Podcasts about Xai

This week, Scott sat down with his Lawfare colleagues Kevin Frazier, Roger Parloff, and Molly Roberts to talk through some of the week's big news in AI, including:“Citizen Cain't.” When the NAACP sued Elon Musk's xAI under the Clean Air Act—alleging that the company built dozens of gas-fired turbines to power a data center in Mississippi without relevant air permits and exposing nearby, predominantly Black communities to harmful pollution—the Justice Department opted to do something it has never done before: it intervened in a citizen suit against a private company in order to kill it. DOJ's motion offers two theories: first, that shutting down the turbines would threaten national security because the military relies on xAI's Grok Gov model (including in relation to the Iran war) to secure the nation, and second, that the Constitution's vesting of executive power in the president means private citizens cannot enforce federal law over the executive's objection. How strong are these arguments? And what would it mean for environmental and other citizen-enforcement suits if DOJ were to prevail?“Grok the Vote.” We may be living through the first true “AI elections.” In Manhattan's NY-12 Democratic primary, more than $40 million in AI-industry and AI-safety money turned a little-known assemblyman, Alex Bores, into something of a national referendum on whether voters care about AI regulation and AI safety—though Bores ultimately lost to Micah Lasher this week. Meanwhile, overseas in Malaysia, parties are using chatbots and other AI-driven technologies to reach out to voters in new and novel ways. And just this week in Washington, a new study has concluded that frontier AI is perhaps more persuasive than ever, but also may not be as politically neutral as some suspect or one might hope. What does this all mean for democratic politics when both money and the messaging involved in our politics are increasingly shaped by AI?“Kill, Kill Switch, Kill, Kill!” The government's frontier-AI "kill switch" is now ready to have its first day in court. If you recall, a few weeks ago, the Commerce Department's Bureau of Industry and Security sent Anthropic an "Is Informed" letter ordering it to suspend all access to its Fable 5 and Mythos 5 models for any foreign nationals, including its own employees. This ultimately led Anthropic to pull access to those models for everyone within hours. But this past Monday, June 22, a technology startup called Legion LegalTech filed a lawsuit against the U.S. government alleging that it has acted in a way that is unlawful and raises a number of statutory and constitutional concerns. How strong is the legal challenge, and what does it tell us about whether courts—rather than the executive—will end up defining the government's power to switch a frontier model on and off?In object lessons, Molly sticks to the script for this week's episode with her call-out of Erik Nitsche's “Atoms for Peace” poster series for General Dynamics. Also inspired by this week's theme, Kevin dives into some “light summer reading” about technology, globalization, and the law with “Rules for a Flat World,” by Gillian Hadfield. Roger, similarly, is “unwinding” with “The Winter Warriors,” by Olivier Norek, a novel about the lesser-known David vs. Goliath story of Finland taking on the Soviet Union in 1939. And Scott says enough already! He's headed on vacation next week, and so is Rational Security. We'll be back with a new episode and a rejuvenated Scott on July 9.To receive ad-free podcasts, become a Lawfare Material Supporter at www.patreon.com/lawfare. You can also support Lawfare by making a one-time donation at https://givebutter.com/lawfare-institute.Support this show http://supporter.acast.com/lawfare. Hosted on Acast. See acast.com/privacy for more information.

This week, Scott sat down with his Lawfare colleagues Kevin Frazier, Roger Parloff, and Molly Roberts to talk through some of the week's big news in AI, including:“Citizen Cain't.” When the NAACP sued Elon Musk's xAI under the Clean Air Act—alleging that the company built dozens of gas-fired turbines to power a data center in Mississippi without relevant air permits and exposing nearby, predominantly Black communities to harmful pollution—the Justice Department opted to do something it has never done before: it intervened in a citizen suit against a private company in order to kill it. DOJ's motion offers two theories: first, that shutting down the turbines would threaten national security because the military relies on xAI's Grok Gov model (including in relation to the Iran war) to secure the nation, and second, that the Constitution's vesting of executive power in the president means private citizens cannot enforce federal law over the executive's objection. How strong are these arguments? And what would it mean for environmental and other citizen-enforcement suits if DOJ were to prevail?“Grok the Vote.” We may be living through the first true “AI elections.” In Manhattan's NY-12 Democratic primary, more than $40 million in AI-industry and AI-safety money turned a little-known assemblyman, Alex Bores, into something of a national referendum on whether voters care about AI regulation and AI safety—though Bores ultimately lost to Micah Lasher this week. Meanwhile, overseas in Malaysia, parties are using chatbots and other AI-driven technologies to reach out to voters in new and novel ways. And just this week in Washington, a new study has concluded that frontier AI is perhaps more persuasive than ever, but also may not be as politically neutral as some suspect or one might hope. What does this all mean for democratic politics when both money and the messaging involved in our politics are increasingly shaped by AI?“Kill, Kill Switch, Kill, Kill!” The government's frontier-AI "kill switch" is now ready to have its first day in court. If you recall, a few weeks ago, the Commerce Department's Bureau of Industry and Security sent Anthropic an "Is Informed" letter ordering it to suspend all access to its Fable 5 and Mythos 5 models for any foreign nationals, including its own employees. This ultimately led Anthropic to pull access to those models for everyone within hours. But this past Monday, June 22, a technology startup called Legion LegalTech filed a lawsuit against the U.S. government alleging that it has acted in a way that is unlawful and raises a number of statutory and constitutional concerns. How strong is the legal challenge, and what does it tell us about whether courts—rather than the executive—will end up defining the government's power to switch a frontier model on and off?In object lessons, Molly sticks to the script for this week's episode with her call-out of Erik Nitsche's “Atoms for Peace” poster series for General Dynamics. Also inspired by this week's theme, Kevin dives into some “light summer reading” about technology, globalization, and the law with “Rules for a Flat World,” by Gillian Hadfield. Roger, similarly, is “unwinding” with “The Winter Warriors,” by Olivier Norek, a novel about the lesser-known David vs. Goliath story of Finland taking on the Soviet Union in 1939. And Scott says enough already! He's headed on vacation next week, and so is Rational Security. We'll be back with a new episode and a rejuvenated Scott on July 9.To receive ad-free podcasts, become a Lawfare Material Supporter at www.patreon.com/lawfare. You can also support Lawfare by making a one-time donation at https://givebutter.com/lawfare-institute. Hosted on Acast. See acast.com/privacy for more information.

Our 249th episode with a summary and discussion of last week's big AI news!Recorded on 06/17/2026Note: work has kept me from publishing episodes promptly, apologies! I'll get back on schedule soon.Hosted by Andrey Kurenkov and Jeremie HarrisFeel free to email us your questions and feedback at andreyvkurenkov@gmail.com and/or hello@gladstone.aiRead out our text newsletter and comment on the podcast at https://lastweekin.ai/In this episode:Anthropic cut off access to Fable 5 and Mythos 5 after a US government order tied to alleged jailbreaks, prompting debate over inconsistent policy, export controls, and the practicality of preventing jailbreaks.SpaceX completed an IPO at a roughly $1.75T valuation and then moved to acquire AI coding startup Cursor for $60B, positioning xAI with Cursor's talent, data, and product to compete more effectively in coding.Infrastructure and business updates include Anthropic pursuing direct US data center leases backed by Google, leaked documents showing OpenAI's revenue growth alongside large losses, and chatbot market share shifting with ChatGPT below 50% as Gemini and Claude gain.Projects and policy highlights include OpenRouter's Fusion multi-model synthesis, new open releases from Moonshot, Qwen, and NVIDIA, DOJ support for xAI's unpermitted gas turbines in Memphis, and a Munich court ruling Google liable for false AI Overview statements.Timestamps (note - these don't take into account dynamically inserted ads and therefore may be off by a couple of minutes):(00:00:10) Intro / Banter(00:03:38) Ad break + news previewTools & Apps(00:04:52) Anthropic cuts off Fable 5 and Mythos 5 access following government order | The Verge + All the news about Anthropic's new AI fight with the White House(00:25:53) Facebook's new AI Mode search gets its info from public posts | The VergeApplications & Business(00:27:00) SpaceX to acquire the AI coding startup Cursor for $60 billion(00:35:42) Anthropic pursues data center leases, seeks financial backing from Google, The Information reports | Reuters(00:40:10) Leaked financial docs show OpenAI is losing billions of dollars a year - Ars Technica(00:46:00) ChatGPT's market share slips below 50% for first time | TechCrunch(00:50:34) ‘Tell Him He's a Piece of Shit': Meta's New AI Unit Is a Total Mess | WIRED(00:56:23) Sakana AI Commercializes AB-MCTS in Sakana Marlin, an Enterprise Agent Generating Up to 100-Page Research Reports With Slides - MarkTechPostProjects & Open Source(00:59:36) Surpassing Frontier Performance with Fusion — OpenRouter Blog(01:03:00) Moonshot AI Releases Kimi K2.7-Code: a Coding Model Reporting +21.8% on Kimi Code Bench v2 Over K2.6 - MarkTechPost(01:08:34) Meet Qwen-RobotSuite: Three Embodied AI Models for VLA Manipulation, Video World Modeling, and Navigation - MarkTechPost(01:11:29) Nemotron 3 Ultra: Open, Efficient Mixture-of-Experts Hybrid Mamba-Transformer Model for Agentic Reasoning(01:17:31) ProCUA-SFT Technical ReportPolicy & Safety(01:20:33) DOJ Lawyers Argue xAI Is ‘Vital' for National Security in NAACP Lawsuit | WIRED + People Living Near xAI's Dirty Data Centers Are Pissed About the SpaceX IPO(01:25:29) A Court Has Ruled That Google Is Liable for False Statements Generated by AI Overviews | WIRED(01:28:47) Why Do Naive SFT Filters For Safety Properties Fail?Research & Advancements(01:34:14) From AGI to ASI(01:39:44) Artificial Analysis Intelligence Index v4.1: a shift toward agentic workloads(01:42:12) SIA: Self Improving AI with Harness & Weight UpdatesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In a remarkable intervention, Trump's DOJ argues in a court filing that Elon Musk's Grok is too important to national security to be slowed down by environmental permitting requirements, citing its use by the military to bomb Iran thousands of times during Operation Epic Fury. The NAACP lawsuits argues that xAI's failure to obtain permits for its Memphis data centers violated the Clean Air Act and polluted a community already facing elevated asthma rates. Dina Doll reports Veracity: For up to 65% off your order, head to https://VeracityHealth.co and use code MISSTRIAL. Visit https://meidasplus.com for more! Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af MissTrial: https://meidasnews.com/tag/miss-trial The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast Cult Conversations: The Influence Continuum with Dr. Steve Hassan: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show The Ken Harbaugh Show: https://meidasnews.com/tag/the-ken-harbaugh-show Majority 54: https://www.meidastouch.com/tag/majority-54 On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Uncovered: https://www.meidastouch.com/tag/maga-uncovered

(1) Brett Siegel, Cluthpoint Sports, joined Jason to discuss the Grizz draft (2) Celtics Brad Stevens addressed Jaylen Brown questions (3) Sam Hardiman, Daily Memphian 901 Reporter, on SpaceX, AutoZone Park & more

