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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.
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}AISO Market Calls classifies public statements from public sources. A classification such as long thesis, short thesis, or explicit call describes the content of the public statement and does not prove that the speaker actually entered, exited, or held a position. Market performance shown is calculated from public market data around the source publication or timestamp. It is not investment advice.
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.
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.
the show Love Island, uh, a reality dating competition... has become an unusually active trading category. According to Barron's, the current season drove 106% increase in weekly active female mobile users of Kalshi between June 8th and June 28th, compared with a 54% increase among men.
Like, there's so much like potential disruption. I think the stance is like, I would rather participate in this massive technology cycle than, than, um, and have a shot at being a big part of it.
That giving SK Hynix a market cap of roughly $1.03 trillion. We got another one, another, another one, another trillion-dollar company in the AI boom. The blockbuster listing caps an extraordinary run for memory manufacturers fueled by surging demand from AI systems, particularly for high-bandwidth memory used alongside advanced AI accelerators. SK Hynix, Samsung, And U.S.-based Micron dominate the global memory market.
It'll be among the most affordable options on the market, Zuckerberg said in an interview ahead of the release. Quote, since this is not an open-source model, this is, I think, the first time that we're doing a real serious API, and the pricing is going to be very aggressive and attractive.
I was demoing the latest VO model and it's good, but it's still clockable as AI generated. There's still, I had some cars spinning around and, you know, it's 3 cars and then it's 4 cars and then it's 2 cars and they're sort of melding into one another.
In theory, they should be absolutely decimated by AI. image generation.
I can't imagine a better defensive move than putting Getty Images and Shutterstock together.
What's the conversation like there? What are the savings that people are focused on?
So this felt like a very logical story. And I'm a little bit uncertain that this is a good decision for the UK to help these businesses. It feels like it's just going to wind up hurting both of them.
But Getty Images was planning to merge with Shutterstock. These are 2 essentially stock photo sites. In theory, they should be absolutely decimated by AI image generation. Meta put out a new one, Muse Image. Nano Banana Pro has been fantastic. Images 2 from OpenAI has been really good. And like, they're honestly getting to the point where a lot of the example images are just like, okay, that's just a photo.
$30 billion company. And I don't believe that they've gotten much to orbit yet. They've done some experiments, some tests. They're still early, but it's a huge market.
The valuation is expected to be $130 billion, big for a private company.
there are also important other technologies, power electronics like transformers and switchgear, the kind of stuff that our portfolio company Giga Energy makes
Durbin?
They're going after the debit card rails. They're going after Visa. Hmm. This is news today. JPMorgan, Bank of America, Wells Fargo, PNC, and other big banks are reportedly exploring a deal to buy a Fiserv debit card network
It should be good given that they have all the Instagram and Facebook data to train on.
So pitch me like it's 3 months from now. It's September and October. And I'm non-technical, someone who has, you know, heard about the AI boom but doesn't really know where to start. What are you instructing someone in a few months from now? How should they be interacting with Replit and Replit agents to do something? What's a good hello world on absolute steroids project for them to get started with?
Yeah, I think that part is actually kind of similar. It's like, how do you make a meaningful rocket space company by being hyper, hyper focused on a small number of things? Because like I said, we're not in the business of doing human spaceflight and all these other things. But how do you find that, that niche that you care about and stay ultra focused on, on making that happen?
was when we really doubled down on building the launch vehicle as a part of the data center in space. And I think also
Text is the universal interface. Place in a future world where, you know, everything is done via voice or via an agent or via text stream, having a centralized place and not having to use a bunch of different apps and have the best app at the right time and this one's on discount and that one's not and this one's your payments information safe, having all of that happen below the fold is just another layer to the user experience in the modern era that it feels like it's on the way.
I think it's difficult for other car manufacturers to do first-party accessories because there's so many SKUs, whereas when you're selling as many Model Ys as they are and as many vehicles that have that exact trunk configuration with that exact port, uh, you can, you can underwrite the mass manufacturing a lot easier than if you're, you know, Kia or Hyundai and you have 25 different vehicles all with slightly different configurations.
Maybe. Who knows? Um, but overall, is there cause for optimism with Xbox? It's the hardest gaming platform to be excited about. When you think about Valve, it's just a money printing machine on top of PC. Uh, the PC gaming industry broadly is, is doing well. And, and PlayStation's done such a good job. Sony's done such a good job with PlayStation with creating like true intellectual property.
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