NEWSMAX

Actual scent and it the frustration that just ensues is like turned into this massively viral video. There's whole websites about it verizon, math.blogspot.com from 2006 and it's like this whole deep dive. I'm sure you've heard about all these different. I will take a look at it. The good part is a super intelligent AI probably will know. I think it will. It's some ground true things some code in there. There's. There's opportunities here PhD level intelligence for the raw audio for this call is 27 minutes. The guy went back and forth and it's hilarious. There's cut downs we'll have to play but yeah. He had unlimited data plan in the US and recently crossed the border to Canada. Prior to crossing the border he called customer service to find out what rates he'd be paying. The data rate he was quoted was.002 cents per kilobyte and then he got billed at.002 dollars per kilobyte. So it was 100 times more he couldn't get out of his quagmire's Kafka esque customer service interaction. Anyway, thank you so much for taking the time to come on the show. It's always a pleasure. Always a pleasure. Progress. Incredible progress. Looking forward to the next revenue gong. Yep. Come back. I'll come back. See you accelerating. We'll talk to you soon. Goodbye. Oh well folks, we're going to now play this 27 minute video. No, we can play this one. This is a. This is just a little bit of this. Yeah, yeah, yeah. This is the one. The three. The three minute version. YouTube math fail. I want to hear a little bit about this. See if it holds up or see if I'm washed unk at this point being old and remembering 70s video. Not this one. It's the.002 cents. This is exciting news from Canva. We can talk about it later but you can turn your ChatGPT images into fully editable fully editable canvas designs with magic layers without ever leaving the chat. Great integration there. Apple Intelligence has some more updates too. We can run through later in the week but let's play the.002 sets. At least a few minutes kilobyte usage that was done while in Canada. $002. Do you recognize that there's actually. Yes. Do you recognize there's a difference between those two numbers. $002 and.002? Yes. Is there a difference between. They're both the same. If you. If you look at them on paper wise. No, they're not actually. So if you take.002 cents, remember it's cents times 35,896. 71.79. No, that would be 71 cents. How much should I be charged by the way this is calculated? $71. I like those guys crashing out of her. So tenths of a penny per kilobyte. Two tenths. Hold up, hold up. Two tenths of a penny would be. Point two cents. You quoted me.002 cents. I think this guy also might be entirely wrong. He might have just been quoted the wrong number.002, sir. 0.002 watt. What? Cents per kilobyte. So you just said it was point two. They quoted back to him. And then you also said it's.002 cents. Those are two completely different numbers. They're 100 fold different. George, hold on one second for me, okay? This guy, so dedicated. This is Andrew. I'm a manager on the floor. How can I help you? Another manager's involved. Do you recognize that there's a difference between $1 and $0.01 coming out of the gate? Definitely. Do you recognize there's a difference between half a dollar and half a cent? Definitely. Then do you therefore recognize There's a difference between.002 dollars and.002 cents? And I mean, I'm trying to get what you're saying here, but it's just not. And we're talking about cents, right? Right.002. If we multiply that by the amount of kilobyte usage that you have. 358-933-5893, that comes out to what you paid 71.79 cents. You never did the conversion from cents to dollars. I don't know. I'm not a mathematician. I'm not a mathematician. Times my35893. It is a number, but it's still incense. We're not quoting $.002. We're quoting.002 cents. Oh, God. Honestly. Well, I mean, it's obviously a difference of opinion. It's not opinion. Okay, well, you know what? I'm gonna post this recording on my blog. Cancel. That's what I'm gonna do. And then you guys all at Verizon can learn. Yeah. What a funny interaction. Incredible. Well, now that you get a PhD level mathematicians, somebody's going to run this on an AI lab. I was quoted point. I was coded 5 cents per million tokens, not $5 per million tokens. And confuse someone, get a 100x discount on your bill. Your token bill. Anduril has a space something. What is it? Space Observation Network. These are ground based satellites or ground based telescopes that monitor space. And look at this captured by Anduril's network of 400 telescopes deployed around the globe. The second stage of the Falcon Heavy launch of Viasat 3F3. Performing a routine thrust event. This produced a spiral shaped plume effect, a nominal part of operations for a successful launch of viasat's latest satellite. I thought this was a cool image and we learned in the process that they have 400 telescopes all over the world. Anyway, we can dig into all of this more later. More tomorrow. We'll be back at 11am Pacific. Thank you for tuning in. Leave us five stars on Apple podcasts. Fun. Show everyone how. Sign up for our newsletter tvp.com noon or evening of your entire life and we'll talk to you later. Goodbye.

Let's see. Canva. AI. We gotta talk about the dog. The dog walker and the dentist. The bitter feud between a dog walker and a dentist over who owns the beach. A lakefront owner likened his neighbor's shoreline walks to a home invasion in a dispute that could be headed for the Wisconsin Supreme Court. Who you got? Jordy knowing nothing about this story. Are you going dentist or dog walker? Pure vibes. Pure vibes. Flip a coin. Which one? Who you got? You don't know? It's your job to know. Is the dentist a day trader? It's your job to pick someone wildly and then defend it throughout this article. A recent trial in Shorewood, Wisconsin, had all the trappings of a minor legal dispute. A disgruntled neighbor, a defendant representing himself, who called his own father as a character witness. You love that. Hey, dad, tell him I'm a good person. $313 were at stake. $313. That's $31,300 if you're paying attention. But if academic and devoted dog walker Paul Florsheim gets his way, the case will go all the way up to the Supreme Court. Wisconsin Supreme Court, that is. And reshape the contours of shoreline access to one of the Great Lakes. It started when Florsheim started walking his two dogs past the Lake Michigan property of dentist Daniel Domagalla, locally known for the time he spends in a tiki style boathouse and deck that doubles as a surveillance post. From there, Domagalla monitors traffic and sets off alarms to scare walkers, swimmers and kayakers away. He's got an air horn. He's got an air horn. He sets it off when somebody comes by. It's crazy. Florsheim repeatedly ignored signs outside of the dentist's house that said private property. Behind the sign. Only water access behind this. Beyond this point, Domagalla kept calling the cops, and the village eventually issued a trespassing citation. Rather than pay the fine and walk away, Florsheim dug in. At stake is what right people in Wisconsin have to take a shoreline stroll. It's high stakes stuff, and we'll be following this case closely. Of course, one of the most important stories in technology. But more importantly, we have Brett Taylor from Sierra.

