TBPN - Capital One Acquires Brex for $5B, Davos’s $500M business, Apple’s Siri rebuild | Diet TBPN

Episode Date: January 23, 2026

Diet TBPN delivers the best of today’s TBPN episode in 30 minutes. TBPN is a live tech talk show hosted by John Coogan and Jordi Hays, streaming weekdays 11–2 PT on X and YouTube, with ea...ch episode posted to podcast platforms right after.Described by The New York Times as “Silicon Valley’s newest obsession,” the show has recently featured Mark Zuckerberg, Sam Altman, Mark Cuban, and Satya Nadella.TBPN.com is made possible by:Ramp - https://Ramp.comAppLovin - https://axon.aiCognition - https://cognition.aiConsole - https://console.comCrowdStrike - https://crowdstrike.comElevenLabs - https://elevenlabs.ioFigma - https://figma.comFin - https://fin.aiGemini - https://gemini.google.comGraphite - https://graphite.comGusto - https://gusto.com/tbpnLabelbox - https://labelbox.comLambda - https://lambda.aiLinear - https://linear.appMongoDB - https://mongodb.comNYSE - https://nyse.comOkta - https://www.okta.comPhantom - https://phantom.com/cashPlaid - https://plaid.comPublic - https://public.comRailway - https://railway.comRamp - https://ramp.comRestream - https://restream.ioSentry - https://sentry.ioShopify - https://shopify.comTurbopuffer - https://turbopuffer.comVanta - https://vanta.comVibe - https://vibe.coSentry - https://sentry.ioCisco - https://www.ciscoaisummit.com/ai-virtual-summit.htmlFollow TBPN:https://TBPN.comhttps://x.com/tbpnhttps://open.spotify.com/show/2L6WMqY3GUPCGBD0dX6p00?si=674252d53acf4231https://podcasts.apple.com/us/podcast/technology-brothers/id1772360235https://www.youtube.com/@TBPNLive

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Starting point is 00:00:01 First, Davos is winding down. We're finally getting like the final, you know, surprise guess. Elon is the big one. Elon had to come in. He had to come in. The last buzzer-beater, Jester match. How do you think that works? Do you think he just has like an open invite and then he makes the call like a few hours before
Starting point is 00:00:18 and just says, oh, it's going well, I'll be there. And then they just throw him on. I think Elon calls up J-Cal. Yeah. It says, hey, save me a seat. Save me a seat. And then they figured out from there. I think when you're tracking to be the world's first team,
Starting point is 00:00:31 You got an opening by a stage set up. Apparently the events go really, really long. Some of the interviews go at 10 p.m. some start. It's like a full, full tilt across multiple events spaces. There's different houses. All In was doing something at the Freedom House. They had a really cool interview with Sotanadella that I watched.
Starting point is 00:00:52 Tech was out in full force and that's what I wrote about today in the TBPN newsletter. Fun fact, Davos makes half a billion dollars a year in revenue. It's a nonprofit, an NGO, a think tank, but you're thinking what I'm thinking, Jordi, for-profit conversion. That's right. Let's make it happen. That's right. Let's make it happen.
Starting point is 00:01:09 It's an old, old organization, Claude Schwab, who you probably know as the face of it. He was the founder. He started Davos in 1971, the World Economic Forum. He was pushed out last year. Yeah. So it's been on the ropes. My thesis is that Davos is back. It was a really good year.
