You're watching TVN. Today is Thursday, January 22nd, 2026. We are live from the TVPN trough, the temple of technology, the trough of technology, the fortress of finance, the capital of capital.
Ramp.com. Time is money. Save both. He's used corporate cards, bill pay, accounting, and a whole lot more. Thank you again to R. Crazy for coming on the show yesterday, breaking it down for us. That was a lot of fun. And thank you to Mark Benioff.
Mark Benioff. We have acquired a one of one.
One master puppet record signed by Hawaii resident.
He was keeping us guessing when we had him on the show. We were like, can you send that to us? And he was like, no way.
It's incredible. Look at this thing. Look at this thing.
This is going to the business hall of fame. Yeah.
Here the museum of business TV Ultra Dome.
That's right. Let's pull up the linear run of show. Meet the system for modern software development. 70% of enterprise workspaces on Linear using agents, and you should be too. We're going to take you through the story, talk about Davos, talk about a whole bunch of news in the timeline. Then we have Keller from Zipline coming on. Jake from Railway. Joe Weisenthal is returning.
We're very excited to get a whole bunch of updates.
I mean, look at look at the range here today.
We're going with Healing. The Axon is coming on. Cathie Wood is coming on. Time.
Jake announcing a big round.
First, Davos is winding down. We're finally getting like the final, you know, surprise guests. Elon is the big one.
He had to come in the last.
How do you think that works? Like how do you think that that Elon, do you think he just has like an open invite and then he makes the call like a few hours before and just says, 'Oh, it's going well. I'll be there.' And then they just throw him on? Or do you think he said yes a week ago?
And then I think Elon calls up JCal and says, 'Hey, save me a seat.'
And then they figured out from there. I think when you're tracking to be the world's first trillionaire, they just have a stage kind of set up.
Apparently the events go really, really long. Some of the interviews go at 10 p.m. Some start. It's like a full tilt across multiple event spaces. There's different houses. All-In was doing something at the Freedom House. They had a really cool interview with Satya Nadella that I watched. Tech was out in full force, and that's what I wrote about today in the TBPN newsletter. Before we go through a little bit of this, let me tell you about Vanta. Automate compliance and security. Vanta is the leading AI trust management platform. So, fun fact, Davos makes half a billion dollars a year in revenue. You think of, yes, Tyler's clapping. It's good news. It's a nonprofit, an NGO, a think tank. But you thinking what I'm thinking, Jordi,
for-profit conversion. That's right.
Let's make it happen. Let's make it happen. But, you know, it's an old organization. Klaus Schwab, who you probably know as the face of it, he was the founder. He started Davos in 1971, the World Economic Forum. It was called
He was pushed out last year.
Yeah. So, it's been on the ropes. My thesis is that Davos is back. It was a really good year. I think tech is going to double down on this. But the first decade, it just sounded like it was an amazing party. One person in 1981 told Time magazine that the forum offers a delightful vacation on the expense account. What a great line. Time was really doing great reporting. Also, Time owned by Mark Benioff of the show. So it's been a rough decade for Davos. Liz Hoffman teased the concept of an inverse Davos index in Semaphore, which I thought was sort of funny. And she sort of wrapped up a few times when the consensus at Davos wound up being like woefully wrong. And so she went through a few things. First was that everyone got together at Davos. There was an economist who went on stage in 2008 and said it is inconceivable, repeat, inconceivable to get a world recession. It's like the one thing, like not mincing words, not hedging at all, just like my prediction is that we will never see a world recession. And then of course we did. The Davos crew, they also missed Brexit and the rise of MAGA. And then in 2020 they had a forum, Davos in 2020, it's always in January, in 2020 it was January 21st to 24th, and there was really no talk of a global pandemic or being worried about that. There was one panel about sort of risks from antibiotics or something. But they certainly weren't talking about the coronavirus. And just a week later, Bill Gurley posted that famous going viral post on January 30th saying like, 'Hey, I'm tracking this. I've been tracking this for a while and this seems really serious.' And a lot of people in tech were already tracking it. So there was this disconnect between like you go to Davos and you hear like the number one thing this year is the metaverse. Apparently they did a big metaverse push. And then the year plays out and it's a wildly different story. I personally stand behind the idea of Davos in the metaverse. I would love all of the global elites coming together to create the ultimate VR skill simulator.
Has anybody built the World Economic Forum in Roblox, Minecraft, something like that? You know, one to one replica.
Yeah, it would be good. There's been a bunch of interesting behind-the-scenes videos because obviously the big tentpole media groups, Bloomberg is there, CNBC is there, but then there's also a few just folks I follow on Instagram who went and are doing sort of walk-and-talk vlogs and that honestly gives you more of like the lay of the land, like what it's like getting around. Pretty interesting. But before I continue, let me tell you about Console. Console builds AI agents that automate 70% of IT, HR, and finance support, giving employees instant resolution for access requests and password resets. So,
Yeah. And it seems like they're maybe moving.
I certainly wouldn't say the internet has forgotten about the iconic line, 'You'll own nothing and be happy.' But I haven't seen it so much over the last week. A lot more focus on
Yeah, it's interesting. That line was all about just financialization and was really
I like to think it was about enterprise software.
We're moving away from box software to SaaS.
You're going to own nothing. You don't be happy.
This particular version of Turbo Puffer, you pay for consumption.
That's what it was about anyway. Turbopuffer, serverless vector and full-text search built from first principles and object storage. Fast, 10x cheaper, and extremely scalable. So this feels like this year feels like a big turnaround. Dario Amodei, Demis Hassabis, Satya Nadella, all their interviews have been going viral on the timeline in California. There's been a bunch of articles written about what they've said at Davos. And there hasn't necessarily been a huge reversal in the positions of these tech leaders. They're saying things that they've been saying for a year or two, sometimes more, but there's some feeling like when you say a line like we could have 20% unemployment in two years, it just sounds different when you say it directly to a bunch of world leaders, a bunch of global elites, a bunch of, you know, international executives than when you say it on a tech podcast that's a little more insidery, a little more inside baseball. So it just hits different. And then it's also an interesting reflection to hear like the Satya Nadella All-In interview had an interesting like almost like high-low aspect to it where Satya was talking about very specific details of Copilot implementation, what the future of the workstation could look like, whether people will be running, you know, sidecar views. Yeah. So he's going in a lot of detail there. And then he's also zooming out and reiterating what he told other business leaders just about the general wave of AI adoption that's still pretty early on the global stage. And so it's felt like there's two different conferences going on. We've read this take from a couple different people where tech leaders are talking about research progress, employment impacts, sovereign AI, data center buildouts, and then the politicians are talking about Greenland, Venezuela, and trade deals. But even though there's like this bifurcated vibe going on, it still feels like a win-win because the tech industry is getting their messages onto the global stage now in an audience that will ultimately determine how quickly this technology rolls out and how it will be regulated. And I imagine that the tech industry is driving a lot of growth for the World Economic Forum because every company, you've seen the Palantir House, there's a lot of different tech companies that have really gone big on sponsorship, gone big on their presence. And I imagine this will get bigger. OpenAI was sort of notably absent, or not absent, but didn't take over the stage, and you would imagine that next year, given the vibes around this one, that there will be more of a presence from basically all the big tech companies.
Yeah, we had an opportunity to have a presence there and we didn't think that it fully made sense for this year just given historical travel was a big factor.
But yeah, I did like the fact that Demis and Dario presented this like friendly and cooperative united front for what American AI progress looks like. It was particularly in stark contrast to last week when there was this incredibly messy AI drama, the opposite of cooperation between Elon and Sam Altman. And so last week we're like, 'Oh, no one between machines and talent mix-up.' That's been a big drama story. And then you see Demis and Dario sort of hanging out talking about how friendly they are and how much they want to work together, and it feels a little bit like faith in humanity restored. It really captures the spirit of this like global cooperation, which I think is good. And so I think Davos is back. I think it's time to ski, and congratulations to everyone that's been having fun and making waves in Davos. There's a whole bunch of videos that we should go through. First, let me tell you about Okta. Okta helps you assign every AI agent a trusted identity so you get the power of AI without the risk. Secure every agent. Secure any agent. Did you want to watch this clip from Midnight Capital? Jensen Huang is at Midnight Capital. He's given us some instructions. He says, or they say, listen to this, then watch the second video. This host over at Fox Business has given us a run for our money in the costume department.
Maria Bartiromo knows how to dress. This is a fantastic outfit. Let's play Jensen one trying to compete. Is the space getting more competitive for you today?
Our space is incredibly competitive. I've got a lot of competitors. It's hard to imagine. You know, Google's been here for a while and they're an excellent AI company for a very long time and they're an incredible company. But we have competition from all sides and well, we just have to run fast. You know, Nvidia's the only
you're doing and trying to compete.
And then Midnight Capital says, 'Watch the'
You know, a company has an insane monopoly if they're trying to convince you that that
I think that's where we're going with this. You're giving away the punchline. Play the Teal clip at the London School of Economics.
Oh, I didn't even know we had a
Scroll down. It's right here. This is the whole one-two punch that Midnight Capital's serving up for us. Here we go.
The people who have monopolies pretend not to have them. And the people who don't have monopolies pretend to have them. And so it gets kind of confusing. If you're Google, you will never say that you're a search engine. You will say you're a technology company, and technology is a vast, incredibly competitive space. If you're in a completely competitive business, let's say you're trying to open a restaurant in London, and you will say, well, this is totally different from any other restaurant. It will be the only British Nepalese fusion cuisine within a five-block radius of the LSE. The people who have monopolies pretend not to have them. And the people who don't have
This is a very good point.
