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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.
Thursday, 11/05/2026. We are not live from the TBPN. We're back in San Francisco.
Speaker 2:In a bunkie.
Speaker 1:We're traveling. We're in a bunkie. No. We're in a very nice office.
Speaker 2:It's deep underground.
Speaker 1:To our hosts, we had to go to the the scene of the crime. The stock market's down, tech is selling off.
Speaker 2:We said...
Speaker 1:Had to go to San Francisco. We gotta get to the bottom of this. We gotta get to the bottom of it. We gotta go give some people a stern talking to. Yeah.
Speaker 1:Stock prices are too low. We're gonna sit down with
Speaker 2:them and say, hey. Figure it out.
Speaker 1:Figure it out. It's gotta go up.
Speaker 2:We we like... Buy the close. By the close. By the close. I wanna see momentum in the close.
Speaker 2:Yes. Okay. We're what? We're down? A couple trillion couple couple trillion.
Speaker 2:Yes. We've erased. I always I always enjoy the 2,200,000,000,000 erased. Erased. Erased.
Speaker 1:Kinda gives you a sense of the scale of the market that you can you can wipe out that much. The news, of course, the NASDAQ plunges 5% as investors retreat from AI trade after the election. This is a true panic, said Jay Hatfield, CEO and Infrastructure Capital Advisors. This is 100% about the chip stocks and the potential slowdown in the AI trade. Faced with a potential regime shift in markets after the midterms, investors are now positioning for an easing in the data center build out, knocking share...
Speaker 1:Shares of chip makers and data center suppliers hardest. What's interesting is like, this was something that was talked about... The prediction markets were predicting a blue wave days before the election, weeks before the election.
Speaker 2:But not Texas.
Speaker 1:Not Texas, but then still, even on election night, people sort of knew, and by yesterday morning, people knew that Texas was blue. Because people found out that Texas was blue, and Greg Abbott had lost midnight at the latest, you could wake up and start trading it. So there's still some digestion and still some discussion that needs to happen before people start moving to really big positions.
Speaker 2:Yeah. In, you know, in an era where the market will move hundreds of billions or trillions off of purely seemingly algorithms. Yeah. It's very interesting that you have this sort of very delayed onset, right, where clearly people yesterday were like, we gotta figure out what to do here. Yeah.
Speaker 2:Right? You're going into last week. Yeah. Yeah. We're all sort of expecting like, you know, one of the biggest IPOs ever to land, And then it seems like everyone was a little bit caught off guard more generally.
Speaker 1:Yeah.
Speaker 2:But but again, surprised that we didn't see as much selling yesterday.
Speaker 1:Yeah. Let me give you some stats. So the rethink pushed the tech heavy NASDAQ 5% lower, sending it into correction territory, which is defined as generally as a 10% decline from a recent high. Other stocks are also giving up yesterday's post election gains. The Dow is down about 1,600 points.
Speaker 1:The S and P five hundred is down 4% on pace for its worst day since April 2025. So we're not going backto.com references.
Speaker 2:NASDAQ is still up 5% on the year. On
Speaker 1:the year, yeah.
Speaker 2:And it was Tuesday night, Gerstner was talking about we might erase all of the gains from this year, give them all back.
Speaker 1:Which is crazy considering how much has happened in actual adoption of technology, but it just shows you how much was priced in at the beginning of the year. So yeah.
Speaker 2:It's always priced in.
Speaker 1:The stock sell off is fueling a flight to quality and trade and treasuries with the yield on the ten year note falling to its lowest level since September 9. That's not that long ago, but still interest rates are are falling lower. Yeah. Letter. S and P five hundred has raised 2,200,000,000,000 over the last fifty five minutes.
Speaker 1:This was this morning. Today's price decline is now double the size of yesterday's post election rally. The NASDAQ is 6% away from a bear market, so very, very rough. What else is going on? There's two funds that people are calling out.
Speaker 2:Two, maybe three.
Speaker 1:And Engineers Gate.
Speaker 2:As well as Lone Pine. And again, no one knows... I mean, I think Walleye already put out a letter saying that they're basically closing down one of their long short strategies.