Starting point is 00:01:29 I think tech is going to double down on this. But the first decade. It just sounded like it was an amazing party. One person in 1981 told Time magazine that the forum offers a delightful vacation on the expense account. What a great, what a great line. So it's been a rough decade for Davos. Liz Hoffman teased the concept of an inverse Davos index in semaphore, which I thought was
Starting point is 00:01:50 kind of funny. And she sort of wrapped up a few times when the consensus at Davos wound up being like woefully wrong. And so she went through a few things. First was that everyone got together at Davos. There was an economist who went on stage in 2008 and said, it is inconceivable, repeat, inconceivable, to get a world recession. It's like the one thing, like not mincing words, not hedging at all,
Starting point is 00:02:15 just like my prediction is that we will never see a world recession. And then of course we did. The Davos crew, they also missed Brexit and the rise of MAGA. Davos in 2020, it's always in January in 2020. It was January 21 to 24th and there was really no talk. of a global pandemic or being worried about that. There was one panel about sort of risks from antibiotics or something,
Starting point is 00:02:39 but they certainly weren't talking about the coronavirus. And just a week later, Bologi posted that famous going viral post on January 30th saying like, hey, I'm tracking this, I've been tracking this for a while and this seems really serious. And a lot of people in tech were already tracking it. So there was this disconnect between like, you go to Davos and you hear like the number one thing this year
Starting point is 00:02:57 is the metaverse. Apparently they did a big metaverse push. And then the, the, the, you know, year plays out and it's a wildly different story. It seems like there may be moving, the internet, I certainly wouldn't say the internet has forgotten about the iconic line. You'll own nothing and be happy. But I haven't seen it so much over the last week,
Starting point is 00:03:15 a lot more focus on. Yeah, it's interesting. That line was all about just financialization and was really. I like to think it was about enterprise software. Yes, yes. We're moving away from box software. Exactly. So SaaS.
Starting point is 00:03:29 You're going to own nothing. Yeah, you don't. this particular version of turbo puffer, you pay for consumption. This year feels like a big turnaround. Dario Amadeh, Demos Hasavis, Sotaneda, all their interviews have been going viral on the timeline. In California, there's been a bunch of articles written about what they've said at Davos. There hasn't necessarily been a huge reversal in the positions of these tech leaders. They're saying things that they've been saying for a year or two, sometimes more.
Starting point is 00:03:59 But there's some feeling like when you say a line, like we could have 20% unemployment in two years, it just sounds different when you say it directly to a bunch of world leaders, a bunch of global elites, a bunch of international executives, then when you say it on a tech podcast that's a little more insidery, a little more inside baseball. So it just hits different.
Starting point is 00:04:20 And then it's also an interesting reflection to hear, the Sachin Adela All In interview had an interesting, like, almost like, high, low aspect to it, where Satcha was talking about very specific details of co-pilot implementation, what the future of the workstation could look like, whether people will be running, you know, sidecarriage use. He's a product guy. Yeah, so he's going in a lot of detail there. And then he's also zooming out and reiterating what he told other business leaders just about the general wave of AI adoption that's still pretty early on the global stage. And so it's felt like there's two different
Starting point is 00:04:58 conferences going on. We've read this take from a couple different people where tech leaders are talking about research progress, employment impacts, sovereign AI, data center buildouts, and then the politicians are talking about Greenland, Venezuela and trade deals. But even though there's like this two, this bifurcated vibe going on, it still feels like a win-win because the tech industry is getting their messages into the global stage now where in an audience that will ultimately determine how quickly this technology rolls out and how it will be regulated. And I imagine that the tech industry is driving a lot of growth for the World Economic Forum because every company, you've seen the Palantir House, there's a lot of different tech companies that have really gone big on sponsorship,
Starting point is 00:05:41 gone big on their presence. And I imagine this will get bigger. Open AI was sort of notably absent or not absent, but didn't take over the stage. And you would imagine that next year, given the vibes around this one, that there will be more of a press. from basically all the big tech companies. We had an opportunity to have a presence there, and we didn't think that it fully made sense for this year, just given historical. Yeah, travel was a big factor.
Starting point is 00:06:08 And so I think Davos is back. I think it's time to ski. And congratulations to everyone that's been having fun and making waves in Davos. There's a whole bunch of videos that we should go through. Midnight Capital has given us some instructions. He says, or they say, listen to this, then watch the second video.
Starting point is 00:06:25 And this host over at Fox Business has given us a run for our money in the costume department. Maria Bartaromo knows how to dress. This is a fantastic outfit. Is the space getting more competitive for you today? Our space is incredibly competitive. I've got a lot of competitors. It's hard to imagine. Google has been here for a while, and they're excellent AI company for a very long time. And they're an incredible company. But we have competition from all sides. And? Well, we just have to run fast, you know.
