NEWSMAX

Problem because videos that earn clicks but not watch time were deprioritized. So you can be very high CTR but low AVD and you do not go viral in the algorithm. So this led to relatively high user satisfaction. But there still is the problem of being glued to your phone watching something that is engaging. You watch all the way to the end, but after you're done and you're reflecting on like that hour that you spent watching that video, you're like, why did I waste an hour watching that? Because it was essentially sloppy. Even if it wasn't created with AI, it was not good. And the signal to the algorithm right now is I love that video. I watched 100% of it. But internally you know that that was a waste of time. And so you can churn. I wound up churning from TikTok at one point because I downloaded the app like years ago, scrolled and was like, yeah, this is some good stuff, this is interesting. But then afterwards I was just like, this is candy, I'm not interested in this. And I just uninstall the app and I haven't been on since. And so there's what I think is like the third phase, which is companies are starting to do now. So phase one is click through rate optimization. Then you get to AVD average view duration watch time optimization. Third is arpu, like average revenue per user optimization. So it's not enough to get someone to watch a full video they hate because then they might not open the app again. I personally turn from TikTok for this reason. Recommendation algorithm that optimizes for average revenue per user over an entire year is going to focus on mitigating app churn. Because it doesn't matter that you just got one really great video. They watched it all, but then they never came back. You want to optimize for. They came back a lot over the entire year. But that can still lead to brain rot. Like you can brain rot your users into being very high average revenue per user for a year for a while, but eventually they get so brain dead that they lose their jobs, drop out of society, they become depressed, they stop being good customers, they stop being good consumers, which is something we can't have in the American economy. And so my answer to this and my pitch for these algorithmic platforms is to optimize for ltv. True ltv, the lifetime value of a user is usually estimated over a couple years. If you're a startup, you look kind of crazy if you come in with like a 5 year LTV. But if you Think about how long I've been using YouTube. It's basically been my entire life and it's been like 20 years or something. I've been on that platform since it started in what, 2005. And so really you should be modeling the. Just saying YouTube is 20 years old really makes you feel old. Totally, totally. But you should be actually considering the full human lifespan. Like algorithmic video platforms should basically work like this. If I show this kid a brain rot video, I might be able to show some cheap toy ads right now or some mobile game ads or something like that. But if I show this kid an educational video and I teach them how to program, teach them how to be a business person, then they go get a high paying job and in 20 years I'll be able to show them ads for Ferraris and if I show them ads for Ferraris, I'll make more money discounted in today's dollars. And so you should have an incentive at the algorithmic level to actually upskill, actually engage people in having like a meaningful life where they wind up generating enough. So you're saying YouTube should actually create their own dropshipping course to help everyone become financially independent. It could be a variety of things, anything that leads to a fruitful life. Right. So the current crime, I mean, I. Think, I think it's, I think it's just that tension between, you know, helping create a more valuable user over time and extracting as much attention as you can get value from in the short term. Exactly. Short term versus long term. And then tension there is that, you know, all these scale platforms are public companies that need to quarterly earnings show results today for sure. And so there's, yeah, none of the. Current recommendation algorithms are at all tuned to the average American's lifespan, which is 78 years. But I think they should be, they don't have enough data for this and I don't know if they will, how they would solve for this before they have a full cohort. Like it's going to take YouTube's 20 years old, but the average American 70 lives 78 years. It's going to take another 50 years to get a full, just one cohort to be like, okay, now we know that, now we know what happens if you show kids this video when they're young or this video and we saw how their entire life played out and turns out that this one was a better customer. So we should show them more of this. Like that's the feedback loop. It's a 78 year feedback loop. Basically it's crazy. Maybe not 78, but maybe 50 years. Like, it's a really long feedback loop. It's going to take a long time to get all that data. But that's how these algorithms should work, and so I have no idea how they will solve for this before they have full cohort. It's going to be some rough estimation, but I continue to believe it should be the guiding light of all the stewards of large algorithmic content platforms. Like, even if you don't have the data, even if you can't just train the algorithm on that, you should still. Be thinking this was the critique of ByteDance. Yes.

Yeah. Well, whatever your view on Apple, whether you're long or short, get on public.com investing for those that take it seriously. They got multi asset investing, industry leading yields. They're trusted by millions. I have some. They just launched. Direct indexing, which is very cool, specifically because it allows you to, you know, if you have outperformance with one stock, underperformance with another, you can actually recognize those losses. Oh, interesting. And so it can be more. That's a tax efficient way to get exposure to. A broad swath of companies. Interesting. In one go. Cool. I have a bit of cognitive dissonance about Apple. On the one hand, apparently they have this like belief.

