00:25:59 · Jordi Hays, John Coogan
[00:25:59] S0: Yeah, yeah. Billions. Probably makes them the number one advertiser, Like one of the certainly the number one advertiser in AI. I would be surprised if, you know, Google could have topped that, maybe. Who knows? No, [00:26:16] S1: no, no. That is a very, very interesting scenario. Anyway, what else? They have a $125,000,000,000 equipment lease with Broadcom. 48% of revenue is coming through the cloud marketplaces. So that was something people were talking about, how much is accounted for in that different revenue recognition way. It doesn't really matter when you look at the operating income. Clearly, factors that out. But that was a question that people had. And then AI accelerating beyond its limits to... [00:26:48] S0: We've to give a round of applause to Spark Capital. [00:26:52] S1: Oh, yeah. Huge. [00:26:53] S0: The VAC pulled out the amount that they had invested at different points or at least an estimate of that. And you can see they started by leading the Series C, which they have 131 X on, and then they just kept doubling down through D through H. Total of $777,000,000 invested, which would give them roughly an $18,000,000,000 stake at a $2,000,000,000,000 market cap. So really fantastic return, early conviction. And Yasmeen is the only venture capitalist on the board. Yeah. So I... You know what I'm you know what I'm thinking? What? Top of the Midas list. [00:27:38] S1: Oh, for sure. [00:27:40] S0: Yeah. Like, she should probably just jump straight to the front.
00:27:40 · Jordi Hays, John Coogan
[00:27:40] S0: Yeah. Like, she should probably just jump straight to the front. [00:27:43] S1: Yeah. Hard to make an argument against that. That's pretty... Yeah. It's like it's not just the return because I think it's like a [00:27:51] S0: 20 Does it percent seem like [00:27:52] S1: at scale? [00:27:52] S0: I think with the Midas List, you gotta you gotta do a lot of work to get that and and who knows? But yeah. Doesn't seem like she'd be somebody... She's been like pretty humble More about the whole [00:28:03] S1: unique and more Midas list worthy about not just printing 20,000,000,000 on a billion in or 700,000,000 in, but being the only VC to do it and get the board seat and do it at that time. It's so [00:28:17] S0: you Straight to the top. [00:28:18] S1: And you would put Sam Bank and Freed number two? [00:28:21] S0: No. No. No. No. You get You get You get DQ'd if you're in If [00:28:25] S1: you're in prison? Yeah. Ineligible. Yeah. Maybe they could just do the thing where they put his picture where they put the bars like a little bar overlay. You don't think so? [00:28:33] S0: No. That's wrong. Okay. But my vote is Yasmin straight to the top. [00:28:36] S1: Okay. Straight to Yeah. The Fantastic. Let me tell you about MongoDB. What's the only faster than the AI market? Your business on MongoDB. Don't just build AI, own the data platform that powers it. [00:28:47] S0: Okay. So [00:28:48] S1: So they got [00:28:49] S0: hacked. Yeah. So Cathedral, you know what they were trying to do.
