The Market Cries Out for Help, Neocloud FUD, Strauss Zelnick Fires Back at Take-Two Slander

(01:04) - NASDAQ Plunges (17:33) - Neocloud FUD (17:38) - 𝕏 Timeline Reactions (27:58) - Strauss Zelnick Fires Back at Take-Two Slander (32:30) - 𝕏 Timeline Reactions 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 Codex - http://openAI.com/codex Follow TBPN: https://TBPN.com https://x.com/tbpn https://open.spotify.com/show/2L6WMqY3GUPCGBD0dX6p00?si=674252d53acf4231 https://podcasts.apple.com/us/podcast/tbpn/id1772360235 https://www.youtube.com/@TBPNLive

• 0:00Speaker 00

  You're watching TVPN.

• 0:02Speaker 01

  Today is Thursday, November 5th, 2026. We are not live from the TVPN. We're back in San Francisco.

• 0:10Speaker 00

  In a bunk.

• 0:11Speaker 01

  We're traveling. We're in a bunky. Uh, no, we're in a very nice office.

• 0:14Speaker 00

  It's deep underground.

• 0:15Speaker 01

  To our hosts and also thank you to Ramp, Time is Money, Save Both, Easy Use Corporate Cars, Bill Pay, Accounting and a whole lot more all in one place. Uh, we had to go to the, the, the scene of the crime. The stock market's down. Tech is selling off. Uh, so I had to go to San Francisco.

• 0:32Speaker 00

  We gotta get to the bottom of this.

• 0:33Speaker 01

  We gotta get to the bottom of it. We gotta go give some people stern talking to.

• 0:36Speaker 00

  Yeah.

• 0:36Speaker 01

  Stock prices are too low. We're gonna sit down with them and say, hey.

• 0:39Speaker 00

  Figure it out.

• 0:40Speaker 01

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

• 0:42Speaker 00

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

• 0:46Speaker 01

  Yes, exactly.

• 0:46Speaker 00

  I don't want, I'm, I, I think we've, we, we're, what, we're down a couple tril- a couple trillions, a couple trillion.

• 0:53Speaker 01

  Yeah.

• 0:54Speaker 00

  We've erased. I always, I always enjoy the 2.2 trillion erased.

• 0:59Speaker 01

  Erased. Kinda gives you a sense of the scale of the market that you can, you can wipe out that much. Uh, 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. Faced with a potential regime shift in markets after the midterms, investors are now positioning for an easing in the data center buildout, knocking chair, 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.

• 1:42Speaker 00

  But not Texas.

• 1:44Speaker 01

  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.

• 2:04Speaker 00

  Yeah, in, you know, in an era where the market will move hundreds of billions or trillions off of purely seemingly algorithms.

• 2:14Speaker 01

  Yeah.

• 2:15Speaker 00

  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.

• 2:23Speaker 01

  Yeah.

• 2:23Speaker 00

  Right? You're going into last week.

• 2:25Speaker 01

  Yeah, yeah.

• 2:26Speaker 00

  We're all sort of expecting like, you know, one of the biggest IPOs ever to land, right? And, uh, and then it seems like everyone was a little bit caught off guard.

• 2:38Speaker 01

  Yeah.

• 2:39Speaker 00

  More generally.

• 2:40Speaker 01

  Yeah.

• 2:40Speaker 00

  But, but again, um, surprised that we didn't see as much selling yesterday.

• 2:45Speaker 01

  Yeah. Uh, let me give you some stats. Uh, so, uh, 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 poke, 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.

• 3:13Speaker 00

  NASDAQ will still up 5% on the.

• 3:15Speaker 01

  On the year, yeah.

• 3:16Speaker 00

  And, and it was Tuesday night, Gersner.

• 3:19Speaker 01

  Yeah.

• 3:20Speaker 00

  Was talking about, we might, we might erase all of the gains from this year, give them all back.

• 3:24Speaker 01

  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.

• 3:32Speaker 00

  It's always priced in.

• 3:33Speaker 01

  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, uh, interest rates are, are falling lower. Uh, liquidity is having.

• 3:48Speaker 00

  Joe had a great post this morning. He said, uh, where is it? Wow, he posts a lot. He says, "Big rally in treasuries the last few weeks. We must have gotten our fiscal house in order."

• 3:58Speaker 01

  That's exactly what happened. 100%. I love it. It's great that, it's great that.

• 4:03Speaker 00

  I was like that. I was like that. It's, it's so fun. Um, yeah, liquidity says NASDAQ has been hit with two nuclear bombs per Reuters, which is like, using the breaking as a joke, I feel like people play it a little fast and loose, but adding per Reuters really feels like you're taking the, the fake news to a new level. Didn't get a community note though. 10K likes. People

• 4:26Speaker 01

  got it. I understand. That's a joke. Um, yeah, Kobe Essie letter. Uh, S and P 500 has erased 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, uh, 6% away from a bear market. So very, very rough. Um, what else is going on? The, there's two funds that people are, are calling out.

• 4:51Speaker 00

  Two, maybe three.

• 4:52Speaker 01

  And Engineers Gate.

• 4:53Speaker 00

  As well as Lone Pine. And again.

• 4:55Speaker 01

  Yeah.

• 4:56Speaker 00

  No one knows. I mean, I think while I, while I already put out a letter saying that they're basically closing down one of their long short strategies.

• 5:04Speaker 01

  One of them.

• 5:05Speaker 00

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

• 5:08Speaker 01

  Short of.

• 5:09Speaker 00

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

• 5:15Speaker 01

  Yeah. Um, factors all going the wrong way today equals liquidations are happening. And people are fake news posting about Leopold. Uh, it does seem like if, if his thesis has remained the same, and certainly if he's using leverage, it would be really tough right now.

• 5:32Speaker 00

  Yeah.

• 5:32Speaker 01

  But people don't exactly know what he's doing. Uh, you know, I think it's, it's fair to throw those community notes on people that are saying like, it's, it's blown up. Like, you don't know. Um, we'll, we'll, we'll see, but.

