Hackers drained about 6.3bn dollars from Binance's digital wallets after breaching an engineer's laptop, with Tether and Circle freezing about 3bn dollars of the stolen funds.
Intel shares fell about 30 percent in a single day, leaving the chipmaker worth about 336bn dollars and roughly half below its 140 dollar peak.
Will Manidis argues that frontier AI labs will move closer to the defense industrial complex, with models reserved for nation states rather than public use.
Hackers Drain $6.3 Billion From Binance in North Korea-Linked Attack
Funding and deals
Rune Technologies. Salesforce acquired Rune Technologies, with no price or terms disclosed on the show.
Guest interviews
Will Manidis, author and commentator on AI and geopolitics. Manidis argues AI scaling will leave only a few states with sovereign frontier models, as labs move closer to the defense industrial complex. He predicts the US will print huge sums to fund AI build-outs, dollarizing the world, and that far fewer US companies will stay public as regulated industries consolidate. He calls Meta unbelievably well positioned to diffuse intelligence and says Aaron Sorkin is bidding on movie rights to his new book Commanding Heights.
Darren Rovell, sports business journalist and collectibles expert. Rovell says Buffett memorabilia is undercollected, with signed uncut dollar bills rising from $2 or $3 to as much as $24. He warns authenticators found a fake Buffett autograph ring in New York and that FedEx insures collectibles only up to $1,500. He adds that a 1952 Mickey Mantle PSA 10 card has a $50m deal in principle.
David Senra, host of the Founders podcast. Senra recalls dining with Charlie Munger six months before his death, when Munger said he no longer talks to Buffett because each can predict the other's thinking. Munger told him to build a seamless web of deserved trust.
News
North Korean hackers drain $6.3bn from Binance. Attackers breached an engineer's laptop, overwhelming Binance's roughly $1bn secure asset fund. Tether and Circle froze about $3bn, leaving $3.3bn with North Korea's TraderTraitor group.
Intel shares crash 30 percent in one day. Intel fell to a $336bn valuation after a poorly received earnings call, leaving the stock about 50 percent below its $140 peak.
Alphabet suffers its worst day on record. Investors fear AI will erode Google search, with the Wall Street Journal reporting $500bn in lost value. Berkshire Hathaway had bought heavily into Alphabet.
Tech selloff sinks the Nasdaq 3.34 percent. The Dow fell 1.13 percent and Nvidia nearly 6 percent, while Berkshire Hathaway, worth about $1.17tn, stayed green. Similar QQQ Friday gaps mostly came during crises like 2008 and COVID.
US economy grows 3.4 percent before the midterms. Summer growth beat the 3.1 percent analysts expected. Jordi Hays argued voters care more about vibes than about GDP or the stock market.
Malibu mega-project The Case enters bankruptcy. Entities tied to developer Scott Gillen filed chapter 11 with four of five mansions unsold, after targeting nearly $500m in sales. Separately, The One sold out of bankruptcy for $120m.
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On this episode 8
Show 1
Personal AI agents barely register at DoorDash. DoorDash has received only several hundred orders in total from personal AI agents such as Muse.
Marshall Haas launches three-minute car auction Final Lap. Unlike week-long Bring a Trailer listings, Final Lap runs roughly three-minute auctions, with each bid adding about a minute. The first auction is 10 AM Pacific next Thursday.
Polymarket hack hits about 700 users. Roughly $2.7m was affected in the breach.