Tweeting. I like that he's. You don't think of him as like a big poster obviously. 73,000. He's successful. But he said Congratulating Prime Minister Narendra Modi on becoming India's longest serving elected prime minister. 4399 days of leadership earned the trust earned through the trust of 1.4 billion people across three Democratic mandates. From lifting 250 million people out of poverty to making India the world's fastest growing major economy, PM Modi's tenure has been nothing short of transformational. Look forward to a continuous continued U S India partnership. Love that Yogesh says Bro went from stopping global ransomware attacks at Palo Alto Networks to doing math calculations on PM Modi's calendar milestones like it's his final exam. Just in quotes too. It's great and Nick Cash appreciates it. There's been debate over beverage media. Have you seen this? There's a very I saw this. 8 likes. But I think this is an interesting post worth discussing. So Vasa, I don't know exactly this account before, but beverage media doesn't have the good nuts to call out celebrity brands objectively because the economy is fanboying of fanboying and CPG celebrity founders sell tickets to events, but they don't always move the industry forward. I think he's probably subtly subtweeting the maybe Tom Brady launch of the of the nuts, which is a reference to the coconut water brand that's Tom Brady launched. But this does happen all the time. There's a lot of celebrity brands. We've had some celebrities on the show to talk about their brands. It's fun. Sometimes it works, sometimes it doesn't. That's the fun part about interviewing a celebrity about their brand. You kind of get to clock it and be like, like you know, this person's really onto something. I think this will work. I think why they named the brand that is they ran fully ran out of other names. So that's literally the last possible name that they could choose. We're not getting an invite. Tom Brady will not be coming to our event and selling tickets. But it's interesting because yeah, Bev Net reports on CPG brands. They're one of the insider media, sort of the TechCrunch of CPG, at least in beverages. They also have nosh for food and there's a number of other CPG media and critics. But if you gotta have one of those celebrity founders at your event to sell tickets, you get into this weird. You get sort of audience captured. I don't know. Celeb captured. You just get raptured in the, in the aura of the celebrities and you have to stay out till 2am partying with them. It's craziness out there. But beverage media, I think it's just interesting in the backdrop of more and more celebrity brands. Although it does feel like we're at peak celebrity brand at this point. And I feel like the more modern celebrity strategy is just invest in companies that have a number of good VCs on the cap table. Be happy with that. You can still. Or a farm. Yeah, okay. Disagree. Explain. I think celebrity, celebrity brands have always been a thing. They're just way more in your face because now celebrities have their own channels that they can communicate. I'd say they're less in my face. I, I say we're on the decline. Top celebrity brand. No, I'm quoting John Feed. No, I think it's just getting, it's getting easier and easier to start a business. I think you'll see more celebrity brands. I don't necessarily think you'll see more breakout. So your claim is, is quantity is increasing. I think it's probably getting harder. Quality is decreasing quality, More distribution. Yeah, yeah, greater. Greater. I mean there's going to be some breakout celebrity brands. There's going to be big exits. There's going to be as many failures as ever. Right. I mean my favorite example was like Travis Scott a few years ago, launched a rtd like canned cocktail thing. Shut down, I think within like a year. Like maybe, maybe, maybe more. And so I think you're just going to see more and more and more. Would you put the Johnny Knoxville Neo cloud in the bucket of celebrity brands? That is something I would like to see. Less. Yeah. Less to less beverage. More Neo clouds. I want to see Johnny Knoxville levered up. Yeah, right. Yeah. I want to see hacking GPUs himself. Yeah, I want him like operationally involved too. Not just, not just a pretty face Dorseman. Not just a pretty face. So anyways, I think more on the horizon and it's not necessary. You know, a lot of. I don't know, I feel like some people don't, don't like this, but I think it's fine. It's fine. It's fine. You heard it here first. Jordy Hayes. It's fine. You know what else is fine? Get used to the New York Stock Exchange. More than want to change the world. Raise capital at the New York Stock Exchange.

Fantastic. Before we bring in our next guest, Marky, let's put. Pull up this video. Somebody put up fake tech ads. What's going on here? I don't. I love ads, but I hate fraud, so I don't know how to feel about this. This is going to be peculiar. I don't think there's anything wrong here with fake tech ads. That's real ad space that could have been sold. Jordi, you're destroying shareholder value by running fake ads. We would never do that. We did do that early in the days. If you go back through the archive, Dr. Squatch had that feel. Oh, Vince Vaughn. Vince Vaughn running a. We have the video here. Okay. No, no, no. I know exactly where they're going with this. We put the Q in QR 11777. This is hilarious. What if Texas is upside down? I mean, this is. This is actually how. This is actually how normal people view Texas. What if the Rizzler was purple? Wire flow. You pay it, we pay you. You pay us, we pay you. Wire flow. Wow. What does this say? Dennis can tell you. Dennis can tell you. I like Ziplink is now. They put up a lot of these. Wow, they really went hard. Who is behind this? This has to be a tech insider or someone making Ziplink is now frogal, the cloud based online safety you know and love now in the palm of your hand. They put up so many of these. This is such a great stunt. Is this a. If this is a. If this is a launching campaign, A launch campaign for a tech brand marketing firm, it's genius. And whoever's behind this should actually be calling every tech company and saying, what if forks spoons not look like these? We know how to make good ads. What if forks were spoons? What if forks were spoons go to cutlery. AI. Lots of people have been asking that question recently. Anyway, very fun. Let me tell you about Cisco. Where's Cisco? Cisco. Critical infrastructure for the AI era unlocks seamless real time experiences. A new value with Cisco. Our next guest is Marky Wagner from Poetic. She's the founder and CEO, Future hall of Fam. She's a prolific mafia platform.

Both in the data, where our coding agent called Coco comes into play, where we want everyone that wants to get value from data to be using it to create all of the artifacts in that path, but also in the consumption path where our product is Snowflake Cowork, where I want every employee in every company to be able to access the valuable data that is in Snowflake, but also in other applications via things like MCP to be using Cowork. And so we very much think about can we be in this path of coding up the things that are going to drive consumption and creating value, but also in the path of how does an end user query enterprise data take an action on that data and also creating value. So we very much think about this. So my last question is, you said it's a bad time to be making two and three year plans. How far are you looking into the future? Do you have a one year plan, a three month plan? What? Well, as a public company you do. Yeah. You have to have forecast, but more qualitatively like what are you gunning for this year or over whatever time horizon you think is appropriate at this point in time. Our overall strategy is very clear. It's just what I described. Anytime anyone wants to do something with data, I want them to use agent tools that are created by Snowflake, Coco, for example. To be able to do that. We want to have the best data platform in the world so that when and whenever someone thinks, hey, I need a historical view of this or I need an OLTP database to do this, they think of Snowflake. They can use any coding agent, not just our own, to be able to. To be able to do that. Similarly, we think a lot about how can we make sure that we sell cowork to CROs and demonstrate what we have done internally within Snowflake. Just transform our own sales organization. So we think a lot about how do we take our customers through the same journey that we have been through in terms of how can AI make a difference to the business. There'll be a lot of details along the way, but that's the path that we are headed in AI leveraging the full power of data. Well, congratulations. Thank you so much for taking the time to. Yeah, great to meet you and congrats to the team on all the momentum. Yes. Stay strong in the token. Thank you guys, we love to see you. We'll talk to you soon. Have a good day. Goodbye. Let me tell you about Agents Meet the canvas. Your AI agents can now create and modify your figma files with design system context. Yes. Apologies for the technical issues. A lot of people are saying, is this AI? It's not AI. Is this AI? There was some type of clip. I've never seen that exact technical failure before where it cuts out entirely. We've heard scratchy audio, We've heard degraded video. The video was coming through crystal clear, but the audio was cutting in and out a little bit. But I think we got a lot of good stuff. Coco. They should have called the AI agent Frosty. Snowflake. Frosty. Probably intellectual property. Frosty the agent. He's a jolly happy coder. Coder. Yeah, something. Anyway, Citadel. Citadel securities, former employer of mine when I was an intern, wrote a post on tokenomics. They're one of the most significant hedge funds. They just dropped tokenomics. I have it here. I have a second printout. Tyler, you want to bring that over to me? It's not what you expected is what they say. So we've argued for some time that agentic and complex workflows delivered by frontier models would be expensive to run, constrained by physical bottlenecks and vulnerable to unrealistic expectations of frictionless deployment costs. That judgment now looks less contrarian than it did when we set it out in February. They're taking a victory lap over at Citadel Securities. Amazon has now removed its token leaderboard, Microsoft has canceled Claude code subscriptions, and there have been multiple reports of unexpectedly large token bills. The salient point is that even the most powerful technologies must pass through the prosaic discipline of cost curves, capacity constraints and marginal returns. Adoption is therefore becoming less about what frontier models can do in principle and more about the price and scarcity of the inputs required to make AI operational at scale, compute power, cooling, memory