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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.
First, Davos is winding down. We're finally getting, like, the final, you know, surprise guests. Elon is the big one.
Speaker 2:Elon had to come in.
Speaker 1:He had to come in.
Speaker 2:The last buzzer beater jester match.
Speaker 1:How do you think that works? Do Do you think he just has like an open invite and then he makes the call like a few hours before and just says, oh, it's going well. I'll be there. And then they just throw him on.
Speaker 2:I think Elon Don't announce it. Think Elon calls up Jay Cal
Speaker 1:Yeah.
Speaker 2:And says, hey, save me a seat.
Speaker 1:Save me a seat. And then That could be it.
Speaker 2:They they figured out from there. I think when you're tracking to be the world's first teen air
Speaker 1:You got it. You got
Speaker 2:no point. They just have a stage
Speaker 1:Yeah.
Speaker 2:You know, set
Speaker 1:up. Apparently, the the the the the events go really, really long. Some of interviews go at 10PM, some start. It's like a full full tilt across multiple multiple event spaces. There's different houses.
Speaker 1:All In was doing something at the Freedom House. They had a really cool interview with Satya Nadella that I watched. Tech was out in full force, and that's what I wrote about today in the TBPN newsletter. Fun fact, Davos makes half $1,000,000,000 a year in revenue. It's a nonprofit, an NGO, a think tank, but you're thinking what I'm thinking, Jordy?
Speaker 1:For profit conversion.
Speaker 2:That's right.
Speaker 1:Let's make it happen.
Speaker 2:That's right.
Speaker 1:Let's make it happen. It's a, you know, old, old organization. Klaus Schwab, who you probably know as the face of it, he he was the founder. He started the he started Davos in 1971, the World Economic Forum. It was called
Speaker 3:But he was pushed
Speaker 2:out last year.
Speaker 1:Yeah. So it's been on the ropes. I my thesis is that Davos is back. It was a really good year. I think tech is gonna double down on this.
Speaker 1:But the first decade, it just sounded like it was an amazing party. One person in 1981 told Time Magazine that the Forum offers a delightful vacation on the expense account. What a great what a great line. So it's been a rough decade for Davos. Liz Hoffman teased the concept of an inverse Davos index in semaphore, which I thought was sort of funny.
Speaker 1:And she sort of wrapped up a few times when the consensus at Davos wound up being like woefully wrong. And so she went through a few things. First was that everyone got together at Davos. There was an economist who went on stage in 2008 and said, it is inconceivable, repeat, inconceivable, to get a world recession. It's like the one thing, like, not mincing words, not hedging at all, just like my prediction is that we will never see a world recession.
Speaker 1:And then, of course, we did. The Davos crew, they also missed Brexit and the rise of MAGA. Davos in 2020, it's always in January in 2020. It was January, and there was really no talk of a global pandemic or being worried about that. There was one panel about sort of risks from antibiotics or something, but they certainly weren't talking about the coronavirus.
Speaker 1:And just a week later, Balaji posted that famous going viral post on January 30 saying like, hey, I'm tracking this. I've been tracking this for a while and this seems really serious. And a lot of people in tech were already tracking it. So there was this disconnect between like, you go to Davos and you hear like, the number one thing this year is the metaverse. Apparently, did a big metaverse push.
Speaker 1:And then the year plays out and it's a wildly different story.
Speaker 2:It seems like there may be the internet I certainly wouldn't say the internet has forgotten about the iconic line, you'll own nothing and be happy. But I haven't seen it so much over the last week. A lot more focus on
Speaker 1:Yeah, it's interesting. That line was all about just financialization and was really
Speaker 2:I like to think it was about enterprise software.
Speaker 1:We're moving away from box software
Speaker 2:Exactly. To You're going to own nothing.
Speaker 1:You don't own this particular version of Turbo Puffer, you pay for consumption. This year feels like a big turnaround. Dario Amade, Demis Hassabis, Sachin Adela, all their interviews have been going viral on the timeline. In California, there's been a bunch of articles written about what they've said at Davos. There hasn't necessarily been a huge reversal in the positions of these tech leaders.