Yeah, Jensen studied and said, 'You know what? It's incredibly competitive.' Of course, he's also going through an acquisition with Groq, and it seems like the Groq deal will go through, but it's
like I have so much competition I had to spend $20 billion on a team.
Yeah. And yeah, please define my market as also including CPU and also including ASICs and also including like everything else that could possibly compete with Nvidia. Because
The Journal had a good summary of kind of some of Jensen's points of view out of Davos. Nvidia CEO says AI needs more investment in defiance of bubble fears. Yeah,
Jensen called for higher investments to further spread the technology across developed and emerging economies.
Speaking in Davos, Huang described AI as a five-layer cake consisting of energy, chips, cloud infrastructure, models, and applications. He said AI's applications, how the technology is used in a specific industry, is the most critical layer of that cake as it is where the economic benefits lie. Sectors like energy or semis, both key to developing and harnessing the technology, are already growing thanks to AI. But he said more investments are needed to ensure that benefits of the technology spread to more industries across both developed and emerging economies. The AI bubble comes about because the investments are large, and the investments are large because we have to build the infrastructure necessary for all of the AI layers. I think the opportunity is really quite extraordinary and everybody ought to get involved. Everybody, it's open for business, folks.
Yeah. On the topic of just do we need more investment, there was an interesting detail in the TSMC earnings this week that Ben Thompson highlighted. Basically, TSMC, they had this earnings call and they announced a planned capital expenditure of $52 billion to $56 billion, up 27 to 37% from last year, and there was some pushback from an analyst. So I'm not sure that coming in at the top of the predicted range qualifies as quote 'higher level of capex spending.' An analyst pushed CEO C.C. Wei on this point, noting that TSMC's revenue has grown 50% since 2022, but capex has only grown 10%. There weren't too many answers from TSMC about this, which is understandable given that they won't announce next year's capex numbers until next quarter. And so, Ben is sort of pointing out that TSMC is potentially the biggest bottleneck. TSMC has reiterated this, that we're not bottlenecked on energy, we're bottlenecked on chip production. We're going to scale up, but at the same time, they don't want to be caught holding the bag. So Ben Thompson says the implication of cloud service providers showing huge financial gains from AI now combined with the admission that there is an insufficient supply of silicon is that foregone revenue isn't a theoretical risk. It's being foregone right now. And you've heard this from all the labs. If we had more chips, we could actually deliver more services, charge more, make more money. We are bottlenecked on compute. And yet at the same time, notice that we led his answer, admitting to his fear. TSMC doesn't want to get stuck holding the bag, spending billions of dollars for demand that might disappear. This is a legitimate concern for TSMC, but it's a big problem for TSMC's customers. The only way they're going to overcome that fear is by helping bring competition to bear such that TSMC worries more about losing business than they do about investing too much. And so, who will be the competition? Maybe it's Intel, maybe Samsung, there's a number of other foundries that could potentially ramp up and put the screws to TSMC, but the Nvidia TPU, not Groq, but Cerebras and a few other of the chip makers are all sort of still constrained by TSMC. And so there's still some worry that if we don't expand just raw fab capacity, that that will be a bottleneck for AI. But anyway,
Before we move on, let me tell you about Gusto, the unified platform for payroll, benefits, and HR built to evolve with modern small and medium-sized businesses. Let's go to who is this? We have a clip here from well, Philip Johnson's having fun at Davos. But before we do that, let's head over to David Sachs. Me defending my vibe-coded CRM I made in one shot with GPT-4o.
Sometimes is too slow for sure and needs to be reformed for sure. But which is predictable, loyal sometime.
I love it. What was the story behind the glasses? Somebody, I saw some meme that I think he suffered an injury or something and some people would say do an eye patch, but he went with the sunglasses. It's a fantastic look.
Yeah, he looks like a rockstar. Elon Musk has hit the timeline on Davos.
I love how Philip is just like in the front row
It's incredible, incredible citizen journalism here. Let's play this clip from Elon Musk at Davos. What's he saying? Why did he go to Davos? What is his message? What is he going to talk about?
Is that the lowest cost place to put AI will be space and that'll be true within two years, maybe three at the latest.
So looking 10 or 20 years out, how would you describe success with a
Three at the latest, that's an aggressive timeline.
Yeah, for that, Blue Origin launched satellite internet to rival SpaceX and specifically to rival Starlink. Bezos-backed Blue Origin is launching a satellite network for enterprise, data center, and government customers. TerraWave aims to begin deploying the first of 5,480 satellites in the fourth quarter of 2027. So a little under two years. The service will compete with Starlink and it will also compete with Amazon-operated Leo, which is interesting. I guess they'll maybe work together at some point. The network called TerraWave is targeted for enterprise, data center, and government users. The company said it will provide speeds of up to 6 terabits per second from satellites positioned in LEO and medium Earth orbit, regions of space that are between 100 miles and 21,000 miles from Earth's surface. Blue Origin says it expects to begin deploying the constellation in the fourth quarter of 2027. Bezos is entering an increasingly crowded satellite internet market that's currently dominated by Starlink. Starlink has more than 9,000 satellites in orbit and roughly 9 million customers. Amazon, which Bezos founded in 1994, is also ramped up its own offering. That service recently rebranded from Project Kuiper to Leo. The company has set up 180 satellites since last April through a series of rocket launches handled by partners such as ULA and actually SpaceX. Several future deployments are expected to be handled by Blue Origin. Amazon aims to build a constellation of 3,236 low Earth satellites that will serve business, governments, and consumers. Last November, the company opened up an enterprise preview to select users ahead of a broader commercial launch. Bezos predicted in 2024 that Blue Origin would one day be a bigger company than Amazon. That's a wild prediction. He founded Blue Origin in 2000. And Dave Limp, Amazon's former device boss, serves as its CEO. Quote, 'I think it's going to be the best business I've ever been involved in, but it's going to take a while,' he said at DealBook in 2024. Blue Origin is primarily a rocket launch company, flying tourists and research to the edge of space on short trips. Last January, the startup notched a major milestone when it successfully launched its towering New Glenn rocket for the first time, though it was unable to return the rocket booster back to a barge for reuse. They nailed the landing of the New Glenn rocket last November following a successful launch of a pair of NASA spacecraft. So good progress over there at Blue Origin.
We got to do some more research on the Chinese Starlink equivalent. They have Guowang, which is their state-led effort trying to get to 13,000 satellites by 2030. Currently, they have around 150. And then there's Qianfan, which currently has around 100, also trying to get to 15,000 by 2030. And they're more commercially focused. So it'll be interesting to track. And you would think that the Blue Origin news, the news that Starlink has a second competitor, Blue Origin, Jeff Bezos, major players, well, what does that do for AST SpaceMobile? The stock is up 14% today. And it's up 24% over the last 5 days, 35% over the last month, and 100% over the last six months. It's at all-time highs. It is at all-time highs and the market cap is now $42 billion. I have some friends who are obsessed with SpaceMobile and fascinating run. They keep running. Anyway, moving on. Elon also gave some timelines for Optimus humanoid robots at the World Economic Forum. He said, 'By the end of next year, we will be selling humanoid robots to the public.' To the public, not just enterprises. You're going to be able to just buy one of these the way you buy a Cybertruck or a Model S Plaid or anything else. That is a very, very aggressive timeline. But he has been buying the parts to actually manufacture them. And you know, what does selling to the public mean? Does it mean a thousand deliveries, 10,000 deliveries? I don't know. But he's definitely pushing that project forward. Having an Optimus that is just on staff here that can just go hit, like if I can hit a button and have the Optimus hit the gong physically, that would be fantastic.
Yeah. Priceless. There's really no
No amount of money that we wouldn't pay to be able to get that kind of experience here in the Ultra Dome.
Yeah, I'm excited. I mean, we've seen like, you know, Boston Dynamics, we've seen with the Chinese humanoid companies. There's like you can do cool things with these with 1X and whatnot. Even if it's teleoperated, even if it's prescripted, the technology does work. It's more just like how impactful will it be? How expensive is it? How reliable is it? Is the battery one hour or more?
Has he spoken about teleoperation?
Seems like he'd just be generally against it.
I know that don't the Tesla robotaxis do some teleoperation? I think in the test zones there was like the ability to take over on that early demo. So I don't think he's dogmatic about it, but he certainly is, you know, if you're against LAR, you got to be against
Tragically Sane says robots replacing humans hitting the gong. Okay, never mind. Shut it down.
Don't worry. That will be the last job.
That will be in the studio hitting the gong. Let's move on to this clip from Satya Nadella at the All-In AI summit in Davos. First let me tell you about Vibe.co where DTC brands, B2B startups, and AI companies advertise on streaming TV, pick channels, target audiences, and measure sales just like on Meta. So let's play this clip from Satya Nadella explaining how he's thinking about
Jobs had the best line I would say for PCs or computers was to say if you, it's a bicycle for the mind. Bill had a line which I liked as well which was it's information at your fingertips. We kind of need now a new concept metaphor for how we use computers in the AI age.
And the one I like actually came from the CEO of Notion, which I, you know, that manager of incredible product, you haven't bought it yet, but it's both management of, you know, basically a manager of infinite minds. That's a nice way to think about it, right? If you remember, you know, Jobs had the best line I would say for
The manager of infinite minds, that is a good framing. I like that and it's nice that
How many minds are you managing, Tyler?
Right now it's probably like four because I have every LLM like actively running.
You got to get those numbers up.
Yeah, I've never really used multiple cloud instances yet.
But yeah, good framing and good to see. Yeah, it's interesting like the manager of infinite minds concept, obviously that essay from Ivan, CEO of Notion, it went viral over the holidays. I think a lot of people in tech read it, but it did not necessarily break through to like the Davos community. And so having Satya Nadella there just further popularize that concept, bake it down into a repeatable phrase that can prepare people for what's coming. That is valuable and that's what we're seeing here anyway.
