00:35:13 · Jordi Hays, John Coogan, Rahul Sengottuvelu, Tyler
[00:35:13] S0: Yeah. So you can narrow it down to one. There's one company that would do [00:35:15] S1: this. Apple. Gemini. [00:35:17] S0: Apple would do it. Apple. No. That that you're like... I I believe it's Notion, but my second guess would be... [00:35:25] S1: Is the... No. [00:35:25] S0: It definitely wouldn't be. It wouldn't be Apple either. [00:35:27] S1: I'm curious if this is just like somebody [00:35:29] S0: We caught them. [00:35:30] S1: Image. You think it's Notion? [00:35:31] S0: We caught them. [00:35:32] S1: Here we go. Okay. Well, that's that's that's the end of that mystery, [00:35:36] S0: I suppose. [00:35:36] S5: Could it [00:35:37] S4: be the VC that invested in all those? Oh. Is I think... Did [00:35:41] S1: anyone invest in all of them? Me... Fidelity or something? I don't know. Like, who who is that? [00:35:47] S0: The Ontario Teachers... [00:35:49] S1: Teachers' Tension Fund or something. Yeah. [00:35:51] S4: I I think Sequoia has invested in all five [00:35:53] S1: of those. Sequoia is in all five. Wow. The royal flush. Well, should they should add Figma to that list. Let me tell you about Figma. Agents, you need to canvas. Your AI agents can now create and modify your Figma files with design system context. Why'd you cut me off from the invest like the best soundtrack? I love that song. [00:36:12] S0: Just joking around.
00:36:12 · Jordi Hays, John Coogan
[00:36:12] S0: Just joking around. [00:36:14] S1: There's a... There... There's more interesting reporting from the Entropic s one. Entropic founders apparently can name secret successors. We were discussing this yesterday. We were like, okay. So there's seven founders that all have the, class f shares or something. What was it? [00:36:30] S0: There's one... Isn't it one class f share? [00:36:32] S1: It's a single class f share Yeah. [00:36:34] S0: That that is held by Founder LLC. [00:36:37] S1: Founder LLC. And Forbes is reporting that the Anthropic founders can name secret successors. Anthropic's IPO include... Includes a private line of succession confidential list of would be heirs to its founders voting power chosen by the founders and approved by one another. So you actually have to go to the rest of the group and say, I'm giving this to my son or I'm giving this to my brother or my my My shrimp. Spouse, my shrimp. I don't know. Whatever whatever you wanna do. My dog, domesticated bear. I don't know. Yeah. I mean, clearly Honestly have thought several steps ahead of [00:37:15] S0: what [00:37:15] S1: reporting is. [00:37:16] S0: This rocks. There's no one there's no one... There's no doing it like this. [00:37:22] S1: Hasn't Elon said he's gonna give his companies to these kids? I thought that was like a whole thing. Yeah. He's he's doing hereditary honesty. [00:37:29] S0: Lot of lot of talk. [00:37:31] S1: Lot of talk?
00:37:31 · John Coogan, Jordi Hays
[00:37:31] S1: Lot of talk? [00:37:31] S0: And let's see if it actually... This is like... They're setting... It's much harder Mhmm. For Elon. I think it's gonna be a bit harder. Right? These are these are seven live players Yeah. That decided on a structure. [00:37:48] S1: Yeah. [00:37:49] S0: And, of course, things could change over time. But this feels like quite different. And it's cool to be thinking... It's cool to see a company thinking in centuries. [00:38:01] S1: Yeah. It's true. [00:38:02] S0: Yeah. Beyond decades. [00:38:05] S1: Yeah. What what other American dynasties are still... [00:38:07] S0: Walmart? Canter says they're gonna give it to a future model. Oh. ASI run board. Yeah. It's one share for the for the final model. [00:38:15] S1: They could have a they could have like a some sort of contract between them that in Founder LLC, the decisions are actually made by the model which should be interesting. Who knows? I I have a feeling that's not the way it goes, though. It doesn't feel like that's the that's the plan. But I don't know. I'm still very interested. Like, is Ben Bernanke happy about this? Like, he had, you know, he's on the he's on, like, the the super board. I forget what it's called, like, the the trustee board or something like above the board. Like, Yasmin is on the actual board and then Bernanke and there's two other, like, super board members who... [00:38:52] S0: And the Founder LLC is kinda like the cool kids table.