Speaker 1:They're saying things that they've been saying for a year or two, sometimes more. But there's some feeling like when you say a line like we could have 20% unemployment in two years, it just sounds different when you say it directly to a bunch of world leaders, a bunch of global elites, a bunch of international executives than when you say it on a tech podcast that's a little more insider y, a little more inside baseball. So it just hits different. And then it's also an interesting reflection to hear, like the Satya Nadella all in interview had an interesting, like almost like high low aspect to it where Satya was talking about very specific details of Copilot implementation, what the future of the workstation could look like, whether people will be running sidecar reviews. Yeah.
Speaker 1:So he's going in a lot of detail there. And then he's also zooming out and reiterating what he told other business leaders just about the general wave of AI adoption that's still pretty early on the global stage. And so it's felt like there's two different conferences going on. We've read this from a take from a couple different people, where tech leaders are talking about research progress, employment impacts, sovereign AI, data center build outs, and then the politicians are talking about Greenland, Venezuela and trade deals. But even though there's like this two this bifurcated vibe going on, it still feels like a win win because the tech industry is getting their messages into the global stage now where in an audience that will ultimately determine how quickly this technology rolls out and how it will be regulated.
Speaker 1:And I imagine that the tech industry is driving a lot of growth for the World Economic Forum because every company you've seen the Palantir House, there's a lot of different tech companies that have really gone big on sponsorship, gone big on their presence. And I imagine this will get bigger. OpenAI was sort of notably absent or not absent, but didn't take over the stage. And you would imagine that next year, given the vibes around this one, that there will be more of a presence from basically all the big tech companies.
Speaker 2:No, we had an opportunity to have a presence there. We didn't think that it fully made sense for this year, just given historical Travel and stuff. Yeah, travel was a big factor.
Speaker 1:And so I I think Davos is back. I think it's time to ski. And congratulations to everyone that's been having fun and making waves in Davos. There's a whole bunch of videos that we should go through. Midnight Capital has given us some instructions.
Speaker 1:He says or they say, listen to this, then watch the second video.
Speaker 2:Host over at Fox Business has given us a run, for our money in the costume department.
Speaker 1:Maria Bartiromo knows how to dress. This is a fantastic outfit.
Speaker 4:Is the space getting more competitive for you today? Our space is incredibly competitive. I've got a lot of competitors. It's hard to Who came out of nowhere? Hard to imagine.
Speaker 4:You know, Google has been here for a while, and they're excellent AI company for a very long time. And and they're incredible company. But we have competition from from all sides.
Speaker 1:And?
Speaker 4:Well, we just have to run fast. You know? It's the
Speaker 1:Midnight Capital says watch the sun.
Speaker 2:Company has an insane monopoly if they're trying to convince you that that
Speaker 1:I think that's where we're going with this.
Speaker 3:You're giving away the
Speaker 1:you're giving away the punchline. Play the the teal clip at the London School of Economics.
Speaker 5:The people who have monopolies pretend not to have them, and the people who don't have monopolies pretend to have them. And so it gets kind of confusing. If you're Google, you will never say that you're a search engine. You will say you're a technology company, which and technology is a vast, incredibly competitive space. If you're in a completely competitive business, let's say you're trying to open a restaurant in London, and you will say, well, this is totally different from any other restaurant.
Speaker 5:It it will be the only British Nepalese fusion cuisine within a five block radius of the LSE.
Speaker 2:I studied.
Speaker 1:Yeah. Jensen studied and said, you know what? I I I'm incredibly it's incredibly competitive. Of course, he's also going through an acquisition with Grok. And it's not it it seems like the Grok deal will go through, but
Speaker 2:It's like I have so much competition, had to spend $20,000,000,000 on a team.
Speaker 1:Yeah. Yeah. And, yeah, please define my market as also including CPU and also including ASICs and also including like everything else that could possibly compete with NVIDIA.
Speaker 2:The journal had a good summary of kind of some of Jensen's points of view
Speaker 1:Yeah, what
Speaker 2:he said. Out of Davos. NVIDIA CEO says AI needs more investment in defiance of bubble fears. Jensen called for higher investments to further spread the technology across developed and emerging economies. Huang described AI as a five layer cake consisting of energy chips, cloud infrastructure, models, and application.