It'll feel like you're playing StarCraft now.
I like the StarCraft managing. The StarCraft analogy is real. Zerg army. Let's pull up this video that was posted by the New York Times podcast. Jon Caramanica posted this video yesterday. Somebody sent it to me. Actually, Leaf at Public sent it to me.
And I was so confused because there's only about a hundred of these hoodies out in the world and we kind of knew exactly. We kind of like everybody on the team like kind of sent them out.
So I first thought this video was AI generated.
It did. I mean, it's about AI. So, let's play the video.
And I think we maybe don't want to do sound.
Okay. So, yeah, it's about Bruno Mars. And if we, I don't know if we can scroll back to the beginning, is that possible on Instagram Reels if you repost? But yeah, if you zoom in here, he's dancing. And the dancing this part, I was like, maybe this part's AI. But then when he sits down, you can see that he has a microphone, a lav mic clipped to his collar. And so everything about this says this is not AI generated. This is real. And the hand motions are so accurate and they're eluding
And he just looks extremely cool.
Yeah, it's great. And so he goes on to talk and we're gonna have him on the show later. Anyway, so Dylan messaged Jon and we figure out that Jon accidentally purchased
But at least he's still looking great.
Silver lining. But yeah, I mean our saga to battle the fraudulent merch, the knockoff merch has been incredible. This site popped up and we assumed, okay, they're not going to take payments certainly. They're definitely not going to print and ship anything and we'll be able to get this taken down in two seconds. And I actually sent them an email saying like, 'Hey, I assume you're a fan. Like just so you know, we don't want this out there. I'd be happy to talk to you about maybe working together or something, but can you please just not use our brand and our trademarks and all this stuff out there on the internet without talking to us first? Like let's have a conversation about this.' Did not get a response.
And I think some other people on the team were like, 'Yeah, Jon, that was never going to work.' And they were right.
You tried to go Golden Retriever.
I did. I did. I was like, I'm just going to assume the best. I'm just going to assume this is an overeager fan or someone who is an entrepreneurial kid who's just trying to make
No, this is a Canadian. We know it's a Canadian.
Yeah. Anything could happen up there. We need in the chat says, 'You guys have a good line of Shopify. I assume most of them are hosted there.' No, it's not hosted on Shopify.
It's not. It's not. And at one point,
we've already gotten them taken down from
from a number of platforms where we know the CEOs and we'll say, 'Hey, we have this fake site. Can you take this down?' They will. And they'll pop up on a different site. And so it's been a true game of whack-a-mole. We've sent a number of demand letters at this point. We've really pushed it a lot, but they keep finding a way. And at this point, they are in fact taking people's money and shipping fake product now and fooling people that are discerning.
And apparently it smells kind of funny.
The real merch is coming. The real merch is coming. We do have, we've been sampling a bunch of different stuff.
Of course. Of course, Shopify.
We need to put out like a Maduro-style bounty.
We put a stack on there. Shopify, of course, 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.
Trey says, 'Mark Carney is selling fake TVPN merch.' Crazy.
He saw your post about him cortisol spiking,
his cortisol spiking, and he was like, 'You know what? I'm not doing anything about this.' Canadians, it's really concerning the number of people that didn't understand that my post was a joke.
You're very online and you're very early to a lot of these things. You were trying to make it happen back like over a year last year. Didn't happen for a long time. Then you tried to make motion happen. I still think people are just waking up to motion. This will happen, but you got to let it simmer. I mean, I've seen this multiple times, but I just the idea of like processing Davos as though it's like a bunch of Kick streamers.
It is very funny to, you know, look at the aesthetics and the whole Kick clipping economy is crazy. I found one of those clips and then I went and looked at the account and it's like dozens of posts that are the same format where it's like they have a word in all caps and then they have an emoji and then they have this and it's like very sensationalist. It feels like paparazzi on top of a Kick stream or something. Very, very odd phenomenon.
The thing that is real is like the drama that's going on at Davos is not that different. You see, you know, Bessent taking shots, cortisol spikes.
They're definitely spiking each other's cortisol, getting each other to crash out.
I still don't even know what cortisol spiking means. Is it just like getting angry? What does it actually mean?
If you get into any type of verbal or physical altercation,
It's like a fight or flight.
Yeah. The cortisol floods your brain, just makes you, okay, well, yeah, gets your
Anyway, private credit investors' cortisol has been spiking because they are cashing out in droves. Redemptions by individual investors in funds soared at the end of 2025 after performance declined, reviving questions about suitability. This is from Matt Wirz in the Wall Street Journal. He says, 'For the first time since the start of the private credit boom, large numbers of individual investors are trying to get their money out. Several of the big funds eligible to wealthy individuals received requests from about 5% of shareholders to cash out at the end of last year, well above the normal volume according to the SEC. One managed by Blue Owl got redemptions for about 15% of its shares.' This was something where people were nervous about the data center buildout, private credit, the expansion here. Apparently what's driving it primarily was Asian clients asking for redemptions from Blue Owl specifically. The rising redemptions come at an awkward time for private credit fund managers for the Trump administration as they push for new rules that would democratize private markets by encouraging their inclusion in 401k retirement plans for all Americans. Private fund managers including Apollo Global and Blue Owl blame fear-mongering about a recent spate of corporate bankruptcies. This is the whole cockroaches back and forth with Jamie Dimon and some of the folks in the private credit world, Blackstone, Apollo, Blue Owl, and because there was an automotive supplier that went bankrupt versus brands we talked about and there was a surge of withdrawals. Analysts say there could be a simpler explanation: individual investors are falling into a familiar pattern of selling out when an asset class underperforms expectations. 'These investors got really surprised when their dividends went down,' said Robert Dodd, an analyst at Raymond James. BDCs, the business development companies, they typically make high-interest loans to midsize corporations with junk credit ratings, using the interest income from those loans to pay dividends. A handful of these funds have cut dividends because the yield on their loans are falling in lockstep with benchmark interest rates. 'More dividend reductions will follow,' Dodd said, likely prompting more redemptions. Total returns from five of the largest private credit funds aimed at individual investors declined to an average of about 6.22% in the first nine months of 2025, compared with 8.76% in the same period 2024. And back in 2023, if you were in these funds, you were making 11.4%. Not bad. Money managed by BDCs has tripled since 2020 to about $450 billion. So there's been a big growth and the funds still took in more new money from new investors than they paid out in their most recent quarter. A sign that they are still popular among investors and advisers. Let's move on. But first, let me tell you about Phantom Cash. Fund your wallet without exchanges or middlemen and spend with a Phantom card.
The CoStar letter breaking: SpaceX is set to hire Bank of America, Goldman Sachs, JP Morgan, Morgan Stanley to lead its IPO. That's a whole host, a murderous row. The IPO is expected to be valued at as much as $1.5 trillion, making it the largest IPO in history. But
the community knows, put it in the truth zone because Saudi Aramco's IPO in 2019 sported a valuation of $1.7 trillion. Interesting, very different.
Raised $25 billion. $25.6 billion.
So anyways, obviously Elon targeting more than that on an actual dollar basis.
Well, there's other news about Anthropic. The revenue run rate for the end of 2025 was $9 billion, up from $4 billion in July 2025. What an incredible
growth. Iconic Lightseed and Menllo are set to join the new funding round from TechCrunch here and Bloomberg reporting. Um, this is maybe a deceleration. I was debating this with Tyler. I mean, they went from 100 million to 1 billion. They 10xed, then they were going to 10x it again. So, everyone was expecting 10 billion.
And 10x it again, and they landed at nine on run rate.
Yeah, I was trying to find, did they, did they, uh, did they predict 10 billion?
I don't know. I, I actually don't know the exact quote. I think Dario like was pretty loose about it. He was just saying that like we've seen magnitude.
Yeah, he was saying, he was saying we, we went a full order of magnitude from 100 to a billion. We're going to do a full order magnitude again.
Is it a full order of magnitude to go from 1 to nine?
And he said he only expects like three or four more, uh, you know, 10x's.
He said that? No. [laughter]
No, no. I, I specifically remember him saying like, like we cannot keep that level of growth going. Like it's like he said it would be pretty crazy if that...
Yeah. I don't think he said we can't.
Oh, okay. He said it would be pretty crazy. Yeah. Okay. Well, uh, obviously he said if that continues then like you're really in the, you know, the, the biggest companies in the world are on that scale.
Yeah. I mean, at a certain point like there's no company that's doing a trillion dollars a year in, in revenue and you're only two orders of magnitude away from that. So, uh, we'll see. We'll see. But obviously, Anthropic's been on a tear and the new round it seems to be coming together nicely. Uh, there is other news from The Information. Amir says that Anthropic's inference costs on Google and Amazon servers were 23% higher than the company, uh, projected. Of course, when you're growing so fast, you're probably willing to pay more for inference just to make sure that everything stays online.
Better to, better to service the demand and not, and not get that frustration, you know, people hitting rate limits, etc. Yeah, I think, uh, later in the summer there were, there was a lot of news about how the, the Anthropic API is like always down. They had issues.
Yeah, there was that and then there was, there were also some like FUD type articles about negative gross margins, about, you know, margins being really, really bad at these labs. Who's, where's the real, where's the value accruing? Is it all going to accrue to Nvidia? Uh, last month, uh, Anthropic projected it would generate around 40% gross margins from selling AI to businesses and application developers. Um, but I think that gross margin came in a little bit lower. Um, but you know, there's so much more that they can do to optimize. They're buying TPUs now. They're going to build new data centers. Uh, and also there's, it, it does feel like we're going to enter a world where inference is load balanced across a variety of semiconductor stacks. And so for really fast things, you might be going to a Groq or a Cerebras, or, you know, you might, for more basic stuff, you might be going to a legacy model that's cheaper to inference and all of that might be blended together into something that's, uh, more profitable. And then also, you know, the, the dynamic of the, of the equilibrium in the ecosystem could just be higher prices if it's delivering a lot of value. People are really happy with the value that they're getting from this. And, uh, Beth Jazos posted a real picture of Dario.
