00:18:53 · Jordi Hays, John Coogan, Bar Winkler
[00:18:53] S1: I don't know. I don't know. I don't remember. There's so many. [00:18:56] S0: Was Sorry? Just like I paid You put any money on it ever? Didn't make any money? Let's see. There's also some updates. Token pricing is effectively meaningless now. The benchmarks are meaningless. The token pricing charts are meaningless. Everything's meaningless. No. So Steven Heidel is sharing the cost efficiency, how you should think about cost efficiency in the modern era. So 3.8 Flash looks 13 times cheaper when measured per token but Astra is cheaper per task since it's far more efficient. Measure your cost per task, not per token. So interesting. I will we see a decline in if models get more token efficient, will we see a decline I mean we probably won't see an actual decline in in token volumes. But we've seen Sundar Pichai from Google and Alphabet stand on stage and talk about the exponential increases in token volumes. But you might see a kink in that graph or like a deceleration to some extent if models just get way more token efficiency. Like if the next version of Gemini or 3.8 Flash is 100x more token efficient, you might see a little bit less growth in token volumes but they might be doing more valuable work than ever. So sort of an interesting nuance you got to adapt to the modern times, I suppose. So the intelligence index versus the output tokens per intelligence task, There's a whole bunch of charts you can dig through. Let me tell you about the New York Stock Exchange. Wanna change the world? Raise capital at [00:20:33] S2: the New York Stock Exchange.
00:20:33 · Bar Winkler, John Coogan, Jordi Hays
[00:20:33] S2: the New York Stock Exchange. [00:20:36] S0: Jordy, any other Astra reactions you wanna go through? [00:20:40] S1: I think we'll have more by Monday. Probably. As more people get it. [00:20:42] S0: Yeah. Yeah. We need we need a break. We need a break. We need a we we we need a [00:20:48] S1: It's about that time. No. No. [00:20:50] S0: Mean Not [00:20:50] S1: for us. But but the [00:20:52] S0: AI leaders, for the executives, for the enterprise leaders, we need them to be able to digest the model. That typically happens over Christmas even though we're doing the road Christmas. No. But [00:21:01] S1: we've talked about three day weekends. [00:21:03] S0: Oh, yeah. Three day weekend's coming up so people will Labor be able fire it Okay. So yeah. It's yeah. Labor Day. It's got to be everyone's got to be spinning spinning up Astra by tomorrow. Lock in. Hopefully, you don't have any real plans so you can stay inside and vibe coat. So you can understand, you know, where the model's strong, how you want to deploy it, what you want your employees doing with it, etcetera. [00:21:25] S1: Jack Altman saw the benchmarks and said, Sam exclamation point, I guess even a blind squirrel can find a nut sometimes. Congrats. [00:21:35] S0: That's good. That's good. I like it. [00:21:38] S1: So good. [00:21:39] S0: Anyway, we should move on to the jobs report because even though AI is getting better so is The US employment picture. The US added a 162,000 jobs in August. Sheesh. That is a lot of jobs. Also, what's interesting is that the the Wall Street Journal had an op ed They're
00:21:39 · John Coogan, Hunter Somerville, Jordi Hays
[00:21:39] S0: Anyway, we should move on to the jobs report because even though AI is getting better so is The US employment picture. The US added a 162,000 jobs in August. Sheesh. That is a lot of jobs. Also, what's interesting is that the the Wall Street Journal had an op ed They're [00:21:59] S3: a violation. [00:21:59] S0: Had an op ed just I mean, it just printed today. It it went to it went to print online yesterday. But saying, why we'll have to get used to meh job reports. The economy doesn't need to generate all that many jobs to keep the labor market steady but that won't keep low job growth from feeling dissatisfying. So economists think or they thought that Friday's jobs report will show The US added seasonally adjusted 53,000 jobs in August. The number came back a 162,000. Three times what these what these economists what were the economists doing? A sleep at the wheel. They're on summer vacation maybe. Who knows? That would be a step up from July's unexpected loss of 23,000 jobs which of course was now revised upwards. So we actually did add jobs in [00:22:49] S1: Oh, got an upwards revision. Yeah. [00:22:50] S0: Upwards revision. [00:22:51] S1: You don't see that much. No. Usually [00:22:54] S0: Narrative violation. Usually. [00:22:56] S1: Yeah. That's a narrative violation.
