Swatch & AP Collab, Cerebras Boosts IPO Price, Trump to Visit China | Diet TBPN

Summary

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TBPN: Swatch & AP Collab, Cerebras Boosts IPO Price, Trump to Visit China | Diet TBPN

Date: May 11, 2026
Hosts: John Coogan, Jordi Hays (with guests Tyler, and others)

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Episode Overview

This fast-paced Diet TBPN episode features John and co-hosts exploring some of the latest, buzziest stories in tech, business, and culture—from industry-shaking watch collaborations (Swatch x Audemars Piguet) to power moves in Silicon Valley (Cerebras’ turbocharged IPO), and global headlines (Trump’s trip to China amid tensions over Iran). The hosts break down business implications and cultural significance with their signature high-energy, irreverent style, bringing in notable guests and sharp takes along the way.

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1. Swatch x Audemars Piguet (AP) Collab: Democratizing the Royal Oak?

Starts: 00:02

Key Discussion Points

• Swatch x AP Announcement: Swatch is teaming up with the luxury Swiss watchmaker AP to create a new, more accessible version of the famed Royal Oak.
  • John: “AP is partnering with Swatch to launch a watch that’s... you could call it a knockoff of the Royal Oak. It’s not a knockoff because it’s official.” [00:08]
  • Tyler quips: “They knock themselves off.” [00:31]
• Launch Video Speculation: Discussion about whether the teaser video is AI-generated or classic CGI, and the evolving role of visuals in marketing (00:31–01:27).
• Market Impact & Brand Strategy:
  • Swatch previously succeeded with the "MoonSwatch" (an Omega Moonwatch collaboration), creating a lower price entry to a luxury experience [01:51]
  • John muses on profit margins and mechanical complexity: “I know they have egregious profit margins, but ... I would be surprised if it's a mechanical watch, is it really going to be like $5? No.” [02:24]
  • Tyler highlights ready access to convincing fakes from China and how “it is totally possible to put together a watch … that has a lot of the same componentry.” [02:38]
  • Reference to Nico Leonard’s YouTube test distinguishing knockoffs and authentics [02:58]
• Brand Reaction & Marketplace Dynamics:
  • Tyler: “AP has consistently done things over the last few years that were provocative … but overall the brand seems healthy. … Fakes are flooding the market globally. And why not just lean into that?” [03:38]
  • John notes the lack of entry-level AP products and how this collab creates a new on-ramp: “You quickly wound up with, like, to get in the game, you’re at $30K ... AP certainly has not had [an entry tier].” [04:41–04:56]
  • Tyler: “Spend half a million dollars or $500 and you get something that looks pretty similar. Of course, very different materials.” [05:10]
• Secondary Market & Hype:
  • Discussion about anticipated resale values—potential for a $400 watch to instantly go 5x–12x on secondary markets—and strategies for maximizing profits (how to line up, which stores/locations will have best odds) [08:49]
  • John: “This is the easiest four figure week you’ll have all year if you’re willing to do something that resembles work…” [09:14]

Notable Quotes & Moments

• “Buy an AP, sell all your AP, sell $500. Rest in peace.” — John, on market panic [03:34]
• “I think this is going to be a hit. I think the haters are wrong. People love G shocks. Sort of a combination.” — Tyler [10:30]

Timestamps

• Swatch x AP launch intro: [00:02–00:58]
• Discussion of mechanical/price issues: [01:27–02:53]
• Brand & market implications: [03:28–05:16]
• Hype & resale hustle: [08:49–10:35]

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2. What’s Happening in China: Daniel Craig’s BYD Ad & Trump’s “Field Trip”

Starts: 10:52

Key Discussion Points

• BYD’s Luxury EV Push: Chinese EV brand BYD recruits Daniel Craig (James Bond) for an ad campaign to push its Denza luxury line in Europe and China.
  • John: “Daniel Craig ... will still just never not be James Bond because he had such a successful run...” [11:51]
  • Tyler and John joke about EV ads simulating engine sounds for nostalgia: “Doesn’t that sound like an internal combustion engine for a second there?” [12:27]
• BYD Pricing and Strategy
  • Denza Z priced from $60K to $140K, other Denza models $40–60K [13:57]
  • Context of China using Western celebrities to boost Euro appeal [11:00]
• Global Power Moves: Trump’s Trip to China
  • John summarizes: Trump visits Beijing for a high-stakes summit with Xi Jinping, with a central focus on the Iran war, oil supply, and global disruptions [21:13]
  • Tyler: “They’re calling it a field trip because Tim Cook is going, Larry Fink, Steve Schwartz…” [20:53]
  • Other notable attendees include Elon Musk, Jane from Citi, Chuck Robbins (Cisco), David Solomon (Goldman Sachs)
  • Trump's main goal: Urge China to help broker peace to stabilize oil markets and global trade [21:45]
  • Trade and tech industry issues (export controls, AI supply chain, rare earths) run as a secondary but important agenda [22:59]
  • “The tech industry is obviously hoping to wind down the conflict peacefully ... and then move on to discussions of export restrictions, GPUs, the AI supply chain, rare earths...” — John [22:59]

