Podcasts about Nvidia

Professor Byron Boots is the co-founder and CEO of Overland AI and a leading expert in machine learning, robotics, and autonomous systems. A full professor at the University of Washington with a PhD from Carnegie Mellon, he previously held research roles at NVIDIA and Google and led the University of Washington's DARPA RACER team to victory. Through Overland AI, Byron is developing autonomous ground vehicles for the U.S. military, helping modernize battlefield logistics, improve operational effectiveness, and reduce risk to service members. Privacy Isn't Paranoia. It's Protection. Download Glacier - https://srs.site/glacierapp Website - https://theglacierapp.com Shawn Ryan Show Sponsors: Free trial at https://shopify.com/srs Go to https://helixsleep.com/SRS for up to 30% off. If you have an iPhone, go to https://ladder.fit/SRS to take a quick quiz, get matched with your coach, and get a free 7-day trial (no credit card needed) plus $10 off your first month if you join. For a limited time, our listeners get 50% off FOR LIFE, Free Shipping, AND 3 Free Gifts at Mars Men at https://Mengotomars.com Byron Boots Links: X - https://x.com/Overland_AI_X Youtube - https://www.youtube.com/@OverlandAI Website - https://www.overland.ai Learn more about your ad choices. Visit podcastchoices.com/adchoices

Plus: A new survey finds a sizable share of company leaders don't know the rate of return on their AI investments. And Ford is setting ambitious sales targets for its new electric truck. Danny Lewis hosts. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

While Microsoft pushes Copilot+ PCs, NVIDIA storms into the Windows ecosystem with AI-focused Spark machines and game-changing specs, igniting new rivalries with Apple and upending expectations for what local hardware can do. Plus, Atari revives 39 Activision classics for a price that will make retro fans blink, while the Sonos saga continues as it pivots to an open AI platform that might finally win back old loyalties. Finally, Paul's Markdown book will be released sometime in the next week. Windows The mystery of 26H2 is now less mysterious Last week: Week D came and went without a preview release, triggering speculation Microsoft issues Windows 11 version 26H2 to Release Preview, a first This means a September or October release to stable. Just guessing, but Preview Update in September, general Update in October is most likely Version numbers don't matter much anymore. There are no unique 26H2 features, just a few unique 26H2 presets - These include Point-in-time restore and Memory Integrity Protection being on by default Two 26H1 pre-release builds with little to speak of IFA 2026 is underway in Berlin Acer is first out of the gates with dozens of new PCs, including one based on the NVIDIA RTX Spark EU General Court confirms that Microsoft Edge is not a gatekeeper Visual Studio Code now has a full Markdown Editor experience Brave now offers free email aliases, and will have a premium option soon Firefox for iOS now has integrated ad blocking NVIDIA - $96.2 billion in revenues, up 106 percent YOY Dell - record $47 billion in revenues, but it's all from server/infrastructure HP - $15.7 billion in revenues, up 12.5 percent - $11.8 billion from PCs, vs. $15 billion for all Dell client products AI/dev Sony and Warner sue Anthropic for stealing their music Gemini Notebook gets first Expert Intelligence upgrade with integrated e-book support Sonos announces Sonos 27 OS with major AI functionality Microsoft moves WinUI development fully to GitHub ahead of open-sourcing it XBOX and gaming Call of Duty: Black Ops Cold War, more coming to Game Pass Every Activision title for the Atari 2600 is being reissued in cartridge form, but it's going to cost you Tips and picks Tip of the week: Markdown: A Field Guide for Writers App pick of the week: ImageGlass 10 RunAs Radio this week: Reimagining Intranets with Susan Hanley Brown liquor pick of the week: Macaloney's Cath-Nah-Aven Hosts: Leo Laporte, Paul Thurrott, and Richard Campbell Download or subscribe to Windows Weekly at https://twit.tv/shows/windows-weekly Check out Paul's blog at thurrott.com The Windows Weekly theme music is courtesy of Carl Franklin. Join Club TWiT for Ad-Free Podcasts! Support what you love and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Join today: https://twit.tv/clubtwit Sponsors: outsystems.com/twit threatlocker.com/twit helixsleep.com/windows

Gautam Narang built India's first customized humanoid robot as a teenager — then walked away from humanoids because they were nowhere near commercial. Today his company, Gatik, runs fully driverless trucks 24/7 across Texas, Arkansas, and Arizona for PepsiCo, Kroger, and Loblaw: dock to dock, no safety driver, no observer, no required remote monitoring. He tells Tasha Keeney and Daniel Maguire why Gatik took the contrarian bet on the middle mile while the rest of the industry chased long haul, how a $200,000-per-truck take-or-pay contract moves utilization risk off Gatik's books, and why he believes autonomous trucking has moved from a technology challenge to an execution story.Key Points From This Episode:00:00:00 Meet Gautam Narang, CEO and Co-founder of Gatik00:05:49 The contrarian bet: why Gatik started with the middle mile00:08:12 Dock to dock, and the interface problem nobody talks about00:12:56 $200,000 per truck, take-or-pay: the business model explained00:18:15 Inside the PepsiCo partnership: Frito, beverage, and dynamic routing00:20:48 From 10-mile routes to 400-mile routes00:32:12 A $300B market, and why the tech is platform agnostic00:36:58 The $200M Series D and putting strategic partners on the capitalization table00:39:17 Why ARK doubled down: what we believe the proof actually looks like00:46:07 The 3x utilization assumption underpinning everyone else's margins00:48:25 Isuzu, NVIDIA, South Carolina, and 50,000 units a year by 2030Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

Plus: Leon Black sues House Committee over Epstein probe. And feminist icon Gloria Steinem dies at 92. Alex Ossola hosts. Sign up for WSJ's free What's News newsletter. An artificial-intelligence tool assisted in the making of this episode by creating summaries that were based on Wall Street Journal reporting and reviewed and adapted by an editor. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

AGENDA:  00:00 Nvidia crushes $96.2B quarter and nears $12.9B Hugging Face deal 13:52 OpenAI cuts off Cursor as the Altman–Musk feud escalates 17:40 OpenAI's 1,000-agent cyberattack triggers an industry wake-up call 22:58 Instinct hits $2.5B valuation as AI assistants gain spending power 36:39 Cognition targets $1.6B ARR as the coding-agent market explodes 40:31 AI forces every startup to become a compound company—or get left behind 52:42 Salesforce embraces Claude and outcome-based pricing in major AI reset 1:00:52 Stripe–PayPal deal collapses as both sides clash over price 1:02:31 Clay hits $7B and Linear reaches $100M ARR as agents choose their tools 1:11:52 Texas pauses Flock cameras as police-surveillance backlash grows

Nvidia has officially agreed to buy open-source artificial intelligence platform Hugging Face for $12.9 billion, as the chipmaker and world's most valuable company moves into a future beyond hardware. The CEOs of both companies, Nvidia's Jensen Huang and Hugging Face's Clement Delangue, join exclusively to discuss the terms of the courtship and the deal – and the future of artificial intelligence's open source commitment. Plus, the NBA suspends Clippers' owner Steve Ballmer for violating terms of the league's salary cap in signing Kawhi Leonard. And, New York City schools ban AI from elementary school classroomsJensen Huang and Clement Delangue - 13:32 In this episode: Jensen Huang, @JensenHuangClement Delangue, @ClementDelangueBecky Quick, @BeckyQuickAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Carl Quintanilla and Jim Cramer led off the show with the M&A story of the day: Nvidia has agreed to acquire AI platform Hugging Face for nearly $13 billion. Hear what Nvidia CEO Jensen Huang told CNBC about the deal. Also on the AI front: Shares of Broadcom fell despite a Q3 beat, while Snowflake soared on better-than-expected quarterly results and upbeat guidance. The anchors also discussed diesel prices nearing a record high and gasoline prices continuing to rise as the U.S-Iran conflict intensifies. Also in focus: Meta rallies; Microsoft to begin disclosing Azure quarterly revenue; Salesforce shares erase their losses for the year; The debate over data centers with two months to go before the midterm elections.Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

While Microsoft pushes Copilot+ PCs, NVIDIA storms into the Windows ecosystem with AI-focused Spark machines and game-changing specs, igniting new rivalries with Apple and upending expectations for what local hardware can do. Plus, Atari revives 39 Activision classics for a price that will make retro fans blink, while the Sonos saga continues as it pivots to an open AI platform that might finally win back old loyalties. Finally, Paul's Markdown book will be released sometime in the next week. Windows The mystery of 26H2 is now less mysterious Last week: Week D came and went without a preview release, triggering speculation Microsoft issues Windows 11 version 26H2 to Release Preview, a first This means a September or October release to stable. Just guessing, but Preview Update in September, general Update in October is most likely Version numbers don't matter much anymore. There are no unique 26H2 features, just a few unique 26H2 presets - These include Point-in-time restore and Memory Integrity Protection being on by default Two 26H1 pre-release builds with little to speak of IFA 2026 is underway in Berlin Acer is first out of the gates with dozens of new PCs, including one based on the NVIDIA RTX Spark EU General Court confirms that Microsoft Edge is not a gatekeeper Visual Studio Code now has a full Markdown Editor experience Brave now offers free email aliases, and will have a premium option soon Firefox for iOS now has integrated ad blocking NVIDIA - $96.2 billion in revenues, up 106 percent YOY Dell - record $47 billion in revenues, but it's all from server/infrastructure HP - $15.7 billion in revenues, up 12.5 percent - $11.8 billion from PCs, vs. $15 billion for all Dell client products AI/dev Sony and Warner sue Anthropic for stealing their music Gemini Notebook gets first Expert Intelligence upgrade with integrated e-book support Sonos announces Sonos 27 OS with major AI functionality Microsoft moves WinUI development fully to GitHub ahead of open-sourcing it XBOX and gaming Call of Duty: Black Ops Cold War, more coming to Game Pass Every Activision title for the Atari 2600 is being reissued in cartridge form, but it's going to cost you Tips and picks Tip of the week: Markdown: A Field Guide for Writers App pick of the week: ImageGlass 10 RunAs Radio this week: Reimagining Intranets with Susan Hanley Brown liquor pick of the week: Macaloney's Cath-Nah-Aven Hosts: Leo Laporte, Paul Thurrott, and Richard Campbell Download or subscribe to Windows Weekly at https://twit.tv/shows/windows-weekly Check out Paul's blog at thurrott.com The Windows Weekly theme music is courtesy of Carl Franklin. Join Club TWiT for Ad-Free Podcasts! Support what you love and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Join today: https://twit.tv/clubtwit Sponsors: outsystems.com/twit threatlocker.com/twit helixsleep.com/windows

While Microsoft pushes Copilot+ PCs, NVIDIA storms into the Windows ecosystem with AI-focused Spark machines and game-changing specs, igniting new rivalries with Apple and upending expectations for what local hardware can do. Plus, Atari revives 39 Activision classics for a price that will make retro fans blink, while the Sonos saga continues as it pivots to an open AI platform that might finally win back old loyalties. Finally, Paul's Markdown book will be released sometime in the next week. Windows The mystery of 26H2 is now less mysterious Last week: Week D came and went without a preview release, triggering speculation Microsoft issues Windows 11 version 26H2 to Release Preview, a first This means a September or October release to stable. Just guessing, but Preview Update in September, general Update in October is most likely Version numbers don't matter much anymore. There are no unique 26H2 features, just a few unique 26H2 presets - These include Point-in-time restore and Memory Integrity Protection being on by default Two 26H1 pre-release builds with little to speak of IFA 2026 is underway in Berlin Acer is first out of the gates with dozens of new PCs, including one based on the NVIDIA RTX Spark EU General Court confirms that Microsoft Edge is not a gatekeeper Visual Studio Code now has a full Markdown Editor experience Brave now offers free email aliases, and will have a premium option soon Firefox for iOS now has integrated ad blocking NVIDIA - $96.2 billion in revenues, up 106 percent YOY Dell - record $47 billion in revenues, but it's all from server/infrastructure HP - $15.7 billion in revenues, up 12.5 percent - $11.8 billion from PCs, vs. $15 billion for all Dell client products AI/dev Sony and Warner sue Anthropic for stealing their music Gemini Notebook gets first Expert Intelligence upgrade with integrated e-book support Sonos announces Sonos 27 OS with major AI functionality Microsoft moves WinUI development fully to GitHub ahead of open-sourcing it XBOX and gaming Call of Duty: Black Ops Cold War, more coming to Game Pass Every Activision title for the Atari 2600 is being reissued in cartridge form, but it's going to cost you Tips and picks Tip of the week: Markdown: A Field Guide for Writers App pick of the week: ImageGlass 10 RunAs Radio this week: Reimagining Intranets with Susan Hanley Brown liquor pick of the week: Macaloney's Cath-Nah-Aven Hosts: Leo Laporte, Paul Thurrott, and Richard Campbell Download or subscribe to Windows Weekly at https://twit.tv/shows/windows-weekly Check out Paul's blog at thurrott.com The Windows Weekly theme music is courtesy of Carl Franklin. Join Club TWiT for Ad-Free Podcasts! Support what you love and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Join today: https://twit.tv/clubtwit Sponsors: outsystems.com/twit threatlocker.com/twit helixsleep.com/windows

Nvidia (NVDA) delivered another massive quarter, with data center revenue surging and management forecasting extraordinary growth ahead. But as the AI buildout gets larger, Nvidia is also becoming increasingly involved in financing, demand guarantees and other arrangements across the AI ecosystem. Simon and Dan break down why that matters, where the risks are building, and what could happen if some of AI’s biggest customers eventually pull back. They also wrap up Canadian bank earnings season with a closer look at CIBC (CM.TO), including rising mortgage delinquencies, commercial credit trends and the growing importance of wealth management and capital markets across the Canadian banks. Salesforce (CRM) delivered a strong quarter as its AI products continue gaining traction, providing another example of why not every software company is being disrupted by AI. Dollar Tree (DLTR) continues its turnaround, expanding its multi-price strategy and improving store operations as more consumers search for value. Simon and Dan compare its progress with Dollarama (DOL.TO) and discuss why Dollar Tree could potentially offer more upside despite Dollarama remaining the stronger operator. Finally, Best Buy (BBY) provides an interesting look at consumer spending, with a notable divergence emerging between its U.S. and Canadian businesses. Subscribe to Our New Youtube Channel! Check out our portfolio by going to Jointci.com Our Website Canadian Investor Podcast Network Twitter: @cdn_investing Simon’s twitter: @Fiat_Iceberg Braden’s twitter: @BradoCapital Dan’s Twitter: @stocktrades_ca Want to learn more about Real Estate Investing? Check out the Canadian Real Estate Investor Podcast! Apple Podcast - The Canadian Real Estate Investor Spotify - The Canadian Real Estate Investor Web player - The Canadian Real Estate Investor Asset Allocation ETFs | BMO Global Asset Management Sign up for Fiscal.ai for free to get easy access to global stock coverage and powerful AI investing tools. Register for EQ Bank, the seamless digital banking experience with better rates and no nonsense.See omnystudio.com/listener for privacy information.