bandwidth and inference budgets are real and binding constraints. They go into economic theory talking about the three functions that prices provide. So they signal scarcity, create incentives for substitution and ration scarce resources toward their highest value uses. This is the stuff that goes viral on TikTok. We're deep in it. You heard of the keeping the viewer watching? This is the most important thing. You read the Citadel Securities Macro strategy report, but they do say they ration scarce capacity toward the areas where marginal productivity and AI justifies the marginal cost of using it. They're talking about ROI maxing for the economy at large. Simpler models may be more cost effective. Productivity augmenting pathway until physical constraints are eased. We hence see growing signs of a bifurcation in frontier versus everyday AI usage. They actually shared some data here around token expenditure index dropping the log growth rate declining and so folks are pulling back a little bit and shifting towards cheaper models as they figure out a new workflow. Something gets unlocked and then they say, hey, we got to actually make this ROI positive. So that's the latest from Citadel. Let's see what Amazon Web Services is saying. Because they're Black Bell on the timeline. They said more AI generated code doesn't make your team faster. It might actually slow you down. Crazy post from aws. Would have expected it from like some AI thought leader, podcaster, Twitter person, AI bearer. But yeah, it's funny coming from the AWS cloud gold check. It's funny because it's also like if you were to write this, I think a lot of people would write this as more AI generated code doesn't necessarily make your team faster. No, just perfect. No more AI generated code doesn't make your team faster. Which is just like factually incorrect for like a lot of teams. We're actually moving faster than ever also. Okay, read the next post in this thread. It's like very clearly AI generated. Okay. The real bottleneck was never writing code. It's releasing it, debugging it, keeping it running well. So when honeycomb seat, honeycomb IO, CTO, CTO charity majors set a productivity target, she didn't chase 10x, she chose 2x and built from there. You think this is AI because the choose 2x comma and ampersand built from there. I think it was human edited, but like that syntax feels a little. I agree, I agree. Her team also skipped the mandates and built a set of values instead. Every outlet has to have human owner if you don't want your name on it, it's probably not good work. Reasonable. Quite. Quality first, quantity second. So they had a podcast about it coming from aws. That's a wild statement. This is very funny. But yes, also funny with the backdrop of a $500 million budget. Well, yeah, and it's funny because Amazon is of course one of the largest investors in both OpenAI to leading coding model provider. Hey, they didn't say more AI generated posts don't make your social media team faster. Entirely possible. It sped them up. They certainly got 14,000 likes on this. This is banger post from a corporate account. Rare to see those numbers put up on the timeline from a corporate account. So congrats to the team over there putting up some fun numbers. Sriram Krishnan. I don't know how to differentiate them. He's a kearneyjackson.com investor advisor to bending spoons. Not the former A16Z GP who worked for the government for a little bit. Sriram Krishnan says not many Silicon Valley VCs took our bending spoons intro in 2022. These VCs thought it was beneath them to be associated with the company. From 2024 onward, many clamored for an introduction to sell their portfolio companies. Bending Spoons is going public, so Bending Spoons will be a public company. And they own a number of historical companies. They own AOL and have done a bunch of other stuff. Eric Seufert broke down the they literally own America Online. They own America Online. It must be electric. I can't get into my Mobile Dev Memo email. I'm just going to skip this brutal and move on. But you can. Eric Seufert over at Mobile Dev Memo wrote a breakdown of the souvenir. Wrote a breakdown of Bending Spoons, filing to go public. The Italian roll up operator that owns, among many other properties, aol. They own Eventbrite and Vimeo. Don't they also own Evernote? Or am I getting that mixed up? Someone owned Evernote. And the Evernote employee growth chart looks like a fast takeoff. Like post 2020 Covid, they went from like 1,000 employees to like almost 6,000 employees. Or they tripled or doubled the workfor. And Bening Spoon's known as sort of like the operational excellent. Almost like a private equity firm. They're going to do cuts. They have done a few cuts, but the actual headcount has held fairly stable. And I think the business has gotten to a much better place. So interesting to see there's a time and a place for being aggressive, expanding when there's a big moment and the market's up. And then there's also a time to consolidate and focus on operational efficiency. Why be your part? Why is this guy so obsessed with gta? John, have you ever played gta? Any gta? Maybe like day three. GTA four. Maybe like for like two minutes. Two minutes. And I'd be. And I was like, wow, you just. Loser. What a loser. Never gamed in his life. I got a load of this. I couldn't get into it. I couldn't get into it. Yeah, you're Rust guy. You're like everything. Like, I just. Even as a child, I was like, everything that you can do in this game, you can just go do real life minus. No, you can't. It's all crimes. Wait, Jordy turned it down. He turned it down. Maybe I'm pure of heart. I don't enjoy like, okay, like crap they were gonna let me play for like 15 hours, 10 hours, maybe 5 hours, but I turned it down. They were like, they actually wanted to pay me. They wanted to pay me to play? Yeah, they wanted to pay you to play. Strauss said, actually, I would love for you to play. No, my first jobs, I was a video game tester. I got paid to play video games. Best job, play video games all day. They got you hooked? Yeah, they. They got you hooked? No, I was already hooked. I was elite. So, yeah, you go play the games while it's in development. You file bug reports. Quality assurance tester. But you're basically, your job is to play video games all day. Worked with a guy who is super chill and like, he was just like, this is my career. Like, I'm. This is. I'm happy with this. Like, I'm. I'm. I'm a video game tester. And then I checked in with him a couple of years later, and I was like, hey, man, like, how's the video game testing business going? And he was like, you know, I actually had a shift in my career. I'm a DVD tester now. It's even easier. So he did I just sit there, watch the full movie, and then tell the. Tell the people? Like, yep. Like, there were no audio bugs. There was no. There were no drop frames in the whole movie. I sat there, I watched the whole movie, and it looked fine. Thumbs up. And then every once in a while, he'd be like, oh, I was in the menus of the dvd, and when I went to behind the scenes footage, it wouldn't play the correct video. It had the title for interview with the director, and it actually played interview with the cinematographer. So you gotta fix that. These things happen. Like UI bugs pop up in DVD menus. But what a wild job. DVD tester. That's a good one. Good one. Anyway, this fellow is obsessed with GTA 6, and he's doing anything and everything to understand whether or not GTA 6 will be released on time. There's two methods here, if you want to know. GTA 6 is going to get released on time. You can just shake down Strauss Zelnick for the truth, or you can do what he did, which is he set up acoustics around the Rockstar headquarters to measure audio levels near a meeting room. And he discovered that his equipment had disappeared. And when he returned to check on the latest data. But he didn't stop there. He started camping outside, monitoring traffic and tracking the number of cars and their estimated value. Oh, there's an executive in town. That means something for the GTA 6 release date. Oh, there's more cars coming in. Probably a lot of people working late nights, getting it out, burning the midnight oil. And so he believes such data can be used to speculate on how many executives may be spending time at the HQ as opposed to regular employees. And that an increase in both traffic and high value vehicles could indicate trailer three is coming. He's also considering an even more insane idea, which is to measure the amount of oxygen in the area to monitor how many people are around. And he did it. He started monitoring the oxygen around Rockstar north and he believes Trailer three is coming soon after noticing that oxygen levels dropped to about 20, 20.3%. We actually need to use basis points this time from 20.3 to 20.04 after 5pm suggesting increased oxygen consumption in the area after normal working hours. He's also monitoring the number of cigarette butts. I thought it was just a GTA 6 fan. I'm excited. Everyone's excited. Maybe it's a rock star or a Take two shareholder. You had a different theory. What was your theory on his motivations? I don't believe that people are going to go to these lengths unless they're making money on it. Okay, and how would he make money? There's a lot of like prediction markets with, you know, plenty of volume. Yeah. Could be trading the stock directly, but could also be betting on a prediction market. That's. Oh yeah. If there is. Yeah. Theoretically, if there were to be another delay, I'm sure the stock would probably react to that. Yeah, absolutely. It is very, very. Regardless, fun story. A hedge fund should hire this guy to do true. Other types of detective work. Yeah. It's almost. It almost feels like it's going over the line. Maybe illegal. I don't know. Like if. I would be very frustrated if someone was standing outside of our ultra dome with measuring the air everything. To see if we're going to interview Matthew Prince yet next. And we are, because he's in the waiting room and we're bringing him in to the TVP in Ultradome. Welcome to the show, Matthew. Thank you so much for taking the time. How are you doing, gentlemen? Good to see you. I'm doing well. Great to see you. Great to see you. What's new in your world? You made some acquisitions. You made an acquisition. Take us through it. Yeah. So we bought a company called Void zero, which makes Vite, which is one of the most popular developer platforms that's there. Just an incredible team. Evan Yu, who's the founder is just a, just a first class human being, someone who, who our team is super excited to work with. The team that he's assembled is just great. And I think that this is increasingly becoming the platform that is being used to power a lot of the agents that are running around, around the Internet and, and a lot of those agents are running on Cloudflare. And so we think it's just a.

