Podcasts about Alphabet

#878: The Supreme Court blocks Trump's attempt to fire Fed governor Lisa Cook but upholds its other firings. Comcast is splitting off NBCUniversal into its own company in another media shakeup. World Cup fever has everybody sporting soccer jerseys – true football fans or not. The hacky sack is cool again, and some are being sold for as much as $23. Finally, Alphabet joins the Dow Jones Index for the first time Learn more at https://www.schwab.com/oninvesting  Grab tickets to our Performance Revue show! https://www.morningbrew.com/events/brew-performance-revue-2026?utm_campaign=performance_revue_2026&utm_source=mbd Subscribe to Morning Brew Daily for more of the news you need to start your day. Share the show with a friend, and leave us a review on your favorite podcast app. Listen to Morning Brew Daily Here:⁠ ⁠⁠https://www.swap.fm/l/mbd-note⁠⁠⁠  Watch Morning Brew Daily Here:⁠ ⁠⁠https://www.youtube.com/@MorningBrewDailyShow⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Story of the Week (DR):JP Morgan's news weekThe Lurid Lawsuit, Salami Scandal and Trash-Can Thief Vexing JPMorgan's PR Department AND Meme of 'JPMorgan's HR Department in 2026' Has People in Stitches Amid Sex Scandal and Knicks Bin IncidentShe Stole a Knicks Trash Can Off the Street and Lost Her Job at JPMorganThe Trash Bin That Cost Her Career: Who Is Angie Báez? JPMorgan DEI Executive Fired After Viral Knicks Parade VideoThe Trash-Can Thief: Angie Báez, an Executive Director of Community and Industry Engagement at the bank, was captured on a viral video during the New York Knicks championship parade emptying a public trash bin onto a Manhattan sidewalk so she could steal the limited-edition, blue-and-orange Knicks-themed container.The Resolution: JPMorgan quickly terminated her employment after the video went viral. Báez eventually returned the trash bin and was issued $175 in sanitation fines.But what kinds of thing DON'T get you fired and get you fined?In 2023, JPMorgan Chase agreed to a $290 million (1,657,143x) settlement to resolve a class-action lawsuit from survivors of Jeffrey Epstein. The bank was accused of actively ignoring glaring red flags and helping bankroll Epstein's sex-trafficking operation for 15 years.Internal documents and later congressional probes revealed that the bank processed roughly 4,700 suspicious transactions totaling $1.1 billion for Epstein. They failed to file a single Suspicious Activity Report (SAR) until after his death.Who Kept Their Job? Mary Erdoes: The Head of Asset & Wealth Management was fully aware of Epstein's status as a high-risk sex offender, reviewed his account, and was directly implicated in internal communications regarding his status. She faced zero professional demotions and remains one of the top candidates to eventually succeed Jamie Dimon as CEO.In 2020, JPMorgan Chase entered a deferred prosecution agreement and agreed to pay a record $920 million (5,257,143x) to settle federal charges of market manipulation.For nearly a decade, traders on JPMorgan's precious metals and U.S. Treasuries desks engaged in "spoofing"—placing tens of thousands of fake, deceptive orders to artificially move market prices and maximize their own profits. The FBI stated that traders "openly disregarded U.S. laws."While a couple of mid-to-high-level traders (like Michael Nowak and Gregg Smith) were later criminally convicted and sentenced to prison, the executive leadership team responsible for supervising them and implementing compliance programs suffered no casualties. Top management stayed perfectly secure, chalking the multi-million dollar fraud up as the work of a few "bad apples."The Salami Scandal: Veteran wealth manager Brent Bodner was fired by JPMorgan in 2024 after he expensed a $642.50 deli platter (containing wings, sandwiches, and salads) for a Super Bowl gathering at his Beverly Hills home. The bank accused him of intentionally misclassifying a personal party as a pre-approved business meeting.Bodner counter-sued, jokingly dubbing the controversy the "salami incident." He argued that the event was a legitimate client-acquisition dinner that only two prospects ended up attending, and that the minor coding error was used as a pretext to push him out.The Resolution: A FINRA arbitration panel sided heavily with Bodner, ruling that JPMorgan acted preemptively out of paranoia that brokers were leaving for rivals. The panel ordered JPMorgan to pay Bodner $4.25 million in damages.The Lurid Lawsuit: Chirayu Rana, a former vice president on JPMorgan's leveraged finance team, leveled highly salacious allegations against his female supervisor, Executive Director Lorna Hajdini. Rana's lawsuit alleges he was subjected to a campaign of racial discrimination, severe harassment, and forced sexual relations under the threat of having his career sabotaged.The Resolution: Rana rejected a $1M settlement offer, countering with a demand for up to $22 million before escalating the fight to court. Both Hajdini and JPMorgan strongly deny the allegations as entirely fabricated, and the legal battle is moving toward a highly publicized trial.JPMorgan Chase promotes Petno, Rohrbaugh to copresidents, setting up two more successors for DimonThe Wait to Replace Jamie Dimon Keeps Getting Longer: Another potential successor, Marianne Lake, is leaving JPMorgan, as the longstanding chief executive enters his third decade atop the bank.How JPMorgan went from 3 female CEO contenders to an all-male succession raceJPMorgan named Doug Petno and Troy Rohrbaugh, current co-heads of the bank's commercial and investment bank, as co-presidents, setting them up as the frontrunners to succeed longtime CEO Jamie Dimon. Their promotions, the bank said in a press release, "are part of the Board's ongoing succession planning process."Petno and Rohrbaugh were among a handful of powerhouse candidates poised to succeed Dimon, including Jennifer Piepszak, chief operating officer, Marianne Lake, CEO of the commercial bank, and Mary Erdoes, CEO of asset and wealth management.Marianne Lake, a Potential Dimon Successor, Leaves JPMorganOne-time Retention and Continuity equity awards to the following Operating Committee members:Doug Petno, Co-President and CEO of the Commercial & Investment Bank, and Troy Rohrbaugh, Co-President and CEO of Consumer & Community Banking, in the amount of $30M each;Mary Erdoes, CEO of Asset & Wealth Management, and Jennifer Piepszak, Chief Operating Officer, in the amount of $20M each.JPMorgan Chase unveils $50 billion buyback, Goldman Sachs raises dividend after Fed stress testA 6 year study shows which CEOs are pushing RTO mandates: The ones with the biggest egosFortune 500 bosses demanding staff return to the office share one trait: narcissism, research findsA six-year study tracking corporate executives revealed that strict return-to-office (RTO) mandates are heavily driven by narcissism and executive ego, rather than actual employee productivityWharton organizational psychologist Adam Grant noted that researchers used reliable corporate proxies to quantify CEO narcissism, including the oversized scale of their compensation packages, the size of their signatures, and the prominence of their photos in company annual reports.The data showed that leaders with highly inflated self-opinions consistently coveted maximum power and status, making them the most aggressive opponents of remote work.Goldman Sachs and JPMorgan pushed hard for a 5-day-a-week return to the office. Why they're now letting employees work from homeGameStop CEO Cohen spurns $35 billion pay plan to focus on plan to buy eBayGameStop CEO on His eBay Pursuit: ‘I'm Not Going to Stop, I'm Not Going to Go Away'GameStop unveiled a compensation package worth roughly $35B for Ryan Cohen ​in January, hinging on a turnaround that requires him to lift the struggling company's market value more than tenfold and sharply boost its profit.In May, Cohen surprised Wall Street with an unsolicited offer to buy eBay for roughly $56 billion in cash and stock to ‌turn the e-commerce company into ⁠a bigger competitor to Amazon.EBay's board rejected the proposal, calling the offer "neither credible nor attractive."Cohen argued that he doesn't want the package ⁠so that GameStop's leadership can fully focus on its operating performance and the planned acquisition.SpaceX handed lowest possible ESG rating by MSCI: Triple C score puts Elon Musk's company on par with Russia after 2022 invasion of UkraineMusk 'most obvious risk' following SpaceX's lowest possible ESG rating“Board of Directors: The SPACE EXPLORATION TECHNOLOGIES board currently has an independent majority, which enables it to more effectively fulfill its critical function of overseeing management on behalf of shareholders. The company has failed to split the roles of CEO and chairman, which may limit the board's independence from current management interests. Split CEO and chairman roles are characteristic of 67% of companies in this market.”Welltower CFO's $167 million pay package sets new recordWelltower's Tim McHugh is the new highest-paid finance chief among the biggest U.S. companies. His $167 million pay package in 2025 not only dwarfs that of his CFO peers but also outpaces the compensation of many CEOs.McHugh's pay at Welltower, a real-estate investment trust focused on rental housing for seniors, surpasses the $139 million compensation package received by Tesla's Vaibhav Taneja in 2024. This puts him more than $135 million above Alphabet's Anat Ashkenazi, the next highest-paid CFO in 2025. And it secures him a spot in the club of executives making $100 million or more, a group that remains rare.Here's what the article DID NOT MENTION: CEO Shankh Mitra: $821MGoodliest of the Week (MM/DR):DR: Scientists Say New Method Turns Coffee Grounds Into High-Potency Renewable FuelAccording to a press release from South Korea's National Research Council of Science and Technology, a team of researchers at the Korea Institute of Geoscience and Mineral Resources (KIGAM) have developed a method to convert spent coffee waste into high-quality charcoal, known as biochar.While that's a feat in and of itself, the kicker is the method's blistering speed: it takes just 90 seconds from start to finish, with no drawn-out drying process or oil separation required. According to the release, the new technique solves a major issue in extracting the latent energy potential of spent coffee beans.DR: Bill to raise minimum wage to $25 an hour will be introduced in Senate DR MMThe bill would incrementally increase the minimum wage from its current rate of $7.25, with the first jump to $12 an hour in the first year of enactment. Major corporations would have six years to work up to a $25 minimum wage, while smaller employers would have a 13-year runway. The legislation would also do away with subminimum wages for tipped workers, such as restaurant servers, youth workers and workers with disabilities. Nearly half of the American workforce makes less than $25 an hour.DR: Federal judge blocks new law aimed at ESG, DEI investing decisionsA federal judge has blocked Kansas from enforcing a new law that requires institutional investment advisers to make certain disclosures when recommending against company management on issues, including environmental, social and governance principles.U.S. District Judge Holly Teeter on Wednesday issued a preliminary injunction halting enforcement of law enacted last session that two major national institutional investment advisers said was unconstitutional because it discriminated based on speech.MM: MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last yearAssholiest of the Week (MM):CEO SPEED ROUND - ONE HEADLINE, ONE CEO, ONE LINERTim Cook - It's pretty sweet to quit your job and let the new guy fight the union: Apple closed America's first unionized store and blocked workers from transfers — now the union is fighting backJamie Dimon - It was easy - we just pointed to the ones with boobs and said “Not you”: How JPMorgan went from 3 female CEO contenders to an all-male succession raceZuck - The best thing about being a little man king with no accountability is I can randomly change and unchange and rechange my mind… about people's lives: Meta pauses an AI training program that tracks employees' keystrokes after an internal leakLarry Fink - Have you SEEN the size of my signature??? Fucking come to work: A 6 year study shows which CEOs are pushing RTO mandates: The ones with the biggest egos“In the six-year study, researchers collected data on Fortune 500 CEOs, using behavioral proxies—signature size, photo size in annual reports, pay gap relative to peers—to construct narcissism scores. The higher the score, the more likely a CEO was to publicly oppose remote and hybrid work and seek additional status (like a board chairmanship). In a separate experiment, CEOs whose egos were primed—by reflecting on the assertive leadership styles of Steve Jobs and Larry Ellison—showed significantly greater opposition to working from home than a control group”Andy Jassy - Now we know EXACTLY when you're wasting our time peeing in a bottle instead of working: Amazon is on a mission to optimize warehouse work. Its latest test puts wearable devices on support staff.Nikesh Arora - If you just said, “Who?”, you better pay attention because I have important things to say: Palo Alto Networks CEO: We're in 'a Darwinian moment' where employees have to prove their AI skills - BRONZE ASSHOLESatya Nadella - If I complain about how everyone TALKS about AI, does that make me sound more sympathetic?: Microsoft's CEO Takes Aim At AI Companies: 'We Have To Walk The Walk' To Convince The Public - GOLDEN ASSHOLEJeff Bezos - I mean, if I'm honest, everyone is terrible and should be laid off: Jeff Bezos Called Washington Post His Worst Investment and Staff He Laid Off ‘Terrible' People - SILVER ASSHOLEBrian Moynihan - I mean, or your kid was late to school because they forgot to make their card for teacher appreciation day, you didn't eat breakfast, and you rushed in to work from the office as fast as you could because working from home isn't allowed anymore: By 7 a.m., Bank of America's CEO has already read 5 newspapers, his email inbox, and hit the gym—he says if you're late to meetings, you're ‘selfish'Dave Ramsey - 0.0001% of Musk's worst day could end hunger ON EARTH, but sure, take away Halloween and pets from the rest of us: Dave Ramsey Says 20% of Americans' Halloween and Pet Budgets Could End Hunger: 'There'd Be No Hungry Kids'Headliniest of the WeekDR: Beloved Grandmother Was Standing in Her Own House When a Tesla, Allegedly on Autopilot, Smashed Through the Wall and Killed Her in Grandchildren's PlayroomA popular password manager was hit by a hack. What you need to know—and how to keep your data safeMM: Ryanair says it will reluctantly not charge parents to sit next to childrenMM: Elon Musk will get a billion shares of SpaceX if he can settle a million humans on MarsJust make it 10 trillion shares if he can safely land Gus who sleeps at the bus station on NeptuneWho Won the Week?DR: The MotherS(C)hIpMM: ESG RatingsPredictionsDR: Symbolically giving up your $35 billion CEO pay package becomes the new $1 salary: proxy statements will say: “Our CEO generously waived his $35 billion pay package as a gesture of sacrifice to lead by example, preserve corporate cash, and show solidarity with displaced workers and stressed stakeholders.”MM: Ryanair announces a new fee children can pay to sit AWAY from their parents

When we sat down with Paul Andre Huet, CEO of America's Gold and Silver, for our latest Payne Points of Wealth episode, one theme became clear: The demand story for silver is evolving and expanding. Let's break it down in simple terms. 1. Electrification of the Economy Silver is one of the best electrical conductors in the world. That makes it critical for: electric vehicles charging infrastructure transmission systems As more of the global economy moves from fossil fuels to electricity, the need for efficient conductive materials rises, and silver plays a central role. 2. Electronics & Connectivity Virtually every modern electronic device contains silver: smartphones laptops semiconductors circuit boards As the world becomes more connected, the baseline demand here isn't shrinking, it's steadily expanding. 3. Solar Energy Solar panels use silver in their photovoltaic cells. Every installation: from residential rooftops to utility-scale solar farms requires it. As countries continue: reducing carbon emissions investing in renewable energy building out grid capacity Silver demand increases alongside that transition. 4. Automotive (Beyond EVs) Even traditional vehicles rely on silver in: electronics safety systems sensors Modern cars, especially higher-end models are increasingly electronic systems on wheels. The Supply Reality While use cases are expanding, supply isn't as flexible. Many silver mines don't produce silver as their primary output Production is often tied to other metals like copper or lead Opening new mines takes years, often a decade or more This creates a dynamic where: demand can rise quickly supply responds slowly That imbalance tends to matter over time. Where Investors Often Get It Wrong Investors tend to focus on what's obvious. Today, that means: The Magnificent Seven: Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta and Tesla Widely discussed semiconductor stocks Big IPOs like SpaceX, OpenAI & Anthropic But in markets, leadership rotates. Yesterday's winners aren't usually tomorrow's leaders. Most of the best opportunities don't come from chasing what's already worked, but where the underlying drivers are changing. Silver may be one of those areas. Not because of a single headline. But because of a broad, overlapping set of use cases that continue to grow. A Financial Planning Perspective Now, this is where discipline becomes important. A compelling story does not automatically mean it should be in a portfolio. When we think about building a portfolio, we're NOT asking: “Is this interesting?” We're asking: Do I have all my bases covered when building a diversified allocation? If commodities like silver rise, does my portfolio benefit? How can owning different asset classes in my portfolio reduce volatility? Does my portfolio align with my long-term financial goals? Because a stand-alone commodity like silver can: be cyclical experience sharp price swings move on sentiment as much as fundamentals Instead, owing a diversified basket of commodities that includes silver, can potentially lower overall portfolio risk, not increase it The Bigger Takeaway One of the most valuable insights from our conversation wasn't about predicting silver prices. It was about something more fundamental: where demand is quietly growing in the real economy. We're seeing: more electrification more energy transformation more connectivity more industrial complexity And silver sits at the intersection of all of it. Final Thought Over the long term, markets rarely reward investors for buying what's hot today, they reward allocating capital to sectors and asset classes before they become widely popular among investors. Right now, silver is becoming more embedded in how the world operates: how we produce energy how we move how we communicate how we build That doesn't mean it's definitely going higher. And it doesn't replace the need for a diversified, disciplined plan. But it does mean it's worth paying attention to. If you haven't yet, we encourage you to listen to Episode 245 of Payne Points of Wealth, it's a great discussion on how evolving real-world demand, operational execution, and long-term investing intersect.