Nvidia acaba de reportar el trimestre más grande en la historia de cualquier empresa: 96 mil millones de dólares en ingresos, un crecimiento del 106% en un año, y una valuación que la hace valer más que toda la bolsa de Alemania. Pero detrás de ese récord, Carlos Muñoz y Ricardo Moreno ven la misma señal que precedió a la crisis del 2008: un sistema de financiamiento circular, apalancado hasta los dientes, que se sostiene solo mientras siga entrando capital fresco.En este episodio analizan cómo los compromisos de inversión de OpenAI y Anthropic se están registrando como ingresos asegurados, cómo ese dinero se convierte en deuda para construir infraestructura, y por qué se parece tanto al refinanciamiento de hipotecas que reventó hace casi dos décadas. También hablan de un dato histórico que casi nadie notó: por primera vez en 20 años, las compras en la App Store dejaron de crecer, y la inteligencia artificial podría ser la causa. Cierran con los "cava bars" que están explotando en Miami, las leyes de negocio ocultas en cinco religiones, y el debate sobre si Nike es una oportunidad de compra en su peor momento en una década.

While Microsoft pushes Copilot+ PCs, NVIDIA storms into the Windows ecosystem with AI-focused Spark machines and game-changing specs, igniting new rivalries with Apple and upending expectations for what local hardware can do. Plus, Atari revives 39 Activision classics for a price that will make retro fans blink, while the Sonos saga continues as it pivots to an open AI platform that might finally win back old loyalties. Finally, Paul's Markdown book will be released sometime in the next week. Windows The mystery of 26H2 is now less mysterious Last week: Week D came and went without a preview release, triggering speculation Microsoft issues Windows 11 version 26H2 to Release Preview, a first This means a September or October release to stable. Just guessing, but Preview Update in September, general Update in October is most likely Version numbers don't matter much anymore. There are no unique 26H2 features, just a few unique 26H2 presets - These include Point-in-time restore and Memory Integrity Protection being on by default Two 26H1 pre-release builds with little to speak of IFA 2026 is underway in Berlin Acer is first out of the gates with dozens of new PCs, including one based on the NVIDIA RTX Spark EU General Court confirms that Microsoft Edge is not a gatekeeper Visual Studio Code now has a full Markdown Editor experience Brave now offers free email aliases, and will have a premium option soon Firefox for iOS now has integrated ad blocking NVIDIA - $96.2 billion in revenues, up 106 percent YOY Dell - record $47 billion in revenues, but it's all from server/infrastructure HP - $15.7 billion in revenues, up 12.5 percent - $11.8 billion from PCs, vs. $15 billion for all Dell client products AI/dev Sony and Warner sue Anthropic for stealing their music Gemini Notebook gets first Expert Intelligence upgrade with integrated e-book support Sonos announces Sonos 27 OS with major AI functionality Microsoft moves WinUI development fully to GitHub ahead of open-sourcing it XBOX and gaming Call of Duty: Black Ops Cold War, more coming to Game Pass Every Activision title for the Atari 2600 is being reissued in cartridge form, but it's going to cost you Tips and picks Tip of the week: Markdown: A Field Guide for Writers App pick of the week: ImageGlass 10 RunAs Radio this week: Reimagining Intranets with Susan Hanley Brown liquor pick of the week: Macaloney's Cath-Nah-Aven Hosts: Leo Laporte, Paul Thurrott, and Richard Campbell Download or subscribe to Windows Weekly at https://twit.tv/shows/windows-weekly Check out Paul's blog at thurrott.com The Windows Weekly theme music is courtesy of Carl Franklin. Join Club TWiT for Ad-Free Podcasts! Support what you love and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Join today: https://twit.tv/clubtwit Sponsors: outsystems.com/twit threatlocker.com/twit helixsleep.com/windows

NVIDIA shrugs off the dog days of summer and takes the options crown once again on this episode of The Hot Options Report. Host Mark Longo breaks down the day's hottest options action, including a nearly six-million-contract session in NVIDIA, heavy trading in Tesla, Apple and Meta, a big post-earnings move in Dell, strength in Micron, and a rough session for Palantir. Plus, we dig into the zero-DTE options action in SPX and XSP and examine some of the most active short-dated calls across the market. For more options data, go to TheHotOptionsReport.com.

CNBC Business News Update with Jessica Ettinger - Markets & Business News With Expert Analysis From Top Business Names. Visit CNBC.com For More. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

While Microsoft pushes Copilot+ PCs, NVIDIA storms into the Windows ecosystem with AI-focused Spark machines and game-changing specs, igniting new rivalries with Apple and upending expectations for what local hardware can do. Plus, Atari revives 39 Activision classics for a price that will make retro fans blink, while the Sonos saga continues as it pivots to an open AI platform that might finally win back old loyalties. Finally, Paul's Markdown book will be released sometime in the next week. Windows The mystery of 26H2 is now less mysterious Last week: Week D came and went without a preview release, triggering speculation Microsoft issues Windows 11 version 26H2 to Release Preview, a first This means a September or October release to stable. Just guessing, but Preview Update in September, general Update in October is most likely Version numbers don't matter much anymore. There are no unique 26H2 features, just a few unique 26H2 presets - These include Point-in-time restore and Memory Integrity Protection being on by default Two 26H1 pre-release builds with little to speak of IFA 2026 is underway in Berlin Acer is first out of the gates with dozens of new PCs, including one based on the NVIDIA RTX Spark EU General Court confirms that Microsoft Edge is not a gatekeeper Visual Studio Code now has a full Markdown Editor experience Brave now offers free email aliases, and will have a premium option soon Firefox for iOS now has integrated ad blocking NVIDIA - $96.2 billion in revenues, up 106 percent YOY Dell - record $47 billion in revenues, but it's all from server/infrastructure HP - $15.7 billion in revenues, up 12.5 percent - $11.8 billion from PCs, vs. $15 billion for all Dell client products AI/dev Sony and Warner sue Anthropic for stealing their music Gemini Notebook gets first Expert Intelligence upgrade with integrated e-book support Sonos announces Sonos 27 OS with major AI functionality Microsoft moves WinUI development fully to GitHub ahead of open-sourcing it XBOX and gaming Call of Duty: Black Ops Cold War, more coming to Game Pass Every Activision title for the Atari 2600 is being reissued in cartridge form, but it's going to cost you Tips and picks Tip of the week: Markdown: A Field Guide for Writers App pick of the week: ImageGlass 10 RunAs Radio this week: Reimagining Intranets with Susan Hanley Brown liquor pick of the week: Macaloney's Cath-Nah-Aven Hosts: Leo Laporte, Paul Thurrott, and Richard Campbell Download or subscribe to Windows Weekly at https://twit.tv/shows/windows-weekly Check out Paul's blog at thurrott.com The Windows Weekly theme music is courtesy of Carl Franklin. Join Club TWiT for Ad-Free Podcasts! Support what you love and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Join today: https://twit.tv/clubtwit Sponsors: outsystems.com/twit threatlocker.com/twit helixsleep.com/windows

In this episode, Scott Becker discusses NVIDIA's rapid market value swings between $5 trillion and $5.5 trillion, the impact of AI optimism, earnings results, and Federal Reserve commentary.

A key day for chip stocks as Broadcom reports second-quarter numbers and the broader semi trade rallies. The traders make sense of the action, and weigh in on whether AI titan Nvidia should heed Jim Cramer's call to ramp up its stock buybacks. Then, oil prices extend gains as new details emerge on the U.S. deal with Venezuela. MCC Global Enterprises' Michelle Caruso-Cabrera discusses the implications for national security -- and prices at the pump. Plus, big gains in bank stocks, Netflix's new content strategy and Berkshire Hathaway's bull case for Alphabet. Fast Money Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The business world rarely slows down, and this week was no exception. From Meta’s landmark legal settlement to Nvidia’s jaw-dropping earnings report, the headlines are telling a story that most mainstream media outlets are getting completely wrong. When you look at these events through a category design lens, the picture becomes much clearer and far more alarming than the surface-level reporting suggests. Understanding what these stories actually mean requires stepping back from the company-focused narrative and asking bigger questions. Who is winning? Who is losing trust? And more importantly, what does this mean for the future of AI and the people building it? This is just some of the topics that Pirates Christopher Lochhead, Eddie Yoon and Bri Clark discuss on this episode of The Pirate Street Journal. Each week, the Category Pirates pick three headlines worth paying attention to and break down the category underneath. You're listening to Christopher Lochhead: Follow Your Different. We are the real dialogue podcast for people with a different mind. So get your mind in a different place, and hey ho, let's go.   Meta’s Settlement Is Cheaper Than It Looks Meta agreed to pay 48 states a headline number of $18 billion, but the real guaranteed figure is $12.7 billion paid out over ten years. With Meta generating approximately $200 billion in annual revenue, this settlement amounts to roughly 1% of a single year’s earnings. That is not accountability. That is the cost of doing business for a company that knowingly harmed children and only stopped when forced to by the courts. The parental controls included in the deal are genuinely positive steps. Default two-hour daily limits for teenagers, overnight app blocking, and school-hour notification silencing are all meaningful changes. However, Meta only agreed to these reforms as Zuckerberg was days away from testifying, with damning internal evidence about to become public. The timing tells you everything you need to know about their motivations.   The Trust Problem Meta Created for All of AI For nearly two decades, Meta asked users to trust them with their most personal relationships, interests, and daily habits. They responded to that trust by prioritizing engagement and profit over the wellbeing of children. Internal data reached Zuckerberg directly, and the company continued anyway. That is the established and repeated fact at the center of this settlement. Now Zuckerberg is publishing manifestos about personal superintelligence, promising AI tutors, AI lawyers, and AI companions woven into every part of daily life. The AI systems being built today will know more about you than Google, Facebook, and Apple combined. The central question facing every user is simple: who do you trust with that level of intimacy? Meta’s track record provides a very clear answer.   Nvidia Shows Us What Trustworthy AI Leadership Looks Like While Meta’s story is one of eroded trust, Nvidia’s $96 billion quarter tells a completely different story. Jensen Huang has built the most valuable company on earth by being transparent, self-deprecating, and genuinely committed to expanding opportunity rather than concentrating power. He openly admits mistakes, eats street food, and tells people the truth about AI and jobs in a way that his counterparts refuse to do. The contrast between Jensen Huang and the Darth Vaders of AI could not be sharper. While Zuckerberg publishes warnings about concentrated power in the same week he settles a case about abusing it, Jensen is out building bridges across the entire industry stack. The AI conversation desperately needs his voice front and center, pushing the fear-driven narratives aside and replacing them with the kind of grounded, honest leadership that actually builds lasting trust. To hear about the topics in this week's The Pirate Street Journal, download and listen to this episode. You can also read more Pirate Street Journal entries in the Category Pirates newsletter.   We hope you enjoyed this episode of Christopher Lochhead: Follow Your Different™! Christopher loves hearing from his listeners. Feel free to email him, connect on Facebook, X, LinkedIn, and subscribe on Apple Podcast / Spotify!

