Novartis Buys Excellergy for $2B, Anthropic Vs. Pentagon, The Mansion Section | Diet TBPN

Summary

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TBPN Podcast Summary: "Novartis Buys Excellergy for $2B, Anthropic Vs. Pentagon, The Mansion Section"

Hosts: John Coogan, Jordi Hays
Air Date: March 28, 2026
Episode: Diet TBPN (Best moments, ≤30m runtime)

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Overview

This episode of TBPN focuses on three main stories:

1. Novartis’ $2B acquisition of biotech startup Accelergy (EXLRG)
2. The latest Anthropic AI leaks, Pentagon legal drama, and IPO rumors
3. “The Mansion Section,” covering luxury real estate and lifestyle highlights

With their usual mix of live humor and rapid-fire insight, John, Jordi, and friends navigate the intersections of tech, biotech, and AI, moving from high-stakes pharma deals to the quirks of subscription AI pricing—and finally, to penthouses and après-ski bars.

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Key Segments and Insights

1. Novartis Buys Accelergy for $2B

[00:00–08:20]

Highlights

• Accelergy (XLRG): An allergy-focused biotech in stealth for 5 years, sold to pharma giant Novartis for $2B.
• Playbook: Classic VC-backed biotech trajectory—academic research → specialist VC (Redtree, Samsara) → Series A ($70M) → Phase 1 trails → acquisition.
• Novartis’ Strategy: This fits their “bolt-on” acquisition playbook, extending their allergy portfolio (notably as Zolair patents expire).

Key Points

• AI in Pharma:
  “People think that it's going to a prompt and saying like cure cancer. It's not. It's like you have a 10,000 page document that you need to send to the FDA and if there's a comma in the wrong place, they can just send it back to you and say there's an error….”
  —Jason [00:56]

• What does Accelergy do?

  • They’re focused on a new allergy drug (EXL-111) targeting IGE, aiming for longer dosing intervals and deeper immune quieting.
  • “Anything that can treat [allergic reactions] is obviously good. So another arrow in the quiver of modern medicine, which is great to see.”
    —Jason [08:15]

• Serial Operator: CEO Todd Zavodnik’s streak: Zeltik (sold to Allergan for $2.4B), Dermavant ($1.2B), now EXLRG.

  • “Just follow this guy around. $3 billion acquisitions back to back. I think it’s a good risk company.”
    —Tyler [06:16]

• Deal Structure: $2B isn’t all upfront; milestone payments tied to development and commercial success.

Memorable Moment

• “I would love to be a janitor here. I'll actually take all stock and I will clean the toilets and get coffee if that’s what it takes, because I know what’s going to happen. I’ve seen this playbook before.”
  —Jason [06:29]

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2. Anthropic’s AI—Model Leaks, Pentagon Clash & IPO Talk

[08:20–22:55]

Highlights

• Leak: Anthropic’s “Mythos”:

  • New 'Mythos' model in private testing—“step change in AI capabilities” with better coding, academic reasoning, and cybersecurity scores.
  • “Most powerful AI model ever developed.”
    —Jason [09:10]
  • Metaphor extended: Capybara namesake (“docile, but can get violent”) [09:39–11:45]

• Pricing Drama:

  • Subscriptions are dominant due to compute costs; 10x price hikes expected.
    • “As you see, there's like this insane compute crunch. I assume that models are going to get much more expensive as they're getting bigger.”
      —John [12:08]

• Polyphasic Sleep for Prompts:

  • Some users try weird sleep routines to optimize for API and model rate limits; global “prompt desk” rotation proposed [15:03–16:04].

Notable Quotes

• “You need to lock it [the capybara model] in a box in a cage. It cannot be allowed to run free.”
  —Jason [11:26]

• “The tokens are getting more expensive.”
  —John [12:00]

Pentagon Legal Drama

• Injunction Update: Anthropic granted preliminary injunction over Pentagon supply chain designation.

  • “This is a staggeringly illegal act by the government. That is why I’m particularly honored to have been implicitly quoted in the ruling for calling this what it was… an attempted act of corporate murder.”
    —Jason (paraphrasing Dean Ball) [21:07]

• Tech’s Perspective: Most see tech’s case as strong; whispers of judicial overreach and administration missteps.

