TBPN

“2.5 gigs. Yeah, 2.5 gigs. That's a huge campus. Wow. That's really, really good. Chevron, Microsoft, and Engine One have entered into an exclusivity agreement related to a proposed power generation and electricity offtake arrangement. Chevron and Engine One had previously discussed details of their proposed power plant, but not the end user of the electricity. A deal with Microsoft would secure a long-term customer for the plant's output and help finance construction.”

“The project, which could be up and running before 2030, still requires tax and environmental approvals as well as agreement of commercial, commercial terms. Microsoft is a longtime backer of ChatGPT maker OpenAI, is doubling down on constructing data centers The pause is unpaused. This is fully— we are in unpaused mode. Satya is going all in on AI. Access to reliable baseload power is emerging as a key challenge, one of the Chevron and Engine No.”

“Some of it was stock in Perplexity. Yeah, but there was a huge cash component. Yeah. And unclear if the other companies mentioned Gemini OpenAI or Anthropic would have been able to match that, how aggressive Perplexity was getting. And so it's possible Snap's logic was, hey, we can do this deal with Perplexity, and then it's native in our app. It's easy enough to swap it out at a later date.”

“This is our largest transaction at $8.5 billion... And it was done at an investment-grade cost of capital. So this was done at SOFR plus 225 or, you know, approximately 5.9% cost of capital, which is incredibly important to us given the capital-intensive nature of our business.”

“NVIDIA remains the foundation of our infrastructure, our training fleet, and the majority of our inference stack. Can you continue to run on NVIDIA GPUs. We are now generating $2 billion in revenue per month”

“Snap has the potential to be a great company and a double AI winner through meaningfully improved operating efficiency and monetization. Irenik has outlined 6 steps to 7x Snap share price to $26 per share.”

“Well, you know, yeah, and they're, they're trading very reasonably. They're at something like a $240 million run rate as of Q4, market cap of like $366 million. Okay. So yeah, it's priced— seems to be priced in. Yes. Um, uh, Buco says, imagine being a software company with like 250,000 customers, $1 billion of revenue growing 20%, and the market says worth $3.5 billion.”

“Because of the above, capital markets care more about revenue produced from chips rather than resale value, and chips are only a subset of the total cost of compute— heterogeneous builds, the rack, powered shell, interconnect, cooling. It was interesting when we were talking with CoreWeave about the— that I was really expecting the answer to be chip constraints and he was saying powered shells, powered shells, which is what we've heard from Satya Nadella.”

“of GLP-1 weight loss drugs got 300 customers in its first month. In its second month, it gained more than 1,000 more. In 2025, MedVie's first year in business, the company generated— or the first full year in business, uh, the company generated $401 million in sales. Mr.”

“Blue Owl capped private credit fund redemptions at 5% after steep request levels. This was the other news. News. Oh, from this morning, I think they got something like, uh, 21, uh, redemption requests outstanding during the first quarter, so they had to cap it at 5%.”

“We kind of see ourselves as the operating system. System of security at CrowdStrike. So being able to see that, you know, the AI agent is writing code and it loads a library and inside that library, you know, use this Axios example, there's a chunk of it that's base64 encoded and it's being, you know, decoded and instantiated.”

“Yeah. So if there's two— if there's two competing platforms where someone could go to work, one's going to pay them every 2 weeks, one's going to pay them every single day. They were more likely to go and stick around or stay or choose the one that's paying them on a daily basis, essentially.”

“it's only twice as many people as the original challenge.”

“Between World War II until now, Tom and Dwight, the amount of ships U.S. has built, China built more than that in the last 12 months, right?”

“Every technology gets defeated at some point, he said. There's still a worrisome— there's also still a worrisome lack of cheap US counter-drone technology, which has allowed Iranian-backed militias to continue using small drones to menace US military bases in the Middle East. The small number of unmanned surface vessels in the region are still years away from being the autonomous fighting machines their manufacturers have promised. The absence of a broader supply of modern US, cheap US systems in the Iran War has served as a wake-up call.”

“Both companies are releasing new versions of their AI models at fast— at a faster cadence than ever before, while pouring more resources into the training runs that create them. The arms race is showing no signs of slowing.”

“The day before this article ran, the day before, Lilly's oral got approved. It was not tirzepatide. In fact, it wasn't even a peptide.”

“Yeah.”

“The rare collaboration underscores the severity of a concern raised by US AI companies that some users, especially in China, are creating imitation versions of their products that could undercut them on price and siphon away customers while posing a national security risk. And so I was trying to square this question of distillation and model commoditization with the news that Anthropic has reached $30 billion in run rate.”

“No, we've seen a few of those AI leader gatherings in DC where you see Tim Cook and Sundar and Sam Altman and Dario and all the leaders are together. And I was always hoping that at one of those dinners, they would say, okay, Okay, everyone's going to try and say the biggest number, but this time it's going to be how much you're committing to Intel and how much you'll, how much you'll buy from them if they come online with a competitive product.”

“I mean, look at Square, right? Yeah. Jack, came out and just said, no, I'm pivoting the entire infrastructure of this company for an AI era. We think you're going to need to be remote,”

“And what if your model, not today, but in 2 years, can just build you a Workday right off the bat. Yeah. Um, what does that mean for Workday? Does that mean their data is more valuable? Yeah. In on the left-hand side, or no, does that mean they get fully wiped out?”

“Meta has been a huge beneficiary and a huge winner of AI. The ads are getting better targeting. They're seeing They're delivering more ads and the quarterly earnings have been strong.”