Speaker 1:Okay. One of
Speaker 2:them. And they're gonna continue to focus on on some of their other products. Short of. Yeah. But everything else, we'll we'll probably won't find out exactly what's happening for at least the next twenty four hours.
Speaker 1:Yeah. Factors all going the wrong way today equals liquidations are happening. And people are fake news posting about Leopold. It does seem like if if his thesis has remained the same, and certainly if he's using leverage, it would be really tough right now.
Speaker 2:Yeah.
Speaker 1:But people don't exactly know what he's doing, you know, I think it's it's fair to throw those community notes on people that are saying like, it's it's blown up, like, don't know. We'll we'll we'll see, but...
Speaker 2:Yeah. He might be all the way out of the market.
Speaker 1:You don't know.
Speaker 2:Somebody's posting, you know, screenshots of his Bloomberg profile. Doesn't seem to be online right now.
Speaker 1:Oh, interesting.
Speaker 2:He might just be like, I'll see you in 2027.
Speaker 1:We're just doing privates. That's what saved him in the last crisis, so who knows? But Lone Pine people are speculating, they're in trouble, Nebius, ASML, Seagate, Applied Materials, else do they have here, Teradyne Corning, a lot of tech, a lot of semi stuff. And if Leopold is in fact in Core Weave, SanDisk, Nebius, etcetera, Core Scientific, Bloom Energy, some of those names are down 50%, 60%, and so even without leverage it's a very, very rough perspective.
Speaker 2:Did we get liquidated and lose the idea?
Speaker 1:Yeah we had to sell those cameras and we're on webcams now okay like give us a break We should really... We do need to get the threadbare suits going and the and the sacks like the, you know, some some burlap sacks and some bindles. We need to be standing in line for some hand... Handouts. Adam Covies, he says, our perspective on today's market crash and the era of AI, the biggest technological revolution in human history, people are eager to call the top.
Speaker 1:That's how disruption works. It disrupts. Revolutions yield polarity and sentiment, and volatility comes with change. However, if you zoom up, if you zoom out, the S and P is still up 9% year to date and 85% since the AI revolution began. AI is nowhere near over.
Speaker 1:In fact, it's only getting started. Corrections are healthy, asset owners will continue to win in the long term. You know, everything can shift depending on the next, like, earning cycle, leak cycle, and progress on all sorts of technology. But it does seem like the the the the the the... One of the commentaries that's starting to take hold is, like, the hyperscalers are holding up pretty well, even though the NASDAQ's down 5%.
Speaker 1:Most of the big... MAG seven are down, like, 2%. And the thesis is, like, well, have the data centers already built, and they don't necessarily need any of
Speaker 2:new permits. Potentially be a lot more dire.
Speaker 1:Yeah. And they can sell into the spot spot price. And then also, the the hyperscalers have a lot of powered shells, or at least they have a lot of data centers that might be running older chips, but they can re rack, reconfigure them potentially. And so it it... It'll still be slower than some of the Neo Clouds, but we'll we'll see.
Speaker 1:I'm still optimistic that we'll hear announcements from Neo Clouds in the next few weeks about where they are going, where they want to go, and what the new trade is, because a lot of these a lot of these construction projects, if there's an incentive for the local community, if it's using clean power, if it's quiet, if it's beautiful, if it's in a remote location, there's a lot of people that can actually get behind it, But it's clear that the broadly, the the electorate in a lot of states are saying, okay, we don't like the current deal. We don't like the the structure of the trade for a variety of reasons. Some of them completely legitimate, some of them sort of misinformed by, misunderstandings of the impact, it'd be interesting. Is Joe Weisenthal saying here? So is there something going on beyond coding intuitively, maybe personal assistant bots, but as Elon said, the Grock bot hasn't had good economics.