Like it or not, Micron is driving the stock market and the company's earnings report will tell us a lot about the future of memory and compute demand. Plus, we talk about Meta's new prediction markets app and Alphabet joining the Dow Jones Industrial Average.Travis Hoium, Lou Whiteman, and Rachel Warren discuss:- Memory's Wild Ride- Micron's Earnings- Meta & Prediction Markets- Can Zuck Innovate?- Alphabet Joins the Dow- Why the Dow Doesn't MatterCompanies discussed: Micron (MU), Meta Platforms (META), Alphabet (GOOG, GOOGL).Host: Travis HoiumGuests: Lou Whiteman, Rachel WarrenEngineer: Kristi Waterworth Disclosure: Advertisements are sponsored content and provided for informational purposes only. The Motley Fool and its affiliates (collectively, “TMF”) do not endorse, recommend, or verify the accuracy or completeness of the statements made within advertisements. TMF is not involved in the offer, sale, or solicitation of any securities advertised herein and makes no representations regarding the suitability, or risks associated with any investment opportunity presented. Investors should conduct their own due diligence and consult with legal, tax, and financial advisors before making any investment decisions. TMF assumes no responsibility for any losses or damages arising from this advertisement. We're committed to transparency: All personal opinions in advertisements from Fools are their own. The product advertised in this episode was loaned to TMF and was returned after a test period or the product advertised in this episode was purchased by TMF. Advertiser has paid for the sponsorship of this episode. Learn more about your ad choices. Visit ⁠⁠megaphone.fm/adchoices⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Announcing the CTP for SpaceX. MahJong Craze gone wild. Goodbye to Alan Greenspan – The Maestro. Have you seen RAM prices? 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 - Announcing the CTP for SpaceX - MahJong Craze - Goodbye to Alan Greenspan - The Maestro - Have you seen RAM prices? Markets - Economic Collapse Imminent? - Breathe is narrowing again - chips chips chips are the only play - Spacex coming back down to earth? What is that sucking sound? -- Markets getting weird..... 3% down for NASDAQ 100 today - 8% for SMH and 14% for Memory ETF - Just announced - Alphabet (Google) will replace Verizon in DJIA DEDICATION: Alan Greenspan - Died Monday at age 100 Google Enters DJIA - High priced shares - Moves tech to 22% of DJIA from 17% or so - very meaningful move - Every $1 move for Google = $7 move on DJIA - Tech:  S&P 500 (~30%+), Nasdaq (~50%+) Computer Pricing - What as $2,000 a year ago for a nice desktop is not like $4,000 - Dell not holding pricing quotes - and even if they do, back ordered so prices could go up after order - Will IPOs put more money in the pocket of tech companies to buy gear at any price? Endless - SpaceX recently finalized two massive, multibillion-dollar artificial intelligence contracts: a $6.3 billion computing power agreement with Reflection AI and a $60 billion acquisition of the AI coding startup Cursor. - AI Compute Deal with Reflection AI - - - - The Terms: Reflection AI agreed to pay SpaceXAI $150 million per month from July 2026 through the end of 2029. - - -- - - The Infrastructure: The startup will tap into hardware and GB300 chips housed at SpaceX's Colossus 2 data center in Memphis, Tennessee. More SpaceX - SpaceX shares were as high as $220 post IPO. - Sharea ahve been down over the past 3 days. - Most that got in POST IPO probably bought in at about $162-$165 - Newsline: SpaceX shares slipped for a third straight day, shedding hundreds of billions of dollars in market value, after the company said it is selling investment-grade bonds for the first time. - The stock fell 16% Monday to close at $154.60, the lowest level since the company's first day of trading, pushing its three-day loss to 23% and erasing over $600 billion in value over that period. - SpaceX is seeking to raise at least $20 billion from the first bond offering to fund its artificial-intelligence ambitions. Missed Opportunity - Short the Mattress companies he said...... ----- Got squeezed out....Never to return Swing and a Miss Maybe Because this can happen... - Shares of Getty Images Holdings Inc. soared as much as 145% on Monday after it announced a licensing deal with OpenAI. - Getty said that images from its library will appear in the search and discovery features of ChatGPT, marking a key reversal for the firm. - The partnership with OpenAI could improve “licensing optics” and shift the narrative on the stock, according to analyst Mark Zgutowicz. - Getty shares were up 118% to $1.32 as of 12:44 p.m. in New York, putting them on track for the best session since July 2022. The stock had fallen about 55% this year to close at 61 cents on Thursday before the Juneteenth holiday weekend began. KOREA - SK Hynix - New #1 in South Korea: SK Hynix surpassed Samsung Electronics on Monday to become the country's most valuable listed company. - Remarkable turnaround: A striking reversal for a chipmaker that nearly collapsed under heavy debt roughly two decades ago. (CYCLES) - AI memory leader: Now the dominant supplier of high-bandwidth memory (HBM) chips powering AI systems. - Marquee customers: Key buyers include Nvidia (NVDA) and Alphabet's Google (GOOGL). - Massive 2026 rally: Shares are up more than 340% year-to-date, fueled by the global AI boom. - Market cap milestone: Valuation now exceeds both Samsung and Micron (MU). Markets Get Chopped - Questions being asked about if AI spend boom producing fast enough return - Back to earth on valuation scare - (all of a sudden?) - KOSPI down 11% - Chips getting hit - 12% for Memory ETF - MU down 9%, Intel 4%, ASML 7% RAM Prices... - Looking at some additional RAM today for some office computers .... --- ARE THEY KIDDING? RAM Prices Imminent Collapse???? - President Donald Trump said the prospect of global economic collapse was a big reason he signed an interim peace deal with Iran. - According to sources, the deal reopened the Strait of Hormuz and set in motion waivers for sanctions on Iran's oil sales to the international market, with the effect being an immediate drop in oil prices and a rise in US stocks. - The agreement has been seen as skewed in Iran's favor, giving the country broad gains before the next round of talks, and has prompted pushback and anger from Republican lawmakers. - MOU signed lat Wednesday - also now more waivers of sanctions on sale of Iranian oil - 60 day reprieve. China - Weak economic conditions - H Shares about to enter bear market - Hong Kong - Close to a technical bear market, dragged down by weak domestic consumption, a struggling property sector, and an exodus of funds fleeing "old tech" for AI plays elsewhere in Asia. - A-shares are listed in mainland China (Shanghai/Shenzhen) and primarily target domestic investors. H-shares are listed in Hong Kong and are freely available to international investors More China - Retail sales declined for the first time since December 2022, dropping 0.6% from a year earlier. - China's urban fixed-asset investment contracted 4.1% as of end-May, dragged by real estate and manufacturing. - Manufacturing fixed-asset investment contracted for the first time since December 2020. - Industrial output was the lone bright spot, rebounding from April's near three-year low. - The national unemployment rate fell to 5.1% in May, compared with 5.2% in April. Marrrr Jonggg - Mahjong can be highly addictive due to its rewarding blend of strategy, luck, and social interaction. The rapid tile-drawing, need for pattern recognition, and "just one more round" mentality trigger dopamine releases. If compulsive play disrupts your finances or daily life, it can become a behavioral addiction requiring intervention. - Tactile and Auditory Appeal: Many users on community forums like Reddit agree that the physical weight, texture, and distinct clinking sound of shuffling tiles provide soothing, sensory satisfaction. - There has been a 70% surge in mahjong content on TikTok in the past year - Yelp recently named the Chinese tile game a top trend of 2026, noting that searches for mahjong clubs surged 4,467% year over year for the period from September 2024 to August 2025 and that searches for mahjong lessons rose 819%. Alphabet - WHAT>????*&*^ - Alphabet shares slid 7%, on track for the search giant's worst day in a year. - Alphabet's Google has seen consecutive high-profile researchers leave in the last several days. - The company also has exposure to the market's concerns around commoditized AI and ballooning capital expenditures. - The share slide also came on the heels of a Sunday Wall Street Journal interview with Microsoft CEO Satya Nadella, who called for less dependence on “AI Giants” and said the AI market was commoditized. Back to Oracle - Oracle reduced workforce by 21,000 employees over past twelve months. - Cuts broader than previously disclosed, driven by artificial intelligence adoption. - Global headcount fell from 162,000 to 141,000 full-time employees year-over-year. - Workforce reductions generated $1.8 billion in restructuring costs, company reported. - Company warned AI deployment may continue resulting in workforce reductions. NVDA - Underperforming - Nvidia shares slipping recently despite remaining up about 12% in 2026. - Stock down roughly 3% past month, underperforming semiconductor peers. - SMH ETF surged 84% year-to-date, gaining 15% last month. - Traders predict Nvidia chip pricing power is beginning to decline. - Wall Street focus shifting toward memory and infrastructure AI buildout. - Micron and Sandisk shares jumped nearly 60% over past month. Gloom and Doom - JCD sent interesting take from Chris Bloomstran - Traditionally asset light companies with all sorts of revenue, high margins now.... ---- Converting into asset heavy with no real understanding of what the profitability or even revue will be in the future ----- Here are the highlights of his commentary we can explre: ------------AI buildout shifting markets from asset-light toward capital-intensive infrastructure cycle - Hyperscaler capex surge reflects move into heavy, long-duration asset base - Massive capital requirements challenge economics versus prior asset-light models - Depreciation burden rising sharply as infrastructure scales across AI ecosystem - Returns depend on utilization of expensive, long-lived physical compute assets - Asset-heavy cycles historically lead to overbuild, weak returns, eventual consolidation - Infrastructure spending absorbing nearly all operating cash flow for hyperscalers - Off-balance-sheet financing masking true scale of capital intensity shift - AI economics hinge more on physical capacity than software-driven scalability - Echoes of past asset-heavy booms with eventual oversupply and value destruction Amazon Day - Today - June 26th - US consumers will spend $26.3 billion online at Amazon and other retailers during the four-day sale, up 9% from last year's event in July, according to Adobe Inc. - About 201 million Amazon shoppers in the US were Prime subscribers as of March, up about 3% from a year earlier - Amazon will capture about 60% of all US online spending during Prime Day, its highest market share since 2019, according to estimates from EMarketer Inc. Chevron and Microsoft - Chevron Corp signed 20-year deal with Microsoft for data center power. - Agreement supplies natural-gas fired generation for massive West Texas facility. - Project Kilby expected online 2028, ramping to 2.67 gigawatts. - Full output enough to power more than 530,000 Texas homes. - Chevron partnering Engine No. 1, final investment decision planned later. - Deal follows prior reports of exclusive long-term power negotiations. More Oil News - Drill baby Drill - Interior Department cutting federal drilling bonds by 95% to spur exploration. - Required bond drops from $500,000 to $25,000 for leases. - Bonds ensure cleanup costs don't fall on taxpayers if wells abandoned. - Policy change aims to encourage more oil and gas development. - Proposal subject to 60-day public comment after Federal Register publication. FedEx Earnings - FedEx posted strong fiscal fourth-quarter earnings on Tuesday in the company's last quarter that included the freight business before its spin off. - FedEx Freight spun off into a separate publicly traded company on June 1. - The company said it saw a 3% year-over-year increase in domestic volume. - Stock down 6% A/H   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'); ANNOUNCING the THE CLOSEST TO THE PIN for SpaceX (SPCX) 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

In an extended interview, U.S. Treasury Secretary Scott Bessent addresses the administration's approach to tariffs, negotiations with Iran, and his own view on America's AI dominance and regulation, and the future of the Federal Reserve. The morning after the NYC primary elections, Sec. Bessent also weighs in on the future of the Democratic Party. Plus, Google parent Alphabet has replaced Verizon in the Dow Jones Industrial Average.   Sec. Scott Bessent - 16:24   In this episode: Scott Bessent, @SecScottBessent Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Katie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Carl Quintanilla, David Faber and Leslie Picker explored what's ahead for the tech sector in wake of Tuesday's sell-off — and ahead of Micron's earnings due out after Wednesday's close of trading. The anchors also discussed OpenAl and Broadcom unveiling their new custom AI chip, called "Jalapeño." Brian Sullivan joined the anchors at Post 9 to discuss WTI crude falling below $70/barrel for the first time since the early stages of the Iran war. Seema Mody delivered a live report from inside GE Vernova's turbine factory — as the company looks to meet hyperscalers' demand for AI power. Also in focus: Cerebras tumbles on its first earnings report since going public, Alphabet to replace Verizon in the Dow, FedEx earnings reaction, what Treasury Secretary Bessent told CNBC about economic growth.   Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

#873: A look back at the career of Alan Greenspan, former Fed chair, who passed away at age 100. Google invests $75M into A24 for a new AI partnership. A Wall Street Journal investigation found Polymarket faked videos of creators winning large bets on their platform. Toby's Trends on Instagram testing horizontal longform videos on the app. SpaceX shares tumble after a $400B selloff and Alphabet shares fall after key AI researchers depart. To learn more visit https://www.servicenow.com Subscribe to Morning Brew Daily for more of the news you need to start your day. Share the show with a friend, and leave us a review on your favorite podcast app. Listen to Morning Brew Daily Here:⁠ ⁠⁠https://www.swap.fm/l/mbd-note⁠⁠⁠  Watch Morning Brew Daily Here:⁠ ⁠⁠https://www.youtube.com/@MorningBrewDailyShow⁠ This experience may not be representative of other Wealthfront clients, and there is no guarantee of future performance or success. Experiences will vary. Neal Fryman and Toby Howell, are clients of Wealthfront, receive cash compensation from Wealthfront Brokerage for paid testimonials in this podcast, creating a conflict of interest. More details available via the referral link.  https://wealthfron.com/morningbrew New clients get 3.30% base APY from program banks + additional 0.75% boost for 3 months on your uninvested cash (max $150k balance). Terms and conditions apply. The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of January 30, 2026, is representative, requires no minimum, and may change at any time. References to the APY for the Wealthfront Cash Account, including any APY increase, are to the APY paid by insured depository institutions that participate in our cash sweep program (the "Program Banks”). Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Learn more about your ad choices. Visit megaphone.fm/adchoices

Technology shares fell around the world as investors pulled back from some of the market's biggest AI-driven winners. The sell-off highlighted potential vulnerabilities in a sector that has fueled much of the market's recent growth. Subscribe to our newsletter to stay informed with the latest news from a leading Black-owned & controlled media company: https://aurn.com/newsletter Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

What happens when the biggest AI companies in the world borrow hundreds of billions of dollars to build infrastructure before the demand is fully proven?In this episode of Corporate Finance Explained, we unpack the corporate finance behind the AI boom and explore how Amazon, Microsoft, Meta, and Alphabet are funding one of the largest private capital investment cycles in modern history. With projected AI infrastructure spending approaching $700 billion, the real story is not the technology itself. It's the debt, capital structures, and financial risk sitting beneath the headlines.We break down how hyperscalers are using project finance, special purpose vehicles (SPVs), private credit, and long-term power contracts to build massive AI data centers at unprecedented speed. Along the way, we examine the growing debate around GPU depreciation, AI infrastructure economics, and whether today's AI buildout resembles past capital cycles like railroads and telecom networks.

In der heutigen Folge sprechen die Finanzjournalisten Daniel Eckert und Lea Oetjen über die Vorschläge der Rentenkommission, den 130-Prozent-Sprung von Getty Images und den Tod des Maestros der Märkte. Außerdem geht es um Infineon Technologies, Samsung Electronics, Elmos Semiconductor, Siltronic, Suss MicroTec, Carl Zeiss Meditec, OHB, KKR, Alphabet, SpaceX, Amazon, Apple, TSMC (Taiwan Semiconductor Manufacturing), SPDR Gold Shares (WKN: A0Q27V), IncomeShares Gold+ Yield ETP (WKN: A4AH1M), Euwax Gold II (WKN: EWG2LD), Global X Nasdaq 100 Covered Call ETF (WKN: A2QR39), Invesco EQQQ Nasdaq-100 ETF (WKN: A2N6RV). Und mit dem Code „AAAFRIENDS“ spart ihr jetzt 50 Prozent auf Eure Tickets beim Finance Summit am 2. Oktober – aber nur unter diesem Link: https://veranstaltung.businessinsider.de/event/financesummit26/summary?rp=c6dc55d6-6f4f-4fb4-b75f-3f3501d84859 Wir freuen uns an Feedback über aaa@welt.de. Noch mehr "Alles auf Aktien" findet Ihr bei WELTplus und Apple Podcasts – inklusive aller Artikel der Hosts. Hier bei WELT: https://www.welt.de/podcasts/alles-auf-aktien/plus247399208/Boersen-Podcast-AAA-Bonus-Folgen-Jede-Woche-noch-mehr-Antworten-auf-Eure-Boersen-Fragen.html. Hier könnt ihr den AAA-Newsletter abonnieren: https://www.welt.de/newsletter/article232797673/Alles-auf-Aktien-Der-taegliche-Boersen-Newsletter-fuer-WELTplus-Abonnenten.html Und – ganz neu: AAA gibt es jetzt auch auf Instagram: https://www.instagram.com/alles_auf_aktien/ Disclaimer: Die im Podcast besprochenen Aktien und Fonds stellen keine spezifischen Kauf- oder Anlage-Empfehlungen dar. Die Moderatoren und der Verlag haften nicht für etwaige Verluste, die aufgrund der Umsetzung der Gedanken oder Ideen entstehen. Hörtipps: Für alle, die noch mehr wissen wollen: Holger Zschäpitz können Sie jede Woche im Finanz- und Wirtschaftspodcast "Deffner&Zschäpitz" hören. +++ Werbung +++ Du möchtest mehr über unsere Werbepartner erfahren? Hier findest du alle Infos & Rabatte! https://linktr.ee/alles_auf_aktien Impressum: https://www.welt.de/services/article7893735/Impressum.html Datenschutz: https://www.welt.de/services/article157550705/Datenschutzerklaerung-WELT-DIGITAL.html

En el episodio de hoy Juan Manuel de los Reyes y Valentina Orduz analizaron uno de los debuts bursátiles más comentados del año: SpaceX. Desde la euforia del primer día hasta una corrección cercana al 25%, exploraron qué dicen realmente sus números financieros, qué significa su reserva de efectivo y por qué salió a buscar $20 mil millones en bonos apenas 10 días después de su IPO. También revisaron cómo las grandes tecnológicas como Alphabet, Microsoft, Amazon y Meta atraviesan una corrección que tiene más que ver con la paciencia del mercado frente al gasto en inteligencia artificial que con negocios deteriorados. Cerraron con el Amazon Prime Day 2026, un termómetro clave del consumidor americano, y con una reflexión sobre quién está ganando realmente la carrera de la IA.

Ohne Aktien-Zugang ist's schwer? Starte jetzt bei unserem Partner Scalable Capital. Mit eigenem KI-Chatbot, der dir alle Fragen rund ums Investieren beantwortet. Alle weiteren Infos gibt's hier: scalable.capital/oaws. Alan Greenspan ist verstorben. Alphabet verliert KI-Star, investiert in A24. AbbVie kauft Apogee, CRH schnappt sich Arcosa. Getty verdoppelt sich durch OpenAI. Deutschland kauft bei KNDS. SpaceX vermietet und verkauft. Danone will Protein. Carl Zeiss kauft sich selbst. Secunet (WKN: 727650) ist der IT-Sicherheitsdienstleister der Bundesrepublik. Auftragseingang fast verdoppelt. Rüstung, Quantenverschlüsselung und eGates treiben. Aber zahlt sich das auch in der Marge aus? Li Ning (WKN: A0M0Z9) holt Steph Curry für 400 Mio. $. Chinas Nike mit nur 3% Wachstum, aber einem KGV unter 10 und 4% Dividende. Katalysator oder Value-Trap? Diesen Podcast vom 23.06.2026, 3:00 Uhr stellt dir die Podstars GmbH (Noah Leidinger) zur Verfügung. Learn more about your ad choices. Visit megaphone.fm/adchoices

Plus: Apogee shares shoot higher as the pharmaceutical giant AbbVie agrees to buy the biotech company for about $10.9 billion. Shares of Intel and Micron climb amid memory-chip shortage. Alexis Green hosts. Sign up for WSJ's free What's News newsletter. An artificial-intelligence tool assisted in the making of this episode by creating summaries that were based on Wall Street Journal reporting and reviewed and adapted by an editor. Learn more about your ad choices. Visit megaphone.fm/adchoices

Carl Quintanilla and Sara Eisen kicked off the hour with fresh news out of SpaceX before turning to a sell-off in Alphabet shares with veteran tech investor Dan Niles. Plus: energy prices also falling as the U.S.-Iran deal talks make progress... What could come next - with one former diplomat that played a key role in Obama's Iran nuclear deal.  Elsewhere this hour: a read on airline stocks - and whether higher airfares are here to stay; plus: one former Fed member's remembrance of his time working alongside Alan Greenspan - and what he thinks Greenspan would have thought about current market exuberance.  Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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CNBC's MacKenzie Sigalos reports on news regarding Alphabet's share price.   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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Daniel Mahncke and Shawn O'Malley take a deep dive into Copa Holdings — the Panama-based hub-and-spoke airline whose investment case now turns on two of the most debated questions in the stock today: whether Copa is a structural exception to the airline curse — protected by a geography no rival can copy and a cost base only a handful of carriers in the world can match — or whether even the best airline in the Americas eventually gets pulled into the same gravity that has destroyed value for nearly every other carrier. Some investors believe Copa is a structural exception the market consistently underprices because it's lumped in with the broader sector, with a Panama hub at the geographic center of the hemisphere that lets it serve 85 destinations using nothing but single-aisle 737s, a sub-6¢ ex-fuel cost base only Ryanair, Wizz Air, and a couple of others can match, a 99.8% completion rate that turns the "missed flight" tax hammering other carriers into one of Copa's structural cost advantages, and a 38-year CEO who has refused to expand into Europe or chase growth at any price. Join Daniel Mahncke and Shawn O'Malley as they work through whether Copa's hub-and-spoke economics are genuinely uncopiable or just holding off the gravity that has eventually captured nearly every other airline, examine what Copa's structural advantages actually look like in 2026 versus the "all airlines destroy capital" narrative the market still anchors to, and assess whether Copa Holdings deserves a spot in The Intrinsic Value Portfolio. IN THIS EPISODE YOU'LL LEARN: (00:00:00) Intro (00:00:47) Why airlines are such a tough business to be in (00:02:49) What Buffett and other superinvestors think (00:16:05) Why Copa is different than other airlines (00:30:41) How being the best-in-class business can change the investors' outcome (00:36:37) How Copa built its moat (00:55:35) How Copa can defend its moat (01:17:25) Valuation discussion of Copa (01:19:47) Whether Copa is valued attractively (01:22:31) Whether Shawn and Daniel add CPA to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Track ⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠. Try out our Portfolio Review ⁠Submit Tool⁠. Check out the Value Investor Club ⁠Article⁠. Read the Asymmetric Edge Substack Article. Warren Buffett on the Airline Industry in his Annual Letters. Follow Shawn on ⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠. Follow Daniel on ⁠⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠. Check out our previous Intrinsic Value breakdowns: Uber, Nike, Reddit, Nintendo, Airbnb, AutoZone, Alphabet, Ulta, John Deere, Madison Square Garden Sports. Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ mentioned in the podcast. Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. NEW TO THE SHOW? Get smarter about valuing businesses through ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. 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Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. SPONSORS Support our free podcast by supporting our sponsors: Fiscal.AI References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor's Podcast Network is not responsible for any claims made by them. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In this week's episode of WSJ's Take On the Week, host Telis Demos and Heard on the Street columnist Jonathan Weil sit down with Kevin Koharki, principal at CAE Consulting and professor at Purdue University, to pull back the curtain on the opaque world of tech companies' financial statements. They dig into why the massive infrastructure spend on AI data centers might be obscuring other fundamental corporate costs, specifically stock-based compensation. Koharki explains why tech giants like Meta, Microsoft, Nvidia and Google's parent company Alphabet need to provide clearer financial reporting. He breaks down the challenge investors face in distinguishing between necessary AI capital expenditure and other underlying costs, and why greater transparency is critical to accurately valuing these businesses in the current market. This is WSJ's Take On the Week where co-hosts Telis Demos, Heard on the Street's banking and money columnist, and Miriam Gottfried, WSJ's investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We'd love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading Meta Rakes It In, Yet Still Borrows Billions for AI  Turbocharged Earnings Are Pushing Stocks Higher. There's a Catch. For more coverage of the markets and your investments, head to WSJ.com, WSJ's Heard on The Street Column, and WSJ's Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Follow Miriam Gottfried here and Telis Demos here.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Host Michael Taft and guest Joe Hudson explore the crucial difference between awakening and liberation: why insight on the cushion does not automatically free us in relationship, shame, self-talk, or emotional reactivity. Joe reframes emotional practice as a path of awakening, inviting us not merely to accept difficult emotions, but to love them, feel them somatically, and discover the intelligence hidden inside. Together they unpack the “golden algorithm”—the emotions we most avoid are the ones we unconsciously keep recreating—and show how negative self-talk often masks unfelt fear, anger, or shame. Practical conversation about what happens after awakening, when the old wound is triggered and freedom has to show up exactly where we are least willing to feel.Joe Hudson is an executive coach whose teachings draw from ancient contemplative traditions, modern neuroscience, and psychology. He is a teacher for leaders at such companies as OpenAI, Alphabet, Apple, and more. He is also the founder of Art of Accomplishment, which facilitates experiential courses designed to cultivate ease, joy, and fulfillment in life. Find out more at https://www.artofaccomplishment.com/You can support the creation of future episodes of this podcast by contributing through Patreon.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Our guest this week, Alvin Wang Graylin spent 35 years in senior leadership roles across HTC, IBM, and other major tech companies. He ran HTC's VR division, came out of the famous HIT Lab, now teaches at MIT, holds a fellowship at Stanford, and just published a paper called "Beyond Rivalry" proposing a seven-point plan for deescalating US-China AI tensions and building a global safety net before the economy breaks.His thesis: America is the fastest in the AI race and the least prepared for what it's creating—a cliff where human labor theory of value collapses, capital concentration accelerates, and 40% of the population living month to month faces chaos.The conversation becomes a wide-ranging debate between Alvin, Charlie, and Rony about whether AGI will be benevolent by default (Alvin's position: research shows smarter AI seeks global coherence and becomes less controllable by individual humans, which may actually make it safer) or whether benevolence must be designed in from scratch.AI XR News You Should Know: Elon Musk merges SpaceX, xAI, and X into a single entity—Alvin dismantles the space data center concept with physics (vacuum cooling is a myth, micro-meteorite collisions would destroy hardware daily, and energy is only 10% of data center costs).Amazon invests $50 billion in OpenAI that round-trips back to AWS. Alphabet breaks revenue records at $400 billion but spooks investors by disclosing $90 billion in AI spending. ElevenLabs raises $500 million at $11 billion valuation. Rony's SynthBee hits unicorn status with $100 million raised at a multi-billion dollar valuation.Alvin warns the AI bubble dwarfs the dot-com era (298 companies raised $24 billion total during dot-com; OpenAI alone is raising that in a single private round) and predicts OpenAI may implode before going public.Key Moments Timestamps:[00:04:47] SpaceX/xAI/X merger: Rony calls it Elon's "return to Tony Stark form"[00:06:41] Alvin dismantles space data centers with physics: vacuum cooling myth, micro-meteorites, $7K/kg launch costs[00:10:04] Amazon's $50B investment in OpenAI as a round-trip to AWS; the scam economy[00:11:26] Alvin predicts OpenAI may implode before going public[00:14:23] Alvin on 35 years in AI: the technology is transformational but everyone's making a commodity product[00:17:04] The AI bubble dwarfs dot-com: $24B total vs. single private rounds today[00:19:04] Rony's contrarian: the $110 trillion global economy is what's being bet against[00:21:06] Labor theory of value collapses: what happens when humans exit the production cycle[00:23:00] America is fastest in the AI race and least prepared; 40% live month to month[00:24:00] Alvin's Stanford paper "Beyond Rivalry": a CERN for AI and global data pool[00:28:00] Davos reflections: the rest of the world is more rational than America[00:34:00] Chinese vs. American culture: reverence for teachers, respect for elders[00:42:00] Alvin's "Abundant" framework: valuing human dignity over production after AGI[00:44:22] The great debate: will AGI find benevolence naturally (Alvin) or must it be designed in (Rony)?[00:47:00] Rony on risk: AGI systems are unverifiable, untestable, and we cannot take the chanceListen to the full episode and subscribe to the AI XR Podcast for weekly conversations at the intersection of AI, XR, and the future of humanity.This episode is brought to you by Zappar, creators of Mattercraft—the leading visual development environment for building immersive 3D web experiences for mobile headsets and desktop. Build smarter at mattercraft.io. Hosted on Acast. See acast.com/privacy for more information.