Notable Quotes & Moments

• Tyler: “Are there car seats for dogs?” — On quirky product details in the BYD ad [11:39]
• John, on the travel entourage: “I thought it was journalists, but I guess it’s tech people.” [20:58]

Timestamps

• BYD Daniel Craig ad discussion: [10:54–13:57]
• Trump’s China “field trip”: [20:51–24:44]

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3. Cerebras IPO: The Most Hyped Chipmaker of 2026?

Starts: 14:18

Key Discussion Points

• IPO “Turbo” Mode: Cerebras, maker of cutting-edge AI chips, is oversubscribed 20x on its increased $4.8B offering, revised twice upward in share count and valuation.
  • John: “They updated their filing ... the IPO date will be Thursday, May 14 … offering 30 million shares ... increased their price range ... aiming to raise 4.8 billion ... allegedly the round is massively oversubscribed, to the tune of 20x demand.” [14:18]
  • John: “Does that mean it’s going to 10x on day one? No, but it’s certainly a good sign.” [15:36]
• Why Cerebras?
  • Massive demand for transformer-based AI architectures, where Cerebras’ gigantic wafer-scale chips excel (high bandwidth, new memory architectures)
  • “Now the chips have actually been deployed and there was this big narrative about ... ‘what happens if the AI researchers come out with ... a new thing that’s better’ – and that didn’t happen. And so ... transformer-based architectures are still dominant and inference costs are extremely important in the age of AI agents.” — John [15:56]
• Product Demo Availability
  • You can try GPT-5.3 Spark via Codex on Cerebras chips—“It’s a pretty remarkable experience… It will just instantly tell you a full page…” [17:08]
• Market Impact & Growth
  • Customers: Amazon and OpenAI on the roster, reducing fears of dangerous concentration [17:44]
  • Polymarket projections: market cap could hit $50B on IPO day (2x pre-IPO valuation) [17:44]
  • Cerebras' innovation: instead of cutting a silicon wafer into hundreds of chips, they use the entire wafer—4 trillion transistors, 900K AI compute cores [17:44]
  • Joke on “building the entire plane out of the black box” but in this case it works, “the plane goes Mach 10” [19:52]
  • Benchmark VC fund stands to win big if the IPO holds [19:58]

Notable Quotes & Moments

• “If you use the Cerebras chips, … you can use GPT 5.3 Spark in Codex. Yeah, it’s like insane.” — Guest [17:06]
• "[Cerebras is] pretty funny because you can just imagine the origin story being some boomer non technical manager going, ‘Okay, but why can’t you just put 50 gigs of L3 cache on this chip?’" — Quantian, cited by John [19:58]

Timestamps

• IPO update and pricing: [14:18–15:36]
• Cerebras technology & demo: [16:59–17:44]
• Projections and origin jokes: [17:44–20:13]

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4. Mail, Spam, and Tech Productivity Tangents

Starts: 24:44

Key Discussion Points

• Junk Mail Rant
  • Palmer calls for banning junk mail, aligning with bans on unsolicited spam calls and strict email regulations [24:44–25:06]
  • John reflects: “I put all of the blame, or I guess the credit, to Google with the fact that I don't get spam emails ... But I agree with this [view].” [25:06]
• Can-Spam Effectiveness and Workarounds
  • John: “I wind up getting a lot more spam phone calls and a lot more spam text messages these days than spam emails … maybe they need to expand the can spam act. Shouldn’t it be the Can’t Spam Act?” [25:35]
• New Service Ideas:
  • Palmer: Mail scanner service, “Earth class mail ... scans the physical mail and delivers it to an email inbox. Throw OpenClaw in front of it … New service for SF retailers and homebuyers: showing up at open houses wearing OpenAI or Anthropic merch to boost perceived demand.” [26:26]
  • John: “It’s called chandelier.” [26:54]

Notable Quotes & Moments

• “It’s insane that America has given a monopoly on letter delivery to a quasi governmental agency that then uses it to flood our homes with useless garbage against our will.” — Palmer, cited by John [25:20]

Timestamps

• Junk mail and spam act: [24:44–26:54]

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5. Odds & Ends: University of Michigan, Accidental Businesses, and Tech Fumbles

