Citrini Research’s viral piece, AI and the economy, 90s Nostalgia | Diet TBPN

Massive sell off in the markets thanks to friend of the show Citrini. Lots of crazy reaction. Really broke through with something that, you know, is framed as sort of, you know, fan fiction. Low probability. It's always interesting when someone posts something and they're like, I think there's a 10% chance that this happens, so it's worth talking about. And I'm like, what's the 90% scenario? No one's getting any clicks for the 90% scenario. And it gets completely.

0:00

It's not that exciting.

0:22

Yeah. And throwing out something like, oh yeah, like 10% chance that this crazy thing happens. People don't react to it like, like it's a 10% scenario or whatever percentage you put on a 20% chance, 30% p. Doom. They only take away from what you said, it's over. Like as soon as you say something crazy happens with no matter how low the percentage is, like, that's what you're going to be known for forever. So be careful out there with those predictions.

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But okay, so Sunday, yesterday, doing family stuff. Don't really have a bunch of time to like sit down and read something. And the entire day I'm just seeing people quoting it, being like, this is the best essay that I have ever read. So many people that I think are generally pretty smart. And then by the time I actually, after the kid's bedtime last night, by the time I actually sat down and started reading it, almost every paragraph I was experiencing some element of gel man's amnesia where you have three sentences that are maybe somewhat coherent and then a statement that feels so wrong.

0:47

Sure, sure, sure.

1:24

Specifically, I think a lot of people obviously called the doordash thing. The doordash comment, which there's so many businesses that you could have chosen in doordash's place. But it didn't matter.

1:25

My experience with it was you had mentioned to me that like, oh, it's the current thing. And I was pretty offline. And then by the time I actually started refreshing the timeline, I was like, oh, I'm like clearly like stuck on some search feature because I'm only seeing Citrine posts and like posts reacting to it and reacting to the reaction. And it had done a full news cycle, both a backlash and then a backlash to the backlash. And Tay Kim's getting in there fighting and people are posting rebuttals and someone posted a fully AI generated just like turn it up another notch version which is hilarious. So we can maybe go through some of the reactions. I mean the futures were red last night the market is down broad.

1:35

Yeah. And it's interesting, a lot of people were saying, guys, there's no way that futures are red just because of this Citrini essay. That is. Yeah. Obviously science fiction. Yeah. And then it turns out Bloomberg this morning came out and actually stated that. Reported it. That it's the Citrini sell off.

2:17

Yeah, yeah. But I mean, there were also the tariff things that the tariff news was sort of digested on Friday, Saturday. So there was totally like, that could be possible. There's a lot of other stuff going on. The quote from the terminal Software payment stocks slide after citrini post on AI risk DoorDash and American Express led declines in software and payment payments stocks on Monday. And we were debating like, you know, PayPal had gotten beat up and there was a question about like, what is the strategy going forward? PayPal's always been an interesting situation because like absolutely goated founding team, but they're all disinterested in jumping back in and turning it around. It does seem like there's some value there, there's some stickiness and it'll be interesting to see. Does it go private? Does the new management come in? I mean, they already have some new management, so I'm not exactly sure where it goes, but it feels like the payment rail thing will be sticky for a while. Young Macro had a take quote tweeting Citrini. Good and interesting piece, but a necessary caveat is that it's essentially a hypothetical conditioned on severe institutional failure rather than some sort of macro inevitability. As the piece itself notes, one of its two failure modes, liquidity stress and capital impairment, includes a liquidity component that the Fed can address quickly with liquidity facilities and asset purchases, repo lines quantitative easing as seen in recent episodes of banking stress. Losses from impaired assets won't disappear, but can in principle be moved where the broadest shoulders are. It's an odd situation because you're seeing all of this capital evaporate from the public tech markets. But the labs aren't public yet, so they can't fully absorb it. Like they sort of can, but it's much more opaque. And it's not like most the average investor can't read this piece and be like, okay, I believe it. I am worried about software stock, so I'm going to rotate into a basket of anthropic OpenAI and SpaceX. They don't have that option yet. They might by the end of the year.