• 5:43Speaker 00

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

• 5:45Speaker 01

  You don't know.

• 5:45Speaker 00

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

• 5:51Speaker 01

  Oh, interesting.

• 5:52Speaker 00

  It might just be like, I'll see you in 2020.

• 5:54Speaker 01

  Well, just doing privates and that's what saved him in the last, in the last crisis. So who knows? Uh, but Lone Pine, Lone Pine, uh, people are speculating. They're in trouble. Nebius, ASML, Seagate, uh, 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, uh, in CoreWeave, Sandisk, Nebius, uh, et cetera, Core Scientific, Bloom Energy, some of those names are down 50, 60%. And so, uh, even without leverage, it's a very, very rough perspective.

• 6:27Speaker 00

  Yeah, just in the last month, you have Cerebras down 54%, CoreWeave down 50%. So it is just, uh.

• 6:35Speaker 01

  Yeah, it does seem like people are kind of piling on. You, you saw the CoreWeave, uh, the Cerebras thing about how some, uh, short seller came out and said like their chip stopped working after two years. And it was like really, really negative on the actual.

• 6:48Speaker 00

  Sorry, I'm just getting the chat up. They're asking, uh, did we get liquidated and lose the?

• 6:57Speaker 01

  We're, uh, yeah.

• 6:58Speaker 00

  Yeah.

• 6:59Speaker 01

  Yeah, yeah, we have to sell those. They're not cameras. 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, and the sacks, like the, uh, you know, some, some burlap sacks and some bindles. Uh, we need to be standing in line for some handouts. Uh, 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, uh, 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.

• 7:44Speaker 01

  Asset owners will continue to win in the long term." Well, uh, let me talk about Figma real quick.

• 7:49Speaker 00

  Go for it.

• 7:49Speaker 01

  Figma agents meet the canvas. Your AI agents can now create and modify your Figma files with design system context.

• 7:57Speaker 00

  A lot of people that, uh, you know, were subscribed to Michael Burry, Zitron.

• 8:02Speaker 01

  Yeah, yeah.

• 8:02Speaker 00

  That sold, you know, back in 2023.

• 8:05Speaker 01

  Yeah.

• 8:05Speaker 00

  When they started making his calls. They're feeling pretty good.

• 8:07Speaker 01

  Yeah, for sure. For sure.

• 8:09Speaker 00

  Um, I don't know that they're gonna be jumping back in.

• 8:11Speaker 01

  Yeah.

• 8:12Speaker 00

  Yeah?

• 8:12Speaker 01

  I know some people sold all the way back in 2021. They're feeling like they called this way early. Here. Uh, McDonald's is up 20% in the past month.

• 8:21Speaker 00

  There we go. Good Alexander.

• 8:23Speaker 01

  The quality.

• 8:24Speaker 00

  Says pricing surge of applicants. Pricing in the surge of applicants. Yeah.

• 8:29Speaker 01

  Yeah, cost of labor going down as everyone stops trading stocks hits the, hits the, the fryer.

• 8:35Speaker 00

  Vlad, uh, Vlad saying, uh, over at Robinhood saying, "The trenches are calling and I must go."

• 8:42Speaker 01

  Which, where do you go? Aren't you already in your office? Aren't you in the trenches every day?

• 8:47Speaker 00

  We created the, the trenches.

• 8:49Speaker 01

  We did the trench.

• 8:50Speaker 00

  Uh, how's Robin doing? Down 11, 11% today. Makes sense.

• 8:54Speaker 01

  Yeah.

• 8:55Speaker 00

  Um, um, but, uh, but yeah, uh, funny, funny post.

• 9:00Speaker 01

  Yeah. Oh, well, we'll, we'll, we'll see. The market will have whatever it has.

• 9:09Speaker 01

  You know, everything can shift depending on the next, like, earnings cycle, leak cycle, on progress on all sorts of technology. But it does seem like the, 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 it. There's a good permit.

• 9:36Speaker 00

  Potentially be so a lot more value.

• 9:38Speaker 01

  Yeah, and they can sell into the spot, uh, spot price. And then also, they, uh, the, the, 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. Uh, and so it, it'll still be slower than some of the Neo clouds, but we'll, 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, uh, 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.

• 10:21Speaker 01

  But it's clear that, uh, the broadly, the, the electorate in a lot of states are saying, okay, we don't like the current deal. We don't like the, the, the structure of the trade, uh, for a variety of reasons. Some of them completely legitimate, some of the sort of misinformed by, uh, you know, misunderstandings of the, of the impact. But yeah, be interesting. What, uh, uh, what, what is Joe Weisenthal saying here? Uh, let's dig into this. But first, I'll tell you about Shopify. Shopify is the commerce platform that grows with your business and lets you sell in seconds, online, in-store, on mobile, on social, on marketplaces, and now with AI agents. Um, so is there something going on beyond coding? Intuitively, maybe personal assistant bots, but as Elon said, the Grok bot hadn't, hasn't

• 11:05Speaker 01

  had good economics. A lot of those are like, if you wait, the economics will get better. But it's super competitive and you're, and, and there's so many other things that at least SpaceX can do with their compute. They can send it over to, uh, Google, Anthropic, all the other buyers. So, uh, 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 as, uh, for science, uh, 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

• 11:46Speaker 01

  science and AI chip design. But what we actually want to know is when any of that turns into money. You know, some of these initiatives, if they're, if they're.

• 11:53Speaker 00

  Yeah, I think the main, the main thing is like, what, what Joe's referencing is,

• 11:59Speaker 00

  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, 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.

• 12:15Speaker 01

  Yeah.

• 12:15Speaker 00

  Per person.

• 12:15Speaker 01

  Yeah.

• 12:16Speaker 00

  Let's say. And so, um, AI spend is still tiny relative to the other costs in the business. And so they're, they're sitting there saying, I'm willing to spend a lot more.

