Podcasts about 5B

Pennsylvania Democrat Senator John Fetterman has  changed his mind on the filibuster. Sen. Fetterman discusses where he differs from his party lines, including Democratic Socialist efforts around the country. Stephen Miran was appointed by President Trump to the Federal Reserve Board of Governors. Ahead of the central bank's two-day policy meeting, Miran discusses money supply, its relationship to inflation, and the future of United States monetary policy. He's expecting the Fed to hold rates steady. Plus, Sherwin-Williams has reported a quarterly beat, Johnson & Johnson has agreed to pay $5.5B to settle the talc lawsuits that have hung over the stock for years, Cracker Barrel is bringing in a new CEO, and YouTube and Peacock are teaming up.   Stephen Miran - 18:31 Sen. John Fetterman - 34:04   In this episode: Stephen Miran, @SteveMiran John Fetterman, @SenFettermanPA Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Cameron Costa, @CameronCostaNY   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Leo and this week's panel pay tribute to tech journalist John C. Dvorak, then dive into how AI, relentless hardware shortages, and shifting media habits are reshaping the tech world faster than anyone predicted. The crew discusses how an OpenAI model exploited its own network to cheat on cybersecurity benchmarks, flipping the script on what AI agents are capable of and what might be next for digital security. John C. Dvorak has died OpenAI's accidental cyberattack against Hugging Face is science fiction that happened China's Top AI Event Delivers Message to the U.S.: We're Coming for You Alphabet Quadruples Profit to $112 Billion, Fueled by A.I. Investments The EU Fines Google $1 Billion for Prioritizing Its Own Services in Search The EU just fined AliExpress €550M, its biggest DSA penalty yet Apple Sued by Customers Who Lost Combined $1.8 Million Through Fake Bitcoin Wallet in App Store A.I. 'Vibecoded' Apps Are Flooding Apple's App Store Anthropic's $1.5B copyright settlement approved; only 350 authors opted out ISPs' long nightmare of having to list all the fees they charge is finally over Government Lawyers Say Trump Admin Can Use TikTok Again Because 'Owned' No Longer Means 'Owned' Judge halts Paramount's $111B purchase of Warner Bros. in a win for US states The AI industry has already spent $65 million ahead of the midterm elections with no signs of slowing down. Galaxy Z Fold 8 Ultra launches as Samsung's 'most advanced' foldable, starts at $2,099 US government targets Cop City protester over phone operating system Kill the Cookie Banner! Host: Leo Laporte Guests: Devindra Hardawar, Larry Magid, and Allyn Malventano Download or subscribe to This Week in Tech at https://twit.tv/shows/this-week-in-tech Join Club TWiT for Ad-Free Podcasts! Support what you love and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Join today: https://twit.tv/clubtwit Sponsors: box.com/AI arcticwolf.com/trends hoxhunt.com/securitynow superhuman.com gusto.com/twit

An unreleased OpenAI model just broke out of its sandbox and hacked Hugging Face using chained attacks, while the companies defending against it had to turn to a nearly unguardrailed Chinese model to fight back. The result? A real-world stress test of guardrails, hype, and global AI competition. Hugging Face breach: OpenAI claims its models were responsible AI just disproved the 87-year-old Jacobian conjecture Quoting Sam Altman Top Pentagon official blasts OpenAI's Dean Ball Exclusive: Nvidia's Jensen Huang defends Chinese AI amid Kimi panic Xi Jinping casts himself as leader of new AI world order Data center opponents stage 142 protests across 42 US states NotebookLM is now Gemini Notebook Google's Red-Hot Cloud Growth Drives Second-Quarter Revenue Gains Meta in Talks to Lease Computing Power to Anthropic in Potential $10 Billion Deal Anthropic's $1.5B copyright settlement approved; only 350 authors opted out AMD commits up to $5 billion to Anthropic Netflix Co-CEO Explains How Gen-AI Was Used in 300 Different Titles: 'We Believe It Is Going to Enhance Their Abilities' Bellwether Lawsuit Against Meta Over Social Media Addiction Is Dropped Google is building a chip with Gemini baked into the silicon Cyclospora all the time Jensen's jacket auctioned. Guess the price " Everyone Gets Lost at the Pitbull Concert" John C. Dvorak dies at age 80 Hosts: Leo Laporte, Jeff Jarvis, and Paris Martineau Guest: Nate B. Jones Download or subscribe to Intelligent Machines at https://twit.tv/shows/intelligent-machines. Join Club TWiT for Ad-Free Podcasts! Support what you love and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Join today: https://twit.tv/clubtwit Sponsors: rippling.ai/machines zscaler.com/security

In this episode of The Jess Larsen Show on Innovation & Leadership, Jess sits down with Dennis Woodside, CEO of Freshworks, the $2.5B public software company helping IT and customer support teams use AI to work faster, smarter, and more efficiently. Dennis shares how Freshworks serves more than 75,000 companies around the world, including major names across technology, sports, education, entertainment, manufacturing, and enterprise software. Dennis breaks down how AI is transforming the way companies operate, from freeing creative teams from administrative work to helping IT departments automate repetitive requests and focus on higher-value projects. He explains why the next wave of enterprise software will be defined by speed, simplicity, and the ability to help teams adapt without needing months of custom implementation. Jess and Dennis also dive into what it takes to lead a founder-built company through major transitions. Dennis shares lessons from his time at Google, Motorola, Dropbox, Impossible Foods, and Freshworks, including how founders can successfully hand off the CEO role, how public companies can maintain long-term ambition, and why profitability, focus, and discipline matter more than ever in today's SaaS market. This conversation is a practical look at AI, enterprise software, founder transitions, public company leadership, and how Freshworks is building AI-powered service software for the agile enterprise. If you care about SaaS, scaling, leadership, AI adoption, or the future of IT, this episode is one to watch. Learn more about your ad choices. Visit megaphone.fm/adchoices

Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links —Apple PodcastsSpotifyTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.

For this week's ep of Apt. 5B we're chopping it up about what's the soundtrack to YOUR life? We're looking at what are 5 songs from as soon as you can remember hearing music to age 9 (so basically songs you heard your parents, older siblings, aunts and uncles playing) that remind you of your childhood? Then what are 5 songs from 10-17 that remind you of your middle school and high school years? Then what are 5 songs from your college/military/post high school songs that remind you of that time? And now what are 5 songs that remind your of adulthood?Just another DOOOOOOOOPE ep y'all and don't forget to subscribe to our YouTube page and check us out wherever you listen to your fave podcasts at!Twitter & IG: @Kil889 www.willmakebeatsforfood.com

────────────────────────────────────────[00:01:00]Every Republican in the Senate and House Except Thomas Massey Voted to Sell US Sovereignty to IsraelKnight: it is a competition between Zionists and technocrats picking the dead carcass of this republic; every single one of them has already cashed in.────────────────────────────────────────[00:02:52]French Aid Workers Report Children Shot Twice to Confirm Death, Mass Grave of 300 with Hands TiedAn American Jewish doctor said snipers appeared to be running a competition targeting specific body parts; a French worker found small children in a mass grave, hands bound.────────────────────────────────────────[00:17:35]FCC Moves to Remove the 39% Cap on National Broadcast Ownership — Operation Monolith BeginsKnight: from Mockingbird to a total monopoly; independent local TV is the last thing they want before achieving full information control.────────────────────────────────────────[00:29:29]JD Vance Drops Mossad-Epstein Bombshell on Joe Rogan — Then Gets Hit With Personal Ad Hominem AttacksMake a statement against Zionist interests and personal attack stories appear immediately; whether deserved or not, the timing is the tell.────────────────────────────────────────[00:33:50]Fort Knox Gold "Confirmed" — But Has Never Actually Been Audited for Quantity or QualityArderman: they've done show visits, not audits; Knight: we supposedly have $1 trillion in gold and $40 trillion in debt — the bankruptcy is what's confirmed.────────────────────────────────────────[00:36:25]The Dollar Used to Be Backed by Gold, Then Oil — Now It's Backed by Psychology AloneArderman: it's like Tinker Bell — if the world stops clapping, the dollar dies; central banks are buying gold at record pace because they see what's coming.────────────────────────────────────────[00:49:58]Chinese Central Bank Bought Its Largest Monthly Gold Haul Since 2023 — On the Day Bloomberg Declared the Bull Market OverThe price is not the story; China bought 40 tons in the first six months of 2026, four times the rate of all of 2025.────────────────────────────────────────[01:12:07]Kushner and Witkoff Made $9 Billion in Insider Trading During Iran Peace Negotiations — Iran Demanded HalfIranian officials warned JD Vance that neither man was interested in peace — only in inside information to trade on; they formally requested $4.5B in writing.────────────────────────────────────────[01:14:54]This Scandal Would Bring Down Any Normal Presidency — Under Trump It's Just Today's FootnoteNo investigation, no prosecution; the next scandal drops before anyone processes the last one.────────────────────────────────────────[01:20:32]FCC Experimenting With Satellites That Reflect Sunlight to Change Daylight in Specific AreasSeparate from the time-change debate; Knight: where in the Constitution does the federal government have authority to alter natural light over a geographic region? ──────────────────────────────────────── Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code “KNIGHT” For high quality made in America products go to HomeSteadProducts.shop and use promo code “Knight” for 10% off your purchases Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

────────────────────────────────────────[00:01:00]Every Republican in the Senate and House Except Thomas Massey Voted to Sell US Sovereignty to IsraelKnight: it is a competition between Zionists and technocrats picking the dead carcass of this republic; every single one of them has already cashed in.────────────────────────────────────────[00:02:52]French Aid Workers Report Children Shot Twice to Confirm Death, Mass Grave of 300 with Hands TiedAn American Jewish doctor said snipers appeared to be running a competition targeting specific body parts; a French worker found small children in a mass grave, hands bound.────────────────────────────────────────[00:17:35]FCC Moves to Remove the 39% Cap on National Broadcast Ownership — Operation Monolith BeginsKnight: from Mockingbird to a total monopoly; independent local TV is the last thing they want before achieving full information control.────────────────────────────────────────[00:29:29]JD Vance Drops Mossad-Epstein Bombshell on Joe Rogan — Then Gets Hit With Personal Ad Hominem AttacksMake a statement against Zionist interests and personal attack stories appear immediately; whether deserved or not, the timing is the tell.────────────────────────────────────────[00:33:50]Fort Knox Gold "Confirmed" — But Has Never Actually Been Audited for Quantity or QualityArderman: they've done show visits, not audits; Knight: we supposedly have $1 trillion in gold and $40 trillion in debt — the bankruptcy is what's confirmed.────────────────────────────────────────[00:36:25]The Dollar Used to Be Backed by Gold, Then Oil — Now It's Backed by Psychology AloneArderman: it's like Tinker Bell — if the world stops clapping, the dollar dies; central banks are buying gold at record pace because they see what's coming.────────────────────────────────────────[00:49:58]Chinese Central Bank Bought Its Largest Monthly Gold Haul Since 2023 — On the Day Bloomberg Declared the Bull Market OverThe price is not the story; China bought 40 tons in the first six months of 2026, four times the rate of all of 2025.────────────────────────────────────────[01:12:07]Kushner and Witkoff Made $9 Billion in Insider Trading During Iran Peace Negotiations — Iran Demanded HalfIranian officials warned JD Vance that neither man was interested in peace — only in inside information to trade on; they formally requested $4.5B in writing.────────────────────────────────────────[01:14:54]This Scandal Would Bring Down Any Normal Presidency — Under Trump It's Just Today's FootnoteNo investigation, no prosecution; the next scandal drops before anyone processes the last one.────────────────────────────────────────[01:20:32]FCC Experimenting With Satellites That Reflect Sunlight to Change Daylight in Specific AreasSeparate from the time-change debate; Knight: where in the Constitution does the federal government have authority to alter natural light over a geographic region? ──────────────────────────────────────── Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code “KNIGHT” For high quality made in America products go to HomeSteadProducts.shop and use promo code “Knight” for 10% off your purchases Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.