00:38:52 · Jordi Hays, John Coogan, Tyler
[00:38:52] S0: And the Founder LLC is kinda like the cool kids table. [00:38:55] S1: Yeah. So how how does the how does the Bernanke board feel about it? I don't know. We'll see. It's a lot of different governance. A lot of different governance, a lot of stuff to untangle for the media. But good luck out there if you're reporting on Anthropic. Fireside Alpha, Citrini says the preclinical bottleneck is monkeys, which take four years to breed and are harder to scale than memory supply. There's a huge shortage of monkeys and you can't really that's the problem the most that's probably the most important thing for preclinical testing. And I know a lot of people are going to be morally opposed to this, but I'll just say one thing, is for the medicine is closer than ever before to a world where it really is, I say closer than ever before. This is really rough transcript, fireside alpha. You should clean this up a little bit. But I guess it's accurate to what was said in the podcast. I know that sounds counterintuitive because it's well, okay. Well, are you investing in this company that does animal testing? Well, the reason for that is you get closer to that world. What you need is more data. Right? Like, you need more experimental data from animal testing, and monkeys are irreplaceable. So a bull market in monkeys... [00:40:08] S0: We gotta get [00:40:09] S4: into the monkey business.
00:40:09 · Tyler, John Coogan
[00:40:09] S4: into the monkey business. [00:40:10] S1: Yeah. You gotta get into monkey business. Yeah. Serial... There's serious money to be made in the monkey bottleneck, I suppose. I mean, we we we did hear reports about the the Chinese labs, Chinese monkey labs, I suppose, like going up in price. Right? Do you remember that? But you were... Tyler, you were saying that the Chinese AI bubble has like popped? What does that actually mean? [00:40:31] S4: Yeah. So Reuters posted this Okay. Yesterday. But I think since June, like AI companies broadly are down, like, 40%. Interesting. A lot of the labs that went public, zAI Yeah. Has been hurting. Unitry, since they IPO ed, like, a few months ago, is down, like, 50%. [00:40:45] S1: I wonder why. Is it fears of a ban or just the economics aren't looking as good because of the open source competition? I don't know. Also, I mean, the market cap across all the Chinese labs has to be a small fraction of the market cap in America. I mean, we're looking at almost 4,000,000,000,000 across the lab efforts in America, 5,000,000,000,000, and I believe it's like a 100,000,000,000 equivalent. [00:41:12] S4: Yeah. I've heard some people say, like, in China broadly, there's less incentive to kind of help out these companies because, the average person in China just doesn't hold that much... They they don't hold that many equities compared to The US. [00:41:24] S1: Sure. It's like [00:41:25] S4: their their company's largely based on real [00:41:26] S1: estate.... Pump. [00:41:27] S4: Yeah. So there's like less incentive to pump.
00:41:27 · Tyler, John Coogan, Jordi Hays
[00:41:27] S4: Yeah. So there's like less incentive to pump. [00:41:29] S1: You gotta go over to Korea. South Korea. Yeah. Real pump. Korea. Everyone's on leverage. Also, I mean, I wonder if their diffusion story is different in China because they have less white collar work and their economy is more manufacturing driven, which has been harder to diffuse AI into. I'm sure there's a lot of machine learning that has already diffused with, like, image recognition and automation. But just in terms of, like, we have a language model that can talk and do spreadsheets and word documents. How useful is that to, like, grow your GDP? Well, it's gonna be way more useful if you do a lot of legal work and a lot of finance work, and that's the the bread and butter of America. What do you think? Bullish China? Bearish China? You buying [00:42:11] S0: the chip? I think... Doesn't it all come down to like the the the way fewer people owning stocks? [00:42:19] S1: Maybe. [00:42:19] S0: Relative like like wealth in China is tied to real estate. Yeah. And it's also harder to get money into. The government has no incentive to like sort of really support or pump the market in the same way Yeah. As The US where so much of like Sure. US wealth is tied to the market.