2:35

You can buy Nvidia, you can buy Google. There's plenty of ways.

4:36

Yeah, totally. Plenty in this hypothetical economy, much more than before, he says. There will be plenty of broad shoulders. Couldn't they just tax anthropic into paying all your pensions? In this hypothetical scenario, this would be done through regulatory or fiscal mechanism. The second failure mode, an aggregate demand shortfall for massive unemployment, can be addressed through fiscal policy transfers, wage subsidies, et cetera. The piece argues that this may be constrained by falling tax revenues, but in a deflationary low inflation environment, the treasury can run large deficits and the Fed can buy as much of that debt as it needs to. Leaving aside that we'd expect the tax structure to change, the political process is unlikely to to be as meaningful as a bottleneck as the piece claims, as the hypothetical fiscal hawks pointing to unsustainable deficits would not have much of a point given the economy. And this hypothetical will have much higher potential output. The first principle's intuition obviously tells you something is awry. When we're told that people will want at least as many real things as before, and the economy will have the means to produce more real things than before, but the people won't be getting the amount of real things that they want or need. This is because that typically requires major policy institutional frictions or delay in translating capacity into purchasing power. If you suddenly have two loaves of bread in your house instead of one in your house, and you weren't starving with one, you probably shouldn't starve when there's two. But if by some hypothetical, through the complexity of the novel two bread loaf production process, you suddenly get tangled and can no longer access the cupboard, then it's quite possible you will start, you will starve. I thought that was good. Take it is interesting how this moved the markets way more than AI 2027. Like it's sort of the same piece and it has a lot of the same sort of extrapolations based on AI progress. A lot of same.

4:40

But like AI 2027, probably like the market reaction was like, invest more in the labs at the time because it was kind of aimed for more. More of a west coast audience in general. Yeah, I just mean if you had

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taken AI 2027 and you had just asked like, I own this basket of public company stocks, what should I be doing? And AI 2027 is your backbone, you would probably sell a lot like you're selling right now, like the AI 2027 situational awareness PDFs. Like, those are the Leopold Aschenbrenner philosophy that is now being reflected in the market. But he didn't go long. Any of these stocks. Anyway, sorry, really quickly.

6:48

I wonder how much that is just because of who is actually writing it.

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Totally.

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People are very San Francisco coded, vaguely ea, maybe safetiest people where this is like, okay, they're like a financial research

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firm and it's written with a financial audience in mind and it speaks in that language. So it's been somewhat translated. Interesting that it took almost a year for it to be translated in this way.

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Jordy, I did think it'd be helpful to kind of provide a summary. Summary. Summary of the essay. I think the original essay. It feels like they use quite a lot of AI to write it. I'm going to use AI to summarize it for you.

7:41

There we go.

7:52

So anyway, so this scenario, you should have got to this at the beginning. But by late 2025, agentic AI tools become vastly better at coding and complex tasks. Obviously that was historical. Firms found they could use AI to replicate work normally done by humans, radically cutting labor costs. Productivity looks great on paper. GDP and productivity metrics soared because AI output counted in the official numbers. But most of that value didn't transl into real consumer spending. So like businesses are spending money, but they're spending it on data centers. And that is not as opposed to labor, where if you give somebody money, they'll buy a house, they'll do home improvement, they'll buy cars, they'll put their kids in school.

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Consumption.