A company called Anam which is backed by Redpoint or you're a second time founder or a PhD spin out. And so like within the team we all kind of specialize in one group of people and that really gives us an insight in trades. Having like worked with, I don't know, second time founders, are they learning all their lessons before? So we often take these very contrarian bets in really rogue sectors from high frequency trading to robotics to commodities marketplaces. Let's give it up for high frequency trading. Question for you. How does having less competition at pre seed? Obviously every stage is hyper competitive now. At least in in the US Basically. Every pre seed allocator that we know is moving up the stack in the US at least that's what I can tell. It feels like I'm hearing that from so many American pre seed investors who. Are like, well people are moving down the stack too. 15 years ago it was super uncompetitive. I was the only one. I had to explain what a pre seed firm was. Now I'm doing series B. Well, well it's also even if you're still doing precede, you oftentimes have, you know, precede, lead. If you really want to lead a precede round, which maybe call it a 500k check, you often have to make a decision in 24 hours.

Those keys are fantastic. Absolutely mogging. We have another post here. Blake Robbins said yesterday OpenAI is operating on a different level. The amount they have shipped in the past few weeks and months is incredible. Eric says, indeed impressive. But the scattershot nature raises questions about the company's discipline and ability to support these disparate initiatives. Is OpenAI a frontier research lab, a social network operator, a commerce engine, a hardware company? Because it's hard to do all of that. Well, I would say they are a hyperscaler. If you look at any of the hyperscalers, they have a frontier research lab, they usually have a social network, they usually have a commerce engine, they usually have a hardware division and it is hard to do all of them. Well, I think that Sam is playing for keeps, right? He's, you know, there's a lot of founders that wouldn't have launched Asura as a standalone app. Right. There's a lot of founders that wouldn't acquire a company for six and a half billion dollars that doesn't have a working product yet and just kind of an idea of what they want to build. Right. But he is incredibly aggressive. He's fast becoming t big to fail. And you know, I think that put differently if you asked, okay, this company has 800 million weekly active users. Do you think it's fair that they would get experiment with the social network? Do you think it's fair that. So there's a lot of companies with far less scale that are doing this kind of range of activities. But you have to. My framework for OpenAI now is looking at them as, as a, you know, as a hyperscaler that's going to launch products all the time, some of which will work, some won't. And that's totally okay. They're just, they're experimenting, they're shipping and they're taking big swings because at this point for them to take, for them to create something that's meaningful to their business, it has to be a billion dollar opportunity. So I agree. I have a rebuttal. But first I'm going to tell you about Linear. Linear is a purpose built tool for planning and build products. Meet the system for modern software development. Streamline issues, problem.

Competitive bake offs number one ranking on G2 chat. Mark in the chat is asking about TVPN merch. We this first merch run we did, we didn't sell. We just gave it away somewhat randomly. We're making more. We actually have a design meeting right after the show today to get into it. So it is coming this next time. We will make it available for the world and the chat will get first access to it for sure. Yeah, we'll drop it right at the end of an episode. I gotta stop wearing it so that. I know you're teasing. Everyone's stop teasing. They're on the suit. David Holes, the founder of Mid Journey, says my preference.

From the regulatory and infrastructure. Side, did you ever expect prediction markets to be in south park, to have an episode? Was that on your bingo card for this year or was that still a surprise? Yeah, I mean, I love South Park. Like, I grew up a South park kid. I remember watching the original movie. I remember being at Best Buy and buying season two, season three on vhs. And look, I think that it's funny because the geopolitical markets on Polymarket have proven to be extremely useful, like in the WhatsApp groups from people in the Middle east and people who are into open source intelligence, osint. They really watch Polymarket like a hawk. And the sort of crux of the episode being this idea of like this sort of, will the mother in the Jewish family bomb Gaza? Like that kind of being this play on those markets, it's definitely pushing it, but it's also just so South Park. And it's obviously all in good fun, but the way that they interpreted the situation and distilled it into a South park episode, you wouldn't expect anything less from them. What about just the intern?