Starts: 27:06

Key Discussion Points

• Before OpenAI’s IPO and Microsoft’s $1B investment, University of Michigan’s early stake in AI research and for-profit participation [27:41]
• Funny anecdote: John’s mom’s internet search accidentally registers their house as a business (“What is an energy drinks” business on Google Maps) [28:07–28:53]
• Tangent on tech adoption and AI’s slow “diffusion” despite expectations [28:53]

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Episode Tone and Style

• Irreverent, high-tempo, and insight-packed, blending industry analysis with jokes, cultural asides, and community banter.
• Frequent pop culture references (e.g., Daniel Craig as Bond), playful ribbing among hosts and guests.
• Memorable for both sharp business commentary and laughs—“Diet TBPN” distills the fun AND facts.

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Key Segment Index

• 00:02 — Swatch x AP launch & watch market analysis
• 08:49 — Resale hustle & collab secondary markets
• 10:54 — BYD, Daniel Craig, and luxury EVs in China
• 14:18 — Cerebras IPO: details, hype, and demo
• 20:51 — Trump’s China trip, geopolitics, and tech interests
• 24:44 — Ban on junk mail, spam, and new productivity services
• 27:41 — University of Michigan’s AI stake & accidental tech errors

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Memorable Quotes

• John: “AP is partnering with Swatch to launch a watch … you could call it a knockoff of the Royal Oak. It’s not a knockoff because it’s official.” [00:08]
• Tyler: “They knock themselves off.” [00:31]
• John: “Buy an AP, sell all your AP, sell $500. Rest in peace.” [03:34]
• Tyler: “This is going to be a hit. I think the haters are wrong. People love G shocks. Sort of a combination.” [10:30]
• Tyler: “Are there car seats for dogs?” [11:39]
• John: “Daniel Craig ... will still just never not be James Bond because he had such a successful run...” [11:51]
• John: “It really is. [2026] is the ideal time to IPO as a chip company.” [15:56]
• John: “Polymarket is projecting Cerebras to close above $50 billion market cap by the end of day one.” [17:44]
• Palmer (via John): “It’s insane that America ... given a monopoly on letter delivery ... uses it to flood our homes with useless garbage ...” [25:20]

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For those who missed the episode: This Diet TBPN delivers an energetic, insightful sprint through global business and tech headlines, spotlighting how icons and innovators—from Swiss watchmakers to Silicon Valley chip designers to geopolitical power brokers—are navigating inflation, competition, and transformation in 2026. Whether you’re an investor, a culture fiend, or just want a taste of the tech zeitgeist, this episode distills the week’s agenda with the perfect blend of depth and entertainment.

Transcript

[John]

We got a banger show for you today, folks. We got a lot of guests coming on. We got two hours of back to back interviews with everyone from Spencer Raskoff, the CEO of Match Group, to Alex Tubman of Longlink Management. Quaid's coming on from Bezel. He's going to take us deeper on our first story, which is of course Ademar Piguet AP is partnering with Swatch to launch a watch that's, you could call it a knockoff of the Royal Oak. It's certainly. It's not a knockoff because it's official.

[Tyler]

It's themselves off.

[John]

They knock themselves off. And there's a bunch of interesting business implications of why they did this, what it means, what will happen. Let's pull up the video of the launch first. And you gotta tell me, do you think this is AI or CGI? Because it's a launch video and in 2026 it's hard to tell the difference. So we're gonna play the. This is from the official Swatch account. This is something that looked like, like a fake clickbait video, but it's real. Here it is. What do you think? AI or cgi?

[Tyler]

Cgi. Precision handmade cgi. Just like watches.

[John]

Not a Transformer in sight, the way my grandfather used to like it. There will be interesting pushbacks like, oh, this, this movie is awesome. It only use cgi, no AI involved whatsoever. Wait, so is it a manual watch?

[Tyler]

Is it a. I think it's unclear.

[John]

Mechanical?

[Tyler]

Right. So what there's been a massive amount of. Everyone has basically created somewhat realistic looking posters for these.

[John]

Oh really?

[Tyler]

The actual watch has not been revealed at all.

[John]

And that's the only thing that's been revealed. Just based off of the fact that Swatch did a collaboration with a luxury watch brand, the Moon Swatch, which was based on the Moonwatch. Right.

[Tyler]

Oh yeah, I forgot about.

[John]

Yeah. And so the moonswatch was successful and was a more accessible entry point to the Moon watch, which is from Omega, which is sort of in that like Rolex tier. And I don't know if the Moon Swatch how they saved cost because there's a certain amount of cost that just goes into making a movement, a mechanical movement. It's a lot of small pieces. Sure, you can put it on a manufacturing line and press them and stuff.