• 12:25Speaker 01

  Yeah.

• 12:25Speaker 00

  I just can't find a way yet to apply it outside of coding and a, and a couple of these other domains.

• 12:31Speaker 01

  Yeah, yeah. I mean, if you just add up the revenues from all the harness companies, I don't want to necessarily call them 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, doesn't move the needle that much. And so, well, next, yeah.

• 12:56Speaker 00

  They are getting a lot of the revenue.

• 12:57Speaker 01

  Oh, yeah, already they're getting a ton of revenue. But, uh, what, what I'm saying is like, like, uh, an engineer can easily justify, uh, a hundred thousand dollar token budget a year if they're making 200, 300, $400,000 in their comp package. Uh, 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.

• 13:20Speaker 00

  I think you floated more aggressive.

• 13:23Speaker 01

  Yeah. But, um, it's, it's that, uh, right now, everyone who has a marketer on their team, everyone who has a, 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 the AI, 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

• 14:05Speaker 01

  and AI for chip design. 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, uh, you know, humans to have tried this drug for nine months straight. I want, you, you can use AI to design it. You can use AI to do all the different testing and, and, and you can, uh, work for, on AI for the manufacturing. But at the, at the, at the other 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. And so that's a little bit slow, even if the balance sheet is there from the big biotech companies.

• 14:48Speaker 00

  Also, yeah, I'm on the, on the AI for science side and R and D. I just think like, generating a bunch of, you know, we talked about this with, uh, Dylan and the semi-analysis team.

• 14:57Speaker 01

  Yeah.

• 14:58Speaker 00

  Like, there's the, um, there's like the, the idea generation part, which like, already there's a lot of ideas. And then there's the actual like R and D process to figure out if something is like viable.

• 15:12Speaker 01

  Yeah.

• 15:12Speaker 00

  You're going to use, the, the second part takes a lot of time. My, my concern with like how that revenue will ramp over time is that, um, like, you just can't, even with AI, you're not going to pick, I think at this point, anything where it still has to tie into the real world.

• 15:31Speaker 01

  Yeah.

• 15:31Speaker 00

  Right? Through like, um, you know, uh, human trials, things like that. You're not going to like pick.

• 15:38Speaker 01

  Physically, you're going to sand into silicon, into a fab. It is by definition slower.

• 15:44Speaker 00

  Thousand, you can run 5,000 simulations.

• 15:46Speaker 01

  Yes.

• 15:46Speaker 00

  And software, but then once it's in the real world and, and, uh, you're just not.

• 15:51Speaker 01

  And we've seen this with both the model progress on anything that can't be, can't, the RL can't happen in a millisecond on a server. It, if it has anything in the external world, that's a huge, that's a huge drag on the speed with which it can diffuse. Um, but, uh, but we'll, we'll, we'll, we'll see. I mean, at the same time, like, the market is good at pricing breakthroughs. Like, the GLP ones drove a trillion dollars in market cap.

• 16:17Speaker 00

  Yeah.

• 16:17Speaker 01

  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, um, 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, uh, there's still lots of optimism there. Um, let me tell you about console. We still got our console stickers on here. Console builds AI agents that automate 70% of IT, HR and finance support, giving employees instant resolution for access requests and password resets. Uh, so to summarize the Citrini article,

• 17:01Speaker 01

  Citrini overhauls thematic model book calls peak in AI infrastructure capex. Citrini says AI infrastructure asymmetric risk has shifted to downside. Citrini expects higher costs for US data centers after Democratic. I think that we brought the, the, hey, we didn't have to sell the soundboard, okay?

• 17:19Speaker 00

  Yeah.

• 17:20Speaker 01

  We might down 5%, but we still got this.

• 17:22Speaker 00

  We grabbed this on the way out.

• 17:24Speaker 01

  Yeah, that was the last thing. Uh, Citrini warns macro regime shifting toward late cycle stagflation tilts. So, uh, lots of, lots of rough stuff on the timeline. Uh, Stephen Balaban's extremely bullish on Neo clouds. If there's pushback on data centers in some districts, that will artificially suppress supply of the exact product that, uh, 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. Um, yeah, it's sort of his Christmas. Speaking of Christmas, how many days till Christmas?

• 18:02Speaker 00

  Pull it up.

• 18:02Speaker 01

  I think we have just 49 days until Christmas and the Nasdaq is down over 4.9%. No, we have a better, we have a better fun fact. 49 days till Christmas. The Porsche 928 was debuted in Geneva in 1977. That's 49 days ago. So, oh, good, good tidbit, good historical tidbit. We had some options for which way we were going to go. Was it going to be an age? We went with the, with the Porsche. Uh, I didn't even need to hear the other options. I called it immediately. Uh, so IPO window. It's impossible, but it's necessary. This has got to get out. 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,

• 18:45Speaker 01

  which is what the American people feel. That's not that big of a deal. Like, it's a well capitalized business.

• 18:52Speaker 00

  Also, fear can be a driver to invest.

• 18:58Speaker 01

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

• 19:02Speaker 00

  I'm scared of this thing, but.

• 19:03Speaker 01

  Yeah.

• 19:03Speaker 00

  At least I want to make some money on it.

• 19:05Speaker 01

  Totally. And the last round was 960, something like that, 960 billion, like just a hair shy of a trillion.

• 19:10Speaker 00

  Yeah.

• 19:11Speaker 01

  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, uh, it's, and they haven't done a round since. I don't know, in granting equity. So it, it feels like they do have a cushion of, of safety there where like, okay, they, they mentally jumped from 960 billion, basically 1 trillion, to basically 2 trillion. Everyone was like, it's going to be 2 trillion IPO, it's going to be 2 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, uh, how much excitement there will be.

• 19:44Speaker 00

  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?

• 19:52Speaker 01

  Yeah.

• 19:53Speaker 00

  Like, or does it make sense to, um, you know, wait until things stabilize a little bit more? I, 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

• 20:08Speaker 01

  Yeah.

