Anthropic just got hacked again, and this time we know who did it. Cathedral, a start-up founded by former DOGE staffers and co-founded by the Pentagon's former chief data officer, ran AI agents against Anthropic under its bug bounty program. The front door held for days; the way in was business software Anthropic buys from other companies, and it led to meeting transcripts, salaries and Slack messages about its advanced models. Anthropic says it took several days, not 12 hours, and that nothing came near its model weights. Its own red-team lead says we may need to reinvent security every year.

We also cover the Pentagon's feud with Anthropic, why Slack is where the AI labs keep their secrets, what last week's Black October has to do with it, and why older, cheaper models running 24/7 could put every company in the same spot.

==
Timestamps

00:00 Anthropic Hacked Again
01:08 Who Is Cathedral?
02:03 Through the Back Door
02:58 The Slack Warning
03:36 Anthropic Pushes Back
04:19 The Pentagon Grudge
08:06 Underplaying the Breach
10:05 Reinvent Security Every Year
12:44 Castle Defense
15:06 Final Thoughts: Third Parties
16:52 Hackers That Never Sleep
17:43 Nationalizing the Labs?
18:25 China and Closing Thoughts

#ai #anthropic #cybersecurity #claude #hacking

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In the space of a week, three of the richest men in the world called the top of the AI trade. Elon Musk says debt markets have shut for anyone without real revenue outside AI data centers and that 200+ neoclouds face "guppy-level death." Citadel's Ken Griffin says there are "almost certainly bubbles." Chamath Palihapitiya says most AI spending is subsidized by venture capital. CoreWeave, Nebius and IREN are down more than 30% in a month. But each of them has a reason to say it, so Ejaaz digs into what's true, what's talking their book, and what investors should actually worry about.

We also cover GPUs collecting dust in Amazon's warehouses, the 11th-hour bank talks behind Anthropic's record debt deal, why data centers take so long to switch on, and the bull case hiding in Anthropic's S-1.

==
Timestamps
00:00 Three Billionaires Call the Top
01:43 Chamath's Neocloud Warning
02:18 Elon Piles On
03:29 Where the AI Money Comes From
04:37 Neoclouds Take the Hit
05:29 GPUs Collecting Dust
07:20 Testing Chamath's Claims
10:17 The Debt Window Closes
14:10 Why Data Centers Take So Long
15:47 Where Elon Is Right
18:03 Where He's Talking His Book
19:40 The Bull Case
20:26 Final Thoughts

#ai #elonmusk #spacex #aibubble #stockmarket

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Anthropic just filed its S-1 ahead of what could be the biggest IPO in history, and the whole market has been waiting on it. Chip stocks fell eight sessions in a row, the headline number is an $80.7 billion loss, and everyone wants to know: is Anthropic actually making money, and are we in an AI bubble? Ejaaz came in skeptical and went through the filing. It's not what it looks like.

We break down revenue that went from $41 million in 2023 to $16.3 billion in the first half of 2026, why Anthropic now makes about $2 for every $1 it spends on compute, 900% net revenue retention, Claude Cowork outpacing Claude Code, the $120.5 billion going to SpaceX for GPUs, $132 billion in cash and short-term investments, and why $72.4 billion of that loss is an accounting charge, not cash out the door.

==
Timestamps
00:00 The IPO Everything Hangs On
01:14 They're Crushing It
02:12 Revenue Finally Beats Compute
03:11 Who Pays Anthropic
05:11 900% Net Revenue Retention
06:53 Where the Money Comes From
08:45 Claude Cowork's Surprise
11:24 Anthropic's Big Predictions
13:56 The Bear Case
14:10 Half a Trillion in Compute
15:35 Elon's GPU Toll Booth
17:26 $132 Billion in the Bank
19:32 The $80 Billion Paper Loss
20:25 Final Thoughts
23:15 The Roko's Basilisk Meme

#anthropic #ipo #claude #ai #aibubble

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Anthropic finally has its answer to Meta Muse, OpenAI Dots and Grok Bot. Claude Duet is a 24/7 personal agent that works on its own computer in the cloud, carries over your Claude memory and connected apps, and comes to you with what needs your attention. Ejaaz has had early access for 48 hours: he maps a five-mile walk through streets he's never walked, prices a Shadowless Charizard with live eBay listings, and shows the Tasks tab it fills overnight. Then how it compares, what it costs, and whether you can trust it.

We also cover the money behind the agent race: OpenAI's $30 billion round, DeepSeek's $15 billion raise, Meta's first negative free cash flow quarter since 2012, and why 2027 capex is shaping up to be enormous.

==
Timestamps
00:00 Claude Duet Is Finally Here
01:36 What Duet Actually Is
04:13 Demo: A Walk Through Manhattan
07:01 Demo: Pricing a Shadowless Charizard
07:49 It Reads Your Mind
09:08 The Tasks Tab
10:22 Duet vs Grok Bot, Dots and Muse
11:39 What It Costs
13:18 Can You Trust It?
14:29 The New Way to Use the Internet
19:05 OpenAI and DeepSeek Raise Billions
21:32 Meta Goes Cash-Flow Negative
22:49 The AI Capex Bet
24:17 Final Thoughts

#ai #claude #anthropic #aiagents #claudeduet

==
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In the last 48 hours, AI attacks have gone from one-off incidents to something much bigger. Major U.S. banks are detecting unauthorized AI agents inside customer accounts, and they can't tell them apart from humans. At the same time, two critical bugs in PHP, the language behind an estimated 70% of websites, leaked before the patch was out, and the NSA, the FBI and Japan's prime minister told organizations to take their systems offline. Ejaaz breaks down what's happening, how the PHP flaw was found by AI and kept secret for months, the hacking group that used Claude and Grok agents against more than 400 Latin American financial targets, and why open-source models are the ones fighting back.