Uh, that you can pull up here.
The jawline is crazy on this.
Claude's going to be able to do this to people one shot.
No, Claude will not. They're not launching an image model. Claude will have...
No, no, I'm saying you're going to be able to just talk to Claude and say like, 'Turn me into a, uh, into a moger in real life.'
It will, you know, orchestrate the jaw.
Okay. Got it. Yeah. The double jaw surgery,
leg lengthening surgeries, purchase it all for you and just create a schedule for you.
Yeah. Call the Waymo to take you to the, you know, to the dentist or whatever to do the surgery.
Well, if, if you're in San Francisco on February 3rd, you need to call a Waymo and head over to the Cisco AI Summit. It's bringing together leaders from NVIDIA, OpenAI, AWS, and more to discuss the future of the AI economy. The whole thing will be live-streamed, and we'll be there for the stream.
Google DeepMind is signing a licensing deal. It really is a licensing deal economy that we're in. Last year was the press release economy.
Yeah, this year very, very much the licensing deal economy. Hume AI, which builds emotionally intelligent voice interfaces. Uh, and they're going to hire CEO Alan Cowen and seven of their engineers.
Is this the same, uh, acqui-hire story that we've, that we've seen so many times before? It's essentially an acquisition. Is that what we're, we're reading this or?
Yeah, that's, that's major licensing.
I mean, that's, yeah, the CEO is joining DeepMind. Uh, interesting.
I, I, I never thought of, uh, of Google as particularly behind in voice interfaces. Um, it doesn't, I, I'm wondering what else is going on here. Um, I mean certainly it's an important part of the stack if you have an app that people are chatting with and talking to. Um, obviously NotebookLM was sort of a viral success, but I do really wonder about the longevity and the, and the retention. It feels like they were maybe like, I don't know, 80 or 90% there in terms of people, maybe it's just a speed thing. Maybe it's the actual cadence. I've talked to some people that have...
Didn't that team leave and start their own thing?
They did. But I mean you got to be able to backfill that if you're, if you're Google DeepMind, like you have a great product with a lot of people talking about NotebookLM very positively. I think a lot of the NotebookLM functionality eventually got baked into the Gemini app. And so, um, but this, but there still is just, it feels like when you have a latency step where you ask a question, okay, prepare a deep research report and turn it into a podcast and read it to me on the Roman Empire and you have the option to just go to YouTube and just find a video of or pull up Hardcore History or something and just listen to it and as soon as you click it just starts playing versus you have to wait. That's going to induce churn. That's going to...
I always thought NotebookLM was the, the product that I wanted to cram for college exams. I did that.
Yeah. There's so many moments in college where I was like riding my bike to an exam and being like I could really use these 15 minutes to learn about, write a paper on, or whatever. But at the same time, for probably 99% of high school exams, the, the, the topic is well-studied and there's already like SparkNotes. When I went to high school, like SparkNotes existed. And if you were, if you were doing a book report on the Odyssey, there was already a pre-written summary of it. You didn't need an LLM. Like LLMs are particularly good, NotebookLM is particularly good when you need to generate a report or an essay or a deep dive or a podcast about something that no one has ever made a podcast about before.
Yeah. But if you're just looking for an hour of really thoughtful content on, you know, peptides, like the Huberman Lab podcast exists and has created a very polished product around that,
opinionated as well, which I think people want, but even just in terms of, in terms of just facts, like, like the facts are already polished and the most important thing is that it's there just one click to start that video. So, I'm sure that, you know, a lot of, a lot of high school students are pulling up YouTube videos that summarize the topics that are going into their calculus exam or whatever they're about to walk into. There's plenty of...
Yeah. You didn't have streaming video on the internet when you were going through college, right? That exist?
A little bit. [laughter] It was, it was, YouTube was there, but the library of YouTube videos, it was...
It was truly like, hey, come in this dorm room. Let me show you the three YouTube videos that I know about. Like it's a great sign of my culture and respect to show you like the greatest YouTube videos that are like viral in my world. Uh, anyway, MongoDB, choose a database built for flexibility and scale with best-in-class embedding models and rerankers. MongoDB has what you need to build what's next.
Uh, more news from Sam Altman. Oh yeah. He shared today, 'We have added more than 1 billion of ARR in the last month just from our API business. People think of us mostly as ChatGPT, but the API team is doing amazing work.' So...
That's fantastic. Yeah, I mean we saw they just did this huge deal with ServiceNow. Like they, they're definitely cooking. They've been cooking for a long time. They have a, they have an enterprise go-to-market motion that's definitely, uh, working and, and somewhat disconnected from like whatever the hot story of the week is.
People are, people are pretty funny in the comments going, 'Brother, 1 billion of ARR at a 500 billion valuation, you're going to need to make that MRR.' [laughter]
Obviously, this person misread the post, which is added 1 billion in the last month.
So, of course, uh, I would imagine their plan is to continue doing that, actually scale that, but...
I love Bubble Boy, but I, I, I do not believe his rumors. [laughter] I don't, I don't go to him for rumors necessarily, but I don't know. A lot of likes on this. Maybe it's real. There's no, there's no community note. What's the rumor from Bubble Boy?
The rumor: Google is spinning out TPU team into a separate entity under Alphabet umbrella to sell hardware to third parties directly.
Uh, it could happen. [laughter]
Someone calls it a cross-chain atomic swap. That's funny. Uh, anyway, uh, would they even need to do that? I don't know.
Yeah, I mean you can see they, uh, Waymo, it's like, did they need to raise money at the Waymo level, right? Sometimes it's helpful for, you know, a company to have its own Alphabet structuring and how they report out earnings and whatnot. Anyway,
Uh, staying in the big tech world, let's head over to Mark Gurman's latest report.
Apple is revamping Siri as a built-in iPhone, Mac, and chatbot to fend off OpenAI. And there's an image here. What is this? The Gemini, Google, uh, Google Gemini AI chatbot on a Galaxy S25 Ultra smartphone. So, Apple plans to revamp Siri later this year by turning the digital assistant into the company's first artificial intelligence chatbot, thrusting the iPhone maker into a generative AI race dominated by OpenAI and Google. The chatbot, codenamed Veritas, uh, will be embedded deeply into the iPhone, iPad, and Mac operating systems and replace the current Siri interface according to people familiar with the plan. Users will be able to summon the new service the same way they open Siri now by speaking the Siri command or holding down the side button of their iPhone or iPad. The new approach will go well beyond the capabilities of current Siri, far beyond a long-promised update that's coming earlier in 2026. Today,
John, say Siri again really loud and clearly for anybody that's watching on their TV at home or in their office.
Yeah, the, the feature is a central piece of Apple's turnaround plan for the AI market where it has lagged behind Silicon Valley peers. The Apple Intelligence platform had a rocky rollout in 2024 with features that were underwhelming or slow to arrive. Shares of Apple gained on the chatbot news climbing as much as 1.7%. Uh, the previously promised non-chatbot update to Siri, retaining the current interface, is planned for iOS 26.4 due in the coming months. The idea, the, the idea behind that upgrade is to add features unveiled in 2024, including the ability to analyze on-screen content and tap into personal data. It will also be better at searching the web. The chatbot's capabilities will come later in the year, according to people, uh, who asked not to be identified. The company plans to unveil that technology in June at WWDC. Veritas, which will have both voice and typing-based models. Tyler, what's that sound like?
Typing. You're going to be able to type to Siri back and forth.
Wait, you can, can't you type to Siri?
Right now you can't. I thought it opened.
Maybe. But you don't have an app. You don't have a place to store all your conversations, which was my take.
Okay, cool. But I, I still care about, I still care about the model being implemented way more than I care about...
Yeah. Yeah. Yeah. Yeah. Of course. Like where, where, where are, I mean? Like the model's going to be good. Like they're using Gemini. We know that. But like what specifically are you looking for on the boys? [laughter]
Jimmy boys. Jimmy, Tim Cook's a Jimmy boy. Um, but where, where are you, uh, like, like what are you worried about them not implementing correctly?
Like you want like an agentic harness so it can do like Claude Code style work like for a long time on your phone directly.
Yeah. I don't know. There's just like, like the current Apple Intelligence is so bad.
Yeah. I just like have very low, like I, I, it's, I think there's a real possibility that they just like make it so every time you have to talk to, to Siri you have to like press an extra button or something. Like there's just like random stuff like that.
Yeah. But what if it, what, what if it's just you press and hold the button and then you're just submitting a Gemini prompt and then it just returns exactly what Gemini would have returned. That's like not implementation. That's just like normal.
Yeah, but like why? I mean they could have already done that with like an open source model. They, like, they could have done that.
No, they needed a deal. They, they, they can't just, Apple can't just go and implement anything. I, I, I think it's, I think it's going to be tricky for them. Like specifically...
So, so specifically Llama, uh, has in the, in the terms of service like you cannot use this, it's open source, unless you have more than like 800 million users or something like that. Like there's some specific...
OpenAI trained their open source model for like $5 million. It's like Apple could do it for 100 million.
Yeah. People always talk about how amazing the open source model is.
It's way better than the current Apple Intelligence.
That's true. That's true. Yeah. Okay.
Like open source models are, are, are pretty solid.
