big deal. The big one that's tearing up

the timeline right now is that Air

Table, founded in 2012 and once valued

at 11.7 billion, is getting acquired by

Bending Spoons, founded in 2013 at 2.7

times ARR. Uh, once hot startup, now an

unfortunate victim of the SAS bust, says

DD Doss. Uh, it raised $1.4 4 billion

only to be sold for 1.285

billion enterprise value because they

had almost a billion dollars in cash on

the balance sheet. Uh and so the total

equity value was 2.25 billion equity

value. Uh just clearing the preference

stack. So uh early employees founders

probably got something. Later investors

probably got 1x their money back but

probably had it tied up for a few years.

So, not a good outcome, but there's some

interesting silver linings here.

Obviously, it's good for could be good

for bending spoons if they got a good

deal and they turn it into a a mammoth

cash machine. Also, there's some nuance

to where different pieces of the

business are going because they're sort

of dividing it up.

>> Really uh sort of exemplifies the

current moment where a company can sell

for over a billion dollars and

everyone's like, "Wow, that's

unfortunate."

>> Yeah. Yeah. Um and and a wakeup call to

the to the many maybe younger companies

that are at a lower revenue run rates

that are raising at much higher

valuations.

>> Yeah.

>> Uh and uh basically signaling to them

like you've you've got some uh many many

years of compounding to do.

>> Yeah. It's interesting.

There's a SAS apocalypse narrative which

is like these companies are going away.

Software won't exist. You'll just prompt

it. uh and I think there's a lot more

nuance to it than that. But one thing

that it does feel like the the

underwriting the financial trajectory of

these single point solutions SAS

products uh single player somewhat

sticky maybe not that sticky maybe

replaceable. Uh it's not that they're

going to zero. Bending Spoons wouldn't

be buying it if everyone was churning

and it was going to be a zero. But at

the same time you can't grow 20%. Yeah.

Yeah. But you can't underwrite it at 40x

revenue, 100x revenue anymore. And it

feels a little bit like what happened

with uh DTOC e-commerce. Honestly, there

was a moment where uh e-commerce brands

were venturebackable and you could and

you could underwrite them or they were

being underwritten similarly to venture

startups that had true moes, true

compounding advantages. they would get

the same multiple as a SpaceX or or an

AI company or or a social media company

and that never really made sense. It was

sort of a just a weird quirk in the

system for a couple years and then go

forward a few years when there were some

pullback. Some of the IPOs went out,

they didn't do that well. they traded

down. Um, and all of a sudden it was

like, okay, well, if we're doing if

we're doing, you know, in my case, like

food on the internet and we're going to

VC back a food company like, has Nestle

been disrupted? Like, no. And that would

or Unilver is Unilever trading down like

crazy because they're facing so much

pressure and uh that's usually what

happens when there truly is disruptive

innovation. Like you see this with uh I

saw some crazy post about how uh people

were bearish on Starlink uh for for a

while and the company that they were

competing with just went bankrupt and

and you see this with you know social

media came out and yes like the

newspaper and the internet actually the

newspaper stocks did actually trade

down. Uh that never happened in uh in

e-commerce DTOC e-commerce any of that

uh and and we're now in this new regime.

So I think that there's actually a

pretty safe path if you just build the

business if you're saying look I am in

this SAS uh industry it is going to be

more competitive going forward but I'm

setting myself up to have a reasonable

multiple so that uh at every point if

I'm trading at three times ARR I'm happy

because the cap table's set up for that

right

>> yeah one thing I will say is uh I

started using air table it was 2015

right so I probably started using it a

few years in but uh the product the way

that I use the product back then for my

for my first business uh I would 100%

just just vibe code a solution today

because I was using like very basic

dashboard functionality I wanted

dashboards that we could use internally

share externally now it'd be very quite

easy to just do all of that uh in codeex

or your favorite agent so I do think

that business is very much under under

threat over the long run but still has

sort of compounding uh that it can do

just given how how deep it into the

Fortune 500 and a long tale of small

businesses.