Speaker 2:He said AI's applications, how the technology is used in a specific industry, is the most critical layer of that cake, as it is where the economic benefits lie. Sectors like energy or semis, both key to developing and harnessing the technology, are already growing thanks to AI. But he said more investments are needed to ensure that benefits of the technology spread to more industries across both developed and emerging economies. The AI bubble comes about because the investments are large, and the investments are large because we have to build the infrastructure necessary for all of the AI layers. I think the opportunity is really quite extraordinary, and everybody ought to get involved.
Speaker 2:It's open for business, folks.
Speaker 1:Me defending my vibe coded CRM I made in one shot with GPT four o.
Speaker 6:Sometimes it's too slow, for sure, and needs to be reformed, for sure, but which is predictable, loyal.
Speaker 1:Sometimes He's on he's That's a great speech.
Speaker 2:He's on one right now.
Speaker 1:Love it. Well, what was the story behind the glasses? Somebody I I saw some meme that I I think he suffered an injury or something. Some people would say do an eye patch, but he
Speaker 2:went with the sunglasses. It's fantastic. Rock star.
Speaker 1:Yeah. He looks like a rock star. Let's play this clip from Elon Musk at Davos.
Speaker 2:The lowest cost place to put AI will be space. And that and that'll be true within two years. Maybe three. Three at the latest. Three at the latest.
Speaker 1:Three at the latest. That's a aggressive timeline. Yeah. Blue Origin launched satellite Internet to rival SpaceX and specifically to rival Starlink. Bezos backed Blue Origin is launching a satellite network for enterprise data center and government customers, TerraWave.
Speaker 1:The company aims to begin deploying the first of 5,408 satellites in the 2027, so a little over a little under two years. The service will compete with Starlink, and it will also compete with Amazon operated LEO, which is interesting. Bezos is entering an increasingly crowded satellite Internet market that's currently dominated by Starlink. Starlink has more than 9,000 satellites in orbit and roughly 9,000,000 customers.
Speaker 2:We gotta do some more research on the Chinese Starlink
Speaker 1:Oh, yeah.
Speaker 2:Equivalents. They have Guo Wang, which is their, like, state led effort trying to get to 13,000 satellites by 2030. Currently, they have around a 150. And then there's Qianfan, which currently has around 100,000, also trying to get they're trying to get to 15,000 by 2030, and they're more commercial focused. Be interesting to track.
Speaker 1:And you would think that the Blue Origin news, the news that Starlink has a second competitor, Blue Origin, Jeff Bezos, major players. Well, what does that do for AST Space Mobile? The stock is up 14% today, and it's up 24% over the last five days, 35% over the last month, and a 100% Space Mobile can't keep going.
Speaker 2:There's no way.
Speaker 1:Over the last six months. Elon also gave some timelines for Optimus humanoid robots at the World Economic Forum. He said, by the end of next year, we will be selling humanoid robots to the public to the public, not just enterprises. You're gonna be able to just buy one of these the way you buy a Cybertruck or a Model s Plaid. That is a very, very aggressive timeline.
Speaker 1:But he does he has been buying the parts to actually manufacture them. And, you know A lot of parts. What is selling to the public mean? Does it mean a thousand deliveries, 10,000 deliveries?
Speaker 2:Having having an optimist that is just on on staff here that can just go hit, like, I can hit a button and have optimist hit the gong physically Mhmm. That would be fantastic.
Speaker 1:Yeah. Priceless, really.
Speaker 2:Yeah. Priceless. There's really no amount of money that we wouldn't pay to be able to get that kind of experience here in the We've
Speaker 1:seen, like, Boston Dynamics. We've seen with the Chinese humanoid companies. You can do cool things with these, with one x and whatnot, even if it's teleoperated, even if it's prescripted. Like, there there are the technology does work. It's more just, like, how impactful will it be?
Speaker 1:How expensive is it? How reliable is it? Is the battery one hour?
Speaker 2:Has he has he spoken about teleoperation? No. I don't think generally Against it.
Speaker 3:Yeah. I mean
Speaker 2:On principle?
Speaker 1:I know that don't the Tesla robotaxis do some teleoperation? I think in the test zones, there was, like, the ability to take over on that early demo. So I don't think he's dogmatic about it, but he certainly is you know, if you're against LiDAR, you gotta be against
Speaker 2:Tragically sane says robots replacing humans hitting the gong. Okay. Never mind. Shut it down.