There's a lot on the docket today. To pull apart the Iran “deal” framework, Mary and Andrew are joined by Tess Bridgeman, an international law expert who served as a legal advisor in the Obama administration through the 2015 nuclear deal with Iran. Tess lays out how President Trump's 14-point memorandum of understanding differs from what was brokered in 2015, and what to watch for as negotiations continue. Before she joins, the co-hosts begin by analyzing several examples of what Mary calls the Trump Justice Department's "consistent effort” to avoid judicial review: their refusal to put into a sworn declaration that they won't move forward with the “Anti-Weaponization” fund and a motion to dismiss a Clean Air Act violation lawsuit against Elon Musk's xAI data center in Mississippi. They also tackle a few instances where, contrastingly, the government has positioned itself “on the offense” this week, including an indictment of 15 protesters on a conspiracy charge against ICE and the DHS' intent to build a border wall through a holy landmark atop Mount Cristo Rey in New Mexico. Further reading: Here is the New York Times piece, Mary referred to about the Las Cruces case: A Diocese Tries to Protect Its 29-Foot Jesus From Trump's Border Wall Here is the Just Security tracker that Mary and Andrew mentioned: Immigration Habeas Tracker: Government Obstruction, Judicial Trust, and Accountability Sign up for MS NOW Premium on Apple Podcasts to listen to this show and other MS podcasts without ads. You'll also get exclusive bonus content from this and other shows. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Patrick Moorhead and Daniel Newman return from a packed week of travel, covering HPE Discover 2026 and Pure Accelerate hosted by Everpure. They break down the government-forced shutdown of Anthropic's Mythos 5, the Apple-Intel foundry signal, the xAI-Cursor acquisition, and whether enterprise AI spending is actually contracting or simply concentrating. Episode 309 of The Six Five Pod covers the week's events, market moves, and the structural questions that follow. The handpicked topics for this week are: Anthropic Mythos 5 Forced Shutdown: The U.S. government issued a 90-minute compliance window and a worldwide kill switch on Anthropic's Mythos 5 and Claude Fable 5 models, forcing them offline across all geographies. Patrick and Daniel examine what this means beyond the immediate headlines: model access has entered the same geopolitical variable set as semiconductor export controls, and every enterprise CIO now has a new on-premises infrastructure argument on the table. The shutdown also surfaced an unexpected counterpoint from the cybersecurity community, which argued that Mythos 5, operating in a defensive capacity, was itself a protection layer against the use of adversarial models. Anthropic's decision to revoke access globally rather than implement citizenship-based authentication reflected both the 90-minute timeline and the practical impossibility of real-time identity verification at scale. (The Decode) HPE Discover 2026: The Agentic Infrastructure Story: Six Five Media spent multiple days at HPE Discover in Las Vegas, live-streaming coverage that drew more than 30,000 viewers across the event. Patrick and Daniel break down HPE's most complete agentic stack story to date, covering its networking-led compute approach, expanded NVIDIA and Broadcom silicon partnerships, autonomous networking through Marvis, and Juniper's integration into the AMD Helios interconnect as a path into hyperscale deals HPE previously lacked access to. (The Decode) Pure Accelerate 2026 and the Everpure Data Primacy Pitch: At Pure Accelerate, Everpure made its clearest case yet for a data intelligence layer designed to reduce token costs in enterprise AI workflows by operating across any storage vendor, any enterprise application, and without being hard-coded into the underlying array. Patrick and Daniel assess the value proposition and the proof burden separately: the concept is differentiated, particularly against Snowflake and Databricks, in that Everpure does not require its own storage hardware, but the company still needs to demonstrate ROI at scale and earn permission to compete in a market where data platform players have already established category positioning. (The Decode) Apple and Intel: The 18AP Signal and What It Sets Up for 14A: The announcement that Apple will manufacture chips with Intel sent Intel's stock up roughly 10%. The hosts parse what that deal likely looks like in practice: 18AP as a test drive for lower-risk logic-layer parts, with the more consequential milestone being a potential M7 SoC on Intel's 18AP process. The underlying driver is the TSMC capacity constraint, with Samsung logic deals picking up across the industry for the same reason. The real inflection point that Patrick notes is 14A: if Intel's backside power delivery process reaches risk production and scales to iPhone volume by 2028, the strategic weight of the Apple relationship will fully materialize. (The Decode) xAI Acquires Cursor for $60 Billion: Elon Musk's xAI acquired Cursor for $60 billion using equity inflated by SpaceX's IPO run-up, a move Patrick characterizes as buying market position in a category where xAI arrived late, having missed the window on thinking models and tool calling. Cursor brought $4 billion in ARR, 7 million monthly active users, and 50% Fortune 500 penetration into the deal. The open question remains whether xAI can convert that installed base into a durable enterprise AI stack or whether it remains primarily a GPU capacity provider selling at well above neo cloud market rates, with the Google-SpaceX deal drawing additional scrutiny as a related-party transaction preceding the IPO. (The Decode) The Flip: Is Enterprise AI Spending Contracting or Concentrating? Patrick takes the position that enterprise AI is entering a rationing phase, pointing to Accenture's bookings decline, Microsoft cutting developer access to cloud code, Uber blowing through cloud licenses, and the emergence of AI cost management as a venture category as converging proof points. Daniel argues the opposing case: dollar volume is growing even as project counts fall, hyperscaler CapEx guidance continues to accelerate across Microsoft, Google, Amazon, and Meta, and what reads as contraction is the market moving from subsidized pilots to production deployments tied to measurable P&L outcomes. Both agree the hard ROI era is arriving, and the real debate is whether that transition reads as discipline or deceleration on the way in. (The Flip) Fed Chair Kevin Warsh's First Meeting: New Fed Chair Kevin Warsh held rates steady in a unanimous decision but delivered remarks that the market viewed as hawkish, sending the S&P lower and two-year yields up 16 basis points before a partial recovery the following day. Patrick and Daniel note the structural signal beneath the reaction: Warsh is establishing the Fed's independence from political pressure while also signaling an intent to move away from survey-based data that arrives three to six months stale, in favor of more real-time economic inputs. Daniel draws a direct line to the kind of forward-looking data infrastructure that firms like Palantir, Databricks, and Snowflake are positioned to provide at the institutional level. (Bulls and Bears) Iran-Israel-U.S. Developments and Oil Below $80: A Memorandum of Understanding between Iran, Israel, and the U.S. briefly sent oil below $80 and signaled a potential opening of the Strait of Hormuz, though by the time of recording, reports were already emerging that the situation may be reversing. Patrick and Daniel keep it brief: the market has largely looked through the geopolitical noise, rallying through the period of conflict, and the oil price signal matters more to the macro environment than the diplomatic specifics. (Bulls and Bears) Accenture Earnings — The Services Layer Faces the Agentic Reckoning: Accenture beat on earnings but missed on revenue. The company reported a bookings decline of 2%, trimmed its 2026 revenue guide by 3-4%, and saw its worst single-day stock reaction in years. Patrick and Daniel use the result as a structural lens rather than a single-quarter data point: agentic AI and enterprise technology vendors are absorbing exactly the work that large professional services firms have historically owned, and the market is beginning to price that displacement ahead of the labor data catching up. Patrick flags this as the canary in the coal mine for the global services industry broadly. (Bulls and Bears) SpaceX IPO Volatility and Valuation Reality: The SpaceX IPO debuted at $135, surged above $210 on its first day of trading, and finished the week around $181. At its peak, the company briefly surpassed the market capitalizations of both Amazon and Microsoft before pulling back. Patrick and Daniel unpack the gap between the premium investors are assigning to Elon Musk and the company's underlying fundamentals. Despite generating roughly $50 billion in annual revenue, SpaceX remains unprofitable, and upcoming lock-up expirations could introduce meaningful volatility, particularly on the downside. Patrick points to long-term comparisons with Amazon and Tesla, while noting that many retail investors are still near break-even. The discussion explores how much of SpaceX's valuation is based on future potential versus current performance—and how much room remains for investor expectations to reset before fundamentals catch up. (Bulls and Bears) Watch the full video at sixfivemedia.com, and be sure to subscribe to our YouTube channel so you never miss an episode. The Decode  US Government Forces Anthropic to Disable Claude Fable 5 + Mythos 5 Worldwide — First-Ever Federal Shutdown of a Commercial Frontier AI Model; 90-Minute Compliance; EU + UK Sovereign-AI Talks Accelerate https://www.anthropic.com/news/fable-mythos-access  HPE Discover 2026 — Neri Bets the Company on Networking as the AI Control Plane; Juniper Integration Operational; Vultr Standardizes on HPE + NVIDIA https://www.crn.com/news/networking/2026/hpe-ceo-antonio-neri-five-boldest-statements-from-hpe-discover-2026 Everpure - Pure//Accelerate 2026 — First Conference Under New Name; "Data Primacy" Vision; Data Stream Built on NVIDIA AI Data Platform; Data Intelligence GA https://www.prnewswire.com/news-releases/everpure-unveils-data-primacy-architecture-for-the-ai-era-302803097.html  Apple's Chip Supply Chain Realigns in One Week — Intel 18A-P Enters Risk Production June 16; White House Confirms Apple-Intel Foundry Deal June 18 (INTC +9% to Record $135); Cook Says iPhone/Mac/iPad Price Hikes "Unavoidable" on RAM Crunch https://www.investing.com/analysis/appleintel-chip-manufacturing-deal-reshapes-foundry-race-200682398 SpaceX Buys Cursor for $60B All-Stock Four Days After IPO — Largest Developer-Tooling Acquisition Ever; Cursor at $4B ARR / 50%+ Fortune 500; Musk's xAI Loses the Code War, Buys the Winner https://www.cnbc.com/technology/ The Flip Are enterprise AI budgets contracting — is the procurement boom ending and the rationing phase beginning? FOR: Yes — Accenture cut its guide and bookings declined today; Uber blew through AI budget in months; Meta killed its leaderboard. https://www.businesswire.com/news/home/20260618029271/en/Accenture-Reports-Third-Quarter-Fiscal-2026-Results AGAINST: No — AI infrastructure capex is accelerating; enterprise demand is supply-constrained, not budget-constrained. https://ca.investing.com/news/stock-market-news/stifel-raises-jabil-stock-price-target-to-460-on-ai-growth-93CH-4698089 Bulls & Bears MACRO — FOMC Chair Kevin Warsh's Inaugural Meeting: Unanimous Hold at 3.5–3.75%, Statement Stripped of Cutting Bias; Dot Plot Flips to a 2026 HIKE at 3.8% Median; Warsh Refuses Own Dot; Worst Fed Day for a New Chair Since 1994 https://www.cnbc.com/2026/06/17/fed-meeting-today-live-updates.html  MACRO — Oil Cracks Below $80: Brent $78 (3-Month Low), WTI $75; US-Iran 14-Point MoU Signed at Versailles; Strait of Hormuz Reopening; IEA Projects 5.05 Mbpd Supply Glut in 2027 https://finance.yahoo.com/economy/policy/articles/oil-plunge-below-80-already-174253019.html Accenture (ACN) Q3 FY26 ACTUALS — EPS $3.80 Beats $3.70 (+9% YoY); Revenue $18.72B Slight Miss; Bookings DECLINE −2% to $19.3B; FY26 Guide Trimmed to 3–4% Local; Stock −13.3% Open; $9B Cybersecurity Acquisition Push https://www.businesswire.com/news/home/20260618029271/en/Accenture-Reports-Third-Quarter-Fiscal-2026-Results  SpaceX (SPCX) Post-IPO Trading Action — Melt-Up to $225.64 Tuesday Intraday Briefly Surpasses Amazon at $2.85T; Round-Trips to $192 by Wednesday Close on Fed Hawkish Pivot; Morningstar Fair Value $62 (~69% Implied Downside) https://www.cnbc.com/2026/06/15/evercore-isi-says-landmark-spacex-ipo-could-reignite-bull-market-send-sp-500-to-9000.html  

Dan Nathan and Guy Adami host a special Risk Reversal episode with guest Danny Moses to discuss the latest Fed meeting under Kevin Warsh, emphasizing peak hawkish messaging, reduced forward guidance (including questioning the dot plot), and the market's feedback loop. They debate surging volatility and extreme AI/semiconductor valuations, highlighting Intel's sharp rally on customer speculation and concerns about narrative-driven pricing, correlation risk, and potential CapEx pullbacks, with Micron's upcoming earnings as a key test. The group also covers gold's pullback, favoring gold miners like AEM, and argues energy could rebound despite recent weakness. They note consumer strain using Kroger's warnings on rising costs and promotional shopping, alongside elevated delinquencies and credit card debt. After the break, Dan speaks with CNBC's Deirdre Bosa about SpaceX's IPO, “vibe investing,” xAI's compute strategy, the Cursor acquisition, AI token-cost pressures, and how export controls may accelerate adoption of Chinese open-source models like DeepSeek. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose. Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

AWS Morning Brief for the week of June 22nd, with Corey Quinn. Links:AWS Marketplace announces AI-assisted product listingAmazon CloudWatch introduces Log Analytics for unified log analysisAmazon EKS now supports customer-routed control plane egressFree Network Bandwidth Amazon GameLift Servers is Here!AWS announces AWS Blocks, an open-source framework for composing application backends on AWS (Preview)AWS Compute Optimizer enhances EBS volume recommendations with additional performance metricsIntroducing AWS Continuum for security at machine speedAWS Management Console Private Access now works without internet connectivityAWS Security Agent announces support for Threat ModelingGrok 4.3 from xAI now available in Amazon BedrockAmazon Aurora and RDS for MySQL expand Extended Support for MySQL 5.7 through June 2029AWS Marketplace reduces listing fee for professional services to 0.5%S3 Vectors: More Results, Cheaper Queries, Fresh FeesAmazon S3 annotations: attach rich, queryable context directly to your objectsAnnouncing Amazon EC2 G7 instances accelerated by NVIDIA RTX PRO 4500 Blackwell Server Edition GPUsAWS DevOps Agent adds release management capabilities to assess code changes before production (preview)AWS WAF adds AI traffic monetization capability to help content owners charge AI bots for content accessSimulating Amazon EC2 EBS burst credits before downsizing an instanceAWS Security Bulletin Quartet: AI Tools Forget Unix 101

AI Hitting a Wall? LeCun Slams xAI, YouTube 'AI Slop' Surge, Microsoft Sued, and Korea's AI Bonus Inflation In this June 22, 2026 episode of #Trending, host Jim Love covers Yann LeCun's claim that xAI is "kind of a failure" after losing much of its founding team and his warning that large language models may soon hit diminishing returns, arguing instead for "world models" and predicting a potential pricing and funding reckoning for AI labs. A Kapwing study finds about 21% of recommendations to new YouTube accounts are low-quality "AI slop," with a broader "brain rot" category at 33%, highlighting platform quality challenges. Microsoft faces a shareholder lawsuit alleging it downplayed AI investment costs and their impact on Azure growth, which Microsoft denies. The Bank of Korea warns massive AI-related bonuses at Samsung and SK Hynix could contribute to inflationary pressures. Love also invites early discounted readers for his upcoming book, The Compassion Virus, via technewsday.com/.ca. 00:00 Today's AI Headlines 00:35 LeCun Slams xAI 01:37 LLMs Hitting Limits 02:03 World Models Next 05:11 YouTube AI Slop Surge 07:17 Platforms vs Spam 08:47 Microsoft AI Lawsuit 10:08 AI Bonuses Fuel Inflation 13:15 Book Launch Request 14:19 Sign Off

In June 2024 the Greater Memphis, Tennessee Chamber of Commerce announced Elon Musk's artificial intelligence company, xAI, would build its "Colossus" data center in an old Electrolux factory. Two years on, the story continues to expand alongside the company's growing footprint, with a second campus, Colossus II, across the state line in Southaven, Mississippi; a contested gray water recycling plant; an ever-rising count of gas turbines; multiple lawsuits; and communities in South Memphis still pressing for straight answers.Few people have tracked all of it more closely than Neil Strebig, a reporter with The Commercial Appeal in Memphis who has covered the xAI story daily from the beginning. He's attended community meetings and hearings, filed right-to-know requests, parsed the differing interpretations of the Clean Air Act by the EPA, the Shelby County Health Department and the Mississippi Department of Environmental Quality, counted turbines, and spent time with residents living alongside the facilities. The result is a level of detail that few can match.In this conversation, Strebig brings us up to speed on the latest developments — including a newly updated lawsuit citing unpermitted turbines in Southaven, the implications of the SpaceX IPO and the impending IPOs of other AI firms, and the stalled water recycling plant Memphis leaders had counted on. And, he reflects on what it has been like to chase facts as the story spread across two states and a thicket of jurisdictions.

