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Perplexity AI's Business Model & Strategy - Perplexity AI's primary revenue sources are consumer and enterprise subscriptions, focusing on helping knowledge workers in both personal and professional lives [2][24] - The company aims to extract economic value by becoming a trustworthy and accurate source of answers and guidance for users' important decisions [2] - Perplexity is experimenting with "Pro Perks," such as 10% discounts on hotel bookings for Pro subscribers, transferring commission value to users instead of capturing it as ad revenue [2][3] - Perplexity views the future as an agent-to-agent world, with Perplexity representing users and negotiating with AI agents from suppliers and vendors for personalized bundles, exclusives, discounts, and offers [3] - The company believes link-based performance advertising will become less relevant in an agentic world, while social feeds with ads are likely to remain unchanged [3] Perplexity AI's Technology & Product - Perplexity AI emphasizes productization and a user-friendly interface, believing it's crucial for user adoption and retention in the AI agent space [1] - Comet, Perplexity's web browser, enables client-side transaction flows, leveraging user cookies for seamless agentic actions like buying books or connecting on LinkedIn [4][5] - Perplexity uses multiple LLMs (Large Language Models) for different tasks within Comet, orchestrating them with smaller models for routing and classifying queries [36] - Perplexity is building its own search index, ranking, and retrieval system optimized for interplay with LLMs, considering search as the most important long-term tool [36] - The company is future-proofing for voice interaction, allowing Comet to be run through voice commands, anticipating voice as a potential disruption in internet access [18] Market Dynamics & Future Trends - The company believes there will be a handful of agentic AI systems with dedicated users, but portability of user context will be a key factor [1] - Perplexity AI bid approximately $34 billion for Chrome, highlighting the browser's value as a front page, operating system, and action enabler [1][13] - The company acknowledges the need for native integration into mobile operating systems, as mobile browser usage differs from desktop [24][25]

Fiscal Policy & Economic Growth - The analysis suggests tariffs are running at an annual rate between $400 billion and $500 billion, potentially improving the deficit, but real GDP growth is considered the key to significantly reducing the deficit as a percentage of GDP [1] - The report anticipates real GDP growth will surprise on the high side of expectations later in the year and into 2026, driven by innovation platforms like robotics, energy storage, AI, multiomic sequencing, and blockchain technology, all catalyzed by AI [1] - The analysis highlights deregulation, particularly in crypto, AI, and nuclear energy, as a significant factor for economic growth, with tax changes encouraging manufacturing and innovation through accelerated depreciation schedules and full expensing of equipment, R&D, and software [1] Inflation & Monetary Policy - The report indicates that while inflation may seem stuck in the 2% to 3% range, innovation-driven productivity gains could lead to deflation in the coming years [2] - The analysis points out that M2 money supply growth has significantly dropped compared to the COVID boom, and the velocity of money is declining, potentially diffusing inflationary pressures [2] - The yield curve, measured by the two-year Treasury yield relative to the three-month Treasury yield, indicates tight monetary policy, which is expected to have disinflationary or deflationary effects [3] - True inflation CPI is reported at 19%, even with tariffs factored in, and consumer inflation expectations are expected to decline [3] Market Indicators & Investment Strategy - The analysis notes that manufacturing has been contracting for the last three years, and services are not in great shape, signaling potential economic concerns [4] - The report highlights that AI-powered capital spending is increasing, supported by new tax rules, while the trade deficit is being addressed [5] - The analysis observes that pending home sales are deteriorating, and new home inventory is high, potentially leading to price cuts and impacting the CPI [5] - The report suggests that the return on investment in the US is expected to increase due to innovation, tax laws, and deregulation, potentially strengthening the dollar [5] - The analysis notes that corporate profits are healthy, but quality of earnings and harnessing new technologies will be crucial for future growth [5] - The report observes that commodity prices are going nowhere, and gold is breaking out to all-time highs relative to metals, possibly signaling deflationary concerns [5]

Can vision only robo taxi compete with lidar. Uh, and we would actually claim that we think vision only is the solution. Uh, Elon actually just tweeted out recently talking about this.It's like one of the issues if you're not doing vision only is what do you do when the sensors disagree with each other. If lidar or radar says one thing but vision says something else. And so his assertion is actually that using all of these different sensors can lead to a less safe system.Uh furthermore, vision only should b ...

Hello everyone. My name is Nicholas Grus. I'm a director of research here at ARC, covering consumer internet and fintech. Daytoday here, we're covering the entire internet from a consumer lens.Um, looking at all of these innovative companies you are probably very familiar with and we're looking at where they are today and where they're headed in the future. I was originally drawn to ARC because of this open research ecosystem that they've pioneered and that I've been so grateful to be a part of for the last ...

Company Strategy & Vision - Robinhood operates at the intersection of capitalism and democracy, aiming to be relevant in that space [1] - The company's vision aligns with American ideals, which have been questioned in recent years [2] AI & Market Access - AI models currently have a centralizing effect, benefiting larger companies [2] - Much of the gains from AI are accruing to wealthier insiders, not retail investors [3] - There's a risk that AI could exclude many people if not managed appropriately [3] - Robinhood is focused on providing private markets access to ensure technology is available to more people [3]

Welcome to the brainstorm episode 99. We're there and we're tackling subjects that Nick is an expert on. Not just an expert, an a not no not an addict, an avid fan.We're talking about >> really throwing me under the bus early on here. >> No, no, no. We're talking about Robin Hood and Khi partnering up.Um, you know, we talk about Poly Market a lot on here. less so Khi. So maybe you want to give Kalshi's background and what the announcement was.>> Yeah. So Khi is one of the main US players in the prediction m ...

Hi, I'm Tom Stout, the president and chief operating officer at Arc. I've been here over 12 years. I joined the firm just after its founding.I'm primarily responsible for the business operations of the firm on a day-to-day basis. And one of the most exciting parts about the job is that we've continuously pushed the envelope of innovation within the investment management industry. It's been thrilling to be a part of the active ETF revolution.Uh and the innovations haven't stopped. We're continuing to push th ...

Definition of Digital Asset Treasuries - Digital asset treasuries are public companies focused on accumulating Bitcoin, Ethereum, or other digital assets [1] - These companies arbitrage the price difference between their market cap and the value of their digital asset holdings [1][2] Funding Mechanisms - They raise capital through at-the-market offerings, debt issuance, or convertible bonds [1] - The raised capital is used to acquire more digital assets [1][2] Market Dynamics - These companies often trade at a net asset value (NAV) premium, meaning their market cap exceeds the value of their balance sheet [2] - They can issue more shares at a higher price due to the premium, further accumulating assets [2] Goal - The ultimate goal is to increase the amount of ETH or Bitcoin per share [2]

核心观点 - Robotaxis 可能占据特斯拉企业价值的 90% (ninety percent) 到 2029 年 [1] 研究方法 - 公司测试了一辆 Robotaxi 并讨论了其推理 [1]