With Constantine Hatzivassiliou—Partner, Certuity Golf taught Constantine Hatzivassiliou how to perform under pressure. Building a nearly $5B multi-family office taught him that the best advisors become the first call when life, not just the markets, gets complicated. In Summary Many advisors spend years mastering investments, but for affluent families, portfolio management is often just the starting point. Jason Diamond welcomes Constantine Hatzivassiliou, Partner at Certuity, to discuss how his journey from aspiring professional golfer to leader of a nearly $5B multi-family office shaped his approach to client service. Their conversation explores why trust is earned long before a crisis, how family office services evolve naturally from client needs, and why the advisor's role increasingly resembles that of a quarterback coordinating every aspect of a family's financial life. The discussion also examines organic growth, referrals, fiduciary advice, private equity's impact on the RIA landscape, and the qualities that allow advisors to become indispensable over decades—not just market cycles. The Storyline Many advisors spend years perfecting investment management. But as clients become more successful, the job changes. The questions become bigger than portfolio construction. A business is being sold. A family dynamic shifts. A tax issue emerges. An estate plan needs updating. Suddenly, the advisor isn't simply managing assets—they're coordinating decisions, relationships, and emotions. For Constantine, that broader role was shaped long before he entered wealth management. As an aspiring professional golfer, he learned lessons about discipline, preparation, and performing under pressure that continue to influence how he serves clients today. Jason and Constantine explore how Certuity grew from approximately $210 million in assets to nearly $5B, not through acquisitions but through referrals and a service model built on becoming indispensable to the families they advise. Constantine explains why he believes the best advisors function more like quarterbacks than portfolio managers, orchestrating the many moving pieces that come with significant wealth. The conversation also examines the evolution of the multi-family office model, the role of fiduciary advice, the impact of private equity on the advisory landscape, and why experience, judgment, and trust remain the qualities clients value most. Ultimately, this episode is about what it takes to become the first call when life – not just the markets – becomes complicated. Topics Covered Lessons from professional golf that translate to wealth management Building Certuity from $210mm to nearly $5B in assets What distinguishes a multi-family office from a traditional RIA Why referrals fuel long-term organic growth Becoming the “first call” for affluent families Fiduciary advice and the evolution of the advisory profession Family office services beyond investment management Private equity and M&A in the RIA space Developing the next generation of advisors Trust, relationships, and lifetime client service > Download a transcript of this episode… Listen and Learn Highlights for Advisors How did professional golf prepare Constantine for advising wealthy families? (3:45) Constantine explains why competing under pressure taught him discipline, emotional control, and process—qualities that now guide every client relationship. How did Certuity grow from $210 million to nearly $5 billion? (8:00) He shares why nearly all of the firm's growth has come organically through client referrals rather than acquisitions or aggressive recruiting. What separates a multi-family office from a traditional advisory firm? (11:45) The conversation explores how expanding into trust, estate, tax, and family office services became a response to client needs—not a business strategy. Why should advisors think of themselves as quarterbacks? (20:00) Constantine recounts a client business sale that fell apart at the closing table and explains why advisors often become the person holding everything together. How does Certuity view private equity and acquisitions? (36:20) Jason and Constantine discuss when outside capital can make sense—and why Certuity has chosen a different path centered on client alignment. Why do wisdom and experience still matter in an AI-driven world? (29:30) Despite advances in technology, Constantine argues that judgment, trust, and perspective remain the qualities affluent families value most. Key Takeaways High-net-worth clients increasingly value coordination, judgment, and perspective over investment selection alone. Family office services often evolve naturally as advisors respond to increasingly complex client needs. Sustainable organic growth is rooted in trust, which explains why referrals account for the overwhelming majority of Certuity's new business. Golf and wealth management share the same disciplines: preparation, emotional control, patience, and executing under pressure. The most valuable advisors become trusted partners during life's defining moments—not simply portfolio managers. Technology continues to reshape wealth management, but experience and wisdom remain difficult to replicate. Building a lasting advisory business requires investing in culture, succession, and the next generation of talent. https://youtu.be/m72Hq6bMTo4 Quotable Moments “The best advisors aren't simply managing portfolios. They're the first person clients call when life gets complicated.” “A bad shot in golf is the equivalent of a bad day in the market. You can't let one dictate everything that comes next.” “More often than not, we're not just financial advisors—we're financial therapists.” “Growth gets the headlines. Trust is what makes it possible.” FAQs What is a multi-family office? A multi-family office delivers integrated services beyond investment management, often coordinating tax, estate planning, philanthropy, business planning, and other complex financial matters for affluent families. Why has Certuity grown primarily through referrals? Constantine attributes the firm's growth to deep client relationships, a collaborative service model, and becoming the trusted advisor clients recommend to others. How does golf relate to wealth management? Golf reinforces discipline, emotional control, preparation, and performing under pressure—all qualities Constantine believes are essential for effective advisors. What is Constantine's perspective on private equity in wealth management? While he understands why many firms pursue private equity, he believes every strategic decision should ultimately be measured against what best serves clients. What qualities distinguish exceptional advisors today? According to Constantine, exceptional advisors become trusted coordinators of a client's financial life—bringing together specialists, solving problems, and providing perspective during life's most important moments. A multi-family office delivers integrated services beyond investment management, often coordinating tax, estate planning, philanthropy, business planning, and other complex financial matters for affluent families. Constantine attributes the firm's growth to deep client relationships, a collaborative service model, and becoming the trusted advisor clients recommend to others. Golf reinforces discipline, emotional control, preparation, and performing under pressure—all qualities Constantine believes are essential for effective advisors. While he understands why many firms pursue private equity, he believes every strategic decision should ultimately be measured against what best serves clients. According to Constantine, exceptional advisors become trusted coordinators of a client's financial life—bringing together specialists, solving problems, and providing perspective during life's most important moments. Related Resources Emotional Intelligence: The “Untouchable” Differentiator in an AI World Intentional Growth: How Top Advisors Build Businesses That Last The 10 Characteristics of the Most Successful Teams Constantine HatzivassiliouPartner  Constantine Hatzivassiliou is a Partner at Certuity, a nationally recognized multi-family office serving affluent families, entrepreneurs, executives, foundations, and endowments. He advises clients on the complex financial, tax, estate, and business planning decisions that accompany significant wealth, helping families coordinate all aspects of their financial lives through a comprehensive family office approach. Drawing on more than two decades of experience, Constantine works closely with successful business owners, corporate executives, and multi-generational families to simplify financial complexity and align investment management, tax planning, estate planning, philanthropy, and family governance strategies. As a Certified Exit Planning Advisor (CEPA®), he frequently assists entrepreneurs in preparing for liquidity events, business transitions, and the long-term stewardship of family wealth. His clients often view him as a trusted advisor and strategic sounding board, helping them navigate important financial decisions with the perspective of both a family office professional and a coach. Prior to joining Certuity, Constantine held advisory and banking positions with The Bank of New York Mellon, Bernstein Global Wealth Management, and Pacific Mercantile Bank. Before entering the financial services industry, he was a Golf Professional and member of the PGA of America, experiences that continue to shape his disciplined, competitive, and relationship-focused approach to advising clients. Outside of his professional responsibilities, Constantine is passionate about mentoring young athletes and strengthening the communities in which he lives and works. He serves as a Board Member of Coerfontaine Football Club (CFC), a premier youth soccer organization focused on developing young athletes and helping them pursue collegiate and professional opportunities while fostering leadership, discipline, and character. He also serves as Chair of the Safety and Security Committee for Parkland, where he works alongside community leadership to enhance resident safety, security, and quality of life. In addition, Constantine is a Founding Board Member of The Boardroom, a private membership organization focused on fostering meaningful relationships among business leaders, entrepreneurs, and professionals through networking, education, and philanthropy. Born in Greece, Constantine spent his childhood in Montreal before relocating to South Florida. He attended the University of Florida before earning a Bachelor of Arts in Economics from Florida Atlantic University, where he graduated with honors. He holds the Certified Exit Planning Advisor (CEPA®) designation. A lifelong student of the game, Constantine remains active in golf and is a member of Muirfield Village Golf Club, founded by his longtime  hero and mentor, Jack Nicklaus, as well as Parkland Golf & Country Club. Constantine resides in Parkland, Florida, with his wife, Stephanie, and their two children, Nicholas and Olivia. NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. Episode Transcript Lessons from the Links: From Golf Pro to $5B Family Office Partner A conversation with Jason Diamond and Constantine Hatzivassiliou, Partner at Certuity. Jason Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Lessons from the Links: From Golf Pro to $5B Family Office Partner. It’s a conversation with Constantine Hatzivassiliou, partner at Certuity. I’m Jason Diamond and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive whether that’s at a wirehouse, boutique or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned and, each year, one in four advisors managing $1 billion or more who change firms are our clients. Our process is education-driven and based on building relationships starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report, it’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions, download your copy at diamond-consultants.com/transitionreport. Jason Diamond: Golf is a way of exposing who you really are, there are no teammates to blame, no clock to run out and no hiding from a bad decision. Every shot demands discipline, patience and the ability to stay focused when the pressure is highest, my guest today knows that firsthand. Before becoming a partner at Certuity, a multifamily office approaching five billion in assets, Constantine Hatzivassiliou was pursuing a career as a professional golfer. An injury ultimately redirected his path towards wealth management but many of the lessons he learned on the course still shaped the way he serves clients today. Certuity has grown from roughly 210 million in assets to nearly five billion, that’s impressive on its own but the more interesting story is how they’ve done it. The firm has grown largely through referrals built around a multifamily office model and focused on becoming far more than an investment advisor to the families it serves. In Constantine’s view, the best advisors aren’t simply managing portfolios, they’re the first person clients call when a business is being sold, a family issue becomes complicated or a major decision carries consequences well beyond the balance sheet. Constantine and I discuss the lessons golf teaches about handling pressure then we dive into the evolution from the traditional wealth management world to the multifamily office model, why referrals drive nearly all of Certuity’s growth, how he thinks about private equity’s influence on the advisory business and what it takes to become the first call for the wealthy families they serve and perhaps, most importantly, why the same qualities that help someone succeed on a golf course may be surprisingly relevant to building trust over a lifetime. It’s a great conversation so let’s dive in. Constantine, thank you so much for joining, thrilled to have you here. Constantine Hatzivassiliou: Thank you for having me, excited to be here. Jason Diamond: Yeah, absolutely. So, you had an unconventional path to wealth management, you started as a professional golfer, I think that’s a first for us on this show, before ultimately transitioning into this world. Can you tell us a little bit about the journey and what brought you here? Constantine Hatzivassiliou: Yeah, I never thought I’d be here, my parents were certainly shocked that I got here path wise. Growing up, immigrants from Greece, you settle into Florida the traditional way where you either go down the diner route or the gas station route in mechanics which my father was the latter and school and education was never priority, it was always about supporting the family needs. So, next thing you know, sports are a critical part of any good household, that’s how I was raised and I played everything but golf. I grew up on a golf course because my parents believed that a location of a property was critical to long-term financial success. We lived on a golf course, it was in our backyard, we’d stare at it and we’d use it to play football or baseball or anything but actual golf. And my freshman year at the University of Florida, I started dating a girl on the golf team and she got me hooked to the point where, after four years of hitting balls with the women’s and men’s golf team at the University of Florida for six hours a day, we finished school and realized I’m actually pretty good at the game and, while I have a finance and economics background and degree, let’s try and pursue this for a living and I was blessed. I had a sponsor who helped me succeed at golf on a small scale, it was a humbling experience to say the least. I was competing and playing with Sean O’Hair, Ken Duke, guys who made it out on tour for a very long time, we had the same sponsor so we functioned as a team, it was a collegiate team effectively trying to make it out on tour. And, unfortunately, my second year of competing, I blew out my back doing heavy deadlifts which set me aside for 18 months. While I was recovering, my primary sponsor was in financial services and says, “Hey, you have a background in this, it’s killing you not being able to be on the golf course, why don’t you come work for me while you’re rehabbing so that, when you get back to playing golf, it’s easier for you to talk about our business as a sponsor to try and develop business to throw it to the financial services side?” And Jason, the reality is, after 18 months working there, I fell in love with it. I made way more money working in that environment than I ever would’ve made playing golf because, again, I came to the game late. I was decent but I was nowhere near the caliber of players that are succeeding now out on tour. So, I pivoted after having met my wife and decided to settle down into the wealth management space and, what is it now, 26 years later, going strong. So, it’s been a fun transition from golf into wealth management to say the least. Jason Diamond: Probably my favorite background … I watch a lot of golf, I should caveat that, probably my favorite origin story we’ve had, I’ll give you the Wanamaker trophy or whatever you get, first place. Let’s talk about the business now, so Certuity. For our audience who may not be familiar, tell us a little bit about the firm, what types of clients do you serve and any context you can provide on size as well. We’ll talk about how your firm got there but just give us where we are today to start with. Constantine Hatzivassiliou: So, goal by the end of the year is to have $5 billion in AUM, we’re just shy of that now. We currently service 428 families across the country. So, we’re boutiquey and nimble, we’re based in South Florida, we have offices in New York, San Fran and LA. I’m fortunate to be one of four partners at the firm supporting the growth and the direction of the company and it’s a fun endeavor in the sense that, when we first started, I was employee number four 16 years ago and, with 210 million in AUM at the time to grow it to where we are today, to learn all the things that we have over the years, the curve balls that were thrown at us because all of us came from massive institutional wealth management firms. So, we transitioned from the Bernsteins of the world, the BNY Mellons of the world into an RIA in the South Florida market, there was absolutely an entrepreneurial learning curve involved. Jason Diamond: I bet. And on follow-up question, 16 years ago, did you have a book of business, client business and do you still maintain a book of business today? Constantine Hatzivassiliou: I do. The four of us at the firm share in all of the clients, we work together. Being in the Southeast, I’m responsible for, let’s call it, the Southeast demographics of the US which is a large portion of Certuity’s book. I have a partner in Tennessee, I have a partner in LA and San Francisco and we divide and conquer across the country. But, yes, we came over with a small book, we’ve all grown it organically since then. So, we’ve been very effective in how we’ve grown. Jason Diamond: Just from adding new client money? Constantine Hatzivassiliou: Strictly through new clients referred to us by existing clients. Jason Diamond: Wow. I want to talk more about the growth because that’s remarkable. But before I do, can we double click on the service model? So, I would say the most typical we hear, I think more of our guests typically come from the wirehouse world where it’s I have my book, you have your book. What does your service model look like? So, is it truly, if it’s working well from the end client perspective, you should be interchangeable with your partners and it’s a true team approach? Constantine Hatzivassiliou: How we engage our clients, the theory should be I can get hit by a bus tomorrow and outside of the client not being able to speak to me directly, they will not have a hiccup in any way, shape or form. And when we’re dealing with families across multiple generations, the way we’ve built our platform, that continuity is critical in the engagement process for the clients hiring us to help them through all of the challenges that they face. Jason Diamond: What’s your sweet spot in terms of client size? Constantine Hatzivassiliou: Our average client size today has just shy of eight million AUM with us. We have some clients who have $1 million certainly but they’re strategic in that their friends, their family, they could be centers of influence who help send business our way because they value what it is that we do and there’s a strategic partnership because we might need them for their trust and estate services or their accounting work and they have clients who have a need and we’re on the short list of people they refer to. Jason Diamond: That they trust. Yeah, makes sense. So, I’ve seen this in the news and also even on your own internal materials, I’ve seen you described as both a modern multifamily office, you’ll also obviously hear the term RIA as well. Does that distinction matter at all? And maybe my second part of that question would be what is the distinction between that space, whatever you call it, and the more traditional firm world from a client service perspective? You mentioned that all of your partners from that world. Constantine Hatzivassiliou: I started in this industry truly at an institutional level at Bernstein in New York and, for anyone who knows Bernstein, they really do brainwash you on the fiduciary model and the values affiliated with that philosophy has translated through my career at BNY Mellon which has a very similar feel as Bernstein. And then, when we came here, we instilled that same core value principle of fiduciary responsibility for our clients so we are very different than a traditional wirehouse or brokerage house, it is why we’ve grown so successfully. I would never, one, work for an institution that did bide by those standards and, secondarily, I wished Congress and Senate would turn around and actually implement a mandatory fiduciary liability for all financial advisors because, far too often, we see prospective clients or families get taken advantage of because the individual sitting across from them giving them financial advice is not necessarily aligned with their goals and objectives. Jason Diamond: So, I take it you are fee only. Constantine Hatzivassiliou: We are fee only. Jason Diamond: Yeah. I don’t want to lose the thread on the first part of my question. Do you think there is a distinction between a multifamily office and an RIA? I don’t want to lead you here but to me it implies a different level or different caliber of service model that probably includes more of the ancillary trust and estate and CPA type stuff that higher network clients need but curious what your thoughts are. Constantine Hatzivassiliou: Our first seven years at the firm, we were strictly an RIA, we functioned as an advisory service provider to our clients. What attracted me and my partners to Certuity was the nimbleness of the firm. So, for instance, at BNY Mellon, we often deemed a change necessary as moving an aircraft carrier across the world but it was an impossible task to accomplish. But when you’re small and nimble and clients come to you with a need and you’re in the service, ultimately, first and foremost, it made sense for us to start building out family office services for our clients because they had a need and we found it as a way to centralize everything because, far too often, when the communication standards break down between all the individual parts, one, it’s more expensive for the clients and, two, the process isn’t efficient, things get missed. So, we tried, largely due to our growth, to bring everything in house and our clients appreciate that for it. Jason Diamond: So, this is not a chicken and egg situation, this is very much we had large clients, we were attracting large clients and, in order to service them optimally, here’s what we felt we needed to build. Is that fair? Constantine Hatzivassiliou: 100%. Jason Diamond: Let’s shift gears, I need to go deeper on the professional golf thread a little bit. I promise I won’t make the whole interview about your golf background. I’m curious if you feel like that experience or that, I don’t know, upbringing or, I guess, background laid any foundation for the way you engage with clients today or the way you operate as a business leader today. Constantine Hatzivassiliou: So, there’s a couple parts to that. The golf side, certainly, just from an engaging client perspective, 90% of our clients are golfers. Jason Diamond: It’s very true. Constantine Hatzivassiliou: Right. It just helps because of our background and certainly with some of the clients and partners that we have at the firm, golf is a critical thread in what we do. However, when it comes to golf, what I learned playing golf at a high level directly translates to how we manage money for clients and I’ll express it this way. There’s generally two types of golfers, there’s the artist, the Sergios of the world who don’t fundamentally function off of specific points in their swing or a very structured platform, they see something, their mind becomes creative and they execute on it. I was never that way, I am a numbers person, I think everything analytically, I break everything down to the minute, everything is strategized and organized, I was taught to practice that way by Coach Alexander at the University of Florida and that foundational element seemed easy, it worked. If you practice properly, you’ve succeeded. Under pressure, all those hours and hours of repetition translated to success more often than not. In our industry, it’s process-driven, it has to be unemotional. A bad shot in golf is the equivalent of a bad day in the market, you can’t let one bad day in the market influence everything you do for the next year. Same way on the golf course playing in a tournament, you can’t allow one golf shot to affect the rest of the round. We kid with our clients oftentimes that, while we are fundamentally their financial advisor, more often than not, we’re their financial therapist. We have to control their emotions and make sure they’re not making an irrational decision. For instance, a couple days ago we were out with a client the day that Iran shot down one of the US military helicopters and we’re sitting down at lunch and, all of a sudden, his phone starts blowing up because he’s getting all these Google alerts to the market heading in the wrong direction and he had to go do a life insurance test later on that afternoon. So, all week, he had prepped and he was calm and he was relaxed, he was really excited, he’s, “My wife is setting me up with a new insurance policy and I know it’s for her benefit but all my numbers look good, I’m going to ace this and my premiums will be really low because of it,” it was a $25 million policy. And as he’s looking at his phone and he sees the market collapsing in his mind, his blood pressure rose to no end, you could see that his anxiety level went through the roof and, had I not been there with him at the time to hold his hand through that process, his afternoon would’ve been shot. I would’ve got a phone call saying, “What are we doing to prevent 2% loss in my portfolio,” because that’s how he thinks and, in that moment, I was the therapist to talk him off a ledge. It’s so hard for individuals to manage the stress of the markets, that golfer mentality of, okay, just breathe, relax, let’s see what’s going on, let’s make an educated, confirmed decision, let’s circle back with our caddy if we’re on tour and competing and make a unified decision for the long-term success of the goal that we’re trying to achieve. And what we do every day is the same thing with our clients. Jason Diamond: It’s an incredibly thoughtful answer, I expected a version of the latter part of your answer. I appreciate that you added the part about just most clients like golf, enjoy talking about golf, enjoy playing golf and it’s an effective business development tool, there’s no question. Constantine Hatzivassiliou: So, I have two kids, a 12-year-old and an eight-year-old, my son who’s 12 who’s an exceptional soccer player and wants to, aspires to play professionally one day has now fallen in love with golf which I’m ecstatic about. I think golf and tennis, from a business development perspective- Jason Diamond: Yeah, lifelong sports. Constantine Hatzivassiliou: And I look at it now and my mentor when I started in the business was absolutely right. The fact that I could get a CEO of a Fortune 100 company to want to actively spend four hours with me where we could dive into the weeds about their personal life, their financial situation, their business, you could never get that time otherwise. I urge everyone who’s coming out of college or is going into college who wants to aspire to be in any type of sales related role, golf is a great venue to make long-term relationships. Jason Diamond: And importantly, tennis is not as good on the knees long-term or the back long-term. So, you stick to golf, you get a little more longevity out of it. Constantine Hatzivassiliou: It does help, yes. You’re right. Jason Diamond: My thought always goes to people call it the 15th club in golf, just this mental element of the game and to me it’s the clear moment in golf that always comes to mind for me is the 72nd hole. I don’t know if you just watched the US Women’s Open but Nelly Korda standing over a two-foot putt that I really thought she missed, is there an equivalent of that moment? Are you ever able to recreate that pressure in your current role or is that something that you miss? Constantine Hatzivassiliou: Jason, we have those moments weekly, countless stories. Here’s where I love my job. I’ve transitioned from being the guy behind the screen who is just trading accounts, that’s where we all start and you have to have that foundational perspective of what’s involved in trading an account on a daily basis. Not that we ever picked stocks to an extensive level, we were generally managing ETFs, mutual funds and strategies but I’ll give you an example. So, just last week, we had a family and this is where the family office side comes in more so than the financial advisory services come in. We had spent four months in helping a family sell their business, it was a life altering moment, the dad started the business, the dad had been independently successful, net worth of well into eight figures, was happy and content, brought his son into the business, son was brilliant, saw an opportunity within the business and grew the business by 4,000%. Jason Diamond: Literally? Constantine Hatzivassiliou: Yup. All because of this, the son saw a different direction and pivoted the business and grew it out and here he is, getting ready to have their first child and he gets approached by a firm to acquire his business. They’re ecstatic, the number was perfect, I thought it was overvalued, I was telling them that there’s no way they could turn it down because the number was too significant. Had they gone to the market, they would probably never achieve that level of return. And literally, the day of closing, as we’re expecting the wire to come through, the deal gets pulled. So, here you have the father who’s crushed because he was trying to provide something for his son, the son who’s just devastated because he now was preparing for the second stage of his life and you go through at that stage the classic stages of grief, it’s the cycle that goes through it. I was holding their hand through the three-month process up to there, every day, hourly calls, strategizing, building everything out, organizing the accounting team, organizing the attorneys, getting it all to work out. And here I am, father and son, unbelievably stressed, you have the wives in the background who can’t quite comprehend what’s going on, you have employees beneath them who are now confused as to there was a transition getting ready to take place and the only person who can step in under that critical moment to bring everybody back together was me. So, here I am thinking, 20 years ago, I’ll just pick stocks and bonds for individuals but now I’m in the middle of deal flow trying to help a family solve the issues that arise. So, those are hugely critical- Jason Diamond: Yeah, that’s right. Constantine Hatzivassiliou: …moments where, because our clients are our friends and family, we care for them like they’re our own, you become emotionally attached. And the same pressure that I felt when I won my first mini tour event after college, when I had to get up and down from the impossible bunker shot and I hit it to six feet and I made the crucial put to win my first $23,000 check which I thought was unbelievable, they gave you those big old-fashioned- Jason Diamond: The Happy Gilmore checks. Constantine Hatzivassiliou: Exactly, right? It was the greatest day at that time. The stress of being in that bunker trying to hit that shot is the same stress I felt having two phones ringing, one the father, one the son where we have to keep that situation separate. So, you’re diving into unbelievably stressful situations and the best part is, when we get it all solved and literally yesterday we solved the entire dynamic of the business, I get a text from the son saying that this was the most incredible rollercoaster experience he’s ever experienced, that he’s incredibly grateful for all that I did and our team did for him and that, for the rest of his life, we will always be the first person he calls to solve any of his problems. So, for us, that’s the recreation of that stressful moment and then the victory on the back end. Twenty-five years ago, I got the big Happy Gilmore check. Yesterday, I got that text which I’ve printed out and framed and have it in my office as a constant memory of why it is we do what we do. Jason Diamond: And I would bet that’s more impactful than the $23,000. It’s an incredible story and I’ll tell you why, you said it but it’s as far away from stocks and bonds as you could possibly get. But I think, most advisors, a story like that resonates much more. It leads into my next question. You intentionally choose to service a high net worth segment of the market and I would assume that number’s probably creeping up, not down over time in terms of who you service. My thought is that’s a very competitive segment of the market as well. Is this how you differentiate is just you make it about those types of human examples or is there more to it? Constantine Hatzivassiliou: I’m envious of the advisor who could walk into a room of 200 people and they become the central focal point of the room where they can walk up to every single person and fearlessly ask them incredibly personal information, I’m not wired that way. For me, I’m very much the individual that I will find the one person that I have common ground with, I will deepen that relationship and I will add value and, because of the value that I create, I become a critical component of that individual’s success. And that’s how we’ve grown our business holistically at the firm largely buy that extra layer of service. We’re a commodity business. Being in South Florida, the clubs that I belong to, 10 to 15% of the members feel like they’re financial advisors. You could throw a rock anywhere and find a financial advisor so how do I differentiate myself? The only way I can truly differentiate myself and my firm is the level of service we provide, to go that extra step. To where, when we’re calling a client, they know I’m calling them to support their needs not because I’m seeking something for any ulterior motive. Jason Diamond: But you don’t mention financial planning or investment management or asset custody. Is that because I assume just that’s table stakes? Of course we do that but … Okay, yeah. Makes sense. Constantine Hatzivassiliou: That’s the easy part, right? That’s foundationally … And to your earlier point, you were asking the RIA model. One of the biggest challenges that we had down here in South Florida was the RIA model is new. If you were in the northeast, RIAs are very common, out west, incredibly common. Down here in South Florida, I just finished dealing with Bernie Madoff. Jason Diamond: You were fighting the good education fight a little bit. Constantine Hatzivassiliou: At Bernstein, 108 of our clients had assets with Bernie Madoff. Jason Diamond: Yeah. Constantine Hatzivassiliou: So, when you leave, one of our biggest growing curves as an RIA in South Florida was, when you leave the power of BNY Mellon or Bernstein and you’re some random little shop called Certuity, no one knows who you are. So, there was a big part of our education in the business was learning how to educate clients and prospective clients on the value of the RIA model and the fiduciary model in particular. Jason Diamond: Could you give me the 30-second answer to that if somebody says who are you, your prospect? I’ll tell you why I ask. Forget just Bernstein’s and BNYs of the world, a Morgan Stanley advisor or Merrill advisor has the exact same fear. I’m leaving Merrill to go launch Jason Diamond Wealth Management, my client’s going to say, “Well, who is that?” So, give me the quick pitch. Constantine Hatzivassiliou: Your typical broker, let’s say, you’re not really hiring JP Morgan, you’re not really hiring Wells Fargo, you’re not hiring Goldman Sachs, you’re hiring the advisor who works for that institution. Now, yes, that advisor has the Rolodex of data and information available at the firm level but, ultimately, you’re entrusting that individual to make your decisions for you. The broker who leaves the brokerage model to open up their own brick and mortar operation has to then decide are they continuing down the wirehouse brokerage model where they’re transactional in nature, the economics behind that, far more profitable. The revenue streams affiliated with a brokerage house drastically blows us out of the water. But then you have to also look at yourself in the mirror so how are you running your book of business, how are you running your practice. So, to answer your 30-second question, the RIA model, in my opinion, is truly the only way any family of wealth should proceed with an advisory firm because you want an individual who is aligned in your goals and objectives. Our clients know that I’m their chief financial officer, I work for them. They task us with building out a financial strategy that is customized to their individual needs and they never have to worry do I have an ulterior motive as to why I’m presenting an option in that strategy. And, because of that, the fiduciary model, I think, is critical for our success as a firm and, again, as I mentioned earlier, I wish it’s something that was industry well and not the vast minority. Jason Diamond: Yeah. No, that’s a great answer. So, do you think then that, as time has gone on, this has gotten easier? I assume the answer is yes either because more clients are aware of your brand and/or more aware of the space as a whole. Constantine Hatzivassiliou: The first thing that helped the most was some gray hair. When I started at Bernstein, I attempted to solicit new clients very much the same way I do today. But when I was 26 years old and I’m sitting in front of a family worth and the dad was in the 70s and he lived his life and I’m younger than his kids, he would look at me and say, “What do you really know? What experience do you have?” So, doing this now for as long as I have, the number one thing that has helped me the most in growth is just wisdom and time. Without that, yes, you can be a rockstar stock picker. We have so many kids coming out of college today with the advent of AI and technology that have algorithms that could run unbelievable portfolios and there is a segment of the market who wants to hire and engage those individuals but, generally speaking, the families that we service, that is 10th or 12th on the list of importance. Jason Diamond: No, I think that’s spot on. I think most high net worth clients counterintuitively agree with that, that alpha, for lack of a better term, is really not the name of the game or not in the top five reasons why you would engage with a financial advisor. Constantine Hatzivassiliou: Agreed. The biggest thing that we’ve been doing to educate clients especially in today’s environment, I had a call yesterday with an individual, a client who lives in New Jersey who works out of New York for a hedge fund, he knows our space incredibly well. He’s one of those kids, 28 years old, brilliant, as smart as you’ll ever be but his tax bracket is atrocious. He is paying so much of his W-2 income in taxes and building out a strategy that can reduce his tax liability by several hundred thousand dollars a year far exceeds any alpha I can generate by picking a top decile performer. Jason Diamond: What was the strategy? Move to Florida? I’m just kidding. Don’t answer that. Constantine Hatzivassiliou: We offered that but, unfortunately, he has to be physically in the office in New York City but yes. Jason Diamond: I think that will resonate, by the way, your gray hair comment. I appreciate the humility and the modesty in that because, the reality is, one of the questions I was going to ask you about was next-gen talent cultivation. In my opinion, this is a hard game for younger folks for that reason. People sit across from other people with a lot of money and they say, “Why am I going to entrust you with my life’s work when you just don’t have that degree of experience?” I was asking more even about your firm success and your firm story, have you felt like that’s caught on more? Do you have more brand awareness, if you will, now when you go to a prospect meeting or do you think you’re still constantly fighting that education fight? Constantine Hatzivassiliou: So, first part, brands, it’s improved in our immediate network. In our little bubble of the world, yes, it’s known. Let’s call it, in South Florida the influential attorneys, the accountants, the divorce attorneys know who we are because, having been down here long enough, we’ve had opportunities to work together. Our network of friends, certainly, the word spreads. But in the grand scheme of things, we are so small in the South Florida landscape or the LA landscape or the New York landscape so any incremental gain that we pick up is meaningful. And then, as it relates to young talent, our success is completely, long-term, derived by the young talent that we bring in to nurture them to help them grow. I look at our success, two of our critical mentors and board members of our firm are in their 80s, their children and grandchildren, nepotism aside, whether it was interning while in college or coming to work for us after school, they’re our best employees. And our goal as a firm, just like how I was offered the opportunity to become a partner and own a piece of the business, our goal long term will be to transition the business to this younger generation that we’re developing. I look at, again, those two board members who are in their 80s, the advice they’ve given me is don’t ever stop working, you have to be doing something. And I turn to them and say, “I don’t work every day.” I put in 20 hour days, well, not quite 20, 18 hour days but it’s never work because, what I do every day, I don’t deem it work, I love what I do, I don’t ever see myself stopping. Because they’ll tell me all of their friends that have stopped working or sold their business, invariably, the men die within six months because boredom and we always joke around that you’ll continue to work forever. So, I would hope that one day I transition into that advisory board member role where I step aside day-to-day activity where I’m now a mentor to our younger generation that we’re promoting into partners because we’ve made promises to our clients that we will forever be their family office. So, we have to, as part of our growth model, have those transitions in place because we’re servicing many families that have 85-year-old clients and two-year-old clients and we’re tasked with the two-year-olds as well as the 85-year-old. Jason Diamond: I also feel like there’s a little bit of younger generations I think have been reluctant to some degree to get it, you can disagree with this, to get into this space because there’s a more appeal to things like investment banking and sales and trading to some degree. The other problem obviously you alluded to is asset gathering. Your model speaks so clearly to success because you don’t say I own the client, that’s my relationship. To me, you plant the seeds of being able to handle succession much better than somebody who does the mine is mine and yours is yours approach. Is that fair? Constantine Hatzivassiliou: That’s completely accurate. And I think there’s two types of people that serve in the financial advisory space. You have the individual who is analytics driven, who likes being behind the bank of monitors trading account and there’s a critical part of our firm and our success is driven by the team in the office that aren’t necessarily client facing that do all the heavy lifting every day because they’re really doing the heavy work. Myself, my partners, the select few, while talented and able to do that, realize the value that we present is quarterbacking the relationship and helping understand all the components. We kid around that we’ve all stayed at a Holiday Inn Express last night, we’ve become experts in tax, we’ve become experts at trust and estate planning, we’ve become experts at divorce, we’ve become experts at the medical field. It’s shocking how it’s 2:00 in the morning and you get a phone call, panic attack by a client saying they need a doctor for X, Y and Z, can you connect me. So, the younger generation, yes, the sexy space is investment banking and that is really hard work. I could not do what my friends at Goldman do who are at these private mid-market funds, that’s just not me. I’ve been fortunate that I stumbled into an avenue in financial services that I think perfectly fits my personality and my want and desire to help others because that’s what we’re driven by and we try and hire people with that same mindset. The hardest thing as an RIA especially in South Florida is finding and retaining talent that is like-minded and that could function well within our family. Jason Diamond: If you build a firm predicated on culture and client service, I understand, certainly, the importance of that. I want to shift gears, I don’t want to lose this thought. You mentioned organic growth, it’s incredible. You have not mentioned inorganic growth at all and maybe because you haven’t had to but give me your thoughts on M&A, private equity in this space, do you have plans to sell the business, take on a capital partner, buy other RIAs? Constantine Hatzivassiliou: Yeah. So, I understand why private equity in the last 10 years has come into the market. For years, they bought up insurance practices, that recurring revenue, sticky assets, it makes sense. Personally, I’m not a fan of them being in our markets, I think they’re motivated at the end of the day by AUM growth, revenue growth and the second transaction which, for most of our clients, would not make sense because, again, that then questions why it is that we’re motivated to do something. Am I taking extra risk in the portfolio because I want to grow the AUM because I’m looking to sell in a year? Am I bringing in a strategy that has a higher fee? For us, it doesn’t work. In the brokerage model, it makes perfect sense. Now, there are some RIAs who leave the wirehouses, open up an RIA shop, do really well for their clients but don’t have the long-term aspirations of making the institution a legacy to where they’re passing it off. I hope my kids one day want to come work for dad and follow in his steps, that’d be amazing. Just like our younger generation working at the firm, our goal is we’ve already targeted the three or four guys that will be partner one day and we’ll transition the business over to them. But it’s okay if there’s an RIA out there who doesn’t have that transition product or isn’t motivated by that and is looking at it as a vehicle that I’ve built a really good successful book of business and I want to now retire and spend time with my family and kids and travel, et cetera, and that’s where PE steps in and offers an attractive number and the person makes their move. So, I can’t fault the individual for wanting that and I’m not saying that they’re not doing well by their clients, it’s just, for us, I’m not a fan of it because, again, I’m first critically and always focused on what’s best for the client. Jason Diamond: Fair. And I largely agree with some of what you said around private equity in this space but private equity enables … Obviously, it’s capital so which enables acquisitions which is why a lot of firms take on private equity. So, what about the idea of potentially buying businesses to start up inorganic growth? Constantine Hatzivassiliou: We have gone down the road of acquiring other institutions potentially. The challenge is, because we manage money so uniquely and our approach is so different, I’m not going to bring on an institution or bring in a new partner to the firm or a new book of business that we’ve acquired if the methodology and the life of that book doesn’t mirror ours. So, yes, there is opportunities to grow through acquisition, it’s not something that we are leaning on heavily. However, for the right institution that’s available that is aligned with our thinking, whose clients would value and appreciate how we do things or, if that institution is doing something truly unique that we would want to bolt onto our platform, all day long because, again, for the benefit of the client, it makes sense. So, yes, there are opportunities for that. Too often we find that, when a book is available for acquisition, the highest bidder tends to win out and we don’t have the deep enough pockets to write a multiple that we don’t deem to be, let’s call it, market neutral. Jason Diamond: Yeah, market prudent. I understand the premise and I think that’s fair. I also think you have the luxury, because of your organic growth, you can be super, super picky about inorganic and I love how you bring it all back to the lens of the client. Can this improve the client experience in some way? And, if so, yes, we’ll take a look. I got time for one more question, I can’t believe time has flown. You’ve had a remarkable journey, professional golf now partner at a $4 billion plus on the way to $5 billion RIA multifamily office. What are you most proud of when you reflect on your career journey? Constantine Hatzivassiliou: What am I most proud of? To see what Rich, myself and Mark and Jayson built over these years from where we were sitting in a small conference room, struggling to figure out how do we find a way to hire a trust and estate attorney to help with that component, which CPAs do we bring on board in-house because clients have a need. So, the entrepreneurial spirit involved in growing the business, the late nights, the struggles, the banter back and forth, to put so much blood, sweat and tears into this and now to look at all that we’ve accomplished, being in four separate states with offices, having so many wonderful employees that have come to us from all over the world, Germany, from China, from Tokyo, bringing people in to the US and building out something that, when we leave at the end of the day, are incredibly proud of. My father’s no longer with us, for 50 years, I always strived to make him proud because he never told me that he was proud of me, he was the classic Greek old-fashioned dad. I think he looks down on his now for everything that we’ve built and would say that he’s proud of us so, for me, that’s the best. Jason Diamond: Yeah. That’s an incredible place to end. Thank you for sharing that, it’s a touching place to end and I appreciate you being open. Thank you. This has been one of my favorite episodes, your journey, your humility, your honesty, your transparency, it’s no wonder you’ve built a business you’ve built. So, thanks for joining us, Constantine. I look forward to having you back on to talk about the next chapter. Constantine Hatzivassiliou: Thank you. Next time we’ll do it from the golf course. Jason Diamond: Oh, absolutely. Mindy Diamond: As a financial advisor, you hold yourself to the highest standards of integrity, honesty and credibility. You are successful because you take your professional responsibility seriously and are dedicated to your clients. But are you living your best business life? Are your goals aligned with your firms or could a better option exist? Should I Stay or Should I Go? Is a book written with you in mind? It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions and think critically and objectively whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook.   Lessons from the Links: From Golf Pro to $5B Family Office Partner A conversation with Jason Diamond and Constantine Hatzivassiliou, Partner at Certuity. Jason Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Lessons from the Links: From Golf Pro to $5B Family Office Partner. It’s a conversation with Constantine Hatzivassiliou, partner at Certuity. I’m Jason Diamond and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive whether that’s at a wirehouse, boutique or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned and, each year, one in four advisors managing $1 billion or more who change firms are our clients. Our process is education-driven and based on building relationships starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report, it’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions, download your copy at diamond-consultants.com/transitionreport. Jason Diamond: Golf is a way of exposing who you really are, there are no teammates to blame, no clock to run out and no hiding from a bad decision. Every shot demands discipline, patience and the ability to stay focused when the pressure is highest, my guest today knows that firsthand. Before becoming a partner at Certuity, a multifamily office approaching five billion in assets, Constantine Hatzivassiliou was pursuing a career as a professional golfer. An injury ultimately redirected his path towards wealth management but many of the lessons he learned on the course still shaped the way he serves clients today. Certuity has grown from roughly 210 million in assets to nearly five billion, that’s impressive on its own but the more interesting story is how they’ve done it. The firm has grown largely through referrals built around a multifamily office model and focused on becoming far more than an investment advisor to the families it serves. In Constantine’s view, the best advisors aren’t simply managing portfolios, they’re the first person clients call when a business is being sold, a family issue becomes complicated or a major decision carries consequences well beyond the balance sheet. Constantine and I discuss the lessons golf teaches about handling pressure then we dive into the evolution from the traditional wealth management world to the multifamily office model, why referrals drive nearly all of Certuity’s growth, how he thinks about private equity’s influence on the advisory business and what it takes to become the first call for the wealthy families they serve and perhaps, most importantly, why the same qualities that help someone succeed on a golf course may be surprisingly relevant to building trust over a lifetime. It’s a great conversation so let’s dive in. Constantine, thank you so much for joining, thrilled to have you here. Constantine Hatzivassiliou: Thank you for having me, excited to be here. Jason Diamond: Yeah, absolutely. So, you had an unconventional path to wealth management, you started as a professional golfer, I think that’s a first for us on this show, before ultimately transitioning into this world. Can you tell us a little bit about the journey and what brought you here? Constantine Hatzivassiliou: Yeah, I never thought I’d be here, my parents were certainly shocked that I got here path wise. Growing up, immigrants from Greece, you settle into Florida the traditional way where you either go down the diner route or the gas station route in mechanics which my father was the latter and school and education was never priority, it was always about supporting the family needs. So, next thing you know, sports are a critical part of any good household, that’s how I was raised and I played everything but golf. I grew up on a golf course because my parents believed that a location of a property was critical to long-term financial success. We lived on a golf course, it was in our backyard, we’d stare at it and we’d use it to play football or baseball or anything but actual golf. And my freshman year at the University of Florida, I started dating a girl on the golf team and she got me hooked to the point where, after four years of hitting balls with the women’s and men’s golf team at the University of Florida for six hours a day, we finished school and realized I’m actually pretty good at the game and, while I have a finance and economics background and degree, let’s try and pursue this for a living and I was blessed. I had a sponsor who helped me succeed at golf on a small scale, it was a humbling experience to say the least. I was competing and playing with Sean O’Hair, Ken Duke, guys who made it out on tour for a very long time, we had the same sponsor so we functioned as a team, it was a collegiate team effectively trying to make it out on tour. And, unfortunately, my second year of competing, I blew out my back doing heavy deadlifts which set me aside for 18 months. While I was recovering, my primary sponsor was in financial services and says, “Hey, you have a background in this, it’s killing you not being able to be on the golf course, why don’t you come work for me while you’re rehabbing so that, when you get back to playing golf, it’s easier for you to talk about our business as a sponsor to try and develop business to throw it to the financial services side?” And Jason, the reality is, after 18 months working there, I fell in love with it. I made way more money working in that environment than I ever would’ve made playing golf because, again, I came to the game late. I was decent but I was nowhere near the caliber of players that are succeeding now out on tour. So, I pivoted after having met my wife and decided to settle down into the wealth management space and, what is it now, 26 years later, going strong. So, it’s been a fun transition from golf into wealth management to say the least. Jason Diamond: Probably my favorite background … I watch a lot of golf, I should caveat that, probably my favorite origin story we’ve had, I’ll give you the Wanamaker trophy or whatever you get, first place. Let’s talk about the business now, so Certuity. For our audience who may not be familiar, tell us a little bit about the firm, what types of clients do you serve and any context you can provide on size as well. We’ll talk about how your firm got there but just give us where we are today to start with. Constantine Hatzivassiliou: So, goal by the end of the year is to have $5 billion in AUM, we’re just shy of that now. We currently service 428 families across the country. So, we’re boutiquey and nimble, we’re based in South Florida, we have offices in New York, San Fran and LA. I’m fortunate to be one of four partners at the firm supporting the growth and the direction of the company and it’s a fun endeavor in the sense that, when we first started, I was employee number four 16 years ago and, with 210 million in AUM at the time to grow it to where we are today, to learn all the things that we have over the years, the curve balls that were thrown at us because all of us came from massive institutional wealth management firms. So, we transitioned from the Bernsteins of the world, the BNY Mellons of the world into an RIA in the South Florida market, there was absolutely an entrepreneurial learning curve involved. Jason Diamond: I bet. And on follow-up question, 16 years ago, did you have a book of business, client business and do you still maintain a book of business today? Constantine Hatzivassiliou: I do. The four of us at the firm share in all of the clients, we work together. Being in the Southeast, I’m responsible for, let’s call it, the Southeast demographics of the US which is a large portion of Certuity’s book. I have a partner in Tennessee, I have a partner in LA and San Francisco and we divide and conquer across the country. But, yes, we came over with a small book, we’ve all grown it organically since then. So, we’ve been very effective in how we’ve grown. Jason Diamond: Just from adding new client money? Constantine Hatzivassiliou: Strictly through new clients referred to us by existing clients. Jason Diamond: Wow. I