Speaker 1:I'm full of Let's what I move on to this clip from Satya Nadella at the All In AI Summit.
Speaker 7:Best line, I would say, for PCs or computers was to say, if you it's a bicycle for the mind. Bill had a line which I liked as well, which was, it's information at your fingertips. We kind of need now a new concept metaphor for how we use computers in the AI age.
Speaker 2:You have one?
Speaker 7:And the one I like actually came from the CEO of Notion, which I you know, that manager of Incredible product.
Speaker 2:Yeah. You haven't bought
Speaker 1:it yet. It's just that. But
Speaker 7:the it's both management you know, basically, manager of infinite minds. That's a nice way to think about it. Right? If you remember, you know, Johnson had the best line, I
Speaker 1:would say, for the PC. I'm the manager of infinite minds.
Speaker 2:How many minds are you managing, Tyler, right now?
Speaker 8:Right now, it's probably, like, four because I have every every LLM like Okay.
Speaker 2:Actively running. You gotta get those numbers up.
Speaker 3:But,
Speaker 8:yeah, I I'm not I I've never really used multiple cloud instances yet.
Speaker 1:Okay. So Yeah. It's it's interesting. Like the the manager of infinite minds concept, obviously, that that essay from Ivan, CEO of Notion, it went viral over the holidays. I think a lot of people in tech read it.
Speaker 1:Having Satya Nadella there just further popularized that concept, bake it down into a a repeatable phrase that can prepare people for what's coming, adapt. That is valuable. That's what
Speaker 2:we're Anyway. Seeing It'll feel like you're playing StarCraft now.
Speaker 1:I like the StarCraft
Speaker 2:The StarCraft analogy is real. Zerg army. Let's pull up this video that was posted by The New York Times pop cast. John Karamika posted this video yesterday. Somebody sent it to me.
Speaker 2:And I was so confused because there's only about a 100 of these rugby's out in the world. Yeah. And we kind of knew exact we kind of Yeah. Like everybody on the team like kind of sent them out. Yeah.
Speaker 2:So I was I first thought this video was AI generated.
Speaker 1:It did. And it's about AI. So let's play the video. Okay. So, yeah, it's about Bruno Mars.
Speaker 1:And and if we if we I don't know if we can scroll back to the beginning. Is that possible on Instagram reels if you repost? But, yeah, if you zoom in here, he's dancing. And the dancing, this part, I was like, maybe this part's AI? But then when he sits down, you can see that he has a microphone, a lav mic clipped to his collar.
Speaker 1:And so everything about this says this is not AI generated. This is real, and the hand motions are so accurate, and they're occluding
Speaker 2:And he just looks extremely cool.
Speaker 1:Yeah. It's great.
Speaker 2:So Dylan messaged John, and we figure out that John accidentally purchased fake TBPN merch online.
Speaker 1:Be careful.
Speaker 2:But at least he's still looking great. Yeah. So Yeah. It works. Silver lining.
Speaker 1:But, yeah. I mean, our saga to battle the fraudulent merch, the knockoff merch has been incredible. This site popped up and we assumed, okay, they're not gonna take payments certainly. They're definitely not gonna print and ship anything, and we'll be able to get this taken down in two seconds. And we I actually sent them an email saying like, hey, like I assume you're a fan, like just so you know, like we don't want this out there.
Speaker 1:Like I'd be happy to talk to you about maybe working together or something, but can you please just not use our brand and our trademarks and all this stuff out there on the Internet without without talking to us first. Like, let's have a conversation about this. Did not get a response. Not
Speaker 5:a fan.
Speaker 1:And I think some other people on the team were like, yeah, John, that was never gonna work. And they were right.
Speaker 3:You tried
Speaker 2:to go Golden Retriever, Mark.
Speaker 1:I did. I did. I was like, I'm gonna I'm just gonna assume the best. I'm just gonna assume this is an overeager fan or someone who just is entrepreneurial kid who's just
Speaker 3:trying No. To just
Speaker 2:No. This is a Canadian. We know it's a Canadian. We
Speaker 1:know it's
Speaker 2:a This is a Canadian.