SHOW NOTES   In Podcast Episode 380, “The Prophet Nobody Wanted to Hear,” Kim discusses the faithfulness of the Prophet Jeremiah through the final years of the downfall of the Southern Kingdom. Some days, he tunneled in and had a pity party, but he always returned to steady faithfulness, despite the opposition.   Our focal passage for this episode is Jeremiah 1:4-10; 7:1-15, 28; 9:1; 25:3-7; 38:1-13; 39:1-10 with 7:28 as the focal verses:   28 Say to them, ‘This is the nation whose people will not obey the Lord their God and who refuse to be taught. Truth has vanished from among them; it is no longer heard on their lips.     WEEKLY ENGAGEMENT FEATURE:   What task does Jeremiah's relentless obedience inspire you to do?     Additional Resources and Scriptures:   Facebook Group - https://www.facebook.com/groups/encouragingothersinlovingjesus X - https://x.com/eoinlovingjesus?s=21&t=YcRjZQUpvP7FrJmm7Pe1hg INSTAGRAM -  https://www.instagram.com/encouragingothersinlovingjesus/ “Encouraging Others in Loving Jesus” YouTube Channel: Check it out at https://www.youtube.com/@EncouragingOthersInLovingJesus   I WANT TO BEGIN A PERSONAL RELATIONSHIP WITH JESUS CHRIST.   RESOURCES USED FOR BOOK OF 1 & 2 Kings (1 & 2 Chronicles) PODCASTS: “The Wiersbe Bible Commentary: The Complete Old Testament OT in One Volume” “Christ-Centered Exposition: Exalting Jesus in 1 & 2 Kings” by Tony Merida “The Tony Evans Bible Commentary: Advancing God's Kingdom Agenda” “Life Application Study Bible” “The Swindoll Study Bible: NLT” by Charles R. Swindoll Holman Illustrated Bible Dictionary “The Baker Illustrated Bible Background Commentary” by J. Scott Duvall and J. Daniel Hays (Editors) Expositor's Bible Commentary (Abridged Edition): Old Testament, 2004, by Kenneth L. Barker, John R. Kohlenberger, III. xAI. (2026). Grok [Large language model]. https://x.ai/grok/chat      "Encouraging Others in Loving Jesus" Facebook Group:   Our Facebook Group is devoted to providing a place for us to encourage each other through all the seasons of life. Follow the provided link to request admittance into “Encouraging Others in Loving Jesus”—https://www.facebook.com/groups/encouragingothersinlovingjesus/ Feel free to invite others who will be good encouragers and/or need encouragement to follow Jesus.   This podcast is hosted by Kim Smith, a small town Country Girl who left her comfort zone to follow Jesus in a big City World. Now, she wants to use God's Word and lessons from her faith journey to encourage others in loving Jesus.   In each episode, Kim will share insights regarding a portion of God's Word and challenge listeners to apply the lessons to their daily lives.   If you want to grow in your faith and learn how to encourage others in loving Jesus, subscribe and commit to prayerfully listening each week.   Remember, “It's Always a Trust & Obey Kinda Day!”   If you have questions or comments or would like to learn more about how to follow Jesus, please email Kim at EncouragingOthersinLovingJesus@gmail.com.     National Suicide & Crisis Lifeline   988   https://988lifeline.org/   Reference: Unless otherwise indicated, all Scripture quotations are taken from the Tyndale House Publishers. Holy Bible: New Living Translation. Wheaton, Ill: Tyndale House Publishers, 2004.   Podcast recorded through Cleanfeed and edited through GarageBand. The soundtrack, entitled “Outlaw John McShane” was obtained from Pixabay.     The HIDDEN Episodes:  If you can't access episodes 1-50 on your podcast app (the podcast was then entitled "A Country Girl in a City World - Loving Jesus"), you can get all the content at my Podbean site at https://acountrygirlinacityworldlovingjesus.podbean.com/  

SpaceX stock dropped sharply this week, shedding roughly $620 billion in market value over two sessions as the post-IPO rally finally broke. SPCX fell 8.3% combined on June 17 and June 18, closing at $178.50, down from its June 16 peak of $225.64. That's a 20% drop in two days, the first sustained decline since SpaceX went public on June 12 at $135 per share in the largest IPO in history.This episode breaks down why SpaceX stock is dropping, what triggered the SPCX selloff, and what comes next for the most hyped IPO of 2026. The fall hit despite Moody's, Fitch, and S&P all assigning SpaceX investment-grade credit ratings on the same Thursday the stock dropped nearly 4%. The paradox is the story.Four triggers drove the SpaceX stock drop. First, the $60 billion all-stock acquisition of Cursor, announced June 16, signaled immediate dilution to anyone who bought SPCX on the open market. Second, a planned $20 billion bond offering raised an obvious question after SpaceX had just pulled in $75 billion from the IPO and committed $60 billion to Cursor: how much capital does this company actually need? Third, SPCX options started trading on June 17, giving short sellers a practical way to bet against the stock for the first time. Nearly 1 million call contracts traded on day one, putting SPCX among the busiest options names on Wall Street. Fourth, the fundamentals caught up. SpaceX posted a $4.28 billion net loss in Q1 2026, wider than the $528 million loss in the year-ago quarter, with xAI alone accounting for $2.5 billion of the operating charge.The float math is part of the volatility story. Only 4-5% of SpaceX shares are in the public float. Roughly 95% are locked up at IPO. Selling windows open in late July 2026, the standard lockup lapses in December 2026, and Musk's stake unlocks in June 2027. With limited liquidity, small flows move the SPCX stock price hard in both directions. The Gary Black "meme stock" critique landed because retail investors bought roughly the same amount of SPCX in three sessions as they bought Nvidia, Google, Amazon, Microsoft, Meta, QQQ, and SPY combined, according to Vanda Research.The broader picture matters for SPCX shareholders. SpaceX still trades at a $2.4 trillion market cap, the sixth-largest US company by value. The stock ended its first week as a public company 37% above its IPO price. But the xAI subsidiary that justifies a chunk of the trillion-dollar valuation is bleeding cash: $6.36 billion in 2025 operating losses on $12.7 billion in capex, and every one of xAI's 11 original co-founders had departed before the IPO. Musk himself said publicly in March 2026 that xAI "was not built right first time around."We also cover the other space-sector moves this week. Planet Labs (PL) dropped sharply after an earnings report showed margin pressure and near-term losses despite a record backlog, raising questions about whether satellite-data businesses can scale profitably. Intuitive Machines (LUNR) expanded its NASA partnership and shifted toward recurring lunar infrastructure revenue, a model that could de-risk a sector full of one-shot government contracts.We cover what the SpaceX stock drop means for retail SPCX holders, why the Cursor acquisition and bond offering hit confidence on the same week, what the lockup calendar through 2027 means for sustained selling pressure, and whether the post-IPO selloff is a healthy reset or the start of a bigger correction.Keywords: SpaceX stock drop, SPCX stock, SpaceX IPO, Elon Musk, $225 to $178, SPCX selloff, Cursor acquisition, SpaceX bond offering, xAI losses, Planet Labs PL stock, Intuitive Machines LUNR, AI bubble, Magnificent Seven, meme stock, SpaceX lockup, retail investors.

Is the AI trade a bubble? Imran Khan — founder of Proem Asset Management, former Snap executive, and the banker behind the Alibaba and Mercado Libre IPOs — isn't convinced. Dan Nathan sits down with Imran to pressure-test the bear case, from Nvidia's below-market multiple to the cyclical-vs-secular debate in memory, and to dig into why a big chunk of SpaceX's $2.5T valuation may not be a space story at all. Topics Covered Why hyperscalers underperform during heavy CapEx cycles — and why that's historically the best time to buy Distribution vs. technology: how Gemini won while arguably being the inferior model, and why Grok couldn't Meta's setup — cheap on earnings, not cheap on free cash flow — and the Zuckerberg "big swing" risk Nvidia at a $5T market cap: the $20B debt raise, buybacks, and the customers-are-competitors problem Micron and high-bandwidth memory sold out into 2027, and the cyclical-vs-secular question that decides the stock The "bottleneck trade" everyone's chasing — and why earnings durability is the thing to watch Energy constraints, data center delays, and the long-term demand picture Imran's contrarian case that AI won't create structural unemployment SpaceX's valuation decoded: rocket launch, Starlink, and the xAI cloud ramp What OpenAI and Anthropic coming to market could mean for the AI trade —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose. Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

Every time you run an AI query, a pump turns on somewhere. In Memphis, Tennessee, that pump draws from one of the purest aquifers in the world. That same water supply is already threatened by a century of industrial pollution. Community organizer Sarah Houston shares what xAI's five-million-gallon-a-day habit is costing the communities closest to Colossus. Then, a talk from Ayşe Coskun on who pays the price when development comes to town. Talk featuredThe Story You're Not Hearing About AI Data Centers | Ayşe Coskun Hosted on Acast. See acast.com/privacy for more information.

Professor Aswath Damodaran joins Kai Wu on The Intangible Economy to break down how to value SpaceX, AI companies, intangible assets, and the future of value investing.We discuss why big markets do not automatically create big value, how AI CapEx is changing the character of major technology companies, and why the best investment stories still have to connect to the numbers.Subscribe on Spotify⁠⁠⁠⁠Subscribe on AppleTopics covered:Valuing SpaceX after its IPO and why price matters even for great companiesHow Starlink, space launch, and xAI fit into SpaceX's valuation storyWhy total addressable market can mislead investors in AI and other disruptive industriesThe problem with AI unit economics, data centers, power, water, and reinvestment needsWhy growth can destroy value when margins and returns on capital are weakHow intangible assets, R&D, future growth, and narratives should show up in valuationThe Big Market Delusion and how overconfidence drives boom and bust cyclesWhy AI CapEx is different from the dot-com boom and could create broader risksHow AI is changing the character of the Magnificent Seven and semiconductor companiesWhy value investing became rigid, ritualistic, and righteous, and how it can evolveTimestamps:00:00 Why great companies can still be bad investments01:03 Introducing Aswath Damodaran and The Intangible Economy01:49 SpaceX IPO, Starlink, xAI, and the challenge of valuing uncertainty05:31 Why Starlink became the core of SpaceX's current revenue10:31 How Damodaran valued SpaceX across launch, connectivity, and AI14:07 Why AI's huge market may still have difficult unit economics17:10 The tension between SpaceX competing in AI and renting data centers to competitors20:00 Why valuation should use distributions instead of false precision22:39 How stories and numbers work together in valuation26:45 Why investors confuse promises, potential, and businesses30:49 The Big Market Delusion and overconfidence in AI investing33:02 Why the AI CapEx boom is different from the dot-com bubble35:17 How AI infrastructure is changing the Magnificent Seven38:36 Nvidia, Micron, semiconductors, and the risk of peak cycle earnings41:00 Why the biggest AI market stories could be scary for society43:37 AI disruption, labor markets, and the speed of technological change46:30 Measuring which jobs and companies are most exposed to AI automation49:00 Why AI cost structure may look more like Spotify than software51:13 The unresolved business model questions for LLMs and AI agents52:29 Why traditional value investing lost its edge56:03 Passive investing, book value, and the blame game in value investing58:13 Why rigid value investing is vulnerable to AI disruption01:00:58 How value investing can adapt to intangible assets and uncertainty01:02:21 Why any company can be a good investment at the right price01:04:57 Why investing mistakes and track records are harder to judge than they look

Everyone's Buying SPCX. Here's What Smart Investors Actually Do.SpaceX (SPCX) just completed the largest IPO in history — $75 billion raised, debuting up 19% on day one, now trading over 40% above its IPO price. The hype is real. So are the risks most people aren't talking about.CFP® David Chudyk breaks down the bull case, the bear case, what happened when WeWork, Peloton, and Rivian met peak hype, and — most importantly — the only question that determines whether any hot stock belongs in your financial picture.What You'll LearnThe real bull case for SpaceX — Starlink's $15.5B revenue run-rate, 50%+ growth, cash-flow positive before IPOThe bear case: xAI's $6.35B operating loss, Starship delays, valuation that prices in perfectionIPO Hall of Shame: WeWork ($47B → bankruptcy), Peloton (down 90% from peak), Rivian (down 80%+)The one question that determines if any position belongs in your planHow to use the three-bucket framework (Liquidity, Longevity, Legacy) to size any single position5 specific SpaceX risks buried in the S-1 most retail investors never read

As director of Keyhole, Dave Lorenzini delivered the 3D Earth zooms that ran on CNN during the 2003 Iraq War — netting five million users in a month. Sergey Brin was one of them. Google bought the company and poured in billions to build, fuel, and serve maps. As Google Earth, it forever changed how we relate to space.From there: pioneering work on Google Glass, AR platforms, and running an immersive XR lab in Europe for Draw & Code exploring the future of spaces, places, and faces. Today Dave directs Quantum Studio, building World Agent and 4D ID — the "DNS for real space," an addressing layer where every place, object, and moment gets a name AI systems can agree on. His thesis: the next decade of AI won't run on better maps. AI needs an operating system for reality. Not a map. Not a database. A living, queryable foundation where every place on Earth answers for itself.AI XR News: The OpenAI vs. Musk trial continued with damaging testimony from Mira Murati and Greg Brockman. Anthropic struck an unholy alliance with xAI's Colossus compute. GameStop bid for eBay. Colin Angle is back with Familiar, an AI robot pet. Coinbase cut staff. Ask.com finally died. VRChat hit 100,000 concurrent daily users in Japan.Key Moments:[00:03:34] AWE Long Beach in 30 days: Dave on the board, Snap glasses expected, 400 speakers and 250 exhibitors[00:20:10] 30 AI glasses coming: why the near future belongs to audio-first, AI-powered smart glasses[00:25:34] Keyhole origin story: satellite imagery, $25K/sq mile, Sergey Brin, and a $500M/year acquisition[00:37:30] Google Glass, Luxottica, and why Google blinked when it could have been 10 years ahead of Meta[00:40:00] XR vs. rockets: why building for the human brain is harder than getting to MarsBrought to you by Zappar, the company behind Mattercraft — the leading visual development environment for immersive 3D web experiences. Start building at mattercraft.io.Subscribe to the AI XR Podcast wherever you listen to podcasts. Watch the full episode on YouTube: https://youtu.be/weNANIIo7EA Hosted on Acast. See acast.com/privacy for more information.