Speaker 1:A lot of those are like, if you wait, the economics will get better, but it's super competitive, and there's so many other things that at least SpaceX can do with their compute, they can send it over to Google, Anthropic, all the other buyers, so... The conversations went on, I gradually began to understand where the pessimism was coming from. In the end, they were all asking the same question, so what comes after AI coding? What will be the next engine of ARR for Anthropic and OpenAI? Several candidates came up, AI for us, for science, AI chip design, and so on, but none of them clearly convinced investors.
Speaker 1:I couldn't offer a clear answer either. Sure, there are rumors that Anthropic has made major breakthrough in both AI for science and AI chip design, But what we actually want to know is when any of that turns into money. Yeah. Some of these initiatives, if they're if they're Yeah.
Speaker 2:I think the main the main thing is, like, what what Joe is referencing is, you know, I was talking about, like, we need a step up in capability in a meaningful way because there are a bunch of businesses in the world, small and large, where they want to be using more AI but they can't really find a way to spend more than a couple $100 a month per person, let's say. And so AI spend is still tiny relative to the other costs in the business. Yeah. And so they're they're sitting there saying, I'm willing to spend a lot more.
Speaker 1:Yeah.
Speaker 2:I just can't find a way yet to apply it outside of coding and a and a couple of these domains.
Speaker 1:Yeah. Yeah. I mean, if you just add up the revenues from all the harness companies, I don't wanna necessarily call them wrapper companies, but, like, the companies that are in AI enablement, AI diffusion, AI for law, AI for finance, these types of companies, you add up all of that, even if the labs were able to just immediately get that revenue, doesn't move the needle that much. And so the next...
Speaker 2:Yeah. They are getting a lot of the revenue.
Speaker 1:Oh, yeah. Already they're getting a ton of revenue. But what what what I'm saying is like like an engineer can easily justify a $100,000 token budget a year if they're making $203,104 $100,000 in their comp package. Jensen's floated like a one to one ratio, and that doesn't seem that crazy for certain roles, much harder to justify I for a lawyer right
Speaker 2:think he floated more aggressive. Yeah,
Speaker 1:that right now, everyone who has a marketer on their team, everyone who has an in house counsel, everyone who has a CFO, they would all love to be able to go to them and say, yeah, your budget for AI is a $100,000 a year, go spend it, and let's make sure the ROI is there, but we're generally confident that ROI is there. Right now, are like, you can have $200 a month, you can have maybe $2,000 a month, but you're not getting $20 a month yet. And so that's like the original white collar work pitch that then has kind of melted away because of the job displacement discussion. So now we're into AI for science and AI for chip design, but a lot of those times, even if you have a breakthrough, there's just going to be, in terms of adoption and actual monetization of a new drug, there are just going to be people who say, I want a phase three trial, and I want humans to have tried this drug for nine months straight. I want...
Speaker 1:You can use AI to design it, you can use AI to do all the different testing, and you can work on AI for the manufacturing, but at the end of the day, I wanna see that there's an evidence that a human took this pill and survived a year later. And that's what a lot of the FDA trials do. But but we'll we'll we'll we'll see. I mean, at the same time, like, the market is good at pricing breakthroughs. Like, the GLP ones drove a trillion dollars market cap.
Speaker 1:Way before they were even in the hands of people. They were very limited rollouts to people through doctors. Was pre diffusion effectively, and the market was able to capitalize that early because it was expected and understood. And so you could see at least some of the financing be underwritten by breakthroughs in AI for science or chip design or any other harder field that takes more time, you can actually match the capital to that. So there's still lots of optimism there.
Speaker 1:So to summarize the Citrini article, Citrini overhauls thematic model book calls peak in AI infrastructure CapEx. Citrini says AI infrastructure asymmetric risk is shifted to downside. Citrini expects higher costs for US data centers after democratic midterms. I think that we brought the the... Hey.
Speaker 1:We didn't have to sell the soundboard. Okay? Yeah. We might... We still got this...
Speaker 2:We grabbed this on the way out.
Speaker 1:Yeah. That was the last thing. So train Warren's macro regime shifting toward late cycle stagflation tilts, so lots of of rough stuff on the timeline. Stephen Balaban's extremely bullish on Neo Clouds. If there's pushback on data centers in some districts, that will artificially suppress supply of the exact product that Lambda sells, compute, the demand for compute will continue to grow exponentially, there's never been a better time to be a cloud at Citrix, right in the replies, how much active data center power capacity do you have?