Anthropic IPO

• Eyeing a ~$60B raise as soon as Q4. Prediction markets: 70% chance of IPO, OpenAI at 49%.
  [22:00–22:33]

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3. AI Ad Platforms (OpenAI, Apple & Siri)

[22:55–24:34]

• OpenAI Hits $100M Run Rate:

  • OpenAI's ad platform launches, 600 advertisers in 6 weeks; alpha tip: be an early user for arbitrage.
    • “New ad platforms often deliver really good results before people figure them out. Big companies move slower than you…”
      —Jason [23:19]

• Apple Opens Siri to AI Rivals:

  • Siri to soon allow third-party AI integration (ChatGPT, Gemini), new tools for chatbot installation.
  • “Mark Gurman wins the golden scoop of the day.”
    —Jason [24:07]

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4. The Mansion Section: Real Estate & Luxury Lifestyles

[24:34–31:40]

Notable Stories

• Barry Diller Buys JFK’s Favorite Penthouse: $11M for historic suite at NYC’s Carlyle Hotel—once dubbed the “New York White House.” [24:34–27:27]

  • “Kennedy stayed at the hotel so often, starting when he was still a senator in the 1950s, that a direct phone line was installed for him in his regular duplex suite. That's cool.”
    —Jason [27:32]

• Après-Ski Bars & Custom Homes: Brian Healy’s $800k Tahoe bar, designed first, house built around it.

  • “I’ve joked that I designed a bar and built a house around it. This is good. This is my dream.”
    —Jason [29:27]

• Dream Amenities Riff:

  • Movie theater, endless wave pool, “just live next to the ocean” banter.
  • “You need an endless wave pool. ... Oh, I guess you just go to the ocean.”
    —Jason / Tyler [29:50–29:59]

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Notable & Memorable Quotes

• “Most powerful AI model ever developed.”
  —Jason [09:10]

• “We need to slow down. We need to slow down…”
  —Jason & Tyler, after watching capybara attack video [13:37–13:42]

• “I would love to be a janitor here… I'll take all stock and I will clean the toilets and get coffee if that's what it takes, because I know what's going to happen.”
  —Jason, on biotech-exit operator [06:29]

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Timestamps: Must-Listen Segments

• Novartis-Accellergy deal & biotech playbook: [00:00–08:20]
• Anthropic Mythos leak, Capybara metaphor: [08:20–11:45]
• Token pricing, compute crunch, global prompt desk: [12:08–16:04]
• Pentagon legal ruling & tech-government intersection: [19:00–21:48]
• Anthropic/OpenAI IPO odds, prediction markets: [22:00–22:33]
• Real estate: JFK penthouse, Tahoe après-ski bar: [24:34–30:46]

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Conclusion & Tone

This episode blends high-level tech news with grounded commentary, breezy banter, and personal anecdotes. The hosts emphasize the ongoing “compute crunch” in AI, the logic of biotech VC exits, and the evolving tech-government chess match, all while mixing in real estate escapism and playful asides. For audiences interested in AI, biotech, and tech culture, it’s a lively, insightful listen.

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Transcript

[Jason]

So why is no one talking about Xcelargy? I love these titles. Very niche company was in stealth mode for five years, but sold this week to Novartis for 2 billion smackaroos. That's a good outcome. Novartis, of course, is the $300 billion Swiss pharmaceutical company. And they just paid $2 billion for basically a five year old company named Accelergy.

[Tyler]

Exactly.

[Jason]

It's a great outcome. This is an interesting story because it's very much like the biotech playbook. Done right, they bring in the right CEO experience.

[Tyler]

Tyler, $2 billion exit in five years. From your point of view, is this good?

[Jason]

Is this good?

[John]

That's pretty good.

[Tyler]

Yeah, pretty.

[Jason]

I agree. But this isn't in the sweet spot for typical tech news. But there are some interesting data points. Amir over at the Information said leading indicator of AI adoption. Drug companies like Novo Nordisk Pharma has long been at the forefront of machine learning. Ozempic maker says AI agents are shortening its clinical TR trials. People think that it's going to a prompt and saying like cure cancer. It's not. It's like you have a 10,000 page document that you need to send to the FDA and if there's a comma in the wrong place, they can just send it back to you and say there's an error. Like we don't want to deal with it. Right now you're back at the back of the queue.

[Tyler]

Is that real?

