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TBPN is a live tech talk show hosted by John Coogan and Jordi Hays, streaming weekdays from 11–2 PT on X and YouTube, with full episodes posted to Spotify immediately after airing.
Described by The New York Times as “Silicon Valley’s newest obsession,” TBPN has interviewed Mark Zuckerberg, Sam Altman, Mark Cuban, and Satya Nadella. Diet TBPN delivers the best moments from each episode in under 30 minutes.
Big deal, the big one that's tearing up the timeline right now is that Airtable founded in 2012 and once valued at $11,700,000,000 is getting acquired by Bending Spoons founded in 2013 at 2.7 times ARR. Once hot startup, now an unfortunate victim of the SaaS bust, says DD DOS. It raised $1,400,000,000 only to be sold for 1,285,000,000 enterprise value because they had almost a billion dollars in cash on the balance sheet. And so the total equity value was 2,250,000,000 equity value. Just clearing the preference stack.
Speaker 1:So, early employees, founders probably got something. Later, investors probably got 1x their money back, but probably had it tied up for a few years. So not a good outcome, but there's some interesting silver linings here. Obviously, it's good for could be good for Bending Spoons if they got a good deal and they turn it into a mammoth cash machine. Also, there's some nuance to where different pieces of the business are going because they're sort of dividing it up.
Speaker 2:Really sort of exemplifies the current moment where a company can sell for over $1,000,000,000 And everyone's like, wow. That's unfortunate. Yeah. Yeah. And in a wake up call to the to the many, maybe younger companies that are at a lower revenue run rates Yeah.
Speaker 2:That are raising at much higher valuations. Yeah. And basically signaling to them, like, you've you've got some many, many years of compounding to do.
Speaker 1:Yeah. It's interesting. There's a SaaSpocalypse narrative, which is like, these companies are going away. Software won't exist. You'll just prompt it.
Speaker 1:And I think there's a lot more nuance to it than that. But one thing that it does feel like the underwriting, the financial trajectory of these single point solution SaaS products, single player, somewhat sticky, maybe not that sticky, maybe replaceable. It's not that they're going to zero. Bending spoons wouldn't be buying it if everyone was churning and it was gonna be a zero. But at the same time,
Speaker 2:you can't It's underwrite growing 20%.
Speaker 1:Yeah. Yeah. But you can't underwrite it at 40 x revenue, a 100 x revenue anymore. And it feels a little bit like what happened with D2C e commerce, honestly. There was a moment where e commerce brands were venture backable, and you underwrite them, or they were being underwritten similarly to venture startups that had true moats, true compounding advantages.
Speaker 1:They would get the same multiple as a SpaceX or or an AI company or a or a social media company. And that never really made sense. It was sort of a just a weird quirk in the system for a couple of years. And then go forward a few years when there were some pullbacks, some of the IPOs went out, they didn't do that well, they traded down. And all of a sudden, was like, okay, well, if we're doing if we're doing, you know, in my case, like food on the Internet, we're gonna VC back a food company, has Nestle been disrupted?
Speaker 1:Like, no. And that would Yeah. Now, Unilever. Is Unilever trading down like crazy because they're facing so much pressure? And that's usually what happens when there truly is disruptive innovation.
Speaker 1:Like, you see Yeah. This with saw some crazy post about how people were bearish on Starlink for a while, and the company that they were competing with just went bankrupt. And and you see this with, you know, social media came out. And, yes, like the newspaper and the Internet, actually, the newspaper stocks did actually trade down. That never happened in in e commerce, d to c e commerce, any of that.
Speaker 1:And and we're now in this new regime. So I think that there's actually a pretty safe path if you just build the business, if you're saying, look, I am in this SaaS industry, it is gonna be more competitive going forward. But I'm setting myself up to have a reasonable multiple so that at every point, if I'm trading at three times ARR, I'm happy because the cap table is set up
Speaker 2:for that. Right? Yeah. One thing I will say is I started using Airtable it was 2015. Right?
Speaker 1:Mhmm.
Speaker 2:So I probably started using it a few years in. But the products the way that I use the product back then for my for my first business, I would a 100% just just vibe code a solution today. I was using, like, very basic dashboard functionality. Yep. I wanted dashboards that we could use internally Yep.
