The Ledger, every show

“They're expecting next year, 12 and a half billion. That's gonna then go to twenty eight billion dollars, and a third of that revenue is going to come from SoftBank. SoftBank spending on OpenAI for all of its own companies and portfolio companies.”

“Meta recorded 88.6 billion in capital expenditures, but that doesn't include the Hyperion SPV, which had its own forty six billion dollars of exposure.”

“Remember, they brilliantly went out to the market saying it is worth this ungodly valuation and kind of anchoring things there, only releasing less than five percent of actual available shares to the market to actually create that kind of artificial restricted…”

“Enterprise agreements, the anthropic and open AI, as well as everyone else, like claim no data retention. Now they're just explicitly saying that they're going to for 30 days and like, that's a huge deal.”

“Last quarter Alphabet, parent company, Google reported 62.6 billion dollars in profit. Google is a cash machine. They always have been. 28.7 billion of that was a paper markup on Anthropic. Amazon, 30.3 billion in profit. 16.8 billion, same Anthropic paper gai…”

“Two Republican-led House committees, they're probing specifically Airbnb and AnySphere, which is the owner of Cursor, over their use of Chinese models.”

“It was a few weeks ago, Calci said it suspended one U.S. Senate candidate and two candidates for the House of Representatives for political insider trading.”

“There was this crazy story where a U.S. Army Special Forces Master Sergeant actually was charged with using classified information around the Maduro capture that he was part of that mission to bet on”

“This week, Bloomberg reported there was a breach for Mythos, where an unauthorized group, they tried a number of different strategies and were able to gain access to the model. They work for a third-party contractor that works for Anthropic. And the way they d…”

“So there's reporting from Reuters that Microsoft may sue OpenAI over their fifty billion dollar investment from Amazon, and because it could violate the exclusive cloud agreement that they had they had set a number of years ago that, like, all OpenAI products …”

“I think a billion users. I don't think I think they're not the leader. I think Gemini's Google definitely starts to catch up. I think like everyone is biting off at different parts of the open AI. Empire, I guess if we call it that, but I don't think there's a…”

“One of the things I kept seeing popping up was if you dig one level lower accounts receivable for Nvidia are actually significantly higher than the typical past quarters. Free cash flow is decreasing or cash conversion of their actual sales. Like all these kin…”

“Their revenue is going to be thirteen billion this year, and I think it's twenty billion they're losing this year.”

“Sundar basically like proudly saying, a 150 Google cloud customers processed one trillion tokens and then had some kind of standard case study metrics about email open rates and stuff like creating campaign efficiency. But when you actually map out the numbers…”

“He cites this new research that showed across 11 state-of-the-art AI models, we find that models are highly sycophantic, They affirm users actions, 50% more than humans do, and they do so even in cases where user queries mention manipulation, deception, or oth…”

“I don't think it's going to happen. Fourteen billion versus forty billion. And we don't actually have confirmation from Xi Jinping or from any one on the Chinese side.”

“Google a year ago, or maybe a year and a half ago, did not actually let you manipulate images of people that you upload for safety purposes. And now that's out the window. You can do whatever you want.”

“Apparently Google is now indexing shared to chat GPT conversations and they're searchable”

“If you go to the Discover tab, it posts entireties of chats from people that probably don't realize that it's being posted, and it's like, as a social network, even crazier, it posts people's voices prompting Meta AI, so it has like an audio clip, audio messag…”

“So in 2023, after the initial decision, Phil Schiller had actually said that maybe we move to a model where Apple takes no commission, but apparently Apple's finance chief had come up with the idea around 27%. Tim Cook sided with the finance chief, Luca Maestr…”

“They would have been operating at a loss. The net income of four hundred nine million dollars is only because, again, they got five hundred ninety five million dollars in regulatory credit sales.”

“They're supposed to turn profitable, if we, you remember the numbers, in twenty-twenty-eight, after burning seven billion dollars in twenty-twenty-seven.”