So you're saying you want Apple to, to make the phone with Foxconn and run DeepSeek.
Yeah. Come on. They're not doing that. They're not putting DeepSeek on there. Uh, other than the chatbot interface, the operating systems aren't getting a big, aren't getting big changes this year. Of course, we got Liquid Glass. So, Apple is more focused on, on improving performance and fixing bugs. Last year, it rolled out a major design overhaul, unifying the look and feel of its operating systems. Internally, Apple is testing the chatbot technology as a standalone Siri app. Let's go. Similar to the Chat and Gemini options available in the App Store, the company doesn't plan to offer that version to customers though, so we might not get an app. I'm on a roller coaster here. Uh, instead, it will integrate the software across its operating systems like the Siri of today. I still think they need an app because I'm going to, I'm going to hit it. I'm going to ask it a question. I want to come back to it. How am I going to do that? So, I don't know.
Hey Siri, go back to the recent...
Yeah, maybe. But it's got to be good. Then, then it is, then the implementation has to be good because even in Gemini and ChatGPT there are oftentimes when I will, I will fire off a query, it will come back with like thousands of words and if I search a keyword in the search box of previous chats, I have so many previous chats that I can't necessarily find the exact one that I'm thinking of.
Okay. So, so one implementation thing that I think is important is like if it's super long, if the run, if the response is super long, it reads it out to you, like you should be able to pause or something like, like that. Like in Claude, you can't do that right now.
You can't even fast forward. That is an important thing. There's all these implementations that materially affect like how good it is.
Yes. Yeah. Yeah. Yeah. That's good. Um, embracing the chatbot approach represents a strategic shift for Apple, which has long downplayed the conversational AI tools popularized by OpenAI, Google, and Microsoft. Executives have argued that users prefer having AI woven directly into features, something Apple has done with its writing tools, Genmoji emoji generator, and notification summaries, rather than standalone, standalone chat experiences. That's not, that's not an unreasonable take. Like I, I, I do, I do, uh, I do see why they landed there. And in the long term, I, I wouldn't be surprised if that's, if that's, if the, if the AI woven in the features, like the AI that's in the Photos app is better than, okay, I got to open up the chat app and ask it to edit this photo and import the photo from my photo. Like, no, you just want to be able to go into the Photos app, have the, you know, change the color temperature, change the brightness, draw on it, add text, and then also have AI features in there, I would imagine. So, I, I am bullish on Apple diffusing AI into all the other apps, but it's taking a while.
Uh, yeah. I just, I just hope the team specifically that designed the new version of the Photos app from the ground up takes the lead on Apple Intelligence because...
You're not a fan. I, it's been getting better. It's not perfect, but it has been getting better. I've been, I've been learning how to do it. I know there, I, I know the quirks.
Is it getting better or are you getting better?
I'm getting better. I'm getting better. I can't believe it.
You're... They should have just come out and said, 'Hey, we hear that you guys don't like the Photos app.'
Skill issue. Let's [laughter] do it.
Yeah, just the Apple Photos icon. And then just the text: skill issue.
Skill issue. Stop complaining. Anyway, Graphite. It's code review for the age of AI.
Graphite helps teams on GitHub ship higher quality software faster. So,
Gurman had more news. Uh, he says, uh, just now, Apple quietly gave hardware chief John Ternus oversight over the company's hardware and software design teams at the end of last year, marking the first evidence he is being groomed for the eventual CEO role.
I like Ternus. I'm a Ternus fan. Ternus head.
I'm, I'm bullish. I hope he gets it. I don't know. It feels like still very up in the air, very rumor-based, but, uh, he's been putting out good vibes. He's been delivering. I don't know. I, I'm, I, whoever that, whoever that source that was, 'he never made a hard decision.' I need...
We should start making edits of him talking doing Apple keynotes.
Yes, we need to get a Ternus vibec reel up for sure. Start to prime the pump. Prime the pump. If he doesn't [laughter] get it and we've been pumping Ternus, going, becoming Ternus heads, uh, it would be, uh, it would be a big L for, we'd see. We, we, we'll see. Um,
Let's see. Uh, we, we, we already talked enough about the, the Thinking Machines drama. The New York Times is reporting on the, on the internal drama. Thinking Machines now. Uh, who, who wrote this? Was this, uh, from...
From Mike Isaac. Seven-minute article. Okay. Defection, secret conversations, deal talks that fizzled, and a battle for control. And the, and the quote from, uh, Andrew Curran that he pulls out says, 'But in less than a year, Mr. Sof, Mr. Metz, and Mr. Schoenholz had become deeply unhappy with the startup's direction.' I wish they'd unpacked that more. The, the, these, uh, these pieces have not gone deep enough into the nature of the dispute around the technical direction. I would really like more, uh, more answers there because like they, like what specifically are they unhappy about? Because just, you know, the, like B2B fine-tuning, that seems like a good business. Like OpenAI is having a lot of success with it. Uh, has Thinking Machines, has it been a go-to-market problem? Has it been an implementation problem? Has it been...
Yeah, overall there's nothing that kills motivation like having to show up to work every day and believing that the company is moving in the wrong direction. But what, but what specifically? So...
I'm sure, I'm sure the team at OpenAI has a, maybe a rough idea, uh, and that was again part of, part of...
What Mira, it sounds like, frustrated with...
Thinking Machines lagged OpenAI and other rivals in releasing products and was struggling to raise new funding at an eye-popping $50 billion valuation. The men had urged Mira to strike a deal with Meta, the owner of Facebook and Instagram, had discussed buying Thinking Machines, and Ms. Murati had developed closer ties with the chief executive of Anthropic, a leading AI company, but no traction had resulted. At the meeting, the men lobbied, uh, for Mr. Sof, Thinking Machines' Chief Technology Officer, to oversee decisions. And this is just a strange...
This has been weird parts of it, which is like why would the CTO not be overseeing decisions about the company's technical direction? But...
I don't know, I don't know, maybe job title inflation or something. It, it happens sometimes. People give funny joke jobs. You, you give some random intern the chief CIO officer, CIO title, and then what are you trying to say going around? I don't know. I'm just saying that, you know, uh, many people might see your title and think that you're the chief information officer or the chief investment officer, and, and then you might come around and say, 'Hey, why am I not in charge of investments? Why am I not in charge of all the information here?' Um, anyway, Cognition, they are the makers of Devin, the AI software engineer. [music] Crush your backlog with your personal AI engineering team. Elon Musk has essentially confirmed SpaceX is going public this year and will use the funds to build solar panel AI satellites scaling, uh, to hundreds, hundreds of terawatts in three years. And Elon Musk replies to Nick. He says, 'No. The probable case, 50th percentile, SpaceX is reaching an annualized rate of 100 gigawatts a year of space AI satellites launched from Earth in three to four years. 100 terawatts a year requires manufacturing satellites on the moon at massive scale that are shot into deep space with a mass driver, which is 10 years away.' Worth noting that average US electricity consumption is only half a terawatt. So that would mean launching 200 times the current electricity output of, of Earth.
Nick's response here for sure.
[laughter] Uh, I love that Nick is, Elon's just like, 'Nick, you're too bullish on me. You're too bullish. Let's dial it back. I, I am going to deliver something incredible very quickly, but it's going to take longer to get to the truly unfathomable scale.' Um, anyway, uh, OpenAI CFO: 'We could take a cut of customer revenue from AI-aided inventions. Is it a fantasy?' asks Amir from The Information. Uh, maybe, but scientists have been going gaga for LLMs as idea synthesizers and research collaborators, and OpenAI is actively trying to license proprietary biology and data for training AI discoveries. So you would think that this would happen in, in sort of like a joint venture or some sort of investment. Obviously OpenAI has the, the OpenAI Startup Fund, and so, and they have made investments. So there's a world where, uh, if they're particularly bullish on a biotech company, they could participate in an early round and then participate in the upside. This is sort of framed as more of like they will, uh, they will just randomly be taking revenue if you sign an enterprise contract. That feels like...
Yeah, really rough headline. Uh, but I'm sure they'll, like, work on clarifying this. Uh, obviously I saw some people, uh, getting really upset about it immediately. Of course, uh, I don't, I think it's too early for that. You know...
They, they definitely need to clarify, right? It's like, you know, if you were working on a startup and you use Google Search to do some research and then, you know, Google said, 'Hey,'
'We see your search history. We know, we know that you looked up Restream, John. We know that you wanted to live stream.'
'And we played a pretty big part in that.'
That's true. That's true. Um, I'll tell you about Restream. One live stream, 30 plus destinations. If you want to multistream, go to restream.com. Um, they should implement tipping. They added a billion dollars in, in enterprise revenue. You get your enterprise API bill. Why not throw a little, turn the iPad around, 15, 20, 25%?
Throw a little tip in. Why not? You know, hey, if you cure cancer,
Adding tipping to your consumer SaaS product is a great enterprise SaaS product,
and enterprise is a great way to test product-market fit.
I completely agree. I completely agree. Staying in, uh, OpenAI world. Uh, Sharon has a, a scoop here in Bloomberg. Sam Altman met with investors in the United Arab Emirates recently to discuss new, a new funding round targeting around $50 billion at a 750 to 830 billion valuation. Uh, I think the 750 was pre, 830 was maybe post. Talks are early and...
Let's give it up for early talks.
[applause] Well, fortunately our next guest is beyond the early talks phase. He's, has some amazing news announcing here today. Uh, we have Keller from Zipline in the Restream waiting room. We'll bring him in as soon as I tell you about Sentry. Sentry shows developers what's broken [music] and helps them fix it fast. That's why 150,000 organizations use it to keep their apps working. And without further ado, we will bring in Keller from [music] Zipline out of the Restream waiting room and into the TBP and Ultradump. Keller, how are you doing?