8:31

Consumption, right. So they're calling this ghost GDP economic output that doesn't actually circulate in the real economy. And then they identify an emerging negative feedback loop, which is companies lay off white collar workers and reinvest savings into more AI. Displaced workers have less spending power. Consumer demand weakens, especially for discretionary goods. Companies facing weaker demand invested even more in AI to maintain margins. And this creates a negative feedback loop with no natural break. The next step is market and credit stress. So they talk about private credit having lent to a bunch of these different SaaS. Companies that are now being threatened. Defaults climbing as the sort of like perceived recurring revenue ends up not being fully recurring. There's a whole segment talking about how like a lot of value capture in the world is actually just humans, like not wanting to deal with frictions. It's like not switching car insurance because even though you know you're paying more than you should, it's just kind of a hassle. But if you could have an AI agent go and do that, then then maybe you do that more often. And that, that pulls out some Potential earnings from the system. The other thing they talk about is like all these different tech hubs and how many like prime mortgages there are that might not be so prime if there's a layoff and somebody ends up having to switch, you know, switch career paths or something like that. So generally talking about unemployment surging, consumer spending collapsing, severe drawdown in the stock market, and then even our sort of normal economic indicators hiding the sort of overall weakness anyways, takeaway. AI being great and powerful may not equal all the markets ripping, but, well, two different things. Market ripping, individual, individual company.

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Individual companies and median income.

10:20

Yes.

10:23

Like they're two, they're three wildly different things. You can see asset prices rise massively based on future promise of GDP growth. If it's guaranteed that GDP growth is going to happen 10 years from now, the market will price that in today. And then if all of that GDP growth goes to one person, you're not going to see median incomes rise. You're not going to see like broad

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prosperity in America worth maybe noting. Like the kind of companies they call out in the piece by name. So poor, all these companies. Let's check in with ServiceNow, which is one of the companies that was most heavily. Yep, down for almost 4.5% today. So they talk about a bunch of the SaaS tools they call out. Monday.com, asana Zapier Tapier is kind of funny because in some ways, like, it was just like work automation before work automation was even that cool. MasterCard and Visa. They talk about suffering revenue pressure because an AI agent would just opt for stablecoins, which feels like again, something that many people on the show have come on and made the case for. Why agents will leverage stablecoins or prefer stablecoins seems like a possibility, but unlikely that that will just, you know, all payment volume will shift over there overnight. Amex, they called out specifically because of their consumer base being just generally weakened by labor displacement. And then a bunch of others. Travel booking, insurance, real estate tax, etc. Travel booking I thought was funny because most travel agents, like don't actually take fees from the consumer. They take these from the, from the side of the like hotel, the airline, whatever.

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The thing that just keeps sticking out to me is like, and I was debating with Sagar and Jetty about this as well. Like he was telling me like, AI is the only thing holding up the economy. I was like, no, AI is actually doing very little for the economy right now. It's doing a lot for the markets. It's doing a lot for the future. But like in terms of the actual economic impact of AI, it's very low. And we just know that because you add up the actual AI revenues from the AI labs and you're talking about like 30, $40 billion and okay, maybe there's like a 5x multiple on that. And so you're generating $200 billion of GDP on top of those tokens. But like that's just not that much in the grand scheme of the actual America's gdp. And so there's this disconnect between like the market which is pricing future gdp, future cash flows, future value creation. Then you have what is actually driving GDP today. And then you have like the actual workforce and what Americans do. There's this odd disconnect and I keep coming back to the Tyler Cowan like slow takeoff philosophy. What's actually holding up the American economy? It's like health care, jobs, and there's a lot of jobs that are, they feel very AI resistant. I don't know, maybe something changes, but like it just feels like the number of people that are software developers, less than 1% of jobs America, the number of people that work at tech companies broadly is less than 10%. And so even if there's some massive reallocation there and then you go into, even in white collar, if everything shifts, the rest of world is hit and there's just a lot of other dynamics that feel like you can see crazy gyration in the markets and you can see really quick reallocation of 10% of capital, billions of dollars flowing around, but that doesn't immediately translate to what is happening in the real economy. There's always this disconnect.