“Because the demand side has always been a big problem for Intel, that they have the capability, they have plans to build the 2-nanometer, 3-nanometer plant, like a frontier plant, leading-edge fab. But every other company has been so tied to TSMC.”

“and you know Brad Gerstner had to come in with the 100.”

“Yeah.”

“paying for an ad encouraging people to pay 6x net asset value for a closed-end fund where the cost to borrow is 400% is one of the things people will remember during the next bear market.”

“I know the market is thrilled that Meta has released a close to frontier level model. Right. This is a new group. They've been at it for less than a year. The stock is up almost 8% today. And again, you know, so, so much of the pricing pressure, the downward pressure on Meta has just been kind of uncertainty on what all these tens of millions of dollars will actually go towards and, and what will be accomplished.”

“Yes, it's hard to say. Amazon's actually almost up 5% today. Yeah. And I would, I would expect that to be because of the letter. But people tend to buy a lot of GLP-1 drugs, too.”

“AWS's AI revenue run rate is over $15 billion in Q1 of 2026, which is nearly 260 times bigger than AWS was at the same point, and it's ascending rapidly.”

“And They still are rating the stock as a buy, even though it's dropped pretty dramatically as of late. But they say continued stabilization across regions with Germany and Japan improving. Powertrain gap widens as non-hybrids continue to outperform. So they've made so many different hybrid cars, everything from like the 296 to the SF90, of course, and people You know, these cars are very fun to drive, but they haven't been fun to own and they just haven't been holding up, holding up well.”

“So, he says, imagine I told you that AI was going to create a 40% unemployment rate. Sounds bad, right? Catastrophic even. And I agree, that would be completely unprecedented. We really have never had more than 10% unemployment for any sustained period of time. It would be, it would be complete.”

“Centers running very aggressively, probably 24/7 for years. Are we seeing these chips burn out faster or is that a sort of surmountable hurdle?”

“And Sebastian Malaby, author of The Infinity Machine and former guest of the show, published an op-ed in the New York Times outlining one possible solution to the US-China dynamic. And so we can go through this and, and try and understand Sebastian's points because he makes a— he actually went to China and talked to lab leads there to try and get their of the story and what they might be open to in terms of collaboration.”

“What in a perfect scenario do you think that the the public funds that invest in private market companies should be basically valued at 1x NAV because we've seen a couple of things go out and they get really highly valued and it feels like some sort of like, okay, the market's not efficient here.”

“And all, you know, right in front of him was what in hindsight is like a very, very obvious play. Yeah. But, but, but again, you know, look, looking back at like the history of the last time this happened was Long Island Iced Tea”

“the stock has been trading down as Waymo and Tesla expanded services. It sold off, Uber sold off. And when Waymo raised $16 billion, Uber sold off again... The stock is down 23% in the past 6 months and investors are starting to get concerned about autonomous vehicles.”

“Oh yeah, people are using them as GoPros.”

“Dan Primack has a take here. He says Apple isn't burning mountains of cash on GPUs or investing billions into Frontier Labs, but it still may win the AI race. Success from the sidelines”

“Yeah, yeah, yeah, exactly. Um, yeah, the incentives flip when you get to this scale, or, or the incentives just get so big you can build a whole team for a specific thing, solve any problem. Uh, and so For the past few years, NVIDIA has sort of looked like SpaceX's launch program. It's incredible technology with very few viable alternatives. And so that creates great margins, as we've seen with SpaceX's launch capacity. And they control something like 90% of the launch market while the products have not degraded.”

“And so today the AI chip market is starting to look much less monopolistic. AI coding agents can make it easier to write software that works on non-CUDA chip stacks, and the teams behind competing chips have plenty of resources and economic incentives to bring performance in line with NVIDIA. Even if it's going to be a big hassle, even if you're going to just spin up a team to get AMD or TPU working, it's going to be worth it because you're talking about billions and billions of dollars spent on chips.”

“But recently, the biggest cost center for AI labs flipped from researcher time, more or less, to compute capacity. And this creates a much larger economic incentive to figure out a way to drive down the cost of chips used to train AI models.”

“Certainly the GLP-1 boom. One of the trends that's going on here is that the industry has to restock the shelves for new drugs. As drugs go off patent, there's these revenue cliffs. And so Big Pharma is sitting on probably the largest pile of capital they've ever sat on, and they look to acquire a lot of their innovations from small companies. Those are the folks that we support to create new medicines. So there's definitely a huge M&A trend that's happening this year, and it'll continue to happen for the foreseeable future.”

“This is how you capture value over the next cycle. And I agree with this. I think this is a great take.”

“AST said the satellite's altitude was too low to sustain operations and that it will be taken out of orbit. The cost is expected to be covered under its insurance policy.”

“Benioff thinks the bears have it wrong about the SaaSpocalypse thesis generally, and especially about Salesforce. AI, he says, is making Salesforce more valuable to its customers than ever.”

“Yeah, we'll be announcing things, uh, very soon. Uh, but what I can share on the dates, and this is actually another unique thing we're doing, part of our strategy is we're pursuing this thing we call gas-to-nuclear conversion. So we're actually going to be building half the nuclear plant right away. Okay, so the whole nuclear steam turbine system set up for nuclear steam conditions and quality, and we're going to fire it early with two combustion turbines as a two-on-one combined cycle. So it's kind of a Frankenstein combined cycle.”

“So Ternus is—”

“Oracle database as a revenue line within Oracle is growing.”

“And the building the sandbox piece is the really hard piece. You have to put the right data in there, you have to put the right learning, objective rates, and so forth. That's, that's the piece that we live in. We build the sandboxes for the models.”