00:04:54 · Jordi Hays, John Coogan
[00:04:54] S1: as Lone Pine. And again Yeah. No one knows... I mean, I think Walleye Walleye already put out a letter saying that they're basically closing down one of their long short strategies. One of them. And they're gonna continue to focus on on some of their other products. Short of. But everything else, we'll we'll probably won't find out exactly what's happening for at least the next twenty four hours. [00:05:15] S0: Yeah. Factors all going the wrong way today equals liquidations are happening. And people are fake news posting about Leopold. It does seem like if if his thesis has remained the same, and certainly if he's using leverage, it would be really tough right now. Yeah. But people don't exactly know what he's doing. You know, I think it's it's fair to throw those community notes on people that are saying like, it's it's blown up. Like, you don't know. We'll we'll we'll see. But Yeah. [00:05:43] S1: He might be all the way out of the market. You don't know? Yeah. Somebody's posting, you know, screenshots of of of his Bloomberg profile. It doesn't seem to be online right now. Oh, interesting. It might just be like, I'll see you in 2027.
00:05:43 · Jordi Hays, John Coogan
[00:05:43] S1: He might be all the way out of the market. You don't know? Yeah. Somebody's posting, you know, screenshots of of of his Bloomberg profile. It doesn't seem to be online right now. Oh, interesting. It might just be like, I'll see you in 2027. [00:05:54] S0: Well, just do him privates. Right? And that's what saved him in the last in the last, crisis. So who knows? But Lone Pine Lone Pine, people are speculating. They're in trouble. Nebius, ASML, Seagate, applied Materials. What else do they have here? Teradyne Corning. Lot of tech, lot of semi lot of semi stuff. And, if Leopold is in fact in, in CoreWeave, Sandisk, Nebius, etcetera, Core Scientific, Bloom Energy, Some of those names are down 50, 60%. And so, even without leverage, it's a very, very rough perspective. [00:06:28] S1: Yeah. Just in the last month, you have Cerebras down 54%, CoreWeave down 50%. So it is just Yeah. [00:06:35] S0: It does seem like people are kind of piling on. You you saw the CoreWeave or the Cerebras thing about how some, short seller came out and said like, their chips stopped working after two years. And it was, like, really, really negative on the actual Sorry. [00:06:49] S1: I'm just getting the chat up. They're asking, did we get liquidated and lose the We're not... Yeah. Yeah.
00:06:49 · Jordi Hays, John Coogan
[00:06:49] S1: I'm just getting the chat up. They're asking, did we get liquidated and lose the We're not... Yeah. Yeah. [00:06:59] S0: Yeah. Yeah. We have to sell those. Sooner cameras or our webcams now. Okay? Like, give us a break. We should really... We do need to get the threadbare suits going and the and the sacks, like the, you know, some some burlap sacks and some bindles. We need to be staying in line for some handouts. Adam says, our perspective on today's market crash and the era of AI, the biggest technological revolution in human history, people are eager to call the top. That's how disruption works. It disrupts. Revolutions yield polarity and sentiment, and volatility comes with change. However, if you zoom up... If you zoom out, the, S and P is still up 9% year to date and 85% since the AI revolution began. AI is nowhere near over. In fact, it's only getting started. Corrections are healthy. Asset owners will continue to win in the long term. Well, let me talk about Figma real quick. Go for it. Figma agents meet the canvas. Your AI agents can now create and modify your Figma files with design system context. And... [00:07:57] S1: A lot of people that, you know, were subscribed to Michael Burry Yeah. And Zitron Yeah. Yeah. That sold, you know, back in 2023 Yeah. When they started making those calls. So they're feeling pretty good today. [00:08:08] S0: Yeah. For sure. For sure. [00:08:09] S1: I don't know that they're gonna be jumping back in. Yeah.