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John Loeber wrote a great piece very quickly after this called Contra Citrini. He says popular markets commentator Citrini recently published a compelling and popular piece of AI doomer fiction, admittedly with some small probability of occurring. But I'm old enough to have seen many cycles of economic doom saying I want to present a critique of Citrini's work and show a much likelier more positive view of the future. One never under underestimate institutional momentum. In 2007, people thought the US was geopolitically done under peak oil. In 2008, they thought the US dollar was just shy of collapse. In 2014 they thought AMD and Nvidia were done. Then came ChatGPT and they thought Google was done every time. Existing institutions with momentum have proven themselves far more durable than onlookers thought when worried about institutional turnover and rapid labor displacement. It's very funny that Citrini writes, even places we thought insulated by the value of human relationships proved fragile. Real estate, where buyers had tolerated 5 to 6% commissions for decades. Because of information asymmetry between agent and consumer, people have been calling for the end of the real estate broker for 20 years. You don't need superintelligence for this. All you need is Zillow or Redfin or Opendoor. This example actually shows the very opposite of Citrini's point. We have the type of labor that most people consider obsolete. And yet market inertia and regulatory capture have made the real estate broker far more resilient than anyone would have bet a decade ago. My wife and I bought a house a few months back. The transaction required us to have an agent, ostensibly for the above reasons. Our buyer's agent made about 50,000 on the deal for about 10 hours of form filling and party coordination that I could have done myself. This market will eventually be efficient and prices labor fairly, but it takes a long time to get there. I know a lot about inertia and change management. I built and sold a company that focused on moving insurance brokerages from service to software. And the main thing I learned is the iron iron rule of dealing with human reality. Everything is always more complicated and takes much longer than you think it will. Even if you already know about the iron rule, that doesn't mean that a meaningful change in the world won't happen, but that the change will be more gradual, giving us the time to respond and adjust. Second point Software has infinite demand for labor. The software sector has been struggling in recent months as investors fear that companies like Monday Salesforce Asana can now be easily replicated and that the value of their backend systems is indefensible. Citrini and others talk of AI coding as a spell of the end of jobs at SaaS. Companies are 1 the products become obsolete, 0 margin and 2 the jobs themselves disappear. What everyone seems to be missing is this. These products effing suck. That's his opinion. My own personal call out here is like until we see a round of layoffs at a company that is 5,000 software engineers at once, it's hard to believe that AI is replacing software engineers versus just making them a lot more productive. If somebody's a lot more productive, you'll pay at least the equivalent amount to maintain them. This was probably the best point from his response re industrialization. There will be some labor displacement of course. Driving stands out. Many types of white collar work as Citrini suggests will undergo some gyration as some jobs disappear and others change meaningfully. AI may be the straw that breaks the camel's backs for jobs like the real estate broker, where the job had actually already disappeared a long time ago, but the pay was still there. The saving grace here is that the US is in the US we have virtually limitless capacity and need for re industrialization. You may have heard about bringing back manufacturing, but it's more than that. We are large. We largely no longer know how to create and don't have the facilities for making the core building blocks of modern life. Batteries, motors, small semis, the whole electric stack is something we, we are almost entirely dependent on China and other countries

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for barely make fertilizer.

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Out of every example they could have chosen, they went with doordash. The barrier to entry for launching a delivery app is not and has never been software. It's distribution, restaurant adoption, user adoption, and of course driver adoption. It would be really funny to be using like the vibe coded version where somebody's like, yeah, I just launched a delivery app and your food will be here in four hours. If I was Tony, I'd be flying to find Citrini, having to work face to face opening up a can of.

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I know where you're going with it. I was thinking, thinking about Amazon Basics. That hasn't destroyed every company, every brand, like, and why is that? Is that a good analogy that like, okay, the big AI labs will have Amazon basics for SaaS, but people will probably still want certain brands. There will be certain people that are locked in. Okay, yes, I know the Amazon Basics paper towels are cheaper, but I just happen to like this particular brand that's a little bit more tailored for me.

