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 483 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 26 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
Taylor: Ramp automates 90% of its customer support cases using Sierra
“Well, they're automating 90% of their cases.”
Langley: Major City Police Deprioritize Crimes Where No One Is Hurt
“So for most major cities, if a human is not physically hurt, the crime goes just to the bottom of the list.”
Langley: Stolen vehicles take 24 hours to reach the FBI database
“They will immediately put it in the Bay Area Flock hotlist immediately. It will take 24 hours to make it to the FBI hotlist. And that's a, you know, CSV file that gets sent around on FTP servers across the US.”
Langley: Federal law prevents police from shooting down criminal drones
“And then legally, even to today, law enforcement is not allowed to engage that drone. They can't take it down. It's FAA airspace. It's not law enforcement airspace.”
Langley: US crime rate is down and will continue falling
“It is down. I think it'll continue to go down.”
Langley: Oakland crime rose when San Francisco started adopting Flock Safety
“It's like when San Francisco started adopting Flock, Oakland crime went up. So then Oakland needed to adopt Flock.”
Langley: Lowe's retail shrink dropped an order of magnitude with Flock
“But like, you look at some of our partners like a Lowe's, you know, their shrink has gone down order of magnitude. It's not exactly, it's not really a problem anymore.”
Langley: Most towns using Flock drones eliminate vehicular police pursuits
“So for most of our towns that have adopted our drone program, they end pursuits. They don't pursue anymore. Send the drone.”
Langley: Flock Safety will generate hundreds of millions in operating cashflow this year
“Like we'll generate free cashflow, hundreds of millions of dollars of operating cashflow this year.”
Langley: Law enforcement customers do not regularly audit surveillance usage without mandates
“Not enough of our customers audit themselves on a regular basis. We can build software to make that easier, but we need to be pushed to do that. It was like, customers don't want it. They need to be told to do it.”
Flock Drones Cross a 30-Square-Mile Radius in Under One Minute
“Our average drone can cover a 30 square mile radius and get there within under a minute.”
Pope: Chip tape-outs cost $30M and fail 50% of the time
“The ideal, which companies tend to hit about 50% of the time is that your first tape out costs like thirty million dollars your first... The ideal is that your first tape out is actually, is your production thing. So you do a tape out, you make maybe a thousan…”
Pope: AI labs apply RL to software code, not chip architecture
“Models are extremely good at Rust and Python. They've done a lot of RL on them. They have not done as much RL on Verilog. They've done almost none on, okay, write, write me a markdown file that describes a chip architecture.”
Stripe processes $1.4 trillion in 2024 payment volume, up 38%
“Businesses on Stripe generated 1.4 trillion in total payment volume in 2024, up 38% from the prior year and reaching a scale equivalent to around 1.3% of global GDP.”
Collison: 2025 AI agent startup launches on Stripe will eclipse 2024's 700+
“More than 700 AI agent startups launched on Stripe last year, a figure that we expect will be substantially eclipsed by the total in 2025.”
Collison: Stripe reached $1.9T in volume in 2025, up 34%
“Last year, businesses running on Stripe generated 1.9 trillion in total volume, up 34% from 24, an equivalent to roughly 1.6% of global GDP.”
Collison: Tech and data center capex drove nearly half of 2025 US GDP growth
“Economy-wide, demand for software, computers, and data center investment drove nearly half of all U.S. GDP growth in 2025, and will likely soon be a majority of all U.S. Growth.”
Collison: Startups reaching $10M ARR in 3 months doubled in Stripe's 2025 cohort
“The number of companies reaching ten million in ARR within three months of launch was double that of the 24 cohort.”
Collison: 2025 stablecoin payment volume doubled to $400B, 60% B2B
“In 25, the price of Bitcoin dropped precipitously and is now 50% down from October, but stablecoin payments volume doubled to around 400,000,000,060 percent of which is estimated to represent B to B payments.”
Collison: Klarna is the first bank to launch a stablecoin on Tempo
“Klarna, whose CEO was once a self-proclaimed crypto skeptic, became the first bank to launch a stablecoin, Klarna USD, on the Tempo testnet, using Bridge's open issuance to facilitate faster and cheaper cross-border settlement.”
Collison: US small business loan approvals fell to 41% in 2025
“Only 41% of small business loan applications were approved in the US last year, down from 50% in 2015.”
Collison: Stripe Capital recipients grew 27 percentage points faster over one year
“Businesses that received and accepted capital offers grew, on average, 27 percentage points faster over the following year than the otherwise equivalent businesses who didn't.”
Glyman: Ramp surpassed $1 billion in annual revenue in six years
“You know, I think by the time we were
You know, six years and change.
The company had passed over a billion a year in revenue.”
Glyman: Non-card products will comprise majority of Ramp business by year-end
“I think by the end of this year you know, the second, third, fourth, fifth lines of business will comprise you know, in aggregate the majority of Ramp's business.”
