The Ledger
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Gerstner: Hyperscalers like Amazon and Meta will re-enter the stablecoin business
“You're going to see the hyperscalers. You're going to see Amazon and Meta and these guys back involved in the stable business.”
Madra: US open-source AI will hit the global top three by 2026
“I think if we look at Q four this year or Q one next year, I'd be willing to say, you know, that a top three worldwide model will be a U S based open source model.”
Gurley: OpenAI and Anthropic paid $10M annually before Meta's talent spree
“OpenAI, Anthropic, they were all paying people tons of money before Meta did this. They were paying them ten million a year, you know, maybe smaller than what you were talking about, but they were doing it.”
Gerstner: Meta is buying 49% of an AI startup for $15B
“Meta has done this interesting structured deal.
They're buying 49% of the company.
they're paying a thirty billion dollar valuation.
So they're paying effectively fifteen billion.
They're avoiding regulatory scrutiny.
the CEO of scale is going to help lead e…”
Patel: Broadcom holds custom ASIC wins with Meta, OpenAI, and Apple
“Broadcom does have multiple custom ASIC wins, right? It's not just Google here. Meta's, Meta's ramping up mostly still for recommendation systems, but their custom chips are gonna get better. You know, there's other players like OpenAI who are making a chip, r…”
Gerstner: Meta completely recovered from Apple privacy changes using AI
“Basically, because of AI, they've been able to backfill that monetization completely. Nobody thought, no investors thought that was going to be the case 18 months ago. So their core business got a lot stronger.”
Gerstner: Meta will stay committed to open source alongside proprietary models
“My hunch is that they're going to stay very committed to open source, but they may compliment it with a proprietary model. That would be my guess. As opposed to scrapping open source altogether.”
Thomas Laffont: AppLovin doubled revenue while cutting headcount over 35%
“At the same time as AI comes in, now the company's lean and mean, innovates, outcompetes companies like Google and Meta, doubles the size of the company as the employee count is down over 35%.”
Gerstner: Meta's Llama 4 will launch in April 2025 with 400B parameters
“What I'm hearing, Bill, is that it'll be a four hundred billion parameter model, It'll use like, it'll be a mixture of expert model using, you know, 50, 60 70 experts. It's gonna have huge context window, like ten million context window, you know, and it's gon…”
Gerstner: Meta's Llama 4 will likely arrive by late 2024
“So it seems to me and our team's best guess is that Llama four is going to come in the back half of the year. Right. Maybe in November, December timeframe.”
Gerstner: Meta video engagement grew 25% year-over-year driven by AI
“Their video engagement was up 25% year over year, which is just like hard to get your head around. There's only one way to do that. That's through the application of AI.”
Gerstner: Microsoft, Nvidia, and Meta PEG ratios trade in line historically
“The big three, what I call Microsoft, NVIDIA, and Meta, You know, they too are trading at a premium, about a 14% premium, but if you look at their peg ratio, this is growth adjusted on the bottom of that slide, right? They're basically trading in line with whe…”
Gurley: Meta restricts free Llama usage for apps over 700M users
“Some of the players, most notably meta with Lama, have a usage restriction against the free use of the model at seven hundred million, and that's what you were referring to, and so at least in a tweet Sam suggested they won't have that in theirs.”
Gerstner: Big Five Grew 2024 Earnings by 44% vs 2% for S&P 495
“And in 2024, the big five, so in this case, Microsoft, Meta, Nvidia, Amazon, and Google grew earnings at 44%... If you look at the other 495 companies in the S&P, their earnings only grew two percent.”
Gerstner: Meta charges hyperscalers licensing fees for Llama models
“Where he said they already charge license fees to the large hyperscalers to use Lama and to provide it to them in certain ways, etc. I think it's de minimis revenue in the scheme of Meta, but, you know, he's smart enough in that. Bill Gurley: I don't know. Bra…”
Gerstner: OpenAI Reached $4.5B in Revenue Much Faster Than Google and Meta
“OpenAI got to, you know, four and a half billion dollars of revenue in a fraction of the time it took Google and Meta.”
Madra: Llama 3 70B is over 10x cheaper than GPT-4
“Price performance, right? You get probably on, from a GPT-IV, you're more than 10 times cheaper. Right. And you're. Yeah. Yeah. 10 times cheaper. And well, let me just tell you, GPT-IV is 10 dollars per million tokens input and 30 dollars per million token out…”
Gerstner: Earnings from Google, Meta, and Microsoft all report compute shortages
“Google, Meta, Microsoft, Satya, you had your earnings yesterday, you know, and we heard consistently not enough compute.”
Gerstner: Big Tech Earnings Are Up 38% Over the Past 12 Months
“So if you look at it for Microsoft, NVIDIA, Amazon, Google, Meta, earnings are up 38% over the last 12 months.”
Gerstner: Meta raised net income to $55B while cutting headcount to 69K
“In two years, that company has gone from twenty two billion in net income to fifty five billion in net income. They've reduced their headcount from 85,000 people to 69,000 people.”
Gerstner: Tech stock gains in early 2024 are concentrated in Meta and Nvidia
“Meta, Nvidia up 30, 40% even with the pullback that we had today. But the truth is the Nasdaq hasn't really moved that much. I mean, I think we're up three or four percent through today. If you look at the median stock, I think it's up about one percent.”