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In der heutigen Folge sprechen die Finanzjournalisten Philipp Vetter und Holger Zschäpitz über die Trump-Rallye bei Intel, den Ritterschlag für QuantumScape und eine spektakuläre Hochstufung bei Marvell. Außerdem geht es um QuantumScape, Micron, KLA, Infineon, BMW, Mercedes-Benz, Volkswagen, Schaeffler, Lockheed Martin, Northrop Grumman, L3Harris Technologies, Kroger, Honda, Applied Optoelectronics, SanDisk, Western Digital, Seagate Technology, Celestica, Vertiv, Argan, NextEra Energy, Dominion Energy, Xcel Energy, Capgemini, Cognizant, Infosys, Wipro, EPAM Systems, Globant, Concentrix, BILL Holdings, DXC Technology, Gartner, Robert Half, ManpowerGroup, Coursera, SoundHound AI, Duolingo, VeriSign, Goldman Sachs, Tata Consultancy Services, Microsoft, Amazon, Alphabet, Siemens. Wir freuen uns an Feedback über aaa@welt.de. Noch mehr "Alles auf Aktien" findet Ihr bei WELTplus und Apple Podcasts – inklusive aller Artikel der Hosts. Hier bei WELT: https://www.welt.de/podcasts/alles-auf-aktien/plus247399208/Boersen-Podcast-AAA-Bonus-Folgen-Jede-Woche-noch-mehr-Antworten-auf-Eure-Boersen-Fragen.html. Hier könnt ihr den AAA-Newsletter abonnieren: https://www.welt.de/newsletter/article232797673/Alles-auf-Aktien-Der-taegliche-Boersen-Newsletter-fuer-WELTplus-Abonnenten.html Und - ganz neu: AAA gibt es jetzt auch auf Instagram: https://www.instagram.com/alles_auf_aktien/ Disclaimer: Die im Podcast besprochenen Aktien und Fonds stellen keine spezifischen Kauf- oder Anlage-Empfehlungen dar. Die Moderatoren und der Verlag haften nicht für etwaige Verluste, die aufgrund der Umsetzung der Gedanken oder Ideen entstehen. Hörtipps: Für alle, die noch mehr wissen wollen: Holger Zschäpitz können Sie jede Woche im Finanz- und Wirtschaftspodcast "Deffner&Zschäpitz" hören. +++ Werbung +++ Du möchtest mehr über unsere Werbepartner erfahren? Hier findest du alle Infos & Rabatte! https://linktr.ee/alles_auf_aktien Impressum: https://www.welt.de/services/article7893735/Impressum.html Datenschutz: https://www.welt.de/services/article157550705/Datenschutzerklaerung-WELT-DIGITAL.html

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Das Buch zum Podcast gibt's hier. Aktien hören ist gut. Aktien kaufen ist besser. Bei unserem Partner Scalable Capital geht's unbegrenzt per Trading-Flatrate und auf der hauseigenen European Investor Exchange, die genau auf Privatanleger zugeschnitten ist. Alle weiteren Infos gibt's hier: scalable.capital/oaws. Apple wird teurer wegen Speicherchipkosten. Intel legt zu nach Trump-Post. Alphabet verliert Top-KI-Entwickler an OpenAI. Accenture crasht. Ölpreis fällt nach Iran-Deal. Siemens Energy denkt über Abspaltung nach. Chemie & Autos haben's schwer. Auch durch BYD. Tennant (WKN: 858055) baut Reinigungsroboter für Supermärkte und Flughäfen. Eine ERP-Umstellung legte den Betrieb lahm. Jetzt KGV 15 und wachsender Robotik-Anteil. Chance nach dem Chaos? ASML (WKN: A1J4U4) hat sich 2025 verdoppelt, hinkt aber NVIDIA und Samsung hinterher. KGV 50, dafür stabiler als andere Chip-Aktien. Unterschätzt die Börse Europas wichtigsten Chip-Player? Diesen Podcast vom 19.06.2026, 3:00 Uhr stellt dir die Podstars GmbH (Noah Leidinger) zur Verfügung. Learn more about your ad choices. Visit megaphone.fm/adchoices

En weer moet ASML dealen met de Amerikaanse regering. Dit keer is het handelsminister Howard Lutnick die de directie op het matje roept. Volgens hem zouden de nieuwste machines van ASML naar China gaan, ondanks het exportverbod. Persbureau Bloomberg sprak met mensen uit de Amerikaanse regering. Die zeggen bewijs te hebben, zonder bewijs te overleggen. ASML ontkent en zegt dat ze helemaal geen nieuwste machines leveren. Hoe dan ook: het is wéér gedoe dat ASML op zijn bordje krijgt. Hoe moet het bedrijf hier nu weer mee omgaan? We kijken er deze aflevering na. Ook wat dit met je ASML-aandeel doet. Hebben we het ook over het nieuws Prosus. Dat krijgt steeds meer vorm, blijkt uit de nieuwe trading update. Maar wanneer kennen beleggers ook die hogere beurswaarde toe aan het bedrijf? Verder gaat het over SpaceX. Dat ging als een raket op de beurs, maar de motor begon te haperen. De koers van het aandeel ging naar beneden. Ondertussen probeert het bedrijf nog even 20 miljard op te halen bij investeerders, nadat het afgelopen week al ruim 80(!) miljard ophaalde. Gaat het ze lukken? Ook kijken we naar de falende robotaxi's van Aplhabet, mogelijke claims tegen Meta en we bespreken de deal tussen Iran en de VS. Is die deal nu alweer mislukt? Te gast: Errol Keyner van de Vereniging van Effectenbezitters BNR Beurs is een journalistiek onafhankelijke productie, mede mogelijk gemaakt door Saxo. Over de makers: Jelle Maasbach is presentator van BNR Beurs en freelance financieel journalist. Zijn favoriete aandeel om over te praten is Disney, maar daar lijkt hij de enige in te zijn. Sinds de eerste uitzending van BNR Beurs is 'ie er bij. Maxim van Mil is presentator van BNR Beurs en journalist bij BNR, waar hij zich focust op de financiële markten en ontwikkelingen in de tech-wereld. Je krijgt hem het meest enthousiast als hij kan praten over ASML, of oer-Hollandse bedrijven zoals Ahold of ABN Amro. Jorik Simonides is presentator van BNR Beurs, economieredacteur en verslaggever bij BNR. Hij wordt er vooral blij van als het een keer níet over AI gaat. Je hoort hem ook in de BNR-podcast Moerdijk: dorp van de rekening. Milou Brand is presentator van BNR Beurs, freelance podcastmaker en columnist bij het Financieele Dagblad. Jochem Visser is presentator van BNR Beurs, maakt Beursnerd XL en is redacteur bij de podcast Onder Curatoren. Vraag hem naar obscure zaken op financiële markten en hij vertelt je waarom het eigenlijk nóg leuker is dan je al dacht. Over de podcast: Met BNR Beurs ga je altijd voorbereid de nieuwe beursdag in. We praten je in een kleine 25 minuten bij over alle laatste ontwikkelingen op de handelsvloer. We blijven niet alleen bij de AEX of Wall Street, maar vertellen je ook waar nog meer kansen liggen. En we houden het niet bij de cijfers, maar zoeken ook iedere dag voor je naar duiding van scherpe gasten en experts. Of je nu een ervaren belegger bent of net begint met je eerste stappen op de beurs, de podcast biedt waardevolle inzichten voor je beleggingsstrategie. Door de focus op zowel de korte termijn als de lange termijn, helpt BNR Beurs luisteraars om de ruis van de markt te scheiden van de essentie. Van Musk tot Microsoft en van Ahold tot ASML. Wij vertellen je wat beleggers bezighoudt, wie de markten in beweging zet en wat dat betekent voor jouw beleggingsportefeuille.See omnystudio.com/listener for privacy information.

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Daniel Mahncke and Shawn O'Malley take a deep dive into Copa Holdings — the Panama-based hub-and-spoke airline whose investment case now turns on two of the most debated questions in the stock today: whether Copa is a structural exception to the airline curse — protected by a geography no rival can copy and a cost base only a handful of carriers in the world can match — or whether even the best airline in the Americas eventually gets pulled into the same gravity that has destroyed value for nearly every other carrier. IN THIS EPISODE YOU'LL LEARN: (00:00:00) Intro (00:01:35) Why airlines are such a tough business to be in (00:03:55) What Buffett and other superinvestors think (00:16:47) Why Copa is different than other airlines (00:35:58) How being the best-in-class business can change the investors' outcome (00:38:38) How Copa built its moat (01:01:14) How Copa can defend its moat (01:22:37) Valuation discussion of Copa (01:24:36) Whether Copa is valued attractively (01:27:30) Whether Shawn and Daniel add CPA to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Track ⁠The Intrinsic Value Portfolio⁠ Check out our previous Intrinsic Value breakdowns: ⁠⁠Transdigm⁠⁠, ⁠⁠Berkshire Hathaway⁠⁠, ⁠⁠FICO⁠⁠, ⁠⁠PayPal⁠⁠, ⁠⁠Uber⁠⁠, ⁠⁠Nike⁠⁠, ⁠⁠Amazon⁠⁠, ⁠⁠Airbnb⁠⁠, ⁠⁠Alphabet⁠⁠. Follow Shawn on ⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠. Follow Daniel on ⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠⁠. Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ mentioned in the podcast. Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. NEW TO THE SHOW? Get smarter about valuing businesses through ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Check out ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Investor's Podcast Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance⁠⁠⁠⁠⁠⁠⁠⁠. Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. SPONSORS Support our free podcast by supporting our ⁠sponsors⁠:⁠ Plus500 Netsuite Vanta Shopify References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor's Podcast Network is not responsible for any claims made by them. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

WBS: One Big Crappy Day #366 -- The gang is at it again. Brimstone is joined by his wing-man Alex DaPonte and his wife Danielle as they chat about the stye in Brim's eye, how he had an annoying and crappy day, and why he was right this past week. They chat about Cities that sound fake but are real, how Big Bird was supposed to be on the doomed shuttle Challenger, and the new Tennessee law stating that they require proof of citizenship as well as proficiency in English language to obtain a Driver's License. They discuss the Alphabet squad, all the newly added letters, and the massive collection of their flags. Brim explains what gets Within Brim's Skin.