Speaker 1:Asking questions. Yeah, it's sort of his Christmas. So IPO window. It's impossible, but it's necessary. This has got to get out.
Speaker 1:Jim Kramer says, I think that Anthropic is going have to take a discount to get it done. They have been the principal progenitor of fear, which is what the American people feel. That's not that big of a deal. Like, it's a well capitalized business.
Speaker 2:Also, can be a driver to invest.
Speaker 1:Yeah. Yeah. That's true. And I mean, they had... I'm scared
Speaker 2:of this thing, but at least I wanna make some money on it.
Speaker 1:Totally. And the last round was $9.60, something like that. $960,000,000,000, like just a hair shy of a trillion.
Speaker 2:Yeah.
Speaker 1:So even if even if they go out at 1.2, it's still an up ground for all the investors there, everyone's happy, like it's... And they haven't done around since, I don't know, they haven't granted equity, so it feels like they do have a cushion of safety there, where like, okay, they mentally jumped from $960,000,000,000, basically 1,000,000,000,000, to basically 2,000,000,000,000. Everyone was like, it's gonna be 2,000,000,000,000 at IPO. It's gonna be 2,000,000,000,000. 50% haircut, they're still in the green, so not too bad.
Speaker 1:But, you know, I think Kramer does understand what's going on in the market, like what people will be worried about, how much how much excitement there will be.
Speaker 2:Yeah. The question is, I don't know the answer to this, is can you go out when all of the companies in your supply chain are nuking? Yeah. Like, or does it make sense to, you know, wait until things stabilize a little bit more? I I genuinely don't know the answer.
Speaker 2:I still think, you know, Anthropic has been going and their bankers have been going out to like individual investors and doing all these allocations. And I can still imagine a lot of people saying like, believe in this company long term. I don't really care about the short term. This is like a buying opportunity, especially if it comes in because at at at the lower end of the range Yeah. I think there's, like...
Speaker 2:I still think there's tremendous amount of upside.
Speaker 1:Yeah. I'm trying to remember how much did SpaceX raise in the IPO? Was it like 60 or 80,000,000,000? And I feel like Anthropic had floated like maybe 200,000,000,000, over 100,000,000,000, some sort of really big number. So even just scaling back the float, scaling back the amount raised, obviously scaling back the valuation as well.
Speaker 1:There's a number of levers that they could pull, but it is not what you want to see if you're trying to get out or you need to get out, but we'll see how they play it. I mean, the prediction markets, I was looking at the prediction markets on like the IPO, not that, I I don't know how prediction markets have held up on on the non election, non sports stuff, but I was looking at Yeah.
Speaker 2:Because like, hopefully the people that are underwriting the IPO, like, know that that... The call sheet.
Speaker 1:Because then it's more accurate. Right?
Speaker 2:No. I'm gonna say the opposite.
Speaker 1:Stay out
Speaker 2:of it. Stay out of it.
Speaker 1:Yes. Don't. But but but I would imagine that someone who is not an insider but has a deep understanding of the market... Like, if you if you aren't on the Anthropic IPO, maybe you're a retired investment banker, but you've taken tech companies public. Like, you were at Morgan Stanley during 2000.
Speaker 2:November 3 Yeah. At 6PM, the market was saying 88% chance of an IPO Mhmm. Before December 1. Mhmm. Now Is
Speaker 1:it 60 something? 61. 60 Wow.
Speaker 2:Down a That's a lot. Yeah. Over 20%.
Speaker 1:So that could just be, like, vibes based, you know, people trading the market, but it also could be, you know, a retired hedge fund guy or a retired investment banker who really understands the likelihood... How the likelihood changes as a function of the overall market.
Speaker 2:Yeah. The interesting thing is there's a world where some institutions, like more institutional investors, larger investors Mhmm. Get a bit more skittish because they're looking at their book and seeing, you know, massive losses Yeah. Or at least paper losses. And retail get...