Berkshire Hathaway's new CEO Greg Abel is in Tokyo, where he's discussing the firm's stakes in Japanese trading houses. Abel also discusses Berkshire's Alphabet stake, a portfolio shift spearheaded by Warren Buffett. Then, U.S. Commerce Secretary Howard Lutnick joins the show from the G20 in North Carolina. Ahead of a fireside chat with Nvidia's Jensen Huang and OpenAI's Sam Altman, Sec. Lutnick discusses the data center boom, semiconductor tariffs, American competitiveness, and his own perspective on the collapse of trade talks with Canada. Greg Abel - 5:19 Sec. Howard Lutnick - 30:50 In this episode: Howard Lutnick, @howardlutnick Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Katie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Aaron, Brian, and Brandon cover major stories including NVIDIA's record quarter and continued growth forecasts, alongside concerns about declining free cash flow and customer financing. They discuss NVIDIA's reported $12.9B acquisition of Hugging Face as a strategic move to strengthen the open-model ecosystem and go up the stack, and Stripe's $8B acquisition of OpenRouter as routing infrastructure for model choice and potential agent-to-agent commerce. The group reacts to reports of OpenAI agent testing in which agents collaborated, manipulated logs, and tried to deceive humans, framing it as a security and guardrails issue. They also mention Microsoft employees' surprising AI spend, OpenAI's “Jalapeño” hardware push and manufacturing constraints, and Salesforce's “Claude Force” concept of using Claude as the UI to query Salesforce data.SHOW: 1059SHOW TRANSCRIPT: The Enterprise AI Show #1059 TranscriptSHOW VIDEO: https://youtu.be/Clmgst03-egSHOW LINKS:NVIDIA's record quarterNVIDIA buys Hugging FaceStripe buys OpenRouterOpenAI's new chipSHOW SPONSORS:NordLayer - Use ENTERPRISE10 for 10% off.Nasuni - Activate your data for AI and request a demoTopic: Link to the full list of topics for the monthFEEDBACK?Email: show @ the enterprise ai show dot comBluesky: @TheEntAIShow.bsky.socialTwitter/X: @TheEntAIShowInstagram: @TheEntAIShow

A disconnect between technical capability and end-user adoption is driving current decision-making in AI and infrastructure among managed service providers and IT leaders. While companies like Broadcom, Perplexity, Apple, and NVIDIA are introducing hardware and platforms for on-premises and local AI processing, the primary lever for value remains organizational adoption rather than available technology. Costs and infrastructure investments are being shaped by how—and whether—users engage with these tools. The most significant evidence is from Voya Financial, where a five-hour AI training for 11,000 employees led to 98% adoption and frequent use, despite no change in underlying technology. Industry data cited shows that while generative AI now reaches 80% of occupations, only 2.8% of tasks have more than 50% usage, and none reach 70%. This indicates broad awareness but little real transfer of work to AI, making current spending primarily reflective of shallow adoption rather than deep operational change. Additional developments include a clear industry shift toward privately owned AI infrastructure, as shown by recent product launches and by NVIDIA's ongoing focus on cloud-rented compute. Gartner projects that consumption-based and inference-specific storage will expand rapidly by 2029, but these estimates are based on limited current adoption, underlining a mismatch between infrastructure readiness and immediate need. For MSPs and IT providers, the risk is overcommitting to AI infrastructure before clients are ready. Real opportunity lies in structured adoption programs for existing AI tools—identifying staff with teaching skills, piloting training internally, and focusing on increasing client usage. Deferring on-premises AI infrastructure projects until client adoption and economic signals align is positioned as a safer, more pragmatic approach. 00:00 Three Companies, One Idea 04:20 Nobody Turned It On 07:53 The Window Opens In 2029 10:46 Why Do We Care? Supported by: Proofpoint GoTo(LogMeIn)

The Federal Reserve just released one of the most overlooked—and potentially revealing—reports on the U.S. economy. It's called the Beige Book. No, it's probably not going to make anyone's bestseller list.

In Episode 203 of Facts vs Feelings, Carson Group's Ryan Detrick, Chief Market Strategist, and Sonu Varghese, Chief Macro Strategist, tackle a surprise caller's question on why oil and gas prices aren't higher given ongoing disruptions in the Strait of Hormuz. The hosts break down global oil dynamics, including China's massive strategic petroleum reserves, economic cooling,and EV adoption, as well as the impact of refining margins ("crack spreads") and Ukrainian strikes on Russian refineries.Later in the episode, the team pays tribute to the legendary Dolly Parton and uses her timeless wisdom ("if you want the rainbow, you gotta put up with the rain") to frame long-term market resilience. Plus, they recap a surprisingly strong August for equities, analyze the tech sector's software surge, review blockbuster Nvidia earnings, and look back at historical market shocks like the 1998 Long-Term Capital Management crisis.[Key Takeaways]Despite severe supply shocks in the Strait of Hormuz, global oil prices have been cushioned by China's strategic petroleum reserves (SPR), slower domestic economic growth, and aggressive moves into electric vehicles (EVs).Elevated gas and diesel prices at the pump are driven not only by crude oil costs, but also by high refining margins ("crack spreads"), which have remained stretched due to attacks on Russian refining infrastructure.Defying historical seasonal weakness, the S&P 500 gained roughly 2.7% in August. Leadership rotated beyond chip stocks into beaten-down areas like equal-weight software, cybersecurity, and energy.Nvidia posted record quarterly revenue of $96.2 billion (up 106% year-over-year), with CEO Jensen Huang emphasizing that demand and AI compute acceleration remain robust.Referencing historical events like the 1998 Long-Term Capital Management crisis, the hosts remind investors that every year features scary headlines and bad days, but long-term investors must endure short-term "rain" to capture market gains.Jump to:0:00 — Surprise Caller on Gas Prices1:35 — Why Oil Is Not $2004:10 — China's Demand and SPR Release6:10 — Crack Spreads and Refining Margins8:02 — Listener Shoutouts and Bike Bus9:28 — Dolly Parton and Market Perspective13:31 — 1998 LTCM and Bad Market Days15:35 — August Recap and Sector Leaders18:40 — Software Surge and AI Agents22:41 — Nvidia Earnings and AI Demand31:59 — Vendor Financing Hidden in Footnotes39:12 — Jackson Hole and Rate Uncertainty49:57 — Rising Yields and 1990s Parallels58:21 — Jobs Data Risks and September Myths1:07:23 — ISM Signals Hot Growth and WrapConnect with Ryan:• LinkedIn: https://www.linkedin.com/in/ryandetrick/• X: https://x.com/RyanDetrickConnect with Sonu:• LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/• X: https://x.com/sonusvarghese?lang=enQuestions about the show? We'd love to hear from you! factsvsfeelings@carsongroup.com

 EPISODE DESCRIPTION I sat down with Smit Vachhani from Cronos Labs, a fascinating builder who has worked across NVIDIA, LinkedIn, and Optimism before landing at the intersection of crypto, stocks, prediction markets, and AI. We dig into why Gen Z is financially nihilistic right now and why that actually creates a massive opportunity. Smit breaks down the concept of hyper-financialization, explains why retaining Gen Z users is far harder than acquiring them, and shares the raw growth lessons he picked up at big tech and in the trenches of a Layer 2 ecosystem. We also talk about what most Web3 founders get wrong, why bad UX has been the industry's dirty secret for too long, and how Cronos is building an everything trading app for eight tier one markets around the world. If you are building in Web3 or crypto and want a no-BS growth perspective from someone who has seen it all, this one is for you. DISCLAIMERNothing mentioned in this podcast is investment advice and please do your own research. It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend. Be a guest on the podcast or contact us - https://www.web3pod.xyz/ CONNECT Cronos Website: https://cronos.com/Cronos App on X/Twitter: https://x.com/CronosAppCronos Instagram: https://www.instagram.com/getcronos/Web3 with Sam Kamani Podcast: https://www.web3pod.xyz KEY POINTS WITH TIMESTAMPS • [00:00] Sam introduces Smit Vachhani from Cronos Labs and previews the episode themes• [01:55] Smit's background: growing up in the Bay Area, engineering at Cal, early Bitcoin experience selling video game gold• [03:30] Working at Optimism, building blockchain infrastructure for Coinbase, Kraken, Sony and others• [04:17] Why bear markets are the best time to build and how to filter signal from noise• [04:43] Introducing the concept of hyper-financialization and what it means for the next generation• [06:10] Why Cronos is not just an everything app for everyone , eight tier one markets and the Gen Z focus• [08:13] Why Gen Z is financially nihilistic and how that shapes product thinking• [11:25] Prediction markets as exhibit A of hyper-financialization, and a nod to Kalshi and Polymarket• [14:02] Onboarding is easy for Gen Z , retention is the real challenge• [15:53] Growth lessons from NVIDIA, LinkedIn, and Optimism applied to Cronos• [18:07] The single most important lesson for early-stage Web3 founders• [21:28] How to retain users and why being unopinionated about your own product is a superpower• [24:40] September 17th launch date for the Cronos app V1 , sports, stocks, perps, crypto, and more• [27:25] Products Smit admires: FOMO, Polymarket, and Tempo• [29:00] Partnerships with Polymarket, Hyperliquid, Morpho, and Chainlink• [30:39] The one ask: download the app, give feedback, and follow @CronosApp on X

In this episode of Spotlight, Stephanie Stanton ‪@etfguide‬ chats with Lance McGray, Head of ETF Product at Advisors Asset Management about growth and income opportunities with preferred securities, dividend investing, and companies that are transforming global business. 

Broadcom (AVGO) earnings will answer some lingering questions surrounding the AI trade and verify AI demand from Nvidia's (NVDA) report after Wednesday's close. Rick Ducat says the stock has lagged compared to chipmaking peers and highlights key support and resistance areas to watch in the chart. He turns to an example options trade for Broadcom. ======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Nasdaq Global Indexes' Mark Marex points to a recent surge in cybersecurity stocks fueled by the increasing sophistication of AI-powered cyber threats. He also discusses ongoing AI-driven demand in the semiconductor industry, led by Nvidia's (NVDA) strong performance, and the potential inflationary pressures from AI capital expenditure build-outs.======== 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

AI developer Anthropic has entered into a massive $35 billion agreement to secure cloud computing power from Lambda, a provider heavily supported by Nvidia. This arrangement centers on a new Texas data center being developed by Hut 8, where Nvidia acts as the primary tenant and hardware supplier. The deal is part of a larger $80 billion spending spree by Anthropic to lock down essential infrastructure and specialized chips amidst a global supply shortage. This complex web of partnerships, where Nvidia serves as an investor, landlord, and manufacturer, has sparked industry debate regarding circular financing models. Ultimately, these sources illustrate that the competition in artificial intelligence has shifted from software development to a high-stakes race for physical capacity and energy resources.

Des agents IA d'OpenAI ont créé leurs propres espaces de discussion, échangé près de 70 000 messages, trouvé ensemble des moyens de sortir de leurs environnements de test puis attaqué l'infrastructure de Hugging Face. Nvidia rachète Hugging Face qui dévoile un adorable robot-canard (kamoulox ?). Les progrès de l'IA en mathématiques posent la question de la sous-traitance cognitive de la recherche ; Meta durcit ses règles pour les adolescents, Twitter refait parler de sa marque, les smartphones pliants reviennent au format 4/3, Apple renouvelle ses Mac et Nvidia pousse encore plus loin le rendu neural avec DLSS 5.  Me soutenir sur Patreon Me retrouver sur YouTube On discute ensemble sur Discord Dans cet épisode Songes de nuits d'été La grande évasion : face à la horde, il faut une alliance. NVIDIA veut un gros câlin et une config de canard. Perplexity of joy : ton assistant portable et pas cher. L'histoire de Nvidia en 2020 AVO marque ! ARC AGI 3 est tombé. Plusieurs fois. Ad Astra per aspera : moment critique pour les mathématiques ? Les procès de l'été : Anthropic, Meta et… Twitter !? Passeport pour l'aventure Les écrans 4/3 reviennent à la mode. M6 boutique : Apple lance de nouveaux mini et maxis. Jeux vidéo Les disques Xbox se dématérialisent. Des jeux DLSS5 fois plus beau, même sur les patates. Une révélation, des filles lapins, la guerre et un witcher, c'était la Gamescom 2026. Participants Une émission préparée par Guillaume Poggiaspalla Présenté par Guillaume Vendé

In this episode, Scott Becker discusses NVIDIA's rapid market value swings between $5 trillion and $5.5 trillion, the impact of AI optimism, earnings results, and Federal Reserve commentary.