Fantastic, but not as good as you. Give us the news. What happened?
So, yesterday, yeah, yesterday we had some big announcements. I mean, first of all, you know, the company just raised more than $600 million to fund, um, US [music] and global expansion.
But even, even cooler, I mean, you guys know like on X, Zipline is constantly, you know, kind of celebrating how fast the system has been growing. It's been growing about 15% week over week over the last year. Um, but we are finally announcing new metros. So, we announced Houston and Phoenix as the metros that we're going to be launching over the next couple months. And then every quarter that passes now, we'll be announcing new major metros that we're bringing autonomous delivery to.
Talk to me about what it takes to launch a metro. Is that the, the mayor's calling you, you're calling the mayor? Is there a form that you're filling out? Like, how, what's the process? Do you have sales reps going? Do you set up an office? Like, do you do tests? What's involved?
So the main thing, you know, this is different. People think of hyperscalers and people adding metros, you know, with, uh, some of, you know, the, the ride-share companies, for example, where you were just hiring people who already live there. I mean, Zipline is building infrastructure in these cities. It looks a little bit more maybe like how Tesla was building superchargers. We are actually building superchargers, but for airplanes rather than for cars. And, uh, and so we're going in, we're building maintenance depots, we're creating a lot of high-paying jobs for both maintenance as well as, um, as well as all the people who are doing, uh, you know, community engagement, government affairs, permitting. Uh, there's a lot of complexity for each metro that we launch. But, uh, you know, the, uh, the reality is that we're, we're trying to scale. I mean, 15% week over week growth is really hard to keep up with and, uh, and so we're trying to add, you know, we'll add multiple metros every quarter as we go here, um, as we accelerate.
Uh, what makes, uh, what, what makes for, for a metro area, uh, that, that, that's exciting to, to Zipline?
Both of those don't seem very snowy. Is that important?
Well, yeah. And, and I know you're going to be announcing a lot more in the future, but for people listening that are excited to have Zipline in their area, I feel like if you kind of describe the sort of ideal, uh, metro, maybe people can kind of start figuring it out.
Yeah. Yeah, I mean ultimately we're going to be in every metro in the US in the, in the next couple of years. Um, one thing that we just did that, you know, I was posting some cool stuff on X. Uh, we just launched a brand new test site in the Cascades, which is in Oregon. We have a team that is operating there in insane snow, insane ice, insane sleeping conditions, day in and day out. All of Zipline's test sites operate 24/7, by the way. So, um, why are we doing that? We're doing that so that we can be ready by the end of this year to start launching cities in a wide variety of, you know, uh, uh, climates across the US and then eventually across the world. So it just takes time to basically validate, um, all the different technology, aircraft, ground infrastructure, um, across these different conditions and you really want to do it comprehensively and test before you then operate, you know, over tens of millions, millions of people's heads.
Yeah. What's the hardware life cycle like? Uh, is there a, like a v2, v3 that comes and gets rolled out to all the metros? Is there testing? Like are there new innovations that are happening deeper in the supply chain that you're excited about, uh, implementing? What, uh, what needs to happen or what are you excited about on the development of the actual platform?
Well, you know, funny you should ask. So, basically right behind me, so I'm standing in a new part of the manufacturing facility. Um, Zipline's manufacturing facility, um, tripled in size in the last two months. This was all, this was all nothing actually. I don't know, you know, if you realize but like 15%... people don't put it together. We just had a board meeting last week where we started the board meeting by being like, oh yeah, uh, you know, flight volumes and revenue tripled since the last board meeting three months ago. So [laughter] the manufacturing growth is pretty much in line with the business growth. But, um, you know, this space was all empty a month ago and it is now the new line for next-generation aircraft. It's called P2 Zips. Um, the advantages of, of this next generation, I mean right now Zipline is rapidly cycling through hardware, software, plus all the operational improvements we need to make, uh, uh, you know, to, to continue to advance the, the technology. But the, uh, you know, P2 Zips has a huge number of performance improvements relative to the system that we've been operating over the last year and it's half the cost. So, you know, there's giant, uh, you know, steps being made, improvements possible because the technology is so early. It's 12:01 a.m. when it comes to automated logistics. This facility where I'm standing will be capable of building 20,000 aircraft a year. It's the largest autonomous aircraft factory in the United States.
How do you get something like a 50% cost reduction? Is that automation or, or buying bigger purchase orders deeper in your supply chain or is there just like a cost curve that's coming down and the price of motors is just dropping and you're just a beneficiary of that? Like what, what's driving cost savings on the vehicle?
There are a lot of things. I mean first of all, uh, the best part is the, is no part, the part that you delete. And we were able to delete a lot of parts on this aircraft relative to the previous version. We, we, you know, we've been able to, um...
Yeah, deleting things is the best way to, you know, the, the most reliable part, the part that never breaks is the one that isn't on the aircraft at all.
Um, we've also been able to redesign a lot of parts and fundamental subassemblies on the aircraft to make them easier to manufacture or just less expensive from a component perspective. And then finally, Zipline now has enough scale with a lot of these suppliers that yeah, as you said, you know, you can get much better deals, um, on, on a lot of these key components. And so all of those things add up to, um, just a vehicle that's significantly less expensive.
Are they also getting quieter over time? I've seen some incredible demos of drone rotors and, and propellers that they're shaped in a certain way and they're way quieter. Uh, is there progress there? Or is that happening in like physics labs and then it gets implemented? Are you doing the research? What's going on acoustically?
So yeah, Zipline, I mean we've always had this attitude that like this technology can only scale if it is quieter, more serene for neighborhoods than the traditional delivery mechanisms of cars. And so, you know, Zipline has a big team of aerodynamics engineers and aero, aeroacoustics engineers who have been focusing on this question of like how do you design something that's really, really quiet for the last five years. And by the way, you can't, planes aren't like cars where you can just put a muffler on the back of it and make it quieter. Like the, the design of the aircraft has to be from the ground up made with aeroacoustics in mind. Zipline is, despite the fact that we operate bigger, more complex vehicles, Zipline is six times quieter than the next closest competitor when we're making a delivery to someone's home. And we'll actually make significant improvements to the aerodynamic, aeroacoustic profile of the vehicle this year. We actually think we're going to get about another 8 dB of improvement this year, which for non-engineers, you know, think of 8 dB as being like about half as loud to the human ear. So having again, um...
That's awesome. Um, what about, uh, congestion as you scale? How much of the routing is proprietary software, uh, maybe on your network, sort of your own flight control interfacing with more national-level flight control or even just like on the actual drone just cameras saying, oh, there's some random object over there that I need to steer away from.
I mean, all of these, you know, Zipline has a, a huge autonomy team that is responsible for not just how these vehicles route themselves to go and make deliveries, how they navigate the physical world because we're flying at about 400 ft. Um, but also how we, a, how we detect and avoid other air traffic. And there are many different layers of Zipline's air traffic control. Um, well, detect and avoid system. We work closely with air traffic control. We build, um, you know, we're essentially building in partnership with the FAA a new version. It's called unmanned traffic management or how you manage thousands, soon to be tens of thousands of vehicles. But in the long run, you know, we're already used to our cities being full of these like loud, dangerous, polluting vehicles creating tons of traffic driving around in our neighborhoods.
Small 50 lb vehicles that are silent and electric are going to be way better for neighborhoods. Are way less, um, you know, they're, they're less like obtrusive. People generally don't notice them. I mean we do a lot of deliveries to people's homes where they didn't even realize the delivery happened.
Mhm. Do you have a timeline for me or you actually getting into an eVTOL and the, the, the true flying car vision? Maybe it's not like, like let's say Waymo-level adoption of a human in a, in a vertical takeoff and landing. Not a helicopter, not a single rotor, not a plane, but something like that. Are we five years away from that, longer? Is there something fundamental? Because this has been something that's been promised and I've been excited about my entire life and it feels like there's a lot of serious companies working on it, but we're not quite there yet. How are you thinking about that market, uh, generally?
I'm also really excited and it's a question that I'm very interested in. Yeah, I think that, I think a lot of the technology has made probably faster progress than people realize, like these vehicles that achieve, that are electric vertical takeoff and landing fixed-wing hybrids that like achieve a lot of the core performance characteristics. I think two challenges that I would point out. One is on the autonomy side. Like those companies are still putting human pilots in the cockpit. And it's not going to be like Uber if you have to hire an FAA-certified pilot to come do your Uber ride to get you to work in the morning, like that doesn't scale. It's a little too expensive. Yeah. Um, so I think from an autonomy perspective, who is going to design that autonomy layer? It's always seemed kind of obvious to me that the company that does that is going to do billions of autonomous deliveries delivering non-human things before you want to carry humans. I think humans will be more comfortable with that. The other thing I would kind of point out is a huge part of this actually has to do with like integration, which is like you can totally do the flight. There are vehicles again flying those kinds of mission profiles today. But where are you landing? I mean there are no heliports in cities. They are getting shut down rather than built. And I think that it's all about the, it's all about integration. You know, if you want to get, design a vehicle that is more than just like a, uh, an electric version of a helicopter...
that can do like 20% of missions that a normal helicopter can do. I think if you're really talking about flying car, the key is to solve the integration problem. Like can you actually get picked up directly from your home and delivered directly to your office for your daily commute? That's the core question.
Yeah. At what point do you think courier, like having a courier feature, will make sense? This is top of mind. I left my laptop at home Monday and I felt that it was super silly that I just, like, I was, I ended up having to use Uber Courier and you're using a car for just one little laptop. Made no sense. I was thinking about you guys. It feels like an edge case. It's like not really...
It's not a big market. Yeah. What's the thinking around it?