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But Amazon Basics was like, hey, where you buy paper towels from this brand? Normally we're going to sell you the same product with our logo. Yes, yeah, effectively the same product.

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Yeah.

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And I think the AI disruption that is much more real is like you have entirely new paradigms for software, an entirely new relationship with software. And it's not just like, oh, you know, somebody built the exact same version of Salesforce. It's like somebody built an Apple that automatically sets your schedule every day and you're not even, not even thinking about like, oh, I need to be monitoring

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this dashboard or yeah, no, no, I agree. I think the. But I think the Amazon Basics of Salesforce, it probably is not that big of a business opportunity because the whole value prop is that it's lower margin. And so Amazon Basics is not driving Amazon's Market cap.

19:08

Well yeah, Amazon has solved the distribution. They're like we have the customer. But when you have a lower margin profile and you don't have the customer yet naturally means you can't spend as much money to acquire customers and build out sales and distribution and all that stuff. That's very different situation. It's not like people are just going to like the SaaS, you know, supermarket. Very funny post from Dimes Square Holdings. You think this is crazy, but just wait until next weekend when I publish my substack article. You should freak out and kill yourself right now.

19:25

People are really having fun with this. What was this next one?

19:54

Well, Dimes is on a roll average 20 AI macro research note I am legend. This may be the most terrifying novel you will ever read.

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That might be the most market moving piece ever written, says Clouseau Investments. That seems accurate. And I don't know, maybe it's a buying opportunity, maybe it's. Maybe it's a warning to everyone else. But certainly broke through.

20:07

Steve asked, does Tyler clap for each ad reader? Is that a soundbite? It is real. He claps. Yeah, I clap for every single one. Horrors coming out of Mexico. Yeah, yesterday, really sad situation. Our very own Joe Wiesenthal had been in the Puerto Vallarta area, had just left. I think he got out of there an hour, an hour before the chaos erupted. So very grateful.

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I hope everyone who's down there is safe.

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Somebody said Weston Puerto Vallarta won't honor late checkout with streets closed. I AM Platinum Elite. 1000 lifetime Marriott nights.

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Wait, I thought that was a joke. I didn't realize somebody actually posted this.

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Evia is on fire due to the cartels setting fires and buses. Cars and buses on fire all over the city. The airport is closed and Ubers and taxis are not running. I asked for a 4pm checkout, which I'm entitled to based on availability. They won't extend past 2pm and said we would have to use the hospitality suite. We're supposed to be leaving for Bucheros this afternoon, but that isn't looking very good. Worst Bonvoy property I have ever experienced. I don't think anyone will be checking in today, so there's no reason to not at least to at least not extend us.

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Does this person just not understand the scale of what's happening? Maybe you could break it down for anyone who's living under a data center. Like what actually happened in Mexico. Because it was not just fires and a few cars. This was like a military operation. Correct.

21:30

My wife.

21:45

Yeah.

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Texted me yesterday afternoon while I'm on X monitoring. You're monitoring the situation, all the open source intel.

21:46

You texted me. You texted me and I was like, oh, what's up, Joe?

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Like, wow. I've expected something like this for a long time, given the tensions down there. And then I'm just watching this and my wife texts me, our friends want to go to Mexico in April. Can we go? A long weekend? And I was like, are you. Are you. Are you joking? A really, really sad situation. Basically, leader of the cartel cjng, which is like, effectively his paramilitary group. Any. Like, if you looked at any photo or video of them over the last 10, 20 years, they look like they're special forces.

21:55

Yeah.

22:28

I think the story is that many of them actually did train at some point with US Special Forces and then flip. Or.

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Or the. Probably the Mexican military.

22:35

Yeah, no, they were. But the. But the US Special Forces have trained Mexican military.

22:37

Okay.

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And so these guys are like. Like, they have their own version.

22:42

Yeah, it's not a larp. Like, oh, they just, like, picked up something. They watch like a video on YouTube.

