00:33:09 · Jordi Hays, John Coogan
[00:33:09] S0: the journal is counting as a launch versus [00:33:11] S1: Versus, like, a release or a leak or like a a Announcement. Case. Yeah. Whatever. Well, let's let let's get some context on Ferrari. Ferrari again lifted its full year guidance slightly as demand for car customizations remain strong and deliveries of newer models has ramped up in the third quarter. The Italian luxury sports car maker said Tuesday that it expects revenue of around 8,560,000,000 this year, up from a previous estimate of around €7,600,000,000. It forecast adjusted earnings up to €2,290,000,000. Margins are at 30%. They're going up. The company said it was benefiting from stronger personalization than initially expected. Lower currency headwinds and newer, more profitable models, deliveries of our F80 supercar and personalizations led by the Ferrari two ninety six Speciale family support our robust financial growth. Our order book now reaches into 2028 and we still have two more launches to come. It shipped 3,368 vehicles to customers this quarter, 33 fewer than a year earlier, but I'm sure the average price is up. So deliveries of its Amalfi, the two ninety six Speciale, the 12 Cylindri Spider and the Purosangue increased while the eight four nine Testarossa and the two nine six Speciale Aperta continued to ramp up and the eight four nine Testarossa Spider started deliveries. Shipments of the f 80 also progressed in line with plans. What is your take on the eight four nine Testarossa? It's a SF90 under the hood, but do you like the styling? [00:34:51] S0: I think it looks amazing.
00:34:51 · Jordi Hays, Alex Spiro, Derek Blasberg, John Coogan
[00:34:51] S0: I think it looks amazing. [00:34:52] S2: You think [00:34:52] S0: it looks amazing? When it's specs. [00:34:54] S4: Right. [00:34:54] S1: Okay. [00:34:54] S0: I think... I... [00:34:56] S1: You gotta do the... You know, grab the lead or whatever. [00:34:58] S0: Basically, the way they spec them for announcements I think is Rough. Really rough. Yeah. But then as soon as actual clients start speccing them, they look amazing. [00:35:08] S1: We saw that with the leaching too.... [00:35:09] S0: Of the Testarossa Yeah. On the street. And when you... When it's black on black on black Yeah. It looks like [00:35:16] S1: Looks really good. Incredible. Yeah. Meanwhile, the Roma Spider two nine six GTS and SF 90 xx family of cars were phased out. The largest regional market, Europe, The Middle East, and Africa, which is all one regional market, shipments rose by 38 vehicles while America saw an increase of five vehicles and the rest of Asia saw a 29 unit increase. Shipments to Mainland China, Hong Kong, and Taiwan dropped by a 105 units. I mean, if they're... [00:35:44] S4: And is that [00:35:45] S0: is that because the market has just been like we're there in like deep bear market territory?
00:35:45 · Jordi Hays, John Coogan, Apoorva Mehta
[00:35:45] S0: is that because the market has just been like we're there in like deep bear market territory? [00:35:52] S1: Yeah. The AI bubble popped over there. That could be it. It also could be that just local car makers are coming out with something that competes at least on specs with some of these supercars Yeah. In terms of zero to 60 time And so, yeah, they might be EVs but there are certain amount of buyers over there who might want to buy a car made in China that has the same specs and it's just as fast. And then and then certainly if you were in line for the next Ferrari and it's a Luce and there's a BYD with a similar performance specs you might you have even less reason Yeah. To go with Ferrari. But we will see. Anyway, let's tell you about CrowdStrike. Your business is AI. Their business is securing it. CrowdStrike secures AI and stops breaches. The European Union is downgrading art market money laundering risk despite heists. What is going on here? [00:36:51] S0: They're downgrading it. [00:36:53] S1: They're downgrade. To downgrade art They're like, don't worry about it. Money laundering risk despite heists. Okay. So European [00:36:59] S3: We're it's [00:36:59] S0: all good.