Speaker 2:Share externally. Mhmm. Now, it'd be very quite easy to just do all of that in codex or your favorite agent. Sure. I do think that business is very much under under threat over the long run, but could still has sort of compounding that it can do just given how how deep it is into the Fortune 500 and some and a long tail of of small businesses.
Speaker 1:I'd be very interested to know what is, you know, new user, new logo growth like versus just expansion within an organization. Because if you have some company that's already sort of running on Airtable, they're growing. So they're adding seats. They're adding functionality because they're sort of bought in, they're not gonna rip it out. What does that growth rate look like versus, you know, new companies actually going and signing up and saying, like, yes, this is the best tool for the job.
Speaker 1:Because you do get a lot built for free up and, like, it's not like they don't have access to AI agents that can improve their systems. Like, you might be doing a lot of maintenance on your Vibe coded solution. But at the same time, a lot of people, especially in smaller organizations, were using this as, just one small dashboarding tool, one small database that is sort of replicable. So interesting to see where it goes and a little yeah. Just like an an an interesting data point in the SaaS pocalypse, late stage growth, like is it a zombie corn?
Speaker 1:What do you what what term are you using for it? Jared Sleeper has some more thoughts. $480,000,000 ARR growing 20%. It's a unicorn exit. Many very satisfied customers, including Jared Sleeper for years, fantastic run.
Speaker 1:Never underestimate how much VCs love products that make, quote, everyone a builder. The wrinkle is that one player products are high churn. Was Airtable I mean, I feel like the whole pitch for Airtable was that it was multiplayer, but maybe that wasn't the way that people were actually using it that often. A lot of people would just be like, oh, yeah. That that guy on the team is using Airtable for that thing.
Speaker 1:But, I mean, certainly from very early on
Speaker 2:the pitch I think by one player, he means that you can it's more like, product led, like, one person at a company. Oh. Because I've only used it in a team capacity.
Speaker 1:Mhmm.
Speaker 2:Right? But one player can sign up, start using it, invite other people to the team. Yeah. But it's
Speaker 1:It's an advantage because you're bottom up. You can just ramp into a different company so quickly. But at the same time, if you're not, like, going through the CFO and being, there's a mandate that we're
Speaker 2:using the CRP 200 seats at once.
Speaker 1:Exactly. Yeah. It is a little different. Three, his third point, gross retention remains the single greatest predictive variable of terminal value for any business that doesn't have a scale effect or network effect. It dictates somewhat mathematically what folks like Bending Spoons will pay.
Speaker 1:Great to see employees get liquid, but perhaps sad that some are learning about liquidation preferences, SaaS multiples to their disappointment. So, of course, if you had mentally marked your stock at 11,000,000,000, but then this deal happens, the investors that put in that money at 11,000,000,000, they're gonna get their money back first, and then you're going to have to fight for whatever's left over, the scraps. Silicon Valley can do a better job talking to employees about what stock is worth in various scenarios, but no one is incentivized to do it. Well, I mean, you can also just look it up. There's a whole bunch of blog posts about it.
Speaker 1:You can ask Judge TBPN and get a whole deep dive on run this whole scenario and play out every possible option. But, yes, I agree. No one likes to, you know, yeah, we're closing the big candidate. Let's tell them about what's gonna happen if Bending Spoons comes in.
Speaker 2:Let's tell them what happens if we get our spoon bent.
Speaker 1:Bending Spoons is emerging as the Constellation software of the prosumer high churn, higher churn SaaS is a fascinating turn of events and a good thing for pref stacks everywhere just because there's more liquidity for systems.
Speaker 2:Well, it's a buyer of last resort. Yeah. Whereas Like no founder no founder is setting out, hey, I wanna be, you know, go on this generational run Yeah. And then get my spoon bent. But it's still it's still great because it allows again, it is real liquidity.
Speaker 2:Yeah. This is a win. I think Bending Spoons Bending Spoons will obviously end up, I would I would say, like, rightsizing the company. They're not gonna continue to run it the same way that it's been run.
Speaker 1:Yeah.
Speaker 2:But at least it allows everyone to get out and go on to do new things.
Speaker 1:Yeah. In an interesting twist, speaking of getting out, shares this about the Airtable acquisition. They spun out their AI business HyperAgent prior to the acquisition. So the company lives on and likely some cash with it probably can be recapitalized. It seems like a fantastic outcome, shed the old business and focus on AI.
