Podcasts about tpu

流動性與實務交易思維: 1:13 歷史最大漲點/跌點，只要流動性並未恢復都不算好事 3:36 下週一過大正價差校正，開盤下跌收斂止穩是標準且最好劇本 6:25 逢低加碼?真的還有錢嗎… 持股續抱等流動性恢復才是最實際建議 13:25 中大型股/股期標的看10MA、中小型股看5MA為判斷指標 15:47 先解套的持股反而不要出，買愈早套愈深愈要先停損 CSP財報與Beat%差值分析 16:25 先前看現金流數據，現在目光要轉向債/CDS即時報價 22:00 現金流的近似數據: 雲收入與資本支出的Beat%差值 24:12 四大CSP的Beat%計算與舉例 28:10 我最看好Google的理由1: TPU v9加速成長，逼近NVIDIA!? 30:12 理由2: LLM內捲(X)，相信Google有其他全新AI架構壓箱寶 33:48 資料庫的豐富度，舊時代且未經AI染指的資料是稀缺的 35:43 小結 相關文章與連結: BIGECON | 站在巨人的肩膀上看經濟 -- Hosting provided by SoundOn

Yaşar ve Vahit Neler Oluyor'un 118. bölümünde dünya gündemini yorumluyor.0:00 Sohbet ve Yayın Özeti6:17 Xi ve Trump Görüşmesi20:04 Foreign Affairs Makalesi48:00 Küresel Piyasalarda Dalgalanma1:06:51 Bağışlar1:09:24 Irak Seçimleri ve İç Yapısı1:39:51 Nijerya'da Kaçırılma Saldırıları1:57:44 Gemini 3 ve AI Öğrenme Süreci2:13:46 TPU Çip Teknolojisi2:23:04 “My Life Is a Lie” Yazısı2:34:06 Bağışlar ve Kapanış

En este programa te hablo de la The North Face Altamesa 500 v2. Una zapatilla voluminosa a simple vista, pero que cuando la analizas detenidamente, compruebas que tiene uno de los mejores pesos en la categoría de zapatillas ultra amortiguadas de larga distancia.A falta de sacarla a deborar kilómetros en montaña, en este podcast te hablo de mis primeras impresiones al sacarla de la caja.Características principales:-drop 6 (perfil oficial 36/30)-296 gramos en mi número 44 2/3-suela Surface CTRL con tacos de 4mm.-mediasuela DREAM de TPU nitrogenado-150€Contacto:juan@ellaboratoriodejuan.com

Andrew, Ben, and Tom discuss the Houthis targeting Saudi tankers Encelia and Layla in the Red Sea with Trump vowing to destroy a bridge or power plant for every Strait attack, a mixed AI earnings print with ServiceNow up 6% cementing itself as the AI control tower while Google fell 4% on heavy cloud spend without ad acceleration and TPU revenue pushed to 2027, STMicroelectronics dropping 14% on a big margin miss, strong railroad growth from CSX raising numbers with FCF up over 80%, Norfolk Southern posting solid revenue growth, the 30-year yield nearing 5.2%, the ECB holding rates at 2.25% while warning on energy inflation, Uber cutting 10% of customer service jobs, and Bessent moving to oust Fed Vice Chair Barr over SVB.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

Credit markets are stepping in to fund the surging demand for AI. Our experts Lindsay Tyler and Anish Shah explore the opportunities and risks behind this record financing wave.Read more insights from Morgan Stanley.----- Transcript -----Lindsay Tyler: Welcome to Thoughts on the Market. I'm Lindsay Tyler, TMT Credit Research Analyst at Morgan Stanley. Anish Shah: And I'm Anish Shah, Global Head of Debt Capital Markets at Morgan Stanley. Lindsay Tyler: Today, how issuers and investors are approaching the rapidly evolving world of AI financing. It's Thursday, July 16th at 10am in New York. As AI demand accelerates, credit markets are being asked to finance infrastructure on a scale that used to be associated with utilities, telecom, or energy. That raises a central question for issuers and investors: How much debt can the AI ecosystem absorb? And at what price? Anish, can you walk our listeners through the key products in your purview? Anish Shah: Certainly, in my nearly twenty years at Morgan Stanley, this is probably the most incredible time period I've ever seen in the credit markets. I've had the privilege of working across a number of different roles in capital markets and lending. And a couple of years ago, we integrated the debt underwriting business across both investment-grade and leverage finance franchises in recognition of how interconnected the whole credit ecosystem has become. In addition to our core activities helping clients raise capital for their strategic priorities, two of the big focus areas that we've had have been finding ways to harness the power of the private credit universe and also delivering best-in-class capabilities in funding this incredible growth in AI spend. Lindsay Tyler: AI financing has certainly been a theme we've also been focused on in research. Our equity research colleagues project that a handful of key players could add more than 30 gigawatts of capacity over a two-year timeframe, driving around [$]2 trillion of aggregate cash CapEx in that period. And to put that into context, a single gigawatt of data center capacity can require roughly $12 billion for the shell, and then often more than double that for chips and racks. So, from your vantage point, what inning are we in? And what gives you confidence that credit markets can continue funding this opportunity at scale? Anish Shah: I mean, Lindsay, the numbers certainly are staggering, as you note. And if you just observe the CapEx estimates for the hyperscalers and broadly for AI infrastructure, we're certainly in the early innings. Lindsay Tyler: Mm-hmm. Anish Shah: The largest tech companies have historically, as you know, raised very little debt. In fact, many of these companies have not even needed a credit facility. As CapEx projections were materially increased in the second half of last year, we saw the beginning of scaled capital raises. Hyperscaler issuance has quickly gone from less than one percent of the investment-grade market to more than 10 percent of the market. You know, as I look ahead, based on what we're seeing on the ground, we think that AI-related funding, whether it's for data center development or financing compute capacity, could top 15 percent of the total issuance across all credit products. This has been an unprecedented test for the capital markets, both in terms of the depth of capacity and the breadth of product. The teams have been on the forefront of deep investor dialogue and product innovation. This spans corporate investment grade, first of their kind financings in high-yield and leveraged loan markets, and new takes on asset-backed financing. And each of these areas has seen material issuance both in public and private markets. Lindsay Tyler: Great backdrop. Let's dig first into investment-grade corporate debt, an area you know well from your time previously leading the investment-grade team. Can you help frame the scale and the significance of this financing bucket and how AI-related debt is scaling within it? Anish Shah: Well, you know, as you know, the investment-grade bond market, specifically in dollars, is the deepest, most liquid pool of capital in the world. Volumes have grown materially over the last few years and are likely to eclipse $2 trillion in issuance this year. Hyperscalers are among the very best credits in the world, and they have the ability to come in and out of markets with relatively quick twitch, little to no pre-marketing, and in fairly large size. You know, $20 billion-plus deals used to be rare in the investment-grade market, now happen multiple times a quarter. This is why we've seen the predominance of AI-driven capital raising take place in the investment-grade market. For the most part, investors have digested that supply very well. While we've seen some modest widening credit spreads for hyperscalers and some of the other tech issuers, I'd say it's de minimis relative to their expected ROI. Lindsay, I've talked a lot about supply dynamics and issuance. What other factors are you and investors considering when assessing fair value for investment-grade rated technology bonds? Lindsay Tyler: Sure. It's prudent to really weigh a mix of technicals, fundamentals, and relative value. You know, as you discussed on the technical side, and related to my discussions with debt and equity investors, I've been focused on scale of buildouts, market capacity, digestibility across currencies, positioning along the curve, implications of equity issuance, and whether AI financing could crowd out other areas of TMT credit. But moving more to the fundamental side of things, you mentioned ROI, and for the players that are scaling compute capacity, there are a handful of key monetization and return questions that keep coming up. How quickly can these companies bring new capacity online? Once it's live, how does it translate into durable revenue and cash flow? Is that capacity supporting internal products, proprietary models, broader cloud offerings, or compute leased to third parties? And then how fungible is the capacity across those use cases if demand or returns shift? Further on the fundamental side, we've done some differentiated work around growing long-term commitments. We've seen that high-quality hyperscalers and a few of the semis companies are anchoring the AI ecosystem through leases, guarantees, other obligations. These commitments really extend beyond vanilla bond issuance. So, I encourage investors to look beyond the funded debt and really understand the accounting and the ratings implications here of some of those commitments. And this ties nicely into the next topic that I wanted to raise, which is project finance debt. I've noticed that, you know, a lot of the commitments that we're seeing from IG players support another layer of financing. Lease commitments can underpin project finance debt, an area of sizable issuance and innovation. The public high-yield market has emerged as a new funding source in this way for data center construction, with more than 30 billion priced across 15 deals, since fall 2025. Can you walk us through, Anish, the innovation behind these structures, and how are these high yield deals different than other ways to, kind of, raise project finance debt? Anish Shah: Yeah, it's incredibly interesting. I mean, the bulk of the issuance, as I noted has come in the investment grade market, but I would say the bulk of the innovation has come in the sub-investment grade market. You know, historically, for very capital-intensive sectors like energy and power or real estate, the project loan market was the most efficient source of initial funding. The developer would tap banks to underwrite a highly structured construction loan. Once the project is up and running, you could then refinance that loan with the predictable cash flows into a more institutional financing, like the investment grade bond market or the term loan B or securitization markets.That product may still be very viable in many sectors, but we felt early on that bank-provided construction loans would not meet the capacity needs of the AI investment cycle. The market really needed an institutional credit product that bypassed the need for construction loans. The key innovation came in the form of first-of-its-kind high-yield bonds that funded the development of a new data center complex. Given the relatively short construction period and the "offtake" supported by some of the highest quality credits in the world, we felt like this financing structure would be incredibly well-received in the high-yield market. The win here is that the developer accesses fixed rate long-term capital and maintains flexibility to call the bonds and refinance at a lower cost. Judging by how these financings have gone, there's a strong level of investor enthusiasm. I think that they've only scratched the surface, and I would expect that we see much more of this. And potentially even expand it to other products in the leverage finance markets given the tremendous level of investor demand. Lindsay Tyler: Yeah. It's certainly been exciting to follow many of those deals. Beyond the public space, we're also seeing a wave of innovation in private credit and asset-backed finance. Anish, how do companies decide whether capital is best raised in the public or the private markets? Anish Shah: Well, I'm glad you raised the whole avenue of private markets because it may be the most significant change in the credit markets over the last few years, broadening the scope of private credit from directly lending into leverage buyouts to now financing large investment-grade projects. There are great examples in the world of GPU and TPU financing, where we structure loans secured by the asset and the cash flows, or in data center development.Lindsay, from your perspective, what are investors focused on when these private structures intersect with public credits? Lindsay Tyler: Sure. Many of these asset-backed private financings have prompted investors to look more closely at any of the public companies involved, whether as issuers, tenants, customers, or support providers. This ties back to the point I raised earlier. Where does the risk reside, and who ultimately is on the hook? These financings have also sparked broader discussions around circularity, vendor financing, and technology obsolescence risk, even when amortizing structures are in place. I do think those are fair concerns to weigh, and they really speak to how quickly the AI financing trend is evolving and how much credit work there is to do. So, Anish, with that balance in mind, relatively strong demand, rapid innovation, but also some real credit questions, let's end with a quick lightning round. Anish Shah: Lindsay, let's do it. Lindsay Tyler: First, what is the biggest risk that could test investor appetite for AI-related debt? Anish Shah: I would say investors are acutely focused on construction delays. Don't underestimate the level of diligence being done by the breadth of capacity you're seeing in the markets. Investors are doing their homework, and we're spending a lot of time trying to mitigate any of their concerns with structural protections. Lindsay Tyler: Got it. Second, beyond data center shells and chips, what is the next potential AI financing opportunity? Anish Shah: It most certainly is energy and power. We're going to see a ton of capital being raised in utilities. It's going to be a little different than what the hyperscalers are doing, just given the nature of their balance sheets. You're going to see more junior capital. We've seen a wave of junior subordinated debt issuance out of the utilities. We're also seeing a lot of activity from our project finance and tax equity team, just given all things energy infrastructure. Lindsay Tyler: Great. And third, if we're sitting here a year from now, what do you think could be the biggest AI financing story we're talking about? Anish Shah: Well, we certainly underestimated the level of financing activity that we saw in the past year. I think when we look back a year from now, we will probably see that the AI labs were much more ready to finance on their own on a standalone basis. That's going to alleviate some of the pressures in the market, but I think it's going to create a whole new set of considerations and structural innovation. Lindsay Tyler: Well, it's certainly been remarkable to watch this financing theme take shape in real time, and the next chapter sounds like it could be even more interesting to follow. Anish, thanks for joining us and sharing your insights. Anish Shah: Great to join, Lindsay. Thanks. Lindsay Tyler: And thank you for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.*****Anish Shah is a member of Morgan Stanley's Global Capital Markets Division and is not a member of Morgan Stanley's Research Department. Unless otherwise indicated, his views are his own and may differ from the views of the Morgan Stanley Research Department and from the views of others within Morgan Stanley.

Fabian Alefeld interviews certified prosthetist/orthotist and EastPoint Prosthetics VP Brent Wright about his career path into O&P, his shift from being anti-digital to adopting scanning and additive manufacturing, and the impact on patient care and global access. Wright describes traditional fabrication workflows (casting, plaster positives, vacuum forming thermoplastics for orthoses, and carbon fiber/resin layups for prostheses) as artistic but time-consuming, hazardous, and lacking records. His digital journey accelerated after a Guatemala trip with Life Enabled highlighted the need to scale care; he focused on scanning, digital modification, and later powder-bed fusion, moving toward SLS with materials like PK5000 and TPU. He emphasizes pressure casting for prosthetic sockets, the value of digital records for insurance, and how AM can change socket “dynamics” to improve comfort and heal wounds. The discussion also covers RADii's data-driven fitting approach, Life Enabled's mix of traditional and 3D-printed solutions (including pediatric feet), modular “kit” concepts for developing regions, and barriers to sensors/actuators in the US due to reimbursement.02:33 Brent Origin Story09:30 Why Go Digital11:17 Scaling Global Access17:32 Traditional O&P Workflow20:02 Casting And Fabrication Steps24:07 Digital Workflow And Scanning33:22 Benefits Of Digital Records36:36 Flexible Liner Heals Wound40:47 RADii Data Meets Craft46:06 Life Enabled Model01:01:50 Democratizing via Manufacturing01:08:01 Sensors vs Simplicity

