Podcasts about capex

On this week's episode of Next Level CRE, Matt Faircloth interviews Mike Roeder. They dig into lessons from scaling Granite Towers Equity Group, including why words matter at the property level and how third-party teams should embody owner values. Mike breaks down risk controls like raising CapEx up front instead of out of cash flow, screening hard for delinquency and true affordability, and favoring 1980s–2000s assets with seven-year fixed-rate debt. He also shares hands-on asset management plays, from incentivized collections specialists and secret shopping to revenue boosts like monetizing structured parking and bulk Wi-Fi. Mike RoederCurrent role: Co-Founder & Managing Partner, Granite Towers Equity Group. Based in: Central Minnesota. Say hi to them at: https://www.granitetowersequitygroup.com/ | Instagram | YouTube This is a limited time offer, so head over to aspenfunds.us/bestever to download the investor deck—or grab their quick-start guide if you're brand new to oil and gas investing. Visit investwithsunrise.com to learn more about investment opportunities.  Get 50% Off Monarch Money, the all-in-one financial tool at www.monarchmoney.com with code BESTEVER Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

This week, Quinn and Tyler cover lighter-than-expected PPI data, the Fed's shifting focus from inflation to labor, deep labor-market revisions showing a “two-speed” U.S. economy, surging AI/data-center CapEx alongside weakening Main Street, and the concentration risks of mega-cap stocks and buybacks. Enjoy! — Follow Tyler: https://x.com/Tyler_Neville_ Follow Quinn: https://x.com/qthomp Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance — Join us at Digital Asset Summit in London October 13-15. Use code FORWARD100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london __ Weekly Roundup Charts: https://drive.google.com/file/d/1ogspUIuKxnHZh7REVA9tKpo7tyPCA52W/view?usp=sharing — This Forward Guidance episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHFelix Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXFelix — Timestamps: (00:00) Introduction (02:40) DAS London (02:59) Inflation Update (08:15) No High-Yield Problem (12:11) Rate Cuts vs Inflation (13:40) VanEck Ad (14:24) Rate Cuts vs Inflation (15:40) Problems in the Labor Market (20:35) Small-Caps & Productivity Boom (23:05) Fiscal Dominance & Inflation (26:46) VanEck Ad (27:27) SPX Implied Vol & Market Structure (32:12) AI Boom & CapEx (38:24) Bipolar Market Outcomes (42:17) Centralization vs Diversification (49:11) What's Next for Markets? (52:56) Final Thoughts — Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

“We eliminate CapEx, embed Zero Trust by default, and lower TCO by 30–40%.” — Niraj Singh, Chief Business Development Officer, Nile Niraj Singh, Chief Business Development Officer at Nile, joined Doug Green, Publisher of Technology Reseller News, to discuss how Nile is redefining enterprise networking with a consumption-based, AI-driven model built for telcos and MSPs. Unlike legacy vendors that sell hardware, licenses, and bolt-on security, Nile delivers Networking-as-a-Service (NaaS) with: 100% OpEx, no CapEx — fully consumption-based pricing Campus Zero Trust built in — isolating every user, device, and app to stop malware propagation AI-native automation — real-time telemetry, anomaly detection, and self-healing networks Lifecycle management included — upgrades, patches, and RMAs fully covered Nile backs its model with a four-nines SLA and money-back guarantee, a rare commitment in enterprise networking. For telcos and MSPs, the impact is significant: Reduced churn by embedding in-building networks alongside connectivity Higher margins thanks to lower TCO (30–40% savings over five years) New revenue streams through bundled, end-to-end secure services Improved NPS with guaranteed reliability and simplified operations “Telcos often compete on commodity connectivity. By partnering with Nile, they can deliver end-to-end SLAs, differentiate services, and retain customers,” Singh explained. Learn more at nilesecure.com.

Most manufacturers don't know how to quantify marketing success, so they default to asking "What's the ROI?” after three or six months. But when you're selling CapEx equipment through a longer, complex and consultative sales cycle, answering the ROI question can get messy. In this show, we welcome Gorilla 76 co-founder Joe Sullivan to the stage to examine both the leading signals and trailing metrics to know if your marketing program is positioning you for business growth and how to talk to your executive team about its progress.

Nevermined is pioneering the infrastructure for AI commerce, building payment rails specifically designed for agent-to-agent transactions. With a vision of trillions of AI agents functioning as both merchants and consumers, Don Gossen brings 20 years of AI experience to solving what he believes will be the foundational payment challenge of the next era of computing. In this episode of Category Visionaries, Don shares insights on creating an entirely new category—AI commerce—and the unique go-to-market challenges of building for a future that's rapidly becoming reality. Topics Discussed: The emergence of two distinct agent modalities: agent as proxy and agent as independent economic actor Why existing payment infrastructure cannot handle the scale and velocity of AI agent transactions Nevermined's commission-based business model focused on agent-to-agent payments The fundamental cost model differences between SaaS and AI agents Creating the "AI commerce" category and the strategic importance of early categorization Go-to-market strategy targeting verticalized AI agent builders with Series A+ funding The infrastructure investment phase versus deployment challenges in AI adoption GTM Lessons For B2B Founders: Target customers who have proven business models, not just potential: Don's go-to-market strategy specifically targets AI agent companies that have raised Series A or later rounds. His reasoning: "Hopefully the VCs that are backing them have done some due diligence. And the money they're earning is actually real." Rather than chasing every potential customer, focus on those who have already validated their revenue model and can immediately benefit from your solution. Understand the fundamental cost structure of your customer's business model: Don identified that AI agents have an inverted cost model compared to traditional SaaS—most costs are operational (OpEx) rather than capital (CapEx). He explains: "The cost model is basically flipped. Most of your cost is actually on the opex... Your operating costs fluctuate based on the request." This insight shaped Nevermined's entire value proposition around cost monitoring and settlement rather than just payment processing. Create category language early, even before market adoption: Don coined "AI commerce" in 2023 when "people were like, what the hell's an AI agent?" His approach: "It always helps to categorize and provide language that's going to allow people to understand what it is that you're talking about... It's the memeification of the category." Don't wait for your market to mature—create the vocabulary that will define it. Focus on the operational reality, not the theoretical use case: While competitors focus on connecting bank accounts to AI agents for consumer purchases, Don focuses on the underlying workflow costs: "How much does the workflow cost to actually render that outcome?" Understanding the true operational mechanics of your customers' business—not just their surface-level needs—can create significant competitive differentiation. Leverage deep domain expertise to identify non-obvious problems: Don's 20 years in AI revealed that variable AI agent responses create variable operational costs—a problem most founders wouldn't recognize. He notes: "Until recently most people didn't realize that is a major issue in operating these solutions." Deep industry experience can help you spot problems that newer entrants miss entirely.   //   Sponsors: Front Lines — We help B2B tech companies launch, manage, and grow podcasts that drive demand, awareness, and thought leadership. www.FrontLines.io The Global Talent Co. — We help tech startups find, vet, hire, pay, and retain amazing marketing talent that costs 50-70% less than the US & Europe.  www.GlobalTalent.co   //   Don't Miss: New Podcast Series — How I Hire Senior GTM leaders share the tactical hiring frameworks they use to build winning revenue teams. Hosted by Andy Mowat, who scaled 4 unicorns from $10M to $100M+ ARR and launched Whispered to help executives find their next role. Subscribe here: https://open.spotify.com/show/53yCHlPfLSMFimtv0riPyM 

Today we feature Saxo equity strategist Ruben Dalfovo helping break down what is driving the moon-shot in Oracle shares after the company blew the doors off of expectations with forward cloud infrastructure bookings in its earnings call after the close yesterday. We also look at the Klarna IPO forthcoming today, Novo Nordisk shares rallying on the company's cost reductions, the latest in geopolitics, macro and currencies and much more. Hosting today's pod is Saxo Global Head of Macro Strategy John J. Hardy. Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (with a one- to two-hour delay from the time of the podcast release). Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic

“Design is subjective, but quality is objective.”Today, Spencer Levine, President of RAL Companies and Affiliates, joins Dan to dive into hospitality development. Spencer shares insights from his extensive career in architecture and landscape development. The conversation covers the importance of delivering tangible and thoughtful hospitality experiences, the significance of strategic partnerships, and the crucial role of creative problem-solving in the development process. Spencer also delves into his experiences during the 2008 financial crisis and how it shaped his company's approach to handling distressed projects. Additionally, he reflects on lessons from his father and the impact of company culture on successful project execution.Takeaways: Exceptional service can overcome shortcomings in physical spaces. Focus on delivering care and responsiveness to guests and clients.Approach challenges by seeking solutions, not dwelling on problems. Be proactive and creative, especially when facing constraints.Invest in relationships and develop a strong network, both internally and externally. Know who to call when you need expertise beyond your own.Strive for authenticity in design and experience. Make spaces and services reflect the unique character of their location and purpose.Take personal responsibility for your work and encourage accountability within your team. Share knowledge and support each other to achieve common goals.No task is beneath you. Be ready to do whatever it takes to deliver a project, from high-level strategy to hands-on work.Make decisions with intention and commit to them. Don't get stuck in indecision. Pivot if needed, but move forward with conviction.Quote of the Show:“Design is not necessarily just beautiful, it's making a decision and forging ahead with it.” - Spencer LevineLinks:LinkedIn: https://www.linkedin.com/in/spencer-levine-665b1078/ Website: https://ralcompanies.com/ Shout Outs:0:45 - Mandarin Oriental Resorts and Residences https://ralcompanies.com/projects/mandarin-oriental/ 0:49 - Zero Irving https://ralcompanies.com/projects/14th-street/ 0:51 - Four Seasons Vail https://www.fourseasons.com/vail/ 0:54 - ULI New York https://newyork.uli.org/ 1:50 - Monty Python https://en.wikipedia.org/wiki/Monty_Python 10:31 - Horst Schulze https://horstschulze.com/ 13:13 - Robert Levine https://www.linkedin.com/in/robert-levine-65b60628/ 17:24 - Roan Steamboat https://www.steamboatsprings-realestate.com/roan/ 17:41 - The Madeline https://aubergeresorts.com/madeline/ 26:45 - Ironshore https://www.ironshorecayman.vip/ 28:22 - Hart Howerton https://www.harthowerton.com/ 28:32 - Meyer Davis https://www.meyerdavis.com/ 29:31 - Reda Amalou https://www.redaamalou.com/en/ 29:37 - Ocean House https://www.oceanhouseri.com/ 35:45 - Field of Dreams https://en.wikipedia.org/wiki/Field_of_Dreams 46:38 - Vincent Cangelosi https://www.linkedin.com/in/vincent-cangelosi-4053a23/ 47:24 - Steve Higgins https://www.canoehospitality.com/ 50:48 - Young President's Organization https://www.ypo.org/ 58:31 - Cornell University https://www.cornell.edu/ 59:10 - Harvard University https://www.harvard.edu/ 

