The Ledger, every show

“I turned over every stone I possibly could on this company, and we spent, I don't know, the better part of the year so far researching this, and I found zero evidence of that.”

“I continue to think that networks are just on this treadmill where they're just going to keep paying more and more and more for NFL rights until is actually non-economic for them to do so, but then they'll be in so deep that it's pretty hard to recover from th…”

“I was looking up studies recently, and the Coca-Cola company is the number one polluter globally of Crap in the ocean. Pepsi's very close behind all the big drink companies.”

“They're a chip company with their Tensor Processing Units, or TPUs, which is the only real scale deployment of AI chips in the world besides Nvidia GPUs.”

“You could see a path to a Google-sized opportunity for Waymo as a standalone company just through this analysis, as long as they figure out a way to get costs down to the point where they can run this as a large and profitable business.”

“I've seen estimates that over half the cost of running an AI data center is the chips and the associated depreciation. The human cost, that R&D is actually a pretty high amount because hiring these AI researchers and all the software engineering Is meaningful.…”

“So, there should be an ad model that emerges, and ad rates should actually be dramatically higher because you have perfect precision.”

“They own 90% of the search market. I don't know what they own of the AI market, but it ain't 90%. Is it 25%? I don't know, but at steady state it probably will be something like 25, maybe up to 50%, but This is going to be a market with several big players in …”

“AI might take away the majority of the use cases of search, and even if it doesn't, I bet it takes away a lot of the highest value ones.”

“So YouTube is already bigger than Disney's media business, and this year will likely become bigger than Disney's entire business.”

“And Larry and Sergey Before they raised the Sequoia and Kleiner round came to Bill and said, what about two hundred million?”

“And in 2013, the BCCI bars him from India cricket for life. I mean, this thing that he, like, willed into existence, that he created billions of dollars of value for all these other people, he has been barred from.”

“I think the only thing that will unseat TSMC is a complete paradigm shift.”

“So it is true that the value that TSMC will create in the world over the next year, two years, three years, is probably more than the entire silicon industry leading up to this point combined.”

“No one knows what their balance sheet looks like, including their bankers. They don't produce financial statements for their bankers.”

“Even if everyone starts taking Ozempic, I don't actually think chocolate sales are gonna fall.”

“And when they sort of arrived at this plan of, we are going to forego a lot of desktop revenue to basically bet it all on figuring out mobile revenue, she said, well, Mark, nobody can fire you, and only you can fire me, so if you're in, I'm in.”

“The conclusion was that the quiz was taken by 320,000 people. Since those people had access to friends, the total surface area was the public profile data of eighty-seven million Facebook users. They also found that Facebook had requested that Cambridge Analyt…”

“The only one that's not under active antitrust investigation today by the federal government.”

“As the general public is concerned, Steve Ballmer was obsessed with Windows. He built the enterprise business. He left. Satya Nadella came in and launched Azure, and Azure has been great. Like, not exactly. That's not really what happened.”

“And absolutely, 100% something that happened is all 200 of us worked for multiple years to get these things ready. We had a ship date. Well, we had what we thought was a ship date. Actually, what happened was we were told that actually we're gonna shelve it. A…”

“Hermes cares so deeply about their brand that they burn imperfect products so they never see the light of day.”

“Eli Lilly has publicly claimed that the cost of these discounts and rebates accounted for 75% of the sticker price of insulin.”

“The price of Ozempic to treat diabetes is north of a thousand dollars, and Wegovy for weight loss is north of 1300 dollars per month before insurance, and this is in the U.S. So expensive, right? That's a lot of money. In Canada, of course, Ozempic is 147 doll…”

“When you're losing weight normally, you lose, like, 25% lean muscle, and these early studies are showing it's something like 40%.”

“That's gonna go away, but I don't think this very high, you know, 65% plus margin is gonna erode too much.”

“I think there's a pretty reasonable chance that there's some falter in the next 12 to 18 months where there's a crisis of confidence among investors where at some point something will come out Where we all observe, oh, maybe GPTs aren't as useful as we thought…”

“And in fact, I know that when they launched this, they actually scrapped their plans for the whole rest of the year for a whole bunch of ad campaigns that were already ready for a different way that they were gonna do the 30th anniversary relaunch of Just Do I…”

“It's very likely that the Skunk Works mentality ends up solving more problems for our country, but probably not from the Skunk Works division of Lockheed Martin.”

“I was shocked to learn that the gaming industry has always been larger than TV and Hollywood, if you include the total coin drop in arcades, and I always just thought this was this new phenomenon of like, wow, video games have become so much a part of the fabr…”

“It's that the NFL is the single largest media property by value, and the funny thing is, if you go look at the, because we did this for the Nintendo episode, you go look at the largest media Media properties. They list Mario, they list Pokemon, and they, and t…”

“She sold about eighty-three million dollars of stock. She actually got out early enough, and she was sort of cast out by the male executives at the top in a way where she was actually never accused of any wrongdoing and never really a part of the prosecution o…”

“I think if they continue to try to run the same playbook in just the handset market that they have been, the best days are behind them because people have caught onto their games a little bit and are gonna, gonna squeeze them from a bunch of different directio…”

“Benchmark famously believes that venture capital doesn't scale. They have zigged when others have zagged. They have not grown their fun size. They haven't tried junior partners. They don't have a platform team. They are not multi-stage. And I've heard they don…”

“AWS makes 90 plus percent gross margins on their bandwidth charges.”

“If you look at the gap that Amazon closed in total revenue since the time they were founded to Walmart, they're going to catch them. No doubt about it.”

“I don't think this is unique to media. I think media was the first to experience this sort of squishing in the middle, but it's gonna happen to everything.”

“John Foley sold ninety six million dollars of Peloton stock in 2021 when the price was really high and he was talking about what a strong future the company still had in front of it.”

“I think Shamrock and the Disney family are gonna be left holding the bag on this investment that they'll never recoup”

“And astonishingly, if you put a thousand dollars into Home Depot and Apple and their IPOs and you held them all today, your investment in Home Depot would beat your investment in Apple.”

“This is really the first time that a scaled company, sort of at mass employment, has retail employees who are participating in this, like, giant wealth generation machine, and because it was compounding at 25% per year, I mean, it's the best thing they could h…”

“So what they do with the 8.3 billion dollars, and this is ballsy, they put it all into buybacks. They just bet on themselves. They said, I think the best ROI thing we can do is buy Home Depot stock. With this eight billion dollars. So right away, they bought b…”

“He proposes a deal to Eisner, and this is where the relationship becomes irreparable. Pixar should actually be getting a hundred percent of the profits, not 50%, and they're now prepared to fund the budget themselves, too. Disney would just get a 10% distribut…”

“Disney actually does start a new studio inside the company called Circle Seven Animation. That will be tasked with developing, right away, Toy Story III, Monsters, Inc. II, and Finding Nemo II.”

“We've heard that the vast majority of the top 15 movies viewed every week on Disney Plus are either Pixar or Disney Animation. Not live action, not Star Wars, not The Avengers. The stuff that kids watch over and over. And those Disney animation movies are all …”

“If you go line up those three acquisitions, which sound ludicrous on their price tags, especially when you didn't know how they were gonna pay off, Pixar at 7.4 billion, let's even include the cash in there, that's about two and a half years of cable's then pr…”

“Netflix's operating income on streaming, their entire business is the same as Disney's entire company operating income.”

“Almost 60% of the profits of the entire company come from parks and cruises.”