• 20:08Speaker 00

  These allocations.

• 20:09Speaker 01

  Yeah.

• 20:09Speaker 00

  And I can still imagine a lot of people saying like, I believe in this company long term.

• 20:14Speaker 01

  Yeah.

• 20:14Speaker 00

  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.

• 20:23Speaker 01

  Yeah.

• 20:23Speaker 00

  I think there's like, I still think there's tremendous amount of upside.

• 20:27Speaker 01

  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, uh, obviously scaling back the valuation as, 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 uh, 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. Now that I, I don't know how prediction markets have held up on, on the non-election, non-sports stuff. But I was looking at.

• 21:08Speaker 00

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

• 21:14Speaker 01

  Are trading.

• 21:15Speaker 00

  That, that.

• 21:15Speaker 01

  The call date, because then it's more accurate, right?

• 21:19Speaker 00

  No, I was gonna say the opposite.

• 21:20Speaker 01

  Stay out of it.

• 21:21Speaker 00

  Stay out of it.

• 21:22Speaker 01

  Yes.

• 21:23Speaker 00

  Don't.

• 21:23Speaker 01

  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.

• 21:39Speaker 00

  On November 3rd.

• 21:40Speaker 01

  Yeah.

• 21:41Speaker 00

  At 6:00 PM, the market was saying 88% chance of an IPO before December 1st. And now.

• 21:51Speaker 01

  60 something?

• 21:52Speaker 00

  61.

• 21:53Speaker 01

  61, wow.

• 21:54Speaker 00

  Down.

• 21:54Speaker 01

  That's a lot. Yeah.

• 21:56Speaker 00

  Over 20%.

• 21:58Speaker 01

  So that could just be like vibes based, you know, uh, 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. And, and they could be talking to public markets, investors who are giving them inside and, and, and information. But are able to educate them about liquidity generally.

• 22:25Speaker 00

  Yeah. The interesting thing is, uh, 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, uh, and, and seeing, uh, 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, um, 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, you know, year or so, just because it seems like if the price is right, there's unlimited demand for capital.

• 23:05Speaker 01

  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. There's a lot of people that hate it. I don't know if they're retail investors, uh, but there's certainly more awareness, but you don't have the cult of Elon with either Sam or Dario, to be true.

• 23:30Speaker 00

  Yeah.

• 23:31Speaker 01

  Right? You have people that are maybe intimidated or maybe like cautiously optimistic, but you don't have people that are like ride or die. Like we're going to Mars. I got the.

• 23:39Speaker 00

  Yeah.

• 23:39Speaker 01

  I got the, the Cybertruck.

• 23:41Speaker 00

  Well, you get that because you had a bunch of people invest in Tesla at what a sub $10 billion market cap.

• 23:47Speaker 01

  Totally. They've made, they've made money with him before. Yeah.

• 23:49Speaker 00

  Yeah.

• 23:50Speaker 01

  One last thing from Jim Cramer. He says, uh, data center locations. He says, these are what I'm concerned about. He's looking at Iron. They have three in Texas. Core Weave has four in Texas, one in Ohio. They do have, uh, plenty of others, some in Sweden, some in Canada, some in India. Nebius, uh, does, has lower Texas exposure. Um, and so, uh, people are worried about what, what will happen to these if they're still building capacity, still getting approvals. Uh, 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, um, a renegotiation there?

• 24:30Speaker 01

  It does feel like there's, there's already been, uh, I saw some messaging from OpenAI around, uh, 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. Um, and so, uh, 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. There was an interesting debate between Chris Mims and, uh, over at the Wall Street Journal and Mike Isaac over at the Atlantic around the, uh, around the difference, the different takeaways. Before we get into this, let me tell you about CrowdStrike. Your business is AI, their business is securing it.

• 25:14Speaker 01

  CrowdStrike secures AI and stops breaches. So, uh, let me see if I can actually find it because, uh, Mike Isaac said like, okay, based on everything that's happening, it looks like, uh, the only, the only takeaway is people, uh, like tech people will take away that it's just a messaging problem. And it says voters are very pessimistic on AI. The majority of voters say AI will do more to hurt society. Only a quarter will say it will help. And some of these, some of these polls are like, they, they, they, they niche them down. So they first ask you like, are you voting based on AI? And like 10 people say like, yeah, that's my issue, where a lot of people say like gas prices or like geopolitical conflict, right? But then within those, they say, okay, are you voting on AI?

• 25:58Speaker 01

  Then do, are you optimistic, pessimistic, et cetera? Mike Isaac, the rat king says, my guess is the primary thing the tech industry will take away from this data is that it's a messaging problem. Because what else can we do when the majority of voters say what you are building is bad for society? Genuine philosophical question. Uh, I think the answer is a lot of what, uh, Chris Mims was saying, which is, uh, he said, he actually posted this a long time ago, so he resurfaced it. And he said, practically no one read this when I published it a couple of months ago. But I'm going to immodestly propose that everyone who wants to build a data center or whose livelihoods depend on them getting built, should read it now. Big tech can build data centers. People won't hate. And we've been through some of these, you know, sound and water and power.

• 26:39Speaker 00

  My point was like, make it, make it have a concrete positive impact on the local, the lives of the people in the local community. Even if it comes down to like, we're going to pay you.

• 26:50Speaker 01

  Yeah.

• 26:51Speaker 00

  You know, $500 a month.

• 26:52Speaker 01

  Yeah. I mean, the A of US playbook is right there for the taking. Like people in Virginia, very happy, very wealthy. It's done very well. But in the sprint, everyone was like, we gotta throw out that playbook. Because you even remember like Meta was building data centers in tents, like, and, and instead of, instead of traditional buildings. And like, I don't know if that actually has an effect on how much water you're using, how much power you're using.

• 27:16Speaker 00

  Of course.

• 27:16Speaker 01

  Running, natural gas.

• 27:18Speaker 00

  Scraps in a cave. Outside of Memphis.