***New Video Alert! If you buy something and pay for it over 10 years and need to replace it after 2, that would be bad, right? Here's how a lot of buyers and sellers get into pricing problems. Check it out in this week's new video: https://youtu.be/qcr-MR0TT58 Cheers See you over on YouTube David C Barnett #smallbusiness #mergersandacquisitions #M&A

This is Part 9 of Steve Coughran's book Cash Flow. Steve introduces the fifth lever of cash flow: capital. He explains why EBITDA isn't cash flow, how invested capital and ROIC reveal whether a business is creating or destroying value, and the hidden cash traps in receivables, inventory, and CapEx that often strangle growth.LinkedIn | YouTube coltivar.com

The way we work has significantly evolved—from traditional in-office settings to fully remote environments, and now toward a hybrid model that blends both. While this hybrid approach offers flexibility and balance, it also brings new challenges, such as tracking who is working where and when. Fortunately, advancements in AI and technology are providing tools to enhance productivity and collaboration. One such solution is Deskme.com, which offers an innovative platform designed to help teams manage the complexities of hybrid work more effectively. Vitaly Stockman join us today!Vitaly Stockman is the Co-Founder and CEO of DeskMe, a technology startup revolutionizing office workspace management with a user-friendly platform for desk and meeting room bookings. He also serves as Vice President at DataPartner, a leading SaaS company known for its Invest for Excel® software, which empowers corporations with advanced tooling for CAPEX investment analysis, financial modeling, business valuation, and financing calculations. Born in Latvia with Russian heritage, Vitaly brings a global perspective, having lived in the United States and Finland. He holds an MBA in Information Systems Management from Haaga-Helia University of Applied Sciences in Helsinki, Finland. Passionate about innovation, Vitaly closely follows trends in humanoid robotics and artificial intelligence. Recently, Vitaly started learning to navigate sailboats as a new hobby. Contact InformationVitaly Stockman- Deskme.com or vitaly@deskme.comBenny Carreon- Velocity Technology Group- benny@velocitytechnology.groupDennis Jackson-WorX Solution- dennisj@worxsolution.com

The way we work has significantly evolved—from traditional in-office settings to fully remote environments, and now toward a hybrid model that blends both. While this hybrid approach offers flexibility and balance, it also brings new challenges, such as tracking who is working where and when. Fortunately, advancements in AI and technology are providing tools to enhance productivity and collaboration. One such solution is Deskme.com, which offers an innovative platform designed to help teams manage the complexities of hybrid work more effectively. Vitaly Stockman join us today!Vitaly Stockman is the Co-Founder and CEO of DeskMe, a technology startup revolutionizing office workspace management with a user-friendly platform for desk and meeting room bookings. He also serves as Vice President at DataPartner, a leading SaaS company known for its Invest for Excel® software, which empowers corporations with advanced tooling for CAPEX investment analysis, financial modeling, business valuation, and financing calculations. Born in Latvia with Russian heritage, Vitaly brings a global perspective, having lived in the United States and Finland. He holds an MBA in Information Systems Management from Haaga-Helia University of Applied Sciences in Helsinki, Finland. Passionate about innovation, Vitaly closely follows trends in humanoid robotics and artificial intelligence. Recently, Vitaly started learning to navigate sailboats as a new hobby. Contact InformationVitaly Stockman- Deskme.com or vitaly@deskme.comBenny Carreon- Velocity Technology Group- benny@velocitytechnology.groupDennis Jackson-WorX Solution- dennisj@worxsolution.com

Tune in to catch returning guest, Evan Friedkin, of Roobrik by Aline, to explore how integrated technology is transforming the way senior living communities connect with prospective residents and families. Evan shares how the merger of Roobrik and Aline continues to help sales teams have better, more meaningful conversations while reducing the time it takes to convert leads. Sponsored by Aline, NIC MAP, Procare HR, Sage, Hamilton CapTel, Service Master, The Bridge Group Construction and Solinity. Produced by Solinity Marketing.Become a sponsor of the Bridge the Gap Network.Connect with BTG on social media:YouTubeInstagramFacebookTwitterLinkedInTikTokMeet the Hosts:Lucas McCurdy, @SeniorLivingFan Owner, The Bridge Group Construction; Senior Living Construction Renovation, CapEx, and Reposition. Joshua Crisp, Founder and CEO, Solinity; Senior Living Development, Management, Marketing and Consulting.

Mishka Katkoff sits down with Pranav Singhvi (General Catalyst, Customer Value Fund) and Joe Wadakethalakal (PVX Partners) to unpack the rise of UA financing, a new capital instrument that lets gaming and app companies scale user acquisition without giving up massive chunks of equity.We break down:1. Why traditional VC or debt financing is often a poor fit for customer acquisition.2. The origins of UA financing and why treating cohorts as “assets” changes the game.3. The differences between PVX Partners' gaming-first model and General Catalyst's broader CVF.4. Success stories like Superplay's $2B exit, powered by UA financing.5. How founders should think about timing, risk, and capital allocation.6. Why CAC is the new CAPEX, and how EBITCAC could replace EBITDA as the real profitability metric for gaming and app businesses.00:00 – Guest Intros (Pranav Singhvi & Joe Wadakethalakal)01:00 – What is UA Financing05:30 – PVX Partners vs. Customer Value Fund15:00 – Equity vs. UA Financing: Which Capital Fits Which Stage?19:15 – Founders as Capital Allocators: Balancing Risk, Growth & Dilution22:30 – What Returns Look Like in UA Financing (Real Economics)24:30 – Scaling Beyond Balance Sheet Limits28:00 – When Is the Right Time to Use UA Financing? 32:00 – LTV Curves, Incremental ROAS & Product Readiness35:30 – Case Study: How Superplay Used UA Financing to Reach a $2B Exit38:50 – PVX Success Stories 41:40 – Managing Risk: Oversight & Skin in the Game48:00 – What Counts as CAC? Influencers, Celebs, and Brand Marketing49:40 – The Future of UA Financing & Cohorts as a New Asset Class52:40 – CAC is the New CAPEX: Rethinking EBITDA as EBITCAC57:30 – Why Tech Companies Look Unprofitable but Aren't59:00 – Advice for Founders Considering UA Financing01:04:00 – Capturing Market Share Before Competitors Catch Up01:07:00 – Final Takeaways & Closing Thoughts

Ben and Jay unpack why Broadcom's “fourth customer” (~$10B) custom-ASIC win reset sentiment even after a modest beat/raise, and how that squares with hyperscalers second-sourcing away from NVIDIA in the near term. They frame the true battleground as networking—Ethernet's ubiquity vs. NVLink's tight integration—then differentiate GPUs' performance-per-watt advantages from custom ASIC cost calculus, arguing that “lumpiness” (program outcomes) is not “cyclicality” (inventory swings). They stress TAM realism: it's easy to total up CapEx, but the ROI numerator (revenue/profit) is still unknowable. Structurally, TSMC remains the default winner, with a plausible Intel Foundry financing path in the wings, while Google looks more likely to “sell capacity” for TPUs than chips. Net: GPUs keep the bulk of spend through 2030 even as select first-party silicon scales, and the market should judge claims against networking choices and workload fit—not headlines.

Bart sits down with co-founder John Koborowski to rapid-fire update the portfolio—especially assets tied to Neighborhood Ventures' Opportunistic Fund: Asset #1 (acquired Jan ‘25): Occupancy jumped from 72% → 85%+ as tenant quality improved and maintenance was brought in-house; Google reviews surged from ~2.5★ to 5★ under on-site leadership. Venture on 52nd (closed mid-March): Now 94% occupied with 12 new leases and 15 renewals trending to market. Light CapEx (sound-dampening doors on Thomas-facing units, new semi-private patios) is boosting NOI and rental appeal. Venture on 12th Place: Strategic refinance converted $2M debt → $2M equity, locking in fixed financing and positioning a well-renovated, high-occupancy asset for a stronger hold. Venture on Maryland (under contract): 78 units in Central Phoenix at a compelling basis with lender-backed reno dollars; plan is staged interior upgrades and bringing ~$1,100 one-beds toward ~$1,500 market rents. Venture on Country Club: City-driven life-safety upgrades (sprinklers, egress, signage) slated to start September with tenants in place—stabilizing operations in a “buy-don't-sell” market. Clear takeaways: disciplined ops, targeted CapEx, and cycle-aware buying are driving occupancy, NOI, and long-term positioning across the NV portfolio.