00:22:57 · John Coogan
[00:22:57] S0: There's a whole bunch of interesting there's a whole bunch of interesting dynamics going on in the economy. The the the Wall Street Journal has been doing a great job highlighting the the the main street millionaire, the small town entrepreneur, what's happening in the broader real economy, not too focused on what's happening in tech and tech jobs where obviously a very small employee base can create a really outsized outcome. Nothing shows that better than Hugging Face. Couple 100 employees, dollars 12,000,000,000 outcome. And that's not the nature of The US economy. That is the power law. That is the the outlier. And But it's easy to track and say, oh, well, like if if you're making a $12,000,000,000 business with just a couple 100 people, there's not going to be any more jobs. But that's not the way The actual US economy works. So what is going on with The US economy? The August jobs report is out and it is good. It blew past expectations with The US adding a 162,000 jobs. Economists polled by the Wall Street Journal said that The US would add 53,000. That comes after both the June and July jobs reports were revised up to 31,021 respectively. So the unemployment rate remained at 4.1% which is historically low which indicates that we generally have a healthy labor market. The jobs added were fairly broad based from the Wall Street Journal. Food services and drinking places were a standout. Let's go. With an increase of 59,000 jobs and people were worried about this post World Cup slump. You remember this? Yeah. Yeah. And so it seems like whatever happened there, whatever gyrations happened, people are still dining out. People are still going to bars and so they're hiring.
00:24:44 · Jordi Hays, John Coogan
[00:24:44] S1: I think it's quite possible that recent model advances are allowing people to have more power lunches. Yes. Might have historically been a Friday thing. Yeah. Maybe now they're adding Monday, Tuesday, Wednesday. [00:24:56] S0: Sort of a Thursday. Let Astra take the wheel scenario [00:25:00] S1: Yeah. [00:25:00] S0: After 1PM in many offices across the country. Yeah. Could be a could be a thing. [00:25:04] S1: Could be that. [00:25:06] S0: Similarly, local government education gained 42,000 jobs after losing 58,000 jobs in the prior months. Manufacturing was among the sectors registering job gains as was healthcare as has always been the case. Healthcare continues to boom. The information and finance sectors shed jobs while economists are divided over how artificial intelligence will divide the market. Those sectors are generally viewed as among the most exposed to technology. At a minimum, the report is an argument against the Fed lowering rates in September. Before the report, markets have been roughly divided on the prospect of a hike. It also seems that the AI jobs apocalypse is still on hold at least for another month. And of course we'll discuss this on the show. Let me tell you about Shopify while Jordy queues up the next story. Shopify is the commerce platform that grows with your business and lets you sell in in seconds online, in store, on mobile, on social, on marketplaces, and now with AI agents. Do you have anything? Because I got a big story here we can read through, but it's a long one.
00:25:06 · John Coogan, Jordi Hays
[00:25:06] S0: Similarly, local government education gained 42,000 jobs after losing 58,000 jobs in the prior months. Manufacturing was among the sectors registering job gains as was healthcare as has always been the case. Healthcare continues to boom. The information and finance sectors shed jobs while economists are divided over how artificial intelligence will divide the market. Those sectors are generally viewed as among the most exposed to technology. At a minimum, the report is an argument against the Fed lowering rates in September. Before the report, markets have been roughly divided on the prospect of a hike. It also seems that the AI jobs apocalypse is still on hold at least for another month. And of course we'll discuss this on the show. Let me tell you about Shopify while Jordy queues up the next story. Shopify is the commerce platform that grows with your business and lets you sell in in seconds online, in store, on mobile, on social, on marketplaces, and now with AI agents. Do you have anything? Because I got a big story here we can read through, but it's a long one. [00:26:10] S1: Yeah. On on the on the rates debate, the president was over on Truth Social [00:26:18] S0: Mhmm. [00:26:18] S1: Today asking for a rate cut and making a bunch of various threats [00:26:24] S0: Mhmm. [00:26:25] S1: Around halting trade with a number of of our trade partners if we don't get a rate cut. So hopefully, the market shrugs it off and that's all I