Unlocking billions in cloud marketplace revenue. Subscribe to our Newsletter: https://theultimatepartner.com/ebook-subscribe/ Check Out UPX: https://theultimatepartner.com/experience/ This powerful panel discussion featuring leaders from Google, Tackle, and dbt Labs dives deep into the explosive growth of cloud marketplaces and the radical shift toward AI-driven go-to-market strategies. With hyperscaler backlogs nearing half a trillion dollars, the conversation unpacks how top-tier organizations are transforming their compensation models, aligning executive buy-in, and navigating the complexities of co-selling to capture committed customer budgets. From the rise of AI agents acting as metered SaaS to the essential operational investments required to scale marketplace revenue from 10% to over 50%, this session provides an actionable roadmap for software companies ready to dominate the 2026 partner ecosystem. https://youtu.be/LSj49f5FEII Key Takeaways Hyperscaler backlog commitments represent a massive, nearly half-trillion-dollar addressable market that completely changes the budgeting conversation. Successful marketplace selling requires complete executive alignment, right down to the CFO, and strategic adjustments like spiffing sales teams for marketplace transactions. The AI category is experiencing staggering 18x year-over-year growth, forcing companies to pivot toward an “agent-first” go-to-market model. Shifting from traditional channels to cloud go-to-market demands a multi-year, intentional investment in operations, people, and technology. System integrators are evolving into software companies as they build orchestration agents to manage fragmented, end-to-end workflows. Leveraging cloud commitments bypasses standard 12-15 month budget cycles, allowing for significantly faster deal closures and larger initial lands. If you're ready to lead through change, elevate your business, and achieve extraordinary outcomes through the power of partnership—this is your community. At Ultimate Partner® we want leaders like you to join us in the Ultimate Partner Experience – where transformation begins. Key Tags: Google Cloud Marketplace, hyperscaler backlog, cloud commitments, co-selling strategies, AI agents, metered SaaS, product-led growth, rev ops, B2B sales transformation, ecosystem shift, channel strategy, system integrators, Deal registration, private offer APIs, digital transformation, software procurement. Transcript: Insight to Revenue- The State of Cloud GTM [00:00:00] Dai Vu: These are all things everyone has to do to get to that first five to 10 deals, and then 10, 20, 30% of your business through Marketplace. [00:00:09] Vince Menzione: You can feel it happening. The ecosystem is shifting beneath us, the way Hyperscalers are partnering, how AI is remaking the channel and what it means to win in 2026. [00:00:21] Vince Menzione: Welcome to the Ultimate Partner Podcast. I’m Vince Menzi, own your host, and each week I sit down with leaders at the intersection of technology. Partnerships and outcomes. The voices shaping how ecosystems actually work. We talk about what’s real, what’s changing, and what it takes to lead in this era where the partner channel isn’t just part of the strategy. [00:00:43] Vince Menzione: It is the strategy because being in the room changes [00:00:46] John Janke: everything. Let’s start. [00:00:52] Vince Menzione: And we have an incredible session. The way that we wanted today to, to, to start the day up was like, let’s talk about what’s happening right now and let’s get three leaders in this space to come up and talk about the world and how it’s a rapidly evolving. So I want to invite to the stage dvu from Google is a great friend of Ultimate Partner. [00:01:14] Vince Menzione: Are you guys ready? Are you guys micd up already? Okay, good. Good. John Yanke, the CEO and Founder of Tackle, and Sean Todo, who is an incredible leader with DBT, but also an old friend of mine. We worked together on Microsoft Days. Good to see you gentlemen. Thanks Sean. Great to have you with us. [00:01:37] John Janke: They stuck me on the side ’cause they said I’d block the screen if I sat in the middle. [00:01:41] Shawn Toldo: You still block it a little bit. [00:01:42] John Janke: And that picture’s from like 1985. I, I, we do have to get that. I had way darker hair. It was, uh, 10 year, 10 years at a startup. Makes you turn white. [00:01:52] Shawn Toldo: Mine’s the exact same right now. So it’s all good. [00:01:55] Shawn Toldo: Mine’s AI generated. Yeah. [00:01:57] Vince Menzione: Well, you know, guys, I just took it all off at that point, you know, it’s like good. Yeah, but you lose enough of it. You pull it out over the years. Yeah. So, uh, some really exciting times. Uh, you, we gotta spend some time at you at our breakfast. That’s right. A couple weeks ago. [00:02:13] Dai Vu: A lot of folks here, too. [00:02:14] Vince Menzione: A lot of folks that are here were at that breakfast, and I thought we’d spend a few moments with you talking about all the exciting things that have been happening at, at Google. I mean the, yeah, the businesses just to, first of all, the numbers were house. Outstanding. Congratulations. [00:02:28] Dai Vu: That’s right. [00:02:28] Vince Menzione: Yep. [00:02:28] Vince Menzione: Really, some really great numbers. Commitments are off the charts. [00:02:32] Dai Vu: Yes. [00:02:32] Vince Menzione: Crazy off the charts. [00:02:33] Dai Vu: Yes. [00:02:34] Vince Menzione: Yes. Uh, and then there’s a lot happening in this little world called ai, which makes a ton of sense. Yep. I was critical about Google in the beginning because you had all the assets, but Microsoft leaned in first. [00:02:45] Vince Menzione: Uh, but now it’s like things have evolved, uh, quite a bit since those first days. Absolutely. In, in November of 2022. So, uh, take us through a little bit. Let’s, let’s go through [00:02:56] Dai Vu: it. Yeah. I could talk for quite a bit of time because obviously we came out next, yeah. At the end of April, and then we had our earnings announced, but shortly thereafter. [00:03:03] Dai Vu: But, but real quick on next, uh, for folks who attended, uh, you know, the way they framed, uh, the discussion was they showed this AI integrated stack, and that’s how they frame the keynote because we position ourselves as being the only vendor that provides this. Fully integrated stack from custom silicon all the way to the apps and agents. [00:03:23] Dai Vu: And a lot of the announcements were, were focused in those areas. Um, uh, I won’t go through the, the long list, but I think the big ones coming out of next were, uh, certainly the eighth generation TPU we announced, so we actually split this into two specialized chips for training and inference. Uh, so that’s, uh, that was a big piece. [00:03:41] Dai Vu: Uh, but the big one that we announced was this, uh, Gemini Enterprise. Uh, agent platform. So think of it as the comprehensive platform for companies to basically build scale, govern and optimize their agents. And of course, once they have that, they can bring that into, uh, what we call a Gen Gemini enterprise app, which is really the front door for AI for. [00:04:03] Dai Vu: All customers and all employees to manage a mix of agents, um, as part of their daily workflow. And, uh, and a big part of it is, you know, certainly they’ll have some custom agents, but we think a lot of the agents will come from the ecosystem. And obviously there was a big announcement around what we’re doing there. [00:04:21] Dai Vu: Um, and in fact, one of the things that’s interesting is this shows the evolution of, of marketplace in our, in our partnership, which is we’ve taken a lot of the marketplace experience. And brought it into Gemini exp uh, Gemini Enterprise app, right? So search, discovery, uh, the ability to invoke agents, uh, in context. [00:04:39] Dai Vu: I think that’s gonna be very powerful as we think about the evolution, uh, of, of go to market. And then the last thing maybe I’ll highlight is this, um, is. 750 million, uh, investment fund that we’re gonna drive with the broad partnership. So this cuts across all partner types, global system integrators, uh, uh, you know, AI, pure plays, uh, ISVs, uh, the big management consultants as well, uh, because we recognize that partners are gonna be critical to drive business transformation with our end customers. [00:05:08] Dai Vu: So we’re investing around things like. Technical enablement, access to our product teams, access to our FDE for deployment engineers, and then a lot of incentives to drive usage and deployment. So, um, so a lot of, a lot of activity and obviously the ecosystem’s gonna be very critical for us to drive that impact’s. [00:05:25] Dai Vu: Fine. And the last thing, I know we’ve going on and on fine, but the last thing I’ll just mention is just on the earnings announcement, uh, Vince touched on the backlog, so people have been tracking Yeah. Two quarters ago. We were 155 billion on the backlog, and then a quarter later we were 240 billion. And then in the last quarter, just recently, 462 billion. [00:05:46] Dai Vu: So obviously that’s a, a massive signal of customer intent, but more importantly, it’s a, it’s, it’s a addressable market for this ecosystem to go after as well. [00:05:54] Vince Menzione: Yeah. Almost a half a trillion dollars. Yes. In commitment. So a lot, a lot of reason why we should be on the marketplace. [00:06:01] Dai Vu: Absolutely. Absolutely. [00:06:02] Vince Menzione: Um, each of these gentlemen have some things to talk about as well, about their companies and the exciting things that have been happening. [00:06:08] Vince Menzione: I’m gonna start, John, I’m gonna start with you because Tackle has, has transformed quite a bit since the last time you were on stage with us. I thought maybe introduce the company. Take us through the transformation and then we’re gonna do the same thing with Sean with his organization. [00:06:21] John Janke: Yeah. Thanks. Uh, thanks Vince. [00:06:23] John Janke: Great to see everybody. Uh, John Yanke, GM of Tackle at App Direct. So the big news there is Tackle was acquired in Q4 by a company called App Direct, and I think the why behind this app, direct Powers, marketplaces, they run 400 marketplaces around the world for telcos, for ISVs, for system integrators, channel partners. [00:06:42] John Janke: And we were talk like, when you build a marketplace and diagnose this, stocking the shelves is actually really hard. Uh, and we were talking to them about how could we connect the dots between the hyperscaler marketplaces, the iscs we support, and these additional routes to market. Uh, and that became more strategic and we ended up joining forces in December. [00:07:00] John Janke: And since then, the other part that’s really hard when you build a marketplace is how do you generate demand? Uh, so four weeks ago we acquired a company called Partner Stack. And Partner Stack does affiliate content. They have an affiliate content platform that allows you to connect with 150,000 content providers to be able to start to tell your story to drive leads to. [00:07:23] John Janke: Marketplace. So we think there is a tremendous opportunity to continue. We’re in the earliest days. I think the, you know, Jay, I was with Jay at Channel Partners a few weeks ago and he is like, we under called it, he didn’t say this on stage yesterday, but he is like, uh, the 82% growth. He’s like, we totally under called it. [00:07:40] John Janke: Uh, and I think just listening to dies commit level increase mm-hmm. Reinforces the fact that we’ve under called it. But I also think we’re at this tipping point in the market where all of the new capabilities coming out, we have to all rethink our better together stories. So I think the challenge to all partner leaders, it’s like, how do we. [00:07:58] John Janke: Figure that out. So it’s, it’s a, it’s a fun time. As we transform the way we worked. We wrote the first helping people kind of list, launch and sell through the marketplaces. And now to be able to take that to the next level to hopefully unlock the next a hundred billion of marketplace throughput. [00:08:13] Vince Menzione: And are we at a hundred billion? [00:08:15] Vince Menzione: ’cause that was the number, right? [00:08:16] John Janke: I mean that’s, that’s, that’s the number that’s talked about. I mean, we’re seeing the data signals we see, I mean, we will process 20 billion plus this year. Uh, and that number’s growing faster than Jay’s stated number. So I think we’re excited to see where this year lands. [00:08:30] Vince Menzione: We’ve come a long way from three years ago and we all got on stage and talked about marketplaces together. Right. It’s been, it’s been amazing. And then Sean, let’s talk about DBT. You’ve had some excitement. I know some things maybe we can’t even talk about yet on stage. [00:08:43] Shawn Toldo: Uh, yeah, go ahead. [00:08:44] Vince Menzione: No, I was saying I, I could, I’ll pre-announce things, but No, I’m just, uh, tell, tell us about DBT for those who don’t know in the room, sure. [00:08:49] Vince Menzione: Mean Yeah, that might help. [00:08:51] Shawn Toldo: So, uh, Sean Todo, I lead the partner business at DBT. I’ve been here about 18 months. Um, DBT really started as an open source tool. That help data engineers be successful in SQL transformation with cloud data warehouses? Right. And so back even to the Redshift days now into what I would call more the BigQuery, snowflake, Databricks fabric led days, um, DBT is the tool of choice amongst the data engineering community in terms of how they wanna drive SQL transformation. [00:09:21] Shawn Toldo: And so more recently, we kind of jumped into this kind of paid world. Which is why we needed to bring in additional experience leadership around go to market product, sales, et cetera. And so when I walked in the door, one of the things I noticed really quickly was we were running on AWS, which was great. [00:09:40] Shawn Toldo: We were doing some AWS marketplace stuff. We were running on Azure in Europe only. And one of my first strategies was we have to be everywhere, right customer. We have to meet customers where they are. And so we, uh, made some major investments to be on Google Cloud platform to then be able to really take advantage of marketplace, to then really be able to take advantage of the co-sell opportunities that exist in the field from a day, day-to-day AI perspective with Google. [00:10:07] Shawn Toldo: And it has been a hell of a ride. We launched on, uh, Google Marketplace in July of last year. We went to Google next and we were Google Partner of the Year. Wow. For data and analytics in a very rapid way. We’re now in three, uh, data centers around the, the world. So we’re here in the us, we’re in Frankfurt, we’re in uh, uh, UK as well. [00:10:30] Shawn Toldo: And so it’s been a pleasure to work with D and the broader team. Because the enablement we’ve had and the support we’ve had from that group has really helped our growth be up and to the right. The data point I would give is that when I walked in the door, we were 10% of our business from an A RR perspective was transacting through marketplace. [00:10:48] Shawn Toldo: Last quarter we cracked 40%. Whoa. We will be at north of 50, uh, next quarter. [00:10:53] Dai Vu: Wow. [00:10:54] Shawn Toldo: The other piece that Vince was talking about is we’re getting ready to merge with a company called Five Tran. And so there will be a new company name at some point down the road. Uh, pay attention on June 1st for a public announcement around that merger. [00:11:06] Shawn Toldo: Uh, but we’re really looking forward to what we’re gonna be able to do with folks like DI and the Google team as well as others in the ecosystem. Um, ’cause I think in this data world that we’ve played for so long. This trusted foundational element of data and what it’s gonna mean to context in the AI world. [00:11:23] Shawn Toldo: We’re in a very interesting place to really continue our growth rate at a high level. [00:11:28] John Janke: Yeah, that maybe just a comment something there. Start there. I think we, we used to hear people say we wanted to be strategic with cloud, go to market and get to say 10 or 20% of revenue. I think this like 40, 50%. Yeah. Th that’s where people are setting the bar these days. [00:11:43] John Janke: Yeah. So the numbers are getting really crazy. Yeah. Uh, and people are showing up and being like, I have to go big. Mm-hmm. So a huge change over the last few years. [00:11:52] Vince Menzione: Yep. What’s the experience you’re seeing as well? I mean, it, it was a huge amount of buzz at next. [00:11:57] Dai Vu: Yeah. I mean, so interestingly, um, you know, typically when, when people get started on the, on the marketplace in Cosal journey, I always try to caution them and say, this is, uh, this is like a multi-year. [00:12:07] Dai Vu: Yeah. Uh, process. You have to be very intentional. You have to invest. It’s not gonna be a thing where you just list and, and, and, and, and, and sort of this channel opens up. So in some ways, Sean is describing an acceleration that is not common, right? Uh, so they’ve done, we’ve done some amazing things together and we hope to keep that acceleration going. [00:12:22] Vince Menzione: What does that require, by the way? Is it engineering resource? I mean, there’s, I talk about executive commitment and maniacal focus. Yeah. But it’s all those things, right? [00:12:29] Shawn Toldo: Well, all of it. But we went to a QBR in Austin, and I put up a slide and I said, we have to do this. And everybody in our ETE agreed. So when you have a chief financial officer that’s bought into the partner business. [00:12:43] Shawn Toldo: Yeah. And I guess qualifying coming into this role at this company, I qualified the C-level staff. Uh, like are they really serious about partner or not? And it’s one of the reasons I took the role. So I think executive commitment was one thing. I think the second thing is we were really well supported, um, by the Google team across the board, right? [00:13:02] Shawn Toldo: Yeah. So folks, Indy’s team that we would work with regularly on, these are the things you need to do to have an effective marketplace offering. Here’s what you need to do operationally with folks like John and team and others that are in the market, right? That helped us a ton to be able to scale. And then the other thing that we did is we changed comp. [00:13:20] Shawn Toldo: So from our VP of sales levels down, we have a 5% kicker for everything that goes through marketplace. [00:13:26] Vince Menzione: Hear [00:13:26] Shawn Toldo: that everyone. So as soon as we incented the sales team, I love that, right? We, we created the foundation on the partner side, but then from top down on the sales side, they were all in. And as a result of that, the question would become, okay, which marketplace stage two sales cycle are we gonna go use? [00:13:42] Vince Menzione: Yeah. [00:13:43] Shawn Toldo: Who’s the right partner to go partner with? And then my team is reaching out to make sure that co-sell connection happens. [00:13:48] Vince Menzione: That is such a best practice, Sean, to, because there is, as a seller out in the field and we talk about, you talk to John, talks about rev ops all the time. But getting rev ops eng getting the field engaged in the right way. [00:14:01] Vince Menzione: ’cause it feels like it’s more work for them. ’cause they have to think, they have to have more conversations with their customer about their cloud commitments and things like that. Mm-hmm. And then getting them incentive to do the right things. The right behavior. [00:14:12] John Janke: Yeah. It’s a strategy process. People, technology problem. [00:14:17] John Janke: Yeah. It’s not just some flip API automation, go list something if you don’t like that top down view. I think the other thing. Like there’s a, there’s a theme in startups where VCs fund second time founders. I think Sean and team have done this before and they took a lot of learnings over the years and reapplied them, which I think helps them go faster. [00:14:36] John Janke: It’s like that second time. Yeah. Second time cloud go to market Founder theme. [00:14:41] Vince Menzione: Yeah. Yeah. Um, so we could talk about the platform and all the changes there on the. The, the commitments and everything. Mm-hmm. Uh, what separates ISPs generating real incremental revenue on your, in your marketplace? What, what do you see? [00:14:58] Dai Vu: Yeah, so I mean, I, I think there are a couple things. Number one is, uh, the, the foundation has to be, uh, this better together story, uh, with Google Cloud. Um, so this idea that what, you know, what do you bring, what does the Google platform bring and how does that drive impact with customers? And I think this is the reason why Sean and DBT Labs has been very effective. [00:15:16] Dai Vu: ’cause our field recognized they, they can recognize that better together story and communicate it to their customers. So I think that’s the foundation. For everything. Right. And I think as you get started, uh, you know, we do tell partners that they probably need to lean in a little bit, uh, in terms of focus, uh, you know, pick a vertical, a customer segment, um, you know, a geography where they’re particularly strong and, you know, get that momentum going. [00:15:39] Dai Vu: And once you do that, the field knows about it and starts to pull you into deals. Um, so I think that’s the other big opportunity. And then the other thing I just mentioned. Which, uh, the panel already touched on, which is be very intentional around all the things you need to do to invest. Whether it’s like, uh, you know, the business functional alignment, uh, the policies around like, uh, pricing and, and comp, uh, making sure you have the operational capabilities. [00:16:02] Dai Vu: These are all things everyone has to do to get to that. First five to 10 deals, and then 10, 20, 30% of your business through marketplace. And not to, not to top you Sean, but our very top partners are driving 80 to 90% of their business on marketplace. And in fact, some of these partners are actually only marketplace first, uh, uh, because they started out that way. [00:16:21] Dai Vu: Obviously it’s the bigger challenge if you have an existing channel, you’re trying to shift that. But, uh, the aspiration to be more marketplace focus, uh, is up there. [00:16:28] Shawn Toldo: So I just set a new goal for the business plan for me. So that’s exciting. I love it. Looking forward to seeing you in six months on that. [00:16:35] Shawn Toldo: It’s good. [00:16:36] Vince Menzione: I love [00:16:37] Dai Vu: it. Work together on that. [00:16:38] Vince Menzione: Well, di I’m just gonna add, add this because I, I got to see operationally with some of the things you do. Mm-hmm. You, you have an overlay organization. [00:16:45] Dai Vu: Yes. Yes. [00:16:46] Vince Menzione: And so you put accelerants in place within your own organization Yeah. To drive the ISVs into the, into the lines of business. [00:16:54] Vince Menzione: Right. You have, you, you do some of that to accelerate. [00:16:57] Dai Vu: Yeah, I mean, I think, I think this is somewhat unique. I don’t, I don’t wanna speak to the other [00:17:00] Shawn Toldo: hyperscalers, [00:17:01] Dai Vu: but we do have, um, uh, you gotta know the field roles, right? [00:17:04] Shawn Toldo: Yeah. So [00:17:04] Dai Vu: obviously at Google Cloud in the regions, we have, uh, ISV sales specialists who are effectively quoted on marketplace revenue, right? [00:17:12] Dai Vu: So they’re a hundred percent focused on that. And, uh, in addition to that, uh, we also have these, uh, co-sell teams, partner teams where, you know, opportunistically if there’s an opportunity, uh, in a, in a, in a particular area. This team is responsible for connecting the regional sales leadership, uh, the regional, uh, sales teams with, with the partner on the opportunity. [00:17:32] Dai Vu: So there’s a lot of things we’re doing to sort of accelerate that. And of course, the foundation for all this is, you know, our, our, you know, registering deals. And as you definitely get started on that, it’s very important to be very mindful around when you register deals. Uh, be very clear around what the ask and the engagement is with the field reps. [00:17:51] Dai Vu: But once you have that going and get the right rhythm, it becomes sort of a natural way to sort of register all your deals and get that engagement. And then, um, and then maybe the last thing I would say is it isn’t always the sales specialists. It’s, you know, the FSR, our field sales rep as well as our customer engineers are also very motivated. [00:18:08] Dai Vu: To work, uh, with, uh, with our partners because they know that this, you know, whether it be solution completeness or it’s part of a bigger workload or helps unlock greenfield opportunity, they really are motivated to engage with the partners. [00:18:21] Vince Menzione: Nice. [00:18:22] Shawn Toldo: Yeah. I’ll just add, I’ll just add to that statement too. I think, um, it’s one thing to have a story as it relates to. [00:18:30] Shawn Toldo: Google Cloud and what you do with marketplace. It’s another thing to have a story in terms of how you impact data and analytics in our world. And there’s a set of specialist sellers inside of Google mm-hmm. That really care about us because we drive a lot faster consumption of big query. And our ability to tell that story across the world effectively has really created a pull now. [00:18:54] Shawn Toldo: And so I, I would say it’s almost, you know, back to, you know, being 12 years at Microsoft and watching kind of that. Phase and how that went. As we went to the cloud and we picked specialty areas, um, Google is doing that as well and they’re doing it extremely fast in a very, very productive way with partners. [00:19:12] Shawn Toldo: And so, you know, I’ll get comments from like Levi who runs west in north region for us, and he’s a, he was at Google next and he was like, I, I gotta, I, I just gotta go to bed. I’m tired. Like we wore him out over two days with their sales team and gave him a host of follow ups and actions related to specific sales areas as well as specific accounts. [00:19:34] Shawn Toldo: And I think that’s the other thing that, um, Google’s done a good job of, but we’ve pushed and we’ve had to work really hard to earn that seat at the table. To help make those people successful from a comp perspective inside of Google as well. [00:19:45] John Janke: Yeah, and this is a huge failure zone for partners with the clouds because they think enablement’s a one and done thing. [00:19:51] John Janke: Like I did a training for the field and I told them the better together story. That doesn’t work. Like you have to literally. Have consistency around this message every day. Oftentimes you need experts who can partner with your reps to give them the confidence. ’cause they may be able to ask the first line question, but someone asks a follow up and they fold up ’cause they know your product. [00:20:11] John Janke: That’s right. They don’s don’t understand all of the nuances of Google and the clouds and the questions that may come back. But if you do that well, it is a huge unlock. [00:20:20] Vince Menzione: Talk about the coaching you provided on the tackle side of that as well and kind of helping. Through this maturity model? [00:20:26] John Janke: Yeah. I mean we, we, over the years, I mean we started as a pure SaaS company and over the years our customers would consistently ask us for more help and we would struggle to figure out how to do that, and we had to invest in services and we actually acquired a company. [00:20:42] John Janke: Five years ago now, that was the foundation. Aaron Feiger, who’s in the room. The core consulting was the foundation of our services business. And that continues to evolve with us. And you know, we see customers at scale saying, I wanna operate my cloud, go-to market really consistently, and I want you to do all the backend operations so my teams can be outselling our products, selling the better together value with Google and others, and not have to figure out how to run the machinery. [00:21:09] John Janke: So we’ve invested a lot there. We have services around strategy, like how to help people think about their business strategy and translate it into a better together story and able to get executive buy-in. And then we have coaching, which is really a phone, a friend, because I think these things get complicated. [00:21:24] John Janke: And I had a customer who was doing the largest deal in their company history. It was the end of the quarter and it was Friday, and they’re like, this is going to be the most complex transaction we’ve ever done and we have no idea how to do it. Our team gets on the phone with them, they work through, what are you selling? [00:21:40] John Janke: How are you selling it? Is your listing set up the right way? Can we actually create all the offers? In a way you have confidence to execute. ’cause those are failure modes. You try to build a cloud, go to market business, and you mess up the largest deal in the company. On the last day of the quarter, uh, that’s something you can’t recover from. [00:21:55] John Janke: So we try to really wrap support around our customers to help them have the confidence to grow. [00:22:02] Vince Menzione: Di you’ve seen tremendous growth in marketplace. Mm-hmm. We don’t publish the numbers specifically. Yeah. We kind of try to figure it out on the back end, but [00:22:09] Dai Vu: Yep. [00:22:09] Vince Menzione: I know you’re accelerated. Your, your marketplace numbers are astounding. [00:22:13] Dai Vu: Yes. I can share some numbers, if that’s [00:22:15] Vince Menzione: okay. Please. Yeah, let’s go. [00:22:18] Dai Vu: So, um. I would say that for a few years now, we’ve been talking about growth. So we’ve been consistently, uh, you know, north of a hundred percent year over year growth. Uh, for the last few years we’ve been processing, uh, what I say, uh, billions of dollars, uh, annually and, uh, uh, millions of transactions. [00:22:36] Dai Vu: And again, that’s for a few years now. Now for 24 to 25, that full year we also doubled. Wow. Uh, which is, uh, which is amazing when you think about the scale in which we operate. But more importantly, if you look at specific category areas, right? So, you know, historically, marketplace has always cater to, uh, those solution pillars that are tied to cloud migrations, like, uh, like security and data and analytics. [00:22:59] Dai Vu: And those continue to be very strong areas for us. But the biggest growth area is, uh, is in the areas of business app. So obviously, you know, the, the ServiceNow workday, uh, Salesforce of the world, as well as the AI category. So one number that we threw out next was 18 x. Year over year growth for the AI category. [00:23:17] Dai Vu: Wow. So in one year now, a lot of it is models, right? So foundational models with our, with our ecosystem. But a lot of that is around agents. So this whole agent go to market model is gonna be, continue to grow and it’s gonna be a huge focus area for, for the coming years. [00:23:32] Vince Menzione: Fantastic. Yeah. Fantastic growth. [00:23:34] Shawn Toldo: Yeah, and, and I’ll add, Diane and I talked about this at Google next. This is a. Very complex thing for DBT, where today we sell seats. [00:23:42] Vince Menzione: Mm-hmm. Yeah. [00:23:43] Shawn Toldo: To data engineers. [00:23:44] Yeah. [00:23:44] Shawn Toldo: And now we have all these agentic things that are hitting our engine. And di and I are talking and we’re like, okay, so how does this work in an ag agentic marketplace? [00:23:54] Shawn Toldo: Yeah. Kind of a scenario. And what should we build? Where should we play it? ’cause we’re gonna spin the meter in a different way, so to speak. [00:24:01] Dai Vu: Yep. [00:24:01] Shawn Toldo: And so candidly, we got stuff to figure out related to that. Um, I think what’s been fascinating for DBT is our partner ecosystem changed overnight. So now it’s like I talked to x.ai on Monday. [00:24:15] Shawn Toldo: Mm-hmm. We got time with open AI on Thursday and we have a call with Anthropic and our, uh, CEO and co-founder and uh, chief Product Officer next week. [00:24:26] Vince Menzione: Mm. [00:24:27] Shawn Toldo: We don’t have anybody managing those partners. [00:24:29] Vince Menzione: Right. [00:24:30] Shawn Toldo: Today our focus is on managing the large, uh, hyperscalers plus Snowflake and, uh, Databricks. [00:24:36] Vince Menzione: Mm-hmm. [00:24:36] Shawn Toldo: And then the SI ecosystem and some tech partners. So we’re having to like, to your point on Agile yesterday. Yeah. Mm-hmm. Like we’re having to change our strategy, operating model and organizational model to support that. And candidly, we don’t have all the answers yet, so we have a lot of things to figure out fast, which is a little bit scary. [00:24:54] Shawn Toldo: And challenging, but it’s also a huge opportunity we have to kind of embrace and get into. Yeah. [00:24:59] Vince Menzione: And they’re figuring out as well. ’cause they’re, they’re new to partnering as well. Yeah. As organizations [00:25:03] John Janke: and these AI agents. I think to demystify for a lot of people, and what Sean said is totally right. [00:25:08] John Janke: They’re disrupting everyone’s business model. But in reality from a marketplace standpoint, they’re metered SaaS. This is a thing that’s existed for a long time. Yeah. They look like product-led growth products. There is a lot of patterns around how product-led growth products work in marketplace. Mm-hmm. [00:25:24] John Janke: But you have to bring your business strategy, your product and pricing strategy to those two categories. Metered SaaS and product-led growth. Put that all together to get cross-functional alignment. So we are seeing like. A lot of people get tripped up here and it really does go back to more of the company strategy, product strategy questions, and a lot of partner leaders are not in the room for those conversations. [00:25:48] John Janke: So I think at, at this point in time, as you see big pivots with the partners to go all in on agents, you have to go elevate. Those discussions to be like, what is our plan here? ’cause I, I mean, pricing and packaging will be the thing that trips almost everyone up. [00:26:02] Dai Vu: If I could, if I just build on what John John mentioned, um, so I do agree. [00:26:06] Dai Vu: P it looks a lot like POG, but, uh, but the difference I think is POG has. More historically been in like the data and developer space, now it’s like the general business user, right? So this idea that you want a business user to be able to search and discover, um, agents that could actually be part of their like everyday workflow is going to be very critical. [00:26:26] Dai Vu: And uh, you know, I do think that when we think about the ecosystem building agents. Uh, you know, a lot of the ISV partners aren’t necessarily gonna own end-to-end workflows, right? They’ll, they’ll have a very specific, uh, domain and scope area, but you have to enable yourself to be orchestrated and managed by, you know, orchestration agents or, or, or meta agents that are gonna span end, end workflows. [00:26:49] Dai Vu: And sometimes that includes system integrators and, and others who can stitch that, that automation. So I think, I think that’s, that’s one piece of it. But the other area that I think is gonna be different is, um. There’s going to be a lot of agents. I mean, literally you’re gonna have a very fragmented set of, uh, uh, of players, right? [00:27:07] Dai Vu: It’s not just gonna be the incumbents, it’s gonna be a lot of disruptors and, and, and, and startups. And so the, uh, for the incumbents in the room, it is a mandate that you need to, to innovate because if you do not identify and go to like an agent first, go to market model. Uh, you’re gonna be, you know, disintermediated. [00:27:25] Dai Vu: Somebody’s gonna go build an agent that’s going to leverage you as a dumb database. Um, and they’re gonna own the workflow. So you have to, you have to push the, the, the, the limits here. And I think it’s creates a big opportunity for everyone in this room. [00:27:39] John Janke: I’m going off script. I’m curious. Let’s do it. I’m curious on your take on the system integrators. [00:27:44] John Janke: ’cause I think this, this puts like they’re all, a lot of them are creating agents for people and I think that’s turning them almost more into software companies than they’ve ever been. [00:27:53] Dai Vu: They are, and I think they’re, you know, obviously they’re being, uh, impacted from like, you know, typical like, you know, SOW you know, time and materials type type business models. [00:28:02] Dai Vu: But I do think they play a big role because a lot of the system integrators are bringing, um, you know, vertical and business process expertise. And, um, like I said, I said before, a lot of the ISVs are not gonna necessarily have big enough scope in their area to own end-to-end workflows. And that’s really the promise of agents, right? [00:28:20] Dai Vu: You really need. This cognitive, you know, reasoning, planning, executing across end to end workflows. And I think, you know, the system integrators are gonna bring that capability either, either through, you know, these custom, uh, orchestration or meta agents or if they’re able to productize that and bring that to a model, they can also sort of go through the marketplace model as well. [00:28:41] Dai Vu: So who knows is how it’s gonna evolve. But you know, we’ve always been talking about. Marketplace being a broader opportunity for all partner business models. And I think that will extend to not only, uh, you know, traditional sort of, uh, sell and services partners, but also some of these system integrators as well. [00:28:58] Shawn Toldo: If I could comment on that, please. Yeah. I, I was in London two weeks ago and we did an SI partner day. Mm-hmm. We had 25 sis in a room, probably about 50 people. We had no, um, hyperscalers or cloud data warehouse providers. And when we started talking about open data infrastructure. The role that they can play. [00:29:17] Vince Menzione: Mm-hmm. [00:29:18] Shawn Toldo: Cross platform in a cost efficient manner for customers and the advisory orientation of that. They all leaned in and we, we stopped talking and they started talking. [00:29:28] Vince Menzione: Right. [00:29:28] Shawn Toldo: So they’re all facing this kind of same problem, which is actually causing a little bit of a shift, I think, in how they think about, I’m a Databricks partner. [00:29:38] Shawn Toldo: Uh, you sure you wanna do that? [00:29:39] Vince Menzione: Yeah. [00:29:40] Shawn Toldo: So this, this whole thing that’s kind of evolved in the last six to 12 months, when you kind of pick one horse to ride, I, I would tell you be cautious about what that means. You may pick a horse to lead with mm-hmm. But you’re gonna have to flank yourself a bit in terms of other providers that can help you be successful with that, that that partner you’re gonna roll with. [00:30:00] Vince Menzione: So you’re suggesting data vendor agnostic. [00:30:04] Shawn Toldo: I’m suggesting you really have to think about your strategy. Yeah. Because I think the AI, AI disruption is gonna make you think about that strategy. [00:30:13] John Janke: Yeah, I mean there’s, someone mentioned anthropics First Partner Summit. I was not there, but I’ve heard from a bunch of people were there. [00:30:20] John Janke: You know, they had a hundred partners in the room. 95 of them were system integrators. Five were technology companies, the three Clouds, Databricks and Snowflake. Like if you just think about the, the one of the major disruptors in ai, ISVs, were not in the mix. So I, I think, are they trying to disrupt all of us? [00:30:40] John Janke: Uh, do they need us? And they haven’t figured out how to work with us. I, I think. It’s, it’s, [00:30:44] Vince Menzione: and I’ve heard they only have five people in their partner organization, so I just, it’s, [00:30:49] Shawn Toldo: it’s 11 now, but it’s 11, [00:30:51] Vince Menzione: so it was five [00:30:51] Shawn Toldo: last growing fast in the, in the new company I have 50. So like, to put it in perspective, they have to make some pretty big priority. [00:30:59] John Janke: Yeah. And everyone’s been there a hot second, [00:31:00] Vince Menzione: like, right, exactly. Yeah, they, well, we will talk about the learnings we’ve had over the years, getting to where they need to get to. It’s exciting times. We got a lot to talk about here. Um, I, you know, we have about 15 minutes. I I, I want to kind of gauge, ’cause we could talk, we, we have a few things we could talk about, I could ask about, but I want to see if there’s an, like, an interest in opening up to the room for questions. [00:31:25] Vince Menzione: ’cause I feel like we’ve got a very interesting group here. [00:31:28] Shawn Toldo: You got a hand here? [00:31:29] Vince Menzione: Uh, are there hands that wanna Yeah, there’s some people that wanna ask some questions. So Yeah. We have a mic? Yeah, [00:31:37] Dai Vu: we have [00:31:37] Shawn Toldo: a mic. We, [00:31:37] Vince Menzione: we [00:31:38] Shawn Toldo: got one here. [00:31:38] Vince Menzione: We got one here. One here. Thank you. Sorry we went off script, but [00:31:44] Shawn Toldo: that’s fine. [00:31:45] Vince Menzione: It’s fine. [00:31:45] Dai Vu: Off [00:31:45] Vince Menzione: script. Better is good. [00:31:46] Shawn Toldo: I’m sure you planted the questions outta anyway. It’s okay. We [00:31:48] Vince Menzione: did, we did. [00:31:55] Audience Guest: Okay. All Eva, Sean Lightner, quick question to your, uh, increase on the marketplace, and you said you spiff the salespeople by fifth percent. 5%. Mm-hmm. So, and that obviously drives a very large adoption of, uh, marketplace transactions. How are you accounting for the margin you’re losing on, uh, you know, going through the marketplace? [00:32:14] Audience Guest: And also have you done analysis? I’m sure you have, how much is, uh, shape shifting or shifting from existing versus incremental? [00:32:22] Shawn Toldo: Yeah, it’s a great question. Um, um, lemme make three points. Number one, the backlog statement makes the margin statement not matter. So do you wanna play in that space where a customer’s already bought or not? [00:32:36] Shawn Toldo: Yeah. Or do you wanna force a budget conversation that you have to drive on your own in a direct model? That to me, I think it was 484 4 62 [00:32:43] Dai Vu: 4 6 [00:32:44] Shawn Toldo: 2. [00:32:44] Vince Menzione: That’s new Tam available to you? [00:32:46] Shawn Toldo: Yeah. That, that’s just with one. Right. And we are, we are, uh, running on four marketplaces. So that just increases our tam and makes our, our sellers lives easier. [00:32:55] Shawn Toldo: So on that piece, yes, there’s an expense, but we believe it’s right for growth. So there’s a balance there. Um, I think the, and then the second part of your question again. Sorry, [00:33:05] Vince Menzione: shapeshift. [00:33:05] Shawn Toldo: Oh, shift. We, we actually don’t think we would’ve won the business. So if I go back to our Q4 and I can probably point to three or four deals that went, um, Google Marketplace, we would not have won those deals because we couldn’t have created the budget cycle and that quarter. [00:33:23] Shawn Toldo: To make it happen. Generally a budget cycle is gonna take anywhere from 12 to 15 months. Bingo. Because of the spend that was available to us, we were able to close it in that quarter, and we had the largest Q4 in company history. [00:33:35] Vince Menzione: That is such an important point. I’m sorry. [00:33:37] Dai Vu: Okay. [00:33:38] Vince Menzione: But I, I just wanna, that is such an important point of the budget cycle. [00:33:42] Dai Vu: Yeah. [00:33:43] Vince Menzione: Being a year to a year and a half versus being able to tap into a commitment that’s already been made. Yeah, so I just emphasize that [00:33:51] Dai Vu: I was, I was just gonna add real quick, even, even when we see sort of a, uh, a channel shift renewal, which is, you know, it’s on partner paper and it moves to marketplace as part of the renewals, we do consistently see that the, uh, renewal rates on marketplace and the incremental a CB on the expansion and new opportunities tend to be better when it’s on the platform marketplace than than offline. [00:34:12] Dai Vu: And that’s why partners choose to continue to drive renewals on marketplace at a reduced to rev share. But uh, because they see that that growth, [00:34:20] John Janke: we, we, sorry. [00:34:22] Shawn Toldo: We see that as well. Yeah. And I would also make the statement on our land business, when we go through marketplace, we are two x higher across marketplaces. [00:34:30] Shawn Toldo: We’re three x higher with them. [00:34:32] John Janke: Yeah, I think separate new from renewals and then instrument deeply. [00:34:37] Shawn Toldo: Yeah, [00:34:38] John Janke: go proactively talk to your CFO and your head of rev ops to understand their mindset. Because I was with a billion dollar seller a couple weeks ago, their CFO still creates friction in the process, even though they’re selling a billion dollars through these channels. [00:34:52] John Janke: But when they broke it down, their deals are three times bigger. They do them faster. They use more components of the product, which I thought was a really cool one. So customers who buy this platform, many component platforms through a marketplace, end up using six components of the product. Versus a normal land customer who uses two increases gross in net retention. [00:35:12] John Janke: So you have to get to the point where you have the data and you can tell that story real really clearly to your finance team to get support ’cause that they will trip you up if you don’t get them on board. [00:35:23] Vince Menzione: And you’re saying there’s friction in that company. I’m just kind of curious ’cause a billion dollar company. [00:35:27] John Janke: There’s a billion dollar marketplace seller [00:35:29] Vince Menzione: market marketplace company. That’s what I meant. Yeah. But, but the fact that this, their CFO friction, like, is it, is it because they’re not doing a good enough job or? [00:35:37] John Janke: Uh, in, of educating, I, the root of the question is from this person is, would they win without it? [00:35:44] Vince Menzione: Yeah. [00:35:45] Shawn Toldo: Oh, and is it worth the three points? [00:35:46] John Janke: Right. It’s, it is And, and I think some pe like to me, it’s the cheapest channel in the world. Yeah. Like with committed budget and people to support you winning. Like the, that formula, the math is so simple. [00:35:57] Shawn Toldo: Yeah. For, for a company of our size to go to like the classic resell ecosystem, I gotta walk in with 30 points. [00:36:02] John Janke: Yeah. [00:36:03] Vince Menzione: Yeah. [00:36:03] Shawn Toldo: It, it’s an illogical conversation. Outside of public sector and growth, you know, geos around the world. And so I, I’ve been lucky to have a CFO that I haven’t had that challenge with, at least at DBTI should say. [00:36:19] Vince Menzione: Really great insights. I think we have, we have another hand up here. [00:36:28] Audience Guest: Yeah. Thanks Susan. The question is for Dai. Uh, my name is Latif Hamani. I’m the founder of Partner System ai. Um, so what we’ve done is we’ve built a, a co-sell AI agent mm-hmm. That your partners can use to Yeah. Reduce all the friction in the co-sell with you. Uh, the questions that I have is, I guess I should back up, so XAWS Madison with a very large alliances, and then I worked, went on the other side. [00:36:55] Audience Guest: For software companies, and even though I had an operational team, I was spending two to three hours on on the keyboard, right? Mm-hmm. Deal registration, emails that can’t be automated, et cetera. So the question that I have for you is, I’d love for you to validate that. You know, unless you are one of the big companies, one of the big enterprises, if you go to the lower end of the enterprise or the mid market, uh, would you validate that there is a challenge? [00:37:20] Audience Guest: There’s a lot of friction for a smaller company. Mm-hmm. Uh, ’cause these marketplaces are complex. Yeah. The cosell is complex. Uh, that there’s an opportunity to really break down that friction with some automation and ai. [00:37:33] Dai Vu: Yeah, absolutely. So, um, we have already been, uh, part of the journey to remove some of the, uh, the friction as part of that selling and purchasing journey. [00:37:43] Dai Vu: Uh. We’re not quite there yet. But, uh, we’ve done things like we have, uh, you know, private offer APIs. We, uh, we have co-sell, uh, registration automation. Um, you know, we have tools like, uh, propensity to buy, tooling to help, uh, partners do, uh, more targeted efforts. Um, but the a i piece is still coming. Um, so I think, uh, the idea here is that we have launched a number of agents as part of our, um. [00:38:08] Dai Vu: Uh, part of our, uh, Google Cloud Partner network, partner hub. Uh, so these are, uh, agents that are gonna do a bunch of things to help partners as part of their workflow, but we’re gonna extend this to the marketplace and ISV area as well. Uh, so I think there’s a lot of opportunity. So, uh, I know there’s probably a lot of feedback in friction, uh, in, in certain parts. [00:38:29] Dai Vu: So we can, we can go tackle together. [00:38:32] Vince Menzione: Hey. There you go. There was a little [00:38:34] Dai Vu: plug [00:38:34] Shawn Toldo: there for tackle. Exactly. [00:38:37] Dai Vu: Uh, and I wanted, and just to be clear, I want to take a look at it from the end to end, uh, uh, flow, right? It shouldn’t just be just marketplace. It should be all the way from like, you know, top of the funnel, demand generation, all the way to like post transaction follow up. [00:38:51] Dai Vu: So we really need to take a look at, at the, the end, end flows and figure out a way we can remove some of that friction [00:38:56] Vince Menzione: three sense. [00:38:57] Dai Vu: Yeah. [00:38:59] Vince Menzione: Any more questions [00:39:00] Audience Guest: back here? Hey. Hey guys. This, this is a really good discussion. Uh, di this question’s primarily, uh, from, I’m interested in the hyperscaler response. [00:39:09] Audience Guest: Yep. Uh, but all of you, uh, can you talk about the patterns or say more about the patterns between. Um, the consumption of just platform capabilities versus industry workflows. Mm-hmm. And how industry where I, I mean, I, I, my sense is that industry workflows are becoming more [00:39:27] Dai Vu: Yeah. [00:39:28] Audience Guest: Uh, the easier thing for enterprises and SMBs to buy. [00:39:33] Audience Guest: Yeah. Especially SMBs, I think. Um, but say more about those patterns that you’re seeing develop and kind of what is. Uh, who are, where, where are those kind of, where is the demand being driven? Is it, is it, yeah. The search and discover in the marketplace, or is it being led by field sales of mm-hmm. Either GCP or partners? [00:39:55] Dai Vu: Yeah, so let me, I’ll mention a couple, a couple areas where, where it’s growing. So I think number one I mentioned before about some of these large horizontal business apps that we’re partnering with, right? Um, and, uh, and of course the fact that we’re, we’re, we’re transacting them through marketplace is, is a huge. [00:40:14] Dai Vu: Evolution from a few years ago. So who would’ve thought you would be buying like, you know, a hundred million dollars a CB deals, uh, through, through marketplace with like a Salesforce or a ServiceNow workday. But it’s happening now. And to be clear, all these. Horizontal business app. They’re not doing this in a very, you know, opportunistic, transactional way. [00:40:32] Dai Vu: They basically see marketplace and cloud go to market as a strategic growth lever for them. So that’s one big area. So from just a pure large deal perspective. Okay. Then you mentioned before around sort of corporate and SMB. Well, we find that a lot of the big opportunities are mostly around as they scale their business, uh, they’re not necessarily looking for things in the traditional sort of infrastructure space, but they’re looking for, you know, full SaaS applications to help scale their business, right? [00:40:58] Dai Vu: So it would be CRM, finance, hr, these types of solutions to become very attractive for some of this, uh, downstream market. And then lastly, as I mentioned before, which is, uh, when we think about this gentrification and owning, um. Uh, driving, uh, this business process and vertical, the ISVs become very important along with the services partners who bring that domain expertise to drive the end to end workflow. [00:41:25] Dai Vu: So I think that’s gonna be increasingly important. So those are three areas I think we need to watch out for. We. Okay. [00:41:30] John Janke: Maybe one thing, like as the cloud commit grows inside of companies, it’s shifted from being an engineering department, IT department budget line item to a corporate finance budget line item. [00:41:40] John Janke: Typically one of the top five to 10 expenses in a company. So that has shifted. Who is thinking about optimizing? The cloud commit with marketplace contracts. And that opens, that’s really opened up the avenue in addition to like these biz apps, vertical apps players. Yeah. Like having success. So I, I do think even inside your own company, evaluating where your cloud commits are, who owns them and are they thinking about the intersection of marketplace? [00:42:06] John Janke: ’cause I, I think it’s smaller companies, they’re still figuring it out. I run into engineering leaders who still own the commits, uh, but in medium to large companies. Very different. [00:42:16] Vince Menzione: Really good point. Because it, you know this, the optics change dramatically, right? This large commitment is now at the board level, [00:42:23] John Janke: right? [00:42:23] John Janke: And then you do have to teach your sellers as a vertical or business application player how to ask that question. ’cause the first resistance everybody says is, oh my, my person, my stakeholder, we. Manufacturing vertical application provider talking at an event last week, and they’re like, the shop floor manufacturing owner doesn’t know anything about the cloud commit. [00:42:43] John Janke: But if they ask the question, be like, Hey, do you guys have a strategic relationship with Google? Would it be easier to buy our product on the bill? Eight out of 10 times they get a yes. So [00:42:52] Vince Menzione: which is why the 5% comes in And that really accelerates the conversation happening. Yeah. We’ve got three more minutes. [00:43:01] Vince Menzione: Um, if we don’t have any other questions, I ha I have one for each of you really about the maturity model and partners are in the room that are not committed yet, right? We’ve talked about some very significant DBTs doing some incredible things, right? So we, there’s maybe a sense that like we, you, you are working with the be the biggest and the best out there, but what about everyone else that’s in the room that maybe isn’t committed yet? [00:43:23] Vince Menzione: And maybe they’re in motion, but they need some help and advice on what to go do next. What? What would you say die first? [00:43:30] Dai Vu: So they’re early stage, [00:43:31] Vince Menzione: early, early stage or not, they’re not on board yet. They’re not, yeah. They’re not with you yet. [00:43:35] Dai Vu: Yeah. So I’ll, I’ll go back to my earlier comment, which is that as you go into the journey, just be very intentional about what you need to do from an operational, investment people, uh, technology perspective. [00:43:47] Dai Vu: Uh, because it could be, it could be a multi-year journey. Um, uh, so I’d say go into it with the right expectations as opposed to thinking it’s going to be some accelerated six month thing that Sean has been driving here. It’s, he’s the outlier. [00:43:59] Shawn Toldo: But, but the reason for the outlier, [00:44:00] Dai Vu: yeah. [00:44:01] Shawn Toldo: And just to add to the intentional point Yeah. [00:44:02] Shawn Toldo: Is, you know, hire the right people. Right. So, somebody told me a long time ago, uh, hire slow, fire fast. That’s a really, really, really good principle that I take. Mm-hmm. I don’t like the fire part, obviously, but just for context, I, I am very lucky to have a great set of leaders that we were able to add people in. [00:44:24] Shawn Toldo: When I walked in the door, we had a person that was leading the Snowflake and AWS partnership. I had nobody on GCPI had nobody on Microsoft. I had nobody on Databricks. And then we made prioritization decisions on where we’re gonna go next. And so we hired people that had the experience and could drive the outcome in the right way. [00:44:43] Shawn Toldo: But we were very thoughtful about when we made those decisions on a quarterly basis, not a daily basis. So who you’re gonna bet on and then who you’re gonna put in the seat to make that bet come to life, I think is a really important thing as well. [00:44:58] John Janke: Yeah. [00:44:58] Vince Menzione: John, you worked with the be biggest and the best out there, so Yeah, sorry. [00:45:01] John Janke: Well, I think there’s the, like there’s the bottoms up and the tops down. Like seven years ago, this was all bottoms up. It was a partner leader who thought launching a marketplace would be good and they would go figure out how to do some deals and then sell their way up. Today there’s a lot more top down where people get it. [00:45:17] John Janke: But you can evaluate top down pretty fast. ’cause if you go talk to your CEO, you talk to your head of product, you talk to your CFO, and they have an allergic reaction to these concepts. You know, you have to go bottoms up. But there also are success story examples in every single ISV category that exists. [00:45:33] John Janke: Like this is not just security and data and DevOp like the, I think the ServiceNow. Salesforce workday. Examples are really great, like the marketing tech examples, more and more business of vertical apps every day. So I do think you can look at those people who’ve been successful. Maybe they’re your competitors, maybe they’re people you aspire to be and reference them as you’re trying to figure out how to do top down. [00:45:55] John Janke: But like you need both. You can’t win long term unless you get top down and bottom up aligned. [00:46:01] Shawn Toldo: And, and when I, when I would go ask for resourcing, I would always get the question, do, could you go faster with more? And I’d say, no. Gimme the one or two humans here, let me go prove it out and I’ll come back. [00:46:13] Shawn Toldo: So there’s a little bit of a strategy in doing that, that you’re gonna get more over time when you’re, you know, very measured in how you go ask for investment and resource. And so I would just add that point also. [00:46:27] Vince Menzione: Was, was hiring a significant component of your executive commitment, Sean? I mean, [00:46:33] Shawn Toldo: yes. So when I walked in the door at DBT, we had eight people in the partner organization. [00:46:38] Shawn Toldo: Today we have 25, and that was 18 months ago. But that did not happen. I didn’t go in and ask for, you know, that 16 people. Right. I asked over time in a very measured way with, you know, the programs and strategy team, like, what can we also support? You don’t want to bring somebody in to go do something and you don’t have the programs and operations side to support it ’cause they’ll fail. [00:47:01] Shawn Toldo: So we’ve been very thoughtful about how we’ve done that as well. [00:47:04] Vince Menzione: Die from you. I know you had something. [00:47:06] Dai Vu: No, no, no. I, I was good. [00:47:08] Vince Menzione: What is the one thing that people in this room need to go better and differently? Is there one, is there one specific thing other than what we’ve already discussed, did we miss anything? [00:47:16] Dai Vu: No, I would just, the whole identification. So obviously, uh, identifying this is not just like slapping a chat bot, but more around thinking all the things we talked about, product commercials, but also go to market where it’s agent first, where you can surface your agent in a workflow like Gemini Enterprise app. [00:47:34] Dai Vu: That’s gonna drive high alignment with how we work and go to market with Google. [00:47:38] Vince Menzione: Awesome. [00:47:38] Dai Vu: Yeah. [00:47:40] Vince Menzione: Wow. Good stuff. Yeah. Very good session. [00:47:44] Dai Vu: Thank [00:47:44] Vince Menzione: you guys. What do you think? Everyone? Thank you very much. [00:47:47] Shawn Toldo: Thanks for listening to the Ultimate Partner Podcast. [00:47:50] Vince Menzione: If today’s conversation resonated, share it with a partner leader in your network. [00:47:55] Vince Menzione: Subscribe where you listen, and head over to the ultimate partner.com. For show notes related content and the resources for this episode. And if you haven’t already, now’s the time to register for the Ultimate Partner Live Event in Reston, Virginia, [00:48:11] John Janke: October 26th through October 28th. [00:48:14] Vince Menzione: Until next time, keep showing up in the rooms that matter because being in the room changes everything [00:48:22] I.