In this episode, Craig McGrouther and I tackle two of the most frequently asked questions from investors: bonus depreciation and 1031 exchanges. With 100% bonus depreciation returning, they explain why this doesn't automatically mean 1:1 depreciation for investors, breaking down how leverage, CapEx, and land allocation affect your actual depreciation ratio. Using our current deal as an example, we can show why conservative 65% leverage yields ~45% depreciation rather than the 90% you'd get at 80% leverage, but creates a much safer investment. We also demystify 1031 exchanges, clarifying the crucial difference between exchanging INTO a deal (minimum $1M via tenancy-in-common) versus exchanging OUT at the partnership level after exit. I emphasizes the "magic" of syndications: allowing everyday investors to compound wealth tax-free through partnership-level 1031 exchanges without needing millions upfront.Apply to attend the LSC Summit 2025:www.lscsummit.com Download our FREE Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and get the FREE Underwriting Toolkit:https://www.lscre.com/resource/fof-underwriting-toolkitLearn more about Lone Star Capital:www.lscre.comFollow me on LinkedIn:https://www.linkedin.com/in/rob-beardsleyRead my latest articles:https://www.lscre.com/blog 

O "Ulrich Responde" é uma série de vídeos onde respondo perguntas enviadas por membros do canal e seguidores, abordando temas de economia, finanças e investimentos. Oferecemos uma análise profunda, trazendo informações para quem quer entender melhor a economia e tomar decisões financeiras mais informadas.00:00 - Nesse episódio do Ulrich Responde...01:46 - Quais gatilhos podem transformar euforia de corte de juros em medo de recessão? 05:10 - Se o BB for sancionado, clientes podem ser punidos por tabela? 05:45 - O acordo Mercosul-União Europeia ajuda diante do tarifaço do Trump? 06:13 - Comprar Bitcoin em reais exige atenção à volatilidade do dólar? 07:06 - Investidores devem migrar de bonds e growth para ações de valor? 10:13 - Quais as consequências da tarifação dos EUA sobre a Índia? 12:50 - Como aproveitar o novo ciclo de CAPEX em metais e energia? 14:47 - Qual será o desfecho das tarifas do Trump declaradas ilegais pela Justiça? 15:10 - Reservas bancárias maiores são boa medida para controlar inflação? 16:58 - A economia da Argentina está indo para o buraco com Milei? 22:06 - Milei abandonou o anarcocapitalismo ao assumir a presidência? 24:31 - A crise demográfica é um problema real para investimentos? 26:52 - Estamos numa nova Guerra Fria? 27:19 - Aceitaria integrar a equipe econômica de um governo de direita em 2026? 27:42 - Até onde vai o endividamento global? 28:49 - O desfile militar da China foi algo fora do comum? 30:20 - O caso Banco Master pode gerar crash bancário? 32:09 - Você acredita no Judiciário brasileiro? 33:13 - O Brasil tem saída ou devemos reajustar expectativas?

Jeff Gigante, founder of Next Level Brands, joins Restaurant Masterminds to share how his Tampa-based restaurant group generates nearly $40 million with just three locations through "laid-back luxury" hospitality. Learn his strategies for employee retention (4.5 weeks vacation for all leaders), community integration, technology adoption challenges, and expansion plans for 20+ restaurants. Discover how treating culture as CapEx investment and authentic community engagement drives exceptional performance in upscale casual dining.~This episode is sponsored by: Gusto → https://gusto.pxf.io/PBN ~#1 rated HR platform for payroll, benefits, and moreWith Gusto's easy-to-use platform, you can empower your people and push your business forward. See why over 400,000 businesses choose Gusto.#RestaurantBusiness #HospitalityLeadership #CasualDiningGet Your Podcast Now! Are you a hospitality or restaurant industry leader looking to amplify your voice and establish yourself as a thought leader? Look no further than SavorFM, the premier podcast platform designed exclusively for hospitality visionaries like you. Take the next step in your industry leadership journey – visit https://www.savor.fm/ Capital & Advisory: Are you a fast-casual restaurant startup or a technology innovator in the food service industry? Don't miss out on the opportunity to tap into decades of expertise. Reach out to Savor Capital & Advisory now to explore how their seasoned professionals can propel your business forward. Discover if you're eligible to leverage our unparalleled knowledge in food service branding and technology and take your venture to new heights.Don't wait – amplify your voice or supercharge your startup's growth today with Savor's ecosystem of industry-leading platforms and advisory services. Visit https://www.savor.fm/capital-advisory

The secret to a hotel's success isn't just great design; it's what guests don't see.Harzali Hashim, Complex Director of Engineering at Kyo-ya Hotels and Resorts in Honolulu, joins Dan to discuss sustainability engineering within the hospitality industry. They discuss Harzali's extensive 20-year career in hotel and resort engineering, focusing on the importance of maintenance, design, and sustainability in creating memorable guest experiences. They explore the operational challenges of managing historic properties, the significance of green engineering, and the collaborative efforts across the industry to uphold high standards. The episode also touches on Harzali's leadership within the Hawaii Lodging and Tourism Association's Engineers Advisory Council and his proactive approach in mentoring and fostering sustainability initiatives.Takeaways: Focus on creating memorable experiences for guests, not just through amenities but also through attentive service and a welcoming environment.Regularly maintain both visible and behind-the-scenes infrastructure to ensure long-term property value and guest satisfaction.Implement sustainable practices, such as energy and water conservation, and educate both staff and guests on their importance.Build strong relationships with all stakeholders: designers, engineers, housekeeping, and ownership to ensure successful projects and renovations.Be willing to rethink traditional processes and adapt quickly to changing circumstances for more efficient project delivery.Maintain honest and open communication with all project stakeholders to reduce misunderstandings and accelerate progress.Engage in community service and industry events to strengthen local ties and contribute positively beyond your organization.Quote of the Show:“Sustainability has been part of me for a while. Being here in Hawaii, embracing the local community means being sustainable.” - Harzali HashimLinks:LinkedIn: https://www.linkedin.com/in/harzali-hashim-b6901540/ Website: https://www.kyoyahotelsandresorts.com/ Shout Outs:0:53 - Marriott https://www.marriott.com/default.mi 1:15 - Sheraton Waikiki https://www.kyoyahotelsandresorts.com/sheraton-waikiki/ 1:19 - Diamond Head https://dlnr.hawaii.gov/dsp/parks/oahu/diamond-head-state-monument/ 1:31 - Moana Surfrider https://www.kyoyahotelsandresorts.com/moana-surfrider/ 2:56 - The Royal https://www.kyoyahotelsandresorts.com/the-royal-hawaiian/ 3:00 - The Palace https://www.kyoyahotelsandresorts.com/the-palace-hotel/ 6:48 - Halekulani https://www.halekulani.com/ 8:23 - John Staub https://www.linkedin.com/in/jonathan-staub-a8486914/ 8:26 - Philpotts https://www.philpotts.net/ 10:55 - Starwood Hotels https://en.wikipedia.org/wiki/Starwood_Hotels_and_Resorts 11:28 - Disney https://www.disney.com/ 23:23 - Engineers Advisory Council https://www.hawaiilodging.org/engineers-advisory-council.html 23:27 - Hawaii Lodging and Tourism Association https://www.hawaiilodging.org/ 27:48 - Eileen Madigan https://www.linkedin.com/in/eileenamadiganasid/ 27:49 - Las Vegas Sands Corp https://www.sands.com/ 31:44 - Princess Kaiulani https://www.kyoyahotelsandresorts.com/princess-kaiulani/ 44:55 - Green Business Program https://greenbusiness.hawaii.gov/ 

What makes a multifamily deal truly irresistible? For us, it comes down to five specific attributes that signal, this is one we want to buy.In this solo episode, I break down the five “holy grail” characteristics we look for in deals—and why these features dramatically increase the odds of success. If you're a value-add investor, you'll likely be targeting similar opportunities.Join us as we explore:Why minimal systems CapEx and maximum value-add renos are the sweet spotThe management inefficiencies that create easy wins for experienced operatorsHow low rents with the right resident base set you up for scalable successWhy unit mix matters more than most investors realizeThe overlooked advantage of a collaborative seller (and how it impacts financing and deal structure)NH Multifamily Fund III Details:Download The OM For The NH Multifamily Fund IIIAccess The Deal Room For The NH Multifamily Fund IIIAre you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities.Connect with Axel:Follow him on InstagramConnect with him on LinkedinSubscribe to our YouTube channelLearn more about Aligned Real Estate Partners

Collaboration inspires innovation, and when operators like Matt Rezkalla, Managing Director at Agemark Senior Living, join industry leaders at the NHI Symposium, there are plenty of new ideas to come. Hear his story of breaking into the industry and why he chooses to stay and innovate on this episode of Bridge the Gap.This episode was recorded at the NHI Music City Symposium. Hear Agemark's Michael Pittore on Ep. 381.Produced by Solinity Marketing.Sponsored by Aline, NIC MAP, Procare HR, Sage, Hamilton CapTel, Service Master, The Bridge Group Construction and Solinity. Become a sponsor of the Bridge the Gap Network.Connect with BTG on social media:YouTubeInstagramFacebookTwitterLinkedInTikTokMeet the Hosts:Lucas McCurdy, @SeniorLivingFan Owner, The Bridge Group Construction; Senior Living Construction Renovation, CapEx, and Reposition. Joshua Crisp, Founder and CEO, Solinity; Senior Living Development, Management, Marketing and Consulting.

