01:30:02 · Doug O'Laughlin, John Coogan, Jordi Hays
[01:30:02] S6: Well, it's different. Might interface. Like, actually, usually what it is, it's forwarding emails one to the other. [01:30:06] S1: Sure. Sure. Yeah. But but actually having that clean line is great and that's the way a lot of extremely high net worth individuals set up their lives. They have someone who works at the the company, and then they have someone that works at their family office, and they too can communicate, but they are in separate organizations. So maybe that's [01:30:21] S6: a I think it's good from a a separation perspective, but, like, I I don't know. I also just think that, like, you know, the personal assistant stuff, it is really sick to just, like... I know the the lamest one, everyone's like, oh, just reads your emails, but, like, dude, I got a lot of emails, man. I think a lot of people, it's like, okay. For example, you have a kid's birthday party, and you're, like, organizing the kid's birthday party and like you just like, oh, your your wife sends you some reel and there's like, hey, I wanna go to school. You're like, you're... [01:30:47] S0: Kid's teacher says describe your child in three whole... [01:30:50] S1: That was a bad example.... [01:30:51] S0: Stumped, you know. That was a bad example.
01:30:51 · Jordi Hays, John Coogan
[01:30:51] S0: Stumped, you know. That was a bad example. [01:30:54] S1: But no, mean I I had an interaction where I had emailed someone to to do something and they had to actually update something on a website and they said that they were going to do it and then Dot in this case like went and checked like a week later and said like, oh, haven't done it. Like you should follow-up with them and just make sure that they actually finish that task. Those types of little like follow ups are more useful and it's more than like it would require me not just reading my email inbound, it would mean reading my outbox and checking up on the things that I asked to do which is like complete laboriousness that no one wants to do. Now, what is the willingness to pay of everyone for that? How do you monetize that? You know, travel. You know, Americans don't spend that much on discretionary travel all the time. So you take a small cut of that. These aren't necessarily quadrillion dollar markets immediately but Yeah. They are very interesting and and can grow a lot. [01:31:49] S0: Final question I forgot to ask you earlier, Joey. Did you wanna see more on their actual tokenomics like more granular data on margin profile across different models [01:32:03] S1: Oh, things yeah. Like [01:32:04] S0: Because I think some people were hoping to see more. But in some ways I look at it and I'm like, how much money did you spend? How much money did you make? Yeah. Everything else is kind of like your business. But what's your view? Feels like full employment Yeah. For some
01:32:04 · Jordi Hays, Joey Brookhart, John Coogan
[01:32:04] S0: Because I think some people were hoping to see more. But in some ways I look at it and I'm like, how much money did you spend? How much money did you make? Yeah. Everything else is kind of like your business. But what's your view? Feels like full employment Yeah. For some [01:32:16] S8: Yeah. There was a number in there that 80% of the revenue in the last three months were from models in the last released in the last six months. So I think that was the extent of detail we got. I don't think they're going to get much more detail than that. I know they've given some inference gross margin numbers before. If you have that and the training, I think that gets you most of the way there in terms of understanding this business. And then too, they gave a lot of good detail I think on the cloud service partner. Yeah. Your relationships and the revenue running through that and kind of the economics they're paying from a revenue share perspective. So I think you have enough detail here to really understand the business and you know, how it's going to move going forward. [01:32:57] S1: Yeah. Have you been tracking how the big labs are using pricing pressure against open source models? Is there a world where the labs get to such scale and such efficiency that they can distill their own models to a point where they can be price competitive in some way just to sort of stave off the open source ecosystem a little [01:33:22] S0: exactly what's happening. [01:33:24] S1: It feels like that's what's happening, but what's your take from like an economic perspective?
01:33:24 · John Coogan, Doug O'Laughlin
[01:33:24] S1: It feels like that's what's happening, but what's your take from like an economic perspective? [01:33:28] S6: I think the person who's doing it the most is OpenAI. Yeah. With OpenAI. The 6.1 tera today feels very much like a Sure. Stab at. I don't think Opus or rather Claude cares about Sonnet that much. Yeah. But I do think that OpenAI has kind of their eyes out focused on that. Yep. I think the problem with that, though, is at the end of the day, you know, the the inference margins on open source is pretty good. So if you really wanna get all the way there, you probably have to do another 50% price cut or something like that. Yep. Where I... Because if you own it today, if you own the stack, if you have, like, a relatively modern v 200, you're still talking about north of 50%, if not, like, 70% gross margins. Yeah. So, you know, you're able to pay, like, these, like, 10... Like, these, like, twenty to thirty dollars per watt or, like, 30,000,000 per megawatt Yeah. Price using just open source models if you get the customers on it. Yeah. So I think that, like, it's possible. It's entirely possible, but I think the margins of the labs in aggregate would have to be a lot lower, but you'd argue that they wouldn't have as much competition.
01:33:28 · Doug O'Laughlin, John Coogan
[01:33:28] S6: I think the person who's doing it the most is OpenAI. Yeah. With OpenAI. The 6.1 tera today feels very much like a Sure. Stab at. I don't think Opus or rather Claude cares about Sonnet that much. Yeah. But I do think that OpenAI has kind of their eyes out focused on that. Yep. I think the problem with that, though, is at the end of the day, you know, the the inference margins on open source is pretty good. So if you really wanna get all the way there, you probably have to do another 50% price cut or something like that. Yep. Where I... Because if you own it today, if you own the stack, if you have, like, a relatively modern v 200, you're still talking about north of 50%, if not, like, 70% gross margins. Yeah. So, you know, you're able to pay, like, these, like, 10... Like, these, like, twenty to thirty dollars per watt or, like, 30,000,000 per megawatt Yeah. Price using just open source models if you get the customers on it. Yeah. So I think that, like, it's possible. It's entirely possible, but I think the margins of the labs in aggregate would have to be a lot lower, but you'd argue that they wouldn't have as much competition. [01:34:32] S1: Sure. Sure. Sure. And then and then the the the wrinkle is that then you also have to have some sort of like fine tuning capability because that's something you get with with open source that you won't with a closed source model necessarily. Interesting. Well, thank you guys for coming on. So and and and walking through all of this. We do have to jump to the next interview. But Jordy, do have any...
01:34:32 · John Coogan, Jordi Hays, Doug O'Laughlin, Andre Haddad
[01:34:32] S1: Sure. Sure. Sure. And then and then the the the wrinkle is that then you also have to have some sort of like fine tuning capability because that's something you get with with open source that you won't with a closed source model necessarily. Interesting. Well, thank you guys for coming on. So and and and walking through all of this. We do have to jump to the next interview. But Jordy, do have any... [01:34:52] S0: Yeah. I really enjoyed it. Thanks guys. Great to see you. [01:34:54] S1: Great to see you. Congrats on the haircut. [01:34:59] S6: Thank you. Appreciate it. [01:35:01] S0: See you guys. [01:35:01] S1: Have a great one. Let me tell you about public.com. Trying to invest in Anthropic? Do it on public. Invest across all asset classes. Automate anything with AI agents. Run trading strategies, risk management, money movements, and monitor markets with AI agents for investing on public. Our next guest is the chief executive officer of Turo. We have Andre Haddad. And Turo is launching verified FSD today for Tesla's. Andre, welcome to the show. How are you doing? Doing well. Thank you. [01:35:30] S0: Thanks for me. [01:35:31] S1: For hopping on. First time on the show. We'd love a little bit of backstory on you, key initiatives for the company and then the news today. [01:35:40] S7: Great. Happy to jump in. Thank you. [01:35:44] S1: Can you kick us off with a little bit your your corporate journey and then some of what you're working on at Turo?