Speaker 2:Being able to get a lot more exposure. I think, like, for better or worse, retail is gonna be able to invest, like, more in this IPO than in than in many of the of of the of the IPOs in the last year or so just because it seems like if the price is right, there's unlimited demand for capital.
Speaker 1:It's interesting. Like, the the all out blitz on marketing from OpenAI and Anthropic across social media and influencers and whatnot, like, awareness is way higher than with a Neo Cloud or a SaaS company. One last thing from Jim Kramer. He says, data center locations, he says, these are what I'm concerned about. He's looking at Iron, they have three in Texas, CoreWeave has four in Texas, one in Ohio.
Speaker 1:They do have plenty of others, some in Sweden, some in Canada, some in India. Nebius has lower Texas exposure, and so people are worried about what will happen to these if they're still building capacity, still getting approvals. I'm sure all the analysts are really digging into the exact sites, where they are, how many permits, will they be subject to a pause, will they be subject to a renegotiation there? It does feel like there's there's already been... I saw some messaging from OpenAI around, like, power protection program, V2, how you actually interact and make sure that power electricity rates don't go up, like concretizing the the water usage more.
Speaker 1:And so all of this will just be more and more, but there are there are plenty of examples of, like, the data centers, like, going well. And then we're gonna go over to Take Two CEO, Strauss Zelnick, sat down with The Wall Street Journal to discuss the launch of GTA six. Let's play it.
Speaker 2:Is there a concern? I mean, I I think there is a concern that this is your big hit and that you don't have enough hits in your library. Can you... I mean, can you... How do you, like, knock that down?
Speaker 3:Well, look. We have 15 franchises that have each sold at least 5,000,000 units in an individual release. I think we have the best collection of owned intellectual property in the video game business. And I think that's reflected in our top line, our bottom line, and our market cap. So I guess the way I respond to it is like examine the fact.
Speaker 2:I know. I mean look we have
Speaker 3:in addition to Grand Theft Auto, have Red Dead Redemption, a massive title that sold over 65,000,000 units in the most recent release. Red Dead Online, Grand Theft Auto Online. We have NBA two ks which is the second biggest sports title worldwide, the biggest in North America. WWE two ks, Borderlands, Civilization, and then on the mobile side, Words
Speaker 2:With Friends. I forgot about Bioshock. That's a great series.
Speaker 3:Hundreds of other titles.
Speaker 1:Borderlands is a good story. That's great. That's funny. I didn't know that you were going to pull up this clip. I saw a different one of him talking about artificial intelligence and just the question of how is Take Two embracing AI or not.
Speaker 1:He was saying, In
Speaker 2:like, some ways, this is is very very
Speaker 1:crafted, But the interesting thing was that he's like... But at the same time, like, it's all computer generated. Like, it's always been computer generated. So, like, will use tools, but there's still a lot of love and human element creativity that comes in. But don't expect us to not to stop using computers in 2026 when we've been using computers since the company was started.
Speaker 2:Yeah. But... Yeah. So one hilarious question and answer.
Speaker 1:Yeah.
Speaker 2:I would say in minor defense of the interviewer, there is like an extreme power law. Like GTA is like such a, like if Red Dead Redemption two is like a grand slam, Like this is like whatever is beyond that, right?
Speaker 1:Back to back grand slam. Back to back. I don't even know.
Speaker 2:The World Series.
Speaker 1:Yeah, World Series.
Speaker 2:But yeah, it's just like a different level, right? And so there is that power law. It is, if you walk around on the street, do you know what GTA is? Like, so so for a non video game audience Yeah. Like, that...
Speaker 2:That's, like, kind of a fair question. Like, you a one... Are you...
Speaker 1:You know? It's also it's also fascinating that GTA is trying to... They are trying to hit two Grand Slams simultaneously, because the first is on the single player game, the story, how it feels to play it, how people talk about it, how it's like you have to sit down on day one, play for hours, the game mechanics, the polish, like the actual core game. And then there's the economic engine that comes after, which is GTA Online. And that has been massive on GTA V.