From extreme ups to startling downs, every week can feel like the peak of expectations and the trough of disillusionment for AI.  SHOW: 954SHOW TRANSCRIPT: The Cloudcast #954 TranscriptSHOW VIDEO: https://youtube.com/@TheCloudcastNET CLOUD NEWS OF THE WEEK: http://bit.ly/cloudcast-cnotwCHECK OUT OUR NEW PODCAST: "CLOUDCAST BASICS"SHOW SPONSORS:[DoIT] Visit doit.com (that's d-o-i-t.com) to unlock intent-aware FinOps at scale with DoiT Cloud Intelligence.[VASION] Vasion Print eliminates the need for print servers by enabling secure, cloud-based printing from any device, anywhere. Get a custom demo to see the difference for yourself.SHOW NOTES:THE UPS AND DOWNS OF AI - THE CONSTANT HYPE CYCLEHealthy Competition [YES]Consumer and Enterprise Markets [YES]Market leader(s) [YES, sort of]Well-Defined, profitable business model [NO]Open, lower-cost alternative emerged [YES/NO]Usage patterns emerging [YES/NO][ups] Constant high-profile VC, Sovereign wealth, hyperscaler funding of AI startups[ups] Constant high-profile CAPEX spending by hyperscalers, model builders, data center builders[ups] Rapidly growing user-bases[ups] Growing revenues at some companies (NVIDIA, OpenAI, Google, Microsoft, Anthropic)[downs] Growing losses at high-profile companies  [???] Frequent, high-profile movement by key people at high-profile companies (engineers, leadership)[downs] Frequent, partial acquires of founders and key engineers, but not entire companies[downs] Secondary market scales of startup shares, bypassing traditional secondary and public markets[downs] No “NetFlix of AI” company[downs] No “AI Agent” success stories[???] Consumer “winner-take-all” mindset from AI companies[downs] Enterprise companies struggling to create ROI+ projects (in early days)[???] Enterprise “bundles” raising prices (CoPilot, Gemini, etc.)[downs] Unclear if new frontier models are getting better than previous versions (e.g. GPT-5)[???] Are inference prices coming down? [ups] Consumers have many excellent AI choicesIt's unclear if AI companies have created any moats yet; it's unclear if LLMs can be differentiatedChatbots, developer-assistants and document management are use-cases. What else?Are agents ready to be mainstream yet? Pick-axe providers are making the money right now (NVIDIA, Broadcom, etc.), but is there moat entirely on super-premium HW?User-experiences are still being understoodWill AI + Ads (business model) be a big bang event, or happen gradually? FEEDBACK?Email: show at the cloudcast dot netTwitter/X: @cloudcastpodBlueSky: @cloudcastpod.bsky.socialInstagram: @cloudcastpodTikTok: @cloudcastpod

Consultorio bursátil de agosto de 2025 en el que Adrián Godás y Paco Lodeiro respondemos a las preguntas de los oyentes. Las preguntas generales de este mes son sobre valorar utilities del sector eléctrico, cómo invertir 300 € al mes, cómo generar informes completos en Interactive Brokers, el tipo de cambio euro/dólar, libros avanzados de análisis financiero, el ciclo de CapEx en datacenters y sobre el capital con el que dejaríamos de trabajar. Y las dudas sobre empresas y sectores son sobre Whitehaven Coal, Sibanye Stillwater, Airtificial Intelligence Structures, Global Atomic y sobre Pershing Square Holdings. Patrocinador del programa Paleobull, con código de descuento para los oyentes.

In this conversation, Ben Bajarin and Jay Goldberg discuss the recent earnings reports of Nvidia and Marvell, focusing on the implications for the AI market and the challenges posed by geopolitical factors, particularly regarding China. They analyze Nvidia's growth projections, the complexities of ASICs, and the competitive landscape for AI servers, particularly highlighting Dell's position in the market. The discussion also touches on the nuances of CapEx spending and the importance of clear communication from companies to investors.

China is becoming the biggest swing factor for Nvidia's future. Just like Apple before it, Nvidia is facing a shrinking share of the Chinese market as competition from Huawei intensifies and U.S.–China tensions escalate. Gil Luria, Head of Technology Research at D.A. Davidson, breaks down why CapEx spending on AI is still surging, whether this boom is sustainable, and if the current frenzy has shades of a bubble, or the foundation for something bigger.This video is for informational purposes only and reflects the views of the host and guest, not Public Holdings or its subsidiaries. Mentions of assets are not recommendations. Investing involves risk, including loss. Past performance does not guarantee future results. For full disclosures, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Public.com/disclosures⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Precious metals are starting to move. Otavio Costa was pounding the table on gold and silver back in 2023. This is a replay of that conversation. I hope you guys enjoy!Hey Guys! This episode, we hear from Tavi Costa, portfolio manager at Crescat Capital, and get his insights into the precious metals industry. Tavi talks about the importance of precious metals CAPEX and explains how the demand for precious metals, specifically gold, affects the industry. He also discusses the differing opinions of gold bears. Tavi shares his thoughts on the inflation super cycle and how it impacts investing criteria. He also talks about identifying mistakes and valuing precious metals equities.[0:00] Who is Tavi Costa?[6:00] Precious Metals CAPEX[22:00] PM Demand: The Use of Gold[33:00] Gold Bears[40:00] The Inflation Super Cycle[50:00] Investing Criteria[59:00] Identifying Mistakes[1:08:00] Valuing PM Equities[1:19:00] More from Tavi Costa and Closing QuestionsIf you enjoyed this podcast, please check out Otavio on Twitter ⁠@TaviCosta⁠ and read his latest research at ⁠Crescat Capital⁠. Finally, thanks to the following sponsors for making the podcast a reality!MitimcoThis episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns to support MIT's mission. To help the emerging manager community more broadly, they created ⁠emergingmanagers.org⁠, a website for emerging manager stockpickers.I highly recommend the site for those looking to start a stock-picking fund or learn how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

This is Part 9 of Steve Coughran's book Cash Flow. In this section, Steve introduces the fifth lever of cash flow: capital. He explains why EBITDA isn't cash flow, how invested capital and ROIC reveal whether a business is creating or destroying value, and the hidden cash traps in receivables, inventory, and CapEx that often strangle growth.LinkedIn | YouTube coltivar.com/byfiq

AI doomers say that the technology will be the ultimate job-killer. But Jacob Helberg wants people to see AI as a tech that will boost, not replace, human workers and give them superpowers. Under Secretary of State for Economic Growth, Energy, and the Environment Jacob Helberg joins Sarah Guo and Elad Gil to talk about AI's role in reshoring manufacturing in America, supply chain security, and transforming the US energy grid. He also discusses the CapEx revolution, why he sees opportunity for tech and energy partnerships in the Middle East, and the path to more nuclear energy for the US. Plus, the three explore what the “superintelligence century” could look like. Sign up for new podcasts every week. Email feedback to show@no-priors.com Follow us on Twitter: @NoPriorsPod | @Saranormous | @EladGil | @jacobhelberg  Chapters: 00:00 – Jacob Helberg Introduction 00:50 – Jacob's Agenda for Capitol Hill 01:53 – Reshoring the American Supply Chain 04:38 – Areas of CapEx Growth 06:56 – Importance of Supply Chain Security 08:52 – Reshoring Rare Earth Minerals 11:12 – How AI Can Help America Reindustrialize  15:37 – AI and Productivity Gains 17:38 – The Superintelligence Century 22:56 – Creating an Open Source AI Ecosystem 24:41 – The Middle East and AI 26:24 – Growing Energy Resources in the US 28:28 – The Path to More Nuclear Energy in the US 35:50 – Essential Domains for Strategy and Security 38:20 – The Tech Industry and the Administration 40:29 – Conclusion

Join us on Semiconductor Insider, sign up on our website: www.chipstockinvestor.com/membershipSupercharge your analysis with AI! Get 15% of your membership with our special link here: https://fiscal.ai/csi/Nvidia Q2 earnings are here, and while they may have disappointed on the surface, guidance for the rest of 2025 and into 2026 tells a different story. Chip Stock Investors Nick and Kasey briefly review, and how they are prepared for an eventual down cycle in hyperscaler CapEx, the main driver of Nvidia's growth.Sign Up For Our Newsletter: https://mailchi.mp/b1228c12f284/sign-up-landing-page-short-form********************************************************Affiliate links that are sprinkled in throughout this video. If something catches your eye and you decide to buy it, we might earn a little coffee money. Thanks for helping us (Kasey) fuel our caffeine addiction!Content in this video is for general information or entertainment only and is not specific or individual investment advice. Forecasts and information presented may not develop as predicted and there is no guarantee any strategies presented will be successful. All investing involves risk, and you could lose some or all of your principal.Timestamps:(00:00) Nvidia's Quarterly Revenue Breakdown(00:50) Impact of China Sales on Nvidia's Revenue(01:25) Future Outlook and Q3 Guidance(01:41) Earnings Call Highlights(03:19) Hyperscaler CapEx Spending(05:57) Free Cash Flow and GAAP Net Income Analysis(07:44) Investment Strategy and Portfolio Insights #nvidia #nvdastock #nvidiaearnings #semiconductors #chips #investing #stocks #finance #financeeducation #silicon #artificialintelligence #ai #financeeducation #chipstocks #finance #stocks #investing #investor #financeeducation #stockmarket #chipstockinvestor #fablesschipdesign #chipmanufacturing #semiconductormanufacturing #semiconductorstocks Nick and Kasey own shares of Nvidia

What does it take to manage 420 apartments and create a million memorable moments? On this episode, host Dan Ryan sits down with Sebastián Torres-Calderón, the CEO of Stay U-nique, an award-winning short-term rental company in Spain. Sebastián shares his journey from customer journey intern to CEO and reveals how implementing the Entrepreneurial Operating System (EOS) helped his company not only survive the chaos of COVID but quadruple in size. The conversation dives deep into how Stay U-nique uses data and technology to create a frictionless guest experience, the challenges of a rapidly evolving industry, and the political headwinds facing the short-term rental market. Sebastián offers a unique perspective on the debate between prohibition and regulation and provides a powerful case for why collaboration between the private and public sectors is the key to solving housing inventory issues.Takeaways: Track key metrics (KPIs) across all departments, not just leadership, to identify and address recurring issues. Use data to drive improvements in guest experience, operations, and communication.Use frameworks such as the Entrepreneurial Operating System (EOS) to set clear goals, break them into manageable projects (“rocks”), and review progress regularly. Involve the entire team in the process for maximum impact.Don't be afraid to make mistakes, learn, and adapt. Regularly test new approaches, measure their impact, and iterate quickly. Use technology to streamline operations (e.g., remote locks, cleaning apps) and enhance the guest experience, but ensure it remains personal and responsive.Success takes time and consistent effort. Focus on long-term growth rather than immediate results.Empower every team member with ownership of projects and clear goals to drive company-wide improvement.Quote of the Show:“To take that time and make it something that they will remember forever, and get to do that every day, that's amazing.” - Sebastián Torres-CalderónLinks:LinkedIn: https://www.linkedin.com/in/sebasti%C3%A1n-torres-calderon-serkovic-310044121/ Website: https://www.stay-u-nique.com/en/ Shout Outs:0:53 - World Travel Awards https://www.worldtravelawards.com/ 10:46 - EOS https://www.eosworldwide.com/ 12:02 - Airbnb https://www.airbnb.com/ 13:43 - Traction https://amzn.to/4fEGOTZ 13:43 - Gino Wickman https://www.ginowickman.com/ 14:53 - Mitcham Rentals https://www.mitchamgrouprentals.com/ 16:23 - Enrique Alcántara https://www.linkedin.com/in/enrique-alc%C3%A1ntara-b9623b/ 24:28 - What the Heck is EOS? https://amzn.to/4fGGXGC 40:49 - Sonder https://www.sonder.com/ 40:56 - Marriott https://www.marriott.com/default.mi 