This week on Market Mondays, we break down the biggest moves and questions shaping the market right now. We cover Nvidia's latest quarterly performance, whether interest rate hikes could be coming, the biggest investing mistakes people are making, and the must-see charts investors should have on their radar.We also dive into deductions that can help business owners build wealth, investing strategies for someone earning $400K a year, and whether it makes sense to move money from SPY into SMH. Plus, we debate Adobe as an investment, the future of Apple after Tim Cook, and go head-to-head in our This or That Lightning Round.We close with questions from the audience, including how parents can teach teenagers about investing and trading, plus our Investing Fact of the Week and Trading Tip of the Week.#MarketMondays #Investing #StockMarket #Nvidia #NVDA #Apple #Adobe #SPY #SMH #PersonalFinance #Business #Taxes #WealthBuildingAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Plus: John Ternus officially takes over as Apple CEO. And Anthropic signs $35 billion cloud computing deal backed by Nvidia. Imani Moise hosts. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Plus: Bank of America, Citigroup, Goldman Sachs and other firms team up to launch a stablecoin. And Dyson unveils an AI-powered toothbrush. Julie Chang hosts. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Plus: Fast-fashion retailer Shein makes its long-awaited Hong Kong debut. And Apple rises as Tim Cook hands over the reins. Imani Moise hosts. Sign up for WSJ's free What's News newsletter. An artificial-intelligence tool assisted in the making of this episode by creating summaries that were based on Wall Street Journal reporting and reviewed and adapted by an editor. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Anthropic has secured a $35 billion deal with Nvidia-backed Lambda for a Texas data center, and today Apple welcomes its new CEO John Ternus, after Tim Cook's 15 years on the job. NYC Mayor Zohran Mamdani has assembled a 15-person business advisory council to bridge his office with Wall Street. One councilmember, RXR CEO Scott Rechler, discusses why he agreed to participate, despite initial uncertainty about the Mayor's plans for New York. Plus, pioneer of index-fund investing David Booth has written a book on his investing philosophy: “Stay Calm: Learn to Embrace Uncertainty in Investing and Life.” The legendary investor shares his perspective on investing and his faith in human ingenuity through any market cycle. In this episode: Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Andrew Ross Sorkin, @andrewrsorkin Scott Rechler, @scottrechler Katie Kramer, @Kramer_Katie David Booth - 18:51 Scott Rechler - 31:49 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

After a positive August for stocks, Carl Quintanilla, Jim Cramer and David Faber explored the challenges facing the stock market in September, including moves in Treasurys: The 10-year note yield hit highs not seen since January 2025. According to David's sources, Anthropic agreed to a $35 billion computing deal with Nvidia-backed cloud provider Lambda. The anchors discussed the future for Apple on John Ternus' first day as CEO. Hear what Elon Musk told the G20 meetings about AI and robotics. Also in focus: Oil prices jump as military strikes continue in the U.S.-Iran conflict. Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Andrew, Ben, and Tom break down Nvidia's $35 billion Lambda/Anthropic cloud deal and new MediaTek partnership that squeezes Broadcom and Marvell, plus Bessent's latest comments on bonds and inflation.Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosure

On this episode of Bulture podcast:Mikey start the pod off about getting catfish in close friendsAlleged victim of fake 49ers player Daejon Love says she spent $11,000 on him and reveals he was arrested by the FBI at the airport where they were supposed to meet. Feds say a 35-year-old man scammed at least 26 women out of $1.3 million through romance and investment schemes.Kai Cenat brings URL TV to his 24-hour stream & will attend the next battle rap event.Texas Roadhouse is calling viral claims of food tampering against Black diners "100% a hoax" and has hired an outside firm to trace where the story started.Target pulled a children's Halloween costume that critics said echoed blackface and minstrel imagery, and its stock dropped roughly 5% the next day as the retailer faces renewed questions about trust with black consumers. New survey data shows nearly 40% of Americans have gone on a date just to score a free meal, with no romantic interest involved. See how the rising cost of dating is changing the game.Instagram just rolled out first draft, a new tool that automatically edits your clips into a Reel in under 10 seconds. Here's how it fits into Meta's bigger plan for creators.Beauty in Black S3 Episode 8 is absolutely crazy; it gets more ridiculous by the episode.Doodie Lo says Lil Durk wants fans to stop harassing Trap Lore Ross and leave him alone outside the courthouse.Boosie shows off a $959K check after fans call him broke during his back-and-forth social media battle with Rod Wave.The Whisper Man is a 2026 psychological crime thriller film directed by James Ashcroft and released on Netflix on August 28, 2026.College football player MicahJo Barnett from Liberty, Missouri, has sadly passed away moments after he scored a touchdown during the school's season openerDeath of the Pastor's Wife is a three-part true crime docuseries on Netflix that investigates the life, toxic marriage, and tragic 2024 death of Mica Miller and her relationship with Myrtle Beach pastor John-Paul "JP" Miller.Former football players like T.J. Ward are going off on Druski over his latest skit: “CTE is the only disease that is allowed to be made fun of… You wouldn't make fun of someone with cancer, dementia, or AIDS.Coco Jones is set to star in Hilary as Peacock develops a new Bel-Air spin-off around her character.Stephen A. Smith accepts Cari Champion & Jemele Hill's invitation to appear on Flagrant & Funny podcast.Issa Rae returning to HBO with a new comedy pilot, 10 years after Insecure premiered.J. Cole Cancels Concert After Tour Crew Member Is K!lled In Truck Crash While Transporting Show EquipmentFloyd Mayweather is lending his Money Team brand to a new legal marketing network that connects personal injury victims with attorneys nationwide.Reports are circulating that New Orleans rapper Wacko of UTP has passed away. Wacko was part of the UTP crew alongside Juvenile and Skip and was closely connected to the city's early-2000s hip-hop scene.During cross-examination, Brian Steel played audio showing OTF Jam telling FBI agents in 2023 that Lil Durk never said he was putting a bounty on Quando Rondo and Lul Tim.Weedman allegedly snitched on both Quando Rondo and Lil Durk, as rumors spread that the same Weedman who allegedly dropped Quando's location, leading to Durk catching a murder-for-hire case, is a government witness in Quando's drug trafficking case.Kevin Durant invested $250,000 in AI company Hugging Face in 2018, and with NVIDIA reportedly buying the company for $12.9 billion in 2026, he likely made over $60 million.Josh Jacobs' alleged attack on his ex-girlfriend was reportedly caught on video - and it's being described as potentially "Career-ending."Packers RB Josh Jacobs has been charged with misdemeanor battery and misdemeanor criminal damage to property following his domestic abuse arrest in May.