For this walk and talk. Thank you guys. Appreciate you. Yeah, great to hang dude. Appreciate it. Thank you. Let me tell you about Crowdstrike. Your business is AI. Their business is securing it. CrowdStrike secures AI and stops breaches. We will be joined by the CEO of Snowflake in just a few minutes. Thank you for tuning in. We need to move on to the next story. Canon says the cashier at Home Depot just asked if I want to round up to support the Space X IPO. SpaceX IPO is going to be big Friday. We might have a surprise guest. It's going to be fun. Also, there's this crazy meta story going on. Not meta the company, but like story about a story behind Ty Morse. He's going all out trying to get an Elon interview and it's been fascinating watching him build the craziest site set in podcasting history. We're rooting for you, Ty. Good luck. Hopefully you land is the quiet period. So it might be difficult, but I think that there's a plan to extend the effort and everyone's rooting for it to happen. It's been viral on X many, many times. Also, Bloomberg's reporting that the SpaceX IPO is 4x over subscribed. Do they know that already? Do you get that information at this point? That's really good news for the market for this. For the overall, there was an interesting article. I mean we can go through some of this. I think this was in the economist SpaceX talking about where is it? Can the market swallow SpaceX anthropic and OpenAI watch out for indigestion. But they talk about the fro, the float, the free float. This was very interesting. So obviously the company might be worth a trillion dollars. How much of that trillion dollars is actually actively being traded? Like sure, Fidelity might at any point in time have a price at which they're willing to buy more and a price at which they're willing to buy to sell their stake. But founders are often locked up. Founders often want to maintain control. Employees are locked up for a certain amount of time. Certain investors might be locked up. Unless you're Bill Gurley, don't try and lock him up. Nobody can lock Wild Man. But the float is important because there's if it's a trillion dollar company and it's the CEO passed away generation ago and there's all financial managers in it's only owned by hedge funds. This was the story of Take 2 before Strauss Zelnick came in. Take 2, the makers of Grand Theft Auto. It was entirely held by shareholders, by financial investors and they were unhappy with the management team and the management team didn't have any equity. And so he was able to raise his hand and say like, I'll run this thing. And they were like, absolute, absolutely, thank you. And they let him take over the company without really putting anything up. He didn't need to do a hostile takeover, like bring a bunch of capital to bear to get control of that company and become the CEO. And it's been a fantastic success for him and fantastic Success for Take 2 shareholders who stuck along, stuck around for the Strauss Zelnick era. But the float matters. And Microsoft, it's 100% floated. The free float is 100% because the founders have moved on and divested and they're not locked up. At Apple it's like 90%, 99%. Broadcom's also at 98%, Nvidia at 96%, Amazon's at 91%. Only Jeff Bezos is considered sort of off the table. Alphabet at 90%, Tesla at 89%. And Meta is notably, of the big tech companies, the lowest free float at something like 88%, 86%. And the reason for that is because Mark Zuckerberg has a lot of control. If he sells his stake, he loses control. So no one's expecting him to sell, even if the stock goes way up or whatever. Like he's going to maintain his position because he wants to run that company. Now SpaceX is in an interesting, interesting place. So 13% of Meta shares are owned by Mark Zuckerberg. SpaceX plans to release locked up shares in a series of tranches if its IPO issues $75 billion of shares, valuing the firm at its hoped for $1.8 trillion valuation. The initial free float, because if you buy the ipo, you're not locked up. You can sell the next day if you want. But this means technically it's not like the, whether, whether somebody's like buying through, you know, investing through like jpm, Morgan Stanley, Goldman. Goldman, all these pieces, like technically you can go and sell. Yeah, they just might restrict you from other IPOs. So you would expect like serious. And this happens like on all the different apps, you know, Robinhood Public, etc. If you're buying into an IPO, they, they basically are asking you nicely, do not sell. Don't, don't flip, don't flip here. Yeah, but people can. And so with how many retail dollars are flowing into this, I expect a lot of people that are buying, buying basically Buying the IPO to start trading almost immediately. Exactly. But Importantly, it's only 4% of the free float. So only 4% of that 1.8 trillion is a lot of money. But it's only 4% will be really free trading. And then of course, during the IPO process, you're vetting investors and you're trying to get the people that will hold forever. And Elon has done a fantastic job of that with the indices. So he's gotten the NASDAQ, the S& P and a few others to, to like commit. So although Nasdaq has already shortened the seasoning period before index inclusion to 15 trading days, the Russell slashed its waiting time to 5 days. Most share indices wait firms in proportion to the value only of the shares released for public trading. And this is important because people look at the S&P 500 and say, wait, S&P 500, a $2 trillion company coming into that. Your weight, if you're just buying The S&P 500 is going to be more than 1%. It might be in the single digit percent. That's a lot. And we've been talking about the S&P499 for the Bears. Right. In fact, the initial weight in The S&P 500 will be around 0.1% because it's just that 4% free float. And then it increases over time as the shares get locked up. We actually have a chart here of how the lockups are work and it takes basically the full year almost two for everything to get unlocked. And it's also triggered based on share price appreciation. So if the shares trade up 30% or more, then more shares become unlocked and the road to 100% lockup ending happens slowly. And so just a little bit of an interesting deep dive into how the SpaceX IPO will fare. Anything else to talk about on that story before we move on? Apparently Senator Warren, yes, has urged the SEC to halt Space X's ipo, citing governance risks, Elon Musk's control, and potential foreign, especially Chinese investment concerns. She also highlighted Space X role as a US Defense contractor. Senator Warren has never met a business that she liked, I think, except maybe large financial institutions. Who knows? She likes those. Well, we have our next guest in the waiting room, Sridhar Ramaswamy from Snowflake. He is the CEO and we're very pleased to be joined by him. Welcome to the show. Thank you so much for taking the time. How are you doing? I'm well, thank you for having me. I can imagine you're Doing well, The company is doing fantastically. I am interested to hear. I mean obviously there's been an emotional rollercoaster, but I'm more interested in the data that you're seeing that shows acceleration. So much promise, so much opportunity in this particular business. Yeah. Data is the foundation for insights. I worked in a data company, work in the search ads team at Google where great data was the flywheel that made it into a great business. That's what we aspire to do with each and every one of our customers. AI has done a couple of things. It's made the act of bringing data into Snowflake doing just a whole lot easier. Pipelines that used to take weeks to set up or migrations that used to take years now have dropped to days and months, which is pretty remarkable. But people also realize how much more power they can get by having great conversational access to their data. And now with things like Snowflake Cowork, how you can actually solve pretty meaningful business problems in an interactive way. It's that loop that is compounding for us that drives a lot of our growth. Has there been any movement downstream for Snowflake? Whenever I hear the story of a data lake, a properly managed data warehouse. As an entrepreneur, even in a small business, I think that sounds amazing. That sounds like the dream. And then I see the companies that you know, actually have the resources to onboard be, you know, immensely large and obviously that's fantastic for your business. But I'm interested in in what the future looks like. Is there a world where a 10 person startup with AI agents and, and these pipelines that can be built much faster can actually set up their business and then not have to go through a cumbersome migration in the future? Yeah, we are seeing that happen in front of our eyes with Snowflake's own data team. You know they like with every other company used to years long, you ask them for a feature, they'd be like here, take a ticket, come back, you know, in a few quarters. Yeah. What they've been able to do with agent AI is grind through those kinds of backlogs very quickly. Absolutely. Data and agents are going to make it much easier to set up these things and have them evolve as they go along. I'll give you examples from Lake. We rewrote our, both our support teams and our SRE team's software. These are the folks that take care of different kinds of problems that we get into an the net result of that by agents investigating the problem. And if you see enough instances of a problem that you have not seen, you go figure it out, go write a tool for it. It's now in a self healing loop. I increasingly imagine that more and more operations get into that kind of a mindset where there are very competent agents, sets of recipes, you can call them skills, there'll be some other name tomorrow that take care of problems, but it is a self learning loop. That's what AI makes possible. Got it. Where are we in the path to fully automated migrations, fully automated new integrations? It feels like every new model release we're like, this is the one, this is the one. The non technical CEO is going to be doing the job now. He's just going to say, hey, we have two systems. Go fix it, go integrate it, get it into Snowflake. It's going to happen. And then reality sets in. And there's not just token costs and cost of that to delegating to AI, but also just the real world of, of other decisions that need to be made that might be outside of the context. So what are the remaining challenges that come up when you're building a new integration or working on a migration? Yeah, I think the timelines are definitely shrinking when it comes to migrating off of legacy platforms. The on prem ones, we used to think of them, the biggest ones, as running into say like three odd years. And these strike terror into every company's heart. Because it's three years of like really anxious development work and waiting for results and hoping things don't go wrong. To give you very concrete numbers, we now feel a lot more confident that we can tackle really tough migrations and have them finish.