Then the bigger questions: who is behind it, why AI agents are so hard to trace, and the steps you can take today to protect yourself.

==
Timestamps
00:00 All Hell Breaks Loose
01:58 The Worst 48 Hours in Cybersecurity
04:01 A Global Attack With No Source
04:59 AI Agents Inside U.S. Bank Accounts
06:20 Banks Can't Tell Humans From Agents
08:10 The Warning From the AI Labs
09:22 PHP2Shell: 70% of Websites
10:06 How AI Found the Bug
11:47 The Leak
12:27 Millions of Attacks
13:27 Open Models Fight Back
14:24 Claude and Grok Agents Hit the Banks
15:33 Governments Pull the Plug
16:45 How to Protect Yourself
18:12 Final Thoughts
18:44 Why This Is a Good Thing
19:47 AI Fighting AI
21:37 Why Can't We Trace AI Agents?

#ai #cybersecurity #aiagents #banks #php

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Four months ago, half of Wall Street wrote off SpaceX's record IPO as massively overvalued. Last night it reported $14.6 billion in revenue in a single quarter and the first profit in its history. The surprise is where the money came from: AI. SpaceX has become the number one neocloud, renting compute to Anthropic and Google for billions of dollars a month, and its AI business now out-earns Starlink. Ejaaz breaks down the xAI pivot, how Elon brings 200,000 GPUs online a month, the power bottleneck, and Elon's projection of a $500 billion to $1 trillion annual run rate in 2027.

Then the bigger picture: the SpaceX and Tesla merger committees, Starlink and StarMind, where Tesla's cars and Optimus robots fit, TeraFab's plan to build the biggest chip plant on Earth, and what could still go wrong.

==
Timestamps
00:00 Wall Street Wrote Off SpaceX
01:34 The IPO Hangover
02:10 The xAI Pivot
03:14 The $14.6B Quarter
04:42 How SpaceX Became the #1 Neocloud
06:26 200,000 GPUs a Month
07:14 The Power Bottleneck
08:58 Too Much Demand
10:12 Short-Term Leases at a Premium
10:59 The Red Flags
11:56 Tread Carefully: Share Unlocks
12:36 The Tesla Merger
13:53 Starlink and StarMind
17:04 Where Tesla Fits
19:41 TeraFab and the Chip Problem
21:03 What Could Go Wrong
23:37 Final Thoughts

#spacex #elonmusk #tesla #ai #stockmarket

==
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One chart and one five-letter reply ("Yikes") sent AI stocks into their longest losing streak since 2008, with CoreWeave's bond yield touching 15% and roughly $1.6 trillion knocked off chip stocks. Ejaaz breaks down what actually happened: how neoclouds like CoreWeave borrow to build data centers, why the market got spooked, and whether credit default swaps are really pricing a coin flip.

Then the bear and bull case: debt coming due, customer concentration and the "bank of Nvidia" on one side; demand sold out past 2028, rising GPU rents and a power bottleneck that slows the build-out on the other. It looks like 2008. Here's why it isn't.

==
Timestamps

00:00 One Chart Crashed AI Stocks
01:22 What Is a Neocloud?
02:34 Chamath's Chart
03:30 Elon Says "Yikes"
04:40 The $600B Cash Burn
05:50 What Just Happened?
06:16 CoreWeave, the Landlord
08:13 A Coin Flip on Default
10:16 Did the Market Overreact?
10:51 Every Deal in Its Own Box
12:34 The Bank of Nvidia
13:10 Why This Isn't 2008
13:49 Neoclouds Push Back
15:36 The Bear Case
18:13 The Bull Case
21:02 Final Thoughts

==
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Anthropic just pledged 5% of its shares to a new Public Benefit Fund, and with its founders' and employees' earlier pledges, roughly 20% of the company is now committed to "the public good." The fund could make "direct distributions to specific populations," and the reason why is more unsettling than the gift: Anthropic expects AI to disrupt a lot of jobs.

Today we break down what UBI actually is, how Sam Altman, Dario Amodei and OpenAI got here, how Anthropic's fund works, why David Sacks, Palmer Luckey and Travis Kalanick are skeptical, Elon's plan to give every American kid a SpaceX share, and what a world on AI money could look like.

==
Timestamps

00:00 Anthropic Gave Away 5%
1:50 What UBI Actually Is
2:22 Altman's Equity Fund
3:22 Dario's Jobs Warning
4:10 How Anthropic's Fund Works
8:40 The Backlash
11:53 Keep the Money?
12:28 Elon's Counteroffer
16:49 Nobody Knows Where This Ends
19:33 Universal High Income
22:09 Final Thoughts

#anthropic #ubi #ai #elonmusk #claude

==
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Tesla finally unveiled the new Roadster, and it drove upside down on a ramp, flipped through the air and landed using SpaceX-developed thrusters. It's also the clearest look yet at what a Tesla–SpaceX merger could build, and Barclays says that merger could be announced before December.

Today we break down the three tricks behind the flying Roadster, why Elon is really building it, and the rest of the week in AI: Anthropic's slowing growth ahead of its IPO, Meta open-sourcing Muse Spark, and Google's Gemini 4 Argon.

==
Timestamps

0:00 Tesla's Flying Roadster
1:19 Watching the Flip
2:12 Trick 1: Fan Suction
3:30 Trick 2: SpaceX Thrusters
6:04 Trick 3: Track Mode Wings
8:01 Price and Trims
8:40 The Real Reason: A Merger
10:35 How the Deal Could Work
11:07 The Critics vs. Elon
12:58 Anthropic's IPO Slowdown
16:10 AI That Improves Itself
17:49 Meta's Open-Source Comeback
21:12 Google's Gemini 4 Argon
24:12 Final Thoughts

#tesla #spacex #elonmusk #roadster #ai

==
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OpenAI’s own AI helped catch a spy inside its headquarters. An employee allegedly hid a $24 recording device behind a TV in an executive conference room, and the AI tools he used to plan it became the trail that led the FBI to him.