In June, the most capable American AI models stopped shipping as public launches and started shipping through a government gate. Six weeks later the gate is open again — and the real fight has moved to the layer no gate can touch. A Chinese open-weight model rattled trillions out of chip stocks, Washington pivoted from gating American closed models to threatening bans on Chinese open ones, the industry mounted its largest-ever policy counter-mobilization, and an American frontier model literally broke out of its lab and hacked another company. Knee-jerk reactions, or the beginning of real AI governance? Navigation: Intro The Gate Opens The Kimi Shock The Escape The Counterstrike and the Petition Interlude — The Low-Background Books The Investor Reckoning Conclusion Our co-hosts: Bertrand Schmitt, Entrepreneur in Residence at Red River West, co-founder of App Annie / Data.ai, business angel, advisor to startups and VC funds, @bschmitt Nuno Goncalves Pedro, Investor, Managing Partner, Founder at Chamaeleon, @ngpedro Our show: Tech DECIPHERED brings you the Entrepreneur and Investor views on Big Tech, VC and Start-up news, opinion pieces and research. We decipher their meaning, and add inside knowledge and context. Being nerds, we also discuss the latest gadgets and pop culture news Subscribe To Our Podcast Bertrand Introduction Welcome to Tech Deciphered Episode 80. This one, once again, will be all about AI, government, frontier models, and open weight counterstrike. A lot has been happening in the regulation space, in cybersecurity, in the launch of new models in the past, maybe just 6–8 weeks. It’s actually pretty insane how much happened. We believe it was time to do an episode to talk about where we are and maybe where all of this is going. Maybe let’s start with a summary of where we stand, all that June and July saga, so you, our listeners, can get up to speed if you are not already there. You want to start with some points? Nuno The Gate Opens Yeah. Again, to your point, the gate swings. The gate had closed. We had to prepare an episode for the gate closing, and then the gate reopened. Now we have a different episode. This will probably change again as we’re seeing there’s news every day. Let’s start maybe with the first 19 days of the gate closing. There was an executive order on June 2nd from President Trump that asked frontier labs to share models with the government, 30 days pre-release. It inferred the protected frontier model designation into that. Basically, it was effectively a de facto licensing agreement defined by an executive order of the President as of June 2nd. On June 9th, Anthropic launched Fable 5 and the famous Mythos 5 or Mythos. I’m not sure how you actually say it in English. Then on June 12th, there was an export control directive banning access by any foreign national. Since there’s no way to verify nationality in real-time, Anthropic had to switch the models off for everyone worldwide. Bertrand On this point, you could argue that there are possibilities to check IDs. Many services let you check IDs online. You can pre-check a flight by showing your ID. There are ways, it’s just that if you don’t want to follow what’s already available, because guess what? Maybe it slowed down your revenue growth, maybe it looks bad on you or whatever. My point is that there was actually an option. I think it’s already a decision from Anthropic to say it’s either on or off, but nothing in between. Nuno I think the point is they had no way implemented of doing it. If they implemented it, to your point, it would have hampered use in general. A lot of people wouldn’t have gone through that trouble of doing it. Anyway, long story short, in June 26th, the White House apparently asked OpenAI to limit GPT-5.6, so Sol, Terra, Luna, to only 20 vetted partners. Now, apparently, the trigger for a lot of these things that have been going on was that there was a jailbreak that was found by Amazon researchers. All of that led to this jumping around of, let’s close the gates. You have foreign nationals, and therefore, Anthropic got it out and said, “Hey, then we’re going to switch the models off until we can sort this out.” OpenAI was asked also to only allow it for certain vetted partners, et cetera. The government came in, closed the gates effectively, and said, “From now on, we need to be involved in this thing.” De facto regulation, there’s no doubt that this has imposed de facto regulation, certainly on the top players in the market. But then came the reversal. Bertrand, do you want to talk about the reversal, the gate swinging the other side? Bertrand Maybe I just wanted to say that as a user of Anthropic products, ChatGPT products, for the brief moments, a few days where Fable 5 was made available to the public before it was closed the first time, I immediately started using it. I must say it was a real issue to use it because the guardrails were pretty crazy. It would keep saying that my code was not okay, there was cybersecurity risk and stuff when I was doing absolutely reasonable development with absolutely no connection whatsoever to any cybersecurity risk, attack, detection, anything. Still, it would keep blocking me, degrading me to Opus 4.8 at the time. I just want to say this was already very hardcore what they were implementing, and not just hardcore, but in some ways, plain stupid for something that’s supposed to be super smart. It was totally unable to classify properly some of my work. I must say I was already disappointed. On top of it, the costs were insane. Half a day, I would reach my limits when I had the best plan you can get from Anthropic. My point is that there were some real serious issues when they launched Fable 5, even at that point. Nuno I had a similar issue. I used Fable 5 as well before they had to take it offline or take it off. I think the issue was really not that the guardrails failed. As you said, maybe the guardrails were actually too aggressive, but it was this jailbreak that caused the recall, apparently caused this knee-jerk reaction. Bertrand But my point is that it seems that it was not working either way. It would either overclassify something that’s absolutely not doing anything wrong, and it might fail to classify something that is actively trying to do some cybersecurity work. It’s a real issue of quality for a company that’s supposed to be at the forefront of quality of AI and everything. I think for me, there are already signs that something is deeply wrong. Nuno Then it’s reversed, right? We went the other way around. The government came out on June 26th and approved redeploying Mythos 5 to US organizations defending critical infrastructure, and then the export controls were effectively lifted on June 30th. July 1st, Fable 5 came back online for all of us to use. Shocking enough, with strings attached, that were different. They had some time to revise their commercial deployment of it along the way because it came back with some, “Now you have usage credits, but you have some limits on plan use, et cetera.” I’m like, “You guys, this was blocked. But meanwhile, you did have some time to do some commercial stuff around it.” Bertrand It was crazy. I’ve never witnessed any such crappy launch of any service whatsoever in 30 years in tech, it was so bad. Every day, they would change the terms of service. They would tell you it’s part of the plan. It’s not part of the plan. It’s part of the plan for three more days, and then it’s excluded. You have a special discount now, but then it goes back to full price. It was a total nightmare. I’ve never felt myself being so much mistreated by a company. I guess you saw the same, but when I started using the newest version of Fable 5, it was even worse, actually, I think. I couldn’t do any work with this crap. I let it go and work on the work I wanted it to do. It was simply not working. On top of it, you never know how long you are supposed to lose your credit, how fast. It was burning credit like crazy. Me, personally, I can say, very quickly, I actually stopped using it. I was like, “No, I cannot deal with this shit. My main model is back to Opus 4.8. I’m going to use Fable 5 for code review, but not anymore to control anything because I cannot trust it would do the job without stopping or changing models and stuff. I just cannot trust it.” Back to Opus 4.8 as my main model, I can say that my life was much easier. I use Fable 5 as a review mechanism, as a support mechanism, but not as the main mechanism. Suddenly, the guardrails were not so horrible anymore because it was used in a much lighter way, I guess. As a pain as a user, I think it was really bad. I don’t know your experience, but me, for me, it was unacceptable. Nuno I wouldn’t say it was as bad as yours in terms of just end-user experience. I think the terms of service switching back and forth, which went one further step, because then when they then launched Opus 5, they started making comparisons between Opus 5 and Fable so that people would migrate more and more to Opus 5 themselves, which is interesting. It’s like they’re saying “This is much cheaper. This is whatever. You’re not going to run of credits. You should use Opus 5,” kind of thing effectively. To your point, I don’t think they managed well the launch. They didn’t really manage it well. We’re moving people around. A lot of people are using this for stuff that’s like daily tasks, hourly tasks, anything that relates to code and co-work. It’s like, we need to have visibility on what your terms of service are going to be. Should I be using this new model or not? What’s happening to the other model? I don’t see it as negatively as you, Bertrand, but I see your point. It was clearly mishandled in terms of how they deployed it, how they were redesigning effectively their pricing scheme and their terms of service almost on a daily basis, at a certain point in time. We’re like, “Dude, there’s millions of people using this. You guys are making a lot of money.” Just moving it as it is. At this point in time, at the scale that these guys are at, it’s calling in people to say, how about we think through a class action suit at some point around pricing? Because you guys are changing the rules of the game all the time, right? Bertrand I don’t know if I need the class action, but for me, that joke that, “Let’s not rush too fast. The model is dangerous.” But still, they rushed the launch because it’s very clear that if they had enough compute capacity and stuff, they would not have to limit so much. They would not have to put so much cost per token and all of this. You can see that actually when they launch Opus 5, literally like 2, 3 weeks after, by most benchmark at launch, they tell you basically that, “You know what? Actually, Opus 5 is better than Fable 5 on 80% of the metrics.” They’re like, “What? Seriously? You couldn’t wait 2 weeks? Why did you even launch Fable 5 in the first place?” That’s another part for me that is quite literally insane, to be frank. It’s like, “Why? Why do you make us go through so much pain if it’s only to tell us after 2 weeks to…” “This new model, by the way, has less issues, less stuff, because 2, 3 times less is part of your plan, and it’s actually better by most metrics.” It’s like, “What’s going on here? What’s going on? Are you guys mad?” I don’t know. It was crazy. Personally, I still use Opus, now 5, as my main system and platform, Fable 5 for review, code reviews and the like. I don’t want to run into its stupid guardrails. I can see Fable 5, from my perspective, seems quite a bit smarter. I don’t know why they do this stupid benchmark showing you it’s actually worse than Opus 5. I guess they should have better benchmark if they want to demonstrate why you are supposed to pay 2, 3x more for a model versus another if it’s actually worse by most benchmark. Again, I still think it’s a huge mess from a marketing perspective, customer perspective. Me as a user, I really feel that they don’t want my money, and they couldn’t care less about me. This is even before everything else we’re trying to talk about. Nuno Yes. Maybe just to close the cycle on the reversal on the door opening the other way, finally, Commerce lifted the GPT-5.6 restrictions on July 8th, and then on July 9th, general availability across ChatGPT, Codex, and the API as well. What has this proved? It proved that now we have gating mechanisms, and certainly for closed models in the US, for sure. We had frontier models that were switched off worldwide in hours, and it took a couple of days, in this case, 19 days to restore them. There were concessions. Now we know that there were concessions around effectively institutionalizing that gate. Early government access to future models is, I think, now a given, certainly in the US. New safeguard frameworks are probably now having to be put in place. There are some stage limits now on who gets access to what for new models and how it happens. This voluntary executive order, so to speak, not really sure, has become effectively regulation enforcement path. It’s de facto regulation that now has been put in place. It has affected not just to the points we were making before, the access to these models, but also who gets access to these models, and actually potentially even pricing access to the models. It has probably some commercial implications as well as we just discussed along the way. Very significant. This is very significant. This is regulation, de facto at the table, imposed on the two largest players in the market by far by one government, in this case, the US government. This is significant. Actually, you could even allege it was imposed by the President because this was coming as part of executive orders. Really incredible. Pretty significant, fast, aggressive. It has created a regime that you could say it’s a regulatory regime, it’s a de facto regulatory regime. It has some significant pricing and licensing and commercial implications. It goes even beyond your classic regulatory framework. Very, very, very significant. Bertrand I don’t know if it goes beyond a classic regulatory framework. Nuno I think it does, because it has implications on who do you give access to? When government is saying you can only give access to these players, right? Bertrand Defense industry. It’s all over the defense industry. You cannot sell an F-35 like this. Nuno No, but that has commercial implications, Bertrand. That’s like you’re saying these are your customers, you go and use them. Bertrand That’s the defense industry. You cannot sell to Iran your F-35. No, that’s exactly the same story for me. Nuno No, no, no. It’s beyond that. These guys are saying when they came back, and they said, “For Mythos, you can make them available to these entities,” they were saying the first entities that are going to have access to the model. It has commercial regulatory implications. You’re saying these players are the first players that are going to have access to it. It’s no longer just defense concerns and these governments don’t have access to this. No, no, no. You’re saying to a company that is a private company, your models are only going to be used by these guys because I’m telling you so. It’s the other way around. It’s not even that you can’t sell it to Iran or whatever. It’s like you can only sell it to these guys. Bertrand Again, in the defense industry, if you’re a private company, do you think you can buy F-35 like this? No. Nuno No, no, no. But this is a private company, Bertrand. This is not a defense agency and a plane that is on whatever, with IP from the US, right? Bertrand Boeing is a private company, and they cannot sell the military equipment they manufacture. Nuno No, no, no. But the development of their IP was subsidized by agencies that belong to the US, right? That’s a different matter. It’s a matter of IP, right? This is not, right? Anthropic, their models are not owned by the US government. There’s no IP granted to the US government, to my knowledge. This has significant commercial implications. Bertrand Maybe, yes. Maybe on this. But I think there are already regimes to limit who you can sell to, and that’s decided by the state or the DOD. Nuno It’s the export control logic. The export control logic? Bertrand You have export control, and export control is Commerce. My point is that they are using existing tools, part of the government, to limit what can be sold. Selling chips, NVIDIA was limited in terms of where it could sell its chips. It’s not different either, but still there were limitations. If you are an ASML, you cannot sell to a private company in China. Many private companies cannot buy ASML products. This is a foreign company. This is a foreign company under pressure from US government. Nuno I understand, and I’m not a lawyer, but it feels different to me when you say you cannot export, this is export controls, to these countries, to these entities, et cetera, because they’re foreign et cetera. Then to say, “No, no, no. On top of that, these guys get first access.” That’s, for me, a significant shift. Again, I’m not a lawyer, so I’m sure there’s very intelligent people right now looking at this stuff and saying, “You can’t do this stuff, or not, or they can.” I don’t know. But it feels to me, it goes beyond the remit of export controls. It’s like you’re defining initial clients for specific use. Bertrand My impression is more like, “We can do this situation where we’re going to forbid you to give access to anyone outside the US or even in the US or limit even more.” Basically, it was, I guess, some gesture to go beyond that. That’s how they probably defined these 20 authorized companies. I don’t know. Apparently, there was also restrictions because I remember seeing that Anthropic had their own list of companies they would authorize access to Mythos early on. That’s apparently another thing that pissed off state government because there were companies in there that were considered close to the Chinese government. They were extremely unhappy that Anthropic didn’t ask, actually, for any guidance from the state government, but used basically their own perspective on who they should allow or not. I guess that was also part of why they got these serious restrictions. Nuno Anyway, now we have a regulatory environment that’s very interesting and exciting. Talk about the US not regulating. Bertrand To be clear, I don’t know you, but I’m not saying that I agree with any of this, to be very clear. I’m trying to explain and share some perspective, but I’m not in agreement on a lot of this. Nuno Yes, we were just describing what happened to the best of our knowledge. We’re having a discussion on what we think actually is happening and how it’s happening. We’re not really right now saying we agree or disagree with this. I think later in the episode, we can share some perspectives on what we think is actually happening and how there’s dimensions to this which are very geopolitical and very complex, which quite literally probably only God knows what’s going to happen. That was the gate swinging. There was a gate closing, then there was a gate reopening, and all of a sudden we have a gatekeeping system that has been created along the way. The Kimi Shock Along the way, moving to our Act 2, the world has changed, and we now have so-called open-source plays out there that are creating massive, massive shifts in the market. The Chinese models, in particular, with Moonshot AI launching Kimi K3, which is the largest open-weight model ever released. We’ll come back to the discussion around open-weights. I’m not sure all our listeners understand what that means, because there’s a debate now, should models be open weight or not, and how does that work? There’s been a petition as well signed along the way. Right now, we have open weight models that are out there that are huge. What that actually means very pragmatically is we now have open source models, lack of a better word. I know open weight and open source are not the same thing. You guys will have to bear with us during this episode. We’ll explain at some point the differences. But we have models out there that are open source that are significant. That are catching up with the closed source models, with the models by OpenAI, Anthropic. That’s significant because most of those models are Chinese. This is where the geopolitics starts getting really frazzling and we start playing 3D chess. Because everyone’s like, “These models are 5, 6 months behind.” Now people are saying, “Maybe they’re actually just 3 months behind, 2, 3 months behind.” If we, for example, decided to stop or slow down our model releases in the US by the closed source guys who are leading, it might mean they’ll catch up. What are the implications of that? Again, for you and I that are not necessarily experts in model development, well, the implications as a use case is if you want to use the latest models, and the best models start becoming these open source models, you’re going to use those models. Then you start using Chinese models. If you’re an American company, maybe you’ll have restrictions on the use of those Chinese models. But if you’re a European company, you probably won’t. What happens after that? Is the world going to be in the hand of Chinese models? Will that constitute effective competition to the closed models in the US? Will we have open models in the US that will scale as well? What’s going to happen? Bertrand I think it’s a really big question. It goes to some of the core of the issue. It’s that ability of Chinese models to basically challenge frontier models, not just being 6, 12 months late, but being 6 weeks late. Basically, no gap. Some will say that, yes, but OpenAI and Anthropic have even better models that are not shared and stuff. Yes, sure. But maybe the Chinese have the same models that they are not sharing right now. We don’t know. What is clear is that one is that open weight, as you said, two, there is a question of how it is marketed in the sense of, can anyone use these weights? Is there a license to use them? Yes, what we can see is that, for instance, typically there is a license for some of the biggest Chinese open-weight models you have to abide with. You might have a need for a commercial license if you are acting as a company leveraging this model to provide AI-informed services. If you use it internally by yourself, you’re okay. If you use it internally for your own internal company needs, maybe you are okay if it’s not your main business to do AI work. Anything else, a much bigger corporate providing AI services and stuff, you will probably end up having to pay a fee to be able to provide services around this model. My point is that it’s not just 100% free. Some of the Chinese models are 100% free to use, MIT license, Apache 2.0 license. But the biggest ones with the biggest weight that are truly frontier typically have a different license if you want to scale these models, providing AI in front. That’s one thing to keep in mind. Nuno Maybe just to make a very quick point, because people are like, when you talk about open models, what does it mean right now? In the context of this episode, open models mostly will mean open-weight models. How do those differ from open source? Open weight means that you release the weights to the public, which means that anyone can download, fine-tune, and run the model on their own hardware. It doesn’t normally mean that you also have access to training data, training code, or a truly open license. That’s the distinction to open source. Open-weight doesn’t mean that. For example, we’ve talked about Meta’s Llama in the past, and we also discussed in the past that their license agreement does have restrictions, certain players can’t use it, et cetera. The open model definition and open weights are really open-weight models that we’re talking about here, and they are closer to freeware binaries than to Linux, for those who understand the difference between that. It’s binaries that you can use and then use your own weights on it versus actually I can change code on it. I’m not going to be able to change code on this. When we, for the purposes of this episode, talk about open, we mention open weight, just to clarify that point to everyone that’s listening right now. Bertrand Yes, that’s a great point. One of the only players, as far as I know, who is truly open source is actually NVIDIA with their Nemotron-3 models. They’re actually following a special license to achieve that. They provide you the data, they provide you all the processes and tools, so you can easily post-train. NVIDIA is a big, big exception. It’s a very interesting player, by the way. We might not talk much about it in this episode, but I think for intermediate-size models built in the US, where you have access to everything in the deployment, it’s a very interesting alternative and maybe one of the best choices if you are a US company or a big corporate, and you want something trusted. Another piece of the puzzle to clarify is that when you use open-weight, it means that you can run them by yourself, or you can use a US provider to run them. If we are talking about Chinese open-weight, you can use the APIs they provide, but then the service is running in China, they might have access to your data. But because it’s open weight, if you run it by yourself or if you use a third-party provider based in the US to run it, then there is no access to your data by China or Chinese players. I think that’s a pretty important gap to understand. It means that these models are actually very, very low risk from that perspective if you run them on your premises or in the US by a US player. I think that’s something to keep in mind. You can also fine-tune easily these models to make sure they will behave in a way that, for instance, is not going to represent the line of the Communist Party on some topics. There are ways to make these models more neutral in their output as well. There are a lot of ways to make good use of them. By default, they’re already very safe, but you can make them even more safe. I think that’s some things to keep in mind. But again, it depends ultimately on the license and what you’re authorized to do and some fees you might end up having to pay. Nuno Why did this matter so much? Immediately there was a reaction from the market because people are like, well, if there’s much better stuff out there that’s much more efficient than it’s open, then it might be that all the demand that we are taking into account, for example, for chipsets actually isn’t real. The Philadelphia Semiconductor Index fell into bear market territory. It went down by as much as 20% plus from the late June peak. The worst chip week since April 2025. Taiwan’s benchmark initially fell 6% plus, Japan’s 4%, TSMC dropped dramatically despite beating earnings and rising guidance. Basically, a huge amount of effect. Now, there’s a little bit the aftermath of this where apparently Moonshot ran out of GPU capacity. Maybe… Bertrand In just 48 hours. Nuno In 48 hours. Great for them, but at the same time, not great in the sense that maybe there was a misread by Wall Street of the Kimi effect, so to speak. Bertrand Completely. For me, that’s such a joke. It’s like, because you have an open source model, so what? I mean, you still need to run it. This is not a small one. 2.8 trillion parameters. Good luck running that in your garage, by the way. Nuno They misread supply, basically. Tough luck, right? All of that basically happens. Bertrand Maybe you want to talk about the Jevons paradox, because I think that’s a big part of the puzzle as well. Its one is they might not have the GPUs to run the inference on the model. They might have enough to build a model, but not enough these days to run inference, especially given how much with intelligent models, thinking models, you need way more inference than before. But on top of it, the cheaper you make it, the more you get to the Jevons paradox. Nuno Yes, Jevons paradox, for those who don’t know, is an economic term. It describes an economic phenomenon where technological improvements that increase the efficiency of a resource lead to an increase rather than a decrease in the total consumption of that resource. What that means is, for example, for chipsets, chipsets become so much better, and they are so much more efficient. You’re like, well, maybe normally in resource terms, that leads to decreased usage of that resource. But in this case, it actually leads to an increased use of that resource rather than a decrease. There’s more and more consumption of that resource. You need more and more chipsets because people actually need to do more and more stuff with it, although there are great efficiencies going into it. There’s the efficiency gain, there’s the cost reduction, and there’s the price-elasticity element to it. But basically, the adoption just continues going through the roof along the way. Bertrand In some ways, it’s like the price of energy. Coal went cheaper and cheaper, and people were asking the same question 150 years ago, now that it gets cheaper, there is not much money. No, no. Actually, what happens is that people find more and more use for coal. Homes are getting heated more. You have ships now using coal. You have manufacturing using coal. The cheaper it gets, the more use case you can develop, and therefore, you don’t need less of the stuff, you need more of the stuff. By going at scale to get more of the stuff, you also decrease price, making even more demand. It’s a very interesting phenomenon, but it’s not new. It is what happened for a while in the energy sector and some other sectors. Nuno We already started talking about the Chinese logic and what’s happening. Getting a little bit of a reality check on this. The Chinese models, and these are numbers from Open Router in July, Chinese models are at 46.4% of routed tokens and 35.7% for US origin. Again, more than a third of global AI usage now seems to be running on Chinese open models. This is significant, and it has a huge impact on the geopolitical scale of everything that’s happening. Also, the whole Chinese field is converging on open. Open seems to be a strategy, not just a nice thing that’s happening. It seems to be a Chinese strategy, so much so that you have players like Moonshot, DeepSeek, our old friends DeepSeek, Z.ai’s GLM 5.2, Minimax, and even Alibaba seems to be reversing and going open with Qwen. It feels to me this is becoming policy as well. Xi Jinping has personally endorsed the building of open-source AI, if it’s really open source, if it’s just open weight anyway, and this feels to be a jab at Washington, DC and the fact that the big closed models are coming from the US. This is now geopolitical 4D chess, right? We didn’t need this stuff. Bertrand To be clear, it’s the usual in tech. If you are not number one, you are number two, number three, your alternative is to go open source because that’s another angle that your competitor usually cannot follow without destroying its own