22:45

Yeah, I mean, I'm sure. I'm sure some of them are not. But in general, this is like a paramilitary organization. It's like one of the largest, like, private armies in the world. Probably the largest private army in the world. And so El mentioned their main guy gets taken out, and then they respond by starting to just, like, blow up, like, roads took over an airport, I guess. Like, they just start causing mass chaos.

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Yeah.

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Because their leader, this person in Puerto Vallarta. If you look at any video of Puerto Vallarta, if you just went outside yesterday and looked around, there's like fires rising up everywhere. It looks like. Literally looks like a war zone. So for somebody to be hitting Reddit at this moment and being frustrated, it's like, hey, maybe just, you know, the State Department put out, like, almost exactly when this person was posting a security alert. Due to ongoing security operations and road blockages and criminal activity, US Citizens in the following location should shelter in place until further notice. And like, you're getting a shelter in place warning. And you're. You're mad about your Marriott points, but

23:14

I want to move on to some nostalgia. We are going to get Tyler Cosgrove up to speed on what it was like to live in the 90s and the early 2000s. The 90s and the early 2000s were iconic, and we got to get Tyler Cosgrove up to speed on what it was like. These were the Vibes, the blockbuster. So much consumer electronics. Like everything had a. You had a different device for everything. A Walkman, a Game Boy, an Xbox.

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I had an Xbox.

24:25

You had an Xbox?

24:26

Yeah.

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We have mod retros right here. Okay. Okay. So you're maybe up to speed. Well, there's another one that talks about the liquid metal object design. And I found this very informative to show how technology in the digital world actually shaped the physical world. So we could play this liquid metal object design. I feel like this is overdue for a comeback.

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Fluid forms floating around were blobism, minalism and biomorphic design.

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Biomorphic design.

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Easy to see that industrial designers were trying to push past this because everything

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was really blocky in the 80s.

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Futuristic vision for things like sportswear, watches, music, play.

25:01

Clear, clear case.

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This is a prime example of when technology influences form. CAD modeling software introduced what is called nerves, non uniform rational B splines. What this allowed is for industrial designers to create mathematically smooth curves to be calculated with precision. It enabled people to make.

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So before you had to just like use blocks basically and like you'd get like a sphere and that was it. And you could do like a sphere and a cube, but you couldn't really do whatever shape.

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And back then, and they were rocking this kind of hardware when they were saying that all retail stores globally will be wiped out within the next five to 10 years.

25:34

I mean, reflecting on the dot com boom, I think is particularly interesting right now. The takeaway from the dot com boom. When most people pull up the dot com boom, they're just like, oh, it's a bubble and everything's going to zero. And that's not quite the lesson because the Internet was still actually the most powerful force for economic growth and change. And it did radically change society. It just did so over two decades instead of like one year. So there's an article in the New York Times that's sort of comparing the dot com boom to the AI boom. People loved the dot com boom. The AI boom, not so much the tenor around the dot com era. Yes, there was a lot of froth. Yes, there was Y2K and people were worried about that, but the stats weren't quite the same.

25:45

So were you like aware of Y2K?

26:30

Extremely aware, extremely aware.

26:32

How did you process it? Because my parents were trying to explain to. Yeah, like a five year old.

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Yeah. If you're not familiar with Y2K. Basically the idea was computers were programmed to store dates as two digit numbers. So you would just say it's 86 then it's 95, 96, 97, 99. What happens when you get to 2000? It just says 00. And all of a sudden all your interest calculations, bank account freak out, you have negative money, the whole financial system collapses. Anything that's planned. Right. All of this was like the fear of what might happen, Tyler.

26:41

Yeah. I mean, that doesn't make any sense.

27:13

Right.

27:14

Because easy for you to say, Tyler. You weren't born for. Oh my gosh, the numbers are resetting all of a sudden. Like you can see. It's like a calendar.

27:14

You can see.