Well, I think you might be surprised. I mean, you know, similar to what I just said, you know, with flying cars, integration is the thing that Zipline is most focused on. You know, we're launching all these amazing new partners. I mean, you know, a lot of the statistics that we're seeing in the city is, if you look at Dallas, I mean, there are municipalities in Dallas where more than 50% of homes are ordering from Zipline. We had an all-time new record on Sunday. We blew away the previous record by 25%, which had been set a week previously. Yeah. And we had 10% of all homes in a municipality place an order with Zipline on Sunday.
Wow. Was that, was that football? Is that like, does that spike with like football? Is it...
a holiday weekend? But you know, these are like shocking statistics. I mean, we have, you know, a lot of the restaurants that we serve, Zipline is a huge percentage, a majority of deliveries happening from those restaurants today. And so I think that, you know, the usage is way different than what we were originally expecting. And the key is integration. You know, we want to be able to add so many different, and this is why we announced Zipline Points. This is a really simple new kind of ground infrastructure that we can install for free next to any partner, whether it's a hospital, health facility, retailer, restaurant, or even eventually someone's home. You know, you can almost just think of it like a new kind of mailbox for autonomous logistics.
Do you think you'll be able to put a camera on them such that you can scan an ID so that you can deliver alcohol?
Um, we will do that. You don't need a camera on the vehicle. What you actually need is you just, you need a camera on the person's phone. Okay, that's the way that a lot of this delivery works today. They'll basically be able to place an order, they'll be able to use their phone to upload a picture of their ID and we can deliver, um, and then you can basically require signature on the phone itself. Okay, in the exact same way that it works for UPS or FedEx, we can deliver, you know, I mean, today from a lot of our partners, you know, we deliver over 100,000 SKUs. I mean, people are ordering Legos and like weird little nozzles for a gardening hose and birthday cakes and rotisserie chickens and prescriptions.
That's crazy. It's everything. I don't trust a normal delivery, a human delivery driver with a birthday cake. That could go disastrously wrong. So yeah, the flight automated systems are... Yeah, exactly. Or like, look, automated systems aren't going to eat significant percentages of the food, you know, before it's delivered, too.
There's also way less safety risk. You know, I think it's very similar to Waymo where, you know, a young woman who like suddenly looks up from her phone in a, you know, in a rideshare and is like, 'Where the heck did my driver just drive me to?' Yeah, you know, people have similar experiences with delivery where it's like someone's looking over your shoulder like, 'Are you home alone tonight?' A lot of these like service, a lot of these kinds of services, it is much safer to have automated systems that are supervised by humans.
Mhm. You know, serving people. And, you know, by the way, what we are observing is it's like there really is no comparable. Like when we look at the frequency of customer ordering right now, you know, there are lots of people who are ordering from Zipline every single day. And so I think this is not something that you see with traditional instant logistics. You see it once you make it 10 times faster, half the cost, and zero emission.
Well, congratulations. Thank you so much for... And every time you come on, I can't wait for more people to experience it because given how focused you are in, you know, places like Dallas, it's, I think it's one of those things like Waymo where you have to experience it until you can really realize that the future's here. So, congrats. But you guys...
I have a surprise for you.
Someone's here auditing. One of your guys' sponsors is here on TVPN. I'm telling him about the oral farming benefits. TVPN top tier sponsorship. Lambda. Lambda Lightning Round. The Lambda Cloud in Lambda, and he's really, we've just been grinding it out in the hardware founders complex coordination business and we just punched people in the face really hard.
He said he was so pleased with this interview that he's going to be quadrupling down on the partnership with me of their advertisement. Good to see you guys.
Teleportation as a service.
Yeah. Are you getting, hopefully you're getting, if those GPUs need to get to the data centers faster, hopefully they're flying in Ziplines.
That's right. And you know, we'll eventually turn them into distributed computes. Doing maybe a Zipline will do this with Lambda. We have GPUs in all the aircraft.
Well, thank you so much for taking the time. Congratulations again. Wish we were there. The awesome performance, overnight success. You got to hit him with the overnight success every time he comes on. This man spent a decade, 10 years in the making, and now he's growing every day and doubling the business with incredible speed.
We'll talk to you soon. Goodbye.
Lambda. Lambda is the superintelligence cloud building AI supercomputers for training and inference that scale from one GPU to hundreds of thousands. And without further ado, we will continue our Lambda Lightning Round and bring in Jake Cooper from Railway. He's the co-founder and CEO, also a TV sponsor.
Jake, good to see you. How are you doing?
Get that going. How are you all doing?
We're doing fantastically.
So stoked to finally have you on the show.
Yeah, great to have you here.
Give us the update. What happened?
Cool. Yeah, I mean, we raised a bunch of money. So raised a $100 million round to build data centers and make software just way easier to use because the definition of a developer is melting before our very eyes. It's melting, you know. So anybody can ship code, which is crazy. We're making it trivially easy for anybody to go and do that. So it's a really exciting time to be, you know, in the business and also just, you know, on the planet.
Yeah. How is that actually playing out? We've talked to some folks about how there are designers that, there's one idea that AI will take a 1x engineer and turn them into a 10x engineer, and that's probably true. But there's also this idea...
It's going to be like a 10,000x, 1,000x. Like we have people internally moving so quickly. I've like rebuilt a bunch of the internal organization so we can move at what I'm calling, it's super cringe, but I'm calling it agent speed because people are just moving way, way faster now. So like you get a 10,000x engineer. Yeah. Sorry.
But then there's also the zero to onex engineer where you take a designer and then they're able to actually ship production code, or a manager, or a sales development representative. Anyone can build a tool. Which one is more central to the current Railway pitch when you're talking to customers?
I think there's like resonance across the entire space. So we have like larger companies who are, you know, they're spending six figures, they're building something of deep consequence, like critical, critical, critical for their business, right? And then you have like teams of, you know, a thousand essentially all kind of like vibe coding and they're building like really, really kind of smaller things. But they're really, really important either for client infrastructure or internal tools or anything else like that. And you know, we've got everybody internally now on like a Claude Code subscription, you know, including our recruiting, our operations, etc. There's just the boundary of your ambitions needs to be deeply, deeply kind of re-evaluated just with how good these tools are getting. And we're excited.
What's your personal framework internally and kind of like guidance, or how are you and the team thinking about when it makes sense, because right now I feel like there's obviously so much excitement, you can build, you know, an internal tool in an hour or something like that, but every time you build a tool you're creating like some type of ongoing maintenance burden or something like that. So what's your framework of like, hey, this should be something that we just should build versus, you know, finding a point solution or even using something as like a Google Sheet at the kind of low end?
Yeah. So we use Notion a lot internally and I think lots of like deeply flexible tools are going to be really, really key because now that the agent can kind of go and almost like orchestrate these things in general, you can kind of compartmentalize very, very flexible tools together, right? And so I think that when you're thinking about kind of the build versus buy boundary, right, it's a lot on kind of pushing the context into the tool so that you can access a lot of the context and take advantage of it, right? So I think the burden for almost buy goes up a lot because the ambitions and the capability of you being able to build something that's purpose-built internally is actually so trivial now, right? Like historically I've built a lot of internal tooling to allow us to do project management, releases, etc. And now I can actually just kind of push the boundary on a lot of those things. One of my hot takes is that like, you know, ERP software, right? Of course with it, right?
So ERP software, right? Only useful at scale to build an organization to manage resources or whatever, right? Now you can kind of build those like organizational structures way, way earlier, right? So the way that Railway runs has historically been different than organizations. And so I think what you're going to see is almost this cam explosion of various different ways that you can run your organization, which I think is super, super cool. So unfortunately, like I'm an engineer, so I have engineering brain damage. I think everybody should be building kind of their own stuff. You know, so yeah.
How has your thinking on product management evolved over the last year?
Oh man. Yeah, I had this tweet that I was like, oh yeah, engineers are going to turn into PMs like faster than, you know, PMs can turn into engineers. And I think like a week ago I was like, that's completely wrong. You know, like...
I like that you were willing to just be like, yep, bad take.
Oh yeah. I mean, you got to take your lumps too, right? Like, I don't mind, like your take can be awful, but if you're going to stand behind it, just like almost like go down with the ship and be like, 'All right, the take was awful.' You know, we're going down. You know, don't delete the tweet. So yeah. But yeah, I think there's only three things essentially left if you assume that the agents are going to kind of be able to do pretty much anything, right? It's taste, agency, and structure, right? So when you think about almost anything that you can go and build, those PMs have a lot of that context, right? And so you don't need to be a Rust engineer to write Rust anymore. You don't need to be a JavaScript engineer. You don't even have to be an engineer, right? Like we're almost doing this like double shift, right? Where you have like knowledge workers, programmers, engineers, architects, and scientists, right? Based on how nebulous your work is, right? And I think that if you're a knowledge worker, you should probably actually just be like, yeah, I can just engineer things now, right? What it takes is kind of a bit of critical thinking, a bit of kind of like, okay, how will this system kind of roughly fail? And now you can do it in kind of a lower stakes environment. What we hope to provide with Railway is actually those kind of like bleeding edge industry best practices, like really annoying stuff like VPC peering, like, you know, versioned infrastructure, so that you can move quickly but also safely and build these kind of bigger and bigger structures over time. So I think the role of the PM evolves a lot and you're going to see a lot of these kind of almost like merging or melting of these kind of roles together, right? Like software engineers will have to become PMs because now it is completely trivial to just go and write code, right? Like I wrote like 5,000 lines of code yesterday, right? And I spent most of my... Yeah, I mean, and this is like between meetings, right? And I spent most of the time not actually like auditing the code itself but auditing a lot of the logic going in, working, talking about the architecture, all of those other things, right? So I think again the burdens or the boundary of your ambitions needs to be deeply, deeply pushed. And so if we at Railway can kind of almost unburden the developer so that they can think about those bigger and bigger things, our hope is that you can build those kind of almost like massive, massive structures, right? Like if you look at the Golden Gate Bridge in this current day and age, my first kind of response is like, how the do we build that thing? It's so big and so impressive, right? And so now you actually have these wonderful tools that push the boundary of that. So you can build these massive things, right? And it's super exciting to just, you know, I was telling this to an investor, which is probably the wrong thing to tell to an investor, but I was like, even if we get schmucked here, like what a time to be alive. And they were like, cool, dude. All right. So, we're gonna pass. But yeah.
