Podcasts about TSMC

In der heutigen Folge sprechen die Finanzjournalisten Philipp Vetter und Holger Zschäpitz über tiefenentspannte Börsen, Agenten-Fantasie bei Meta und Microsoft und was sonst noch wichtig wird in dieser Woche. Außerdem geht es um Meta, Microsoft, Akamai, Boeing, Southwest Airlines, United Airlines, Kyivstar, BASF, Evonik, Micron, Oracle, Blue Owl Capital, Santander, BNP Paribas, Morgan Stanley, Amazon, Alphabet, Softbank, London Stock Exchange Group, Moody's, Broadcom, Nvidia, AMD, ASML, TSMC, Netflix, Charles Schwab, Allstate, Progressive, Booking Holdings, Airbnb, Verizon, Planet Fitness, Goldman Sachs, Mondelez, Walmart, Shopify, Visa, Mastercard, Equifax, TransUnion, Fair Isaac (Fico), Cloudflare, iShares Core MSCI World ETF (WKN: A0RPWH), Amundi EUR Overnight Return ETF (WKN: LYX0B6). Am 2. Oktober findet unser „Alles auf Aktien“-Summit in Berlin statt. Sichere dir jetzt dein Ticket, um Zugriff auf den Merch-Shop zu bekommen. Mit dem Code “FINANCEFRIENDS“ sparst du 50 Prozent aufs Ticket – aber nur unter folgendem Link: https://veranstaltung.businessinsider.de/event/financesummit26/summary?rp=c6dc55d6-6f4f-4fb4-b75f-3f3501d84859 - Werbung - Alle Infos zum 50-Euro-Aktions-Angebot von unserem Partner Smartbroker findet ihr hier: https://get.smartbrokerplus.de/finance26_aaa/ Wir freuen uns an Feedback über aaa@welt.de. Noch mehr "Alles auf Aktien" findet Ihr bei WELTplus und Apple Podcasts – inklusive aller Artikel der Hosts. Hier bei WELT: https://www.welt.de/podcasts/alles-auf-aktien/plus247399208/Boersen-Podcast-AAA-Bonus-Folgen-Jede-Woche-noch-mehr-Antworten-auf-Eure-Boersen-Fragen.html. Hier könnt ihr den AAA-Newsletter abonnieren: https://www.welt.de/newsletter/article232797673/Alles-auf-Aktien-Der-taegliche-Boersen-Newsletter-fuer-WELTplus-Abonnenten.html Und – ganz neu: AAA gibt es jetzt auch auf Instagram: https://www.instagram.com/alles_auf_aktien/ Disclaimer: Die im Podcast besprochenen Aktien und Fonds stellen keine spezifischen Kauf- oder Anlage-Empfehlungen dar. Die Moderatoren und der Verlag haften nicht für etwaige Verluste, die aufgrund der Umsetzung der Gedanken oder Ideen entstehen. Hörtipps: Für alle, die noch mehr wissen wollen: Holger Zschäpitz können Sie jede Woche im Finanz- und Wirtschaftspodcast "Deffner&Zschäpitz" hören. +++ Werbung +++ Du möchtest mehr über unsere Werbepartner erfahren? Hier findest du alle Infos & Rabatte! https://linktr.ee/alles_auf_aktien Diese Folge enthält Werbung für Smartbroker+. Depot eröffnen, 30 € ETF als Bonus sichern und aus tausenden ETFs wählen. Smartbroker+ macht Investieren einfach. Alle Informationen gibt es unter: https://get.smartbrokerplus.de/triple-aaa-podcast2/ Anzeige: Eight Sleep: Der Pod 5 reguliert die Temperatur im Bett automatisch, trackt Schlaf- und Gesundheitswerte ohne Wearable und kann so zu besserem Schlaf beitragen. Mit dem Code ALLESAUFAKTIEN erhaltet ihr auf https://www.eightsleep.com/allesaufaktien bis zu 350 Euro Rabatt. Impressum: https://www.welt.de/services/article7893735/Impressum.html Datenschutz: https://www.welt.de/services/article157550705/Datenschutzerklaerung-WELT-DIGITAL.html

Meta's Muse launch turned a consumer AI agent into a CPU demand story, a new round of frontier model releases sharpened the fight over token economics, and AMD crossed the trillion-dollar mark on the same compute thesis. Patrick Moorhead and Daniel Newman break down Meta Connect, Qualcomm's agentic-device push, the AI policy debate, and whether Meta has finally cracked mainstream AI wearables. The handpicked topics for this week are: 1. Meta Connect Turns Muse Into a Cross-Device Agent Platform: Meta used its developer conference to extend Muse, its consumer AI agent, across new Ray-Ban audio glasses, a camera-equipped version, and a palm-sized Muse Charm device. Patrick Moorhead tested Muse himself, booking and updating appointments and pricing airline tickets, and called its computer-use capability the real unlock. Daniel Newman pointed to a download pace faster than ChatGPT's and roughly 700,000 daily users, and argued Meta's bigger opportunity is taking a small cut of the transactions agents complete, since only 2% to 3% of consumers pay for AI today. Newman added that Futurum had raised its 2030 forecast for AI CPU revenue from $110 billion to $250 billion days before the launch, and expects to revise it again. (The Decode) 2. Qualcomm Builds Out the Agentic-Device Stack at Snapdragon Summit: In Maui, Qualcomm moved from one flagship smartphone chip to two and introduced an audio chip that lets earbuds and glasses connect over Wi-Fi without a phone, a move Daniel Newman read as a direct shot at Apple. Newman also flagged a new seven-year patent license with Apple and the acquisition of a robotics software company built around the open-source MoveIt platform. Patrick Moorhead focused on how Qualcomm's core technologies, including HBC stacking and modular designs, scale from wearables to hyperscale data centers, arguing that volume across billions of chips could give Qualcomm a cost advantage despite a projected 1% to 2% data center share in 2029. (The Decode) 3. Opus 5.5, GPT-6 Sol and Luna, and Grok 4.7 Intensify the Model Race: Anthropic, OpenAI, and xAI all shipped new models within days of each other. Patrick Moorhead cited Signal65 research he says shows Anthropic's newest model using roughly three times the output tokens of its top rivals to reach correct answers, which he tied to Anthropic's compute constraints, and noted OpenAI cut Sol pricing by up to 50%. Daniel Newman shared that one Fortune 100 company spending $200 million a year with Anthropic plans to cut that by about 75% by shifting workloads to open-source and on-device models. Newman argued the race is far from settled, with OpenAI, Meta, Google, and xAI all showing momentum, and that the labs that locked in compute early are best positioned to stay on the frontier. (The Decode) 4. AI Alarmism Meets Policy as Jensen Huang Rejects Extinction Risk: The push to rename AI "superintelligence" and a proposal from Sen. Bernie Sanders to ban superintelligence development kept the policy debate heated, while Jensen Huang said there is zero chance of AI causing human extinction. Daniel Newman warned that viral safety headlines rarely get corrected once they spread. Patrick Moorhead argued the tech industry lost control of the message by emphasizing job loss and danger without making the case for AI's benefits or explaining what losing the race to China would actually mean. (The Decode) 5. U.S.-China Talks Produce Pageantry but No Chip Agreements: President Xi's U.S. visit brought parades and a high-profile dinner with technology leaders, but Patrick Moorhead noted no agreements on chips or chip exports. He pointed to a two-month extension announced by Treasury Secretary Scott Bessent and farm purchase commitments, with Taiwan at the top of China's agenda. Both hosts noted the most concrete shared outcome was agreement on what to call AI. (The Decode) 6. The Flip: Has Meta Cracked Mainstream AI Wearables Without Full AR?: Patrick Moorhead argued yes, pointing to audio-only Ray-Bans that look like ordinary glasses, Muse's connected tools, and a lighter camera version, after 14 years of failed attempts across the category. Daniel Newman countered that Meta cracked the agent and its distribution to 3 billion users, not the wearable, since Muse demand shows up in the phone's app store and people will still want to review purchases on a screen before committing money. Both hosts said they plan to buy the new glasses. Note: The Flip assigns Patrick Moorhead and Daniel Newman opposing sides of a debate, positions argued are not necessarily their own views. (The Flip) 7. Intel ($INTC) Rallies as Muse Fuels CPU Demand Optimism: Patrick Moorhead explained that Muse assigns each user a virtual machine running on AMD EPYC processors, a CPU-heavy design that lifted Intel, AMD, and Arm. Intel gained between 10% and 15% on the news and is up about 40% for the month, while Arm is up roughly 30%. Daniel Newman noted Intel can currently meet only about half of the demand for its CPUs, and tied much of the enthusiasm to its foundry business, which he said could become worth twice the company's current value as TSMC capacity stays constrained. (Bulls and Bears) 8. AMD ($AMD) Joins the Trillion-Dollar Club: AMD became the latest chipmaker to reach a $1 trillion valuation, with shares near $650 and within reach of a price target Daniel Newman had set for 2028. Newman said the market is treating AMD as having everything to gain and NVIDIA as having everything to lose, while Signal65 testing shows each wins depending on the workload and software stack. Patrick Moorhead, who spent 11 years at AMD, credited Lisa Su and the team but called the valuation rich, noting AMD has competed against NVIDIA's scale-up systems without its own scale-up design until Helios, which has not yet shipped for revenue. (Bulls and Bears) Watch the full episode at sixfivemedia.com and subscribe to our YouTube channel so you never miss an episode. The Decode Meta Connect and Muse https://techcrunch.com/2026/09/23/everything-new-coming-to-metas-ai-agent-muse/ Qualcomm Snapdragon Summit https://techcrunch.com/2026/09/22/qualcomm-launches-two-new-smartphone-chips-with-emphasis-on-ai/ https://www.qualcomm.com/news/releases/2026/09/snapdragon-leads-the-agentic-ai-age-with-two-of-the-world-s-fast Opus 5.5, GPT-6 Sol and Luna, Grok 4.7 https://www.reuters.com/business/anthropic-unveils-claude-opus-55-2026-09-22/ https://www.reuters.com/technology/openai-expands-gpt-6-lineup-with-cheaper-sol-luna-models-2026-09-22/ https://x.ai/news/grok-4-7 https://x.com/PatrickMoorhead/status/2103267931249664185 AI Alarmism and Policy https://thehill.com/homenews/administration/6104142-trump-renames-ai-super-intelligence/ https://www.nytimes.com/2026/09/23/opinion/ezra-klein-podcast-jensen-huang.html U.S.-China Talks https://www.reuters.com/world/asia-pacific/us-china-meet-again-ai-safety-two-months-shenzhen-bessent-says-2026-09-21/ https://x.com/danielnewmanUV/status/2103493209619898608   The Flip Has Meta Cracked Mainstream AI Wearables Without Full AR? FOR: https://about.fb.com/news/2026/09/introducing-ray-ban-meta-audio-glasses-new-styles-plus-muse/ AGAINST: https://www.bloomberg.com/news/articles/2026-09-23/meta-debuts-a-dedicated-palm-sized-muse-charm-device-to-use-ai-on-the-go   Bulls and Bears Intel ($INTC) https://finance.yahoo.com/technology/article/intel-stock-up-25-in-last-5-days-on-cpu-demand-as-ai-agents-gain-traction-151217555.html AMD ($AMD) https://www.reuters.com/business/amd-becomes-latest-chipmaker-reach-1-trillion-valuation-ai-demand-2026-09-21/  

Paco Pérez, analista independiente, analiza los principales movimientos de las Bolsas y los mercados. Además, atiende las consultas de los oyentes. Comenta las inversiones, el petróleo a la alza, la inflación y el Ibex, a la alta. El analista afirma que "el Nasdaq y el SP500 van a seguir en sus máximos históricos". “El petróleo sigo viendo que nos va a dar problemas a la economía mundial”, nos comenta el analista. Por otro lado, ha analizado Valeo, estará a la alta en 16-17€ la acción, también afirmó que, “el viento suena a favor, está a la alta”. En cuanto a MeeA, el experto afirma que “se encontrará en una recogida de beneficios clara, pero para mí sería una oportunidad para buscar”. Por otro lado analiza OMAB, donde nos cuentaque “es una oportunidad clara porque se encuentra en el suelo del mercado”. También se ha analizado Take Two, de la cual nos afirma que “no está en una buena situación” y que “ yo estaría fuera de comprar”. Sobre Inditex, dice que “tiene claramente una situación a la alta” y asegura que “no hay que quitársela de la cartera”. Deckers,se afirma que “la silueta del gráfico no es especialmente favorable para compras”. A medio y largo plazo mantiene una tendencia bajista. En cuanto a Microsoft, nos cuenta que “vuelve a acercarse a máximos y continúa marcando máximos crecientes antes de una nueva caída”. El experto afirma que “después de una primera mitad de año muy positiva, Intel se encuentra en una zona en la que podría producirse una recogida de beneficios”. En cuanto a Iberdrola, explica que “mantiene una estructura alcista tanto a medio como a largo plazo” y sobre TSMC, que “pertenece a un sector considerado muy bueno y, técnicamente, presenta una oportunidad de compra”. Sobre MP Materials, destaca que “la corrección todavía no habría terminado, por lo que se mantiene la espera antes de un nuevo movimiento” y sobre Ouster, que “presenta una estructura que resulta más atractiva que MP Materials”.