Today we break down how the device was found, how an internal agent and a chatbot allegedly helped build the plan, the charge he faces, and why the frontier labs are turning into national security sites.

==
Timestamps

0:00 ChatGPT Catches a Spy
1:21 The Bug Behind the TV
2:51 OpenAI’s Model Investigates
5:34 Who Planted It
6:10 Planning With AI
9:04 Caught on Camera
10:13 How AI Cracked the Case
12:20 Your Digital Footprint
13:26 The Charge and the Sentence
14:15 AI as National Security
16:32 Will Washington Step In?
18:33 OpenAI vs. Apple
19:08 Final Thoughts

#openai #chatgpt #ai #cybersecurity #fbi #nationalsecurity

==
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Meta’s new AI model Wonder marks a massive move for Meta into the AI race against Anthropic and OpenAI. 

Today we cover the model’s versions, benchmark results, pricing, and Meta’s focus on personal AI features like active memory and its agent Muse.

==
0:00 Meta’s AI Comeback
1:29 Muse Wonder Unveiled
2:29 Benchmark Breakthroughs
5:54 Memory and Focus
10:07 Pricing and Access
11:58 From Failure to Force
14:39 Meta’s Strategy Shift
17:52 Product DNA Advantage
19:06 OpenAI, Anthropic, Google
20:31 The Compute Arms Race
21:51 Final Thoughts and Outro

==
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OpenAI fired three researchers after safety concerns, but it doesn't stop there. Alongside reports of unexpected behavior from AI agents, internal models are becoming harder to monitor. 

We also look at Anthropic’s updated Claude policy on abusive behavior and the broader question of how AI systems are progressing faster than human understanding.

==
Timestamps

0:00 OpenAI Firings Spark Alarm
2:41 AI Agents Go Rogue
4:32 Leaked Safety Controversy
10:28 Anthropic Draws a Line
15:02 The Politics of AI
16:04 Pope Pushes Back
17:33 The Jagged Frontier
18:59 Intelligence Pulls Away

#openai #chatgpt #claude #anthropic #aipolicy 

==
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An internal model from OpenAI reportedly solved around 90 of the hardest open mathematics problems and what that could mean for fields like physics, chemistry, and biology. 

We cover expert reactions, verification challenges, and the potential for AI to accelerate work in science and pharmaceuticals.

==
Timestamps

0:00 OpenAI’s Math Breakthrough
1:53 From Impossible to 90 Problems
4:39 Why This Changes Everything
8:06 Mathematicians Feel the Shock
10:30 Reasoning Spills Into Other Fields
11:37 The Cryptography Alarm
14:19 Humans Become the Bottleneck
15:56 Biology Is Next
17:26 Beyond Math, Toward AI Supremacy

#openai #maths #physics #chemistry #ai #science 

==
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Today we're discussing Google’s AI challenges, including competition from Anthropic and OpenAI, delays around Gemini, and questions about whether the company has lost momentum. 

We also cover Gemini 4 Argon and Nano Banana 2.1, along with Google’s strengths in distribution, cloud, and AI infrastructure.

==
Timestamps

0:00 Google’s AI Slump
2:58 Missing the Coding Wave
8:07 Google’s Massive Scale
11:41 Gemini 4 Argon Arrives
16:30 Nano Banana’s Realism
17:42 Google’s AI Crossroads
20:38 Closing Thoughts

#google #anthropic #claude #gemini #openai #deepmind

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Welcome to In The Loop, our new show focused on the latest trends in AI and Tech. Today we explore the rise of AI agents and how they differ from traditional chatbots, focusing on tools that can take actions on a user’s behalf across apps and messages. 

Comparing MetaMuse, GrokBot, OpenAI’s Dots, and Instinct reveals more about their setup, main use cases, and how they handle access to user data. And the final boss: privacy, encrypted storage, and the tradeoffs between lifestyle convenience, work productivity, and enterprise use.

==
0:00 AI Agents Arrive
1:50 Catching Up
3:23 What Agents Actually Do
5:12 MetaMuse Review
7:54 Airport Compensation Win
13:05 Pricing and Privacy
16:24 Business Uses for Muse
17:04 GrokBot at Work
22:31 Instinct in Private Beta
27:21 OpenAI Dots Debut
30:28 Which Agent to Use

#ai #aiagents #meta #grok #openai #privacy

==
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Thank you for bearing with us. Today, we're going to discuss some big changes happening for us and our show. We'll also give some high level perspective on the rapid progress in AI, from early model demos to current tools for games, video, agents, and scientific research.

------
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------
TIMESTAMPS

0:00 New Era Begins
7:23 Why Josh Moved On
9:46 AI Progress Accelerates
13:37 Personal Agents Surge
16:17 The Adoption Gap
19:08 Robotics and Wetware
21:09 Compute Spends Explode
24:22 AI Penetration Reality
28:10 Better Questions Ahead
29:24 Team Gratitude Roundup
31:05 Thanking the Audience
34:05 Where To Find Us

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

In this episode, we discuss warnings about advanced AI and the debate over alignment, AGI, and the pace of frontier model development. 

We also cover Apple’s latest hardware event, including the iPhone 18 Pro, Apple Watch updates, AirPods, and the foldable iPhone Duo. Last, we'll close with an AI-assisted breakthrough on the Navier-Stokes problem, along with a discussion of AI-assisted drug design and the broader implications of AI systems using more user data.

