The Ledger, every show

“I think they've taken 15 or 20 points of traffic share in the last two or three months, and that does not, that's just traffic to Gemini. It does not include search overviews. I suspect on a actual traffic basis, Google is bigger than OpenAI, Anthropic, anyone…”

“And the reality is, like, given the deals that are being cut now, when a data center goes in, electricity prices actually generally go down for everyone around there because of behind the meter deals.”

“There's a study that is uncontested that when you elect a Republican DA, all cause mortality for young black men in that city drops by seven percent.”

“And what I just mean by that is in Anthropik, they added eleven billion dollars of AR. And what is astonishing to me about this is that The SaaS and cloud revolution it created, we'll call it between five and 10 trillion dollars of value. And I would say argua…”

“And the ROI on AI has Empirically, factually, unambiguously been positive. Like, I just always find it strange that there's any debate about this, because the largest expenditures on GPUs are public companies. They report something called audited quarterly fin…”

“Unless Adams or Cuomo pulls out, he's almost certainly going to win.”

“There are, you know, there are more job openings for software coders today than there were a year ago. There's more demand for coders, and that is the kind of in the epicenter of the blast zone.”

“Corweave said that they are renting Amperes at economically profitable rates today for 2029. So an Ampere that came out in 2020 is going to have a nine-year life, and I think that's what Nvidia sees”

“In the bull case, and you know, you've seen church from Cognition, Ramp, and Stripe, that the companies that are spending the most on AI are growing, growing meaningfully faster.”

“But an author made a mistake in a book. It overestimated the amount of water usage in data centers by 10,000 x. Not a little bit.”

“In 30 days, we went from not being an AI hyperscaler to being number four, and we passed a lot of companies, including Oracle.”

“And, you know, these, the Nvidia of the tech bubble is Cisco and it traded a hundred times forward earnings. And, you know, I think Nvidia is probably at a low teens, multiple of kind of low to mid teens, multiple of real earnings.”

“And that was really strange because by Deep Seek Monday, it was super clear That this was going to be the most positive thing that had ever happened to compute demand. Prices in the AWS availability zones in Asia had already, like, doubled. You were seeing GPU…”

“I think on a relative basis, tech essentially got as cheap as it's been versus the rest of the market has at any point over the last 10 years.”

“One, we will see the first models trained on Blackwell in early, I think the first Blackwell model will come from XAI. And the reason for that is just, it's a, According to Jensen, no one builds data centers faster than Elon.”

“And we now know they're going to continue for pre-training for at least one more generation, and we're very early in the two new scaling laws, you know, for post-training, mid-training, RLVR, whatever people want to call it, and then test time computed inferen…”

“Anthropic is a good company. You know, they're burning dramatically less cash Then open AI and growing faster.”

“You can calculate some, you know, something called return on invested capital, and it's actually gone up. Since they started making these AI investments.”

“And so RKGI-II, it has not seen the questions before, and it did roughly twice as good as, you know, the state-of-the-art Google Open AI and anthropic models.”

“China, they do have more electricity. They can do things that we cannot do here in America.”

“And then I do think you will see a lot of these frontier AI labs that are independent be acquired.”

“As far as a specific prediction for 25 because I don't know when that will happen, I think you will see the frontier labs stop releasing their leading-edge models to prevent knowledge distillation and their IP effectively being stolen.”

“I think the companies that make high bandwidth memory, going back to, we're gonna run out of compute. It's actually a pretty shocking stat. High bandwidth memory is a bigger part of Nvidia's cogs on GPUs than Taiwan Semi is. And today there's two companies tha…”

“The best information I have is the largest cluster Microsoft has after panicking. It's still smaller than XAI's cluster in Memphis.”

“Grok three should take the lead if scaling laws hold in January or February.”

“Even today, a majority of this is still being funded out of operating cashflow, which I think is really helpful.”

“Residuals for private jets are, like, extremely strong these days. And a big part of the reason is people are taking jet engines off old planes and repurposing them as turbines to power data centers.”

“Stocks, NVIDIA is actually, as we record this, at its lowest forward P.E. Of the last 10 years.”

“SSI says that they're going to come out with, you know, with their model in August, you know, there's this whole generation of new labs that are focused on this.”

“To this day, the only companies that have brought on more than 500 megawatts of power, In a year, are the hyperscalers, CoreWeave, Crusoe, and SpaceX.”

“They announced that they have these SCAs, these supply chain agreements, That have a floor and a ceiling for prices with an increasingly large group of large customers. And this covers essentially 50% of their revenue, I think, with just four customers.”

“The Grok 4.5 trillion parameter model is training. One would hypothesize based on scaling laws that that will might be a better base model. And then the cursor data is being injected into the pre-training process, not just reinforcement learning.”

“Bailey Gifford was forced to sell SpaceX last year for regulatory reasons.”

“They have cut The maternal mortality rate in some of these African countries by 90 to 95%.”

“They were EBIT positive per the Wall Street Journal in the most recent quarter”

“I think that the Cambridge city council voted to turn off gunshot detectors two days ago.”

“There is a working H-one-hundred, an NVIDIA H-one-hundred GPU in space today. Andre Karpathy both trained a model on and used for inference.”

“You have semi-cap equipment companies trading at 40 times next quarter's annualized earnings, and DRAM companies trading at mid-single digit.”

“You know, it's, you know, it's some big companies that are very tech forward, you know, 50% plus of customer support is already done by AI, and that's a four hundred billion dollar industry.”

“In the past they said it would take them, you know, 15 to 45 minutes. And they only quoted 60% of inbound requests. With AI, they're quoting a hundred percent and doing it in seconds.”

“XAI, Will be the intelligence module for Optimus made by Tesla with Tesla vision has its, you know, perception system.”

“Those companies, since they ramped up CapEx, have seen, call it a 10 point increase in their ROICs. So thus far, the ROI on all the spending has been really positive.”

“GroK IV when it came out and it is improved. Since, since its release roughly a month ago, was at 44.4%, and GPT five was at 42.”

“They have the largest Blackwell cluster.”

“Tariffs are traditionally a democratic policy position. You know, Clinton ran on them. Obama ran on them to be a slightly lesser degree.”

“We have not seen retaliation, which I think in some ways, you know, validates some of their points of views, just that we do have a lot of leverage and we are using it and other countries are charging America much higher tariffs than we're charging them.”

“The next models we see, you know, Grok five, you know, O five from open AI, whatever they're going to call Jim, the next Gemini. They will be trained on Blackwell, and I think that will be a really big step function.”

“If we do not significantly increase kind of domestic energy production and electricity generation, You know, we are already at a disadvantage to China, and I do think we want to close that kind of electrical generation gap as quickly as we can.”