27:24

You had to be there, Tyler. Yes, you had to be there. But did no one have foresight?

27:24

It wound up being something like hundreds of billions of dollars were spent in the lead up to Y2K.

27:28

Yeah. But O. So Gregorian calendar.

27:34

Yeah.

27:36

Goes into place 1582.

27:36

Yeah.

27:38

So you have like 400 years to figure this out.

27:38

So we did, but it cost us $100 billion. Y2K was like, it was very millenarian. People were dooming about the apocalypse. But these were like fringe sort of cult types. The same thing happened with 2012. I don't know if you remember 2012, apocalypse stuff. Y2K was the same thing, but it was not widespread. AI doom is is truly widespread. More than 30% of Americans are concerned that AI could end human life on Earth. Like that is a wildly high number compared to how many people believed 2012 was going to be the end or 2000 was going to be the end. My takeaway was that the average American believes that they are in Terminator Judgment Day, but they still have to go to Cyberdyne Systems and do their fake email job right up until the bombs drop. That's the general tenor around AI. Like the vibes are rough. Like nearly every.com prediction had some directionally correct element to it. The Internet rollout continued even during the bubble and the bubble popping and pushback and all sorts of different things. AI will continue as well, but I think it's important to like refocus the conversation on actual impact.

27:40

We need a moment of silence for international business machines.

28:43

What happened?

28:48

Falls over 10%. Actually 11% now after anthropic announces that Claude can streamline COBOL code. Oh no.

28:49

There we go.

28:57

Wild. Wild times fist.

28:58

I was going to say Anthropic announces they're going to launch an international business machine. We are an international business machine.

29:00

There is a game called Data center on Steam which lets you build and manage your own data center. This is low key genius. The best way to educate People on a new trait. Hyperscalers should lean. Should learn a thing or two about edutainment.

29:08

Edutainment. This is fantastic. Tyler.

29:22

Somebody was saying it's not out yet. It's coming out March 31st.

29:24

Oh, okay.

29:27

Okay.

29:28

Mark your calendars.

29:29

Yeah, I'm going to grind this.

29:30

Productivity is going to fall.

29:31

Somebody was saying it's like it could easily be an ender game scenario where

29:33

it's just those racks weren't simulated. Those were real NVL 72s. Bender. Yeah, I love that.

29:38

Apparently there's another game called just called Insider Trading coming to Steam.

29:45

If you're good at insider trading, you're going to love this game. Steam has a game called Insider Trading get ready. It's a roguelike deck builder that lets you literally pump and then crash the market. But hilarious and says a lot about the society. But I think it's. I don't know. I'll give it a try. I wonder if it will have microtransactions. That's the big question. Or if it's pure for the love of the sport, love of the game apparently.

29:51

Openclaw fueled ordering frenzy creates Apple Mac shortage. Delivery for high unified memory units now ranges from six days to six weeks. I called it.

30:16

Demand for AI is continuing unabated. People are using this stuff.

30:26

My culture is not your costume. Brian Johnson. Because Brian said he decided to live life. On Friday. He was spotted just playing some video games, having some Taco Bell.

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He's having fun.

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Some pizza, some Dr. Pepper, having a lot of fun. Looking not his usual self, but locked in on the big game or something like that. Anthropic posted earlier. We've identified industrial scale distillation attacks on our models by Deepseek, Moonshot and Minimax. Wow. These Labs created over 24,000 fraudulent accounts and generated over 16 million exchanges with Claude, extracting its capabilities to train and improve their own models. People were having a lot of fun with this. They said no crying in the copyright casino in all caps. Luke brought up a vintage growing Daniel Post. Aw. Did someone take your hard work and use it to train a model to mimic your expertise without compensation? Sensation Computer.

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Leave us five stars.

31:22

Make sure everyone in the audience has the best evening of their life.

31:22

And sign up for the TVPN newsletter@tvpn.com goodbye.

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