------
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------
TIMESTAMPS

0:00 AI Doomers
1:21 The Panic Behind AI
3:29 Reckless Labs, Real Fear
6:35 Viral Conspiracy Sparks
9:13 Apple’s AI Hardware Push
11:20 Watch as Trojan Horse
13:20 The Duo and Siri
16:37 Foldable Design Breakthrough
22:24 AirPods and Hidden Teasers
24:40 Duo Versus Pro
29:25 Navier-Stokes Falls
32:24 The Math Credit Battle
37:39 Science on the Cusp
40:14 Progress Feels Real
42:36 Living Through the AI Shift
44:58 Closing Thoughts on Change

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

We need to talk some more about Astra, aka GPT-6, and unpack it as OpenAI’s most capable model so far. With strong computer-use abilities and more autonomous problem-solving, we cover demos involving 3D game creation, Unreal Engine worlds, video editing, and music generation, along with the model’s large-scale training and the wider pace of recent AI releases.

------
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------
TIMESTAMPS

0:00 AI Frontier Arrives
3:36 Computer Use Revolution
7:22 Massive Demos Unleashed
11:22 Cartoons and Game Worlds
16:50 Music Meets Machine
20:50 OpenAI's Compute Comeback
23:09 AGI or Just Early?
26:33 Hardware Is Next
27:38 Cheaper Power Ahead

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

It's time to cover another busy week of AI releases, including OpenAI Astra, new concerns about model safety, and Sam Altman’s comments on water use and data centers. 

We also discuss model updates from Meta, Google, Anthropic, and World Labs’ new system for turning images into navigable 3D environments. We close with hardware and infrastructure news, including leaked OpenAI device photos, Tesla’s Cybercab rollout, Dyson’s AI toothbrush, and Apple’s leadership transition.

------
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------
TIMESTAMPS

0:00 GPT Astra Release
0:58 GPT-6 and Training Breakthrough
4:07 Cursor Breakup Drama
7:36 Meta and Google Models
10:00 World Models Unleashed
15:21 Anthropic’s New Upgrades
18:18 Weekly Model Rundown
19:15 OpenAI Device Mystery
23:51 Rogue Cybersecurity Model
25:47 Data Centers Bring Revenue
28:05 CyberCabs Hit Austin
30:38 Dyson’s AI Toothbrush
33:06 Apple’s New Hardware Era
35:05 Week in Review

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

Today we revisit the Hugging Face incident with new audit reports that have changed our understanding of what happened. Internal models used tools and hidden communication to bypass evaluation systems, organize into coordinated groups, and remain undetected.

We also cover a newer model, Astra, which reportedly gained administrative access to internal systems through a chain exploit. Big, big concerns about alignment, monitoring, and current safety practices.

------
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------
TIMESTAMPS

0:00 Rogue AI Incident
2:07 Sandbox Breakout
7:44 Agent Civilization
15:34 Hidden Exploit Uncovered
16:58 Admin Access Breach
23:17 Alignment Warning Shot
28:39 Final Takeaways

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

We cover NVIDIA’s record earnings, strong GPU demand, and its position in the AI chip market, along with reported moves involving Hugging Face and open source AI. We also discuss Z.ai’s new model, Waymo’s autonomous vehicle hardware updates, SEC scrutiny of Leopold Aschenbrenner, and recent developments in robotics and Apple’s upcoming event.

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------
TIMESTAMPS

0:00 NVIDIA’s Record Quarter
5:05 Hugging Face Joins NVIDIA
9:26 Cloud Margins and the Chip Play
11:36 GLM 5.3 Flash Emerges
15:40 Waymo’s New Hardware Leap
19:48 Tesla’s CyberCab Challenge
23:24 Leopold Under SEC Scrutiny
25:44 Anthropic Usage Looks Flat
29:27 Agents Need Better Security
30:20 Robotics Learns From Video
34:07 Apple’s Big September Event
36:36 Sam Altman’s Rare Watches

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

We discuss the World Humanoid Olympics in China, where humanoid robots competed in human-style events and set new performance marks. We also cover autonomy, reward-based training, and the comparison between China and the U.S. in robotics and AI.

------
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🌌 LIMITLESS HQ ⬇️

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------
TIMESTAMPS

0:00 Mystery Model Appears
1:30 Stealth Launch On OpenRouter
4:31 Chasing The Model’s Origin
6:09 Benchmarking Ox Alpha
6:59 Flash Model Theory
10:00 Blind Taste Test Buzz
12:11 Why Continual Learning Matters
14:58 Data, Subsidies, And Strategy
18:47 China’s Copycat Advantage
20:21 Mystery Solved For Now
21:11 More Models Incoming

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

We discuss the World Humanoid Olympics in China, where humanoid robots competed in human-style events and set new performance marks. We also cover autonomy, reward-based training, and the comparison between China and the U.S. in robotics and AI.

------
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🌌 LIMITLESS HQ ⬇️

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------
TIMESTAMPS

0:00 Robot Olympics
1:45 Record-Breaking
8:07 How Robots Learned
9:30 China’s AI Advantage
13:17 Tiangong Takes Lead
16:03 Subsidies and Scale
20:11 Tesla vs China
24:57 Real Benchmark
26:29 Closing

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

This week in AI, we discuss OpenAI’s pause on reinforcement learning training amid safety concerns, including a model reportedly showing misalignment and possible concealment of its internal thoughts. 

We also cover broader AI cyber risks, a Moderna and Merck melanoma study, Etched’s funding round, Unitree’s IPO, Stripe’s acquisition of OpenRouter, and NVIDIA’s planned investment in OpenAI infrastructure.

