Why is gold up. Gold is up because there are many more net new buyers. Who is the most important net new buyer.It's Tether. Tether has been issuing a stable coin called Tether Gold where they'll actually custody the gold on your behalf and volumes of it are rising. At the same time, central banks are rebalancing.And then yet at the same time, you have a lot of macro funds that have essentially decided that central banks aren't to be trusted and they don't know what to do. And so they're not necessarily long ...

(0:00) Introducing Roelof Botha (1:08) Sequoia’s Scout program and its best-performing funds ever (3:38) State of Venture Capital: Why it’s broken, too much capital, not enough great companies (9:01) Why Sequoia separated from its China business, how they adapt to changing macro landscapes (13:05) Sequoia’s culture, picking partners, investment decision-making, The Sequoia Capital Fund and holding winners (20:18) What makes a great founder, what Roelof learned from Doug Leone and Michael Moritz (26:06) Inve ...

Deal Overview - EA is being taken private in a $55 billion deal, the largest take-private deal in history, with investors including Saudi PIF, Silverlake, and Jared Kushner's Affinity Partners [1] - The deal is priced at $210 per share, representing a 25% premium on the stock [1] - The equity portion of the deal is approximately $36 billion, with $20 billion in debt financing [23] Strategic Rationale & Gaming Industry Dynamics - Video games are considered a core pillar of internet usage, potentially larger than social networking [4][5] - The PIF views gaming as the future of entertainment and is aggressively investing in the sector [17][20] - AI is expected to significantly enhance video game engagement, surpassing social media and traditional media [13][14] - Distribution gatekeepers like Xbox are attempting to increase prices, creating an opportunity for IP owners to find alternative distribution methods [6][7] - Saudi's Savvy Games has invested significantly in gaming platforms, including Scopely for $49 billion in 2023 and Niantic for $35 billion, along with stakes in Nintendo, Take 2, and Activision Blizzard [19] Potential Risks - There's a bear case that the value of IP and copyrights may diminish as tool chains allow for a massive increase in game development, potentially distributed through social media [9] Market Analysis - Video game usage is prevalent, with approximately 60% of US adults engaging weekly, compared to 75% for social media and 83% for streaming/traditional media [22]

There's a regulatory frenzy happening at the states right now. Everyone just seems to be motivated by the imperative to do something on AI, even though no one's really sure what that something should be. Exactly.So, you've got 50 different states, each with their own reporting regime, which is going to be a trap for startups. They've all got to figure this out about what they're supposed to report on, what the deadlines are, who to report to. A single federal standard is the best way to make sure that we do ...

Regulatory Landscape - All 50 states have introduced AI bills in 2025, with over 1,000 bills in state legislatures [1] - 118 AI laws have already been passed across the 50 states [1] - There is a lack of agreement on the purpose and goals of these AI regulations [2] - 50 different states each with their own reporting regime, which is going to be a trap for startups [3] Algorithmic Discrimination & Compliance - Colorado's SB24-205 bans algorithmic discrimination, defined as unlawful differential treatment or disparate impact based on protected characteristics [4] - Protected characteristics include age, race, sex, and disability; disparate impact based on these factors can lead to prosecution for both AI model developers and deployers [5] - Even race-neutral criteria leading to disparate impact can be deemed discriminatory [6] - Model developers may need to build in a DEI layer to prevent outputs with disparate impact [6]

Sora & AI Model Analysis - Sora 模型令人印象深刻，但其 IP 输出可能面临法律诉讼风险 [2][3] - 行业内公司正在探索用户选择加入机制，允许个人形象被用于 AI 视频生成，但同时也存在用户选择退出其 IP 被使用的争议 [2][3] - 行业普遍认为，AI 应用的当前版本是其最差状态，未来会持续改进 [4] - 行业正在关注新的媒体类别，这些类别将围绕分布式生产和消费展开，可能开启新的商业模式 [8] Social Media & Data Strategy - 行业观察到，类似 Vibes 的应用可能不仅仅是社交媒体竞争者，更是一种获取训练数据的策略 [6] - 行业讨论了共享文化背景的重要性，以及如何在分布式内容创作中保持文化凝聚力 [9][10][11] - 行业认为，人们渴望共享的文化体验，例如共同观看电影并进行讨论 [12] Content & Media Consumption - 传统媒体模式是集中生产和广泛消费，而新兴媒体可能走向分布式生产和消费 [7][8] - 行业讨论了如何通过分布式方式消费同一故事，让每个人都有不同的体验 [11]

Industry Trends - The gaming industry is positioned to benefit more from AI advancements compared to social media and traditional media due to its potential to drive more user engagement [2] - The general entertainment market is expected to grow as individuals in industrialized nations gain more free time due to the deflationary effects of AI [3] - Gaming is considered the future of entertainment, with AI playing a crucial role in its evolution [3] AI Impact on Gaming - AI can create more dynamic and engaging gaming experiences through interactive relationships, surpassing traditional content and social media [4] - AI is utilized to tune game difficulty, particularly in games like Fortnite, to improve player skill development and reduce churn rate among new players [4] - AI's implementation has led to increased player engagement and retention across various gaming platforms [5] - AI can be leveraged to maximize player time, engagement, satisfaction, and overall happiness within gaming environments [5]

And if you look at private equity, pull up that chart I had there. This is just stunning how big this industry is getting. You know, $5 trillion is what we're up to here.And it just keeps growing. >> I I think private equity is totally screwed. I I don't think Silver Lake or Infinity or this deal are screwed, but I think private equity in general is totally hosed.>> All right. Well, it's gotten huge just since 2015 and tripling in size. So why is this I guess my question for the gentleman here and for the a ...

private equity in general is totally owed. I think the history of this is important. There was a long-standing belief that the best way to generate the best risk adjusted return was to have what's called a 60/40 allocation.60% to bonds and 40% to equities. Over many years, especially when we artificially suppressed rates at zero, a lot of people started to move their allocations away from 60/40 and they started to make more and more investments further out on the risk curve. The biggest beneficiaries of tha ...

If you take say the Wikipedia as an example, but this really applies to books, PDFs, websites, every form of information. Grock is using heavy amounts of inference compute to look at, as an example, a Wikipedia page and say what is true, partially true or false or missing in this page. Now rewrite the page to remove the falsehoods, correct the half-truths and add the missing context.Elong, by the way, could you just publish that. Can we create like a groipedia. Wikipedia is so biased and it's it's a constan ...