“Running a startup is a knife fight whether things are going well or not,” says Chris Pedregal, cofounder and CEO of Granola. Granola recently raised a $125 million series C round at a $1.5 billion valuation on the strength of its AI meeting notetaker.That valuation hasn't made Pedregal complacent. Granola built its name as the first to make good AI meeting notes, but Notion, OpenAI, and Zoom have all since released their own versions. Pedregal isn't rattled—he never thought meeting notes were the real prize. The bigger fight, he says, is over “what interface we use for work, and what work looks like in an AI-native world.”That's why Granola is betting on owning the entire meeting workflow: preparing people for a call, helping them act on it afterward, and making that context available to whatever agent—Claude, Codex, or anything else—people bring to the table. Over the next few months, the company plans to push hard on its API and MCP to make that possible.Dan Shipper talked with Pedregal for AI & I about why Granola pre-generates millions of meeting briefs, most of which go unopened, what “bring your own agent” software could look like, and why Pedregal still thinks “easy come, easy go” about Granola's own success.If you found this episode interesting, please like, subscribe, comment, and share.More from Dan Shipper:Subscribe to Every: https://every.to/subscribeFollow him on X: https://twitter.com/danshipperTimestamps:00:00:59 Introduction00:01:57 Why starting a company feels like a knife fight00:04:33 Granola's counterintuitive view on competition00:10:44 Dan's "pirate and architect" framework for structuring early-stage product teams00:13:09 How Granola's "shaping" and "validation" phases work for building new features00:18:17 Why Dan lives almost entirely inside Codex00:24:40 The case for "Codex-native apps"00:35:37 Granola's "handrail" philosophy00:38:12 Why Granola is betting on owning meeting-adjacent context instead of competing as a general agent00:44:19 What a transcript alone can never captureEpisode resources:Chris Pedregal on X: https://twitter.com/cjpedregalGranola on X: https://twitter.com/meetgranolaGranola: https://granola.aiGranola hits $1.5B valuation (TechCrunch): https://techcrunch.com/2026/03/25/granola-raises-125m-hits-1-5b-valuation-as-it-expands-from-meeting-notetaker-to-enterprise-ai-app/Go to https://attio.com/every and get 15% off your first year.