ITPM Flash provides insight into what professional traders are thinking about in the markets RIGHT NOW! In this episode, Edward Shek dives into the cracks forming in the SaaS business model and what it could mean for major players like Salesforce (CRM). From commoditization of code and AI-driven efficiency pressures to the dominance of hyperscalers swallowing entire markets, the moat around many software companies is vanishing fast. We look at examples like GoDaddy, Wix, and Duolingo to show how pricing power is collapsing, before turning to Salesforce itself—where slowing growth, high CapEx, and a reliance on efficiency gains raise big questions about valuation. With the market crowded on the long side, we explore a November put spread structure that targets a 20% de-rating and a potential 450% return if the bear case plays out.

With decades of experience in senior living, Greg Roderick, CEO of Frontier Senior Living, joins the show to discuss the industry's comeback from COVID-19 and the future benefits of value-based care. From repurposing buildings to new development, this episode is packed with valuable insights.Sponsored by Aline, NIC MAP, Procare HR, Sage, Hamilton CapTel, Service Master, The Bridge Group Construction and Solinity. Produced by Solinity Marketing.Become a sponsor of the Bridge the Gap Network.Connect with BTG on social media:YouTubeInstagramFacebookTwitterLinkedInTikTokMeet the Hosts:Lucas McCurdy, @SeniorLivingFan Owner, The Bridge Group Construction; Senior Living Construction Renovation, CapEx, and Reposition. Joshua Crisp, Founder and CEO, Solinity; Senior Living Development, Management, Marketing and Consulting.

This week, Patrick is STILL on vacation… so we're joined by local legend, Kuppy to discuss the massive CAPEX spend in A.I. and why he thinks it's not only unsustainable, but also extremely dangerous. https://secure.bigpicturetrading.com/membership/signup/jpX05srf Subscribe To Patrick's New Educational Series ONLY available on YouTube: https://www.youtube.com/@Patrick_Ceresna Visit our merch store!!! https://www.themarkethuddlemerch.com/ To receive our emails with the charts and links each week, please register at: https://markethuddle.com/

Frances Stacy says she remains "constructive" on Palantir (PLTR). The company sold off 10% throughout the week but she says the company holding its 50-day SMA is a strong bullish signal for the stock. She adds that Palantir's growth relies on NDX strength and A.I. capex. Frances does note concerns of an A.I. "bubble," though there needs to be a slew of specific conditions for it to pop.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe 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

ON THIS EPISODE ➤ How network aggregators eliminate ISP management chaos➤ Real strategies for migrating from expensive MPLS to resilient SD-WAN➤ Why POTS line costs are exploding and how to escape before bills double➤ Building proactive network monitoring instead of reactive firefighting➤ The zero-CapEx approach that gets executive buy-in for network upgrades What happens when...

In today's Cloud Wars Minute, I look at how the four hyperscalers are now spending a billion dollars every day on CapEx to keep up with explosive AI demand.Highlights00:19 — The four hyperscalers — AWS, Microsoft, Google, and Oracle — are now spending, as of Q2, a combined billion dollars a day on CapEx to try to keep up with explosive AI demand. Here's where these numbers come from. And I will say here, I'm calling it Q2, but Oracle's quarter ended May 31.01:00 — But these are very close for the four CapEx spending numbers for the four hyperscalers: AWS, $31.6 billion; Microsoft, about $27 billion. Google Cloud, $22.4 billion. Oracle, $9.1 billion — far more than Oracle has ever spent before. That's a total of $90.1 billion. We had 91 days in the quarter. So yeah, I cheated a little. It's actually $990.1 million per day. But I got a little crazy.02:02 — Andy Jassy, the CEO of Amazon said, “You know, this is a new industry. It's pretty crazy. You know, we've built at AWS a $123 billion annualized run rate business, and we're still in the early days.” All of the business leaders are realizing that to be able to compete going forward, they're going to have to turn their businesses into AI-powered enterprises.03:20 — They don't see this as a one-time seasonal boom that will go back down. They all say, “We think we're going to be spending at these rates going forward.” Oracle CEO Safra Catz, reflecting on the $9 billion that Oracle spent in its quarter ended May 31, said for the coming year, “We are expecting to spend more than $25 billion in CapEx — way more than ever before.”04:05 — CFO Amy Hood gently guided the questioner through this, saying, “That is a lot of money, there's no question about it. But our RPO, or remaining performance obligation — we have future commitments at Microsoft Cloud for $368 billion in customer contracts, and we don't currently have enough capacity to meet that. It's going to continue to go up.” Visit Cloud Wars for more.

In this episode of the Data Center Frontier Show podcast, we sit down with Martin Renkis, Executive Director of Global Alliances for Sustainable Infrastructure at Johnson Controls, to explore how Data Center Cooling as a Service (DCCaaS) is changing the way operators think about risk, capital, and sustainability. Johnson Controls has delivered guaranteed infrastructure services for over 40 years, shifting cooling from a CAPEX burden to an OPEX model. The company designs, builds, operates, and maintains systems under long-term agreements that transfer performance risk away from the operator. Key to the model is AI-driven optimization through platforms like OpenBlue, paired with financial guarantees tied directly to customer-defined KPIs. A joint venture with Apollo Group (Ionic Blue) also provides flexible financing, freeing up capital for land or expansion. With rising rack densities and unpredictable AI factory demands, Renkis says cooling-as-a-service offers “a financially guaranteed safety net” that adapts to change while advancing sustainability goals. Listen now to learn how Johnson Controls is redefining cooling for the AI era.

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. See our latest episodes at https://acquirersmultiple.com/podcastWe are live every Tuesday at 1.30pm E / 10.30am P.About Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: ttps://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

What does it mean to develop a host mindset?Today, Dan dives into the transformative principles of the 'host mindset' with Steve Fortunato, founder of roomforty and the Fig House. Steve shares his journey from a restaurateur and caterer to becoming an influential leadership facilitator, emphasizing the importance of making others feel valued. The conversation highlights the impact of hospitality in business, practical strategies to foster engagement, and the significance of personal growth and generosity-driven cultures. This episode is a deep exploration of how hospitality principles can enhance both personal and professional interactions, creating a kinder and collaborative environment.Takeaways: Approach every interaction, whether with clients, colleagues, or customers, with the intention to make others feel valued and cared for.Define a small set of practical, non-aspirational values that are deeply linked to your mission and vision. Integrate them into hiring, training, and daily operations.Seek out coaches, mentors, or peer groups who challenge you and help you grow. Stay open to learning and feedback.Give value first, without expecting immediate returns. Trust that value will come back to you through the virtuous cycle of generosity.Apply hospitality beyond the industry. Use these principles in any field or relationship.Even in gig-based or temporary workforces, make people feel important and included to inspire better performance and loyalty.Recognize that mastery is a journey, not a destination. Stay humble, coachable, and always strive to be better.Quote of the Show:“ I don't believe hospitality is an industry. I believe it's a virtue.” - Steve FortunatoLinks:LinkedIn: https://www.linkedin.com/in/steve-fortunato-3b990516/ Website: https://stevefortunato.com/ Book Link: https://amzn.to/45zaddw Shout Outs:0:38 - The Fig House https://www.fighousela.com/ 5:48 - Patina Group https://www.patinagroup.com/ 6:01 - Wolfgang Puck Catering https://wolfgangpuckcatering.com/ 14:49 - Bill Clinton https://en.wikipedia.org/wiki/Bill_Clinton 14:53 - Bob Hope https://en.wikipedia.org/wiki/Bob_Hope 24:39 - John F Kennedy https://en.wikipedia.org/wiki/John_F._Kennedy 43:44 - Toyota https://www.toyota.com/ 57:28 - DC Structures https://dcstructures.com/ 

Philip Straehl thinks the next wave of growth is “uncertain” as generative AI takes the wheel. While he is bullish on AI, he argues heavy AI capex spending has hidden costs. He compares it to other historical periods where industries spend heavily on a new technology and then have difficulties monetizing it.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe 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

