01:25:38 · John Coogan
[01:25:38] S1: On mergers and acquisitions, there's this news today about Getty Images calling off Shutterstock deal after UK regulators said that they would have to sell the editorial business for the merger to be approved. And it seemed very odd to me that a merger would be blocked by a regulator when that industry that is consolidating and is maybe becoming more monopolistic is under such insane attack from generative AI. I can't imagine a better defensive move than putting Getty Images and Shutterstock together.
01:26:14 · Ben Thompson, Rodrigo Liang
[01:26:14] S8: This happens this this is this happens every single time. Like, the the natural response to your overall category being threatened by an external force is consolidation. Like, it's the only way to defend yourself to sort of, you know, you get synergies. Like, even, like, all these companies are pretty established, so it's actually fairly easy to price. You know exactly what things are. It's a much like, if you have growing companies, you wanna merge them or acquire them. It's really unclear because how do you sort of price out the future? These companies are declining. So it's very easy, like, you could do a discounted cash flow and understand exactly how much they're worth. It's a very straightforward negotiation. It makes total sense for them to consolidate date. But precisely because they're knowable and understandable, it's very easy for regulators to block them. And you see this happen again and again. You see, like, pushback on you saw this with TV and, like like, different networks getting together and the various pushbacks happen to that or in telecoms. Like, the this happens this is a natural pattern. The moment that a company, an industry wants to consolidate, needs to consolidate is the moment regulators are most likely to stop them consolidating. And whereas the acts would time when action would matter Yep. Like when it when it's growing and a company is making the right acquisitions to take over an industry [01:27:31] S4: Yep.
01:27:31 · Rodrigo Liang, Ben Thompson, Jordi Hays, John Coogan
[01:27:31] S4: Yep. [01:27:31] S8: Regulators don't do anything and also rightly don't do anything because you're dealing with the future and it's unknown. You don't wanna screw it up. It raises the question of what you do regulators sort of do anyway. In broad broad strokes, I used to be I've sort of, you know, I think that they probably do more harm than good as far as a lot of these sort of blocking mergers and things go. But I don't know. I'm the one that just said maybe Microsoft should take Call of Duty exclusive. So so who knows? Maybe I'll Yeah. [01:28:03] S0: We had a funny moment because we were looking it's a $3,700,000,000 deal. But I'm like, how is this a $3,700,000,000 deal? Both these are $2,300,000,000 ish market cap companies. And it was because they pry the deal was, like, priced back in January 2025. And so both companies had declined so much. [01:28:22] S1: Combined market got under 1,000,000,000. [01:28:23] S0: Over the last eighteen months. [01:28:25] S1: So maybe they should do the deal anyway. Don't know. [01:28:27] S8: I mean, it could be worse. You could be Netflix and have the stock market and sort of like make a bid for Warner Brothers that the stock market hates abandoned the deal, but they already decided you did the deal because you're desperate. You're you're screwed anyway. So, yeah, they again, you don't even get what you bid for. So Yeah. Maybe that's what happened here. I don't know.
01:28:27 · Ben Thompson, John Coogan, Jordi Hays, Rodrigo Liang
[01:28:27] S8: I mean, it could be worse. You could be Netflix and have the stock market and sort of like make a bid for Warner Brothers that the stock market hates abandoned the deal, but they already decided you did the deal because you're desperate. You're you're screwed anyway. So, yeah, they again, you don't even get what you bid for. So Yeah. Maybe that's what happened here. I don't know. [01:28:43] S1: Oh, well. Well, thank you so much for taking the time to come chat with us. Have a have a great summer. Enjoy the break, and we'll see you soon. [01:28:52] S0: Yeah. Good luck with the lemonade stands. [01:28:54] S1: Yes. [01:28:57] S0: You're gonna [01:28:59] S1: run up on a kid that has Klarna. [01:29:00] S8: You'll raise some money. Yeah. I know exactly. Yeah. Klarna and a lemonade stand. [01:29:04] S1: Klarna and a lemonade stand. Five easy happens [01:29:06] S8: in Silicon Valley. Yeah. [01:29:07] S1: Interest free. It might. Well, thank you so much, have a great rest [01:29:10] S0: of week. [01:29:11] S1: We'll talk to you soon, bud. [01:29:12] S8: Talk to later. [01:29:12] S1: Have a good one. Me tell you about Shopify. Shopify is the commerce platform that grows with your business and lets you sell in seconds online, in store, on mobile, on social, on marketplaces, and now with AI agents. And our next guest is Rodrigo Leong from SambaNova. The cofounder and CEO is here with us on the TV Guide for Realm. Rodrigo, how are you doing? [01:29:33] S4: I'm doing good. How are you guys?
01:29:33 · Rodrigo Liang, John Coogan, Jordi Hays, Vincent Weisser
[01:29:33] S4: I'm doing good. How are you guys? [01:29:35] S1: We're doing fantastically, but it sounds like you're doing better. Give us the news. What happened? [01:29:39] S4: You know, we're super excited. We did a big big funding announcement today with a billion dollar round that we did a first close on at at an 11,000,000,000 valuation. So super excited about announcing that. [01:29:53] S1: Incredible. There we go. There [01:29:58] S4: we go. There we go. [01:30:00] S0: This reminded me there was somebody posted, like, a couple weeks ago something to the effect of, like, every day there's a new billion dollar deal in chips from some company you've never heard of. Market. I guess the trend the trend continues. Yeah. Talk about [01:30:16] S1: it. Yeah. Yeah. Is this an overnight success? When did you start the company? How long has this been overdue? [01:30:22] S3: It's an
01:30:22 · Vincent Weisser, Rodrigo Liang
[01:30:22] S3: It's an [01:30:23] S4: overnight nine year success. Know, I've been I've building chips for thirty years, the high performance product, and we started this company in 2017. So no, but it's been a great journey. It's just, again, so noisy. So there's so many companies out there doing all sorts of awesome things, but look, Inference is now right in front of us. It's kind of broken everything open. It's what we do, and it's been what we've done for a long time. The new training run, and so people that are kind of been thinking about building just for training, well, now it's the time for inference. This is where we shine, and we shine, and investors are putting all their money behind that, and so we're excited about that.