Increasingly, it seems like the corporate names that dominate headlines are much more diverse than they used to be. Samsung, TSMC, and SK Hynix. Alibaba and Tencent; BYD and DeepSeek. Sea and Grab. For twenty-five years, it seems like every major technology was American . That assumption is now under strain as innovation spreads from one place to many. Mehran Gul tries to map out this new network in his book The New Geography of Innovation: The Global Contest for Breakthrough Technologies (Simon and Schuster, 2026). From China's startlingly messy AI ecosystem to Singapore's government-led innovation, from South Korea's decades-old conglomerates still at the frontier to India's world-class talent that too often works abroad; from Europe's struggle to hold on to its best companies, to the deeper role of the state everywhere—including in Silicon Valley—and why the United States, far from declining, is extending its lead into a genuinely bipolar technological order.Mehran is a winner of the Financial Times/McKinsey Bracken Bower Prize. He attended Yale where he was a Fulbright Scholar, Fox International Fellow, and Teaching Fellow. He has been a Lead for the Digital Transformation of Industries at the World Economic Forum and an expert on Higher Education, Entrepreneurship, and Industrial Policy at the United Nations Industrial Development Organization. Before Yale, he studied at the Lahore University of Management Sciences. He has been a visiting scholar at the Jawaharlal Nehru University in New Delhi and a Fellow with the Acumen Fund. You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of The New Geography of Innovation. Follow on Twitter at @BookReviewsAsia.Nicholas Gordon is an editor for a global magazine, and a reviewer for the Asian Review of Books. He can be found on Twitter at @nickrigordon. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

W 13. (27.) odcinku "Limitów AI" rozmawiamy o bańkach i o inwestycjach – analizujemy dynamikę kryzysów w różnych scenariuszach, zarówno z perspektywy makro, jak i z perspektywy przeciętnego przedsiębiorcy czy konsumenta. Czym tak naprawdę jest bańka? Jak powstaje? Kiedy pęka? Na czym polega pompowanie bańki? Jakie strategie stosuje venture marketing? Jak odróżnić realny popyt od owczego pędu i spekulatywnej gorączki? Czemu OpenAI i Anthropic tak długo zwlekają z debiutem na giełdzie (IPO)? Jak zareaguje rynek? Co jeżeli będzie podobne rozczarowanie jak po debiucie SpaceX? Czy załamanie wycen może rozlać na całą gospodarkę? Co wówczas czeka Polskę i nasze portfele? W pierwszej części rozmowy nurkujemy głęboko pod powierzchnię narracji wokół AI – do serca technologii, czyli do półprzewodników, bez której tzw. głębokie sieci neuronowe (DNN) oraz zbudowane na nich transformery, pozostałyby tylko teorią na papierze. Czym są półprzewodniki? Jak wygląda techniczne zaplecze rewolucji AI? Dlaczego ASML i TSMC stały się strategicznymi ogniwami gospodarki? Jak półprzewodniki chronią Tajwan? Gdzie jest Polska w tym globalnym łańcuchu wartości? Gościem 13. (27.) odcinka "Limity AI" jest Marek Zuber – ekonomista, analityk rynków finansowych i doradca gospodarczy. Studiował Finanse i Bankowość na Akademii Ekonomicznej w Krakowie oraz elektronikę na Wydziale Elektrotechniki, Automatyki i Elektroniki AGH. Zaczynał jako analityk w Banku Przemysłowo-Handlowym (1999-2002), później był m.in. głównym ekonomistą Internetowego Domu Maklerskiego (2005-2007) oraz szefem doradców ekonomicznych premiera RP Kazimierza Marcinkiewicza (2005-2006). Od 2002 prowadzi samodzielną działalność analityczną, doradczą i szkoleniową – zajmuje się prognozami makroekonomicznymi, oceną przedsiębiorstw i doradztwem gospodarczym. Przez ponad dwie dekady zasiadał w szeregu rad nadzorczych spółek sektora bankowego i finansowego. Jako prelegent i panelista uczestniczył w ponad 300 konferencjach gospodarczych organizowanych m.in. przez Giełdę Papierów Wartościowych, Narodowy Bank Polski czy Forum Ekonomiczne w Karpaczu. Wykładowca programów MBA i studiów podyplomowych m.in. na Akademii WSB, Akademii Leona Koźmińskiego oraz Szkoły Głównej Handlowej.Special Guest: Marek Zuber.

台灣人拒絕❌當盤子！政府不要再一直補助蕭貪旅宿業者，應該嚴查重罰！ 基隆到石垣島的航線，十月起竟然要暫停營運，到底出了什麼事？ 國內旅遊次數和支出，雙雙創下歷史新高，觀光署竟然還要砸33億新台幣補貼住宿？台灣旅宿業經濟奇蹟！越是沒有人想住，房價反而越貴？台灣人不是沒有錢，也不是不愛國旅，但就是不被肖貪業者割韭菜！ 國旅還是很受歡迎，屏東這個新興景點，觀光人次竟然直逼九百萬超越墾丁！同樣在屏東，為什麼這裡能把遊客吸過來？ 我們愛台灣，也希望國旅越來越好，但不能業者喊苦就補助，房價跟服務卻不用檢討！ 請轉發這部片給身邊熱愛國旅、又不想被當盤子的朋友！ 全台獨家的世界經濟追劇深入報導，精彩萬分，持續連載中！ （現在就加入會員支持我們，還可以看到更多專屬影片～）  https://www.youtube.com/@emmytw/join ✦

Increasingly, it seems like the corporate names that dominate headlines are much more diverse than they used to be. Samsung, TSMC, and SK Hynix. Alibaba and Tencent; BYD and DeepSeek. Sea and Grab. For twenty-five years, it seems like every major technology was American . That assumption is now under strain as innovation spreads from one place to many. Mehran Gul tries to map out this new network in his book The New Geography of Innovation: The Global Contest for Breakthrough Technologies (Simon and Schuster, 2026). From China's startlingly messy AI ecosystem to Singapore's government-led innovation, from South Korea's decades-old conglomerates still at the frontier to India's world-class talent that too often works abroad; from Europe's struggle to hold on to its best companies, to the deeper role of the state everywhere—including in Silicon Valley—and why the United States, far from declining, is extending its lead into a genuinely bipolar technological order.Mehran is a winner of the Financial Times/McKinsey Bracken Bower Prize. He attended Yale where he was a Fulbright Scholar, Fox International Fellow, and Teaching Fellow. He has been a Lead for the Digital Transformation of Industries at the World Economic Forum and an expert on Higher Education, Entrepreneurship, and Industrial Policy at the United Nations Industrial Development Organization. Before Yale, he studied at the Lahore University of Management Sciences. He has been a visiting scholar at the Jawaharlal Nehru University in New Delhi and a Fellow with the Acumen Fund. You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of The New Geography of Innovation. Follow on Twitter at @BookReviewsAsia.Nicholas Gordon is an editor for a global magazine, and a reviewer for the Asian Review of Books. He can be found on Twitter at @nickrigordon. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Increasingly, it seems like the corporate names that dominate headlines are much more diverse than they used to be. Samsung, TSMC, and SK Hynix. Alibaba and Tencent; BYD and DeepSeek. Sea and Grab. For twenty-five years, it seems like every major technology was American . That assumption is now under strain as innovation spreads from one place to many. Mehran Gul tries to map out this new network in his book The New Geography of Innovation: The Global Contest for Breakthrough Technologies (Simon and Schuster, 2026). From China's startlingly messy AI ecosystem to Singapore's government-led innovation, from South Korea's decades-old conglomerates still at the frontier to India's world-class talent that too often works abroad; from Europe's struggle to hold on to its best companies, to the deeper role of the state everywhere—including in Silicon Valley—and why the United States, far from declining, is extending its lead into a genuinely bipolar technological order.Mehran is a winner of the Financial Times/McKinsey Bracken Bower Prize. He attended Yale where he was a Fulbright Scholar, Fox International Fellow, and Teaching Fellow. He has been a Lead for the Digital Transformation of Industries at the World Economic Forum and an expert on Higher Education, Entrepreneurship, and Industrial Policy at the United Nations Industrial Development Organization. Before Yale, he studied at the Lahore University of Management Sciences. He has been a visiting scholar at the Jawaharlal Nehru University in New Delhi and a Fellow with the Acumen Fund. You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of The New Geography of Innovation. Follow on Twitter at @BookReviewsAsia.Nicholas Gordon is an editor for a global magazine, and a reviewer for the Asian Review of Books. He can be found on Twitter at @nickrigordon. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Increasingly, it seems like the corporate names that dominate headlines are much more diverse than they used to be. Samsung, TSMC, and SK Hynix. Alibaba and Tencent; BYD and DeepSeek. Sea and Grab. For twenty-five years, it seems like every major technology was American . That assumption is now under strain as innovation spreads from one place to many. Mehran Gul tries to map out this new network in his book The New Geography of Innovation: The Global Contest for Breakthrough Technologies (Simon and Schuster, 2026). From China's startlingly messy AI ecosystem to Singapore's government-led innovation, from South Korea's decades-old conglomerates still at the frontier to India's world-class talent that too often works abroad; from Europe's struggle to hold on to its best companies, to the deeper role of the state everywhere—including in Silicon Valley—and why the United States, far from declining, is extending its lead into a genuinely bipolar technological order.Mehran is a winner of the Financial Times/McKinsey Bracken Bower Prize. He attended Yale where he was a Fulbright Scholar, Fox International Fellow, and Teaching Fellow. He has been a Lead for the Digital Transformation of Industries at the World Economic Forum and an expert on Higher Education, Entrepreneurship, and Industrial Policy at the United Nations Industrial Development Organization. Before Yale, he studied at the Lahore University of Management Sciences. He has been a visiting scholar at the Jawaharlal Nehru University in New Delhi and a Fellow with the Acumen Fund. You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of The New Geography of Innovation. Follow on Twitter at @BookReviewsAsia.Nicholas Gordon is an editor for a global magazine, and a reviewer for the Asian Review of Books. He can be found on Twitter at @nickrigordon. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Increasingly, it seems like the corporate names that dominate headlines are much more diverse than they used to be. Samsung, TSMC, and SK Hynix. Alibaba and Tencent; BYD and DeepSeek. Sea and Grab. For twenty-five years, it seems like every major technology was American . That assumption is now under strain as innovation spreads from one place to many. Mehran Gul tries to map out this new network in his book The New Geography of Innovation: The Global Contest for Breakthrough Technologies (Simon and Schuster, 2026). From China's startlingly messy AI ecosystem to Singapore's government-led innovation, from South Korea's decades-old conglomerates still at the frontier to India's world-class talent that too often works abroad; from Europe's struggle to hold on to its best companies, to the deeper role of the state everywhere—including in Silicon Valley—and why the United States, far from declining, is extending its lead into a genuinely bipolar technological order.Mehran is a winner of the Financial Times/McKinsey Bracken Bower Prize. He attended Yale where he was a Fulbright Scholar, Fox International Fellow, and Teaching Fellow. He has been a Lead for the Digital Transformation of Industries at the World Economic Forum and an expert on Higher Education, Entrepreneurship, and Industrial Policy at the United Nations Industrial Development Organization. Before Yale, he studied at the Lahore University of Management Sciences. He has been a visiting scholar at the Jawaharlal Nehru University in New Delhi and a Fellow with the Acumen Fund. You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of The New Geography of Innovation. Follow on Twitter at @BookReviewsAsia.Nicholas Gordon is an editor for a global magazine, and a reviewer for the Asian Review of Books. He can be found on Twitter at @nickrigordon. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Increasingly, it seems like the corporate names that dominate headlines are much more diverse than they used to be. Samsung, TSMC, and SK Hynix. Alibaba and Tencent; BYD and DeepSeek. Sea and Grab. For twenty-five years, it seems like every major technology was American . That assumption is now under strain as innovation spreads from one place to many. Mehran Gul tries to map out this new network in his book The New Geography of Innovation: The Global Contest for Breakthrough Technologies (Simon and Schuster, 2026). From China's startlingly messy AI ecosystem to Singapore's government-led innovation, from South Korea's decades-old conglomerates still at the frontier to India's world-class talent that too often works abroad; from Europe's struggle to hold on to its best companies, to the deeper role of the state everywhere—including in Silicon Valley—and why the United States, far from declining, is extending its lead into a genuinely bipolar technological order.Mehran is a winner of the Financial Times/McKinsey Bracken Bower Prize. He attended Yale where he was a Fulbright Scholar, Fox International Fellow, and Teaching Fellow. He has been a Lead for the Digital Transformation of Industries at the World Economic Forum and an expert on Higher Education, Entrepreneurship, and Industrial Policy at the United Nations Industrial Development Organization. Before Yale, he studied at the Lahore University of Management Sciences. He has been a visiting scholar at the Jawaharlal Nehru University in New Delhi and a Fellow with the Acumen Fund. You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of The New Geography of Innovation. Follow on Twitter at @BookReviewsAsia.Nicholas Gordon is an editor for a global magazine, and a reviewer for the Asian Review of Books. He can be found on Twitter at @nickrigordon. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Increasingly, it seems like the corporate names that dominate headlines are much more diverse than they used to be. Samsung, TSMC, and SK Hynix. Alibaba and Tencent; BYD and DeepSeek. Sea and Grab. For twenty-five years, it seems like every major technology was American . That assumption is now under strain as innovation spreads from one place to many. Mehran Gul tries to map out this new network in his book The New Geography of Innovation: The Global Contest for Breakthrough Technologies (Simon and Schuster, 2026). From China's startlingly messy AI ecosystem to Singapore's government-led innovation, from South Korea's decades-old conglomerates still at the frontier to India's world-class talent that too often works abroad; from Europe's struggle to hold on to its best companies, to the deeper role of the state everywhere—including in Silicon Valley—and why the United States, far from declining, is extending its lead into a genuinely bipolar technological order.Mehran is a winner of the Financial Times/McKinsey Bracken Bower Prize. He attended Yale where he was a Fulbright Scholar, Fox International Fellow, and Teaching Fellow. He has been a Lead for the Digital Transformation of Industries at the World Economic Forum and an expert on Higher Education, Entrepreneurship, and Industrial Policy at the United Nations Industrial Development Organization. Before Yale, he studied at the Lahore University of Management Sciences. He has been a visiting scholar at the Jawaharlal Nehru University in New Delhi and a Fellow with the Acumen Fund. You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of The New Geography of Innovation. Follow on Twitter at @BookReviewsAsia.Nicholas Gordon is an editor for a global magazine, and a reviewer for the Asian Review of Books. He can be found on Twitter at @nickrigordon. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Daniel is joined by Aveek Sarkar, who heads TSMC's Ecosystem and Alliance Management Division. Along with his team, he is responsible for driving semiconductor design enablement in collaboration with the partner ecosystem through TSMC's Open Innovation Platform® (OIP). Prior to TSMC, Aveek worked on chip designs at Sun Microsystems… Read More