Glyman: Ramp AI agent reviews expenses with over 99% accuracy
“Now you can have an agent functionally that does that, that takes that aspect of the job and so it has access to the full set of data that you, that, that you would, all the transaction related metadata, the receipt data, the timing data, the policy data, it t…”
Rampell: Nobody is going to replace or get rid of Workday
“So, like, Workday, I think is, like, nobody's gonna get rid of Workday.”
Glyman: Ramp powers over 2% of US business card transactions
“I believe today, ramp powers more than two percent of all corporate and small business card transactions in the United States, which is amazing for a business that, you know, ah, the product you couldn't even sign up for it six years ago.”
Ben Thompson: TSMC cut capex for two years following ChatGPT's release
“ChatGPT comes out. Every hyperscaler starts investing like crazy. What does TSMC do? They actually decreased their capex year over year, two years in a row. They did, they, there was no market response from TSMC to the ChatGPT moment.”
Ben Thompson: Shared experiences and live events will appreciate under AI
“Things that are common experiences are going to be more and more valuable. Common content, common classroom time, live events, like shared experiences, because anything that's individualized is just going to be completely swallowed.”
Depledge: UK Pension Allocation to Domestic Equities Fell From 60% to 6%
“60% of pensioners' money used to be in, in UK equities and riskier funds. It's now six percent.”
Narayan: UK secured £25 billion in Welsh infrastructure deals
“We've just landed two of the biggest infrastructure investments in the history of Wales twenty-five billion of deals, a bunch of top-tier people associating with governments.”
Iqbal: US Investors Wired Hyde Capital in Two Weeks Versus UK's Months
“We in this, in our current round, we got an investor in the U S not who led it, who joined it. Their answer was two weeks and the money was sort of wired in the UK. It's like three, four months of deep due diligence and it's just a complete different mindset.”
DeWahl: Path for US nuclear reactor builds is clearer than ever
“There's just, like, so much happening where they're opening up federal land they're removing, starting to remove some of those, like, NEPA-type regulations that really just hold everything up so there is a clearer path now than there really ever has been for r…”
DeWahl: NRC rules now mandate licensing decisions within 18 months
“Right now, there's they've changed it to, you have 18 months to get your answer from the NRC. License or no license, like, do, do you pass or not?”
DeWahl: US Buys Almost 50% of Its Uranium From Russia and Ex-Soviet States
“And yeah, we're still buying, like, almost 50% of our uranium from Russia and, kind of, ex-Soviet states.”
DeWahl: US Government Plans $80B Nuclear Partnership with Westinghouse
“The announcement is that the U.S. Government now wants to spend eighty billion dollars on nuclear development alongside Westinghouse.”
DeWahl: Brookfield Moving to Complete Abandoned V.C. Summer Nuclear Plant
“There's a huge, like, trillion asset, trillion dollar asset under management company called Brookfield Asset Management, and they they've actually just gotten in the game as well. In the last couple weeks, I'm sure there was, like, talk, right? Yeah, yeah. To …”
DeWahl: Microsoft and Constellation are restarting Three Mile Island
“That's being brought up back online, partnership between Microsoft and Constellation, I believe.”
Nadella: Copilot is Microsoft's fastest-adopted Office product in history
“I mean, you know, I always say, at least compared to anything we have done in terms of all the office suites over our history, this is the fastest.”
Nadella: Microsoft Copilot supports both OpenAI models and Anthropic's Claude
“On Copilot today, you use OpenAI models, you use even Claude, right? I need the system to work across both of those.”
Nadella: Future IDEs will act as heads-up displays to steer agent swarms
“So the IDE, I think, in fact, one of the most exciting things is new classes of highly refined IDEs that have even a sort of a telemetry loop with the intelligence layer, but also they kind of act more like heads up displays, right? I have thousands of agents …”
Nadella: Powered shells and permits are the primary AI data center bottleneck
“Powered up shells, right? So if I don't have enough shells that are powered, that I can then roll in my racks and then make them operational. And that's the long lead part, right? Which is you kind of have to have the land permits, the power permits, get all t…”
Nadella: AI front doors will remain highly competitive among major tech firms
“Because the good news here is there is going to be multiple. I mean, obviously, ChatGPT is the big one, but there's going to be, I mean, you know, Google's going to be there. We're going to be there. Meta will be there. Perplexity. There's going to be a lot of…”
Collison: AI agents will probably eliminate distinctions between customer service and SDR roles
“Maybe what we're describing is a bunch of swim lanes Have been established by random accidents of software and org charts and everything like that. You do customer service. When people come with a query as of a non-commercial nature, you are an SDR. You know, …”
Ricks: Developing a drug costs $4B, with over 60% spent in Phase 3
“The final stage of testing, the average drug costs three and a half, four billion to make more than 60% of that is the last step.”