Speaker 1:So I would be very interested to see who is going to be working at HyperAgent. Is this something where the founders didn't want to exit the business entirely and then just start from scratch? They wanted to take a whole bunch of the team with them and they wanted a bunch of the resources and learnings. And so they were able to package everything up and this will be something that's very founder led? Or was this just, Okay, that is a more expensive piece of the business.
Speaker 1:Bending Spoons, it's it's it's earlier in its ramp. Maybe it's working, maybe it's not. But that's not the business that Bending Spoons is in. And so this is more like a Bending
Speaker 2:Spoons Look, we've had we've had both founders Yeah. On the show. Yeah. Bending Spoons is like, hey, let's take a great product Yeah. And just basically right size the team Mhmm.
Speaker 2:Run it efficiently
Speaker 1:Mhmm.
Speaker 2:And we're not trying to get growth back to 200, 300% a year. Mhmm. Howie's been on the show. Yep. He talked a bit about HyperAgent.
Speaker 2:That's a product that if they execute well, can grow 10 x year over year. Right? Yeah. And so I could imagine, again, leaving some of the team to just continue running Airtable indefinitely. And then, again, like you said, taking some of the talent out and saying like, let's take another big swing.
Speaker 1:Liquidity is is laughing about the fact that Bending Spoons has a very soft friendly brand. Bending Spoons branding, very very simple. And it just sounds like such a simple name. It's not like Cerberus Capital. And yet when they negotiate, they're presumably difficult to negotiate with.
Speaker 1:I I don't I don't know. I mean, in in a certain situation, you can be very friendly and amicable and just sort of say like, yeah, we're we're we're a buyer at 2.7 ARR. You know? We're not gonna like screw you over here. We're just gonna give you this is a fair price.
Speaker 1:Take it or leave it, and you can take it. You don't necessarily need to be this, like, crazy werewolf of, like, a shark, you know.
Speaker 2:Yeah. There's just not there's just not that many there's not that many buyers for a company like Airtable.
Speaker 1:Yeah. And it's a
Speaker 2:just sort of in this in this economy, a slow growing
Speaker 1:Mhmm.
Speaker 2:Enterprise software business.
Speaker 1:Mhmm.
Speaker 2:Right?
Speaker 3:Mhmm.
Speaker 2:There are not that many buyers.
Speaker 1:Mhmm.
Speaker 2:If Airtable had wanted to sell Yeah. In 2020, I'm sure they would have gotten meaningfully more. Probably did have offers at different points. You could imagine Airtable, you know, ending up at a, you know, a Salesforce Mhmm. As an example.
Speaker 2:But now, Luca is saying the buyer of last resort is is like maybe maybe unfair.
Speaker 1:Yeah. Just like a value based buyer.
Speaker 2:Yeah. I don't know. Yeah.
Speaker 1:Snap earnings happened and Evan Spiegel was on CNBC talking to Sorkin. And it's a very interesting storyline because people are obsessed with the specs. I mean, job completed in terms of, like, getting more attention for the company. But it's been sort of a weight around the company because the question is like, okay, is is everyone gonna be buying 2,200 smart glasses from you anytime soon? When that's not really the story, the story is actually like the revenue growth, the profit, the operating leverage that's coming back into the business.
Speaker 1:So I mean, overall, it was a good quarter for Snap, clear beat. Revenue was up 19% year over year with profitability and cash generation rising even faster. So that's that operating leverage. They're growing revenue faster than their growing costs, and so they're increasing their margins. Advertising revenue grew 9% to one point roughly 3,000,000,000 in the quarter.
Speaker 1:But the really interesting number that was surprising to me was they're making $316,000,000 a quarter in subscriptions and paid services, up 85%. So just subscribing and being a paid power user, it's only 3% of the user base, something like that. Yep. That's now a billion dollar line of business. Obviously, very high margin, working really plays to the strengths of what Snap offers.
Speaker 1:And usage is up globally, but they're losing a step in Western markets. So the North America, I think, fell 7% and Europe fell 2%. And so that's not great for long term ad monetization because you wanna be in the the richer countries generally, but still revenue is accelerating. They are monetizing better. And that's probably an AI story.
Speaker 1:It's just like a boring AI story because it's like the ad recommendation system got a little bit better. Nobody really cares. People wanna focus on specs, but they're $2,200 and they're bulkier than competing smart glasses.
Speaker 2:Well, it felt like in that interview, Spica was talking about specs Yeah. But he wasn't wearing them.