Our Chief Fixed Income Strategist Vishy Tirupattur brings in Vishwas Patkar, Head of U.S. Credit Strategy, and Carolyn Campbell, Head of Consumer and Commercial ABS Research, to explain our high conviction on the role of credit markets in data center financing. Read more insights from Morgan Stanley.----- Transcript ----- Vishy Tirupattur: Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. Vishwas Patkar: I'm Vishwas Patkar, Head of U.S. Credit Strategy. Carolyn Campbell: And I'm Carolyn Campbell, Head of Consumer and Commercial ABS Research. Vishy Tirupattur: Today we'll talk about the feedback – and pushback – we've received on the data center financing note we wrote a few weeks ago. It's Tuesday, August 19th at 10am In New York. In the week since we published a report on bridging the data center financing gap, we were met with a wide range of investors to discuss the key takeaways from our report. We projected that meeting the data center demand requires something like $3 trillion of capital expenditure by 2028. And we projected that about half of this funding will come from hyperscaler cash flows, but the rest financed through different channels of the credit markets. So, Vishwas, some of the skeptics invoke comparisons to prior CapEx cycles, particularly the late 1990s telecom boom that did not quite end well. How would you respond to that skepticism? Vishwas Patkar: The 1990s telecom CapEx cycle certainly came up in a lot of our meetings. It was the last time we arguably saw CapEx cycle of this magnitude. I think the counter to this is that there are some very important differences versus what we saw then versus what we expect. Most importantly, the CapEx cycle back then was largely financed on corporate balance sheets, and we saw pretty significant uptake in debt issuance and leverage. Also, through the 1990s, the names, the companies that were spending were mid- to low-credit quality and not cash rich. That's very different from the hyperscalers that are in the center of the AI spending. And these companies are very cash rich, and their credit ratings range all the way from AAA to high A. So very much at the top end of the spectrum. In addition, we are quite optimistic about AI monetization, both the timeline and the magnitude. Some of this has also already been validated through second quarter earnings. We also think financing will be done through multiple channels going forward and it won't largely flow through to corporate debt. In fact, corporate debt issuance is actually a pretty small number of how we think this [$]3 trillion number will be met. And you know, the private credit piece, that we have talked about a lot in this report; we think it's likely to be skewed towards IG ratings, in many cases backed by contractual cash flows from credit worthy tenants. So, the risk, in some ways, could come from the sub investment grade non-hyperscaler type tenants. And that's an important theme to be watching. But by and large, this cycle is very different in our view from the late 1990s. Vishy Tirupattur: So, Carolyn, another pushback, is that the market will be overbuilt and won't be able to refinance in say, five years… Carolyn Campbell: Yeah, Vishy. This is a really big concern, particularly for securitized credit investors. We're starting to see some of the ABS and CMBS deals look to refinance even this year, and that will pick up as time goes on and these deals hit their five-year maturities. However, the biggest challenge to building new data centers in the U.S. today is access to power. Our equity research colleagues have identified a 45-gigawatt power bottleneck in the U.S., and we think this should keep the market structurally undersupplied of power and slow down the pace of construction, really limiting that overbuild risk. Thus, we expect that the churn and the vacancy rates will actually remain quite low in the medium term. And so, while it's a concern that in the long run that these data centers will decline in value; for now we don't see that to be a primary concern. Vishy Tirupattur: Carolyn, another concern we heard is that the investor demand will not keep pace with the supply, particularly in securitized credit. We also heard about the tenant quality, that tenant quality is a major concern in underwriting these deals. So how would you respond to those two points? Carolyn Campbell: Right. I mean, within ABS and CMBS, we don't think supply is really the limiting factor. We think it will come on the demand side for why we think that this market will grow to about [$]150 billion by 2028.However, our discussions with investors and the data that we've seen suggest that while there are a few big accounts that have been active in the ABS and CMBS space so far, many have yet to allocate meaningfully – preferring perhaps even other esoterics so far. And so, we think that as the supply grows, so too will the number of accounts and the size within which they're participating. That being said, the market is already starting to price in a higher risk of tenant weakness. We started to see deals with a lower proportion of IG or greater exposure to AI names price meaningfully wider than those deals that are almost entirely IG and are more for collocation and enterprise. Ultimately there will be winners and losers in this new AI industry. And so, the diversification across region and across tenant type, exposure to residual cloud and enterprise businesses, and the proportion of IG and non-AI tenants in these deals will be very important as we assess the risks of ABS and CMBS deals. Vishy Tirupattur: Vishwas, any way we cut it, the scale of investment here is pretty large. Would this scale of investment divert capital away from public credit? Vishwas Patkar: I certainly think that's a possibility, and maybe even a risk over time – but probably skewed towards the back half of our forecast horizon, which goes through 2028. I think with the public credit market, the next few quarters' supply should be largely manageable, and demand has been and should stay quite strong. But if you look a few quarters out, insurance demand has been very critical to what's supporting credit markets right now. If interest rates go lower, some of these insurance inflows could slow down. And we've also talked about insurance allocations that are shifting towards private and securitized credit at the expense of corporate credit. So, slowly, you could say supply needs rise. You know, we have about [$]800 billion of financing that needs to be met by private credit while inflow slow down. So, I wouldn't view this as a fundamental risk for public credit, but certainly a reason why credit spreads may not stay as tight as they are, over a period of time. Vishy Tirupattur: So ultimately, our projections are based on the transformative potential for AI and the role of data center financing to enable that. This is a high conviction view. As we have said elsewhere, we are not too wedded to the specific size estimates in the broad constellation of financing channels. The point we want to drive home here is that credit markets will play a major role in enabling AI driven technology fusion. As always, they will be winners and losers, but data center financing as a theme for credit investors is here to stay.Thanks for listening. If you enjoy the show, leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

In this episode of the RiskReversal Podcast, host Dan Nathan is joined by Gene Munster, managing partner at Deepwater Asset Management. The discussion centers around the dominance of major tech stocks, their rapidly evolving dynamics, and substantial capital expenditures, exemplified by an expected $300 billion increase next year. They delve into the transformative impact of artificial intelligence on markets, with Munster drawing parallels to the tech boom from 1995 to 2000. The conversation also covers geopolitical implications for U.S. tech firms, focusing on Nvidia's crucial role in the U.S.-China tech rivalry. The episode concludes with thoughts on Apple's upcoming launches, the potential for significant IPOs in the AI realm, and the broader economic factors influencing market strategies. Show Notes ‘Absolutely immense': the companies on the hook for the $3tn AI building boom (FT) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

The NIC Fall Conference is headed to Austin, Texas, and Amy Peters, VP of Conferences, Meetings & Events, is here to share insights, session details, and an agenda preview. Plus, a special announcement from Amy you won't want to miss.Produced by Solinity Marketing.Sponsored by Aline, NIC MAP, Procare HR, Sage, Hamilton CapTel, Service Master, The Bridge Group Construction and Solinity. Become a sponsor of the Bridge the Gap Network.Connect with BTG on social media:YouTubeInstagramFacebookTwitterLinkedInTikTokMeet the Hosts:Lucas McCurdy, @SeniorLivingFan Owner, The Bridge Group Construction; Senior Living Construction Renovation, CapEx, and Reposition. Joshua Crisp, Founder and CEO, Solinity; Senior Living Development, Management, Marketing and Consulting.

In Part 2 of our conversation wtih Sean Graham, Founder of Maven Cost Segregation Tax Advisors, we dive deeper into powerful tax strategies, focusing on cost segregation and accelerated depreciation. Sean explains the Look Back Strategy and how it can help amend past tax returns, shares insights on renovations and CAPEX opportunities, and outlines how cost segregation applies to new construction. We also discuss the importance of working with trusted professionals and reveal the biggest red flags to watch for in tax advice. Sean is an entrepreneur, investor, and registered CPA with a background in public accounting and private equity. He manages a portfolio of residential rentals and invests in self-storage developments. Sean is also the founder of Maven Cost Segregation Tax Advisors, a national leader in cost segregation services for commercial real estate. His expertise in real estate taxation helps investors accelerate depreciation and maximize after-tax returns.In this episode:Cost Segregation & Depreciation Strategies: How investors can accelerate depreciation to maximize after-tax returns.Look Back Strategy: Understanding how this approach works and its impact when amending prior tax returns.Identifying value-add improvements that can boost property performance and tax benefits.Cost Segregation in New ConstructionWhy experienced tax and cost segregation experts are essential for accuracy and compliance.Biggest Red Flags in Tax Advice : Common pitfalls to watch for when receiving tax guidance.The Norris Group originates and services loans in California and Florida under California DRE License 01219911, Florida Mortgage Lender License 1577, and NMLS License 1623669.  For more information on hard money lending, go www.thenorrisgroup.com and click the Hard Money tab.Video LinkRadio Show