Speaker 1:Anything could happen up there.
Speaker 2:Need a Todd in the chat says, you guys have a good line to Shopify. I assume most of them are hosted there.
Speaker 1:No. They keep finding a way. And at this point, they are, in fact, taking people's money and shipping fake product now and and and fooling people that are discerning.
Speaker 2:And apparently, it smells kinda funny. Uh-oh. Which is a big
Speaker 1:which is an issue.
Speaker 2:Oh, good. The real merch is coming.
Speaker 1:The real
Speaker 3:merch is coming. We do have We've been sampling
Speaker 1:a bunch of different stuff. Of course, Shopify.
Speaker 8:We need to put out like a a Maduro style bounty.
Speaker 1:Private credit investors' cortisol has been spiking because they are cashing out in droves redemptions by individual investors in funds soared at the 2025 after performance declined reviving questions about suitability. This is from Matt Wirs in the Wall Street Journal. He says, for the first time since the start of the private credit boom, large numbers of individual investors are trying to get their money out. Several of the big funds eligible to wealthy individuals received requests from about 5% of shareholders to cash out at the end of last year, well above the normal volume according to the SEC. One managed by Blue Owl got redemptions for about 15% of its shares.
Speaker 1:The rising redemptions come at an awkward time for private credit fund managers for the Trump and for the Trump administration as they push for new rules that would democratize private markets by encouraging their inclusion in four zero one k retirement plans for all Americans. Private fund managers, including Apollo Global and Blue Owl, blame fear mongering about a recent spate of corporate bankruptcies. This is the whole cockroaches back and forth with Jamie Dimon and some of the some of the folks in the private credit world, Blackstone, Apollo, Blue Owl. Individual investors are falling into a similar pattern, a familiar pattern of selling out when an asset class underperforms expectations. These investors got really surprised when their dividends went down.
Speaker 1:The business development companies, they typically make high interest loans to mid sized corporations with junk credit ratings using the interest income from those loans to pay dividends. A handful of these funds have cut dividends because the yield on their loans are falling in lockstep with benchmark interest rates. Four more dividend reductions will follow, Dodd said, likely prompting more redemptions. Total returns from five of the large largest private credit funds aimed at individual investors declined to an average of about 6.22 in the first nine months of 2025 compared with 8.76% in the same period 2024. Breaking.
Speaker 1:SpaceX is set to hire Bank of America, Goldman Sachs, JPMorgan, Morgan Stanley to lead its IPO. That's a whole host of murderers Got themall.pro. The IPO is expected to be valued as as much as 1,500,000,000,000.0, making it the largest IPO in history. But the community knows put it in the truth zone because Saudi Aramco's IPO in 2019 sported a valuation of 1,700,000,000,000.0. Well, there's other news about Anthropic.
Speaker 1:The revenue run rate for the 2025 was 9,000,000,000, up from 4,000,000,000 in July 2025. What an incredible growth. Iconic Lightspeed and Menlo are set to join the new funding round from Techmeme here. This is maybe a deceleration. I was debating this with Tyler.
Speaker 1:I mean, they went from $100,000,000 to $1,000,000,000 They 10x'd. Then they were going to 10x it again. Everyone was expecting $10,000,000,000
Speaker 2:And then 10x it again.
Speaker 1:And they landed at nine on run rate.
Speaker 2:Did they predict $10,000,000,000
Speaker 1:I don't know. I actually don't know the exact quote. I think Dario was pretty loose about it. He was just saying that we've seen He
Speaker 8:was saying order of magnitude.
Speaker 1:Yeah. He was saying, we went a full order of magnitude from 100 to $1,000,000,000 We're going to do a full order of magnitude again. Is it a full order of magnitude to go from one to nine?
Speaker 8:And he said he only expects like
Speaker 1:You got around.
Speaker 8:Three or four more 10x's.
Speaker 1:He said that? No. No. No, no. I specifically remember him saying like, we cannot keep that level of growth going.
Speaker 8:He said it would be pretty crazy if Yeah. I don't think he said we can.
Speaker 1:Oh, okay. He said it would be pretty crazy. Yeah. There is other news from the information. Amir says that Anthropix inference costs on Google and Amazon servers were 23% higher than the company projected.