[Tyler]

John learning that couple hundred bucks. Watches have egregious profit margins.

[John]

I know they have egregious profit margins, but still like, like the, the work to put together all the gears and manufacturing it, like I would be surprised if, if, if it's a mechanical watch, is it really going to be like $5? No.

[Tyler]

Here's the example.

[John]

It's not a Happy Meal to watch.

[Tyler]

So there's, there's the fake Chinese version of all of these popular watches, Nautilus, APs, it's. You can get them like you could go on Alibaba, get them for. In the low hundreds of dollars. Right? And so it is totally possible to put together a watch, totally, that has a lot of the same componentry I

[John]

saw Nico Leonard on, who's a great YouTube watch reviewer, fun, very fun creator, on the Ice Coffee Hour with Graham Stephan. And they gave him. This is a fun little game that they, they're getting really good at playing games with their guests on this podcast. So they give him six watches and they tell him that three of them are knockoffs and three of them are authentic. And he has to guess and he nails it. He gets all of them cracked, even though some of them were very convincing fakes, especially of Patek.

[Tyler]

So a lot of people are saying, this is barren. It's over, it's over. They're saying, seller every freak out.

[John]

Buy an AP, sell all your AP, sell $500. Rest in peace.

[Tyler]

AP has consistently done things over the last few years to were provocative, right? Some of the various partnerships they've had with talent, right. Celebrities, et cetera, have been somewhat provocative. But overall, the brand seems healthy. Right. It's not going to be for everyone. I think in some ways this decision could be seen. And again, I'm no watch expert, but fakes are flooding the market globally. And why not just lean into that, basically? And the other thing is they don't have any entry level. Like the gap between. You know what? I'm sure this swatch AP will end up retailing for far more, or sorry, not retail, but secondary will be far more than whatever it goes out at. But the gap even then between that and a real royal oak will be immense.

[John]

Right? And the gap has been growing because the aftermarket prices have been increasing and they went faster than incomes.

[Tyler]

They basically were like, oh, this is what our watches are worth aftermarket, we should price there, right?

[John]

And so you quickly wound up with, like, to get in the game. You're in, you're at 30k. And that's just a lot. And there's not as much of a, like a walk, crawl, run to get into the ecosystem that some brands have. AP certainly has not had that. And now this is.

[Tyler]

You go with a code. You go with the code.

[John]

Aren't those like 60?

[Tyler]

Oh, they are.

[John]

I think they're really expensive. No, I think they're really pricey. I don't know. But, yeah, maybe they'll bring down the price on that. Live monitor says spend half a million dollars or $500 and you get something that looks pretty similar. Of course, very different materials.

[Tyler]

You can get a code 1159 for low to mid 20s.

[John]

20s. Okay. But there's another watch collab that I want your reaction to. You gotta see this. This one's gonna fly off the shelves, potentially selling more units than the Swatch AP collab. It's the Rolex collab. We can pull this up.

[Tyler]

Something you've never seen before and you won't see again. A Chrome hearts Rolex Daytona, 18 karat gold. Starting offer, 370,000. Okay. If you want it, there's only one way to get it. I've never seen this watch before. Neither have you. That's why I'm showing it to you.

[John]

Do you think this is real or just something someone made randomly?

[Tyler]

Official Rolex over here telling me that the dial might be aftermarket. I don't know. You figured. I don't know. I don't. I don't follow it. It's funny. Somebody on X over the weekend was assuming that I was into chrome hearts because I joked a lot about chrome hearts, but no, I'm not enough of an expert to.

[John]

No, that's Dylan. Dennis is playing off of your joke, saying, I tried to buy the Swatch AP Royal Pop collab, but they told me I had to buy this collab first. And it's the code 1159. If you're not familiar with the code 1159, great price, great newest watch from AP, but it has a less distinct silhouette than the Royal oak and has been not loved by the biggest fans of AP broadly. And so it has been underselling, probably relative to the new Rolex. Which one's the new Rolex? The Land Dweller, which has been, I think, selling very well. And this one has been the code 1159 has not been doing as well.

[Tyler]

Let's head over to Reddit and check out what they're doing there.

[John]

What are they doing there?

[Tyler]

Somebody has figured this out ages ago. I want your reaction, John. Omega on one side, but the Omega is strapped to the wrist with a whoop band.