This week we talk about tech bubbles, building moats, and infrastructure investment.We also discuss capital expenditure, data centers, and employee compensation.Recommended Book: The Art of Gathering by Priya ParkerTranscriptMany technology booms have early periods in which innovators have a first-mover advantage, and a lot of what happens in their industry is informed by the decisions those innovators make.After that—depending on the technology, but this is common enough to be considered a trend—after that there tends to be a period of build-out and consolidation amongst the people and business entities that survived that initial, innovation-focused throw-down.In the context of personal computers, this moment saw computer-makers like Microsoft and Apple scramble to pivot from figuring out what an operating system should look like and whether or not to use mice to navigate user interfaces, to a period in which they were rushing to scale-up the manufacture of now-essential, but previously comparably rare components: suitable screens for their monitors, chips that could power their increasingly graphical machines, and the magnetic materials necessary to produce floppy disks and spindle-based hard drives.There's an initial period in which new ideas and approaches provide these entities with a moat that protects them against competition, in other words, but then the game they're playing changes, the rules are more fully understood and to some degree locked into place and agreed upon, and instead of competing for the biggest, most brazen new ideas, they lock onto one set of ideas that seemed to be the best of what's available at that moment and build on those, iterating them at a regular cadence, but focusing especially on scaling them.So at this second stage, they're investing in the ability to out-produce their competition in some way, so they can eventually bypass that competition and (they hope) safely increase their prices and make a profit, as opposed to just larger and larger revenues with equal or greater expenses, continuing to be reliant on investor injections of capital, rather than generating their own surplus returns.By many analysts' and insiders' estimates, we've just entered that second stage in the generative AI industry. That's the sort of AI that generates text and images and code and such, and it's increasingly becoming a sort of commodity, rather than a new, hot things that few companies can offer the market.What I'd like to talk about today are the increasingly massive financial figures associated with this industry's shift to that second stage of development, and why some of those insiders and analysts are voicing fresh concerns that this could all lead to a bubble, and possibly an historically large one.—There are many ways we could measure the growth of the AI industry over the years.The US market size, for instance, which is a measure of the value of AI-oriented companies based on how much shares of their company cost or would cost on the open market, has ballooned from just over $100 billion in 2022 to an estimated $174 billion in 2025. That figure is expected to grow at a not quite 20% compound annual growth rate through 2034, which, if accurate, would put this market, in the US alone, at more than $850 billion.Another metric we might use is that of capital expenditure, or capex, in this corner of the tech industry, which refers to the amount of money AI companies are using to buy, upgrade, or maintain their long-term assets, like new computer chips or the data centers they fill with those chips.The seven most valuable US tech companies—Meta, Alphabet, Microsoft, Amazon, Apple, NVIDIA, and Broadcom (that last spot formerly held by Tesla, which was dropped from this designation in late-2024)—just those seven companies have spent $102.5 billion on capex this last financial quarter (and most of that was from just four of them, Meta, Alphabet, Microsoft, and Amazon, the remainder only spending something like $6.7 billion).That's a staggering amount of money, and due to a recent drop in consumer demand—the money individual US citizens spend on things like food and clothes and smartphones and cars and all the other things people buy—AI-related capex, spending by these massive US tech companies, has added more to GDP growth than consumer spending for the past two quarters.All the things all the people in the US bought over the past two quarters did not cost as much, in aggregate, as what these companies spent during the same period, on new and existing assets. That's pretty wild.And it's the consequence, partly, of the shift in these companies' focus from providing goods and services that relied heavily on people—salary and stock compensation, basically, which is not a capex expense, because its spent on employees, not stuff—to spending heavily on all that infrastructure that they believe will be required to help them compete with those other companies that are also frantically investing in the same.Whomever can built the biggest, baddest, most reliable and powerful data centers, and can get the AI-optimized chips to fill them, will have an advantage over their opponents in the new, developing tech world paradigm, it's thought, so they're pumping gobs of resources into exactly those sorts of assets, hoping to get ahead, build an insurmountable advantage, and put their competition out of business—or failing that, to establish themselves as the AI Coca-Cola, versus their opposition's AI Mr. Pip.Similar dynamics are playing out elsewhere, especially in China, where the market could reach a value approximating today's US AI market in 3-5 years, and several times that, up to $1.4 trillion, by 2030—though like all of these figures, it depends on how we choose to measure these sorts of things, including what counts as an AI company, and in China, several of their major AI players are heavily involved in automation, robotics, which itself is expected to be a $5 trillion industry in that country by 2050.Europe's market is comparably smaller, as is its overall tech industry, but the AI market is now just shy of 15% of its total tech sector, up from 12% in 2022, and AI startups are attracting about a quarter of all VC funding in the bloc right now—so they're starting from a less spendy start, but like pretty much everywhere the necessary knowledge and manufacturing base exists at the moment, the European AI market is growing a lot faster than anyone would have expected even just five years ago.And there are real-deal innovations coming out of this tech; these investments are flooding into AI companies because these technologies, this version of them, the generative AI stuff, has completely rewired the programming world, AI bots and agents helping coders achieve a lot more, faster, and non-coders make things they wouldn't have been able to build lacking these tools, imperfect as many of those tools are, under the hood.We're also seeing an explosion of other sorts of generated content, and the injection of these tools that make such content into Hollywood studios and consulting firms and government agencies, and everything in between, is causing equal parts panic and excitement, depending on whether you're one of the people who feels like they might be laid off soon, replaced by software, or if you're someone who profits from all those layoffs, and the payments from the companies that hope to save money by conducting them, replacing their comparably expensive employees with cheaper AI tools.Things have gotten so wild that Meta's CEO Mark Zuckerberg has started offering compensation packages ranging from $200 million to more than a billion dollars to top AI talent. Meta's AI spending is already massive, and could hit $72 billion this year, but the company has said it could hit $100 billion in 2026, while Microsoft's leadership suggested their 2025 spending of $30 billion could balloon to $120 billion in 2026.OpenAI recently offered their employees large bonuses, in the hundreds of thousands to millions of dollars range, to counter those sorts of overtures from the likes of Meta, but there's a lot of money flying around from all direction right now, much of it aimed at more AI infrastructure, or the relatively few people on the planet who understand this tech well enough to make a competitive difference in this industry.That's…a lot of money. There's just so much spending happening, so many resources sloshing around in this one space right now, and all this investment is predicated on the idea that AI will change everything, we're stepping into a new paradigm, and those who control the AI, will basically own the next game. So they're all trying to set things up so they win the next game, or at least have the best hand possible when it arrives.There have been increasingly loud arguments, made by long-time generative AI critics, but also, more recently, ardent AI boosters, that we might be running up against a wall of what these things can do for us; this version of the AI concept, at least.And these arguments got louder with OpenAI's release of their long-teased GPT-5 model, which some expected to be true AGI, human-grade, flexible, omni-capable intelligence, while others thought it might be a mono-focused superintelligence of some kind: the perfect coder, the perfect image generator, something like that.What users got was not that. It seems to be better at some things, still not great at others.This was an incredibly expensive model to produce—the training costs alone are estimated to be something like a half-billion dollars, and that's just a portion of the total costs of creating this sort of model—and what OpenAI served up, instead of something groundbreaking, was a slightly better, though in some ways seemingly the same or worse version of what everyone's been playing with for years, now.There's room for disagreement on this, as while there are some more objective tests for measuring models' capabilities, a lot of it is circumstantial, and depends, among other things, on what you're trying to do, how the systems are prompted, and so on.There's also something to be said for cost-reductions and other sorts of benefits of new models, beyond raw power and capability.But this thud of a launch for what was supposed to be a sea-changing system has led to the ringing of some alarm bells, industry watchers wondering if we might be careening toward a bubble, at a moment in which, again, this segment of the tech industry is contributing more to the US's GDP than all of consumer spending, combined.A bubble, to be clear, wouldn't mean the collapse of the US economy, or even these companies, necessarily. It would mean a lot of AI entities going under, a lot of invested money lost, and a lot of people who suddenly don't have jobs.Almost always there are a few players in these bubbly spaces that make it to the other side, though—eBay, for instance, survived the dotcom bubble intact, as did Amazon, PayPal, and Adobe, among many others.But the grand shakeout, the sifting for those that could survive a mammoth downturn, and the destruction of the rest, that's a tough moment for those directly connected to the bubble-popping industry, and those adjacent to it: the folks who feed the employees who are now laid off, the suppliers of the light switches that go in all the data centers, etc.There are ripple effects to this sort of bubble pop moment, then, and though such sifting might be long-term beneficial, because it maybe weeds out some of the dead-weight and makes things more efficient in that space five or ten years in the future, that won't help the folks who lose a lot of money when the industry shrinks, including those who have their money at banks that made bad bets, or insurance companies that did the same, with their customers resources.Everything's great for everyone when these sorts of high-risk, high-reward bets are paying out, but when the golden goose of huge anticipated future profits disappears, that shakeout leaves a lot of entities and people with emptier pockets.None of which suggests this is going to happen; there's a chance that we continue to see better and better models using the current, generative AI technology, or that some of these companies successfully pivot to another AI approach that bears better, next-step fruit, and things just keep getting more and more powerful and less and less expensive for everyone; that could theoretically lead to some pretty cool, broadly beneficial things.This sort of risk is lurking in the background of everything that's happening, though, and while upbeat marketing messages and predictions about how cool it will all be when the next-step tools arrive can keep things going for a while, even lacking major milestones that can be pointed at to justify those claims, at some point we'll probably need to see something really, truly different and novel, or the bottom could fall out, leaving those who were more careful tip-toeing into this collection of technologies looking less like they're being left behind, and more like they took smart precautions and made safe, reliable investments.Show Noteshttps://www.precedenceresearch.com/us-artificial-intelligence-markethttps://www.statista.com/outlook/tmo/artificial-intelligence/united-stateshttps://techcrunch.com/2024/12/23/ai-startups-attracted-25-of-europes-vc-funding/https://archive.is/20250809000924/https://www.theverge.com/command-line-newsletter/756561/openai-employees-bonus-sam-altman-ai-talent-warshttps://paulkedrosky.com/honey-ai-capex-ate-the-economy/https://www.wsj.com/tech/ai/silicon-valley-ai-infrastructure-capex-cffe0431https://archive.is/20250809000924/https://www.theverge.com/command-line-newsletter/756561/openai-employees-bonus-sam-altman-ai-talent-warshttps://archive.is/20250808224658/https://www.bloomberg.com/news/articles/2025-08-07/tesla-disbands-dojo-supercomputer-team-in-blow-to-ai-efforthttps://fortune.com/2025/08/04/billionaire-anthropic-ceo-dario-amodei-ai-staffers-poaching-meta-mark-zuckerberg-100k-six-figure-salaries-openai-sam-altman/https://www.bbc.com/news/articles/c1e02vx55wpohttps://www.nytimes.com/2025/07/31/business/dealbook/meta-microsoft-ai-spending-shares.htmlhttps://www.techrepublic.com/article/news-meta-billion-dollars-ai-poaching-failed/ This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit letsknowthings.substack.com/subscribe