Starting point is 00:06:57 And then Midnight Capital says, watch the second. You know a company has an insane monopoly if they're trying to convince you that... I think that's where we're going with this. You're giving away the punchline. Play the teal clip at the London School of Economics. The people who have monopolies pretend not to have them, and the people who don't have monopolies pretend to have them. And so it gets kind of confusing.
Starting point is 00:07:18 If you're Google, you will never say that you're a search engine, you will say you're a technology company, which in technology is a vast, incredibly competitive space. If you're in a completely competitive business, let's say you're trying to open a restaurant in London, and you will say, well, this is totally different from any other restaurant. It will be the only British, Nepalese fusion cuisine within a five-block radius of the LSC.
Starting point is 00:07:40 I studied. Yeah, Jensen studied and said, you know what? It's incredibly competitive. Of course, he's also going through an acquisition with GROC. And it seems like the GROC deal will go through, But like I have so much competition. I had to spend $20 billion on a team. Yeah. Yeah. And yeah, please define my market as also including CPU and also including A6s and also including like everything else that could possibly compete with Invidia.
Starting point is 00:08:04 The journal had a good summary of kind of some of Jensen's points of view. Yeah, what he said? Navajo's CEO says AI needs more investment in defiance of bubble fears. Jensen called for higher investments to further spread the technology across developed and emerging economies. Huang described AI as a five-layer cake consisting of energy chips, cloud infrastructure, models, and application. He said AI's applications, how the technology is used in a specific industry, is the most critical layer of that cake as it is where the economic benefits lie. Sectors like energy are semi is both key to developing and harnessing the technology are already growing thanks to AI. But he said more investments are needed to ensure that benefits of the technology spread to more industries across both developed and emerging economies.
Starting point is 00:08:46 the AI bubble comes about because the investments are large and the investments are large because we have to build the infrastructure necessary for all of the AI layers. I think the opportunity is really quite extraordinary and everybody ought to get involved. It's open for business, folks. Me defending my vibe-coded CRM I made in one shot with GPT-40. Sometimes it's too slow for sure and needs to be reformed for sure, but which is predictable, loyal. Sometimes. That's a great story. He's on one right now.
Starting point is 00:09:21 What was the story behind the glasses? Somebody, I saw some meme that, I think he suffered an injury or something and some people would say I'd do an eye patch, but he went with the sunglasses. It's fantastic. Like a rock star. Yeah, he looks like a rock star. Let's play this clip from Elon Musk at Davos. The lowest cost place to put AI will be space and that'll be true within two years, maybe three of the latest.
Starting point is 00:09:45 Three at the latest. Three at the latest. Three at the latest. That's an aggressive timeline. Blue Origin launched satellite internet to rival SpaceX and specifically to rival Starlink. Bezos-backed Blue Origin is launching a satellite network for enterprise, data center, and government customers, TerraWave. The company aims to begin deploying the first of 5,408 satellites in the fourth quarter of 2027,
Starting point is 00:10:13 so a little under two years. The service will compete with Starlink and it will also compete with Amazon operated Leo Which is interesting. Bezos is entering an increasingly crowded satellite internet market that's currently dominated by Starlink Starlink. Starlink has more than 9,000 satellites in orbit and roughly 9 million customers. We got to do some more research on the Chinese Starlink equivalents. They have Guo Wang, which is their like state-led effort trying to get to 13,000
Starting point is 00:10:45 satellites by 2030. Currently they have around 150, and then there's Chianfhan, which currently has around 100. Also trying to get, they're trying to get to 15,000 by 2030, and they're more commercial focused. So it'd be interesting to track.
Starting point is 00:11:04 And you would think that the Blue Origin news, the news that Starlink has a second competitor, Blue Origin, Jeff Bezos, major players, Well, what does that do for AST Space Mobile? The stock is up 14% today, and it's up 24% over the last five days, 35% over the last month, and 100% Over the last six months. Elon also gave some timelines for optimist humanoid robots at the World Economic Forum.
