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.
00:40:45 · John Coogan, Apoorva Mehta, Jordi Hays
[00:40:45] S1: Overnight success. Yeah. [00:40:48] S3: Yeah. You guys, it feels great. Feels great. Yeah. Long time coming. And yeah, I just feel just a big sense of gratitude, honestly. There've been thousands of people who worked on this for a decade and a half. And, you know, when when we started the company, I'll be honest, most people didn't think we would be able to pull it off. You know? This is... Instacart is a business in the in the lowest margin category of retail. [00:41:21] S0: Alright? And then you're like, let's add really complex last mile logistics to that already low margin category. And Sounds like kind of an impossible... [00:41:32] S1: It was one of these companies like Spotify where mp3.com had failed and Napster had failed and .com. I'm sure venture capitalists when you walked in in twenty twelve, twenty thirteen were saying, oh, I've heard of web van. Grocery delivery doesn't work on the Internet. The economics are all upside down. This won't work. I'm passing. Was that the experience? [00:41:55] S3: Oh, my God. That happened so many times. I had a VC who literally sort of stepped out of the meeting while I was pitching. Right? [00:42:03] S1: Classy. Hey, at least he didn't fall asleep. We've heard that [00:42:08] S0: happen Was to an excuse or did he just kinda get up and like slowly like... [00:42:12] S1: He said he said mad boring. Mad boring. Mad boring. Mad boring. No. [00:42:17] S3: You didn't come back? You didn't come I'm still waiting. [00:42:20] S0: I'm still waiting. He
00:42:20 · Jordi Hays, John Coogan, Apoorva Mehta
[00:42:20] S0: I'm still waiting. He [00:42:22] S1: might have bought $500 in the public markets at some point, got back in. [00:42:28] S0: Well, if you ever see him announce as a guest on the show, he's still in business, let us know. We'll ask. Hey, what what did what did you actually do back then? What what what Well, was so [00:42:39] S1: surprise. From the top rope. [00:42:42] S0: When did you when did you when was the moment where you're like, okay, think this is gonna really work? Because when you're get... When when you're in that, you know, obviously, you had conviction in the idea, otherwise, you wouldn't have been building it or raising it. But when you get a bunch of smart people that are constantly telling you, like, sorry, like, you know, this has been tried before and, you know, it can kind of hurt your confidence. But what was the moment where you felt like it was clicking? [00:43:05] S3: You know, to be honest, I I don't think I ever lost conviction, you know? Sick. I always had conviction from day one. There [00:43:12] S1: was no... Founder. [00:43:17] S3: I I remember... I mean, this was... Know, there were lots of ups and downs. Right? Like, you know, you obviously had VCs, you know, we we had VCs walking out on us. But, like, look, like, you know, Jeff Bezos went on stage and he was like, look, it's just unlikely that a model like this is the is the right solution. Yeah. And a couple years later, he bought Whole Foods. [00:43:39] S0: Yeah.