00:36:59 · Jordi Hays, John Coogan
[00:36:59] S0: all good. [00:37:00] S1: Cite limited EU evidence linking high profile museum thefts to criminal networks. So they're like one offs? They're just people taking their sticky fingers they can't resist? Sticky fingers. That's a great euphemism. The European Commission is planning to downgrade the risk of money laundering and terrorist financing in the art market even as a spate of high profile museum heists across Europe put the spotlight on crime in the sector. So few high profile cases but maybe not systemic. Minutes of a January 2026 meeting, that was a long time ago, show the commission's forthcoming super super national risk assessment will downgrade the threat of money laundering and terrorist financing in the art market and antiques trade from high to moderate compared with its 2022 assessment. A moderate level, threat level means the sector needs mitigation measures, better awareness, and stronger regulatory oversight. The previous assessment, had recommended specific measures to tackle the high risk level. I wonder if, some of this is just like the crowding out effect from criminals going to to crypto and cyber heists. You know, you see the new obliterated model and you're like, what am I doing planning a... Why [00:38:16] S0: am I gonna go spend a bunch of time? Yeah. In museums... When I can fire off [00:38:20] S1: a prompt and [00:38:21] S0: Yeah.
00:38:21 · Jordi Hays, John Coogan
[00:38:21] S0: Yeah. [00:38:21] S1: And clean up on on Binance or something. Who knows? The the the commission's financial market directorate recommended downgrading the risk setting limited EU evidence linking such thefts to money laundering and to... Or terrorist financing despite acknowledging persistent vulnerabilities due to opacity and anonymity in the sector. One art expert said the moderate classification was still too high. So someone in the art market is like, we got to send this thing to them. It's not risky at all. [00:38:50] S0: Got to investigate that guy. [00:38:52] S1: Yeah. What is he doing? [00:38:54] S0: What is he doing? In other news, Tyler, how do you pronounce y o y growth? Yeah. YoY growth? [00:39:03] S1: YoY growth. [00:39:04] S0: That's right. YoY. Low yield. Lucy says new hire just pronounced year over year growth like YoY. YoY. Which I think we should all adopt. [00:39:13] S1: Have you said enough? I mean, there was a moment when EBITDA was probably spelled out and now you just say the say the name, the acronym. Pangram is expanding into image and video detection. They already they already saved me. They already saved me because I fell for the cat with a mullet. But Pangram was to the rescue and had identified that it was an AI... [00:39:37] S0: You wanted to fall for the cat.
00:39:37 · Jordi Hays, John Coogan, Tyler, Apoorva Mehta
[00:39:37] S0: You wanted to fall for the cat. [00:39:38] S1: Yeah. I kind of set myself up with that. I wanted to believe in the in the mullet cat. But yeah, Pangram, Max Spero over at Pangram says, we've been working towards AI image and video detection for months. Now it's finally here. There were a lot of challenges along the way. Feels like images and video should be easier, but I don't know. [00:39:59] S5: I think it's because there's so many different models. And even the architecture [00:40:02] S1: True. [00:40:02] S5: You have diffusion based ones or you have like auto aggressive models. I think it's hard to like really capture all [00:40:06] S0: of those. [00:40:08] S1: Oops. We have our next guest. [00:40:09] S3: We have [00:40:09] S0: our next guest. [00:40:10] S1: Should we bring him in? [00:40:11] S0: Let's bring him in. We already... [00:40:13] S1: First, let me tell you about MongoDB. What's the only thing faster than the AI market? Your business on MongoDB. Don't just build AI. Own the data platform that powers it. We have Apoorva Mehta from... The cofounder of Instacart, former CEO. How are doing? [00:40:29] S3: Welcome. Great. Great. Excited to be here, guys. [00:40:32] S0: Great to have you. Massive week. Yeah. And yeah, overdue for this one. [00:40:38] S1: Always good to take a victory lap for y c twenty twelve, summer twenty twelve. [00:40:42] S0: Right. That's right. Right. We love an overnight success. [00:40:45] S1: Overnight success. Yeah.