Just nine years. I mean, 600 days. I think that that's almost two years. Right? That's a little too big of an update. Yeah. But yeah. Did either of you watch the Dorkash Sutton reaction, the apology video? Someone said so funny. It was not apology video. Dwarka did apologize in the video, but only saying, I apologize if I'm mischaracterizing your. Your statement. And I have some of the ground truth wrong. But I thought it was interesting. I felt like I came away originally thinking that the bitter lesson was poor endless compute behind any algorithm that's working and scaling. When Sutton kind of reclassifies it as like the game of the AI researcher is to hunt for the next algorithm that will scale with compute. And he's not saying that any algorithm will necessarily scale infinitely with compute. And so my takeaway was that he was. If he looks at LLMs, he's like, good progress for four ooms, maybe need a new thing to go for the next five ooms or something like that. Was that your read? Yeah. I mean, the thing about LLMs is like the scaling, there's just no more data to scale with. So it's not kind of bitter, listen, pill in that sense anymore. Because you can't just keep throwing more compute at the same lms because if you just make the models bigger or whatever, it's not going to get better. The model won't be better because the data is constrained. Yeah, it's this weird thing where you can zoom out and look at computing power over the past 50 years and see a very, very smooth curve. Then you can look at the AI winters and see that there's these huge steps in progress. The transformer paper, the. I don't know, there's been a whole bunch of like image. Net, right? Reasoning models. Reasoning models. Big, big step forward. And those are like, those are like a decade apart sometimes. And so you get these like qualitative bumps where you're like, oh, wow. Like this feels different. But then in that interim, you might not see a lot of like qualitative jumps in clear progress, clear new capabilities. But the diffusion of that economic value is immense. And so we like technically pre LLM, we were kind of in an AI winter, I suppose, where like, you know, self driving cars were like 10 years behind. Nothing was really like popping in AI. AI was not a buzzword. People weren't using AI domains. But in that, in the, in the period of time from like call it 2010 to 2020, like, what was the economic impact of AI? Like, it was insane, right? Because Netflix was doing recommendation algorithms, Amazon was doing recommendation algorithms. Algorithmic ad feed TikTok feeds like AI wasn't transformer based LLMs. But AI was a massive driver of economic growth. Willa created the AI hype cycle probably in order to sell more AI domains. Isn'T like 50% of their GDP AI. Domains, 50% of their budget. Basically budget comes from. It's remarkable AI domains. Remarkable. Well, if you want to generate some media, head over to fall the generative media platform for developers. The world's best generative image.

Boom. The makers of Devon BIA Software Engineer. Crush your backlog with your personal engineering team. Martin Shkreli's been on a tear. Got your capital breaks down. So Shkreli does it again. He picked a stock that went up 1,400% today. That is an insane pop. Martin Shkreli says long SPRB. His price target is $500. It was trading at 25 at the time, or I guess even less. It was trading at 8, and it. Went up to 152 on Friday. You could buy one share of Spruce Biosciences for $8.78. It's now trading at $197 per share. That is crazy. Still sitting at a $111 million market cap. I still don't understand, like, he can't run a fund, but he can trade this? Like, is this financial advice? Like, he seems like he's playing it really fast and loose, but he's clearly calling good stuff and doing research. So appreciate the work. He's been, I think, making a lot of people a lot of money. Yeah. So everyone's happy. He says his price target is $500. Rare disease is his specialty. The ERT for San Filippo will be approved CMC notwithstanding, and be the new standard of care. Said I was working on a presentation when the noose was scooped, but this drug restores the abnormally high levels heparin sulfate to normal. Without this drug, patients will die. At 18 the normal ranges of HS, they may live a normal life. Well, that's really exciting. That seems really good. TJP says I'll pass. Already up too much. It's just, who knows? If it goes up a lot, there's no way it could go up more. No way. Well, let me tell you about figma. Think bigger, build faster. Figma helps design and development teams build great products together.