桃園人！你為什麼不生氣？ 台灣人，你們知道是誰阻擋台灣科技產業進步，台積電進駐桃園至少被延宕擺爛三年嗎？ 請大家幫忙高調轉發！ 全面爆破不科技新店市長張善政！全台地方首長都搶著招商，希望科技大廠進駐創造在地工作機會，台積電更是連美國總統都瘋搶，但護國神山一奈米廠在龍潭科學園區擴建竟然破局被趕出桃園？ 為什麼中科南科都擴建成功，只有龍科三因為土地徵收失敗告終？盤點張善政到底讓桃園市民失去了什麼？千萬別錯過超級精彩的一集，台灣人！請大家一起支持黃世杰，改變桃園！進步台灣！ 全台獨家的世界經濟追劇深入報導，精彩萬分，持續連載中！ （現在就加入會員支持我們，還可以看到更多專屬影片～）  https://www.youtube.com/@emmytw/join ✦

In this episode of The Circuit, hosts Ben Bajarin n and Jay Goldberg speak with Mark Wade, CEO of IR Labs, and Jesse Leiter, VP of Capital Strategy and Investor Relations. The conversation focuses on the necessity of solving the interconnect bottleneck in large-scale AI data centers by transitioning to optical connectivity. Mark explains the immense complexity of integrating optical engines into advanced CMOS nodes and highlights how the release of ChatGPT accelerated the market's demand for these large-scale computing solutions. Additionally, the discussion explores IR Labs' strategic reliance on leading-edge foundries like TSMC, their ecosystem partnerships with tech giants like NVIDIA, AMD, and Intel, and their calculated funding strategy aimed at an eventual IPO in a market projected to reach $30 to $50 billion by 2030

تو قسمت ۷۹ بینوشاپادکست، با یه عالمه خبر عجیب و غریب از دنیای تکنولوژی، از پردازنده‌های جدید و قدرتمند اپل تا اتفاقات جالب دنیای سخت‌افزار و هوش مصنوعی برگشتیم!⭕️ توی این قسمت، سراغ داغ‌ترین اخبار اپل، کامپیوتر و هوش مصنوعی رفتیم:➖ اپل و موبایل: بررسی اخبار آیفون ۱۸ پرو، ویژگی‌های سیستم‌عامل آینده یعنی iOS 27 و البته بنچمارک‌های حیرت‌انگیز پردازنده M5 Ultra.➖ سخت‌افزار و لپ‌تاپ: پیشرفت‌های سریع TSMC در فناوری ساخت ۱.۴ نانومتری، معرفی رم‌های غول‌پیکر ۵۱۲ گیگابایتی Micron DDR5، مشخصات لپ‌تاپ‌های جدید HP از جمله مدل‌های Nova Lake و Zbook با ۱۹۲ گیگ رم، و اخبار مربوط به سرفیس اولترا (Surface Ultra) و گوگل‌بوک (Googlebook).➖ دنیای هوش مصنوعی: حرکت کم‌سابقه شیائومی در لایواستریم کردن مراحل ترینینگ مدل MiMo-V2.6، معرفی مدل Qwen3.8-Omni-Flash توسط علی‌بابا، معرفی PrismML و بررسی هشدارهایی درباره کاهش سرعت توسعه هوش مصنوعی.➖ گجت‌ها و حواشی: معرفی دستگاه جدید Steam Frame با قیمت ۱۰۵۹ دلار، و البته ماجرای جالب و عجیب غیر فعال شدن ویندوز ۱۰ روی کامپیوتر پوتین!

Carlos Camacho explica como está investindo nas grandes transformações que podem definir a economia global nos próximos anos.Neste episódio do Market Makers, Camacho apresenta a tese que conecta envelhecimento da população, inteligência artificial, aumento de produtividade, Nvidia, semicondutores, data centers, energia e o chamado “excepcionalismo americano”.A conversa passa pela construção do portfólio Global Trends, pela importância de pensar investimentos com horizonte de longo prazo e pelas empresas que podem capturar os ganhos de produtividade proporcionados pela inteligência artificial.Também falamos sobre Nvidia, TSMC, Amazon, Google, Broadcom, healthcare, biotecnologia, bancos, meios de pagamento, energia nuclear, gás natural, Estados Unidos, China, Europa e diversificação internacional.Camacho ainda conta sua trajetória desde a GAP Asset, sua mudança para os Estados Unidos e Portugal, sua internacionalização como investidor e como sua visão de mercado mudou depois de décadas operando no Brasil e no exterior.Assista até o final para entender:• Por que demografia está no centro da tese de investimentos de Camacho• Como IA pode transformar a produtividade mundial• Por que data centers criaram uma nova corrida por energia• A tese por trás de Nvidia e semicondutores• Como o BTG Global Trends estrutura seu portfólio• Por que Camacho prefere olhar investimentos em horizontes de vários anos• Estados Unidos x Europa x China• A importância da diversificação internacional

Les IA de la semaine avec Atlas de World Labs transforme quelques images en mondes 3D explorables, World in World permet presque de « re-filmer » une vidéo après coup, tandis que Lyria 3.5, Suno 6 et les nouveaux modèles musicaux font progresser la génération audio. DeepSeek V4.1 Flash pousse de nouvelles optimisations pour les grands modèles. Les robotaxis progressent sur la sécurité, les robots apprennent le toucher et des chercheurs transforment des cafards en secouristes cyborgs. Intel, TSMC et ASML poursuivent aussi leur course aux procédés de fabrication les plus avancés, sur fond de tensions autour de la RAM et de la mémoire HBM.  Me soutenir sur Patreon Me retrouver sur YouTube On discute ensemble sur Discord Intellectuellement C'est un monde ça ! Atlas, H3 World, World in W'orld. Tout pour la musique : Lyria 3.5, Elevenlabs, Suno V6 et … Yue2. Dans un réseau, il faut avoir de bonnes connexions. Deepseek Flash 4.1 et les engrams. Les meilleurs cadeaux de Noël ? Barbie et tokens ! Matériellement Les voitures autonomes conduisent mieux que vous. Ça a du sens : les robots vont acquérir le toucher. Des cafards zombies, pour te sauver la vie. Ultraviolet extrême avec des budgets qui le sont tout autant. La crise de la RAM est pas finie… Vers l'infini ! Mais en classe éco. Chacun son tube de l'été… Participants Une émission préparée par Guillaume Poggiaspalla Présenté par Guillaume Vendé

El analista revisa los títulos de SpaceX, General Motors, Intel, TSMC, Enagás, Prosegur e Iberdrola, entre otros. Considera que se puede estar comprado ya en Bolsa con cierta tranquilidad.

A inteligência artificial está apenas no início de uma transformação que pode atravessar toda a economia — da infraestrutura e dos semicondutores ao software, e-commerce e serviços digitais.Neste episódio do Stock Pickes, Leonardo Otero, fundador da Arbor Capital, explica como a gestora está pensando e investindo nesse novo ciclo.Ele fala sobre as teses em TSMC, Microsoft e Meta, explica por que considera a Meta um potencial “mega vencedor” da IA e detalha como a empresa pode transformar sua enorme base de usuários, anunciantes e dados em uma vantagem competitiva.Otero também comenta a próxima fase do ciclo de IA, o impacto da tecnologia sobre o mercado de software, tokenização, blockchain e como a Arbor utiliza inteligência artificial internamente para pesquisa e análise de empresas.________________INFOMORNING | A newsletter com tudo o que você precisa para começar o diaReceba informações, análises e recomendações que valem dinheiro diretamente no seu e-mail: https://www.infomoney.com.br/newsletters/

Taïwan ne déplace plus seulement ses usines de puces vers les États-Unis : c'est désormais tout un écosystème technologique qui commence à traverser le Pacifique. Le ministre taïwanais de l'Économie, Kung Ming-hsin, a annoncé que des entreprises de l'île, hors TSMC, prévoient environ 20 milliards de dollars d'investissements américains supplémentaires. Les sociétés concernées n'ont pas été nommées, et aucun calendrier précis n'a été communiqué. Le ministère indique simplement qu'il s'agit principalement d'acteurs des semi-conducteurs, de leurs fournisseurs et des serveurs destinés à l'intelligence artificielle.Ces 20 milliards s'inscrivent dans un accord beaucoup plus vaste conclu avec Washington début 2026. Les entreprises taïwanaises doivent réaliser au moins 250 milliards de dollars de nouveaux investissements directs aux États-Unis. Taïwan prévoit également jusqu'à 250 milliards de dollars de garanties de crédit pour faciliter d'autres implantations. En échange, les produits taïwanais bénéficient notamment d'un tarif douanier réciproque plafonné à 15 %, tandis que les fabricants de semi-conducteurs investissant aux États-Unis obtiennent un traitement préférentiel sur certains droits américains.TSMC reste évidemment le poids lourd du mouvement. En juillet, le fondeur a ajouté 100 milliards de dollars à son programme en Arizona, portant son investissement prévu à 265 milliards. Quatre nouvelles usines doivent notamment produire en 2 nanomètres ou avec des procédés encore plus avancés. Mais une fab ne fonctionne jamais seule. Elle dépend de fournisseurs de matériaux, d'équipements, d'emballage avancé, d'énergie et de dizaines de services spécialisés. Attirer ce réseau autour de TSMC permet donc aux États-Unis de construire progressivement une véritable filière, plutôt que quelques usines isolées.Pour Taipei, l'équilibre est délicat. Le gouvernement présente ces investissements comme des décisions prises par les entreprises privées, tout en assumant une stratégie consistant à rester industriellement « enraciné à Taïwan » tout en se développant à l'étranger. Le président Lai Ching-te insiste notamment sur le maintien dans l'île des technologies essentielles et des centres de recherche.Le déplacement géographique des semi-conducteurs ne se mesure donc plus seulement aux usines de TSMC. Le véritable changement commence lorsque leurs fournisseurs suivent. Et c'est précisément ce mouvement que les 20 milliards annoncés viennent maintenant rendre visible. Source : Stack Chronicle Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.

Is Nvidia just one slice of a much bigger AI investment story? CEO Jensen Huang describes artificial intelligence as a five-layer cake: energy, chips, infrastructure, models and applications. Michelle Martin speaks with Brandon Ho, CFA, Head of Investment Advisory Singapore, to unpack where companies including Constellation Energy, TSMC, Broadcom, Micron, Microsoft, Alphabet, Palantir and ServiceNow fit within the stack. Which layers are already translating AI demand into revenues and profits? Where are valuations relying heavily on future expectations? And can spreading investments across the five layers really diversify AI exposure — or are they ultimately all riding the same spending boom?See omnystudio.com/listener for privacy information.