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

LA SPORTIVA TALENTO, POR MAYAYO: Zapatillas trail running corto y/o técnico, en Radio Trail. Nuestra sección ZAPATILLAS LA SPORTIVA nos trae el avance de una nueva familia italiana pensada para recuperar el pulso más montañero de la casa italiana, en distancias cortas y terreno técnico, La Sportiva Talento en verano 2027 con PVPR estimado 160€. Peso 265 gramos en talla 42, altura 26-32 mm y drop 6 mm. Monta entresuela XFlow de EVA supercrítica, plantilla XFlow de 4 mm en TPU supercrítico 100% reciclado, suela FriXion White y tacos 4,5 mm. Vamos con análisis en Radio trail Mayayo. Reportaje texto en la web aquí: https://carrerasdemontana.com/2026/06/20/la-sportiva-talento-mayayo/ . #trailrunning #carrerasdemontaña #lasportiva #lasportivatalento

Dagen er kommet: SpaceX går på børsen i, hvad der bliver verdens største IPO nogensinde - omkring tre gange så stor som Aramcos rekord og prissat til ~1,7 billioner dollars. Mads og Mathias forsøger at danne overblik over de specielle lock-up-regler, de ~4% af aktierne der frigives, performance-triggers og Elons egen etårige binding. Vigtigst af alt folder de bull-casen ud: et klip med tech-investor Brad Gerstner, der kalder aktien en "must-own" for institutionelle investorer - og hvorfor den danske value-tilgang ifølge Mads helt misforstår, hvad SpaceX i virkeligheden er. Reusable rockets, terrestriske datacentre, Google som ny storkunde og Starlink er hele regnestykket.   Undervejs er der war update fra Iran (olien i 84 dollar som fredstegn, nedskudt Apache-helikopter, spændinger mellem Netanyahu og Trump og en fredsplan på bordet), et CPI-tal på 4,2% - det højeste siden 2023 - og en ECB der hæver renten midt i en svag europæisk økonomi, mens Kevin Walsh-tesen om lavere renter i USA lever videre. På kryptosiden har Bill Gurley en skarp pointe om, hvordan stablecoins truer Visa og Mastercard, der har den højeste operating margin i forretningshistorien. Plus markedsnyheder: Google køber TPU'er hos Intel, Supermicro rejser 7 mia. dollars (og falder 28%), SoftBank dykker 8%, og Jeff Bezos starter ingeniør-AI-selskabet Prometheus.   Ugens tema er USA vs. Europa som investeringscase: teknologisk lederskab, en amerikansk ledelse der aktivt accelererer innovation (billig energi, fjernet red tape, klar vision), og skiftet fra finansialisering mod produktion. Mads' Bloomberg-overskriftsanalyse siger det meste - en lang liste af amerikanske tech-navne over for Europas ene: ASML. Plus ugens køb i Pluto.Markets-porteføljen: Supermicro Computer, Ciena (CIEN) og Marvell.     Denne episode er sponsoreret af Naluvi. Peter Jensen hjælper små og mellemstore virksomheder med alt inden for regnskab, rapportering og økonomi. Læs mere om de forskellige services på Naluvi.dk.   Denne episode er sponsoreret af Finobo. Få et gratis økonomitjek hos specialisterne i låneoptimering ved at bruge linket: finobo.dk/gratis-oekonomitjek-aktieuniverset/ Prøv den nye omlægningsberegner på Finobo.dk/beregner-omlaegningsberegner/?utm_source=aktieuniverset   Denne episode er sponsoreret af Pluto.markets. Invester i aktier og ETF'er uden kurtage. Læs mere på pluto.markets, og se vores modelportefølje på pluto.markets/aktieuniverset.   Skriv os en mail på aktieuniverset@gmail.com, hvis du og dit produkt vil være en del af sponsorfamilien af podcasten.     Tjek os ud på: FB gruppe: ⁠facebook.com/groups/1023197861808843⁠ X: ⁠x.com/aktieuniverset⁠ IG: ⁠instagram.com/aktieuniversetpodcast⁠   Aktieuniverset modelportefølje: Modelporteføljen samt tilhørende vilkår og disclaimer kan ses på pluto.markets/aktieuniverset   DISCLAIMER: Aktieuniverset indeholder markedsføring af investeringsforeningen Portfoliomanager NewDeal Invest, kl n (PMINDI), som Mads Christiansen er investeringsrådgiver for. Podcasten kan ligeledes referere til andre fonde. Indholdet i podcasten udtrykker alene værternes og gæsters egne holdninger, refleksioner og analyser, og skal ikke opfattes som en personlig anbefaling af bestemte værdipapirer eller strategier. Podcasten skal ikke anses som investeringsrådgivning, da den enkelte lytters finansielle situation, nuværende aktiver eller passiver, investeringskendskab og -erfaring, investeringsformål, investeringshorisont, risikoprofil eller præferencer ikke kan inddrages. Det afhænger af den enkelte investors personlige forhold og målsætning, om en bestemt investering eller investeringsstrategi er hensigtsmæssig, og vi anbefaler, at man rådfører sig med sin investeringsrådgiver, inden en eventuel beslutning om investering tages. PMINDI kan findes via Nordnet (nordnet.dk/markedet/investeringsforeninger-liste/18148998-portfolio-manager-new-deal-invest), Saxo Bank (saxoinvestor.dk/investor/page/product/Fund/38109485) eller ved at søge på ”DK0062499810” i din egen netbank. PMINDI er kun egnet for investorer med høj risikovillighed og en investeringshorisont på mindst 5 år. Alt investering medfører risiko, herunder potentielt tab af kapital. Historisk afkast er ikke en indikator for fremtidigt afkast, der kan afvige meget eller være negativt. Læs PRIIP KID for PMINDI for fulde risikoscenarier: https://fundmarket.dk/newdeal-invest-kl-n/. Overvej risici og fordele nøje før investering. Læs mere om risici her: newdealinvest.dk/risici/ og generelt om investeringsforeningen på newdealinvest.dk. Vil du have en månedlig oversigt over alle positionerne i PMINDI? Så skriv dig op til nyhedsbrevet her: newdealinvest.dk/nyhedsbrev/. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Microsoft Build 2026 announced an end-to-end agentic AI stack. COMPUTEX Taipei confirmed heterogeneous AI infrastructure across ARM, Marvell, Intel, Qualcomm, and NVIDIA. Alphabet raised $80 billion. Cisco Live repositioned the network as the AI platform. Patrick Moorhead and Daniel Newman break it all down alongside earnings from Broadcom, HPE, Palo Alto Networks, and CrowdStrike, plus the token cost conversation, the edge AI push, and what Palantir and Oracle are saying about proprietary data as the real AI moat. The handpicked topics for this week are: Microsoft Build 2026 Announced an End-to-End Agentic AI Stack: Microsoft shipped MAI-Thinking-1, its first homegrown thinking model, alongside Scout, Microsoft IQ, Project Solara, and a Majorana 2 quantum update targeting a 2029 commercial timeline with claims of a 1,000x reliability gain. Pat describes MAI-Thinking-1 as likely better than Sonnet 4.6 in blind testing and delivering close to GPT 5.5 quality at a far lower cost. Scout is Microsoft's first autopilot agent, anchoring the M365 Agent Suite with Office Pilot Agent Mode and Agent 365. Microsoft IQ serves as the context layer, integrating M365, business data, boundary IQ, and web IQ with GitHub Copilot, Foundry, and Copilot Studio. Project Solara is a new Android-based platform built for agent-first devices across transportation, retail, and hospital settings. Microsoft also added 83 Unix commands to the Windows stack. Dan frames Microsoft's real play as distribution, not frontier model development, noting that the open model ecosystem being pulled into the platform will matter more to CFOs managing token costs at scale. (The Decode) The AI Stack Goes Multi-Silicon — COMPUTEX Taipei 2026 Confirms Heterogeneous AI Infrastructure: ARM's AGI CPU is in production with Google moving its TPU head node to ARM, and adding Oracle and ByteDance as new customers. ARM also introduced a new switch, the TT100, and put the 51T CPO switch on stage. Marvell received a trillion-dollar company endorsement from Jensen Huang, adding $90 billion in market cap on the comment alone. Intel announced disaggregated inference details and Xeon 6+ Clearwater Forest, its first 18A data center processor. Vista Equity and Cambium Capital announced a NeoCloud called Vector Core Compute, with Xeon 6 handling orchestration, Salmonova RUs handling decode, and Blackwell GPUs handling pre-fill. Qualcomm's Cristiano Amon announced the Dragonfly data center brand with Snapdragon C details coming at their June investor day. The WSTS raised the 2026 semiconductor TAM forecast by 90% to $1.51 trillion, with Pat noting the market could hit a trillion dollars if memory is excluded entirely. (The Decode) NVIDIA RTX Spark and the Edge AI Push: NVIDIA coordinated with ARM and Microsoft around the RTX Spark at COMPUTEX, with the shared message being that the future of Windows is here. Signal65's Ryan Shrout asked Jensen directly why NVIDIA wants to be in the PC business, given low margins and diminishing returns. Dan frames the answer in the context of devices increasingly becoming mobile data centers, capable of running models at much greater efficiency than cloud delivery. The edge AI conversation is also directly tied to token cost economics: as intelligence delivery moves closer to the device, the cost per token drops significantly. The jury is still out on whether NVIDIA will meaningfully disrupt the PC market, but its influence over OEMs like Lenovo and Dell that depend on it for data center gives it real leverage over SKUs. (The Decode) Token Economics and Frontier Model Cost Pressure: Dan and Pat discuss a substantive shift in how enterprises are thinking about AI consumption costs. Dan argues that "token maxing," the practice of defaulting to the most powerful frontier model for every task, has now effectively peaked, as bills have come due at scale. Companies paying for tokens in volume are starting to question whether they can afford the prices that frontier models actually cost to deliver. Pat pushes back, saying the dynamic is still present, but both analysts agree that the market is moving toward a model where token selection is matched to the job, with Microsoft's MOE approach and thinking models positioned to help CFOs manage that economics story. (The Decode) Continuum Goes Public at Highest Valuation for an AI Platform: Dan notes that Continuum, the Honeywell-spawned quantum company, went public this week at what he calls the highest valuation for an AI platform to date. He flags that IonQ will likely contest that characterization. The broader context is Microsoft entering the quantum conversation with Majorana 2 at Build, a name that has largely been absent from the quantum race, while IBM has received most of the attention. (The Decode) AI CapEx Has Outgrown Cash Flow — Alphabet's $80 Billion Equity Raise: On June 1, Alphabet announced an $80 billion equity capital raise, upsized to $85 billion, structured as $40 billion ATM, $30 billion underwritten, and a $10 billion private placement with Berkshire Hathaway anchoring. Pat frames the questions over CapEx returns as entirely dependent on whether you are an AI boomer or a doomer: if the payback comes, the raise is the right move. If it does not, the math doesn't close. Dan argues the investment is existential, drawing parallels to how infrastructure-first companies have always spent ahead of monetization, and notes that Google's equity is being used as a capital engine that may be more efficient than the debt markets right now. Both analysts flag the downstream implications for Broadcom, MediaTek, and Marvell given the TPU connection. (The Decode) The Network Becomes the AI Platform: Cisco Live 2026: Cisco launched Silicon One P200, the Secure AI Factory with NVIDIA and Spectrum X, AgenticOps, MCP-native automation, Cisco IQ, LiveProtect, and folded Astrix Security and Galileo into Splunk under one control plane. Pat identifies Cisco Cloud Control as the biggest announcement of the entire show, pulling together Catalyst, Meraki, Nexus, Firewall, and WebEx under agentic ops that run natively through MCP, with code running directly on smart switches that have x86 processors. Pat also credits Cisco for establishing Silicon One as a credible chip alternative for hyperscalers capable of taking on Tomahawk and Jericho. Dan frames the long-term opportunity as campus and branch enablement when industrial AI and robotics deployments accelerate, arguing that the numerator of AI's economic impact has barely started, as edge deployment spending has not yet begun. (The Decode) The Flip: Did Microsoft Build 2026 Effectively End the OpenAI Partnership? Pat argues the divorce decree has been filed. MAI-Thinking-1 was built with zero distillation from third-party models offering clean enterprise data lineage, with Maia 200 in production plus Anthropic chip supply, which signals vendor hedging. OpenAI is going all-in on AWS, which means you cannot be married to two people, and the full Build stack covering model, OS containment via MXC, agents via Scout and Agent 365, and context via Microsoft IQ removes every architectural dependency on OpenAI. Dan counters that Microsoft is hedging rather than leaving and predicts the partnership will run through the decade. Enterprise Copilot customers are explicitly showing in data that they demand GPT 5.5, internal benchmarks have not been independently validated, and Microsoft stands to make meaningful money from the OpenAI IPO. (The Flip) Broadcom Q2 FY26 Earnings: Broadcom posted revenue of $22.19 billion, a narrow miss depending on which consensus data set is used, with EPS of $2.44 beating estimates and AI semis at $10.8 billion. Hock Tan declined to raise the $100 billion full-year AI chip target, and the stock dropped 13% in premarket trading. Q3 guide came in at $29.4 billion. Pat calls the miss a timing issue driven by Google's multi-sourcing across Marvell, MediaTek, and Broadcom rather than a fundamental problem. Dan flags that Hock Tan opened the earnings call by accidentally reading from the 2025 print, calling it "not the best moment." Sell-side re-ratings held in the 500s across Jefferies, Mizuho, and Deutsche Bank despite the drop, with Futurum Equities having it at 600. (Bulls and Bears) Hewlett Packard Enterprise Q2 FY26 Earnings: HPE delivered revenue of $10.68 billion, up 40% year over year, and EPS of $0.79, up 100%. Juniper integration and AI servers both outperformed, and all FY26 guides were raised. The stock jumped 19% after hours before settling into a roughly 15% gain, with HPE up 68% over the last month. Pat frames HPE as a value play rather than a volume play, methodically targeting enterprise and sovereign cloud deals where it can maintain profitability, rather than competing for massive NeoCloud volume. Antonio Neri was clear on the call that the profitability pull-forward is a one-shot deal. Pat and Dan will both be at HPE Discover the week after next to interview Neri and the C-suite. (Bulls and Bears) Palo Alto Networks Q3 FY26 Earnings: Palo Alto posted revenue of $3.0 billion, up 31% year over year, beating the $2.94 billion estimate, with non-GAAP EPS of $0.85, beating the $0.79 to $0.81 range. NGS ARR reached $8.1 billion, up 60% year over year, including $1.6 billion from CyberArk and Chronosphere. RPO hit $18.4 billion, up 36%. Both FY26 revenue and EPS guides were raised. Adjusted FCF margin came in at 38.5% TTM, up 430 basis points. The stock jumped 11% immediately after hours, then drifted lower. Pat points to 2,200 platformized customers and 120% net retention as the most important metrics. Dan notes the SaaSpocalypse thesis continues to be wrong. (Bulls and Bears) CrowdStrike Q1 FY27 Earnings and the Proprietary Data Moat Argument: CrowdStrike posted revenue of $1.39 billion with EPS of $1.10 and ARR of $5.51 billion. Net new ARR of $255.8 million set a Q1 record, up 32% year over year. FY27 net new ARR guide was raised by $52 million to a $1.29 billion midpoint, and FY27 revenue was raised to $5.915 to $5.959 billion. A 4-for-1 stock split was announced effective July 2nd. The stock dropped 11% despite the beat after a 64% year-to-date run into earnings. Dan uses the results to make a broader argument against the software disruption thesis, referencing Palantir CEO Alex Karp daring customers to build without him using Anthropic or OpenAI, and Larry Ellison's argument that the real AI value unlock sits in proprietary enterprise data that is not accessible to frontier models. Enterprises with governed, secure, proprietary data will continue to need platforms like CrowdStrike regardless of what frontier models can do. (Bulls and Bears) Six Five Summit is coming. Salesforce CEO Mark Benioff will kick off the event. Register and stay current at sixfivemedia.com/summit. Watch the full video at sixfivemedia.com, and be sure to subscribe to our YouTube channel so you never miss an episode.   The Decode Microsoft Declares Independence — Build 2026 Ships an End-to-End Agentic AI Stack (MAI-Thinking-1 + Scout + Microsoft IQ + Project Solara + Majorana 2) https://www.theverge.com/tech/941738/microsoft-build-2026-biggest-announcements The AI Stack Goes Multi-Silicon — Computex 2026 Confirms a Heterogeneous AI Infrastructure (ARM + Marvell + Intel ASIC + Qualcomm + RTX Spark); WSTS Raises 2026 Semi TAM Forecast 90% to $1.51T https://www.tomshardware.com/tag/computex AI Capex Has Outgrown Cash Flow — Alphabet's $80B Equity Raise Is the Largest in U.S. Corporate History; Berkshire Anchors $10B https://abc.xyz/investor/news/news-details/2026/Alphabet-Announces-Proposed-80-Billion-Equity-Capital-Raise-to-Expand-AI-Infrastructure-and-Compute-2026-b0myAMewCa/default.aspx The Network Becomes the AI Platform — Cisco Live 2026 Launches Silicon One P200, Secure AI Factory (with NVIDIA), AgenticOps, Astrix Security + Galileo https://www.cisco.com/site/us/en/about/whats-new/index.html The Flip Did Microsoft Build 2026 Effectively End the OpenAI Partnership? MAI-Thinking-1 Beats Sonnet 4.6 in Blind Testing, Microsoft Claims GPT-5.5 Parity at 10x Cost Efficiency — Will MS Quietly Wind Down OpenAI Exclusivity by FY28, or Is OpenAI Still the Frontier Anchor Microsoft Needs?   FOR:  MAI-Thinking-1 beating Sonnet 4.6 in blind preference + GPT-5.5 parity at 10x cost efficiency is a frontier-model independence proof point https://www.latent.space/p/ainews-microsoft-build-mai-thinking Build 2026: Accumulating Evidence of Microsoft's AI Independence — EDN (June 4) — https://www.edn.com/build-2026-accumulating-evidence-of-microsofts-ai-independence/ Maia 200 in production + Anthropic-Maia chip talks signal Microsoft is hedging its inference vendor stack https://blogs.microsoft.com/blog/2026/01/26/maia-200-the-ai-accelerator-built-for-inference/ Microsoft canceled Anthropic's internal software licenses + pivoted to chip-supply pursuit — customer-not-competitor positioning https://www.cnbc.com/2026/05/21/anthropic-microsoft-maia-200-ai-chip.html   AGAINST:  Enterprise Copilot customers explicitly demand GPT-5.5 — internal benchmarks don't replace the brand https://learn.microsoft.com/en-us/microsoft-365/copilot/release-notes?tabs=all MAI-Thinking-1 benchmarks haven't been third-party verified — Microsoft is the only source https://www.latent.space/p/ainews-microsoft-build-mai-thinking The MS-OpenAI partnership is contractual through 2030+ — unwinding it is impractical and expensive https://blogs.microsoft.com/blog/2026/04/27/the-next-phase-of-the-microsoft-openai-partnership/ Microsoft's actual strategic risk is OpenAI leaving, not MS leaving — Anthropic + OpenAI IPOs make OpenAI exit risk the real concern https://www.anthropic.com/news/confidential-draft-s1-sec Bulls & Bears Broadcom (AVGO) Q2 FY26 ACTUALS — Rev $22.19B (Narrow Miss) + EPS $2.44 (Beat); AI Semis $10.8B; Hock Tan Refuses to Raise the $100B Full-Year AI Chip Target — Stock −13% Premarket; Q3 Guide $29.4B https://www.cnbc.com/2026/06/03/broadcom-avgo-earnings-report-q2-2026.html Hewlett Packard Enterprise (HPE) Q2 FY26 ACTUALS — Blowout: Rev $10.68B (+40%), EPS $0.79 (+100%); Juniper Integration + AI Servers Both Outperform; FY26 Guides All Raised; Stock +19% AH https://www.businesswire.com/news/home/20260601866494/en/HPE-Reports-Fiscal-2026-Second-Quarter-Results Palo Alto Networks (PANW) Q3 FY26 ACTUALS — Beat-and-Raise: Rev $3.0B (+31% YoY, Beat $2.94B), Non-GAAP EPS $0.85 (Beat $0.79-0.81); NGS ARR $8.1B (+60% YoY, $1.6B from CyberArk + Chronosphere); RPO $18.4B (+36%); FY26 Revenue + EPS Guides BOTH RAISED; Adj FCF Margin 38.5% TTM (+430 bps); Stock +11% Immediate AH, Then Drifted Lower https://www.paloaltonetworks.com/company/press/2026/palo-alto-networks-reports-fiscal-third-quarter-2026-financial-results CrowdStrike narrowly beats estimates on AI tailwinds, but stock falls 9% — CNBC (June 3) — https://www.cnbc.com/2026/06/03/crowdstrike-crwd-q1-2027-earnings.html  

О чём говорили: - Gemini 3.5 Flash и пиар скорости вместо экономии токенов - Sinking levels — самый дорогой костыль человечества, за который платите вы - Gemini App вырос с 400 до 900 миллионов юзеров - Gemini Omni забирает работу у нано-бананы - TPU восьмая генерация и распределённая тренировка между дата-центрами - Сандар Пичай и паузы без аплодисментов - Ask YouTube, Google Docs Live и SynthID для AI-контента - Антигравити 2.0 vs Gemini chat: Google наконец-то учит нейминг - Spark: операционка на сцене и айфон в airplane mode на демке - AI Ultra за 200 долларов и Opus 4.8, который тупит на выходных - Codemender, AI for Science и история про Антропик с Пентагоном - AGI всегда через год: разум vs сознание и sci-fi про ящериц без сознания - Intelligent Eyewear: очки для плохого района Варшавы - Google догоняет или Spark похоронят через 2 года Тайминги: 0:00:00 Интро (BMAD, /goal в Claude Code, wild true) 0:04:00 Google I/O 2026: общее впечатление и Gemini 3.5 Flash 0:14:32 Sinking levels — самый дорогой костыль человечества 0:16:01 Gemini App, Gemini Omni и конец нано-бананы 0:20:02 TPU восьмая генерация и распределённая тренировка 0:22:42 Сандар Пичай, Ask YouTube, Docs Live, SynthID 0:28:46 Антигравити 2.0 vs Gemini chat: нейминг по-гугловски 0:32:53 Spark: операционка на сцене и айфон в airplane mode 0:44:10 AI Ultra за 200 и Opus 4.8, который тупит на выходных 0:49:08 Codemender, AI for Science, Антропик и Пентагон 0:54:48 AGI всегда через год: разум vs сознание 0:58:53 Intelligent Eyewear: очки для плохого района Варшавы 1:04:55 Google догоняет или Spark похоронят через 2 года Нас можно найти: 1. Telegram: https://t.me/proConf 2. Youtube: https://www.youtube.com/c/proconf 3. SoundCloud: https://soundcloud.com/proconf 4. Itunes: https://podcasts.apple.com/by/podcast/podcast-proconf/id1455023466 5. Spotify: https://open.spotify.com/show/77BSWwGavfnMKGIz

En esta cápsula de hoy, te hablo de la Kailas FUGA DU Monster, el nuevo modelo de Kailas, que la marca posiciona como modelo para terreno con desnivel y complicado.¿Es posible que pueda desenvolverse bien en terreno técnico con el elevado perfil que ofrece?Aquí te doy mi opinión en base a la info que he recibido por parte de la marca, a la espera que llegue mi unidad de test.Estos son los datos oficiales:-315 g en número 42-perfil 30/35 con drop 5mm.-mediasuela TPU supercrítico-tacos de 5 a 7mm. según zona en suela Vibram Megragrip Traction Lug-PVP 220€Contacto:juan@ellaboratoriodejuan.com

Two big retail earnings reports, two very different stories. Home Depot grew total sales 4.8% to $41.77 billion, but comparable sales barely moved (up 0.6%) and net income slipped to $3.29 billion from $3.43 billion a year ago, a sign of margin pressure. Target posted the louder top line, with net sales up 6.7% to about $25.15 billion and comps up 5.6%. The catch: net income fell 24% to $781 million, and the stock dropped nearly 5% after management guided comps down to roughly 1% for the rest of the year.On the tech side, Google and Blackstone are launching an AI cloud company with as much as $25 billion behind it, built on Google's own TPU chips to take on Nvidia and CoreWeave. France's Publicis Group bought the data platform LiveRamp for $2.2 billion in cash, a wager on "data co-creation" for AI agents.And 5 Investor minute stories from the world of venture capital, IPOs, and mergers and acquisitions. The Watson Weekly is sponsored by Avalara. For ecommerce brands, tax compliance gets more complicated with every new channel, state, product, and market. Avalara Agentic Tax and Compliance helps automate the work behind the scenes, so merchants can deliver a smoother customer experience — with accurate tax calculation at checkout, clearer visibility into tariffs and duties, and fewer surprises for customers when their order arrives.Avalara works with ecommerce platforms like Shopify, BigCommerce, WooCommerce, and more, helping teams manage compliance faster and scale with more confidence. To learn more about Avalara's ecommerce compliance solutions, and explore resources built for growing ecommerce brands go to avalara.watsonweekly.com for more details.

SpaceX filed its public S-1 with the SEC, revealing 2025 revenue of $18.7 billion — up 33% year over year — anchored by Starlink's $11.4 billion connectivity segment. The Goldman-led syndicate is targeting a $1.75 to $2 trillion valuation, more than double the December 2025 tender offer mark, with a Nasdaq debut under SPCX as early as June. If it prices at range, it will be the largest IPO in history.Cerebras just had one of the biggest tech IPO debuts in years. The AI chip company listed at $185, opened at $350, and closed up 68% at $311 — giving it a roughly $95 billion valuation and making it the largest U.S. tech IPO since Uber. The AI hardware window is officially open, and the market is now treating non-NVIDIA AI infrastructure as a real public-market category.Cisco shocked the market with a major AI infrastructure guide. Revenue hit $15.84 billion, AI infrastructure orders were lifted from $5 billion to $9 billion for fiscal 2026, and the stock jumped 15%. The same day, Cisco cut 4,000 jobs to fund the pivot. The AI capex boom is no longer just NVIDIA — it is spreading into networking, optics, security, and the second layer of the infrastructure stack.The Trump-Xi Beijing summit ended without a formal AI deal. The U.S. cleared major Chinese companies including Alibaba, Tencent, ByteDance, JD, and Lenovo to buy up to 75,000 NVIDIA H200 chips each, but Beijing paused the orders almost immediately. AI infrastructure is no longer just a company-level decision — it is now a geopolitical bargaining chip.Google disclosed the first confirmed AI-built zero-day exploit used in the wild. The attack targeted a two-factor authentication flow in a widely used open-source system administration tool, and Google says the planned mass exploitation event was stopped before it scaled. The cybersecurity impact of AI is no longer theoretical — AI is now accelerating both offense and defense.Inflation came in hot again. April CPI rose 0.6% month over month, the Fed held rates at 3.50-3.75%, and markets are now pricing a higher chance of a rate hike than a cut. And yet the S&P 500 still closed above 7,500, while the Nasdaq and Dow also hit major levels. The AI trade is overpowering the macro signal — for now.Runner-up: Anthropic and the Gates Foundation signed a $200 million four-year partnership directing grants, Claude credits, and engineering support toward global health, K-12 tutoring, and smallholder-farm agronomy. The deal lands the same week Anthropic absorbed Colossus 1 and signed Google for $200 billion in TPUs. The model lab is becoming an infrastructure-scale institution.Runner-up: VoltaGrid raised $1 billion from Blackstone and Halliburton at a $10 billion-plus valuation to build behind-the-meter power systems for AI data centers. Power, not just chips, is becoming one of the biggest constraints in the AI boom.Runner-up: Amazon is reportedly preparing another 14,000 corporate layoffs, which would bring 2026 reductions to roughly 30,000 jobs if confirmed. The AI labor reduction cycle is widening across Big Tech.Runner-up: A former Google engineer was convicted of stealing TPU trade secrets after transferring more than 500 confidential files tied to Google's AI chip architecture and software stack. It is one of the clearest legal templates yet for AI-era intellectual property enforcement.If you want a prize, send us a DM:instagram.com/rickerandbontiktok.com/@rickerandbonyoutube.com/@rickerandbon

On this episode of Alexa's Input (AI), I sit down with Emilio Andere, co-founder and CEO of Wafer, to talk about the future of AI infrastructure, inference optimization, and the economics driving the AI compute race.We discuss:why “intelligence per watt” may become one of the defining metrics of the AI erathe current GPU and accelerator landscape across NVIDIA, AMD, TPUs, and emerging hardware startupswhy software optimization is becoming just as important as hardware itselfinference optimization strategieswhy AI infrastructure companies are racing up the stackwhat it's actually like building an AI infrastructure startup todayand more!Emilio also shares lessons from founding Wafer, thoughts on the future of open-source AI infrastructure, and why he believes optimizing intelligence itself could become one of the most important engineering problems.General Podcast LinksWatch: ⁠⁠⁠⁠⁠⁠https://www.youtube.com/@alexa_griffith⁠⁠⁠⁠⁠⁠Read: ⁠⁠⁠⁠⁠⁠⁠⁠https://alexasinput.substack.com/⁠⁠⁠⁠⁠⁠⁠⁠Listen:⁠⁠ ⁠⁠https://creators.spotify.com/pod/profile/alexagriffith/⁠⁠⁠⁠More: ⁠⁠⁠⁠⁠⁠https://linktr.ee/alexagriffith⁠⁠⁠⁠⁠⁠Learn more about the host atWebsite: ⁠⁠⁠⁠⁠⁠https://alexagriffith.com/⁠⁠⁠⁠⁠⁠LinkedIn: ⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/alexa-griffith/⁠⁠⁠⁠⁠⁠Find out more about the guest at:LinkedIn: https://www.linkedin.com/in/emi-andere/Wafer Website: https://www.wafer.ai/Wafer AI / Y Combinator Article: https://www.ycombinator.com/companies/waferChapters00:00 Exploring AI Conversations and Recent Podcasts02:14 Intelligence per Watt: A New Metric for AI07:35 The Manifesto: Efficiency in Civilization12:40 Founding Wafer: The Journey Begins18:08 The GPU Hardware Landscape and Market Dynamics23:07 AMD's Growing Presence in the GPU Market24:07 Emerging Competitors in the AI Hardware Space26:04 Comparing TPUs and GPUs27:21 Acquisition and Availability of TPUs28:33 Navigating the GPU Marketplace30:05 Understanding Neo Cloud Economics33:30 The AI Bubble Debate36:25 Optimizing AI Models for Performance44:46 Bottlenecks in AI Model Performance48:08 Future Directions in AI Hardware Optimization54:39 Balancing Speed and Cost in AI Performance56:54 Kernel Arena: Benchmarking AI Performance01:03:45 Lessons from Founding: Sales and Emotional Resilience01:07:38 The Future of AI: Trends and Predictions01:13:03 Outro KeywordsAI hardware, inference optimization, intelligence per watt, GPU market, AI infrastructure, Wafer, AI bubble, TPU, GPU bottleneck, AI efficiency AI optimization, large language models, AI hardware, quantization, speculative decoding, benchmarking, AI infrastructure, model training, AI startups

Patrick Moorhead and Daniel Newman return from Dell Technologies World to unpack Google I/O's Gemini-as-operating-system moment, the Blackstone-Google TPU joint venture nobody saw coming, NVIDIA's $81.6 billion quarter with a $91 billion guide, and debate whether or not the "SaaSpocalypse" is finally over. The handpicked topics for this week are: Google I/O 2026: Gemini Becomes the Operating System. Google I/O repositioned Gemini from a product to the operating layer for everything Google does, and the numbers backed it up. 900 million monthly active users, 3.2 quadrillion tokens per month, a 7x jump year over year. Pat's headline: this is about widening distribution, not just model quality. Gemini 3.5 Flash, Antigravity 2.0, Gemini Spark, and Android XR glasses all extend Gemini into surfaces that no competitor can replicate. Daniel's read: the token-cost reckoning is coming, and when enterprise subsidies end, models that can deliver value at a lower cost per token will become the ground zero of the next era. (The Decode) Dell Technologies World 2026: AI Factory Goes Agentic, 1,000 New AI Server Clients. Pat and Dan were both on the ground in Las Vegas and called it the most consequential Dell event in years. Michael Dell and Jensen Huang co-keynoted to launch the next-generation Dell AI Factory with liquid-cooled PowerEdge XE9780 servers, Dell Deskside Agentic AI, and a multi-model ecosystem including Google Distributed Cloud with Gemini 3.0, on-prem OpenAI Codex, and Grok. 1,000 new AI server clients in a single quarter is the cleanest leading indicator of enterprise demand heading into Dell's Q1 print. Pat's biggest takeaway: OpenShell as a control plane for agents spanning from the GB10 all the way to the PowerEdge rack has been the missing orchestration piece. Daniel's read: large enterprises are going to build hybrid AI architectures and want to deliver tokens at the lowest possible on-prem cost, and Dell is ready. (The Decode) Blackstone and Google Launch a $5B TPU Joint Venture. Pat called it the biggest story of the week and the one that went most under the radar. For the first time, a hyperscaler has released its proprietary AI silicon to a third-party distribution entity. The $5 billion deal, up to $25 billion with leverage, targets 500 megawatts of capacity online by 2027. Daniel's framing: Google decided its custom silicon is worth more as a commercially distributed asset than as a captive moat. Pat's note: the proprietary nature of TPU infrastructure means retrofitting existing data centers will require real work, but the sovereign angle gives the JV a natural first market. (The Decode) AMD Helios, $10B Taiwan Investment, and the MI450 Anchor Customer Rumor. AMD dropped a $10 billion Taiwan ecosystem investment alongside confirmation that Helios rack-scale is on track for multi-gigawatt customer deployments beginning 2H 2026. A Citi rumor surfaced Anthropic as the anchor MI450 customer, to be formally announced at AMD's Advancing AI Day in July. Pat's read: Lisa Su has made a commitment and she almost never falls through. The analysts who said AMD would not ship anything in the second half of 2026 are going to be very wrong. (The Decode) OpenAI Guaranteed Capacity: Sam Altman's Moment. OpenAI launched multi-year compute commitment contracts the same week that Anthropic was struggling with capacity outages. Pat called it brilliant and said it makes Sam Altman look like a genius. It's the inference-era analog of cloud reserved instances: guaranteed availability at a locked price for one, two, or three years. Daniel added context: Anthropic's annualized ARR growth is nearly double OpenAI's and is about to lap them, so the model war is far from over. But for enterprises that need reliability, OpenAI just made the most compelling enterprise trust argument of the week. (The Decode) Sovereign AI Crosses $30 Billion at NVIDIA, 14% of Revenue. NVIDIA disclosed sovereign AI as a segment-level line for the first time, at $30 billion in FY26, 3x the prior year. Pat has been tracking sovereign for years and calls this the clearest possible signal that it has moved from marketing term to structural revenue category. Daniel's point: outside of the four or five hyperscalers doing all the major buying, sovereign is where the incremental demand is coming from and it is very real. (The Decode)  The Flip: Is the SaaSpocalypse Over? Daniel took the affirmative and came in loaded. Every earnings report across CrowdStrike, Cloudflare, ServiceNow, Intuit, Salesforce, Atlassian, Notion, and monday.com shows companies growing with the AI tailwind. His core argument: there was a reason SaaS emerged 20 to 30 years ago. Companies do not want to be in the software business. Vibe-coded flat-file apps with no security, no governance, no data lineage look great in a kitchen demo and fall apart at enterprise scale. The SaaSpocalypse is over and he is tired of talking about it. Pat's counter: BofA slapped Salesforce with an Underperform at $160, 8% below where it trades. Snowflake is down 35% year-to-date. A senior Dell executive told him Dell will not buy another SaaS system and is tripling internal software creation. The growth question is real even if the terminal value is not zero. Both agree the tape will tell the real story. (The Flip) NVIDIA Q1 FY27 Results. Record $81.6 billion revenue, up 85% year over year. Data center at $75.2 billion, up 92%. Non-GAAP EPS of $1.87, up 140%. Q2 guide of $91 billion crushed the $86.8 billion consensus by $4 billion at the midpoint. $80 billion buyback authorized, dividend raised 25x. The stock went down after hours for the fifth consecutive time following a massive beat and raise. Pat's read: NVIDIA may be worth $8 to $9 trillion on paper at a sector-average multiple and 75% gross margins held. Daniel's framing: this is the best company in the world, possibly tied with Google, and it is becoming the Apple of this era. He sees a long safe journey of continued growth vs. speculative dollars chasing quantum and space names that can double in a week. (Bulls and Bears) Intuit: Earnings Beat, Revenue Miss. A 17% workforce cut, raised guidance, and $8 billion buyback were authorized. Pat's emerging thesis: these companies are cutting people to afford tokens. Intuit comes at a moment when OpenAI's ChatGPT finance plugin via Stripe is building an intelligence layer that could sit on top of Intuit's products without displacing them directly, at least not yet. (Bulls and Bears) Lenovo: Record $21.6 billion quarterly revenue, up 27% year over year. The company's fastest growth in five years. AI-related revenue is up 84% year over year to 38% of total company revenue. ISG returned to full-year operating profit with a $21 billion AI server pipeline. Pat and Dan both read Lenovo's results as NVIDIA tea leaves, a leading indicator of enterprise AI server demand that directly validates what Dell said on stage about 1,000 new AI server clients. (Bulls and Bears) Analog Devices: Record $3.62 billion revenue, up 37% year over year. EPS up 67%. Q3 guide of $3.9 billion crushed consensus by $270 million. Data center up 90%, industrial up 56%, comms up 79%. The $1.5 billion Empower Semiconductor acquisition adds integrated voltage regulator technology that can reduce AI data center power consumption by 10 to 15% while shrinking the power footprint by up to 4x. Daniel's closing point: you can't build AI servers without players like Analog Devices and Lattice Semiconductor. These essential node companies aren't boring, they're foundational. (Bulls and Bears) Check out all of our Dell Technologies World coverage linked in the show notes including our sit-downs with Michael Dell, Jeff Clark, and key customers. Be part of our community. Hit that subscribe button and see you at Computex.   The Decode Google I/O 2026 — Gemini Becomes the Operating System: 900M MAU, 3.2 Quadrillion Tokens/Month, Gemini Omni, Antigravity 2.0, Gemini Spark, and Android XR Glasses https://blog.google/innovation-and-ai/sundar-pichai-io-2026/ Dell Technologies World 2026 — AI Factory Goes Agentic: Michael Dell + Jensen Huang Unveil PowerEdge XE9780, Dell Deskside Agentic AI, and a Multi-Model Ecosystem; Dell Adds 1,000 AI-Server Clients in the Quarter https://www.dell.com/en-us/blog/dell-technologies-world-a-bright-and-beautiful-road-ahead/ Blackstone + Google Launch $5B (Up to $25B w/ Leverage) JV to Sell Google TPUs Outside Google Cloud — First Time a Hyperscaler Has Released Its Custom Silicon to a Third-Party Distribution Channel; 500 MW Online by 2027, Benjamin Treynor Sloss as CEO https://www.blackstone.com/news/press/blackstone-announces-joint-venture-with-google-to-create-new-tpu-cloud/ AMD Announces $10B+ Taiwan Ecosystem Investment — Helios Rack-Scale Platform With MI450X GPUs and Venice EPYC on TSMC 2nm Targeting Multi-Gigawatt Deployments 2H 2026; the Clearest Second-Source Signal Yet https://ir.amd.com/news-events/press-releases/detail/1286/amd-announces-more-than-10-billion-in-taiwan-ecosystem-investments-to-accelerate-ai-infrastructure OpenAI Launches Guaranteed Capacity — Multi-Year Compute Commitments Turn Inference Capacity Into a New Enterprise Asset Class https://www.cnbc.com/2026/05/19/openai-announces-new-guaranteed-capacity-offering-for-customers-to-secure-compute.html The Sovereign AI Government Investment Wave — NVIDIA Discloses ~$30B Sovereign-AI Revenue (14% of Mix); UAE, Saudi, Japan, Australia, France All in Motion This Week https://finance.yahoo.com/markets/stocks/articles/analog-devices-q2-earnings-beat-153000996.html   The Flip: Is the SaaSpocalypse Officially Over — or Is BofA's Split Call (ServiceNow Buy, Salesforce Underperform) the Real Signal That Platform AI Monetization Is Going to Be Bifurcated, Not Universal? FOR:  BofA Reinstates Coverage of ServiceNow, Salesforce — Barron's (May 18) https://www.barrons.com/articles/servicenow-salesforce-stock-price-ai-7b109396 Embedded workflow + system-of-record stickiness still wins citing ServiceNow Q1 2026 financial results https://newsroom.servicenow.com/press-releases/details/2026/ServiceNow-Reports-First-Quarter-2026-Financial-Results/default.aspx Intuit Q3 revenue up 10%, cuts 17% of staff — SEC 8-K filing (May 20) https://www.stocktitan.net/sec-filings/INTU/8-k-intuit-inc-reports-material-event-b23073259896.html   AGAINST:  BofA Slaps Salesforce With Underperform Rating, $160 Price Target — 24/7 Wall St (May 18) https://247wallst.com/investing/2026/05/18/bofa-slaps-salesforce-with-underperform-rating-160-price-target-is-the-ai-story-falling-flat/ BofA resets Salesforce price target to Underperform — TheStreet (May 19) https://www.thestreet.com/investing/stocks/bofa-resets-salesforce-stock-price-target-to-underperform-at-160 Snowflake -35% YTD heading into May 27 print is the canary that platform stickiness is being repriced https://eciks.org/4640-22295-snowflake-set-to-report-q1-earnings-may-27-with-ai-strategy-in-focus OpenAI Guaranteed Capacity + Dell on-prem Codex create a credible path to displace seat-based SaaS https://www.cnbc.com/2026/05/19/openai-announces-new-guaranteed-capacity-offering-for-customers-to-secure-compute.html Bulls & Bears NVIDIA Q1 FY27 ACTUALS https://www.cnbc.com/2026/05/20/nvidia-nvda-earnings-report-q1-2027.html Intuit Q3 FY26 Actuals https://investors.intuit.com/news-events/press-releases/detail/1312/intuit-reports-strong-third-quarter-results-and-raises-full-year-revenue-guidance Lenovo Q4 FY26 ACTUALS https://www.cnbc.com/2026/05/22/lenovo-shares-jump-15percent-on-record-earnings-as-ai-revenue-nearly-doubles.html Analog Devices Q2 FY26 ACTUALS https://finance.yahoo.com/markets/stocks/articles/analog-devices-q2-earnings-beat-153000996.html  