Certain audiences is more valuable than other audiences. Where else should we go? The entrepreneurial tech is back in the news. The hat is back in the news. Anthropic hat. Break it down. Yeah. Jordan says the tone of the quote, entrepreneurial tech glaze makes me sad for the whole world and all of history. That is a bold statement. I don't know, I mean, did we talk about this yesterday? Yeah, I think the, I think that Anthropic's campaign is good. Good. I don't think it's. And I can see why people want the hat. And Anthropic is a great brand and they have a great team and they have a unique culture and they've been able to retain people. It's the place that many of the brightest minds in AI want to work at. Yeah. That said, I, I don't think this is an award winning campaign. It's like they put a verb on a dad cap. Right. We've been doing this since like 2016. 2016 is kind of how I clocked it. They're selling coffee. A lot of people in tech have done this. I think this is more just excitement around Anthropic's overall positioning. Right. As like the anti slop AI company. So people are choosing to side with them and they've built up a cult around what they're doing, which is very powerful. But again, I'm not blown, I'm not blown away by the. I'm, I, I love the Anthropic team and, and I think their products are amazing. But personally, at no point was I thinking, I need a liner up around the block to get this hat, you know, and, and I actually wouldn't, I wouldn't wear the hat. But so anyways, I would be caught dead in that. I wouldn't be caught dead in the hat. No. Don't even try to put one of these on my head. I, I, I think the hat is kind of. No, they're cool. They're, they're cool. It's fine. It's just that you put a verb on a dad hat. Okay. Yeah. Do you want to, do you want an award? No, they didn't ask for award. People are just excited. I know, but that's. So Castro is reacting to the reaction. It's not like Anthropic went out there and was like, please like glaze us. You know, it's just like they got glazed. And then Jordan is like, stop at the glaze. And it's not really their fault. But I think the bigger question is, like, is like is. I. I just think the question is, can they get a true foothold in consumer. Because this is a great question. That's a great campaign. Is very consumer focused. I saw these keep thinking billboards on, I don't know, not Melrose Sunset Boulevard. In West Hollywood sandwiched in between two friend.com billboards. Yeah. Probably. I'm surprised they could even buy John and I. John and I drive. John and I drive around. We see friend billboards everywhere. You can't go. They're everywhere. You cannot go two blocks. They're literally every other block. It's every. The most massive billboards I saw. We saw a friend on billboard that is like basically behind the building. And I was like, avi, why did. He even pay the. Did you just really hit market buy. He bought everything. He went on adquick.com out of home advertising made easy and measurable. Say goodbye to the headaches of out of home advertising. Only. Only ad quick. Yeah. Get on quick. Because they will help you pick billboards that are not directly up against walls. Yeah. No. You. You know, in no circumstance would an entrepreneur with limited resources look at this billboard and think, yep, I gotta have this one. Because it's like more than two thirds of it was covered by a building. You had to be at the most insane angle while you're driving by. You have to. You have to peek around out your window. Yeah. So, I mean, here's what I'll say about Anthropics campaign. Yeah. Breath of fresh air. Yep. It's quality. Yep. It's not award winning. Yep. And I think that the people that like it, I totally get why they like it. Yep. Breath of fresh air. I understand why other people that are not in tech are thinking, this is the best that you got. Yep. This is. This is. This is your hero. Yep. It's like the bar is just pretty low, Right. The bar overall is low. And one of the challenges is that AI, the brands of AI companies get tied to the outputs and sometimes the outputs are great and often. And most often they're not so great. Right. And so I'm interested to see how aggressive OpenAI gets with that video campaign they did with the. What's the euphoria? Yeah, the euphoria. I thought those videos were great. Yes. What's interesting is that Anthropic did a video series that was very similar aesthetically. Warm tones, highly cinematic, shallow depth of field, very emotional. Like just a few weeks or months earlier. I can't even keep track of this point. So both of them were Experimenting in the same brand landscape. I personally would like our sponsor Vanta to do a hat that's actually just a huge Llama helmet. And it says automate compliance, manage risk, prove trust continuously on it. And it should also say the anthropic hat is so simple. It just says thinking. It doesn't even say anthropic on it. I think the Vanta hat should say Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Whether you're pursuing your first framework or managing a complex program all the way around the hat. Just put the entire landing page on the hat. I think that would be innovative. I. There's also. I was thinking somebody needs to make a. Nobody's made the AI smart helmet yet that you can wear all the time. From the moment that you wake up to the moment you go to bed. Potentially even when you're sleeping. Think about how much compute. So much batteries you could have all day, battery all month, battery. Also, wearing a motorcycle helmet is incredibly hardcore. I mean, I know you haven't seen Kill Bill, but the bride, played by Uma Thurman in Kill Bill, Tarantino, Tarantino, classic, wears this motorcycle outfit with this motorcycle helmet and just looks so sick. The next time we talk with Zuck, that's gonna be my pitch. AI motorcycle helmet that you can daily. Imagine, you're just like just rocking it in the workplace and you're just like, I'm locking in. I don't. We're joking about it, but I could see this actually being created. It's like a rugged helmet, dude. It's more comfortable to wear a ski helmet or a motorcycle helmet than Apple Vision Pro. Let's just be honest about it. And so why not strap that whole thing on your head? I love it. It's amazing. I have a couple rebuttals to you. First, I'm going to talk about graphite.dev. code review for the age of AI. Graphite helps teams on GitHub ship higher quality software faster. So anthropic in consumer, they're clearly behind. But it's very interesting because they have a fantastic model that can instantiate code very quickly. You could do all of this on the fly app development, basically. So when you ask a question, it actually builds a piece of software for you that's interactive. There's so many cool things that they can do with their foundation model. Also, they have my Krieger and so I just feel like I was trying. To push him on A little bit. What can you do on the social side to catalyze. Yeah. Claude's growth. Yeah. Like, when I think of the backlash to Meta Vibes, the backlash to Sora 2 and Sora, if I were to try and build a team that would not face backlash to a consumer product, to a new consumer product, I would back Claude with Mike Krieger. Right. Because he's going to build something that's, like, delightful, just like the early days of Instagram. I would think that he would inject that kind of, like, simplicity and beauty into the product that they build. Who knows? Maybe it's coming. Maybe every foundation, model, company needs an answer to the AI slob TikTok feed. And I would be very excited to see what comes out of Anthropic. The other take on this hat is hat aside, I think that keep thinking is a good phrase. I think thinking is a good phrase. I think it's a good word. I think they picked that word well, and it excites me. And it actually hits. Like, you can talk a lot about it. Like, oh, they just a word on a hat. But of all the words to pick. It feels more human. It feels less. Less cyberpunky. It feels less like super intelligence. Feels like, okay, maybe that's opposed to my interests. Like, fast takeoff. All these scary AI doom things, which Anthropic is, like, honestly famous for. I think everybody is loving this campaign, but Thinking Machines Lab. That is true. Absolutely brutal. But I thought it was interesting that the message is, keep thinking. If you're a human, keep thinking. Don't stop thinking. Like, what we do here at Anthropic is not think for you. That's an interesting message because for a long time people were saying, they say. We hear for you. A lot of the. What's that? Problem is that way. Star Royco. So. So a lot of, like, a lot of the AI, Like, a lot of the AI rhetoric has been, the AI will be able to think for you. And Anthropic is specifically putting on a billboard. Whether they believe it or not or whether that's where AI actually goes, they're encouraging you to say, hey, keep thinking. Because that's not our job. Our job. You do the thinking and we do the coding and all the boring. Are you sure they're not just worried? It's like, hey, you guys are relying on Cloud a little too much. Why don't keep thinking, buddy? May. And so that is the question is like, is this Dario's new view? Because the view that Dario has espoused on many a podcast is, yeah, you're not going to be thinking because there's, like, a 45% chance that everyone's dead because, you know, like, he comes out with some hardcore rhetoric that does not feel extremely warm or human or anything about, like, hat. Like, are you going to be wearing hats if we're all paperclips? Like, no. And so, like, is this the marketing team at Anthropic saying, like, let's step away from Dario's viewpoint a little bit, or is it more? Dario has actually shifted his thinking and is saying, like, no. I actually feel like what we are building is complementary to humans. That would be exciting, and I feel like that would be inspiring to me, and I would be excited about that. And so I don't know where all this goes, but I think it's a step in the right direction. There are so many other campaigns that could have been less human, more Clanker coded, and would not have hit. And this one clearly hit to the point where it got so much positive attention that there was a backlash to the positive attention, which I think is. It's kind of the best case scenario for a really positive ad campaign is that people get sick of people talking about how good your ad campaign was. So I think it was pretty good. We need to react to the AI homeless man prank on someone's dad. We've been instructed.

