A (2:14)

Jensen has always been a rock star. It's not like he put on the jacket as at the top. He was born in it.

B (2:19)

Korean fried chicken stocks were pumping. I am financially ruined short selling Korean fried chicken companies. I have lost everything and I'm not sure how to continue. This week I lost $472,000 short selling Korean fried Chicken companies. My idea was with the declining Korean population and the recent trend towards healthier eating and vegan diets, there is an opportunity here. Everything is gone.

A (2:42)

There's some debate over how impactful the ChatGPT launch was, has been on job displacement. We keep going back and forth on this. I mean, they certainly want it to get there, but that's not how people use it just yet. Like for the most part it is like.

B (3:00)

Well, I think the notable, I think, I think something notable about like when I think of the ChatGPT, like jobs displacement debate and discourse. Like I look at our company, which is like despite a bunch of new tools popping up, we still need to hire video editors, we still want to hire writers. There's like a bunch of these different roles that this chart to me has always been about interest rates going through the roof. That's what it just happened to almost perfectly coincide with the ChatGPT launch. If you look at the growth of the S&P 500, almost all the growth is driven by AI.

A (3:39)

If only there were some major event a year before that was important and affected interest rates and hiring trends. And so there's like the cultural trends around what Elon did at X that just kind of like woke a lot of CEOs up to this idea that they could run leaner. The interest rates is huge if AI isn't displacing. But if CEOs think that AI is going to displace people or AI will be in five years, well, a lot of the reason why you hire someone isn't because you need, you need the job done today.

B (4:09)

It's because like I think that every CEO, even if they don't have an AI narrative, wants an AI narrative. So if you have to do layoffs, why not say, hey, we're getting a bunch of efficiency out of AI tools and that's why we're doing layoffs.

A (4:21)

Michael Burry has just filed his 13F 11 days early. He has never done this before. Massive put. He's going short Palantir and Nvidia.

B (4:30)

I think in general people continuously misunderstand the sort of like notional value versus the size of the actual portfolio.

A (4:39)

Yeah, yeah, yeah, let Burry cook.

B (4:41)

I wonder if Burry wish he played himself in the big short so that all the meme. If he knew all the meme images would be shared hundreds, thousands of times a day. That's more. On Palantir earnings Q3, they did 1.18 billion of revenue up 63% year over year. 883 million of US revenue up 77% year over year. 397 US commercial revenue up 121% year over year. Beating like this, beating like this and Then trading down 8% the next day is shows that the market's a little shaky.

A (5:12)

The Denver based firm sells software to centralize, manage and analyze large amounts of data. They're hiring high schoolers now. They're just like college is pointless, we'll just hire you straight out of high school.

B (5:23)

This is rare enough to be highlighted an actually good Financial Times article on the state of the AI race between the US and China. He put race in quotes. One the fact that for a general purpose technology such as AI long term advantage often comes down to how widely and deeply technology spread across society and and China has advantages here, as the article notes, since they're unarguably better at orchestrating society wide transformation as that's all they've been doing for the past three decades. They got some reps in the data.

A (5:52)

Point that I have not seen that I would like to see is actual consumption of AI. Like it's clear that they were able to catch up on creation of Frontier model with Deep seq, but how, how much is actually getting implemented?

B (6:08)

This is extremely ironic as the US effectively pushed China to develop models that are more efficient and open source, which turns out to be a better strategy for global diffusion. If you're a company in say Germany or Brazil, you can download quant or Deep Seek, run it locally, fine tune it for your market, and never worry about API rate limits.

A (6:23)

But does that mean that you win?

B (6:25)

The article notes the public in China is the most optimistic in the world about AI.

A (6:29)

Nvidia is a $5 trillion company. If they could sell to China, how much? Like it's not like it's a $10 trillion company, is it? Is it that big of a deal? Like how big is the China opportunity?

B (6:41)

It's the second largest computing market in the world. I don't know. Depends on how AGI pilled you are. John Tesla was selling into China as long as, well as long as it took for them to copy it.

A (6:51)

New York City is choosing between Mamdani and Cuomo. And Mamdani is at 95% chance. Cuomo's at up from around 90. You know there's a lot of people out there saying smart money's on Cuomo, maybe he'll win.

B (7:05)

I think the degenerate money is on Cuomo.

A (7:08)

That's probably true.

B (7:09)

Monthly performance from Canva, Wingstop Shake Shack, a bunch of other restaurants. Most of these restaurant stocks were trading at 35 to 100 times forward PE just recently. Many still are. This is just a bubble deflating. Bubbles can't be sustained indefinitely.

A (7:26)

Chipotle's big bet on younger consumers is unraveling. Uncertain US economy is catching up to younger Americans. Chain has spent years cultivating a younger clientele. Pitching its burritos and bowls as nutritious, protein packed meals for gym bros and healthy eaters. What do you think, Ben?

B (7:43)

I used to get easily 90% of my calories from Chipotle at certain times in my life. And anytime you were like on a long drive.

A (7:49)

Yes.

B (7:50)

Knowing that at some point in the drive you could pull over and have a nice fresh, nutritious slop bowl. It was something to look forward to.

A (7:59)

Oh, it was amazing.

B (7:59)

Quality has degraded to such an extreme degree that it's no, I'd rather fast than eat Chipotle in almost any situation. It's over $10. I sort of look back fondly on the days when Chipotle was felt and was a luxury. When I was like, okay, getting extra meat and guacamole.

A (8:19)

Extra, extra guac and extra meat was like I am a king.

B (8:23)

Were you, were you like a frozen chicken breast guy too?

A (8:26)

Yeah, for sure. I'd just be looking Costco.