Last 4 days before regular tickets sell out at AI Engineer World's Fair - this is the single biggest gathering of AI Engineers, Founders, Leaders, and Researchers in the world. Attendees get >$5000 worth of sponsor credits and talk tracks are looking FANTASTIC. Join us!The AI scaling debate always focuses on the question of “how do we get more GPUs?” but the better question may be: how do we make the most of ones we already have.The fact that a frontier lab like xAI could be running at sub-10% MFU (Model FLOPs Utilization) is just a hint at what the real problem may be.For context, older frontier-scale training runs were already much higher than 10%. GPT-3 was around 21% MFU. Gopher was around 32%. Megatron-Turing NLG was around 30%. PaLM reached around 46%. And our guest Anjney says best-in-class MFU today is closer to 60–70%.It's not necessarily that xAI is uniquely incompetent (it's clear they have talented folks) but rather the priorities may be flipped in the GPU arms race.While GPU access is a bottleneck, simply increasing CapEx won't automatically translate to better models as frontier AI is increasingly a systems problem: scheduling, utilization, networking, kernels, frameworks, data pipelines, parallelism, cluster reliability, and the thousand small decisions that determine whether your theoretical FLOPs become real training progress.From building Discord's developer platform and backing frontier AI companies like Anthropic, Mistral, Black Forest Labs, and Periodic Labs to now building AMP's independent compute grid, Anjney Midha has spent years close to the real bottlenecks of AI scaling. In this episode, Anjney joins swyx at Periodic Labs to unpack why the AI race is not just about buying more GPUs, why 95% utilization would have been considered an outage at Google, and why the next era of AI infrastructure has to be more aligned, more efficient, and more responsible.We go deep on AMP's vision for a compute grid that makes FLOPs flow like megawatts, the difference between full-stack AI labs and horizontal pooling, why AI data centers need community buy-in, and how compute markets could evolve into something closer to an independent system operator. Anjney also explains why DeepMind's unpublished research points to a market failure, why end-of-life prediction remains one of the most important AI applications he has thought about for fourteen years, and why “output maxing” may become a new discipline for frontier systems.We also discuss Anthropic's culture, why “luck favors the prepared mind” in coding models, how Claude cracked coding, why too much capital too early can make AI labs fragile, what Periodic Labs is trying to do with science and superconductors, why great researchers can become great CEOs, and why Silicon Valley is both deeply missionary and deeply mercenary.We discuss:* Why 95% utilization was considered an outage at Google* Why AI infrastructure waste compounds at frontier-lab scale* Why “move fast and break things” does not work for AI data centers* How data center backlash, power grids, and community incentives shape AI scaling* AMP's vision for making FLOPs flow like megawatts* Why compute needs an independent system operator* How interruptible demand and dynamic prioritization worked inside Google* Why DeepMind research hoarding creates negative externalities* AMP's 1.2GW base-load ambition and the need for 6GW of spike capacity* Why end-of-life prediction could become one of AI's most important healthcare applications* Frontier Systems, output maxing, and full-stack alignment* Why APIs and abstraction layers become lossy as organizations scale* Superconductors, standards, and the dream of lossless systems* SF Compute, open protocols, and the future of compute marketplaces* Why non-NVIDIA chips can still benefit from NVIDIA's reference architecture* Trust boundaries and why chip startups need visibility into future model architectures* Why VCs often underestimate researchers as CEOs* Scientists as star athletes of the mind* Why great CEOs need to be confrontational up and down the stack* Why leading the frontier matters more than “winning”* How Anthropic cracked coding* Why culture is fragile, not a permanent moat* Why hardship was a feature, not a bug, for Anthropic* Why Anthropic's P0 was coding from day one* Periodic Labs, physics as the constraint, and technical reality* Silicon Valley mercenaries, missionary teams, and what happens after a breakthroughAnjney Midha* LinkedIn: https://www.linkedin.com/in/anjney* X: https://x.com/AnjneyMidhaAMP PBC* Website: https://amppublic.com/* X: https://x.com/amppublicTimestamps00:00:00 Introduction00:00:09 Why AI Compute Is Being Wasted00:03:17 Responsible Infrastructure and Data Center Backlash00:06:07 AMP Grid: Making FLOPs Flow Like Megawatts00:12:41 Foundry, Frontier Labs, and Research Hoarding00:14:42 Gigawatt-Scale Compute and End-of-Life Prediction00:24:08 Frontier Systems, Output Maxing, and Alignment00:27:38 Compute Markets, SF Compute, and Non-NVIDIA Chips00:32:57 Trust Boundaries, Co-Design, and Researcher CEOs00:38:17 AI Coachella and First-Principles Thinking00:42:43 Leading vs Winning in Frontier AI00:45:54 How Anthropic Cracked Coding00:48:25 Culture, Hardship, and Anthropic's P000:54:03 Periodic Labs, Physics, and Silicon Valley Mercenaries00:56:26 Rishi Valley, Singapore, and Money as a Measure00:58:47 Closing ThoughtsTranscriptIntroduction: Anjney Midha, AMP, and Compute WasteSwyx [00:00:00]: We're in Periodic Labs with Anjney Midha, CEO, founder of AMP. Welcome.Compute Utilization: Node Allocation, MFU, and AlignmentAnjney [00:00:09]: Thanks for having me. At Google, there are two types of utilization usually, right? That you're measuring in these clusters. One is node allocation, and then the other's MFU. Node utilization is usually like what percentage of cards in the data center are just, used, and that, if it's not at, 95%-Swyx [00:00:29]: There is no excuseAnjney [00:00:29]: There's no excuse, right? I think 95% at Google, which is where my co-founder, Seb, came from, he built the Borg, PBorg/GQM scheduler at Google, and there I think 95% was considered an outage, so 96% node utilization is, should be standard. And most single-tenant clusters are not running at that. So that's one. And then MFU should be, I would say the best in class today is somewhere between 60 and 70%. I think this is a leadership question, right? Fundamentally it's an alignment question, which is are the people who are funding the cluster and then deploying the cluster actually aligned? And sometimes theoretically they are, but in practice the number of people in the chain, the supply chain between, the capital and all the way to whoever's managing the cluster and then whoever's measuring what the output is, are just so many, degrees of separation away that, the, The Have you ever heard the radian metaphor, which is at the beginning of an arc, if you have two arcs that are two lines that are just off by a few degrees, that-Swyx [00:01:33]: It spreads outAnjney [00:01:34]: It spreads out, right? Or at scale. And I think what's happening is a lot of cluster implementations and infrastructure, a lot of frontier labs and other teams, that's what's happening, is they're, they initialize the plan, which is kind of like North Star with a team that wants to do good, but then they're, required to scale so fast instead of iteratively that the wastage just compounds really fast at scale. And so I think we know the answer, which is just do iterative bring ups. If you spend time with people who've been in the semiconductor industry or the DSN industry for a long time, this is not new, and I don't think AI should be an excuse. Sure. Something What is new? Okay. We have a lot of new capabilities, but that doesn't mean just abandon common sense. Common sense should always be in fashion. ? AI scaling doesn't change the in fact, if anything, AI scaling should be putting a premium on the value of common sense and infrastructure because the margin of error now is so much lower and the costs of wastage are so much higher. And the cost of wastage, by the way, is not just economic. I'm, obviously I'm, I'm an investor, or I'm an investor by background. Over the last few years now we're running an AI infrastructure business called, AMP. And I think that it's okay to say this time is different on the capabilities front. We are genuinely getting capabilities at, of the, of a kind we haven't had before. That doesn't give you an excuse to say this time is different for everything, especially infrastructure. So look, I love the hacker mindset and the hustler mindset. Now, that's great for the startup mindset, but you remember this moment where Zuck went from saying, “Move fast, break things” to, move-Responsible Infrastructure and Data Center BacklashSwyx [00:03:10]: Fast and stable infrastructureAnjney [00:03:11]: Move fast with stable infrastructure. I think now we need to move fast with, responsible infrastructure. People are going to ask where the impact is. There was a really In our class yesterday, Scott Nolan, who's the founder of General Matter, came by at Stanford to speak about energy bottlenecks. And he had a phenomenal idea. He said, “if you look at the marginal unit economics of compute per hour,” he goes, “let's call it, $4 an hour. If you're having to bring up a new data center in a new community, why not just say we're going to charge 4.50 an hour, and that marginal impact or that marginal increase, we just literally take that and give it to the local community as cash?” I can tell you as a customer of that compute, I would love that. I'd be happy to pay an additional 50 cents per hour at scale.Swyx [00:03:57]: Wow. Yeah.Anjney [00:03:58]: Because if that means the public benefit is so clear to the communities that the data centers are coming up in, I'm going to feel like that compute is much more reliable. Up to 20% of all data centers this year in the US, my understanding is are at risk.Swyx [00:04:13]: Of community backlash?Anjney [00:04:14]: Correct. Of not getting the community support they need to get brought up.Swyx [00:04:19]: Wow. That's a huge number.Anjney [00:04:20]: Yeah. Now, we, I think we should dig into what that number is. I think it's a little bit of overstated. These things can get over-reported, but it-Swyx [00:04:27]: They don't just care about jobs. They care about all the other stuff around it, right? They care about power grid, they care about environments-Anjney [00:04:33]: Power grid, permitting, and so on. And imagine I think if you said there's a new AI deal. If we're bringing up a data center in your community, we're actually going to reduce the cost of your electricity bill. Okay, now we're talking. Right? The community's going, “Okay. Now this is a deal. I feel like a partner in this.” Right now that's not happening. There will be audits, there will be investigations, and when the, when the regulators come, I don't know when it's going to be, the folks who are moving fast and breaking things in the name of AI progress better be prepared. That's certainly not how we're procuring compute. Or we're, we're trying as much as we can to work with partners who have long-term track records. Many of whom, by the way, are not, AI providers. I think this whole idea of neoclouds being somehow this new category is a lot of marketing speak. There are really good, reliable, trusted data center providers in America who've been around 20 plus years. I love those folks. They know how to Sure. Are they sponsoring happy hours at NeurIPS? No. Are they legibly listed in Build? No. Are they hanging out in my, in, situational awareness parties? No. But they're adults. I trust them.Swyx [00:05:44]: They can run LAN. They can run power.Anjney [00:05:45]: They can run LAN, power, and shell. They have credit histories. We sit down, we have a conversations. Many of them live in Silicon Valley. They've, they've had to deal with the boom and bust cycles of the internet, and I love those folks. They are stable infrastructure partners and thinkers. And I think there's a lot of short-term thinking going on in the compute layer, and it's going to catch up to us. It's not going to be good.AMP Grid: Making FLOPs Flow Like MegawattsSwyx [00:06:07]: You talk about aligning incentives, and, I would think that aligning incentives means you have the full stack in one company, which is xAI and OpenAI, right? So you as a standalone infrastructure layer, why are you somehow more aligned to your portfolio companies than people who just own the whole thing?Anjney [00:06:28]: In systems design, right, there's, there's two regimes of, architecture, right? You have integration, and then you have pooling and utilization, right? So the Or rather, the way to increase utilization often is you can do systems integration where you collapse a lot of process into one node, or you can pull out a process from a node and share that amongst various That resource amongst several different nodes. And so we see the AMP grid, which is, the, what, the system we're building here, which is basically a compute grid. We're trying to do for compute what the electric grid-Swyx [00:07:02]: PowerAnjney [00:07:02]: Yeah, what the power grid did for electricity. It-- this is a pooling and utilization layer across clouds, And so we're actually the opposite of a full stack integration like approach.Swyx [00:07:12]: Super horizontal.Anjney [00:07:13]: Where it's much more horizontal and it's, it's multi-cloud, it's multi-silicon. The goal is to try to make FLOPs flow like megawatts, and that is very hard to do today for many reasons. There's stranded pools of compute all over the place and there's no fungibility. And so right now we do it at the level of scheduling, and we often do it at the economic layer. But as we start to announce what we're working on, it's extraordinary like how many folks are coming out of the woodworks and saying, “Hey, I'm actually working on a way to make compute fungible at this part of the stack and that part of the stack.” And as a grid, we'd like all of these folks to participate on the grid. There's, people often ask me, “Andra, are you a new cloud?” And I go, “No, actually neoclouds are suppliers.” sometimes they'll ask, “Are you a venture capital firm?” I go, “No, actually they are, they are demand like sort of off-takers of the grid.” We see ourselves as what's called an independent system operator. So if you study the history of the electric grid, once it became legible to a lot of factories and industrial sort of participants that, hey, actually it turns out pooling is a good idea. We should pool our generators instead of all having a generator running at half capacity in our backyard. There was a need for an independent entity who could coordinate all these parties. Transmission line, power generation, facilities, transmission lines, factories, and that neutral coordination mechanism is very critical. In order-- If you study like the history of grids, the most enduring ones were those that never owned their own assets. They were ones that had, or often started with long-term anchors who are uncorrelated sources of demand, a steel factory, a shoe mill or whatever in a particular town who weren't competitive, where the steel factory want to spike up at night, the shoe mill wanted to spike up during the day. So then you pool and you share, right? So each of you is guaranteed some base load, but then you kind of schedule your spikes to drive a peak utilization across the town. The gold standard, so to speak, historically, has been these utility companies like PJM Interconnect in the northeast of America, where they, over many years became this what's called an ISO, an independent system operator of the grid. So that's how we see ourselves. Economically, that's what we are. From a technical perspective, we started at the scheduling layer because Seb and Mihai, who, run engineering here, built that at-Swyx [00:09:28]: Did your schedulingAnjney [00:09:28]: They did that at Google. And, -Swyx [00:09:32]: And you have infra shops from Discord as well.Anjney [00:09:35]: I have some.Swyx [00:09:35]: I don't know, I don't know if Discord is like the primary identity, but what-whatever, I'm just kind of-Anjney [00:09:39]: No, D-Discord was-Swyx [00:09:40]: Choosing a well-known name.Anjney [00:09:42]: Well, I So I was running the developer platform there. The internal infrastructure I was not responsible for. That was actually a guy by the name of Mark Smith, who was extraordinary. And yes, Discord did pool So Discord is actually a counter example. I had the chance to learn a lot about fully, full stack infra there because-Swyx [00:09:56]: It's the same thing, yeahAnjney [00:09:57]: It's the, it's the other architecture which is, Discord built its own WebRTC vo-voice and video infra. So like Discord did not use-Swyx [00:10:08]: For the calls, yeah.Anjney [00:10:09]: Yeah, did not For communication, Discord did not use third party infra. It was all built in-house. And then the way you maximize utilization was you pool demand from the world's 200 million plus monthly active gamers, right? And so that's, that's how those stacks were constructed. Again, in systems design, the two concepts that keep coming up over and over again are abstraction and composition, right? And-Swyx [00:10:31]: Bundling and unbundlingAnjney [00:10:33]: Bundling and unbundling, abstraction, composition, like verticalization and-Swyx [00:10:36]: HorizontalAnjney [00:10:36]: Horizontalization. So in that sense, AMP is an independent system operator of the grid. We pool demand, we pool supply from a number of partners we trust At about 1.3 gigawatt scale over four years. And then we pool demand from some of the world's best, research labs and so on. We're sitting at one, periodic labs who need extraordinary long-term demand. And the idea is that, each of them is guaranteed base load on the grid, but they can spike up and down flexibly on, for compute, with much shorter timelines as needed. That was roughly the design of the program I came up with at a16z called Oxygen. The same-- That was the same design of the GQM, BorgX, Borg GQM implementation at Google that Mihai and Seb had built. Which was that how do you allow, teams inside of Google, on the internal infrastructure to be guaranteed capacity, for their base workloads? But when they need to spike up on research, how could they ensure that was sufficiently there? And of course, the big innovation that was not discovered, but kind of implemented in the space, this infra space maybe three, four years ago at Google was the idea of interruptible demand, right? Where you just queue up a bunch of jobs and through this like sort of credit system, there can be a bidding mechanism.Swyx [00:11:53]: Like priorities.Anjney [00:11:54]: It's a dynamic prioritization Basically. And jobs can get interrupted based on somebody else who's saying, “what? I have 10 tokens, 10 credits I want to spend on this job.” Another like team lead, research lead is “Genie 3 or whatever is only worth five, credits, and NanoBanana2 is worth 10 credits,” and so the NanoBanana job gets priority. That's a, that's a made up example.Swyx [00:12:15]: It's very real. Brain Marketplace was real. And, we've, we've covered this on the pod with David Luan, who was-Anjney [00:12:20]: Oh, great. OkaySwyx [00:12:20]: Was there. And the criticism is that, well, actually sometimes you need central command to go all in on a thing. And actually sometimes capitalism via credits doesn't work. Not, this is not a criticism of AMP. I'm just saying, this is a thing that has been tried, internally within Google, and it led to Google missing GPT.Foundry, Frontier Labs, and Research HoardingAnjney [00:12:41]: Like, we structured ourself essentially very similarly to Google. We are structured as a holdings company. So, Alphabet holdings is Alphabet holdings, and then they've got these subsidiaries called Google and-Swyx [00:12:51]: Other betsAnjney [00:12:52]: Other bets and so on. We've got, AMP holdings, and we've got our infrastructure business, and then we've got a capital business called Foundry that incubates new frontier AI labs or invests in them as venture capital, like Periodic. We put a few hundred million dollars into Anthropic from our fund earlier this year. So wherever we feel like teams are making progress, especially researchers and so on who've pushed the frontier inside of existing labs like DeepMind, I find, there comes a point where they feel misaligned with the dictatorship of Alphabet holdings. And at that point, sometimes the dictatorship doesn't want them anymore. And they're “Thank you. You've done your job here. You've kind of helped us through the zero to one phase, and for whatever reason, we're going to deprioritize your amazing, omni model or whatever it is, and instead we're going to prioritize coding.” And, I think that's a tragedy, but I get it. They're Sergey and team are running their own business there. But that doesn't mean we the rest of us should sit around waiting for that progress to get unlocked for the rest of the world and humanity. If you think about how much extraordinary research has happened inside of DeepMind over the last 10 years, I, Demis and Sergey and those guys did such a great job. But at the end of the day, so much of that has never seen the light of day?Swyx [00:14:00]: Or they're like papers only, but they never actually shipped it to production or-Anjney [00:14:03]: What's worse is the paper is actually not even being published anymore ‘cause there's a six-month embargo inside of DeepMind, right? We've heard about this where a paper comes out, and then I think there's a six-month embargo window where if anybody on the business team says, “This could be interesting” It's embargoed for life.Swyx [00:14:18]: Exactly. So the stuff that gets published is the stuff that's not good enough.Anjney [00:14:21]: There's an adverse selection problem, basically. Yeah. At this point-Swyx [00:14:25]: It's, it's a common complaint at NeurIPS, by the way, that's “Well, why would I look at the papers that are the trash of GDM?”Anjney [00:14:31]: Again, I think it's a tragedy. I get it. They're running their business, but the rest of the I think there's negative externalities of research being hoarded, and so that'there's a market failure. And somebody needs to unlock that research, and we can't do it on our own. We only have 1.2 gigawatts of compute. That's nothing. That's about $40 billion of cloud spend. We're going to need a lot-Gigawatt-Scale Compute and End-of-Life PredictionSwyx [00:14:51]: By the way, is that's a new number. I haven't, haven't come across that gigawatt number. That's huge.Anjney [00:14:56]: Yeah. And to be clear, we haven't secured all of it. That's how much demand we have started to secure. I think publicly we haven't actually confirmed how much we have for this year. In order-Swyx [00:15:04]: Where do you want to get to?Anjney [00:15:06]: I think the steady state would be that we have a base load pool Of 1.2 gigawatts at all times Of base load capacity. For spike capacity, right now my estimate is we need roughly six gigawatts over the next four years for all our teams to feel like they were able to keep moving the frontier, whatever they're working on, whether it's, like superconductor discovery over here. There's a new investment we're working on right now, which is in the end of life prediction space in healthcare. It's extraordinary how much you can, you can give this was actually my graduate school work. I went to grad school for bioinformatics at Stanford Med. And I know we-Swyx [00:15:40]: Econ, MCS, bio.Anjney [00:15:41]: So my-- I was this really weird cat where, I was never satisfied with my major options. So at one point I was an econ major, then I was a CS major, then I was a MCS major called mathematical computational science, and they decided they were going to end that major. So I took all that coursework, and I applied it to grad school, my graduate degree in bioinformatics, which was the master's program, and then I thought I was going to do a PhD. I never ended up doing it. I dropped out and went to work at Kleiner. But I was lucky enough to apprentice with this professor at, Stanford Med. His name is Nigam Shah, and he was working on end of life prediction. Stanford is one of the only research facilities in America that has a longitudinal patient data set that's larger at scale. I think it's at least 12 million patient lives. The only larger data set is at the VA, the Veterans Affairs, of America. And to do research, like do any deep learning and so on that data set, it was called the STRIDE data set at that time, you had to be a Stanford Med School affiliate, which is why I went and enrolled in the bioinformatics department. End of deep learning was early. Nigam Shah had the visibility-- the vision to see that, you could do end of life prediction to help palliative care. In America, the, over 30% of all Medicare, Medicaid spend, at least at that time, was spent on end of life care. And what's we grew up in Asia, so we all-- Yeah, at least I won't speak for you, but I have A very different relationship with death than I find folks who grew up in America do. In America, spiritually and culturally, especially in Western societies where Christianity, the Christian tradition sort of frames death as this terminal point, there's often a judgment day and so on. The way we view death is with a finality. In Indian culture, in Hindu culture, death is one-Swyx [00:17:35]: Also, he's Buddhist as well.Anjney [00:17:36]: You're Buddhist, yeah. So it's one, it's one step in a journey of many lives, right? And so, I grew up in this city called Chennai in the south of India, and when people die, you dance on the street. There's like a procession where your body is carried to be cremated and your family, like celebrates and there's drums and so on. It's this huge thing. And, It's because the idea is that you're going to be reincarnated. You've been liberated from the responsibilities of this life, and now you're onto your next. It's a new It's like going off to a new college or whatever, right? And so it was so alien to me when I got here as an undergrad- That the medical system works backwards from that assumption that we have to view death as this terminal thing and delay it, postpone it's a bad thing. And so at the time, clinical decision support in the United States was this very primitive field. Even to this day, physicians in the United States often will tell you when you have a terminal disease, this is your, we've diagnosed you, which is great. Our ability to diagnose you is extraordinary. You have somewhere between six months to six years to live. What do you do with that information? The error bars are so high that then you In times of uncertainty, we default to culture, and when the culture is let's-- this is a bad thing, I've got to prolong my life, then you start doing things like And just to, just sort of from a systems perspective, what's going on there is Physicians often feel like they need to provide such high error bars because there's always some uncertainty in end of life diagnosis, and if you provide the wrong Diagnosis or recommendation to your patient, you can be sued for medical malpractice. And then your license can be taken away. It can be catastrophic for your career. In contrast, if in countries where that's not the case, what you often observe is that patients, physicians are quite prescriptive with their recommendation. They say, “Hey, this is your condition. The literature says that you probably have this much time on Earth left. My expert opinion is that you are an outlier or whatever.” And they try to be more prescriptive, and that empowers a patient, right? ‘Cause then a patient can say, “I trust my doctor. They said on average, I have six months to live, but if I do these things, I may have a shot because of my particular predispositions or my genetic history or whatever.” And that empowers you to go about your life in a actually more scientific way than leaning on religion, culture, spirituality, and so on. In contrast, here, because of that medical malpractice sort of thing looming over your head, a physician never gives you a clear recommendation. So instead you say, “Okay, Doc, well, let's try it all.” And then you start a whole regime of drugs and therapies, and then you often spend weeks and weeks in the hospital, and that deteriorates your quality of life. And when that deteriorates your quality of life, you instead of spending your last few days doing the things you love with your family, you're spending it on a hospital bed. And that ends up being thirty percent of Medicare and Medicaid. So it's worse for the patients. The doctors feel terrible. The American taxpayer is paying a huge amount of money. And so this is why Nigam Shah, who was this professor at Stanford, said, “Anjney, if there's “ I kind of sat down with him. I was this young, I'd, I was twenty-one, and I was “I want to work on a big problem.” He's “The big problem is end of life care.” And so we tried to do deep learning to say, to-- So we started trying to run deep learning on these tried patient data sets to say, “Could you have an AI system make a recommendation that is orders of magnitude more precise about how much time you have left once you've been diagnosed with a terminal condition than a human?” And then if we can get that precision to be high enough, then you can empower the patient. And it turns out the tech works. Like it's-- Once you get the data set, like RL works. Honestly, even regression models work. You don't need to get that fancy. At the time, we were just trying, doing like very simple neural nets.Swyx [00:21:54]: Simple solutions, yeah.Anjney [00:21:54]: Today, what we can do with RL is extraordinary. The problem remains then and now is regulatory, because you actually can't shift the burden of the wrong clinical diagnoses from the physician to the AI system. And so at that time, I got quite disillusioned ten years ago for, twelve years ago where, ‘cause I felt I just didn't have the resources to influence regulation. Today, I'm very lucky. I'm in a different place. I've, I'm a lot older, and so I've been spending a lot of time on my next incubation, which is how can we unlock the, patient empowerment by training AI models to do end of life prediction much, with much more precision and ac-Swyx [00:22:37]: Oh, wow. You're still focused on this the whole time.Anjney [00:22:40]: The-- I haven't been able to get, this out of my mind a single day for the last fourteen years. This is the hill I want, I would like to die on. There's two, I would say. What? I actually, I'd prefer not to die.Swyx [00:22:51]: Yeah, exactly.Anjney [00:22:52]: But I think two bipartisan issues, I think two issues that should be bipartisan in America are how do we empower patients to make the right clinical decisions at the end of their life, such that we're reducing the taxpayer burden with science? It's just good old science, and AI can help here. And the second is, net positive data centers, ‘cause I think that's the biggest critical bottleneck on training and good enough AI models to help people at the end of their life. So there's sort of two sides of the, of the same scaling bottleneck curve, but those two, we formed AMP as a public benefit corporation. My wife and I, who you've met, you've met Viv. Her passion is education. Her family is a long line of educators and so on, and, of physicists. And so this class is my attempt to stop being the black sheep of the family and be a, an educator. But if I'm not educating, the thing I would be doing is working, on these two problems, whether on the political spectrum or as a researcher back at, in some lab. And my hope is if anyone's listening to this podcast, if they're passionate about either of those two topics, I'd love to hear from them. We'll, we'll we can share the contact in the show notes, but, we're looking for people to join both of those missions on the, on the political side as well as on the medical side, on the research side.Frontier Systems, Output Maxing, and AlignmentSwyx [00:24:08]: You said, this is a discipline that you want to form. You call it's called variously called Frontier System. It's variously called One Person Frontier Lab. What is the ideal name or shape of this? Like the, what is the mission?Anjney [00:24:24]: Of the class?Swyx [00:24:26]: Of the discipline that you're, exploring, right? I The class is called Frontier Systems. But like for me, maybe one phrase is you're, you're just anti-waste, right? Which is wasting GPUs, wasting in human and Medicare. But is there, is there a broader theme that I'm, that maybe you can encapsulate more succinctly?Anjney [00:24:45]: Yeah. The, from an engineering perspective, it's very simple. It's output maxing. It's the, it's the department of output maxing.Swyx [00:24:51]: Making the most of what we have.Anjney [00:24:52]: Exactly. I'm a huge believer in optimal outcomes. I think both in America and other countries, we are losing our appreciation for nuance, and this is the thing of And AI is the same case, right? Oh, the bitter lesson holds. Okay, fine. But that doesn't mean you just like throw 500 GB300, 500,000 GB300s at your suboptimal model scaling and you waste a bunch of compute. It also doesn't mean that, the most optimal is to have like 50 different architectures where there isn't enough standardization. One of the reasons Anthropic has had extraordinary sort of velocity is ‘cause they picked the transform architecture and said, “This is simple. Let's double down on it,” right? And now luckily there's enough investment going to the space that we can afford other architectures, but at the time, investment was just too fragmented into other architectures, so that arguably unlocked scaling. So I think there's a philosophy. I think we all owe it to ourselves to do output maxing with a new capability called AI on a global level. I think if I was starting a new department at Stanford, depending on how fuzzy or technical I wanted to be, I'd probably call it the Department of Alignment. Like-Swyx [00:25:59]: It's an overloaded termAnjney [00:26:01]: But it is, But alignment really Is a hard problem. And I think when you unlock it, full stack alignment is super hard in any organization and in any system. Like in a, in a venture capital firm, if you can have full stack alignment between your limited partners and your, the founders who are creating the value and ultimately the public that owns the IPO stock, that is a gift that keeps giving. And when you study the history of these systems, when they start off, they usually start out small scale where the feedback loop is actually so tight that there's alignment. And then the more you try to scale, the more division of labor happens, the more specialization happens, and at each step you add abstractions. And wherever there's an API interface, there's like loss. There's communication loss. And so I think a really cool thing would be for us to figure out is there a way for us to have our cake and eat it too as an engineering discipline? Is there a way to actually scale up and scale out Without losing any alignment, without lossy transmission?Swyx [00:27:01]: You mean standards?Anjney [00:27:02]: So standards is one way. The other way is you just have net new capabilities. So like what we're trying to do here is discover new superconductors. A room temperature superconductor would be a lossless transmission mechanism for energy. We would have flying cars. We are right within a few years of having a new room temperature superconductor. So I think those are the two. You either have to standardize On protocols or API specs that allow lossless communication, or you can come up with a whole new capability that unlocks so much abundance, the standardization doesn't matter ‘cause you just unlock net new capacity. This, the, so this is what I spend my days thinking about these days.Compute Markets, SF Compute, and Non-NVIDIA ChipsSwyx [00:27:38]: No, I think every infra person at, who wants scale and wants to output max does eventually end up thinking about this. We don't have time to go into it, but we have done an episode with SF Compute-Anjney [00:27:50]: Oh, coolSwyx [00:27:50]: That is trying to standardize The futures contract for compute. I don't, I don't know how that's going by the way, but like at some point this will be public.Anjney [00:27:57]: Oh, I think Evan is awesome and SF Compute is the kind of effort that I hope we can accelerate because what often happens is these exchanges are very hard to get, they, it's hard to bootstrap them, right? Because they often require-- There's many inefficiencies between parties. There's trust boundary inefficiencies in infrastructure because you don't trust, one part of the stack doesn't trust another part of the stack to give them visibility. There's capital markets inefficiencies, there's operational efficiencies. So if you can inject like a single shock to the system of a ton of compute demand or supply, then you can accelerate, these new flywheels. And so my hope is one day, or soon, if SF Compute needs extra like has excess capacity, they just hook it up to the grid and they get flooded with demand from us. And on the other side, if they have a ton of demand but they don't have supply, they just again hook up to the grid and it's a two-way protocol where they can just hook up to our capacity. And I don't think we're too far from that. Today our working implementation of it is mostly through a group of labs, universities, and a few sort of trusted parties who are, who all feel like they're in alignment to borrow an over sort of used word. But our hope is to just have it be an open protocol that anyone can hook up to on-Swyx [00:29:20]: Hook up for demand or hook up for supply? In primarily demand, it sounds like. Like you-Anjney [00:29:25]: No, bothSwyx [00:29:26]: You would want to offer demand.Anjney [00:29:27]: Both. Yeah. Unfortunately, what's happened in the last six weeks is, we thought we'd have a bunch of excess capacity by the end of this year. It's all gone.Swyx [00:29:37]: It's exploding.Anjney [00:29:38]: It, yeah. It's all gone. And so I have, my text messages are full of friends, we know many of these people, these are founders who've raised billions of dollars in San Francisco going, “Oh, any chance you have like 50 nodes in the next few weeks?”Swyx [00:29:51]: What is the scope for, non-Nvidia, right? You have Lisa Su coming and, Rainer Pope as well. And so There is a lot of demand for, more performance Alternative architectures and all that. At the same time, this hurts your standardization.Anjney [00:30:11]: I don't think so. So actually Rainer's a great example, right? Rainer is a CEO and founder of, MatX. I actually had him by for office hours in the class earlier today, and there was an insight he brought up that I hadn't considered before, which is when they decided to pick the standard For their data center, they picked the NVIDIA reference architecture. So the MatX chips Just plug in to any site that has an NVIDIA bring up planned. And, the-Swyx [00:30:42]: It's just software then. It's, it's not the-Anjney [00:30:44]: A-Swyx [00:30:44]: Hardware.Anjney [00:30:46]: Well, from an input and IO perspective It's the same footprint as an NVIDIA rack.Swyx [00:30:52]: That makes sense.Anjney [00:30:53]: Where they have done, innovated a bunch from what I can tell is on systems co-design. Which is where a lot of the gains are to be had. And so he picked He was “Anjney, we, there's just so much work to do when you're building a new chip company.”Swyx [00:31:08]: Can't fight every front.Anjney [00:31:08]: You just can't fight on every front. So my question to him was, “Well, you're working on this new chip. Their tape-out is next year. What, who are you going to partner with to host the chips?” And he said, “Whoever will host them. That's just not, that's not my focus.” And I said, “But how did you “ you decided back to our earlier systems design question, he decided that, he didn't want to be a full, fully integrated chip provider. The bottleneck they're focused on is the logic die, and they, he feels they can crank out a ton of performance gains through co-design there. But then that means you delegate, to our question earlier, it, you he's the data center provider is a different part of the stack, and so then he's dependent on that part of the ecosystem to host his chips to get the performance gains to the customer. So now you have another abstraction, and you might have loss. So I asked him, “How do you prevent loss?” And back to your point, he said, “I just picked the NVIDIA standard ‘cause I didn't want to Like I wanted to piggyback off of an existing protocol.” And that, what's great about NVIDIA is that reference architecture is known.Swyx [00:32:15]: Open.Anjney [00:32:15]: It's open. They've published it. So Jensen's actually enabled someone like Rainer to build a chip company like MatX, and I don't see them as competitive. The compute demand is so high. Like, I don't I think NVIDIA's not able to meet the demands of production, so we just need more chips. And I think it's very smart what MatX has done, which is say, “We're just going to we're not going to innovate on the data center design ‘cause actually, thank you, Jensen, you've done all the hard work. Where we can innovate is somewhere else.” And I think that's, that's very healthy. I think that's how we unblock new bottlenecks. And my view is these, the, chip teams like MatX, who have arrived at the insight that co-design is the way, The primary bottleneck for them is trust boundary. To do co-design well, you need visibility into the next model generation as soon as possible ‘cause it takes two years to tape out. So if by the time I bring my chip to market, your model architecture's changed, I'm host. Now, when he was inside Google, he was sitting next to the Gemini team. He was on Palm or whatever.Trust Boundaries, Co-Design, and Researcher CEOsSwyx [00:33:19]: His co-founder was the, was one, was one of the Palm guys, I think.Anjney [00:33:23]: Yes. Yes, exactly. So when you're inside the trust boundary of Google, then your systems co-design loop is super tight. When you leave as a founder, one of the biggest risks you take is now you're outside the trust boundary. And so what I love doing is helping chip teams who can help us unlock more capacity for the independent ecosystem access to trust. Because when I If I've been, involved with a lab from day one, and I was lucky enough to work with Anthropic, and then I'm on the board of Mistral and helped Black Forest Labs get started. I think at this point I'm on six or seven different teams.Swyx [00:33:57]: Only six? I feel like my mental number was going to be 13, but yeah, it's-Anjney [00:34:02]: No, I go deep with one at a time.Swyx [00:34:04]: You're founding CEO of Arena.Anjney [00:34:07]: Nah, that was an, that was an-Swyx [00:34:08]: Administrative CEOAnjney [00:34:09]: It was an administrative five-month gig where Whalen and Anastasios were graduating from their PhDs, and they didn't need a product team. So I helped recruit the head of engineering product and design. But Anastasios has always been the CEO of that company. I played a pinch-hitting I'm an intern. I was CEO intern For five months. -Swyx [00:34:33]: I interviewed him, and he's he's very well-spoken. I think he's a debate, former debate, champion. But also very quantitative and mathematical, which is-Anjney [00:34:41]: He-Swyx [00:34:41]: Such a unicorn.Anjney [00:34:43]: See, what's amazing about him? If you look at his output, he's an output maxer. By the time he was graduating from his PhD, which he only graduated last year, he had published more work with a citation count than, people twice his age. But at the same time, he'd already started a project called LLM Arena that was being used by millions of people As a side project. And time and time again, what I've realized is venture capitalists suck at seeing human beings as, dynamic agents where-Swyx [00:35:14]: They want to put you in a boxAnjney [00:35:15]: They want to put you in a box.Swyx [00:35:15]: This is your thing.Anjney [00:35:16]: So the first time I got introduced to Anastasios, somebody had told me “Oh, he's amazing, but he's a researcher.” I was “what? What do you mean he's a researcher?” That's what-Swyx [00:35:28]: Like he's not a CEO, not a founder.Anjney [00:35:29]: Not a CEO, exactly. I was “Are you crazy? Do you Have you met Dario?” Dario's a scientist. He's gone from zero to, what will soon be a trillion-dollar company in four years. Being a CEO, nominally speaking, is not that hard. Being a good CEO is hard. Being a great CEO actually requires a level of performance that scientists who have already published at the top of their field have accomplished. It is super hard to be a competitive scientist. To publish in academia over the last 20, 30 years, to make it to the top of your discipline at a place like Berkeley, you are a star athlete. Like, you are an athlete of the mind, and you perform at the highest levels. And to get there, whether you're, Anastasios or Whalen at Berkeley, or you are Robin, who-Swyx [00:36:23]: BFL, yeahAnjney [00:36:24]: With Black Forest, who created Stable Diffusion, or if you're, like Guillaume at Meta, who created Llama before he started Mistral. The amount of human leadership you have to demonstrate to get the resources, like get the trust of the organization, publish it, put it up. I would just fund researchers all day Right? If who have contributed already to the field. If they've, if they've put SOTA out there, they're, they're star athletes already. If they haven't done SOTA Look, they can still be good CEOs, but then I find the failure mode is that they just don't want to be CEOs, they primarily want to publish, and that's okay, too. One of the things we do with the AMP Grid is we donate excess compute. We have two nonprofits, like university labs. We carved out like a couple thousand H100s. But I do think there's extraordinary research being done on university campuses. My father-in-law's a physicist. He's a professor. Extraordinary work in physics, and we need that. But if you want to be a CEO, what you need to be willing To do is be super confrontational, outside of science. Like within the scientific community, some of the best researchers are very confrontational about their convictions, right? This architecture is right. To be a great CEO, you basically have to be willing to be confrontational up and down the stack.Swyx [00:37:41]: To your own team.Anjney [00:37:42]: To your own team-Swyx [00:37:43]: To customersAnjney [00:37:43]: Hiring, recruiting customers. Well, I would say, Yeah, pretty much to everyone Everybody. Of course-Swyx [00:37:50]: I see, I feel a little bit of that in my own work, but yeah, I can't imagine the stakes that Dario has had to go through. It's, it's pretty insane.Anjney [00:37:56]: No, I don't think the stakes are that different From how you're feeling it, right? Stakes are personal scaling vectors, right? The stakes that seem so low to you, like having this podcast where you can talk to somebody and just have a you're an extraordinary communicator, right? Like already in this conversation, you've pulled more out of me than most people, and I've been on 12 podcasts in the last two weeks.AI Coachella and First-Principles ThinkingSwyx [00:38:17]: I think I, we've just seen each other enough that there's some base trust.Anjney [00:38:20]: There's base trust.Swyx [00:38:20]: And I think, and I know that you, that I've done my homework and like I know that trust is a big deal for you, so.Anjney [00:38:27]: I think trust is about consistency, and you and I have seen each other In the community for years, right? Like, I remember the first time we met was at NeurIPS in New Orleans. I don't know if you remember that, luncheon.Swyx [00:38:38]: Oh my God.Anjney [00:38:39]: Reiko had set up this Reiko's amazing, and he set up this luncheon and-Swyx [00:38:43]: Yeah, I was “Who's this Discord guy?” I'm “Okay.” But-Anjney [00:38:45]: No, you weren't-Swyx [00:38:46]: You were just “You made some investments.”Anjney [00:38:47]: You were much less polite. You were “Who's this VC?” You're like-Swyx [00:38:51]: No, I Was I? Oh my God.Anjney [00:38:53]: It was-Swyx [00:38:53]: I'm so sorryAnjney [00:38:53]: It was visible on your face.Swyx [00:38:54]: I'm so sorry. But you weren't, you weren't The introduction was bad. I was I didn't know who you were.Anjney [00:39:00]: The, see, this is the thing about context, right? Like, but then I think I heard your accent. And I was “Are you-”Swyx [00:39:06]: Singapore, yeahAnjney [00:39:06]: “Are you Singaporean?” And you're “Yeah.” And I said, “I went to high school, JC, in Singapore.” And then the ice broke. But This is the there are in the scientific community, sometimes the stakes are very high for people who haven't had the emotional, what is called EQ Coaching and mentorship, right? Which is like to have scientific impact, you often need to be a extraordinary emotional, like emotionally in tune person with the folks you're trying to influence. And so what comes so naturally to you is actually a super high stakes thing to other people. And so I wouldn't assume that Dario's more stressed out than you. These things are you'd be surprised how similar and small sometimes the problems are to you That some of the world's biggest, leaders are facing. And that's what I've learned from this class. The guest speakers are Sam, Satya, Jensen.Swyx [00:40:01]: AI Coachella.Anjney [00:40:02]: Yeah. It's AI Coachella, right? So we got to get all the headliners, and they're I'm very lucky that some of these people have either mentored me over the years or I've done business with them. And when you, take the performative stuff out and any assumptions you may have about these people that you read in the press or on Twitter, We're all just humans. We're all trying to get along. And what's so special about this moment is AI is forcing, like scaling, the bitter lesson is forcing a lot of people to revise their assumptions for how the world works and go back to first principles or go and educate themselves. So the kind of people I was, I won't name who this person is, but I was at an event last week in Texas and, ran to somebody who said, “Anjney, I came across the class. What do you think about real time action prediction models?” And I was, don't know how happy it made me feel when they asked me that question. I know they've done the work. They've challenged themselves. I'm, they didn't ask me, “What do you think of world models?” They said, “What do you think of n-”Swyx [00:41:04]: Real time action predictionAnjney [00:41:05]: “action, real time action prediction models?” World models, don't get me wrong, are cool and everything, but you and I both know that is a layer of abstraction that is sometimes not usefully precise enough. Right? Ours-Swyx [00:41:16]: There's like four different kinds of world models.Anjney [00:41:17]: Yes, exactly.Swyx [00:41:18]: We've done the part with general intuition, by the way, which is very focused on, -Anjney [00:41:22]: Oh, cool. Yes. I love Pim. Pim is great. And this is what I love about people who've done that level of work. They realize they're not in competition with people who the rest of the world thinks they're in competition with.Swyx [00:41:34]: Because they're not in the category, they're in the specific thing they're trying to do.Anjney [00:41:37]: They're focused on their mission, and they have a systems understanding of the bottleneck they're trying to solve. And when somebody else says, “I'm working on real time, action prediction models too,” Pim goes, “Oh, I love that person. I want, I can learn from them.” But the minute they're “Oh, that person's a world model person,” it's “like which type of world model person?” But mostly they're just trying to figure out if it's a waste of their time, because we don't have enough time. So, Pim, for example, is super, loves this other company I work with we've talked about called Black Forest Labs. And he's mentioned to me multiple times that he's so, He thinks what Flux is doing is really cool. Andy Blattman came by and spoke in the class. And what I find over and over again is for people who do the work, who can be usefully precise enough about like what is actually going on in the world of frontier research, The sense of camaraderie is still well and alive, but it gets lost sometimes when you have to like abstract The technical complexities in, business terms And then the VCs are “How are you different from that world model?” I'm going to say Where do I even start to explain this stuff? And then the misalignment creeps in.Leading vs. Winning in Frontier AISwyx [00:42:43]: This is good. Yeah, I think, people listening get a sense of, what it is like to operate at a real level, like yourself, rather than at, the journalist level, where you have to sort of put everyone in, a rough category and create a narrative of competition, and who's winning today, who's behind.Anjney [00:42:58]: It-- this idea of winning is so Weird to me.Swyx [00:43:03]: You do want to win. You want you want competitiveness.Anjney [00:43:06]: No, I think you want to lead.Swyx [00:43:07]: You want SOTA.Anjney [00:43:07]: No, I think you want to lead. Yes, so you want to push the frontier. You want to push the SOTA. You want to do something that hasn't been done before. You want to capture value, but you don't want to capture so much value that, people think you're unaligned with your mission or trying to do what's best for the world. You want to capture enough value that you can keep innovating, right? And I think that people want to lead, they don't really This idea of winning and losing, again, I love Jensen. He's a, he's a leader. The mindset that he talked about on Dwarkesh's podcast, right? He's “I didn't wake up with a loser mindset.” I think that was awesome, right? Because he's, he's an engineer. Dwarkesh has done the work. So there's at least-- even though the, to me, it was very obvious they're talking about the same thing, they just passed each other. They just had to basically, Jensen has this, five-layer cake abstraction of how the industry works. And Dwarkesh had, I think from that podcast, had more of, a pre-training, mid-training, post-training systems loop concept.Swyx [00:44:04]: It's just a factor of who he talks to, right? Again, it's very clear.Anjney [00:44:06]: It's the systems It's the abstraction, the mental models, the It's the whole-- Dude, so much of the problem in the world is reasoning by analogy. And then the assumptions that are held invisibly.Swyx [00:44:19]: Yeah, I've, I've said, this is actually the best time in human history for first principles thinkers. Because everything you think will happen is actually now coming true.Anjney [00:44:28]: Correct. And the venture capital community is, notorious for this, where people look-- In times of uncertainty, they, cling to axioms that ended up being true from the previous era, and they kind of like proclaim them with confidence as if they're truths, but they're not. And it's very important to see the distinction between a heuristic and an axiom. An axiom can be proven-Swyx [00:44:55]: Like from internal consistency point of viewAnjney [00:44:56]: With internal consistency. A heuristic is a way you kind of a shortcut. And my God, the number of people I have had to put up with over the last few years who proclaim-- use heuristics As axioms to judge people, to judge which companies are going to succeed or the number of people who are “Oh, yeah, Anthropic, they're just training models right now,” but this one continue.Swyx [00:45:22]: Because that's a B2B SaaS?Anjney [00:45:23]: Yeah, the, like Which over the fullness of time, if you squint at it, maybe. But the way you arrive there is so important that you can-- you just, you can dismiss people. Here's what happened, right? What happened is Anthropic basically achieved takeoff in October of last year. That training run-Swyx [00:45:41]: Whatever, three seven?Anjney [00:45:42]: I forget the numbers now, but whatever that checkpoint was-Swyx [00:45:45]: We saw the cognition.Anjney [00:45:46]: Yeah. Right? You probably-- The, to those of us in the community, especially once post-training was done and it was released in December-Swyx [00:45:52]: Yeah. Can I sneak a sneaky question in there? I don't know if you have a perspective, maybe you don't, I just The number one question is how did Anthropic crack coding, right? Because Claude One, Claude Two, okay, like it was part of it, but it wasn't a big deal. And the leading hypothesis, it's a lucky dice roll that was then compounded, right? Like it was like Mildly better, but then they saw it and they were “Okay, let's really invest.”How Anthropic Cracked CodingAnjney [00:46:17]: I had this very annoying teacher. I went to this boarding school called Rishi Valley in India, which is like this, bird preserve. It's like three hundred and fifty acres of bird preserve in rural India, and there was no technology for seven years. There was this teacher, I won't name them, but they would have this-- I hated it every time he said this to me. He was “Luck fa-favors the prepared mind,” which is like a common saying, but the way he delivered it, always grated me, ‘cause he was always I was always one of those kids who got, a good grade without trying very hard. ‘Cause like high middle school is not that hard if you, if you're generally, paying attention and so on. And there was this one time where I-- But then I would get an eighty percent grade, and he would keep pushing me to say “The reason you didn't get the ninety-five plus percent is because you're not that lucky.” And I would say, “What do you mean?” ‘Cause I would think that I deserved that grade, and I would sometimes argue with him. And he'd say, “You didn't have a prepared mind. If you want to get lucky again “ There was basically one time where I got like ninety-five or ninety-six on this, on this subject, and I, now that I felt entitled. I was “Okay, I'm going to keep doing this,” and I didn't. And then he was “Luck favors a prepared mind. You got lucky last time, but you got to stay prepared.” And I didn't understand what he meant. Now, as I'm older, I'm okay, these adults actually knew a thing or two. Anthropic has been the most prepared company for four years. And so then when the right, context data comes in, the right developers start sending in, the right context diffs, Sure, you could say you got lucky, but if you ask me, they're pr-pretty damn prepared with paranoia for like four years. And you have to remember, it was so hard for them to get going early on that they had to do so much more with so much less that you just have to be prepared to be so efficient.Swyx [00:48:06]: Yes. There's numbers on their burn compared to OpenAI. I've, I've written about it, but they are so much more efficient in their, in their tech stack.Anjney [00:48:14]: It's not even It's not funny.Swyx [00:48:14]: Not even close.Anjney [00:48:15]: Yeah. But it's so clear, right? Like how to output max for the world. They have been prepared, and you could call that luck, but Luck favors the prepared mind.Culture, Hardship, and Anthropic's P0Swyx [00:48:25]: This is one of those things that I was going over some of your old lectures and, you were data, people think it's a moat and actually it's culture and actually it's team Actually. And I, it's-- there's different levels of moats, and this is the ultimate one that determines everything else. Which you can then compoundAnjney [00:48:43]: You're saying culture is the ultimate moat? Yeah. But the thing about culture is it's very fragile. So moats, I don't think they're-- there's very few moats I found that are actually moats. They're-- It's, it's a nice concept, but in reality, you have to replenish your culture. Ben Horowitz was, the speaker in CS153 on Tuesday, and I asked him this question about the culture bottleneck in teams because, there are several AI teams-Swyx [00:49:09]: His book, Hard Things About Hard ThingsAnjney [00:49:11]: Hard Thing About Hard Things. But more concretely, there are so many AI labs today that have all the cash they need, they have all the compute they need, and they're still not able to ship anything SOTA. And then you start seeing people leave and so on, and my diagnosis, it's, is it's the culture. And so I asked him, Ben, they're-- He's been one of the most aggressive investors in AI labs. He goes back to this thing which resonates in my mind a lot. It-- When I used to work at a16z, I would, book a conference room, and right outside the conference room, which is closest to the toilet ‘cause it was the fastest way for me to go use the bathroom between Zoom meetings-Swyx [00:49:45]: Oh my God, I'll put maxing my toilet optimization. Okay, never mind.Anjney [00:49:48]: It was not healthy in hindsight, but maybe this is TMI. But anyway, outside that conference on the wall was this quote that was printed that said, “Culture is not a set of beliefs, it's a set of actions.” And it's by Bushido, is this, Japanese philosopher. And if you stop taking the actions that demonstrate the mission alignment to what you've said to your team and to your-- the world matters to you, then your culture starts to fray. So it's not actually a moat, I would say. It's a very brittle, fragile thing that requires daily tending to like a garden. But if you figure out the system to keep that garden tended, which I think ultimately comes down to knowing yourself ‘cause you most naturally, if you're authentic and so on, you'll naturally make trade-offs that seem effortless to you, but that reinforce your culture. And then That becomes this very hard thing for other people to catch up to. And at Anthropic, from day one, there was this mission like-- missionary like zeal and belief that, hey, these capabilities will scale. These systems are stochastic, not deterministic. There will be error bars, and until we crack interpretability, there's risk. And at some point, people will go-- stop using Claude just for coding. They'll use it in some mission-critical context where there's-- it'll throw off a bug, and then people are going to come blame them, and they want to be on the right side of history where they said, “Yes, this is a powerful technology. We think it's going to change the world, And we want to be very measured and scientific about the fact that, ‘Hey, guys, these are stats models, statistical models.' That's how statistics works.” ultimately, when you're training neural nets, it is just a statistical system. And I think that Belief that safety is important and that it might seem toy-like in the early days, and sometimes, you could say, “Anjney, they totally over-exaggerated the risk,” like two years ago when they said, “Let's not launch Claude One,” or whatever. Well, okay, maybe in hindsight, but hindsight is twenty/twenty. And at the time, they didn't know how that model would be used, and to them it felt existential if somebody came and said, “You weren't responsible. It-- This wrote a bug.” The liability associated with that is massive. So how do you prevent against that? Well, day in, day out, you say safety. And when you start deviating from that, you have the team hold you accountable, you have the world hold you accountable, and I think that becomes a moat over time. At some point, that moat will get challenged and so on, and then it become fragile. I hope it endures because that's the beauty of having founders run the show, ‘cause they can make really hard trade-offs to do mission alignment. The hardest part is in the earliest days when you don't have a group of people who are going through difficulty, stress, crisis together, then your culture doesn't get defined sharply enough, and that's what I'm worried about right now, is there's so much money going to these labs. There's no hardship. There's no-Swyx [00:52:50]: To anyone who knowsAnjney [00:52:51]: There's no to anyone who knows. And that, in hindsight, was a feature, not a bug for Anthropic. The number of people who said no, the number of people who said, “Sorry, we're all doing investors in OpenAI,” that is competitive difference. It forces you to really understand, what is the hill you want to die on at the expense of everything else. What's the P zero? And there, P zero from day one was coding. The reason, the mechanism system there was if we crack coding, Then we will crack AGI. Our mission is AGI. We want to get there safely. If we focus on codin

