00:09:21 · John Coogan
[00:09:21] S1: Yeah. No. No. I mean, truly, like, sitting down and watching a full movie is a is a rare experience today. People aren't reading. They're watching movies. They're just scrolling and people seem to be satisfied with their phone. And also, the the nature of a Doom Scroll is is somewhat interactive, somewhat multiplayer, although, obviously, people see it as brain rotting and very isolating. There is a game to to be played by actively scrolling, which is something that doesn't require virtual reality, certainly not enhanced by virtual reality. But then also, sometimes you wanna read the comments. Sometimes you wanna send it to a friend. Sometimes you wanna fact check it and ask AI about it or spin off and do something else and go to someone's profile. So I I think the the number of taps and user interaction experiences in a doomscroll scroll session are obviously much, much higher than watching a film, which you just put on and hopefully, you don't pause it at all because you're engrossed the entire time from start to finish. And so if that becomes as scrolling means more and more, maybe the the VR experience is less less and less relevant. So the cheaper display on the Apple Vision Pro or maybe the Apple Vision slim or mini or something. I don't know. They could have used a different name. Pro always always left the door open to just the regular Apple Vision at a more, approachable price point. But the cheaper display that they were working on, would have cut the headset's pixel density roughly in half. That's not what they usually do at all. They need to keep that pixel density because that's the best part of the experience. The move likely reflects Apple's broader shift towards smart glasses. Bloomberg's Mark Gurman previously reported that Apple paused work on a lighter, cheaper Vision Air, yeah, that's the term, in October 2025 to fast track its Ray Ban style glasses effort. This does not mean the Vision Pro itself has been canceled. Apple refreshed the headset in October 2025 with an M5 chip, which does very little, slightly better tracking. I think you can run some applications at slightly higher fidelity, but it is, by all accounts, essentially an identical device. But they are long overdue for a proper refresh if they were taking this seriously and thinking about this as a true growth driver.
00:11:39 · John Coogan, Jordi Hays
I think they have recognized that this was an experiment that needs to be put on the back burner for at least a little bit. And so this report only suggests the cheaper display project is no longer moving forward. So the VisionPro fans have hope. They it's not fully canceled. Maybe there's something else going on. Maybe there's more in the works. But anyway, it's it's it's interesting. I I with all the acceleration in AI, I was hoping that we would get some some, you know, advancements in this since it is an adjacent technology, but we've been few and far between on the updates. We're get an update from the big screen VR team because [00:12:16] S0: That's right. [00:12:17] S1: They have done a great job creating high fidelity VR that's also lightweight, but it needs to be tethered to a PC. It's a little more prosumer, a little more dev kit styling. [00:12:27] S0: VR really attracts these, The visionary chats [00:12:35] S1: coolest guys. [00:12:36] S0: That are willing to go that that seem no. No. I I'm I'm actually Yeah. [00:12:40] S1: You're serious. [00:12:40] S0: I could make that joke, I won't. But just people that are willing to just continually look silly for a long time to ride through the hype cycles and just keep building. Think Big Screen is an example of that. The founder that we had on that has a very cool glasses demo product, he's, from my understanding, probably using AR and VR more than anyone else on the planet, like so committed to just like winning. Yeah. And so I really appreciate that about the category.
00:12:40 · Jordi Hays, John Coogan
[00:12:40] S0: I could make that joke, I won't. But just people that are willing to just continually look silly for a long time to ride through the hype cycles and just keep building. Think Big Screen is an example of that. The founder that we had on that has a very cool glasses demo product, he's, from my understanding, probably using AR and VR more than anyone else on the planet, like so committed to just like winning. Yeah. And so I really appreciate that about the category. [00:13:11] S1: Yeah. Let's see how Apple's doing on the news. Are they trading up or trading down? I pushed the button. Will it come up? We'll see next time. Anyway, let me tell you about Figma. Figma agents agents meet the canvas. Your AI agents can now create and modify your Figma files with design system context. [00:13:29] S0: Production teams been on. Swearing in [00:13:31] S1: the team chat. Well, here is a crazy story. I mean, it's such a minor story, but it certainly grinds my gears. I think we're going to dig into it and see what you think, what I think once we dig into it. But Getty Images, we know and love them from their trove of Silicon Valley titans photographed [00:13:51] S0: At Sun Valley.
