The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 157 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Wu: Candidates interview by building an AI agent in 8 hours
“Our whole interview process, for example for Lotties is basically just having people build their own Devon in, in eight hours and seeing how far they get with it.”
ElevenLabs built internal speech-to-text models after market options fell short
“So speech-to-text model, Initially it was a model we did for ourselves because the models on the market just weren't good to annotate that data.”
Staniszewski says ElevenLabs strictly operates as a horizontal platform
“Today, we see ourselves as a platform where if you're building a horizontal use case in your business, a great place to come. If you have a lot of domain specificity, that's where I see a lot of kind of the application companies forming over time, where they w…”
Staniszewski: ElevenLabs to release personalized voice transcription in coming months
“No, solvable. Like, we think we can roll it out in one of the next versions, which is, like, hopefully in the next months.”
Staniszewski: ElevenLabs raised $500M at an $11B valuation
“We, of course, raised recently a half a billion at eleven billion valuation to, like.”
Staniszewski: ElevenLabs offers new models at cost to drive early customer adoption
“The way we usually do is like when we have a new model, we try to give it at cost to a lot of the customers so they can experience the best.”
Staniszewski: ElevenLabs will not build for deep reasoning or financial analysis
“We wouldn't, for example, go into what I think will happen in a lot of those cases, like very deeply into reasoning version of those use cases where you maybe need to like the multi-touch a lot of complex, a lot of like, Financial analysis of, like, is, like, …”
Staniszewski: ElevenLabs keeps product and research teams under 10 people
“We have less than 10 people teams for each of the product or research initiatives, or even as you think about sharding some of our go-to-market strategy, those will be smaller teams, understanding the industry in depth, understanding the market in depth, and g…”
Staniszewski: ElevenLabs embeds technical leads into non-technical teams like talent
“Even in non-technical teams, Having a technical resource. So, you know, we will have a person in ops or in talent that will, we have effectively a tech lead for that team. That helps them automate a lot of that, that, that work and helps up level the rest of t…”
ElevenLabs partnered with Ukraine to add voice capabilities to Diia
“We traveled to Kiev. We worked with them on bringing that and making that available for voice so everybody can access it.”
Pichai: Google enforces millisecond-level latency budgets across Search engineering sub-teams
“You know, I was speaking with the teams, right, like they now have for sub teams, like latency budgets, like in the milliseconds. You'll get 50% credit if, so if you ship something which, you know, shaves off three milliseconds, you earn 1.5 milliseconds for y…”
Pichai: CEO spends a dedicated hour weekly reviewing granular compute allocation
“I at least spend a dedicated hour a week thinking about that question at a pretty granular level.
So I will know by projects and by themes the compute units they are using, right?
And, you know, or at least I have that information
and I'm looking at it and …”
Waymo Fuses Camera, LiDAR, and Radar Encoders Jointly Rather Than Comparing Outputs
“It's not like, you know, we estimate, you know, what's happening with the world through cameras, and through radars, and through lighters, and then we compare. No, they're like, there's an encoder for camera, there's an encoder for lighters, and they all go in…”
Mansour: Kalshi is talking to AI labs to build future-prediction benchmarks
“We launched Calci Research recently, which And one of the threads that we want to work on is we're talking to some of the research labs to create a new benchmark around which models actually predict the future better.”
Lopes Lara: Kalshi bars members of Congress from trading on legislation
“We actually take it even a step further. For example, if you are a government official, you cannot, like if you're in Congress, you cannot trade on bills passing, even though, I don't know if they have an agreement.”
Lopes Lara: Kalshi bars speakers and staff from trading mention markets
“Obviously the person that is working on the speech or that is saying the speech cannot trade, and that's kind of how we enforce it. Like if you are Gavin Newsom and you are, there's a market where you're going to say you cannot trade it and your staff cannot t…”
Lopes Lara: Kalshi does not offer bonuses to incentivize losing bettors
“What they do is you start losing, and then they're gonna give you a thousand dollars for you to come back, or like a deposit boost, and all those things, so that they can hook you to keep you coming back, because they want to incentivize the losers. We don't d…”
Taylor: Attempting to transition to a workflow where he writes no code
“I am trying to get to a world where I'm not writing code.”
Collison: Stripe is building SSH access directly into developer accounts
“And of course, now we're building that because it's like much more relevant in the agentic world”
Taylor: Altman and the OpenAI board mutually agreed on him as mediator
“Basically my understanding was I was the person that both the Existing board and Sam agreed upon to kind of help mediate the situation.”
Langley: Flock's 'Safe City' package costs around $20 per citizen yearly
“We have this new concept that we've developed called, like, safe city, and we'll go into a town and say, look, this is the platform you need to solve all the crime in your city. It's your choice. It tends to be like, what, 20 bucks a citizen a year?”
Langley: Flock stores live video for seven days and LPR data for 30 days
“There's a, there's data retention where we protect, you know, how long something is stored. So for live video, it's typically seven days. For LPR data, it's typically 30 days. You can go longer or shorter if a democratically elected body votes on it.”
Langley: Flock lobbies for legislation enforcing civil liberty guardrails on surveillance
“We have a really good government affairs team that is lobbying for that kind of legislation to say, like, there's a way for us to both be safe and maintain civil liberties, and it needs to be legislated, though.”