00:08:09 · Jordi Hays, John Coogan
[00:08:09] S1: I don't know that they're gonna be jumping back in. Yeah. [00:08:12] S0: Yeah. I know some people who sold all way back in 2021, they're feeling like they called this way early. McDonald's is up 20% in the past month. [00:08:21] S1: Oh, yeah. Good Alexander. Quality. Says pricing surge of applicants. Pricing in the surge of applicants. Yeah. [00:08:29] S0: Yeah. Cost of labor going down as everyone stops trading stocks. Hits the hits the the fryer. [00:08:36] S1: Vlad Vlad's saying over at Robinhood saying, the trenches are calling and I must go. [00:08:42] S0: What's the... Where do you go? Aren't you already in your office? Aren't you in the trenches every day? [00:08:47] S1: We created the the trenches or the trench. How's Robinhood doing? Down 1111% today. Very. Makes sense. Yeah. But but yeah. Funny funny post.
00:09:00 · John Coogan
[00:09:00] S0: Yeah. Oh well. We'll we'll see. The market will have whatever it has. You know, everything can shift depending on the next, like, earning cycle, leak cycle on progress on all sorts of technology. But it does seem like the the the the the the... One of the commentaries that's starting to take hold is like, the hyperscalers are holding up pretty well even though the Nasdaq's down 5%. Most of the big bag seven are down like 2%. And the thesis is like, well, they have the data centers already built and they don't necessarily need it. As you get Hermits Potentially be... So a lot more value. Yeah. And they can sell into the spot spot price. And then also, the the hyperscalers have a lot of powered shells or at least they have a lot of data centers that might be running older chips, but they can re rack, reconfigure them potentially. And so it it... It'll still be slower than some of the Neoclouds, but we'll we'll see. I'm still optimistic that we'll hear announcements from Neoclouds in the next few weeks about where they are going, where they want to go, and what the new trade is. Because a lot of these, a lot of these construction projects, if there's an incentive for the local community, if it's using clean power, if it's quiet, if it's beautiful, if it's in a remote location, there's a lot of people that can actually get behind it. But it's clear that, the broadly... The the electorate in a lot of states are saying, okay. We don't like the current deal. We don't like the the the structure of the trade, for a variety of reasons. Some of them completely legitimate, some of them Yeah. Sort of misinformed by, you know, misunderstandings of the of the impact. Yeah. Be interesting. What is Joe Weisenthal saying here? Let's dig into this. But first, I'll 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. So is there something going on beyond coding? Intuitively, maybe personal assistant bots, but as Elon said, the Grok bot hadn't... Hasn't had good economics. A lot of those are like, if you wait, the economics will get there. Better. But it's super competitive and you're... And and there's so many other things that at least SpaceX can do with their compute.
00:11:12 · John Coogan, Jordi Hays
They can send it over to, Google, Anthropic, all the other buyers. So as the conversations went on, I gradually began to understand where the pessimism was coming from. In the end, they were all asking the same question. So what comes after AI coding? What will be the next engine of ARR for Anthropic and OpenAI? Several candidates came up, AI for us, for science, AI chip design, and so on, but none of them clearly convinced investors. I couldn't offer a clear answer either. Sure. There are rumors that Anthropic has made major breakthrough in both AI for science and AI chip design, but what we actually want to know is when any of that turns into money. You know, some of these initiatives, if they're if they're Yeah. [00:11:54] S1: I think the main the main thing is, like, what what Joe's referencing is, you know, I was talking about, like, we need a step up in capability in a meaningful way because there are there are a bunch of businesses in the world Yeah. Small and large, where they want to be using more AI Mhmm. But they can't really find a way to spend more than a couple $100 a month [00:12:15] S0: Yeah. [00:12:15] S1: Per person Yeah. Let's say. And so AI spend is still tiny relative to the other costs in the business. Yeah. And so they're they're sitting there saying, I'm willing to spend a lot more. [00:12:25] S0: Yeah. [00:12:25] S1: I just can't find a way yet to apply it Totally. Outside of coding and a couple of these other domains.