Speaker 1:And so... But I see those as... Obviously, they're deeply related. If it's a good game, a lot of stick around and play for a long time and wind up spending more money on in game currency and whatnot, and that will drive the business, but they are somewhat different products, somewhat different businesses, different artistic and business challenges, and so it's very interesting. It was also funny to me people calling for like a no AI in video games, because it's like NPCs have always been AI.
Speaker 1:No computer generated graphics. But also like even even the the like the enemies that you play against, like they are AI. Like they decide like, okay, I'm gonna drive this way. I'm gonna like turn... Take a left turn at the light or pause at the light.
Speaker 1:If have no AI, it's just this like empty world in the old world. But then, of course, people are
Speaker 2:talking about AI. Yeah. Leave me alone.
Speaker 1:Yeah. It's...
Speaker 2:But but, yeah, incredible answer by Strauss.
Speaker 1:Take two is up today. Everything else is tanking. But take two, it's a flight to safety. It's up 10% in the last five days.
Speaker 2:There we go.
Speaker 1:Everyone's like, okay. Great answer.
Speaker 2:I understand that you have a diversified basket of incredible IP. Yeah. It was like people are gonna be playing games. Provenability to create hits across. Yeah.
Speaker 2:No. Yeah. It's a good business.
Speaker 1:Yeah. I mean, it it it goes to show... I mean, what what Greg was saying, like, it was the meme. They had us in the first half. I'm not gonna lie.
Speaker 1:He was talking to the Wall Street Journal. He he said, OpenAI had a rough first half of the year before coding takeoff. And he gave a lot of like candid explanation for the evolution of the product, of the business, of the financials. He says OpenAI struggled through a pretty rough first half of the year, according to co founder and president Greg Brockman, a period when rival Anthropic pulled ahead with business customers. It wasn't until the third quarter that OpenAI's new tools for agentic software coding found traction leading to enterprise overtaking consumer, The and number that he was really focused on when I listened to a little bit of this interview was, I think, over a 100% quarter on quarter growth for enterprise in Q3 when Anthropic was doing over a 100% and then decelerated to 49% or whatever the number is.
Speaker 1:And so he's sort of saying, okay, well, we caught up so much that you can see it in the growth rates specifically, not merely the revenue scales, not merely the products. Look at the acceleration. We are... We're we're we're taking share, which is what what what he wants to do there. He said, by the third quarter, however, it was entirely different.
Speaker 1:He said, the release of a new Frontier AI model GPT 5.6 Soul, I remember, and ChatGPT Work setting the stage for a comeback, there had been all this painful behind the scenes work that resulted in all this incredible revenue inflection. Yeah, it was ultimately the crazy lock in, they got known Shazir, a bunch of other people on the team. And personally, I'm just excited about all the PMs and design folks coming to work on Dot. There's been a whole bunch of new integrations, and they're really starting to fan the product out across the iOS surfaces so you can use the action button to call the... Call Dot.
Speaker 1:It picks up faster. That was one of the things when you called it. It it was so weird because it was like calling a person that's, like, sort of ghosting you. Like...
Speaker 2:It's probably only, like, ten seconds, but it still feels like a long time.
Speaker 1:Oh, it feels really weird in the context of AI because AI always, like, gives you feedback immediately, at least a little bit. It's like, okay. I got it. I'm thinking. I...
Speaker 1:We received your request. I'll work on that. I'm gonna go kick off some agents or whatever. But this... It would...
Speaker 1:The phone would just be ringing. And I'd be like, why are you ringing? But of course, it's like spinning up the GPUs to do the right thing, the voice model, and getting everything Yeah. Loaded into memory because probably it's running on some VM or whatever. But, yeah, there's a whole bunch of other cool things you can do, like a dot iOS widget and have that there.
Speaker 1:Although they can't bend as much as I'd like into it, I'm trying to figure out how to how to sort of brute force and, like like, manipulate the iOS widgets to give more information. Like, the dot widget is literally just the visualization of the dot character that you've made, and then when you click it, it opens your dot, which is fine. I guess it's fun if you like the character. But I wanted it to be like, that is a text list or, like, that is some information that Dot can dynamically put on my home screen, and I can see it. So I...