Pope: MatX raised a $500M Series B co-led by Jane Street
“So we this is a we've raised a series B round. It's led by Jane Street and Situational Awareness Situational awareness, that is Leopold Ashenbrenner's fund. He wrote the definitive book on, on, on where, on AGI and where it's going. And then Jane Street, they'…”
Pope: MatX trains small LLMs from scratch daily for hardware co-design
“So our ML team is actual, real ML research. What they do every day is they train small LLMs from scratch, focusing on numerics and attention.”
Collison: Stripe acquired Privy and Metronome
“Since our last update, we acquired Privy, which powers more than a hundred and ten million programmable wallets, and Metronome, which powers the complex usage-based billing models used by companies like OpenAI, Anthropic, Confluent, and NVIDIA.”
Collison: Stripe Capital disbursed 45% more funds to 81,000+ businesses in 2025
“Last year, Stripe Capital distributed 45% more funds compared to twenty-twenty-four to more than 81,000 businesses.”
Stripe launches Machine Payments for agent API microtransactions via stablecoins
“We launched Machine Payments, a way for developers to charge agents directly for API calls, MCP usage, and HTTP requests using stablecoin microtransactions.”
Ben Thompson: AI is used for research and critique, not writing Stratechery
“So I do not use it to actually Generate any exact content, but targeted research and then critique. Those would be the two biggest use cases.”
Narayan: UK structuring £100M AMC program aligned with staged VC financing
“We've basically said, we're going to go and do a hundred million. We're going to design in a very thoughtful way to basically say, as you unlock incremental technical risk, you'll unlock revenue on the context effectively to align it with stage financing, and …”
Antares targets 2026 criticality test and 2027 demonstration reactor unit
“So next year, our criticality test is kind of the first milestone. By end of 2027, we want to have our first demonstration unit demonstrated.”
DeWahl: Antares is participating in the DOE's new test reactor program
“And so actually, Antares is part of this new test reactor program, which allows the DOE alongside usually like Idaho National Lab to be sort of your regulator as you're testing your first reactors, so that you don't have to spend all this time up front with th…”
Nadella: Microsoft bought GitHub to stay in the startup feedback loop
“That's what sort of led me even to GitHub and Nat and all of the rest which is to some degree, the GitHub asset, right? Obviously, it is a great asset. We needed to, one, be good stewards of an open source ecosystem. But it also the place where every startup, …”
Collison: Stripe is training a payments foundation model on network data
“What we're now doing is training a payments foundation model where we're using all the data that we have in the Stripe network, and you have a much larger, more capable model taking into account. So anyway, we are trying to do exactly what you're saying.”
Collison: Stripe is wiring merchant catalogs to be purchasable within AI copilots
“Part of what we're doing with this is making merchants product catalogs remotely discoverable and inventory and everything like that. And then remotely purchasable. Where you don't necessarily have to go through the whole flow on their site and everything like…”
Nadella: Microsoft is developing 'NL Web' for AI to query merchant catalogs
“We have a project called the NL web and the idea is that, right, which is to really take every catalog of every merchant and give it like essentially a website an NL web interface. That then, An agent can talk to be able to interrogate and get the deep search,…”
Collison: Stripe is building a platform and open protocols for agentic commerce
“So we're building out this platform in agentic commerce where we have You know, some open source protocols like our agenda commerce protocol. We obviously have the regular Stripe products, you know, people are using us for, you know, and this, it's particularl…”
Ricks: Eli Lilly is developing a one-time PCSK9 gene editing medicine
“We have a medicine development that will Knock down your LDL, if it's safe enough, and then one undone, PCSK nine edit in your liver, and presumably that will last the rest of your life, and your LDLs will be between 20 and 40 forever.”
Ricks: Lilly has small molecule and siRNA Lp(a) drugs in Phase 3
“Like we talked about LP a earlier. That was the case there. We discarded the antibody. There is one that's been developed. And we went after the small molecule and the siRNA. They're both in phase three.”
Abrams: Bridge considered wallet-as-a-service before rejecting it as a competitive tar pit
“One of our first ideas was to build wallets as a service, and which was obviously your business. At the time, I don't think that You, maybe you existed, but at least it wasn't, you weren't on our radar at all. And I remember looking at the space and being like…”
Stern: European customers experimented more under MiCA due to regulatory clarity
“The interesting like Delta for us at least was we saw European customers Trying a lot more things under MICA because at least they knew ostensibly where the lines were.”
Abrams: Bridge issues stablecoins with Phantom, MetaMask, and Hyperliquid
“And today we're issuing stablecoins with Phantom, we're issuing stablecoins with MetaMask, we're issuing stablecoin for Hyperliquid.”
Sundheim: D1 paused short selling for a year after GameStop
“After GameStop, we took about a year off of short selling, and then I reengaged in short selling.”
Sundheim: D1 analysts must be awake during coverage earnings calls
“If the company reports earnings, I expect the analyst to be awake. And I'm awake too.”
Scaringe: Rivian avoids digital screen rearview mirrors because they can be disorienting
“There's like a team that like, would like to do it with the mirror as a screen. And I've been against it in part because if you have good visibility, so if you can see out the back, It's a little disorienting, and so I, my concern is you make 50% of people hap…”
Scaringe: Rivian R2 Maximus motor cuts welds by ~95%
“On R-II, On the drive unit that we call Maximus, which is my middle son's name, which is a great name for a motor, we have a continuous winding, so it's one long wire that we wind, it's sort of like woven into like a mat, and then we fold it on each other, and…”