20:33Speaker 00

  That's great. That's funny. I didn't know that you were gonna pull up this clip. I saw a different one of him talking about artificial intelligence and just like the question of like, how is Take-Two embracing AI or not? And he was saying like GTA is very handcrafted, but the interesting thing was that he's like, but at the same time, like, it's all computer generated. Like, it's always been computer generated. So like, we will use tools, but there's still a lot of love and human element and creativity that comes in. But don't expect us to not to stop using computers in 2026, when we've been using computers since the company was started.

• 21:08Speaker 01

  Yeah. Yeah. So, one hilarious question and answer. I would say, in minor defense of the interviewer, there is like an extreme power law. Like GTA is such, is such a, like, if Red Dead Redemption 2 is like a grand slam, like, this is like whatever is beyond that, right?

• 21:34Speaker 00

  Back-to-back grand slams.

• 21:35Speaker 01

  Back-to-back.

• 21:36Speaker 00

  I don't even know.

• 21:36Speaker 01

  The World Series.

• 21:38Speaker 00

  Yeah, the World Series, yeah.

• 21:39Speaker 01

  But, uh, but yeah, it's just like a different level, right? And so there is that power law. It is, if you walk around on the street, do you know what GTA is? Like, so for a non-video game audience, like, that's like kind of a fair question. Are you one, are you, you know?

• 21:54Speaker 00

  It's also, it's also fascinating that GTA is trying to, they are trying to hit two grand slams simultaneously. Because the first is on the single-player game, the story, how it feels to play it, how people talk about it, how it's like, you have to sit down on day one, play for hours, the game mechanics, the polish, like, the actual core game. And then there's the economic engine that comes after, which is GTA Online. And that has been massive on GTA V. And so, but I see those as, obviously, they're deeply related. If it's a good game, a lot of people stick around and play for a long time and wind up spending more money on in-game currency and whatnot, and that will drive the business.

• 22:36Speaker 00

  But they are somewhat different products, somewhat different businesses, different artistic and business challenges. And so, it's, it's very interesting. It's also, it was also funny to me, people calling for like, no AI in video games, because it's like, like, the NPCs have always been AI.

• 22:54Speaker 01

  No computer-generated graphics.

• 22:57Speaker 00

  That's one thing. But also, like, like, even, even the, like, the enemies that you play against, like, they are AI. Like, they decide, like, okay, I'm gonna drive this way. I'm gonna like, turn, take a left turn at the light, or pause at the light. If you have no AI, it's just this like, empty world, in the old world. But then, of course, people are talking about AI.

• 23:15Speaker 01

  Leave me alone. Leave me alone.

• 23:17Speaker 00

  Yeah.

• 23:18Speaker 01

  But, uh, but yeah, incredible answer by Strath.

• 23:21Speaker 00

  Take-Two is up today. Everything else is tanking. But Take-Two, it's a flight to safety. It's up 10% in the last five days.

• 23:28Speaker 01

  There we go.

• 23:29Speaker 00

  Everyone's like, okay.

• 23:30Speaker 01

  Great answer.

• 23:31Speaker 00

  Great answer.

• 23:32Speaker 01

  I understand that you have a diversified basket of incredible IP.

• 23:35Speaker 00

  Yeah. It's like, people are gonna be playing games.

• 23:38Speaker 01

  The proven ability to create hits cross.

• 23:41Speaker 00

  Yeah, no, no. It's a good, it's a great business. Yeah, I mean, it goes to show, I mean, what Greg was saying, like, it was the meme. They had us in the first half, I'm not gonna lie. He was talking to the Wall Street Journal. He said, OpenAI had a rough first half of the year before coding takeoff. And he gave a lot of like candid, candid explanation for the evolution of, of the, of the product, of the business, of the financials. He says, "OpenAI struggled through a pretty rough first half of the year," according to co-founder and president Greg Brockman, "period when rival Anthropic pulled ahead with business customers. It wasn't until the third quarter that OpenAI, OpenAI's new tools for agentic software coding found traction, leading to enterprise overtaking consumer." And the

• 24:24Speaker 00

  number that he was really focused on when I listened to a little bit of this interview was, like, I think, over 100% quarter-on-quarter growth for enterprise in the, in Q3, when Anthropic was doing over 100% and then decelerated to 49% or whatever the number is. And so, you know, he's, he's sort of saying, okay, well, we caught up so much, that you can see it in the growth rates specifically, not merely the revenue scales, not merely the products. Look at the acceleration. We are, we're taking share, which is, what, what he wants to do there. He said, "By the third quarter, however, it was entirely different." He said, "With the release of a new frontier AI model, GPT-5.6 Soul, I remember, and ChatGPT

• 25:08Speaker 00

  work setting the stage for a comeback. There had been all this painful behind-the-scenes work that resulted in all this incredible revenue inflection. Yeah, it was ultimately the crazy lock-in. They got No Shazir, a bunch of other people on the team." And personally, I, I, you know, I'm, I'm just excited about all the PMs and design folks coming to work on DOT. There's been a whole bunch of new integrations, and they're really starting to fan the product out across the iOS surfaces. So you can use the action button to call the, call DOT. It picks up faster. That was one of the things, when you called it, it was so weird, because it was like calling a person that's like, sort of ghosting you.