Speaker 1:Of course, when you're growing so fast, you're probably willing to pay more for inference just to make sure that everything stays online.
Speaker 2:Better to service the demand and not get that frustration, people hitting rate limits, etcetera. Yeah.
Speaker 8:I think later in the summer, was a lot of news about how the Anthropic API is always down. They're for issues.
Speaker 1:Yeah. Was that. And then there were also some FUD type articles about negative gross margins, about margins being really, really bad at these labs, like who's where's the real where's the value accruing? Is it all going accrue to NVIDIA? Last month, Anthropic projected it would generate around 40% gross margins from selling AI to businesses and application developers.
Speaker 1:But I think that gross margin came in a little bit lower. There's so much more that they can do to optimize. They're buying TPUs now. They're going to build new data centers. And also, there's it does feel like we're going to enter a world where inference is load balanced across a variety of semiconductor stacks.
Speaker 1:And so for really fast things, you might be going to a Grok or a Cerebras or you might for more basic stuff, you might be going to a legacy model that's cheaper to inference. And all of that might be blended together into something that's more profitable. Apparently
Speaker 2:Yes. Google DeepMind is signing a licensing deal. It really is a licensing deal economy that we're Last year was the press release economy.
Speaker 1:Yeah.
Speaker 2:This year, very, very much the licensing deal economy. Mhmm. Hume AI Mhmm. Which builds emotionally intelligent voice interfaces. And they're gonna hire CEO Alan Cohen and seven of their engineers.
Speaker 1:I I I never thought of Google as particularly behind in voice interfaces. Certainly, it's an important part of the stack if you have an app that people are chatting with and talking to. Obviously, NotebookLM was sort of a viral success, but I do really wonder about the longevity and the and the retention.
Speaker 2:News from Sam Altman.
Speaker 1:Oh, yeah.
Speaker 2:He shared today, we have added more than 1,000,000,000 of ARR in the last month just from our API business. People think of us mostly as ChatGPT, but the API team is doing amazing work.
Speaker 1:That's fantastic. I mean, we saw they just did a huge deal with ServiceNow. Like, they're definitely cooking. They've been cooking for a long time. They have an enterprise go to market motion that's definitely working and somewhat disconnected from whatever the hot story of the week is.
Speaker 2:People are pretty funny in the comments going, brother, 1,000,000,000 of IRR out of $5,000,000,000 valuation? You're going to need to make that MRR. Obviously, this person misread Pose, which is they added 1,000,000,000 in the last month.
Speaker 1:Okay. The rumor
Speaker 2:Google is spinning out the TPU team into a separate entity under Alphabet and Umbrella to sell hardware to third parties directly. Okay. It could happen.
Speaker 1:Somebody calls it a cross chain atomic swap.
Speaker 2:Waymo, it's like did they need to raise money at the Waymo level, right? Sometimes it's helpful for a company to be have its own
Speaker 1:Alphabet structuring and how they report out earnings and Apple is revamping Siri as a built in iPhone, Mac, and chatbot to fend off OpenAI. And there's an image here. What is this? The Gemini Google Google Gemini AI chatbot on a Galaxy s 25 Ultra smartphone. So Apple plans to revamp Siri later this year by turning the digital assistant into the company's first artificial intelligence chatbot thrusting the iPhone maker into a generative AI race dominated by OpenAI and Google.
Speaker 1:The chatbot, codenamed Campos, will be embedded deeply into the iPhone, iPad, and Mac operating systems and replace the current Siri interface according to people familiar with the plan. Users will be able to summon the new service the same way they open Siri now by speaking the Siri command or holding down the side button of their iPhone or iPad. The new approach will go well beyond the capabilities of current Siri for even a long promised update that's coming earlier in 2026. Today John, say Siri again
Speaker 2:really loudly clearly for anybody that's watching on their TV at home or in their office.
Speaker 1:Yeah. The feature is a central piece of Apple's turnaround plan for the AI market where it has lagged behind Silicon Valley peers. The Apple Intelligent Platform had a rocky rollout in 2024 with features that were underwhelming or slow to arrive. Campos, which will have both voice and typing based models. Tyler, what's that sound like?
Speaker 1:Typing? You're going be able to type to Siri. An app. App. Let's go.