00:28:49 · Jordi Hays, John Coogan, Chanda A. Bell
[00:28:49] S0: hacked. Yeah. So Cathedral, you know what they were trying to do. [00:28:54] S1: This was a white hat safe harbor hack. This was not the same thing that you've been seeing. [00:28:59] S0: So Elizabeth in the Washington Post says in less than twelve hours, a group of ex Doge cyber researchers were able to penetrate anthropic systems [00:29:07] S1: Yeah. [00:29:07] S0: Using AI agents including Slack channels where the most sensitive models are discussed. This is just weeks after [00:29:12] S1: Maybe take [00:29:13] S0: that Christmas [00:29:15] S5: this one. It [00:29:16] S1: looks kind of silly. There we go. [00:29:18] S0: There we go. Anthropic whistle, this is just weeks after Anthropic whistleblower Joseph Coxen charged the company with launching a hubristic gamble from a private company Slack. Launching a hubristic? Anyway, so the interesting thing was Cathedral, like, seemingly wanted to drop this the day that... The day of the IPO Yeah. Assuming that it would just be this, like, crazy bombshell. [00:29:39] S1: Yeah. [00:29:40] S0: I do think it's an important interesting story. Yeah. But the s one was just so good that it's kind of drowning Yeah. It
00:29:40 · Jordi Hays, John Coogan
[00:29:40] S0: I do think it's an important interesting story. Yeah. But the s one was just so good that it's kind of drowning Yeah. It [00:29:49] S1: Yeah. I mean, the... Like, I think it's good that you have a bug bounty in pro... Program and you have a system for the... Like, that's what... How this is supposed to work. This is good. That you should be doing as much probing as possible. I mean, my... I I think that I don't know exactly how Citadel gets or not Citadel, what is it? Cathedral? It's a very similar name. I don't exactly know how they get compensated. I know that there's there's usually like a white hat safe harbor. So like a company like Meta will say, hey, if you're a security researcher and you find a bug, can turn it in. Maybe there's bug bounty. But I believe those bug bounties are usually like somewhat contested and maybe like 6 figures, maybe 7 figures. Like, I'd like to see those go way up in value. I would like to see companies putting real... [00:30:44] S0: Yeah. Were we were talking about this over the weekend. You were saying you think that there should be, like, at least a $1,020,000,000,000, like, white hat program potentially.
00:30:54 · John Coogan
[00:30:54] S1: I don't I don't fully understand the scale of the economic damage of, like, the Quest Labs hack and the other... Like, how how serious is the risk that, like, the banking infrastructure shuts down or, like, the grid goes down? But, like, if if there's really a risk of, like, the grid going down, you're looking at economic damages in the billions, if not hundreds of billions. Like, you'd just be so disruptive. It would be like like, you could imagine a COVID like scenario where the Internet is disrupted and all of a sudden, you just have like a like a 20% nuke in GDP because... Like we did with COVID where everyone was like, we can't go out to restaurants. So the restaurant industry is zeroed for this quarter or whatever. And if if something like that happens, like the economic damage is so high, you have to incentivize it. Right now, is an incentive, is just Anthropic and OpenAI are like racing with each other, so they want to be like the savior. And so they have Daybreak and Mythos or Glasswing to to like, you know, kind of help out and make money and also earn PR wins for, you know, disclosing bugs and patching things. But it would be interesting to see it go a lot further. I was I was comping it to like, what was the intel deal? Like 20,000,000,000 or something? Like, if the US government was just like, we're doing a $20,000,000,000 bug bounty, like, let's secure America. And all the labs are like, okay, well, like, this is actually gonna move the needle for us.
00:32:22 · Jordi Hays, John Coogan
[00:32:22] S0: People in Miami are selling courses on how to get your first white hat bounty. Yeah. Anyone can become a a millionaire. [00:32:28] S1: Yeah. Maybe maybe it winds up being misused. [00:32:31] S0: Go to Hugging Face, get an obliterated model Yep. Go point it. I mean But that's not [00:32:37] S1: a good use of time and money. Like, you need a lot of people to to test a bunch of different ideas, all the long tail stuff, figure out [00:32:46] S0: It would be very if [00:32:47] S1: hardware hack. It'd be extremely chaotic but if it's all white hat and they're all doing it because like, yeah, I got into [00:32:52] S0: How white hat can it be if there's a guy in Miami selling a course on how to use obliterated models to I think [00:33:00] S1: that there are... I think you'd be surprised by the number of hackers who would break into something like Quest Labs and be like, between having a bunch of Brian Johnson's blood work and just like a check from the government for 6 figures, like I'm taking the check for the government. Like I don't actually care about the underlying data. Because like... [00:33:17] S0: Yeah. Just extremely... It's just gonna be extremely... [00:33:19] S1: Yeah. [00:33:20] S0: It would be just extremely chaotic and potentially have some like massive negative externalities. [00:33:25] S1: Because you're [00:33:27] S0: You're incentivizing a bunch of people that have never that have no experience like handling sensitive data.