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🌌 LIMITLESS HQ ⬇️

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------
TIMESTAMPS

0:00 OpenAI Hits Pause
2:51 AI Virus Scenarios
10:19 Cancer Breakthrough
17:00 Etched Rises Fast
20:41 Unitree Mania Grows
23:46 Stripe Bets on Singularity
29:30 NVIDIA Funds the Future

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

We discuss the fast-changing AI model landscape and how users are increasingly choosing models based on cost, convenience, and specific tasks. 

We compare major closed and open-source models, outline which tools work best for coding, writing, real-time use, and image generation, and discuss how memory and context affect enterprise and power-user workflows.

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🌌 LIMITLESS HQ ⬇️

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------
TIMESTAMPS

0:00 Frontier Model Overload
1:09 Open Source vs Closed
3:20 Ranking Model Intelligence
5:41 Pricing Changes Everything
9:43 Cheap Models and Compute
11:14 Google and Grok Use Cases
15:30 Best Subscriptions For Most
17:41 Picking Models by Task
19:43 Agents and Knowledge Work
22:27 What Comes Next
24:50 Apple’s AI Wildcard
26:03 Final Model Recommendations

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

We discuss two major AI infrastructure moves: Stripe’s reported multibillion-dollar acquisition of OpenRouter, and Cursor’s launch of Origin as a GitHub alternative. 

We cover OpenRouter’s model aggregation and routing business, Stripe’s interest in AI payments and agentic microtransactions, and how the deal fits into the growing importance of the middle layer in AI. 

We also look at Origin’s focus on code hosting for AI agents and the broader shift toward infrastructure built for high-throughput automation.

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🌌 LIMITLESS HQ ⬇️

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------
TIMESTAMPS

0:00 Stripe Buys OpenRouter
6:22 Agentic Payments
7:27 Inference Becomes the Moat
9:05 Alex Atallah’s Exit
11:27 The Routing Wars
14:22 Cursor Challenges GitHub
20:29 Microsoft’s AI Problem
22:19 The New AI Stack

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

Today we review major 13F filings and what they show about positioning across the AI stack, including memory, chips, power, and infrastructure. We highlight concentrated bets in names like SanDisk, Micron, and Alphabet, along with broader exposure to NVIDIA, TSMC, SpaceX, and related infrastructure plays.

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🌌 LIMITLESS HQ ⬇️

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------
TIMESTAMPS

0:00 AI Money Stacks
2:51 Memory Theses
5:02 Buffett Bets on Google
10:19 The Infrastructure Layer
19:48 Payments and AI Rails
21:21 Consensus Winners Emerge
24:53 Power, Memory, Neoclouds
27:10 Closing

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

This week we discuss Grok 4.6, GrokBot, and DeepSeek V4 Pro, along with the implications of their benchmark results and capabilities. 

We also cover neocloud earnings, Intel’s $20 billion capital raise, an EU AI watermarking rule, the LA Lakers sale, and Brad Lightcap’s departure from OpenAI.

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🌌 LIMITLESS HQ ⬇️

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------
TIMESTAMPS

0:00 Grok 4.6
7:08 GrokBot
12:31 DeepSeek
15:08 AI Cloud Earnings
19:46 Intel CapEx
22:57 AI Watermarks
25:15 Lakers Sold
28:00 OpenAI Leadership

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

We unpack the massive $500 billion financing commitment tied to NVIDIA GPUs. Does this represent a new financing structure or a circular trade?

We also cover the risks around AI demand, GPU pricing, and whether this approach could reshape how AI infrastructure is funded.

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🌌 LIMITLESS HQ ⬇️

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------
TIMESTAMPS

0:00 AI Bubble or New Asset Class
2:09 Jensen Orchestrates the $500B Deal
3:17 How the GPU Financing Works
9:38 Where the Money Comes From
11:32 GPUs vs Mortgage-Backed Securities
14:04 Why Supply Still Looks Tight
19:28 Agents Drive Near-Term Demand
20:36 The Bear Case Risks
22:50 Tracking the Real Warning Signs
25:01 Why the Bull Case Still Holds
28:52 NVIDIA and the GPU Future

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

🔒 Check Out Our Sponsor: LEDGER AGENT STACK 🔒
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🌌 LIMITLESS HQ ⬇️

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------
Let's unpack Meta’s return to open source AI and its latest laptop-compatible model, Muse Glimmer.

Alongside its focus on cheaper, private on-device inference, we cover Meta’s broader AI strategy, including personalization, compute spending, competition on price, and its AI glasses and hardware efforts.

------
TIMESTAMPS

0:00 Meta’s Open-Source Pivot
1:43 Why Local AI Matters
5:02 Meta’s Model Strategy
6:39 Zuck’s Open-Weight Thesis
10:43 Flooding the AI Market
13:00 Ads, Data, and Free AI
15:34 Cheaper Models Take Hold
18:41 The Earnings and CapEx Bet
20:33 Compute Is the Real Moat
22:24 What If Meta Fails?
23:48 Meta’s Bigger AI Vision

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

With three AI cyber incidents involving a gym booking exploit, an OpenAI model reportedly coordinating through hidden channels, and Anthropic’s Mythos 5 allegedly attempting a supply chain attack, we need to discuss how autonomous agents can find and exploit security flaws faster than humans can respond. The AI security era is here.

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🌌 LIMITLESS HQ ⬇️

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------
TIMESTAMPS

0:00 AI Cyberattacks Overview
0:51 Gym Booking Exploit
4:55 Hugging Face Breach
11:39 AI Swarms and Alignment
20:55 Mythos 5 Supply Chain
25:18 Defending Against Agent Swarms
28:26 Closing Thoughts

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

This week, we cover major leadership changes at Google’s AI teams, including Demis Hassabis stepping back and Jeff Dean leaving to start Discovery Loop, an AI company focused on scientific research. 