Bloomberg reported that chip startup Euclyd raised more than 200 million euros with support from a former ASML CEO. The financing highlights continued appetite for deeptech despite tighter venture markets. ASML's central position in advanced lithography makes experienced leadership a valuable asset for startup execution and access. Europe is deploying the EU Chips Act and national subsidies, including Germany's support for Intel's planned Magdeburg fab and TSMC's Dresden project, as well as France's backing for STMicroelectronics and GlobalFoundries in Crolles. Startups in semiconductors often combine equity with non dilutive funding and corporate partnerships. Founders face hiring, supply chain, and export control challenges, and should plan staged milestones, cash buffers, and early customer alignment.Learn more on this news by visiting us at: https://greyjournal.net/news/ Hosted on Acast. See acast.com/privacy for more information.

A viral AI extinction claim, a federal advisory naming six Chinese AI labs for industrial-scale distillation, and a $60 billion Qualcomm-AWS silicon pact define a week when enterprise AI risk and opportunity collided head-on. Patrick Moorhead and Daniel Newman weigh in on what's signal and what's noise across AI safety, chip supply deals, and a market rally still betting big on compute. The handpicked topics for this week are: Anthropic Researcher's Doomsday Claim Sparks Congressional Response: Anthropic researcher Jacob Coxon left the company after six weeks and posted a claim that AI carries a greater than 10% chance of ending humanity by 2030, a post that pulled more than 150 million views and landed him on every major network. Patrick Moorhead questioned whether the moment was organic, pointing to Coxon's ties to activist groups. Daniel Newman called the underlying technical claims thin, noting Coxon could not explain a concrete mechanism for how AI would end civilization. Jensen Huang and Dario Amodei both pushed back publicly, and Amodei argued safety claims only carry weight when the underlying work happens in the open. (The Decode) Qualcomm's AWS Deal Validates Its Data Center Silicon Bet: Qualcomm signed a multi-generation collaboration with AWS worth up to $60 billion over a decade, with an initial issuance already covering roughly $9 billion in committed orders. AWS also picked up warrants for 25 million Qualcomm shares tied to the spending commitment. Daniel Newman framed the deal as proof that TSMC capacity plus a credible product lineup is enough to win hyperscaler business, even against entrenched incumbents like Broadcom and Marvell. Patrick Moorhead called AWS the hardest hyperscaler to crack given its in-house CPU and accelerator competency, making the partnership a bigger validation signal than the market's muted stock reaction suggested. (The Decode) Apple's Ternus Era Opens With a Pricier iPhone and a First Real AI Monetization Signal: Apple's first major product event under new CEO John Ternus introduced a $1,999 foldable iPhone Duo alongside a $100 price increase on the iPhone 18 Pro and Pro Max, tied to a 4x jump in memory costs. Patrick Moorhead noted the company already guided gross margin down to 48% and softened the price hike with lease and Apple One bundling options. Apple also detailed its first concrete AI monetization plan, introducing token limits for cloud-based Siri processing beyond what its on-device AI can handle. Moorhead remained skeptical of the actual Siri experience, expecting the rebuilt assistant to stay in beta status for up to a year after launch. (The Decode) Federal Agencies Name Six Chinese AI Labs in a Distillation Advisory: The NSA, CISA, and FBI issued a joint advisory naming DeepSeek, Moonshot AI, Alibaba, Minimax, StepFun, and Z.AI for running industrial-scale knowledge distillation campaigns against US frontier models. Daniel Newman linked the advisory to a separate Anthropic security report describing API exchanges in which Chinese labs extracted answers directly from Claude. Patrick Moorhead pointed to his own August analysis of Kimi K2, which he said was distilled from frontier models months before the government confirmed the pattern. Newman estimated the distillation activity generated roughly $40 billion in revenue attributed to Chinese labs, separate from the $5 billion Anthropic removed from its own reported ARR after tracing distillation activity back to Meta's Muse model. (The Decode) IonQ's Investor Day Shows the SkyWater Bet Paying Off Early: IonQ used its September 9, 2026 investor day to show tape-out cycles falling from nine months to two months since acquiring SkyWater, alongside a raised combined revenue guide of $450 to $460 million, up from a standalone range of $280 to $290 million. The company confirmed Qolab as its first merchant foundry customer, with roughly a third of SkyWater's wafer capacity currently booked. Patrick Moorhead flagged that IonQ still has not disclosed gate fidelity and error rate figures for its Superion 256 roadmap, data he believes is more important than the qubit count headline. Daniel Newman placed IonQ alongside IBM as the only two companies pursuing a fully vertically integrated quantum stack, running at what he estimated is a $100 million quarterly pace. (The Decode) The Flip: Does the Distillation Advisory End Enterprise Use of Chinese Open Weight Models?: Daniel Newman argued the joint federal advisory makes Chinese open weight models like Qwen unsponsorable inside major enterprises, regardless of legality, because no general counsel wants a breach traced back to a model the FBI specifically named. Newman pointed to open weight alternatives like MBZUAI's K2 Horizon as a viable substitute already gaining ground. Patrick Moorhead argued the advisory specifically targets malicious extraction techniques and leaves legitimate distillation untouched as a valid technical method. Moorhead cited Meta's reported $5 billion in distillation spending against Anthropic's Claude as evidence the same technique operates as standard practice among US labs too. (The Flip) Citi's Bullish Call Ignites a Broad Chip Rally: A bullish Citi note on the semiconductor sector combined with CPU pricing chatter and renewed custom silicon momentum to send Intel, Qualcomm, AMD, and Broadcom all higher on September 8, even with oil prices falling. Patrick Moorhead credited the move to growing confidence across the entire AI buildout chain, from NVIDIA's line of sight toward $1 trillion in bookings to the financing and power capacity required to support it. Dell shares climbed almost 12% and HP gained roughly 11% on the same data center capex read-through. (Bulls and Bears) Oracle's Backlog Keeps Growing as Free Cash Flow Turns Negative: Oracle posted $19.3 billion in quarterly revenue, up 30%, with cloud infrastructure revenue up 121% and remaining performance obligations climbing $209 billion year over year to $664 billion. The company delivered more than 300,000 GPUs and signed over $30 billion in new AI cloud contracts during the quarter. Patrick Moorhead flagged that Oracle generated $23 billion in operating cash flow, funded largely through customer prepayments and equity, in the same quarter its free cash flow turned negative. Daniel Newman added that Oracle's cloud gross margins trail the larger hyperscalers, a tradeoff he said the company is betting will resolve through pricing power once customers are locked in. (Bulls and Bears) Adobe Beats Estimates Again, AI Revenue Still a Sliver of the Business: Adobe posted record revenue and non-GAAP EPS that beat estimates, with AI-first ARR up 150% to more than $650 million. Patrick Moorhead pointed out that figure still represents only 2.5 percent of Adobe's total revenue base, following a June pricing reset that redirected roughly $500 million toward a freemium push for Firefly. Adobe shares lagged the broader software rally that lifted Salesforce, ServiceNow, and Snowflake sharply higher on separate AI announcements during the week. (Bulls and Bears) Watch the full video at sixfivemedia.com, and subscribe to our YouTube channel so you never miss an episode. The Decode Anthropic Researcher's Doomsday Claim: https://fortune.com/2026/09/09/anthropic-researcher-resigns-warn-ai-companies-gambling-with-lives/ Qualcomm's AWS Deal: https://www.qualcomm.com/news/releases/2026/09/qualcomm-announces-multi-generational-product-collaboration-with Apple's Ternus Era: https://www.reuters.com/technology/foldable-iphone-pricier-18-pro-unveiled-apples-first-event-under-ternus-2026-09-09/ https://moorinsightsstrategy.com/research-notes/patrick-moorhead-discusses-apples-iphone-launch-on-cnbc-september-9-2026-broadcast-analysis/ Federal Distillation Advisory: https://www.cisa.gov/news-events/cybersecurity-advisories/aa26-251a IonQ Investor Day: https://x.com/MoorInsStrat/status/2097431533170913505 ; https://x.com/PatrickMoorhead/status/2078119899059179668 The Flip Does the Distillation Advisory End Enterprise Use of Chinese Open Weight Models? FOR: https://www.cisa.gov/news-events/cybersecurity-advisories/aa26-251a AGAINST: https://www.reuters.com/legal/litigation/us-urges-hands-off-approach-ai-regulation-g20-tech-meeting-2026-09-01/ Bulls and Bears Chip Rally: https://www.investing.com/news/stock-market-news/citi-boosts-chip-sector-outlook-as-semiconductor-stocks-rally-93CH-4892192 Oracle: https://investor.oracle.com/investor-news/news-details/2026/Oracle-Announces-Q1-Results-Driven-by-Triple-Digit-Growth-in-Cloud-Infrastructure-Revenues/default.aspx Adobe: https://finance.yahoo.com/technology/articles/adobe-reports-record-q3-results-200500281.html  

TSMC accélère bien sur le 1,4 nanomètre, mais attention au calendrier : les premières machines pourraient tourner dès avril 2027, pas encore les chaînes de production à plein régime. Le géant taïwanais construit actuellement à Taichung un vaste complexe destiné à son futur procédé A14. Quatre usines sont prévues. Selon l'administration du parc scientifique et la presse économique taïwanaise, le premier bâtiment avance environ six mois plus vite que prévu et devrait commencer ses essais d'équipements en avril prochain. Une production en volume dès le second semestre 2027 est désormais évoquée.Mais elle n'est pas encore confirmée par TSMC. Officiellement, le calendrier reste plus prudent : production dite « à risque » en 2027, c'est-à-dire les premières séries permettant de tester le procédé et d'améliorer les rendements, puis production de masse en 2028. En juillet, l'entreprise maintenait encore précisément cette feuille de route. Le fameux « 1,4 nanomètre » mérite également une précision. Ce chiffre ne correspond plus directement à la taille d'un composant que l'on pourrait mesurer sur la puce. Il désigne une génération technologique. A14 utilisera la deuxième génération de transistors nanosheets de TSMC, où la grille entoure davantage le canal électrique afin de mieux contrôler le courant.Sur le papier, le gain est important. Par rapport au procédé N2, TSMC annonce entre 10 et 15 % de performances supplémentaires à consommation identique, ou entre 25 et 30 % d'énergie économisée à vitesse égale. La densité logique progresserait d'environ 20 %. Des améliorations particulièrement recherchées pour les accélérateurs d'intelligence artificielle, mais aussi pour les futurs processeurs de smartphones. Et c'est le calendrier qui devient stratégique. Intel vise également 2028 pour la production à grande échelle de son procédé 14A, tandis que Samsung a repoussé son propre 1,4 nanomètre à 2029.TSMC n'a donc pas officiellement avancé son A14 d'une année. Ce qui s'accélère aujourd'hui, c'est la construction de l'outil industriel qui doit le produire. Dans les semi-conducteurs, gagner quelques mois sur une usine ne garantit pas quelques mois d'avance sur les puces. Mais cela donne davantage de temps pour résoudre le problème le plus difficile : parvenir à les fabriquer par millions avec suffisamment peu de défauts. Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.