• 27:21Speaker 01

  Yeah. And so you, you, you can easily see that it's like, okay, when speed is the most important thing, then yeah, maybe you're going to tick off the local population a little bit more because you're not taking the extra step to think about, okay, what color should it be? Or like, how noisy should it be? All these things. And then there's a lot of retrofits that people are unhappy with. Um, there are some other stories, uh, the big one.

• 27:44Speaker 00

  We gotta talk about.

• 27:45Speaker 01

  Please.

• 27:45Speaker 00

  We gotta talk about, uh.

• 27:47Speaker 01

  Strauss, okay. I'll pull up this video from Strauss Zelnick first. I'm going to tell you about Cisco, critical infrastructure for the AI era. Unlock seamless, real-time experiences and new value with Cisco. And then we're going to go over to take two CEO Strauss Zelnick, who sat down with the Wall Street Journal to discuss the launch of GTA 6. Let's play it.

• 28:07Speaker 02

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

• 28:17Speaker 02

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

• 28:23Speaker 00

  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, um, I guess the way I respond to it is like, examine the fact. I don't, I don't know. I'm, look, we'd 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, um, NBA 2K, which is the second biggest sports title worldwide, but the biggest in North America.

• 29:03Speaker 00

  We'll WWE 2K, Bioshock Borderlands Civilization, and then on the mobile side, we're friends.

• 29:09Speaker 01

  I forgot about Bioshock. That's a great series.

• 29:11Speaker 00

  Hundreds of other titles.

• 29:12Speaker 01

  Borderlands is a good.

• 29:12Speaker 00

  Pretty good story.

• 29:14Speaker 01

  That's great. That's funny. I, I didn't know that you were going to 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?

• 29:25Speaker 00

  Yeah.

• 29:26Speaker 01

  And he was saying like, cheese 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 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.

• 29:49Speaker 00

  Yeah.

• 29:50Speaker 01

  But.

• 29:50Speaker 00

  Yeah. So one hilarious question and answer.

• 29:54Speaker 01

  Yeah.

• 29:54Speaker 00

  I would say in. Minor defense of the interviewer. There is like an extreme power law.

• 30:01Speaker 01

  Yeah.

• 30:01Speaker 00

  Like GTA is like such is such a.

• 30:06Speaker 01

  Yeah.

• 30:06Speaker 00

  Like if if Red Dead Redemption two is like a grand slam. Like this is like whatever is beyond that, right?

• 30:16Speaker 01

  Back to back grand slam.

• 30:17Speaker 00

  Back to back.

• 30:17Speaker 01

  I don't even know.

• 30:18Speaker 00

  The World Series.

• 30:19Speaker 01

  Yeah, the World Series.

• 30:20Speaker 00

  But uh, but yeah, it's just like a different level, right?

• 30:23Speaker 01

  Yeah.

• 30:23Speaker 00

  And so there is that power law. It is if you walk around on the street, do you know what GTA is? Like so, so for a non video game audience.

• 30:31Speaker 01

  Yeah.

• 30:31Speaker 00

  Like that it's like kind of a fair question.

• 30:33Speaker 01

  Yeah.

• 30:34Speaker 00

  Are you one, are you, yeah?

• 30:36Speaker 01

  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.

• 31:17Speaker 01

  But they are somewhat different products, somewhat different businesses, different.

• 31:22Speaker 00

  Yeah.

• 31:22Speaker 01

  Artistic and business challenges. And so uh, it's, it's very interesting. It's also, it was also funny to me, people calling for like a no AI in video games. Because it's like, like the NPCs have always been AI.

• 31:36Speaker 00

  No computer generated graphics.

• 31:38Speaker 01

  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 of a light. If you have no AI, it's just this like empty world in the old world. But then of course.

• 31:56Speaker 00

  They're like, leave me alone.

• 31:57Speaker 01

  Yeah.

• 31:57Speaker 00

  Leave me alone.

• 31:58Speaker 01

  Yeah.

• 32:00Speaker 00

  But uh, but yeah, incredible answer by Strauss and uh.

• 32:03Speaker 01

  Well, you're the greatest ever doing it.

• 32:05Speaker 00

  Was a little, little embarrassing.

• 32:08Speaker 00

  Where should we go next? There's a couple of things I want to talk about.

• 32:11Speaker 01

  To public. Take two, also, the market loved it. So public invest across all asset classes, automate anything with AI agents, run trading strategies, risk management, money movements and monitor markets with AI agents for investing on public. 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.

• 32:31Speaker 00

  There we go.

• 32:31Speaker 01

  Everyone's like, okay.

• 32:32Speaker 00

  Great answer.

• 32:34Speaker 01

  Great.

• 32:34Speaker 00

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

• 32:38Speaker 01

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

• 32:40Speaker 00

  The proven ability to create hits.

• 32:42Speaker 01

  Yeah. Yeah, no, no, it's a good, it's a good business. I want to talk.

• 32:47Speaker 00

  A post here from Dalian. He said someone put a little, a boy, Schonrath Wire in Pat Grady's coffee this morning.

• 32:53Speaker 01

  I agree.

• 32:54Speaker 00

  Yeah, a lot of people were, um, you know, Sequoia, uh, making some changes to their strategy, continuing their evolution.

• 33:02Speaker 01

  Yeah, the core, we, are you familiar with like the core of what they're doing? They're shuttering the London office. They've already spun off the India and China strategies. So really focused out of their American headquarters effectively. And then uh, and then consolidating the partnership and the core team as well. And then uh, also merging seed and growth, early stage and growth, venture and growth. So it's just like, there's a group of investors and they can do whatever they need to in the market. And then they're not gonna have partner meetings either, because they say founders work 24/7. We'll be available when they're, when they're available, when they need us, we'll be there and we'll be able to make deal decisions. It feels like a very modern format and it seems like a good move.