[Jason]

You can get dinged for crazy, crazy stuff. Like I don't know exactly what I can share, but I've heard of multibillion dollar companies getting dinged for not showing. Like they will list out, okay, we use this centrifuge to run this assay to understand how this chemical separates. But they didn't say, they didn't list out who the suppliers to that supplier are. They didn't explain the entire supply chain. And there was like very little guidance on it. Like little things like that come up all the time. And reading through all the documentation, of course, most of this when you're talking about Novo, it's like they have direct line of communication with the fda. So it's different when some type of

[Tyler]

public company software CEO comes out and says like everything is accelerating because of. Yeah, oftentimes I look at the business and if, you know, if revenue isn't accelerating dramatically, you think like, okay, this guy just wants an AI narrative. He's just reaching for an AI narrative here. But when I see a pharma company do it, no real context on, on Pharma personally. So, like, it must be true.

[Jason]

Yeah, I mean, I was working on FDA filings like four or five years ago and there were so many word documents that needed to be. It was the same application for multiple variations on the product that the FDA was going to review. And so we actually wrote Python scripts to programmatically interact with the word documents to, to basically do like a very advanced version of Find and Replace. It's like perfect for AI y and it just speeds things up a little bit. You submit a week earlier, you have, you know, you can submit more things, more variations, you can give more information, compile more information, investigate other literature, do deep research reports. What else is out there? Let's review all the IP faster, summarize things, find different threads to pull on little things like that. Just squeak out like an extra five minutes here, an extra day there, and it all adds up to acceleration in progress. It's not like an overnight. All of a sudden everything's completely changed. Maybe that happens, but at least right now there's clearly a benefit from overnight success. But this was an overnight success, at least for Alex Eggle, Ted Jardinsky, Luke Pennington and Jeff Harris, who took academic research, which they've been doing at labs at Stanford and Byrne, into what is basically a VC backed biotech company, a drug company. So the goal was simple. What do they actually make? They wanted to make a better allergy drug. So when people have allergies, they, you know, you have a peanut allergy, if peanuts come in, your allergy cells like flare up and you need to fight that back. So the current, the current blockbuster drug in the category is Zolayer. And when someone has an allergic reaction to a food allergy, drugs act quickly to treat the reaction before it does lasting damage to the body. So the key immune molecule at the center of many allergic reactions is called IGE. And XLRG's lead program, EXL111, targets IGE. So the goal is to work faster, quiet the pathway more deeply, and ideally last longer between doses to fight allergic reactions. And so these will make that less severe. So Redtree Venture Capital seeded the company in 2021. But they stayed in stealth for about five years. The team announced their first big fundraiser, a $70 million Series A LED by Samsara Biocapital. This is a pretty typical flow for biotech companies. University science first, then they bring on secondary specialist capital, someone with experience in biotech. It's less common to go to, like, the big names that we know, the Sequoias, the Founders funds the Andreessens. They do some stuff in bio, but very often, if it's coming directly out of a lab, going to be IPO'd or acquired in a few years. That's a pretty traditional biotech VC playbook. And so by February of this year, Accelogy dosed its first Phase one patients. So they gave the drug to subjects. And it was obviously looking good because the Novartis deal signed a few weeks ago.

[Tyler]

Yeah. How well does that Phase one trial need to go for somebody to immediately come in and be like, yep, here's 2 billion?

[Jason]

Probably. Really? Well, yeah, but it is like standing on the shoulders of giants. Remember, the research was done in 2020, 2021, probably earlier than that. And it's building on an existing pathway. There's some interesting stuff going on.

[Tyler]

So Novartis, this guy is CEO, is such a chad.

[Jason]

Yeah. Insane. So, yeah, I was like, I didn't want to diminish his accomplishments by reducing it to a playbook. But this isn't his First Rodeo. The CEO, Todd Zavodnik, he joined in 2025, sells the company in less than a year. And you've seen the story twice before. When he was at Zeltik, Allergan acquired it for 2.4 billion. And when he ran Dermavant, he sold that company for 1.2 billion in 2024. So he's seen a unicorn outcome two years ago and he gets a new job. He was like, I was gonna take some time off, gets back in the arena and immediately sells the company. So clearly a great operator. And no one was really surprised by this, at least in the stock market. Novartis, here's a pid.

[Tyler]

Join his next company.

[Jason]

That's a good idea.

[Tyler]

Just follow this guy around $3 billion acquisitions back to back. I think it's a good risk company.