Speaker 1:Yeah. Does he need to wear them
Speaker 4:all the
Speaker 2:think he kinda needs to wear them all the wear
Speaker 1:them? I mean, you're gonna hold Apple to that? Tim Cook's gotta wear Vision Pro everywhere he goes? That would be hilarious.
Speaker 2:No. But but the Vision Pro is not meant
Speaker 1:to Augmented reality. It's augmented reality. It's meant to be worn twenty four seven. You're a serious person. So let's actually pull up You
Speaker 2:should do a full show. If you love
Speaker 1:I could.
Speaker 2:Apple Vision Pro so much.
Speaker 1:Not be a problem.
Speaker 2:Not be full show.
Speaker 1:Okay.
Speaker 2:Do the full show. Okay. This Friday.
Speaker 1:We'll we'll Book it. We'll test running with Tyler. So here here here's an interesting tidbit. Specs, it feels like, oh, my God. They're spending so much money.
Speaker 1:It's like so crazy. I think the rough estimate is, like, 300,000,000 a year, which is a lot, but it's only 5% of their cost. It's like 20% of their overall r and d budget maybe, something like that. These are very rough numbers, but it's not like it's not like if they just spun out specs or cuts cut specs and they were just like, we're not doing anything there, all of a sudden, the business is, like, wildly profitable. It's not that big of a stone around the neck.
Speaker 1:It's more just like a distraction and a question. And it's also not great that on the earnings call they asked how many preorders have you sold and they sort of danced around it and didn't really give a straight answer on that. Because if it was good, you'd probably be like, yeah. We sold
Speaker 2:Yeah. You bleed with things. Yeah. Yeah. Yeah.
Speaker 2:Yeah.
Speaker 1:Okay. Let's play a little bit of Evan Spiegel on CNBC. Wanna hear
Speaker 2:him talk.
Speaker 3:Reporting q two results after the bell on Monday. They scored an earnings beat with $1,600,000,000 in revenue. It's 19% higher than just one year ago. Joining us right now for more Snap CEO, Evan Spiegel. He did not bring his glasses on the set, but we're gonna talk about those glasses in just a minute because I think that's been a big part of the story.
Speaker 3:But you beat across the board, not just by the way on the revenue piece, on the margin piece, is what I think the market was actually looking for.
Speaker 4:Yeah. Well, first of thanks so much for having me on, Andrew. It's such a beautiful morning here in Aspen. It was a great quarter for Snap, and I think what folks are seeing is that the cash flow in the business is really starting to inflect, which is allowing us to offset dilution, to strengthen our balance sheet, and of course, to continue investing in the future, which is so important to us.
Speaker 1:Okay. Click forward to the future because it's 02:30.
Speaker 3:Pieces of that story. I mentioned glasses. We'll get there in a second. I think glasses I
Speaker 2:don't wanna hear
Speaker 3:them talk about glasses. About $2,200 right now? $2,100 is what they're gonna come in at?
Speaker 4:$21.95.
Speaker 3:Okay. So the question I keep $5 under. Quickly those can come to market in a way at a in a way and at a price point that people buy them, you know, en masse? And how you think about the competition coming from whatever you think Apple is ultimately gonna create, whatever you think Google is working on, and whatever you think Meta is gonna do next?
Speaker 4:Well, we've been working for more than twelve years to reinvent the computer and make it feel Dwarned. I think today people are spending more than seven hours
Speaker 1:Pretty much. On average
Speaker 4:staring at screens. Specs represent the opportunity to bring computing into the world, to make it a shared experience, and ultimately, to help, you know, bring all the productivity gains we saw in desktop computing and laptop computing to the real world and to real world world jobs, which is the vast majority of jobs, about 60% of jobs. So I think this computing transformation is incredibly exciting. We're certainly the the leader in the space. I think specs represent a a totally new category.
Speaker 4:Right? If you look at the landscape today, you have very bulky, but capable headsets, and then you have very limited, but lightweight AI glasses. And specs represent, you know, the capability of some of these VR headsets in terms of the immersiveness and the ability, to really have a full workstation experience, but with the wearability of some of these lighter weight glasses products.
Speaker 3:But do you say to yourself, Apple's gonna come and do the same thing, and Meta's gonna go I mean, so how do you think about that given the cost of of putting this all out there and the amount of money that some of these big companies can actually throw at this?
