The Ledger, every show

“Like your traditional classic investigative journalism, six month sort of piece. It's not well supported by this. What did support that was the bundle. Having lots of different writers in one publication altogether.”

“Yeah, the problem is the merchants who will drive, make that bundle valuable, have no incentive to join the bundle because they could make more just monetizing users directly.”

“I think we're looking at a massive short, shortness in chips in 20, 29 or so.”

“And in that world, I think crypto as an identifier of Authenticity is going to be more and more important. Like at the end of the day, I want the original. I don't want a reproduction.”

“What you're paying for when you pay for me is you're paying for my ongoing production. I'm making a promise to you. I'm going to write something every day. And you're paying for that promise. You're not paying for the actual content. The content is a byproduct…”

“The reality is when it comes to platforms, you have to build, the price of becoming a platform is making a great product. So Apple gets platforms so they make great products, and they're terrible stewards of the platforms. Microsoft is a great platform steward…”

“I was very optimistic about Apple's Apple Intelligence announcement last year, and the theoretical power it would give them over the model makers, and now I'm ready, actually no, they're gonna have to pay up.”

“I do think, I think Google's done better than I expected over the last two years. I like what they're doing in search generally. I think they, it does seem to be the one part of the company that still functions, like they can actually iterate and build product…”

“I think actually XAI would be an incredible acquisition target for a lot of companies if it wasn't saddled with X.”

“From a microtransaction perspective, I think one of the issues is To create the piece of content is very time consuming. And then obviously you get the free distribution on the back ends. You have zero marginal cost on the back end. But the problem is you have…”

“What is interesting is it was written a lot about as this sort of Steve jobs initiative and, you know, I'm sure he okayed it, but he had basically no involvement at all. Tim cook was very heavily involved.”

“If you have a new business model with a very low cost structure, Social media is a godsend because you basically get free marketing. What a lot of people don't understand is I think a lot of writers give away way too much content on Twitter and they're out the…”

“I think actually one of the biggest mistakes Twitter made, and it's understandable. No one could have seen it at the time, but Twitter should have had disappearing tweets from day one. It should have always been a just in the moment sort of social network. I t…”

“The Apple changes were very devastating, and they're structurally devastating, and so they deserve a significant haircut on their valuation because of that, but I also think they were moat-enhancing in the long run, where I question whether any other company i…”

“A core to their model, essential to the model of being so flexible, being so adaptive of incorporating new equipment of accommodating hundreds and hundreds or thousands of customers is all their engineering's in one place. And that. Place is Taiwan and that ha…”

“Once the media lost its power and its gatekeeper status, The parties, at the same time, because they were inextricably tied to the media, lost their power and gatekeeping status, and no one sort of realized this happened until, really, Obama came along and cam…”

“The news covered Trump because people wanted to see more Trump. They wanted, they, and so the news in media organizations were responding To the incentives that they had in a world where they were no longer gatekeepers, they were sort of serfs in Google and Fa…”

“I mean, the, we are switching from a world where it used to be a world where market power and economic power and social power was gained by controlling supply. To a new world where, where power is gained by controlling demand.”

“The fundamental difference between, let's say, a newspaper previously that controlled the printing presses and Facebook. Is that Facebook has the users such that suppliers, and this being content organizations, new organizations, have no choice but to go to us…”

“The real sort of problematic angle to Google and Facebook is less the consumer front end and more the advertiser back end such that it's not really viable to build a mass market advertising business in the current day because Facebook and Google are so dominan…”

“And if all targeting and data collection went away tomorrow, Google would still be in fantastic shape.”

“Their sort of upheaval and downfall will come not from someone being in a garage alone. It will come from someone being in a garage who latches onto the next paradigm shift that makes it impossible for, you know, the powers that be to compete.”