That's wild. How are you thinking about...
No, I do think that like, I mean obviously, you know, play to win and, you know, but it's very refreshing versus the 'I know exactly how the next 5 to 10 years will unfold day by day.' It's like, no, no one knows, like the space is moving so quickly. You need to really deeply understand like who's signing up for your product, who loves your product, why do they love your product, how do you, you know, expand your product and continue to be, you know, critical infrastructure for those customers. So...
We have some questions from the chat.
Yeah, yeah, sorry. What were you about to say?
I was just going to say, yeah, like I think that like during this period, you should kind of take those risks, right? Like it's almost a deeply, almost like risk by default period, right? And I think that, you know, there's like, what does Elon know that probably other people don't know, right? And I think you've heard like Peter Thiel talk about this too, and it's almost the calculus of risk is not, it's not just purely there, right? Risk is less risky than you actually think, right? So I think people should kind of push those boundaries. And if we can kind of create those safety nets for people in general, I think we can build wonderful, wonderful things. And as a side note, I think we've made risk and failure a bit too expensive in our current society. And if we can rewind that essentially, we can open people up to like sweet success and a bit of bitter failure because when you take risks, sometimes things don't work out, but that forms a baseline experience that allows you to kind of drive these unique kind of tastes forward.
So to the chat, we have to ask you about your bike. The chat says, your motorcycle liability clause on your term.
Yeah, we have key man insurance. Yeah, I'm kind of like, you know, I'm counting the days until somebody really asks me to like go up and give up the bike. And it's funny because people ask me like, oh my god, you ride a motorcycle. Like I feel like I should get into that. I was like, my answer is like, absolutely not. Do not do that. Like I've been riding dirt bikes since I was like 13 basically. And so I've had a bike for a while and I've kind of worked my way up, right? You know, yeah, don't just, don't be stupid.
No, say the riskiest thing you can do is not take any risk. Get on the motorcycle ride.
My Sunday ride is basically, I live near the Presidio, so I basically just like go up and drive through the Presidio, maybe in the Marina. There's that like nice coffee truck basically. I go to the gym in the Marina. They've got a sauna. It's wonderful. So I just kind of...
Do you ever try to find like a super steep, you know, classic SF hill and go a little too fast on the way up?
No, those days are like behind me. Because yeah, I promised the investors that like I wouldn't do anything stupid. So the unfortunate thing about the bike is like it's a nice bike and it's like the bike I wanted growing up, but I don't ride it like it should be.
It's a Ducati, like the kind.
There we go. There we go.
We have another question from the chat. Everyone's loving the bookshelf behind you. Give us some book recommendations. What's on the shelf? What's the most underrated book? What's the favorite book? What's the one with the most highlights and notes?
Well, this is actually my wife's side of the bookshelf. So I'll go off things that are maybe not on there. I know I do see, I think the Steve Jobs book is somewhere up there, which is pretty good. One of my favorite books actually is Getting to Yes. I don't know if y'all have read it. So it's negotiation. It's a book essentially on compromise, right? And so essentially it allows you to break down problems in a way that is not kind of me versus you, but it's me versus the problem, right? And so one of my favorite analogies in there is like, you know, we're splitting an orange, right? We could split it down the middle essentially and, you know, you could have half and I could have half in general, or we could figure out what we care about in general, right? And maybe I'm making mixed drinks and maybe you're taking your kid to the soccer game, right? Or anything else like that. And so in essence, I want the peel and you want the whole orange, right? We can both come out on top roughly, right? And I think that figuring out ways that you can almost like have a solid compromise with people is deeply, deeply important on that one. So I like that book.
Love it.
Back to AI and how it's changing software development. Database selection, database migration, switching something as ingrained in an organization as a database has historically been very difficult. Are AI agents making it easier? Are you actually seeing companies move around from one database to another, maybe based on cost, maybe based on features? Is the fact that a particular LLM is in love with a Redis or a MongoDB, like is that going to be relevant in the future?
So I'm unfortunately a little bit like too Dario-pilled in terms of like the fundamental laws of physics, right? And so I think it's actually probably the hardest thing to change about your system is the database roughly, right? Because you have that storage, you have all of those other things, right? Like this is fundamentally also why we build data centers, right? One, you need more production roughly in the world and we can start with data centers and that's wonderful. But two, it's actually a really solid moat in terms of, you know, you can't just will into existence a data center, right? Like and at some point potentially down the line, like those things will get more and more expensive just because of the cost of labor, but like the cost of capital is decreasing, right? And so I think the similar thing kind of applies roughly with data centers if you kind of move roughly up the stack. And so we actually started building databases. We actually started building databases, like we were originally just a, you know, click a button, get a Postgres instance or Redis instance or anything else like that, and we've slowly worked our way back up, right, up to building, you know, web apps. You know, we'll launch a CDN at some point in the future. Stuff like that. So I think that when you look at that lens of like fundamental law physics, I think the database is like a very, very important part of your kind of rough calculus. And I think the agents are making it easier to go and almost manage those migrations. But, you know, when I was talking about those 5,000 lines of code, you have to think about kind of what you are roughly building, right? And so you're still going to need to audit it. And that's sort of why I say, you know, moving from engineers to like architects, right? Where you're thinking about that kind of bigger, bigger vision. And so, you know, as Jordi said earlier, like I don't think anybody can roughly predict the future for a lot of these things, but I do still think that fundamentally there are going to be requirements for how do you integrate the things that exist in the physical realm. So roughly around those databases to storage to data centers and with kind of your expected reality basically, right? And the hope over time is that Railway can actually help you do that, right? So we do this on a software level. And we've built tooling internally to help build data centers. And so we've actually virtualized a bunch of those racks. So now you can almost drag and drop those servers into them. And at some point we can get to a point where we're working directly with the Supermicro API. You can drag and say, 'Hey, I want this data center of this size in general.' You'll create POs for that and say, 'Okay, cool. Hit a button. It'll cost you 25 mil or something like that.' And that's one-click checkout for data centers.
One-click checkout for data centers and stuff like that. And moving towards a world where you can almost, because it's easier to build things on the internet, right? Like it's just a fundamental fact, right? If you can simulate it and simulate that small section of it and you can create almost APIs to reconcile, like this is what Terraform did really, really well, like expected state versus desired state. And if we can do that with your intention as you kind of move through time and give you those safe kind of primitives to say, okay, cool, like I want to make this change. Let me fork my entire environment, you know, get copy-on-write storage for everything, make some small change, I make it in production, it merges and you deploy it instantly, then you're kind of moving at agent speed, right? And that's what we think a lot about in terms of building the next fundamental layer of software development and then physical production beyond that.
You were at Bloomberg. Did you get to work directly on the terminal?
Yeah, a little bit. I bounced around a bit at Bloomberg. I was only there for about six months, but it was a really, really cool time to kind of work on stuff like that. I was working on a bit of the internal tooling. So I got a couple commits that I think are probably still inside of the powering the bots podcast, making Joe Weisenthal's job easier.
We love to see it. Putting Joe Weisenthal in agent mode.
Well, thank you so much for taking the time. Congratulations to the whole team. The chat loves you. Come back on again soon.
And thanks for having us as sponsors. Like we're just, we're big proponents of like rich taste and like we believe that TVPN has a rich taste that y'all are sharing with the world and we're just happy to be here. So have me on anytime. Love to join and hang out.
Thank you for making this possible.
We'll see you on for the C very soon, I'm sure.
Cheers. And in case you've been living under a data center, Railway simplifies software deployment. Web apps, servers, and databases run in one place with scaling, monitoring, and security built in. We're very happy to be partnered with Railway. We have Joe Weisenthal coming in...
He said he was running five minutes behind, so we can get back to the timeline.
Quickly, let me tell you about ElevenLabs. Build intelligent real-time conversational agents, reimagine human-technology interaction with ElevenLabs. And we do have Joe Weisenthal in the re-stream loading room. We'll bring him into the TVP Ultra. Joe, how are you doing? It has been eons. It's been far too long. I'm so glad you're here. Thank you so much for taking the time.
I missed you guys too. And it has been far too long. It probably hasn't even been that much time, but probably like there's just been so much that's happened since the last time we connected. It feels like years.
There it has been. So, do you have Davos FOMO right now? I feel like it's been a good year for Davos. You're normally our foreign correspondent. You're on the ground at all these big hoity-toity events. I go to you, but it appears you're in New York.
I'm in the New York studio. You know, I was in Davos in January.
Whoa. We get it, dude. We get it. We get it. Joe, you've been to Davos.
15. They said 10 years and he wouldn't lose touch apparently. He just completely lost touch.
No, this is a real story. This is a real story though. I got like, first of all, it's like very cold there. It's not that nice. I got a flu or I got sick there. I was so miserable. Yeah. That when I got back, I told the people inside Bloomberg, I said, 'Never invite me to Davos again, lest I feel tempted to say yes.' Because it's like, 'Oh, do you want to be part of our Davos team?' Of course.