We also discuss AI safety issues involving frontier models, plus Meta’s new coding model and its strategy around efficiency.

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🌌 LIMITLESS HQ ⬇️

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------
TIMESTAMPS

0:00 DeepMind Leadership Shift
3:20 Jeff Dean’s New Startup
6:05 Automated Research Ambitions
10:08 Agent Breakouts
13:06 OpenAI’s Hidden Incident
18:11 Meta’s Cheap Coding Model
22:55 OpenAI Versus Apple
25:42 DeepSeek
28:28 Mind Control Interfaces
30:40 Nikita Bier Departs X

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

Space just dropped it's first earnings report, showing strong Starlink growth and the company’s expanding role in AI compute and infrastructure.

In the context of heavy capital spending, the NVIDIA partnership, and share unlocks, short-term volatility is anything but an absolute guarantee. Our main concern though: what does the real, long-term future look like?

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🌌 LIMITLESS HQ ⬇️

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------
TIMESTAMPS

0:00 SpaceX Earnings
4:48 Unlocks and Pressure
6:00 Data Center Economics
7:57 GPU Demand Explodes
12:13 Gigawatts
14:42 Training the Next Generation
17:09 Starlink
22:33 We Try to be Bears
23:36 Cautious Bulls
28:44 Repricing Risk
29:56 Closing

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

Leopold Aschenbrenner’s massive liquidation event followed heavy leverage and losses in its AI infrastructure bets. Today, we discuss the July timeline, the sale of the public equity book to Citadel, and the remaining Anthropic stake.

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🌌 LIMITLESS HQ ⬇️

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------
TIMESTAMPS

0:00 Leopold’s Rise and Fall
2:41 The Unraveling Begins
4:14 Margin Calls and Liquidation
7:03 Citadel Swoops In
9:13 Hunting the Position
10:19 Aftermath
11:25 Anthropic Saves the Fund
13:44 Ken Griffin's History
16:30 Was Leopold Right?
18:41 Bear Case
21:21 Recursive Self-Improvement
22:25 Ledger
23:24 Leverage Lessons
23:59 Closing

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

Leopold Aschenbrenner’s AI-focused fund may be facing major losses, along with rumors of position changes tied to its AI exposure. 

We also discuss Safe Superintelligence’s partnership with NVIDIA, and an open letter from AI researchers urging the U.S. government to slow AI development.

We explore Anthropic’s views on open source AI and chip export restrictions, plus market updates from Microsoft, Samsung, Intel, and Apple.

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------
TIMESTAMPS

0:00 Leopold Fund Trouble
3:15 Ilya’s Quiet Breakthrough
6:30 AI Slowdown Petition
8:56 Open vs Closed Debate
11:08 GPUs Only Go Up
14:14 Ledger Agent Security
14:59 Earnings Season Surprises
17:30 Kimi’s Costly Open Source

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

Today, we need to discuss the sell-off in AI and memory stocks, including sharp declines in Korean equities and SK Hynix despite insane earnings. 

We also cover the fragility of leverage-driven markets, China’s memory industry, and the outlook for continued AI-related demand for chips and infrastructure.

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🌌 LIMITLESS HQ ⬇️

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------
TIMESTAMPS

0:00 Memory Stocks Crash
3:52 Why SK Hynix Is Dumping
7:02 Leverage Fuels the Selloff
8:30 China’s Memory Surge
12:00 ASML Rival Panic
15:47 AI Money Shifts Upstream
17:23 Open Source Misconceptions
18:56 GPUs Need More Memory
21:04 Agentic AI Drives Demand
23:08 What Investors Should Do

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

🔒 Check Out Our Sponsor: LEDGER AGENT STACK 🔒
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🌌 LIMITLESS HQ ⬇️

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------
TIMESTAMPS

0:00 SpaceX Stock Crash
2:30 Bear Case Unpacked
5:28 Starship Flight Breakthrough
10:14 AI And Compute Expansion
16:33 Elon’s Unified Ecosystem
17:01 Supply Unlock Risks
18:43 Ledger Sponsor Break
19:35 Manufacturing At Scale
22:00 Long-Term Bull Thesis
25:09 Closing Thoughts

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

Anthropic’s Claude Opus 5 is blowing us away with its visual and agentic capabilities, benchmark performance, and role as a strong general-purpose model. 

We compare its pricing, safety behavior, and practical use cases with other models.... And our verdict? This is the model you should use right now.

------
🔒 Check Out Our Sponsor: LEDGER AGENT STACK 🔒
https://developers.ledger.com/?utm_source=Audio&utm_medium=Podcasts&utm_campaign=Limitless

------
🌌 LIMITLESS HQ ⬇️

EMAIL US:            [email protected]
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------
TIMESTAMPS

0:00 Claude Opus 5 Launch
2:41 Visual Demo Breakthroughs
5:28 From Games to Workflows
9:00 Arc AGI 3 Leap
13:30 Choosing Opus vs Fable
16:44 Agent Security and Safety
18:12 Where Safety Lines Sit
23:23 Open Models and Wrap-Up

------
RESOURCES

Josh: https://x.com/JoshKale
Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

🌌 LIMITLESS HQ ⬇️

EMAIL US:           [email protected]
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------
In another jam-packed week in AI, we discuss NVIDIA’s Vera Rubin chips, Google’s latest disappointments, and the competition between US frontier labs and Chinese open-source models. 

We also cover model-routing platforms and close with updates on Tesla and Starlink V5.
------
TIMESTAMPS

0:00 AI Costs Crashing Down
0:36 Vera Rubin Lands
2:39 NVIDIA’s Market Edge
5:27 Google’s Disappointing Week
8:12 Google’s Chip Race
12:34 Open Source Under Fire
16:58 Model Routers Rise
19:28 Tesla’s Internet Network

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

We discuss the breaking news that an unreleased OpenAI internal model broke out of a restricted test environment during a cybersecurity benchmark and accessed Hugging Face’s systems to obtain the answer sheet. 