Speaker 4:Yeah. Well, I think, you know, as we look at the history of of innovation, I I actually think one of the things that helps power innovation are constraints. Right? And and one of the things that makes Snap so unique is that we've been so laser focused on specs for such a long period of time. So I think this focus, our history of innovation, you know, and our first mover advantage in
Speaker 1:this space feels like it should be a different company. If if you wanna be laser focused, it feels like the benefit would be like millions
Speaker 2:of lenses
Speaker 1:the Elon thing, start a separate company that is laser focused on it. The investors in that company are laser focused on that. The employees
Speaker 2:Yeah. Have a deal with Snap.
Speaker 1:Yeah. You know, like like just just have this like, you know, gets we're we're we're good on this video. Just get snapped to a really polished, oiled machine. You own all the equity. You you you have the founder control.
Speaker 1:It's your, you know, your your your financial backstop, your your your credibility
Speaker 2:Yeah.
Speaker 1:For to actually go and truly laser focus because, like, it's weird to be laser focused on a thing that's not your core business. And then Yeah. Everyone's just constantly asking you, like, we'd love for you to laser focus on the main business that's making billions of dollars every year.
Speaker 2:It seems pretty solid.
Speaker 1:Yeah. It's like making $6,000,000,000. Well, what do you think, Tyler?
Speaker 5:Yeah. Mean, earlier this year, they did spin off the AI video company. Yeah. And that seems like much more related to the main, like, know Yeah. Snapchat app than glasses.
Speaker 5:Right?
Speaker 1:Wait. What what is the AI video company?
Speaker 5:I think it's called Dotmo. It was like their internal Okay. Generative video Uh-huh. Team.
Speaker 1:Interesting.
Speaker 2:He was talking about enterprise use cases for the glasses.
Speaker 1:I mean
Speaker 2:Like workplace use cases. It's hard to imagine. It's it's it's as an independent company, you make a really great device. Yeah. I can imagine that company having its own go to market motion saying, hey, Amazon.
Speaker 2:Yeah. We want you to use, you know, our devices across your workforce and maybe they do a pilot. Yeah. But trying to sell in like Snapchat glasses into the enterprise Yeah. Feels like just gonna be a tough sell.
Speaker 1:OpenAI is firing back at Apple. A little little glazy, though. They say Apple is one of the greatest companies of all time. What a funny way to kick off a blog post firing back at a lawsuit. Apple just cooked OpenAI just cooked
Speaker 2:Well, they say built a reputation for obsessing over the smallest details. True. And then they go on to say Yeah. Maybe there were some details that were missed.
Speaker 1:Yes. So what what were the key things that they said? They accused Apple accused OpenAI of ignoring them. Turns out the lawyers emailed the wrong Asian guy because two Asian last names look similar. They claimed you discussed the allegations with OpenAI's general counsel that they admitted that that conversation never happened, accused ex ex an ex employee of improperly accessing files.
Speaker 1:They forgot to mention Apple employees were allegedly asking him to access those same files after he left. So there there seemed to be some scenario where like the guy had left, but he had so much internal knowledge that someone at Apple was just like, hey, like, can you remind me where this thing is or something?
Speaker 2:Yeah. When reading through the initial complaint Yeah. Apple made it seem like the employee or the former employee Mhmm. Was just running wild through his old laptop. Yep.
Speaker 2:He had sent a message to someone at Apple
Speaker 5:Mhmm.
Speaker 2:Saying something to the effect, I'm paraphrasing, but I still have access to my computer l o l. But the reason that Yeah. In the text messages that they shared, you can imagine the reason that he was there and sending that message. Why would he send the message if he was doing something that he was that was wrong Yeah. That he would feel guilty of.
Speaker 2:Right? He was helping his former teammates
Speaker 1:Weird.
Speaker 2:And they say, there's 10 other people I could ask you but you're the smartest or something like that. Yeah. And and so when you have all this context, the story looks quite a lot different.
Speaker 1:Yeah. They're sharing a lot of text messages. You can go read the blog post. But there's Yeah. Like full back and forth iMessages between Chang Liu and Apple employees, Wu Chang, whose last day at Apple was 01/22/2026.
Speaker 1:He's being asked by his former colleagues to help them locate files and information to assist them with their Apple work. Note, other individual names and Apple confidential information has been redacted. So certainly another another wild
Speaker 2:Yeah. I'm still I'm still just very surprised that that Apple, during the middle of a, you know, a a year long talent raid
Speaker 1:Mhmm.