Supply chains used to be built primarily around cost and efficiency. Abe Eshkenazi says that era is over. Today's leaders have to balance AI, resilience, geopolitical risk, talent, cybersecurity, and a level of disruption that makes predicting what comes next nearly impossible. In this episode of Supply Chain Now, Scott Luton speaks with Abe Eshkenazi, CEO at the Association for Supply Chain Management (ASCM), about how the supply chain profession is changing. From what organizations need to get right before scaling AI, to the reshaping of globalization, the growing importance of optionality, and the evolution of the chief supply chain officer into an enterprise strategist, Abe breaks down the forces redefining supply chain leadership. Abe explains why AI success depends less on the technology itself and more on data, talent, governance, and strong processes; why globalization is not disappearing but being redrawn around resilience and regionalization; and why supply chain leaders can no longer focus solely on operations. He also shares how ASCM is preparing professionals for jobs that do not yet exist, what leaders can expect from CHAINge 2026, and why his book, “The Chain: Links That Bind Us”, starts the supply chain story with the consumer rather than the factory. Jump into the conversation:(00:00) Introduction(02:19) Meet Abe Eshkenazi, CEO of ASCM(06:09) AI adoption challenges: data, talent, and governance(11:35) Data ownership, the Google–Spirit Airlines deal, and cyber risk(14:18) The talent gap and career progression in the AI era(17:47) Globalization redrawn: tariffs, resilience, and a multipolar world(23:15) Semiconductors, TSMC, and the infrastructure talent gap(27:28) How the CSCO role has evolved into an enterprise strategist(32:06) What excites Abe most about ASCM in 2026(39:10) Abe's new book: "The Chain: Links That Bind Us" Additional Links & Resources:Connect with Abe Eshkenazi: https://www.linkedin.com/in/aeshkenazi/ Learn more about Association for Supply Chain Management (ASCM): https://www.ascm.org/ Learn more about Abe's book “The Chain: Links That Binds Us”: https://a.co/d/0a9PzJfV Learn more about our hosts: https://supplychainnow.com/about Learn more about Supply Chain Now: https://supplychainnow.com Watch and listen to more Supply Chain Now episodes here: https://supplychainnow.com/program/supply-chain-now Subscribe to Supply Chain Now on your favorite platform: https://supplychainnow.com/join Work with us! Download Supply Chain Now's NEW Media Kit: https://supplychainnow.com/media-kit/ Learn more about Blue Yonder Cognitive Solutions: http://blueyonder.com/cognitiveWEBINAR- Labor Is a Margin Decision: How Reyes Coca-Cola Bottling Spent a Decade Making It Stick: https://bit.ly/4d4FauGWEBINAR- Operational AI in the Supply Chain: How context empowers agents and humans to operate side by side: https://bit.ly/4x7Vd2ZWEBINAR- You Can't Manage What You Can't See: Using Visibility, KPIs, and AI to Optimize Logistics Operations: https://bit.ly/4ql6iem This episode was hosted by Scott Luton and produced by Trisha Cordes, Joshua Miranda, and Amanda Luton. For additional information, please visit our dedicated show page at: https://supplychainnow.com/new-rules-global-supply-chain-strategy-1633 The content in this episode, including all audio, videos, visuals, and graphics, is the property of Supply Chain Now and is protected by copyright law. Unauthorized use, reproduction, distribution, modification, or re-uploading of this content in any form is strictly prohibited without explicit written permission from Supply Chain Now.For licensing inquiries or permissions, please contact us at production@supplychainnow.com© 2026 Supply Chain Now. All rights reserved. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

De kranten staan vol over de hoge olieprijs, zo'n 104 dollar per vat, als gevolg van de oorlog in het Midden-Oosten. Het is echter de vraag of die 'ophef' wel terecht is. "De invloed op de economie in het Westen is opvallend beperkt", zegt Thomas Pellegrom van ABN Amro. "Vergeleken met een jaar gelden is 'ie wel flink gestegen, maar toen was de prijs erg laag. De huidige olieprijs niet extreem hoog. Dat de wereldeconomie zich goed houdt komt onder meer door de hoge overheidsbestedingen en de mega-investeringen in AI. Bovendien heeft een grootmacht als China de olie-importen gehalveerd." Han Dieperink van Aureus Vermogensbeheer is evenmin onder de indruk van de huidige olieprijs. "Een keer gaat de Straat van Hormuz weer open en zal de olieprijs weer flink dalen. Mocht het onverhoopt heel lang duren, dan halen we de olie wel uit Brazilië of Venezuela. Er is genoeg olie in de wereld. Daar komt bij dat de vraag naar olie structureel afneemt. Wat je vaak ziet na een enorme stijging, zoals je die nu ziet, de prijs weer halveert zodra de Straat van Hormuz weer open is." Ook over de aandelenkoersen maken de experts zich geen zorgen. De koersen worden voor 98 procent bepaald door de winsten en die zijn goed, net als de vooruitzichten. Veel van het economisch nieuws is voor de lange termijn niet meer dan ruis, vinden Han en Thomas. Hun opvatting wordt gesteund door de beurzen die nog altijd dicht tegen hun all time high staan. Verder in deze aflevering onder andere aandacht voor Apple en Heineken en we bespreken de resultaten van TSMC, Adobe en Oracle. Uiteraard komen de luisteraarsvragen aan bod en gen de experts hun tip. Voor Han is dat deze keer een Japans concern, Thomas tipt een ETF met de ISIN-code LU0292107645. Geniet van de podcast! Let op: alleen het eerste deel is vrij te beluisteren. Wil je de hele podcast (luisteraarsvragen en tips) horen, wordt dan Premium lid van BeursTalk. Dat kost slechts 9,95 per maand, 99 euro voor een heel jaar. Abonneren kan hier!See omnystudio.com/listener for privacy information.

Volvemos de verano con una tertulia cargada de temas: IA, startups, mercados, M&A y alguna aparición sorpresa.Empezamos hablando de la última adquisición de Factorial en Alemania y de una pregunta cada vez más relevante: ¿cuándo tiene sentido comprar una compañía y cuándo construir el producto desde cero? En un momento en el que programar es cada vez más barato gracias a la IA, debatimos dónde está realmente el valor: en el código, el research, la distribución, el conocimiento del mercado o los ingresos.Entramos también de lleno en la polémica sobre Anthropic, OpenAI y el supuesto riesgo existencial de la inteligencia artificial. ¿Existe realmente una posibilidad de que la IA se nos vaya de las manos o el miedo también forma parte de la estrategia de marketing y de la batalla por la regulación?Y, sin estar previsto, José Luis Cava se suma a la tertulia para hablar de mercados financieros, política monetaria, Estados Unidos, China, TSMC y el contexto económico actual.Además, hablamos de los nuevos modelos de IA y de cómo los benchmarks empiezan a quedarse cortos para medirlos; de agentes personales y “company brains”; de dispositivos que graban y transcriben todo lo que hacemos y el enorme debate de privacidad que viene con ellos; y de cómo los buscadores con IA están cambiando el SEO y la forma en la que las empresas consiguen ser descubiertas.También hablamos de Apple: el nuevo iPhone Duo plegable, Apple Watch y su apuesta por salud, y el futuro de los dispositivos always-on que escuchan, graban y entienden nuestro contexto.Cerramos con el pitch de VRAin , una startup de healthtech que trabaja con imágenes médicas para crear reconstrucciones visuales inmersivas y ayudar a entender mejor pruebas como resonancias y TACs.#itnig #InteligenciaArtificial #Startups #Factorial #OpenAI #Anthropic #Emprendimiento #Tecnología #IASigue a:• Bernat Farrero: https://www.linkedin.com/in/bernatfarrero/• Marcel Queralt: https://www.linkedin.com/in/marcelqueralt/• Jordi Romero: https://www.linkedin.com/in/jordiromero/SOBRE ITNIG

150 euro. Zoveel extra pegels mag je neertellen voor je nieuwe iPhone. Van de Air tot de 16 én de nieuwe 18: de prijsverhogingen liegen er niet om. Maar eigenlijk stijgen de prijzen niet zo hard als analisten verwachten. Geheugenchips zijn zo knetterduur geworden dat Apple verwacht marge in te leveren in de komende kwartalen. En dan maar hopen dat dat in 2028 opgelost is, als de varkenscyclus van geheugenchips hopelijk zijn werk heeft gedaan en de prijzen weer normaliseren. One more thing? Ja: er was ook nog een nieuwe vouwbare telefoon. Want Apple is nooit te laat, Apple arriveert precies wanneer het wil. We bespreken wat de prijsverhogingen én de verwachte 6 miljoen verkochte vouwtelefoons dit jaar allemaal gaan bijdragen aan de winst. Verder bespreken we de renteverhoging van de ECB. Die zat eraan te komen, maar de markt verwacht nu nóg een extra renteverhoging. Economen vinden het op hun beurt wel even goed. Maar of men nou te vroeg is of niet: de Europese Centrale Bank lijkt koste wat het kost te willen voorkomen dat men opnieuw te laat begint met inflatiebestrijding, net als in 2022. Verder hoor je nog: Wat Niels denkt over de steeds waarschijnlijker beursgang van Belron: moet je nou wachten totdat de grootste autoraamreparateur op aarde naar de beurs gaat, of alvast D'Ieteren inslaan omdat dat moederbedrijf van Belron eigenlijk tegen een korting wordt verhandeld? Waarom The Boring Company (weet je nog?) weer geld ophaalt én wat voor bijzondere eisen daarbij gesteld worden aan beleggers door Elon Musk Hoe goed die nieuwe cijfers van TSMC eigenlijk waren Te gast: Niels Koerts, analist bij Stockwatch en de podcast het Beurscafé BNR Beurs is een journalistiek onafhankelijke productie, mede mogelijk gemaakt door Saxo. Over de makers: Jelle Maasbach is presentator van BNR Beurs en freelance financieel journalist. Zijn favoriete aandeel om over te praten is Disney, maar daar lijkt hij de enige in te zijn. Sinds de eerste uitzending van BNR Beurs is 'ie er bij. Maxim van Mil is presentator van BNR Beurs en journalist bij BNR, waar hij zich focust op de financiële markten en ontwikkelingen in de tech-wereld. Je krijgt hem het meest enthousiast als hij kan praten over ASML, of oer-Hollandse bedrijven zoals Ahold of ABN Amro. Jorik Simonides is presentator van BNR Beurs, economieredacteur en verslaggever bij BNR. Hij wordt er vooral blij van als het een keer níet over AI gaat. Je hoort hem ook in de BNR-podcast Moerdijk: dorp van de rekening. Milou Brand is presentator van BNR Beurs, freelance podcastmaker en columnist bij het Financieele Dagblad. Jochem Visser is presentator van BNR Beurs, maakt Beursnerd XL en is redacteur bij de podcast Onder Curatoren. Vraag hem naar obscure zaken op financiële markten en hij vertelt je waarom het eigenlijk nóg leuker is dan je al dacht. Over de podcast: Met BNR Beurs ga je altijd voorbereid de nieuwe beursdag in. We praten je in een kleine 25 minuten bij over alle laatste ontwikkelingen op de handelsvloer. We blijven niet alleen bij de AEX of Wall Street, maar vertellen je ook waar nog meer kansen liggen. En we houden het niet bij de cijfers, maar zoeken ook iedere dag voor je naar duiding van scherpe gasten en experts. Of je nu een ervaren belegger bent of net begint met je eerste stappen op de beurs, de podcast biedt waardevolle inzichten voor je beleggingsstrategie. Door de focus op zowel de korte termijn als de lange termijn, helpt BNR Beurs luisteraars om de ruis van de markt te scheiden van de essentie.See omnystudio.com/listener for privacy information.

En el episodio de hoy Valentina Orduz y Juan Manuel de los Reyes analizaron el dato de inflación del índice de precios al productor, antesala del CPI y de la próxima reunión de la Reserva Federal. Repasaron los ingresos récord de TSMC en agosto, impulsados por la demanda de chips de IA. Así mismo hablaron sobre el evento de Apple y el estreno del iPhone Duo, su primer plegable. Finalizaron con el reporte de Macy's, donde el lujo y la belleza sostienen el crecimiento mientras el consumidor de ingresos medios se rezaga. 

Taiwan staat centraal in de machtsstrijd tussen China en de VS, maar voor technologiebelegger Siddy Jobe is dat geen reden om het eiland te mijden. In de nieuwe aflevering van Machtsbronnen wegen Jobe en Gino Delaere van Econopolis de kansen in Taiwan, Zuid-Korea, Japan en Singapore af. Vooral AI en hervormingen in het Koreaanse bedrijfsleven kunnen de komende jaren voor vuurwerk zorgen. Trends is een podcastkanaal van de redactie van Trends. --- --- Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

** VIDEO EN NUESTRO CANAL DE YOUTUBE **** https://youtube.com/live/IXBoMzPFnnY +++++ Hazte con nuestras camisetas en https://www.bhmshop.app +++++ ¿Qué ocurriría si estallase una crisis abierta entre China y Taiwán? La respuesta va mucho más allá de una posible invasión de la isla. Taiwán se encuentra en uno de los puntos donde confluyen las grandes líneas de tensión del siglo XXI: China y Estados Unidos, semiconductores, comercio mundial, rutas marítimas, tecnología y poder militar. Con Borja Montaño @aprendehistoriaborjamontano analizamos por qué una crisis en el estrecho de Taiwán podría convertirse rápidamente en un problema global. Taiwán ocupa una posición extraordinaria dentro de la industria mundial de los semiconductores. Empresas como TSMC son fundamentales para la fabricación de chips avanzados empleados en inteligencia artificial, centros de datos, telecomunicaciones, automóviles y sistemas militares. Una interrupción prolongada de esta producción tendría consecuencias que se extenderían por toda la economía mundial. ---------------------------------------------------------------------------- "UN MUNDO CONVULSO. CLAVES GEOPOLÍTICAS", el nuevo libro de Francisco García Campa. https://amzn.to/4eZuUG0 o firmado y dedicado en https://franciscogarciacampa.com/libros/ ---------------------------------------------------------------------------- Pero los chips son solamente una parte del problema. Alrededor de Taiwán se encuentran algunas de las principales rutas marítimas de Asia Oriental. Un bloqueo, una cuarentena naval o una guerra afectarían al tráfico comercial, los seguros, el transporte de energía y las cadenas globales de suministro. Analizaremos también el dilema de China. Pekín considera Taiwán parte de su territorio y no renuncia al empleo de la fuerza para alcanzar la reunificación, pero una operación militar tendría enormes riesgos. Cruzar el estrecho, conseguir superioridad aérea y naval, desembarcar fuerzas y mantenerlas abastecidas constituiría una de las operaciones militares más complejas imaginables. Y existe otra posibilidad: que China trate de aislar Taiwán sin lanzar inmediatamente una invasión, utilizando presión militar, naval, aérea, económica y política. ¿Sería un bloqueo más difícil de responder para Washington que un desembarco convencional? El otro gran protagonista es Estados Unidos. ¿Intervendría militarmente para defender Taiwán? ¿Qué papel jugarían Japón y Filipinas? ¿Podría una crisis alrededor de la isla convertirse en una guerra directa entre Washington y Pekín? También estudiaremos las lecciones de Ucrania, la carrera de drones y misiles, la defensa de las islas, la industria militar, el derisking tecnológico y los esfuerzos de Estados Unidos, China, Japón y Europa por reducir sus vulnerabilidades antes de que llegue una posible crisis. Porque quizá la pregunta fundamental no sea únicamente quién ganaría una guerra por Taiwán, sino qué quedaría de la economía mundial después de ella. Con Borja Montaño y Francisco García Campa, en Bellumartis. ¿Podría Taiwán convertirse en el lugar donde cambie definitivamente el orden mundial? SUSCRÍBETE y apoya a @BELLUMARTISHISTORIAMILITAR Y @BELLUMARTISACTUALIDADMILITAR Patreon: https://www.patreon.com/bellumartis PayPal: https://www.paypal.me/bellumartis Bizum: 656 778 825 Síguenos: Instagram: https://www.instagram.com/bellumartis_historia_militar X / Twitter: https://twitter.com/Bellumartis #Taiwán #China #EstadosUnidos #TSMC #Semiconductores #Geopolítica #IndoPacífico #Bellumartis