Episode Description:Hosted by James Altucher (serial entrepreneur, bestselling author of "Choose Yourself," podcaster, hedge fund manager, chess master, and investor in over 20 companies, with expertise in crypto and AI) and Joseph Jacks (founder and general partner of OSS Capital, the world's first VC firm dedicated to commercial open-source software; early-stage investor in AI and open-source tech, previously Entrepreneur-in-Residence at Quantum Corporation).In the premiere episode, James and Joe explore Bittensor's decentralized AI ecosystem, contrasting it with centralized giants like xAI's Grok 4. They discuss subnets providing GPUs, datasets, and models; proof-of-useful-work mining; building custom AI agents; and Bittensor's potential to outpace Big Tech in achieving superintelligence.Plus, tokenomics, real-world apps, capitalism parallels, and bold predictions on TAO's future value.Key Timestamps & Topics:00:00:00 - Intro: Podcast overview, AI/crypto news (Grok 4, Bitcoin ATH), centralized vs. decentralized AI.00:09:00 - Proof of Useful Work: Mining datasets, models, inference on Bittensor.00:10:00 - Subnet Deep Dives: Dataverse (13) for data scraping; building trading models.00:16:00 - Chutes (64): Cheap AI inference, e.g., Bible chatbot at 1/50th OpenAI cost.00:23:00 - Agentic AI: Building owned agents, avoiding Big Tech biases/control.00:28:00 - Scaling & Future: Decentralization's infinite potential; Bitcoin compute parallels.00:33:00 - Superintelligence Path: Bittensor faster than Elon; energy/chip challenges.00:34:00 - Bittensor's Early Stage: Like 1990s internet, needs better user interfaces.00:38:00 - Chutes Economics: 10T+ tokens served, 4.4K H100 GPUs, user growth.00:50:00 - Valuation & Growth: Subnets as companies; TAO potentially 5-10x Bitcoin.01:02:00 - Bittensor as Pure Capitalism: Incentives for supply/demand; upgrading equity models.01:09:00 - Centralization Risks: Elon/Meta control; Bittensor's global solution.01:13:00 - Wrap-Up: Teasing future episodes on subnets, AI ventures.Key Takeaways:Bittensor incentivizes ~20-100K GPUs permissionlessly, rivaling xAI at zero CapEx.Subnets like Chutes (inference) and Dataverse (data) enable cheap, owned AI models for anyone.Decentralization democratizes AI talent/compute, potentially building AGI faster than centralized efforts.Quote: "Bittensor is the most expressive language of value in the history of languages of value." – Joseph JacksResources & Links:Bittensor Official: bittensor.comTaostats (Explorer/TAO App): taostats.ioSubnet 64 (Chutes): taostats.io/subnets/64Subnet 13 (Dataverse): macrocosmos.ai/sn13Akash Network: akash.networkxAI: x.aiFollow Hosts: @jaltucher & @josephjacks_ on XSubscribe for more on Bittensor subnets, AI building, and crypto trends! Leave a review and share your thoughts. #TheTaoPod #Bittensor #DecentralizedAI #TAOToday's Advertisers:Secure your online data TODAY by visiting ExpressVPN.com/ALTUCHERElevate your workspace with UPLIFT Desk. Go to https://upliftdesk.com/james for a special offer exclusive to our audience.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

I spoke with the great Paul Kedrosky to discuss the significant impact of AI capital expenditure (CapEx) on the economy, exploring how it contributes to GDP growth and the implications of this spending. Qw delve into the rapid growth of AI-related investments, the short lifespan of data centers, and the potential risks associated with this economic phenomenon. 00:00 The Impact of AI Capital Expenditure on the Economy 09:34 The Dynamics of Data Center Investments 19:39 Debt Financing and Its Implications 30:09 Potential Risks and Future Outlook for AI Investments Articles mentioned on this episode: Paul Kedrosky: Honey AI Capex Ate The Economy Chris Mims in the WSJ Noah Smith Learn more about your ad choices. Visit megaphone.fm/adchoices

Dan Nathan is joined by Brett Winton, Chief Futurist at ARK Invest. Brett shares insights about his role, the evolution of ARC Invest, and the focus on disruptive innovation platforms such as AI, robotics, energy storage, public blockchains, and biotech. They discuss the impact of large-scale investments in AI, the future trajectory of companies like Microsoft and Tesla, and the transformative potential of AI in various sectors. Brett articulates his vision for AI integration in enterprises, the future of autonomous driving, and the role of companies like OpenAI in the broader market landscape. Links Jim Chanos on Meta —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Until now, the AI buildout has largely been self-funded. Our Chief Fixed Income Strategist Vishy Tirupattur and our Head of U.S. Credit Strategy Vishwas Patkar explain the role of credit markets to fund a potential financing gap of $1.5 trillion as spending on data centers and hardware keeps ramping up.Read more insights from Morgan Stanley.----- Transcript ----- Vishy Tirupattur: Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist.Vishwas Patkar: And I'm Vishwas Patkar, Head of U.S. Credit Strategy at Morgan Stanley.Vishy Tirupattur: Today we want to talk about the opportunities and challenges in the credit markets, in the context of AI and data center financing.It's Wednesday, August 6th at 3pm in New York.Vishy Tirupattur: So, Vishwas spending on AI and data centers is really not new. It's been going on for a while. How has this CapEx been financed so far predominantly? What has changed now? And why do we need greater involvement of credit markets of different stripes?Vishwas Patkar: You're right, Vishy. So, CapEx on AI is certainly not new. So last year the hyperscalers alone spent more than $200 billion on AI related CapEx. What changes from here on, to your question, is the numbers just ramp up sharply. So, if you look at Morgan Stanley's estimates leveraging work done by our colleague Stephen Byrd over the next four years, there's about [$]2.9 trillion of CapEx that needs to be spent across hardware and data center bills.So what changes is, while CapEx so far has been largely self-funded by hyperscalers, we think that will not be the case going forward. So, when we leverage the work that has been done by our equity research colleagues around how much the hyperscalers can spend, we've identified a [$]1.5 trillion financing gap that has to be met by external capital. And we think credit would play a big role in that.Vishy Tirupattur: A financing gap of [$]1.5 trillion. Wow. That's a big number, by any measure. You talked about multiple credit channels that would need to be involved. Can you talk about rough sizing of these channels?Vishwas Patkar: Yep. So, we looked at four broad channels in the report that went out a few weeks ago. So, that [$]1.5 trillion gap breaks out into roughly [$]800 billion across private credit, which we think will be led by asset-based finance. Another [$]200 billion we think will come from Investment Grade rated bond issuance from the large tech names. Another [$]150 billion comes through securitized credit issuance via data center ABS and CMBS. And then finally there is a [$]350 billion plug that we've used. It's a catchall term for all other forms of financing that can cover sovereign spend, PE (private equity), VC among others,Vishy Tirupattur: The technology sector is fairly small within the context of corporate grade markets. You are estimating something like [$]200 billion of financing to come from this channel. Why not more?Vishwas Patkar: So, I think it comes down to really willingness versus ability. And, you know, you raise a good point. Tech names certainly have a lot of capacity to issue debt. And when I look at some of the work done by my colleague Lindsay Tyler in this report, the big four hyperscalers alone could issue over [$]600 billion of incremental debt without hurting their credit ratings.That said, our assumption is that early in the CapEx cycle, companies will be a little hesitant to do significantly debt funded investments as that might be seen as a suboptimal outcome for shareholder returns. And that's why we have reduced the magnitude of how much debt issuance could be vis-a-vis the actual capacity some of these companies have.So, Vishy, I talked about private credit meeting about half of the investment gap that we've identified and within that asset-based finance being a very important channel. So, what is ABF and why do you expect it to play such a big role in financing AI and data centers?Vishy Tirupattur: So, ABF is a very broad term for financing arrangements within the context of private credit. These are financing arrangements that are secured by loans and contractual cash flows such as leases – either with hard assets or without hard assets. So, the underlying concept itself is pretty widely used in securitizations.So, the difference between ABF structures and ABS structures is that the ABF structures are highly bespoke. They enable lots of customization to fit the specific needs of the investors and issuers in terms of risk tolerance, ratings, returns, duration, term, et cetera.So, ABS structures, on the other hand, are pretty standardized structures, you know, driven mainly by rating agencies – often requiring fairly stabilized cash flows with very strict requirements of lessee characteristics and sometimes residual value guarantees, in cases where hard assets are actually part of the collateral package.So, ABF opens up a wider range of possible structures and financing options to include assets that are on different stages of development. Remember, this is a very nascent industry. So, there are data centers that are fully stabilized cash flows, and there are data centers that are in very early stages of building with just land, or land and power access just being established.So, ABF structures can really do it in the form of a single asset or single facility financing or could include a portfolio of multiple assets and facilities that are in different stages of development.So, put all these things together, the nascent nature and the bespoke needs of data center financing call for a solution like ABF.Vishwas Patkar: And then taking a step back. So, as you said, the [$]1.5 trillion financing gap; I mean, that's a big number. That's larger than the size of the high yield market and the leveraged loan market.So, the question is, who are the investors in these structures, and where do you think the money ultimately comes from?Vishy Tirupattur: So, there is really a favorable alignment here of significant and substantial dry powder across different credit markets. And they're looking for attractive yields with appeal to a sticky investor base. This end investor base consists of investors such as insurance companies, sovereign wealth funds, pension funds, endowments, and high net worth retail individuals.Vishy Tirupattur: These are looking for scalable high quality asset exposures that can provide diversification benefits. And what we are talking about in terms of AI and data center financing precisely fall into that kind of investment. And we think this alignment of the need for capital and need for investments, that bridges this gap for [$]1.5 trillion that we're talking about here.So, my final question to you, Vishwas, is this. Where could we be wrong in our assessment of the financing through the various credit market channels?Vishwas Patkar: With the caveat that there are a lot of assumptions and moving parts in the framework that we build, I would flag really two risks. One macro, one micro.The macro one I would talk about in the context of credit market capacity. A lot of the favorable dynamics that you talked about come from where the level of rates are. So, if the economy slows and yields were to drop sharply, then I think the demand that credit markets are seeing could come into question, could see a slowdown over the coming years.The more micro risks, I think really come from how quickly or how slowly AI gets monetized by the big tech names. So, while we are quite optimistic about revenue generation a few years out, if in reality revenues are stronger than expected, then you could see more reliance on the public markets.So, for instance, the 200 billion of corporate bond issuance is likely going to be skewed higher in a more optimistic scenario. On the flip side, if there is mmuch ore uncertainty around the path to revenue generation, and if you see hyperscalers pulling back a bit on CapEx – then at the margin that could push more financing to the way of credit markets. In which case the overall [$]1.5 trillion number could also be biased higher.So those are the two big risks in my view.Vishy Tirupattur: So, Vishwas, any way you look at it, these numbers are big. And whether you are involved in AI or whether you're thinking about credit markets, these are numbers and developments that you cannot ignore.So, Vishwas, thanks so much for joining.Vishwas Patkar: Thank you for having me on Vishy.Vishy Tirupattur: And thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.