“The long run for TV, for example, the long run is likely that there's The traditional bundle becomes basically all about sports because sports is better live. Sports is, is, Is advertising driven. And so the business model on that side is going to be differen…”

“What's going to happen is people are going to end up paying about the same amount of money every month they do for content today. There should be paying different people. And I think that that's going to be the case. This idea that there's going to be this, yo…”

“If you realize that there is still going to be digital advertising, The alternatives to Google and Facebook are going to be hurt way more. Like is, is every site with advertising on it going to get permission from users for each of the individual ad networks t…”

“The implication of aggregation theory is that to be large and to be dominant is the natural state of affairs because of these feedback loops. Like the end state for an aggregator is to be, to win it all, to take it all.”

“People are like, oh, Yeah. How many subscription sites can there be? Like, not everyone can have, like, 50 subscriptions. And no, that's not the outcome. The outcome is breadth. There's gonna be so many niches, and there's so many people out there that, that t…”

“I am concerned that with, like, the scare around, like, people freaking out about Mythos and, like, this Hugging Face incident, that the actual Implication of that is not that we reduce these dangers, but we just stop releasing stuff. And we on the outside sta…”

“Then, like, the speed with which the tech companies blew through the debt markets is kind of incredible. Like, it took, like, a year, and now Google's issuing equity.”

“The way to solve the geopolitical problem of Dependence on TSMC is to come up with a compute use case that is so massive that everyone is economically incentivized to bring other people up to speed. And then we get the sort of geopolitical insurance for free.”

“In a world where Meta was run by anyone other than Mark Zuckerberg, they would not be on the leading edge.”

“I think probably the case for SpaceX AI is probably the weakest.”

“For meta, AI-generated content, to the extent they're the ones generating it, is actually a worse margin profile than what they have today, because what they have today is free.”

“I think if they had made that Communicate that more consistently. They would be in a better place generally from a PR perspective. They would have been a better place relative to Apple, and I think they would have an easier time right now convincing Wall Stree…”

“Google already made a deal to sell, like, 20% of their TPUs to Anthropic.”

“GTA six is like the last great game. Like you think about everything. It was mostly all made pre AI. Like it is the pinnacle of this triple a craftsmanship years and years and years of blood and sweat and tears to the extent where you have like the Twitter ana…”

“Microsoft did not miss mobile. They, like, they came out with a Windows CE in, like, 1999. Like, they were, in mobile, they just had the totally wrong conceptual model because they were basing it around, you know, as an extension of the PC.”

“What you do is you limit the economic potential of your studios because you're only building for your platform and you make it back By all the licensing fees you get off the EA's of the world and the Activision's of the world, because 80% of gamers are on your…”

“And they, I think the, you know, the recent reporting was they expected to have seventy-five million Game Pass subscribers by this year. They have like thirty million, and that number is actually decreasing. It's not going up.”

“To the extent AI is as impactful and powerful as it is, The more these questions, fundamental questions that we thought have been settled for hundreds of years, if not thousands of years, are going to be raised, and this is just the first of several episodes w…”

“And Bob Noyce made the decision that we will sell to the government, but we're not going to design chips for the government. And the distinction there was you had guaranteed orders, which was great. The government would take your IP, and there was, and in his …”

“I think Anthropik's position is significantly weaker on that point. Like at the end of the day, we either trust the military or not to make these sorts of decisions. That's why we have a military.”

“What actually matters, and this is a key thing, people get hung up on relative numbers, and what matters is absolute numbers. So it is better to have .one percent of your content is good if your content is like in the billions or trillions, as opposed to, oh, …”

“And so I think I can say pretty authoritatively, Google has gotten worse. And I don't think it's Google's fault. I just think there's just, it's harder. What is Google's fault is they got so biased towards recency.”

“ChatGPT comes out. Every hyperscaler starts investing like crazy. What does TSMC do? They actually decreased their capex year over year, two years in a row. They did, they, there was no market response from TSMC to the ChatGPT moment.”

“Things that are common experiences are going to be more and more valuable. Common content, common classroom time, live events, like shared experiences, because anything that's individualized is just going to be completely swallowed.”

“Meta's probably, in my experience, Been the best execution. There's, I mean, you just see stuff like interacting with PR or executives. Like, they just run such a tight ship.”

“That's why I generally, as a rule, don't have VCs on to do the introductory interviews. Because it's kind of hard to get, like, a real take, because that, that, that is, you know, such a motivation.”