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

A SpaceX-Tesla merger may happen as soon as this year, according to comments from SpaceX President and COO Gwynne Shotwell during the company's June 12 IPO day. Speaking to CNBC as SpaceX began trading on the Nasdaq at a $1.75 trillion valuation, Shotwell said a merger between Elon Musk's two trillion-dollar companies "might make Elon's life a little easier" and pointed to a "convergence" in what SpaceX and Tesla are building toward.This episode breaks down what Gwynne Shotwell actually said about the SpaceX Tesla merger, why analysts think it's now closer than ever, and what it means for Tesla shareholders. Shotwell told CNBC there are "synergies between Tesla and SpaceX in our futures, definitely," while keeping her near-term focus on rockets, Starlink, and the ISS. The quote landed on the same day SpaceX's market cap opened above $2 trillion, putting it ahead of Tesla as the sixth most valuable US company, and the same day Elon Musk became the world's first trillionaire.The financial and operational ties between SpaceX and Tesla are already deep. Tesla invested $2 billion in xAI in January 2026, a stake that converted to nearly 19 million SpaceX shares when xAI merged into SpaceX in February. SpaceX has bought $697 million worth of Tesla Megapack energy storage and $131 million in Cybertrucks. The two companies jointly run Terafab, a $55 billion chip manufacturing project with Intel that will produce silicon for robotics and space. Total Tesla sales to SpaceX and xAI since 2023 are roughly $890 million.The most telling signal is in SpaceX's S-1 filing. Days before the IPO, SpaceX amended its risk factors to add: "We may issue a significant amount of equity in connection with future transactions." That language isn't necessary for small deals. It's the kind of disclosure that anticipates a merger the size of Tesla, which currently has a market cap of about $1.52 trillion.Wall Street is already pricing in the SpaceX Tesla merger thesis. Wedbush analyst Dan Ives puts the probability at 80-90% with a likely close in the first half of 2027 and calls a combined entity the "holy grail" for Musk's control of the AI ecosystem. Wolfe Research analyst Emmanuel Rosner says the IPO has turned the merger into a "core thesis" for many Tesla investors, citing stronger AI capabilities through xAI, expanded access to capital markets, and increased Musk voting control over the combined company. Musk already holds 85% voting power at SpaceX and roughly 13% of Tesla, which could climb to 25% if his November pay package targets hit.We cover what Gwynne Shotwell's IPO day comments actually mean, why the S-1 language is the strongest signal yet, what a combined SpaceX-Tesla company looks like under Elon Musk's voting control, how the Cursor acquisition and xAI absorption fit the same M&A pattern, and whether Tesla shareholders come out ahead in a stock-for-stock deal at current valuations.Keywords: SpaceX Tesla merger, Gwynne Shotwell, Elon Musk, SpaceX IPO, SPCX stock, Tesla stock, TSLA, xAI, $1.75 trillion valuation, Wedbush Dan Ives, Wolfe Research, Terafab, Musk trillionaire, AI M&A 2026, Tesla SpaceX synergies.

Beth breaks down why Elon Musk being a trillionaire on paper and having $0 in liquid cash aren't contradictory — and why the whole way we measure wealth is a facade built on restricted stock, pledged collateral, and $39 trillion of national debt.

Snap stellt seine AR-Brille vor. SpaceX übernimmt Cursor für $60 Mrd. Welche Firma kauft Elon Musk als nächstes? Im Anthropic-Streit kommen neue Details ans Licht: Wired berichtet, das Weiße Haus wolle "alle Jailbreaks" blockieren, die G7-Sitzordnung verrät die Trump-KI-Präferenzen. Ein neues Buch enthüllt, dass Trump Musk die speichelleckenden Textnachrichten von Zuckerberg und Bezos gezeigt hat. Microsoft testet DeepSeek für Copilot Cowork. DeepSeek schließt eine $7-Mrd.-Funding-Runde mit ungewöhnlicher SPV-Struktur ab. GLM 5.2 wird zum besten Open-Weights-Modell, Midjourney pivotiert in den Medizin-Markt mit einem 3D-Ultraschall-Gerät. Maia Arson Crimew hackt die Dialog-Konferenz von Peter Thiel, die 222 Namen lange Gästeliste taucht auf, Jens Spahn ist dabei. Allbirds rebrandet zu SmartBird. Warum hat Google den Consumer-KI-Markt eigentlich schon längst gewonnen? Unterstütze unseren Podcast und entdecke die Angebote unserer Werbepartner auf ⁠⁠⁠⁠⁠⁠doppelgaenger.io/werbung⁠⁠⁠⁠⁠⁠. Vielen Dank!  Philipp Glöckler und Philipp Klöckner sprechen heute über: (00:00:00) Snap Specs Brille (00:04:15) SpaceX kauft Anysphere/Cursor (00:12:50) Anthropic: Block all Jailbreaks (00:13:49) SK-Telekom & Mythos-Liste (00:19:28) Speichelleck-Texte aus Trump-Buch (00:21:05) Sacks-Backpedaling (00:29:30) Microsoft testet DeepSeek (00:30:38) DeepSeek $7 Mrd. SPV-Runde (00:35:23) Midjourney Medical-AI (00:40:18) Peter-Thiel-Dialog-Leak (00:47:50) xAI-Mississippi-Verfahren (00:49:33) Allbirds → SmartBird (00:50:00) Sono Motors (00:51:50) Mistral (00:54:48) ChatGPT Marktanteil (01:01:36) 1Komma5° plant Börsengang Shownotes Snap Specs: AR-Brillen Launch-Date & Preorder - theverge.com SpaceX wertvoller als Amazon - bbc.com SpaceX kauft Anysphere (Cursor) für $60 Mrd. - reuters.com Wired: White House will alle Anthropic-Jailbreaks blocken - wired.com David-Sacks-Post zum Anthropic-Streit - xcancel.com Fotos G7 - xcancel.com Pip-Post zu Anthropic - xcancel.com Politico: White House Anthropic-Move bringt Kongress in KI-Debatte - politico.com The Information: DeepSeek schließt Rekord-Runde über $7 Mrd. - theinformation.com Microsoft Copilot Cowork & "Token-Maxing" - axios.com DeepSeek zu Investoren: "No Poaching unserer Leute" - cnbc.com Artificial Analysis: GLM 5.2 ist neues führendes Open-Weights-Modell - artificialanalysis.ai Midjourney baut Medical-AI für Ultraschall - theverge.com Wired Dialog Thiel - wired Reddit-Leak: Mitglieder von Peter Thiels Geheimclub - reddit.com NYT: NAACP klagt gegen xAI wegen Grok-Gasturbinen in Mississippi - nytimes.com Allbirds rebrandet zu SmartBird, neuer Ex-AWS-CEO - reuters.com Mistral - ft.com TechCrunch: ChatGPT-Marktanteil fällt erstmals unter 50% - techcrunch.com Sono Motors: Trump-Manager macht aus Solarauto-Firma Bitcoin-Bude - manager-magazin.de Trump Texts - wired 1Komma5° plant Börsengang & Frontalangriff auf Enpal - manager-magazin.de Stern: Jens Spahn in der Kritik nach Peter-Thiel-Treffen - stern.de

The AI hype train keeps shedding wheels this week. KPMG managed to publish a report about the transformative power of AI that was apparently riddled with hallucinations, fake citations, and imaginary products, proving once again that asking a stochastic parrot to do your homework is not a substitute for actual research. Meanwhile, Americans are using AI faster than ever while trusting it less than ever, OpenAI somehow turned $13 billion in revenue into losses that would make a dot-com CFO blush, and Silicon Valley CEOs have quietly stopped promising to replace all workers with AI. Not because they've changed their minds, mind you, just because they discovered that telling employees they're obsolete is terrible for morale and stock prices. Add in protests dogging Google CEO Sundar Pichai, Meta employees revolting against soul-crushing AI evaluation work, and the message is clear: the future is here, and everyone involved seems miserable.We then return to one of the founding principles of Grumpy Old Geeks: never build your house on somebody else's land. Anthropic learned that lesson the hard way when its AI models reportedly got caught in a geopolitical and regulatory tug-of-war involving Amazon, the U.S. government, and national security concerns. World leaders are now openly questioning whether American AI platforms can be trusted if access can be revoked overnight. The same platform-risk story pops up again as Meta launches AI-powered search across Facebook's oceans of questionable user-generated content. Remember kids: when you pitch your tent in someone else's backyard, don't act shocked when they turn on the sprinklers.From the Injustice Files, the hits keep coming. The Atlantic revealed the staggering scale of copyrighted music used to train AI systems, Hollywood inches closer to becoming a monopoly-themed amusement park, and the DOJ is backing xAI in a pollution lawsuit while reports emerge that Grok-assisted systems played a role in military operations. Elon keeps collecting legal losses, SpaceX buys Cursor for an eye-watering $60 billion, and Trump is threatening French wine over tech taxes while simultaneously promoting crypto through a UFC event at the White House. We wrap with Britain banning social media for kids under 16, hackers stealing entire Roblox games, Fox buying Roku, the return of human narrators at Blinkist, a gloriously anti-social-media flip phone from Commodore, and a reminder that Star Trek: Strange New Worlds is still one of the few things keeping the future worth looking forward to.Sponsors:DeleteMe - Get 20% off your DeleteMe plan when you go to JoinDeleteMe.com/GOG and use promo code GOG at checkout.Shopify - Sign up for your one-dollar-per-month trial today at Shopify.com/grumpyPrivate Internet Access - Go to GOG.Show/vpn and sign up today. For a limited time only, you can get OUR favorite VPN for as little as $2.03 a month.SetApp - With a single monthly subscription you get 240+ apps for your Mac. Go to SetApp and get started today!!!1Password - Get a great deal on the only password manager recommended by Grumpy Old Geeks! gog.show/1passwordShow notes at https://gog.show/751Watch on YouTube at https://youtu.be/iRrbNdVw-pMSHOW NOTESA report on the benefits of AI was reportedly full of AI hallucinationsJust 16% of Americans Believe AI Will Positively Impact Society, Pew Poll FindsExclusive: OpenAI Losses Increased Nearly 8X in 2025, With Spending Hitting $34 BillionThe CEOs are No Longer (Publicly) Threatening to Replace Humans With AISundar Pichai faces boos, walkout at Stanford graduation ceremony over Google's Israel, ICE ties‘Tell Him He's a Piece of Shit': Meta's New AI Unit Is a Total MessAnthropic becomes a cautionary sovereign-AI fableAnthropic Says It's Taking Claude Fable 5 Offline to Comply With US Government OrderCyber experts warn Fable limits aid attackers and hurt defendersAmazon Triggered Claude Fable 5 Shutdown: Investor, Cloud Host, Now RegulatorWorld leaders want American AI. They just don't want America to be able to turn it off.Meta's new ‘AI Mode' on Facebook pulls from public info across its platformsInvestigation by The Atlantic reveals many millions of songs used for AI music trainingJustice Department Decision to Allow Paramount Deal Surprised Staff InvestigatorsJustice Department backs xAI in NAACP lawsuit over data center pollutionPentagon used Elon Musk's Grok AI to fire 2,000 missiles at Iran, official saysxAI's lawsuit accusing OpenAI of stealing trade secrets has been thrown outSpaceX to acquire Cursor for $60B in stock, days after blockbuster IPOTrump threatens 100 percent tariff on France's wine industry over its tech taxUFC to pay White House fighters in crypto issued by Trump companyUK will ban social media for children under 16Hackers Are Hijacking Entire Roblox Games NowFox is buying Roku for $22 billionApple TV renews comedy horror Widow's Bay for a second seasonDownton Abbey: A New EraDownton Abbey: The Grand FinaleDisclosure DayShrek 5 | Official Teaser TrailerRIDICULOUS - 2026 Special - Trailer #1 - Louis C.K.Star Trek: Strange New Worlds | Season 4 Official TrailerCommodore made a social media-banishing flip phoneSnap's Stock Plunges the Moment It Reveals Its Comically Gigantic AR GlassesSo Good They Can't Ignore You by Cal NewportCreator Capitalist by the Category PiratesTrackalotBlinkist pulls back on AI narratorsSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The crew breaks down the SpaceX IPO's crypto-like low float dynamics and Hyperliquid's price prediction, debates accredited investor laws and failed tokenized stock allocations, dives into Fable 5's export control shutdown after Amazon flagged a jailbreak to the Treasury Secretary, and argues whether open source AI models will eat frontier pricing. Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. Robert is back after a brief hiatus recording his own podcast, The Pop, for Superstate — and the crew wastes no time roasting him for it before diving into the biggest week of news in recent memory. First up: the SpaceX IPO, the largest in history, and why it looks eerily like a crypto token launch — 4.2% float, retail getting cut out, and Hyperliquid perps predicting the first-day pop almost to the dollar. The crew debates TradeXYZ's winner-take-all dominance of HIP3 and why building on top of Hyperliquid might be a terrible startup environment. Then they unpack Elon's financial engineering genius — the Cursor acquisition as all-stock crypto playbook, XAI's pivot from failed AI lab to compute reseller, and why Grok is (unanimously) an embarrassing piece of shit. The conversation shifts to accredited investor laws, SPV dentists, and why every crypto platform failed to deliver SpaceX IPO allocations. From there, Coinbase's massive system update — tokenized stocks, an SEC-registered AI chatbot, combos, and 15-minute markets. Then things get spicy: Robert asks Claude about SBF on air, Sonnet gets it hilariously wrong, and everyone roasts him for not using Opus. The back half is all about Fable 5 — Amazon's jailbreak discovery, Andy Jassy calling Dario (who didn't pick up), and the export controls that shut down the most powerful commercial AI model ever released. Robert drops his most surprising take: "I am EAC, but this is a dry run of pressing the pause button." The episode closes with a heated debate on whether Chinese open source models will eat frontier AI pricing and a bet that may or may not have been agreed upon.  Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights

SpaceX's $1.75 trillion IPO has just created the world's first trillionaire. But for families in Morgan County, Georgia and Boxtown in South Memphis, the AI investment rush seems to look rather different: brown water, diesel fumes, and higher bills.This week, Tom Rivett-Carnac and Paul Dickinson take on the data centre boom - now one of the fastest-moving forces in the global energy system. Why exactly do so many of these buildings need to be situated so close to population centres? And why do the communities that end up hosting them so rarely get a meaningful say?We hear from Nick Reece, Lord Mayor of Melbourne, one of the most vocal city leaders addressing the challenge head-on. He explains the costs and the unrealised promises, and shares his vision for what a genuinely good deal between the tech industry and host communities could look like.What would it take for communities to actually share in the benefits of the AI boom? How do cities avoid a race to the bottom while national governments court the biggest investors? And is the world heading for the same story it has seen before: transformative technology reshaping society, with the legislation catching up 20 years too late?Learn More:

https://rhr.tv/stream Private Broadcast May Reveal Sender IP Address in Bitcoin Core 31.0 https://bitcoincore.org/en/2026/06/06/privatebroadcast-ip-leak/ Bitcoin Toggle Now Live on Square Register https://x.com/cashapp/status/2067374663160983885 Illinois Set to Begin Taxing Bitcoin https://finance.yahoo.com/markets/crypto/articles/illinois-set-begin-taxing-bitcoin-172237413.html Fed Ends Forward Guidance Era – Tea Leaves Back on the Menu https://x.com/fejau_inc/status/2067352890507972709 Robinhood to Cut 10% of Full-Time Workforce https://www.reuters.com/sustainability/robinhood-cut-10-its-full-time-workforce-2026-06-16/ China Developing AI-Powered Tools to Predict Dissent Leaked documents revealed that Chinese technology company, Geedge Networks, is developing AI-powered tools aimed at predicting who might one day criticize the CCP. Working with MESA Lab, a regime-backed research lab, Geedge is reportedly building behavioral profiles of individuals based on their social media, location data, telecommunications, and online activity. AI models could then sift through profiles and spotlight those who might be a political risk. There is no evidence the technology is finalized or deployed, but if deployed, China's surveillance system could become a tool to chill dissent before it ever begins. FinancialFreedomReport.org Alby Hub v1.23.0 Release https://github.com/getAlby/hub/releases/tag/v1.23.0 Cove 1.3.0 Beta: Passkey Cloud Backup + Multi-Account Support https://x.com/covewallet/status/2066994714574778786 OpenAuspex Project Homepage https://www.openauspex.dev/ Bark Wallet Now Available on Umbrel https://blog.second.tech/bark-wallet-now-on-umbrel/ Enclavia: Six Hard Problems, One Solution https://enclavia.io/blog/six-hard-problems-one-solution/ Anthropic Expands Access to Fable and Mythos https://www.anthropic.com/news/fable-mythos-access Trump Administration Backs Musk's xAI in NAACP Data Center Lawsuit https://www.reuters.com/legal/government/trump-administration-backs-musks-xai-naacp-data-center-lawsuit-2026-06-16/ SpaceX to Buy Anysphere for $60 Billion https://www.reuters.com/legal/transactional/spacex-buy-anysphere-60-billion-2026-06-16/ Secret Elite Group Member List Leaked https://archive.ph/iM5ei Midjourney Medical Blogpost https://www.midjourney.com/medical/blogpost AI Subscription Subsidy Analysis https://x.com/semianalysis_/status/2064815044085318040 Elon Shares Anti-Drone Rifle Footage https://x.com/elonmusk/status/2066356709635866898 3:33 - Opening riff 5:33 - Dashboard 8:48 - Core 31.0 bug 11:33 - Illinois bitcoin tax 18:53 - Square pay with bitcoin 24:33 - Fed tea leaves 30:53 - Robinhood cuts employees 33:53 - HRF Story of the Week 36:53 - Shoutouts 39:43 - Software updates 52:08 - Fable and Mythos 1:03:13 - Trump backs Musk 1:08:38 - SpaceX buys Cursor 1:15:03 - CLARITY Act 1:18:03 - Secret society 1:23:28 - Midjourney medical 1:28:13 - AI subsidy analysis 1:31:43 - Drone shooting Shoutout to our sponsors: Coinkite https://coinkite.com/ Strike https://strike.me/ Stakwork https://stakwork.ai/ Salt of the Earth https://drinksote.com/rhr Follow Marty Bent: Twitter https://twitter.com/martybent Nostr https://primal.net/marty Newsletter https://tftc.io/martys-bent/ Podcast https://tftc.io/podcasts/ Follow Odell: Nostr https://primal.net/odell Newsletter https://discreetlog.com/ Podcast https://citadeldispatch.com/

The Last Trade: Mark Yusko, CIO of Morgan Creek Capital Management, joins to call the SpaceX IPO and the broader AI capex wave the greatest bubble in the history of markets, why Elon's $1 trillion XAI revenue promise by 2030 is securities fraud, how DeepSeek is poised to break the AI bubble by doing what OpenAI and Anthropic do for 5 cents on the dollar, why Bitcoin's Metcalf's Law fair value already sits around $125,000 even as price trades closer to $60K, his specific October 5 cycle-bottom call for the next crypto spring, and the brutal truth that the 1986 Tax Act and the rise of the 401k were a heist on the American middle class.---

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

SpaceX's $1.75 trillion IPO wasn't just a liquidity event for Elon Musk. It was the final step in a four-year bailout of the investors who backed his $44 billion Twitter acquisition. The SpaceX IPO closed an "amalgamation escalator" that converted depreciated Twitter equity into premium SpaceX stock, delivering a nearly 200% return to the private partners who'd been stuck holding the bag since 2022.This episode breaks down how the Twitter-to-SpaceX pipeline actually worked. The mechanics: Twitter merged with xAI in March 2025 at a $33 billion valuation, wiping out Twitter's standalone losses on paper. xAI then merged into SpaceX in February 2026. When SpaceX went public in June at $1.75 trillion, every original Twitter investor (the Saudi PIF, Sequoia, Andreessen Horowitz, Larry Ellison, Jack Dorsey) ended up holding SpaceX Class A shares worth roughly triple what they'd paid for the original Twitter position.The financial mechanics are clean. The governance questions aren't. SpaceX's multi-class share structure gives Musk absolute voting control regardless of his economic stake. The xAI absorption diluted core SpaceX value (launch and Starlink) to subsidize an AI division that lost $14 billion last year. And the $1.75 trillion valuation depends partly on SpaceX's pivot to space-based AI data centers, a technical bet that analysts are openly skeptical about.The SpaceX IPO also lands in the middle of an AI capex cycle that's pricing in perfection. Anthropic just filed for an IPO at $965 billion. OpenAI filed at $852 billion. SpaceX bought Cursor for $60 billion days after going public. The "Muskonomy" thesis (cross-subsidizing underperforming ventures with star assets, then taking the bundle public) only works if public market investors keep paying premium multiples on operational losses.This episode covers how Twitter equity got laundered into SpaceX stock, why the Saudi PIF was the biggest winner of the SpaceX IPO, what Musk's dual-class share structure means for minority shareholders, and whether the "amalgamation escalator" model becomes the template for the next wave of private-market exits.Keywords: SpaceX IPO, Elon Musk Twitter, $1.75 trillion valuation, xAI merger, Musk Twitter bailout, SpaceX Class A shares, amalgamation escalator, Saudi PIF, Sequoia, Andreessen Horowitz, Muskonomy, AI IPO 2026, dual-class shares, space data centers.

Claude Fable 5 d'Anthropic désactivé sous pression, OpenAI invalide une conjecture d'Erdős, Microsoft présente ses modèles MAI et Majorana 2. SpaceX explose les records en Bourse, l'IA alimente la dette des géants de la tech, les data centers spatiaux deviennent une piste industrielle, et les annonces Xbox/Nintendo saturent déjà les plannings de joueurs.  Me soutenir sur Patreon Me retrouver sur YouTube On discute ensemble sur Discord Fables de la quinzaine Maître Dario, sur son arbre perché, avait un modèle de langage, Maître Trump, par un rapport contrarié, lui fit alors ce chantage. Vibe mathémating : GPT aime bien les jeux Erdős. Joli moi de MAI : c'était aussi la Build de Microsoft. Culture pub : parce que Claude Code est un Netflix comme les autres. La bulle voulait être aussi grosse que le bœuf. Projet Dernière Chance IPO griffes : SpaceX fait le casse du siècle. Et tout ça grâce à xAI, AI1 et Starship. Que des valeurs sûres. En matière d'espace, la Chine ne manque pas de sail. Le Donut aurait finalement un fourrage crémeux. Jeux vidéo Xbox Showcase : 25 ans, 25 jeux et un avenir heureux ? Nintendo Direct : du neuf avec du vieux. Summer Game Fest : un show Spyrotechnique. Participants Une émission préparée par Guillaume Poggiaspalla Présenté par Guillaume Vendé

President Trump suggests that an Iran deal could be inked by Thursday or Friday, while AI, Ukraine and children's online safety are also discussed at the G7 summit in France, Brazil's top court convicts Eduardo Bolsonaro for coercion, Israel and Somaliland reveal secret ties, authorities in Vietnam bust a large-scale cat theft ring, Trump-Backed Mike Collins wins Georgia's GOP runoff, Luigi Mangione's defense cites emotional disturbance in the CEO murder case, the U.S. Dept of Justice moves to dismiss an NAACP suit against xAI's data center, Canada's opioid deaths dropped 23% in 2025, and the U.N. reports that Asia was hit by record heat, floods and sea levels in 2025. Sources: Verity.News

Bloomberg enthüllt, warum SpaceX die Colossus-Rechenleistung vermieten musste. OpenAI gewinnt die Trade-Secrets-Klage von xAI. Ed Zitron veröffentlicht exklusiv die OpenAI-Finanzen für 2024 und 2025, was die Rohmarge wirklich hergibt. Das große Thema der Folge: Die US-Regierung verhängt am Freitagabend Exportkontrollen gegen Anthropics Fable 5 und Mythos, der Jailbreak-Vorwurf wirft mehr Fragen auf als er beantwortet. Was ist wirklich passiert und wer profitiert eigentlich vom Streit? Wie wirkt sich das auf den Anthropic-IPO aus? Im Acquisition-Corner: Salesforce kauft Fin.ai (früher Intercom) für $3,6 Mrd., Fox übernimmt Roku für $25 Mrd. Unterstütze unseren Podcast und entdecke die Angebote unserer Werbepartner auf ⁠⁠⁠⁠⁠⁠doppelgaenger.io/werbung⁠⁠⁠⁠⁠⁠. Vielen Dank!  Philipp Glöckler und Philipp Klöckner sprechen heute über: (00:00:00) SpaceX-IPO weiter (00:04:44) Colossus-Vermietung (00:07:50) OpenAI gewinnt vs. XAI (00:09:00) Ed Zitron: OpenAI-Finanzen (00:16:16) Anthropic Fable 5 gestoppt (00:21:03) Jailbreak-Vorwurf (00:22:35) Dario im Wellness-Retreat? (00:35:15) Anthropic-IPO-Folgen (00:40:25) Salesforce kauft Fin.ai (00:42:20) Fox kauft Roku (00:43:44) Mario Voigt & Döpfner Shownotes SpaceX - ft.com SpaceX vermietete Rechenleistung, weil eigene Teams sie nicht nutzen konnten - bloomberg.com OpenAI gewinnt: XAI-Klage wegen Trade Secrets abgewiesen - reuters.com Ed Zitron exklusiv: OpenAI-Finanzen - wheresyoured.at Anthropic Fable - linkedin.com Anthropic, Trump & Mythos/Fable für National Security - axios.com Pete-Hegseth-Post - xcancel.com Ashlee Vance über Anthropic & National Security - xcancel.com Anthropic, Weißes Haus & Fable/Mythos - axios.com Zvi Mowshowitz zu Anthropic-Move - xcancel.com Pliny the Elder zu Fable-5-Jailbreak - xcancel.com Anthropic widerspricht Fable-5-Jailbreak-Vorwurf - securityweek.com David Sacks zur Anthropic-Regierungs-Kooperation - xcancel.com Salesforce übernimmt Fin für Customer Service - cnbc.com Fox-Roku-Deal - wsj.com Welt zur KI-Debatte um Mario Voigt: Maschinenstürmer der FAZ - welt.de WSJ: Amazon-CEO triggerte Anthropic-Crackdown - wsj.com Kirsten Davies (DoD CIO) zur Anthropic-Sperre - xcancel.com David Sacks (2. Tweet) zu Anthropic - xcancel.com CNBC Video: Inside SpaceX's smooth debut - cnbc.com OpenRouter: Token-Markt-Rankings - openrouter.ai Haken Dran Podcast: SpaceX-IPO & Anthropic-Fable - youtube.com OMR Education: State of AI mit Pip - lnk.to