For years, investors have focused on the same AI winners:Nvidia. Microsoft. Amazon. Alphabet. Meta.Now a new question is emerging:Is SpaceX becoming so large that investors are selling other stocks to make room for it?As one of the largest IPOs in history, SpaceX has captured enormous institutional attention. Index funds, active managers, and long-term allocators all want exposure.But capital isn't infinite.If billions of dollars flow into SpaceX, where does that money come from?In this episode, we explore whether the SpaceX IPO is contributing to weakness across technology and AI stocks — and separate market mechanics from market mythology.Key topics:– How large IPOs affect index funds and institutional portfolios– Why investors may be trimming existing winners to fund SpaceX positions– Whether Nvidia, Microsoft, Amazon, and other AI leaders could face temporary selling pressure– The difference between liquidity-driven selling and fundamental weakness– Why inflation, interest rates, and geopolitics still matter more than most investors think– Whether SpaceX represents a short-term dislocation or a longer-term capital rotationThe key question:Is SpaceX actually pulling the market down, or is it simply competing for the same pool of capital that has driven the AI trade for the past two years?For investors, understanding capital flows can be just as important as understanding company fundamentals.Subscribe to VC10X for investor-first analysis on AI, venture capital, technology, and global markets.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#spacex #markets #spacexipo

Nvidia just raised $25 billion in its first bond sale since 2021. The catch is that Nvidia didn't need the money. The company generated $50 billion in operating cash last quarter, holds $13 billion on the balance sheet, and authorized $80 billion in buybacks. So why borrow?The order book is the story. Demand reached $85 billion, more than three times the final deal size. Nvidia started targeting $20 billion and raised the offering to $25 billion before pricing. The longest-dated tranche came in at just 65 basis points over Treasuries after tightening 25 points from initial guidance. Investors weren't accepting Nvidia's credit, they were competing for it.This episode breaks down what that means. The deal is five times the size of Nvidia's 2021 bond sale and over twelve times the 2016 offering. It's split across seven tranches with maturities from 2 to 30 years, which lets Nvidia lock in long-term financing at near-historic low credit spreads. The US-Iran agreement has pulled investment-grade risk premiums back to pre-conflict levels, and high-grade bond funds have logged 13 straight months of inflows.The broader pattern matters more than the single deal. Alphabet, Amazon, and other AI hyperscalers have been raising similar bond debt to fund data center buildouts. Nvidia joining sets a new credit benchmark for the sector and gives bond investors a way to position around the AI capex cycle without buying equity. For a company with a $5.15 trillion market cap and over $200 billion in projected free cash flow this fiscal year, this isn't a liquidity move. It's a market signal.We cover what the proceeds are actually for (refinancing, general corporate purposes, and the buyback program), why bond investors wanted more than Nvidia was willing to sell, what a 3x oversubscription tells us about confidence in the AI hardware cycle, and whether this is the top of the cycle or the middle.Nvidia bond sale, NVDA bonds, AI infrastructure, AI capex, investment grade bonds, AI hyperscalers, Nvidia stock, AI bubble, data center spending, credit markets.