• 33:45Speaker 01

  But a lot of people are a little defensive, right? Cause it's, it's implicitly taking shots at, well, maybe you don't need to be investing if you're in Europe or something. Or you don't need to be there on the ground to win the European deals. Because Sequoia has won a lot of European deals. And their American based partners have been the ones to win those sometimes. So uh, anything else in this?

• 34:09Speaker 00

  Oh, I just thought it was amazing that Pat was, Pat was firing back.

• 34:12Speaker 01

  Yeah.

• 34:12Speaker 00

  He asked, uh, James, did you guys have an emergency? How do we use this to deep uh, deposition? Sequoia meeting?

• 34:20Speaker 01

  Yeah.

• 34:21Speaker 00

  Uh, today, geez man, we used to like working with the RE shots fired. Very few exclusively early stage focused funds remaining. You guys are nailing this messaging, keep at it.

• 34:31Speaker 01

  Spicy.

• 34:32Speaker 00

  So funny. For decades, it's just like, like it just come. It just comes down to the, to the fact that if you're an elite founder.

• 34:41Speaker 01

  Yeah.

• 34:41Speaker 00

  It doesn't matter how Sequoia is set up. You can go have a conversation with them at any stage and like if they want to lean in, there's a very good chance that they're winning that deal.

• 34:52Speaker 01

  It seems to be sort of friendly with Dalian. Dalian's taking the victory lap, saying he's been doing this since 2019. FF shut down the sixth scout program in 2019. Dalian pushed hard for that. We've never done part in Monday, partner meetings. I took them long enough, haha, whatever. And Pat says, interesting, what else do you guys do over there? Asking for a friend. See, that, that's playful, that's not, that's not firing that hard, I think, I think.

• 35:15Speaker 00

  Okay.

• 35:15Speaker 01

  But the next one, Martin. This was a bloodbath, you saw this? So Martin opens up with no doubt that building a transatlantic firm is hard, but it's new line. I'm not sure what the new line is doing there, but uh, it seems like it was written on the typewriter or something. Well, we've spent the past three decades doing it index and we're not, and we're not going to stop. It's the best way to support founders who want to build something on both sides of the Atlantic. Pat Grady, out of the gate, hits him with the hey bud. That's one of the most aggressive things you could do on the timeline. It's uh, that's, that's roadkill right now, that's really, really hardcore. Yeah, he says, I love index and think the world of you guys, period. And then but.

• 36:00Speaker 01

  The period, two spaces.

• 36:02Speaker 00

  The hey bud.

• 36:03Speaker 01

  Hey bud.

• 36:03Speaker 00

  Pause.

• 36:04Speaker 01

  Pause, but you know, and I know that it's baloney, hitting him with the baloney.

• 36:09Speaker 00

  Baloney.

• 36:09Speaker 01

  That's like elite dad tier, just trash talk.

• 36:13Speaker 00

  You can't come back.

• 36:14Speaker 01

  That dad tier trash.

• 36:15Speaker 00

  He didn't get a response.

• 36:16Speaker 01

  I don't think so. I think.

• 36:18Speaker 00

  Because after you get the bud, pause, but baloney.

• 36:22Speaker 01

  Hit them with the baloney is crazy. It's crazy. So is baloney deposition this is Sequoia is closing London because it's hard.

• 36:30Speaker 00

  Yeah, when I think about, when I think about uh, like amazing.

• 36:34Speaker 01

  Yeah.

• 36:34Speaker 00

  European companies.

• 36:35Speaker 01

  Yeah.

• 36:35Speaker 00

  Of the last like decade or two, I'm thinking Klarna, like.

• 36:40Speaker 01

  Revolut.

• 36:41Speaker 00

  Uh, like.

• 36:42Speaker 01

  Aladdin.

• 36:42Speaker 00

  Aladdin Labs, yeah. So it doesn't, it seems like it's certainly, certainly hard, but it seems like they're, they're pulling it off.

• 36:51Speaker 01

  Yeah, yeah. Also.

• 36:52Speaker 00

  The other thing was funny, when somebody, somebody said, when you combine a growth team and an early team, you become a growth team. And Pat's just like, I think you mean to use fund or team? Like when you combine a growth fund and then early, and then early.

• 37:07Speaker 01

  Yeah, it is kind of odd.

• 37:08Speaker 00

  Anyway.

• 37:08Speaker 01

  I don't know. One last thing on this, he says, he says, I know that it's baloney to, you know, and I know that it's baloney to position this as Sequoia is closing London because it's hard. Notice, he capitalizes the L in London, doesn't capitalize the S in Sequoia. He's just like, I'm chill online, but I'm paying respects to London on the way out. But I won't be doing business there ever again, just kidding.

• 37:32Speaker 01

  Anyway, some fun, fun timeline. Isaiah Taylor had a, had a terrible time checking into a hotel room. Has this ever happened to you? Let's go into it after I tell everyone about Codex. Codex is a powerful workspace for getting work done with your algorithms. Whether you're writing code, analyzing data, creating content, or automating business workflows. Codex helps you move projects forward from start to finish. So Isaiah had a problem with hotel and he lays it out in very dramatic form, a back and forth with him in this anonymous hotel. So he says, hotel, hmm, we were expecting you today. Me, Isaiah, standing with my bags at 4:00 AM, that's a late arrival. It's sort of yesterday right now, if you think about it. And the hotel's confused and he says, me, if I booked for today, you wouldn't let me check in till 4:00 PM. So let's call it yesterday.

• 38:16Speaker 01

  Hotel, dot, dot, dot, can someone fix hotels? And I thought this would be fine. Is this, is this a common problem? If you book the day before, you can't check in at a certain point?

• 38:26Speaker 00

  I imagine, I imagine this is like a, like a roadside motel, you know?

• 38:31Speaker 01

  Something grizzled, yeah.

• 38:32Speaker 00

  Yeah, with, with somebody, it's 4:00 AM, you got the night shift going on. It's not exactly, this doesn't exactly, I, I think it, I think it like.