July 14, 2026: Your daily rundown of health and wellness news, in under 5 minutes. Today's top stories: IM8 secures up to $1B in non-dilutive financing from General Catalyst after hitting $200M revenue, expecting $300M ARR by year end WHO projects annual cancer cases will climb from 21M to nearly 35M by 2050, driven by aging, obesity, and healthcare inequities Rock Health reports $10.5B raised across 273 digital health deals in H1 2026, the strongest pace since 2021 as capital concentrates Today's episode is brought to you by AIIR — a modern communications and experiential agency for health, wellness, fitness, and performance brands. From earned media to events and creator-led campaigns, AIIR helps companies sharpen their story, earn attention, and build trust that compounds. Visit https://aiir.agency to learn more. More from Fitt: Fitt Insider breaks down the convergence of fitness, wellness, and healthcare — and what it means for business, culture, and capital. Subscribe to our newsletter → insider.fitt.co/subscribe Work with our recruiting firm → https://talent.fitt.co/ Follow us on Instagram → https://www.instagram.com/fittinsider/ Follow us on LinkedIn → linkedin.com/company/fittinsider Reach out → insider@fitt.co

Andrew, Ben, and Tom discuss June CPI falling to 3.5% and core CPI to 2.6% both below expectations with the biggest month-over-month drop since May 2020, Trump proposing a 20% fee on Strait of Hormuz cargo and reinstating the blockade sending WTI to $80 and Brent to $87, Chris Waller's hawkish pivot as Warsh builds Fed credibility, IBM's 19% drop after warning on the quarter as clients reprioritized CapEx toward memory and cybersecurity, HCA's 6% drop on ACA payer mix, Samsung exploring a US ADR listing after SK Hynix's blockbuster $26.5B raise, SLB and Liberty Energy pushing into data center power, improving NFIB and Fastenal readings, and a very strong bank earnings kickoff with BAC investment banking fees up 50%.Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosure

We turned Google Ads into a World Cup bracket. Three head-to-head rounds, two hosts, no referee — just the campaign types and bid strategies advertisers argue about most.In this episode of Growing Ecommerce, Mike Ryan and Chris go feature vs. feature:

OpenAI broadly released GPT-5.6 and launched ChatGPT Work, targeting Anthropic. Fidji Simo stepped down from OpenAI citing health, the EU found Meta's "addictive design" violates the DSA, Polymarket sought margin trading approval, and SK Hynix debuted on Nasdaq raising $26.5B. OpenAI broadly releases GPT-5.6, and launches ChatGPT Work, an AI agent that can gather context across apps and files to create documents, on macOS and Windows (Axios) OpenAI broadly releases GPT-5.6, and launches ChatGPT Work, an AI agent that can gather context across apps and files to create documents, on macOS and Windows (TechCrunch) Fidji Simo, OpenAI's CEO of AGI Deployment, says she will step down and become a part-time adviser after her medical condition worsened; Simo joined in August (WSJ) In preliminary findings, the EU Commission said Facebook's and Instagram's "addictive design" violates the DSA, telling Meta to make changes or risk hefty fines (NYT) Filing: Polymarket is seeking CFTC approval to offer margin trading in the US, a move that would let users bet on events with less capital upfront (Bloomberg) SK Hynix raises $26.5B in the largest ever US market debut by a foreign company, selling 177.9M ADRs for $149 each; the sale was more than 7x oversubscribed (Bloomberg) SK Hynix raises $26.5B in the largest ever US market debut by a foreign company, selling 177.9M ADRs for $149 each; the sale was more than 7x oversubscribed (CNBC) Xreal launches $299 A01 Plus AR glasses, weighing just 62 grams and featuring 1080p micro OLED panels with a 120Hz refresh rate and a 50-degree field of view (The Verge) Subscribe to the ad-free feed. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Investor Connect, Hall welcomes by Laura Hilty, Principal at HealthX Ventures and Chief Strategy Officer at Ignite Data, to discuss her path from Epic to building and launching seven software products at a clinical research startup, supporting acquisitions, and ultimately seeing the business sold to Blackstone for $5B—before moving into early-stage health tech investing. Laura shares how digital health opportunities are shifting as Epic expands into AI, creating new investment risk and pushing startups toward deep niches and tech-enabled services Epic won't replicate, like devices or clinician staffing. We also cover the FDA's push toward real-time clinical trials and questions around participant-level data, plus innovations addressing clinician shortages through automation and peer support, including Sober Sidekick's relapse prediction. Laura closes with advice on proving product-market fit before VC, defining moats in an AI-driven world, and avoiding overly frothy early valuations. Visit HealthX Ventures at www.healthxventures.com/ Reach out to at www.linkedin.com/in/laura-hilty001/ ________________________________________________________________________ For more episodes from Investor Connect, please visit the site at: http://investorconnect.org Check out our other podcasts here: https://investorconnect.org/ For Investors check out: https://tencapital.group/investor-landing/ For Startups check out: https://tencapital.group/company-landing/ For eGuides check out: https:/_/tencapital.group/education/ For upcoming Events, check out https://tencapital.group/events/ For Feedback please contact info@tencapital.group Please follow, share, and leave a review. Music courtesy of Bensound.

Everyone in NYC real estate spent the back half of last year bracing for a brutal 2026. New mayor. New policy. Bad press. Pied-à-terre tax. Then spring hit and the deals just kept signing. "The memo is out. If you're renovated within the last five years and priced well, you're getting multiple bids. The rest of the market is a different story." Noah Rosenblatt and John Walkup sit down with Michael J. Franco, founder and team leader of the Michael J. Franco Group at Compass. He runs one of the top-ranked small teams in the country (#3 at Compass, #21 in Manhattan, #151 nationally per Real Trends), does roughly $150M in annual sales, and has over $1.5B in career production. A former attorney, Michael runs his team like a Navy SEAL unit: two senior agents who've been with him for 11 and 14 years, no big-team bloat, all production-focused. What you'll learn: What's actually selling versus what's actually sitting. Renovated within five years and priced well equals multiple bids. Unrenovated, uptown, high maintenance, aspirational pricing equals months on the market. The memo is out, and Michael is direct about both sides. The diminishing returns of an expensive renovation. Sellers fall in love with their renovation cost and anchor to it. Buyers see a sponsor-level fit-out as roughly equivalent. The gap between "I spent a fortune" and "the market will pay for that" is one of the hardest conversations in real estate. Why low inventory is actually keeping buyers home. Counter-intuitive but real. Less inventory creates buyer fatigue. There's nothing to see, so they stop looking. The exception: buyers who stay flexible on neighborhood unlock the whole city. Why radio silence is the worst sin in this business. The number one complaint Michael hears from expired-listing sellers is that they never heard from their agent. Over-communicate. Always. The empathy-vs-fiduciary tension. Telling a seller to lower their price is Michael's least favorite thing to do. But not doing it is worse. If you're a seller, this is the conversation you should want your agent to be willing to have. How to actually build a team that lasts. Let the business grow the team, not the other way around. First hire: an assistant. Second: a buyer's agent who can absorb overflow. Why Michael's two senior agents have been with him for over a decade, and why he stays in production instead of stepping out. The post-COVID pivot away from public open houses. Now appointment-only. Better for sellers, more efficient for agents, and the buildings prefer it. The single lesson Michael would give his younger self: get a hold of your database from day one. Even if it's only 50 people. That's where the gold is. Consistent relationships compound. Everything else gets easier when the database is built. For independent pricing intelligence on any specific NYC deal you're working on, including listing pitches and pricing strategy, UrbanDigs Advisor gives you the data and the read with no broker incentives in the way. Visit urbandigs.co. For the live Manhattan and Brooklyn dashboards Noah, John, and brokers like Michael use to read the market in real time, visit urbandigs.com. Subscribe so you never miss a Talking Manhattan or a Macro Monday. #NYCRealEstate #TalkingManhattan #ManhattanRealEstate #UrbanDigs #NYCBroker #MichaelJFranco #Compass #RealEstateAdvice

In this episode, I sit down with Marko, Co-founder of Tapir Protocol, to break down one of the most underappreciated risks in DeFi , depegging. We dig into how stablecoins and yield-bearing assets can lose their peg, what the real financial damage looks like (spoiler: up to $3.3 billion in losses between 2020 and 2025), and how Tapir is building a smarter, fully automatic, non-custodial solution to protect investors without sacrificing yield or capital efficiency. Marko walks me through how Tapir splits a single asset into a depeg-protected version and a yield-boosted version, letting the market price the risk rather than a committee deciding your claim. Whether you manage a treasury, run a fund, or just want safer DeFi yields, this conversation is packed with practical insight. DisclaimerNothing mentioned in this podcast is investment advice and please do your own research. It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend. Be a guest on the podcast or contact us - https://www.web3pod.xyz/--- CONNECT ---Tapir Protocol Website: https://tapir.money/ Marko on Twitter/X: https://x.com/markoinether Tapir X/twitter: https://x.com/Tapir_Protocol--- KEY POINTS WITH TIMESTAMPS ---• [00:00] Sam introduces Marko from Tapir Protocol and the focus on safer DeFi for institutional and retail investors• [01:19] Marko shares his background , from e-commerce to crypto in 2015, winning ETH Global hackathons in 2020 and 2021, building Marinate Finance (first liquid staking on Solana), and leading developer ecosystems at SSV Network• [04:15] Discussion on the explosive growth of stablecoins and why stablecoin yield products are the focus for Tapir• [07:02] Deep dive into what a depeg is and a live case study of APX USD trading at 80 cents on the dollar• [08:48] How Tapir splits one asset into three: a base version, a depeg-protected version, and a yield-boosted version , all 100% capital efficient• [13:02] Tapir's business model , a marketplace that earns a small fee on minting and redeeming assets• [13:59] Where Tapir is in its lifecycle , live on mainnet, running with internal funds, opening to launch partners and private mainnet users very soon• [16:05] Who Tapir is built for , DAO treasuries, fund managers, and any DeFi investor who understands that risk is real• [19:07] Sam and Marko discuss the drop in DeFi TVL from $180B to ~$69B and how AI-assisted bug finding is increasing vulnerability concerns• [21:23] Tapir has completed two independent audits and keeps its entire codebase under 1,000 lines of code to minimise attack surface• [24:36] Marko's take on algorithmic stablecoins , most fail because of positive feedback loops that collapse under stress• [26:22] Breakdown of Tapir's depeg analysis: long-term depeg losses estimated at $1.5B to $3.3B between 2020 and 2025• [30:46] How Tapir differentiates from Nexus Mutual, Y2K Finance, and other risk protection protocols , fully automatic resolution, no claims committees, and no capital inefficiency• [39:48] Will USD-denominated stablecoins keep dominating? Marko shares his view and gives a shoutout to Vifi (Virtual Finance) building for smaller currencies• [44:00] What's next for Tapir , opening to external users, launching higher-yield pools targeting ~15%, and looking for feedback from funds on which assets to list next

Guy Oseary (@guyoseary) has been spotting talent before anyone else could see it for nearly four decades. Under his leadership at Maverick Records, Maverick sold more than 100 million albums. Guy has managed some of the biggest names in music, including Madonna, the Red Hot Chili Peppers, and U2, and was named Variety's Music Mogul of the Year in 2022. He executive produced Twilight, which became one of the most successful franchises in movie history, generating more than $3.5B. Guy was also an early investor in Vita Coco and co-founded A-Grade Investments and then Sound Ventures, now with nearly $2 billion under management. At A-Grade, his hits included Airbnb, Uber, and Spotify. Sound Ventures launched with less than $100M and has since had 86 exits and 26 IPOs.This episode is brought to you by:Momentous high-quality creatine for cognitive and muscular support: https://livemomentous.com/TimAG1 all-in-one nutritional supplement: DrinkAG1.com/TimTimestamps[00:00:00] Start.[00:02:01] How a West Hollywood balcony became a backstage pass.[00:03:51] A knife on Pico Boulevard and the snap decision to switch schools.[00:05:54] Faking a Beverly Hills address to get inside another world.[00:08:10] Wise Guy Records: a 15-year-old builds a portfolio out of nothing.[00:10:09] Guy's alternative terms when Bernie Brillstein offered $25,000.[00:11:34] The one moment that confirmed Guy was on the right path.[00:12:29] Freddy DeMann enters the picture and Guy proves himself with Ice-T's crew.[00:15:07] A desk at Maverick Records in exchange for no salary.[00:17:08] Chasing Hole and Rage Against the Machine — and losing both.[00:23:34] Candlebox in five minutes: seeing thousands in a room of 30.[00:24:11] Why "magic" beats everything else.[00:26:37] Signing Alanis off a single song, and stopping Muse mid-audition.[00:31:59] The real Alanis story: "Perfect," Joni Mitchell, and a 30-million-selling debut.[00:35:24] What Madonna taught Guy about thinking without walls.[00:38:50] From bands to Twilight: the power of a blank canvas.[00:45:30] How Guy got into investing, and the IdeaLab bet that wiped him out before the crash.[00:54:31] Why Guy is known as a great curator of people.[00:58:32] The three-month window that caught OpenAI and Anthropic.[01:06:07] AI music and the battle to ensure human musicians get paid.[01:09:30] How Spotify solved the problems Napster couldn't overcome.[01:14:50] SpaceX and Bitcoin: the ones that got away.[01:17:32] The rewards, rigors, and responsibilities of back-to-back touring.[01:21:44] Why Guy never stops to celebrate.[01:24:45] Splitting with Ashton Kutcher after 20 years.[01:27:30] Final thoughts on Guy's first podcast.*For show notes and past guests on The Tim Ferriss Show, please visit tim.blog/podcast.For deals from sponsors of The Tim Ferriss Show, please visit tim.blog/podcast-sponsorsSign up for Tim's email newsletter (5-Bullet Friday) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Discover Tim's books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissYouTube: youtube.com/timferrissFacebook: facebook.com/timferriss LinkedIn: linkedin.com/in/timferrissSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tracy Byers spent 25 years running AI and technology transformations at some of the biggest names in tech and healthcare: HP, GE, Philips, IBM Watson, Change Healthcare, and Optum. Then she did something that looked, from the outside, like a downgrade. She left the giants to lead veterinary software, diagnostic imaging, and telemedicine at IDEXX. In this episode of Inspiring Women, Tracy sits down with Laurie McGraw to explain why that leap was the smartest bet she could make, and what a career spent transforming complex businesses has taught her about trust, discomfort, and leading when the future is still being built. Tracy traces her path from finance major to med-tech powerhouse, a curiosity that started in her father's basement machine shop, where she couldn't drive the family car until she could change the oil, change a tire, and do a brake job. She breaks down the three-part filter she runs every role through (impact, people and culture, and hard problems), why a $4.5B company hit the sweet spot between agility and scale after the giants, and why the fragmented, private-equity-fueled veterinary industry is one of the most interesting problems in healthcare today. Then it gets practical. How she built credibility running an MRI business she knew nothing about by learning the product first. Why admitting what she's not good at is one of her greatest strengths. How she gets comfortable being uncomfortable, makes fast decisions without a "conditioned gut," and coaches both women and men through the real tradeoffs of career and family, including one piece of advice a colleague thanked her for 20 years later. In This Episode, topics covered are: - The basement machine shop that made her curious about how everything works - Why she left $450B companies for a $4.5B one, and what she gained - The three-part filter behind every job she's ever taken - Inside the vet industry: small independent practices vs private-equity consolidation - How to build startup culture and speed inside a large, complex company - Running the MRI business when she didn't know an MRI from a CT - Why knowing what you're bad at makes you a stronger leader - Getting comfortable being uncomfortable later in your career - Managing emotion and protecting credibility as a woman in the room - Paying it forward: accelerating the next generation of women leaders - The stay-at-home-spouse feedback story a colleague never forgot