New blackboard lecture with Reiner Pope: how do chips actually work - starting with basic logic gates, and working up to why GPUs, TPUs, FPGAs, and the human brain each look the way they do.Reiner is CEO of MatX, a new chip startup (full disclosure - I'm an angel investor). He was previously at Google, where he worked on software efficiency, compilers, and TPU architecture.Watch this one on YouTube so you can see the chalkboard. Read the transcript.Sponsors* Crusoe was one of only five GPU clouds that made the gold tier in SemiAnalysis' most recent ClusterMAX report. Gold-tier providers like Crusoe delivered 5-15% lower TCO than silver-tier clouds, even with identical GPU pricing. This is because optimizations like early fault detection and rapid node replacement don't necessarily show up in the sticker price, but still matter a ton in the real world. Learn more at crusoe.ai/dwarkesh* Cursor is where I do most of my work—from reading research papers to visualizing technical concepts to coding up internal tools for the podcast. Most recently, I used it to build two different review interfaces for my essay contest, one that anonymizes submissions for scoring and another that lets me see applicants' essays next to their resumes and websites. Whatever you're working on, you should try doing it in Cursor. Get started at cursor.com/dwarkesh* Jane Street let me ask Ron Minsky and Dan Pontecorvo, two senior Jane Streeters, a bunch of questions about how they use AI. We discussed everything from the types of models they're training to how they think about the future of trading to why they're more bullish than ever on hiring technical talent. You can watch the full conversation and learn more about their open positions at janestreet.com/dwarkeshTimestamps00:00:00 – Building a multiply-accumulate from logic gates00:16:31 – Muxes and the cost of data movement00:26:10 – How systolic arrays work00:39:11 – Clock cycles and pipeline registers00:51:51 – FPGAs vs ASICs01:03:25 – Cache vs scratchpad01:07:27 – Why CPU cores are much bigger than GPU cores01:12:00 – Brains vs chips01:15:33 – A GPU is just a bunch of tiny TPUs Get full access to Dwarkesh Podcast at www.dwarkesh.com/subscribe

Send us Fan MailIn this episode of Sidecar Sync, Amith Nagarajan and Mallory Mejias unpack Google I/O 2026 and what it signals for the future of AI-powered work, search, and member engagement. They explore Google's push toward proactive, agentic AI across Gemini, Workspace, Search, and new infrastructure like Antigravity and TPU chips, while digging into what these changes mean for associations trying to protect their content, improve digital experiences, and stay relevant as members increasingly expect voice, multimodal interaction, intelligent search, and personalized service. The conversation also covers AI's impact on career advice, leadership, web traffic, SEO, smart glasses, privacy, and why associations may need to double down on trust, niche expertise, and human connection in an increasingly agent-driven world.

The Musk v. Altman jury unanimously rejected Musk's claims on statute of limitations grounds. Andrej Karpathy joined Anthropic's pre-training team. Polymarket partners with Nasdaq on private company markets, Blackstone and Google form a TPU venture, and KPMG embeds Claude into tax advisory. Musk v. Altman: the jury unanimously rejects Elon Musk's claims against OpenAI and Sam Altman, as he filed them outside of a three-year statute of limitations (CNBC) Andrej Karpathy joins Anthropic to help launch a team focused on using Claude to accelerate pre-training research; he helped found OpenAI and worked at Tesla (Axios) Polymarket partners with Nasdaq to launch markets tied to private company milestones, including IPO timing, valuations, earnings, and secondary market activity (The Block) Blackstone announces a joint venture with Google to create a US company that will offer customers Google TPU access, and makes a $5B initial equity commitment (WSJ) KPMG partners with Anthropic to embed Claude into its tax and advisory platforms; KPMG's tax and legal services unit saw revenue grow ~8% YoY to $9.3B in 2025 (WSJ) Learn more about your ad choices. Visit megaphone.fm/adchoices

Cerebras just had one of the biggest tech IPO debuts in years. The AI chip company listed at $185, opened at $350, and closed up 68% at $311 — giving it a roughly $95 billion valuation and making it the largest U.S. tech IPO since Uber. The AI hardware window is officially open, and the market is now treating non-NVIDIA AI infrastructure as a real public-market category. Anthropic is now sitting at the center of the AI compute economy. After locking in massive infrastructure deals with Google, AWS, and SpaceX-linked compute, the company is also expanding Claude access, rate limits, and deployment through partnerships like its new $200 million Gates Foundation deal across global health, education, and agriculture. The model lab is no longer just competing on chatbot quality — it is becoming an infrastructure-scale AI institution. Cisco shocked the market with a major AI infrastructure guide. Revenue hit $15.84 billion, AI infrastructure orders were lifted from $5 billion to $9 billion for fiscal 2026, and the stock jumped 15%. The same day, Cisco cut 4,000 jobs to fund the pivot. The AI capex boom is no longer just NVIDIA — it is spreading into networking, optics, security, and the second layer of the infrastructure stack. The Trump-Xi Beijing summit ended without a formal AI deal. The U.S. cleared major Chinese companies including Alibaba, Tencent, ByteDance, JD, and Lenovo to buy up to 75,000 NVIDIA H200 chips each, but Beijing paused the orders almost immediately. AI infrastructure is no longer just a company-level decision — it is now a geopolitical bargaining chip. Google disclosed the first confirmed AI-built zero-day exploit used in the wild. The attack targeted a two-factor authentication flow in a widely used open-source system administration tool, and Google says the planned mass exploitation event was stopped before it scaled. The cybersecurity impact of AI is no longer theoretical — AI is now accelerating both offense and defense. Inflation came in hot again. April CPI rose 0.6% month over month, the Fed held rates at 3.50%–3.75%, and markets are now pricing a higher chance of a rate hike than a cut. And yet the S&P 500 still closed above 7,500, while the Nasdaq and Dow also hit major levels. The AI trade is overpowering the macro signal — for now. Runner-up: VoltaGrid raised $1 billion from Blackstone and Halliburton at a $10 billion-plus valuation to build behind-the-meter power systems for AI data centers. Power, not just chips, is becoming one of the biggest constraints in the AI boom. Runner-up: Amazon is reportedly preparing another 14,000 corporate layoffs, which would bring 2026 reductions to roughly 30,000 jobs if confirmed. The AI labor reduction cycle is widening across Big Tech. Runner-up: A former Google engineer was convicted of stealing TPU trade secrets after transferring more than 500 confidential files tied to Google's AI chip architecture and software stack. It is one of the clearest legal templates yet for AI-era intellectual property enforcement. Ricker and Bon #431If you want a prize, send us a DM: http://instagram.com/rickerandbonhttps://www.tiktok.com/@rickerandbonhttps://www.youtube.com/@rickerandbon