Blaze. Team deathmatch. We are experts. Let's just roll, right? Market clearing order inbound. Come get up. You're surrounded by. Gentlemen, hold your. Strike1, Strike 2, Activate. Go retriever. Market clearing order inbound. 5 p. I see multiple journalists on the horizon. You're watching TVPN. Today is Wednesday, June 10, 2026. We are live from the TVP Ultra Dome, the temple of technology, the fortress of finance. Capital, capital. Let me tell you about ramp.com, baby. Time is money. Save both easies, corporate cards, bill pay, accounting, and a whole lot more. You go to Ramp, you want some accounting help? They're gonna. Yes, and thank you for using us. And what else? Two major stories. Bunch of major stories. But the big one, Facebook got a movie. Another movie. Actually a third movie if you count the documentary. There's been the Social Network, the Social Dilemma, and now the Social Reckoning. Only two of those are movies. The Social Dilemma is a documentary, but it's very interesting. And the. And Anthropic got a fable. And there's been a ton of reaction. Ben Thompson was writing about it to the rollout there. The Wall Street Journal. The announcement should have been like the really good model launches and people are amazed at what it can do. But they put the title Anthropic puts curbs on AI models. So I'm sure you've seen this on the timeline, but we'll take you through some of the debates over how restricted the model is in certain areas. Bio is a big one. Cyber is another one. There's a bunch of funny examples. There's a bunch of reasonable arguments for doing this type of stuff. So we'll go through all of it. But can we talk about who's joining the show today? Absolutely. We got a bunch of great guests. What a lineup. What a lineup. Hey, Clicky founder Farza Majid is joining. You've probably seen his viral demo last week. We're very excited to talk to him about computer use, potential consumer AI applications, what he's doing to build hands free AI voice assistants. The CEO of Snowflake's coming on. CEO of Cloudflare's coming on. Vinod Khosla from Khosla Ventures is coming on. And then Brett Taylor. Brett Taylor didn't even make the cutoff on today's lineup. What's going on here? Brutal. And of course, we have Marky Wagner. Marky Wagner coming out announcing, emerging from stealth with her new company. Very excited. She's fantastic. So I want to kick it off with the Social Network sequel. I want to watch the trailer for the Social Reckoning because Jeremy Strong is playing Mark Zuckerberg. I've heard people say, hey, he looks like Zuck. Like the styling is there. Henry says, no, no Doug from semianalysis. We gotta get him on. We should. We should get Doug on. Let's hit him up. Hit up Doug. Let's get him on and see if he's available. So not that we have any time, but we'll make time. We'll make time for Doug anytime. So the one critique is Jeremy looks a little bit older than Mark Zuckerberg did in 2011. Calling him unk, it just doesn't. I think it'll color the movie a little bit in the sense that the film is telling the story of this very difficult whistleblower situation. And it's different when it looks like a mature adult versus someone who was young and running. Running into these problems for the first time. Anyway, that says no Matthew Prince. What? He is joining? Yeah, he's joining. Yeah. We got the cloudflare 12:30 Pacific. 12:30. Get ready. We're going to go through Cloudflare. They have a exciting news. I think it's public already, but I don't want to blame if it's going to be announced later today. But anyway, I want to. I want to react to the. The trailer. So let's pull up the trailer. Listen, before I go on, I want to make something clear. This is how it starts. Okay? I have a hunch you're not a fan of Facebook, but I am. I am here to help Facebook, not hurt it. Okay, you send me a message. What would you like to talk about? The chairman gavels a session to order. You'll read your opening statement which we'll skip past for now. That's a separate session and we'll move to witness questioning. Spell your name and state your current occupation for the record. So is it not adventure this time? U C K E R B. Let's see. And your occupation? Zuckerberg co produced and directed by Aaron sor groups where 30 of content hits multiple risk factors. Hang on, I don't understand. Aren't you a tech reporter? Ish. Ish. Is this Mike Isaac Testing Jeff Horwit. I'm happy to lend a hand but I think you're doing wrote broken code. He was journalist at the Wall Street Journal. He is a journalist at the Wall Street Journal. Broken a number of global news stories including the Facebook files. The fire hose of bad information you are injecting into the air. Coming jet power. I'm A free speech absolutist. I'm not the one who's lying. And I'm not stopping them from seeing someone who is not a bad zuck impression. He's got the voice tone pretty down. As a result of time spent on the platform, senior leadership knows and is doing nothing. I know. There are easier enemies to make. The mafia would be an easier enemy to make. So what would you need to stand up? The story, the internal documents. This is a material violation of my NDA. We're twice as big as the biggest country on earth. We're not frightened of Congress. We're post government around here. Please. Twice as big as the biggest country on Earth. We have 102 hours to get from a. From a user standpoint. Oh, okay. Users. I don't want to be made an example by a guy with unlimited resources. Harm, I promise you, is imminent. Enough people around here understand that when I say no, that's the end of the debate. I'm not two years out of a dorm room anymore. Charlie. Look around. And if they were trying to go as inspirational as the social network, they really missed the mark there. What happened? Yeah. So that their intention was to try to fire up the next generation of entrepreneurs. That seems like they missed the world. To inspire them. To inspire them. To uplift them. You can build any business out of your dorm room. Yep. And also, it feels like if they. If the goal of this film is to really, really take the viewer inside. TBD and meta super intelligence. And what's going on with Nat Friedman, Daniel Gross, Alex Wang, like, it feels like they just drop the ball potentially. It's sort of crazy. Yeah. Like I didn't see, like, anyone that even resembled Yann Lecun. That is crazy to not. To not highlight that. And what's going on over there? The launch of Llama. The Llama four moment. That could have been the crescendo. Yeah. And Behemoth. Behemoth. And all the drama around that. You want drama? You want Hollywood drama. You want Oscar bait. Llama4Behemoth. That story is going to get put butts in seats. That's right. Now, more seriously, it's hard for me to. It's going to be really hard to not look at Jeremy Strong and O.C. kendall. Yeah. Because you're a succession guy. So this is the sequel to the Social Network. Instead of chronicling the birth of Facebook, it's the story based on the 2021 Facebook leak by whistleblower Francis Haugen. It's going to be dramatic. It's not going to make people like Facebook more and it's probably going to make Americans even more distrustful of tech. What's interesting here is that if you stop a random tech person on the street and ask them like, what is the social reckoning about? They might say Cambridge Analytica. Because that was another drama moment. And I was sort of like, is it Cambridge Analytica? Is it the Haugen thing? And a lot of people don't even remember what the whistleblower story was. Little refresher there. It was an internal document leak. The Facebook files showed that it that Facebook internal employees were aware of harmful societal effects from its platforms, yet persisted in prioritizing profit over addressing these harms. Now Nikita Beer chimed in, who now works at X, a rival platform to Threads, and said Zuck makes a lot of mistakes, but this isn't one of them. Meta literally had Multiple teams of $1 million per year engineers working on teen mental health and they had the agency to override big product decisions. They're probably a thorn in Nikita's side because he's trying to maximize click through rates, maximize attention. And he's getting pushback from hey, there's guardrails here. And he says the story this movie is actually, is about is actually a product manager who didn't get a promotion. And so that's the, that's the pushback. The only thing, the only thing was, and the only thing with that argument is like you could make the same argument is like the cigarette company has million dollar like doctors and researchers focused on making sure cigarettes are as healthy as possible. Yeah, yeah, yeah. And especially with the new fertility data, I think that there's a new cycle brewing of like exactly how bad is social media? I still don't really buy the addiction thing just because I'm familiar with like addiction defined in nicotine, which is like extremely addictive. It's chemical and like you have cravings. Like if you