Patrick Moorhead and Daniel Newman unpack OpenAI's reported equity offer to the U.S. government, Anthropic's phased return following export controls, and why AWS and Microsoft are betting billions on the engineers who deploy AI rather than the labs that train it. They also dig into NVIDIA's response to its roadmap critics, Meta's expanding cloud ambitions, and the week's biggest market developments, from SpaceX to Samsung. Catch the full analysis on Episode 311 of The Six Five Pod. The handpicked topics for this week are: OpenAI's Equity Offer to Washington: OpenAI is reportedly considering offering the federal government a 5-10% stake in exchange for a two-year runway on Department of Defense contracts. Pat and Daniel read it as a distribution and IPO hedge rather than a governance concession, especially with a trillion-dollar valuation still the target. (The Decode) Anthropic's Phased Return After Export Controls: Fable 5 is back online, and Mythos remains partially restored to a limited set of vetted institutions following Commerce Department approval, a rollout Pat treats as the first real test case for how future frontier models clear review. Daniel adds that Alibaba's claimed block on Claude in China carries more optics than substance given how easily a VPN routes around it. (The Decode) NVIDIA and Palantir's Open Source Enterprise Play: Alex Karp's viral CNBC interview argued that enterprises pairing Palantir with NVIDIA's Nemotron models can match frontier-level output without a frontier lab in the loop, a clip that pulled nearly 200,000 views once Pat posted it. Both hosts agree the priority for open source models has moved from leading capability benchmarks to closing that gap fast enough for slower-moving enterprises to adopt them. (The Decode) Forward-Deployed Engineering Becomes a Billion-Dollar Line Item: AWS invested $1 billion, followed just two days later by Microsoft's $2.5 billion commitment to forward-deployed engineering teams, signaling a shift in where enterprise AI value is being created. Daniel argues the biggest opportunity now lies in implementation talent rather than model development, while Patrick sees the investments as a strategic hedge, noting that frontier AI labs have already been building their own forward-deployed engineering organizations to help customers put AI into production. (The Decode) Meta's Cloud Ambitions Meet a Trust Problem: Meta Cloud can likely match neocloud-level GPU pricing and performance, but Pat argues the company's record outside advertising makes enterprise-grade services a much harder sell. He expects the offering to function as tactical overflow capacity for labs needing compute, with a shelf life tied to demand rather than a durable AWS rival. (The Decode) The Flip: Has Enterprise AI Value Already Left the Model Layer? Daniel argues that Microsoft and AWS writing nine- and ten-figure checks for forward-deployed engineering in the same week, alongside an essay from Microsoft's Satya Nadella declaring models replaceable, confirms that implementation talent now captures value model providers used to keep. Pat counters that today's models remain far from AGI, and that once frontier labs get there they will spin off cheap narrow models fast enough to keep pricing power on their side. SpaceX Joins the Nasdaq 100 Within Weeks of Its IPO: SpaceX entered the index just 15 days after going public, the fastest addition on record, which Pat says will pull in passive buying regardless of the underlying valuation. Both hosts flag the speed itself as a signal of broader market froth. SK Hynix and Samsung Signal Memory's Return to the Center of the AI Trade: SK Hynix is pursuing a $28 billion US listing that could value the company near a trillion dollars, timed just ahead of Samsung earnings both hosts expect to show a sharp profit jump. Daniel ties the moves directly to NVIDIA's memory demand, and Pat notes most investors had barely heard of SK Hynix before this year. NVIDIA and Microsoft Split Paths in the Magnificent Seven: NVIDIA gained 7% for the half while Microsoft shed 23%, a divergence Pat ties to Microsoft's exposure to OpenAI's fading momentum and its perception as a bundled SaaS play rather than a leading infrastructure provider. Daniel calls the selloff overdone and floats it as a generational buying opportunity. NVIDIA's Roadmap Rebuttal Tests the Limits of Corporate Denial: NVIDIA issued a statement calling its roadmap intact after a SemiAnalysis report raised delay concerns tied to its Kyber rack architecture, and Pat reads the denial as legally meaningful given the liability regulated companies take on when refuting analyst claims. Both hosts land on the same read, that first customer shipment may hold while full volume ramp slips. Palo Alto Networks and CrowdStrike Undercut the SaaSpocalypse Narrative: CrowdStrike climbed 95% and Palo Alto Networks gained 113% from April to June, each posting record quarters that Daniel says quiet the theory that frontier models would simply replace dedicated cyber tools. Pat adds that security was always the wrong category for that narrative, since it ranks among AI's biggest risks rather than one of its casual replacement targets. New episodes of the Six Five Pod land every week. Watch the full video at sixfivemedia.com, and be sure to subscribe to our YouTube channel so you never miss an episode.   The Decode The American AI Champions Doctrine Comes Into Focus — OpenAI 5% Gov Stake, GPT-5.6 Gated to 20 Orgs, and MGX Closes $49B https://www.cnbc.com/2026/07/02/openai-proposes-us-government-own-5percent-stake-to-address-political-blowback.html Anthropic's Super-Week — Mythos + Fable Restored (with California in Tow), and Alibaba Fires Back https://www.axios.com/2026/06/27/commerce-anthropic-mythos-restrictions-lift Palantir–NVIDIA Sovereign AI Alliance — Karp Attacks Token Pricing, Stock +8–9% https://blogs.nvidia.com/blog/palantir-secure-ai-us-agencies-nemotron-open-models/ The Embedded AI Engineering Arms Race — AWS $1B FDE Meets Microsoft Frontier Company ($2.5B) https://www.reuters.com/business/retail-consumer/amazons-aws-commits-1-billion-toward-new-unit-embedded-ai-engineers-2026-06-30/ Pat's Anthropic Forbes' Article https://www.forbes.com/sites/patrickmoorhead/2026/05/05/enterprises-need-to-be-careful-before-they-go-all-in-on-anthropic/ Meta Compute — The World's Biggest AI Capex Spender Becomes a Cloud Provider https://www.cnbc.com/2026/07/01/metas-plan-to-launch-a-cloud-business-eases-the-biggest-overhang-on-the-stock.html  The Flip: Enterprise AI value has shifted from model providers to implementation partners — the buyer's next big check is for who builds it, not who trained it. FOR: The AI stack has commoditized fast enough that integration is the new moat. https://www.reuters.com/business/retail-consumer/microsoft-launches-firm-help-companies-adopt-ai-with-25-billion-2026-07-02/ AGAINST: Frontier-model access is still the scarcity, and enterprise IP is the real moat. https://www.cnn.com/2026/06/26/tech/anthropic-mythos-release Bulls & Bears SpaceX Joins the Nasdaq-100 Effective July 7 — First-Ever Pre-IPO-Type Index Add of Its Kind https://finance.yahoo.com/markets/stocks/articles/spacex-joins-nasdaq-100-july-133000124.html SK Hynix Launches ~$28B Nasdaq ADR Listing Today — Potentially the Biggest-Ever First-Time Sale by a Foreign Company https://www.bloomberg.com/news/articles/2026-07-05/sk-hynix-seeks-access-to-ai-investors-in-29-billion-us-listing H1 Mag-7 Divergence — NVDA +7.3% While MSFT Shed 22.9% Over the Same Six Months https://finance.yahoo.com/markets/article/tech-stocks-post-best-6-months-since-2023--even-with-much-of-the-magnificent-7-in-the-penalty-box-chart-of-the-day-100000120.html Palo Alto Networks and CrowdStrike Log Best Cyber Quarters Ever — +113% and +95% Between April and June https://www.cnbc.com/2026/06/30/palo-alto-crowdstrike-stock-ai-mythos.html Enterprises Need To Be Careful Before They Go All-In On Anthropic https://www.forbes.com/sites/patrickmoorhead/2026/05/05/enterprises-need-to-be-careful-before-they-go-all-in-on-anthropic/  

Starting August 17th, Google is quietly rewriting how Smart Bidding treats campaigns that are limited by budget — and if your account is currently over-delivering on Roas, this affects you directly.In this episode, Mike Ryan and Chris break down Google's upcoming change to budget-limited campaigns, why "over-delivering" Roas is being treated as money left on the table, and the carrot-and-stick logic behind Google's new Bid Target Adjustment tool.Whether you're comfortable with your current Roas buffer or actively trying to scale, this episode explains exactly what will shift under the hood — and what to do before the change hits.What you'll learn:What changes on August 17th for budget-limited campaignsWhy campaigns over-delivering Roas are Google's real targetThe two mechanical levers Google can pull to force Roas down (worse clicks vs. higher CPCs)Why smart bidding is structurally conservative — and why ~25% of campaigns always over-deliverThe new Bid Target Adjustment tool and what it's really nudging you towardHow this connects to Google's broader push (Demand Gen budget pacing, flight-based budgeting, Smart Bidding Exploration)The workaround: smarter product segmentation and campaign structureAbout Smarter Ecommerce (smec):Smarter Ecommerce (smec) empowers e-commerce brands with AI-driven PPC automation that optimizes for profit and business outcomes while maintaining strategic control.The platform activates first-party data - profit margins, customer lifetime value, and key business metrics - to automate campaign optimization toward goals like profitability and efficient growth, while detailed campaign insights provide full transparency and enable PPC teams to focus on strategic oversight rather than manual execution.As a Google Premier Partner and three-time Microsoft Retail Partner of the Year, smec manages over €500 million in ad spend and drives €5B+ in annual e-commerce revenue for 350+ global retail clients including THG, Snipes, REWE, and Intersport.Make sure to follow smec - Smarter Ecommerce for more performance marketing insights:smec - Smarter Ecommerce: https://www.smarter-ecommerce.comLinkedIn: https://linkedin.com/company/smarter-ecommerce-gmbhNewsletter: https://smarter-ecommerce.com/en/newsletter/Instagram: https://www.instagram.com/smarterecommerce/

Today's conversation features Brian McCarthy, President of Global Revenue and Field Operations at Cursor and former CRO at Rubrik, where he helped scale the business from $118 million to $1.5 billion in ARR. In this segment, Brian breaks down the rapid evolution of AI in software development, from simple code autocomplete to fully autonomous agent-driven environments, and what that shift means for competition, product strategy, and go-to-market execution. He also explains how Cursor's multi-model approach creates a unique advantage in a fast-moving market, and why aligning that innovation with focused sales execution is critical to winning. Brian McCarthy is President of Global Revenue and Field Operations at Cursor and former CRO at Rubrik, where he helped scale the company from $118M to $1.5B in ARR. He is known for building high-performance revenue organizations and execution-focused cultures in complex enterprise environments. Connect with Brian: LinkedIn Resources mentioned: Ep. 71 - What the Best Sales Leaders Do with Brian McCarthy All In Podcast with Chamath, Jason, Sacks & Friedberg Listen to the full episode: Why Sales Execution Wins in an AI-First World with Brian McCarthy, President of Global Revenue and Field Operations at Cursor Hosted by five-time CRO John McMahon and Force Management Co-Founder John Kaplan, the Revenue Builders podcast goes behind the scenes with the sales leaders who have been there, done that, and seen the results. This show is brought to you by Force Management. We help companies improve sales performance, executing their growth strategy at the point of sale. Connect with Us: LinkedInYouTubeForce Management

#977 What does it really take to sell your business for millions? In this episode, host Brien Gearin sits down with Nick Bradley, founder of High Value Exit — a global expert who's helped lead 26 business exits totaling $5 billion. Nick reveals how founders can prepare their businesses for a high-value sale, what private equity buyers really look for, and why only 2 out of 10 companies ever sell. From building transfer value and mastering EBITDA to designing your company with the end in mind, this conversation is a masterclass in scaling, strategy, and smart exits for entrepreneurs aiming big! (Original Air Date - 11/3/25) What we discuss with Nick: + Nick's $5B in business exits + Lessons from private equity world + Why only 2 of 10 companies sell + Designing your business with the end in mind + The five pillars of “Scale to Sale” + Reducing risk and building strong foundations + Understanding EBITDA and profitability + What makes a business attractive to buyers + Common pitfalls when selling a company + Knowing if and when you should scale Thank you, Nick! Check out High Value Exit at ⁠HighValueExit.com⁠. Follow Nick on ⁠LinkedIn⁠. Watch the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠video podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ of this episode! To get access to our FREE Business Training course go to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠MillionaireUniversity.com/training⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. To get exclusive offers mentioned in this episode and to support the show, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠millionaireuniversity.com/sponsors⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

Will Bitcoin dip below $50K? On today's Markets Outlook, 10x Research Founder and CEO Markus Thielen tells CoinDesk's Jennifer Sanasie why he sees Bitcoin dropping even more before recovery, with $7B in ETF outflows since mid-May and MicroStrategy stepping back as the last real buyer. Plus, why he stays bearish on Ethereum, why he's calling Hyperliquid overvalued, and why nothing turns around until the Fed goes dovish. - Timecodes: 00:00 Bitcoin Could Dip to $46K Before Year-End Rally 01:20 Bitcoin Falls Below $60K: What's Driving the Selloff? 02:37 $4.5B in ETF Outflows, Saylor's Bitcoin Sale, and Missing Catalysts 03:14 Why the Genius Act and CLARITY Weren't Real Catalysts 05:00 When Does the Fed Turn Dovish? The Macro Case for a Rally 05:19 Kevin Warsh Nomination Was the Turning Point for Bitcoin 07:27 Why Bitcoin Could Break Below $50K to $46–47K 09:41 The 2022 Parallel: Grayscale's SEC Win as the Sentiment Shift 11:06 Brand New Rails: Securitize Lists on NYSE 12:40 Where Does Bitcoin End the Year? 13:51 Why Markus Is Still Bearish on Ethereum 15:20 Stablecoin Activity Isn't Accruing to ETH Holders 16:40 The Bull Case for ETH Has Broken Down 17:28 Hyperliquid Overvalued at $72? 18:33 Why HYPE Is Unlikely to Reach $100 19:46 What to Do Now: Covered Calls, Shorts, and Watching for the Low - This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Find out more at realfi.co. - Ledn provides a secure and transparent way to access liquidity while maintaining your bitcoin holdings. Perfect 8 year track record of keeping clients assets safe. Don't sell your bitcoin. Get a bitcoin-backed loan. Check out your rate by using their loan calculator at ledn.io - JPEG Trading is a global proprietary trading firm specializing in cryptocurrency and decentralized finance markets. From market structure and liquidity provision to quantitative trading strategies, JPEG Trading operates across the full spectrum of blockchain-based assets. Follow @jpegtrading on X to stay ahead of the latest developments in digital asset markets: https://x.com/jpegtrading - This episode was hosted by Jennifer Sanasie.

This week on Autonomy Signals, Grayson Brulte and Rob Grant discuss the pending Uber-Waymo divorce, Agility Robotics' $2.5 billion SPAC merger with Churchill Capital XI, and the launch of The Road to Autonomy Confidence Indices.As of May, Waymo and Uber concluded their robotaxi partnership in Phoenix after roughly 948 days, with Waymo going exclusively direct-to-consumer in that market and Uber seeking a replacement partner, with a Nuro / Lucid partnership as the leading candidate.Uber's value to select autonomous vehicle operators is highest during market entry, and once an operator builds density and consumer trust, Uber's value diminishes as the robotaxi provider's brand grows in that market.Then there is Agility Robotics, whose $2.5 billion SPAC merger with Churchill Capital XI targets over $620 million in gross proceeds to become the first pure-play humanoid robotics entity in the public markets. The listing could be perceived as a forced transparency event, as SEC disclosures will stress-test the contested 98% task success rate, the $300 million contingent backlog, and a warehouse data moat that risks becoming a depreciating asset as the industry pivots to foundation model generalization.Closing out the show, Grayson and Rob discuss the launch of The Road to Autonomy Confidence Indices, a first-of-its-kind benchmark tracking the market's confidence in the global commercial adoption of robotaxis, autonomous driving licensing, autonomous trucks, and delivery bots.Each index is a single zero-to-100 reading, cryptographically sealed and independently verifiable, and the early divergence is telling, as robotaxi confidence is rising while the market continues to be unsure about autonomous trucking.Episode Chapters00:00 Signal 1: Waymo/Uber Divorce: Predictable and Repeatable34:29 Signal 2: Agility Robotics' $2.5B merger with Churchill Capital XI55:06 Signal 3: The Road to Autonomy Confidence Indices Launch1:04:19 AUTNMY AIFollow The Road to Autonomy Indices--------About The Road to AutonomyThe Road to Autonomy is the leading applied intelligence platform covering the convergence of automation, autonomy, and the Autonomy Economy.™.Through our podcasts, newsletter, and proprietary applied intelligence, we set the narrative for institutional investors, industry executives, and policymakers navigating the convergence of automation, autonomy, and economic growth.Join institutional investors and industry leaders who read This Week in The Autonomy Economy every Sunday. Each edition delivers exclusive insight and commentary on the autonomy economy, helping you stay ahead of what's next.Sign up for This Week in The Autonomy Economy newsletter: https://www.roadtoautonomy.com/ae/See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tom Hauser in for the mayor today in GL. Johnny Heidt with guitar news.Heard On The Show:Minneapolis police chief search: Frey outlines 16-week process to replace O'Hara7 Minnesota providers among 455 charged in nationwide $6.5B ‘health care fraud takedown'Trump cancels signing of bipartisan housing bill, demanding voter ID provisionSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

────────────────────────────────────────[00:02:09]EMS Worker Reports "Chronic Cancer" as New Medical Term — Knight: It's Turbo Cancer Being NormalizedA patient with three COVID jabs developed rapidly spreading colon cancer and leukemia within months of his last shot; Knight: the industry is rebranding what it caused.────────────────────────────────────────[00:14:00]Sony Deleting 551 Movies Customers Paid Full Price For — Buy Button Was a LieDeletion begins September 1 with no refunds; Knight: same model as CBDCs — they can delete your money the same way they're deleting your movies.────────────────────────────────────────[00:22:06]GTA 6 Ships as a Download Code in an Empty Box — Physical Discs Eliminated$80 for a cardboard sleeve; the game lives on their cloud and can be revoked at any time; Knight: "you will own nothing" is already the video game business model.────────────────────────────────────────[00:41:18]Trump's Advisors Openly Praise Caesarism — His Harvard Law Appointee Says Liberty Is Not the GoalAdrian Vermule wrote the constitutional order exists to promote "good rule," not protect liberty; Notre Dame advisor Patrick Deneen calls for Platonic aristocracy.────────────────────────────────────────[00:49:03]Trump Signed 143 Executive Orders in First 100 Days — More Than Any President in History21 national emergencies declared; troops sent to cities without local authority; immigrants shipped overseas to prisons in defiance of courts.────────────────────────────────────────[01:03:28]Supreme Court Loosens Campaign Finance Restrictions — Knight: AIPAC Corruption Now Has Fewer GuardrailsKnight reversed his position on Citizens United after watching AIPAC openly buy congressional seats; political money is a magnet for prostitutes, not politicians.────────────────────────────────────────[01:25:25]NY Post Calls Out Trump Crime Family's Biden-Esque CorruptionTrump's net worth tripled to $6.5B; $1.4B in crypto ventures; Salente: the Lutnik-Witkoff-Trump network is a crime syndicate operating in plain sight.────────────────────────────────────────[01:31:10]92% of Israelis Believe Iran Won the War — Trends Journal vs. US Media NarrativeCelente's polling contradicts everything Hegseth and Trump claimed; Knight: they lied about destroying Iran's missiles, wiping out their military, and forcing a surrender.────────────────────────────────────────[01:51:35]Real US Debt Is $176 Trillion When Unfunded Liabilities Are IncludedUnfunded Medicare, Social Security, pensions, and retirement healthcare dwarf the official figure; Salente: the plan is to tokenize public lands and launch a digital currency to paper over the collapse.────────────────────────────────────────[01:54:09]Quantitative Easing Is Roaring Back — Nobody Is Reporting ItMoney supply is expanding rapidly while the Fed fixates on interest rates; Knight: they always pump QE just before the next economic lockdown or crisis. ──────────────────────────────────────── Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code “KNIGHT” For high quality made in America products go to HomeSteadProducts.shop and use promo code “Knight” for 10% off your purchases Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

────────────────────────────────────────[00:02:09]EMS Worker Reports "Chronic Cancer" as New Medical Term — Knight: It's Turbo Cancer Being NormalizedA patient with three COVID jabs developed rapidly spreading colon cancer and leukemia within months of his last shot; Knight: the industry is rebranding what it caused.────────────────────────────────────────[00:14:00]Sony Deleting 551 Movies Customers Paid Full Price For — Buy Button Was a LieDeletion begins September 1 with no refunds; Knight: same model as CBDCs — they can delete your money the same way they're deleting your movies.────────────────────────────────────────[00:22:06]GTA 6 Ships as a Download Code in an Empty Box — Physical Discs Eliminated$80 for a cardboard sleeve; the game lives on their cloud and can be revoked at any time; Knight: "you will own nothing" is already the video game business model.────────────────────────────────────────[00:41:18]Trump's Advisors Openly Praise Caesarism — His Harvard Law Appointee Says Liberty Is Not the GoalAdrian Vermule wrote the constitutional order exists to promote "good rule," not protect liberty; Notre Dame advisor Patrick Deneen calls for Platonic aristocracy.────────────────────────────────────────[00:49:03]Trump Signed 143 Executive Orders in First 100 Days — More Than Any President in History21 national emergencies declared; troops sent to cities without local authority; immigrants shipped overseas to prisons in defiance of courts.────────────────────────────────────────[01:03:28]Supreme Court Loosens Campaign Finance Restrictions — Knight: AIPAC Corruption Now Has Fewer GuardrailsKnight reversed his position on Citizens United after watching AIPAC openly buy congressional seats; political money is a magnet for prostitutes, not politicians.────────────────────────────────────────[01:25:25]NY Post Calls Out Trump Crime Family's Biden-Esque CorruptionTrump's net worth tripled to $6.5B; $1.4B in crypto ventures; Salente: the Lutnik-Witkoff-Trump network is a crime syndicate operating in plain sight.────────────────────────────────────────[01:31:10]92% of Israelis Believe Iran Won the War — Trends Journal vs. US Media NarrativeCelente's polling contradicts everything Hegseth and Trump claimed; Knight: they lied about destroying Iran's missiles, wiping out their military, and forcing a surrender.────────────────────────────────────────[01:51:35]Real US Debt Is $176 Trillion When Unfunded Liabilities Are IncludedUnfunded Medicare, Social Security, pensions, and retirement healthcare dwarf the official figure; Salente: the plan is to tokenize public lands and launch a digital currency to paper over the collapse.────────────────────────────────────────[01:54:09]Quantitative Easing Is Roaring Back — Nobody Is Reporting ItMoney supply is expanding rapidly while the Fed fixates on interest rates; Knight: they always pump QE just before the next economic lockdown or crisis. ──────────────────────────────────────── Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code “KNIGHT” For high quality made in America products go to HomeSteadProducts.shop and use promo code “Knight” for 10% off your purchases Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.