In der heutigen Folge sprechen die Finanzjournalisten Philipp Vetter und Holger Zschäpitz über die Angst der Börsenbosse, Snaps möglichen 2200-Dollar-Brillenflop und die Eskalation der Übernahmeschlacht um Deutschlands zweitgrößte Bank. Außerdem geht es um SpaceX, Amazon, Microsoft, Mercedes-Benz Group, Porsche AG, Volkswagen, GEA Group, Deutsche Bank, SFC Energy, Moderna, Yum Brands, Cboe Global Markets, Miami International Holdings, CME Group, Nasdaq, Hyperliquid Strategies, Meta Platforms, Alphabet, Warby Parker, Apple, UniCredit, Goldman Sachs, Infineon, ASML, Siemens, Rolls-Royce, Enel, Schneider Electric, ABB, Iberdrola, Siemens Energy, ASM International, Prysmian, BE Semiconductor Industries, VAT Group, Aixtron, Soitec, SÜSS MicroTec, Siltronic, Legrand, Nexans, NKT, Engie, National Grid, RWE, E.on, SSE, Terna, Elia. Wir freuen uns an Feedback über aaa@welt.de. Noch mehr "Alles auf Aktien" findet Ihr bei WELTplus und Apple Podcasts – inklusive aller Artikel der Hosts. Hier bei WELT: https://www.welt.de/podcasts/alles-auf-aktien/plus247399208/Boersen-Podcast-AAA-Bonus-Folgen-Jede-Woche-noch-mehr-Antworten-auf-Eure-Boersen-Fragen.html. Hier könnt ihr den AAA-Newsletter abonnieren: https://www.welt.de/newsletter/article232797673/Alles-auf-Aktien-Der-taegliche-Boersen-Newsletter-fuer-WELTplus-Abonnenten.html Und - ganz neu: AAA gibt es jetzt auch auf Instagram: https://www.instagram.com/alles_auf_aktien/ Disclaimer: Die im Podcast besprochenen Aktien und Fonds stellen keine spezifischen Kauf- oder Anlage-Empfehlungen dar. Die Moderatoren und der Verlag haften nicht für etwaige Verluste, die aufgrund der Umsetzung der Gedanken oder Ideen entstehen. Hörtipps: Für alle, die noch mehr wissen wollen: Holger Zschäpitz können Sie jede Woche im Finanz- und Wirtschaftspodcast "Deffner&Zschäpitz" hören. +++ Werbung +++ Du möchtest mehr über unsere Werbepartner erfahren? Hier findest du alle Infos & Rabatte! https://linktr.ee/alles_auf_aktien Impressum: https://www.welt.de/services/article7893735/Impressum.html Datenschutz: https://www.welt.de/services/article157550705/Datenschutzerklaerung-WELT-DIGITAL.html

Nvidia just joined the likes of Amazon and Alphabet in selling off billions of dollars in bonds. What do these tech giants need help financing? Data centers, of course, to support the buildout of artificial intelligence infrastructure. For now, the cash is flowing, but when will these firms need to show some returns on those investments? Also in this episode: Commercial solar energy projects approach a deadline for federal tax credits, Fox enters the streaming wars by acquiring Roku, and Kai breaks down the history of post-FOMC press conferences.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

Nvidia just joined the likes of Amazon and Alphabet in selling off billions of dollars in bonds. What do these tech giants need help financing? Data centers, of course, to support the buildout of artificial intelligence infrastructure. For now, the cash is flowing, but when will these firms need to show some returns on those investments? Also in this episode: Commercial solar energy projects approach a deadline for federal tax credits, Fox enters the streaming wars by acquiring Roku, and Kai breaks down the history of post-FOMC press conferences.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

Running trends are everywhere right now, from Garmin badge chasing and runDisney friendship bracelets to Strava titles, race-day tattoos, emotional support water bottles, matching outfits, sparkle, DJ run clubs, and yes… people apparently churning butter on the run.In this fun and wildly relatable episode of Extraordinary Strides, Coach Christine is joined by Shelly Rose to unpack the viral running trends they love, the ones they would happily retire, and the race-day etiquette runners should not ignore. Then they take on the Running Alphabet Challenge, trying to cheer on imaginary runners from A to Z without Googling, cheating, or losing their dignity somewhere around X.Whether you run, walk, race, cheer, sparkle, badge chase, or simply wonder what on earth runners are doing on social media, this episode is a lighthearted reminder that fitness does not have to be serious to be meaningful, and community really does make the miles better.If you enjoyed today's episode, please share it with a running friend. Leave us a review and subscribe so you never miss an episode. You can find us at the Stride Collective. Have questions or want to chat? Send a voicemail!Support the showJoin the newsletter list for updates, special offers, and exclusive behind-the-scenes content.Join fellow pod and running enthusiasts at The Stride Collective community on Facebook or follow us on Instagram. 

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Tom White breaks down stocks on the move and shows unusual options trades he found for all his picks. He says Alphabet's (GOOGL) recent rally has more room to run, Rocket Lab (RKLB) will have more muscle due to its Nasdaq-100 (NDX) inclusion, and KLA Corp. (KLAC) gaining more interest as shares hit an all-time high. ======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Yesterday SpaceX became the largest company ever to go public, in an IPO that values Elon Musk's rocket-and-AI conglomerate at $1.78 trillion. But SpaceX is just the first. Anthropic and OpenAI have both filed to go public, Alphabet has just raised a record $85 billion in new stock, and Meta is reportedly considering doing the same. Goldman Sachs expects as much as $675 billion of new equity to hit the market this year.For two decades the stock market did nothing but shrink — companies stayed private, bought back their own shares, and got taken private by private equity, leaving less and less stock to go around. That era is now over. In this video I look at why all of this is happening at once, what the AI buildout has to do with it, why the SpaceX deal has been such an awkward experience for Wall Street, what the prospectus actually reveals about where the $75 billion is going, and whether any of it is a good investment — with a look back at what happened to people who bought Cisco at the top in 2000.Patrick's Books:Statistics For The Trading Floor: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://amzn.to/3eerLA0⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Derivatives For The Trading Floor: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://amzn.to/3cjsyPF⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Corporate Finance: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://amzn.to/3fn3rvC ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ways To Support The Channel:Patreon: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.patreon.com/PatrickBoyleOnFinance⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Buy Me a Coffee: https://www.buymeacoffee.com/patrickboyle