forget your phone, like do you have the same cravings? It's sort of different. And, but there, but there is like a very serious discussion going on around social media and its effects. And this fits. The food addiction thing is, is like very real is. I was, I was at an event last night and they required everybody to put their phones in these sort of like locked bags so you could go outside at any point and you felt sick. I didn't feel physical, but I noticed probably like 20 times throughout the night. Yeah, I was thinking like, I was thinking of going for my phone. Yeah. I didn't start Having like physical withdrawal symptoms. Yeah, but the craving was there. Yeah. Just thinking about it, it was like phone. It was like phone noise, right? Phone noise, yeah. This is real. This is. I was having some phone noise. Yeah, yeah, yeah, yeah. Okay. So, yeah, that's legitimate. So the question that I had really quickly is like, what is the impact on Meta? Like, we can pull up the stock chart. It's a one and a half trillion dollar company. They're trying to raise more equity for the AI, build out, hire people. Like, is this good, bad? What does it look like over medium, long term? So short term. I think this was amazing timing. They really got lucky because as we will talk about, like, the fact that this trailer dropped the same time as Anthropic's Fable five was incredibly fortuitous because Fable just took over the timeline and no one was really talking about this in tech. Tech insiders won't really see or talk about the social reckoning this week. Case in point, I put it second in the newsletter when I wrote it up. Medium term, I think Jeremy Strong is going to drag Mark into like the bad group of AI leaders while he's on his Oscar tour. Like, there was a version of, of Facebook strategy, a meta strategy that's just like, hey, we're like Amazon, we're like Microsoft. Like, yeah, we have bets in AI, but we're not, like, we're not deciding the frontier. Obviously, Mark has made the decision to hire some of the greatest researchers, invest very aggressively, and this puts him sort of at the center of the conversation around, well, what will the effect of AI be on our society on kids? Should kids be talking to LLMs Psychosis? All these different things will come up. Just as we saw 4O psychosis and then Claude Code psychosis a little bit pop up and people are talking about that like you're, you're, you're priming the pumps for the next wave of like, oh, a bunch of people went into the Meta Meta app and like, they had a bad time and now we got to talk about that. So I wouldn't be surprised. What do you think? What do you think Mark is going to be more annoyed about this week? The fact that SpaceX is going to be valued meaningfully higher than Meta or this trailer. It's actually a tough one. I don't know. I mean, I think the real 1 is fable 5. Because if meta was using a ton of Anthropic models and the new model comes out and says you specifically can't use it in msl, the most important initiative in the company. Like, that's like a pretty rough thing where you're like, oh, I've been working with this company to develop my models for my family of apps. Now I can't, but if they do, you know, you know Meta is spending billions of dollars a year with Anthropic. Yeah, they have been for a while. But yeah, yeah, yeah, they will spend billions of dollars this year. And the question is, like, if Anthropic does allow Meta to use their models for Meta's AI research, what does it say about what Anthropic thinks about Meta's potential in AI? Secretly love ads this whole time? I don't know. No, to me, it would be them not feeling like they had a ability to get to the front. Totally, totally, totally. And that's an ace that's up their sleeve. At any time. They can always just take the guardrails off and be like, hey, more AI, more intelligence on demand for everyone. So I think the fallout of the medium term, Jeremy Strong's gonna go on this press tour for the Oscar and he's gonna have a bunch of like, really emotional, pithy soundbites and then also be like, just viral. Because it's funny to see him doing this impression and he's very good at, like, drawing. He's already gone viral for his Mark Zuckerberg impression in the past. So I wouldn't be surprised to see the next version of a Bernie Sanders press release about AI highlight Dario, Sam and Zuck instead of what has historically been the order, which is Sam, Dario and Demis. So it's always based on, like, perceived industry power and negativity around personal brand. So they have to have a scary quote and then they also have to have a lot of power in the industry. Zuck's power in the industry is rising. And also with this movie, like, there's more ways to take shots at him. Like, oh, look at what he did with the Facebook files. Remind yourself of that. Because a lot of people don't really remember the details. They're going to after they see this movie. Then you can, then you can say, well, this guy's also building crazy data centers and look at how he handled this. If he handles the AI thing like that, it's going to be bad. Right? So that. So that's like a little bit of a risk in the medium term, long term, I don't think the social reckoning is going to matter all that much. For matter people will complain about Meta's data centers. Why did they not get Jeremy Strong like a wig. They did or they because also he is playing an older Remember when he had the Caesar haircut? Yeah. So it's a different time. So people will complain about all this stuff but they'll do it on Meta's family of apps. I don't think they'll be churn and certainly advertisers won't pull out. It's impossible to pull out of Meta because it just drives up the roas the return on ad spend for smaller companies and a bunch of small businesses will just jump in and say oh great. Like you know, some big company pulled out and is boycotting Meta. That's great. Ridge Wallet's going to jump in or somebody else is to going going to jump in. People have advertisers have tried to boycott. Yeah you can on Facebook. It's impossible. So the business is just too strong and so and I also don't think Mark will be singled out by a regulatory hammer should it come down hard. Like if there's a data center ban. I don't think it's going to be uniquely focused on Meta. Only Daro or only Dario and Sam have like true scapegoat risk because they run pure Play labs and have been so noisy about AI and they have the biggest revenues in the category. There might be data center regulation but it won't unfairly target Meta. So anyway, that's my social reckoning take. Let's move on to Fable, which launched yesterday and the model seems like incredibly impressive. I've been seeing these Vibe Coded games that look really, really good and for some of those I haven't seen those. The Vibe Coded games hit really well on social media because you take a video of them and you show the example of what it built. You share the time and people just sort of believe it. It could be embellished but in general these feel like pretty solid. Of course making a great game is a great mechanic and there needs to be multiple levels and a single demo of a forest putting in is not quite there but really, really useful. And I'm sure we'll see a bunch more examples of games as memes simulators and these things are going to get easier to build. That's really exciting. Of course there was a bunch of debate on the timeline yesterday and splitting into today around the latest model, Fable 5, the first mythos class model that both seems remarkably good at long horizon tasks like software development, knowledge work, but rejects requests related to biology, cybersecurity and Frontier LLM development. Interestingly, I haven't seen Anyone share rejections around anything else? Like did they remember to reject? Like build me a nuke? I haven't seen anyone try that and it'd be very funny if it was like oh yeah, just we didn't get around to that. Or there are so many other things. But I think a lot of those other things that you should reject queries that you should reject have been ironed out in previous iterations. So going back, you know the say a slur was a big one for a while or say something rude or it's a different political pausing, pausing a chat basically just like shutting down a conversation versus like switching you to a less performant model. Yeah and it creates this like screenshot that went viral pretty much continuously yesterday. And so this aligns with Anthropic's focus on safety, but as many people have pointed out, it's also just good business. You don't want competitors using your products to directly create competitors. And you also don't want financial liability or negative headlines from bad actors using your models for nefarious purposes. Ben Thompson called it true alignment. The take safety seriously culture aligns with business value creation, which is very very rare. Oftentimes the like be good or your culture limits what you can do and actually hurts your business. But it's