Starting point is 00:11:38 He said, by the end of next year, we will be selling humanoid robots to the public, to the public. Not just enterprises. You're going to be able to just buy one of these the way you buy a cyber truck or a Model S plaid. That is a very, very aggressive timeline. But he has been buying the parts to actually manufacture them. And, you know, what is selling to the public mean? Does it mean a thousand deliveries, 10,000 deliveries? Having an optimist that is just on staff here that can just go hit, like if I can hit a button and have the optimist hit the gong physically, that will be fantastic.
Starting point is 00:12:12 Yeah. Priceless, really. Yeah, priceless. There's really no amount of money that we wouldn't pay to be able to get that kind of experience here in the Ultradome. We've seen like Boston Dynamics, we've seen with the Chinese humanoid companies. You can do cool things with these with 1X and whatnot, even if it's teleoperated, even if it's prescripted.
Starting point is 00:12:32 The technology does work. It's more just like how impactful will it be? How expensive is it? How reliable is it? Is the battery one hour? Has he spoken about teleoperation? No. Seems like he'd just be generally against it.
Starting point is 00:12:47 Yeah, I mean. On principle. I know that, don't the Tesla Robotaxies do some teleoperation? I think in the test zones, there was like the ability to take over on that early demo. So I don't think he's dogmatic about it, but he certainly is, you know, if you're against LIDAR, you got to be against. Tragically sane says robots replacing humans hitting the gong. Okay, never mind. Shut it down.
Starting point is 00:13:07 I'm full-Ludite now. Let's move on to this clip from Sotche Nadella. at the all-in AI summit. Best line, I would say, for PCs or computers was to say, it's a bicycle for the mine. Bill had a line which I liked as well, which was its information at your fingertips. We kind of need now a new concept metaphor
Starting point is 00:13:30 for how we use computers in the AI age. You have one? And the one I like actually came from the CEO of Notion, which I like, you know, that manager of- Incredible product. Yeah. You haven't bought it yet. But it's both management, you know, basically a manager of infinite minds.
Starting point is 00:13:49 That's a nice way to think about it, right? If you remember, you know, Jobs had the best line, I would say, for PC. The manager of infinite minds. How many minds are you managing, Tyler? Right now. Right now it's probably like four, because I have every LM. Okay. Actively running.
Starting point is 00:14:05 You've got to get those numbers up. Yeah, I'm not, I've never really used multiple clodd instances. Yeah, it's interesting. Like the manager of infinite minds concept, obviously that essay from Ivan, the CEO of Notion, it went viral over the holidays. I think a lot of people in tech, read it, having started Nadella there, just further popularize that concept, bake it down into a repeatable phrase that can prepare people for what's coming, adapt.
Starting point is 00:14:32 That is valuable and that's what we're seeing here. Anyway. It'll feel like you're playing StarCraft now. I like the StarCraft. The Starcraft analogy is real. Zerg Army. Let's pull up this video that was posted by the New York Times popcast, John Caramaca, posted this video yesterday.
Starting point is 00:14:50 Somebody sent it to me. And I was so confused because there's only about 100 of these rugbys out in the world. And we kind of knew exactly, we kind of, like everybody on the team, like kind of sent them out. So I first thought this video was AI generated. It did. And it's about AI. So let's play the video. Okay.
Starting point is 00:15:07 So yeah, it's about Bruno. Mars and if we if we I don't know if we can scroll back to the beginning is that possible on Instagram Reels if you re-post but yeah if you zoom in here he's dancing and the dancing this part I was like maybe this part's AI but then when he sits down you can see that he has a a microphone a lav mic clip to his collar and so everything about this says this is not AI generated this is real and the hand motions are so accurate and they're occluding And he just looks extremely cool. Yeah, it's great. So Dylan messaged John, and we figure out that John accidentally purchased fake TBPN merch online. Be careful. But at least he's still looking great.