“They're on track to make 3.7 billion dollars this year. They're forecasting to triple that next year to 12.5 billion dollars. So first thing, the valuation, and this is kind of what blows my mind, the 2.5 billion dollar syndicate of KOTU, Altimeter, Thrive, Th…”

“And last night for the attention, he made a big announcement saying that they're going to be cutting their entire sales force and work day budgets because they built in house processes that are simpler, faster, Using AI, generative AI, good old-fashioned data…”

“I don't want to say it's a complete non-event, but you could already do this in Salesforce and Claude. At Rider, where I work, people connect to Salesforce and run all types of queries. It's actually one of the most valuable things I've found for my day-to-day…”

“The reason this raised alarm bells is, I think this was Google's First quarter of projected negative free cash flow ever. So, I mean, ever. Like, that's crazy.”

“And remember, this is a company with an 18.7 billion dollars of revenue total. I mean, Amazon, it surpassed its market cap. Amazon has seven hundred fifty billion dollars in revenue. Like this is a company that's losing four billion dollars.”

“As the investment banks who led this IPO are making a record, reaping a record-making five hundred fifty million dollars in fees, Goldman Sachs, who is leading the deal, has remade its entire lobby and cafeteria with a space theme.”

“Again, like SpaceX is targeting a raise between 40 and eighty billion dollars.”

“In the SpaceX S one document, they talk about how Anthropic has agreed. And this is one of the big, like revenue boosters for them. To spend 1.25 billion dollars per month through May 2029. But they explicitly say in May and June, 2026, it is at a reduced fee.”

“The U.S. Senate unanimously. How rarely do we see something along bipartisan lines barring senators from trading on prediction markets?”

“Now, Stanford came up with the idea of a meta harness. It's a harness over other harnesses. It's the idea that like the that you can change the harness around a fixed model and see a six x performance gap on the same benchmark model.”

“Like, Gemini is now at 22% of consumer AI usage, up from 13 and a half just a quarter ago, which was their code red.”

“This week, the Oracle CDS hit the highest intraday level since April, two, 2009.”

“Plaud, P-L-A-U-D, they have basically a pin, and like a notebook, a business card size thing, that's basically just a recorder, an AI recorder. I just saw that they're at like, two hundred fifty million in revenue.”

“Microsoft still will have exclusive IP rights to open AI technology until 2032.”

“The deal has open AI committing to purchase an additional two hundred fifty billion dollars worth of Azure cloud computing services.”

“They're just laying this groundwork and infrastructure for just lots of ads, and I actually think they're gonna have to release this ahead of any kind of IPO because, you know, online advertising, especially whatever that next wave of AI platform advertising i…”

“OpenAI, apparently there's something called Project Mercury, where they've hired over a hundred ex-bankers to train their models, to basically, you know, like, do that tagging work, good answer, not good answer, You know, start helping like the models understa…”

“Okay, so, eight billion dollar loss in first half, twenty billion dollar run rate loss right now, spending three dollars for each one dollar in revenue.”

“They announced they're taking a five billion dollar margin loan that's secured against its chip unit against ARM Holdings. They've actually taken out 18.5 billion dollars of margin loans against ARM shares.”

“AI related stocks have accounted for 75% of S&P returns, 80% of earnings growth, and 90% of capital spending growth since ChatGPT launched in November, twenty-twenty-two.”

“Adobe is now actually including Nano Banana slash Gemini 2.5 flash in Photoshop and Photoshop Express.”

“Midjourney, Clearly trained on copyrighted info and not an and end returns that info. That's a problem.”

“Grammarly did not raise one billion dollars in the traditional sense we all talk about of equity. They secured a one billion dollar commitment from General Catalyst's Customer Value Fund, CVF. The way this money works is it's non-diluted, it's not equity, it d…”

“Certainly in terms of the savings that were promised, the trillions, none of that happened.”

“So it's valued at 6.5 billion dollars in an all equity deal. OpenAI had already acquired a 23% stake in Johnny Ive's company late last year.”

“The acquisition, Johnny Ive is not going to work for OpenAI. They're going to work with OpenAI, but IO, which is the name of this company, the staff of roughly 55 engineers, scientists, researchers, physicists, And product development specialists will be part …”