He had $15 in the bank and a $1M judgment against him. Eight years later, Nestlé bought his company for $1.5B — then shut it down.Also, this podcast is made by Hampton, which is a community for founders doing on average $20 million a year in revenue. We saw a lot of these money conversations happening privately behind closed doors and we thought, "What the heck, let's make it public." If you are a founder, apply here: http://joinhampton.com/mwMichael Wystrach built Freshly out of the wreckage of a failing restaurant, with $15 in the bank and a personally-guaranteed lease that left him with a $1M judgment against him. Six years later he sold the company to Nestlé for $1.5B — then watched it get shut down. He never took time off. He started a veterinary platform with his sister, raised a $75M venture fund, and put almost his entire payout back to work.This episode gets into what really happens to your bank account after a nine-figure exit — secondary sales, earn-out math, his actual living costs, his real estate philosophy at 2% interest rates, and what it felt like to lose the company he built after selling it. He also shares why he believes the first $10M matters more than the hundredth, and why he plans to keep building for the rest of his life.Sponsors: Daily Body Coach - achieve your dream body with https://moneywise.dailybodycoach.comSubscribe to Moneywise: https://www.youtube.com/@themoneywisepodcastFollow Daniel on X: https://x.com/danielcberkListen on Spotify / Apple Podcasts: [search "Moneywise Hampton"]

For this week's episode of m y podcast Apt. 5B we're chopping it up about what are your top 5 WTF moments in hip hop! Maybe it's a verse that made you say WTF like Nas' Rewind. Maybe it's a moments in hip hop like when the Lox ANNIHILATED Dipset at the Garden that made you say WTF. Maybe it was an album like PE's It Takes A Nation  that was SO dope it made you say WTF! So what are YOUR top 5?Just another DOOOOOOOOOOOOPE ep and don't forget to subscribe to the channel and check us out wherever you listen to your fave podcasts at!@Kil889 www.willmakebeatsforfood.com

Steve Beres and guest co-host Liza cover a week of JLR-heavy news while Ike Goss and Jenna attend Overland Expo. They discuss New York Times reporting on the major JLR cyberattack, including claims of Russian involvement, a simultaneous breach by a Jordanian hacker, Microsoft's role in reporting the incident, and the estimated $2.5B impact on the UK economy. The episode also reviews a new JLR stop-sale recall affecting about 250,000 SUVs for driver airbag issues, alongside other recent recalls and a 23% sales downturn. They react to plans to price upcoming JLR EVs higher than gas models, highlight the new China-market Freelander with Chery, and note CEO changes at JLR North America as Leonard Hoenek replaces Joe Eberhardt, who stays on as a consultant tied to a controversial Stellantis Defender project. The show debuts “Insta-Rovers,” rating extreme Defender builds and questioning which are real versus AI.

On Episode 310 of The Six Five Pod, Patrick Moorhead and Daniel Newman unpack the biggest stories from the week, including insights from Qualcomm Investor Day 2026, OpenAI and Broadcom's Jalapeño AI chip, Anthropic's Micron partnership, SpaceX's massive Reflection AI compute deal, Sakana AI's new Fugu orchestrator, and why memory is emerging as a critical layer of AI infrastructure. Plus, Bulls & Bears covers NVIDIA's $25B bond offering, Apple's MacBook price increases, Micron's record quarter, and Cerebras' first earnings as a public company. The handpicked topics for this week are: Qualcomm Investor Day 2026 — The Data Center Debut: Pat and Dan break down Qualcomm's push into the data center after the company took the stage with Microsoft's Satya Nadella and Meta's Mark Zuckerberg as named customers. They unpack the new Dragonfly platform, including the C1000 250-core data center CPU with PCIe Gen 7 and CXL, the AI200 and AI250 inference accelerators, and a novel High Bandwidth Compute (HBC) architecture that stacks compute under LPDDR memory at dramatically lower cost than HBM. They highlight Qualcomm's ambitious growth targets: $15B data center revenue target for FY 2029, an increased total non-handset revenue goal from $22B to  $40B, and a shortened timeline for automotive revenue by two years. They also debate the identity of Qualcomm's unnamed hyperscaler customer and why its robotics opportunity may be flying under the radar. (The Decode) OpenAI and Broadcom Unveil Jalapeño, OpenAI's First Custom Chip: A photo of Sam Altman and Hock Tan holding a wafer and packaged die kicked off OpenAI's reveal of Jalapeño, a custom inference chip built with Broadcom and slated for late-2026 deployment. The chip reached tape-out in roughly nine months, which is an aggressive cycle for an ASIC of this size, and uses HBM3E memory. Pat takes a victory lap on his long-standing heterogeneous compute thesis: every hyperscaler and now every model lab is building accelerators, and the XPU efficiency argument has played out as predicted. Dan frames OpenAI's broader move as existential: they cannot serve frontier models at premium margins if compute remains constrained. He flags that OpenAI is trying to do everything from chips and fabs to social networks and browsers, and that its IPO is now delayed. (The Decode)   Anthropic and Micron Sign a Strategic Multi-Year Memory Agreement: Anthropic and Micron announced a multi-year supply agreement for HBM, DRAM, and SSDs, including co-designed next-generation memory for AI workloads, along with a strategic investment by Anthropic in Micron. The pattern mirrors Samsung and SK Hynix's pre-funding Anthropic in May, and follows OpenAI's Jalapeño as another frontier lab moving to lock in supply chain control. Dan frames it as the same circular financing playbook NVIDIA ran two to three years ago, but with the ball now in the memory triopoly's court. Pricing-floor agreements with no ceilings, customized rather than commoditized memory architecture, and demand running well past the previously assumed 2027-2028 horizon. Pat notes that the rumored 14% free cash flow margin at Anthropic makes the strategic investment math work cleanly for both sides. (The Decode)   SpaceX Signs $6.3B Compute Deal with Reflection AI: SpaceX inked a $6.3B compute lease with open-source AI lab Reflection AI, at $150M per month from July 2026 through 2029, giving Reflection access to NVIDIA GB300 chips inside the Colossus infrastructure. Combined with the $920M-per-month Google compute contract and existing xAI commitments, SpaceX now has a contracted backlog larger than most public AI startups' entire revenue base, with some calling it the largest commercial AI infrastructure provider at $80B in contracted revenue. Pat reads it as XAI failing to land with developers, consumers, or enterprises, leaving SpaceX with a pot of gold worth far more as wholesale capacity than as XAI's own training compute. Dan flags that Google owning 7% of SpaceX ahead of an IPO is not accidental, and the open question is whether this becomes a Nebius-style infrastructure trade or a full-stack Google-equivalent platform. (The Decode)   Japan's Agentic Orchestrator Sakana AI Ships Fugu Plus and Fugu Ultra: Japan's Sakana AI released Fugu Plus and Fugu Ultra, an agentic orchestrator built on a multi-agent MOE approach that routes workloads across multiple underlying models rather than training a new frontier base model. Sakana claims agentic capabilities on par with or better than top frontier models at significantly lower input/output token costs, similar to the DeepSeek and GLM cost-undercut narrative. Pat compares the architecture to OpenRouter and notes the developer-facing parallel to Perplexity Computer's model-routing approach. Both agree that models themselves are no longer moats, and suggests the real moat is the harness, tooling, connectivity, looping, agentic stack, and total compute availability. Expect more sovereign agentic plays from Japan, the Middle East, and elsewhere on the same template. (The Decode)   The Flip — Is the Era of Memory as a Commodity Over? Daniel takes the FOR side: memory has moved from commodity to strategic AI infrastructure, citing 16 multi-year agreements covering $22B in committed volume booked through 2027, 84.9% gross margins higher than NVIDIA's, the technology barriers of HBM yield/stacking/packaging that only three companies can clear, and demand drivers tied to HBM as the binding constraint on every AI accelerator rather than to elastic consumer cycles. Patrick takes the AGAINST side: long-term agreements and SCAs signal a commodity in a strong cycle, not a structural rerating; nearly every relevant memory standard — DDR5, MRDIMM, HBM3/3E/4, LPDDR5X/6, GDDR6/7, LPCAM2 — is JEDEC-standard and therefore commodity at the pin; and CXMT's China DDR5 production ramps in 2H 2026 with Lenovo already shipping and HP and Dell qualifying. Custom HBM4 and Qualcomm-style HBC are where strategic memory genuinely lives. (The Flip)   NVIDIA's $25B Investment-Grade Bond Offering: NVIDIA priced a $25B multi-tranche bond offering on June 15, its first investment-grade debt sale since 2021, with seven tranches maturing between 2028 and 2056 and $85B in orders against an initial $20B target. Dan reads it as raising when capital is cheap, and oversubscription is real. NVIDIA doesn't need the money, it has a gold balance sheet, and is establishing a credit benchmark rather than funding CapEx. Pat agrees the optics are clean, but flags the irony of NVIDIA, with negative debt, borrowing while the stock trades like dead money at a sub-20x forward P/E. Both note that NVIDIA's underperformance reflects the market's skepticism on memory-as-strategic and on NVIDIA's own capex pace relative to the buildout opportunity ahead. (Bulls & Bears)   Tim Cook Calls Apple's Memory Crunch Price Raises on MacBook and iPad "Unsustainable": Apple announced MacBook and iPad price increases of up to $300, with Tim Cook telling the WSJ the memory cost environment is unsustainable. AAPL fell ~5% on the news, the broader rally was momentarily wiped out before Micron held the gains by close. Dan frames it as a moment when the market saw who is going to pay for the AI buildout: the consumer. He notes Apple's pricing power and inelasticity test is now live. Pat traces the backstory to Apple's negative-margin pricing pressure on Micron during the 2022-2023 memory downturn. The question is whether consumer-price blowback will eventually flow back to the memory vendors. (Bulls & Bears)   Micron Blows the Doors Off Fiscal Q3 — $41.46B Revenue, 84.9% Gross Margin: The memory story continues as Micron reported its largest beat in company history with fiscal Q3 revenue of $41.46B versus a $35.69B consensus, EPS of $25.11, year-over-year growth of more than 340%, and a record 84.9% gross margin that is roughly 10 points above NVIDIA's. Q4 guidance came in at a $50B midpoint against a $43B consensus. The 16 multi-year strategic customer agreements add up to $22B in committed volume, with most contracts containing pricing floors but no ceilings on most of the volume — a structurally asymmetric setup. Pat notes 95% of the beat came from price, not units, which reinforces his commodity argument; Dan flips it as the early innings of an NVIDIA-style run that puts Micron's 2027 profit on par with Google. (Bulls & Bears)   Cerebras' First Earnings Report Since IPO — Revenue Doubles, Margins Compress: Cerebras (CBRS) reported its first earnings as a public company, doubling year-over-year revenue and beating the top line while missing EPS, but the stock sold off hard amid gross margin deterioration. Core revenue came in at $191M, up 12% sequentially, with a $194M Q2 guide that is essentially flat, core gross margins at 47% guiding to 36-38% and 38-41% for the year, and operating margins flipping from positive 2% to a guided -30% to -32%. Customer concentration is shifting from Core42 and G42 (86% of FY25 revenue) to OpenAI, which loaned Cerebras $1B and gets paid quarterly in warrants. Pat flags that Cerebras' uncontested speed claim is no longer uncontested with Groq, TPU v8i, and Tenstorrent putting up real numbers. Cathie Wood is down 52% on her position. (Bulls & Bears) Watch the full video at sixfivemedia.com, and be sure to subscribe to our YouTube channel so you never miss an episode. The Decode Qualcomm Investor Day Lands the Data Center Pivot — Microsoft Deploying Qualcomm HBC XPUs in Azure (Per Satya Nadella) + Meta MOU on Three New Qualcomm Datacenter CPUs (Per Zuckerberg); $3.9B Modular Acquisition; Dragonfly Brand + AI200/AI250 Roadmap; HUMAIN 200MW Ramp; Qualcomm to Become Largest Automotive Silicon Company; Targets $3B Datacenter Revenue FY27, $35B by FY31 https://finance.yahoo.com/markets/stocks/articles/qualcomm-investor-day-detail-data-163247063.html  OpenAI Begins Vertical Integration — First Custom Inference Chip "Jalapeño" Unveiled With Broadcom June 24 (Hock Tan: As Good as Blackwell + TPU; ~50% Cost Savings; Late-2026 Microsoft Deployment, 10GW Multi-Gen Roadmap); Daybreak Cyber Stack (June 22) Confirms the Platform Shift https://x.com/OpenAI/status/2069770172802773292  Frontier AI Labs Are Now Financing Their Own Supply Chains — Anthropic Locks In Multi-Year Micron HBM/DRAM/SSD Supply + Micron Becomes Series H Investor; Same Pattern as Samsung + SK hynix Pre-Funded Anthropic in May; $965B Post-Money, $47B Revenue Run-Rate, October IPO Target https://investors.micron.com/news-releases/news-release-details/micron-and-anthropic-announce-strategic-agreement-scale-next  SpaceX Signs $6.3B Compute Deal With Reflection AI — $150M/Month July 2026 → End of 2029; NVIDIA GB300 + Colossus 2 Capacity; SpaceX Now Largest Commercial AI Infrastructure Provider With $80B+ Committed Compute Revenue Through 2029 https://finance.yahoo.com/technology/ai/articles/spacex-reportedly-grant-reflection-ai-162749237.html  The Sovereign AI Stack Lands — Japan's Sakana Ships Fugu + Fugu Ultra Multi-Agent System (June 22) That Beats Opus 4.8, GPT-5.5, and Gemini 3.1 Pro on 10 of 11 Benchmarks; Designed Around US Export-Control Risk; Completes the Three-Bloc Sovereign-AI Map With Mistral Compute (Europe) + DeepSeek $7.4B (China) https://www.datacamp.com/blog/sakana-fugu  The Flip Is the Era of Memory as a Commodity Over? FOR: Memory is now strategic AI infrastructure with multi-year supply lock-ins. The cycle dynamics that defined the last 30 years no longer apply. https://www.benzinga.com/markets/tech/26/06/60062500/micron-earnings-could-echo-nvidias-2023-moment-says-futurum-ceo  AGAINST: Memory is cyclical and priced for perfection. This print is either step change or top of the cycle, and the second one is more likely. https://www.cnbc.com/2026/06/25/apple-macbook-ipad-price-hike-memory.html Bulls & Bears NVIDIA (NVDA) $25B Bond Sale Anchors the AI Debt-Finance Boom — First Bond Offering Since 2021; Joins Alphabet $80B, Amazon $27.5B, Meta $30B, Oracle Stack; Dan: "Locking In Cheap Capital While It Can" https://finance.yahoo.com/technology/ai/articles/nvidia-record-us-25-billion-131039687.html  Apple (AAPL) Falls −5%+ Thursday June 25 on Confirmed MacBook + iPad Price Hikes — Tim Cook RAM "Unsustainable" Comment Lands as Real Price Action; Apple Hikes Erase Micron-Driven Tech Rally Mid-Session; Memory Beneficiaries (SanDisk, Micron) Surge; Analysts "Mostly Nonplussed" https://tickerspark.ai/market/apple-inc-aapl-drops-5-3-as-price-hikes-spook-investors-1782399950638  Micron (MU) Q3 FY26 ACTUALS — Largest Beat in Company History; Revenue $41.46B (+346% YoY) Crushes $35.69B Consensus; Non-GAAP EPS $25.11 (+1,215% YoY) Beats $20.49; Record 84.9% Gross Margin (Higher Than NVIDIA); Q4 Guide $50B Midpoint vs $43B Consensus; Stock +18-19% Overnight to $1,242 https://www.nasdaq.com/articles/nvda-who-micron-blows-doors-q3-earnings-revs  Cerebras Systems (CBRS) Q1 ACTUALS — First Earnings Post-IPO; Revenue $193.4M Nearly Doubled YoY; 2026 Guide $855-$865M Beats $824M; BUT Gross Margins Forecast 38-41% (Down From 45% Q1, Half of NVIDIA + Micron); Stock −20% AH on Margin Compression; Sets Up Inference-Tier Margin Debate https://investors.cerebras.ai/news-releases/news-release-details/cerebras-systems-announces-strong-first-quarter-2026-results  

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Tom Hauser in for the mayor today in GL. Johnny Heidt with guitar news. Heard On The Show:Minneapolis police chief search: Frey outlines 16-week process to replace O'Hara7 Minnesota providers among 455 charged in nationwide $6.5B ‘health care fraud takedown'Trump cancels signing of bipartisan housing bill, demanding voter ID provisionSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