B (8:28)

I'd be looking at the 1 pound bag of rice and the frozen chicken breast being like, again, we meet again.

A (8:34)

We meet again.

B (8:34)

Revenue is growing because they're, they're opening new stores but at existing stores you.

A (8:39)

See they got to go upmarket. Caviar bowls. Wagyu A5 wagyu bowl with double beluga on top. History was just made. Lux Family company and Oral technology has just successfully flown the first ever fully autonomous fighter jet ever in US history.

B (8:58)

It is a crazy looking jet.

A (9:01)

The mainstream narrative is that this was created by humans. Where are all these companies coming from? We're so back. Casey Hanmer has been saying, like, we're not making solar in America effectively. And here's this company that's just cooking, setting out 14 megawatts of solar panels in a single day. Martin Shkreli is forecasting that Nvidia will get to 100 trillion in market cap. Even desk email jobs require human thought. But higher priced jobs like legal, medical finance can also be replaced by AI.

B (9:29)

This is a nightmare post for Nvidia. Bears.

A (9:33)

Can'T make this stuff up. SpaceX Starship 2.7 billion HLS contract cost includes docking adapter, NASA, Lockheed Orion 31.6 billion cost and counting 19 in 19 years in development. Docking is an extra 2.5 billion extra.

B (9:53)

The doc's going to be an extra two and a half. We're sorry.

A (9:56)

All this to be an AI notetaker app number eight. 7. Blah blah, blah blah blah.

B (10:00)

The question here is, is there a market for an AI note taker? For the kind of people that Cluly is really good at marketing to, I don't think it's possible for them to make a 10x better product than otter and granola.

A (10:13)

What are college students actually using? Like what? Like from what we've heard, the stack if you want to like cheat on your homework. What is the stack, jordy? It's actually ChatGPT Atlas Benchmark 2020 Vintage Fund marked at an 8x. Tyler Hodge has the story. They're doing just fine.

B (10:31)

I think what Ev Randall should do new GP over at Benchmark.

A (10:36)

What should you do?

B (10:37)

Is 10x that fun again?

A (10:38)

Do you need venture capital? Call Ev Randall at Benchmark 1-800-1-800.

B (10:43)

Fruitus raises 150 million to power the next wave of healthy snake snacking.

A (10:48)

This is crazy.

B (10:48)

Brutus has closed 150 million dollar funding round Huge Blue led by JP Morgan Asset Management with Ray Dalio doubling.

A (10:55)

We gotta try some of these.

B (10:56)

Valuing the berry powerhouse at over 1 billion, the snacking company best known for its jumbo blueberries and new grab and go snack cups generated more than 400 million in revenue last year with blueberry sales. They gotta get an AI narrative here. This take a simple idea and take it seriously and sometimes the simple idea is obscenely large blueberries.

A (11:14)

Will I am is in the news because he will be teaching a new class on a gentic AI at Arizona State University. Hearing how Will I am is using AI would be interesting. I am endlessly entertained by there's somebody who has a craft like you might not like his music, you might love his music but clearly you know that he makes music like he has a process. He makes it.

B (11:36)

Will I am was an early investor in Tesla Pre Elon Open AI Anthropic Twitter, Pinterest, Dropbox Hugging face Beats and Runway AI generated song has entered a Billboard radio chart for the first time. Zinnia Monet created by Human Talisha Jones who used Suno Suno also signed a $3 million record deal a few weeks ago. Imagine 3 million up and then all of a sudden you got the $3 million record deal. I would like to see an AI musician not share their real identity and Satoshi of music Music not A pop.

A (12:16)

Star, but a slop star. If you want to log off. If you want to touch some grass, head over to wander. Find your happy place. Book a wander with inspiring views, hotel, great amenities, dreamy beds, top tier cleaning, 24. 7 concierge services, vacation but better like.

B (12:27)

Most of you guys, I didn't get into crypto to get rich. I got into crypto because I believed in the vision of 500 different stable coins issued by 500 different centralized institutions. Institutions on 500 different blockchains.

A (12:39)

I do wonder what the stable result is like. What? What is the final equilibrium? Is it just endless proliferation of new coins? Or is it a consolidation because you.

B (12:50)

Have tether at 183 billion, USCC at 75 billion. The next largest is USDE at 9 billion. Below that is DAI and then below that, below that is World Liberty Financial.

A (13:06)

I have this partially formed hypothesis that artist backlash against generative AI crystallized largely in response to text driven user interfaces. The art world has come to accept tools like Photoshop and earlier photography itself that still shares the aesthetic of traditional art creation. If Midjourney, ChatGPT, Dall, et cetera had interfaces along the lines of Nvidia canvas from 20 pictured below. I remember this tool. It was awesome. You could do that. You could draw whatever, whatever like outline you wanted and it would just automatically generate it and looked great. Palmer says it would look enough like existing tools that the critique would look purist and elite. Art via command line on the other hand looks sufficiently other that you can easily berate the users as not artists.

B (14:02)

Service Titan at $9 billion market cap on 866 million of revenue. Comparing that to Harvey, which is $8 billion valuation on somewhere around 100 million of ARR. At this point you have to believe that we're moving from a world of niche vertical SaaS to the next industrial revolution. You would not be able to underwrite Harvey like this against like the existing legal AI market. This is a bet on labor displacement. Apparently the 200 largest law firms in the world provide 130 billion of legal services. So that's the top 200. So Harvey's already sitting at basically there. We will be tomorrow back in the.

A (14:42)

Ultra in Los Angeles. We'll see.

B (14:45)

Can't wait then.

A (14:46)

Goodbye.