In this powerful episode of The Reformed Brotherhood, Tony and Jesse dive deep into Matthew 21:33-46, examining Jesus's parable of the wicked tenants. The hosts unpack how Christ masterfully draws the Pharisees into pronouncing their own condemnation, revealing not merely theological error but intentional usurpation of God's authority. Through careful exegesis, they explore the shocking setup of the parable—where the landowner does all the work while the tenants contribute nothing—and how this mirrors God's sovereign initiative in salvation. The discussion touches on confession, the value of full-time ministry, and the scandal of rejecting the Messiah despite recognizing His authority. This episode challenges listeners to examine whether they, like the Pharisees, attempt to claim God's work as their own. Key Takeaways God Does All the Verbs: The parable emphasizes that the landowner planted, built, protected, and prepared everything—the tenants contributed nothing yet claimed ownership of the fruit. Self-Pronounced Condemnation: Jesus draws the Pharisees into declaring their own judgment, demonstrating that even the unregenerate conscience bears witness to divine justice (Romans 2). Intentional Usurpation, Not Mere Error: The Pharisees weren't well-intentioned but misguided; they recognized Christ's authority as the heir and deliberately murdered Him to seize His inheritance. The Scandal of Grace: The parable's shocking element is that the landowner prepared everything before leasing the land—far exceeding normal agricultural arrangements and illustrating God's unmerited favor. Ecclesial Support for Ministry: The OPC presbytery's decision to fund a full-time call demonstrates how church structure can honor the ministry of Word and sacrament by freeing ministers from worldly distractions. Particular Repentance Matters: Westminster Confession 15.5 teaches that believers should not content themselves with general repentance but "endeavor to repent of his particular sins, particularly." The Stone Rejected Becomes Chief: Christ's citation of Psalm 118 reveals that the very rejection by the builders (religious leaders) was God's plan to establish the cornerstone of salvation. Key Concepts God Does All the Verbs The concentration of action verbs attributed solely to the landowner in Matthew 21:33 is theologically significant. The landowner plants, builds, digs, and rents—creating a fully functional, productive vineyard before the tenants ever arrive. This arrangement differs radically from typical first-century agricultural practices, where tenants would lease raw land and develop it themselves, sharing profits with the landowner. Jesus deliberately presents an extraordinary scenario where the tenants receive everything prepared and ready, requiring only stewardship of what already exists. This parallels God's sovereign initiative in election and salvation: believers contribute nothing to their standing before God, receiving instead a fully accomplished redemption. The Pharisees' rebellion wasn't against burdensome requirements but against simply acknowledging God's rightful ownership of what He alone created. Intentional Usurpation, Not Mere Error The hosts challenge the common sympathetic reading of the Pharisees as well-intentioned legalists who simply got sidetracked. Instead, verse 38 reveals the tenants explicitly recognize the son as heir and plot to murder him to "seize his inheritance." This isn't accidental rejection but calculated rebellion. The Pharisees weren't confused about Jesus's identity or authority—they understood precisely who He claimed to be and deliberately chose to destroy Him rather than submit. This interpretation carries significant weight for understanding the nature of unbelief: it's not primarily intellectual confusion but volitional rebellion. The religious leaders didn't need more evidence or clearer teaching; they needed transformed hearts. This same dynamic appears whenever humans recognize divine truth yet choose self-sovereignty over submission to God's rightful claim on their lives. The Scandal of Grace The parable begins with a scandalous premise that would have startled Jesus's original audience. Unlike normal tenant farming arrangements where landowners simply provided land in exchange for a share of whatever the tenants produced through their own labor, this landowner invests everything. He doesn't just own the property—he plants the vineyard, constructs the protective wall, digs the wine press for production, and builds the watchtower for defense. The tenants receive a turnkey operation requiring minimal effort. This extravagant preparation mirrors God's unmerited favor toward Israel and, by extension, the church. God didn't merely create humanity and wait to see what we would produce; He established covenants, sent prophets, preserved His Word, and ultimately sent His Son—all before requiring any response. The only "payment" demanded is acknowledging His ownership of what He created. The parable thus exposes the absurdity and ingratitude of claiming God's work as our own achievement. Memorable Quotes God does all the verbs. All of the verbs are done by the landowner. There is nothing expected of these tenants—they really add nothing to the landowner's land. Christ is not painting the Pharisees as well-intentioned but ultimately wrong. He's painting them as usurpers who recognize the proper authority and rather than submitting to it, they're going to reject that authority and try to take it for their own. Men ought not to content themselves with a general repentance, but it is every man's duty to endeavor to repent of his particular sins, particularly. (Westminster Confession 15.5) Transcript Welcome to episode 491 of the Reformed Brotherhood. I'm Jesse.  [00:01:12] Tony Arsenal: And I'm Tony. And this is the podcast with ears to hear. Hey brother.  [00:01:17] Jesse Schwamb: Hey brother.  [00:01:18] Parable of Tenants [00:01:18] Jesse Schwamb: So picture this, Tony, your landlord. You've built the perfect vineyard. We're talking wall watchtower, wine, press, the works like what everybody says. Everybody knows you need all those things. You've got it all set up, and then you hand the keys to some tenants. You take a long trip, you go enjoy yourself. And when the harvest rolls around, you send your servants to collect the rent. And shockingly, your tenants, they beat. Stone. Another, the kill a third. So naturally you think, you know what? I'll fix this. Lemme just send more people. That's obviously the problem. There's some kind of just profound misunderstanding about what's going on here and about our relationship in this business. And then when that doesn't work, you send your son now loved ones. If this were a business strategy, we would already be calling hr. But of course it's not a business strategy, it's a parable. And Jesus is telling it to the very people about to prove the parable true. So welcome back to the Reformed Brotherhood because we're in Matthew Chapter 21 and we're gonna be actually getting all the way into the parable of the Vine growers where the patience of God looks, I would say, to almost anybody else, to humanize at least almost reckless until you realize that's exactly the point. So yeah, grab your beverage of choice, grab your Bible, pull the car over, will you? Because this is gonna get real and we're going to reason together. But before we do all of that, let's do a little affirming with or denying against, what do you got?  [00:02:41] Inside Baseball Affirmation [00:02:41] Tony Arsenal: So this is a sort of inside baseball, uh, affirmation. Um, I'm not sharing anything, although it may feel like I'm sharing something that is private and like, uh, like confidential. It's not No, this is good. Um, so I had the opportunity to visit. Um, my presbytery, um, for those who are listeners of the show or people who like, have been with us a long time, um, I was part of a Baptist church. Uh, I've always kind of been a Presbyterian at heart, but, um, our church closed, uh, a little over a year and a half ago now. And, um, uh, I've joined an OPC congregation in membership now. We've been members there for about a year. And, um, so I've been visiting Presbytery, which is the, the meeting of all of the leadership of all of the churches. So we won't do a polity breakdown here, but basically like, it's, it's the regional meeting. It's the regional business meeting or church meeting for a group of churches in the OPC, the Orthodox Presbyterian Church. And so a lot of the meetings, you know, have the normal kind of business type stuff. You have reports from different committee committees and stuff. Um.  [00:03:48] Presbytery Call Debate [00:03:48] Tony Arsenal: Where this is affirmation is coming in here is at this most recent presbytery meeting, um, was pretty heavy on, um, licensing or, or, uh, not licensing on approving men who had received a call to formal ministry within the presbytery. And so in the OPC, and I would imagine that other Presbyterian bodies are not like super different, although I'm sure there's some variation in the OPC. Um, when a church intends to extend a call to a pastor, to a teaching elder, um, to a minister, they must have the call, which is. Is both theological but is also eminently practical. Like the call is a physical piece of paper that details, you know, what the pay is, how much vacation time. So it's kind of a combination between like a theological call and also a contract. Um, the presbytery has to approve that call. And so at this most recent one, there was a couple calls that were more or less uncontroversial. There was no question about them, and they were approved pretty quickly. But there was one call, um, one call to ministry that took, I, I, I didn't time it, but it was probably like four or five hours of debate and discussion in various fashion in order to get to a point where the presbytery could approve the call. So this was a call to a minister who is being called part-time, which is unusual in the Orthodox Presbyterian Church. Um, the OPC uh, acknowledges the fact that bivocational tent making ministry is sometimes a necessity, but really views the ministry of the word in sacrament as something that should not have. Distractions. And actually our book of church order talks about, doesn't use the word distraction, I think, but it talks about a, a properly ordered call to a full-time minister includes phrasing that the congregation promises to compensate them in a way that allows them to be free of worldly burdens and cares. And I might have not, not have gotten that wording exactly right. But that's the idea. And so this call was. Explicitly, um, not a full-time call it, they actually took the language out of promising to pay him in a way that he's able to ignore or to not be distracted by worldly care. And that was intentional, but there was a lot of question in discussion at presbytery level about the fact that the call did not include the phrase or the wording of part-time or bivocational. So the conversation started out of like, can this call be modified to include that? So it's explicitly known in this man's call that his calling is part-time, which is both theological, to make sure that the call is properly formatted, but also like very practical that the congregation should acknowledge explicitly that they recognize that this person is not, not going to be putting, you know, 40 hours a week or 50 hours a week towards this position. [00:06:34] Jesse Schwamb: Right.  [00:06:34] Tony Arsenal: Um. What I'm affirming is where it got to, right? So there was lots of discussion about that. There was some finagling about the retirement package. The OPC recommends that a, a minister be given a retirement contribution of no less than 5% a year of his salaried package. Um, which there's a couple line items that go into that, but 5%, and this was a little bit less than that. And this is what I'm affirming and this, I, I don't know that this is a super widespread thing that would happen all across the, um, the OPC, but it happened in the presbytery of New York and New England this past week, and it's just amazing. And I just, I just want to lay it out there and then I want to hear your reaction. [00:07:13] Funding Full Time Ministry [00:07:13] Tony Arsenal: And I, I wanna hear your reaction as the son of a minister who labored his entire adult, more or less, his entire adult career in ministry, working two or three additional jobs on top of his ministry, the presbytery decided. That because it did not like the idea of a part-time minister. They didn't think that was appropriate. They didn't think that that was good or that that was really the right goal. The presbytery allocated, I'm not gonna say the figures 'cause they're not super germane, but allocated a significant amount of money to be dis to be dispersed to the church for the next three years in order to take what was a part-time call and enable it to become a full-time call. [00:07:54] Jesse Schwamb: Wow.  [00:07:54] Tony Arsenal: And so there are a lot of, there are a lot of church bodies that would say, yeah, we don't love the idea of bi-vocational ministry. You know, we really think it's ideal that a minister could be full-time. Um, they may even put some, some theological freight behind that. Um, I have never encountered a body, um. That was willing to put a sizable amount of money towards essentially supplementing a part-time call to make it full-time. Um, this was just amazing to me, and the candidate was there. I didn't get a chance to talk to him, but I would love to talk to him about what he felt. I, I can just imagine the phone call to his wife who was not, not at presbytery, but to his wife, following the outcome of this to be like, you are never gonna believe what just happened. Right? This is a family who was intending to move across country. Right. He's currently a student at Westminster, California in seminary, uh, California, Westminster Seminary in California, finishing his M Div. They're planning a cross country move into a part-time position where she's probably gonna have to find a job, and then also he's gonna have to find a part-time job. He had the ability to call her on the break and be like, you're never gonna guess what just happened? You're never gonna,  [00:09:09] Jesse Schwamb: it's wild.  [00:09:09] Tony Arsenal: Uh, sorry, I'm getting a little emotional here. You're never going to. Believe how faithful God is in this. Right. So I'm interested to hear your reaction to that as the son of a, of a try and quad at times Quad vocational. Yeah,  [00:09:23] Jesse Schwamb: for sure.  [00:09:23] Tony Arsenal: Minister who labored his entire, more or less, his entire adult career, um, working full-time in a call as a part-time, part-time minister. You know, like that's a, that's a crazy situation. So I'm just affirming that again, I don't know how common that kind of thing is in the OPC. I don't wanna make it seem like that's the norm. Um, I actually get the sense that this is probably not the norm, but it was amazing to see and it made me in intensely like. Proud in the right way of being a part of this broader body that would, would so emphasize and so value the ministry of the word and the sacrament, and the importance of a man being able to dedicate himself to that without distraction. That they would put forward this amount of money and this kind of money. They had no reason to do so. And there's no real direct benefit to the presbytery for doing this. I mean, there's an indirect benefit of like not having a church with a part-time minister, but like there's no direct benefit to this. There's no direct return on investments that's gonna come out of this. Um, it was pretty amazing to see. It was, it was, it was super encouraging.  [00:10:28] Jesse Schwamb: That is really encouraging. I, I think it's, there's no doubt that for the called pastor, their heart is in the ministry of the word. That's what they want to be doing. They wanna be doing it all the time and as much time as they possibly can, and they wanna be able to have all of their intentional focus on it. So I. I'm excited for that guy. I mean, that's just an incredible blessing to go in hoping for funding, essentially for a part-time role and to basically be told, no, no, no, no, that's, that's not enough. We want you to be committed to this fully as we know your heart is committed. As we validated that call.  [00:11:00] Why Structure Matters [00:11:00] Jesse Schwamb: I do love being a part of churches, well, lemme say it this way. There is, I think, a benefit of being part of congregations that have like a wide resource network that has like appropriate hierarchy and structure and that can be one of them. I've seen something similar in the Christian Missionary Alliance, which is the church that I'm in, not exactly the same, but I've seen some surprising allocations of resources where they basically said, you know, this is important. Like, it even trumps we're, we're gonna. Allocate or resource something so that this can move forward because it is important in a way that was like better than the person who was bringing it before them could have hoped for. Yeah. And uh, suddenly it's as if everything aligned. And it was really in part because there was this structure to come alongside, to validate as you're saying, and then to authenticate and then again to resource assets that could be used. There's, there's something to be said for that interdependency where there is kind of this hierarchical structure in which all that's happening at a level where things are codified. And again, like there's a structure and a way in which we move through those decisions to make sure that they suit the objective of the entire movement. So I guess there's nothing I'll say, but that's a beautiful thing, isn't it?  [00:12:14] Tony Arsenal: Yeah. Yeah.  [00:12:15] Generosity in Action [00:12:15] Tony Arsenal: It was, it was, it was cool because it was like this, it was like this real. Actualization of the principle of outdoing one another and showing honor. Yeah, sure. Because you know, like the initial debate was like, Hey, you know, I'm not sure we can approve this call because the, the OPCs guidelines tell us not to approve a call that has less than 5% of the retirement benefit. And there was a lot of discussion of like, well, the presbytery can't modify the call, but we don't wanna delay this guy coming in and like, we don't wanna delay his ordination, his installation. And so the initial proposal was a, a. What feels like a large amount of money to me. But after I understood more about the, the budget of what's going on in, in the presbytery was actually a very small amount of money. Started with a very tiny, very modest proposal of basically like supplementing the retirement fund to make sure that like we could, they, I say we, like, I was part of this, I was just observing, but to supplement the retirement fund in a way that allowed the church to still proceed with the call as written, but still also make sure that this person had the appropriate retirement fund. And then that just basically was like, there would be some instruction given to the church that like, you've gotta bump this up in the next budget cycle. Like you've gotta get to the 5%. That's, that's the expectation. It went from that. And like I said, I won't give you the specific numbers, but one of the presbyters and I, I'm, I, um, I, I've known this presbyter from a distance for quite a long time and, and I have an immense amount of respect for him. He stood up and he's like, well, if we're gonna give X, why don't we just give 10 times X instead? And then actually, like the discussion was like, well, is, are we sure that 10 times X is even the right amount? Why don't we have this particular group meet over the lunch break and figure out whether that's the right number and then come back after lunch and we'll vote on it. And then they came back after lunch and it was actually a number that was even greater than 10 times X. So it was like this exercise in like. This very small proposal that was still imminently generous, right? The presbytery has no obligation to do this. There's no obligation from any of the presbyters to stand up and say like, we should. We should supplement this fund. They would've been well within their right, and no one would've looked, I think. I think some people would've been frustrated by it, but I don't think anyone would've looked sideways at it or thought it was sinful. If the presbytery just said like, we can't approve this call. You guys are gonna have to come back with it and we'll vote on it at the next presbytery. Like that would've been problematic. This, this kind of poor guy who's coming outta seminary, his call and his beginning of employment would've been delayed, but like. That would've been good and orderly, but instead they were like, one, we don't want this pulpit to stay empty longer. We don't wanna disadvantage this guy who's just getting done with seminary. We want him to get started. We don't wanna discourage him. So here's a small proposal, a very modest amount of money that we can put forward for this purpose. And then it was like, let's just keep seeing how much closer to a real full-time call we can get. And they finally came back and said like, we're gonna do this. We're gonna do this in a wise fashion. They structured it. So like the first year he gets more, the second year he gets a little bit less. The third year the church gets a little bit less with the idea that like each year the church should be adjusting their budget to compensate and get this guy to that with the, the hope that like with a full-time minister, they're able to grow their congregation to the point where they can support a full-time minister. So it was just this really cool, super encouraging exercise. And what I loved about it is the only real debate that was going on was about do we need to do more? There was no one being like, wait a second, why are we, why are we putting more money to this? The whole thing was like, is this actually enough to accomplish what we think God wants to do with this person's call? Because if, if God is truly calling this man to this, this particular church, and we believe that he is. Then what do we as a, as a people of God need to do to enable that call to look like what we actually believe calls to ministry are supposed to look like, which is a full-time call to ministry that is undistracted by the cares of the world. What do we need to do? The answer in this case was like, I think we need to put a sizable amount of money to it. Um, it's a, I mean, and again. I'm not gonna say it on the air. It was not a small chunk of change. Um, it was, it was a, it was a large amount of money that was devoted to this cause and that just goes to show how much this body values the importance of a full-time minister of the word, so. [00:16:50] Jesse Schwamb: Right.  [00:16:51] OPC Love and Recommendation [00:16:51] Tony Arsenal: That's enough about that. I, I could gush about how proud I am to be a part of this body and how encouraged I am and how amazing it was and how awesome this, this guy, how, how much this guy must be thanking God for the providence and like, this is the last thing. I'll say this, this young man younger than me, I think he's graduating seminary. I saw him across the room. He looks like he's probably in his mid twenties, right? Young guy. He's got a wife doesn't have kids yet coming into this ministry, not only is he coming into this ministry, but as a Presbyterian minister, when he's installed as the minister of this church. He will be joining this body of presbyters as the, as his brothers like. He is not a member of the local church. He's a member of the presbytery, which is the regional church. So now he's coming into this fully supported by his brothers in the presbytery that he saw go to the mat to make sure he was properly taken care of, that the congregation was not unintentionally taking advantage of his labor, but also that he knows that all of these men are willing to do what they need to do to make sure that his ministry is successful and edifies the church like that is. Uh, I don't want to gush on Presbyterianism too much, but like that is Presbyterianism at peak form, right? This is the body of elders making sure that every church in the region, even the ones they're not directly ministering in, has what it needs to succeed and to honor God and to do what needs to happen. So I'm affirming the presbytery of New York and New England and the Orthodox Presbyterian Church. Um, I have been so blessed by knowing many of these presbyters. I've been so blessed by being a part of the congregation that I am. There are lots of really great churches and really great denominations out there. If you are looking for a church and there is an OPC congregation in your area, absolutely go check it out. I know it feels stuffy sometimes, and I will admit, like sometimes it feels a little bit overly traditional in terms of like just the vibe of the congregation,  [00:18:52] Jesse Schwamb: right?  [00:18:52] Tony Arsenal: But press past that because I don't think, I don't think you will find, um. You may find lots of congregations that are as faithful. I don't think you're gonna find many that are more faithful than your average OPC congregation. So I could be wrong. I just, I just love the OPC. I just really, really love it. So that's my affirmation. What do you got for us, Jesse?  [00:19:18] Denial Catholic Confession Math [00:19:18] Jesse Schwamb: I think I got denial, which is maybe a little bit unusual for me. [00:19:21] Tony Arsenal: As long as you're not denying the OPCI think we're fine.  [00:19:23] Jesse Schwamb: No, it's, it's not, it is church related and I, I'll try to keep it short 'cause I think I can make this way longer than it, it probably should be, but lemme think how to phrase this. So, I don't know with a devil negative, I guess when I'm a denying against is maybe not enough confession by your own standard. So the, I'm gonna try to make this so brief. I, I just happened to be out with my wife this afternoon and we had to run errands. We got stuck in traffic and this gave me longer than usual to sit in front of our. Very local and very large Catholic church. So I happen to be looking at their sign. It's a very large congregation. I've been actually been in this one on a couple of occasions for funerals. So not only do I know its size and scope, but again, if you get, if you get on this road at the wrong time on the Lord's day, you're gonna be stuck for a long time because there are so many people that attend. I say that because I noticed on the sign that there were three times for mass on the Lord's Day. So that also says something about the number of people coming through. And then on the sign though, underneath it said for confessions, go to our website. Mm-hmm. So I was like, man, I gotta lick this up because I can't tell if they're telling me I can confess on the website or if it's go to the website for the times. And I said to my wife, only half jokingly, if I can confess online, I'm gonna confess something. So I went to, I went to the website and, and sure enough it was almost disappointingly. It was just the times.  [00:20:45] Tony Arsenal: Yeah.  [00:20:46] Jesse Schwamb: Here's what I've found interesting, which just launched me into this like deep rabbit hole. There were three times for confession. Two of those times were just a half an hour, and the third time was an hour. So, uh, what I did was I went through, actually, I think what they had on there was, was three full hours a week. It was a little bit confusing, but I think it was three full hours. Now I think about it. So I went back, I just couldn't help myself, Tony. So I started to think, alright, let's say. I think it's fair to assume  [00:21:15] Tony Arsenal: math, Jesse is kicking in right now. Yes. You're gonna calculate how many minutes per, per person is what you're doing. I'm thinking, ah,  [00:21:22] Jesse Schwamb: yeah, it's something like that. So what I thought was, I don't think it's, uh, I was gonna be conservative. I wanna be fair. I wanna be fair. So, and now we should say like, I think most people realize that the Catholic understanding of confession and the Protestant one is, is very different. The Catholic sacrament of confession is the right through which Catholics are gonna confess their sins to a priest receive absolution, and it's gonna restore the relationship with God in the church. And, and they're gonna believe that the priest acts as a person of Christ and is bound by the seal of confession and an absolute kind of obligation. Uh, of course never to reveal what was disclosed during that process. So, by the way, the website that I went to, lovely instructions. I mean, I was like, wow. I was reading it to my wife who was, uh, not familiar with this at all, and she was like, they can make you do stuff. And I was like, well, yeah. I mean, obviously like there's, there's a portion of this where there's contrition or penant penance. It could be a prayer, it could be act of charity, like all kinds of stuff. So I went back and I thought. I don't think it's unreasonable that there's 350 persons that would say, let's say an average, uh, that would wanna take part of confession. Now, let's say that they did that at, at least monthly, just once a month. And, and I don't know how people's conviction is on that, but I'm gonna say conservatively once a month. Let's say that, and I don't think this is unreasonable, Tony, but you tell me. Let's say you're, you're trucking, you're moving through confession. Let's say it's five minutes a piece. So we're up to 1,750 minutes, uh, per month. That's the demand on the priest because I was, I was looking at this time and I was thinking something is strange here to me, so. That was the demand then, and I'll spare you the other math, which could be very long and un uninteresting. I'm coming up with, you'd need 2.24, two and a quarter priests, which of course you can't have a quarter priests or a quarter person for any reason. So you'd hire, you'd hire three priests, which satisfy the demand if, and the major assumptions here, that is like everybody can't show up at the same time. Obviously, I'm assuming that like everybody has their own time, they're spreading it out. So everybody gets the confession, but it's just five minutes. And I, I have no idea. I mean, if you're a Luther, that's certainly not sufficient time.  [00:23:20] Tony Arsenal: Yeah.  [00:23:20] Jesse Schwamb: And you would need three priests. Now here's the thing that I just kind of backed into that, besides like three being like, okay, that, that's, you would need three priests just to satisfy this congregation. If they're confessing for five minutes, once per month. Uh, by the way, if you said, well, half the congregation is going to go weekly, uh, then you, you would double the number of priests you need to 5.98 or six. But here's, here's the bottom line for me. This is why the denial comes in about maybe not enough, is. If you were just to distill that down to like, if you could have one priest cover that time, that there's a demand for like 779.4 hours, or excuse me, minutes of confession, that priest would only be allocating approximately like seven and a half percent of their working hours, their work toward handling confession. This seems like not enough confession given the standards of confession in the Catholic church. And again, I know that I'm, I'm now allocating that to one priest and I just told everybody you need three. That's true. So if you had these three now, if you hired three just to meet the demand, that would only be about like three and a half or a little under three and a half percent of their combined time. So the denial is Catholics, I think, unless I'm way off in some of my assumptions here, you might not be confessing enough by your own standards because  [00:24:33] Tony Arsenal: Yeah.  [00:24:34] Jesse Schwamb: Uh, that seems like not enough time.  [00:24:38] Tony Arsenal: Yeah. Yeah.  [00:24:39] Ritual Faithfulness Explained [00:24:39] Tony Arsenal: I mean, I think, um. I don't want to be too bombastic here, but I think,  [00:24:46] Jesse Schwamb: I think I already started this on this  [00:24:48] Tony Arsenal: path. Maybe this, maybe this isn't all that bombastic. Um, because this is so much about ritual and actually I say this is gonna sound really, we, we go, but trying to think from the Roman Catholic perspective, it's actually not, and I'll I'll tell you a brief story, uh, to explain it. Um, a lot of Roman Catholics are just going through the motions. [00:25:13] Jesse Schwamb: That's true.  [00:25:14] Tony Arsenal: But the point, the, the, the point of contention actually is that going through the motions is valuable for the Roman Catholic, right? So I, I knew this, uh, this young woman when I was in college who was a Roman Catholic, and we had many discussions about, about the differences between Protestantism and and Roman Catholicism. And what I came to understand is that going to mass for her. Itself was an act of faith. And so for the Roman Catholic, the concept of, of faith is different than the concept that Protestants operate under. So for the Roman Catholic who, um, goes to mass, even when they feel like they're, like, when they think they're just going through the motions, going through the motions is itself the act of faith. And that's because for most of Roman Catholics, most of Roman Catholicism, faith really equals faithfulness, right? So, so doing the act is the act of faithfulness. Doing the act is faith. Where for the Protestant, like faith is about belief and trust and knowledge. Like it's, it's an. Not entirely intellectual, but it's, it's an inward thing for the Roman Catholic faith is an out is primarily an outward thing. It's what you do, it's how you act. It's faith formed in love. It's faith formed in charity.  [00:26:36] Jesse Schwamb: Right.  [00:26:37] Tony Arsenal: So I think most Roman Catholics going to obligatory confession first. I think once a month is probably like, probably more frequent than most Roman Catholics go to mass or go to confession. Um, I thought I read a stat that it was like every six months is, is pretty average and I think that's what's required by the church maybe even once a year is, is required by the church. Um, I think like most Roman Catholics go into the, the confessional booth and like father forgive me for I've sinned. It's been such and such a number of days since my last confession. Right. And they may bring up a couple particular things that they've done and, and then I think the priest commonly absolves them of all of their sins. Like, almost like in an omnibus fashion and then prescribes their acts of penance, which is it, it like, honestly, it's probably things they should already be doing as a faithful Catholic saying Hail Marys and doing our fathers and acts of charity and things like that. So I think your math is probably right. [00:27:39] Protestant Repentance Particular [00:27:39] Tony Arsenal: I think your, your theory that more confession is probably like, I'm gonna read this from, uh, the Westminster confession, just to, just to say it here, is, this is chapter 15, which is titled of Repentance Under Life. And this is, uh, this is section five or paragraph five. It says, men ought not to content themselves with a general repentance, but is every man's duty to endeavor, to repent of his particular sins, particularly. And I think that's just such a beautifully phrased sentence like. Not only is it like potent theologically, but like, it just, it just feels good, like in terms of like the English language to repent of your particular sins, particularly. And like the idea is yes, Protestant reform, Christians affirm a general repentance from sin, right? We repent of our sin before the father, uh, as a result of our, of our coming to faith in Christ. And as part of our sanctification, we mortify our sin and we, Viv we are vivified by the spirit and repentance falls in that ongoing sanctification process. And there is this general repentance of like, I repent of the fact that I'm a sinner and that I commit sins, but there is this element in the reformed faith of like, I should be confessing to God. And I think by extension, like we should be confessing to our fellow Christians, our particular sins, our individual sins, and we should be doing that on particular occasion. And I think like. The Luther style confession of like going into the confessor and confessing like every particular sin. Particularly I think most Roman Catholic priests would, priests. Priests would probably have the same reaction Tobits did where he was like, get outta here. Like, come on dude. Like just go live your life and like deal with it. I think that's probably the reaction most Catholic priests would have. But yeah, I think you're right. Like if we're really talking about like. Five, five minutes of confession once a month and that somehow having some sort of spiritual efficacy. I'm not sure I buy that math. Like I think you're, you're probably spot on.  [00:29:47] Jesse Schwamb: Yeah.  [00:29:47] Confession Hours Oddities [00:29:47] Jesse Schwamb: I just was curious about how many priests would be required and then the allocation of the duties. By the way, you are right. So I, because I had to check on this, the, the fourth letter in council of 1215 does say that the church requires confession of any grave or mortal sins at least once a year. But the church, yeah, strongly encourages more frequent confession as a spiritual practice, even for, of course, like the venial or the less serious sins in their eyes. So yeah, my thought here was just that. I think it's actually undervalued by way of the math. Like the, as the kids say, the math just isn't math thing for me on this one. But I was more curious about, since this is one of the seven sacraments, even if you just said like, well, it should have at least one seven of the allocation. That's like, what? Like something like 14%. And so this is, um, almost half of that. I just found it a little bit, a little bit odd and yeah, I think you'd have to be, uh, so in other words, when I looked at the, basically, here's the bottom line. When I looked at the hours for confession one, there were weird times and uh, two, I was like, that doesn't seem like enough hours. Like, it was just more like that. Like how that's like saying like, Hey, the post office is open three hours a week, and by the way, one of those hours is from seven to eight o'clock on Friday. Like they had some hours. One hour just on Friday was like, I guess that's the way you wanna start your weekend is like, let's get all of this off my chest. Yeah. And, and do it. Right. And the last thing I'll say by the way, is you're correct. When you look at the instruction they give you, and this is common of course, toward the end, when they say like, here's how you like wrap up your part. Actually everybody should go read, go to the local, local Catholic church website and read the instructions. 'cause in some ways they're just interesting and kind of, um, I don't wanna say funny 'cause I'm not making fun. I'm just saying like, they have to give you instruction if you've never done it before. And so most of us are not really probably familiar with the process and they give you explicit instruction and toward the end it's like, here's how you kinda like hang up the call with the priest. And it's like you said, you know, these are my sins and all others, would you be willing to forgive? So you're right. Right. They just kinda wrap them all up because it's sins of omission, sense of commission, it's all to be together. But I, I wonder, you gotta think there's people in there that are like. The priests are like, okay, man, just yeah. Wrap, come on, wrap, wrap it up.  [00:31:55] Confession Timing Talk [00:31:55] Jesse Schwamb: And other people that come in are just like, you know, forgive me father. And uh, lastly to your point, when they give you instruction about how you should start, of course you're always to signify how long it's been since your last confession. Right. Confession. And they say parenthetically, like, reference the days, weeks, months, or years. So you're right. There are gonna be people that probably do it very frequently and probably people who do it infrequently still, I would say I just couldn't believe for a church this large, that there was just three hours a week.  [00:32:21] Tony Arsenal: Yeah.  [00:32:21] Jesse Schwamb: For everybody else.  [00:32:22] Tony Arsenal: Yeah.  [00:32:23] Vance and Papal Authority [00:32:23] Tony Arsenal: This leads me to two very brief sub, uh, denials slash affirmations. Uh, I don't know if you saw this, um, this is not a political statement, right? I, I have lots of feelings and thoughts about the current administration and I think most of my feelings and thoughts would surprise. Everybody. But I thought it was hilarious because JD Vance, who is a Roman Catholic, uh, confessed Roman Catholic part of the Roman Catholic Church, uh, he ha I, I'm not sure if I'm affirming or denying this, there was this funny, uh, funny exchange. I think he was at doing like a, doing like a TPU, I don't know, speech. He was doing a speech at some conservative event and he said something like, I think that the Pope should be more careful when he makes theological statements. I'm wanna be like, do you understand what the pope is in your religion? That was one of my sub denials. Uh, I don't remember what the other one is, so it must not have been that important. It'll come back to me at the worst possible moment and I will try very hard not to interrupt our show for it, but I probably will fail.  [00:33:25] Jesse Schwamb: Yeah.  [00:33:25] Reading Matthew 21 [00:33:25] Jesse Schwamb: Listen, we, we gotta get to some scripture because. We're, we're doing this old school style where we take like half the time and just talk about affirmations. It's true in house. It's true. Which is great fun. But let's, let's get back to Matthew 21. And I, I know we did this last time, but I am gonna rock through the passage 'cause of course, that's the best part of any of our discussion, is actually hearing from, from the Holy Spirit through the scripture, uh, which he's given to us. So this is, uh, Matthew 21, starting in verse 33. And you're gonna hear the, the whole thing right here. Uh, this is Jesus speaking. Listen to another parable. There was a landowner who planted a vineyard and put a wall around it and dug a wine press in it and built a tower and rented it out to vine growers and went on a journey. Now, when the high risk time approached, he sent his slaves to the vine growers to receive his fruit, and the vine growers took his slaves and beat one, killed another, and stoned a third. Again, he sent another group of slaves larger than the first, and they did the same thing to them. But afterward he sent his son to them saying they will respect my son. But when the vine growers saw the sun, they said among themselves, this is the heir. Come let us kill him and seize his inheritance, and they took him and threw him out of the vineyard and killed him. Therefore, when the owner of the vineyard comes, what will he do to those vine growers? They said to him, he will bring those wretches to a wretched end and will rent out the vineyard to other vine growers who will pay him the proceeds at the proper seasons. Jesus said to them, did you ever read in the scriptures the stone, which the builders rejected? This has become the chief cornerstone. This came about from the Lord, and it is marvelous in our eyes. Therefore, I say to you, the kingdom of God will be taken away from you and given to a nation producing the fruit of it. And he who falls in the stone will be broken to pieces, but on whomever it falls, it will scatter him like dust. And when the chief priests and the Pharisees heard his parables, they understood that he was speaking about them. And although they were seeking to seize him, they feared the crowds because they're regarding him to be a prophet. [00:35:28] Tony Arsenal: Yeah. Yeah.  [00:35:30] Pharisees Condemn Themselves [00:35:30] Tony Arsenal: This is like a super heavy parable. Right. And we talked a lot last week about how like the point of this parable is not necessarily to try to instruct the Pharisees or the Sadducees. Like it's not to instruct the people who were going to reject Christ, uh, the, the builders who would reject the cornerstone. It's really a parable to teach those. Who are observing this process happening. But I think it's, I, I think it's really interesting just listening to you read this and reading through it, and I guess this is a question I haven't asked and I, I need to study a little bit more. It's crazy to me in verse 41, um, Christ seems the, the, the, um, Matthew seems to say here, and maybe I need to do a little bit more Greek study, so bear with me and, and have grace if I'm wrong here. Matthew seems to say that like Christ asks the people he's speaking to, the Pharisees he's speaking to, what is he gonna do to these people? And the Pharisees answer, he's gonna put those wretches to a miserable death.  [00:36:36] Jesse Schwamb: Right?  [00:36:37] Tony Arsenal: Like the people listening to this parable understand the outcome, like they understand the. The consequence that the, the, the vineyard owner or the vineyard tenant tenants are facing based on their lack of faithfulness to the covenant. To me, that is like a really striking part of this parable. And, and it's not even like the parable proper, but like the striking element of the context of this is that nobody listening to this parable, including the Pharisees that this parable has basically spoken against, nobody fails to see the gravity of the consequence of rejecting God's emissary, like rejecting the Messiah. That to me is like a really, I dunno, paradigmatic. Portion of this that I think we need to grapple with. This is not an unclear, an unclear outcome. This is not, this is not masked or vague or OPA opaque. Like everybody understands, the people who reject the Messiah are going to face dire and eternal consequences for that act. [00:37:48] Jesse Schwamb: That does make this really interesting, doesn't it? Because it's not just entirely like Romans one adventures or even Romans two. It's that this is what Jesus does and he does it in a profound way that's not trickery like I think kinda like you're saying like the lead up to this isn't as if he's even leading the witness. He's making it very clear, all like the parameters of the story and the characters involved and what should be the proper judgment. And it's not as if like they start saying, they're like, oh, we shouldn't say anything more like we, we plead the fifth because it's gonna condemn ourselves. He draws his audience in to producing and pronouncing like their own sentence. It's very much like, I think I mentioned this last time, the prophet Nathan and David, isn't it? It's the exact same. Yeah. And the verdict is unanswerable, like even in its own terms. These other, like these other vine growers, prefigures of course like the inclusion of the Gentiles and the apostolic office. But I like that what Jesus does here, even before he gets to that point, is he extorts from them an acknowledgement of the punishment which awaited them. And so in this way there's like, I think the Puritans use this passage a lot actually to demonstrate that the natural conscience even of like the unregenerate, still bears witness to divine justice. That's Romans two. Like they, they can't get out from underneath it and Jesus isn't using any trickery on them to get them to say this thing. They are compelled in their own way, even being unregenerate to, like you said, even as they're rejecting the Messiah to recognize that punishment is due these characters in the story, even as they perceive at the end that they are those characters. [00:39:21] Tony Arsenal: Yeah.  [00:39:22] Jesse Schwamb: Saying we'll receive the judgment.  [00:39:24] Tony Arsenal: Yeah.  [00:39:25] Usurpers Not Misguided [00:39:25] Tony Arsenal: And I think too, like, um, this is kind of one of those chicken or the egg scenarios, right? Like Christ is both recognizing the intention of their heart as well as prophesying. And, and not just prophesying, but like inception level prophesying the, the outcome of the intention of their heart. And so like, again, like we've, we spent a whole week kind of like leading into the parable and now we spent a whole week, we're gonna spend a whole week again kind of leading into the parable. This is such a deep parable, and that like Christ is not just laying bare. The fact that the, the people who were going to reject him were doing so out of this sort of like attempt and intention of usurping the kingdom of God for their own purposes. I think that brings a layer to this that we don't often appreciate in. Christ's interaction with the Pharisees. I think sometimes, and maybe this is because I just listened to an episode of where Matt Whitman on the 10 minute Bible hour talked about this. I think sometimes we actually have a tendency to sort of be sympathetic to the Pharisees where we think, you know, they were, they were just trying to obey God's law and they got a little sideways on it and you know, they were putting these boundaries in place, but they were doing it in this sort of like misguided attempt to protect the people. Christ actually here seems to contradict that in that the comparison he's making is not to a, a well-intentioned group of people who just get it wrong, but he's painting the Pharisees, the, the religious leaders, the Sadducees, the chief priests. He's painting them as these usurpers who recognize the proper authority of right. The master and his emissaries and ultimately of his son, they recognize this proper authority and rather than submitting to it and submitting to the covenant obligations that they, they already actually agreed to, instead of doing that, they're going to reject that authority and try to take it for their own right. It's not just that they do the wrong thing, it's that they recognize the heir, which is Christ. They recognize this heir and they kill him to try to take his place. That is a really heavy element of this parable. Christ is not painting. Um, the, the, the Pharisees here, the, the religious leaders. He's not painting them as um, well-intentioned, but ultimately wrong, which is I think a lot of times, and I think there's reason to do this right. I'm not being overly critical and I've done this, I've actually done this myself, and I think there's some. Space for it. Like the Pharisees were wrong, but they were wrong, kind of in the right direction sometimes. Um, Christ is not really on board with that, at least in this parable. Right. This isn't about them thinking that the heir was a threat, and so killing the threat in, you know, inadvertently this is them absolutely seeing who the hair, who the heir is, and intentionally deciding to reject that heir and to murder him and to try to take his inheritance. Mm-hmm. That's an affront to not only the heir who they murder, but an affront to the owner of the vineyard himself, which of course in this parable is figured to be God the father primarily. But God in sort of general terms, like the whole Godhead, um, with Christ as the second Adam has, as his representative, as his heir. This is a really heavy parable and I think where this comes into play for us in our own Christian life is. Are there times where we. Sort of do the same thing in refusing to, maybe it's tie into your denial a little bit. Like refusing to acknowledge our own sinfulness, refusing to acknowledge the ways that God has provided for us. Um, do we at times look at what we have and lay claim to it as though it is our own inheritance that we've taken? Um, right. Do we kind of crucify the son of God anew in, in refusing to repent of our sins particularly? I dunno. I think those are some open questions for us to kind of explore as we dig into this a bit more. [00:43:54] Jesse Schwamb: And that may relate as well to, well eventually at some point, I dunno, like 2040, get to like the parable of the talents. There's some similarity there with a little bit, right? You're saying? I think you're right.  [00:44:06] God Does All the Verbs [00:44:06] Jesse Schwamb: And where I think we can anchor some of that is in those first couple of verses. I'm really always impressed by really the number of action verbs that are packed within, like that just initial statement of Jesus explaining the situation. [00:44:19] Tony Arsenal: Yeah.  [00:44:19] Jesse Schwamb: So he sets it all up and he's saying there's a planting that goes on, this landowner puts up a wall, digs a wine press. Builds a tower and then RINs it. So there's all these like amazing things being done, all this action verb. And I, I think in part why he comes against the Pharisees so hard in the same way that we're looking at like the parable that, uh, the, uh, talents for instance of saying like, what did you do with that was entrusted to you was like this great treasure which Christ has entrusted or God has entrusted to his people, which is, is the gospel essentially is, is all a prophetic witness, is like the truth of who God is and his revelation of himself. And so I think. The first thing we gotta see in those verbs is that there's this emphasis that the vineyard was God's sovereign creation. You know, he plants it, he chose it, he established it. Israel didn't plant herself. She was planted. And that sovereign initiative is foundational, I think in, like you're saying, the parables indictment, because these vine growers, they don't possess anything that they did not receive. Right. You know, they did not find a vineyard already planted, but God himself made it from the wilderness that all his glory, all the glory might be his. So. I think it's helpful for us to observe that the church is always the planting of the Lord and that no congregation flourishes that is not first planted by God. And so there is a major offense here when those who are to care for it, who know, like you're saying, that they ought to care for it, who understand something about the hierarchy and the way it has been entrusted to them. Not to only break that covenant, but then seek to try to usurp the power in the roles of those whom they should be, quite frankly, in our own language, like under shepherds too. And so it starts with all, all those verbs. Like I think we could probably spend a. A lot of times just speaking about what does it mean? Why? Why is there all this explicit in particular language about the fact that there's a hedge and there's a press besides just these are part in piece mail or part and parcel of what it means to have a vineyard, apparently, but that they're all part of this narrative of God talking about how he protects and cares for his people and sets them in a place and chooses them and is particular about the construction and does so with great volition and authority and care and concern and creative ability. And then again, you have those who are meant there to do the very job that he's entrusted them with. And not only are they not doing that, and of course you're right. Jesus elsewhere, comes in, comes in hot, right, with a Pharisees saying like, listen, you set burdens on people's backs that you yourselves cannot lift. You're twice as in the hell as anybody else, and that's who you are. Yeah. It's not just hypocrisy, but you're literally setting people up to fail in this. So you can see how you're right. It's not just like, guys, I appreciate that. Like you wanted to set up some additional boundaries and maybe you took it a little bit too far. This parable is just scorched earth. It's, it's nuclear. Yeah.  [00:47:10] Tony Arsenal: Yeah.  [00:47:11] Scandalous Vineyard Setup [00:47:11] Tony Arsenal: And you know, I think, um, we are obviously gonna spend another week on this 'cause we still have not really addressed a single verse in this parable. I, I think like a lot of ink has been spilled on explaining sort of like the feal agricultural arrangements of this passage. What it represents. M my understanding is. A typical arrangement would be that a, a landowner would basically just lease out land and the tenants would be responsible for the planting, for the development. Right. And the, the, the landowner would essentially just collect a portion of whatever they produce. Right. This parable is actually taking this a step further. Exactly. That it's not as though the landowner just says like, all right, you can use this land. Right. And I own the land, so I get a portion of the pro, the profit. He's actually done all the work. Yes. And all that. The, all that the, the tenants need to do essentially is reap the harvest and then provide the portion of the harvest that belongs to the landowner, and so there is a greater investment. Of the landowner into this land than would be expected. We've commented in the past about how a lot of times the, the parables start on sort of a premise of shock. Like there's a, there's an element of the setup of the, of the parable where the audience would kind of like sit back and gasp or kind of be like, wait a second. Like that's not normal. Right. In the parable of the, the, um, lost son, it was the idea that like the son demanded his inheritance. And that wasn't the shocking part. The shocking part was that the father just granted it. Right. Or, um, the lost sheep, like the, there's actually a sort of a shocking element to the fact that like the, the land, the like sheep owner would just go get this other sheep. So we've, we've commented on there's kind of like. There's sort of like a scandalous setup. The scandalous setup in this is not that the land has been leased to tenants, right? It's that the land has been prepared for the tenants before it was leased out in the first place. And I think that's something we might miss if we read over this too quickly, is. The landowner has prepared everything for these, these tenants.  [00:49:30] Jesse Schwamb: That's right.  [00:49:31] Tony Arsenal: So the, the, at the, the punchline of the parable where they refuse to acknowledge the sovereignty of, um, sovereignty and maybe a lowercase s in the, in the context of the parable, they refuse to acknowledge the sovereignty and the rightful claim of the tenant or of the landowner on the, the profit of the land. And sort of like highlighter emphasized by the fact that they actually didn't do any of the work. There's a certain kind of like Amer, like American rugged individualism where we're kind of like, yeah, like if I planted all the crops, then it's kind of lame that this guy's coming in expecting to take a portion of it, right? Like, yeah, I guess he owns the land, so maybe he gets a little piece of it, but like, who does he think he is? All of that already is already short circuited. Like I. The, these tenants are not actually, um, portrayed as doing anything in this parable. That's right. Like they just lease the land. They, they, um, and leased is not really like the right. The right word, the, the Greek word is omi, which is like he gave over the land to them. Um, when we say leased, we have this idea that like the tenants pay to use the land and then like part of their contract is that whatever profits they reap, uh, off the land goes back to the, to the landowner. This is really more like the landowner graciously allowed them to live on this land, and the only payment he required was that they would eventually provide him part of the profit back. Like he's planted the land, he's put up the fence around it. He dug the wine press so that they could make a product out of it. He built the tower so it would be defended. Yes. And he gave it over to them essentially just to like live on until it was time for the harvest. And all he is asking for is basically like, alright, so this is my land. I've planted the vineyards, the profit is mine to have. And so when the time came for him to come claim that that's where they have now rejected him. Yes. That's where they've now said like, I know you did all the work and really graciously allowed us to live in this land, but we're gonna keep all of it for ourselves. That's the scandal of this. That's what I think like the original audience would've set up and like, wait a second here. Like, hold on. They didn't even plant the vineyards themselves. They didn't even build the tower themselves. That's really the force of this that I think we miss when we, when we overemphasize, trying to think through like what the original agricultural arrangements were. 'cause this is painted. Very different than what the original arrangements would've been typical for. Like this is a different scenario and I think intentionally so,  [00:52:09] Jesse Schwamb: and we need those words like rented, at least in English, to help us understand that it didn't belong to them. It wasn't a gift, right? It wasn't as if like it was just turned over in the sense that it belongs to you now do with it what you will. And it's very clear in the passage one, like you said, that the landowner does all those things. So it was a, you know, he completely set it up. I mean, this is just such a beautiful, I think, depiction of the hold of prophetic, you know, understanding of God's word here, but it's very clear that says the, he sent his slaves to the vine growers to receive his fruit. So you're right. The scandal is that they're like, well, obviously. They need to give him his fruits, like  [00:52:48] Tony Arsenal: right.  [00:52:48] Jesse Schwamb: It was all set up before he left on this long journey. He then turned it over to them to care for, and that was really all that they were supposed to do. They had no role in this. And so it does like lead us in into this weird space where it's like, well, well what, what did the Pharisees think they were trying to do themselves? What does actually Jesus commenting on, on their own, like licit on their own initiative here, is he basically saying that not only are they not respecting his sovereignty, but they were trying to claim for themselves what only rightly belongs to God that even their position right. Society in culture as their representatives, God himself, they wanted to take that over for themselves, which he does bring that condemnation upon them in other parts of the scripture. So again, this is really hot. I think it's a, it's both heat and light, but there's no doubt that there's fire to this, right? Because it's a direct indictment that God the father set all of this up. You yourselves are on rented property, but guess what? Even the property that you've rented, I'm not exacting a tax from you as if like you have put forward and grown or supplied or created some kind of profitable outcome here. And I just want a piece of that. He's not even talking about tithing in that sense. What he's basically saying is, none of this belongs to you. Like how? Right? How dare you? None of this is yours. I set all of this up and in fact, because you've done so poor poorly at this, I'm gonna take it away from you and give it to those who actually produce fruit and guess what's gonna be the Gentiles? So it's, there's a wild. Amounts of condemnation packed into a very small story.  [00:54:19] Tony Arsenal: Yeah. Yeah. It really is.  [00:54:22] Tenants Add Nothing [00:54:22] Tony Arsenal: Um, there is nothing expected of these tenants. Right. There's no contract, like there's no terms, they, they really add nothing to the, the landowner's land, except I guess maybe they're the ones harvesting these, this fruit. Right. But even that's not explicit in the parable.  [00:54:43] Jesse Schwamb: Exactly.  [00:54:43] Tony Arsenal: Right. Right. He, he does all just to steal your thunder, like he does all the verbs. Yes. All of the ves are done by the landowner.  [00:54:50] Jesse Schwamb: Yes. Right  [00:54:51] Tony Arsenal: on. There is an implication that the, the tenants are somehow like the ones harvesting this, or they're the ones producing the wine, I guess, in the wine vat or the wine press. But at the end of the day. A normal tenant landowner agreement would be, I'm, you're, first of all, you're probably gonna pay me to use this land, right? You're paying me to use this land, and the way you pay me is you're gonna plant the, the gr the crop. You're gonna harvest it. You're gonna make the produce, and all I'm gonna do is let you live on this land. I'm gonna take the pro, like the profit, you're gonna pay me outta that profit. There is nothing asked or expected of these, th