• 25:51Speaker 01

  It's probably only like, 10 seconds, but it still feels like a long time.

• 25:54Speaker 00

  Oh, it feels really weird in the context of AI, because AI always like, gives you feedback immediately, at least a little bit. It's like, okay, I got it. I'm thinking, I received a request, I'll work on that. I'm gonna go kick off some agents or whatever. But this, it would, the phone would just be ringing. And I'd be like, why are you ringing? But of course, it's like spinning up the GPUs to do the right thing, and the voice model, and getting everything loaded into memory, because it's probably running on some VM or whatever. But, uh, yeah, there's a whole bunch of other cool things. You can do like, a DOT iOS widget and have that there. Although, they can't bend as much as I'd like into it. I'm trying to figure out how to, how to sort of brute force and like, manipulate the iOS widgets to give more information. Like, the DOT widget is literally just the

• 26:38Speaker 00

  visualization of the DOT character that you've made. And then when you click it, it opens your DOT, which is fine. I guess it's fun if you like the character. But I wanted it to be like, that is a text list, or like, that is some information that DOT can dynamically put on my home screen, and I can see it. So, I, right now, I have the DOT set up to like, look at all the calendars across personal and TVPN, synthesize them into something that's actually a digest. Because oftentimes, our calendars are like, six back-to-back 15 meetings, and it's like, show guests. And I don't, I don't want that in my calendar. It's really hard to read. But what I wanna know is like, okay, from 11 to 2, I'm doing

• 27:17Speaker 00

  the show, and the last guest is actually at 1:30. So I need to be downtown at 2:30, so I should leave right at 1:30 or whatever. And then I have this going on at home, and this at family, and this at traveling, or whatever. And so, it's able to do that in text and text me. But I want it, like, bended into home screen. And I don't really wanna go build nine, right now, even though I'm sure it could. But it's fun. They're having fun.

• 27:42Speaker 01

  I got an exciting opportunity for you.

• 27:43Speaker 00

  What's that?

• 27:44Speaker 01

  And anyone listening. So if you feel like being greedy when others are fearful, there's a mystery seller is looking to dump 500 million of data center loans today.

• 27:55Speaker 00

  What are you talking about?

• 27:57Speaker 01

  In Bloomberg, in Bloomberg, a roughly half a billion dollar portfolio, a roughly 500 million dollar portfolio of data center loans has been put up for sale all at once in a rare auction that comes just days after a dumb sweep of US midterm elections. The anonymous seller is taking offers for a dozen loans via so-called bids-wanted-in-competition process, according to people familiar with the matter. The loans for sale include a 25 million dollar slice backing a massive data center site that's part of an OpenAI, SoftBank, and Oracle's joint Stargate project in New Mexico. That's interesting. But that, that's the location where Oracle sent the developer a notice citing force majeure.

• 28:42Speaker 01

  The seller is also looking to offload debt tied to operators such as Vantage Data Centers and Cyrus One. And bids are due November 19th. So you have, and you have to have at least 10 million. That's sort of the minimum bid. So you got a little bit of time to like, suss this out. And, uh, and yeah, we'll see, we'll see if, if Buffett comes in, swing in. I mean, imagine if Buffett, like, at some point, I look at CoreWeave, and I'm like, I don't think that Jensen would ever let this company fail, right? And so, at what point is there, is there, is there, you know, it's down 50%?

• 29:24Speaker 00

  Still a lot of cash to go, a lot of cash to go around. Who knows?

• 29:28Speaker 01

  Anyways, it'll be an interesting, interesting end of the year.

• 29:34Speaker 00

  Yeah, for sure. 49 days till Christmas. Yeah, data center debt, that could be a really good Christmas gift. You unwrap, and you got a senior secured note, maybe the mezzanine layer, you know, you got some debt. Just, hey, this is gonna pay you a little coupon. Who knows where it's gonna go? Might not get the cash back. There's some risk, but risk, no risk, no reward. The ultimate Christmas present.

• 29:59Speaker 01

  I got the chat pulled up. They're saying UltraDome, UltraDome was sold, show is over.

• 30:08Speaker 00

  We're gonna prove you all wrong tomorrow. We're going back in the UltraDome. We're proving you, we didn't sell it. We didn't sell it. What might happen?

• 30:15Speaker 01

  We don't know. We haven't been there today. We don't know.

• 30:19Speaker 00

  It might be gone.

• 30:19Speaker 01

  It might have been seized.

• 30:20Speaker 00

  It might be gone. We do, we do on occasion sell something. Thank you for tuning into TVPN. Sign up for our newsletter, tbpn.com. Haven't sold that domain yet.

• 30:29Speaker 01

  People are saying Friday shows are the best. Good news is, it's Thursday.

• 30:33Speaker 00

  It's Thursday.

• 30:34Speaker 01

  So we'll be back.

• 30:35Speaker 00

  We got a Friday show tomorrow in the UltraDome. We're proving you all wrong. You haters think we sold everything. We didn't. We're still going strong. Leave us five stars on Apple Podcasts and Spotify. Sign up for our newsletter, tbpn.com. We still got the domain. Goodbye.

• 30:50Speaker 01

  We love you guys.