00:13:51 · Jordi Hays, John Coogan
[00:13:51] S0: At Sun Valley. [00:13:52] S1: At Sun Valley, which is happening now. If you don't have a Getty Images subscription, sign up now because you're going to be first to know when the new Josh Kushner paparazzi photo drops. But Getty Images was planning to merge with Shutterstock. These are two essentially stock photo sites. In theory, they should be absolutely decimated by AI image generation. Meta put out a new one, Muse Muse Image. Nano Banana Pro has been fantastic. Images too from OpenAI has been really good. And, like, they're they're honestly getting to the point where a lot of the example images are just like, okay. That's just a photo. I saw Adam Messeri posted some on Instagram, I was like, is this AI, or did you just take this photo? Like, it's just you. And then he did a couple with filters and hair and crazy hair, and those were cool, and and that breeds creativity. So I think there's a bit a lot of value in the technology. But in terms of just, like, I'm trying to illustrate I'm trying to make a point visually. I need a picture of a forest. AI image generation is very, very competitive with the stock image industry and this should have this should be a business that's sort of affected like the way, you know [00:15:08] S0: Yeah. I imagine a lot of a lot of these businesses Cheating what [00:15:11] S1: I checked. [00:15:11] S0: Their net new revenue Yeah. Over the last couple of years is just working with labs that need
00:15:17 · John Coogan
[00:15:17] S1: Licensing. Yeah. All sorts of things. So certainly, in the face of growing competition, consolidation of an industry is very normal. That makes a lot of sense. This doesn't this doesn't seem like it should raise any regulatory flags, yet it did in The United Kingdom. Getty Images has called off the Shutterstock deal after The UK created some barriers around it. So the $3,700,000,000 deal would have created a visual content company able to offer a more expansive library to users, says The Wall Street Journal. So on Tuesday, Getty delivered a written notice to Shutterstock terminating their planned tie up, which was first announced in January 2025 and and received clearance from the justice department in America in April. So pretty quick turnaround in The United States. The $3,700,000,000 deal would have created a visual content company able to deliver a more expansive library to users, helping meet booming demand for licensed images and videos as artificial intelligence disrupts the business of content creation. Getty stock slipped 1.7% in pre market trading. Shares of Shutterstock ticked up 1%, so maybe the Shutterstock shareholders are happy about remaining an independent company. The termination came after Getty last week said that its board voted to not proceed with the deal if it meant shut selling Shutterstock's editorial business, a condition required by the UK Competition and Markets Authority. So the decision to by Getty to abandon its merger with Sutterstock was ultimately a commercial choice. So the chair of independent inquiry group that led the CMA's investigation of the deal, the inquiry group found that a loss of competition between the two businesses would reduce choice for UK media outlets and could lead to higher prices. And I would I would assume that this would give them some sort of pricing power in the face of, you know, essentially unlimited free editorial images in the form of AI generated images. If you want to go with the real thing, you have to pay a little bit more, but that sort of offsets all the pressure of the customers that are leaving and no longer paying because they don't need to pay because they're generating them with generative AI. So this felt like a very logical story, and I'm I'm a little bit uncertain that this is a good decision for The UK to help these businesses.
00:17:39 · John Coogan, Jordi Hays, Rodrigo Liang
It feels like it's just going to wind up hurting both of them. [00:17:43] S0: Yeah. Are UK media outlets not allowed to use AI content? [00:17:48] S1: I don't think that there's any broad rule against it. No. So they you would it would be a deliberate choice, and I'm sure there's plenty I I can imagine that the Financial Times does not use AI images, and that's by choice, and they make that very clear. And there's probably a disclosure. And if they of course, they will use an AI image if they're talking about the AI image industry, but in terms of what you see on the front page of the Financial Times, it's almost always editorial images. Yeah. That image. This is from Reuters. And and that is an editorial distribution and something that is licensed. And and occasionally, they need a photo for to illustrate something, and they might use AI. [00:18:28] S0: Okay. So I was trying to figure out why the headline number here was 3,700,000,000. Yeah. Because it was based on the 01/06/2025 share prices, not today's prices, which are far, far, far lower. Yeah. Shutterstock is sitting at $329,000,000 market cap. [00:18:48] S4: Mhmm. [00:18:48] S0: Getty is at $340,000,000 market cap. Woah. So these businesses have been really, really beat up over the period since they decided, hey, we should [00:18:58] S1: Yeah. Tie up. Interesting. So is there is there a potential [00:19:02] S0: So The UK, I think regulators are actually trying to just kick these companies while they're down.