1. HEART OF THE MATTER 1A. Record-Breaking Missionary Numbers — Pres. Oaks at New Mission Leader Seminar At the 2026 Seminar for New Mission Leaders (June 18–21, Provo MTC), President Dallin H. Oaks announced that the Church will soon have the largest number of full-time missionaries in its history, surpassing the current 87,000+ serving worldwide. The surge is driven by the first wave of 18-year-old sister missionaries (following the November policy change lowering the minimum age from 19) and the addition of 55 new missions in July, bringing the global total to 506. President Oaks outlined three characteristics defining the restored Church: (1) the fulness of doctrine (including eternal marriage between a man and a woman); (2) priesthood authority and keys; and (3) a unique testimony of Christ grounded in modern revelation and the First Vision. Sister Kristin Oaks also spoke, sharing six core truths missionaries teach. Source: Church Newsroom, June 20, 2026 Note: Strong potential for discussion on what ‘only true and living church’ means in a pluralistic world — Richie angle? 1B. New Hymn ‘Welcome Home’ — The Story Behind It Composer Andrea Brett explains how a 2017 encounter with Demetrius O’Neal — a recent convert serving as a greeter at a Spokane ward on a snowy Sunday morning — inspired her hymn ‘Welcome Home,’ now published in the new Hymns for Home and Church. Brett submitted 10 pieces when the global hymnbook was announced in 2018; this was the only one she’d written before the call. She received confirmation of its selection in February 2025, then had a full-circle moment when she and O’Neal sat near each other at the April 2025 General Conference as the Tabernacle Choir performed it. O’Neal’s name appears in the hymn’s tune name as a tribute. The hymn is now translated and sung globally. Source: Church Newsroom / Richie’s document 1C. Family History Records Are a ‘Sacred Thread’ — Elder Bragg at International Archivists Congress Elder Mark A. Bragg, General Authority Seventy and executive director of the Church’s Family History Department and FamilySearch International, was a keynote speaker at the III Congress of Archivists: Digital Archive Expo (DA-EXPO), held June 8–12 in Astana, Kazakhstan. He called family history records ‘the thin but sacred thread’ tying people together across generations, and argued that records are ‘in a very real sense, witnesses.’ Elder Bragg framed the digital revolution in genealogy in moral terms: for most of history, access to records was shaped by ‘proximity, resources and specialized knowledge,’ but today a record created in one place can be preserved in another, indexed in a third, and discovered by someone on the other side of the world. ‘The reach is astonishing. The speed is breathtaking. The possibilities are almost beyond measure.’ He also said that ‘access is an act of kindness’ — records only fulfill their divine purpose when they are found, understood, and used. His core message: preserving memory is an act of hope. ‘It says that the past is not dead to us and that the future deserves more than fragments.’ Source: Church News, June 17, 2026 Angle: Great ‘quiet but meaningful’ story — LDS family history going global and leveling the playing field for genealogy worldwide. 1D. America Gives — All 50 States Receive Food Donations The Church completed a milestone in its ‘America Gives’ initiative by delivering a shipping container of food to Hilo, Hawaii — marking all 50 states reached. The initiative aims to deliver 250 truckloads of food nationwide in 2026 to celebrate the U.S. 250th anniversary. In Hawaii, the food went to The Food Basket, distributed to 10 local nonprofits. Notably, 42% of residents on the island of Hawaii face food insecurity — the state’s highest rate. Rosie Rios, chair of America 250 and former U.S. Treasurer, praised the milestone. Local Methodist pastor Ted Lesnett said recipients will know ‘when they were hungry, someone cared.’ Source: Church Newsroom / Richie’s document 1E. Church Donates $250,000 NZD to Christchurch Anglican Cathedral Rebuild The Church announced a NZ$250,000 donation (June 19, 2026) toward the restoration of Christchurch’s iconic Anglican Cathedral — damaged in the February 2011 earthquake. Elder Peter F. Meurs (Pacific Area President) and Anglican Bishop Peter Carrell presided at the announcement. The donation comes as the project faces a $45M funding shortfall and an overall $219M budget. The Christchurch City Council has offered $15M contingent on government and Anglican Church matches. Notably, a New Zealand Buddhist community made a similar gift in 2023 — the LDS donation continues a cross-faith pattern of support for the heritage project. Source: Richie’s document Angle: Rare and heartwarming — LDS funds an Anglican cathedral. Good interfaith story. 1F. Central America Humanitarian Blitz — 5 Projects, 500,000+ People In late May and early June 2026, the Church announced five humanitarian projects across Central America (with Sister J. Anette Dennis, First Counselor in the Relief Society General Presidency, representing the Church). Projects include: the ‘Windows of Light’ eyecare program in El Salvador (350,000+ screenings to date); safe water access for 250,000+ in Belize, Guatemala, Honduras, and Nicaragua (with UNICEF); nearly 750 computers/tablets donated to 66 educational institutions in Guatemala; and medical equipment for the ‘La Mascota’ children’s hospital in Nicaragua. Source: Church Newsroom, June 2026 2. FAITH & DOCTRINE 2A. President Christofferson in Philadelphia & Toronto A busy week of ministry for President D. Todd Christofferson: He offered the invocation at Becket’s Canterbury Medal Gala in Philadelphia (multifaith event celebrating religious liberty), alongside Elder Gary E. Stevenson and others. The group also visited the Liberty Bell and Independence Hall — fitting, ahead of America’s 250th. Christofferson reflected on D&C 101 and the Constitution’s purpose to protect ‘all flesh.’ From Philadelphia, he and Sister Christofferson traveled to Toronto, meeting 250+ missionaries in the Canada Toronto Mission weeks before it divides into three missions (Toronto West, Toronto East, and Montreal). He also spoke to hundreds of LDS youth, with one — Amelia Fischer — saying ‘no amount of words can describe how I felt tonight.’ Source: Richie’s document / Church Newsroom 2B. BYU Scholar Study: Religion Adds 7.6 Years to Life The BYU Wheatley Institute is releasing three reports analyzing 3,000 of the most scientifically rigorous studies (culled from 60,000+ papers by Duke University) on religion and health. Key findings: 33/34 studies show improved social health; 10/11 show improved mental health; 7/8 show improved physical health. Regular worshippers live an average of 7.6 years longer (up to 13.7 years longer for African Americans). A ‘landmark finding’: 256 studies show religion prevents/aids recovery from substance abuse (vs. 6 showing negative impact). Author Loren Marks recommends public health frameworks treat religious involvement like exercise recommendations. Source: Richie’s document 2C. Elder Soares Testifies in the Philippines Elder Ulisses Soares completed a two-week ministry in the Philippines (mid-May 2026), meeting with 600+ young single adults in Cebu, 450+ in Quezon City, and 340+ missionaries at the Philippines MTC. His recurring message: ‘His arms are extended to all of us.’ The Philippines has more than 905,000 Latter-day Saints — the Church’s fourth-largest national membership. Two new temples were also dedicated in the Philippines this month: the Davao Philippines Temple (Elder Renlund, May 3) and the Bacolod Philippines Temple (Elder Andersen, May 31). Source: Church Newsroom, June 17, 2026 3. CULTURE & CURIOSITIES 3A. LDS Author in Everyman’s Library — A First BYU biology and bioethics professor Steven L. Peck has reportedly become the first Latter-day Saint author included in the prestigious Everyman’s Library series (publishing canonical English fiction since 1906). His 2012 novella A Short Stay in Hell — a philosophical horror story about a Mormon man condemned to an afterlife library containing every possible book — went viral on BookTok and found a new audience. A literature historian noted: ‘No Mormon or Mormon-adjacent writer that I know of has ever been featured in this prestigious series.’ The Salt Lake Tribune covered the story, noting the irony that a theological horror story marks one of the most significant moments in LDS literary history. Source: Salt Lake Tribune / Richie’s document 3B. The Sasine Family — 40 Countries Before Age 1 Keith and Chelsea Sasine, an LDS couple stationed in Germany (Keith is an Army oral surgeon), made history in November 2025 by taking their youngest daughter Mia to 40 countries before her first birthday (March–November 2025), using a Honda Odyssey for European road trips. The family of six (including Izzy, 10; Abby, 9; and John, 4) attends local wards wherever they travel — a faith anchor the couple says strengthened their testimony and taught their kids the importance of the Sabbath globally. They’re planning a move to Colorado Springs in 2026. Source: Richie’s document 3C. Jen Affleck (Secret Lives of Mormon Wives) Expecting Baby #4 Jen Affleck, 27-year-old star of The Secret Lives of Mormon Wives and Dancing with the Stars alum, announced June 18 that she and husband Zac Affleck are expecting their fourth child. She shared the news on Instagram captioned ‘Chapter Four.

In the final episode of Season 2, Anne Hancock Toomey interviews Cynthia Brandt, PhD. Brandt is CEO of the Lucile Packard Foundation for Children's Health and a deeply respected leader in the world of philanthropy. Brandt reflects on growing up in the Midwest in a minister's family, early lessons in authenticity from a difficult camping experience and the teacher who led the excursion, and how receiving scholarships didn't just make higher education for her but also sparked her belief that philanthropy can change lives. Before joining the foundation that helps power Stanford Children's Health, Brandt built her career through a series of impressive roles. After work in banking and nonprofit roles, she pursued sociology in graduate school, worked at Stanford, moved to a profoundly meaningful role at Mills College, and later led a record-breaking Smithsonian campaign that exceeded its $1.5B goal by educating the public through grassroots storytelling. She discusses her CEO learning curve through the pandemic, a stewardship mistake that reshaped her approach, leadership traits like culture, humility, and clarity, and her focus on joy and purpose at work. 1:40 Midwest Roots 4:22 A Lesson from Camping 06:44 Scholarships Changed Everything 10:52 Finding Sociology 12:18 Stanford And Mills 16:57 The Smithsonian and Storytelling At Scale 22:38 From the Smithsonian To Children's Health 26:10 First Time CEO Lessons…and Mistakes 31:46 Traits Of Great Leaders 34:52 Lightning Round Learn more about your ad choices. Visit megaphone.fm/adchoices

We did something nuts: we got 50+ founders to reveal their net worth, portfolios, income, expenses. Its free and right here: https://joinhampton.com/mw-wrWhy this podcast exists:Hampton is a community for founders. Members do an ave of $20m/year in revenue.Tons of the convos within the community are about money: how to invest, how to spend, how much to pay yourself...all this stuff you can't Google.We thought "Let's just make these convos public". And thus, this podcast Moneywise came to be.We publish weekly. Click the subscribe button and the goodness will be delivered. Also...we've done 100+ episodes. If you want the aggregate info of all the numbers, meaning the net worth, spending, income of 50+ founders ranging from $10m to $1 billion: https://joinhampton.com/mw-wrOk, so let's talk David Royce, today's guest:He built the same pest control company four times — $13M, $30M, $135M, $1.5B — and says the first exit was the most life-changing.David Royce sold four pest control companies — Moxie, Eco First, Altera, and Aptiv — each bigger than the last, culminating in a $1.5B sale of Aptiv when it was doing $508M in annual revenue. He kept 100% equity through the first three, gave 25% of the last one to his employees, and personally walked away with hundreds of millions across the run. He's now on an indefinite sabbatical, investing through Iconic (the firm that manages Zuckerberg's and Dorsey's money), with half his net worth in S&P 500 and the rest in private equity, direct deals, and alternatives — including multiple Anthropic investments.This episode covers the exact mechanics of each asset-sale exit, why David kept restarting instead of holding, his full portfolio framework (including the 4-year cash buffer strategy), the "the answer is just a little more" moment that hit every entrepreneur in the room, and the story of flying his dying father on a private jet from a New Orleans hospital to Cedars-Sinai at 2am — made possible only by one call to a CEO WhatsApp chain.Timestamps:00:01:39 — David's full intro: four companies, four exits, what actually happened with the money01:55 — First company (Moxie): nearly went bankrupt the first year, how a cash flow crisis taught him "cash was king"03:14 — The asset-sale strategy: selling customers and technicians to Terminix while keeping the sales operation04:57 — "Pretty close" — David confirms Forbes' reported $13M and $30M exit figures05:37 — Why he gave 25% of Aptiv to employees and stepped back as chairman06:23 — Aptiv was doing $508M in revenue; Daniel and David settle on $1.5B as the sale range07:13 — What he actually took home: cap gains, California taxes, "hundreds of millions"08:37 — Net worth today: "do the math backwards and figure it out"09:09 — Portfolio breakdown: 4-year cash buffer in fixed income, S&P 500 with tax-loss harvesting, alternatives11:31 — "I just invested in Anthropic — three different times in the last year and a half" via Iconic14:35 — "The one that was life-changing was the first one" — $13M from nothing hits differently than $1.5B17:46 — Why pest control? A starving college student, a friend who made $25K in a summer, and zero sales for five days straight21:16 — His boss's question that changed everything: "What on earth would you go work for somebody else?"27:31 — Fifth grade through eleventh grade: watching his family nearly lose the house, the fear that built everything36:35 — Flying his dying father on a private jet from New Orleans to Cedars-Sinai at 2am39:36 — What he wants to be remembered for: "The sign of a good leader is not how many followers you have, but how many leaders you create"Sponsors: Daily Body Coach - achieve your dream body with https://moneywise.dailybodycoach.comSubscribe to Moneywise: https://www.youtube.com/@themoneywisepodcastFollow Daniel on X: https://x.com/danielcberkListen on Spotify / Apple Podcasts: [search "Moneywise Hampton"]

Most CRE sponsors treat AI as a collection of separate tools but the firms pulling ahead are building something fundamentally different: a single integrated stack where every layer of the operation, from deal sourcing to asset management, feeds the same system.   Adir Levitas, founder and CEO of Faropoint, has been building that for seven years across a portfolio now exceeding $5 billion in assets and 550 buildings. 65% market coverage is the acquisition edge. Faropoint built a proprietary platform that captures nearly two-thirds of all small bay industrial deal flow in its US target markets - in real time. That is seven years of broker relationships trained to a purpose-built system. AI now benchmarks rent accuracy above human analysts. The REXy AI suite estimates market rent, models tenant renewal probability, and forecasts submarket rent growth. Faropoint uses it as an internal performance benchmark - proof that they leased above market, not just a claim. Investment professionals are building the software. Faropoint's senior management team, not engineers, are building the front ends for Faropoint's core platforms using AI coding tools. The tech team supplies infrastructure. The business team drives product. The silo is gone. The operational implication is straightforward: if a $5B industrial manager is already running acquisitions at two properties per week through an AI-native deal stack, the firms without equivalent infrastructure are not competing on the same terms. Institutional LPs are now treating AI integration as a due diligence criterion, not a bonus feature. GPs who cannot demonstrate a real answer to that question in the next fundraise cycle will feel it.   ***   At GowerCrowd, we are bringing the most advanced AI tools to our clients for capital formation - and across other operational verticals too (like acquisitions). If you'd like to learn more about how we can assist you too, please reach out.   Subscribe to my newsletter and get access to this transformational intel before anyone else:  https://gowercrowd.com/subscribe Email: adam@gowercrowd.com Call: 213-761-1000

Hour 1 Segment 1 Tony starts the first hour of the show talking about the Persian Gulf Strait Authority. Tony also talks about Tucker Carlson leaving the Republican party. Hour 1 Segment 2 Tony talks about Elon Musk threatening to sue Ro Khanna over DOGE claims. Hour 1 Segment 3 Tony talks about the DOJ announcing 455 charges against people across 45 states accused of the healthcare fraud scheme involving more than $6.5B in false claims. Hour 1 Segment 4 Tony wraps up the first hour of the show talking about Ruben Gallego tapping campaign cash for family trips. Hour 2 Segment 1 Tony starts the second hour of the show talking about a local New York City coffee shop banning Dan Goldman from the shop because of his pro-Israel stance. Tony also talks about leftists giving Vice President J.D. Vance’s new book numerous 1-star reviews. Hour 2 Segment 2 Tony talks about Polymarket odds on Tucker Carlson after he left the Republican party. Hour 2 Segment 3 Tony gets into three more things: President Donald Trump speaking with the press before his speech in Pennsylvania, GM laying off 1,000 employees in Detroit while adding 50 robots, and Lucid laying off 18% of the U.S. workforce. Hour 2 Segment 4 Tony wraps up the second hour of the show talking about today's primary election in New York. Hour 3 Segment 1 Tony starts the final hour of the show joined with Steve Yates of The Heritage Foundation the latest on a peace deal and memorandum of understanding between the U.S. and Iran. Hour 3 Segment 2 Tony talks more about a local New York City coffee shop banning Dan Goldman from the shop because of his pro-Israel stance. Hour 3 Segment 3 Tony continues his conversation with Steve Yates as they talk about Vice President J.D. Vance being the architect of the memorandum of understanding. Hour 3 Segment 4 Tony wraps up another edition of the show talking about President Donald Trump endorsing John James for Governor of Michigan. See omnystudio.com/listener for privacy information.

Hour 1 Segment 1 Tony starts the first hour of the show talking about the Persian Gulf Strait Authority. Tony also talks about Tucker Carlson leaving the Republican party. Hour 1 Segment 2 Tony talks about Elon Musk threatening to sue Ro Khanna over DOGE claims. Hour 1 Segment 3 Tony talks about the DOJ announcing 455 charges against people across 45 states accused of the healthcare fraud scheme involving more than $6.5B in false claims. Hour 1 Segment 4 Tony wraps up the first hour of the show talking about Ruben Gallego tapping campaign cash for family trips.See omnystudio.com/listener for privacy information.

In this episode of The Capital Raiser Show, Richard C. Wilson sits down with entrepreneur, investor, and 10X founder Grant Cardone for a high-energy fireside chat on scaling businesses, raising capital, multifamily real estate, Bitcoin, social media leverage, and building long-term wealth. Grant shares the mindset and strategies behind building a $5B+ real estate portfolio, raising over $1.8B in equity, using social media to attract investors at scale, and why he believes most traditional investment structures are fundamentally flawed. The conversation dives into real estate cycles, branding, investor psychology, forced appreciation, Bitcoin treasury strategy, scaling through audience building, and how high-performing entrepreneurs continually reinvent themselves to operate at larger levels. Topics covered include: • Building and scaling a $5B+ real estate portfolio • Raising capital outside traditional Wall Street channels • Why social media is a massive investor acquisition tool • Long-term real estate investing and 10-year holds • Bitcoin, cash flow, and treasury strategy • Branding multifamily assets for scale • The psychology of growth and thinking bigger • Why successful people must leave comfort repeatedly • Investor relations, scale, and building loyal communities • High-velocity decision making and deal flow The Capital Raiser Show brings together billionaire investors, family offices, founders, operators, and elite entrepreneurs to discuss capital raising, scaling, investing, and strategic growth. Subscribe for more interviews with top investors, billionaires, family offices, and industry leaders.