Speaker 2:Would know that someone significant had quit and that would not go through the process of actually Mhmm. Taking back their laptop and making sure that, you know, the the separation was really finalized. Yeah. People people have been saying stories how historically, you know, maybe call it fifteen years ago, if you quit Apple, someone would show up to your house immediately and take back any prototypes that you may have had or anything anything of the sort.
Speaker 1:Yeah. I'm excited for prediction markets to get on this, honestly. It was very helpful during the the Elon Musk OpenAI case. Currently, calls she has a few here. Will the OpenAI Johnny Ive device have a screen?
Speaker 1:No. It's at 82%. When will OpenAI release Astra? There's some dates here. What else are they?
Speaker 1:Will OpenAI increase the cost of ChatGPT? No. At 87%. No market on the Apple lawsuit because it's it's still very early. There's not even, like, a court date yet.
Speaker 1:But we'll keep tracking it because it's an interesting story. Is BMW forcing owners to watch a Spider Man brand new day promo when they start their cars up? That's the question. A lot of people were upset about this. Jordy, this morning is like, this is awful.
Speaker 1:There's some nuance here. So BMW owners are debating the company's latest in car promotion after videos spread across x showing a Spider Man brand new day animation appearing vehicle's infotainment screen at startup.
Speaker 2:And the reason why this fake news triggered me was back in the day in college, I was getting a Kindle. Yeah. And on the checkout page, it was like, do you wanna save $10
Speaker 1:Mhmm.
Speaker 2:And get the ad supported Kindle? Mhmm. And as a college student, I was like, saving $10 sounds pretty nice. And then I had to live with a Kindle that would sit on my bedside table just blaring ads in my face constantly. And it wasn't like I would have actually appreciated ads.
Speaker 5:Can you just flip it upside down?
Speaker 2:True. Wow. True. One simple trick. Jordy hates this one simple trick.
Speaker 2:But it wouldn't be ads for like Spider-Man. It would be ads for random Books.
Speaker 1:Right? Yeah. Books.
Speaker 2:That and the targeting wasn't good. So, again, people don't like ads that
Speaker 1:Target was good.
Speaker 2:Anyways, what happened here, John?
Speaker 1:Okay. So venture capitalist, Sheila Monat wrote, when you start a BMW, it shows you an ad for Spider Man. Really cheapens the BMW in my opinion. A 16 z partner, Josh Ellman, added, of all the brands I thought I might I thought might bombard you with in car ads on screen right when you start the engine, I had BMW pretty dang low on that list. This seems the opposite of luxury and performance.
Speaker 1:Is BMW a luxury brand? I thought they were premium.
Speaker 2:I yeah. I think it's a premium brand.
Speaker 1:Premium brand. Even Paul Graham weighed in though, reposting Monat's video and saying, I'm never buying a BMW. He's never buying a BMW. What about an old BMW? They can't show you ads in a e 39 m Wait.
Speaker 2:But what what actually happened? You have to opt into this.
Speaker 1:Community notes added important context. According to One Note, the Spider Man promotion is an optional startup banner available on compatible BMWs from July 27 through 08/10/2026.
Speaker 2:Jordy? Very, very, very different. You can just see the pop up there. Surprise. Spider Man just dropped into your BMW.
Speaker 5:And then it's an ad.
Speaker 1:If you press the button, you have to actually turn it on. It it's not Yes.
Speaker 2:Yes. But I'm saying there's a banner ad.
Speaker 1:Oh, there is a banner ad?
Speaker 2:It's just a banner. Look at the video. Start it over.
Speaker 1:Let's see. Let's let's be the judge of this.
Speaker 2:Look at this banner. It's a banner.
Speaker 1:Oh, okay.
Speaker 2:And then you click the banner, then it plays an ad. So it's a pop up that you click. Okay. And it's like, wait, what is this pop up? Why does my car have
Speaker 1:a pop up?
Speaker 2:And then it plays an ad.
Speaker 1:A setting somewhere. There should be an icon that's like promotions or themes.
Speaker 2:That didn't look anywhere. They're literally saying surprise, A Spider Man ad. And they're not even like, they should just say, hey, we have an ad for Spider Man here if you'd like one.
Speaker 1:Okay. This is right on the line.
Speaker 2:But this this is this is this crosses my line.
Speaker 1:This crosses your line.