In this powerful episode of The Reformed Brotherhood, Tony and Jesse dive deep into Matthew 21:33-46, examining Jesus's parable of the wicked tenants. The hosts unpack how Christ masterfully draws the Pharisees into pronouncing their own condemnation, revealing not merely theological error but intentional usurpation of God's authority. Through careful exegesis, they explore the shocking setup of the parable—where the landowner does all the work while the tenants contribute nothing—and how this mirrors God's sovereign initiative in salvation. The discussion touches on confession, the value of full-time ministry, and the scandal of rejecting the Messiah despite recognizing His authority. This episode challenges listeners to examine whether they, like the Pharisees, attempt to claim God's work as their own. Key Takeaways God Does All the Verbs: The parable emphasizes that the landowner planted, built, protected, and prepared everything—the tenants contributed nothing yet claimed ownership of the fruit. Self-Pronounced Condemnation: Jesus draws the Pharisees into declaring their own judgment, demonstrating that even the unregenerate conscience bears witness to divine justice (Romans 2). Intentional Usurpation, Not Mere Error: The Pharisees weren't well-intentioned but misguided; they recognized Christ's authority as the heir and deliberately murdered Him to seize His inheritance. The Scandal of Grace: The parable's shocking element is that the landowner prepared everything before leasing the land—far exceeding normal agricultural arrangements and illustrating God's unmerited favor. Ecclesial Support for Ministry: The OPC presbytery's decision to fund a full-time call demonstrates how church structure can honor the ministry of Word and sacrament by freeing ministers from worldly distractions. Particular Repentance Matters: Westminster Confession 15.5 teaches that believers should not content themselves with general repentance but "endeavor to repent of his particular sins, particularly." The Stone Rejected Becomes Chief: Christ's citation of Psalm 118 reveals that the very rejection by the builders (religious leaders) was God's plan to establish the cornerstone of salvation. Key Concepts God Does All the Verbs The concentration of action verbs attributed solely to the landowner in Matthew 21:33 is theologically significant. The landowner plants, builds, digs, and rents—creating a fully functional, productive vineyard before the tenants ever arrive. This arrangement differs radically from typical first-century agricultural practices, where tenants would lease raw land and develop it themselves, sharing profits with the landowner. Jesus deliberately presents an extraordinary scenario where the tenants receive everything prepared and ready, requiring only stewardship of what already exists. This parallels God's sovereign initiative in election and salvation: believers contribute nothing to their standing before God, receiving instead a fully accomplished redemption. The Pharisees' rebellion wasn't against burdensome requirements but against simply acknowledging God's rightful ownership of what He alone created. Intentional Usurpation, Not Mere Error The hosts challenge the common sympathetic reading of the Pharisees as well-intentioned legalists who simply got sidetracked. Instead, verse 38 reveals the tenants explicitly recognize the son as heir and plot to murder him to "seize his inheritance." This isn't accidental rejection but calculated rebellion. The Pharisees weren't confused about Jesus's identity or authority—they understood precisely who He claimed to be and deliberately chose to destroy Him rather than submit. This interpretation carries significant weight for understanding the nature of unbelief: it's not primarily intellectual confusion but volitional rebellion. The religious leaders didn't need more evidence or clearer teaching; they needed transformed hearts. This same dynamic appears whenever humans recognize divine truth yet choose self-sovereignty over submission to God's rightful claim on their lives. The Scandal of Grace The parable begins with a scandalous premise that would have startled Jesus's original audience. Unlike normal tenant farming arrangements where landowners simply provided land in exchange for a share of whatever the tenants produced through their own labor, this landowner invests everything. He doesn't just own the property—he plants the vineyard, constructs the protective wall, digs the wine press for production, and builds the watchtower for defense. The tenants receive a turnkey operation requiring minimal effort. This extravagant preparation mirrors God's unmerited favor toward Israel and, by extension, the church. God didn't merely create humanity and wait to see what we would produce; He established covenants, sent prophets, preserved His Word, and ultimately sent His Son—all before requiring any response. The only "payment" demanded is acknowledging His ownership of what He created. The parable thus exposes the absurdity and ingratitude of claiming God's work as our own achievement. Memorable Quotes God does all the verbs. All of the verbs are done by the landowner. There is nothing expected of these tenants—they really add nothing to the landowner's land. Christ is not painting the Pharisees as well-intentioned but ultimately wrong. He's painting them as usurpers who recognize the proper authority and rather than submitting to it, they're going to reject that authority and try to take it for their own. Men ought not to content themselves with a general repentance, but it is every man's duty to endeavor to repent of his particular sins, particularly. (Westminster Confession 15.5) Transcript Welcome to episode 491 of the Reformed Brotherhood. I'm Jesse.  [00:01:12] Tony Arsenal: And I'm Tony. And this is the podcast with ears to hear. Hey brother.  [00:01:17] Jesse Schwamb: Hey brother.  [00:01:18] Parable of Tenants [00:01:18] Jesse Schwamb: So picture this, Tony, your landlord. You've built the perfect vineyard. We're talking wall watchtower, wine, press, the works like what everybody says. Everybody knows you need all those things. You've got it all set up, and then you hand the keys to some tenants. You take a long trip, you go enjoy yourself. And when the harvest rolls around, you send your servants to collect the rent. And shockingly, your tenants, they beat. Stone. Another, the kill a third. So naturally you think, you know what? I'll fix this. Lemme just send more people. That's obviously the problem. There's some kind of just profound misunderstanding about what's going on here and about our relationship in this business. And then when that doesn't work, you send your son now loved ones. If this were a business strategy, we would already be calling hr. But of course it's not a business strategy, it's a parable. And Jesus is telling it to the very people about to prove the parable true. So welcome back to the Reformed Brotherhood because we're in Matthew Chapter 21 and we're gonna be actually getting all the way into the parable of the Vine growers where the patience of God looks, I would say, to almost anybody else, to humanize at least almost reckless until you realize that's exactly the point. So yeah, grab your beverage of choice, grab your Bible, pull the car over, will you? Because this is gonna get real and we're going to reason together. But before we do all of that, let's do a little affirming with or denying against, what do you got?  [00:02:41] Inside Baseball Affirmation [00:02:41] Tony Arsenal: So this is a sort of inside baseball, uh, affirmation. Um, I'm not sharing anything, although it may feel like I'm sharing something that is private and like, uh, like confidential. It's not No, this is good. Um, so I had the opportunity to visit. Um, my presbytery, um, for those who are listeners of the show or people who like, have been with us a long time, um, I was part of a Baptist church. Uh, I've always kind of been a Presbyterian at heart, but, um, our church closed, uh, a little over a year and a half ago now. And, um, uh, I've joined an OPC congregation in membership now. We've been members there for about a year. And, um, so I've been visiting Presbytery, which is the, the meeting of all of the leadership of all of the churches. So we won't do a polity breakdown here, but basically like, it's, it's the regional meeting. It's the regional business meeting or church meeting for a group of churches in the OPC, the Orthodox Presbyterian Church. And so a lot of the meetings, you know, have the normal kind of business type stuff. You have reports from different committee committees and stuff. Um.  [00:03:48] Presbytery Call Debate [00:03:48] Tony Arsenal: Where this is affirmation is coming in here is at this most recent presbytery meeting, um, was pretty heavy on, um, licensing or, or, uh, not licensing on approving men who had received a call to formal ministry within the presbytery. And so in the OPC, and I would imagine that other Presbyterian bodies are not like super different, although I'm sure there's some variation in the OPC. Um, when a church intends to extend a call to a pastor, to a teaching elder, um, to a minister, they must have the call, which is. Is both theological but is also eminently practical. Like the call is a physical piece of paper that details, you know, what the pay is, how much vacation time. So it's kind of a combination between like a theological call and also a contract. Um, the presbytery has to approve that call. And so at this most recent one, there was a couple calls that were more or less uncontroversial. There was no question about them, and they were approved pretty quickly. But there was one call, um, one call to ministry that took, I, I, I didn't time it, but it was probably like four or five hours of debate and discussion in various fashion in order to get to a point where the presbytery could approve the call. So this was a call to a minister who is being called part-time, which is unusual in the Orthodox Presbyterian Church. Um, the OPC uh, acknowledges the fact that bivocational tent making ministry is sometimes a necessity, but really views the ministry of the word in sacrament as something that should not have. Distractions. And actually our book of church order talks about, doesn't use the word distraction, I think, but it talks about a, a properly ordered call to a full-time minister includes phrasing that the congregation promises to compensate them in a way that allows them to be free of worldly burdens and cares. And I might have not, not have gotten that wording exactly right. But that's the idea. And so this call was. Explicitly, um, not a full-time call it, they actually took the language out of promising to pay him in a way that he's able to ignore or to not be distracted by worldly care. And that was intentional, but there was a lot of question in discussion at presbytery level about the fact that the call did not include the phrase or the wording of part-time or bivocational. So the conversation started out of like, can this call be modified to include that? So it's explicitly known in this man's call that his calling is part-time, which is both theological, to make sure that the call is properly formatted, but also like very practical that the congregation should acknowledge explicitly that they recognize that this person is not, not going to be putting, you know, 40 hours a week or 50 hours a week towards this position. [00:06:34] Jesse Schwamb: Right.  [00:06:34] Tony Arsenal: Um. What I'm affirming is where it got to, right? So there was lots of discussion about that. There was some finagling about the retirement package. The OPC recommends that a, a minister be given a retirement contribution of no less than 5% a year of his salaried package. Um, which there's a couple line items that go into that, but 5%, and this was a little bit less than that. And this is what I'm affirming and this, I, I don't know that this is a super widespread thing that would happen all across the, um, the OPC, but it happened in the presbytery of New York and New England this past week, and it's just amazing. And I just, I just want to lay it out there and then I want to hear your reaction. [00:07:13] Funding Full Time Ministry [00:07:13] Tony Arsenal: And I, I wanna hear your reaction as the son of a minister who labored his entire adult, more or less, his entire adult career in ministry, working two or three additional jobs on top of his ministry, the presbytery decided. That because it did not like the idea of a part-time minister. They didn't think that was appropriate. They didn't think that that was good or that that was really the right goal. The presbytery allocated, I'm not gonna say the figures 'cause they're not super germane, but allocated a significant amount of money to be dis to be dispersed to the church for the next three years in order to take what was a part-time call and enable it to become a full-time call. [00:07:54] Jesse Schwamb: Wow.  [00:07:54] Tony Arsenal: And so there are a lot of, there are a lot of church bodies that would say, yeah, we don't love the idea of bi-vocational ministry. You know, we really think it's ideal that a minister could be full-time. Um, they may even put some, some theological freight behind that. Um, I have never encountered a body, um. That was willing to put a sizable amount of money towards essentially supplementing a part-time call to make it full-time. Um, this was just amazing to me, and the candidate was there. I didn't get a chance to talk to him, but I would love to talk to him about what he felt. I, I can just imagine the phone call to his wife who was not, not at presbytery, but to his wife, following the outcome of this to be like, you are never gonna believe what just happened. Right? This is a family who was intending to move across country. Right. He's currently a student at Westminster, California in seminary, uh, California, Westminster Seminary in California, finishing his M Div. They're planning a cross country move into a part-time position where she's probably gonna have to find a job, and then also he's gonna have to find a part-time job. He had the ability to call her on the break and be like, you're never gonna guess what just happened? You're never gonna,  [00:09:09] Jesse Schwamb: it's wild.  [00:09:09] Tony Arsenal: Uh, sorry, I'm getting a little emotional here. You're never going to. Believe how faithful God is in this. Right. So I'm interested to hear your reaction to that as the son of a, of a try and quad at times Quad vocational. Yeah,  [00:09:23] Jesse Schwamb: for sure.  [00:09:23] Tony Arsenal: Minister who labored his entire, more or less, his entire adult career, um, working full-time in a call as a part-time, part-time minister. You know, like that's a, that's a crazy situation. So I'm just affirming that again, I don't know how common that kind of thing is in the OPC. I don't wanna make it seem like that's the norm. Um, I actually get the sense that this is probably not the norm, but it was amazing to see and it made me in intensely like. Proud in the right way of being a part of this broader body that would, would so emphasize and so value the ministry of the word and the sacrament, and the importance of a man being able to dedicate himself to that without distraction. That they would put forward this amount of money and this kind of money. They had no reason to do so. And there's no real direct benefit to the presbytery for doing this. I mean, there's an indirect benefit of like not having a church with a part-time minister, but like there's no direct benefit to this. There's no direct return on investments that's gonna come out of this. Um, it was pretty amazing to see. It was, it was, it was super encouraging.  [00:10:28] Jesse Schwamb: That is really encouraging. I, I think it's, there's no doubt that for the called pastor, their heart is in the ministry of the word. That's what they want to be doing. They wanna be doing it all the time and as much time as they possibly can, and they wanna be able to have all of their intentional focus on it. So I. I'm excited for that guy. I mean, that's just an incredible blessing to go in hoping for funding, essentially for a part-time role and to basically be told, no, no, no, no, that's, that's not enough. We want you to be committed to this fully as we know your heart is committed. As we validated that call.  [00:11:00] Why Structure Matters [00:11:00] Jesse Schwamb: I do love being a part of churches, well, lemme say it this way. There is, I think, a benefit of being part of congregations that have like a wide resource network that has like appropriate hierarchy and structure and that can be one of them. I've seen something similar in the Christian Missionary Alliance, which is the church that I'm in, not exactly the same, but I've seen some surprising allocations of resources where they basically said, you know, this is important. Like, it even trumps we're, we're gonna. Allocate or resource something so that this can move forward because it is important in a way that was like better than the person who was bringing it before them could have hoped for. Yeah. And uh, suddenly it's as if everything aligned. And it was really in part because there was this structure to come alongside, to validate as you're saying, and then to authenticate and then again to resource assets that could be used. There's, there's something to be said for that interdependency where there is kind of this hierarchical structure in which all that's happening at a level where things are codified. And again, like there's a structure and a way in which we move through those decisions to make sure that they suit the objective of the entire movement. So I guess there's nothing I'll say, but that's a beautiful thing, isn't it?  [00:12:14] Tony Arsenal: Yeah. Yeah.  [00:12:15] Generosity in Action [00:12:15] Tony Arsenal: It was, it was, it was cool because it was like this, it was like this real. Actualization of the principle of outdoing one another and showing honor. Yeah, sure. Because you know, like the initial debate was like, Hey, you know, I'm not sure we can approve this call because the, the OPCs guidelines tell us not to approve a call that has less than 5% of the retirement benefit. And there was a lot of discussion of like, well, the presbytery can't modify the call, but we don't wanna delay this guy coming in and like, we don't wanna delay his ordination, his installation. And so the initial proposal was a, a. What feels like a large amount of money to me. But after I understood more about the, the budget of what's going on in, in the presbytery was actually a very small amount of money. Started with a very tiny, very modest proposal of basically like supplementing the retirement fund to make sure that like we could, they, I say we, like, I was part of this, I was just observing, but to supplement the retirement fund in a way that allowed the church to still proceed with the call as written, but still also make sure that this person had the appropriate retirement fund. And then that just basically was like, there would be some instruction given to the church that like, you've gotta bump this up in the next budget cycle. Like you've gotta get to the 5%. That's, that's the expectation. It went from that. And like I said, I won't give you the specific numbers, but one of the presbyters and I, I'm, I, um, I, I've known this presbyter from a distance for quite a long time and, and I have an immense amount of respect for him. He stood up and he's like, well, if we're gonna give X, why don't we just give 10 times X instead? And then actually, like the discussion was like, well, is, are we sure that 10 times X is even the right amount? Why don't we have this particular group meet over the lunch break and figure out whether that's the right number and then come back after lunch and we'll vote on it. And then they came back after lunch and it was actually a number that was even greater than 10 times X. So it was like this exercise in like. This very small proposal that was still imminently generous, right? The presbytery has no obligation to do this. There's no obligation from any of the presbyters to stand up and say like, we should. We should supplement this fund. They would've been well within their right, and no one would've looked, I think. I think some people would've been frustrated by it, but I don't think anyone would've looked sideways at it or thought it was sinful. If the presbytery just said like, we can't approve this call. You guys are gonna have to come back with it and we'll vote on it at the next presbytery. Like that would've been problematic. This, this kind of poor guy who's coming outta seminary, his call and his beginning of employment would've been delayed, but like. That would've been good and orderly, but instead they were like, one, we don't want this pulpit to stay empty longer. We don't wanna disadvantage this guy who's just getting done with seminary. We want him to get started. We don't wanna discourage him. So here's a small proposal, a very modest amount of money that we can put forward for this purpose. And then it was like, let's just keep seeing how much closer to a real full-time call we can get. And they finally came back and said like, we're gonna do this. We're gonna do this in a wise fashion. They structured it. So like the first year he gets more, the second year he gets a little bit less. The third year the church gets a little bit less with the idea that like each year the church should be adjusting their budget to compensate and get this guy to that with the, the hope that like with a full-time minister, they're able to grow their congregation to the point where they can support a full-time minister. So it was just this really cool, super encouraging exercise. And what I loved about it is the only real debate that was going on was about do we need to do more? There was no one being like, wait a second, why are we, why are we putting more money to this? The whole thing was like, is this actually enough to accomplish what we think God wants to do with this person's call? Because if, if God is truly calling this man to this, this particular church, and we believe that he is. Then what do we as a, as a people of God need to do to enable that call to look like what we actually believe calls to ministry are supposed to look like, which is a full-time call to ministry that is undistracted by the cares of the world. What do we need to do? The answer in this case was like, I think we need to put a sizable amount of money to it. Um, it's a, I mean, and again. I'm not gonna say it on the air. It was not a small chunk of change. Um, it was, it was a, it was a large amount of money that was devoted to this cause and that just goes to show how much this body values the importance of a full-time minister of the word, so. [00:16:50] Jesse Schwamb: Right.  [00:16:51] OPC Love and Recommendation [00:16:51] Tony Arsenal: That's enough about that. I, I could gush about how proud I am to be a part of this body and how encouraged I am and how amazing it was and how awesome this, this guy, how, how much this guy must be thanking God for the providence and like, this is the last thing. I'll say this, this young man younger than me, I think he's graduating seminary. I saw him across the room. He looks like he's probably in his mid twenties, right? Young guy. He's got a wife doesn't have kids yet coming into this ministry, not only is he coming into this ministry, but as a Presbyterian minister, when he's installed as the minister of this church. He will be joining this body of presbyters as the, as his brothers like. He is not a member of the local church. He's a member of the presbytery, which is the regional church. So now he's coming into this fully supported by his brothers in the presbytery that he saw go to the mat to make sure he was properly taken care of, that the congregation was not unintentionally taking advantage of his labor, but also that he knows that all of these men are willing to do what they need to do to make sure that his ministry is successful and edifies the church like that is. Uh, I don't want to gush on Presbyterianism too much, but like that is Presbyterianism at peak form, right? This is the body of elders making sure that every church in the region, even the ones they're not directly ministering in, has what it needs to succeed and to honor God and to do what needs to happen. So I'm affirming the presbytery of New York and New England and the Orthodox Presbyterian Church. Um, I have been so blessed by knowing many of these presbyters. I've been so blessed by being a part of the congregation that I am. There are lots of really great churches and really great denominations out there. If you are looking for a church and there is an OPC congregation in your area, absolutely go check it out. I know it feels stuffy sometimes, and I will admit, like sometimes it feels a little bit overly traditional in terms of like just the vibe of the congregation,  [00:18:52] Jesse Schwamb: right?  [00:18:52] Tony Arsenal: But press past that because I don't think, I don't think you will find, um. You may find lots of congregations that are as faithful. I don't think you're gonna find many that are more faithful than your average OPC congregation. So I could be wrong. I just, I just love the OPC. I just really, really love it. So that's my affirmation. What do you got for us, Jesse?  [00:19:18] Denial Catholic Confession Math [00:19:18] Jesse Schwamb: I think I got denial, which is maybe a little bit unusual for me. [00:19:21] Tony Arsenal: As long as you're not denying the OPCI think we're fine.  [00:19:23] Jesse Schwamb: No, it's, it's not, it is church related and I, I'll try to keep it short 'cause I think I can make this way longer than it, it probably should be, but lemme think how to phrase this. So, I don't know with a devil negative, I guess when I'm a denying against is maybe not enough confession by your own standard. So the, I'm gonna try to make this so brief. I, I just happened to be out with my wife this afternoon and we had to run errands. We got stuck in traffic and this gave me longer than usual to sit in front of our. Very local and very large Catholic church. So I happen to be looking at their sign. It's a very large congregation. I've been actually been in this one on a couple of occasions for funerals. So not only do I know its size and scope, but again, if you get, if you get on this road at the wrong time on the Lord's day, you're gonna be stuck for a long time because there are so many people that attend. I say that because I noticed on the sign that there were three times for mass on the Lord's Day. So that also says something about the number of people coming through. And then on the sign though, underneath it said for confessions, go to our website. Mm-hmm. So I was like, man, I gotta lick this up because I can't tell if they're telling me I can confess on the website or if it's go to the website for the times. And I said to my wife, only half jokingly, if I can confess online, I'm gonna confess something. So I went to, I went to the website and, and sure enough it was almost disappointingly. It was just the times.  [00:20:45] Tony Arsenal: Yeah.  [00:20:46] Jesse Schwamb: Here's what I've found interesting, which just launched me into this like deep rabbit hole. There were three times for confession. Two of those times were just a half an hour, and the third time was an hour. So, uh, what I did was I went through, actually, I think what they had on there was, was three full hours a week. It was a little bit confusing, but I think it was three full hours. Now I think about it. So I went back, I just couldn't help myself, Tony. So I started to think, alright, let's say. I think it's fair to assume  [00:21:15] Tony Arsenal: math, Jesse is kicking in right now. Yes. You're gonna calculate how many minutes per, per person is what you're doing. I'm thinking, ah,  [00:21:22] Jesse Schwamb: yeah, it's something like that. So what I thought was, I don't think it's, uh, I was gonna be conservative. I wanna be fair. I wanna be fair. So, and now we should say like, I think most people realize that the Catholic understanding of confession and the Protestant one is, is very different. The Catholic sacrament of confession is the right through which Catholics are gonna confess their sins to a priest receive absolution, and it's gonna restore the relationship with God in the church. And, and they're gonna believe that the priest acts as a person of Christ and is bound by the seal of confession and an absolute kind of obligation. Uh, of course never to reveal what was disclosed during that process. So, by the way, the website that I went to, lovely instructions. I mean, I was like, wow. I was reading it to my wife who was, uh, not familiar with this at all, and she was like, they can make you do stuff. And I was like, well, yeah. I mean, obviously like there's, there's a portion of this where there's contrition or penant penance. It could be a prayer, it could be act of charity, like all kinds of stuff. So I went back and I thought. I don't think it's unreasonable that there's 350 persons that would say, let's say an average, uh, that would wanna take part of confession. Now, let's say that they did that at, at least monthly, just once a month. And, and I don't know how people's conviction is on that, but I'm gonna say conservatively once a month. Let's say that, and I don't think this is unreasonable, Tony, but you tell me. Let's say you're, you're trucking, you're moving through confession. Let's say it's five minutes a piece. So we're up to 1,750 minutes, uh, per month. That's the demand on the priest because I was, I was looking at this time and I was thinking something is strange here to me, so. That was the demand then, and I'll spare you the other math, which could be very long and un uninteresting. I'm coming up with, you'd need 2.24, two and a quarter priests, which of course you can't have a quarter priests or a quarter person for any reason. So you'd hire, you'd hire three priests, which satisfy the demand if, and the major assumptions here, that is like everybody can't show up at the same time. Obviously, I'm assuming that like everybody has their own time, they're spreading it out. So everybody gets the confession, but it's just five minutes. And I, I have no idea. I mean, if you're a Luther, that's certainly not sufficient time.  [00:23:20] Tony Arsenal: Yeah.  [00:23:20] Jesse Schwamb: And you would need three priests. Now here's the thing that I just kind of backed into that, besides like three being like, okay, that, that's, you would need three priests just to satisfy this congregation. If they're confessing for five minutes, once per month. Uh, by the way, if you said, well, half the congregation is going to go weekly, uh, then you, you would double the number of priests you need to 5.98 or six. But here's, here's the bottom line for me. This is why the denial comes in about maybe not enough, is. If you were just to distill that down to like, if you could have one priest cover that time, that there's a demand for like 779.4 hours, or excuse me, minutes of confession, that priest would only be allocating approximately like seven and a half percent of their working hours, their work toward handling confession. This seems like not enough confession given the standards of confession in the Catholic church. And again, I know that I'm, I'm now allocating that to one priest and I just told everybody you need three. That's true. So if you had these three now, if you hired three just to meet the demand, that would only be about like three and a half or a little under three and a half percent of their combined time. So the denial is Catholics, I think, unless I'm way off in some of my assumptions here, you might not be confessing enough by your own standards because  [00:24:33] Tony Arsenal: Yeah.  [00:24:34] Jesse Schwamb: Uh, that seems like not enough time.  [00:24:38] Tony Arsenal: Yeah. Yeah.  [00:24:39] Ritual Faithfulness Explained [00:24:39] Tony Arsenal: I mean, I think, um. I don't want to be too bombastic here, but I think,  [00:24:46] Jesse Schwamb: I think I already started this on this  [00:24:48] Tony Arsenal: path. Maybe this, maybe this isn't all that bombastic. Um, because this is so much about ritual and actually I say this is gonna sound really, we, we go, but trying to think from the Roman Catholic perspective, it's actually not, and I'll I'll tell you a brief story, uh, to explain it. Um, a lot of Roman Catholics are just going through the motions. [00:25:13] Jesse Schwamb: That's true.  [00:25:14] Tony Arsenal: But the point, the, the, the point of contention actually is that going through the motions is valuable for the Roman Catholic, right? So I, I knew this, uh, this young woman when I was in college who was a Roman Catholic, and we had many discussions about, about the differences between Protestantism and and Roman Catholicism. And what I came to understand is that going to mass for her. Itself was an act of faith. And so for the Roman Catholic, the concept of, of faith is different than the concept that Protestants operate under. So for the Roman Catholic who, um, goes to mass, even when they feel like they're, like, when they think they're just going through the motions, going through the motions is itself the act of faith. And that's because for most of Roman Catholics, most of Roman Catholicism, faith really equals faithfulness, right? So, so doing the act is the act of faithfulness. Doing the act is faith. Where for the Protestant, like faith is about belief and trust and knowledge. Like it's, it's an. Not entirely intellectual, but it's, it's an inward thing for the Roman Catholic faith is an out is primarily an outward thing. It's what you do, it's how you act. It's faith formed in love. It's faith formed in charity.  [00:26:36] Jesse Schwamb: Right.  [00:26:37] Tony Arsenal: So I think most Roman Catholics going to obligatory confession first. I think once a month is probably like, probably more frequent than most Roman Catholics go to mass or go to confession. Um, I thought I read a stat that it was like every six months is, is pretty average and I think that's what's required by the church maybe even once a year is, is required by the church. Um, I think like most Roman Catholics go into the, the confessional booth and like father forgive me for I've sinned. It's been such and such a number of days since my last confession. Right. And they may bring up a couple particular things that they've done and, and then I think the priest commonly absolves them of all of their sins. Like, almost like in an omnibus fashion and then prescribes their acts of penance, which is it, it like, honestly, it's probably things they should already be doing as a faithful Catholic saying Hail Marys and doing our fathers and acts of charity and things like that. So I think your math is probably right. [00:27:39] Protestant Repentance Particular [00:27:39] Tony Arsenal: I think your, your theory that more confession is probably like, I'm gonna read this from, uh, the Westminster confession, just to, just to say it here, is, this is chapter 15, which is titled of Repentance Under Life. And this is, uh, this is section five or paragraph five. It says, men ought not to content themselves with a general repentance, but is every man's duty to endeavor, to repent of his particular sins, particularly. And I think that's just such a beautifully phrased sentence like. Not only is it like potent theologically, but like, it just, it just feels good, like in terms of like the English language to repent of your particular sins, particularly. And like the idea is yes, Protestant reform, Christians affirm a general repentance from sin, right? We repent of our sin before the father, uh, as a result of our, of our coming to faith in Christ. And as part of our sanctification, we mortify our sin and we, Viv we are vivified by the spirit and repentance falls in that ongoing sanctification process. And there is this general repentance of like, I repent of the fact that I'm a sinner and that I commit sins, but there is this element in the reformed faith of like, I should be confessing to God. And I think by extension, like we should be confessing to our fellow Christians, our particular sins, our individual sins, and we should be doing that on particular occasion. And I think like. The Luther style confession of like going into the confessor and confessing like every particular sin. Particularly I think most Roman Catholic priests would, priests. Priests would probably have the same reaction Tobits did where he was like, get outta here. Like, come on dude. Like just go live your life and like deal with it. I think that's probably the reaction most Catholic priests would have. But yeah, I think you're right. Like if we're really talking about like. Five, five minutes of confession once a month and that somehow having some sort of spiritual efficacy. I'm not sure I buy that math. Like I think you're, you're probably spot on.  [00:29:47] Jesse Schwamb: Yeah.  [00:29:47] Confession Hours Oddities [00:29:47] Jesse Schwamb: I just was curious about how many priests would be required and then the allocation of the duties. By the way, you are right. So I, because I had to check on this, the, the fourth letter in council of 1215 does say that the church requires confession of any grave or mortal sins at least once a year. But the church, yeah, strongly encourages more frequent confession as a spiritual practice, even for, of course, like the venial or the less serious sins in their eyes. So yeah, my thought here was just that. I think it's actually undervalued by way of the math. Like the, as the kids say, the math just isn't math thing for me on this one. But I was more curious about, since this is one of the seven sacraments, even if you just said like, well, it should have at least one seven of the allocation. That's like, what? Like something like 14%. And so this is, um, almost half of that. I just found it a little bit, a little bit odd and yeah, I think you'd have to be, uh, so in other words, when I looked at the, basically, here's the bottom line. When I looked at the hours for confession one, there were weird times and uh, two, I was like, that doesn't seem like enough hours. Like, it was just more like that. Like how that's like saying like, Hey, the post office is open three hours a week, and by the way, one of those hours is from seven to eight o'clock on Friday. Like they had some hours. One hour just on Friday was like, I guess that's the way you wanna start your weekend is like, let's get all of this off my chest. Yeah. And, and do it. Right. And the last thing I'll say by the way, is you're correct. When you look at the instruction they give you, and this is common of course, toward the end, when they say like, here's how you like wrap up your part. Actually everybody should go read, go to the local, local Catholic church website and read the instructions. 'cause in some ways they're just interesting and kind of, um, I don't wanna say funny 'cause I'm not making fun. I'm just saying like, they have to give you instruction if you've never done it before. And so most of us are not really probably familiar with the process and they give you explicit instruction and toward the end it's like, here's how you kinda like hang up the call with the priest. And it's like you said, you know, these are my sins and all others, would you be willing to forgive? So you're right. Right. They just kinda wrap them all up because it's sins of omission, sense of commission, it's all to be together. But I, I wonder, you gotta think there's people in there that are like. The priests are like, okay, man, just yeah. Wrap, come on, wrap, wrap it up.  [00:31:55] Confession Timing Talk [00:31:55] Jesse Schwamb: And other people that come in are just like, you know, forgive me father. And uh, lastly to your point, when they give you instruction about how you should start, of course you're always to signify how long it's been since your last confession. Right. Confession. And they say parenthetically, like, reference the days, weeks, months, or years. So you're right. There are gonna be people that probably do it very frequently and probably people who do it infrequently still, I would say I just couldn't believe for a church this large, that there was just three hours a week.  [00:32:21] Tony Arsenal: Yeah.  [00:32:21] Jesse Schwamb: For everybody else.  [00:32:22] Tony Arsenal: Yeah.  [00:32:23] Vance and Papal Authority [00:32:23] Tony Arsenal: This leads me to two very brief sub, uh, denials slash affirmations. Uh, I don't know if you saw this, um, this is not a political statement, right? I, I have lots of feelings and thoughts about the current administration and I think most of my feelings and thoughts would surprise. Everybody. But I thought it was hilarious because JD Vance, who is a Roman Catholic, uh, confessed Roman Catholic part of the Roman Catholic Church, uh, he ha I, I'm not sure if I'm affirming or denying this, there was this funny, uh, funny exchange. I think he was at doing like a, doing like a TPU, I don't know, speech. He was doing a speech at some conservative event and he said something like, I think that the Pope should be more careful when he makes theological statements. I'm wanna be like, do you understand what the pope is in your religion? That was one of my sub denials. Uh, I don't remember what the other one is, so it must not have been that important. It'll come back to me at the worst possible moment and I will try very hard not to interrupt our show for it, but I probably will fail.  [00:33:25] Jesse Schwamb: Yeah.  [00:33:25] Reading Matthew 21 [00:33:25] Jesse Schwamb: Listen, we, we gotta get to some scripture because. We're, we're doing this old school style where we take like half the time and just talk about affirmations. It's true in house. It's true. Which is great fun. But let's, let's get back to Matthew 21. And I, I know we did this last time, but I am gonna rock through the passage 'cause of course, that's the best part of any of our discussion, is actually hearing from, from the Holy Spirit through the scripture, uh, which he's given to us. So this is, uh, Matthew 21, starting in verse 33. And you're gonna hear the, the whole thing right here. Uh, this is Jesus speaking. Listen to another parable. There was a landowner who planted a vineyard and put a wall around it and dug a wine press in it and built a tower and rented it out to vine growers and went on a journey. Now, when the high risk time approached, he sent his slaves to the vine growers to receive his fruit, and the vine growers took his slaves and beat one, killed another, and stoned a third. Again, he sent another group of slaves larger than the first, and they did the same thing to them. But afterward he sent his son to them saying they will respect my son. But when the vine growers saw the sun, they said among themselves, this is the heir. Come let us kill him and seize his inheritance, and they took him and threw him out of the vineyard and killed him. Therefore, when the owner of the vineyard comes, what will he do to those vine growers? They said to him, he will bring those wretches to a wretched end and will rent out the vineyard to other vine growers who will pay him the proceeds at the proper seasons. Jesus said to them, did you ever read in the scriptures the stone, which the builders rejected? This has become the chief cornerstone. This came about from the Lord, and it is marvelous in our eyes. Therefore, I say to you, the kingdom of God will be taken away from you and given to a nation producing the fruit of it. And he who falls in the stone will be broken to pieces, but on whomever it falls, it will scatter him like dust. And when the chief priests and the Pharisees heard his parables, they understood that he was speaking about them. And although they were seeking to seize him, they feared the crowds because they're regarding him to be a prophet. [00:35:28] Tony Arsenal: Yeah. Yeah.  [00:35:30] Pharisees Condemn Themselves [00:35:30] Tony Arsenal: This is like a super heavy parable. Right. And we talked a lot last week about how like the point of this parable is not necessarily to try to instruct the Pharisees or the Sadducees. Like it's not to instruct the people who were going to reject Christ, uh, the, the builders who would reject the cornerstone. It's really a parable to teach those. Who are observing this process happening. But I think it's, I, I think it's really interesting just listening to you read this and reading through it, and I guess this is a question I haven't asked and I, I need to study a little bit more. It's crazy to me in verse 41, um, Christ seems the, the, the, um, Matthew seems to say here, and maybe I need to do a little bit more Greek study, so bear with me and, and have grace if I'm wrong here. Matthew seems to say that like Christ asks the people he's speaking to, the Pharisees he's speaking to, what is he gonna do to these people? And the Pharisees answer, he's gonna put those wretches to a miserable death.  [00:36:36] Jesse Schwamb: Right?  [00:36:37] Tony Arsenal: Like the people listening to this parable understand the outcome, like they understand the. The consequence that the, the, the vineyard owner or the vineyard tenant tenants are facing based on their lack of faithfulness to the covenant. To me, that is like a really striking part of this parable. And, and it's not even like the parable proper, but like the striking element of the context of this is that nobody listening to this parable, including the Pharisees that this parable has basically spoken against, nobody fails to see the gravity of the consequence of rejecting God's emissary, like rejecting the Messiah. That to me is like a really, I dunno, paradigmatic. Portion of this that I think we need to grapple with. This is not an unclear, an unclear outcome. This is not, this is not masked or vague or OPA opaque. Like everybody understands, the people who reject the Messiah are going to face dire and eternal consequences for that act. [00:37:48] Jesse Schwamb: That does make this really interesting, doesn't it? Because it's not just entirely like Romans one adventures or even Romans two. It's that this is what Jesus does and he does it in a profound way that's not trickery like I think kinda like you're saying like the lead up to this isn't as if he's even leading the witness. He's making it very clear, all like the parameters of the story and the characters involved and what should be the proper judgment. And it's not as if like they start saying, they're like, oh, we shouldn't say anything more like we, we plead the fifth because it's gonna condemn ourselves. He draws his audience in to producing and pronouncing like their own sentence. It's very much like, I think I mentioned this last time, the prophet Nathan and David, isn't it? It's the exact same. Yeah. And the verdict is unanswerable, like even in its own terms. These other, like these other vine growers, prefigures of course like the inclusion of the Gentiles and the apostolic office. But I like that what Jesus does here, even before he gets to that point, is he extorts from them an acknowledgement of the punishment which awaited them. And so in this way there's like, I think the Puritans use this passage a lot actually to demonstrate that the natural conscience even of like the unregenerate, still bears witness to divine justice. That's Romans two. Like they, they can't get out from underneath it and Jesus isn't using any trickery on them to get them to say this thing. They are compelled in their own way, even being unregenerate to, like you said, even as they're rejecting the Messiah to recognize that punishment is due these characters in the story, even as they perceive at the end that they are those characters. [00:39:21] Tony Arsenal: Yeah.  [00:39:22] Jesse Schwamb: Saying we'll receive the judgment.  [00:39:24] Tony Arsenal: Yeah.  [00:39:25] Usurpers Not Misguided [00:39:25] Tony Arsenal: And I think too, like, um, this is kind of one of those chicken or the egg scenarios, right? Like Christ is both recognizing the intention of their heart as well as prophesying. And, and not just prophesying, but like inception level prophesying the, the outcome of the intention of their heart. And so like, again, like we've, we spent a whole week kind of like leading into the parable and now we spent a whole week, we're gonna spend a whole week again kind of leading into the parable. This is such a deep parable, and that like Christ is not just laying bare. The fact that the, the people who were going to reject him were doing so out of this sort of like attempt and intention of usurping the kingdom of God for their own purposes. I think that brings a layer to this that we don't often appreciate in. Christ's interaction with the Pharisees. I think sometimes, and maybe this is because I just listened to an episode of where Matt Whitman on the 10 minute Bible hour talked about this. I think sometimes we actually have a tendency to sort of be sympathetic to the Pharisees where we think, you know, they were, they were just trying to obey God's law and they got a little sideways on it and you know, they were putting these boundaries in place, but they were doing it in this sort of like misguided attempt to protect the people. Christ actually here seems to contradict that in that the comparison he's making is not to a, a well-intentioned group of people who just get it wrong, but he's painting the Pharisees, the, the religious leaders, the Sadducees, the chief priests. He's painting them as these usurpers who recognize the proper authority of right. The master and his emissaries and ultimately of his son, they recognize this proper authority and rather than submitting to it and submitting to the covenant obligations that they, they already actually agreed to, instead of doing that, they're going to reject that authority and try to take it for their own right. It's not just that they do the wrong thing, it's that they recognize the heir, which is Christ. They recognize this heir and they kill him to try to take his place. That is a really heavy element of this parable. Christ is not painting. Um, the, the, the Pharisees here, the, the religious leaders. He's not painting them as um, well-intentioned, but ultimately wrong, which is I think a lot of times, and I think there's reason to do this right. I'm not being overly critical and I've done this, I've actually done this myself, and I think there's some. Space for it. Like the Pharisees were wrong, but they were wrong, kind of in the right direction sometimes. Um, Christ is not really on board with that, at least in this parable. Right. This isn't about them thinking that the heir was a threat, and so killing the threat in, you know, inadvertently this is them absolutely seeing who the hair, who the heir is, and intentionally deciding to reject that heir and to murder him and to try to take his inheritance. Mm-hmm. That's an affront to not only the heir who they murder, but an affront to the owner of the vineyard himself, which of course in this parable is figured to be God the father primarily. But God in sort of general terms, like the whole Godhead, um, with Christ as the second Adam has, as his representative, as his heir. This is a really heavy parable and I think where this comes into play for us in our own Christian life is. Are there times where we. Sort of do the same thing in refusing to, maybe it's tie into your denial a little bit. Like refusing to acknowledge our own sinfulness, refusing to acknowledge the ways that God has provided for us. Um, do we at times look at what we have and lay claim to it as though it is our own inheritance that we've taken? Um, right. Do we kind of crucify the son of God anew in, in refusing to repent of our sins particularly? I dunno. I think those are some open questions for us to kind of explore as we dig into this a bit more. [00:43:54] Jesse Schwamb: And that may relate as well to, well eventually at some point, I dunno, like 2040, get to like the parable of the talents. There's some similarity there with a little bit, right? You're saying? I think you're right.  [00:44:06] God Does All the Verbs [00:44:06] Jesse Schwamb: And where I think we can anchor some of that is in those first couple of verses. I'm really always impressed by really the number of action verbs that are packed within, like that just initial statement of Jesus explaining the situation. [00:44:19] Tony Arsenal: Yeah.  [00:44:19] Jesse Schwamb: So he sets it all up and he's saying there's a planting that goes on, this landowner puts up a wall, digs a wine press. Builds a tower and then RINs it. So there's all these like amazing things being done, all this action verb. And I, I think in part why he comes against the Pharisees so hard in the same way that we're looking at like the parable that, uh, the, uh, talents for instance of saying like, what did you do with that was entrusted to you was like this great treasure which Christ has entrusted or God has entrusted to his people, which is, is the gospel essentially is, is all a prophetic witness, is like the truth of who God is and his revelation of himself. And so I think. The first thing we gotta see in those verbs is that there's this emphasis that the vineyard was God's sovereign creation. You know, he plants it, he chose it, he established it. Israel didn't plant herself. She was planted. And that sovereign initiative is foundational, I think in, like you're saying, the parables indictment, because these vine growers, they don't possess anything that they did not receive. Right. You know, they did not find a vineyard already planted, but God himself made it from the wilderness that all his glory, all the glory might be his. So. I think it's helpful for us to observe that the church is always the planting of the Lord and that no congregation flourishes that is not first planted by God. And so there is a major offense here when those who are to care for it, who know, like you're saying, that they ought to care for it, who understand something about the hierarchy and the way it has been entrusted to them. Not to only break that covenant, but then seek to try to usurp the power in the roles of those whom they should be, quite frankly, in our own language, like under shepherds too. And so it starts with all, all those verbs. Like I think we could probably spend a. A lot of times just speaking about what does it mean? Why? Why is there all this explicit in particular language about the fact that there's a hedge and there's a press besides just these are part in piece mail or part and parcel of what it means to have a vineyard, apparently, but that they're all part of this narrative of God talking about how he protects and cares for his people and sets them in a place and chooses them and is particular about the construction and does so with great volition and authority and care and concern and creative ability. And then again, you have those who are meant there to do the very job that he's entrusted them with. And not only are they not doing that, and of course you're right. Jesus elsewhere, comes in, comes in hot, right, with a Pharisees saying like, listen, you set burdens on people's backs that you yourselves cannot lift. You're twice as in the hell as anybody else, and that's who you are. Yeah. It's not just hypocrisy, but you're literally setting people up to fail in this. So you can see how you're right. It's not just like, guys, I appreciate that. Like you wanted to set up some additional boundaries and maybe you took it a little bit too far. This parable is just scorched earth. It's, it's nuclear. Yeah.  [00:47:10] Tony Arsenal: Yeah.  [00:47:11] Scandalous Vineyard Setup [00:47:11] Tony Arsenal: And you know, I think, um, we are obviously gonna spend another week on this 'cause we still have not really addressed a single verse in this parable. I, I think like a lot of ink has been spilled on explaining sort of like the feal agricultural arrangements of this passage. What it represents. M my understanding is. A typical arrangement would be that a, a landowner would basically just lease out land and the tenants would be responsible for the planting, for the development. Right. And the, the, the landowner would essentially just collect a portion of whatever they produce. Right. This parable is actually taking this a step further. Exactly. That it's not as though the landowner just says like, all right, you can use this land. Right. And I own the land, so I get a portion of the pro, the profit. He's actually done all the work. Yes. And all that. The, all that the, the tenants need to do essentially is reap the harvest and then provide the portion of the harvest that belongs to the landowner, and so there is a greater investment. Of the landowner into this land than would be expected. We've commented in the past about how a lot of times the, the parables start on sort of a premise of shock. Like there's a, there's an element of the setup of the, of the parable where the audience would kind of like sit back and gasp or kind of be like, wait a second. Like that's not normal. Right. In the parable of the, the, um, lost son, it was the idea that like the son demanded his inheritance. And that wasn't the shocking part. The shocking part was that the father just granted it. Right. Or, um, the lost sheep, like the, there's actually a sort of a shocking element to the fact that like the, the land, the like sheep owner would just go get this other sheep. So we've, we've commented on there's kind of like. There's sort of like a scandalous setup. The scandalous setup in this is not that the land has been leased to tenants, right? It's that the land has been prepared for the tenants before it was leased out in the first place. And I think that's something we might miss if we read over this too quickly, is. The landowner has prepared everything for these, these tenants.  [00:49:30] Jesse Schwamb: That's right.  [00:49:31] Tony Arsenal: So the, the, at the, the punchline of the parable where they refuse to acknowledge the sovereignty of, um, sovereignty and maybe a lowercase s in the, in the context of the parable, they refuse to acknowledge the sovereignty and the rightful claim of the tenant or of the landowner on the, the profit of the land. And sort of like highlighter emphasized by the fact that they actually didn't do any of the work. There's a certain kind of like Amer, like American rugged individualism where we're kind of like, yeah, like if I planted all the crops, then it's kind of lame that this guy's coming in expecting to take a portion of it, right? Like, yeah, I guess he owns the land, so maybe he gets a little piece of it, but like, who does he think he is? All of that already is already short circuited. Like I. The, these tenants are not actually, um, portrayed as doing anything in this parable. That's right. Like they just lease the land. They, they, um, and leased is not really like the right. The right word, the, the Greek word is omi, which is like he gave over the land to them. Um, when we say leased, we have this idea that like the tenants pay to use the land and then like part of their contract is that whatever profits they reap, uh, off the land goes back to the, to the landowner. This is really more like the landowner graciously allowed them to live on this land, and the only payment he required was that they would eventually provide him part of the profit back. Like he's planted the land, he's put up the fence around it. He dug the wine press so that they could make a product out of it. He built the tower so it would be defended. Yes. And he gave it over to them essentially just to like live on until it was time for the harvest. And all he is asking for is basically like, alright, so this is my land. I've planted the vineyards, the profit is mine to have. And so when the time came for him to come claim that that's where they have now rejected him. Yes. That's where they've now said like, I know you did all the work and really graciously allowed us to live in this land, but we're gonna keep all of it for ourselves. That's the scandal of this. That's what I think like the original audience would've set up and like, wait a second here. Like, hold on. They didn't even plant the vineyards themselves. They didn't even build the tower themselves. That's really the force of this that I think we miss when we, when we overemphasize, trying to think through like what the original agricultural arrangements were. 'cause this is painted. Very different than what the original arrangements would've been typical for. Like this is a different scenario and I think intentionally so,  [00:52:09] Jesse Schwamb: and we need those words like rented, at least in English, to help us understand that it didn't belong to them. It wasn't a gift, right? It wasn't as if like it was just turned over in the sense that it belongs to you now do with it what you will. And it's very clear in the passage one, like you said, that the landowner does all those things. So it was a, you know, he completely set it up. I mean, this is just such a beautiful, I think, depiction of the hold of prophetic, you know, understanding of God's word here, but it's very clear that says the, he sent his slaves to the vine growers to receive his fruit. So you're right. The scandal is that they're like, well, obviously. They need to give him his fruits, like  [00:52:48] Tony Arsenal: right.  [00:52:48] Jesse Schwamb: It was all set up before he left on this long journey. He then turned it over to them to care for, and that was really all that they were supposed to do. They had no role in this. And so it does like lead us in into this weird space where it's like, well, well what, what did the Pharisees think they were trying to do themselves? What does actually Jesus commenting on, on their own, like licit on their own initiative here, is he basically saying that not only are they not respecting his sovereignty, but they were trying to claim for themselves what only rightly belongs to God that even their position right. Society in culture as their representatives, God himself, they wanted to take that over for themselves, which he does bring that condemnation upon them in other parts of the scripture. So again, this is really hot. I think it's a, it's both heat and light, but there's no doubt that there's fire to this, right? Because it's a direct indictment that God the father set all of this up. You yourselves are on rented property, but guess what? Even the property that you've rented, I'm not exacting a tax from you as if like you have put forward and grown or supplied or created some kind of profitable outcome here. And I just want a piece of that. He's not even talking about tithing in that sense. What he's basically saying is, none of this belongs to you. Like how? Right? How dare you? None of this is yours. I set all of this up and in fact, because you've done so poor poorly at this, I'm gonna take it away from you and give it to those who actually produce fruit and guess what's gonna be the Gentiles? So it's, there's a wild. Amounts of condemnation packed into a very small story.  [00:54:19] Tony Arsenal: Yeah. Yeah. It really is.  [00:54:22] Tenants Add Nothing [00:54:22] Tony Arsenal: Um, there is nothing expected of these tenants. Right. There's no contract, like there's no terms, they, they really add nothing to the, the landowner's land, except I guess maybe they're the ones harvesting these, this fruit. Right. But even that's not explicit in the parable.  [00:54:43] Jesse Schwamb: Exactly.  [00:54:43] Tony Arsenal: Right. Right. He, he does all just to steal your thunder, like he does all the verbs. Yes. All of the ves are done by the landowner.  [00:54:50] Jesse Schwamb: Yes. Right  [00:54:51] Tony Arsenal: on. There is an implication that the, the tenants are somehow like the ones harvesting this, or they're the ones producing the wine, I guess, in the wine vat or the wine press. But at the end of the day. A normal tenant landowner agreement would be, I'm, you're, first of all, you're probably gonna pay me to use this land, right? You're paying me to use this land, and the way you pay me is you're gonna plant the, the gr the crop. You're gonna harvest it. You're gonna make the produce, and all I'm gonna do is let you live on this land. I'm gonna take the pro, like the profit, you're gonna pay me outta that profit. There is nothing asked or expected of these, th