• 38:39Speaker 01

  He's gonna be a man.

• 38:39Speaker 00

  If you're at like Four Seasons, Amman, you know, things like that, they're gonna be like.

• 38:44Speaker 01

  You're gonna be fine.

• 38:44Speaker 00

  Here you go, sir, right this way. I hope you got in nice. But at the roadside motel at 4:00 AM.

• 38:50Speaker 01

  Yeah, they're like, hey, your seat away.

• 38:52Speaker 00

  Yeah.

• 38:52Speaker 01

  Yeah, we sold it on the back.

• 38:55Speaker 01

  Yeah, funny, he, he proposes wanting to like slide, drag a slider on a phone, get the specific hours and days. Uh, I, I think he played it right. I think if you book the day before, you should be able to check in at 4:00 AM. Shouldn't be a problem, they shouldn't give up your slot. But uh, good luck to him on his world tour.

• 39:12Speaker 00

  Thank you to our friends over at Latein Space.

• 39:15Speaker 01

  Oh, yeah.

• 39:15Speaker 00

  They said, hey, TVP, you got, you dropped this, but we got you. And they made their own card, CatWu, uh, going from uh, one of the creators of Claude Code.

• 39:27Speaker 01

  Yeah.

• 39:27Speaker 00

  One of uh, the most commercially successful products of all time, like period.

• 39:33Speaker 01

  Yeah.

• 39:35Speaker 00

  With a, with a, like, is there a product that's ramped revenue?

• 39:40Speaker 01

  I think if you look at the.

• 39:42Speaker 00

  Like just like a line.

• 39:43Speaker 01

  The highest, the fastest.

• 39:45Speaker 00

  Yeah, so um, you know, really incredible run at Anthropic. I was.

• 39:50Speaker 01

  Crazy trade deal.

• 39:51Speaker 00

  Yeah, crazy trade deal.

• 39:52Speaker 01

  Opening hat, I got.

• 39:53Speaker 00

  Announced that she was leaving, I think on Tuesday. And then obviously um, announced where she was, was joining. Obviously everyone now sort of focus on uh, Thoreek.

• 40:02Speaker 01

  Yeah.

• 40:03Speaker 00

  Thoreek.

• 40:03Speaker 01

  Is he gonna stay playing WoW forever? For months, years, or is he gonna get back in the arena? Sometimes, someone's gonna make a play, make an offer that he can't refuse, 1 billion WoW gold.

• 40:15Speaker 00

  There was a good post here, we can go back in time a little bit, um, from a Teja. He said, OGs, remember, these are original, uh, original trading cards, you can appreciate the design. Claude Code PM's joined Cursor. And then we hit him with the Uno reverse.

• 40:32Speaker 01

  True.

• 40:33Speaker 00

  About 10, I think it was 10 days later, maybe two weeks.

• 40:36Speaker 01

  Really fast.

• 40:38Speaker 00

  They, they, they checked things out at Cursor and they, they, they went back. That, that was still to this day, one of the most strange.

• 40:44Speaker 01

  Yeah, sagas in tech. Yeah, we were really.

• 40:48Speaker 00

  Or listen that they crazy like, yeah, crazy that they left in the first place.

• 40:52Speaker 01

  Yeah.

• 40:52Speaker 00

  And then even crazier that they went back.

• 40:54Speaker 01

  Yeah.

• 40:55Speaker 00

  Right away.

• 40:55Speaker 01

  Yeah, yeah, yeah. Nobody knows anything, that's the take.

• 40:58Speaker 00

  But then it's been, you know, it's been well more than, you know, north of, of a year.

• 41:03Speaker 01

  Yeah.

• 41:03Speaker 00

  Since uh.

• 41:04Speaker 01

  It's a decade now.

• 41:07Speaker 00

  Tig says Cat Wu has the opportunity to do the funniest thing at all.

• 41:11Speaker 01

  If you wish. Go back to Antwerp. Yeah, the wild, I somehow think that would not happen, but strange things happen in tech all the time. 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. A period when rival Anthropic pulled ahead with business customers.

• 41:53Speaker 01

  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 number that he was really focused on when I listened to a little bit of this interview was, like, I think over a hundred percent

• 42:10Speaker 01

  quarter on quarter growth for enterprise in the, in Q3, when Anthropic was doing over a hundred percent and then decelerated to forty nine percent 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 nearly the revenue scales, not merely the products. Look at the acceleration. We are, we're, 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 five point six soul, I remember, and ChatGPT 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.

• 42:55Speaker 01

  They got Nishazir, 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, 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 that, 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.

• 43:28Speaker 00

  Like, it's probably only like ten seconds, but it still feels like a long time.

• 43:32Speaker 01

  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. Cause it's probably running on some VM or whatever. But 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, like manipulate the iOS widgets to give more information.

• 44:13Speaker 01

  Like the DOT widget is literally just the 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'm, I have the DOT set up to like, look at all the calendars across personal in TVP and synthesize them into something that's actually a digest. Because oftentimes our calendars are like six back-to-back fifteen 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 want to know is like, okay, from eleven to two, I'm doing the show and the last guest is actually at one thirty.

• 44:58Speaker 01

  So I need to be downtown at two thirty, so I should leave right at one thirty or whatever. And then I have this going at home and this at family and this traveling or whatever. And so it's able to do that in text and text me, but I want it like bended into home screaming. And I don't really want to go build a knife right now, even though I'm sure it could. But it's fun, you're having fun.

• 45:19Speaker 00

  I got an exciting opportunity for you.

• 45:21Speaker 01

  What's that?

• 45:21Speaker 00

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

• 45:33Speaker 01

  What are we talking about?

• 45:35Speaker 00

  In Bloomberg, in Bloomberg, a roughly half a billion dollar portfolio. A roughly five hundred 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 Dem's 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 who know what the matter. The loans for sale include a twenty five million dollar slice backing a massive data center site that's part of an OpenAI softbank and Oracle's target project in New Me, in New Mexico. That's interesting.