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SpaceX is officially public and we explain not only why that matters, but also how it may benefit companies like Alphabet long-term. We also explore what's wrong at Adobe, why Apple has become boring, and the stocks on our radar. Travis Hoium, Lou Whiteman, and Jon Quast discuss: - SpaceX IPO - Who Will Sell SpaceX Stock? - What's Wrong At Adobe? - Either or Neither - Is Apple All Right - Stocks On Our Radar Companies discussed: SpaceX (SPCX), Microsoft (MSFT), Alphabet (GOOG), FormFactor (FORM), Casey's General Stores (CASY), Target (TGT), Walmart (WMT), Microsoft (MSFT), Adobe (ADBE), Intuit (INTU), Tesla (TSLA). Host: Travis Hoium Guests: Lou Whiteman, Jon Quast Engineer: Dan Boyd Disclosure: Advertisements are sponsored content and provided for informational purposes only. The Motley Fool and its affiliates (collectively, “TMF”) do not endorse, recommend, or verify the accuracy or completeness of the statements made within advertisements. TMF is not involved in the offer, sale, or solicitation of any securities advertised herein and makes no representations regarding the suitability, or risks associated with any investment opportunity presented. Investors should conduct their own due diligence and consult with legal, tax, and financial advisors before making any investment decisions. TMF assumes no responsibility for any losses or damages arising from this advertisement. We're committed to transparency: All personal opinions in advertisements from Fools are their own. The product advertised in this episode was loaned to TMF and was returned after a test period or the product advertised in this episode was purchased by TMF. Advertiser has paid for the sponsorship of this episode. Learn more about your ad choices. Visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Lesley Logan and Brad Crowell break down what it actually looks like to leave a job with grace. In this episode, they unpack the candid conversation with New York City-based actress and novelist Clare Solly on why the employer-employee relationship doesn't require lifelong debt, how to keep your exit short and sweet, and what to do when getting fired feels deeply personal. They also dig into her biggest piece of advice: give yourself space before jumping into the next job. If you have any questions about this episode or want to get some of the resources we mentioned, head over to LesleyLogan.co/podcast https://lesleylogan.co/podcast/. If you have any comments or questions about the Be It pod shoot us a message at beit@lesleylogan.co mailto:beit@lesleylogan.co. And as always, if you're enjoying the show please share it with someone who you think would enjoy it as well. It is your continued support that will help us continue to help others. Thank you so much! Never miss another show by subscribing at LesleyLogan.co/subscribe https://lesleylogan.co/podcast/#follow-subscribe-free.In this episode you will learn about:How The Trevor Project's escape-key feature protects LGBTQ youth.Why the employer-employee relationship doesn't require lifelong debt.The two-sentence advice for exiting a job gracefully.Being fired is professional feedback, not personal failure.The importance of building a career exit strategy like a house fire plan.Episode References/Links:OPC – https://opc.meOPC Summer Tour – https://opc.me/toureLevate Mentorship Program – https://lesleylogan.co/elevateOPC Flashcards – https://opc.me/flashcardsBalanced Body - https://www.pilates.com/Contrology - https://contrology.pilates.com/The Trevor Project – https://www.thetrevorproject.orgThe Center Las Vegas (LGBTQ Center) – https://thecenterlv.orgThe Pitt (TV series) – https://www.max.com/shows/the-pittSubmit your wins or questions - https://beitpod.com/questionsIf you enjoyed this episode, make sure and give us a five star rating and leave us a review on iTunes, Podcast Addict, Podchaser or Castbox. https://lovethepodcast.com/BITYSIDEALS! DEALS! DEALS! DEALS! https://onlinepilatesclasses.com/memberships/perks/#equipmentCheck out all our Preferred Vendors & Special Deals from Clair Sparrow, Sensate, Lyfefuel BeeKeeper's Naturals, Sauna Space, HigherDose, AG1 and ToeSox https://onlinepilatesclasses.com/memberships/perks/#equipmentBe in the know with all the workshops at OPC https://workshops.onlinepilatesclasses.com/lp-workshop-waitlistBe It Till You See It Podcast Survey https://pod.lesleylogan.co/be-it-podcasts-surveyBe a part of Lesley's Pilates Mentorship https://lesleylogan.co/elevate/FREE Ditching Busy Webinar https://ditchingbusy.com/Resources:Watch the Be It Till You See It podcast on YouTube! https://www.youtube.com/channel/UCq08HES7xLMvVa3Fy5DR8-gLesley Logan website https://lesleylogan.co/Be It Till You See It Podcast https://lesleylogan.co/podcast/Online Pilates Classes by Lesley Logan https://onlinepilatesclasses.com/Online Pilates Classes by Lesley Logan on YouTube https://www.youtube.com/channel/UCjogqXLnfyhS5VlU4rdzlnQProfitable Pilates https://profitablepilates.com/about/Follow Us on Social Media:Instagram https://www.instagram.com/lesley.logan/The Be It Till You See It Podcast YouTube channel https://www.youtube.com/channel/UCq08HES7xLMvVa3Fy5DR8-gFacebook https://www.facebook.com/llogan.pilatesLinkedIn https://www.linkedin.com/in/lesley-logan/The OPC YouTube Channel https://www.youtube.com/@OnlinePilatesClasses Episode Transcript:Brad Crowell 0:00  Yeah, the employer-employee relationship does not inherently require a lifelong debt, meaning that, of course, when you're working for someone, do everything anything that's part of your role, but you don't owe them your life.Lesley Logan 0:15  Welcome to the Be It Till You See It podcast where we talk about taking messy action, knowing that perfect is boring. I'm Lesley Logan, Pilates instructor and fitness business coach. I've trained thousands of people around the world and the number one thing I see stopping people from achieving anything is self-doubt. My friends, action brings clarity and it's the antidote to fear. Each week, my guest will bring bold, executable, intrinsic and targeted steps that you can use to put yourself first and Be It Till You See It. It's a practice, not a perfect. Let's get started. Lesley Logan 0:58  Welcome back to the Be It Till You See It interview recap where my co-host in life, Brad, and I are going to dig into the gracious convoy I had with Clare Solly in our last episode.Lesley Logan 1:06  If you didn't listen, you missed out on the third time. Clare Solly has been, she's one of few people who've been on three times.Brad Crowell 1:13  She is, but I think she's been on way more than that, because she's done recaps for me and all sorts of stuff. So, as a guest three times, yes, but longtime listeners will definitely know who Clare is. Clare and Lesley go way, way back, before I was in the picture, by like years.Lesley Logan 1:32  We go back to like 2001.Brad Crowell 1:33  But way, you go back to 2001? So, like, I think I was still, what? 2001 we were graduating from high school.Lesley Logan 1:45  I went to college in 2001 as well.Brad Crowell 1:48  That's when you met, your first year in college.Lesley Logan 1:50  Yeah, I got a job. I was broke.Brad Crowell 1:53  I was broke. Well, amazing. Yeah, well, anyway, I was listening to your pod, and the two of you are hilarious, because it's like blah-blah-blah, just 100% riffing off each other. Lesley Logan 2:13  See why people are like, "I'm going to pod my best friend, and we're just going to talk about things." Because inevitably something good is going to come out of it. Oh yeah, you said, "Be organized," to like, what are we talking about? Which is like, so we originally, the team was like, "Do we want her on the pod," and I was like, "What will we talk about?" And then she and I were like, doing whatever recaps it is, she's like, "We should talk about ending," whatever, it was, and I was like, "Okay, great," exiting, "The team will be thrilled to know that we have a topic."Brad Crowell 2:38  You picked a topic. Lesley Logan 2:39  We did it. You guys, just so you know, we love that you listen. We love that you share those with friends. Another way you can support this podcast is by being an OPC member. If you go to onlinepilatesclasses.com, you can actually check out what we do. We have real Pilates for real bodies, it's the workout that works for you. There's lots of different ways to do it, and people are often like, "How can I support this show?" And Brad and I have talked about, like, do we do a commercial-free one where people pay?Brad Crowell 3:04  Yeah, we thought about that, like having a second one that's no ads, like all these different things.Lesley Logan 3:08  No, we're not doing more work. What actually would be really meaningful for us is, if you're going to give us money, we want you to actually get something out of it, not just like listening to us take up space. We really want you to actually take time for yourself and move your body, and that's what OPC is all about. It's actually about you having time for yourself. The classes are 2% of your day, and you get to compare yourself to yourself. So, go to OPC, I guess, what do they do? Go to opc.me/40?Brad Crowell 3:34  Just go to opc.meLesley Logan 3:36  Oh, great. Do that, even easier. Okay. Today is June 11th and it's Certified Nurses Week, aka CNA Week. It takes place on Thursday of the second full week of June. I really do love.Brad Crowell 3:50  The Thursday of the second full week.Lesley Logan 3:53  I love when it's not.Brad Crowell 3:54  Of the month of June.Lesley Logan 3:55  It can't be, it can't be the second Thursday. It has to be the second Thursday, the Thursday of the second full week.Brad Crowell 4:01  Yeah.Lesley Logan 4:01  So, Thursday can't be, it can't be the eighth ever. Brad Crowell 4:04  Because if the week starts on a Wednesday, that first Thursday does not count. If the month's first week starts on a Wednesday, or like not a full week, right? Then the first Thursday might not count.Lesley Logan 4:17  Right. Brad Crowell 4:17  Right. So, the Thursday of the second full week. Lesley Logan 4:22  I think that's complicated. Instead of saying. Brad Crowell 4:27  Because there might not be a second Thursday.Lesley Logan 4:29  But what they, well, they could just say the second Thursday of June.Brad Crowell 4:31  No, it might not be the second Thursday.Lesley Logan 4:33  No, if June 2nd is a Thursday, then June 9th is a Thursday, that's the second Thursday. I think they made it complicated.Brad Crowell 4:40  But that wouldn't be it, it would be on the next week.Lesley Logan 4:42  So, listener, hold on, you mean to tell me that people don't grab the 30-day calendar and go one, two?Brad Crowell 4:52  Not necessarily, if it's not a full week, that's the caveat here.Lesley Logan 4:56  I think that's crazy. I'm telling you, I always, when we do FYS, I don't go skipping the first Friday because it wasn't a full week, I do all the Fridays.Brad Crowell 5:08  I am with you on this. I am agreeing with you. This is not simple.Lesley Logan 5:12  It's not simple to be a CNA either. So, it takes place on the second full week of June. Do you like that? Like that lead back, is a week full of, oh, because they also want a week. Okay, notice.Brad Crowell 5:26  It's a full week.Lesley Logan 5:26  It's a full week of celebrations, but it starts on a Thursday, it's a full week of celebrations honoring the hard work. Do you all want to know why I think I'm ADHD? Here's the autism. I'm so stuck on this second Thursday. This year it is held from June 11th to June 17th. Certified nursing assistants began working under the Red Cross program during World War One, and have served alongside US Army nurses. Hundreds of young women were trained to care for wounded soldiers in reserve, field-based, and civilian hospitals. Did you know that before 1987 nursing assistants were not required to have a formal education?Brad Crowell 6:01  I did not know that.Lesley Logan 6:03  Okay, so who's seen The Pit? Because there's actually a whole episode on the medics. Did you know that?Brad Crowell 6:08  Well, this is why I was asking you what the name of the show is that you're watching right now. I yelled it across the house earlier when I was like, "What's that show called?"Lesley Logan 6:15  I'm hyper-vigilant, but okay. One, I'm not new to The Pit. It's already like, I don't know, filming season three or something like that, and won many awards. All of my friends talk about it week after week when it first came out.Brad Crowell 6:26  But you're new to it.Lesley Logan 6:27  I'm new to it, because as much as I appreciate the nostalgia of a weekly show that we all talk about, I don't have that capacity. If I'm going to sit down and watch a show, I want to binge through, like I really like that I can, and all that stuff anyways, because I won't. The next week I'll forget, and then I'll be like, spoiler alerts that I'm trying not to watch, like when Love is Blind was dropping in increments. I'm like, "Fuck, I have to get off my Instagram, because the spoilers are coming." So, because it's spoiled, and I didn't pay attention to it because it wasn't what I was clicking on, I saw on a plane yesterday, I watched 10 episodes in a row, I'm obsessed, and the head nurse is like kicking ass. But they did have a whole episode on this guy talking about what the first field medicals were and how they became one. Anyways, I also believe, maybe it wasn't the nurses, that might have been the women who were doing the phone lines, but they had to pay for their own uniforms and things like that, so there's all this different stuff. Anyways, you guys, we have a nursing shortage in the United States of America because it sucks to work in healthcare. The only people making money in healthcare is CVS and the insurance companies. This is not sponsored by them, but you know they've got the money, so come on over. So the reality is, please be kind to your nurses, we need every single one of them. I know it's frustrating when you have to go to, I wasn't even at the hospital, I was at a doctor's office, and they make me fill out this online check-in sheet every single time. I have to fill in my allergies, my first period, my family stuff, every single time. And the second time I went in a month, I said, "Hey guys, is there any way where I can just tap a box that says nothing has changed, everything is the same, there's zero. Brad Crowell 8:12  I just felt that I wasn't filling it out.Lesley Logan 8:14  Yeah, like the only thing that's different is my last cycle. I'll give you that, because it's a female doctor, anyway. But I said, "Look, I'm not trying to, I'm just here." But be nice to them, be nice to them, it is their CNA week, so go.Brad Crowell 8:29  So, there are apparently on average 190,000 annual openings for registered nurses each year, projected through 2032.Lesley Logan 8:42  Wow.Brad Crowell 8:43  Due to retirements, burnouts, and rising care demands. And while the workforce is growing, it cannot keep pace with the needs of an aging boomer population.Lesley Logan 8:54  Oh, this boomer population, man, they just, love you, because some of you are boomers, but, man.Brad Crowell 9:00  Yeah. So, anyway, nurses are very important, and it's a high-stress job, so all the props to the nurses out there.Lesley Logan 9:10  Yeah, okay. Upcoming travel notes, you guys, we're around, we're sticking.Brad Crowell 9:14  Yeah, we're home for a minute, and it's nice.Lesley Logan 9:17  Kind of at home. Although, although, when you're watching this, what day is this? Brad Crowell 9:21  We are June 11th.Lesley Logan 9:22  Oh, yeah. No, I'm home, solidly in the house.Brad Crowell 9:25  June and July, we're home.Lesley Logan 9:27  We might even foster a puppy or something like that.Brad Crowell 9:29  Yeah, we're gonna go take some dogs and hikes. We're rebuilding the van right now.Lesley Logan 9:34  We means Brad.Brad Crowell 9:35  We means Brad. Brad is rebuilding the van right now from the inside out, obviously.Lesley Logan 9:40  Well, the outside's done.Brad Crowell 9:41  Yeah. Well, not necessarily. Well, actually, I guess I'm adding a roof rack and I'm adding all the solar and all this extra stuff. So, like, we're getting fancy, and I got some really cool specs done for the interior, and we're, we're gonna be completely overhauling it before the summer tour, which is coming up, so tickets are definitely available. You can go to opc.me/tour we're actually going to be doing a Saturn's ring loop around the middle of the country, like Lesley said last week, which I thought was hilarious.Lesley Logan 10:08  Oh, just so you know, our tours are again sponsored by Balanced Body and Contrology, so we're also bringing the Contrology Reformer, Mat and Spine Corrector. Brad Crowell 10:17  We sure are. Lesley Logan 10:17  They all have some great prizes for you. I put another request in for the liner, because everyone loves it. It's so fun, easy to take with you. It's a really great community, and it's time, and you also can go to multiple locations on this tour, because we are on a status ring, but that also means, since the map isn't 3D, we're really just, you know.Brad Crowell 10:37  Okay, okay. I think they got the idea. The point is, we're going in a circle.Lesley Logan 10:41  Stops are within a couple of miles.Brad Crowell 10:42  It's a squeeze circle.Lesley Logan 10:43  It's a squeeze circle,Brad Crowell 10:44  Yeah, a couple of hours, several stops within a couple of hours, not a couple of miles.Lesley Logan 10:48  A couple of hours.Brad Crowell 10:49  But anyway, the go to opc.me/tour we're doing 14, I think it's 14 stops, and we're.Lesley Logan 10:55  I have no idea, it's not we're going to this, I haven't even seen the list.Brad Crowell 10:58  It's good, it's gonna be great, we're excited, we're visiting some new spots, revisiting some old spots, and can't wait to see everyone. So, if you want to come have a Pilates party with us, join us on tour. And then, if you're new here, Lesley teaches a mentorship program for teachers, it's called eLevate, and we might be sold out at this point, but we only do one turn, one round of it per year, and next year we're doing 16 spots, and it's you can find all the information about that at Lesley logan.co/elevate and also we have almost completed the full project here of these flash cards that we've been on a mission for for six years, the last that came out last year. Now we're working on, like, you know, like a.Lesley Logan 11:41  Collector's box that has like a cute little stand. I don't know, I've got some ideas. It might take us a little longer than we thought.Brad Crowell 11:47  Yeah, it's not as much of a priority, that's for sure. But you should go check out the cards themselves, because they're epic. Go to opc.me/flashcards, opc.me/flashcards.Lesley Logan 11:56  You know what, I wish maybe it's more of like somehow it's a stand where the you could put, you could put the card on the front or the back of this clear thing, and the back could be a magnifier.Brad Crowell 12:09  Oh, that's interesting.Lesley Logan 12:10  So, like, it, you could put the card in the front and of the slot, and it would just hold it up super cute, but if you put it on the behind, it would magnify it. For our perimenopausal ladies, I cannot get enough words on there and get the font to 10, so.Brad Crowell 12:24  That's why we linked back to the website on every card, because the website we can write as much as we want.Lesley Logan 12:29  And you can make it bigger.Brad Crowell 12:31  Yes, and you do that too. Cool. So, check this out. Go to opc.me/flashcards. Okay, so this week's charitable organization.Lesley Logan 12:38  Yes, yes, we made this change a couple weeks ago. Go back and listen if you want to know why we made the change. We don't have time for it today. June is Pride Month, you guys, and that means I wanted to, I thought it'd be interesting on our recaps to just talk about different LGBTQ IA charities that are doing great work for that community, because that community right now needs all the support it can get, because it is fighting the good fight and trying to help people. The whole community is just being hit with laws left, right, and center in the country. So, I want it, in the US, anyways, and so I wanted to highlight the Trevor Project. So, the Trevor Project was found in 1998 in West Hollywood, California, by James Lecesne.Brad Crowell 13:20  Lecesne, I think, Lecesne.Lesley Logan 13:21  Lecesne or you don't think it's Lecesne.Brad Crowell 13:24  Actually, I think it's Lecesne.Lesley Logan 13:25  Yeah, Lecesne.Brad Crowell 13:26  Yeah, James.Lesley Logan 13:31  Randy Stone, creators of the film Trevor. The Trevor Project is an American non-profit organization, is leading national organization providing crisis intervention, suicide prevention services to LGBTQ young people aged 13 to 24 That's a really, really tough at age, but you know it's really important that they have support. The organization offers a confidential telephone helpline, the Traverse Space Forum, and the educational programs, while reporting increase revenues and dedicating 80% of its budgets to programs. That's huge for a big charity, as them 80% to go like that. This is what we're looking at when we're looking at charities, you know. It has faced criticism regarding its promotion of gender ideology and allegations of mismanagement. So, okay, no, it's perfect, but I do, I do, I've heard of the project with different groups of different podcasts talking about how it can be helpful, and so, you know, I definitely hope it hope it helps people who are listening, who have friends whose kids or loved ones who need this help. Brad, why don't you tell what you liked about their website?Brad Crowell 14:28  Yeah, well, if you want to support them, go to their website, thetrevorproject.org thetrevorproject.org and I was looking at their website and learning a little more about them, and a pop-up happened, and it said, hey, if you need a quick exit from our website, you can just hit the escape key three times, and I was like, what, I'm really interested about this, so I tried it, you know, 123, bam, it closed the tab that I was on with The Trevor Project, and it opened Google, and so if you are looking for support from the Trevor Trevor Project, and you're concerned about someone barging in on you, you know, or you don't want to share that information with the people that you might live with or be around, what an amazing way for them to think ahead, and I mean it's pretty awesome.Lesley Logan 15:18  Speaking of The Pit, there was this one episode about human trafficking, and they were giving this girl a pen before they gave her the pen, because they thought the person that she was with was trafficking her. They opened up the pen to show her that on the in the ink part is the phone number, so the pen just looks like this like stupid pharmaceutical pen, but when you open it up, it actually had a helpline. And so I just think that, like, I love that groups are getting really creative with how can they actually help people, because just putting, you know, a flyer in a place, like, here you go, it's like no one can take that.Brad Crowell 15:51  Well, it's like it's like in, in the when we fly around the world, and we're in the airports, there's not just signs everywhere there, but they are there. Are hidden posters on the inside of the bathroom stalls that are about trafficking, and it says, hey, and it's in like multiple languages, like, like half a dozen languages. It's like, if you are being trafficked, here's the helpline, how to get support right now.Lesley Logan 16:16  Yeah.Brad Crowell 16:17  And you can call a number if you have access to a phone, of course.Lesley Logan 16:19  Oh my gosh, there was a bar in Miami that's like all these bars, they have, if you order an angel drink, they call it the drink, it's called angel, like, oh, I'd like to order the angel shot, then that tells the waiter that you feel unsafe with the date that you're on, and they will help you know you get out of that situation, which is amazing, like, they like, I don't know how they're helping, like maybe they call you a ride or something like that, something like that. I don't quote quote me, but I know the word was like angel, I guess. If the men find out what the word is for, you know, I don't, that's probably not so. The street was probably only in the women's restrooms, but yeah.Brad Crowell 16:53  The angel shot, it's a coded phrase used to signal bar staff that you feel unsafe and need help, such as a bad date.Lesley Logan 16:59  So, going back to the Trevor Project, you know, there's different things you can do, like if you want to do things more local to you, we, whenever we order, whenever you come to a retreat at our house, if you're in eLevate, things like that, we actually order from Bronze Cafe, and proceeds from their restaurant go to support the mental health of LGBTQ community in Las Vegas, so it's June is Pride Month, so you're gonna find all these different things around where you are that are gonna help people in this community, obviously, try to do it all year long, because they need it, but I just think that, like, it's a real shame that this group of people is being marginalized and made the reason why people's lives are so difficult. The trans community specifically, they're 2% of the population, and the actual 2% that is ruining people's lives across the world are the billionaires, those are the welfare people, those are the people who, like, I shared a post was showing, like, Amazon pays like 1.87% in taxes or something like that, it's like something stupid, Alphabet actually pays 10% that shocked me, I was like, they're not getting the best deal, like, so, so, anyways, if we all got together and supported people who are different than us and actually took out the small amount of people who are getting rich off of us, there will be a much different place. And then this group of people would actually get to live with human rights like the rest of us get to have. So, anyways.Brad Crowell 18:15  I just wanted to quickly check that stat. In the US, roughly one out of 10 identifies as LGBTQ as of 2024.Lesley Logan 18:23  Right, but trans is 2%Brad Crowell 18:25  Trans, trans, yeah, okay.Lesley Logan 18:26  Yes, but yeah. What I understand, you know, I know we're smart supposed to spend a lot of time on this, but the internet really pisses me off when these men are like, I'm not gonna have a gay kid.Brad Crowell 18:35  Right, like it's there choice.Lesley Logan 18:36  I shared this thing with you, this guy got this person to like, like, like, he's like, "Oh no, you, you choose to be gay. It's like, "Oh, okay, we'll be gay right now. He's like, "Be gay right now. He's like, "Oh no. He's like, "He's like, he's like, 'Well, you said you could choose, you choose to be gay, so be gay right now.' So the guy's like, "Okay, I choose to be attracted to you right now. He's like, "Yeah, well, I'm not gay, I can never choose to be gay, but you, you didn't.Brad Crowell 18:59  He just chose to be gay. He's like I'm only gay for like 10 seconds.Lesley Logan 19:02  Yeah, well, you're gay, so actually you're bisexual. It was such, was so well articulate, was so great. At any rate, it just shows that a lot of people have idiocies.Brad Crowell 19:13  Ridiculous.Lesley Logan 19:13  Fears, all this different stuff. And I think, like, the reality is that we have to make sure that children today, especially this group of people have love, support, and community, know that they are there's nothing wrong with them.Brad Crowell 19:24  Yeah.Lesley Logan 19:25  You know.Brad Crowell 19:26  Yeah. So.Lesley Logan 19:26  I could never imagine, I was bullied in school for having a big nose, for having big lips, for being poor, for my clothes being not like, I could never imagine, because when you're bullied for that, it changes, they change people, they get to somebody else, it changes all the time. To be bullied for who you're attracted to or how you identify? Holy fuck, that is relentless. That'd be non-stop. Anyways. Okay, well, we'll be right back.Brad Crowell 19:56  Thanks for sticking with us here.Lesley Logan 20:00  thetrevorproject.org, that was the linkBrad Crowell 20:00  Go to thetrevorproject.com yeah, all right. Brad Crowell 20:03  So let's talk about Clare Solly. Clare is a New York City-based actress, singer, novelist, and creative multi-hyphenate. She has self-published three women's fiction novels, is on the board of two theater companies in New York City, and currently works a day job she genuinely enjoys. Clare is also pursuing a PhD in creative writing, adding another chapter to her already wide-ranging creative career. I did not know she was doing that.Lesley Logan 20:32  Oh, she is. We're gonna call her Dr. Clare.Brad Crowell 20:36  Dr. Sally. Lesley Logan 20:37  I remember when she said, "I think I'm gonna do this. Do you think I'm crazy?" And I was like, "You're gonna do it anyways." That's when you know you have a real friend. It doesn't matter, I know you're gonna do it anyways. It doesn't matter. All right.Brad Crowell 20:54  Yeah. So, like I said, the two of you just beat off of each other. So, what was one of the one of the things that you loved, that she said.Lesley Logan 21:02  Oh my god, we got through so much, I think. I feel like, by the way, it's exiting, and it's a very, I find out of all the podcasts we've done, it's not just a theory, like she gave actual tangible things throughout the whole pod.Brad Crowell 21:17  Yeah, it was great.Lesley Logan 21:18  And it made me realize that we do the "Be It" action items, because in case someone's a little ethereal or a little esoteric, I wanted you to have tangible things to do.Brad Crowell 21:25  That's very true. That's why.Lesley Logan 21:26  That's why it exists, because of the woo-woo people are just like, get to know yourself, love everyone, and I wanted, like, okay, well, what do I do today? But this whole episode is like that. So she was talking about employer-employee relationships, so that's really what this is. We know not everybody works for someone else, so, but this is a great episode to present to your friend who's probably struggling with their boss, and sometimes you end up in one, right? Like, I have a girlfriend who's been an entrepreneur for decades, and now she's an employee again. So, she said the employer-employee relation does not inherently require a lifelong debt, and I think a lot of people who listen to this podcast, maybe not young kids today, because they've just seen it happen like they don't, they've not even, well, what they're saying is that the jobs don't even exist when they get older, but for those elder millennials and Gen X, like, where our parents had the same job forever. So, like.Brad Crowell 22:11  My dad just retired from 43 years at the same company.Lesley Logan 22:14  And just, I know we, I think we had it on the pod already, but how many people have retired since that person took over the job?Brad Crowell 22:20  When my dad retired, he asked the exit interview HR lady, "Hey, how many people have you had this interview with?" And she said, "Since Covid, five."Lesley Logan 22:34  FiveBrad Crowell 22:35  YeahLesley Logan 22:35  Only five.Brad Crowell 22:35  Only five.Lesley Logan 22:36  Five in six years. So that's how many people are retiring, which means a lot of them are leaving. But it does not inherently require lifelong debt, and I think that's really important, because I think especially, the majority of our listeners are women, we tend to worry about.Brad Crowell 22:51  I think we need to qualify that. What does lifelong debt mean in this context?Lesley Logan 22:56  Okay. I'm going to just say your parents on their vacation were worried about when they should tell their bosses that they were retiring, and I was like, "You don't," because somebody had left, and I was like, "You don't owe them that information, you're on vacation right now, you shouldn't even know that that person left." I was literally arguing with them, I'm like, "Why would you even go, 'Oh, I'm gonna retire too, so look for two people'? No, not your responsibility. It's their responsibility to be thinking about if people leave," and so that's what I would say.Brad Crowell 23:25  Yeah, I mean, lifelong debt, I would say, is just your entire life orients around the company that you work for. And I know how I operate, and that would be to pour myself into this company, whatever company that I'm working for. Lesley Logan 23:41  I did that for every company I worked for, I just kept being promoted because I poured so hard. They're like this girl doing so much, we should give her this next job.Brad Crowell 23:47  Yeah, and so, the employer-employee relationship does not inherently require a lifelong debt, meaning that, of course, when you're working for someone, do everything that's part of your role, but you don't owe them your life, right?Lesley Logan 24:04  Yeah, right. We were in Paris for four days. Let me tell you right now, they enjoy their life, they go to work. And our friend of ours who lives there, she's like, "Oh, it would be rude to eat at your desk, you literally have to eat in the lunch cafeteria."Brad Crowell 24:20  She works from home, and she goes into the office to have lunch with the group.Lesley Logan 24:24  Yeah, that's not even on her team, they're just the people of that office that she's at, because it's like rude to not be part of it. And she's like, "Yeah, you have a full hour-long lunch, and no matter what you've got going on, you sit there and you enjoy it." People really have a life, and I think there is a way to give 100% at work and then have a life, and I think that's a balance we're missing if you're in the States. If you're outside of the States, we travel a lot, I see you, you're doing a great job, you are living your life. But so let's go back to one thing she said, so she explained you don't actually owe the company anything, like, telling them where you're going.Brad Crowell 25:06  She was talking about actually, in this case, quitting, and you know, if they asked you like, "Well, where are you going to go work next?" Like, you don't need to tell them that.Lesley Logan 25:13  You don't actually have to, it's not a thing. And so, in fact, somebody asked L on demand, our agency member, because they were making a plan to leave, and they're like, "Well, how do I, do I tell them what I'm doing?" And she wrote, "No, you can just say, 'Thank you so much. As of this date, I'm no longer available for this role. I am still available and excited to do this part of my job.'" Because you actually don't need to tell them that you're gonna go run your own thing, especially like it's not, we tend to feel like we have to give them an excuse or a reason. It can just be that you're done. Done is a reason. Yeah, so it's your business. Lesley Logan 25:50  She also said you can be fully transparent about your feelings, but leaving is—it's when you're—it's not required. You can be, but you don't have to be. It's not required. So, the best policy she said is to just walk in and say, "I'm so sorry, I found X, Y, or Z," or "I found another job," and then keep it short and sweet. And I would say the shorter and sweeter the better, and try to do it in a succinct way so they're not the enemy and you're off to greener pastures. You never know if you have to come back.Brad Crowell 26:22  You guys were talking even about the, "Oh, they're paying me more," or whatever. Like, "This other company offered me this role, and they're offering me more money." But you don't even need to say anything like that, because that would then open up the conversation with the current company of, like, "Oh, well, we could pay you more." What if you actually just wanted to leave, you know? So you don't need to be building in an excuse. You can just say, "Hey, you know, I have to move on." You can give an excuse, but you don't need to. Brad Crowell 26:53  I had a very difficult time leaving my job because my old boss liked to sue people, and so I needed to come up with a reason that was acceptable so that he didn't think that I was going to go try to compete with him. Because if that happened, he was going to sue, he sues everybody. So I told him that I was going to focus on my family, and I left that open-ended.Lesley Logan 27:18  You know what, my last—the job that I left, they were litigious-ish because if certain trainers took clients, because they had a non-compete, which is not enforceable, and the non-solicitation as well, which means you couldn't solicit. But I was so afraid that they would think I was soliciting that I also said, "I'm focusing, my husband, you know, I don't need to work this much anymore." I just wanted them, it wasn't their business, and I didn't want them to be looking for something, you know. And we're still friendly, I still talk to everybody, one of my bosses there, like, it's so great. So it doesn't have to be a big deal. I think the gist of that topic is like you can literally, in two sentences or less, exit given the information that they need to process the paycheck and get to your next thing.Brad Crowell 28:08  Yeah, and when I was listening through the whole thing, I liked the idea of being gracious with the exit—like graceful, meaning short, succinct, and clear. And that's what Claire was talking about when exiting not on your terms, basically meaning you're fired. She said if you really want to hand-grenade things, you can, but it's a small world. The industries we all work in are small. Everyone knows everyone. If you have a tumultuous exit, word will get around, right? She said while being fired is definitely an ego stab in your heart, it is crucial to remain polite because the professional world is very small, even if the human instinct is to internalize blame. And what we will do effectively, because it's the human instinct, is internalize the blame. "What did I do wrong?" You know, and we keep reviewing it over and over again in our own minds, picking on ourselves effectively. She said, "Hey, let's turn it around to a positive instead of sitting there picking yourself apart. Maybe you can go and take this new time and learn a new skill." Alternatively, you can evaluate your peers by asking yourself, like, "What are the skills that I have? What can I add to my resume that makes me more excitable as a hire for the future?" So, really shifting back to working to put yourself back out there.Lesley Logan 29:34  Yeah, I think, going back a couple episodes ago, you have to feel your feelings. It's important to grieve that it's a loss, like even if you leave on your own terms, it's still a closure of something, so definitely do that.Brad Crowell 29:48  I always think about people who are almost arrogant, and I think in a situation like this, how lucky are they that they can look at someone firing them and go, "Well, it's your fucking loss, because I'm awesome." You know what I mean? Imagine that perspective versus, "Oh my god, what did I do wrong? Why are you firing me? It's my fault, I fucked up somewhere, I'm not even sure what I did wrong." Those are the two extremes. Maybe we can land in the middle and do ourselves a kindness and not beat ourselves up over it. Because I had to fire someone, and was this person perfect at their job? No. Were they coachable and teachable, and did we actually enjoy having them on the team? Yes. And ultimately, it wasn't because they fucked up a spreadsheet or a document that I had to fire them; I had to fire them because our company couldn't sustain paying them at the time, this many years ago, right? And so it was a shame and not fun, right? So it had nothing to do with her, and I wrote a glowing review.Lesley Logan 30:56  Yeah, no, and for the most part, especially if you're a boss listening to this, most people know, if you do it right and you're coaching correctly, people know that their job is not safe. So, in California, I have to write you up at least three times, because the employers' HR, when you let go of someone, they want to be like, "Here are the instances, here's what the thing was that you were supposed to do."Brad Crowell 31:21  Meaning they should be seeing it coming. "I've got two write-ups already, I know."Lesley Logan 31:25  Like, "Yeah, I'm in the hot seat," you know. And so now, just because you have three doesn't mean you're getting fired—like maybe they happen over 10 years, you know? One of them you fix, whatever. But especially if they're happening in a row, they're coming for it, they're looking for things to come at you with. So you should be watching for that. Lesley Logan 31:42  But you should also like—if I'm consistently having to remind you how to do something, or I'm questioning, like, if there's these things that you're being coached on in your job, and it's like, "Wow, you've been here a year, and we're still working on this" if you're a boss, they should not be blindsided by it if it has to do with the way that they're doing their job, because they're not mind readers. You actually have to tell them if they're doing their job well or not, and if they're not doing their job well, you have to tell them how to do it well to give them that opportunity. And if you don't do that, then they're gonna be blindsided. But if you're constantly re-coaching them on their job and bringing up, like, hey, even if you don't write them up, "Hey, this is the third time we've had to go over this, what's going on here?" Hopefully they're aware. Lesley Logan 32:22  Now, some people are dense and they don't get it. I fired people who yelled at me and all these different things—not like "my loss," but like, "How dare you," right? And I remember going, "You didn't see this coming, dude? This is our third write-up. You're not on time for your clients. What do you want me to do? You're not on time, you've not been on time multiple times."Brad Crowell 32:44  Yeah.Lesley Logan 32:45  This is on you. Brad Crowell 32:46  Yeah, exactly.Lesley Logan 32:47  If he had been taking the bus, I would have been like, "Okay, we got to find a new bus route, we got to find a new shift." Nope, this is all on him driving, you know. So, I think for the most, it doesn't always happen that way, but that's always my ideal goal, is like people know.Brad Crowell 33:01  I had someone try to write me up one time, and I told them that I would not sign the paperworkLesley Logan 33:05  You, you also don't have to sign.Brad Crowell 33:07  And I said, "I disagree with you 100%. I'm happy to talk to your boss about all of this, because I will not sign this."Lesley Logan 33:13  You don't have to sign, they still, you still got it, but you don't have to sign if you don't agree with it. That's true. Yeah, that's fine. It's all combo. Anyways, this is like, thank fucking God I'm not in an office. Jesus. Okay, hold on. She said more great things about exiting.Brad Crowell 33:29  Yes. Well, stick, stick around really quick. We'll be, we will be right back. Brad Crowell 33:34  All right, welcome back. So, let's talk about those "Be It" action items. If you're new here and you're like, "What the hell is that?" "Be It" is the Be It Till You See It podcast acronym, what bold, executable, intrinsic, or targeted action items can we take away from your convo? Claire said, "Hey, give yourself space." Okay, she explicitly warns against immediately jumping back into work after making an exit, whether you made it or they made it. She stated, "Make sure you give yourself a week or two off between jobs, because in any capacity, you have to decompress. It's just good for your mental state." She cautions against skipping this decompression phase, because when you immediately jump back into the next thing, you might actually already be angry or sad or frustrated, or whatever. She said she has rage-updated her resume before, and it just never works out very well.Lesley Logan 34:29  Sounds like if you get dumped, and then you go and do your Tinder or Hinge profile, it probably isn't gonna be as great as if you just waited a moment to be like, "Wow, that person wasn't so great for me. Let me.Brad Crowell 34:42  Yeah, don't rage-update your resume, it's hilarious. What about you? What was your big takeaway?Lesley Logan 34:45  II mean, personally, I never want to have to update a resume like that. I never want to do.Brad Crowell 34:50  I know we've had to update a resume to submit for some things for the business, and we're like, "Where is our resume? What did we.Lesley Logan 34:59  Now, Lex's job is like every so many months, go—because eventually, how long is the resume, you know? How many pages? Because I'm not vying for a job, but loans and stuff want things like that. Anyways, she said take a look at yourself and where you are, look at where you can improve and create an exit strategy. So I like this, because you might not like the job that you're at, you might be frustrated with where it's at, but this kind of is like taking a little bit of radical responsibility—like, where can I improve so that when I find the next place, I'm already a better person for it at the next job, you know? And that allows you to create an exit strategy as well. And I think this is kind of like, you know, if in anything you're wanting to leave, there's a reason you want to leave, and some of it's the situation, and some of it is ownership of how you could be a better person given the new situation, right? She compares this action to having an emergency strategy for a house fire, so you already know where your exits are, and I like that, right?Brad Crowell 36:01  She has some great tips, you know, especially if you know you're leaving and you had already taken things home, slowly start to bring them back to the office, not all at once, and vice versa. If you have things at the office, you could slowly start to take them home again, not all at once, because you're not trying to make your office look empty, but just practical stuff. Pretty cool.Lesley Logan 36:21  Because you never—I mean, even if you think you know your employers the most, like when I worked in, when I ran retail shops, if you gave us a two-week notice, our goal was to see how quickly we can get you a paycheck and end your shift before two weeks in your job, because it was an at-will state, so we could do that. So you put the two weeks in because then you get the better review, like, "Oh, they left and they gave notice," and all these different things, but especially in Pilates and in retail, you have clients, you have customers, so the longer you're there, the longer you can take client phone numbers, emails, different things. Like, we're protecting stuff, so we would just be like, "Out. Bye."Brad Crowell 37:02  Yeah, I think notoriously Netflix is like crazy. If you go in and you quit, before you get back to your desk, you're locked out of every, yeah.Lesley Logan 37:12  Yeah, no, I think it's even in their handbook of like what happens. Keith Olbermann is the one who—it's so funny because he's like, "I was on—they let me be on the air for three months, I could say whatever I wanted." But I do—you never—you just don't know how people are going to react to exits, so make sure that you have prepared well for the exit that you are in control of so that if they do decide, especially if you're an hourly employee or something like that, that they're changing it, you're not needing that money as the in-between, you know. Anyways, well, love it. I'm Lesley Logan.Brad Crowell 37:53  And I'm Brad Crowell.Lesley Logan 37:54  Thanks, Clare, for being our Be It Babe, ready to jump in. She'll be back because we'll have her at an interview.Brad Crowell 38:00  The Boomerang Buddy.Lesley Logan 38:01  Oh, I'm interviewing the person in two days, I better finish that book. I'm interviewing a really great doctor, and she's like, "I want to be in the Be It Book Club, and I want to be the recap person." So, Brad, you're unfortunately,unless you want to, you can join us for the recap if you want.Brad Crowell 38:19  It's fun. I love it.Lesley Logan 38:20  Yeah, all right, guy, go Be It Till You See It.Brad Crowell 38:23  Bye for now.Lesley Logan 38:24  That's all I got for this episode of the Be It Till You See It Podcast. One thing that would help both myself and future listeners is for you to rate the show and leave a review and follow or subscribe for free wherever you listen to your podcast. Also, make sure to introduce yourself over at the Be It Pod on Instagram. I would love to know more about you. Share this episode with whoever you think needs to hear it. Help us and others Be It Till You See It. Have an awesome day. Be It Till You See It is a production of The Bloom Podcast Network. If you want to leave us a message or a question that we might read on another episode, you can text us at +1-310-905-5534 or send a DM on Instagram @BeItPod.Brad Crowell 39:07  It's written, filmed, and recorded by your host, Lesley Logan, and me, Brad Crowell.Lesley Logan 39:12  It is transcribed, produced and edited by the epic team at Disenyo.co.Brad Crowell 39:16  Our theme music is by Ali at Apex Production Music and our branding by designer and artist, Gianfranco Cioffi.Lesley Logan 39:23  Special thanks to Melissa Solomon for creating our visuals.Brad Crowell 39:26  Also to Angelina Herico for adding all of our content to our website. And finally to Meridith Root for keeping us all on point and on time.Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