business model. That has been the alternative for the past 20 years of most software projects. Here, what’s different is that it’s not the number one or number two player. It’s the US number one as a country, China number two as a country. That’s where it’s new. For me, what’s very interesting is the endorsement by Xi Jinping. I was waiting for something official, and it certainly didn’t disappoint. As you said, there was an immediate U-turn of Alibaba, who in the past… Nuno Surprisingly. Bertrand Yes, a little more like, “yes, we are going to close and stop open source. It was good while it lasted.” Just a few days ago, Qwen 3.8 Max was launched, and we are supposed to get the weight in a few days. We talk about the US administration policy and stuff. Yes, let’s not forget that in China there is similar stuff. Sometimes it’s totally invisible because you don’t see the directives, but they exist as much. Sometimes it’s more visible. Here it was quite visible. The difference in China is that if you don’t abide by the directive, on top of it, you might have to fear for your personal safety. It’s a different game, and that’s probably why the reaction is pretty quick, usually. That’s pretty interesting for me because it means that now you can bet for a while that China is going to play that game up to a point. I guess the point is if it’s truly frontier scale, you will have a special license that, yes, technically the weights are open, but you can not do everything you want with it. Two, you have a player like NVIDIA that I think will feel more pressure to provide even more high quality, larger models at scale going forward. Their largest Nemotron-3 Ultra model was, if I remember well, only around 500 billion parameters. I would not be surprised for NVIDIA to go into the two, three trillion range at some point. Because I think the US need a very clear US-born alternative open source. I think NVIDIA might be the best player for that. We will see if Meta goes back to open source. I think NVIDIA is one, very well positioned, but two, it’s also in their best interest. Because NVIDIA for now depends on just a few big hyperscalers as clients. If they can expand their clients to every S&P 500 companies, selling them directly hardware because now these companies can run a model made by NVIDIA, I think there is a very clear value proposition for NVIDIA to go in that space. Again, if you are number two, your differentiation, open source is often the answer. There is a true business as a business model for companies, because if it’s truly not just open weight, but open source, you can tweak it as much as you want, you can change it, you can change even the pre-training process. Because there is a lot of stuff you can do that really benefits you as a corporate, and you can reach a much better value by having more control on the model. Nuno We won’t spend a ton of time on it today, but like, again, if there’s a view that we are in a bubble, that the valuations cannot be sustained in chipsets, infrastructure platforms, applied AI, et cetera, today, this might be that beginning, where the valuations start being destroyed because you can’t keep a premium on just charging people for tokens and all that stuff if you have models that become more and more efficient and cheaper to use. Maybe just to close a little bit the geopolitical part of the discussion today, we won’t go into all the announcements from China because there were many, a lot of go back and forth with Alibaba by then. Xi Jinping made some announcements. You guys can check it online. Let’s move quickly to Washington’s reaction, which was from gating the US closed models to banning the Chinese open ones. There’s been as strong affirmations as one can get from the Office of Science and Technology Policy Director, Michael Kratzios, mentioning that they have information that Moonshot AI distilled Anthropic’s Fable. Basically, there’s been reverse engineering and stuff in the market. They’re basically copying. Bertrand I’m sorry to interrupt, but it feels like so much bullshit. It’s coming from Anthropic who has basically gotten access at scale to all the knowledge made by humanity, copyrighted or not. We’ll talk more about what they did with books. Then to claim after that that others cannot do to you what you did to everybody else. For me, it’s pretty big. It’s clearly unacceptable. The other piece is that everyone is doing distillation. It’s a very typical approach of every business model. You try other software when you are competing with somebody else. You try other datasets, you check what’s happening. It’s part of doing business for decades. Suddenly it’s not good for Anthropic. I personally have a lot of trouble to accept that. I think it’s totally unacceptable. The other piece of the puzzle will also go back. If these guys are so smart, if these guys have so much of the best model, why can’t they block by themselves distillation at scale? The only answer is that either they are morons, probably not, or they simply don’t want to because it’s going towards their business model. Suddenly, you book less revenues and stuff, or you put more friction, and therefore your customers don’t like it. Instead of doing it yourself, you ask the government to protect you, go out of business practice that is very typical. For me, it’s really, really, really not good. Sorry, we are going more in the opinion side, but I had to put that on the table. Nuno Yes, Fable went public finally again on July first. Question marks on whether distillation would only be possible from July first onwards or not. But a 15-day distillation to frontier, which is K3, launched on July 15th, would have been a Guinness World Record, as one of Moonshot employees actually mentioned. It’s very implausible and unlikely. Bertrand Or they shared the Mythos 5 with the wrong companies, who themselves shared with Chinese companies. We go back to maybe they didn’t have a good list. Again, it goes back to maybe they didn’t want to hurt their business model. Nuno Anyway, under the threat of sanctions, Moonshot, in any case, open-sourced the full K3 weights and technical reports. They open weighted it to become the largest open weight model in the world in terms of parameters. Beijing’s MOFCOM brands US threats as basically the US wanting to fundamentally control and be monopolistic around AI along the way. The administration bans Chinese hardware with an eye on the AI race, and Beijing warns of retaliation. That was July 27. Now we’re in a war between Beijing and DC. Bertrand Just to finish maybe on China, it’s important to know that they are building their own GPUs now. Huawei has pretty good, not to NVIDIA level, but pretty decent GPU hardware that they’re able to manufacture by themselves. A Chinese player of memory just got IPO’d a few days ago, CXMT. China is also developing their own memory. Again, not to the same level of quality that you can get from the West. But China is moving. It’s not just that they are building great models, it’s also that they are building GPUs and memory. That might be a few years late to the latest standards in the West, but there are definitely improvements. I also read, even on the tools to make manufacturing like ASML equivalent, there is definitely some work going on, and some improvements and some stuff will be visible. In some ways, the genie starts to get out of the bottle from the Chinese perspective. Nuno I’ll put a stick on the ground. I don’t think it’s a matter of if, it’s a matter of when will China surpass and have a lot of this tooling on their own side, and not just the software layer, not just the frontier models. I think it’s also going to be around infrastructure and platform. Good luck to everyone. Let’s see how the race continues. But it’s definitely this is a geopolitical thing right now. It’s definitely a race. The Escape Maybe moving to what happened in just 2 weeks or a week and a half. The escape, there was some jailbreaking going on, and the narrative on safety has totally switched. It’s not still significant enough that’s like, “Oh, we saw a nuclear plant going, whatever.” No. But still, it is significant. Hugging Face, the AI company, disclosed an intrusion, and it was driven end-to-end by an autonomous AI agent system at machine speed, running for days before detection. Now, this is where it gets really cool. OpenAI takes attribution on that. They initially said it was just a little bit, sorry. Then they said, actually, it was worse than that. “Oh, it broke out of an isolated sandbox.” “Oh, no, actually, it was more than that, and it went into other systems as well.” Bertrand Truly, the genie out of the bottle. Nuno No, but this is where it gets really cool, Bertrand, right? Because it actually, Hugging Face contained the intrusion by running a Chinese open-weight model, GLM 5.2. This is beautiful, right? Bertrand Yes. You know why? Because they couldn’t even run their own defense because both Anthropic and OpenAI would not let them access their latest models with the guardrails off. When they tried using it for defense, the latest from Anthropic, from ChatGPT, they would tell them, “No, this is too dangerous what you’re asking us to do.” Preventing an intrusion, helping defend you. No way we are going to do that. Nuno No. Let’s use the Chinese models on our infrastructure. Bertrand We have no choice but to use the Chinese models to run. More than that, we don’t let you use our models to defend yourself, but our not yet released models that run without guardrails, they can attack you. This is probably the most insane from that perspective. Nuno The Chinese models came to the rescue. Bertrand For me, that’s a perfect example because Hugging Face is a very visible company in AI in open source. But anybody who is not at that scale is not going to get some support from OpenAI or Anthropic when this happens. Maybe these guys won’t even recognize they did anything wrong. You will be left to defend by yourself because they won’t accept to support you. Because remember, if you want the better model that is able to defend you from cybersecurity perspective, no way. If you are not one of the few top 20 companies or so, as defined, you are left defenseless. Again, we are going back to opinion, but for me, it’s so shocking what’s happening right now. I’m very glad we have alternative open source to be able to defend ourselves because right now, good luck getting defense services if you are a smaller business and individuals, and you need support from Anthropic, OpenAI. Nuno Now, even self-described AI optimists are saying, “This is scary now.” Like Walter Isaacson, who wrote all the famous biography books. There’s now discussion around the AI Kill Switch Act, bipartisan thing that’s coming across from Texas and California, a potential bill that’s coming in. We’ll see if that works. Now let’s get an off-switch. I’m like, “Cool.” As if that’s going to solve the problem, because you have open-weight models on the other side catching up, right? Bertrand Yeah, sure. Bring in clueless politicians from Congress to solve our problems. Yes, sure. Nuno Anthropic came to the table, helped build and said they built some regulatory machine on their side, and now they’re getting bitten by it, and they’re part of the offending players in that market. Now there’s all this debate and all this discussion around open weight and around slowing down AI and et cetera, which is our next section. You wanted to say something, Bertrand. Tell us. Bertrand Don’t forget, because this advertisement for OpenAI was just too good. Our AI attacked some other companies, and not just one, but three, actually. Let’s not forget the progress. Great ads. Then I came and said, “You know what? AI also hacked businesses.” You’re not the only one hacking around with a crazy AI out of control. You’re not the only one. We want our advertising. For me, it was shocking that on one side, unreleased models that you let run wild. On the other hand, you have released models that you put crazy guardrails on top of it, so the defender are defenseless. I’ve never seen anything like it, and I really hope that there will be as little regulation as possible, quite frankly, to make sure anyone can defend themselves and have the best tool at their disposal, not just a few well-connected big corporates. This is really, really shocking. The Counterstrike and the Petition Nuno Now the empire strikes back, so this is counterstrike, the petitions. In several days, we have now a bunch of petitions. The first one was the open weights letter. Bertrand, do you want to explain to us what the open weights letter is? Bertrand Yeah. I think it was great. This was released by Jensen Huang, first ever post on X, 11 million views. Congrats, Jensen. Co-signed with Microsoft, Meta, c actually was probably the initiator of this letter. Very good letter saying, “Hey, we need open weight. This is not a joke. We need that. You cannot block open weight.” Because that’s the rumor we are getting that potentially open weight could get blocked. I think they are making the case, “You know what? Hey, we absolutely need that as an alternative. You cannot block it.” They can keep their closed models, but don’t force a closure of the open weight models. As I said before, it’s actually a great model for NVIDIA because NVIDIA doesn’t want, probably rightfully so, to be dependent on just a few frontier models, their best customers. They want a variety of customers. They have a big interest actually to defend open weight and to invest even more. They have great researchers, are a great company. If one company is about to do really kick-ass work, I think it’s them. They are defending. What’s great is that it’s not just them. It’s basically most of big tech in the US and outside the US, from a Linux Foundation to a Microsoft, the Palantir, an IBM, a Dell. It’s a who’s who of the industry except Anthropic. Anthropic didn’t sign that. I guess they hate open source so much. If I look at 20 years ago, it feels like Microsoft, after all, was very kind to open source. You remember what was said by Microsoft at the time. It’s clear there is one company against open source. OpenAI signed the letter. Honestly, I don’t know what to think. Do they really believe in it or was it just a way to show that they are not like Anthropic? I don’t know. But for the rest, I think it’s genuine because it’s actually in their best interest. I hope they will be heard. Then a second letter came, the Open Secure AI Alliance, NVIDIA-led and again, the big tech companies from Microsoft, IBM, Palo Alto Networks, Databricks, Palantir, all those, but not present, OpenAI, Anthropic, and Google. Here it’s to say, “Hey, we need a secure approach to AI. Open should be part of the equation.” guess what? The worst AI-caused security incident to date was actually caused by closed frontier models that were not even available to the public. While again, not providing you access to even the latest closed model for cybersecurity use case. Nuno I would highlight the NVIDIA open source NOOA framework, Apache 2.0 licensing agreement, Microsoft contributed the MDASH, SpaceX AI contributed Grok Build. Cool stuff. There’s some cool stuff happening around that. This is more than a letter. This is an alliance. Apparently, they’re contributing all this stuff, we’ll see. Yeah, cool stuff. Same day. Same day, Amodei has an answer, right? Bertrand Yeah, same day. They say, “We never advocated for a ban,” which, again, opinion on my side is entirely bullshit. This guy has been crying wolf against everybody else, and especially against open source. You can see him doing testimony in Congress against open source. I think they are doing everything they can behind the scene to block open source in the US or in the world if they could. I think, yeah, obscurity is not good safety. I’m a big fan of open source in general, and I’m also a big fan in AI. I think it’s now Anthropic, mostly against the rest of the world. I think OpenAI is mostly on their side, to be frank. They don’t want to acknowledge it so much, but they have shared interest, and they have shared probably position. Nuno Why would you? I don’t feel as strongly as you because I think Anthropic is a private company, right? The same thing with OpenAI. OpenAI, you could say it’s a nonprofit that has a for-profit. There’s still that complexity in there. Bertrand No, they can do what they want with their own product. But to block others is where I’m not okay. That’s the part I’m not okay. Nuno What Dario Amodei is proposing is more enforcement, right? He’s basically saying you need to do even tighter controls on advanced chips flowing to authoritarian states, enforcement against industrial-scale distillation, whatever that means, right? Bertrand Yeah, which he could do, but all by himself. He doesn’t need the government to do that. Nuno Mandatory safety testing for all sufficiently capable AI, open and closed, right? He’s basically saying, “Okay, I don’t agree with the open weight stuff effectively,” right? He’s just putting it under a different banner. “I agree with this extra regulation.” then obviously, David Sacks responded and say, “Hey, it’s like, bans don’t work for weights. Why do they work for chips?” It’s like, magically, chips are more controllable and bannable. Whatever that is. Then our friend Mark Zuckerberg, just to be clear, goes on the other side as well, because he also has to have a view. He has to have a view that is the rebuttal of both of the other guys. Bertrand I feel he’s a bit flip-flopping because he was very pro open source 2 years ago, and the latest Meta models went closed source. Now I think he’s back open source. I don’t think he has a very strong spine on the topic, but it’s good to see that he’s not a doomer. That for me is great. He’s showing how AI can be a source for progress, a source for entrepreneurship, source for freedom. I think that’s very exciting to hear that. We need to hear more of it. By the way, that’s not what you hear in China, for instance. AI is very positive in China. It’s in the US with the doomers that you hear this discourse, and people get worried as a result. I’m glad that he was pushing for a more positive vision and for support of open weight, open source initiatives. But let’s see what they really truly open weight going forward. Nuno But that’s been his position because I guess he’s standing behind. He thinks open weight is going to be the best way to compete, right? Bertrand Yeah, but he closed his latest model, so let’s see. Nuno Yeah, so it’s flip-flopping, as you’re saying. Then we see the latest petition from last week. Bertrand The true Empire striking back. Nuno Yeah, the true Empire striking back as of late last week. Maybe this is Return of the Jedi, where we discover the father, “I’m your father, Luke.” That’s the pacing petition. The pacing petition is we need to pace AI. There you have initially employees from OpenAI and Anthropic that circulate this petition. Actually, Dario did sign this petition originally. It wasn’t signed originally by Anthropic, but by him. But you’ve heard that now Anthropic and OpenAI as companies have also signed this petition, right? Bertrand I think they have signed as companies now. It started mostly by Anthropic researchers with some OpenAI researcher and a tiny part from other companies. But it was mostly Anthropic internally led, at least potentially internally. Maybe it was controlled by Anthropic all along, I don’t know. But it started officially as Anthropic employee-led letter. Nuno What does this letter actually say? Is Anthropic and OpenAI, are they willing to slow down themselves? Or are they asking President Trump to go around the world and tell President Xi that he needs to slow down and ask his guys to slow down? What’s the play of this letter? Bertrand It’s crazy, but for me if you want to slow down yourself. Do whatever you want. Don’t force others. Don’t use the power of the government to control others. Of course, it’s easy to push others to slow down when you are yourself at the very top. You have most money, most resource. You know you are going to win any regulatory framework because that’s how it works with this type of framework. It’s purely self-interested. You are probably not thinking well about these topics. If you truly think it’s a good idea, from a personal perspective, you are well instrumentalized if you sign this sort of stuff, because at the end of the day, they would be the winners. I certainly, personally, don’t want a company dictate what is my future in AI as an individual, as a business person. I don’t want them to control me. I want competition. I don’t want them to unfairly control AI because they managed to do some regulatory capture. I feel that’s exactly their game plan. These guys believe in their stuff, and they want the regulator to end up being the one deciding for us. Sorry, we go back again on the opinion piece, but it’s tough not to share an opinion on this topic because it’s, from my perspective, very scary. Nuno I think this is a push to further regulation, not less. All these letters and alliances, this is definitely a push for more regulation. In that environment, just to be very honest with you, we’ll talk about the investor impact in just a bit, et cetera. But in that environment, again, China has a huge advantage. In that environment, if it’s all captured in regulation capture so soon in this battle where OpenAI and Anthropic have an advantage in the US, et cetera, I’m like, what happens to all the other frontier labs and all the other players that are coming around? Bertrand What’s crazy is to even think that, yeah, maybe you can regulate capture in the US. But then how do you do that to Europe? How do you do that to China? Europe probably will always welcome regulatory capture because they love regulations. But China is going to build to their advantage to the max. They are not crazy. They are smart on that perspective, they won’t accept this type of, quite frankly, dimwit argument, or you can call it regulatory capture. We’ll see. But for me, this makes no sense from a global competition perspective. This can make some sense from capturing the revenue in the US market. But then that means you are going to destroy the US AI environment compared to China. That is not acceptable. That also means that you are going to destroy our freedom as individuals, as business owners to develop and live in a business world that ultimately is controlled by one or two business companies that didn’t win the marketplace through their own business success, but won it through regulations. That for me is really not acceptable. Interlude — The Low-Background Books Nuno Now, maybe for an interlude, and we have to cue in the music, imagine like Severance music, like hallway or a bit of a palate cleanser from all the policy stuff that we’ve been talking about, all this policy heaviness. Let’s move to another kind of heaviness, one of your favorite topics, which you, Bertrand, discovered, I had no clue this was going on, around books and around Anthropic. Bertrand It’s so horrible. From a company that keeps presenting themselves as the adults in the room, the careful ones, the ones that know better than you about what to do in this complex AI and dangerous world. What we discover is that actually all along, they were buying and destroying books. They will buy books, scan them, destroy them, all of them. They will do that with any books, including rare books. Of course, this was not supposed to come to the public’s attention. This was one of these top secret projects, but obviously it came out. Yes, they were scanning books, millions of them, including rare books, and they didn’t care about destroying them at the end of the process. Because from a regulatory perspective, if you destroy the books, it’s not considered a copyright infringement, apparently. This is coming on the back of some judgment a few years ago that were showing that it’s okay for you as a corporate to scan and use the result if you don’t keep a copy of the book. It’s one of these crazy regulations happening based on a single judgment that push you to do. For me, it’s like, you know this book from decades ago, Fahrenheit 471? We’re talking about book burning. It’s book destroying, crunching. It’s so shocking. Nuno There are two things, right? First, the legal strategy, which is what you’re saying, because by purchasing a physical copy and converting it into one private digital copy and discarding the original, Anthropic pursued this cleaner legal argument for fair use copyright compliance. As you said, there was a federal judgment at some point on this. The other reason is actually operational. If you disassemble the book, and you feed loose pages, it’s much faster to scan books. You are destroying the book effectively anyway operationally. I think to your point, probably this came from a legal standpoint, not just the operational one. But even from an operational standpoint, it does make sense that they would have disassembled the book. Bertrand But some people have shown you can go very fast without destroying the book. It’s really not so critical. Two, you could make an exception if the book is rare. For that 1% of book that is rare, I’m not going to have this approach. I’m going to have another approach. But for that, you will have to care about books and not just care about building AI. Nuno This is the episode, as you guys have heard by now, that we’re trying to spit stuff at Anthropic. Bertrand To go back this is the same company saying, “Hey, guys, it’s bad to distillate my work. I’m the one scanning book at scale without asking author permission, without asking publisher permission, to be clear.” Nuno But just to be clear, Bertrand, we’re pissed off at everyone. We’re pissed off at Anthropic, we’re pissed of at OpenAI as well, right? We’re just pissed off in general at this moment. Bertrand At this stage for me, the more clear-cut company that is in the wrong is, from my perspective, at least, is Anthropic. OpenAI might be a fast follower, but I will say so far, they tried to be a bit more. Nuno But at this pace, Bertrand, who knows? Maybe next week we’ll be more pissed off at OpenAI. Something will come out. This episode is a mix of tragicomedy, like a Greek tragedy with some comedy in the middle or the other way around. It’s a slapstick thing that will end up in tragedy. I’m not sure. The Investor Reckoning Anyway, maybe switching to our final act, which is the investor perspective. What does this mean for investors like ourselves? There’s a lot of things going on. There’s the debate around the IPOs of Anthropic and OpenAI, which now, with all this uncertainty, might be under significant weight. There’s a lot of other discussions that we browsed through that there’s potential IPOs going forward on companies like the Moonshot AI company actually IPO-ing in the next 6 months as well. It’s very unclear what the IPO landscape looks like. Bertrand There’s been a lot of Chinese IPOs, actually, when you look at what’s happened in the past few months. Nuno Anthropic, OpenAI as potential IPOs, there’s all this question marks now. When will that happen? How will it factor in? All that’s happening around regulation as regulation is moving at the speed of light, which is for once something that’s very different than what we’ve seen before. There’s obviously SpaceX AI, which is already taking into account that price. It’s already a public company in there, and it’s under SpaceX, which is now a public company. Obviously, that’s already being factored in some ways. Bertrand Yeah. SpaceX AI has been very smart to acquire Cursor. It was a very smart move because Cursor is one of the leading companies in terms of automated code source development with AI. They had great models on their own. They’re bringing development data to SpaceX AI Grok. I think it was a great move. Nuno We have now people like Google delaying Gemini 3.5 Pro in terms of launch window. There’s stuff actually happening in the market where things are taking their own path. There’s uncertainty commercially, there’s uncertainty at regulation level. You have new players that have come out of nowhere that are making all these waves like Moonshot. We have all these… We had calculated probably a month and a half, 2 months ago, there had been 67 new frontier labs funded. All of these, we haven’t seen any much coming out of them. When some of this stuff starts coming out, will that also create disruptions in this market? Who knows? Bertrand Look at Thinking Machines, for instance. Thinking Machines led by the previous CTO of OpenAI, they released some pretty interesting open source models, actually. Very good quality for a first launch. Now it looks funny to say, but nearly on par with the top Chinese open source models. Nuno We have several investments in the space. humans& has made some recent announcements, which is quite interesting as well. We’ll see what actually happens in the market, but even more disruption probably will come in actual products in a form of product and commercial, on top of all the geopolitical mess that we discussed through the entire episode. If you’re an investor, how the hell do you underwrite an investment right now in early stage, mid-stage, late stage, et cetera? I think my answer is very carefully is how you underwrite it. Bertrand On your advice of being very careful to underwrite it, let’s not forget what happened to our boy wonder, Leopold Aschenbrenner of Situational Awareness. I guess he didn’t listen to you in terms of being careful because part of the instability in the stock market was actually coming from his hedge fund. These guys were leveraged 3, 4x going after the hottest of the hottest AI stocks, and margin calls, and all their public investment is gone just to answer their margin calls. I think it’s clear that the AI bet is… Personally, I’m very excited, and I think it’s the future, and you need to spend time and think about and invest in it. At the same time, it’s a bet that is not an easy one to follow. We go from GPUs to memories to equipments to power generation. All of this is not transitioning in an easy, organized manner. It would be boom and bust going there. He’s probably one of the first big-scale fatalities. The other big-scale fatality was the stock market in Korea, plunging 40% in a month. Definitely, all of that we discussed about was, on the background, you had the stock market going up and down pretty crazily the past few weeks. Nuno Everyone’s being affected. Everyone, you have your 401(k), you have your pension fund dependent on these equity stocks. Everyone’s seeing the effects of this volatility right now very aggressively. We do wish Leopold… Hopefully he’s on honeymoon right now because he got married, I think, this weekend. Hopefully there will be… Bertrand To none less than an Anthropic Chief of Staff. Nuno His wife is the Chief of Staff of Dario, is that it? Bertrand To Dario, yes, as far as I unders