SpaceX priced its IPO at $135 per share on June 11 and began trading on the Nasdaq under ticker SPCX on June 12, raising roughly $75 billion at a $1.75 trillion valuation - the largest initial public offering ever, dwarfing Saudi Aramco's $29B record from 2019. The stock opened at $150, jumped more than 20% intraday, and closed its first session at $161.11, up about 19% from the offer price. With about 556.6 million shares sold, SpaceX instantly became one of the most valuable companies ever to go public and gave public investors their first direct stake in Starlink and Starship.The U.S.-Iran confrontation that has kept the Strait of Hormuz contested for months drove another volatile week in energy markets, with crude having spiked toward triple digits earlier in the standoff before easing back toward the mid-$80s as diplomacy gained traction. Roughly 27% of seaborne crude moves through Hormuz, and analysts have warned prices could spike dramatically if the chokepoint stays disrupted. By Friday, Iranian media described a draft deal that would lift oil sanctions and reopen the Strait, with reports of a possible signing in Switzerland as soon as the weekend - sending crude down about 2% to near $85 and lifting risk assets.OpenAI said on June 8 that it had confidentially submitted a draft S-1 registration statement to the SEC, the clearest signal yet that the AI leader is moving toward a public listing. Reporting puts the targeted valuation in the roughly $850 billion to $1 trillion range, building on the $852 billion post-money valuation from its March 2026 raise led by SoftBank and Microsoft. OpenAI has reportedly tapped Goldman Sachs and Morgan Stanley to lead the deal, with a possible listing window stretching from September into Q4 2026.At WWDC on June 8, Apple unveiled Siri AI, a rebuilt assistant with conversation history, personal-context awareness, a dedicated Siri app, and customizable voice and pacing - the long-delayed AI overhaul it has been under pressure to deliver. The company also showed iOS 27, refinements to its Liquid Glass design language, new family-safety tools, and the next macOS, named Golden Gate. The event doubled as Tim Cook's final WWDC keynote as CEO; John Ternus is set to take over in September.Tesla and Elon Musk's xAI unveiled a joint project called Digital Optimus, billed as the first major outcome of Tesla's roughly $2 billion investment in xAI. The effort fuses Tesla's humanoid-robot hardware and efficiency with xAI's reasoning models, and Musk said a user-ready version could arrive within about six months - targeting roughly September 2026. The reveal deepens the cross-pollination between Musk's companies and lands alongside a June 12 signal from Musk that Tesla's partnership with Nvidia is heading to the next level.Anthropic launched the Claude Partner Network - including a new Services Track and Partner Hub - and committed an initial $100 million to help consulting firms, professional-services providers and specialist AI shops deploy Claude inside enterprises. The company said it will expand its partner-facing team roughly fivefold with applied AI engineers and technical architects, and reported early traction of more than 40,000 firm applications and over 10,000 certified consultants. It is a clear move to win the enterprise layer, where adoption is gated by integration and services rather than raw model quality.If you want a prize, send us a DM:instagram.com/rickerandbontiktok.com/@rickerandbonyoutube.com/@rickerandbon

SpaceX is buying Cursor. The $60 billion all-stock acquisition of Anysphere, announced June 16, gives Elon Musk control of the most popular AI code editor on the market, just days after SpaceX's $2 trillion Nasdaq IPO. Two months ago, Cursor was valued at $29 billion. The SpaceX Cursor deal more than doubles that price.This episode breaks down the $60 billion Anysphere acquisition and the math behind it. Cursor's annualized revenue is around $4 billion, with $2.6 billion from enterprise B2B customers. The growth curve is near-vertical: $2 billion ARR in February 2026, $3 billion in late April, $4 billion in early June. The deal is structured as an all-stock merger through a SpaceX subsidiary called X67, meaning fresh IPO capital isn't funding it. Anysphere shareholders receive SpaceX Class A shares based on a seven-day volume-weighted average price, with the merger expected to close in Q3 2026.The strategic logic is the AI coding market. xAI merged into SpaceX in February but never gained traction against Claude and GPT in developer tools. Cursor was already eating that market. Two senior Cursor engineers had left for xAI, and Cursor had been training its newest models on tens of thousands of xAI chips. The $60 billion deal closes a competitive gap that money alone wasn't closing.The April option deal is the underrated part of the SpaceX Cursor story. SpaceX locked in either the $60 billion acquisition price or a $10 billion break-up fee months ago, before the IPO and before Cursor's run-rate doubled. By June, $60 billion looked like a discount. The merger agreement also carries a $10 billion termination fee if SpaceX walks, plus an additional $4 billion if antitrust kills it.The broader AI M&A picture matters too. Anthropic just filed for an IPO at a $965 billion valuation. OpenAI filed at $852 billion. SpaceX is trading above $2 trillion. The AI capex cycle is now visible in acquisition pricing, not just compute spend. Developers building on Cursor are now building on a Musk-owned platform, which raises real questions about model neutrality, data access, and what happens when xAI controls the editor that ships Claude's and OpenAI's outputs to millions of engineers.We cover what changes for Cursor users under SpaceX ownership, what the deal means for Anthropic and OpenAI in the AI coding market, why SpaceX paid double instead of waiting, and whether $60 billion holds up against $4 billion in ARR.Keywords: SpaceX Cursor acquisition, Anysphere $60 billion, SpaceX buys Cursor, Cursor AI editor, AI coding, xAI, Elon Musk, SpaceX IPO, AI M&A, agentic coding, enterprise AI, Grok, Anthropic IPO, OpenAI IPO.

In a sworn statement defending the trillionaire from a lawsuit alleging xAI data centers are illegally polluting Black communities, the Pentagon’s artificial intelligence chief said the chatbot’s continued operation is “a matter of paramount national security” — and was used to fire more than “2,000 munitions at 2,000 distinct targets within 96 hours.” Mangione’s legal team is shifting the focus of the trial to his mental state at the time of the killing, aiming to reduce his culpability—while prosecutors prepare to challenge that claim using his newly released psychiatric records. Please Like, Comment and Follow 'Philip Teresi on KMJ' on all platforms: --- Philip Teresi on KMJ is available on the KMJNOW app, Apple Podcasts, Spotify, YouTube or wherever else you listen to podcasts. -- Philip Teresi on KMJ Weekdays 2-6 PM Pacific on News/Talk 580 AM & 105.9 FM KMJ | Website | Facebook | Instagram | X | Podcast | Amazon | - Everything KMJ KMJNOW App | Podcasts | Facebook | X | Instagram See omnystudio.com/listener for privacy information.

SpaceX priced its IPO at $135 per share Thursday, implying a $1.8 trillion market cap for the company. That boosted Musk's net worth by $188 billion to an estimated $982 billion, according to Forbes' calculations. Then on Friday, the rocketmaker's stock started trading at $150 per share and closed the day at $160.95 per share, implying a valuation of $2.2 trillion for the company. That easily made Elon Musk the world's first trillionaire, worth an estimated $1.1 trillion. He was briefly worth a record $1.2 trillion, when SpaceX's stock peaked at $176.52 per share Friday.  Musk, who serves as chairman, CEO and chief technical officer of SpaceX, owns 4.8 billion shares of the rocketmaker, worth $767 billion at Friday's close. He has another 350 million stock options with an exercise price of $8.40 per share, worth $53 billion, giving him a 38% stake in the company, worth $821 billion. Before SpaceX priced its IPO Thursday, Forbes had been valuing Musk's estimated 40% stake (before dilution from the public offering) at around $500 billion, based on the $1.25 trillion valuation of SpaceX's merger with Musk's artificial intelligence and social media company xAI in February. (xAI previously merged with X–formerly Twitter–in March 2025.)  Musk also owns just over 10% of $1.5 trillion (market cap) Tesla, worth $168 billion, plus options to acquire another nearly 8% stake, worth $116 billion billion. Rounding out his net worth are smaller stakes in his brain interface startup Neuralink and his tunneling firm Boring Company, plus several billion dollars of wealth from previous Tesla share sales. By Matt Durot, Forbes Staff Learn more about your ad choices. Visit megaphone.fm/adchoices

The Justice department says the Pentagon needs xAI to keep using its unpermitted gas turbines. Also, Stanford graduates booed and walked on Google's CEO during his commencement speech. Learn more about your ad choices. Visit podcastchoices.com/adchoices

In a sworn statement defending the trillionaire from a lawsuit alleging xAI data centers are illegally polluting Black communities, the Pentagon’s artificial intelligence chief said the chatbot’s continued operation is “a matter of paramount national security” — and was used to fire more than “2,000 munitions at 2,000 distinct targets within 96 hours.” Mangione’s legal team is shifting the focus of the trial to his mental state at the time of the killing, aiming to reduce his culpability—while prosecutors prepare to challenge that claim using his newly released psychiatric records. Please Like, Comment and Follow 'Philip Teresi on KMJ' on all platforms: --- Philip Teresi on KMJ is available on the KMJNOW app, Apple Podcasts, Spotify, YouTube or wherever else you listen to podcasts. -- Philip Teresi on KMJ Weekdays 2-6 PM Pacific on News/Talk 580 AM & 105.9 FM KMJ | Website | Facebook | Instagram | X | Podcast | Amazon | - Everything KMJ KMJNOW App | Podcasts | Facebook | X | Instagram See omnystudio.com/listener for privacy information.

Plus: DeepSeek's valuation tops $50 billion after its first fundraising round. And Elon Musk's xAI loses legal challenge against OpenAI. Imani Moise hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

SpaceX just made history, raising $75 billion in the largest IPO the stock market has ever seen, now trading on NASDAQ at a $1.8 trillion valuation. 7investing's Simon Erickson break downs what you actually need to know as an investor. The SpaceX empire spans X (formerly Twitter, 600M users), xAI (the Grok-powering AI infrastructure running out of the 2-gigawatt Colossus data center), and 10,000 Starlink satellites serving 10 million subscribers across 164 countries. The scale is genuinely unprecedented.But the numbers tell a more complicated story. SpaceX did $20 billion in revenue last year, pricing it at 90x trailing sales, and generated just $1 billion in Q1 operating cash flow against $10 billion in quarterly capital expenditures. The company is burning cash aggressively, and the entire long-term thesis rests on Elon Musk executing on missions no company has ever attempted: orbital data centers, Starship, and eventually a Mars colony. This isn't a software company where you flip a switch and double revenue. These are physical, capital-intensive bets measured in decades.Simon and Heather are both passing on the IPO. The key man risk alone, Elon simultaneously running SpaceX, Tesla (NASDAQ:TSLA), X, and xAI, is the largest concentration of founder dependency in stock market history. Tesla (NASDAQ:TSLA) fans know this playbook: extraordinary vision, breakthrough results, but timelines that consistently slip years past what Elon says publicly. Full self-driving still isn't there. Orbital data centers won't be either, at least not on the schedule the prospectus implies.Near term, Starlink is the real business the only one generating meaningful cash flow and it's what will sustain SpaceX while Elon bets big on everything else. Expect another capital raise in 2026 and again in 2027. The real question for investors isn't whether SpaceX can change the world. It probably will. The question is whether a $1.8 trillion valuation gives you any margin of safety while it gets there. Right now, Simon and Heather say no.Join the conversation on the 7investing discord: https://discord.com/invite/PT9ZQqdXXSWant access to all our investing content? Join at 7investing.com/subscribe Stocks & Companies Mentioned:SpaceX (NASDAQ: SPCX)Tesla (NASDAQ:TSLA)Rocket Lab (NASDAQ:RKLB)xAI — private (subsidiary within SpaceX conglomerate)X (formerly Twitter) — private (subsidiary within SpaceX conglomerate)OpenAI — private#SpaceX #SpaceXIPO #ElonMusk #Starlink #IPOInvesting #SpaceStocks #TechIPO #GrowthStocks #StockMarket #StocksToWatch #TechStocks #SpaceInvesting #InvestingIn2026 #7investing #Simonerickson

The drama around Anthropic's Fable 5 model clogged our collective attention spans.