Starting point is 00:15:55 Yeah, it works. Silver lining. Yeah, I mean, our saga to battle the fraudulent merch, the knockoff merch, has been incredible. This site popped up, and we assumed, okay, they're not going to. going to take payments, certainly. They're definitely not going to print and ship anything, and we'll be able to get this taken down in two seconds. And I actually sent them an email saying, like, hey, hey, like, I assume you're a fan. Like, just so you know, like, we don't want this out there. Like, I'd be happy to talk to you about maybe working together or something, but can you
Starting point is 00:16:28 please just not use our brand and our trademarks and all this stuff out there on the internet without talking to us first? Like, let's have a conversation about this. Did not get a response. Not a fan. And I think some other people on the team were like, yeah, John, that was never going to work. And they were right. You tried to go golden retriever mode. I did. I did.
Starting point is 00:16:48 I was like, I'm just going to assume the best. I'm just going to assume this an over-eager fan or someone who just is entrepreneurial, kid who's just trying to just make sense. No, this is a Canadian. We know it's a Canadian. We know it's a Canadian. Anything could happen up there. We need a dog in the chat says, you guys have a good line to Shopify. I assume most of them are hosts there.
Starting point is 00:17:06 No. They keep finding a way. And at this point, they are, in fact, taking people's money and shipping fake product now and fooling people that are discerning. And apparently it smells kind of funny. Oh. It's a big issue. The real merch is coming. The real merch is coming.
Starting point is 00:17:25 We've been sampling a bunch of different stuff. Of course, Shopify. We need to put out like a Maduro style bounty. Oh, no. Private credit investors cortisol has been spiking because they are cashing out and drawing. Drove's redemptions by individual investors in funds soared at the end of 2025 after performance declined, reviving questions about suitability. This is from Matt Wurz in the Wall Street Journal. He says, for the first time since the start of the private credit boom, large numbers of individual investors are trying to get their money out.
Starting point is 00:17:55 Several of the big funds eligible to wealthy individuals receive requests from about 5% of shareholders to cash out at the end of last year, well above the normal volume, according to the SEC. One, managed by Blue Owl, got redemptions for about 15% of its shares. The rising redemptions come in an awkward time for private credit fund managers and for the Trump and for the Trump administration as they push for new rules that would democratize private markets by encouraging their inclusion in 401k retirement plans for all Americans. Private fund managers, including Apollo Global and Blue Owl, blame fearmongering about a recent spate of corporate bankruptcies. This is the whole cockroaches back and forth with Jamie Diamond and some of the folks.
Starting point is 00:18:35 in the private credit world, Blackstone, Apollo, Blue Al, individual investors are falling into a similar pattern, a familiar pattern of selling out when an asset class underperforms expectations. These investors got really surprised when their dividends went down. The business development companies, they typically make high interest loans to mid-sized corporations with junk credit ratings using the interest income from those loans to pay dividends. A handful of these funds have cut dividends because the yield on their loans are falling in lockstep with benchmark interest rates. For more dividend reductions will follow, Dodd said, likely prompting more redemptions.
Starting point is 00:19:13 Total returns from five of the largest private credit funds aimed at individual investors declined to an average of about 6.22% in the first nine months of 2025 compared with 8.76% in the same period. 2024. Breaking, SpaceX is set to hire Bank of America, Goldman Sachs, J.P. Morgan, Morgan Stanley, to lead its IPO. That's a whole host, a murder of... The IPO is expected to be valued as much as 1.5 trillion making it the largest IPO in history But the community knows put it in the truth zone because Saudi Ramco's IPO in 2019 sported a valuation of 1.7 trillion Well, there's other news about Anthropic the revenue run rate for the end of 2025 was 9 billion up from 4 billion in July
Starting point is 00:20:00 2025 what incredible growth iconic light speed and Menlo are set to join the new funding around from TechMeme here. This is maybe a deceleration. I was debating this with Tyler. I mean, they went from 100 million to 1 billion. They 10xed. Then they were going to 10x it again. So everyone was expecting 10 billion. And 10 exit again. And they landed at 9 on run rate. Did they predict 10 billion? I don't know. I actually don't know the exact quote. I think Dario like was pretty loose about it. He was just saying that like we've seen incredible. Yeah, he was saying, he was saying we went a full order magnitude from 100 to a billion. We're going to do a full order magnitude again.
Starting point is 00:20:40 Is it a full order of magnitude to go from one to nine? And he said he only expects like you got around three or four more, you know, 10 X's. He said that? No. No, no. I specifically remember him saying like we cannot keep that level of growth going. He said it would be pretty crazy if that. Yeah.