Speaker 1:Right now, I'm... I have the Dot set up to, like, look at all the calendars across personal and TBPN, synthesize them into something that's actually a a digest because oftentimes our calendars are, like, six back to back 15 meetings, and it's, like, show guests. And I don't I don't want that in my calendar. It's really hard But to what I wanna know is, like, okay, from eleven to two, I'm doing the show, and the last guest is actually at 01:30, so I need to be downtown at 02:30, so I should leave right at 01:30 or whatever. And then Yeah.
Speaker 1:I have this going on at home, and this at family, and this at traveling or whatever. And so it's able to do that in text and text me, but I want it, like, bended into homescreening. I don't really wanna go build an asset right now even though I'm sure
Speaker 2:it could. But it's fun. Exciting.
Speaker 1:They're having fun.
Speaker 2:I got an exciting opportunity for you. What's that? And anyone listening. If you feel like being greedy when others are fearful, there's a mystery seller who's looking to dump 500,000,000 of data center loans today.
Speaker 1:What are you talking about?
Speaker 2:In Bloomberg, in Bloomberg, roughly $500,000,000 portfolio A of transition. A roughly $500,000,000 portfolio of data center loans has been put up sale all at once in a rare auction that comes just days after a damn sweep of US midterm elections. The anonymous seller is taking offers for a dozen loans via so called bids wanted in competition process according to people familiar with the matter. The loans for sale include a $25,000,000 slice backing a massive data center site that's part of an OpenAI SoftBank and Oracle's project in New in New Mexico. That's interesting.
Speaker 2:But that... That's the location where Oracle sent the developer a notice citing force majeure. The seller is also looking to offload debt tied to operators such as Vantage data centers and CyrusOne, And bids are due November 19. So you have... And and you have got...
Speaker 2:Have to have at least 10,000,000. That's sort
Speaker 1:of the
Speaker 2:minimum bid. So you got a little bit of time to, like, suss this out. Mhmm. And and, we'll see we'll see if if Buffett comes in Load enough. Swing in.
Speaker 2:Yeah. I mean, imagine if Buffett... Like, at some point I look at CoreWeave and I'm like, I don't think that Jensen would ever let this company fail. Right? And so at what point is there is there is there...
Speaker 2:Know, it's down to the cash a to go lot around. Anyways, it'll be an interesting interesting end of the year.
Speaker 1:Yeah, for sure. It's 49 days till Christmas. Yeah, data center debt, that could be a really good Christmas gift. You you you unwrap and you got a senior secured note, maybe the mezzanine layer, you you know, you got some debt. Just, hey, this is gonna pay you a little coupon.
Speaker 1:Who knows where it's gonna go? Might not get the cash back. There's some risk, but risk, no risk, no reward. All the ultimate Christmas present.
Speaker 2:I got the chat pulled up. Yeah. They're saying ultra damn... Ultra dumb was sold, show is over.
Speaker 1:We're gonna prove you all wrong tomorrow. We're going back in the ultra dumb. We're proving you. We didn't sell it.
Speaker 2:We didn't sell it. Don't buy that. We don't know. We haven't been there today. We don't know.
Speaker 2:It might it might be gone. It might have been seized.
Speaker 1:It might be gone. We do we we do on occasions. Sell you a lot. Thank you for tuning in to TBPN. Sign up for our newsletter, tbpn.com.
Speaker 1:Haven't sold that domain yet.
Speaker 2:People are saying Friday shows are the best. Good news is it's Thursday.
Speaker 1:It's Thursday. Yeah.
Speaker 2:We'll be back tomorrow.
Speaker 1:Show tomorrow in the ultra down. We're proving you all wrong. You haters think we sold everything we didn't. We're still going strong. Leave us five stars in Apple Podcast and Spotify.
Speaker 1:Sign up for our newsletter, tbpn.com. We still got
Speaker 2:the domain. Goodbye. Love you.... Still work.