[Jason]

I would love to be a janitor here. I'll actually take all stock. I'll take all stock and I will clean the toilets and get coffee if that's what it takes, because I know what's going to happen. I've seen this playbook before. Anyway, Novartis, you know, the stock is not really moving on this news because this is very expected. This is part of their playbook. Just last year, 2025, they made $1.7 billion in sales of Xolair, the allergy drug that's currently the blockbuster drug in the category. And this is a very logical next act in that category. So key Zolaire patents are about to expire. So a next Generation ige asset is strategically valuable right now. Novartis CEO has previously outlined a pretty broad acquisition playbook. It's focused on bolt on deals in core areas. So when they have a business up and running, like immunology, like treating allergies, they have all of the sales and distribution, they have an existing product portfolio, the business is working add things on to extend the viability of that business line and accelerate fits squarely inside of that Plan. Now, the $2 billion acquisition price is not all cash upfront. It is split between an upfront payment and there's milestones based on development commercial targets. So if they, if they, if they all of a sudden they flop in phase two trials, probably some of that gets clawed back, that needs to actually work and like all of the promises that they made have to play out. But they have Novartis behind them to, you know, propel them through that. And it feels like a pretty standard playbook. So good stuff there. And in general, it's just like, it's cool. Anyone who's dealt with allergies, either personally or with loved ones, it's always a hassle. You know, everyone has a story of like someone was on vacation, they got a drink that had a nut in it and someone, you know, had an allergic reaction, and anything that can treat that is obviously good. So another arrow in the quiver of modern medicine, which is great to see.

[Tyler]

Breaking news. Huge leak. Omg. Did you guys know that Anthropic was training a better model this whole time?

[Jason]

That's.

[Tyler]

This is shocking. According to unemployed capital Allocator, of course, referencing a leak, a scoop.

[Jason]

I wonder if this will trigger the team at DeepMind or OpenAI to consider training a better model. It feels like if they're doing, they're going to have to respond. So you could see multiple companies training new models based on this leak.

[Tyler]

Yep.

[John]

Yeah.

[Tyler]

An interesting story.

[Jason]

There's some interesting marketing perspective and how you actually roll out and manage like vibes and how you.

[Tyler]

Yeah, to me, to me, it doesn't seem improbable that there's been a lot of spud talk on the timeline this week.

[Jason]

You got to get started pumping Mythos.

[Tyler]

Mythos talk.

[Jason]

Most powerful AI model ever developed.

[Tyler]

It's a good tagline and very, very painful for all the SaaS companies out there that, that just sell off whenever Anthropic does something. And it's a vicious cycle.

[Jason]

Now Prinz wrote a little summary of this. Anthropic has been testing a new model called Mythos with certain customers. They call It a step change in AI capabilities, including dramatically higher scores encoding, academic reasoning and cybersecurity. I want to know how it will do an Arc AGI V3 because all of the models are under 1% completion on that benchmark. It's the one benchmark that is not saturated. It's very closely guarded. You can't get into the tests. The actual test set. You can only see the examples, and it clearly is. I still love the benchmark and the team over at Ark for what they're doing. So this is part of a new Capybara series of models which are larger and more intelligent than Opus. It's more expensive to run, and it's not ready yet for general release, but they are excited about it. Mythos pricing bets coming in from 0.005 seconds. $100 in, $250 out. Subs reprice to $50.250 and a $1,000 plan might be coming. Who knows? What do you think?

[Tyler]

Well, let's pull up this picture of a capybara, just to put just.

[Jason]

I would love to see some context this into context. Yeah. Is it a mythical creature? No, capybara is real. So what's the connection between capabilities?

[Tyler]

So they're normally quite docile.

[Jason]

Okay.

[Tyler]

But they can get violent. Let's look at this picture.

[Jason]

Hey, watch out.

[Tyler]

I mean, look at. Look at the. Look at the chomp on that.

[Jason]

This is something we should read into. We should say, what did they mean by. What did they mean by this? You know, it's clearly some sort of vague post. They're telling you. They're telling you something that, you know, friendly, cute, but also potentially the end of the world. Do you think we could contain it? Do you think if we had one in the studio, it would overrun us? Or do you think we could keep it locked up?

[Tyler]

I think that's pretty horrifying. I think four or five of these could take you down.

[John]

Yeah. Median weight is between 60 and 174 pounds.

[Jason]

174 pounds. That's bigger than my dog. Wow. That's a big.

[Tyler]

That's what I'm saying. They have these at the Santa Barbara, too.

[Jason]

So this is the metaphor, you know, like, these models are getting incredibly powerful. You need to contain them and think about safety. And you need to think about how do you keep the capybara safe. You need to lock it in a box in a cage. It cannot be allowed to run free.

[John]

Yeah. I think just back on the pricing thing, I think, like, this is generally right. So basically 0.005 seconds is saying, like, it's just going to get 10x more expensive. Because right now I think it's something like $10 in, 25 out.