• 46:14Speaker 00

  But that, that's the location where Oracle sent the developer a notice citing force majeure. The seller is also looking to offload debt tied to operators such as Vantage data centers and Cyrus One.

• 46:26Speaker 00

  And bids are due November nineteenth, so you have, and you have to have at least ten million. That's sort of the minimum bid. So you got a little bit of time to let us this out. And, 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,

• 46:50Speaker 00

  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.

• 47:01Speaker 01

  Still a lot of cash to go, a lot of cash to go around.

• 47:06Speaker 00

  It'll be an interesting, interesting end of the year.

• 47:11Speaker 01

  Yeah, for sure. It's forty nine days till Christmas. Let me tell you about MongoDB. What's the only thing faster than the MongoDB, than the AI market? Your business on MongoDB, don't just build AI, own the data platform that powers it. Yeah, data center debt, that could be a really good Christmas gift. You, 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. All the ultimate Christmas present. Well, you see Dean Ball rugged us. You saw this? He's rug posting.

• 47:51Speaker 01

  He, apparently he's a rug head and he's just sharing pictures of rugs that he likes. How would you, how would you review these rugs? Are you, are you a rug fan? Do you like an ornate rug like this? I've never really gone down the rabbit hole.

• 48:04Speaker 00

  Rugs are, I'm not, not, I'm not actively like collector of rugs. I, I don't obsess over them, over the way I would, maybe some other types of collectibles. But I have been consistently shocked at how well really high quality rugs age. Like it is, it is actually unbelievable. Like I have, I was, I was gifted a rug for my aunt when I moved in, when I, when I, when I left college that she had had for years and years. And it was like something like eighty years old, but you would have been, you would have believed that it was like two years old.

• 48:49Speaker 01

  Interesting.

• 48:50Speaker 00

  And it had been in constant use for that long.

• 48:52Speaker 01

  Yeah.

• 48:52Speaker 00

  And so I think the technology itself is like, is unbelievable. It actually is unbelievable.

• 48:59Speaker 01

  So they could be like the new air-cooled Porsches of the modern era.

• 49:02Speaker 00

  I think so.

• 49:02Speaker 01

  The new holy trinity of, we gotta get to the bottom of this.

• 49:05Speaker 00

  Sell all of your assets, trade all of your assets for rugs.

• 49:09Speaker 01

  Yeah.

• 49:12Speaker 00

  Well, a lot of red out there, a lot of red. Brian Johnson will be using all of that to get.

• 49:21Speaker 01

  Oh, red lights.

• 49:21Speaker 00

  Red lights.

• 49:24Speaker 00

  We're gonna be looking, tracking Korea when they, when they get up over there.

• 49:31Speaker 01

  That'll be crazy. Yeah. Let me tell you about the New York Stock Exchange. Want to change the world, raise capital at the New York Stock Exchange. Lots of turmoil, but the New York Stock Exchange has been around for centuries for a reason. It's an institution. There's a, there's, there's some debate over this AI image. Did you see this? Olivia Rheingold posted an image of someone at election night spotted with Valentino heels, a Chanel bag, Rolex watches. And it was determined that the image was AI-generated. She fired back and said that it was merely AI photo correction, like brightening and sharpening of the image. And she shared the raw image. It's, it's funny.

• 50:16Speaker 01

  Julia Blackchine in Vanity Fair and said, yesterday I saw half of our staff clustered around our fashion correspondent's desk poring over this photo. The image has several discrepancies. The style and make of the Chanel flap bag is inconsistent with others that the brand has sold. They're going four D chess on it. And the Valentino shoes in question appear askew in proportion. So this might have been hallucinations. Olivia did share the real image or like the, the unedited vision version, which is like way darker and doesn't look that good. But there's a community note on that and it says, using AI to manipulate images is a violation of journalistic ethics.

• 50:57Speaker 01

  I didn't realize that the United States Press Agency had actually updated the journalistic ethics. I guess it does make sense that you wouldn't wanna, you wouldn't wanna use AI that could introduce like hallucination. At the very least, it's gonna introduce like, like debate over is that, is it real at all? Versus like just doing the color correction on your phone or in Photoshop or something. But anyway, it, I mean, it appears that the, that the image is real, but it does take away from the whole, from the whole like thrust of her take of her piece. Anyway, what else is in the timeline before we get out of here?

• 51:35Speaker 01

  Let's.

• 51:36Speaker 00

  That's it, folks.

• 51:36Speaker 01

  That's it?

• 51:37Speaker 00

  It's over.

• 51:38Speaker 01

  I think we got through everything.

• 51:39Speaker 00

  I mean, the show, I mean, the show, to be, to be clear. The show is over.

• 51:45Speaker 01

  Go, the time is to flight to quality of Harley Davidsons. That's the other story that's in, that's in the timeline today. Americans cut back on boats and RVs, but can't stop buying Harley Davidsons. The motorcycle maker sees its first sales boost in years as riders respond to new models and cheap financing. Look at this, look at this top photo. Carl Sprinkle? What a great name. He has a three-wheeled Harley.

• 52:08Speaker 00

  I love that, I got the chat pulled up.

• 52:11Speaker 01

  Yeah.

• 52:11Speaker 00

  They're saying UltraDome, UltraDome was sold, show is over.

• 52:18Speaker 01

  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.

• 52:24Speaker 00

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

• 52:29Speaker 01

  It might be gone.

• 52:29Speaker 00

  We might even seize.

• 52:30Speaker 01

  It might be gone. We do, we, we do on occasion sell.

• 52:37Speaker 01

  Anyway, thank you for tuning into TVP and sign up for our newsletter, tbp.com. Haven't sold that domain yet.

• 52:43Speaker 00

  I was saying Friday shows are the best. Good news is it's Thursday.

• 52:47Speaker 01

  It's Thursday.

• 52:48Speaker 00

  So we'll be back.

• 52:49Speaker 01

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