[John]

Yeah, whoop on the inside, Omega on the outside. It just doesn't feel right. It feels a little unnatural to me, but I did. I have seen a lot of people wearing the whoop bands lately and I think that there's some remarkable data. I was talking to someone who connected their whoop data and and found out that they had sleep apnea by analyzing it with an LLM, which is something you would expect whoop to be doing on their side. But for regulatory reasons it might be slower for Whoop to roll out that feature of health monitoring. And so there's a lot of DIY science that comes from it. So I don't know. It's weird no matter what because if you have a whoop on one end on one hand and then a watch on the other, that's an odd choice. I feel like. Isn't there an opportunity to put the whoop band somewhere more discreet? Like even. Like a chest monitor would be less.

[Tyler]

You can. I think you can.

[John]

The Oura ring is not very intrusive, but they should really make the. What do they call it? The Boston Fitbit? It's the ankle monitor. I can say that because I'm Irish. But there was some debate over AP's motivations. Ariel Gribner says, as an IP nerd, I love this. AP's trademark loss means they lost the moat around their octagonal bezel and their dial. So what do they do? They lounge. They license its crown jewelry to Swatch for a flood of legit, affordable Royal Pop pieces. A masterclass in damage control. This is on this news that AP lost a trademark fight in Japan in 2024 and in the US in 2025. The courts ruled that the bezel and the dial aren't distinctive enough to legally own. But there's some pushback in the community notes.

[Tyler]

Here's the thing. They have managed to, I think, maintain a trademark around the the Octagon.

[John]

Yeah, well, there's a trade dress, so you can never do a full knockoff of a direct product. But they couldn't lock down the idea of an octagon. That was simply too much. I don't know how much of this was damage control around the intellectual property, but it's certainly an interesting thing. And there's also some people thinking that this is a way to make money. You see this gem changer, said every unemployed guy with a group chat of equally unemployed friends. This post is for you. The Royal pop drops Saturday, May 16th. They're coming out with this quickly. Just one week teaser and it's out. Smart. He says this is the easiest four figure week you'll have all year if you're willing to do something that resembles work. Resembles work for 14 hours. If you're willing. Let me lay out exactly what to do. Retail is in the $400 range. It's in store only. There's no online sales. They're limiting it to one person, one piece per person, per store, per day, not two. So your hustle is per warm body, not per pair. And then he shares some expectation about where this might trade. Maybe 12x retail, maybe 5x retail. And so if you go and you wait in line and you buy this and then you sell it online, you might be able to make a pretty penny pretty quickly. But you'll need a bunch of friends. And he gives a bunch of advice on where you should go. Avoid Soho, Times Square, London, Singapore. You gotta go to secondary cities. Troy, Michigan, King of Prussia, Canoga Park, Honolulu. Going to Honolulu just for this.

[Tyler]

I think this is going to be a hit. I think the haters are wrong. People love G shocks. Sort of a combination.

[John]

I think so too. It just seems like a fun watch and I do think it's a nice entry point for someone who's getting into watches. Like, start with this, then get something else. It's like a striver, you know, it's a point along a curve, which I think will be popular. And it's also just like a lot of fun and it'll look good. Anyways.

[Tyler]

Head over to China.

[John]

What are they doing over in China?

[Tyler]

They're byd. BYD Got Daniel Craig as the new face.

[John]

Build your dreams. They're building their dreams for the Denza luxury ev. James Wood says it's an amazing ad. And Adam Thomas says China uses James Bond for a Euro push. The world is changing. Let's play this advertisement from byd. A world with the capacity to find change. But just as spring follows a harsh winter and summer looks back on a routine spring. Old selves, past identities. They ship. They have to. It's so exciting. Do you think? I mean, doesn't life ask us to step out of the shadows and embrace the new, to evolve?

[Tyler]

Are there car seats for dogs?

[John]

I don't think so. I think it gets pretty dangerous. Although that dog looks like it's wearing some sort of harness that could be tied in.

[Tyler]

What do you think?

[John]

Yeah. See post. James Bond, he has a lot more comedic timing. He's done SNL a few times. He's done a couple comedies. There's a lot more to it. But he will still just never not be James Bond because he had such a successful run of James Bond performances. He's really driving this car. Is this

[Tyler]

pause?

[John]

Yeah.

[Tyler]

Rewind. Ten seconds.

[John]

Okay, what are we listening for?

[Tyler]

Listen. Because there's some.

[John]

Okay,

[Tyler]

Doesn't that. Doesn't that sound like a internal combustion engine for a second there?

[John]

Yeah.

[Tyler]

So they're LARPing.

[John]

It's played through the speakers while you're driving. Is that an option?

[Tyler]

Maybe?

[John]

I feel like it has to be an option if they're advertising it like that.

[Tyler]

Yeah.