Erfahre hier mehr über unseren Partner Scalable Capital - dem Broker mit einem der besten YouTube-Kanäle zu Aktien & Investments. https://www.youtube.com/@scalable.capital/videos ASML profitiert von TSMC- und Samsung-Bestellungen. Qualcomm landet Deal mit Amazon. OpenAI und Anthropic wollen günstige Anleihen. VW denkt über Ducati-Verkauf nach. Singapurs Premier verdient 2,8 Mio. $. GE kauft das, was Elon Musk will. Novartis (WKN: 904278) verliert 10% an einem Tag. Zwei Studien-Fails in einer Woche, eine davon aus einer 12 Mrd. $ Übernahme. Pharma-Expertin Helena Smolak erklärt, ob die Pipeline reicht und warum der CEO jetzt unter Druck steht. Mehr von Helena gibt's hier: https://www.linkedin.com/in/helena-smolak/. Zucker hat im August über 20% zugelegt. El Niño, Dürre in Europa und steigende Ölpreise treiben den Preis. Wer profitiert? Adecoagro (WKN: A1H63F), Südzucker (WKN: 729700) oder ein Zucker-ETC (WKN: A0KRK5)? Diesen Podcast vom 09.09.2026, 3:00 Uhr stellt dir die Podstars GmbH (Noah Leidinger) zur Verfügung. Learn more about your ad choices. Visit megaphone.fm/adchoices

-Samsung and TSMC will join Intel in adopting ASML's latest High NA extreme ultraviolet lithography chip fab machines. -You Can See Everything is the latest bizarre chapter in Holmes' story from directors Nathan Fielder and Lance Oppenheim. -Based on the limited info in the teaser, it's hard to say exactly what Retroid's upcoming multi-display gadget will look like. Learn more about your ad choices. Visit podcastchoices.com/adchoices

En el episodio de hoy Valentina Orduz y Juan Manuel de los Reyes analizaron una de las semanas más complicadas en la historia de Novartis, que encadenó tres fracasos en sus ensayos clínicos y vio caer su acción cerca de un 12%, poniendo en duda su costosa estrategia de comprar crecimiento justo cuando enfrenta el vencimiento de varias patentes. Revisaron también la nueva escalada comercial entre Canadá y Estados Unidos, con aranceles de represalia por unos $20,000 millones de dólares y el llamado de Trump a boicotear a Bombardier, y lo que todo esto implica para el nearshoring en US. Por último, examinaron cómo TSMC y Samsung se comprometieron a usar la tecnología con las máquinas más avanzadas de ASML.

ASML heeft chipmakers TSMC en Samsung tóch overtuigd: ze gaan ze de meest geavanceerde machines afnemen. Met een prijskaartje van 400 miljoen dollar per stuk wilden de twee daar nog niet aan, maar nu gaan ze toch overstag. Samen met Intel, dat die machines al wél kocht, gaan ze bovendien samenwerken met ASML om de machines verder te ontwikkelen. Dat zou de hele chipproductie kunnen hervormen. De drie grote chipmakers zijn dus al aan boord, of concurrenten nu wel moeten volgen, bespreken we deze aflevering. Daarin hoor je ook over het Europese AI-bedrijf Mistral: dat haalt nieuwe financiering op. 3 miljard euro in totaal, wat het bedrijf waardeert op 21 miljard euro. Het bedrijf zou een beursgang op termijn wel zien zitten. Is dat nu de volgende stap? Ook dat gaan we bespreken. Hoor je ook nog: Alles over de nieuwe importheffingen in Canada Wéér een domper voor de Duitse economie Een cryptobedrijf dat niet naar de beurs mag Het laatste nieuws over de beursgang van Oura Te gast: Tim van Merendonk van ING Investment Office BNR Beurs is een journalistiek onafhankelijke productie, mede mogelijk gemaakt door Saxo. Over de makers: Jelle Maasbach is presentator van BNR Beurs en freelance financieel journalist. Zijn favoriete aandeel om over te praten is Disney, maar daar lijkt hij de enige in te zijn. Sinds de eerste uitzending van BNR Beurs is 'ie er bij. Maxim van Mil is presentator van BNR Beurs en journalist bij BNR, waar hij zich focust op de financiële markten en ontwikkelingen in de tech-wereld. Je krijgt hem het meest enthousiast als hij kan praten over ASML, of oer-Hollandse bedrijven zoals Ahold of ABN Amro. Jorik Simonides is presentator van BNR Beurs, economieredacteur en verslaggever bij BNR. Hij wordt er vooral blij van als het een keer níet over AI gaat. Je hoort hem ook in de BNR-podcast Moerdijk: dorp van de rekening. Milou Brand is presentator van BNR Beurs, freelance podcastmaker en columnist bij het Financieele Dagblad. Jochem Visser is presentator van BNR Beurs, maakt Beursnerd XL en is redacteur bij de podcast Onder Curatoren. Vraag hem naar obscure zaken op financiële markten en hij vertelt je waarom het eigenlijk nóg leuker is dan je al dacht. Over de podcast: Met BNR Beurs ga je altijd voorbereid de nieuwe beursdag in. We praten je in een kleine 25 minuten bij over alle laatste ontwikkelingen op de handelsvloer. We blijven niet alleen bij de AEX of Wall Street, maar vertellen je ook waar nog meer kansen liggen. En we houden het niet bij de cijfers, maar zoeken ook iedere dag voor je naar duiding van scherpe gasten en experts. Of je nu een ervaren belegger bent of net begint met je eerste stappen op de beurs, de podcast biedt waardevolle inzichten voor je beleggingsstrategie. Door de focus op zowel de korte termijn als de lange termijn, helpt BNR Beurs luisteraars om de ruis van de markt te scheiden van de essentie.See omnystudio.com/listener for privacy information.

The Iran war was never really about Iran. Bessent has all but said the plan is to strangle China's oil supply, and if China gets boxed in, the retaliation could hit exactly where it hurts: the chips and components that run the US economy, most of which trace back to TSMC in Taiwan. Trump is already threatening to halt trade with every country the US runs a deficit with unless Fed Chair Warsh cuts rates, and China is no longer the buyer of US debt it used to be. If this economic war escalates, the likely playbook is print, debase, and watch a socialism movement rise on the other side of the inflation, according to David Friedberg's own read on the All-In podcast. Meanwhile Bitcoin ETFs pulled in hundreds of millions in a single day last week, and River's research puts Bitcoin between $250K and $840K by 2030 even without any of this playing out. Zero is the only wrong allocation.SPONSORS✅ Ledn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.nmj1gs2i.com/9W598/9B9DM/?source_id=podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Simply Bitcoin clients get 0.25% off their first loanNeed liquidity without selling your Bitcoin? Ledn has been the trusted Bitcoin-backed lending platform for 6+ years. Access your BTC's value while HODLing.

Bloomberg reports that Tokyo-based Preferred Networks is pursuing an IPO to keep pace in the AI chip race and finance compute needs. The company is known for applied AI in robotics and manufacturing, with prior collaborations involving Toyota Motor and FANUC. Raising public capital could support long-term accelerator access, infrastructure investments, and deeper partnerships with hardware vendors. Japan's semiconductor push, including Rapidus and TSMC's Kumamoto plant with Sony and Denso, provides policy tailwinds. Nvidia remains dominant while AMD, hyperscalers, and startups expand AI silicon options, and software compatibility remains a key moat. An IPO would add governance and disclosure requirements in Japan's markets and give Preferred Networks a liquid currency for acquisitions and joint ventures.Learn more on this news by visiting us at: https://greyjournal.net/news/ Hosted on Acast. See acast.com/privacy for more information.