Dan Nathan and Guy Adami break down a historic market week, headlined by SpaceX's blockbuster IPO and Kevin Warsh's first meeting as Fed Chair. Elon priced the deal himself at $135, and the stock popped to a ~$2.2 trillion valuation—instantly the 6th most valuable company in the world. The guys dig into whether the numbers actually add up, walking through Morningstar's $63 fair value, Jim Chanos's bearish note on xAI's financials, and what a 110x sales multiple means for anyone buying the pop. They also preview Warsh's "less is more" approach to Fed communication and what a quieter central bank means for volatility ahead. Then Dan is joined by VC Ann Bordetsky, for an "Okay, Computer." segment on the private-market side of the story: the looming Anthropic and OpenAI IPOs, OpenAI's rumored token price war, the compute crunch constraining AI demand, and why the CFO may now be the most powerful seat at any AI company. Articles Referenced OpenAI Considers Drastic Price Cuts, Anticipating War for Users With Anthropic (WSJ) Everyone hates frontier AI labs, says Palantir boss (The Register) "VCs behaving badly" (Axios) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal MediaThe financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal.Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose.Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

The Iconic Edit Vol. 14 - In this week's episode of The Iconic Edit, we dive into a historic media and finance milestone: SpaceX's record-breaking $1.75 trillion public debut, making it the largest IPO in history. We break down what this massive shift means for the global economy, how Elon Musk's core assets like Starlink and XAI fit into the picture, and whether this concentrates too much power in the hands of one person. Beyond the trading floor, we tackle the massive cultural shifts reshaping entertainment and sports. From Taylor Swift's genius marketing partnership with Toy Story 5 and Jay-Z and Eminem's nostalgic reunion, to the internet completely cooking ESPN over its uncanny valley AI sports imagery, we look at why authenticity is winning. Plus, we explore how Broadway is staging a major, star-powered comeback and why independent podcasters are officially taking over World Cup coverage. Chapter Timestamps: 0:25 – Media Edit: Taylor Swift & Toy Story 5 Marketing Collaboration 1:35 – Culture Edit: Jay-Z & Eminem's Nostalgic Reunion Project 3:10 – Sports Edit: The US Golf Open's New Commercial-Free Ad Model 5:12 – Media Edit: How Podcasters and the Creator Economy are Taking Over the World Cup 7:07 – Sports Edit: ESPN's AI Image Backlash and Boundaries in Sports Media 9:24 – Culture Edit: The 2026 Tony Awards and Broadway's Star-Powered Comeback 12:25 – Deep Dive: SpaceX's Record-Breaking $1.75 Trillion IPO 14:43 – The Final Cut: What to Watch Next Week (World Cup, US Open, Cannes Lions, & SpaceX Join the ICONIC Community:  @iconicnationmedia  Instagram: https://www.instagram.com/iconicnationmedia/ TikTok: https://www.tiktok.com/@iconicnationmedia

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) The US and Iran reached an interim agreement to reopen the Strait of Hormuz, halting a war that killed thousands of people and setting the stage for negotiations on the fate of Tehran’s nuclear program. Officials from the two countries will meet in Switzerland to formally sign the agreement, with key sticking points left for the next stage of talks, including the removal of sanctions and financial incentives for Iran. The agreement could bring peace and security to the region, but its details remain unresolved, and both sides are casting the deal in different lights, underscoring the difficulties that may lie ahead in resolving outstanding issues. 2) Inflation is roaring back at the fastest pace in three years, and investors have been dumping US Treasury bonds and piling into bets the Fed will need to start raising rates by December. Federal Reserve Chairman Kevin Warsh is facing an unusually high-stakes test in his first FOMC meeting as Fed chair, with his maiden press conference and the Fed's post-meeting statement and forecasts to be scoured for clues on what's next. Warsh's commitment to maintaining the bank's political independence will be reassured if he sends a convincing message that the Fed is willing to shift back into inflation-fighting mode, but falling short will rattle markets already worried he could jeopardize the Fed's credibility. 3) SpaceX shares jumped in premarket trading Monday, after its blockbuster debut Friday vaulted it into the ranks of the world’s most valuable public companies. The performance helped bolster confidence in the artificial intelligence rally, following SpaceX’s embrace of AI earlier this year with the acquisition of Musk’s xAI. It also boosted the IPO prospects of Anthropic PBC and OpenAI, both of which plan go public themselves.See omnystudio.com/listener for privacy information.

June 12, 2026: SpaceX made history with the largest IPO ever recorded, raising $75 billion in its NASDAQ debut and instantly becoming one of the most valuable companies in the United States. But under the hood, this isn't just a rocket company anymore. It's a bet on Starlink, reusable rockets, and xAI's massive AI infrastructure. Then I get into the first-ever appearance of OpenAI, Anthropic, and Google DeepMind leaders at the G7 Summit, and what it means when the most powerful AI companies in the world are now part of global policy conversations. Finally, I break down Jeff Bezos' $12 billion raise for Prometheus, a new company building an "artificial general engineer" that could reshape manufacturing, aerospace, pharma, defense, and the future of high-skill knowledge work.

Six months after their last roundup, Jacob sits down with Ari Morcos (Datology AI CEO, former Meta AI researcher) and Rob Toews (Radical Ventures partner, Forbes AI columnist) to take stock of an AI landscape that has shifted dramatically: coding agents crossing the long-time-horizon threshold has turned engineers into managers of agents, near-frontier open weight AI looks like it may be disappearing as Meta and the Chinese labs pull back, and Anthropic's restrictions on its newly released Fable model have its biggest supporters questioning whether safety framing is masking competitive positioning. The conversation runs through the full state of the lab wars, including Rob doubling down on his Sam Altman ouster prediction and the Bret Taylor succession theory, why Google's structural advantages remain intact despite falling behind on coding, what xAI's Cursor acquisition is really for, and Ari's claim that compute constraints could push labs to suspend their APIs entirely. The back half digs into the physical bottlenecks underneath it all, from atom and x-ray lithography startups challenging ASML to H100 prices reversing their decline, before closing with predictions: recursive self-improvement is closer than it was six months ago but slower than the takeoff narratives suggest, robotics is nearing its GPT-3 moment, and Anthropic's next chapter may be life sciences.   (0:00) Intro (1:40) Coding Agents Cross a Threshold (3:29) Is Open-Weight AI in Retreat? (7:37) Cost Crunch & Scaffolding (12:13) The "Apps Are Cooked" Debate (16:37) Sam Altman Under Scrutiny (19:44) Anthropic's Fable Backlash (23:24) How Big a Step Change Is Fable? (26:50) What's Going On at Google? (33:20) Could the APIs Go Away? (34:11) Breaking the Semiconductor Bottleneck (35:42) Beyond EUV: Atom & X-Ray Lithography (37:23) Implications of a Compute Shortage (40:20) Do Alt Chips Actually Help? (43:43) SpaceX, xAI & the Cursor Acquisition (48:50) How Close Are We to RSI? (52:21) Quickfire With your host: @jacobeffron - Managing Director at Redpoint

Episode 750 arrives with a simple reminder: the bullshit never sleeps. This week Jason and Brian dive headfirst into a game of Douchebag Ping Pong featuring OpenAI, Anthropic, Elon Musk, and the rest of the AI industrial complex. OpenAI is preparing to go public while simultaneously transforming ChatGPT into an everything app, Anthropic wants the world to slow down AI development before Skynet shows up for work, and then immediately releases a more powerful model because apparently self-awareness only goes so far. Meanwhile, Sam Altman's eyeball-scanning side hustle is laying people off, proving that convincing humans to hand over their biometric data remains a surprisingly difficult sales pitch.The AI arms race gets even weirder as SpaceX unveils plans for orbital data centers the size of flying football fields while Google and Anthropic shovel billions into Elon's compute empire just to keep their models fed. On Earth, Seattle is trying to ban new AI data centers before they drink the city dry, Meta is planting AI infrastructure in India, Google is slashing Gemini prices, and a Mississippi judge discovers that lawyers on both sides of a case used AI to invent legal citations, resulting in the rare spectacle of artificial stupidity arguing against itself. Thankfully, AI also manages to do something useful, helping researchers develop a promising universal vaccine and reminding us that not every machine-learning story ends with humanity getting harvested for electricity.Elsewhere, crypto continues its transformation into performance art as Sam Bankman-Fried seeks a presidential pardon while reports suggest the Trump family made billions from crypto projects that left investors holding the bag. Meta gets caught quietly experimenting with face recognition in smart glasses, lawmakers scramble to require recording indicators, and Snapchat tightens protections for younger users. The guys also celebrate Apple's shockingly competent Sports app, a rare piece of software that simply does the thing it's supposed to do without trying to become your therapist, financial advisor, or AI life coach. Plus: Ghostbusters returns, Devil May Cry gets another season, Bill Burr takes on Facebook in The Social Reckoning, and a look at why Silicon Valley's newest luxury service appears to be paying actual humans for conversation.Sponsors:DeleteMe - Get 20% off your DeleteMe plan when you go to JoinDeleteMe.com/GOG and use promo code GOG at checkout.CleanMyMac - Get Tidy Today! Try 7 days free and use code OLDGEEKS for 20% off at clnmy.com/OLDGEEKSPrivate Internet Access - Go to GOG.Show/vpn and sign up today. For a limited time only, you can get OUR favorite VPN for as little as $2.03 a month.SetApp - With a single monthly subscription you get 240+ apps for your Mac. Go to SetApp and get started today!!!1Password - Get a great deal on the only password manager recommended by Grumpy Old Geeks! gog.show/1passwordShow notes at https://gog.show/750Watch on YouTube at https://youtu.be/w8POIp_Dts0SHOW NOTESOpenAI files SEC paperwork to go publicAnthropic proposes a global slowdown of AI developmentOpenAI Joins Anthropic in Call for International AI WatchdogAnthropic releases Claude Fable, a version of Mythos, days after warning AI is becoming too dangerousOpenAI reportedly has a major ChatGPT overhaul in storeSam Altman's Eyeball Scanning Company Now Laying Off WorkersElon Musk's first-gen orbital data center craft spans wider than a Boeing 747 and runs an interchangeable chip payload — AI1 satellite compute payload is 120 kW, peaks at 150 kWGoogle will pay SpaceX $920 million a month to use xAI's data centersSeattle is close to approving a year-long ban on large data centersMeta signs first AI data center deal in India with RelianceGoogle cuts the price of its AI Plus plan and doubles the storageJudge Learns Lawyers on Both Sides of Case Used AI, Cancels Trial, Kicks Everyone Off the CaseThe University of Cambridge says it successfully tested a vaccine with an AI-designed antigenKalshi will require employment info for some bets as an insider trading precautionSam Bankman-Fried applies for a pardon from TrumpTrump Family Reportedly Made About $2.3 Billion on Crypto While Investors Lost About $2.3 Billion on Trump-Related CryptoThe Nerdy Escorts Cashing In On Silicon Valley's AI BoomApple Made a Sports App That Does Almost Nothing. It's Incredible.Meta Removes Face-Recognition System From Its Smart Glasses, Is Mad About itSmart Glasses Would Legally Require a Recording Light Under Proposed LawSnap will no longer allow younger teens' Spotlight videos to be publicly viewableThe iOS 27 beta pretty much confirms that an Apple foldable is happeningThinking Sideways: How to Think Like a Chess Player and Win at Life by Jennifer ShahadeThinking Fast, Slow, Artificially: AI and Your BrainCloudConvertHoppersDownton Abbey: The Motion PictureWidow's BayThe New ‘Ghostbusters' Cartoon Gets a Title and Release DateDevil May Cry Season 2 on NetflixTHE SOCIAL RECKONING – Official Teaser Trailer (HD)See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Markets are ripping as Bitcoin miners pivot to AI infrastructure. We cover AWS rumors, Galaxy Digital's surge, Michael Saylor's latest multi-million Bitcoin buy, the Texas 4CP mining curtailment, and Elon Musk's massive $26B xAI compute deals with Google and Anthropic. Francis Corvinho of Lygos Finance and Kaan of Luxor join us to talk about the massive shift in Bitcoin mining economics, Michael Saylor's credit strategies, Zcash protocol bugs, and the Texas 4CP summer mining curtailments. We also break down the AI infrastructure boom, featuring Galaxy Digital's market surge and Elon Musk's multi-billion-dollar xAI compute leases with Google and Anthropic. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Hash price hit a new all-time low. * Galaxy Digital stock surged 22% in a morning. * xAI generates $26 billion in annual revenue. * Situational Awareness fund hits $20B AUM. Timestamps: 00:00 Start 02:09 Hashrate forming a bottom? 05:13 KEEL 08:12 Galaxy 11:10 Cipher Digital (CIFR) 14:24 Francis 33:21 Kaan 50:21 Situational Awareness 53:30 Coremint 54:30 SpaceX Check out our latest report, “What's a Megawatt Worth?” where we quantify the trillion dollar opportunity for bitcoin miners venturing into the AI sector. Download here: https://megawattreport.com/ Subscribe to our newsletter to receive updates for all of our shows and content: https://newsletter.blockspacemedia.com