Speaker 2:Because you're like, what does Spider Man What have to does what does Spider Man have to do with my car? And then you click it and you get an ad for Spider Man.
Speaker 1:Spider Man's doing well though. So the ads are working. So, you know, maybe the BMW show owners showed up in droves because the new Spider Man movie scores Hollywood's second biggest debut ever. That's actually huge. The Sony film grossed $932,000,000 through Sunday, topped only by twenty nineteen's Avengers Endgame.
Speaker 1:That is massive. Did you realize that this movie was making that much money?
Speaker 2:I mean, if you would ask me an hour ago, is there a new Spider Man movie coming out? I would say, haven't heard of anything.
Speaker 1:Yeah. I I haven't seen that much energy about it. I've been aware of it, but I have not I've not seen like a massive takeover. But also But I'm not driving an ad supported BMW, so maybe that's the problem. Spider Man spun a massive weekend for movie theaters flouting superhero fatigue and giving a major boost to Hollywood summer block box office.
Speaker 1:Sony Pictures Spider Man, brand new day open to an estimated
Speaker 2:some good ideas here in the chat.
Speaker 1:Yeah. What what what we got?
Speaker 2:So ad supported cars that get you free self driving, where they the ads take over the whole entertainment system in the car. So you're sitting there relaxing, you know, the car is driving itself. But then it's just blaring high volume every
Speaker 1:I'll take it a step further.
Speaker 2:Every five minutes, one thirty second app
Speaker 1:What if there was a
Speaker 2:whole volume.
Speaker 1:What if there was a whole company dedicated to building self driving cars that was funded by an advertising company? Like a company that just prints billions, hundreds of billions of dollars in advertising. Like their DNA is advertising. And then they
Speaker 2:go into the self driving done this before?
Speaker 1:They would have a huge advantage
Speaker 2:in terms of has no one done this before?
Speaker 1:Yeah. They could even have a video platform where they're making a lot of money running video ads and they could take that
Speaker 2:a YouTube.
Speaker 1:Yeah. Exactly. So you could have like, you know, a huge ad network, YouTube ads, and then you could have a self driving car company put them all together. That's synergy right
Speaker 2:there. And maybe you could spin the company out at some point and raise some venture capital too.
Speaker 1:Spin the company out. Wait. They secretly still advertising. No. I don't think Waymo will do crazy ads.
Speaker 1:I think I don't know. Maybe
Speaker 2:A major streaming That's a real executive just texted me and says, okay. Going to get too big to build a car right now.
Speaker 1:You gotta build a car. You gotta do it.
Speaker 2:SpaceX announces a new partnership with NVIDIA to design its Starmind AI one payload, bringing data center class compute into orbit. That makes a lot of sense. Let's find some actual numbers.
Speaker 1:So revenue was 7,810,000,000 versus 6,930,000,000 expected. Loss per share was 9¢. Average analyst estimated a loss of 26¢. Revenue jumped 92% from 4,100,000,000 a year earlier. So huge, you know, you're even at this scale, still doubling the revenue.
Speaker 1:And it's the first time Elon Musk's reusable rocket maker will face Wall Street in this capacity, and investors are jittery. SpaceX stock has dropped 16% since opening at a $150 a share on June 12. And SpaceX lost 4,900,000,000 last year largely due to heavy investments in artificial intelligence, which we've discussed. The company merged with Musk's x AI in February. CNBC reports saying that at the time, the vision was to build data centers in space, but the launch business, which counts on large contracts from NASA, is losing money.
Speaker 1:Most of SpaceX revenue for the year and its only source of profit came from its connectivity segment, which consists of its Starlink Internet service. Starlink is sold directly to consumers. So here's how SpaceX performed in the three key segments. For space, they brought in $962,000,000 versus $835,000,000 which was expected. So they beat in space.
Speaker 1:On connectivity, they brought in $4,290,000,000 So the Starlink business is four more than four times the size of the actual launch business. They brought in 4,290,000,000 versus 3,830,000,000 that was expected, so they beat there. And on AI, they brought in 2,560,000,000 versus 2,180,000,000 expected. So beats across the board and very interesting to see that the thing that they started doing, space, of course, launching rockets, is now their third largest line of business. Connectivity is, of course, bigger and also AI is bigger.
Speaker 2:Everything is computer, John.
Speaker 1:Everything is computer. That is a good summation of it.
Speaker 2:That's a good place to end our show.