This week Jason Howell and Jeff Jarvis unpack a surprising policy reversal from the White House, which is now weighing a plan to vet frontier AI models before release after revoking Biden's safety order on day one. They also dig into the Musk versus OpenAI trial testimony, where $80 billion Mars requests and near-physical confrontations made it feel more like a soap opera than a courtroom.Also in this episode: OpenAI traced a goblin obsession back to a rogue reward signal, Yann LeCun told students to ignore AI doom narratives, Gary Marcus called out Richard Dawkins for declaring Claude is conscious, a researcher invented a fake disease that every AI treated as real, and in the speed round, Nvidia's China market share hit zero, Anthropic launched a $1.5 billion enterprise joint venture, Google split its TPU into two chips, and China made it illegal to fire workers over AI. New episodes every Wednesday at aiinside.show. Note: Time codes subject to change depending on dynamic ad insertion by the distributor. CHAPTERS:  0:00 - Start 0:04:00 - White House Considers Vetting A.I. Models Before They Are Released Behind the White House's Potential Rethink on A.I. 0:13:51 - Canadian fiddler sues Google after AI Overview wrongly claimed he was a sex offender What Was Discussed at Google's White House Meeting About A.I. 0:22:32 - Top AI companies agree to work with Pentagon on secret data 0:24:09 - OpenAI's president does ‘all the things,' except answer a question 0:31:32 - Where the goblins came from (OpenAI) 0:36:29 - Video explaining JEPA with LeCun 0:42:50 - AI godfather Yann LeCun's blunt advice for the AI age 0:44:47 - Will A.I. Make College Obsolete? 0:48:51 - Marcus: Richard Dawkins and The Claude Delusion 0:55:29 - Scientists invented a fake disease. AI told people it was real 1:02:37 - Jensen says Nvidia now has 'zero percent' market share in China — says US export policy 'has already largely backfired' 1:04:40 - Anthropic Unveils AI Agents to Field Financial Services Tasks 1:06:12 - New: Higher usage limits for Claude and a compute deal with SpaceX 1:08:33 - Google's eighth generation TPUs: two chips for the agentic era 1:10:25 - China makes it illegal to fire humans if AI takes their jobs Hosts: Jason Howell and Jeff Jarvis  Download and subscribe to AI Inside in audio and video: https://aiinside.show/  Support the podcast on Patreon for special perks: https://www.patreon.com/aiinsideshow. You'll get ad-free episodes, members-only Discord, T-shirts and stickers you love, and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Learn more about your ad choices. Visit megaphone.fm/adchoices

Did a very different format with Reiner Pope - a blackboard lecture where he walks through how frontier LLMs are trained and served.It's shocking how much you can deduce about what the labs are doing from a handful of equations, public API prices, and some chalk.It's a bit technical, but I encourage you to hang in there – it's really worth it.There are less than a handful of people who understand the full stack of AI, from chip design to model architecture, as well as Reiner. It was a real delight to learn from him.Recommend watching this one on YouTube so you can see the chalkboard.Reiner is CEO of MatX, a new chip startup (full disclosure - I'm an angel investor). He was previously at Google, where he worked on software efficiency, compilers, and TPU architecture.Download markdown of transcript here to chat with an LLM.Wrote up some flashcards and practice problems to help myself retain what Reiner taught. Hope it's helpful to you too!Sponsors* Jane Street needs constant access to incredibly low-latency compute. I recently asked one of their engineers, Clark, to talk me through how they meet these demands. Our conversation—which touched on everything from FPGAs to liquid cooling—was extremely helpful as I prepped to interview Reiner. You can watch the full discussion and explore Jane Street's open roles at janestreet.com/dwarkesh* Google's Gemma 4 is the first open model that's let me shut off the internet and create a fully disconnected “focus machine”. This is because Gemma is small enough to run on my laptop, but powerful enough to actually be useful. So, to prep for this interview, I downloaded Reiner's scaling book, disconnected from wifi, and used Gemma to help me break down the material. Check it out at goo.gle/Gemma4* Cursor helped me turn some notes I took on how gradients flow during large-scale pretraining into a great animation. At first, I wasn't sure the best way to visualize the concept, but Cursor's Composer 2 Fast model let me iterate on different ideas almost instantaneously. You can check out the animation in my recent blog post. And if you have something to visualize yourself, go to cursor.com/dwarkeshTimestamps(00:00:00) – How batch size affects token cost and speed(00:32:09) – How MoE models are laid out across GPU racks(00:47:12) – How pipeline parallelism spreads model layers across racks(01:03:37) – Why Ilya said, “As we now know, pipelining is not wise.”(01:18:59) – Because of RL, models may be 100x over-trained beyond Chinchilla-optimal(01:33:02) – Deducing long context memory costs from API pricing(02:04:02) – Convergent evolution between neural nets and cryptography Get full access to Dwarkesh Podcast at www.dwarkesh.com/subscribe

Dan Nathan interviews Michael Nathanson, co-founder of MoffettNathanson, on the RiskReversal Podcast about his 28-year analyst career and pivot from linear media to digital advertising and Big Tech. Nathanson explains why Google and Meta became a hedge against cord-cutting-driven declines in cable networks, noting their strong growth, performance-ad monetization advantages, and durable distribution. He reflects on mistakes (notably underestimating Netflix) and lessons about backing secular winners while monitoring capital formation and competitive narrative shifts. The discussion focuses on AI's impact: Nathanson defends Alphabet's willingness to innovate, infrastructure advantages, first-party data, and TPU strategy, while questioning Meta's heavy AI and metaverse spending without a clear long-term plan or returns framework. He also describes MoffettNathanson's industry-first, supply-demand research process and independence from investment banking conflicts. After the break, Dan hosts Adam Singolda, CEO and founder of Taboola, on the Risk Reversal Podcast to discuss Taboola's role in the open web advertising market outside Google and Meta. Singolda explains Taboola's performance ad platform serves thousands of advertisers and pays partners about $1.5B annually, helping publishers, apps, and OEMs monetize and drive engagement. They discuss publisher pressure from LLM-driven “Google Zero” traffic declines, and Taboola's “Deeper Dive” answer engine that sits on publisher pages to enable conversational engagement; Taboola data shows users who ask questions generate 3+ times more revenue and 2–3 times more engagement than traditional ads. Singolda also announces a Claude skill that lets users launch and optimize Taboola campaigns agent-to-agent based on performance goals, argues OpenAI will struggle to build an ad business while Google's Gemini will likely succeed, and outlines how companies must adopt AI aggressively to accelerate growth and profitability. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

In this episode of The Circuit, Ben Bajarin and Jay Goldberg dive deep into an action-packed week for the semiconductor industry. Ben shares his firsthand insights from Google Next, detailing the launch of the new TPU v5p and v5i(referenced as 8T and 8I) and Google's strategic shift toward disaggregated training and inference silicon. The duo then pivots to Intel's surprisingly strong earnings, discussing whether the "CPU resurgence" and foundry improvements signal an end to the company's existential crisis. Finally, they analyze the "drama" from the TSMC Symposium regarding High-NA EUV adoption and debate the long-term durability of the current semiconductor bull cycle. 

AI više nije samo pitanje tko ima najbolji model – nego tko kontrolira cijeli sustav iza njega. Dok Anthropic lansira najjači javno dostupni model Claude Opus 4.7, istovremeno skriva još moćnije verzije iza zatvorenih vrata. U ovoj epizodi analiziramo zašto se AI namjerno ograničava, kako investicije eksplodiraju i zašto se prava bitka seli na infrastrukturu._______________0:00 Uvod0:47 Claude pustio svoj najmoćniji model4:30 Google je predstavio nove AI čipove s kojima napada Nvidiju6:30 TPU business i DeepMind zajedno mogli vrijediti oko 900 milijardi dolara7:30 Globalno je uloženo 300 milijardi dolara u tech - 80% iznos uloženo je u AI10:30 Big Tech će potrošiti 665 milijardi dolara na izgradnju infrastruktureTOP I FLOP16:30 Deepseek traži investiciju17:30 Meta će pratiti aktivnosti svojih zaposlenika na računalu19:00 Apple dobiva novo vodstvo20:45 Znanost je toliko napredovala da smo dobili... svjetleće biljke_______________

In this episode, Ray Cochrane unpacks Anthropic’s Mythos model and the Treasury’s emergency meetings with Wall Street, then digs into Apple’s vibe-coding crackdown and a gaming-anxiety study that hit way too close to home. Also covered: Verge’s solid-state motorcycle, UBTech humanoid robot sales jumping 23-fold, Japan’s first osmotic power plant, Finland’s permanent nuclear waste vault, Ghostty landing in Ubuntu, Cloudflare’s EmDash CMS, and a Claude Code skill that talks like a caveman. – Want to start a podcast? It’s easy to get started! Sign up at Blubrry – Thinking of buying a Starlink? Use my link to support the show. Subscribe to the Newsletter. Email Ray if you want to get in touch! Like and Follow Geek News Central’s Facebook Page. Support my Show Sponsor: Best Godaddy Promo Codes Get 1Password Full Summary Cochrane opens the show by framing Anthropic’s new Mythos model as the AlphaGo moment for cybersecurity. From there, the episode moves through Apple’s pushback against AI-generated apps, a gaming anxiety study with a deeply personal hook, a series of “first to ship” energy and robotics wins out of Finland, China, and Japan, and several developer-tool stories that show how quickly the economics of software are shifting. Mythos, the Detection Ceiling, and Wall Street’s Emergency Response Anthropic’s Mythos model has Wall Street rattled. Operating autonomously, Mythos found and demonstrated the exploitation of a 27-year-old TCP SACK bug in OpenBSD, an operating system famous for being one of the most security-focused on the planet. Per Anthropic’s red team, over 99% of the vulnerabilities Mythos has identified remain unpatched. The researchers’ conclusion is blunt: “the moat in AI cybersecurity is the system, not the model.” The policy response moved fast. On April 7th, Treasury Secretary Bessent and Fed Chair Jerome Powell pulled the CEOs of Goldman Sachs, Citi, Bank of America, and Morgan Stanley into Treasury headquarters on short notice. All four banks are now testing Mythos internally. Treasury CIO Sam Corcos is also seeking direct access. Anthropic is gating distribution through Project Glasswing, a limited-access program with JPMorgan, Apple, Google, Microsoft, and Nvidia. Cochrane comes down firmly behind Anthropic’s gated approach. Because a 5.1-billion-parameter open model can apparently recover the core analysis chain for the OpenBSD flaw, this capability is not locked behind Frontier Compute. He wants the critical infrastructure hardened before the public gets keys. However, he also notes the bigger lesson is about human wisdom: people offloading all their thinking to AI lose out on the wisdom that makes any of these tools genuinely useful. Apple Bans Vibe Coding Apps from the App Store Apple has been quietly pushing back against what people are calling “vibe coding” apps. Replit, Vibecode, and an app called Anything all run AI models on the phone and produce working software that runs inside the host app. Apple cites Guideline 2.5.2, in effect since 2017, which requires apps to be self-contained. Replit and Vibecode had their App Store updates blocked. Anything was pulled in late March, briefly restored on April 3rd, and then pulled the same day again. The forcing function is volume. App Store submissions jumped 84% in a single quarter as vibe coding tools flooded Apple’s review queue with AI-generated apps. Cochrane thinks Apple is justified, given the security issues swirling around the Vibe coding ecosystem. Even a beautiful diamond gets lost in a sea of sand, and that flood is exactly what Apple is trying to manage. The company behind Anything is now pivoting to iMessage, desktop, and Android. Playing Video Games to Win Is Linked to Higher Anxiety Cochrane gets personal on this one. Through high school and his early 20s, he was deeply addicted to League of Legends. His dad teased him about it constantly. In the last few years of that addiction, his body would go ice cold and shake every ranked match before. His partner identified it as a panic attack. The moment that happened, he quit. Today, he no longer shakes. The new study lines up with his experience. Researchers Kayleigh Watters and Mikael Rubin at Palo Alto University analyzed a publicly available database of 13,464 adult gamers, most of whom primarily played League of Legends. Players who game to win show higher generalized anxiety but actually play fewer hours, since performance pressure pushes them out. Players who game to relax show strong links between social anxiety avoidance and more hours played. The study appeared in the Journal of Affective Disorders. The headline framing of “playing to win makes you anxious” misses the point. The real finding is more interesting: gaming for avoidance and gaming for competition are both warning signs, for different reasons. Cochrane notes that the League of Legends community’s toxicity has been a running joke for years, and this study suggests the game’s structure may have been manufacturing the anxiety that fueled it. Sponsor: GoDaddy Economy hosting is $6.99/month, WordPress hosting is $12.99/month, and domains are $11.99. Both hosting plans include a free domain, professional email, and SSL certificate. Go to geeknewscentral.com/godaddy for the best pricing and to directly support this independent show. Verge Motorcycle: World’s First Production All-Solid-State Battery Cochrane filled his tank for $60 today, which made this story land especially hard. His mom has driven electric for years and patiently manages a 90-mile real-world range. The next-generation answer is already shipping. Verge Motorcycles, a Finnish company, is the first production vehicle of any kind with an all-solid-state battery. Their 2026 bikes ship in Q1 with a pack from Donut Lab, another Finnish outfit spun out of Verge. The numbers are bonkers. The pack delivers an energy density of 400 Wh/kg, roughly double that of current Tesla cells. It sustains 100kW charging, hits full charge in about 5 minutes in the lab and 12 minutes on the actual bike, and the long-range version covers 600 kilometers (about 370 miles) per charge. Toyota, QuantumScape, and Samsung SDI have all been telling us that solid-state is coming in 2027 to 2030. A Finnish motorcycle company shipping in Q1 2026 just embarrassed them all. UBTech Humanoid Robot Sales Jump 23-Fold UBTech dropped its 2025 annual earnings on April 1st. Humanoid robot revenue hit 820 million yuan, roughly $119 million USD, up 2,203% from 35.6 million yuan the year before. Unit sales went from 3 robots in 2024 to 1,079 in 2025. Shares jumped 14% on the announcement. The customer list is a real industrial deployment: BYD, Foxconn, Geely, FAW-Volkswagen, and Audi. The flagship is the Walker S2, with UBTech targeting 5,000 units in 2026 and 10,000 in 2027. Cochrane is honest about what this means. He does not think we are heading for an extinction event, but worker displacement is a real concern. The US has no universal income or universal healthcare. The people affected are not white-collar managers. They are everyday line workers who already make the least on the ladder. Work efficiency reportedly doubles when these robots arrive, which is a company-side win, but the humans they replace are not getting half a year of gardening leave to retrain. He invites the listener to take on this one directly. Japan Switches On Asia’s First Osmotic Power Plant In August 2025, Fukuoka’s Seawater Desalination Center quietly opened Asia’s first osmotic power facility. It generates about 880,000 kilowatt-hours per year, enough for roughly 220 homes. It is only the second operational osmotic plant in the world, after Mariager, Denmark, in 2023. Osmotic generation uses a salinity gradient: fresh water on one side of a membrane, salt water on the other, and the pressure difference spins a turbine. The clever part is what Fukuoka does with desalination brine. Instead of regular seawater, the plant uses concentrated brine left over from the desalination process. This amplifies the salt gradient and squeezes more energy out of the same membrane. The result is a closed-loop partnership: the desalination facility produces drinking water and leaves brine behind, the osmotic plant turns the brine into electricity, and that electricity runs the desalination facility. Every desalination plant on Earth produces brine, so if Fukuoka’s co-located model works, the same pattern could be replicated across hundreds of plants worldwide. Japan’s Luna Ring Solar Moon Proposal Goes Viral Again Shimizu Corporation’s Luna Ring concept is making the rounds again. The pitch: a 6,800-mile belt of solar panels around the Moon’s equator, beaming microwave power back to Earth. Project lead Tetsuji Yoshida has long argued that a full ring could eliminate fossil fuel dependence entirely. The proposal first surfaced in 2013, has no funding, no government endorsement, and no concrete cost estimate. Shimizu has not put any active development behind it. Cochrane finds the concept fun every time it resurfaces. However, this would have to be a worldwide effort in the truest sense, with treaties, a new generation of launch economics, and microwave power transmission at a scale nobody has demonstrated. Beaming the power back to Earth has always been one of the biggest practical holdbacks. The Luna Ring is inspirational, but not shipping. Finland’s Onkalo Nuclear Waste Vault Opens Finland’s Onkalo facility is the world’s first permanent deep geologic repository for spent nuclear fuel. Operated by Posiva, the facility is buried about 430 meters down in 1.9-billion-year-old bedrock. It is designed to hold up to 6,500 tons of spent fuel and operate until the 2120s. The construction costs about €1 billion, with operating and closure adding roughly €4 billion more before the program is done. The catch is that radioactivity remains dangerous for hundreds of thousands of years. Edwin Lyman, director of nuclear power safety at the Union of Concerned Scientists, warned that the copper canisters will eventually corrode, with different scientific opinions on how fast. Geologic disposal remains “fraught with uncertainties,” and we have never validated an engineered system across a 100,000-year time frame. The bet is that the rock and copper outlast the radioactivity. Cochrane sees Onkalo as time-buying rather than a final answer. It is more of a bank holding spent fuel while science catches up. He prefers it to Japan’s ongoing approach of releasing tritium-treated water from Fukushima Daiichi into the Pacific, even though the dilution is well below WHO drinking water guidelines. Burying the waste in an insurmountable containment strikes him as the more honest answer to a problem nobody knows how to truly solve. Ghostty Terminal Lands in the Ubuntu Repos Ghostty 1.3.0 is now available in Ubuntu 26.04 LTS’s universe repository. The install is simply `sudo apt install ghostty`, no PPAs, no Snap, no Nix, no building from source. Ghostty was created by Mitchell Hashimoto, co-founder of HashiCorp. It is GPU-accelerated, uses native Swift on macOS and native GTK4 with libadwaita on Linux, and supports tabs, splits, profiles, ligatures, and the Kitty graphics protocol. Cochrane recently caught Hashimoto on a podcast, where he walked through his agentic coding workflow. Ghostty is being actively built using AI harnesses like Claude Code and Codex. Hashimoto told a story in which Codex fixed a six-month-old bug in 45 minutes, for a total API cost of $4.14. Personally, Cochrane uses WezTerm, but he is excited to see Ghostty become more widely available with a native UI rather than Electron. Borgo: Rethinking Go Using Rust Analytics India Magazine profiled Borgo, a programming language by developer Marco Sampellegrini (GitHub: alpacaaa). Borgo is statically typed with Rust-like syntax, but it compiles to Go and uses the Go runtime and garbage collector. It includes sum types (Option and Result), pattern matching, and full compatibility with existing Go packages. Notably, it removes Rust’s borrow checker and lifetimes entirely. Borgo is not new. It first appeared on Hacker News in 2023, with a RustLab talk in 2024. The 2026 angle is a renewed look at it through the lens of AI coding agents, since type-rich languages like Rust have been showing outsized productivity gains. Cochrane is a fan of Rust and stands by the borrow checker, but he enjoys these exploratory languages for what they reveal about what developers actually want. Caveman: A Claude Code Skill That Cuts 65% of Tokens Developer Julius Brussee built a Claude Code skill called Caveman that forces Claude to respond in stripped-down fragments. No articles, no “just,” no “really,” no pleasantries, no hedging. The tagline is “why use many token when few token do trick.” Across 10 real dev tasks, Caveman mode averaged 294 tokens per response, compared to 1,214 in normal mode. That is a 65% drop in output tokens. The project is MIT licensed with three intensity levels: lite, full, and ultra. Cochrane stumbled across the project online and shared it with a classmate who had been complaining about token costs. The classmate now insists that “the caveman is the only way to live.” Cochrane has not made the switch, but the bigger point lands. If a community plugin can cut 65% of tokens without correctness regressions, the labs are shipping verbose-by-default and charging users for the privilege. He suspects verbose output makes models feel more trustworthy, even when the token math says otherwise. Cloudflare Launches EmDash as a WordPress Successor Cloudflare released EmDash on April 9th, an open-source, MIT-licensed, TypeScript-based CMS pitched as the spiritual successor to WordPress. The big flex is that it was built in 60 days using AI coding agents. EmDash runs on Astro 6.0, either on Cloudflare’s edge platform or on a standard Node.js server. The plugin security model uses sandboxed Dynamic Workers with explicit permissions, addressing the architecture flaw that Cloudflare says causes 96% of WordPress vulnerabilities. Cochrane could not resist pointing out the irony of the name. The em dash has become the trademark giveaway that an AI was involved in writing. He has reservations about whether EmDash will succeed. WordPress is extremely hard to unseat, plenty of “WordPress killers” have come and gone, and the ecosystem is twenty-plus years deep. He is curious to see what comes next but not optimistic. Google Open-Sources the DESIGN.md Format Google Labs open-sourced the DESIGN.md format used by Stitch, their AI UI design tool. DESIGN.md is a declarative file capturing a project’s design system, colors, typography, and spacing in a way AI agents can read and apply. Cochrane has tried Stitch personally and finds it impressive at producing web designs. He has also seen DESIGN.md-style files already start appearing in repositories. He sees this kind of file becoming a new paradigm for agentic design, alongside robots.txt and llms.txt. However, he worries about a side effect. If everyone uses the same standardized format and the same AI tools, the web could become a homogeneous set of sites that all look the same. He is enthusiastic about the standardization but hopes designers continue to push for genuinely unique work. A 13-Liter PC With a Water Loop Built Into the Case Geeky Gadgets covered a build by “Visual Thinker”, a 13-liter mini-ITX case with custom SLA-printed water distribution plates built directly into the chassis. Instead of traditional soft tubing, plates channel coolant between the CPU and GPU blocks and are sealed with TPU and silicone molds. The case supports a full-size GPU and an SFX power supply. No thermal benchmarks, parts list, or pricing have been published. It is a one-off you cannot buy. Cochrane sees this as a sign of where PC building has gone in 2026. Modern mid-grade GPUs run nearly every recent game, so raw performance is no longer the differentiator. He likes seeing builders lean into design and craft rather than just stuffing the most powerful parts into a box. He admits he is the traditional type and built his own machine to maximize parts, but the design-first direction is a healthy evolution for the hobby. To close out the show, Cochrane recommends Pocket Casts as a podcast app. He finds it picks up new episodes very quickly. Big thanks to GoDaddy for over twenty years of keeping this show on the air, and a reminder that every promo code use is like writing a check to the show. The post Mythos: Cybersecurity’s AlphaGo Moment #1862 appeared first on Geek News Central.