something that you do in favor of brand like Apple would probably be would probably be more profitable if they were using like diesel generators for all of their for all of their data centers. They went clean energy because they wanted to have an environmental brand and over the long term it's helped them but in the short term it's been rough of course inexpensive. So Ben Thompson writes. What is so fascinating about Anthropic, however is that while I'm sure some executives of the company are thinking this way, I also totally believe that the employee base broadly also happen to believe that they are doing the right thing. It's fascinating to observe me the rational business analyst sees a hard nosed but understandable decision to cut off would be competitors. Anthropic employees and advocates, the true believers see a regrettable but understandable safety decision that ensures that responsible and thoughtful people themselves of course will be the ones guiding our AGI future. This is true alignment and it's an incredible accomplishment. Facebook has tussled with this a bunch and we already talked about that. But to be clear, the Fable 5 rejection threshold really does feel way too low from what people people are saying. Tons of examples on the timeline of a biologist just saying hi to the model and getting kicked down to opus I saw you shared. Someone just said cyber with the devil horns, the purple devil horn emoji. And it's like, you can't. We're not going further, of course. Like bringing down like a broad hammer, you can always dial it back over time. But every rejection is this implicit invitation to hop on the phone with an anthropic sales rep and get on the Mythos enterprise plan. And that's where the real dollars are, too. The timeline is unhappy because the idea of democratizing science technology, all of this is very alluring. But the pool of dollars available from all the biohackers in the world probably isn't close to the budgets available from big Pharma. And so again, you're in this rational business analyst situation and you fail to see how this is that damaging, except to, like, the hacker community. The real tricky part is how AI Frontier AI research is handled. Instead of outright rejecting the query and bumping the user down to opus, the model appears to answer, but quietly gives a degraded answer. And this was disclosed in the model card, which is interesting. So this is again, reasonable. Yeah, but it's not disclosed to the user in the product while they're paying, which is a different. Which is a different path than bio and cyber. So if you go LLM Frontier research devil horns, it will actually give you an answer. Apparently it won't bump you down immediately, but. So it doesn't disclose that, which is odd. Outright rejecting requests for AI research and just saying, hey, user, sorry, this model doesn't work for that type of project. Please share. Please use another model or contact sales if you want help with this. Would have been much more in line with the bio and cybersecurity strategies. And then they also could not have disclosed. And it's also possible that they just didn't need to disclose this at all. Like they could have just released a model that was intentionally nerfed on AI research. It would have shown up in the benchmarks because people would have benchmarked it on some sort of AI research bench and been like, oh, weird, it's really good at all these other things. But it's bad at LLM research. And maybe that would have been a bit of a brand hit. Maybe. But users might never know that the model was intentionally degraded around this category of work. So that leaves this third more worrying position, intentional degradation. Without disclosure in the model card, there's no evidence of this. But it's possible that other workflows might be nerfed. And there's no law or even convention around disclosure. Again, maybe good business, but a weird situation to be in, so probably bullish for evals. If you're building a business on top of a big lab, you can imagine like a legal AI company will want to be really sure that the models they're using aren't degrading unexpectedly and not telling them. It's different if you're like, hey, I've been a bio researcher for a while, I'm using this and I know that this model was never intended for me or I've been using it, but what you don't want is like I'm using it and now it's giving, now it's leading me astray in my work and it's also not telling me that it's going to lead me astray, which would be like sort of an odd outcome that I think they'll probably address in the near future anyway. Yeah, that aspect triggered Dean Ball. Yes, he said my last observation, reanthropic secret sabotage safety policy is that it undermines actually good safety policy. How? First, it is very plausible to describe this as anti competitive behavior. Even if you're maximally sympathetic to Anthropic here, you must admit this and it is behavior being justified in the name of AI safety. If you believe, as I and many Anthropic staff do, that it may end up being critically important to relax antitrust enforcement so that the Frontier Labs can cooperate and collaborate on some areas of AI safety. Anthropic just undermined the case for that in a large way. Overall, this is ma. This massively and profoundly raises the status of the argument that AI safety has been hyped to justify monopolistic behavior by labs. I continue to believe that AI safety is a real and serious issue that is growing in importance rather than diminishing. If you agree with me, this incident is a setback, maybe a serious one. And third, he says, as I have observed elsewhere, Anthropic's official corporate policy is structurally identical to the fact pattern alleged against them by the Department of War. I still think Dow acted both falsely and wrongly in that fight. But it is no longer possible to defend Anthropic with a full throat after this incident. This raises the case for heavier handed regulations. Anthropic is making an awfully good case here that their product ought to be treated as utilities and thus their alignment practices should be a matter of carrier thing, public policy rather than private property. I am starkly opposed to this sort of state power grab, but Anthropic is doing more to justify it than Anyone else. Thus significant damage has been done to community and entire approach to AI governance. It was done unilaterally by Anthropic, likely motivated largely by self interest and justified within the internal psychology of the firm through the lens of of safety. I suspect this is fixable in the economic and legal senses for Anthropic, but I fear that trust has just been broken and the goodwill extinguished will take very much time to repair. And just a level 17 ball. He wrote the AI action plan but then also came out very publicly in support of Anthropic during the conflict with the Department of War saying that the Department of War is completely overstepping by pushing towards supply chain risk designation, putting pressure on Anthropic for not wanting to work with the government in that particular way. Obviously there's a whole bunch of new data that's been released and stuff and that that conversation has evolved. But he's not. He doesn't strike me as some like crazy hater. Anyway. Let me tell you about Railway. Railway is the all in one intelligent cloud provider. Use your favorite agent to deploy web apps, servers, databases and more. While Railway automatically takes care of scaling, monitoring and security. Doug o' Laughlin was also sort of mixed results on Fable. He says when it works, it's brilliant, but the unilateral guardrails make me frustrated beyond all belief. Here's a folder of health information with like 100 days of aura health data. This is a very logical thing that people would do with Codex or cloud code. Gather up all your health data. I actually talked to a very, very prominent person in tech about how they got into Vibe coding and clis and one of the first things they did was reanalyze some whoop data, reanalyze some health data. And he correctly detected sleep apnea and went and got it treated like that is. It's not a cure for cancer, but that's like incredibly awesome and very, very good and exactly what you want to see. And who knows, maybe the thing that you detect early could lead to an increased risk of cancer in the future and that would be a really, really big win for our society. And so little bit tricky there. He says there's a private investment in the life sciences tool space. Guess what? It's not safe. Doing some code scanning for vulnerabilities. Not safe. I get the safety, but it feels incredibly out of touch for a group of a few thousand people making total comp in the millions. Telling me what is and isn't safe. Dario worried about inequality. I think he has to realize that he is the inequality and the unilateral gatekeeping feels whack as hell. I don't like it. People are. People are very. And like Doug o' Laughlin is extremely optimistic about anthropic like