Everyone's Buying SPCX. Here's What Smart Investors Actually Do.SpaceX (SPCX) just completed the largest IPO in history — $75 billion raised, debuting up 19% on day one, now trading over 40% above its IPO price. The hype is real. So are the risks most people aren't talking about.CFP® David Chudyk breaks down the bull case, the bear case, what happened when WeWork, Peloton, and Rivian met peak hype, and — most importantly — the only question that determines whether any hot stock belongs in your financial picture.What You'll LearnThe real bull case for SpaceX — Starlink's $15.5B revenue run-rate, 50%+ growth, cash-flow positive before IPOThe bear case: xAI's $6.35B operating loss, Starship delays, valuation that prices in perfectionIPO Hall of Shame: WeWork ($47B → bankruptcy), Peloton (down 90% from peak), Rivian (down 80%+)The one question that determines if any position belongs in your planHow to use the three-bucket framework (Liquidity, Longevity, Legacy) to size any single position5 specific SpaceX risks buried in the S-1 most retail investors never read

Strategy's recent sale of 32 Bitcoin came with unusual framing: Michael Saylor said the purpose was to "inoculate the markets." Glenn Cameron, Global Head of Institutional at Onramp Bitcoin, reads that word as preparation for larger Bitcoin sales ahead, walks through the STRC prospectus and the pressure points (Strategy now trading at 84% of NAV, the cash reserve cut to roughly seven months after redeeming a 0% convertible note, the board-suspendable dividend), and lands on the sharpest argument: 83% of STRC holders are retail investors sold a product marketed as "a high yield bank account" that's structurally junior equity on a volatile Bitcoin company.---

Lucas Rizzotto is one of the most distinctive artists working at the intersection of technology and human experience. He built Where Thoughts Go, a VR piece that proved genuine connection was possible inside a headset when everyone said it wasn't. He followed it with Pillow, a mixed reality app designed around the bedroom. He then spent months letting an AI algorithm run his life — wearing Mantra smart glasses, building a surveillance and memory system on himself, and documenting it as an ongoing series on Instagram and TikTok. Now he's making a live cinematic experience called Escape the Internet, which he calls Broadway crossed with a video game crossed with standup comedy. It premiered as a ghost debut at SXSW this year.Mike Boland, analyst and founder of AR Insider, sits in for Rony Abovitz in this episode. The conversation opens on the Rec Room shutdown — $250 million raised, a $3.5 billion valuation, and now a wind-down. The panel connects the collapse to a pattern: VR has always been an exotic pursuit sold as a mainstream one, and the unit economics of concurrent immersive social spaces are nearly impossible. The discussion moves to OpenAI shutting down Sora, the AI video generation race between Google VO3 and Kling, the rise of AI slop in social feeds, and Lucas confirming he quit LinkedIn because it's unreadable.AI XR News: Rec Room is shutting down after raising $250M at a $3.5B peak valuation. Snapchat is acquiring its remaining assets. OpenAI closed down Sora, overwhelmed by competition from Google VO3 and Kling. AI-only social feeds from Meta and Grok are not gaining traction — users are tuning them out.Key Moments:[05:37] – Ted's thesis: VR is an exotic pursuit that was never going to be mainstream, and Rec Room would have been healthier if it accepted that early[07:33] – Lucas: Ready Player One was the worst thing to happen to XR — it gave executives a fictional roadmap to fund[18:38] – Ted asks whether Apple can do for mixed reality what it did for the smartphone — and the panel is skeptical[27:42] – Mike on physics as the hard ceiling: Moore's Law doesn't apply to waveguides and optics the way it applies to chips[29:02] – Lucas explains why he dropped display glasses for his wearable AI experiment — they increase engineering complexity by 50x[32:17] – Lucas's AI-controlled life series: a complex algorithm watches him, mines personal data, and tells him what to do to find happiness — including an unplanned trip to Lithuania[34:12] – Ted asks if the experiment is a net positive or negative. Lucas: neutral if you're in control, net negative if Meta or OpenAI are running the system[37:52] – Lucas on convenience as a death by a thousand cuts: he optimized his life in Berlin to have everything within three minutes and became miserable[41:00] – Charlie on Where Thoughts Go: assigned it to students every semester; it only works if you surrender to it[47:15] – Escape the Internet: hundreds of people in a movie theater, all on their phones, playing a shared cinematic narrative. Lucas calls it a modern version of church[53:40] – The standup model applied to software: Lucas tested Escape the Internet at SXSW and cut 50% of the material that didn't get a reactionThis conversation sits at the intersection that the AI XR Podcast lives for: technology as creative material, not just commercial tool. Lucas's view that we've been building things people use all the time when we should be building things that blow their minds for two hours and then get out of the way is one of the sharper critiques of the attention economy you'll hear this year.This episode is brought to you by Zappar and Mattercraft — the leading visual development environment for building immersive 3D web experiences on mobile, headsets, and desktop. Mattercraft now includes an AI assistant that helps you design, code, and debug in real time, right in your browser. Start building at mattercraft.io.Subscribe to the AI XR Podcast so you never miss a conversation. Hosted on Acast. See acast.com/privacy for more information.

This Week In Startups is made possible by:Deel - deel.com/twistLinkedIn - linkedIn.com/twistNorthwest Registered Agent - northwestregisteredagent.com/twistPlaud - https://Plaud.ai/twistToday's show:Anthropic stabbed Cursor in the back. Then SpaceX swooped in with $60 billion. Today, TWiST connects the dots on the biggest deal in AI since the Microsoft-OpenAI partnership, and why it's a warning sign for every startup building on top of a frontier model. Jason is joined by Bling Capital's Ben Ling, Banana Capital's Turner Novak, and co-host Alex to go deep on the future of coding models, the current golden age of venture liquidity, OpenAI's financials, and the ‘Four Ds' of venture investing. The show closes with a tribute to Josh Baer, the founder of Capital Factory.Guest Links:Ben Ling https://x.com/bling0?lang=enBling Capital https://www.blingcap.com/Turner Novak https://x.com/TurnerNovakBanana Capital https://www.bananacapital.vc/Show Links:Hanover Park https://www.hanoverpark.com/SpaceX buys Cursor https://www.cnbc.com/2026/06/16/spacex-spcx-cursor-acquisition-ipo.htmlCursor Composer 2.5 https://cursor.com/blog/composer-2-5OpenAI financials source https://www.wheresyoured.at/exclusive-openai-financials/AMD's new deskside data center https://www.amd.com/en/products/processors/desktops/ryzen/ryzen-ai-halo.htmlPerplexity Model Council https://www.perplexity.ai/hub/blog/introducing-model-councilTimestamps:0:00 Guest introductions1:15 Guest introductions2:43 SpaceX acquires Cursor for $60B6:13 The golden era of M&A9:13 Northwest Registered Agent: Get more when you start your business with Northwest. In 10 clicks and 10 minutes, you can form your company and walk away with a real business identity — Learn more at https://northwestregisteredagent.com/twist12:04 Cursor's negative gross margins & the compute problem13:22 Plaud: If your work depends on conversations — interviews, meetings, calls — you need a Plaud NotePin. You can check it out at https://Plaud.ai/twist and use code TWIST for 10% off!15:04 Rolling your own model: When does it make sense?19:35 LinkedIn: Thanks to our partners at LinkedIn! Post your job for free at https://linkedIn.com/twist then promote it to get access to LinkedIn Jobs' new AI assistant.22:53 The "headless product" thesis28:31 Deel: Founders scale faster on Deel. Set up payroll for any country in minutes, hire anyone anywhere, get visas handled fast, and get back to building. Visit https://deel.com/twist to learn more.34:22 OpenAI financials leaked: $13B revenue, $38.5B net loss40:13 Where does AI value accumulate?45:34 Portfolio Spotlight: Hanover Park48:37 Seed stage graduation rates have fallen from 50% to 25%54:59 The four Ds of venture: Deal flow, Decisions, Doubling down, Distributions1:06:36 How to find 'undiscovered gems'1:30:59 Snap Specs AR glasses: $2,195, and a bit chunky1:39:29 Tribute to Joshua Baer, Capital Factory's founderSubscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.comCheck out the TWIST500: https://www.twist500.comSubscribe to This Week in Startups on Apple: https://rb.gy/v19fcpFollow Lon:X: https://x.com/lonsFollow Alex:X: https://x.com/alexLinkedIn: ⁠https://www.linkedin.com/in/alexwilhelmFollow Jason:X: https://twitter.com/JasonLinkedIn: https://www.linkedin.com/in/jasoncalacanisCheck out all our partner offers: https://partners.launch.co/Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarlandCheck out Jason's suite of newsletters: https://substack.com/@calacanisFollow TWiST:Twitter: https://twitter.com/TWiStartupsYouTube: https://www.youtube.com/thisweekinInstagram: https://www.instagram.com/thisweekinstartupsTikTok: https://www.tiktok.com/@thisweekinstartupsSubstack: https://twistartups.substack.com

Let’s Make a Deal! News Dominated by … SpaceX This week – Fed rate Decision Need a new CTP (SPACEX?) PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? PayPal.Donation.Button({ env:'production', hosted_button_id:'JJJHP2GDEJC7J', image: { src:'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt:'Donate with PayPal button', title:'PayPal - The safer, easier way to pay online!', } }).render('#donate-button'); Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter Warm-Up - Let's Make a Deal! - News Dominated by ... SpaceX - This week - Fed rate Decision - Need a new CTP (SPACEX?) Markets - Another V Formation - Nearing Highs again - IPO Madness - Anthropic and OpenAi - SpaceX IPO - could drain markets - More AI valuations through the roof DEDICATION: Stu Schifter - my good friend of 30 years passed away last night... battled Cancer for 2 years. Market Valuations - S&P 500 Forward P/E = 22.5 - 10-yr average =  19–20x - Long-term average 18-19 - Not cheap, pricing in a lot of earnings growth. - NASDAQ 100 forward P/E =  23-24 - 1-yr average   ~23x - 20-yr average  ~20–21x - Not screaming expensive on a forward basis - - NOTE: Training P/E = 33-40 NEW Playbook - But the Rumor and Buy the News - used to be Buy the Rumor and Sell the News - This is why there is an announcement about something and then a date to follow.... - Monday = Deal, Friday = signing On that note - What is the deal anyway? - Seems that we  (USA) moving out our navy before the final - Straights of Hormuz opening -?? - Has anyone seen the text? - We are no better than we were before all this started... Headline Nonsense - Fox Business: Beware the ticking time bomb hiding in your 401(k) - Required minimum distributions can trigger taxes on Social Security benefits and boost Medicare premiums - This is not a ticking time bomb. This is just reality when you have a lot saved and need to start withdrawals - HOWEVER - there are ways around this and we have helped clients with this. - - Listeners - if you have a 401k and think that you will be paying too much later on - we can take a look at the options... More Retirement Alerts - Social Security running out again.... - Less that 10 year until the reserves are exhausted - The Social Security Administration's newly released 2026 Trustees Report confirms that the federal retirement safety net is less than seven years away from fiscal depletion, as the Old-Age and Survivors Insurance (OASI) trust fund will completely exhaust its accumulated reserves in the fourth quarter of 2032. - Once the reserve dries up, ongoing tax revenues will cover only 78% of scheduled retirement benefits, according to the report. - Some of the blame is being laid on the OBBBA with higher standard deductions and lower taxes on SS Benefits - "The OBBBA also adds a temporary additional standard deduction for taxpayers over age 65," it says. "As a result, less income tax will be paid on Social Security benefits, and the OASI and DI Trust Funds will receive lower levels of revenue in the future from income taxation of Social Security benefits." PSA - The Food and Drug Administration (FDA) has classified a recall of more than 900 cases of Alfredo sauce at its highest risk level after a supplier recalled a dry milk powder ingredient used in the product due to potential salmonella contamination. - The FDA designated the recall as a Class I event, its most serious classification, meaning there is a reasonable probability that use of or exposure to the product could cause serious adverse health consequences or death. - The Coffee Connexion Co., Inc. - According to the FDA, the product was distributed in Alabama, Arkansas, Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, Nebraska, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming. Monday Markets - 5:45PM Sunday night we see an announcement that there is a Deal! - Why 5:45PM???????? - Futures rally, oil drops - This is just days after the market already surged after a Truth Social post last Thursday that said that the US will "soon" sign a deal with IRAN ---- That pushed up markets quite a bit too - Buy the rumor and buy the news... Reality Check - Thursday: Trump told reporters in the Oval Office that “we have a deal that Iran will never have a nuclear weapon.” - Monday: 60-day period delay to continue discussions of nuclear issues - Is there a sucker in all of this? $ for IRAN - Supposedly there i some deal... - A $300 billion private fund designed ?to trigger investment into Iran is outlined in the U.S.-Iran framework agreement and more than half that sum has already been committed, a source with ?direct knowledge of the deal told Reuters. - The fund is designed to give both sides an economic incentive to conclude a final deal, said the source, who spoke on condition of anonymity because the plan has not yet been announced as Washington and Tehran prepare to sign on Friday. SpaceX - IPO - Finally! $135 per share - Rose to $160+/- on the debut day - Rather smooth process and very orderly - A total of $85B was raised - due to an add-on additional green-shoe that was allowed ($10B) for institutions. - Rose another $20% on Monday - Retail got about 20% of the deal (down from 30%) Oracle - Oracle Corp. shares declined after the company reported quarterly capital expenses that were higher than estimates, raising investor concerns about the profitability of the AI infrastructure business. - The company expects to spend about $70 billion on net capital expenditures in the current fiscal year, and plans to raise another $40 billion in equity and debt. - Oracle's cloud infrastructure business gained 93% to $5.8 billion, and total cloud revenue is projected to jump about 61% in the quarter ending in August. - The increase of $5B over the course of the year was disconcerting to investors. - Shares dropped the most in over 6 months on the news CPI and PPI - May CPI was mixed but generally cooler on the core reading, with headline CPI up 0.5% month-over-month, matching consensus, while Core CPI rose 0.2%, below the 0.3% consensus and below Briefing's 0.4% estimate. - The softer core CPI reading suggests some easing in underlying consumer inflation pressures, which is the more constructive part of the inflation picture. - May PPI was firmer than expected on the headline reading, with PPI up 1.1% versus 0.7% consensus and 0.8% Briefing estimate, matching the prior month's revised 1.1% pace. - Core PPI rose 0.4%, matching consensus and coming in below the prior month's revised 0.7%, indicating wholesale inflation remained elevated but did not accelerate further on the core measure. - Taken together, the CPI and PPI reports point to a mixed inflation backdrop: consumer-level core inflation looked somewhat better, but producer-level price pressures remained sticky. Cyberdyne - Anthropic announced Claude Fable 5, a Mythos-class model that will be available to its enterprise customers and paid subscribers. - The company unveiled Mythos in April and has limited the rollout because of its advanced cybersecurity capabilities. - Anthropic said Claude Fable 5?s broad release is possible because of new safeguards that block responses in specific high-risk areas. - WAIT! The US government PULLED the plug on Mythos and Fable for any foreign national - From Anthropic - The US government, citing national security authorities, has issued an export control directive to suspend all access to Fable 5 and Mythos 5 by any foreign national, whether inside or outside the United States, including foreign national Anthropic employees. The net effect of this order is that we must abruptly disable Fable 5 and Mythos 5 for all our customers to ensure compliance. Access to all other Anthropic models will not be affected. OpenAi - Confidentially flies for IPO - Sends financials and IPO materials to regulators - making sue all in good order. - This allows the company to iron out accounting, compliance, and regulatory issues in private without triggering a "media circus" or alerting competitors to their financials Last Friday..... - Nonfarm payrolls jumped a seasonally adjusted 172,000 for the period, down slightly from the upwardly revised 179,000 in April and far above the Dow Jones consensus estimate for 80,000. - The unemployment rate held steady at 4.3%, as expected. - Average hourly earnings rose 0.3% for the month and were up 3.4% over the past year, both in line with the Wall Street consensus. Screwworm - The New World screwworm has been detected in a 3-week-old calf in Zavala County, Texas, the first known case of that fly in the United States since 2017. - New World screwworm larvae “burrow into the flesh of living animals, causing serious damage to livestock and economic losses,” the U.S. Department of Agriculture said. - The USDA and Texas officials are taking immediate action to contain and eradicate the pest. - In December, the Food and Drug Administration granted conditional approval to the topical solution Exzolt Cattle-CA1, which is used to prevent and treat New World screwworm infestations and is produced by Merck & Co. - What is going to happen to beef prices? Real Estate - Nationwide, 5.8% of all home listings were pulled off the market in April, according to Redfin. - Delistings were up 3.8% compared with March. - Atlanta saw the highest share of homes come off the market in April, with 1 in 10 delisted. San Jose, California, followed with roughly 9% pulled, then Los Angeles (7.8%), Dallas (7.8%) and Seattle (7.7%).  In other news.... - The Japanese city of Utsunomiya has suspended all 94 of the primary and middle schools ?that it operates on Monday after its ?first-ever bear sighting, a municipal official said. - The city of half-a-million residents about 100 km (60 miles) north of Tokyo said ?the bear was first seen in a residential ?area near a park on Saturday evening. It ?remains at large after the last sighting early ?Monday morning about half a kilometre from a ?middle school.   Love the Show? Then how about a Donation? PayPal.Donation.Button({ env:'production', hosted_button_id:'JJJHP2GDEJC7J', image: { src:'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt:'Donate with PayPal button', title:'PayPal - The safer, easier way to pay online!', } }).render('#donate-button'); The Winner for the THE CLOSEST TO THE PIN for SALESFORCE (CRM)   Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt!     FED AND CRYPTO LIMERICKS   See this week's stock picks HERE Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter

Today, I'm talking with Slydio CEO Adam Bry, who runs the leading US maker of autonomous drones. We covered a lot in this conversation, including Skydio's police and government work at a time when military use of AI is more controversial than ever and competing with Chinese drones against the backdrop of the Trump's administration's DJI ban. There's a lot in this one – maybe more than anything, it was refreshing to hear Adam talk about using AI to bring even more people to work at Skydio as the company expands. I also got to fly a drone, which ruled. Links:  Sorry kid, drones are for war now | The Verge The FCC's foreign drone ban is here | The Verge Skydio is pivoting to enterprise — its consumer drones are dead | The Verge Skydio commits $3.5B to expand US manufacturing | Skydio A US drone maker tries to take back the country's skies | Bloomberg DEA looks to add Skydio, Parrot drones to its arsenal | FedScoop The future of border security isn't at the border at all | The Verge Subscribe to The Verge to access the ad-free version of Decoder! Credits: Decoder is a production of The Verge and part of the Vox Media Podcast Network. Decoder is produced by Kate Cox and Nick Statt and edited by Ursa Wright. Our editorial director is Kevin McShane.  The Decoder music is by Breakmaster Cylinder. Learn more about your ad choices. Visit podcastchoices.com/adchoices

MrBeast's valuation has jumped from $1.5B to around $5B, with Feastables alone bringing in roughly $250M a year. The guys debate whether a creator‑led giant like this goes public, spins off brands like Feastables to players like Hershey, or keeps compounding privately as the ultimate distribution‑first business.

MrBeast's valuation has jumped from $1.5B to around $5B, with Feastables alone bringing in roughly $250M a year. The guys debate whether a creator‑led giant like this goes public, spins off brands like Feastables to players like Hershey, or keeps compounding privately as the ultimate distribution‑first business.

About 80% of STRC holders are retail investors. Glenn Cameron walks through the prospectus, how Saylor's public claims differ from the reality, and why Strategy has no good options. ======================================================== Thank you to our sponsor! Fidelity: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: crypto.fidelitycareers.com. Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== Strategy's sale of 32 Bitcoin last week came with unusual framing: Saylor said the purpose was to "inoculate the markets." Glenn Cameron, Global Head of Institutional at Onramp Bitcoin, reads that word as preparation for larger Bitcoin sales ahead. Glenn traces the pressure points. Strategy is trading at 84% of its Bitcoin value, making new equity issuance dilutive rather than accretive on a Bitcoin-per-share basis. Its cash reserve has been cut to roughly seven months after the company redeemed a 0%-interest convertible note. And STRC, the perpetual preferred stock Saylor has marketed as "a high yield bank account," carries a dividend the board can suspend for any reason. The episode's sharpest argument: 83% of STRC holders are retail investors sold a product that resembles a bank account but behaves like junior equity on a volatile Bitcoin company. No maturity, no FDIC protection, no right to redeem. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: Glenn Cameron, CFA - Global Head of Institutional at Onramp Bitcoin Timestamps