[John]

But who knows? You never know with these. With these BYDs, if there's actually an internal combustion engine in there somewhere that can activate at a certain point. Like, everything feels like a hybrid these days. But, I mean, it says luxury EVs. What a great partnership, and what a great run from Daniel Craig to be able to just, like, cash in on the aura of being James Bond forever even after the franchise ends and he has to move on things. It really is remarkable if you're Daniel Craig. And it also helped that. Did you ever see Layer Cake? No one's seen Layer Cake here. Oh, such a good movie. And he plays, like, sort of a someone involved in, like, the drug trade in Europe, but it's a very James Bond esque character. And so even throughout his portfolio of movies, when he's. And then he plays Benoit Blanc from Knives out, and even that character, even though it has a different. Even though he has a different accent, it still feels like he carries the authority of a James Bond like, figure. And so he's always had this same demeanor and aura around him that's been built through his entire cinematic portfolio that he can continue to cash in on. And when you're thinking about advertising a particular car, like an Aston Martin, like this luxury byd, your mind goes to him before anyone else, really.

[Unknown Guest]

European price tag is 134.

[John]

Ooh, okay. They're actually getting pricey. Usually when you see these BYD numbers, it's always like it's the performance of a Ferrari for the price of a Camry.

[Tyler]

Well, so there's the Denza Z, which is sick. The estimated price is 60 to 140 and then. But a lot of the other Denzas are in the 40-60k range.

[John]

Okay, okay. Not too bad. Not too bad. Well, you know where I'd like to see Daniel Craig do his next endorsement? Cerebrus. I would love to see a Super bowl ad where he's lamenting the slow speed of AI inference. And he solves his problem in this super bowl ad by partnering with Cerebras, firing up some Cerebras chips. The IPO is looking like it's going very, very well, so Cerebras updated their filing. According to Reuters, the IPO date will be Thursday, May 14, I heard, maybe Wednesday, but any day now. And they're offering 30 million shares. That's up from 28 million. So they're, they're offering more shares than they were expecting to. And they also increased their price range from 115 to 125 up to 151 60. And so they're going to raise, instead of three and a half billion, they'll be raising 4.8 billion. And allegedly the round is massively oversubscribed to the tune of 20x demand for that 5 billion. So something like 100 billion of demand for that 5 billion, which is remarkable at that price. Now, does that mean it's going to 10x on day one? No, but it's certainly a good sign going into this. And so that's why I called it like a potential $50 billion IPO just to sort of have some, some parallelism with the $500 watch and the 50 trillion of IPO GDP meeting in China that we'll talk about later. So there was A bunch of FUD

[Tyler]

this morning says if you were looking for an ID, the ideal time to IPO being a chip company in May 2026 is hard to beat.

[John]

It really is. It really is. He had a great piece called the Inference Shift today in Stratheri. Go check it out. There's been a bunch of FUD about Cerebras. I mean, for a long time they were just sort of like building in stealth or talking about the idea takes a really long time to design these chips, tape them out and then actually produce them. And then the first version is less flexible, less designed collaboratively with the companies that are using them. So there was like one customer that was buying them and there was a lot of customer concentration. Now the chips have actually been deployed and there was this big narrative about like, okay, well they're maybe overly optimizing for the transformer architecture. What happens if the AI researchers come out with like, attention is all. You actually don't need that much attention is nice and useful, but we have a new thing that's better and that didn't happen. And so attention and transformer based architectures are still dominant and inference costs are extremely important in the age of AI agents. And, and speed is so, so important. And so demand is, you know, 10xing every few months at this point. And there's a very, very clear business story. Tyler, you have anything else?

[Unknown Guest]

Yeah, I Mean, just like if you use the Cerebras chips, like you can use it GPT 5.3 Spark in Codex. Yeah, it's like insane.

[John]

It's crazy. It's crazy.

[Unknown Guest]

It's wild.

[John]