Starting point is 00:20:54 I don't think he said we can. Oh, okay. He said it would be pretty crazy. Yeah. There is other news from the information Amir says that Anthropics inference costs on Google and Amazon servers were 23% higher than the company projected. Of course, when you're growing so fast, you're probably willing to pay more for inference
Starting point is 00:21:15 just to make sure that everything stays online. Better to service the demand and not get that frustration, people hitting rate limits, et cetera. Yeah, I think later in the summer, there's a lot of news about how the Anthropic API is like always down. Yeah, for issues. Yeah, yeah.
Starting point is 00:21:30 Yeah, there was that. And then there were also some like FUD, type articles about negative gross margins, about margins being really, really bad at these labs. Where's the value accruing? Is it all going to accrue to Nvidia? Last month, Anthropic projected, it would generate around 40% gross margins
Starting point is 00:21:48 from selling AI to businesses and application developers. But I think that gross margin came in a little bit lower. But there is so much more that they can do to optimize. They're buying TPUs now. They're going to build new data centers. And also, There's, it does feel like we're going to enter a world where inference is load balanced across a variety of semiconductor stacks. And so for really fast things, you might be going to a grok or a cerebrus or, you know, you might, for more basic stuff, you might be going to a legacy model that's cheaper to inference and all of that might be blended together into something that's, uh, more profitable.
Starting point is 00:22:27 Apparently, yes. Google deep mind is signing a licensing deal. It really is a licensing deal economy that we're in last. This year was the press release economy. This year very, very much the licensing deal economy. Hume AI, which builds emotionally intelligent voice interfaces. And they're going to hire CEO Alan Cohen and seven of their engineers. I never thought of Google as particularly behind in voice interfaces. Certainly it's an important part of the stack if you have an app that people are chatting
Starting point is 00:23:02 with and talking to. Obviously, Notebook L.M was sort of a viral success, but I do really wonder about the longevity and the retention. News from Sam Altman. Oh, yeah. He shared today, we have added more than one billion of ARR in the last month just from our API business. People think of us mostly as ChatGBT, but the API team is doing amazing work. That's fantastic. I mean, we saw they just did a huge deal with Service Now.
Starting point is 00:23:30 Like, they're definitely cooking. They've been cooking for a long time. they have an enterprise go to market motion that's definitely working and somewhat disconnected from like whatever the hot story of the week is. People are pretty funny in the comments going, brother, one billion of an IRR at a $5 billion valuation, you're going to need to make that MRR. Obviously, this person misread pose, which is a added $1 billion in the last month. Okay.
Starting point is 00:23:54 The rumor. Google is spinning out the TPU team into a separate entity under alphabet umbrella to sell hardware to third parties directly. Okay. It could happen. Someone calls it a cross-chain atomic swap. Waymo, it's like, did they need to raise money at the Waymo level, right? Sometimes it's helpful for, you know, a company to have its own. Alphabet structuring and how they report out earnings and whatnot.
Starting point is 00:24:18 Apple is revamping Siri as a built-in iPhone Mac and chatbot to fend off OpenAI. And there's an image here. What is this? The Gemini Google, Google Gemini AI chatbot on a Galaxy S-Depot. 25 Ultra Smartphone. So Apple plans to revamp Siri later this year by turning the digital assistant into the company's first artificial intelligence chatbot thrusting the iPhone maker into a generative AI race dominated by OpenAI and Google.
Starting point is 00:24:44 The chatbot codenamed Kempos will be embedded deeply into the iPhone, iPad, and Mac operating systems and replace the current Siri interface, according to people familiar with the plan. Users will be able to summon the new service the same way they open Siri now by speaking the Siri command or holding down the side button of their iPhone or iPad. The new approach will go well beyond the capabilities of current Siri for even a long-promised update that's coming earlier in 26. Today... John, say Siri again really loudly and clearly for anybody that's watching on their TV at home or in their office. The feature is a central piece of Apple's turnaround plan for the AI market where it has lagged behind Silicon Valley Peers. The Apple
Starting point is 00:25:28 intelligence platform had a rocky rollout in 2024 with features that were underwhelming or slow to arrive. Campos, which will have both voice and typing-based models. Tyler, what's that sound like? Typing? You're going to be able to type to Siri. An app? An app. Let's go. Can you type to Siri? No.