he recognizes the power of the models in the business and has been very, very strong supporter. I feel like a strong user. He was one of the first people to admit to Claude code psychosis and he's unhappy with the current situation. But these things are very tunable. I'm optimistic. With more disclosures and more fine tuning and a smoother path, I think we can get to the good outcome cremu. Unless you're crmeu. Last one Cremu says. Tell me about mitochondria. It's the powerhouse of the cell, right? Chat pause. The chat pause is rough. Yeah, it's a screenshot. But maybe, maybe the harness is just saying like sorry if you don't know that the mitochondria is a powerhouse of the cell. It's not worth my time. I don't even want your. I mean that's the thing with like the hardware. Yeah. Yeah. I mean there are expensive questions and all of these screenshots are clearly from like $100, $200 a month plans. And I'm sure the GPUs are on fire as they always are with any new model launch from the a frontier company and it can make rational business sense. And so when everything aligns, when you're like, yeah, we're maybe being a little bit too safe, but it's actually good for our business, it's very easy to say yes to that stuff. The big question is like, where do you get tested where something there's a hard decision and it doesn't align with your business interests. That's always tough. Right? What's going on? Was there the new data retention policies as well that also has to do with like does it trying to. This one was funny because I assume that every tech company stores everything forever basically. I didn't realize that they not not for these like enterprise use cases. I know that the enterprises said that they wouldn't train on your data, but like when I go into any chat app, I expect to have my data from a year ago still there. Like I want. In fact, one of my main critiques and frustrations with these apps is that when I go to them, I want to be able to instead of hit hitting the search bar, just go into the chat box and say hey, remember a couple months ago we were talking about CrowdStrike and I had you pull up some data. Can you just go refresh that, get the original thing? And a lot of times these apps are like, I don't really have access to all your chats, but like the chats are clearly saved. So I understand people were upset about this, but it didn't fully clock for me why I understand the training thing like the. But yeah, and they're very, they're very explicit. They're not using the data to train. They're not. Okay. Oh, well then that's good. So the Steelman I believe was that you need to hold it for 30 days because companies, probably international companies, competitors, will set up a ton of shell corporations and send out like pseudo random queries over random times over random accounts through VPNs. And they will triangulate something that is useful to distill or learn from the model. And so by keeping it all, you can now run analyses and look at. Wait, is there a pattern where 25 different accounts that seem completely unrelated all seem to be triangulating the same question? That seems reasonable to me. But stay out of my data. I'm billed different. I'm not distilling anything. Well, I don't know. Anyway, I think it's time. Let me tell you about Shopify. Shopify is the commerce platform that lets you grow with your business 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. And speaking of AI agents, we have a founder, a company, I don't know if we should call it an AI agent. What are we calling it? Farza. Is this, Are you creating a new category? Introduce yourself, tell us what you're building. What's going on, guys? Nana, of course, of course. Farzi here, working on. Hey, Clicky. Yeah, man. What is started as an AI teacher. Yeah. And I guess now it's an AI that where you can essentially talk to your computer and it does whatever you want it to do from like personal stuff.

There's a big moment in the market's up, and then there's also a time to consolidate and focus on operational efficiency. Why. Why is this guy so obsessed with gta? John, have you ever played gta? Any gta? Maybe like, three gta? Four. Maybe, like, for, like, two minutes. Two minutes. And I'd be. And I was like, wow, you just. Loser. What a loser. Never gamed in his life. Kim, get a load of this. I couldn't get into it. I couldn't get into it. Yeah, you're Rust guy. You're everything. Like, I just. Even as a child, I was like, okay, everything that you can do in this game, you can just go do real life minus. No, you can't. It's all crimes. Wait, Jordy turned it down. He turned it down. Maybe I'm pure of heart and I don't enjoy, like, okay, like, crap. They were gonna let me play for, like 15 hours, 10 hours, maybe five hours, but I turned it down. They were like. They actually wanted to pay me. They wanted to pay me to play? Yeah, they wanted to pay you to play. Strauss said, actually, I would love for you to play. One of my first jobs, I was a video game tester. I got paid to play video games. Best job. Play video games all day. They got you hooked? Yeah, they got you hooked? No, I was already hooked. I was elite. So, yeah, you go play the games while it's in development. You file bug reports. Quality assurance tester. But basically your job is to play video games all day. Worked with a guy who was super chill, and he was just like, this is my career. Like, I'm. This is. I'm happy with this. Like, I'm. I'm. I'm a video game tester. And then I checked in with him a couple years later, and I was like, hey, man, like, how's the video game testing business going? And he was like, you know, I actually had a shift in my career. I'm a DVD tester now. It's even easier. So he did I just sit there, watch the full movie, and then tell the. Tell the people? Like, yep. Like, there were no audio bugs. There was no. There were no drop frames in the whole movie. I sat there, I watched the whole movie, and it looked fine. Thumbs up. And then every once in a while, he'd be like, oh, I was in the menus of the dvd, and when I went to behind the scenes footage, it wouldn't play the correct video. It had the title for interview with the director, and it actually played interview with the cinematographer. So you gotta fix that. These things happen. Like UI bugs pop up in DVD menus. But what a wild job. DVD tester. That's a good one. Good one. Anyway, this fellow is obsessed with GTA vi and he's doing anything and everything to understand whether or not GTA 6 will be released on time. There's two methods here if you want to know. GTA 6 is going to get released on time. You can just shake down Strauss Zelnick for the truth, or you can do what he did, which is he set up acoustics around the Rockstar headquarters to measure audio levels near a meeting room. And he discovered that his equipment had disappeared. And when he returned to check on the latest data. But he didn't stop there. He started camping outside, monitoring traffic and tracking the number of cars and their estimated value. Oh, there's an executive in town. That means something for the GTA 6 release date. Oh, there's more cars coming in. Probably a lot of people working late nights, getting it out, burning the midnight oil. And so he believes such data can be used to speculate on how many executives may be spending time at the HQ as opposed to regular employees. And that an increase in both traffic and high value vehicles could indicate Trailer three is coming. He's also considering an even more insane idea, which is to measure the amount of oxygen in the area to monitor how many people are around. And he did it. He started monitoring the oxygen around Rockstar north and he believes Trailer three is coming soon after noticing that oxygen levels dropped to about 20.3%. We actually need to use basis points this time from 20.3 to 20.04 after 5pm, suggesting increased oxygen consumption in the area after normal working hours. He's also monitoring the number of cigarette butts. I thought it was just a GTA 6 fan. I'm excited. Everyone's excited. Maybe it's a rock star or a Take Two shareholder. You had a different theory. What was your theory on his motivations? I don't believe that people are going to go to these lengths unless they're making money on it. Okay, and how would he make money? There's a lot of like, prediction markets with plenty of volume. Could be trading the stock directly, but could also be betting on a prediction market. That's. Oh yeah. If there is, theoretically, if there were to be another delay, I'm sure the stock would probably react to that. Yeah, absolutely. It is very, very interesting. Fun story. A hedge fund should hire this guy to do other types of detective work. Yeah, it's almost. It almost feels like it's going over the line, maybe illegal. I don't know. Like if. I would be very frustrated if someone was standing outside of our ultra dome with measuring the air, everything, to see if we're going to interview Matthew Prince yet next. And we are, because he's in the waiting room.