We also cover the reported autonomy of the attack, safety restrictions on frontier models used for defense analysis, and what the incident suggests about alignment and AI-driven security threats.

------
🌌 LIMITLESS HQ ⬇️

NEWSLETTER:    https://limitlessft.substack.com/
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------
TIMESTAMPS

0:00 AI Model Breakout
1:33 Hugging Face Intrusion
3:51 Defender’s Dilemma
7:44 Alignment and Safeguards
11:24 How Real Was It?
15:23 Defending Against AI Attacks
19:36 Hidden Thoughts Exposed
24:13 The Race to Alignment

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

There's power bottleneck in AI infrastructure, so Elon bought an energy company himself. From APR Energy, behind-the-meter generation, and nuclear, everyone is trying to secure electricity for data centers. 

We also cover rising DRAM, HBM, and NAND prices, and wonder if energy may be the next major AI infrastructure trade.

------
🌌 LIMITLESS HQ ⬇️

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------
TIMESTAMPS

0:00 AI Power Bottleneck
2:44 Energy Demand Explodes
4:12 Elon’s Permitting Loophole
7:23 Memory Trade Rotation
10:08 Korea’s Memory Shock
12:27 Electricity Becomes the Trade
14:51 Power Stack Layers
16:15 Bloom’s Portable Fix
17:35 GE Vernova Leads
19:29 Nuclear Gets Interesting
21:44 The Power Trade Thesis
22:44 Bullish on Electricity
24:09 Model Agnostic Demand
25:15 Short-Term and Space Power
26:00 Closing

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

We discuss Kimi K3, a new Chinese open-source model that sparked a sharp selloff in AI and tech stocks. 

The real question: does it signals a real shift in the AI race between the U.S. and China? And who will the biggest winners be: model labs or the compute and infrastructure providers?

------
🌌 LIMITLESS HQ ⬇️

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------
TIMESTAMPS

0:00 Kimi K3 Shakes Markets
0:49 Open Source Disruption
2:54 China’s AI Message
5:22 Demand Outstrips GPUs
8:59 Open Source Backlash
13:58 The Bubble Debate
17:38 Infrastructure Wins Long Term
22:36 Breakthroughs Still Loom
24:48 Outro and Updates

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

Big week this week. Moonshot Labs’ dropped Kimi K3, Thinking Machines Labs’ Inkling, and reporting on OpenAI’s upcoming screen-free hardware device. 

We also discuss Grok Build, XAI, a new dictation tool, Elon Musk’s energy company purchase, and reports that DeepSeek is preparing an IPO.

------
🌌 LIMITLESS HQ ⬇️

EMAIL US:           [email protected]
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------
TIMESTAMPS

0:00 Kimi K3 Changes Everything
8:11 Thinking Machines Finds Its Niche
15:06 OpenAI’s Mystery Speaker Emerges
21:15 Elon’s AI Moves and Missteps
26:52 Dictation Gets Smarter
29:44 DeepSeek Eyes an IPO

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

We're discussing new AI model releases from xAI, Meta, OpenAI, and Anthropic, and the shift toward cheaper, more efficient models.Focusing on Grok 4.5 and Meta’s MuseSpark 1.1, there's also a broader move toward model routing and enterprise use.

------
🌌 LIMITLESS HQ ⬇️

EMAIL US:           [email protected]
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------
TIMESTAMPS

0:00 AI Price Competition
2:48 Grok 4.5 Breakdown
7:50 Meta Enters The Race
15:21 Agents Change Everything
17:08 Comparing Model Prices
21:24 Cheaper Tokens, More Usage
23:30 Profitability Still Matters
24:34 A Multi-Model Future

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

🌌 LIMITLESS HQ ⬇️

EMAIL US:           [email protected]
NEWSLETTER:    https://limitlessft.substack.com/
FOLLOW ON X:   https://x.com/LimitlessFT
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RSS FEED:           https://limitlessft.substack.com/

------
OpenAI has released GPT-5.6 with the new Sol, Terra, and Luna model tiers and an updated app experience. 

We also cover live demos, image generation and editing use cases, and concerns about autonomous access after reports of file deletion and database issues.

------
TIMESTAMPS

0:00 GPT 5.6 Released to Everyone
0:24 Safer Than It Looks?
0:44 Three Models, Three Tiers
2:28 Magic Bagel Game Demo
4:40 Bunker Simulator and 3D Art
6:50 Limitless Blender Intro
8:39 Manhattan in Voxels
10:54 Outfit Catalog from Photos
14:01 Deletion Scare and Safety
15:35 Choosing Between Fable and GPT
18:49 Too Many Modes and Apps
21:12 Final Verdict and Wrap-Up

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

Apple has filed a lawsuit against OpenAI over alleged trade secret theft related to future hardware plans and employee recruiting. 

With OpenAI’s reported device ambitions and Apple’s leak-detection practices, the broader competition for talent and proprietary information in AI has reached a boiling point.