This week we talk about initial public offerings, Anthropic, and investment flywheels.We also discuss AI, financial entanglements, and backstops.Recommended Book: Superconvergence by Jamie MetzlTranscriptAn initial public offering, or IPO, is what happens when a private company goes public and starts selling shares of itself, occasionally to just institutional investors like banks and sovereign wealth funds, but usually also to retail investors, which means normal people who buy stocks as part of their investment strategy.Often private companies go this route, go public, because it's one of the primary ways of gleaning new, oftentimes large inflows of money, and that money can then be used for investments in assets for the company, but it also allows employees who have shares in the company as part of their compensation to cash out, to get paid possibly a huge bonus for all their efforts, and it's often a means by which executives garner huge paydays for themselves, because they can now sell their accumulated shares, or borrow against them, or because they have something in their contract that says they get x amount of bonus money or new shares if they take the company public, or achieve a certain valuation goal—and going public is a good way to do that.This is also one of the primary ways investors in a company, whether that's a bunch of smaller seed investors or big-name venture capitalists, to get their money back; the 10 or 100x-ing of their investment, getting ten or 100-times the money they put into the company, generally happens through an IPO, because it can balloon the valuation of that company, and it gives them a more conventional and reliable way of getting money back for their shares: they can just sell those shares on the open market.So an IPO allows a private company to make shares of itself available to others, on scale. And the ‘initial' part of initial public offering points at the early days of the process, during which the baseline price of a share of stock is established.A fairly arcane and complex process has emerged around this, and it's an entire industry at this point, with some institutions specializing in taking companies public, helping them get as high an initial price on that stock as possible. They also help them leap all sorts of regulatory hurdles set by the Securities and Exchange Commission, if they're going public on a US exchange, at least, other bodies handle such things in other countries, and these going-public entities, called underwriters, which are usually investment banks, also typically have their own stake in the matter, earning compensation through a fee called a ‘gross spread,' which is the difference between a discounted rate on the stock and what the stock is sold for on the open market on that first day it's available.What I'd like to talk about today is a wave of very closely watched unusual, impending IPOs that are coming later this year, and one of them in particular that looks to be even more unusual than the rest.—SpaceX, OpenAI, and Anthropic are three of the largest companies in human history; on paper, at least.And that's an important caveat. Market valuation for private companies is generally determined by how much investors are willing to spend on a percentage ownership of the company. So if you start a lemonade stand and I offer to buy 1/10th of that lemonade stand from you for $100, that implies, using this logic, that your lemonade stand has a valuation of $1000; 10 times that $100 that I offered to pay you.Such valuations are also informed by independent analyses from outside experts and institutions. SpaceX, for instance, pre-IPO, is estimated to be worth somewhere between $780 billion and nearly $2 trillion, depending on who you listen to, based on their assets, their potential future earnings, and any advantages they might have in the markets in which they operate.AI company Anthropic is estimated to be worth something like $965 billion, based on a May 2026 series H funding round, through which it raised $65 billion; based on that funding round, the calculations were done, and just shy of a trillion dollars is what the math says the company is worth, though some outside analyses say it's worth a bit less than that, while others suggest it's maybe closer to $1.4 trillion.OpenAI, a direct competitor of Anthropic, is valued at about $100 billion less than Anthropic based on its most recent $122 billion funding round, but again, analyses put the company's actual value, what people and investors would pay for it on the open market, all over the place.Each of these companies have different variables acting upon them heading into a period in which it's expected that all three will IPO.OpenAI kicked off the current AI race, for instance, but it's burning money at an incredible rate, and has yet to make a profit, losing billions per year, and will probably continue to lose billions each year for a while into the future.Anthropic, on the other hand, offers a similar product as OpenAI, but is projected to post its first quarterly operating profit of just over half a billion dollars in Q2 2026, making it one of the first frontier-model-making AI companies to make a profit, as most of these companies are investing so heavily in research and infrastructure like data centers that they're still in heavy cash-burn mode.SpaceX is distinct from these other two also high-flying, cash-burning tech companies in part because of its colorful and controversial owner, Elon Musk, and in part because it's a rocket launch company that also sells internet services beamed down to earth from satellites, and until recently, most of its reliable income has come from that single offering, selling internet access. But it also recently had X, formerly called Twitter, a social network, and an AI company meant to compete directly with OpenAI and Anthropic, called xAI, folded into it.So it's now a multifaceted company with several edgy, but somewhat mature and difficult to compete with offerings, most of which make no money, but all of which in theory at least kinda sorta orient around AI and other sci-fi goods and services.The surge in interest and investment in AI over the past several years led to a pivot for most of Musk's companies, and that led to the merging of the smaller xAI and X into SpaceX, which was the only really profitable company of that trio of companies, and that merging, until just recently, made SpaceX unprofitable, as well.Because of the unprofitability and relative unpopularity of xAI's offerings, like the controversy-ridden Grok chatbot, SpaceX has recently taken to leasing out its data centers to competitors, like Anthropic and Google, each of which are paying around a billion dollars a month to use some of SpaceX's data center capacity, which xAI hasn't needed, because of the unpopularity of Grok, for their own AI services. That, in turn, has suddenly made SpaceX a little bit profitable, which is important for reasons I'll get into momentarily.This portion of the US-based AI industry is kind of a tangle in many ways, all of these companies competing, but also intersecting and overlapping, often investing in each other and in the infrastructure that underpins them, while also being invested in by those same infrastructural entities. And these three companies' IPOs are being seen as something of a weathervane, their success or failure, and the degree to which they succeed or fail hinting at the direction of this industry, and whether or not this is a financial bubble that will soon, or eventually, pop.There are hints that those at the top of these companies are attempting to hedge their bets, in case their IPOs don't do what they need them to do, or don't do what they need them to do at the right magnitude.Sam Altman, OpenAI's also fairly controversy-ridden CEO, has been very close with US President Trump, and has reportedly been holding meetings about the possibility of the US government taking a significant stake in OpenAI, and maybe other AI companies as well. The idea here is that US funds, so taxpayer dollars, would be invested in these companies, and that would tie the companies more closely to the US government, which could be beneficial if these companies then increase in value, making the US government a profit on that investment. This would be beneficial for the companies, in turn, because they would basically be backstopped by the US government; the US would be more likely to help them stay solvent to avoid losing that invested capital, with its regulations and laws related to AI, but it would also make these companies too big and too important to fail, giving them a lot of leeway in how they behave and compete, or fail to, from that point forward. And if they do still fail, the US taxpayer would be paying for a significant portion of that loss while those in charge, investors and the higher-ups of these companies, would walk away with a bunch of money.SpaceX is taking another approach to IPO bet-hedging, by asking top US stock indices, like the Nasdaq 100 and S&P 500, which track top stocks, ‘top' designated by value, but also other metrics, usually related to stability and profitability, to ignore some of those other metrics and allow SpaceX entrance into their indices more rapidly than would typically be allowed.These indices are meant, in part, to help protect investors from volatility. High-flying startups might surge at the beginning, immediately after their IPO, but then fizzle out when it becomes clear their fundamentals aren't good, and they're not actually a solid investment, long-term.What SpaceX wants is to be allowed into this club of valuable, long-term profitable and stable companies, because it is big and flashy and might have the largest IPO in history. And if these indices don't want to be left out of all that, the argument goes, they should allow SpaceX into their club, regardless of those long-time rules of admittance.Nasdaq, which runs the exchange where SpaceX will be listed, agreed to a rules change in May of 2026 that will allow large private companies, like SpaceX, that go public on their exchange, fast entry onto the Nasdaq 100 list.This change of rules was made exclusively for SpaceX, and it could have a significant impact on the company's IPO, because many index funds and exchange-traded funds, ETFs, track the Nasdaq 100, which means they balance their portfolio based on what's in the Nasdaq 100, keeping things relatively or absolutely proportionate to that fund.That means because of this change, a lot of everyday, passive investors, who have their retirement funds and pension plans and even their personal portfolios in index funds and ETFs that track the Nasdaq 100 will automatically end up holding some or a lot of SpaceX stock, despite it being an untested, new, currently unprofitable company. Some of these funds are automatically managed and will just buy SpaceX because that's what they're programmed to do, and others are managed by humans, but because they've promised their customers to keep their funds aligned with the market, more money going into SpaceX means they'll be inclined to join the club and buy a bunch of SpaceX, as well. And because of how this works, the more funds buying SpaceX stock, the more funds will be required or inclined to buy; it's a sort of stock flywheel.That exposes all these investors to more volatility of the kind they maybe hoped to avoid by tracking this index, which isn't supposed to be volatile. But SpaceX's Musk was able to demand this change because, again, this is looking to be the biggest IPO in history, the company valued at $1.77 trillion dollars after the IPO. As a result, he can demand these sorts of things, and typically be listened to.Some other stock market indices have also said they would allow quick entrance to their lists for SpaceX and possibly OpenAI and Anthropic, as well.The S&P 500, however, after assessing the possibility of quick entry, has rejected the idea, saying it won't bend its rules, no matter how big these three IPOs are looking to be. That means folks with money in S&P 500-tracking funds will be protected from that initial volatility.That said those recent deals SpaceX made with Anthropic and Google nudged them into profitability, and if they can maintain that profitability for a year, post-IPO, then they'll be able to enter the S&P 500. And because Google's parent company Alphabet is a significant investor in SpaceX, they've already made money, on paper, on the deal they made with SpaceX for that datacenter capacity, paying out less than they're making back in valuation.So that tangle of relationships is likely to continue to enrich those in charge of these companies, and those who hold a bunch of shares of their stock, but it's also likely to get more of these massive, but volatile companies into ostensibly less-volatile indices, faster, which could have repercussions for the one-third of private US wealth that is currently invested in the stock market.Show Noteshttps://www.investopedia.com/terms/i/ipo.asphttps://en.wikipedia.org/wiki/Initial_public_offeringhttps://www.bloomberg.com/news/articles/2026-06-05/spacex-s-75-billion-ipo-draws-more-orders-than-shares-availablehttps://www.marketwatch.com/story/elon-musk-needs-the-cultish-support-of-everyday-investors-to-pull-off-the-massive-spacex-ipo-08e7ea49https://uk.finance.yahoo.com/news/spacexs-ipo-dream-runs-into-wall-streets-oldest-test-chart-of-the-day-114542191.htmlhttps://www.cnbc.com/2026/06/05/tech-download-anthropic-ipo-ai-valuations.htmlhttps://www.nytimes.com/2026/06/05/technology/spacex-indexes-401k.htmlhttps://nypost.com/2026/06/04/business/one-third-of-americans-wealth-is-now-tied-to-the-stock-market-a-record-high/https://arstechnica.com/tech-policy/2026/06/sp-500-blocks-fast-spacex-entry-wont-waive-rule-for-unprofitable-ai-firms/https://arstechnica.com/tech-policy/2026/06/we-pissed-off-a-lot-of-people-giant-data-center-plan-cut-50-amid-protests/https://www.notus.org/technology/trump-ai-stake-openaihttps://techcrunch.com/2026/06/05/google-will-pay-spacex-920m-per-month-for-compute/ This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit letsknowthings.substack.com/subscribe

The conventional business press obsesses over company rivalries and product launches, but almost never asks the more important question: who is the category king of every market? The Pirate Street Journal flips that lens entirely. On this episode, Christopher Lochhead, Eddie Yoon, and Bri Clark break down three of the most consequential stories in business today, all viewed through the category design framework. From the layered battle of the AI technology stack to America’s energy crisis and Korea’s semiconductor windfall, the real game is being played on a board most analysts are not even looking at. You're listening to Christopher Lochhead: Follow Your Different. We are the real dialogue podcast for people with a different mind. So get your mind in a different place, and hey ho, let's go.   The Battle of the Stack: Why the Wrong Fight Is Getting All the Attention Every major technology era runs on a six-layer stack: power, internal hardware, infrastructure, operating system, user hardware, and applications. History shows that the company dominating the early layers rarely ends up holding the crown. IBM led hardware in the PC era, but Microsoft won software. The pattern repeats: hardware kings win first, but the integrator of the most valuable layers wins last. Today, Nvidia sits atop a single layer at over five trillion dollars in market value, and if history holds, that concentration is the seat most likely to be rerated. The real competition is not OpenAI versus Anthropic. It is Nvidia versus a decades-old playbook, with Microsoft, Alphabet, and Elon Musk each racing to stack the most valuable rows on the board.   The Power Lottery: Owning the Well Versus Renting the Water Power is the one layer on the AI stack that almost nobody owns outright. Microsoft is restarting a nuclear plant. Anthropic is renting compute on a lease that can be clawed back in 90 days. Everyone is scrambling for electricity, but scrambling and owning are entirely different positions. The only player with the power square genuinely filled is Elon Musk through his combined portfolio of Tesla, SpaceX, and xAI. Meanwhile, America is blocking or delaying 48 data center projects representing 156 billion dollars in investment, while China builds power infrastructure at wartime speed with engineering-trained politicians leading the charge. The math is simple: the best models and chips mean nothing if you cannot plug them in. Battery storage at scale, incentivized solar adoption, and hydroelectric partnerships like the one forming between Quebec and Vermont represent non-obvious paths forward that states and local governments can act on right now.   Korea’s Chip Dividend: The First Live Test of AI Abundance Samsung and SK Hynix are projected to generate roughly 1.7 trillion in combined operating profit between 2026 and 2028. Taxed at Korea’s rate, that flows approximately 430 billion dollars to the government, enough to cover nearly half of the country’s national debt. On the ground near their campuses, luxury sales are surging, with jewelry up 147 percent and watches up 85 percent. Korea’s Labor Minister has already called semiconductors a public good, and there is a serious proposal to distribute part of the windfall directly to citizens. The Alaska Permanent Fund Dividend offers a working precedent: residents receive an equal payout drawn from oil abundance simply for living there. Korea is now running the first live national experiment in whether AI-era wealth flows broadly or concentrates narrowly. For the United States, facing a debt crisis with limited options, Korea’s model points toward a fourth path: create the conditions for massive abundance through AI and let a steady tax rate on explosive growth do what raising taxes, printing money, or cutting entitlements never could. To hear more from the Pirate Street Journal, download and listen to this episode. You can also read more Pirate Street Journal entries in the Category Pirates newsletter.   We hope you enjoyed this episode of Christopher Lochhead: Follow Your Different™! Christopher loves hearing from his listeners. Feel free to email him, connect on Facebook, X (formerly Twitter), LinkedIn, and subscribe on Apple Podcast / Spotify!