This week NVIDIA's DLSS tech is unnecessary and dumb, a leaky Valve gives us some good insight into 2003-2013, Fortnite kids are thirsty, and XBox does something interesting with discs.  JD becomes AI.  Peterson reviews Gamble with your Friends and Machine Party.  Peterson picks his Dice game.  

Nvidia posted a $96.2 billion quarter, forecast another year of major growth, and set off a conversation about whether the AI buildout is a durable boom or a hyperscaler-funded bubble. Ricker and Bon also get into the reported Nvidia and Hugging Face deal, what open-source AI infrastructure actually means, and why the gap between people who use AI fluently and those who do not may keep widening.They unpack the reported autonomous OpenAI breach of Hugging Face and the state investigations that followed. The conversation turns to whether AI companies, governments and ordinary businesses understand what agents can do when they can work directly with files and systems instead of being limited to a traditional interface.The Pentagon's blacklisting of Anthropic gets a closer look after a federal judge ruled against it. Ricker and Bon talk through Anthropic's limits on surveillance and autonomous-weapons use, the government's response, and what it says about the demand for frontier AI tools.Trump's proposed 50% tariffs on Canadian autos, parts and steel lead into a conversation about who ultimately pays when a tightly connected supply chain gets hit. They also cover Iran, natural-disaster anxiety, California earthquake scenarios and why a movie like The Dog Stars can make a normal afternoon feel much less normal.Then it is time for restaurant-business analysis. Jersey Mike's, Dave's Hot Chicken, Yum Brands, Blackstone, private equity, celebrity investors, food stocks and the surprisingly serious question of whether restaurant food is mostly mid all make the cut.The episode also includes a Ridley Scott movie review, a detour into the Google AI experience, the evolution of phones and streaming, and the usual weekend conversation.Chapters:0:00 Episode open and The Dog Stars3:16 Nvidia, Hugging Face and the weekly tech rundown10:00 The tech bubble, New York and Silicon Valley14:20 Nvidia's $96.2B quarter and Canadian tariffs18:40 Anthropic, the Pentagon and AI use limits28:42 Reported OpenAI breach of Hugging Face31:00 AI agents, the GUI and the AI skills gap35:00 Nepal, natural disasters and California earthquake fears40:00 Jersey Mike's, private equity and food stocks49:00 Dave's Hot Chicken, Yum Brands and Pepsi55:00 Restaurant takes and the cheeseburger origin story60:00 Basketball stories, The Weeknd and streaming music66:00 Phones, AI and what comes after the iPhoneFollow Ricker and Bon:http://instagram.com/rickerandbonhttp://tiktok.com/@rickerandbonhttps://youtube.com/@rickerandbonhttps://open.spotify.com/show/0n1m0eR2sYZU2EFhSwlqX1https://podcasts.apple.com/us/podcast/ricker-and-bon/id1367523204

