The Ledger, every show

“In fact, some really prominent companies That do some very, very, very shady things where they basically say, absolutely, we follow the rules of the road, but when push comes to serve, if it turns out they're blocked, then all of a sudden they're doing a bunch…”

“I do think in the next six to 12 months, almost every company is going to go through some exercise like this where they're going to cut a bunch of their team.”

“And I wouldn't be surprised if, you know, going, going, you know, forward, say five years, that, that bot traffic will be a thousand times human traffic online.”

“In OpenAI's case, it's 750 times harder to get traffic than it was from Google just 10, 10, 10 years ago. In the case of something like Anthropic, it's 30,000 times more, more difficult to get that traffic.”

“I think they're dead at 250 or 1500 to one that we're seeing with OpenAI and completely dead at 60,000 to one that we're seeing with something like Anthropic.”

“In May of 2026, you won't believe it, but we now see that automated traffic is past human traffic for the first time in the history of the internet.”

“I don't know if they'll pay up before the deadline, but I think it's inevitable that they'll pay up. Because again, I think that they need the content and they understand fundamentally that journalists and content creators and academics deserve to eat.”

“A golf course uses more water than probably all the data centers in the United States over, over the course of a year.”

“La Liga in, in in, in Spain and the league in Italy have decided that instead of partnering with us to take this down, they would sue us instead.”

“In the case of someone like OpenAI, it's 750 times harder than it was with the Google of old. With the case of Anthropic, it's 30,000 times harder than the content of old”

“So, you know, watch our blog, and I have a feeling that some prominent AI companies that are misbehaving are Can get called out pretty soon.”

“So, so the eBay example, you're like eBay started with Beanie Babies. So I've talked to the founders of eBay about that. That's complete and utter PR retrospective BS.”

“It is very hard to find an actual startup founder that, that started out saying, we're going to do this small niche thing, and then it grew into this, is this big task. Almost everyone early on, you know, it's why founders, you know, can come across as so, so …”

“And if we just assume the current trends, what's, what's blows my mind is that if you just fast forward five years from now we estimate now that automated traffic online will be a thousand times what human traffic is.”

“I do think that we're going to move more and more away from kind of an app store model. Because that's not going to be the interface where we reconnect with it.”

“If every one of those agents ran in a traditional container, like, you know, which is not even a VM, not even its own server, but just a container, right? You would need more than 40 times the current CPU production in an, in a calendar year in order to suppor…”

“We think that somewhere between one and 10% of those will day one be monetizable through agents with a with a micropayments transaction, which means that if you're going to build something like this, you've got to build a payments infrastructure that can day o…”

“I really think that 2026 is going to be the year that in the media space, in the content space, that you're going to see a real shift and then content creators are going to get paid.”

“The agents have infinite time to research every possible detail. And so they're going to look for where the richest sources of information that are online, which are going to be for the established big companies that are out there.”

“And then by the way, we get to worry about the next problem, which is that AI is this massive divider between, you know, the rich and the poor. And if we're not in an ad based business model in anymore, which I think is likely if you're spending thousands of d…”

“I think that if you extrapolate this out, you know, in five years, I think you'll see a thousand times more bot traffic than human traffic. And if I had to take kind of an over under bet on that, I'd take the over bet that it's just going to, it's growing at s…”

“There will never be a 14th root server, and the organizations that run them will probably never change as well”

“And the same guy to this day is running all of Iranian cyber attacks.”

“You know, I think for the next you know, a 104 days, a 104 weeks. So two years you're going to see a log for J like vulnerability every single week.”

“I really do worry that we're going to have this sort of lost generation of sort of either, you know, young millennials or older Gen Z folks that just, they, they're, they were sort of, they're going to have incentives to say we shouldn't use these tools becaus…”

“Meta is trying to get to 50 to one.”

“My wife and I bought the local newspaper in our hometown, Park City, Utah. I think we will make more this year off AI licensing deals than we do off display ads.”

“Bandwidth for us is effectively free.”

“And because of where we deploy systems, we often are in places where We don't have to pay for the space or the power, which allows us to then pass those savings on to customers. So it can be significantly more cost effective to use inference with us than it …”

“What we're seeing though, is that for the first time in history, searches across the major search engines, Google in particular, are actually on the decline.”

“Today, it's almost 10 times as hard to get a click, to get a visitor from Google to your site.”

“In fact, about 75% of queries to Google now get answered on Google itself.”

“Again, I think that that's just going to mean that over time we'll have more consolidation in the media industry. We'll have less and less content. We'll have actually more salacious headlines as people are chasing The content that is, is left that's out there…”

“The ratio 10 years ago of crawls from Google to clicks was two crawls, one click. Six months ago, it was up to six crawls one click, and that's all because of the answer box. What the AI overviews, which they've rolled out over that time, have done is they've …”

“If we strangle off the business model of those places, if we strangle off the incentives for content to create for content creators to create content, then we're actually going to end up strangling the AI systems as well, because there's, if there's no content…”

“In order for AI to get better, you have to have original content. People have to be going out and creating that. And right now we're strangling off all of the incentives for that content creation, which not only hurts content creators, it will ultimately hurt …”

“That will go away as well, because what will happen is the AI company will ingest the podcast and then summarize it on, on their page.”

“Starting really 18 months ago is that those companies said, hey, I know we hired you in order to stop the Chinese hackers, but we have this new threat that's there... And it was only when we actually saw the data and we saw how AI companies were taking content…”

“And there's some just, there's some, even some big legitimate companies that completely ignore robots.txt.”

“Google's crawler does five different things, at least. One is it checks if you have an ad on a page. It makes sure that if you're putting an ad for Procter & Gamble, Procter & Gamble product up, it's not against a pornographic site or something like that. So i…”

“And so that's the sort of thing where I think a marketplace over time can develop where original valuable content will get compensated and there will be a clearing price in the market once we have that scarcity that's created by that wall.”

“I am also a hundred percent certain that regulators are paying a ton of attention to this. And that around the world, you will see them force Google to split their crawler out into announcing exactly what it is doing.”

“By all the measures that we can see, it's actually kind of plateaued and is actually flattened out in terms of in terms of content. You see fewer domains getting registered. You see fewer new websites going online.”

“The data that we have also substantiates that and shows that compared with 10 years ago, it's become 10 times harder for the same piece of content to get a click from Google than it was before.”

“What I worry about is that if the value creation model of the web has been all about how do I get traffic The new interface of the web isn't going to send you traffic, and if that's the case, if content creators can't get value from selling a thing or a subscr…”

“Why Google is so important is when you talk to all of the other AI companies, Google is the one company that they're the most afraid of. And that the reason that they're most afraid of them is because they think that they have privileged access to content in a…”

“It is not particularly long before you're running something which is the equivalent of kind of the current generation of ChatGPT on your iPhone or your, or at your Android device.”

“We're going to speed run the last 30 years of CPU efficiency gains. In, in the next, you know, five to 10 in, in GPUs.”