>> I'd be very interested to know what is,

you know, new user, new logo growth like

versus just expansion within an

organization because if you have some

company that's already sort of running

on Air Table, they're growing, so

they're adding seats, they're adding

functionality because they're sort of

bought in and they're not going to rip

it out. What does that growth rate look

like? uh versus um you know uh new

companies actually going and signing up

and saying like yes this is the best

tool for the job because you do get a

lot built for free up and like it's not

like they don't have access to AI agents

that can improve their systems like you

might be doing a lot of maintenance on

your vibe coded solution but at the same

time a lot of people especially in

smaller organizations were using this as

like just one small dashboarding tool

one small database uh that is sort of

replicable so interesting to see where

it goes. those and uh yeah just like an

an interesting data point in the SAS

apocalypse late stage growth like is it

a zombie corn what are you what term are

you using for it Jared Sleeper has some

more thoughts 480 million ARR growing

20% it's a unicorn exit many very

satisfied customers including Jared

Sleeper for years fantastic run never

underestimate how much VCs love products

that make quote everyone a builder the

wrinkle is that one player products are

higher churn was Air Table. I mean, I

feel like the whole pitch for Air Table

was that it was multiplayer, but maybe

that wasn't the way that people were

actually using it that often. A lot of

people would just be like, "Oh, yeah,

that that guy on the team is using Air

Table for that thing." But I mean,

certainly from very early on the

>> I think by one player he means that you

can it's more um like productled like so

one person at a company because I've

only used it in a team capacity, right?

But one player can sign up, start using

it, invite other people to the team.

>> Yeah.

>> But it's

>> it's an advantage because you're bottom

up. You can just ramp into the different

companies so quickly. But at the same

time, if you're not like going through

the CFO and being like there's a mandate

that we're using 200 seats at once.

>> Exactly. Yeah, it is a little different.

Uh three, his third point, uh gross

retention remains the single greatest

predictive variable of terminal value

for any business that doesn't have a

scale effect or network effect. It

dictates somewhat mathematically what

folks like bending spoons will pay.

Great to see employees get liquid, but

perhaps sad that some are learning about

liquidation preferences, SAS multiples

to their disappointment. So, of course,

if you had mentally marked your stock at

11 billion, but then this deal happens,

uh, the investors that put in that money

at 11 billion, they're going to get

their money back first, and then you're

going to have to fight for whatever's

left over, the scraps. Silicon Valley

can do a better job talking to employees

about what stock is worth in various

scenarios, but no one is incentivized to

do it. Well, I mean, you can also just

look it up. There's a whole bunch of

blog posts about it. You can ask JPT and

and get a whole deep dive on run this

whole scenario and play out every

possible uh option. Um, but yes, I I I

agree. No, no one likes to, you know,

oh, we're closing a big candidate. Let's

tell them about what's going to happen

if bending spoons comes in and you

destroy.

>> Let's tell them what happens if we get

our spoon bent. [laughter]

The bending spoons is emerging as the

constellation software of the proumer

high churn higher churn SAS is a

fascinating turn of events and a good

thing for prep stacks everywhere just

because there's more liquidity for

systems.

>> Well, it's a buyer of last resort.

>> Yeah. Whereas

>> like no founder no founder setting out,

hey, I want to be, you know, go on this

generational run

>> and then get my spoon bent. Um but uh

it's still it's still great because it

allows again it is real liquidity.

>> Yeah.

>> Uh this is a win. I think bending spoons

bending spoons will obviously end up I

would I would say like right sizing the

company. They're not going to continue

to run it the same way that it's been

run, but at least it allows everyone to

um get out and uh go on to do new

things.

>> Yeah. In an interesting twist, speaking

of getting out, uh Shield Monot shares

this about the Air Table acquisition.

They spun out their AI business, Hyper

Agent, prior to the acquisition. So, the

company lives on and likely some cash

with it. Probably can be recapitalized.

Uh seems seems like a fantastic outcome.

Shed the old business and focus on AI.

So, I would be very interested to see

who is going to be working at Hyper

Agent. Is this something where the

founders didn't want to uh exit the

business entirely and then just start

from scratch? They wanted to take a

whole bunch of the team with them and

they wanted a bunch of their resources

and learnings and so they were able to

package everything up and this will be

something that's very founder-ledd or

was this just okay that is a more

expensive piece of the business. Bending

spoons it's it's it's earlier in its

ramp. Maybe it's working, maybe it's

not. But that's not the business that's

bending spoons in. And so this is more

like a bending spoon.

>> Bending spoons. Look, we've had we've

had both founders on the show. Bending

Spoons is like, "Hey, let's take a great

product and just basically rightsize the

team, run it efficiently, and we're not

trying to get growth back to 200, 300% a

year."

>> Uh, Howie's been on the show. He talked

a bit about Hyper Agent. That's a

product that if they execute well can

grow 10x year over year, right? And so I

could imagine again leaving some of the

team to just continue running Air Table

indefinitely and then again like you

said taking some of the talent out and

saying like let's take another big

swing.

>> Liquidity is is uh laughing about the

fact that Bending Spoons has a very soft

friendly brand. Bending Spoons branding

very very simple and it just sounds like

such a simple name. It's not like

Cberous Capital and yet when they

negotiate they're presumably difficult

to negotiate with. I I don't know. I

mean, in a certain situation, you can be

very friendly and amicable and just sort

of say like, "Yeah, we're we're a buyer

at 2.7 ARR, you know, we're not going to

like screw you over here. We're just

going to give you this is a fair price.

Take it or leave it and you can take

it." You don't necessarily need to be

this like crazy werewolf of like a

shark, you know?

>> Yeah. There's just not there's just not

that many there's not that many buyers

for a company like Air Table.

>> Yeah. And a a just sort of in this in

this economy a slow growing

>> enterprise software business, right?

Mhm.

>> There are not that many buyers.

>> If Air Table had wanted to sell,

>> yeah,

>> in 2020, I'm sure they would have gotten

meaningfully more. They probably did

have offers at different points. You

could imagine Air Table,

>> you know, ending up at a, you know, a

sales force as an example. Um, but now,

uh, Luca is saying the buyer of last

resort is is like, um, maybe maybe

unfair.

>> Yeah. Just like a valuebased buyer.

>> Yeah. I don't know.

>> Yeah. [laughter]

Snap earnings happened and uh Evan

Spiegel was on CNBC talking to Sorcin uh

and it's a very interesting storyline

because people are obsessed with the

specs. I mean job completed in terms of

like getting more attention for the

company, but it's been sort of a wait

around the company because the question

is like okay is is everyone going to be

buying $2,200 smart glasses from you

anytime soon? uh when that's not really

the story. The story is actually like

the revenue growth, the profit, the

operating leverage, the coming back into

the business. So, I mean, overall, it

was a good quarter for Snap. Clear beat.

Uh revenue was up 19% year-over-year. Uh

with profitability and cash generation

rising even faster. So, that's that

operating leverage. They're growing

revenue faster than their growing costs

and so they're increasing their margins.

um advertising revenue grew 9% to 1

point roughly three billion in the

quarter. But the really interesting

number that uh was surprising to me was

they're making $316 million a quarter in

subscriptions and paid services up 85%.

So just subscribing and being a paid

power user, it's only 3% of the user

base, something like that, but that's

that's now a billion dollar line of

business. obviously very high margin uh

working really plays to the strengths of

what SNAP offers um and usage is up

globally but they're losing a step in

western markets so uh the North America

I think fell 7% and Europe fell 2% and

so that's not great for long-term ad

monetization because you want to be in

the the richer countries generally but

uh still revenue is accelerating they

are monetizing better and that's

probably an AI story it's just like a

boring AI story because it's like the ad

recommend recommendation system got a

little bit better. Nobody really cares.

People want to focus on specs, but

they're $2,200 and they're bulkier than

competing smart glasses.

>> Well, it felt like in that interview

Spiegel was talking about specs, but he

wasn't wearing them.

>> Yeah. Does he need to wear them all?

>> I think he kind of needs to wear them

all the time.

>> Wear them. I mean, you're going to hold

Apple to that. Tim Cook's got to wear

Vision Pro everywhere he goes. That'd be

hilarious.

>> No, but but the Vision Pro is not me.

>> Augmented reality. It's augmented

reality. It's meant to be worn 24/7 if

you're a serious person.

Let's actually pull up.

>> You should do a full show if you love

>> I could

>> Apple Vision Pro so much.

>> Not be a problem. Not

>> do the full show.

>> Okay.

>> Do the full show this Friday.

>> We'll we'll we'll test run it with

Tyler. Um

so, uh here here here's an interesting

tidbit. Specs, it feels like oh my god,

they're spending so much money. It's

like so crazy. I think the rough

estimate is like 300 million a year

which is a lot but it's only 5% of their

cost. It's like 20% of their overall R&D

budget maybe something like that. These

are very rough numbers but uh it's not

like it's not like if they just spun out

specs or cut cut specs and they were

just like we're not doing anything there

all of a sudden the business is like

wildly profitable. It's not that big of

a stone around the neck. It's more just

like a distraction and a question. And

it's also not great that on the earnings

call they asked, "How many pre-orders

have you sold?" And he sort of danced

around it and didn't really give a

straight answer on that because if it

was good, you'd probably be like, "Yeah,

we sold a lot of things." Yeah. Yeah.

Yeah. Yeah.

>> Okay. Let's play a little bit of Evan

Spiegel on CNBC. Uh I want to hear him

talk.

>> Snap reporting Q2 results after the bell

on Monday. They scored an earnings beat

with $1.6 billion in revenue. 19% higher

than just one year ago. And joining us

right now uh for more Snapsio Evan

Spiegel. He did not bring his glasses on

the set. But we're going to talk about

those glasses in just a minute because I

think that's been a big part of the

story. But um you beat uh across the

board, not just by the way on the

revenue piece, but on the margin piece,

which is what I think the market was

actually looking for.

>> Yeah. Well, first of all, thanks so much

for having me on, Andrew. It's such a

beautiful morning here uh in Aspen. It

was a great quarter uh for Snap and I

think what folks are seeing is that the

free cash flow in the business is really

starting to inflect which is allowing us

to offset dilution to strengthen our

balance sheet and of course to continue

investing in the future which is so

important to us.

>> Okay

pieces of that story I mentioned glasses

we'll get there in a second. I think

glasses I want to hear him talk about

>> glass about 2200 bucks right now. 2100

bucks is what they're going to come in.

>> 21.95.

>> Okay. So, the question I keep thinking

about is

>> how quickly those can come to market in

a way at a in a way and at a price point

that people buy them uh you know on mass

and how you think about the competition

coming from whatever you think Apple is

ultimately going to create whatever you

think Google is working on and whatever

you think Meta is going to do next.

Well, we've been working for more than

12 years to reinvent the computer and

make it feel I think today people are

spending more than seven hours on

average staring at screens. Specs

represent the opportunity to bring

computing into the world to make it a

shared experience and ultimately uh to

help you know bring all the productivity

gains we saw in desktop computing and

laptop computing to the real world and

to real world jobs which is the vast

majority of jobs about 60% uh of jobs.

So I I think this computing

transformation is incredibly exciting.

We're certainly the the leader in the

space. I think specs represent a a

totally new category, right? If you look

at the landscape today, you have very

bulky uh but capable headsets and then

you have very limited uh but lightweight

AI glasses and specs represent, you

know, the capability of some of these VR

headsets and in terms of the

immersiveness and the ability uh to

really have a full workstation

experience but with the wearability of

some of these lighterweight glasses

products.

>> But do you say to yourself Apple's going

to come and do the same thing and Meta

is going to go? I mean, so how do you

think about that given the cost of of

putting this all out there and the

amount of money that some of these big

companies can actually throw at this?

>> Yeah. Well, I think, you know, as we

look at the history of of innovation, I

I actually think one of the things that

helps power innovation are constraints,

right? And and one of the things that

makes Snap so unique is that we've been

so laser focused on specs for such a

long uh period of time. So, I think this

focus, our history uh of innovation, you

know, and our first mover advantage in

the space,

>> it feels like it should be a different

company. If if you want to be laser

focused, it feels like the benefit would

be like

>> do the Elon thing, start a separate

company that is laser focused on it. The

investors in that company are laser

focused on that. The employees

>> Yeah. Have a distribution deal with

Snap.

>> Yeah. You know, like like just just have

this like, you know, get we're good on

this video. Just get Snap to a really

polished oiled machine. You own all the

equity. You you you have the founder

control. It's your, you know, your your

your financial backs stop, your your

your credibility, uh, for to actually go

and truly laser focus because like it's

weird to be laser focused on a thing

that's not your core business and then

everyone's just constantly asking you

like, "We'd love for you to laser focus

on the main business that's making

millions of dollars every year." Like,

>> seems pretty solid.

>> Yeah, it's like making $6 billion. What

do you think, Tyler? Yeah, I mean

earlier this year they did spin off the

um AI video company and that seems like

much more related to the main like you

know chat app than the glasses, right?

>> Wait, what is the AI video company?

>> I think it's called domo. It was like

their internal uh generative video

>> uh team.

>> Interesting.

>> He was talking about enterprise use

cases for the glasses.

>> I mean

>> like workplace use cases. It's so hard

to imagine. It's it's as an independent

company you make a really great device.

I can imagine that company having its

own go to market motion saying, "Hey,

Amazon, yeah, we want you to use, you

know, our devices across your

workforce." And maybe they do a pilot.

Yeah. But trying to sell in like

Snapchat glasses into the enterprise.

Yeah.

>> Feels like just going to be a tough

sell.

>> Open AAI is firing back at Apple.

>> Uh, a little little glazy though. They

say Apple is one of the greatest

companies of all time. What a funny way

to kick off a a blog post. Firing back

at a lawsuit. Apple just cooked. Uh,

open AI just cooked.

>> Well, they say and built a reputation

for obsessing over the smallest details.

True. And then they go on to say maybe

there were some details that were

missed.

>> Yes. So, what what were the key things

that they said? They accused Apple

accused OpenAI of ignoring them. Turns

out the lawyers emailed the wrong Asian

guy because two Asian last names look

similar. Uh, they claimed you discussed

the allegations with OpenAI's general

counsel. They admitted that that

conversation never happened. Accused ex

an an ex employee of improperly

accessing files. They forgot to mention

Apple employees were allegedly asking

him to access those same files after he

left. So the there seemed to be some

scenario where like the guy had left but

he had so much internal knowledge that

someone at Apple was just like, "Hey,

like can you remind me where this thing

is or something?"

>> Yeah. When reading through the initial

complaint, Apple made it seem like the

employee or the former employee was just

running wild through his old laptop. Y

>> he had sent a message to someone at

Apple saying something to the effect,

I'm paraphrasing, but I still have

access to my computer, lol. But the

reason that in the text messages that

they shared, you can imagine the reason

that he was there and sending that

message. Why would he send the message

if he was doing something that he was

that was wrong or that he would feel

guilty of, right? He was helping

>> his former teammates. And they say,

"There's 10 other people I could ask

you, but you're the smartest or

something like that." Yeah.

>> Um and and so when you have all this

context, the story looks quite a lot

different.

>> Yeah. They're sharing a lot of text

messages. You can go read the blog post,

but there's like full back and forth IME

messages between Chong Leu and Apple

employees where Chang, whose last day at

Apple was January 22nd, 2026, is being

asked by his former colleagues to help

them locate files and information to

assist them with their Apple work. Uh,

note other individual names and Apple

confid confidential information has been

redacted. So certainly another another

wild uh

>> Yeah, I'm still I'm still just very

surprised that that Apple during the

middle of a, you know, a a year-long

talent raid

>> uh would know that someone significant

had quit and that would not go through

the process of actually

>> taking back their laptop and making sure

that um you know the the separation was

um really finalized. Yeah, people people

have been saying stories how

historically, you know, maybe call it 15

years ago, if you quit Apple, someone

would show up to your house immediately

and take back any prototypes that you

may have had or anything anything of the

sort.

>> Yeah.

>> Um

>> I'm excited for prediction markets to

get on this. Honestly, it was very

helpful during the uh the Elon Musk

OpenAI case. Uh currently, Khi has a few

here. Uh, will the OpenAI Johnny IVive

device have a screen? No. Is at 82%.

Um, when will OpenAI release Astra?

There's some dates here. What else are

they Will Open AAI increase the cost of

Chad GPT? No, at 87%. Uh, no market on

the Apple lawsuit because it's it's

still very early. There's not even like

a court date yet. Um, but we'll keep

tracking it because it's an interesting

story. Uh, is BMW forcing owners to

watch a Spider-Man brand new day promo

when they start their cars up? That's

the question. A lot of people were upset

about this. Jordy this morning is like,

"This is awful." Uh, there's some nuance

here. So BMW BMW owners are debating the

company's latest in-car promotion after

videos spread across X showing a

Spider-Man brand new day animation

appearing on their vehicles infotainment

screen at startup.

>> And the reason why this uh fake news

triggered me was back in the day in

college I was getting a Kindle and on

the checkout page it was like do you

want to save $10 and get the ad

supported Kindle? Mhm.

>> And as a college student, I was like,

hm, saving $10 sounds pretty nice. And

then I had to live with a Kindle that

would sit on my bedside table just

blaring ads in my face constantly. And

it wasn't like I would have actually

appreciated [laughter] ads.

>> Can't you just flip it upside down?

>> True. True. One

>> one simple. One simple trick.

>> Jordy hates this one.

>> One simple trick. But it wouldn't be ads

for like Spider-Man. It would be ads for

random books.

>> Right. Yeah. Books

>> that uh And the targeting wasn't good.

M.

>> So again, people don't like ads.

>> Target was good.

>> Um, anyways, what happened here, John?

>> Okay, so venture capitalist Shield Monot

wrote, "When you start a BMW, it shows

you an ad for Spider-Man really cheapens

the BMW in my opinion." A 16Z partner

Josh Elman added, "Of all the brands I

thought I might I thought might bombard

you with in-car ads on screen right when

you start the engine, I had BMW pretty

dang low on that list. Uh, this seems

the opposite of luxury and performance.

Is BMW a luxury brand? Thought they were

premium.

>> I Yeah, I think it's a premium brand.

>> Premium brand. Uh, even Paul Graham

weighed in though, uh, reposting Monot's

video and saying, "I'm never buying a

BMW. He's never buying a BMW." What

about an old BMW? They can't show you

ads in a E39.

>> Wait, but what what actually happened?

You have to opt into this.

>> Community notes added important context.

According to one note, the Spider-Man

promotion is an optional startup banner

available on compatible BMWs from July

27th through August 10th, 2026. The

banner does not automatically play a

full screen ad. Instead, owners must tap

it to launch a themed animation

featuring music and synchronized vehicle

lighting. BMW has offered similar

limited time startup experiences in the

past, including holiday themed

animations.

>> Very, very, very different. Uh, you can

just see the popup there. Surprise,

Spider-Man just dropped into your BMW.

And that's an ad.

>> If you press the button, you have to

actually turn it on. It It's not

>> Yes. Yes. But I'm saying there's a

banner ad.

>> Oh, there is a banner ad.

>> It's just a banner. Look at the video.

Start it over.

>> Uh, let's see. Let's Let's be the judge

of this.

>> Look at this banner. It's a banner.

>> Oh, okay.

>> You click the banner, then it plays an

ad.

>> So, it's a popup that you click.

>> Okay. And it's like, wait, what is this

popup? Why does my car have a popup

into a setting somewhere? There should

be an icon that's like promotions or

themes

>> that didn't look tucked in anywhere.

They're literally saying surprise a

Spider-Man ad. And [laughter] they're

not like they should just say, "Hey, we

have an ad for Spider-Man here

>> if you'd like one."

>> Okay, this is right on the line.

>> But this this is this is this crosses my

line.

>> This crosses your line

>> because you're like, "What does

Spider-Man do? What does what does

Spider-Man have to do with my car? And

then you click it and you get an ad for

Spider-Man.