[Jason]

People are ready for. People are ready to pay more, though. Like, they're paying a bunch through the API.

[John]

They're paying more the subscription. Like, technically it's the same price, but the limits are going down. So it's. The tokens are getting more expensive.

[Jason]

Yeah.

[John]

And as you see, like, there's like this insane compute crunch. Like, I assume that models are going to get much more expensive as they're getting bigger.

[Jason]

Yeah, it is interesting. I wasn't expecting to be in the regime of, like, subscriptions as long as we have been like, just talking to Ben on our team about how he sort of bounces around from one subscription to the next. Like, he'll max one out and then move over to the next one and then move over to the different one. And he's like, maybe more price sensitive than model sensitive. I would always assume. I'd always assume that most businesses would just be on an API consumption basis.

[John]

So the reason I'm not hitting the APIs is because it is basically 10x more expensive. It's more expensive than using the subscription.

[Jason]

The subscription. So you do most of the work in the subscription, which is just. I mean, that's economically rational. I guess what I'm saying is I'm surprised by how many people who are in a business context still make that decision and how much of a price war we're in. How much capital matters here?

[Tyler]

Well, let's pull up this video because I'm not sure you guys would be making the same decisions with the capybara family of models if you knew that capybaras were capable.

[Jason]

Okay, okay.

[Tyler]

This is important, this kind of thing.

[Jason]

They can swim. Wait, this is a human. Is this AI? Oh, my God. That's really attacking her. Wow.

[Tyler]

This is why they're calling it their most powerful model ever.

[Jason]

We need to slow down. We need to slow down with.

[Tyler]

All right, we can turn it off.

[Jason]

It's horrifying.

[Tyler]

It's horrifying.

[Jason]

Yeah. We need to slow down.

[Tyler]

I hope they keep this with the safety team for longer.

[Jason]

I think we need all countries to come together and agree to control the capybara population, because that is truly horrifying. Tae Kim has a very independent take. He's the biggest Nvidia Stan, and he makes a lot of good points, but he's making the argument that anthropic needs more GPUs because he's sharing some posts here to manage growing demand for Claude adjusting our five hour session limits for free Pro Max subs during peak hours. Your weekly limits remain unchanged.

[Tyler]

And Tae Kim is coming on the show Monday.

[Jason]

I'm very excited to talk to him.

[Tyler]

We'll ask him what he thinks about Nvidia.

[Jason]

Yes. And so a lot of people are getting into polyphasic sleep because of this. So Claude has different limits at different times. So when the limits are in effect, that's when you need to be sleeping. Tyler, have you gotten into polyphasic sleep yet?

[John]

I'm not there yet. But I mean, the problem is getting worse. I think at some point I'm gonna.

[Jason]

I told you, I told Tyler. Sometimes I indulge in polyphasic sleep. After the show, I'll sleep for an hour and then I'll go about my day and then I'll sleep at night. He said that's just a nap. It doesn't count. I guess people really are doing the polyphasic sleep thing to monitor their agents.

[Tyler]

You would think you would know one person that has done that and stuck with it. Because I feel like a bunch of people have tried that over time.

[Jason]

Yeah.

[John]

Then eventually, I mean, if you're trying to get around the limits, polyphasic sleep doesn't make sense. You just need to basically be nocturnal.

[Tyler]

Right.

[John]

Because you need to be like inverse. What? Like San Francisco hours are right?

[Jason]

Yeah.

[John]

So the peak San Francisco usage, you got to be like.

[Jason]

Yeah.

[Tyler]

Or just move overseas.

[Jason]

You could do that.

[Tyler]

Yeah.

[John]

But the polyphasic sleep doesn't really help. Right. Because.

[Jason]

No, no, it seems like it's much better. Again, you know, have, have a compute desk or a prompt desk that is geographically distributed evenly across the globe. So when your American employee stops the prompting, goes home for the night, then your European colleague steps up and starts prompting on the same project. And then your colleague in Asia can pick up when Europe goes to bed. Something like that. You know what I mean? So you have 24, 7 coverage.

[John]

Yeah, but that's still like at. During one of those periods, it's still like the peak hours, right?