In this episode, Ray Cochrane breaks down Hot Chips 2026, the engineering conference where IBM, NVIDIA, Intel, AMD, Arm, and Fujitsu all showed how their next processors actually work. The headline disclosure is a mainframe core that runs Arm natively. Ray also covers Apple’s odd M6 Mac mini naming, London’s first autonomous Uber rides, Amazon’s purchase of the company behind DuckDB, GitHub’s HydraFusion, the best of IFA 2026, and new USDA research on farmed salmon. – 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 with a personal update. He apologizes for the late rollout and the missed Monday episode, having spent the week fighting a cold. He’s also heading to Michigan to spend time with family and visit his father’s gravesite. He hopes to record a couple of shows from his dad’s old studio while he is there, including a special episode planned for Tuesday. He also points listeners to a fresh site redesign that trades the old techie look for something cleaner and friendlier. The featured segment starts from a wrap-up post on Arm’s newsroom. However, Cochrane broadens it to cover the whole conference rather than a single article. Hot Chips has run every August since 1989, and this year’s event was the 38th, held August 23rd through the 25th at Stanford’s Memorial Auditorium. What Hot Chips Actually Is Cochrane draws a line between Hot Chips and the big consumer trade shows. CES and Computex exist for product announcements and marketing. Meanwhile, Hot Chips is an IEEE engineering conference where chip architects present block diagrams and die photos for thirty minutes at a stretch. The audience matters as much as the content. Roughly five hundred people who design chips for a living fill the room, and they would spot a fudged number immediately. No written paper is required, just the talk and the slides. In-person tickets sold out this year, as did Stanford’s dorm housing. Cochrane says he plans to cover the conference annually going forward. IBM Built a Mainframe Core That Speaks Arm The disclosure that stopped Cochrane cold came from IBM. Its next processor for IBM Z and LinuxONE runs two completely different instruction sets natively, on every one of its eleven cores. Those are z/Architecture, IBM’s own mainframe language, and AArch64, which is 64-bit Arm. Crucially, this is not emulation. Nor is it Arm cores glued onto the die beside the mainframe cores. IBM built 2,792 Arm instructions directly into the hardware, which it says is more than double the mainframe instruction count. Each core carries two separate decoders while sharing the caches, branch predictor and register files downstream. It switches between the two in nanoseconds. IBM even added dedicated hardware to flip byte order, because Arm and the mainframe store numbers in opposite directions. The payoff is Arm SystemReady compliance, meaning off-the-shelf Arm Linux runs on a mainframe unmodified. Patrick Kennedy of ServeTheHome, who was in the room, wrote: “I am sitting here still in awe of what IBM is doing here; this is not Z plus Arm cores, this is Z and Arm in one core.” Cochrane flags one precision point that is easy to get backward. IBM did not license Arm’s core designs and drop them in. Instead, it took its own mainframe core and taught it AArch64 under an architecture license, which is considerably harder engineering. The specifications are striking. The chip uses a 2nm process, with eleven cores running above 5.7GHz sustained and no turbo mode at all. Each core gets 36MB of L2 cache, backed by a 3.5GB virtual L4 pool. Furthermore, the reliability target is eight nines, which works out to roughly three tenths of one second of unplanned downtime per year. IBM gave it no name and no ship date, though the press expects “Telum III” around 2028. Arm, Fujitsu and NVIDIA Show Their Hands Arm itself had plenty to discuss, starting with an unfortunate name. Its first chip in thirty-five years is called the AGI CPU, which is a product name rather than any claim about artificial general intelligence. For three and a half decades, Arm designed processor blueprints and licensed them out, collecting royalties without competing. That era is now over. The AGI CPU is Arm’s own silicon, co-designed with lead customer Meta, running up to 136 cores on TSMC’s 3nm process at 300 watts. Arm’s CEO says the company has more than $2 billion in customer demand across the next two fiscal years. Fujitsu brought the detail Cochrane called the coolest of the conference. Its MONAKA chip packs 144 Arm-based cores, but the trick is the cache. Rather than sitting alongside the cores and eating die area, the entire last-level cache lives on a separate 5nm die with the 2nm compute die stacked directly on top. It ships in 2027 in 350-watt and 500-watt versions. NVIDIA had more stage time than anyone, with six sessions. Its new Vera CPU carries 88 cores of NVIDIA’s own Olympus design, which marks a change: the previous Grace CPU used Arm’s off-the-shelf cores. Consequently, Arm’s win here is the instruction set, not the blueprint. The memory disclosure drew the most attention, with a fully loaded system reaching 1.5TB at 1.2TB/s while the whole memory subsystem draws just 30 to 40 watts. The Caveat on NVIDIA’s Benchmark Slides Cochrane pushes back on how NVIDIA presented its numbers. On the standard SPEC integer benchmark, Vera scored 925 against AMD’s 128-core EPYC score of 898, about three percent ahead. However, the slide NVIDIA showed normalizes that same result per physical core, which makes a three percent gap look enormous. NVIDIA defends the choice, arguing that per-core throughput matters when thousands of AI agents run at once. Cochrane grants that it is a fair argument to make. Even so, his verdict is blunt: it is a different number from the headline one, and presenting it that way is not the best look. Sponsor: GoDaddy Economy hosting $6.99/month, WordPress hosting $12.99/month, domains $11.99. Website builder trial available. Use codes at geeknewscentral.com/godaddy to support the show. Apple’s Newest Chip Landed in Its Cheapest Mac Last week’s episode covered the Mac Studio half of Apple’s August announcement. Tonight Cochrane takes the other half, the new Mac mini, and finds the numbering genuinely strange. The $899 base Mac mini gets the M6, which is Apple’s first 2nm chip and the newest process the company has shipped. It brings twelve CPU cores, twelve GPU cores, and 170GB/s of memory bandwidth. Apple also introduced a third CPU core class called super cores. So Apple’s most advanced chip sits in its cheapest desktop, while the M5 Pro, M5 Max and M5 Ultra above it all carry a lower number. It gets stranger. The M6 mini has Thunderbolt 4 while the pricier M5 Pro mini has Thunderbolt 5, and the memory ceiling runs backward too. Apple explains none of it across three announcement pages. Reading between the lines, Cochrane figures the M6 is the entry point of a new generation that shipped ahead of its larger siblings. London’s Robotaxis Started Carrying Passengers Arm’s monthly roundup covers everything outside the data center, and Wayve stood out. Transport for London granted the British self-driving company private hire vehicle licenses on August 5th, the same category a minicab needs. Then on September 3rd the service launched with Uber, marking the first autonomous rides ever offered to UK passengers. A small fleet of Ford Mustang Mach-Es covers anywhere in London except the airports, with a TfL-licensed safety driver still aboard. Over 140,000 Londoners signed up. The compute runs on NVIDIA’s Arm-based automotive platform, which is why Arm claims the win. Cochrane notes the pattern: once you set a standard nobody can move off, these wins keep arriving. Two more items round it out, both about squeezing AI onto phones. Google’s Pixel 11 shipped in August with the Tensor G6, and Google claims on-device AI runs up to 3.5x faster using 3.5x less energy. Those are Google’s own unbenchmarked figures. Separately, Graphcore’s research team worked with Arm to run an 11-billion-parameter vision model on phone-class processors by squeezing each parameter to 2.7 bits, taking the model from roughly 22GB down to 3.7GB. Intel Is Pitching AI Infrastructure From a Long Way Back Intel’s newsroom post previews the AI Infra Summit, running September 15th through 17th in Santa Clara. CEO Lip-Bu Tan takes a fireside chat on Tuesday morning, with three Intel sessions across the show. Cochrane unpacks two terms first. Physical AI means AI that acts in the real world through sensors and motors rather than living on a screen, and Intel takes it seriously enough to have renamed its PC division the Client Computing and Physical AI Group in May. Disaggregated inference splits the two phases of running a model: reading your prompt is compute-hungry, while writing the answer back is memory-hungry. The context is where this gets interesting. Intel’s revenue rose 25 percent last quarter, its fastest growth since 2011. Nevertheless, in AI accelerators the company barely registers next to NVIDIA. Gaudi has effectively been abandoned, to the point that Intel stopped maintaining its open-source driver, and AMD passed Intel in data center revenue last quarter. Tellingly, when Intel demoed disaggregated inference at Computex, NVIDIA GPUs handled one phase and SambaNova chips the other while Intel supplied the coordinating CPU. Crescent Island, Intel’s actual inference chip, does not sample until later this year, and Intel declined to publish its memory bandwidth. Amazon Bought the Company Behind DuckDB On August 26th, Amazon signed a deal to acquire DuckLabs, the Amsterdam company behind DuckDB. Cochrane spends time explaining what DuckDB is, since listeners outside the data world may never have encountered it. The problem it solves is familiar. Querying a large pile of data files traditionally meant either running a database server or spinning up a data warehouse with a cluster, a bill, and a loading pipeline. Both are heavy machinery for a question you wanted answered in ten seconds. DuckDB instead ships as a library rather than a server. You add it to your program like any other package, point it at your files, and write ordinary SQL directly against them. The data never moves. The usual comparison is SQLite, which is embedded in nearly every phone and browser on earth. Where SQLite excels at looking up one record, DuckDB rebuilds that embedded idea for chewing through millions of rows. It now sees roughly 62 million monthly downloads on Python’s package index alone, up from about 25 million last October. AWS says it is buying the company, not the project. DuckDB stays free and open source under the MIT license, held by a Dutch nonprofit foundation, and the founders join AWS while continuing to run technical direction from Amsterdam. Andy Warfield, a VP and distinguished engineer at AWS, described DuckDB as “the glibc of structured data: a lean, unglamorous, ubiquitous dependency that a great deal of software links against and almost nobody has to think about.” Cochrane sits with what that ownership means. He reaches for an analogy: imagine Daniel Stenberg selling curl. He doubts it would ever happen, but the concept alone is startling given how much infrastructure depends on it. His read is that AWS is betting DuckDB becomes as foundational as curl and SQLite already are. GitHub Has One AI Model Grade Another One’s Homework GitHub shipped Project HydraFusion into Copilot as a research preview. Instead of routing your request to a single model, it picks one of three approaches per request. Sometimes one model simply answers. Alternatively, a cheaper model drafts, and a quality gate decides whether to escalate. The interesting one is Critique. One model writes the code, a separate model from a different family reviews it read-only, and the original gets one pass to revise. Despite the name, nothing is fused here. There is no voting and no merging, just one model at a time with a gate deciding whether to spend more. GitHub explained the reasoning in an earlier post: “a model reviewing its own work is still bounded by its own training biases: the same training data and techniques, the same blind spots.” Research supports it. A team at NeurIPS in 2024 showed that models recognize their own writing and score it higher than human graders do. GitHub’s earlier number had a Claude Sonnet and GPT critic pairing closing about three-quarters of the gap between Sonnet and the larger Opus model. This mirrors a workflow Cochrane uses constantly and has described on a previous episode. He runs a cross-check review with a second model from a different company, and it routinely surfaces issues the first model missed. He explains that different training data, different engineers, and different reinforcement approaches build different internal biases about what counts as correct. Looking ahead, he expects more of these “Frankenstein patterns” where models from different training families work together. The Best of IFA 2026, and What You Can Actually Buy IFA opened to the public in Berlin for its 102nd year, with about 1,900 brands. Cochrane splits The Verge’s roundup in two, since much of what generates headlines at these shows never ships. Starting with real products, iRobot’s flagship Roomba Max 875 Combo runs $1,199 and ships in about two weeks. Its SealForce feature drops a hidden skirt from the chassis when it detects carpet, sealing against the fibers so suction concentrates instead of leaking out the sides. That reaches 35,000 pascals, iRobot’s strongest yet. A step-down model at $899 carries the same trick, though Cochrane balks at both prices. Anker’s Soundcore Sleep 4 Pro earbuds arrive in November at $349.99. The charging case carries its own round touchscreen, so you pick soundscapes, set alarms, and read sleep stats without your phone. Optical sensors read heart rate and variability from the ear canal, which beats the wrist for accuracy, and the case masks a snoring partner. Cochrane remains unconvinced about sleeping with earbuds in. Philips also has smart rope lights, the Hue Liane 360, on sale now. They glow evenly around the tube rather than showing individual LEDs. They also run $400 for three meters, which works out to about $130 per meter of rope light. As for concepts nobody can buy, iRobot showed a robot vacuum that carries a smaller robot vacuum on its back in a garage and lowers it to deploy. Lenovo brought a 14-inch laptop whose screen rolls out to 17 inches at the press of a button, which reviewers call the first rollable that feels close to shippable. Tecno showed a phone with essentially no border around the screen, and Acer had a Windows gaming handheld that swivels its screen up over a keyboard. Two themes ran through the show. Humanoid robots were the loudest thing on the floor, and IFA’s own CEO framed the event as being about robots that work rather than robots that demo. Meanwhile, AI stopped being its own product category and became an ingredient, showing up in refrigerators, treadmills, dishwashers, and motorized TV mounts. Farmed Salmon Isn’t the Omega-3 Machine It Used to Be USDA scientists measured farmed salmon and found considerably less of the good fat than the government’s own database claims. EPA and DHA are two fatty acids you get almost entirely from fish. Your body can build them from the plant version, but only in tiny amounts, so the NIH’s position is that eating them is the only practical way to raise your levels. Those fatty acids are structural pieces of every cell, with DHA concentrating in the brain and retina. That is why the federal dietary guidelines, issued jointly by USDA and Health and Human Services, recommend at least eight ounces of fish a week and steer you toward salmon. That amount is calibrated to deliver about 250 milligrams a day. Published in Frontiers in Nutrition last month, the study found EPA and DHA in farmed Atlantic salmon came in 54.7 percent lower than USDA’s own reference values, last updated in 2018. A three-ounce serving fell from roughly 1,670 milligrams to about 756. Consequently, two servings a week now fall about 14 percent short of the target. Plant-derived fats meanwhile rose two to three times over. The likely cause is feed. Salmon are carnivores, and farms once fed them oily little fish. There was never going to be enough of those as the industry scaled, so crops filled the gap: soy, canola, sunflower and linseed. Importantly, the study does not claim to have proven this and calls the feed shift a plausible explanation. Independent corroboration lends it credibility. Researchers at Stirling measured a similar halving in Scottish salmon between 2006 and 2015, and Norway’s marine institute saw it across thousands of samples. There is a land dimension too. Roughly half the world’s soy grows in South America, where rainforest gets cleared for feed. Matthew Hayek, who studies the environmental cost of protein at NYU, told Inside Climate News that “soy is a major, important protein and oil ingredient in fish farming.” Adding up two decades of soy across all fish farming, he puts the extra forest clearing at around the area of Nicaragua or Bangladesh. That figure covers all fish farming rather than salmon alone, and Hayek notes it is hard to attribute soy use to any single species. Cochrane closes with two caveats. First, the study measured only eight fish, bought around Maryland, DC and Virginia over six weeks in 2023, and nearly all sourced from Chile. That is not a national survey, and the authors say plainly the sample was not large enough to change government advice. Rather, it flags that a federal database value needs rechecking, which is what the paper set out to do. Second, on whether you should care, farmed salmon still beats beef, chicken and eggs by a mile, since those carry essentially zero EPA and DHA. What it loses is its crown among fatty fish, dropping to mid-pack behind herring, sardines and mackerel and roughly level with trout. The broader health case is also softer than the 2000s suggested. A review of 86 trials covering 162,000 people found supplements barely moved heart attacks or deaths, so eating fish and swallowing fish oil are not the same claim. No producer has responded to the findings, and USDA, whose own scientists ran the study, declined an interview and did not answer emailed questions. Cochrane wraps up with housekeeping and a note that he will be back on Labor Day. The post The Mainframe Learned to Speak Arm #1875 appeared first on Geek News Central.