Yeah. If you want to give it a try and actually demo it, which I think is important with these, like, with these, these, these like semiconductor companies, if they're like abstract and you're like, I don't know if it's like a real company or something, like you can actually just go download Codex desktop, pick from the, from the dropdown 5.3 spark and then you can, you don't even have to get it to do code. You can ask it history of the Roman Empire and it will just instantly tell you a full page of exactly the response with 5.3 level intelligence, which is pretty good and it's a pretty remarkable experience. And you can imagine this coming to every LLM interface, every AI experience which has normally been like, for any meaningful work, fire it off, come back five minutes later, sometimes two hours later, we'll cut all of that in, in half or by 10. And that's where this is going. So you can see significant demand. Even though there's this customer concentration thing, I don't know why there wouldn't be a lot of different customers lining up every lab that has exploding demand cursor, Anthropic, Meta and Google. Unless they have a direct answer to this, I would see them being a buyer in the near term. So the Cerebus upsized its IPO and top of the new range. Reuters says the IPO drew orders for more than 20x the shares available. Cerebrus makes AI inference chips and lists Amazon and OpenAI among customers. So there was, there was a question about like, was it all OpenAI? And I guess Amazon has jumped on very flexible with regard to the chips that they rack over at AWS, Polymarket is projecting cerebras to close above 50 billion market cap by the end of day one. That would be about 100% above the target valuation of 26 billion that was previously reported. So preparing for an IPO on the NASDAQ next week under the ticker CBRS and traditional semiconductor manufacturing works like this. A silicon wafer is fabricated. The wafers cut into hundreds of smaller chips. The chips are packaged individually and connected together in systems. Cerebras took a completely different approach. They use the entire 300 millimeter wafer, 4 trillion transistors, 900,000 AI oriented compute cores. And the big thing is the Petabits per second of internal bandwidth. So better memory bandwidth for KV caches and everything that you need to do in AI. I think something like that benchmark is going to be absolutely cleaning up. They still own over 20% of cerebras. Apparently if it trades at even half of how Shanghai priced more threads in Cambercon it will be over 500 billion in less than two years. Okay, that's a big step. It will break the venture model if they hold has a shot to deliver the number one fund in VC history benchmark on an absolute tear. Quantian says Cerebras is pretty funny because you can just imagine the origin story being some boomer non technical manager going okay, but why can't you just put 50 gigs of L3 cache on this chip and the engineer being put on the spot and going I guess you could and sid someone else in the comments here chiming in. I I random history major had a much less important version of this conversation with my college roommate fancy engineer doing computer vision stuff one time and still feel really good about it. I think it helped just weld the thing that does that onto the other thing. Have you considered building the entire plane out of the black box? But it works and the plane goes Mach 10. That's exactly what happened. Well, let's move over to China. Donald Trump is meeting with Xi Jinping this week and you were sharing some info on how many journalists are going over there.

[Tyler]

They're calling it a field trip.

[John]

It's a field trip.

[Tyler]

They're calling it a field trip because Tim Cook is going, Larry Fink, Steve Schwartz.

[John]

I thought it was journalists, but I guess it's tech people.

[Tyler]

Jane from Citi, Chuck Robbins is headed over there. A friend from Cisco, David Solomon.

[John]

Interesting.

[Tyler]

And a whole bunch of others, I guess. Elon is supposedly on the trip as well.

[John]

Hopefully they can get a word in edgewise because the vast majority of the discuss will obviously center around the war in Iran. This is from the Wall Street Journal. As the heads of the world's two superpowers meet in Beijing this week, President Trump and Chinese leader Xi Jinping will have another nation looming over their summit, Iran. The long anticipated meeting has been delayed once due to the US And Israel's war against Iran, which had led to the closure of the Strait of Hormuz. Trump is eager to move on from the Middle east war that is sapping his domestic power and straining the global economy.

[Tyler]

The as of this morning, the peace deal was, according to Trump, on major life support.

[John]

On major life support. Is that good this is better than it being dead. So hopefully we get a peace deal because if you're on life support, sometimes you can have a miraculous comeback. I don't know that's what I'm pulling for. He will land in Beijing, prepared to push China, which relies on Iran for low cost oil in their transactional relationship to help broker an agreement that ends the conflict. Xi Jinping also wants the fighting to stop as Middle east turmoil restricts China's oil supply supply and shrinks countries ability to buy Chinese goods. Finding a resolution could raise Xi Jinping's stature as a global statesman who swooped in at the precipice of a possible military escalation. Trump on Friday threatened to resume Project Freedom. The US led operation helped ships navigate the straits safely, adding this time that the operation would include, quote, other things. Very ominous. So I think there's a few different things. So. So Trump, the deal is on life support. But most recently he rejected Iran's latest response to a U.S. peace proposal. They're going back and forth. Oil prices have climbed amid fears of a prolonged disruption through a choke point that carries roughly one fifth of global oil flows. And the summit is focused heavily on Iran, but also trade deals, specifically Chinese purchases of American agriculture, energy, aerospace products and some other related investment mechanisms. But the tech industry is obviously hoping to like wind down the conflict peacefully and quickly and then move on to discussions of export restrictions, GPUs, the AI supply chain, rare earths, all the different things that go into what the tech industry needs to flourish. But I was thinking we wouldn't get that much movement or that many sound bites from this trip based on how large Iran is looming. But with all of those tech CEOs there, you would imagine that there's some conversation that you think they might be clip farming potentially. Potentially. Or farming potentially frame mogging each other. You never know. Tyler, what do you think?