[Jason]

Yeah. Because these peak hours are based around us US hours. I was more. So there's actually two things going on. There's one where it's like you're waiting for your agents to respond. And if it's going to take hours for a prompt to return, you should go take a nap. Because you're better off checking in on a prompt every two hours for the whole day for 24 hours and you know, in perpetuity, as opposed to doing, you know, a two hour prompt, watching tv, come back, do that eight times and then sleep for eight hours, that's four more two hour sessions that you could have been letting it cook and like interacting with it. That's separate from trying to get around these, these rate limits. Last March like a year ago, people were like $50 billion, $100 billion, $200 billion. Is this stuff that useful? Is it slop? Is it actually going to be that useful? Are these things toys? Like, yeah, they're reasonable for this thing, but what's the real economic value? Certainly it can't be more than like 20 bucks a month or $200 a month. And now there's like lots of people that are, maybe they're only paying a few thousand a month because they're using a bunch of subscriptions, but they're pretty close to justifying like the Jensen like 250k a year per engineer thing like that doesn't feel that far away from companies just saying like, yes, I give you the Permission to spend $250,000 a year on AI inference. Be as efficient as possible as you can with that budget. But you have my approval. I believe that with that 250 you will generate more than that in value.

[Tyler]

Yeah, I think the big thing is like there's going to be more use cases that have a similar level of product market fit as CodeGen that use tokens on the level that these CodeGen tools do. And we haven't fully identified those yet. There's some early evidence that general agents will drive that. But I would say an example is it seems very obvious that models will be very useful for making financial models. But do you need to make 500 financial models per day? No.

[Jason]

Right, yeah.

[Tyler]

That is interesting. And so there are areas where the models are going to be incredibly, incredibly valuable, incredibly important, used by everybody in any given field, and yet they won't necessarily generate.

[Jason]

There are some people that would need to make 500 financial models a day. I think Rocana makes hundreds of trades every single day. And so if you're doing a proper like full dcf, pulling every SEC filing for a company and you're doing that hundreds of times a day because you're trading.

[Tyler]

Or he might have hundreds of individual positions.

[Jason]

Exactly. And you want real time models, sort of like rebuilding a Bloomberg terminal for yourself. I think he needs, I think Bloomberg exists and maybe should, should work there. The news is that Anthropic has been granted a preliminary injunction re the Pentagon supply chain risk designation in California, but is allowing stay for one week. I think a lot of people like the tech community broadly came away with this prediction that this wouldn't hold, that this was whatever you thought about how you work with the government and the Ben Thompson thesis there was the supply chain thing wasn't really gonna stick. It wouldn't necessarily hold up in court. But we'll see where it goes. Dean Ball says this is a devastating ruling for the government finding Anthropic likely to prevail on essentially all of its theories for why the government's actions were unlawful and unconstitutional. One of the things she mentions is a huge is the huge range of amici briefs. I don't know how to say amici. Amici briefs supporting anthropic zero.

[Tyler]

Hey, finally a word that John I lost it. Can't nail instantly. You have an incredible mind that we did find.

[Jason]

We found my limit. We found my limit. On a personal note, says Dean Ball, some friends and allies of mine on the right who have been angry at me for my own words and actions and all of this. Anyone who thinks I spoke out for personal gain or trivial reasons against an administration I served in is crazy. Yet people forget that Dean Ball served not in the first Trump administration, but the second Trump administration. And he was like, look, I wrote the AI policy thing. I worked on that. Like this is not the right path.

[Tyler]

And so it's always. It's a meek and it's the plural of amicus.

[Jason]

This is brutal for me because I studied Latin and I should be able to nail this because I know it's a Latin word. Anyway, it was a hugely costly decision for Dean Ball. But this judge's ruling shows why I did it. This is a staggeringly illegal act by the government. That is why I'm particularly honored to have been implicitly quoted in the ruling for calling this what it was when Secretary Hegseth made his initial announcement, an attempted act of corporate murder. He's standing with the corporations. This case continues, but Anthropic has scored a very large win here. The real victors, however, are all red blooded Americans who are, as the founders would have said, jealous of their liberties. I love it. Well, congratulations and hopefully everyone can just go back to building good models. All this nonsense in D.C. has been a huge side show, side project, side quest. As the race for compute is so much more important. The race for capabilities is so much more important. The other scoop is coming from Axios. Sam Altman apparently told staff he tried to save Anthropic in the Pentagon clash,

[Tyler]

which he apparently thought was somewhat ironic given that said competitor openly blasts him on any podcast that they go on.

[Jason]

Last anthropic story. IPO. They're trying to go public as early as Q4 with a potential 60 billion raise. They're racing. And so let's go over to Kalshi and see who is likely to announce an IPO this year. Anthropic's up at 70% on this news. They jumped up from 46% to over 70%. OpenAI's at 49%. Jersey Mike's still beating them both 75%. So you Jersey Mike's heads out there. They do very well in the App Store. I like the sandwiches.