Ahead of Apple's "Surprise and shine" event on September 9, we talk through everything to expect on this week's episode of The MacRumors Show.00:00 Intro04:37 AirPods 5 predictions09:26 Apple Watch predictions18:35 iPhone 18 Pro expectations28:39 iPhone Ultra first look43:50 Apple Pencil and home product rumors49:12 Event coverage and closing remarksThe event begins at 10:00 a.m. Pacific Time at the Apple Park campus in Cupertino, California, and will be streamed on Apple's website, on YouTube, and through the Apple TV app. It is the first keynote since John Ternus succeeded Tim Cook as chief executive on September 1. Rumors suggest at least six new products will arrive at the event. The Apple Watch Series 12 is expected to add a new chip, improved fitness tracking, better battery life, continuous heart-rate collection, and redesigned Health and Fitness experiences. A ceramic case option may return in white or dark gray, but no major redesign or Touch ID is now expected.The Apple Watch Ultra 4 should receive the same new chip and health upgrades, again without a redesign. Apple may also expand its existing satellite connectivity features on the device with satellite Apple Maps and photo sharing in Messages.AirPods 5 is expected to arrive in two versions, with and without active noise cancellation. Both may use an H3 chip for improved sound and lower latency, but are not expected to add the AirPods Pro 3's heart-rate sensor.The iPhone 18 Pro should retain the iPhone 17 Pro's design while gaining an A20 Pro chip on TSMC's 2nm process, with RAM integrated on the same wafer. Other expected upgrades include a LTPO+ display, Samsung image sensor, simplified Camera Control without a capacitive layer, a narrower Dynamic Island, 12GB of RAM, 256GB base storage, and 5G satellite internet. It may use Apple's C2 modem outside the U.S., while U.S. models will likely retain Qualcomm hardware for mmWave connectivity.The ‌iPhone 18 Pro‌ Max should share the smaller models's upgrades while adding a 5,391mAh battery in China and 5,567mAh battery in the U.S.. It may be thicker, heavier, and around 243 grams, with a variable-aperture main camerathat could be exclusive to the larger device.The foldable iPhone, likely called the “iPhone Ultra," is expected to be the biggest announcement, using a wide passport-style design with 5.5-inch outer and 7.8-inch inner displays, an iPad-like 4:3 aspect ratio, and a nearly invisible screen crease. It may feature a titanium-and-aluminum chassis, liquid-metal hinge, vapor-chamber cooling, A20 Pro chip, dual 5,400mAh to 5,800mAh batteries, ‌Touch ID‌ power button instead of Face ID, rear wide and ultra wide cameras, dual selfie cameras in hole-punch cutouts, and the Camera Control button, with 256GB, 512GB, and 1TB storage options. It is also expected to be more repairable than rival foldables.

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

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

Hosts Bart Diehl and Carson Yogan break down key shifts in the Arizona real estate market and what they mean for investors. In this episode:  Phoenix Demand Skyrockets: Record apartment absorption outpaces new supply for the first time since 2021, signaling rising rents and potential dividend growth. Debt Distresses Great Assets: How rising interest rates are creating opportunities to buy high-occupancy properties at significant discounts. Prescott's New Boom: The $262 billion TSMC plant is driving housing demand north, sparking new master-planned communities in Prescott.  Tune in for an insider's look at navigating today's commercial real estate landscape!

Jeremy Schwartz, CFA, Global Chief Investment Officer of WisdomTree Investments, joins Michael Gayed on Lead-Lag Live on the eve of WisdomTree's 20-year anniversary to discuss the growth-vs-value cycle, why home bias is quietly costing US investors return, and where the next phase of international diversification is headed. Topics covered: (00:00) Introduction and setting the stage (01:37) WisdomTree's 20-year evolution and $170B global footprint (02:40) Where we are in the growth-vs-value cycle (03:40) Why the US equity risk premium is misunderstood (real vs nominal) (06:15) WTV (US Value) and the Quality Growth Blend (QGRW) rebalance (07:18) WisdomTree's investment process: from pure index to active (08:52) Passive concentration, broadening leadership, and the case against home bias (10:57) Home bias is real - even at $170B AUM, models still tilt heavy US (13:33) Currency hedging: the case Jeremy has made for 15 years (15:41) DXJ, dynamic hedging, and OPPJ's flexible approach (18:50) Why Japan may be structurally overweight worthy (21:26) The case for Europe: contrarian, defense, and shareholder yield (25:00) Emerging markets rotation: from energy to tech (Samsung, TSMC, Hynix) (33:00) Farmland, gold, and multi-asset diversification (38:00) Closing thoughts on the next 20 years for WisdomTree Funds and products referenced: WTV - WisdomTree U.S. Value Fund QGRW - WisdomTree U.S. Quality Growth Fund DXJ - WisdomTree Japan Hedged Equity Fund OPPJ - WisdomTree Japan Opportunities Fund OPPE - WisdomTree European Opportunities Fund GEOA - WisdomTree Geopolitical Alpha Opportunities Fund GDE - WisdomTree Efficient Gold Plus Equity Strategy Fund GDMN - WisdomTree Efficient Gold Plus Gold Miners Strategy Fund About the guest: Jeremy Schwartz, CFA, is the Global Chief Investment Officer of WisdomTree Investments. He has been at WisdomTree since 2005, working alongside Professor Jeremy Siegel of the Wharton School on research covering global equity valuations, dividend strategies, currency hedging, and multi-asset portfolio construction. Jeremy leads the firm's investment function across the US and Europe and has been a leading voice on international diversification, currency hedging, and the case for shareholder-yield strategies for over 15 years. Where to find Jeremy and WisdomTree: Website: wisdomtree.com X: @WisdomTreeFunds Please see the WisdomTree Glossary for additional definitions of terms and/or indexes. The Lead-Lag Report: leadlagreport.com IMPORTANT INFORMATION For fund holdings and standardized performance visit: WisdomTree.com/investments INVESTORS SHOULD CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE FUNDS BEFORE INVESTING. TO OBTAIN A PROSPECTUS CONTAINING THIS AND OTHER IMPORTANT INFORMATION, PLEASE CALL 866.909.9473, OR VISIT WISDOMTREE.COM/INVESTMENTS TO VIEW OR DOWNLOAD A PROSPECTUS. READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST. There are risks associated with investing, including potential loss of principal. Foreign investing involves currency, political and economic risk. Funds focusing on a single country, sector and/or funds that emphasize investments in smaller companies may experience greater price volatility. Investments in emerging markets, real estate, currency, fixed income and alternative investments include additional risks. Due to the investment strategy of certain Funds, they may make higher capital gain distributions than other ETFs. Please see prospectus for discussion of risks. Jeremy Schwartz is a registered representative of Foreside Fund Services, LLC. WisdomTree Funds are distributed by Foreside Fund Services, LLC, in the U.S. Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Support the show

TSMC in Phoenix is hosting as job fair and data centers are helping the construction job market.  

00:03 — According to recent reports, Microsoft is set to reveal its Maia 300 AI accelerator as early as September this year. For context, Microsoft launched Maia 200 back in January with the direct aim of reducing the cost of AI inference. 00:27 — The Maia 300 is expected to support both AI training and inference, but the key story here is the scale of ambition behind it. Now, Microsoft is once again partnering with TSMC, Taiwan Semiconductor Manufacturing Company, who delivered the first iteration of Maia chips. However, this time, the scale is much larger. increasing from tens of thousands of Maia 200 accelerator units. 00:54 — It's increasing from tens of thousands of Maia 200 accelerator units to potentially hundreds of thousands, or even over a million Maia 300 chips. For me, this initiative is really about Azure. By investing in these chips, Microsoft isn't necessarily trying to compete with NVIDIA. Rather, it aims to ensure that Azure doesn't rely entirely on NVIDIA infrastructure. 01:14 — This move will give Microsoft greater control over the cost, supply, and performance of the AI infrastructure running on Azure. And beyond that, Microsoft CEO Satya Nadella has stated that building the company's own silicon to work alongside NVIDIA and AMD chips is a priority. 01:35 — The successful launch of Maia 200 demonstrated that Microsoft's custom silicon strategy can work, albeit on a relatively small scale. The hope now is that Maia 300 will enable Microsoft to scale this strategy into a genuine competitive advantage for Azure. Visit Cloud Wars for more.

After looking at companies that tanked in recent months in the last episode, Daniel Mahncke and Shawn O'Malley now take a look at the best-performing stocks of the pitches of the last two years. Google, Amazon, and Reddit are companies that generated great returns for the Intrinsic Value Portfolio, but there were also companies on the watchlist that turned into multibaggers in the past year. Daniel and Shawn discuss the patterns of the stocks that gained most in value, what one can learn from that, and how they think about selling and holding positions that went up past their fair value estimate. IN THIS EPISODE YOU'LL LEARN: (00:00:00) Intro (00:02:35) About Google's stock rise and valuation (00:14:09) How the massive capex changes the Mag7 (00:26:41) Why Amazon might be more attractive than Google (00:38:54) Why Daniel and Shawn decided to sell some Reddit (00:56:54) Why Remitly wasn't added to the Portfolio (01:05:35) How TSMC, Dell, and Comfort Systems became multibaggers (01:18:02) What the future holds for the AI trade Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Track ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn more about how to join us in NYC for our ⁠⁠⁠⁠⁠⁠⁠Intrinsic Value Conference⁠⁠⁠⁠⁠⁠⁠. Portfolio Review ⁠⁠⁠⁠Submit Tool⁠⁠⁠⁠. Pitch on ⁠⁠⁠Google.⁠⁠⁠ Pitch on ⁠⁠⁠Reddit⁠. Pitch on ⁠⁠⁠Crocs⁠. Pitch on ⁠⁠⁠Amazon⁠⁠⁠. Pitch on ⁠⁠⁠Remitly⁠⁠⁠. Pitch on ⁠TSMC⁠. Pitch on ⁠Dell⁠. Pitch on ⁠Comfort Systems⁠. Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ mentioned in the podcast. Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. NEW TO THE SHOW? Get smarter about valuing businesses through ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Check out ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Investor's Podcast Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. SPONSORS Support our free podcast by supporting our ⁠⁠⁠sponsors⁠⁠⁠: ⁠⁠⁠Fiscal.AI⁠⁠⁠ References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor's Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

My guest today is Ben Thompson, the founder and author of Stratechery. Ben is one of my favorite business thinkers and I love talking to him about everything happening in markets and technology.  We go through every important company, including OpenAI, Nvidia, Intel, Apple, Microsoft, Google, and Amazon. We also discuss why he thinks it would be dangerous for the United States to win the AI race outright, what container shipping and the railroads of the 1870s tell us about the buildout, and why the binding constraint on all of this may be capital rather than compute.  Please enjoy my conversation with Ben Thompson. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp's⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to ⁠vanta.com/invest⁠.  ----- WorkOS⁠ is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel. ----- Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgeline.ai⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant. Timestamps: (00:00:00) Welcome to Invest Like The Best (00:02:16) Winning the AI Race With China (00:08:28) Timing, Capital, and the Railroads (00:11:34) Berkshire, Google, and Absolute Profits (00:14:23) Verifiable and Unverifiable Domains (00:20:20) Aggregation Theory in the AI Era (00:22:06) The Real Cost of Inference (00:25:40) Why Consumer AI Needs Advertising (00:30:08) Compute Shortages and Commodity Markets (00:35:46) Memory Cycles and Boom Bust Dynamics (00:42:08) TSMC, Intel, and Where Risk Goes (00:44:51) The Best Setups in Big Tech (00:52:14) The Frontier Model Contenders (00:54:27) Microsoft's IBM Playbook (01:00:45) Meta, Attention, and Advertising (01:07:29) NVIDIA, Commodities, and Power

After looking at companies that tanked in recent months in the last episode, Daniel Mahncke and Shawn O'Malley now take a look at the best-performing stocks of the pitches of the last two years. Google, Amazon, and Reddit are companies that generated great returns for the Intrinsic Value Portfolio, but there were also companies on the watchlist that turned into multibaggers in the past year. Daniel and Shawn discuss the patterns of the stocks that gained most in value, what one can learn from that, and how they think about selling and holding positions that went up past their fair value estimate. IN THIS EPISODE YOU'LL LEARN: (00:00:00) Intro (00:03:51) About Google's stock rise and valuation (00:15:32) How the massive capex changes the Mag7 (00:29:08) Why Amazon might be more attractive than Google (00:40:48) Why Daniel and Shawn decided to sell some Reddit (01:03:07) Why Remitly wasn't added to the Portfolio (01:11:57) How TSMC, Dell, and Comfort Systems became multibaggers (01:24:09) What the future holds for the AI trade Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Track ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn more about how to join us in NYC for our ⁠⁠⁠⁠⁠Intrinsic Value Conference⁠⁠⁠⁠⁠. Portfolio Review ⁠⁠⁠⁠Submit Tool⁠⁠⁠⁠. Pitch on ⁠⁠Google.⁠⁠ Pitch on ⁠⁠Reddit. Pitch on ⁠⁠Crocs. Pitch on ⁠⁠Amazon⁠⁠. Pitch on ⁠⁠Remitly⁠⁠. Pitch on TSMC. Pitch on Dell. Pitch on Comfort Systems. Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ mentioned in the podcast. Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. NEW TO THE SHOW? Get smarter about valuing businesses through ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Check out ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Investor's Podcast Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. SPONSORS Support our free podcast by supporting our ⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠: ⁠Plaud⁠ ⁠Plus500⁠ ⁠Netsuite⁠ ⁠Scribe⁠ References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor's Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm