We have a guest co-host today. Introduce

yourself for those who don't know.

>> He's out again. I'm back.

>> Yeah, we got Tyler in the Ultradoo in

the hot seat. You're back. You know who

else is back? Leopold Ashen Brener's

back. He says, "You're going to have to

drag me out of sulp out of situational

awareness LP cuz he's down but not out.

Little beat up." But he shared a letter

that's making the rounds thanks to some

intrepid reporters on the DBN team that

posted this. uh he sent an LP letter

that clarifies a lot of the questions

yesterday. I mean even internally we

were going back and forth on like okay

he sold a bunch of the portfolio to Ken

Griffin to Citadel. Does this count as a

liquidation? Does this count as blowing

up? And these are like sort of vague

terms like what what does it mean to

blow up? There was definitely a draw

down. The fund definitely was

underperforming that month. But what

does it mean? Is the fund gone forever?

Is he going to work at McDonald's as

some people were trying to make it seem

like it was happening? Obviously that's

not going to happen. and he's going to

have a long career. Lot lots of people

are rooting for him. I'm certainly

rooting for him. There are some facts in

this letter that we should read through.

So he writes uh this is Leopold

Ashenbrunner to the LPs of uh

situational awareness LP. We let you

down this month. We came closer to

permanent capital impairment than is

acceptable to us. While we ultimately

found a solution that protected the fund

and you as investors, that was the sale

of the of the public equity book to

Citadel. there was some other structure

going on to get liquidity. Um he said we

ultimately found a solution that

protected the fund and you as investors.

Our intention in running the fund is to

never find ourselves in such a position

in the first place. Volatility is the

price of long-term investment returns.

Uh over the past two years, we have

delivered outstanding results. That's

100% true. It was up what a thousand% at

one point or something like that.

>> Yeah, something like that. I mean it got

up to what 45 is the number? 45 billion

AUM from an original raise less than two

years ago I believe of $250 million

which seemed crazy at the time like he's

he's a young he's a young first-time

hedge fund manager he's got $250 million

that's crazy then pretty soon it was

like oh he's got a couple billion that's

crazy then it was like he's got tens of

billions then he's got uh half a centy

billion um so he says over the past two

years we have delivered outstanding

results despite occasional sharp

pullbacks probably they're not the first

time. There's been other pullbacks in

the market and those have probably been

amplified but never gotten to this level

of of actually distressing the fund in

this way. He said, "But our fund must

always be structured such that we can

take a loss and fight another day." And

that's a recurring theme in this. The

writing in this letter is really good.

Very clear, very direct. Uh not being

dodgy, very upfront. I I love the way

it's written.

>> Almost kind of like there's that PG

advice to like write very clearly. Yeah.

I I think it was very kind of in that

line.

>> There's a lot of that in here. Yeah. So

he says, "I will make it my mission to

ensure that we learn the necessary

lessons from this experience." Here's

where things stand. One, the portfolio

experienced a significant draw down over

the course of July, which was

exacerbated by extreme moves in core

positions over the past week. Many AI

names drew down by half or more uh while

our positive long short spread reversed

violently. Um while we could say much

more about how unusual the month was, we

hold ourselves to a higher standard

irrespective of market conditions. Two,

as these moves proceeded, we started to

see increasingly adverse trading in

names publicly associated with us. So

this is the rumor that uh Martin Skrey

was talking about yesterday. This idea

that there's blood in the water,

>> you can kind of sniff out if someone's

hurting and then

>> Exactly. And then short, sell those

positions, sell those names. uh go put

some pressure on those downward pressure

to actually intentionally hurt that

fund. Uh it's a knockout dragout fight

there on Wall Street clearly. Um but

that's the game you're playing that

that's that's why you get paid the big

bucks if you can pull it off. So uh

these these dynamics are essentially

similar to a bank run. Uh crazy to put

that word in there. A lot of people

would be dodging that but very very

direct. I love it. Uh vulnerability be

getting more vulnerability. We worked to

keep the portfolio within our risk

parameters, but gradually this became

more difficult as positions rapidly

moved against us and market liquidity

dried up. On Wednesday night, Thursday

morning, we took decisive action to

protect LP Capital. We traded a portion

of our public portfolio in a block

transaction to remove all leverage from

the fund and prevent further losses. All

shorts were closed and reliance on

portfolio financing removed. We

currently manage a fully paid for public

book long stock and long fully paid for

options with no margin liquidity risk.

This restored stability and allowed us

to preserve our private positions. So

this feels like down but not out for

sure. Yeah. And he says I take full

responsibility for these events. That's

just the full paragraph. He just says I

take responsibility. No equivocating.

It's great. Uh to be clear, this should

rightly have been a very painful month

in terms of the performance of our fund.

When AI stocks draw down dramatically

while AI technical business fundamentals

are improving, you should expect our

fund to be down a lot. We embrace

volatility, but it should never

jeopardize the fund. The fund was not

shut down. It was not liquidated or

transformed into a privateonly fund.

This was something that a lot of people

were speculating on was is this going to

be private only? Are they only going to

have their private book? Is it just

going to be the anthropic position

that's going to be riding? Or is it just

going to be liquidated and they're just

going to return capital LPS and just

say, "Hey, we're going to start

completely fresh. Do something

completely different." Even even like an

like an aqua hire like the, you know,

situational awareness becomes like a a

desk at another fund. None of that's

happening. He's very clear about this.

Situational awareness is not shutting

down. It's not liquidating and it's not

transforming into a private only fund.

He says, "We are continuing to operate

as a hybrid public private fund as

before. However, we will manage our

public book on a fully paid for basis

while we draw the lessons from these

developments. Most importantly, we took

the steps that were necessary to fight

another day." I love it. A rallying cry

to both the LPs and the employees. I'm

sure in the coming weeks, I will focus

on putting in motion the necessary

changes across a portfolio management,

risk team, and vigilance applied across

the board to ensure a higher level of

resilience going forward. AI may

continue to intensify market volatility

for years to come. And that is something

that is so clear outside of the

situational awareness bottleneck trade

longtail low market cap high volatility

stocks. Like I have never seen the MAG7

trading like this where across earnings.

We're going to get into this with

recapping uh Meta, Apple, Amazon,

Microsoft.

>> Yeah. I mean I think it the the stat was

Microsoft had the biggest day ever.

Yeah. So you're seeing you're seeing

trillion dollar companies move by 10% 9%

15%. It's insane that anything can

happen at that scale. Uh and so uh

clearly there is going to be a lot of

volatility. Uh and I think he's right to

point out that it is based on the AI

trade. There's so much uncertainty about

one little number about how the capex is

going to trade back. you know the the

investors in these in these large

companies let alone the small ones are

moving the stocks significantly and that

makes his job all the harder. Uh he says

these were very expensive scars but I am

dedicated to ensuring they will be

invaluable lessons for our organization

and for myself as we move forward. My

core promise to you is that we will not

waste the opportunity to learn from

these events on the portfolio itself. We

are very optimistic about the current

investment opportunity set. Of course, I

mean, the thesis still holds. Uh, the

underlying fundamentals are accelerating

at the very same time that prices have

declined significantly. Uh, thank you

for your patience and your partnership.

I'm fully invested alongside you.

Virtually all of my capital is in the

fund, and I intend to work relentlessly

to demonstrate that the events of this

month have made me a wiser and stronger

investor. Uh, he says he's available for

calls. But he also says that uh the as

an interant update the uh current

unodudited estimate of net monthto-date

performance this is for all of July

basically negative 67%

sounds atrocious until you realize that

net year-to- date they're still up 80%

which is like better than any investment

fund uh ever. So uh people are

definitely you know maybe down but not

out that there's going to be a second

act here which I think everyone's very

excited for. A lot of people were

praying for his downfall. It's very

unfortunate to see. I

>> mean, this I think this was really good

letter. I mean, this is like instills so

much faith. Like, yeah, he's completely

levelheaded. He's not like freaking out

selling everything.

>> You're calling it another billion dollar

PDF.

>> Yeah, this could be the second billion

dollar PDF.

>> It might be.

I mean, Shelto agrees. Shelto had a

great position. What did he say?

>> Uh, he said, uh, prediction situation

awareness will be bigger than Citadel by

the end of the decade. Leopold has

predicted the last two years better than

anyone else. Now that he can combine

that with very expensive lessons in

risk, he will be unstoppable. He is my

full confidence.

>> This is such a wild

Kane Griffin sitting there being like,

>> "You got to ride with your boy."

>> Shelto like you're going to take a shot

at me like that, bro? Really? Really?

You're going to come for me like that?

Uh because I will die before I am not

the biggest hedge fund manager in the

world. Pull up a live view from the

Citadel trading floor because we got

some leaked video.

This is not the vibe that Martin was

articulating. Ken Griffin's wanting to

be framed as like the savior, the legend

of last resort. Positive force.

>> This is the guy you want to call.

>> I guess

>> this guy right here.

>> Dune. So good. Is this from Dune 1 or

Dune 2?

>> I think one I want to say Dune one.

>> Yeah. Beautiful.

>> It's very heavy though.

>> So I I think one of the the big stories

of the last, you know, few days is we've

seen all these new Leopold photos. We've

never seen these before. Brand new rare

Leopolds from Wall Street Journal.

>> This might be the biggest story of them

all.

>> Yeah. Cuz I mean for a while the only

image of Leupold was basically there was

like one head shot and then it was just

steals from Dark Cash podcast. Yeah.

>> And now we're just seeing all these new

ones. Like where did these come from?

There was one and then there was a photo

that was done I think for the Wall

Street Journal, but then the New York

Times writes up the whole story of the

of the situational awareness uh deal

with Citadel and they just drop a banger

new photo that they just had in the

archive that they could have leaked.

Let's pull it up. It's here. Uh it's

Leopold looking very uh pensive behind a

glass wall. This one's in the Wall

Street Journal today. This one's new,

too. Everyone's been clamoring for this

because the one that goes viral is him

in that green suit. This is the one.

>> I'm pretty sure that's AI, right?

>> That's AI. But this one is not. This is

from the New York Times. They went and

shot this and then never published

anything. Like the first time Leopold

was mentioned in the New York Times was

yesterday and they used this photo. And

so you have to wonder if they were like

working on a profile.

But Leopold's been so quiet with his

public relations strategy. He's not

talking to media, doing photo shoots,

doing profiles constantly. Like he

certainly could be doing more in

Bloomberg, at Forbes and Fortune. like

he could be doing a lot, but he's had a

very narrow strategy and I think it's

worked very well for him. Um, but it's

funny that somehow all the mainstream

media just has secret Leopold photos and

dropping on the timeline. Uh, John

Arnold is chiming in. He says, "My

philosophy when I used to hire traders

was that the optimal number of past

blowups was one." He's not saying zero.

>> Yeah.

>> He says you got to learn your lesson.

>> The question is, how does the FTX future

fund count? Does that count?

>> I don't think that counts at all.

>> That it definitely doesn't count as a

full blowup. wasn't a fund manager of

it, right? It wasn't it like for

donations and then FTX was just the one

that was funding.

>> Yeah, it was like he was doing stuff.

>> That seems Yeah, that seems completely

separate. Is Is the wedding photo AI or

is this real? And is he carrying an

American flag? Let's pull up this image.

>> I saw Yeah, this one I've never seen

before until yesterday as well.

>> I I mean, like if it's the wedding, like

the wedding's happening right now, this

wouldn't exist. But I I'm wondering if

this like leaked onto the timeline from

someone who was there. Also, this photo

hit like Wednesday, and I think the

wedding would be over the weekend. Um,

but it's cool that he's just rocking

carrying an American flag international.

Uh, yeah, the real lesson here is never

travel internationally because he takes

one day off, one weekend off to go to

Europe and everything go everything

blows up. No, of course this one I was

laughing at before the show. Rambo says

comparing Leopold Ashen Brener to Bill

Wang. Wang is Wang is the goat. Wang

Bill Wang from Arc Ghost. Uh, Wang is

the goat of degenerates and Leopold is a

sheep compared to him. Did you know that

Wang turned 200 million into 36 billion

and it was all personal capital? The guy

literally led prayer circles in the

conference room before trading days

started. He had $ 160 billion of stock

exposure on just 36 billion of capital.

It's like five or 6x lever. His blow up

happened in two days and he literally

caused the collapse of one of the most

prestigious investment banks. Banks lost

a total of 10 billion combined because

of his collapse. Leopold is nothing

compared to

so

>> get her numbers up.

>> Yeah. No. Uh yeah. I mean that that

that's the interesting thing here is

that like it is this sort of like

dramatic unwind, but at the end of the

day it is just like an overthe-c counter

transaction with Citadel for a block of

trades and block of equity positions.

>> And the fund is still around. I mean

they still seem to be like probably

going to be doing very well.

>> They'll be Yeah, they'll be okay.

Citadel will be okay.

>> Be bigger than Citadel pretty soon

>> any day now. Uh and and and importantly

uh all of the all of the prime brokers

the big banks like they were not

affected. There was not uh there was not

like a liquidity crisis that yeah that

uh a contagion effect did not take root.

Uh Roy Driscoll says uh there's nothing

to learn from the situational awareness

situation about the AI trade. Leo was

right in 2024 and based on the Amazon

results, he's still right today. Hypers

scale capex continues unabated. There's

obviously something to learn about risk

management. Forex leverage with high

beta stocks is a mistake in trading

stocks. Half the battle is getting the

trend right, but the other half is

nailing the portfolio construction.

Well,

>> yeah. I mean, this is what um Martin was

saying yesterday, right? Like the

underlying completely makes sense, but

like you get into these crazy psychology

things where it's just like, yeah, who's

really

>> everyone's focused on the leverage. It

does also seem like there were like

every time the 13F would drop, it would

be like 12 names, which is like not a

lot of diversification. So, I wonder

like right now the message from the

letter is we're not using leverage right

now. we're going to be learning the

lesson. Yeah, maybe the lesson is, hey,

2x leverage or 3x or something like that

or four in certain scenarios with

smaller trades, not portfoliow wide or

something like that. But it will be

interesting to see if there's a

difference in uh if if the the lesson

that's learned when the next 13F drops

in a couple quarters, we see, oh wow, he

has like a hundred names or or there's,

you know, he's he's using more options

or less options or, you know, whatever.

However it changes, that will be

interesting to see for sure. So Leopold

still has Anthropic, Maddx, and Fluid

Stack, tier one private companies. He

can probably raise two to three billion

more. It's not over for him by any

means, says Zephyr. There's been this

vibe of like it's too good to be true.

>> Tall Puppy Syndrome, you know, he's he's

the AI getting away with Wonder Kid.

Yeah. You know,

>> yeah, people uh people hate to see a

young a young

>> a young goat,

>> a young young hedge fund manager run it

up crazy. Lexi Goozy says, "Uh, keep

people keep making fun of Leopold on the

timeline, but everyone one everyone

needs to get margin called once in their

life. Is this true?"

>> Delian had a similar take, right? He

said, um, uh, basically all the goats on

Wall Street have had some sort of blow

up earlier in their career part of the

game of being a live player on the

field.

>> So,

>> but yeah, is that true? I

>> I don't think that's actually true. I

don't think Warren Buffett ever blew up.

I don't even think Ken Griffin ever

really blew up. I think he had a really

bad year in 2008 during the financial uh

during the housing crisis, the financial

crisis. But early on, I think he got his

start sort of post.com and was doing

convertible debt trading and and never

really like the entity has always been

Citadel. There was no precursor to that.

Um but but it's a fair take that like

clearly people can blow can can build

back up after there's a

>> Yeah. I mean there there's a lot of

comparisons to PT, right?

And then they're saying, "Oh, this is

also kind of

>> uh lose take, right? Go into VC, then

you can kind of do the long only thing."

>> The real the real hack would be to uh

just raise the smallest hedge fund ever,

$10,000, lever it, blow it up, and be

like, "Wow, I'm postfall."

>> Oh, yeah. He's postfall now.

>> He's postfall now. And so, but but if

you do it with like such a small amount

of capital, but you can still be like,

"Oh man, I learned so much. That was

really crazy. Those were crazy crazy

times. I lost $500.

Ready? Ready for the real fund now? Uh,

no. Uh, Leo still made incredible

returns. His fund will do incredibly

well in the long term. Lots of people

coming out in support. Um, one person

that's not in support.

Joe Eisenthal is uh is going back and

forth with Tracy. That's hilarious. So

Joe has been uh live tweeting this. He's

he's been making a bunch of great points

and and just illuminating the deeper

level of like what's going on with prime

brokerages and all these different

aspects of what's going on. But Joe

started by sharing the Wall Street

Journal article that said that Citadel

buys situational awareness stock

portfolio after big losses in AI and

Tracy says why does he have to get

bailed out at all? And this is another

question like is this a liquidation? Is

this a blow up? Is this a bailout? Uh it

would be it would have been a very

different conversation if this had been

like a government bailout of of

situational awareness. That's not what

happened. But

>> Tracy says, "Why can't we just let the

speculators fail?" Joe Wisenthal says,

"Who says he's getting bailed out? He

entered into a transaction with a will

and counterparty." And Tracy says,

"Isn't that a bailout? Why not just keep

managing the fund? Why not beat Kathy

Woods and have a bad day and live to

tell another tale?" Uh except there were

probably too many redemptions, so it was

spiraling. Uh Joe says he got margin

called. And Tracy says, "So it is a

bailout. Just let it fail, but maybe it

was too big and could see the

contagion." Uh Joe says, "I don't get

what you're saying. Someone got gets

margin called and they have to pay the

broker." And the way they pay the back

the broker is selling off shares to some

other counterparty. How was that a

bailout? Like he's just selling. And

people associate every sale with a

bailout now, I guess. But that's not

what this is. This was not uh the

government stepping in. This is not

>> He was not too big to fail.

>> No, not at all.

>> I mean, some people were saying that he

could have been too big to fail going

in, but

>> Yeah. I it doesn't seem like that's what

happened. It seemed like there that

there were significant losses and then

they ran an auction and there were three

three parties bidding and they and and

the bids came in above above like you

know liquidation level. So the fund is

not liquidated. Yeah. And it and it

remains. Uh and so Joe after fighting

back and forth for several posts he says

I think we might have a different

definition of the term here. And I think

you do. I think you do. Um very fun.

This is an interesting scoop from Berber

Jyn over at the Wall Street Journal

related to this. Situational awareness

tried to sell a $ three and half billion

dollar stake in Anthropic to a group of

investors led by Green Oaks and Sequoia.

Obviously, there's a lot of demand for

the stock. Uh the parties reached a deal

late Wednesday, but then situational

awareness pulled out Thursday morning.

They turned it down. They

>> they turned it down.

>> They turned it down. Um

>> they went out for like 3.5 billion,

something like that.

>> Something like that. And they turned it

down just to grind for the public equity

book. uh they sold that to to to

Citadel. That obviously cleared a lot of

the risk out and they said, "Hey, let's

keep this position. We're extremely

excited about this. We're bullish."

Yeah. And so I don't know. Uh I think

will this be the subject of a book? Will

this be the subject of an actual movie?

Is it is it drama enough? Have we gotten

the FTX movie yet? Because that's way

more dramatic and I don't think that

ever happened. Yeah.

>> Um I haven't seen it. And then there was

Infinity M. Not Infinity Machine. There

was a Going Infinite. Is that the one?

That was the Michael Lewis book.

>> Michael Lewis book, but that was written

like before the blowup and so it was

like sort of uh it didn't really tell

the story like day by day. But like an

in the room fly on the wall

minute-by-minute account of this would

be interesting, but it's not that

dramatic because it doesn't end with an

explosion. It ends with like a okay,

we're back in the fight, which is cool.

I mean, it's maybe more positive

outcome. Big tech's AI spending is

continuing to produce blockbuster

financial results even as investors have

become increasingly selective about

which companies they're willing to

reward. Over the past two weeks,

Microsoft, Apple, Amazon, Meta, Alphabet

all reported quarterly earnings that

largely exceeded Wall Street

expectations. It's very boring when you

pull the did they beat on topline, did

they beat on bottom line. It's like

everyone beats and then the stock goes

down 10% or up 10% based on capex

forecasts and also just messaging around

AI diffusion and AI uptake. Microsoft

led the group with shares surging after

reporting fiscal fourth quarter revenue

of $90 billion, up 18% year-over-year

and ahead of the 87.4 billion that

analysts were expecting. Uh that was the

consensus estimate. Uh EPS came in at

474 versus expectations of 421. So they

beat topline, beat bottom line. Uh Azure

revenue accelerated 43% over

year-over-year. Apple

>> So they gained 450 billion in one day.

16%

>> 50 billion in one day.

>> That's for biggest one day market cap

gain for any US company.

>> Look at that. The god.

>> That's really really impressive. It's up

25% over the month. Uh very impressive.

Apple also beat expectations reporting

109.4 4 billion in quarterly revenue,

earnings per share of 202. Uh stock

briefly pushed the company market cap

cap uh above the $5 trillion mark, but

it has been uh absolutely tanking today

uh down what 10% today or something like

that. Let's see down 9.47%.

Uh last uh we'll go through two more. Uh

Amazon has also impressed investors with

revenue climbing 20% to 200 billion uh

200.6. AWS growing 37% to 42.4 billion.

uh sending shares sharply higher in

after hours trading. Here's Amazon. We

can pull that up as well. Uh the market

is up 13.76%

and the day is looking pretty good, too.

Up 15% today. The market's reaction

wasn't usually universally positive.

Meta posted stronger than expected

revenue of 60.8 8 billion, up 28%

year-over-year, but earnings per share

fell 6.18 uh $6.18

uh fell short of the $722

analysts had expected. Investors focused

on the company's 31.1 billion in

quarterly capex along with 3.6 billion

in onetime legal and severance costs,

sending the stock sharply lower. Let's

see what Meta is doing. Down just a bit.