[Unknown Guest]

Yeah, I think it would be interesting if it's also, you know, at a higher level than just the supply chain because like last week there's all the news about C. Right. Doing the new AI regulation. Right. Like what's going to happen? Like are we going to do a bunch of tests before the models come out? It seems like they're kind of moving away from that, like less kind of safety focused.

[John]

China should be like send us Mythos to give us unfettered access, ideally like enough to distill it really quickly. And then we will also say whether or not it can be released in China.

[Tyler]

Well, why stop there? Why not just send the weights.

[John]

Yeah, just send the weights. That's, that's actually way more.

[Unknown Guest]

Inspect it.

[John]

Yeah, way more efficient. We'll inspect it. We'll make sure that it's okay for the Chinese population.

[Unknown Guest]

Yeah, but, you know, like, we've talked

[John]

about this a little bit, actually send all the GPUs I need to run it to.

[Unknown Guest]

Sorry, we've talked about this a little bit. But like, there are people in China who are actually worried about like very, like safety pills.

[John]

Yeah, yeah.

[Unknown Guest]

But it seems like people going over there, like Tim Cook, I mean, there's Jensen Elon. These people are not going to be arguing in favor of like, safety.

[Tyler]

Palmer brings up an important point. It's time for the United States Postal Service to ban junk mail. Unsolicited spam calls are already prohibited by the fcc. Emails are hegged heavily regulated by the can spam Act of 2003. Junk mail is the majority of mail. 100 million trees per year. Enough. It really is way too much.

[John]

This is very interesting. I put all of the blame, or I guess the credit. I gave all the credit to Google with the fact that like, I don't get spam emails. I get emails if I buy something online and I forget to uncheck the box and that's kind of on me, or if I'm subscribed to a newsletter and it gets boring and I'm like, ah, this is, this is junk. I'll need to deal with that. But like, very rarely do I just get a true spam email. Just like truly slop junk, like just complete nonsense. It's pretty, pretty rare. And I think some of that's the filtering. But also the can spam apps seems to be somewhat effective. I wind up getting a lot more spam phone calls and a lot more spam text messages these days than spam emails in terms of like cold outreach that's completely undirected. And so yeah, maybe they need to expand the can spam ac. Shouldn't it be the Can't Spam Act? I don't know why they call it can, but it has been successful, at least in email. But I agree with this. This is good. Palmer says it's insane that America has given a monopoly on letter delivery to a quasi governmental agency that then uses it to flood our homes with useless garbage against our will. America would never allow FedEx, UPS, DHL, or anyone else to force this on us. Even ignoring the wasted taxpayer money, insane moral hazards and ecological impact, the lost time and productivity is inexcusable. I agree. If the average American spends only 30 seconds sorting their mostly spam mail each day looking for the real stuff. That's over a billion dollars. Well, Earth class mail, Palmer. I think you need a P.O. box that scans the emails or scans the physical mail and delivers it to an email inbox. Throw OpenClaw in front of it and have it decide what makes it through. New service for SF retailers and homebuyers. I will show up to your open houses wearing OpenAI or anthropic merch. I charge a 5% commission just to. Just to fully pump up the price. It's called chandelier.

[Tyler]

Will that actually help though? Because I think some people would be, would be, would just be like, I'm not even going to bid.

[John]

But I think some, some people at the open house tour might see, oh, there's an open air anthropic person. I should make my offer particularly strong if I want this. Even if they're, even if there isn't that much, that much demand. I love the founder of Railway. It's great. What else is going on here? New before ChatGPT release, before Microsoft's $1 billion bet, and long before plans for an IPO, there was the University of Michigan putting 20 million.

[Tyler]

Pull up, Tyler, pull up.

[John]

Tyler, what happened here? Like, how did this actually happen? There we go. There you go. Nailed it.

[Tyler]

Tyler, your homework. Learn how to get that more dialed because I hit that pretty often for you and every time, every time you go the wrong direction. So there's something to work on. That's just some constructive feedback. I believe that you can be better at this task.

[John]

This feels like the University of Michigan was considering donating and then at some point they just became aware of like, oh well, you could also participate. Participate in the for profit. And they're like, oh, that sounds better maybe. Let's put this in. My mom is so bad with technology. She literally tried to search up info about energy drinks and accidentally set up set our house up as a business. What is an energy drinks? Can you imagine like starting with a Google search and ending up like creating a business on Google Maps for your exact address under the name what is

[Tyler]

in AI all the time, John?

[John]

And people think AI will diffuse quickly. Debatable. Debatable. Leave us five stars on Apple podcasts and Spotify. Sign up for our newsletter tvpn.com goodbye.