[Tyler]

SpaceX is in 94 Discord also sitting at 63%.

[Jason]

Discord. What a crazy story. I love Jason Citron so much, the founder, but he is out, I think and he has, he's just, just a wild, wild founder story. I made a whole video about it. It's a lot of fun. We got to hit the mansion section. One last note on AI before we move on to the really important thing. Real estate.

[Tyler]

OpenAI has surpassed 100 million in annualized run rate. Pilot launched six weeks ago. It's expanded to 600 advertisers and plans to launch self serve advertiser access in April. I am close to setting up a new account and or just churning momentarily so that I get to experience the ads. You know, I love ads. I mean the first guy being from

[Jason]

the Wall Street Journal that we know and love is a very good omen. Clearly something's going on. They're happy with each other because they're working together. Yeah, I mean truly like the alpha for the audience is like new ad platforms often deliver really good results before people figure them out. Big companies move slower than you. If you can be the first person to advertise, figure it out. You know, Sean Frank at the Ridge is thinking about it and maybe you should be too. Not to do an ad for ads, but we love ads on this show and we love new ad platforms.

[Tyler]

What's this news before we go on, Apple's talking about opening up Siri to rival AI services. Bloomberg.

[Jason]

I'm going to guess the Germinator.

[Tyler]

That's right.

[Jason]

Of course.

[Tyler]

Apple plans to open Siri to outside AI assistance. This is a Siri order to give him.

[Jason]

Do we need to give him.

[Tyler]

Let's give him the Golden Scoop.

[Jason]

Tyler, hold up the Golden Scoop award for Mark Gurman. The Germanator has, has received the Golden Scoop award for you, Mark. March 27, 2026 Congratulations. Mark Gurman Honor your Scoop wins the golden scoop of the day. There we go. Yeah, the scoop. That's good. Scoop, Scoop, Scoop, Scoop. Scoop. Scoop. Scoop. Scoop. Scoop. There it is. Scoop. There it is.

[Tyler]

Things like ChatGPT, Gemini, etc. Could be allowed to take. Effectively take the place of Siri. Company is developing new tools to allow chat bots installed via the App Store to integrate with the Siri Assistant, enabling users to send queries to services like LLMs. The change is part of an attempt to turn around Apple's fortunes in AI where it is lagged behind Silicon Valley peers and could allow Apple to generate more money from third party AI subscriptions through the App Store.

[Jason]

Oh yeah, because you upgrade through there. That would be good. I think that's part of it. I think there's also the antitrust angle, which is that they have had to allow you to change the default search engine in Safari for a while, even though they have that relationship with Google. When you go to the Safari search bar and you just type in some random words, it searches Google. You can actually reroute that to ChatGPT. I did it. ChatGPT is like. I don't use it like I use Google. Google I use for like really? I want like a 5 millisecond query. So the time to actually load ChatGPT and then give you the full answer was not the best experience. But I have wanted for a long time to reroute the Siri button on the side of the phone to just chatgpt instant fast, ultra fast. Just get, just talk to me. But every time I do it I say chatgpt, what's the history of the Roman Empire? And it loads and it says working with ChatGPT. And then it like takes a little bit too long and then you get like a short note and then you can open it and it just sort of like you're always fighting in the UI between like are you talking to Apple Intelligence? Or are you talking to Siri or are you talking to ChatGPT? And you sort of go back and forth. So we will see where this goes. If. I would be very surprised if people shift away from the default. Like if Apple iPhones ship with the Siri button, just querying their distilled Gemini model or whatever they're gonna wind up doing there. That's probably what most people are gonna use. But it's exciting that at least there will be some competition in the market. Barry Diller just paid $11 million for JFK's favorite New York penthouse. Not favorite new. An entity linked to the billionaire purchased Karen Pritzker's co op at the Carlisle, the same unit where Kennedy famously stayed during his visits to the city in the 50s and 60s. John F. Kennedy stayed in a duplex penthouse at the Carlisle Hotel so often that it as the New York White House. After his assassination, his widow and two children, Caroline and John Jr. Lived in the Manhattan Hotel for about 10 months. What's the longest amount of time you've ever spent in a hotel? I don't think I've ever done more than like a week or two. Ten months is a, that's a ride.