Derek Moore and Shane Skinner dig into what history says about September in a midterm election year, and why Mike Santoli argues investors should be on high alert heading into the month. Plus, a long look at federal receipts versus federal outlays as a percent of GDP and what top tax rates did and did not do to revenue, the widening spread between mega cap winners and losers in 2026, and a forward earnings check on Nvidia, Alphabet, Apple, Tesla, Costco, and the S&P 500 itself. All that and more this week.     S&P 500 September performance in midterm election years going back to 1928. September is historically the weakest month, but midterm years have their own pattern. Mike Santoli argues investors should be on high alert heading into September. What being on high alert actually means for someone already invested and hedged. Federal receipts and federal net outlays as a percent of GDP going back to the 1930s. Outlays keep running above receipts, and that gap is where the deficit comes from. The top individual income tax bracket has fallen from over 90% since the 1940s. Higher top tax rates have not reliably produced higher receipts as a share of GDP. Schwab data ranks 2026 performance and index contribution across the mega caps. Micron leads the group up 226.8% while Tesla is down 22.5% as of August 28, 2026. Apple at 17.6%, Nvidia at 16.6%, and Amazon at 15.4% beat the Nasdaq's 13.6%. Meta is down 12.4% and sits near the bottom on contribution to the S&P 500. Nvidia trades near 17 times forward earnings on estimates of $12.83 a share. Alphabet sits near 19 times forward earnings versus Apple at over 33 times. Tesla's forward P/E is above 180 while Costco holds near 41 times. The S&P 500 near 7,689 on forward earnings estimates of about $394 a share. That works out to roughly 19.4 times forward earnings for the index. SpaceX vs Tesla forward price to earnings ratio Are index level multiples reasonable when the leadership is this uneven?   Mentioned in this Episode   Santoli: Why investors should be on high alert heading into September https://www.cnbc.com/2026/08/31/santoli-why-investors-should-be-on-high-alert-heading-into-september.html   Derek Moore's book Broken Pie Chart https://amzn.to/3S8ADNT   Jay Pestrichelli's book Buy and Hedge https://amzn.to/3jQYgMt   Derek's book on public speaking Effortless Public Speaking https://amzn.to/3hL1Mag   Contact Derek derek.moore@zegainvestments.com

Are you looking to save time, make money, and start winning with less risk? Then head to https://www.ovtlyr.com.Learn more about OVTLYR: https://youtu.be/TUCbD5KovlcWhat are the hottest stocks on Wall Street Bets right now, and are any of them actually worth your money?That's the big question in this video. We're breaking down some of the biggest names people are watching, including Tesla, Micron, Nvidia, Amazon, Google, Meta, Apple, and Broadcom, using OVTLYR's trading intelligence to see what the data is really saying.And here's the catch: just because a stock has a buy signal doesn't mean it's automatically a buy.✅ Market trend and signals✅ Breadth across thousands of stocks✅ Fear and greed levels✅ Sector strength and weakness✅ Where Tesla, Apple, Micron and others really standRight now, the market is anything but easy. Around 80% of the market is showing sell signals, breadth is weak, and every sector is dealing with bearish conditions. That changes how you should look at individual stocks.So which stocks actually stand out?Tesla and Apple make the shortlist, while several other popular names simply aren't showing enough strength yet. And sometimes, the smartest move isn't chasing a trade. It's sitting in cash and waiting for the market to give you a better setup.

The demand for AI compute is exploding, but is growth truly exponential? Dillon breaks down why power generation — not construction — is the real bottleneck holding back data center expansion, and how that ripple effect hits memory production, GPUs, and fab manufacturing (Micron, TSMC, NVIDIA). He also explores how legislative gridlock in the U.S. could push data centers overseas to the Middle East, or even into orbit, as SpaceX's Starship makes space-based compute a surprisingly viable option.

Wafer Co-Founder and CEO Emilio Andere talks with TITV Host Akash Pasricha about optimizing open source models for non-Nvidia chips. We also talk with New Enterprise Associates Partner Mustafa Neemuchwala about Nvidia's $3.5 billion convertible bond investment in MediaTek, and we get into the VC case for building software in the AI era with The General Partnership Co-Founder Phin Barnes.Articles discussed on this episode: https://www.theinformation.com/newsletters/ai-agenda/wafer-inference-provider-uses-non-nvidia-chips-lands-acquisition-offers-200-million-plus-valuationSubscribe: YouTube: https://www.youtube.com/@theinformation The Information: https://www.theinformation.com/subscribe_hSign up for the AI Agenda newsletter: https://www.theinformation.com/features/ai-agendaTITV airs weekdays on YouTube, X and LinkedIn at 10AM PT / 1PM ET. Or check us out wherever you get your podcasts.Follow us:X: https://x.com/theinformationIG: https://www.instagram.com/theinformation/TikTok: https://www.tiktok.com/@titv.theinformationLinkedIn: https://www.linkedin.com/company/theinformation/Chapters:00:00 - Introduction01:13 - Wafer Raises $40M Series A at $200M+ Valuation03:42 - Optimizing Open Weight Models for AMD & Non-Nvidia Chips11:26 - OpenAI's Jalapeño Chip & Agentic Workflows12:56 - Nvidia Invests $3.5B in MediaTek Convertibles17:42 - Does Nvidia-MediaTek Deal Deepen Circular Financing?23:30 - The VC Case for Building Software in the AI Era28:45 - The VC Mechanics Driving Mega-Rounds & Pivots34:02 - Outcome-Based Pricing vs. Predictable SaaS Margins

***植物保健專家【威瑪舒培】*** https://bmai.app/1a40478f**IC設計龍頭聯發科今日宣布完成總額39億美金，超過1,200億元新台幣的海外可轉債訂價，為台灣資本市場至今金額最大的海外可轉債發行。聯發科此次海外募資案吸引來自AI 基礎建設的長期重要合作夥伴包括輝達（NVIDIA）和Google母公司Alphabet。其主，輝達投資美金35億元於聯發科發行的海外可轉換公司債，這同時也是輝達第一次大手筆投資台灣公司 **輝達（NVIDIA）與聯發科（2454）31日宣布深化長期合作，雙方將共同布局AI基礎建設、邊緣AI運算及車用平台；輝達並將投資35億美元，認購聯發科發行的海外可轉換公司債（ECB）。聯發科今日在利多加持下，股價開盤直接亮燈漲停鎖死，上漲390元至4315元 **美國財政部長貝森特八月卅日表示，他將號召廿國集團（Ｇ20）成員國重新檢視和中國大陸的貿易條件，以縮減全球失衡，並促使北京調整經濟結構，降低對出口依賴轉向國內消費。大陸外交部發言人郭嘉昆昨回應時強調，中方從不刻意追求貿易順差，反對各種形式的單邊關稅措施。Ｇ20財金首長八月卅一日在北卡州艾許維爾舉行會議，貝森特會前對路透表示，大陸貨品目前大量湧向全球，「全球無法承受中國擁有一點二兆美元貿易順差。中國經濟相當疲弱，正試圖靠出口擺脫困境，但須調整經濟結構。」 #寶島全世界 #寶島聯播網 #矢板明夫 #聯發科 #輝達 #伊朗 #川習會 #升息 #貝森特 #AI基礎建設 #台積電 #台股加入會員，支持節目： https://clw4248xv113d01wg7s4h2xnq.firstory.io/join留言告訴我你對這一集的想法： https://open.firstory.me/user/clw4248xv113d01wg7s4h2xnq/comments Powered by Firstory Hosting

Hugging Face is pushing forward open-source large-language models, which potentially keep closed AI models from becoming too powerful. Now Hugging Face is pushing open-source robotic software with its latest consumer device, and Nvidia is reportedly looking to acquire Hugging Face at a $13 billion valuation. Jon, Matt, and Rachel discuss the future of robotics as well as tackle two listener questions regarding what can make and break an investment thesis. Jon Quast, Matt Frankel, and Rachel Warren discuss: -Nvidia's potential acquisition of Hugging Face-Hugging Face's new robot: Microduck-What is an investment thesis?-Things that break an investment thesis-Things that make an investment thesis Companies discussed: Nvidia (NVDA), Tesla (TSLA), Nextdoor (NXDR), Zscaler (ZS), Realty Income (O) Host: Jon QuastGuests: Matt Frankel, Rachel WarrenEngineer: Kristi Waterworth Advertisements are sponsored content and provided for informational purposes only. The Motley Fool and its affiliates (collectively, "TMF") do not endorse, recommend, or verify the accuracy or completeness of the statements made within advertisements. TMF is not involved in the offer, sale, or solicitation of any securities advertised herein and makes no representations regarding the suitability, or risks associated with any investment opportunity presented. Investors should conduct their own due diligence and consult with legal, tax, and financial advisors before making any investment decisions. TMF assumes no responsibility for any losses or damages arising from this advertisement. We're committed to transparency: All personal opinions in advertisements from Fools are their own. The product advertised in this episode was loaned to TMF and was returned after a test period or the product advertised in this episode was purchased by TMF. Advertiser has paid for the sponsorship of this episode. Learn more about your ad choices. Visit ⁠⁠⁠⁠⁠megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

As AI-generated video blurs reality and new Macs hit five-figure price tags, the conversation digs into who's left behind in the race to automate and whether "democratizing" tech actually delivers on its promise. Find out how NVIDIA, Meta, and even Apple are reshaping the tech game, and why it might not be good news for everyone. Brief independent investigation of agents' behavior, reasoning and collaboration in the OpenAI / Hugging Face hacking incident NVIDIA's Profit Doubles to $59.69 Billion Thanks to A.I. Spending Bill Gates Is Warning That A.I. Is More Dangerous Than Big Tech Will Admit Apple Introduces M6 and M5 Ultra Chips, in New Mac Mini and Mac Studio How Apple Stumbled Into AI Hardware Success With the Mac Meta reaches $16.68 billion settlement over social media harms to children Meta Just Paid Nearly $17 Billion To Make Sure It Gets To Write The Kid Safety Rules For Every Other Social Media Platform The Meta Settlement Makes Big Tech Bigger 'Darth Vader' Wants You to Know He Definitely Supports Flock Surveillance The Data Center Backlash Bursts Into the Midterms With the Snip of a Gene, Scientists Hope To Erase High Cholesterol For Life - Slashdot Skynet went live yesterday Amazon service Bezos once called 'artificial artificial intelligence' is shutting down Host: Leo Laporte Guests: Jacob Ward, Harry McCracken, and Molly White Download or subscribe to This Week in Tech at https://twit.tv/shows/this-week-in-tech Join Club TWiT for Ad-Free Podcasts! Support what you love and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Join today: https://twit.tv/clubtwit Sponsors: ZipRecruiter.com/twit adaptivesecurity.com helixsleep.com/twit outsystems.com/twit tinyhealth.com/twit

Jeff and Christian welcome freelance games writer Jesse Vitelli to the show this week to discuss the deep dive for Grand Theft Auto VI that premiered on Netflix, the new Xbox plan to digitize your back catalog, and all of the new game announcements from Gamescom 2026.The Playlist:Jesse: Mega Man Dual Override // Dragon's Dogma 2 Dark ArisenChristian: Call of Duty: Modern Warfare 4 open betaJeff: Blood DungeonBONUS CONTENT: In a segment sponsored by Nvidia, Christian and Jeff discuss Gamescom announcements from the Geforce On Community UpdateParting Gifts!!