Yeah, but I'll try it again, but they are generally available. Okay, well, that's good. Well, Max Meyer is breaking down the Free Press acquisition. This was announced yesterday. Bari Weiss's Free Press was acquired by Paramount. Max says, seeing so much cynicism and bitterness on the timeline about the Free Press. So let me tell you why I love it as a contributor and why it means so much to many people. The FP is a match made in heaven between writers and readers. We writers can't live without readers. And the FP readers are amazing. Savvy, thoughtful, opinionated, but kind. I can't tell you how many emails, texts, phone calls, DMs I've received every time I put a piece in the fp. These are Americans I want to know. And the FP is their gathering place. I've written pieces about very random things. Warren Buffet, my brother. Warren Buffett's not his brother. There's a comma, he says. I've written about Warren Buffett. I've written about my brother. I've written about a Missouri resort town, the Latter Day Saints Church and SpaceX. Which is an amazing blessing and a credit to their smart editors. The FB team and their readers care deeply about America, even if they disagree about politics. Some just scroll some of the comments sections on Trump related articles and you'll see the amazing bites and disagreements. What Barry, Nelly and the entire FP team have done in three years is now the model for media. Make something so good that people would walk over glass to pay their hard earned money for it. Not to get through some terrible paywall, but to be part of something. The Free Press is worth every penny. Paramount paid, probably more. How often does a talent like Barry come along? And people who work in the world of talent should know this rather than be cynical or conspiratorial. Barry and team have a long way to go from here. This is the beginning. The complainers should watch and learn, which is exciting. Yeah, I mean, I just looked at this as a way to make CBS News relevant again to a new important class of readers. A much younger demographic than the CBS audience today. And you look at it as like a trade deal. Right. This is a talent acquisition. Barry Weiss will probably create far more than $150 million of value just by being a part of CBS. Yeah. Also, I mean, I do think that like, I mean, we talk about this a lot, but like audience quality is like, still deeply misunderstood. A lot of people just look at total audience size impressions. They see every reader as the same value and that was certainly true in the days of the three major networks, cbs, NBC, abc. But we're just in a completely different, much more fragmented world. And so I don't know if they had a million subscribers or something like that, but the people that opted into the free presses funnel are probably way more monetizable than the people that are turning on late night CBS for the 50th time. And so they definitely pulled in. Interesting. People pulled in me when they signed Tyler Cowen, and I've been enjoying his column there. He wrote a wild one about how his favorite new actress is AI very controversial. He's really leaning into it. It's great. But Alex Bronzini, vendor, is a perfect example of someone who's a little bit of a.