Speaker 8:Wait. You can can you type to Siri? No. Right now, can't?
Speaker 3:I don't know. Haven't used Siri. Maybe.
Speaker 7:But you don't
Speaker 1:have an app. You you don't have a place to store all your conversations, which was my take. Embracing the chatbot approach represents a strategic shift for Apple, which has long downplayed the conversational AI tools popularized by OpenAI, Google, and Microsoft. Executives have argued that users prefer having AI woven directly into features, something Apple has done with its writing tools, Genmoji, emoji generator and notification summaries, rather than stand alone chat experiences. That's not an unreasonable take.
Speaker 1:And in the long term, I wouldn't be surprised that's that's if the AI woven in the features, like the AI that's in the Photos app is better than, okay, I got to open up the chat app and ask it to edit this photo and import the photo from my photo. Like, no, you just want to be able to go into the Photos have the you know, change the color temperature, change the brightness, draw on it, add text, and then also have AI features in there, I would imagine. So I I I am bullish on Apple diffusing AI into all the other apps.
Speaker 2:We have some breaking news. Yes. Breaking news is, without further ado, Brex has been acquired by Capital One. Hit that gong $5,000,000,000.
Speaker 1:Boom.
Speaker 2:Wrong Okay. Wrong header there, boys. Yeah. So Capital One strikes 5,150,000,000.00 deal Mhmm. For fintech.
Speaker 2:Brex deal would give credit card issuer access to technology used by thousands of companies for corporate credit cards.
Speaker 1:Interesting.
Speaker 2:Brex, of course, was valued at 12,300,000,000.0 in in 2022. They hadn't hadn't raised in a while outside of, I believe, a a debt facility. Yeah. But anyways, I think I think this this deal makes a lot of sense. 5,150,000,000.00 in cash in stock in a deal that give the card issuer more firepower with corporate clients.
Speaker 2:Brax founded nearly a decade ago, offers corporate credit cards, expenses, and rewards. It also oversees nearly 13,000,000,000 in deposits held at partner banks and money market funds. Acquisition comes at a key moment in the payment world as fintech and crypto firms threaten to siphon business away from banks. Capital One with roughly 670,000,000,000 in assets. Not bad.
Speaker 2:Obviously acquired Discover last year for 35,000,000,000.
Speaker 1:You know the No way. Yeah. Capital One bought Eric Lyman and Karim Matias' previous Yeah.
Speaker 2:Yeah. I knew that, but I didn't And they stuck
Speaker 1:at Capital One. Love to hear it. Thank you so much for taking the time to come on the show and Yeah. It's that great to very wide ranging conversation. I love the history and the personal story and everything that you're doing.
Speaker 1:So thank you so much for taking time out of your busy day. Thank you, John. With a bunch of people with a funny soundboard. Yeah. We will see you later.
Speaker 1:Hopefully hopefully, we made a good impression, and you will be back soon.
Speaker 4:You did. Now I know why you're famous.
Speaker 1:Thank you so much. Goodbye. Goodbye. Have a great day. Jordy.
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Speaker 3:couldn't keep it together. The chat the whole
Speaker 1:time I know. The the chat was going insane.
Speaker 2:I could
Speaker 3:I literally I was fighting for my life. She I every time I look up at the screen, I was just trying to
Speaker 1:I know. I know.
Speaker 3:Enjoy a
Speaker 1:crazy day. Wall to wall flash bang. And I'm just trying to hold it together. I love Thank you. I love you guys to chat.
Speaker 1:I love you. But also, you make the job a little difficult sometimes. I look at my phone. Have a 100 notifications. I assume as people texted me, they pulled a flash bang.
Speaker 1:And also, by the way, I can't I can't trigger the flash bang. That's Jordy exclusive.
Speaker 2:I think that's it.
Speaker 1:Yeah. That's I
Speaker 2:think that's it. The the concerning thing is the chat knows that now they can just say
Speaker 1:It's so
Speaker 2:start spamming Flashbang into the chat.
Speaker 1:So awkward.
Speaker 2:And I'm not gonna be able to keep it together.
Speaker 1:Nope. And tomorrow, 11AM Pacific, sharp.
Speaker 7:We love you. Goodbye. Goodbye.