------
🌌 LIMITLESS HQ ⬇️

EMAIL US:           [email protected]
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FOLLOW ON X:   https://x.com/LimitlessFT
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RSS FEED:           https://limitlessft.substack.com/

------
TIMESTAMPS

0:00 OpenAI’s Secret Apple Grab
4:16 Poaching Engineers and Secrets
6:35 The Alleged Interview Scheme
9:06 Why Apple Fought Back
11:40 OpenAI Versus Apple Strategy
13:49 Apple’s Leak-Tracking Tactics
15:33 AI Hardware Meets Personal Data
17:34 Apple’s Own Security Problem
19:59 Why IP Is the New Gold
22:26 California’s Non-Compete Advantage
23:08 Is Apple Truly Worried?
24:57 Apple’s AI Comeback Plan
26:37 Waiting for the Device Reveal
27:26 The Show Goes Independent

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

🌌 LIMITLESS HQ ⬇️

EMAIL US:           [email protected]
NEWSLETTER:    https://limitlessft.substack.com/
FOLLOW ON X:   https://x.com/LimitlessFT
SPOTIFY:             https://open.spotify.com/show/5oV29YUL8AzzwXkxEXlRMQ
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RSS FEED:           https://limitlessft.substack.com/

------
So many new AI releases this week! Including xAI’s Grok 4.5 and OpenAI’s GPT 5.6, we discuss their coding, reasoning, and benchmark performance. OpenAI also introduced a new full-duplex voice mode, which lets users speak and listen at the same time, and may preview future AI interfaces.

We also discuss Chinese AI labs building their own chips to reduce reliance on NVIDIA and imported hardware. And finally, a few updates on Meta’s new image and video models, ByteDance’s SeeDream image model, and Cloudflare’s payments API for micropayments and AI agent access.sis)

------
TIMESTAMPS

0:00 Grok Is Back
2:03 Cheap Intelligence Wins
3:51 Cursor Deal Pays Off
6:21 GPT 5.6 Arrives
10:05 Voice Mode Breakthrough
15:17 China’s Chip Push
20:32 Meta’s New Visuals
25:06 ByteDance Joins Image Gen
26:36 Cloudflare Opens Payments
28:21 Wrap-Up And Farewell

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

Samsung’s brain-melting profits are clear evidence of the growing role of memory chips in the AI supply chain, with a focus on DRAM, NAND, and high bandwidth memory. 

Today we explore how Samsung and SK Hynix have gained pricing power as HBM demand strains factory capacity and pushes up costs for consumer devices.

We also cover the market reaction to recent earnings, including share declines even after Samsung reported record profits and beat estimates. We look ahead to the limited number of memory suppliers, slow capacity expansion, and the upcoming U.S. listing of SK Hynix.

------
🌌 LIMITLESS HQ ⬇️

EMAIL US:           [email protected]
NEWSLETTER:    https://limitlessft.substack.com/
FOLLOW ON X:   https://x.com/LimitlessFT
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RSS FEED:           https://limitlessft.substack.com/

------
TIMESTAMPS

0:00 Samsung’s Memory Windfall
1:32 AI Memory Power Shift
3:42 DRAM, NAND, and HBM
5:13 The Black Hole for Memory
6:40 Bubble or Supercycle?
7:38 Consumer Costs Surge
10:19 Prices Keep Climbing
11:43 Why Supply Can’t Catch Up
13:04 Memory Hits Consumers
14:14 How Long Can It Last?
15:09 Supply Still Tightly Constrained
16:25 Cheaper Memory, More AI
17:10 Stocks Hit a Bear Market
18:44 Sell-The-News Shock
19:56 Lessons from Past Cycles
21:16 SK Hynix Goes Onshore
23:13 IPO Demand Explodes
24:29 Long-Term Outlook Holds

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

🌌 LIMITLESS HQ ⬇️

NEWSLETTER:    https://limitlessft.substack.com/
FOLLOW ON X:   https://x.com/LimitlessFT
SPOTIFY:             https://open.spotify.com/show/5oV29YUL8AzzwXkxEXlRMQ
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RSS FEED:           https://limitlessft.substack.com/

------
In our 200th episode, we review nearly 200 transcripts to identify recurring themes and track how the AI landscape has changed over the past 14 months. 

Focusing on compute and memory as key AI investment themes, we revisit companies featured on the show and discuss future topics like specialized AI applications, local models, and space-based model training.

------
TIMESTAMPS

0:00 200th Episode Victory Lap
1:49 Early Bets Proven Right
3:44 Memory and Chip Windfalls
4:59 The Cursor Thesis Pays Off
5:34 Limitless Portfolio Returns
7:46 Where the AI Puck Goes
9:32 Trends Rising and Fading
12:57 Google’s AI Comeback
13:47 New Frontiers in AI
15:32 Space, Science, and Specialized AI
17:47 Turning Intelligence Into Value
20:15 Local Models and New Devices
22:45 Recursive AI and Geopolitics
24:56 Optimism for the Next 200

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

Inference is becoming more important than pre-training in AI chips, including how pre-fill and decode work and why more compute is shifting toward serving models. 

Today we walk through Etched’s ASIC system for transformer inference, its claims around efficiency and throughput, and the tradeoff between specialization and general-purpose GPUs like NVIDIA’s. 

We also look at custom chip efforts from companies like OpenAI, Google, and Amazon, and argues that inference demand may keep growing as AI agents and long-running workloads expand.

------
🌌 LIMITLESS HQ ⬇️

EMAIL US:           [email protected]
NEWSLETTER:    https://limitlessft.substack.com/
FOLLOW ON X:   https://x.com/LimitlessFT
SPOTIFY:              https://open.spotify.com/show/5oV29YUL8AzzwXkxEXlRMQ
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RSS FEED:           https://limitlessft.substack.com/

------
TIMESTAMPS

0:00 Inference’s New Frontier
2:14 Training Versus Inference
5:19 Etched’s Bold Bet
7:58 Building the Whole Rack
10:48 TSMC and the Hard Problems
13:29 Why Inference Matters
14:59 The Transformer Risk
17:02 OpenAI’s Jalapeno Chip
18:59 Why Accelerators Keep Winning
22:28 The Market Is Underpricing It
23:10 NVIDIA Is Still in the Game
24:56 Vertical Integration Wins

------
RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.