Patrick Moorhead and Daniel Newman break down a massive week in enterprise tech, from Google Cloud Next's full-stack AI push and Amazon's $100 billion Anthropic commitment, to Apple's leadership transition and Intel's long-awaited foundry validation courtesy of Elon Musk. The handpicked topics for this week are: Google Cloud Next 2026: Full-Stack AI and New TPUs — Google Cloud Next has cemented itself as the second-biggest AI event on the calendar, with Thomas Kurian declaring the proof-of-concept era over and enterprises now in full production mode with agents. Google unveiled two next-generation TPUs (the 8i for training and the 8t for high-throughput inference) and reinforced its full-stack differentiation from infrastructure through Gemini Enterprise Workspace. (The Decode) Google's Agentic Security and MCP Push — Google made a significant move into agentic security, combining Wiz and Mandiant into what Pat calls a sleeper announcement of the show. Google also committed to placing MCP servers across all of its data surfaces, meaning even non-Google platforms can tap into Google data without full lock-in. (The Decode) Google Distributed Cloud and On-Prem Agentic Orchestration — Google took the biggest first step Patrick has seen toward a true agentic orchestrator that spans on-prem enterprise and public cloud through progress on Google Distributed Cloud. No other company has yet attempted cross-environment agent coordination at this level. (The Decode) Amazon's $100 Billion Anthropic Commitment — Amazon formalized a commitment of up to $100 billion into Anthropic, including five gigawatts of Trainium capacity, making it the largest non-NVIDIA silicon commitment in history. Anthropic's valuation crossed $1 trillion just weeks after a $350 billion raise, a pace that has left even veteran analysts searching for new language. (The Decode) Adobe Summit 2026: Enterprise Agents and Jensen's Endorsement — Jensen Huang took the stage at Adobe Summit to deepen the NVIDIA-Adobe partnership, calling agentic workflows the new front end for SaaS rather than a replacement for it. Adobe reported $250 million in Firefly ARR and 45% quarter-over-quarter growth in agentic tool usage, yet the stock continued to disappoint investors expecting hypergrowth multiples. (The Decode) Apple's New CEO: John Ternus and Tim Cook's Legacy — Apple named John Ternus as its fourth CEO, closing the book on Tim Cook's 15-year tenure marked by custom silicon success, services expansion, and operational excellence, alongside misses in Vision Pro, the abandoned car project, and Siri's failure to become the AI front end it should have been. Ternus is a continuity hardware candidate, and the most consequential decision may prove to be keeping Johny Srouji over all of hardware. (The Decode) Intel Foundry: Elon Musk, TerraFab, and 14A Validation — One day before Intel's earnings print, Elon Musk publicly confirmed TeraFab will use Intel's 14A process, delivering the first verifiable public wafer commitment on that node. Intel then reported a 23% stock surge, 22% data center growth, and EPS of $0.29 against a $0.01 street consensus. (The Decode) The Flip: TSMC vs. Semiconductor Equipment Makers — Pat and Dan take hard opposing stances on who holds more power in the AI supply chain: TSMC with its control of over 90% of advanced AI silicon and irreplaceable process expertise, or the equipment oligopoly of ASML, Applied Materials, LAM, and KLA without whom no leading-edge fab can operate. The real answer, they conclude, is deep interdependence, though TSMC's combination of talent and leading-edge control gives it outsized leverage today. (The Flip) Intel — Intel's earnings were a blowout across the board, with data center up 22%, EPS of $0.29 versus a $0.01 estimate, and guide raised, driven by CPU price increases, customer pull-ins, and packaging volume growth. Hosts discuss whether the stock at current levels is pricing in foundry revenue that has barely begun to materialize on the tape. (Bulls and Bears) GE Vernova and Vertiv — GE Vernova posted a beat on revenue and EPS with orders up 71% organically and a $163 billion backlog, while Vertiv reported sales up 30% and raised forward guidance to $14 billion. Both companies reflect the acute power infrastructure demand tied to data center buildout, with Patrick noting their growth was likely already baked into share prices heading into the print. (Bulls and Bears) ServiceNow — ServiceNow beat across the board with a Rule of 57 growth result and AI run rate up to $1.5 billion, 50% above its prior target, though margin headwinds from three acquisitions and on-prem impacts from the Middle East conflict weighed on sentiment. Daniel argues the market has not yet accepted that workflow automation at enterprise scale will not be replaced by vibe-coded alternatives. (Bulls and Bears) IBM — IBM posted a triple beat with Red Hat up 13%, software up 11%, and Z mainframe up 48%, the latter driven in part by AI-assisted COBOL modernization tools making the platform newly relevant. The stock slid after hours despite the results, continuing a pattern Patrick describes simply as silly season for enterprise infrastructure names. (Bulls and Bears) SAP — SAP beat on revenue and earnings with cloud revenue up 19%, cloud backlog up 20%, and total backlog up 25%, reinforcing that enterprise ERP customers are not moving away from core platforms. Daniel and Patrick agree this is another data point showing enterprises are building AI on top of existing software stacks, not tearing them out. (Bulls and Bears) The Decode Google Cloud Next 2026 — TPU 8 Dual-Architecture and the Agentic Enterprise Stack https://cloud.google.com/blog/topics/google-cloud-next/welcome-to-google-cloud-next26 https://oplexa.com/google-cloud-next-2026/ https://www.itpro.com/cloud/cloud-computing/google-cloud-next-2026-googles-unique-advantages https://thenextweb.com/news/google-inference-chips-nvidia-challenge-supply-chain Amazon Commits Up to $25B More in Anthropic; $100B+ AWS Commitment in Return https://www.cnbc.com/2026/04/20/amazon-invest-up-to-25-billion-in-anthropic-part-of-ai-infrastructure.html https://www.nytimes.com/2026/04/20/technology/amazon-anthropic-investment.html https://www.geekwire.com/2026/amazon-doubles-down-on-anthropic-with-25b-investment-mirroring-its-openai-cloud-deal/ https://futurumgroup.com/insights/anthropics-gigawatt-scale-tpu-deal-with-broadcom-creates-a-structural-advantage/ Adobe Summit 2026 — CX Enterprise, Creative Agent, and Jensen Huang Onstage https://www.cxtoday.com/ai-automation-in-cx/adobe-summit-2026-cx-announcements/ https://www.cmswire.com/digital-experience/nvidia-ceo-jensen-huang-told-the-saas-world-agentic-is-here-adobe-was-listening/ https://www.techradar.com/pro/live/adobe-summit-2026 https://futurumgroup.com/insights/will-adobes-brand-visibility-solution-rewrite-the-rules-of-ai-driven-customer-experience/ https://www.linkedin.com/posts/patmoorhead_adobesummit-googlecloudnext-ai-activity-7451754772128514048-0BwK Apple CEO Transition — Tim Cook to Executive Chairman, John Ternus to CEO https://www.apple.com/newsroom/2026/04/tim-cook-to-become-apple-executive-chairman-john-ternus-to-become-apple-ceo/ https://www.facebook.com/HBR/posts/on-monday-april-20-2026-apple-announced-that-tim-cook-will-step-down-as-ceo-in-s/1324436846218173/ https://www.apple.com/newsroom/2026/03/introducing-apple-business-a-new-all-in-one-platform-for-businesses-of-all-sizes/ Intel Foundry Lands Tesla for Terafab on 14A — First External 14A Customer, and a Direct Shot at the TSMC Bottleneck https://www.reuters.com/business/autos-transportation/tesla-ceo-musk-says-company-plans-use-intels-14a-process-terafab-2026-04-22/ https://www.trendforce.com/news/2026/04/23/news-intel-tapped-as-tesla-wins-first-14a-customer-spot-in-terafab-push/ https://www.benzinga.com/markets/equities/26/04/51992031/musk-bets-on-intels-14a-process-tesla-stock-falls-on-capex-plans https://www.cnbc.com/2026/04/23/intel-earnings-q1-2026.html The Flip Who has more power in the AI chip supply chain — TSMC (the fabricator) or the equipment companies (ASML, Applied Materials, Lam, KLA)? FOR: TSMC is the single choke point for every leading-edge AI chip in production https://www.cnbc.com/2026/04/16/taiwan-semi-tsm-asml-stock-earnings-ai-chips.html TSMC's pricing power shows up directly in its gross margins — and customer behavior https://leverageshares.com/en-eu/insights/why-asml-and-tsmcs-q1-2026-results-didnt-stir-markets/ TSMC is now a systems integrator — CoWoS packaging is the real moat, not just lithography https://sterlites.com/blog/ai-supply-chain-2026-tsmc-asml-asic AGAINST: ASML is the single point of failure for every advanced node on the planet  https://sterlites.com/blog/ai-supply-chain-2026-tsmc-asml-asic Applied Materials, Lam Research, and KLA control the etch, deposition, and metrology steps every fab needs https://finance.yahoo.com/markets/stocks/articles/dear-lam-research-investors-mark-154010553.html The equipment oligopoly has better margin structure and less concentration risk than TSMC https://www.cnbc.com/2026/04/16/taiwan-semi-tsm-asml-stock-earnings-ai-chips.html Bulls & Bears Intel Q1 2026 — Huge Beat and Q2 Guide Raise; Data Center +22%, Stock +16% After Hours https://www.cnbc.com/2026/04/23/intel-earnings-q1-2026.html https://seekingalpha.com/news/4578382-intel-q1-2026-beat-guidance-raise-stock-surges https://www.nasdaq.com/articles/intel-reports-net-loss-q1-2026 Veritiv & GE Vernova Q1 2026 — AI Power Trade Reports a Massive Beat https://www.investing.com/equities/ge-vernova-llc-earnings https://www.techi.com/ge-vernova-vertiv-ai-data-center/ ServiceNow Q1 2026 — Strong Beat and Raise, But Middle East Deal Delays Crater the Stock https://newsroom.servicenow.com/press-releases/details/2026/ServiceNow-Reports-First-Quarter-2026-Financial-Results/default.aspx https://www.cnbc.com/2026/04/22/servicenow-now-earnings-q1-2026.html https://www.businessinsider.com/servicenow-ceo-dismisses-ai-threats-parlor-tricks-2026-4 IBM Q1 2026 — Beat on Top and Bottom; Mainframe Surge, Guidance Unchanged Sends Stock Lower https://www.streetinsider.com/PRNewswire/IBM+RELEASES+FIRST-QUARTER+RESULTS/26351381.html https://www.briefs.co/news/ibm-q1-2026-earnings-guidance/ https://seekingalpha.com/news/4578381-ibm-signals-5-percent-2026-revenue-growth-and-about-1b-higher-free-cash-flow-while-keeping https://www.barrons.com/articles/software-stock-selloff-ibm-earnings-servicenow-salesforce-665a8f73 SAP Q1 2026 — Beat on Cloud; Backlog €21.9B (+25% cc), Operating Profit +17% https://www.prnewswire.com/news-releases/sap-quarterly-statement-q1-2026-302752280.html https://www.gurufocus.com/news/8813611/sap-se-sap-reports-strong-q1-earnings-with-revenue-growth https://www.globalbankingandfinance.com/sap-reports-17-rise-first-quarter-profit/ Want the full breakdown from the ground at Google Cloud Next? Check out our live coverage: https://www.sixfivemedia.com/our-events/google-cloud-next-2026 Be part of our community — hit that subscribe button and let us know if you'd like us to go back to Friday drops.  

This week, Salesforce, OpenAI, Microsoft, and Google all made major moves toward "headless" software — platforms designed for agents rather than human users. The episode explores what this shift means for business models, the future of SaaS pricing, and who captures the value when agents become the primary consumers of enterprise tools. In the headlines: OpenAI triples its compute targets to 30 gigawatts, Google unveils separate TPU chips for training and inference, and Mistral may be joining forces with xAI.AI Practitioner's Credential Survey - ⁠⁠⁠https://tally.so/r/vGOLr4⁠⁠⁠Brought to you by:KPMG – Agentic AI is powering a potential $3 trillion productivity shift, and KPMG's new paper, Agentic AI Untangled, gives leaders a clear framework to decide whether to build, buy, or borrow—download it at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.kpmg.us/Navigate⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Granola - The AI notepad for people in back-to-back meetings. 100% off your first 3 months with code AIDAILY at ⁠⁠⁠⁠⁠⁠⁠http://granola.ai/aidaily⁠⁠⁠⁠⁠⁠⁠Mercury - Modern banking for business and now personal accounts. Learn more at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://mercury.com/personal-banking⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Zenflow Work - Agents for knowledge work - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://zenflow.free/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Drata - The agentic trust management platform - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://drata.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Blitzy - Want to accelerate enterprise software development velocity by 5x? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blitzy.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠AssemblyAI - The best way to build Voice AI apps - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.assemblyai.com/brief⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Robots & Pencils - Cloud-native AI solutions that power results ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://robotsandpencils.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Agent Readiness Audit from Superintelligent - Go to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://besuper.ai/ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠to request your company's agent readiness score.The AI Daily Brief helps you understand the most important news and discussions in AI. Subscribe to the podcast version of The AI Daily Brief wherever you listen: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://pod.link/1680633614⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Our Newsletter is BACK: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://aidailybrief.beehiiv.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Interested in sponsoring the show? sponsors@aidailybrief.ai

SpaceX struck a deal giving it the option to acquire Cursor for $60B or pay $10B, as xAI scrambles to catch up in AI coding. Google unveiled new TPUs and an agent platform, OpenAI shipped ChatGPT Images 2.0, and Mythos got accessed by unauthorized users. SpaceX says it's working with Cursor to build "the world's most useful models" and it has the right to acquire Cursor for $60B or pay $10B for the partnership (NYT) Google unveils a new TPU lineup consisting of the TPU 8t for AI training and the TPU 8i for inference, with general availability scheduled for later in 2026 (Bloomberg) OpenAI releases ChatGPT Images 2.0 with new "thinking capabilities", allowing it to search the web to help it create multiple images from a single prompt (The Verge) Source: a handful of unauthorized users in a private Discord channel have been accessing Anthropic's Mythos model since the day the company announced it (Bloomberg) Meta is installing tracking software on US staffers' computers to capture mouse movements, clicks, and keystrokes in work-related apps for use in AI training (Reuters) Disclaimer: ● Initial 3 week subscription and 4 weeks of medication from $79 plus tax and $179 per month plus tax for 12 week subscription thereafter. Final pricing depends on program selection. ● Noom GLP-1Rx Program involves healthy diet, exercise and support. Individual results vary. Meds & personalization based on clinical need. Not reviewed by FDA for safety, efficacy, or quality. No affiliation with Novo Nordisk Inc., the only US source of FDA-approved semaglutide. Not available in all 50 US states ● Based on an analysis of self reported data from 1,254 engaged Noom users. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jason Howell and Jeff Jarvis cover the week's biggest AI and tech headlines, including Tim Cook stepping down as Apple CEO and John Ternus stepping in, Anthropic's surprise White House visit and a possible Pentagon deal, and SpaceX's $60 billion option to acquire AI coding tool Cursor.Also in this episode: Google's agentic enterprise push at Cloud Next, unauthorized access to Anthropic's restricted Mythos model, Yann LeCun's new world model paper, Deezer's AI-generated music stats, Claude Design from Anthropic Labs, Google Deep Research Max, and ChatGPT Images 2.0. Find the show at aiinside.show. Note: Time codes subject to change depending on dynamic ad insertion by the distributor. CHAPTERS: 0:00 - Start 0:07:39 - Google Cloud Pushes Hard on AI Agents and Hardcore Computing 0:15:00 - Google announces ‘Workspace Intelligence' and TPU 8t + 8i chips 0:19:04 - Apple turns to hardware veteran Ternus as CEO to succeed Cook in AI age 0:29:01 - White House and Anthropic Hold ‘Productive' Meeting, Aiming for a Compromise 0:35:50 - SpaceX is working with Cursor and has an option to buy the startup for $60 billion 0:40:20 - LeWorldModel: Stable End-to-End Joint-Embedding Predictive Architecture from Pixels 0:41:40 - Explanation of it 0:52:02 - Deezer says 44% of songs uploaded to its platform daily are AI-generated 1:00:59 - Introducing Claude Design by Anthropic Labs 1:08:58 - Deep Research Max: a step change for autonomous research agents 1:09:51 - OpenAI's updated image generator can now pull information from the web  Hosts: Jason Howell and Jeff Jarvis Download and subscribe to AI Inside in audio and video: https://aiinside.show/ Support the podcast on Patreon for special perks: https://www.patreon.com/aiinsideshow. You'll get ad-free episodes, members-only Discord, T-shirts and stickers you love, and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Learn more about your ad choices. Visit megaphone.fm/adchoices

We've been following Aehr Test Systems since late 2022. We watched it run from a micro-cap to a $3 billion market cap on the back of AI accelerator hype — and we called what was coming next.In this episode, Nick walks through the full picture on Aehr Test Systems (AEHR): what the business actually does today, why the valuation has dramatically outpaced the fundamentals, and why management issuing $60 million worth of new stock into the market is exactly the signal investors needed to see.The core tension is straightforward but important. Aehr's InCal acquisition was genuinely smart — it diversified the business away from pure silicon carbide and EV testing into AI accelerator burn-in, likely serving Google's TPU supply chain through a subcontractor. Growth is returning. But the stock already reflects a massive, multi-year recovery in a single move. With quarterly revenue of just $10 million and fiscal 2027 guidance that implies somewhere between $50–100 million in annual revenue, a $2.5–3 billion market cap is pricing in a lot of optimism that hasn't been earned yet.This is a pattern CSI has seen before with Aehr — almost identically in mid-2023 during the silicon carbide and EV cycle peak. The key difference this time is that AI data center demand is likely more durable than EV was. But that doesn't mean the stock can't get ahead of itself in the meantime.The $60M ATM raise is management's way of saying: we agree the stock is ahead of our near-term guidance, and we're going to take advantage of that. It's not a death knell for the company. It is a clear signal about where we are in the cycle.What we cover:— Aehr's business today: silicon carbide, AI accelerator testing, and the InCal acquisition— Why $10M/quarter in revenue doesn't support a $3B market cap — yet— The ATM stock offering explained: what it is and why management used it— How the 2026 setup compares to the 2023 silicon carbide cycle top— Fiscal 2027: what management has guided and what remains unknown— Where the risk/reward sits for new investors considering entry nowSponsored by fiscal.ai — the platform Nick and Kasey use daily for semiconductor research. Get 15% off any paid plan at fiscal.ai/csiDisclosure: Nick and Kasey have held positions in Aehr Test Systems. This content is for general information only and is not individual investment advice. All investing involves risk.chipstockinvestor.com

In this episode, we discuss Google's significant announcements at their Cloud Next conference, including new TPU chips, the transformation of Chrome into an AI co-worker, and a multi-billion dollar deal with Thinking Machine Labs. Additionally, we explore OpenAI's partnership with Infosys for global enterprise expansion and incidents affecting Anthropic's cybersecurity tool, Mythos.Chapters00:00 Google's Cloud Next Announcements00:50 10xScience's Seed Round02:07 Neocognition Launches03:46 Anthropic's Cybersecurity Breach05:27 OpenAI's Partnership with Infosys09:51 Google's TPU and Chrome Updates12:43 Google's Competitive Position Get the top 80+ AI Models for $8.99 at AI Box: ⁠⁠https://aibox.aiHow I Grow and Scale My Business with AI: https://www.skool.com/aihustle See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We Like Shooting - Ep 659 This episode of We Like Shooting is brought to you by: Midwest Industries (Code: WLSISLIFE) Die Free Co. (Code: WLSISLIFE) Bowers Group (Code: WLS) Otis Technology (Code: WELIKESHOOTING15) Flatline Fiber Co (Code: WLS15) Text Dear WLS or Reviews +1 743 500 2171  Public   Show Titles   GOA GOALS Aug 1-2 in Iowa. https://goals.goa.org/ GunCon.net Tickets on sale now. Use code AGENCY171 GEAR CHAT Note Butt PUMP – https://x.com/Guns_com/status/2045565654690922951 [PTR] The Jack PTR's The Jack is a pump action 12 gauge shotgun offered in SBS or AOW format, based on a cutdown Mossberg Maverick 88. It features a 7-inch barrel and includes a sidesaddle shell carrier. The SBS model comes with both a stock and pistol grip for swapping. [Heckler & Koch] SP7 (Nick) The Heckler & Koch SP7 is a compact, civilian-legal semi-automatic pistol derived from the MP7 personal defense weapon. Chambered in 4.6 × 30 mm, it features a gas-operated rotary bolt system, low recoil, and exceptional accuracy with modern ergonomics including a full-length Picatinny rail and ambidextrous controls. Designed for professional security, tactical use, collectors, and sport shooters where legal. [Active Safety Designs] ARHK (Nick) The ARHK is a fully self-contained drop-in cassette trigger unit built on ARC-Fire technology, designed specifically for HK roller-delayed platforms including MP5, MP5K, and others. It installs directly into factory OEM polymer housings without modifications, featuring a pre-installed ejector and compatibility with all bolt carrier types. The trigger offers a three-position selector: Safe, Semi (standard pull), and Active Reset. [Beecher Tactical] NP-04 Plate Carrier (Nick) The NP-04 Plate Carrier by Beecher Tactical is designed from the ground up for additive manufacturing using fiber reinforced TPU and high strength cordage. It features a modular, user serviceable design with a structural, armor optional cummerbund and a padded liner of lightweight foaming PEBA for sweat wicking. Weight is around 3lbs dry, tested to hold 23lbs total load including plates. [OpenClaw] OpenClaw AI Agent (Savage) OpenClaw is an open-source AI agent platform that runs locally on macOS, Linux, or Windows, integrating with chat apps like WhatsApp, Telegram, and Discord to execute tasks such as managing emails, calendars, and shell commands. It supports various LLMs including Anthropic Claude, OpenAI GPT, and local models via Ollama. The software is free to install via a one-liner script but incurs costs for API usage and hosting hardware. BULLET POINTS SDS Arms Inglis 2035 The Inglis 2035 from SDS Arms is a modernized Hi-Power style pistol featuring a straight slide with lightening cuts, optics-ready configuration with suppressor-height sights, single-slot rail, aggressive serrations, extended beavertail, crisp flat trigger without magazine disconnect, G10 grips with palm swell, large ambidextrous safeties, and 15-round magazine capacity. It incorporates contemporary enhancements like a massive slide stop and magazines that drop free. The design is positioned for personal defense and close quarters, with potential military or police applications. FN PureView Holographic Pistol Sight The FN PureView from FN America is the world's first holographic pistol sight utilizing ImageGuide technology to project a 3 MOA dot that remains aligned with the user's line of sight for reduced distortion and improved accuracy. It features a compact aluminum and titanium construction with a DeltaPoint Pro footprint, automatic brightness adjustment, and motion-sensing auto-on/off. Battery life is 800 hours continuous with a CR2032, and it operates from -40°F to 126°F while being waterproof and fog-resistant. GUN FIGHTS No one stepped into the arena this week. THE AGENCY BRIEF Agency Update  Agency Update  THE HOOK (COLD OPEN) THE INTEL (THE STORY) Why? The Play-by-Play The Reality Check (Hidden Incentives) Rumors THE 2A ANGLE (LEGAL & IMPACT) The Threat Bruen Test Regulatory Creep THE TALKING POINTS (ON-AIR READY) WLS IS LIFESTYLE Parametric OWB Holster for Handguns using TLR-1 This is a universal parametric 3D-printable OWB holster designed for handguns equipped with Streamlight TLR-1 or Harbor Freight Braun weapon-mounted lights. Retention is based on the light body, allowing customization of dimensions to fit various guns via parametric files, with options for TEK LOK or Safariland mounting patterns and standard or metric hardware. Recommended for printing in PETG, it addresses limited aftermarket holster support for certain firearms. Explaining Bail in the Myrtle Beach Self-Defense Shooting Case On June 12, 2025, Tequarius Barrett, 19, was charged with first-degree assault and battery after allegedly firing a gun in a late-night altercation near North Ocean Boulevard in Myrtle Beach, South Carolina, claiming self-defense under the state's stand-your-ground law. His bond was reduced from $200,000 to $20,000 with strict conditions including GPS monitoring and firearm prohibition, highlighting bail challenges in self-defense cases. A stand-your-ground immunity hearing is set for April 17, 2026. THE ALLEY Pauls Valley High School Shooting Incident: Principal Tackles Armed Intruder On April 8, 2026, 20-year-old Victor Lee Hawkins entered Pauls Valley High School armed with two loaded pistols. One pistol malfunctioned when he attempted to shoot a student, allowing principal Kirk Moore to tackle him despite being shot in the leg. No specific manufacturer, model, or technical details of the firearms are provided. Note Are you ready to do what needs to be done? Prepare yourself today, the body can't go where the mind has never been. https://www.breitbart.com/2nd-amendment/2026/04/14/video-high-school-principal-tackles-wouldbe-mass-shooter/ Not Stated The article describes an incident at Old Dominion University where a pro-ISIS shooter named Mohamed Jalloh opened fire, but no specific manufacturer, model, or technical details about the firearm are provided. Army ROTC cadets, including Cadet Louis Ancheta, subdued the attacker using a pocket-knife, with no details on its make or model. No technical gear matching the required criteria (firearms with manufacturer and model) is explicitly detailed. GOING BALLISTIC Professor Jens Ludwig Pushes Behavioral Training and Public Space Improvements for Gun Violence Reduction (Savage) University of Chicago Professor Jens Ludwig advocates alternatives to uncertain gun control measures, proposing behavioral training programs like ‘Becoming A Man' in Chicago public schools to teach de-escalation of conflicts and urban design changes such as converting empty lots to pocket parks. These interventions target intuitive human thinking patterns (95% of brain activity) and environmental factors in high-violence areas to prevent escalation to gun violence. Detailed in his 2025 book ‘Unforgiving Places: The Unexpected Origins of American Gun Violence,' the approach focuses on low-income U.S. neighborhoods without restricting firearms ownership. GOA Demands Investigation into ATF's Leaking of Personal Information in Silencer Shop Found. v. BATFE (Savage) Gun Owners of America (GOA) is demanding a U.S. Department of Justice Office of the Inspector General investigation after DOJ attorneys representing the ATF publicly disclosed sensitive NFA tax returns and personal details of a GOA member on a court docket without redaction during the Silencer Shop Found. v. BATFE litigation. The filings included unredacted ATF Forms 1 and a declaration detailing the member's firearm collection, with the error repeated even after being alerted. GOA cites potential violations of 26 U.S.C. § 6103 prohibiting public disclosure of such information. Shreveport, Louisiana: Convicted Felon Kills 8 Children in Mass Shooting (Savage) A convicted felon in Shreveport, Louisiana, fatally shot eight children aged 3 to 11 across three homes and injured two adult women on April 19, 2026, before being killed by police after a chase. The perpetrator violated federal law by possessing a firearm due to his prior felony conviction for shooting at a vehicle. The incident has sparked political commentary on gun control, with critics like California Gov. Gavin Newsom blaming the NRA and calling for restrictions. 13 U.S. Senators Demand ATF Stop Enforcing Vacated Biden-Era ‘Pistol Brace' Final Rule (Savage) Thirteen Republican U.S. Senators, led by Sen. Bill Cassidy (R-LA), sent a letter to the ATF on April 15 demanding an end to enforcement of the vacated 2023 ‘Factoring Criteria for Firearms with an Attached Stabilizing Brace' rule, which classified most pistols with stabilizing braces as short-barreled rifles under the National Firearms Act. They urge the ATF to issue an interpretive rule clarifying that braced firearms are not SBRs and to seek a permanent injunction via ongoing litigation by Texas and Gun Owners of America. The rule was vacated by courts in August 2024, but ATF signals intent to continue its legal theory. REVIEWS Review: Brown guy 78 from Iowa Review from Brown guy 78, Solid gun knowledge, Shawn is deeply dove into giving the listeners knowledge, Jeremy is usually sick and snotty, but his knowledge is endless, Nick is the sharpest edge, maybe because he's silent most of the time. Aaron is absent . So yeah, great podcast! (Intentionally left Savage out.. fuck him.) 5 stars! Love this show! Review: Anonymous Coward from Florida PooP Review: Anonymous Coward from OR Hilarious that this guy is offended by Trump's actions where was he when Biden was falling down stairs tripping over chords calling out for a dead person in the crowd. Confused walking down the White House lawn passing the door He's supposed to be entering. Not sure where to go on stage....

Send us Fan MailFrank and Stephen discuss the latest updates in cloud technology, focusing on AWS and Azure. They cover topics like EC2 Fleet's new interruptible capacity reservation, Azure pricing challenges, and the retirement of certain virtual machine sizes. They also explore the benefits of Google's TPU 7x for AI training and the introduction of AWS's Sustainability Console for carbon emission tracking. The conversation touches on the importance of risk management in business decisions and the evolving landscape of cloud billing and sustainability.

I asked Jensen about TPU competition, Nvidia's lock on the ever more bottlenecked supply chain needed to make advanced chips, whether we should be selling AI chips to China, why Nvidia doesn't just become a hyperscaler, how it makes its investments, and much more. Enjoy!Watch on YouTube; read the transcript.Sponsors* Crusoe's cloud runs on state-of-the-art Blackwell GPUs, with Vera Rubin deployment scheduled for later this year. But hardware is only part of the story—for inference, Crusoe's MemoryAlloy tech implements a cluster-wide KV cache, delivering up to 10x faster TTFT and 5x better throughput than vLLM. Learn more at crusoe.ai/dwarkesh* Cursor helped me build an AI co-researcher over the course of a weekend. Now I have an AI agent that I can collaborate with in Google Docs via inline comment threads! And while other agentic coding tools feel like a total black-box, Cursor let me stay on top of the full implementation. You can try my co-researcher out at github.com/dwarkeshsp/ai_coworker, or get started on your own Cursor project today at cursor.com/dwarkesh* Jane Street spent ~20,000 GPU hours training backdoors into 3 different language models, then challenged my audience to find the triggers. They received some clever solutions—like comparing the base and fine-tuned versions and extrapolating any differences to reveal the hidden backdoor—but no one was able to solve all 3. So if open problems like this excite you, Jane Street is hiring. Learn more at janestreet.com/dwarkeshTimestamps(00:00:00) – Is Nvidia's biggest moat its grip on scarce supply chains?(00:16:25) – Will TPUs break Nvidia's hold on AI compute?(00:41:06) – Why doesn't Nvidia become a hyperscaler?(00:57:36) – Should we be selling AI chips to China?(01:35:06) – Why doesn't Nvidia make multiple different chip architectures? Get full access to Dwarkesh Podcast at www.dwarkesh.com/subscribe

Dan Nathan and Guy Adami discuss a volatile Friday session after a hotter-than-expected CPI, with software making multi-year lows while semiconductors push to highs, raising the idea that “something's gotta give.” They point to Microsoft's sharp drawdown as emblematic of software weakness and debate whether capitulation is near as earnings approach, while semis rally on incremental AI hardware headlines like Broadcom's TPU-related deal with Google and Anthropic. They consider a 2026 “trade” of bottom-fishing battered software and fading crowded semis, flagging Intel's rich valuation and Qualcomm's lagging performance despite an edge-AI/inference narrative. They also note security stocks selling off despite rising AI-driven vulnerability concerns, warn that any hyperscaler CapEx pullback could hit semis hard, and preview bank earnings amid mixed signals on consumer credit, deregulation/IPO optimism, and cyclical risk, alongside geopolitics affecting oil and Taiwan. Articles Mentioned Why the ‘SaaSpocalypse' doomsayers are wrong (FT) Anthropic Model Scare Sparks Urgent Bessent, Powell Warning to Bank CEOs (Bloomberg) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Episode 300 marks a milestone moment for The Six Five Pod as AI shifts from innovation to consequence. This week, Patrick Moorhead and Daniel Newman unpack the risks of frontier models, the growing complexity of AI deployment, and the market signals that reveal where tech is heading next. The handpicked topics for this week are: The Frontier Model Arms Race: Anthropic Mythos + OpenAI Spud — Frontier models are advancing beyond controlled testing environments, exposing real-world vulnerabilities across operating systems and enterprise infrastructure. The hosts examine how rapidly increasing model capability is colliding with security readiness, and what this escalation means for competition across leading AI labs. (The Decode) Controlled Release and the Emergence of Gated AI Deployment Models — Anthropic's decision to limit access to Mythos reflects a broader shift toward security-first deployment strategies. Rather than prioritizing speed to market, companies are beginning to gate access, signaling a transition toward more controlled, compliance-aware AI rollouts. (The Decode) Meta's AI Offensive: Muse Spark Launches — Meta's first reasoning model from its Superintelligence Labs is now live across its consumer ecosystem, giving the company a direct distribution advantage while signaling that its infrastructure spending is beginning to translate into frontier-level model output. The hosts unpack what Muse Spark means for reasoning, multi-modal use cases, and the pressure it could put on closed-model pricing. (The Decode) Intel Joins Musk's 'Terafab' Mega-Project — Intel's involvement in Terafab gives real weight to its foundry comeback narrative and opens up a larger conversation about who will actually build tomorrow's AI manufacturing infrastructure. More than just a partnership, this could determine whether Intel becomes a central player in the next generation of AI chip production. (The Decode) Intel in Talks with Google and Amazon on Advanced Packaging — Advanced packaging is becoming a strategic layer in AI infrastructure as chiplets, memory, and interconnect design grow more complex. Pat and Dan unpack how Intel's reported talks with Google and Amazon suggest the company is moving beyond wafers and deeper into the system integration layer that hyperscalers increasingly need. (The Decode) Intel and SambaNova Launch Heterogeneous AI Inference Architecture — Intel and SambaNova are pairing GPUs, RDUs, and Xeon 6 CPUs into a heterogeneous inference blueprint aimed at demanding agentic AI workloads. The conversation focuses on why this matters for enterprise, sovereign, and cloud deployments, and how it reinforces Intel's effort to stay central in an increasingly mixed-compute future. (The Decode) Maine's Data Center Ban: Maine's proposed freeze on large data center construction turns infrastructure buildout into a political and local governance fight. The hosts connect this story to the broader backlash against AI infrastructure, making the point that land, water, energy, and community consent are becoming real constraints on hyperscaler ambition. (The Decode) Broadcom + Google + Anthropic Lock in Gigawatt-Scale TPU Capacity — This deal shows compute is no longer being treated like an on-demand utility. It's being secured like strategic infrastructure. Pat and Dan break down how gigawatt-scale TPU capacity, custom silicon collaboration, and Google's expanding role in the stack reshape the competitive map for frontier AI. (The Decode) Is AGI Really Here, Or Is This the Best Marketing in Tech History? — The debate on The Flip this week centers on whether Anthropic's Mythos behavior and OpenAI's claims around Spud signal a true AGI threshold, or whether the labs are using selective disclosures, gated releases, and ambitious framing to shape market perception before the technology actually meets a general intelligence standard. (The Flip) Iran Ceasefire Triggers $1.5 Trillion Relief Rally — Announcement of a fragile ceasefire drove one of the biggest market relief rallies of the year, while oil reversed sharply and investors rushed back into risk. The segment looks at what this says about geopolitical sensitivity, supply chain exposure, and how quickly macro conditions can reshape market sentiment. (Bulls & Bears) April 14 Semiconductor Tariff Deadline: The AI Supply Chain's Moment of Truth — With the Section 232 deadline approaching, the market is watching whether semiconductor tariffs are extended, softened, or escalated. Pat and Dan frame this as a major supply chain and pricing question that could affect chip economics, sovereign AI buildouts, and infrastructure costs across the rest of 2026. (Bulls & Bears) Samsung Q1 Guidance Signals Continued AI Memory Boom — Samsung's guidance reinforces the idea that the AI infrastructure cycle is still driving massive memory demand. The hosts use the company's quarterly results to read through pricing, margin recovery, and discuss whether the current memory upcycle is a short-term squeeze or part of a more durable AI supercycle. (Bulls & Bears) The Decode Anthropic Mythos https://www.businessinsider.com/anthropic-mythos-latest-ai-model-too-powerful-to-be-released-2026-4 OpenAI Spud https://happycapyguide.com/blog/openai-gpt-55-spud-pretraining-complete-agi-leap-2026 Meta Launches Muse Spark Reasoning Model https://www.bloomberg.com/news/articles/2026-04-08/meta-debuts-first-ai-model-from-prized-superintelligence-group Intel Joins Musk's Terafab Mega-Project https://www.reuters.com/business/autos-transportation/intel-join-musks-terafab-mega-ai-chip-project-2026-04-07/ Intel in Talks with Google and Amazon on Advanced Packaging https://www.tomshardware.com/tech-industry/semiconductors/intel-reportedly-in-talks-with-google-and-amazon-over-advanced-packaging Intel and Sambanova Launch Heterogenous AI Inference Architecture https://sambanova.ai/press/sambanova-announces-collaboration-with-intel-on-ai-solution Maine's Lawmakers Propose Data Center Moratorium https://www.wsj.com/us-news/maine-data-center-ban-e768fb18 Broadcom + Google + Anthropic Lock in Gigawatt-Scale TPU Capacity https://www.anthropic.com/news/google-broadcom-partnership-compute The Flip Is AGI Really Here — or Is This the Best Marketing in Tech History? FOR: https://www.businessinsider.com/anthropic-mythos-latest-ai-model-too-powerful-to-be-released-2026-4 https://www.youtube.com/watch?v=J6vYvk7R190 AGAINST: https://techcrunch.com/2026/04/07/anthropic-mythos-ai-model-preview-security/ Bulls and Bears Iran Ceasefire Triggers $1.5 Trillion Relief Rally https://fortune.com/2026/04/08/markets-sp-trump-truce-ceasefire-iran-war-rally-strait-of-hormuz/ https://www.cnbc.com/2026/03/30/stock-market-today-live-updates.html April 14 Semiconductor Tariff Deadline: The AI Supply Chain Moment of Truth https://www.whitehouse.gov/presidential-actions/2026/01/adjusting-imports-of-semiconductors-semiconductor-manufacturing-equipment-and-their-derivative-products-into-the-united-states/ https://www.z2data.com/insights/the-section-232-semiconductor-tariff-explained Samsung Q1 Guidance Signals Continued AI Memory Boom https://news.samsung.com/global/samsung-electronics-announces-earnings-guidance-for-first-quarter-2026 https://www.reuters.com/sustainability/sustainable-finance-reporting/samsung-flags-eight-fold-jump-q1-profit-ai-chip-demand-drives-up-prices-2026-04-06/ https://www.wsj.com/tech/samsung-forecasts-record-first-quarter-operating-profit-d85414ac  

George Tsilis turns to stories moving stocks beyond the pending U.S.-Iran negotiation deadline. Rosenblatt's upgrade of Arista Networks (ANET) is tied to Broadcom (AVGO) and Alphabet (GOOGL) extending their TPU partnership. UBS also upgraded Morgan Stanley (MS) while Seaport downgraded multiple homebuilders. ======== 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

Send us Fan MailWe talk with Maurice Johnson from Floyd Brace and Limb about what it really takes to scale digital fabrication in a multi-clinic prosthetics and orthotics business without losing quality. We get candid about software friction, printer economics, adjustable socket ethics, and why turnaround time and cash flow often matter as much as the tech. • Floyd Brace and Limb's growth from a one-office shop to a multi-location model • why centralizing fabrication matters when clinicians need to stay patient-facing • the industry's fragmented scanning to CAD to print workflow and why it blocks repeatability • what Floyd prints today and why definitive sockets still often stay carbon fiber or outsourced • real-world cost targets and the volume problem with larger printers • AirFit-style transtibial consistency as a way to reduce heavy CAD dependence • Formlabs size limits, throughput questions, and hybrid print plus outsource strategies • adjustable sockets as both a patient benefit and an ethical billing discussion • material extrusion TPU flexible inners as an alternative to powder-bed fusion variability • early thinking on 3D printed SMOs and by-measurement versus cast-and-scan workflows Special thanks to Advanced 3D for sponsoring this episode.Support the show

Graphics processing units (GPUs) have become the most important commodity in the AI boom — and have made Nvidia a multi-trillion dollar company. But the tensor processing unit (TPU) could present itself as competition for the GPU.TPUs are developed by Google specifically for AI workloads. And so far, Anthropic, OpenAI and Meta have reportedly made deals for Google's TPUs.Christopher Miller, historian at Tufts University and author of "Chip War: The Fight for the World's Most Critical Technology," explains what this could mean.

Graphics processing units (GPUs) have become the most important commodity in the AI boom — and have made Nvidia a multi-trillion dollar company. But the tensor processing unit (TPU) could present itself as competition for the GPU.TPUs are developed by Google specifically for AI workloads. And so far, Anthropic, OpenAI and Meta have reportedly made deals for Google's TPUs.Christopher Miller, historian at Tufts University and author of "Chip War: The Fight for the World's Most Critical Technology," explains what this could mean.