For the twelfth time, we gather around the campfire for one of RBI's favorite traditions: Stock Stories. Five Fools. Five investing lessons. This summer's tales share a surprising common thread: A biotech shell company that refused to die. An old gift of IBM stock quietly compounding for decades. A Fool who finally bought Alphabet nearly twenty years after he first meant to. A company called Life360 proving that “obvious” doesn't mean “fully valued.” And a producer awakening to stock-market investing in his 50s.The lesson? You may think you missed it. You probably didn't.Pull up a chair, grab a marshmallow, and join us around the campfire. Host: David GardnerProducer: Bart Shannon Companies Mentioned: GOOGL, IBM, LIF, UBER (and some random CUSIP#!) Learn more about your ad choices. Visit megaphone.fm/adchoices

This week we talk about initial public offerings, Anthropic, and investment flywheels.We also discuss AI, financial entanglements, and backstops.Recommended Book: Superconvergence by Jamie MetzlTranscriptAn initial public offering, or IPO, is what happens when a private company goes public and starts selling shares of itself, occasionally to just institutional investors like banks and sovereign wealth funds, but usually also to retail investors, which means normal people who buy stocks as part of their investment strategy.Often private companies go this route, go public, because it's one of the primary ways of gleaning new, oftentimes large inflows of money, and that money can then be used for investments in assets for the company, but it also allows employees who have shares in the company as part of their compensation to cash out, to get paid possibly a huge bonus for all their efforts, and it's often a means by which executives garner huge paydays for themselves, because they can now sell their accumulated shares, or borrow against them, or because they have something in their contract that says they get x amount of bonus money or new shares if they take the company public, or achieve a certain valuation goal—and going public is a good way to do that.This is also one of the primary ways investors in a company, whether that's a bunch of smaller seed investors or big-name venture capitalists, to get their money back; the 10 or 100x-ing of their investment, getting ten or 100-times the money they put into the company, generally happens through an IPO, because it can balloon the valuation of that company, and it gives them a more conventional and reliable way of getting money back for their shares: they can just sell those shares on the open market.So an IPO allows a private company to make shares of itself available to others, on scale. And the ‘initial' part of initial public offering points at the early days of the process, during which the baseline price of a share of stock is established.A fairly arcane and complex process has emerged around this, and it's an entire industry at this point, with some institutions specializing in taking companies public, helping them get as high an initial price on that stock as possible. They also help them leap all sorts of regulatory hurdles set by the Securities and Exchange Commission, if they're going public on a US exchange, at least, other bodies handle such things in other countries, and these going-public entities, called underwriters, which are usually investment banks, also typically have their own stake in the matter, earning compensation through a fee called a ‘gross spread,' which is the difference between a discounted rate on the stock and what the stock is sold for on the open market on that first day it's available.What I'd like to talk about today is a wave of very closely watched unusual, impending IPOs that are coming later this year, and one of them in particular that looks to be even more unusual than the rest.—SpaceX, OpenAI, and Anthropic are three of the largest companies in human history; on paper, at least.And that's an important caveat. Market valuation for private companies is generally determined by how much investors are willing to spend on a percentage ownership of the company. So if you start a lemonade stand and I offer to buy 1/10th of that lemonade stand from you for $100, that implies, using this logic, that your lemonade stand has a valuation of $1000; 10 times that $100 that I offered to pay you.Such valuations are also informed by independent analyses from outside experts and institutions. SpaceX, for instance, pre-IPO, is estimated to be worth somewhere between $780 billion and nearly $2 trillion, depending on who you listen to, based on their assets, their potential future earnings, and any advantages they might have in the markets in which they operate.AI company Anthropic is estimated to be worth something like $965 billion, based on a May 2026 series H funding round, through which it raised $65 billion; based on that funding round, the calculations were done, and just shy of a trillion dollars is what the math says the company is worth, though some outside analyses say it's worth a bit less than that, while others suggest it's maybe closer to $1.4 trillion.OpenAI, a direct competitor of Anthropic, is valued at about $100 billion less than Anthropic based on its most recent $122 billion funding round, but again, analyses put the company's actual value, what people and investors would pay for it on the open market, all over the place.Each of these companies have different variables acting upon them heading into a period in which it's expected that all three will IPO.OpenAI kicked off the current AI race, for instance, but it's burning money at an incredible rate, and has yet to make a profit, losing billions per year, and will probably continue to lose billions each year for a while into the future.Anthropic, on the other hand, offers a similar product as OpenAI, but is projected to post its first quarterly operating profit of just over half a billion dollars in Q2 2026, making it one of the first frontier-model-making AI companies to make a profit, as most of these companies are investing so heavily in research and infrastructure like data centers that they're still in heavy cash-burn mode.SpaceX is distinct from these other two also high-flying, cash-burning tech companies in part because of its colorful and controversial owner, Elon Musk, and in part because it's a rocket launch company that also sells internet services beamed down to earth from satellites, and until recently, most of its reliable income has come from that single offering, selling internet access. But it also recently had X, formerly called Twitter, a social network, and an AI company meant to compete directly with OpenAI and Anthropic, called xAI, folded into it.So it's now a multifaceted company with several edgy, but somewhat mature and difficult to compete with offerings, most of which make no money, but all of which in theory at least kinda sorta orient around AI and other sci-fi goods and services.The surge in interest and investment in AI over the past several years led to a pivot for most of Musk's companies, and that led to the merging of the smaller xAI and X into SpaceX, which was the only really profitable company of that trio of companies, and that merging, until just recently, made SpaceX unprofitable, as well.Because of the unprofitability and relative unpopularity of xAI's offerings, like the controversy-ridden Grok chatbot, SpaceX has recently taken to leasing out its data centers to competitors, like Anthropic and Google, each of which are paying around a billion dollars a month to use some of SpaceX's data center capacity, which xAI hasn't needed, because of the unpopularity of Grok, for their own AI services. That, in turn, has suddenly made SpaceX a little bit profitable, which is important for reasons I'll get into momentarily.This portion of the US-based AI industry is kind of a tangle in many ways, all of these companies competing, but also intersecting and overlapping, often investing in each other and in the infrastructure that underpins them, while also being invested in by those same infrastructural entities. And these three companies' IPOs are being seen as something of a weathervane, their success or failure, and the degree to which they succeed or fail hinting at the direction of this industry, and whether or not this is a financial bubble that will soon, or eventually, pop.There are hints that those at the top of these companies are attempting to hedge their bets, in case their IPOs don't do what they need them to do, or don't do what they need them to do at the right magnitude.Sam Altman, OpenAI's also fairly controversy-ridden CEO, has been very close with US President Trump, and has reportedly been holding meetings about the possibility of the US government taking a significant stake in OpenAI, and maybe other AI companies as well. The idea here is that US funds, so taxpayer dollars, would be invested in these companies, and that would tie the companies more closely to the US government, which could be beneficial if these companies then increase in value, making the US government a profit on that investment. This would be beneficial for the companies, in turn, because they would basically be backstopped by the US government; the US would be more likely to help them stay solvent to avoid losing that invested capital, with its regulations and laws related to AI, but it would also make these companies too big and too important to fail, giving them a lot of leeway in how they behave and compete, or fail to, from that point forward. And if they do still fail, the US taxpayer would be paying for a significant portion of that loss while those in charge, investors and the higher-ups of these companies, would walk away with a bunch of money.SpaceX is taking another approach to IPO bet-hedging, by asking top US stock indices, like the Nasdaq 100 and S&P 500, which track top stocks, ‘top' designated by value, but also other metrics, usually related to stability and profitability, to ignore some of those other metrics and allow SpaceX entrance into their indices more rapidly than would typically be allowed.These indices are meant, in part, to help protect investors from volatility. High-flying startups might surge at the beginning, immediately after their IPO, but then fizzle out when it becomes clear their fundamentals aren't good, and they're not actually a solid investment, long-term.What SpaceX wants is to be allowed into this club of valuable, long-term profitable and stable companies, because it is big and flashy and might have the largest IPO in history. And if these indices don't want to be left out of all that, the argument goes, they should allow SpaceX into their club, regardless of those long-time rules of admittance.Nasdaq, which runs the exchange where SpaceX will be listed, agreed to a rules change in May of 2026 that will allow large private companies, like SpaceX, that go public on their exchange, fast entry onto the Nasdaq 100 list.This change of rules was made exclusively for SpaceX, and it could have a significant impact on the company's IPO, because many index funds and exchange-traded funds, ETFs, track the Nasdaq 100, which means they balance their portfolio based on what's in the Nasdaq 100, keeping things relatively or absolutely proportionate to that fund.That means because of this change, a lot of everyday, passive investors, who have their retirement funds and pension plans and even their personal portfolios in index funds and ETFs that track the Nasdaq 100 will automatically end up holding some or a lot of SpaceX stock, despite it being an untested, new, currently unprofitable company. Some of these funds are automatically managed and will just buy SpaceX because that's what they're programmed to do, and others are managed by humans, but because they've promised their customers to keep their funds aligned with the market, more money going into SpaceX means they'll be inclined to join the club and buy a bunch of SpaceX, as well. And because of how this works, the more funds buying SpaceX stock, the more funds will be required or inclined to buy; it's a sort of stock flywheel.That exposes all these investors to more volatility of the kind they maybe hoped to avoid by tracking this index, which isn't supposed to be volatile. But SpaceX's Musk was able to demand this change because, again, this is looking to be the biggest IPO in history, the company valued at $1.77 trillion dollars after the IPO. As a result, he can demand these sorts of things, and typically be listened to.Some other stock market indices have also said they would allow quick entrance to their lists for SpaceX and possibly OpenAI and Anthropic, as well.The S&P 500, however, after assessing the possibility of quick entry, has rejected the idea, saying it won't bend its rules, no matter how big these three IPOs are looking to be. That means folks with money in S&P 500-tracking funds will be protected from that initial volatility.That said those recent deals SpaceX made with Anthropic and Google nudged them into profitability, and if they can maintain that profitability for a year, post-IPO, then they'll be able to enter the S&P 500. And because Google's parent company Alphabet is a significant investor in SpaceX, they've already made money, on paper, on the deal they made with SpaceX for that datacenter capacity, paying out less than they're making back in valuation.So that tangle of relationships is likely to continue to enrich those in charge of these companies, and those who hold a bunch of shares of their stock, but it's also likely to get more of these massive, but volatile companies into ostensibly less-volatile indices, faster, which could have repercussions for the one-third of private US wealth that is currently invested in the stock market.Show Noteshttps://www.investopedia.com/terms/i/ipo.asphttps://en.wikipedia.org/wiki/Initial_public_offeringhttps://www.bloomberg.com/news/articles/2026-06-05/spacex-s-75-billion-ipo-draws-more-orders-than-shares-availablehttps://www.marketwatch.com/story/elon-musk-needs-the-cultish-support-of-everyday-investors-to-pull-off-the-massive-spacex-ipo-08e7ea49https://uk.finance.yahoo.com/news/spacexs-ipo-dream-runs-into-wall-streets-oldest-test-chart-of-the-day-114542191.htmlhttps://www.cnbc.com/2026/06/05/tech-download-anthropic-ipo-ai-valuations.htmlhttps://www.nytimes.com/2026/06/05/technology/spacex-indexes-401k.htmlhttps://nypost.com/2026/06/04/business/one-third-of-americans-wealth-is-now-tied-to-the-stock-market-a-record-high/https://arstechnica.com/tech-policy/2026/06/sp-500-blocks-fast-spacex-entry-wont-waive-rule-for-unprofitable-ai-firms/https://arstechnica.com/tech-policy/2026/06/we-pissed-off-a-lot-of-people-giant-data-center-plan-cut-50-amid-protests/https://www.notus.org/technology/trump-ai-stake-openaihttps://techcrunch.com/2026/06/05/google-will-pay-spacex-920m-per-month-for-compute/ This is a public episode. 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The conventional business press obsesses over company rivalries and product launches, but almost never asks the more important question: who is the category king of every market? The Pirate Street Journal flips that lens entirely. On this episode, Christopher Lochhead, Eddie Yoon, and Bri Clark break down three of the most consequential stories in business today, all viewed through the category design framework. From the layered battle of the AI technology stack to America’s energy crisis and Korea’s semiconductor windfall, the real game is being played on a board most analysts are not even looking at. You're listening to Christopher Lochhead: Follow Your Different. We are the real dialogue podcast for people with a different mind. So get your mind in a different place, and hey ho, let's go.   The Battle of the Stack: Why the Wrong Fight Is Getting All the Attention Every major technology era runs on a six-layer stack: power, internal hardware, infrastructure, operating system, user hardware, and applications. History shows that the company dominating the early layers rarely ends up holding the crown. IBM led hardware in the PC era, but Microsoft won software. The pattern repeats: hardware kings win first, but the integrator of the most valuable layers wins last. Today, Nvidia sits atop a single layer at over five trillion dollars in market value, and if history holds, that concentration is the seat most likely to be rerated. The real competition is not OpenAI versus Anthropic. It is Nvidia versus a decades-old playbook, with Microsoft, Alphabet, and Elon Musk each racing to stack the most valuable rows on the board.   The Power Lottery: Owning the Well Versus Renting the Water Power is the one layer on the AI stack that almost nobody owns outright. Microsoft is restarting a nuclear plant. Anthropic is renting compute on a lease that can be clawed back in 90 days. Everyone is scrambling for electricity, but scrambling and owning are entirely different positions. The only player with the power square genuinely filled is Elon Musk through his combined portfolio of Tesla, SpaceX, and xAI. Meanwhile, America is blocking or delaying 48 data center projects representing 156 billion dollars in investment, while China builds power infrastructure at wartime speed with engineering-trained politicians leading the charge. The math is simple: the best models and chips mean nothing if you cannot plug them in. Battery storage at scale, incentivized solar adoption, and hydroelectric partnerships like the one forming between Quebec and Vermont represent non-obvious paths forward that states and local governments can act on right now.   Korea’s Chip Dividend: The First Live Test of AI Abundance Samsung and SK Hynix are projected to generate roughly 1.7 trillion in combined operating profit between 2026 and 2028. Taxed at Korea’s rate, that flows approximately 430 billion dollars to the government, enough to cover nearly half of the country’s national debt. On the ground near their campuses, luxury sales are surging, with jewelry up 147 percent and watches up 85 percent. Korea’s Labor Minister has already called semiconductors a public good, and there is a serious proposal to distribute part of the windfall directly to citizens. The Alaska Permanent Fund Dividend offers a working precedent: residents receive an equal payout drawn from oil abundance simply for living there. Korea is now running the first live national experiment in whether AI-era wealth flows broadly or concentrates narrowly. For the United States, facing a debt crisis with limited options, Korea’s model points toward a fourth path: create the conditions for massive abundance through AI and let a steady tax rate on explosive growth do what raising taxes, printing money, or cutting entitlements never could. To hear more from the Pirate Street Journal, download and listen to this episode. You can also read more Pirate Street Journal entries in the Category Pirates newsletter.   We hope you enjoyed this episode of Christopher Lochhead: Follow Your Different™! Christopher loves hearing from his listeners. Feel free to email him, connect on Facebook, X (formerly Twitter), LinkedIn, and subscribe on Apple Podcast / Spotify!    

Shawn O'Malley and Daniel Mahncke explore Grab Holdings (ticker: GRAB). In this episode, you'll learn how Grab was able to quickly grow across eight countries in Southeast Asia, and what local adaptations they made to outmaneuver Uber, which eventually ceded its entire market share to Grab.   Despite Grab's astronomical successes, the company's stock is down 70% since IPO, and investors are wondering if perhaps now is finally a good entry point after the company reached its first full year of profitability. Shawn and Daniel discuss and estimate Grab's intrinsic value, plus so much more! IN THIS EPISODE YOU'LL LEARN: (00:00:00) Intro (00:04:45) How Grab was able to outcompete Uber (00:11:46) What unique advantages Grab has been able to take advantage of in Southeast Asia (00:13:42) Why Grab's lending business fits so naturally into its flywheel (00:57:26) What are the biggest risks facing the company (00:41:21) Why Grab's profit margins are inflecting so dramatically, and where they could land (01:02:55) What makes Southeast Asia such an appealing market to invest in long-term (01:11:03) How to think about Grab's intrinsic value and attractiveness as an investment (01:14:26) Whether Shawn and Daniel decide to add Grab to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Track The Intrinsic Value Portfolio Compound with Rene's deep dive into Grab. Listen to Shawn & Daniel's podcast on Uber. Read Shawn's newsletter on Uber. Check out our previous Intrinsic Value breakdowns: ⁠Transdigm⁠, ⁠Salesforce⁠, ⁠Berkshire Hathaway⁠, ⁠FICO⁠, ⁠PayPal⁠, ⁠Uber⁠, ⁠Nike⁠, ⁠Amazon⁠, ⁠Airbnb⁠, ⁠Alphabet⁠. Follow Shawn on ⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠. Follow Daniel on ⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠. Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ mentioned in the podcast. Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. NEW TO THE SHOW? Get smarter about valuing businesses through ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Check out ⁠⁠⁠⁠⁠⁠⁠⁠⁠The Investor's Podcast Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠⁠. Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance⁠⁠⁠⁠⁠⁠⁠. Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. SPONSORS Support our free podcast by supporting our sponsors: Plus500 Netsuite Shopify Vanta References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor's Podcast Network is not responsible for any claims made by them. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

This week: Google's parent company announced an unexpected move to raise $80 billion for their AI ventures. Felix Salmon, Elizabeth Spiers, and guest host Mary Childs– host of the new show Mary in America–discuss the logic behind Alphabet's stock-based fundraise, which includes a $10 billion share sale to Berkshire-Hathaway. Then, Mary explains why it's getting harder for investors to avoid exposure to AI thanks to the index funds who are bending their rules for companies like SpaceX. And finally, they examine why Spain's unemployment rate has dropped significantly and what that tells us about the relationship between immigration and the labor market. In the Slate Plus episode: Is “f— you” money a myth?Want to hear that discussion and hear more Slate Money? Join Slate Plus to unlock weekly bonus episodes. Plus, you'll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli and Cheyna Roth. Hosted on Acast. See acast.com/privacy for more information.

The church attended by Texas Democratic Senate Candidate James Talarico comes under scrutiny for the various progressive and controversial causes it stands behind. Google parent company Alphabet seeks federal approval to release up to 32 million mosquitoes in Florida and California as part of its “Debug” program. President Trump says “he couldn't care less” if negotiations with Iran fall flat, as talks come to a screeching halt and questions remain about a call between Israeli Prime Minister Netanyahu and Mr. Trump. The remains of a missing scientist linked to Los Alamos National Laboratory are found in New Mexico.   SimpliSafe: Visit https://simplisafe.com/MEGYNto claim 50% off any new system!   Birch Gold: Text MK to 989898 and get your free info kit on gold Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.