20 years as they built back and it was like it was always a real company. It was just massively overvalued in the dot com boom. But it will be a. Oh, this is a funny post. You just put in the timeline. There is a bubble in people calling for bubbles. Calling for bubbles or calling bubbles? Are you calling for a bubble? We pray for a bubble. You don't call. We used to pray for a bubble like this. We did. Anyway, I do remember in 2023 during, you know, post SVB, I, I wouldn't go so far as to say I was actually praying for a bubble, but I thought it'd be crazy if our industry went through something like that. Quite that crazy again. And sure enough, we got it and I. The current hype cycle hasn't even got to dance with low interest rates yet. It hasn't gotten to dance with low inch or leverage. Really. Imagine that. More leverage. Yeah, yeah, everyone's, everyone's saying it's 1999. Not many people saying whether or not it's January or December of 1998, because that is important. What day did the actual stock Market Peak in 1999? I have, I have a search here. It was actually March 10, 2000. March 10, 2000. So if it's January and you're like, oh, I'm calling, it's 1999. I'm going bold. I'm calling the top. It's like, no, you're calling if you're calling. If you're calling in January of 1989, you're calling yourself 15 months out from the top, which is a wild amount of time, a lot of room to make money. Who knows? Yeah, there was, who was it yesterday? Paul Tudor Jones was saying he feels like there he was on CNBC yesterday saying, hey, things feel overheated. But he was basically calling for like a blow off top. Sure. He says in his view it can get a lot crazier before a correction. So. And again, that feels like the general sentiment right now is, you know, Doug on the show yesterday was saying like, look, we're not even, most of these companies are not even levered yet. And like that is like almost certainly going to happen. Yeah. Except Oracle, they're, they're pretty levered but not that crazy levered. Like there is some fake news around the, the 5x leverage that's going on over there. It's not quite that big of a deal, but let's switch gears. But first let's tell you about privy wallet infrastructure for every bank. Privy.

Perfect solution. The other, the other like side of this is that I don't know that we need to build AI slop detectors into large media platforms. Because the problem isn't AI, it's slop. Like people enjoy seeing the Stephen Hawking at the X Games video you don't like. We already have tools to filter out slop. They're called algorithmic feeds. If you don't like slop, you will swipe past it and it automatically and you automatically get served other content. And that just happens naturally. And so there is a problem with algorithmic feeds, though. They have. They're pretty far from their final form and we should go through a little bit of the history.

Yourself every possible edge. I think. I think you would. I agree with a lot of that. I have a rebuttal, but first I'm going to tell you about cognition. They're the makers of Devin. Devin is the AI software engineer. Crush your backlog with your personal AI engineering team. So, yes, Ben Thompson has always had this. Good. Take that. Why does OpenAI have an API at all?

Differentiates us. If we under. If we understood a squirrel, we'd be almost done, he says. Well, speaking of agents, go check out Cognition. They're the makers of Devon, the AI software engineer. Crush your backlog with your personal AI engineering team. So Andrej Karpathy gives his take. If we understand.