>> Spider-Man's doing well, though. So, the

ads are working. So, [laughter] you

know, maybe the BMW show owner showed up

in droves because the new Spider-Man

movie scores Hollywood's second biggest

debut ever. That's actually huge. The

Sony film grossed $932

million through Sunday, topped only by

2019's Avengers Endgame. That is

massive. Did you realize that this movie

was making that much money?

>> I mean, if you had asked me an hour ago,

is there a new Spider-Man movie coming

out? I would say haven't heard of

anything.

>> Yeah, I I haven't seen that much energy

about it. I've been aware of it, but I

have not I've not seen like a massive

takeover. Um, but also I'm not driving

an ad supported BMW, so maybe that's the

problem. Uh, Spider-Man spun a massive

weekend for movie theaters, flouting

superhero fatigue and giving a major

boost to Hollywood summer block uh, box

office. Sony Pictures Spider-Man brand

new day open to an estimated 9.

>> We got some good ideas here in the chat.

>> Yeah. What what we got?

>> So, adup supported cars that get you

free self-driving where they the ads

take over the whole entertainment system

in the car. So, you're sitting there

relaxing. You know, the car is driving

itself, but then it's just blaring high

volume every

>> I'll take it a step further.

>> Every five minutes, one 30 second ad.

>> What if there was What if there was a

whole company dedicated to building

self-driving cars that was funded by an

advertising company, like a company that

just prints billions, hundreds of

billions of dollars in advertising, like

their DNA is advertising, and then they

go into the self-driving?

They would have a huge advantage in

terms of targeting.

>> Why has no one done this before?

>> Yeah. Or they could even have a video

platform where they're making a lot of

money running video ads and they could

take that video almost like a YouTube

Yeah. Exactly. So you could have like,

you know, a huge ad network, YouTube

ads, and then you could have a

self-driving car company, put them all

together. That's synergy, right?

>> And maybe you could spin the company out

at some point and raise some venture

capital, too.

>> Spin the company out.

>> [laughter]

>> They secretly still advertising. No, I

don't think Whimo will do crazy ads. I

think I don't know. Maybe

>> a major streaming executive just text a

major streaming executive just texted me

and says, "Okay, going to get Tuby to

build a car right now. [laughter]

>> You got to build a car. You got to do

SpaceX announces a new partnership with

Nvidia to design its Star Mind AI1

payload, bringing data center class

compute into orbit. Uh, that makes a lot

of sense. Let's find some actual

numbers.

>> So, uh, revenue was 7.81 billion versus

6.93 billion expected. Loss per share

was 9 cents. Um average analyst

estimated a loss of 26 cents. Uh revenue

jumped 92% from 4.1 billion a year

earlier. So huge. You know, you're even

at this scale still doubling the

revenue. And it's the first time Elon

Musk's reusable rocket maker will face

Wall Street in this capacity. And

investors are jittery. SpaceX stock has

dropped uh 16% since opening at $150 a

share on June 12th. And uh SpaceX lost

4.9 billion last year largely due to

heavy investments in artificial

intelligence which we've discussed. Uh

the company merged with Musk's XAI in

February. CNBC reports saying that at

the time the vision was to build data

centers in space but the launch [snorts]

business which counts uh on large

contracts from NASA is losing money.

Most of SpaceX revenue for the year and

its only source of profit came from its

connectivity segment uh which consists

of its Starlink internet service.

Starlink is sold directly to consumers.

Um so here's how SpaceX performed in the

three key segments. Uh for space they

brought in 962 million versus $835

million which was expected. So they beat

in space. On connectivity they brought

in 4.29 billion. So the Starlink

business is four more than four times

the size of the actual launch business.

They brought in 4.29 billion versus 3.8

83 billion that was expected. So they

beat there and on AI they brought in

2.56 billion versus 2.18 billion

expected. So beats across the board and

very interesting to see that the thing

that they started doing space of course

launching rockets uh is now their third

largest line of business. Connectivity

is of course bigger and also AI is

bigger.

>> Everything is computer John.

>> Everything is computer. That is a good

summation of it

>> and that's a good place to end our show.