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?
01:35:44 · John Coogan, Andre Haddad, Jordi Hays
[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? [01:35:51] S7: Sure. I actually just celebrated last month my fifteenth anniversary with Turo. Amazing. So my Jesus. Been reinventing car rental for the last fifteen years. [01:36:01] S1: Yeah. [01:36:02] S7: As you probably know, I hope you've used Turo already for some of your travel and trying out new cars. Yes. Yeah. We've been bringing, you know, this notion of peer to peer car sharing to the market now for over fifteen years. We're delighted to continue to grow the business. This year, we'll do around 1,200,000,000 in revenue out of 3,300,000,000 in TBP. [01:36:25] S0: Yeah. Boom. [01:36:26] S7: We are excited to announce some exciting technological enhancements to our platform today. Yeah. We'll talk more about that if you like, in the show. We're bringing, Tesla FSD integration into Turo. So now you can actually experience AVs Yep. By renting a car, on Turo, specifically the Model three and Model y. So very excited about that. So I rented a Tesla with FSD on Turo, like,
01:36:26 · Andre Haddad, John Coogan
[01:36:26] S7: We are excited to announce some exciting technological enhancements to our platform today. Yeah. We'll talk more about that if you like, in the show. We're bringing, Tesla FSD integration into Turo. So now you can actually experience AVs Yep. By renting a car, on Turo, specifically the Model three and Model y. So very excited about that. So I rented a Tesla with FSD on Turo, like, [01:36:52] S1: a couple weeks ago. It was a fantastic experience. I wound up just, like, searching or filtering. This was before you had the verified integration. And I was able to verify that it was hardware four, which is like the good FSD in this model year and whatever. But it was it was, I guess, like, maybe a little cumbersome, and so you've made it easier. But I'm interested in, how are you vending this for the customer? How are you surfacing this? How are you verifying it? Like, why is it important to have an actual product strategy around this initiative? [01:37:24] S7: Well, great that you've experienced it and you've sort of hacked your way to it. Yeah. We saw a lot of people doing exactly what you were doing, and that's what got us thinking about just making it easier Yeah. To your point, and making it verifiable. So, you know, Tesla is a very popular make and and, you know, on Turo. The model three and and Model y are respectively the fourth and third most popular cars that are rented on Turo. And Really quickly, what's one and two? I gotta know. One and two kind of are I think the BMW three series [01:38:01] S1: Okay. [01:38:01] S7: And the Toyota Prius.