demand remains really high. Uh, of course, everyone in, in non-podcast media will point everything's a bubble or there's challenges or whatever... right now, listen, the demand remains really high. I don't see any signs of that pulling back if you've got power available in the next couple of years.

Yeah. So, I mean, let me just start by saying that, you know, building frontier open models requires 2 things, right? Requires like a lot of incredible talent. And we've been extremely privileged with the fact that like many of the best people in the industry have actually joined us to work on frontier open models and work closely with me. So just like really like for that. At the same time, the other thing that you need is compute, right? Like, this is what fuels AI research.

things outside of software like... we were some of the early investors in autonomy like Aurora, which is I think the largest standalone public company in self-driving... We're now going to see a whole new wave of things happening in robotics. And I think the underlying model capabilities and the datasets that we're building are finally going to get us there where we're going to see a proliferation in the real-world economy as well.

Yes, so, um, Terra Firma was founded by my co-founder and I after we were working at SpaceX and we were trying to build Starship rockets down in Boca Chica and the construction was just too slow. We're like, why are we able to build rockets the size of skyscrapers at like one a month But like building a road or a factory is taking years and years and years. So we quit our jobs to start a company to change all that. We're basically becoming a new type of construction company, like a full-stack construction company, builds our own robotics software, and we actually operate as a construction company ourselves.

Well said. So get us up to speed on what's going on with the Warner Brothers Discovery acquisition. Maybe a little bit of the prehistory just to refresh on where the deal stands and then the latest back and forth that emerged last week trickling into this week.

the high-level reason that IBM is not well positioned in the token path, to use the Brad Gerstner and Gavin Baker parlance, is that AI spending is currently flowing into GPUs, memory, networking, hyperscale cloud computing, and frontier model inference. IBM is not a major winner in those categories.

Well, you know, they hit the point where they couldn't impact their margins anymore. Obviously, they're reporting earnings at the end of this month, so they'll talk more about that. Yeah. But the big picture here is the iPhone is going to get its price hike in September.

Yeah.

The company's American Depository Receipts opened. The ADR shares opened at one seventy fourteen percent above the one forty nine they were offered at, giving XSK Hynix a market cap of roughly one point zero three.

Sonos confirmed the reductions late last month, but senior-level details were previously unreported. CEO Tom Conrad internally framed the cuts as a way to reduce management layers. That's probably good and make Sonos move faster. Fewer months in conference rooms, more prototypes in our labs, more decisions made and executed, more exceptional products in the world of our consumers. You have to imagine that there's something interesting for Sonos to do with an AI company.