[Tyler]

Yeah, I never, I never went through and I never went into an era of my young adulthood. That's sort of a crazy move that I could, could have afforded to stay in a hotel permanently. But now that I'm a. I was

[Jason]

walking in some hotel the other day and I was like, I wonder if I could like live here.

[Tyler]

Like it just doesn't. It's just like with kids. It would just be that.

[Jason]

Now an entity linked to billionaire Barry Diller has purchased Kennedy's favorite penthouse for $11 million. Diller bought the co op unit from another family of prominent Democrats. Film producer Karen Pritzker, an heiress to the Hyatt Hotel fortune, bought the apartment for 12 million in 2007. Pritzker put the apartment on the market for 12.9. It sold for 12.5 in 2007. The Carlisle opened around 1930 on Manhattan's upper east side. One of New York's most storied luxury hotels, it's known for iconic venues like Bemelon's Bar, Cafe Carlisle Cabaret space that has hosted legendary performers. A portion of the building was converted to co op units decades ago. Kennedy stayed at the hotel so often, starting when he was still a senator in the 1950s, that a direct phone line was installed for him in his regular duplex suite. That's cool. After his assassination, Jacqueline Kennedy moved to the hotel, but stayed in a different suite. On rainy days, the Kennedy children played in the lobby. The two bedroom apartment includes a large foyer with an art deco staircase. The listing says an expansive corner living and dining room has views over Central Park. There's also a bookshelf lined breakfast room and a corner solarium with a wet bar. Speaking of wet bars, forget apres ski because homeowners are now building their own bars in custom spaces where they can relax and get toasty after a day on the slopes. This is also from the mansion section in the Journal today. For Brian Healy, what comes after a day on the mountain sometimes takes precedence over the skiing itself. When he built his Lake Tahoe area vacation home in 2019, he spent about $800,000 to build a bar area on the main floor of the house. An absolute dog, which he can ski

[Tyler]

to from the slopes.

[Jason]

It's pretty good.

[Tyler]

Of Northstar. That sounds great. So maybe not ski in, but ski out.

[Jason]

Yeah, he said. I've joked that I designed a bar and built a house around it. This is good. This is my dream. I'm going to build a movie theater and then build a house around it. That's what. That's my goal. What would yours be, John?

[Tyler]

John was sending me a listing.

[Jason]

Surfing one of those endless waves. That's what you need. You need an endless wave pool. You know what I'm talking about? What are those called?

[Tyler]

Wave pool.

[Jason]

Yeah.

[Tyler]

Wave pool. Yeah.

[Jason]

Wait, why are you not excited about this prospect of having a house that's built around this endless wave pool?

[Tyler]

Is there a drawback? I live in?

[Jason]

Oh, I guess you just go to the ocean. Yeah, you could just go. You could just be walking distance from the beach. Anyway, it's hard to beat. Healy, 51, is an Ireland native. Let's go. Let's hear for Ireland. He runs an energy company in the San Francisco Bay area. This is Royal Flush. I gotta meet this guy. After a day on the slopes, Healy and his pals head to the space dubbed Healy's Bar, leaving their gear in the storage area of the Truckee, California property. And sometimes other skiers end up at Healy's home after getting lost while skiing through the trees. It's an open door policy, he says. We invite them for beer. This is our inner we need to head over to Northstar and get lost and wind up at his bar. Oops. We're lost. We're lost. We don't know.

[Tyler]

I know some former guests that are neighbors with this guy.

[Jason]

Oh, yeah.

[Tyler]

We'll work on connecting.

[Jason]

Could you spare a Guinness for us for two Irish chaps who've gotten lost?

[Tyler]

I feel like I've read a children's story of wandering in the forest and then some character offers you something.

[Jason]

Sometimes it's, like, bad.

[Tyler]

Yeah, usually that can send you off.

[Jason]

Seems good.

[Tyler]

Kind of a crazy Q1 of last year. Mark Zuckerberg texts Elon. Looks like Doge is making progress. I've got our teams on alert to take down content, doxxing or threatening the people on your team. Let me know if there's anything else I can do to help? Elon reacted heart and he says are you open to the idea of bidding on the OpenAI IP with me and some others? Zach says want to discuss live.

[Jason]

Oh, interesting.

[Tyler]

And Matthew Zeitlin, former guest, says you can tell who is used to antitrust investigations.

[Jason]

Well, stay safe out there. If you're planning on bidding for some IP and you're two of them, you're chatting with the richest man in the world. Yeah, maybe stick to a phone call. Who knows? We buy flashbang.