Starting point is 00:25:46 Right now, you can't? I don't know. Maybe, but you don't have an app. You don't have a place to store all your conversations, which was my take. Embracing the chatbot approach represents a strategic shift for Apple, which has long downplayed the conversational AI tools popularized by OpenAI, Google, and Microsoft. Executives have argued that users prefer having AI woven directly into features something Apple has done with its writing tools, gen moji emoji generator, and notification
Starting point is 00:26:11 summaries rather than standalone chat experiences. That's not an unreasonable take. And in the long term, I wouldn't be surprised if the AI woven in the features, like the AI that's in the photos app is better than, okay, I got to open up the chat app and ask it to edit this photo and import the photo from my photo. Like, no, you just want to be able to go into the photos app, have the, you know, change the color temperature, change the brightness, draw on it, add text, and then also have AI features in there, I would imagine.
Starting point is 00:26:40 So I am bullish on Apple diffusing AI into all the other apps. We have some breaking news. Yes. Breaking news is, without further ado, Brex has been acquired by Capital One. Hit that gong, $5 billion. Boom. Wrong header there, boys.
Starting point is 00:27:02 Yeah, so Capital One strikes 5.15 billion deal for FinTech. Brex. Deal would give credit card issuer access to technology used by thousands of companies for corporate credit cards. Brex, of course, was valued at $12.3 billion in 2022. They hadn't raised in a while outside of, I believe, a debt facility. Yeah. But anyways, I think this deal makes a lot of sense. 5.15 billion in cash in stock in a deal that,
Starting point is 00:27:30 give the card issue more firepower with corporate clients. Brax founded nearly a decade ago, offers corporate credit cards, expenses, and rewards. It also oversees nearly 13 billion in deposits held at partner banks and money market funds. Acquisition comes at a key moment in the payment world as fintech and crypto firms threatened to siphon business away from banks. Capital One with roughly $670 billion in assets. Not as bad. Obviously acquired Discover last year for $35 billion. They also disbriperibus.
Starting point is 00:27:59 You know that's right. Yeah, Capital One bought Eric Glyman and Kareematea's previous company. Yeah, yeah, I knew that, but I didn't put that together. And they spent brief in at Capital One. I love to hear it. Thank you so much for taking the time to come on the show. And explain all of that very wide-ranging conversation. I love the history and the personal story and everything that you're doing.
Starting point is 00:28:19 So thank you so much for taking time out of your busy day. Thank you, John and Jordan. We will chat with a bunch of people with a funny soundboard. We will see you later. Hopefully we made a good impression, and you will be back soon. I did. Now I know why you're famous. Thank you so much. Bye.
Starting point is 00:28:35 Goodbye. Have a great day. Enjoy. Oh, that was amazing. Plaid. Plaid powers the apps you used to spend, save, borrow, and invest, securely connecting bank accounts to move money, fight fraud, and improve lending. Now with AI. Go and check it out.
Starting point is 00:28:57 I couldn't keep it together the chat the whole time. I know the chat was going insane. I literally, I was fighting for my life. Oh, my God, the chat was very time I look up at the screen, I was just trying to enjoy a conversation. It was just wall-to-wall flashbang. And I'm just trying to hold it together. I love you guys in the chat. I love you.
Starting point is 00:29:17 But also, you make the job a little difficult sometimes. I look at my phone and I have 100 notifications. I assume as people text to me to pull the flashbang. And also, by the way, I can't trigger the flashbang. That's Jordan exclusive. I think that's it. Yeah, that's it. The concerning thing is the chat knows that now they can just say start spamming flashbang into the chat.
Starting point is 00:29:40 And I'm not going to be able to keep it together. Nope. And we hope you have wonderful. We will see you tomorrow, 11 a.m. Pacific, Sharp. We love you. Goodbye.

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