Um Alphabet, meanwhile, reported revenue

of 119.8 8 billion while earnings per

share of9 uh11 comfortably beating

expectations while Google cloud revenue

surged 82% year-over-year to nearly 24.8

8 billion. Even so, investors remained

focused on the escalating cost of AI

infrastructure as hyperscalers continue

pouring hundreds of billions of dollars

into new compute capacity. And here's,

uh, here's Google. So, uh, we can dig

into this more. There's a whole bunch of

deeper questions about what is the

actual efficacy of Meta spending on AI,

how much are they spending on tokens,

how much are they spending on headcount,

all these things matter, but we will dig

into it another time. take us through

what's going on with uh OpenAI uh

pushing the model frontier access across

efficiency. What happened? They dropped

the cost of Luna.

>> Yeah. Yeah. So there's there's Luna

Terasol. This is the cheapest model.

Yes. Massively reduced cost. You can see

on the kind of Yeah. Pluto curve. This

is like actually much cheaper than a lot

of like open source models because you

because we've been talking about this

recently. It's like

>> there's cost per per task. Not just like

can it do it and how much do like it

depends a lot how token efficient the

model is.

>> Yeah. Because there you could measure it

on on cost per token, but if if a

certain model takes 10 times the amount

of tokens and it's only half the cost,

you wind up spending more. Yeah.

>> Why is the paro frontier in this graph

flipped? I feel like the paro frontier

used to be this direction. Am I am I

hallucinating that?

>> Has it always been this way? You always

want to be on the left side. I thought

you wanted to be on the right side or

something like that.

>> Well, it depends on where you are in the

PRIO.

>> I I I suppose

>> I guess I see I think I see what you're

saying.

>> I suppose. Uh anyway, uh we also I don't

think we touched on this, but ArcGIV3,

the leading labs been going back and

forth. Uh Opus 5 put up a very very

impressive number. Then OpenAI fired

back with 5.6 soul uh used to solve open

problems in mathematics. So why was it

struggling with Arc AGI V3 uh which you

at one point were in the top 10, right?

>> Yeah. Yeah. I I was uh I was globally

ranked Arc AGI V3. I I don't think it's

still up, but um

>> Arc AGI V3 player that's up there. You

were like you were uh pro-Aam.

>> Yeah. Yeah, I would say

>> you didn't go pro. You turned it down.

>> I turned it down.

>> You had the opportunity to be an AR.

>> They were going to give me like 10 more

tasks, five more tasks, something like

that.

>> Something like that. Uh but apparently

OpenAI was able to investigate uh the

low score of 5.6 Soul on ArcGIV3. And

the harness was not letting it remember

what it had learned. We found that

enabling two API settings tripled our

scores with 6x fewer output tokens. So

very interesting uh to watch these.

>> This is fascinating. I mean we've seen

this a lot over the past like I don't

know year and a half almost where the

harness like really matters a lot. Yeah.

>> And if you have the wrong harness or

it's like limiting the model in some

way. I mean it can have like massive

totally

>> like effects on the the downstream task.

>> Yeah. People were not expecting this. is

definitely like the the the the model

the god model will be just one model and

you'll just ask it to predict the next

token and it'll just do it perfectly. Uh

there's a lot more that goes into the

integration here. I still think ARC AGI

V3, I mean, fantastic benchmark. Love

the team. Obviously, Mike's been on the

show multiple times, but uh it's also

just a great way to actually illustrate

AI progress to someone that maybe just

doesn't want to build software or hasn't

built software before and doesn't really

can't really feel that visual

viscerally.

I can't say viscerally, I don't know. Um

>> well especially uh you know the the

famous like time horizon task doubling

every six months like that's basically

like we can't actually measure the the

high end now. It's like too hard. We we

we don't have enough task to like

measure it efficiently basically.

>> And a lot of people are just like what a

task that takes me 12 hours like what is

that? I don't even know. It's hard to

think of that off the top of your head.

Like what does that mean? Like building

a whole report or something or like a

lot of people work in like various ways.

like yeah 12 hours of meetings is that

one task I don't know but uh if you show

someone the archi v1 puzzle and it's

very easy and v2 is very p very very

easy and then you and then you walk them

through the story of how AI has

progressed on this and how hidden the

answers are you can pretty easily help

someone feel the agi which is very very

uh very very fun and we'll see you on

Monday

>> see you goodbye

>> flashback