WEBVTT

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<v Cassidy>One <00:00:00.360>private <00:00:00.697>campus <00:00:01.067>in <00:00:01.184>Louisiana <00:00:01.813>is <00:00:01.960>now <00:00:02.140>big <00:00:02.377>enough <00:00:02.880>to <00:00:03.257>anchor <00:00:03.640>a <00:00:03.733>regional <00:00:04.227>power <00:00:04.624>grid.

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<v Cassidy>Five <00:00:05.920>gigawatts. <00:00:07.040>That's <00:00:07.488>Meta's <00:00:07.827>Hyperion.

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<v Cassidy>This <00:00:10.240>is <00:00:10.560>AI <00:00:10.933>Daily <00:00:11.253>Briefing.

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<v Cassidy>Today — <00:00:13.024>Meta <00:00:13.326>closes <00:00:13.640>the <00:00:13.808>loop <00:00:14.053>on <00:00:14.200>its <00:00:14.360>own <00:00:14.560>silicon

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<v Cassidy>a <00:00:15.880>$500 <00:00:16.400>million <00:00:17.040>fund <00:00:17.413>chases <00:00:17.840>pre-revenue <00:00:18.551>startups

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<v Cassidy>and <00:00:19.720>one <00:00:19.891>researcher <00:00:20.453>at <00:00:20.693>ICML <00:00:21.392>asks <00:00:21.904>what's <00:00:22.293>actually <00:00:22.800>left <00:00:23.160>for <00:00:23.337>humans <00:00:23.733>to <00:00:23.973>do.

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<v Bill>One <00:00:26.260>tap <00:00:26.613>on <00:00:26.811>follow, <00:00:27.660>and <00:00:27.867>we'll <00:00:28.027>be <00:00:28.144>back <00:00:28.453>in <00:00:28.576>your <00:00:28.736>ears <00:00:29.177>before <00:00:29.560>you <00:00:29.712>know <00:00:29.920>it.

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<v Cassidy>From <00:00:31.363>Shane <00:00:31.710>Snider <00:00:32.243>at <00:00:32.414>Data <00:00:32.716>Center <00:00:33.038>Knowledge:

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<v Quote>Meta <00:00:34.478>is <00:00:34.641>expanding <00:00:35.185>its <00:00:35.372>Hyperion <00:00:36.002>campus <00:00:36.398>in <00:00:36.545>northeast <00:00:36.977>Louisiana <00:00:37.705>into <00:00:38.057>what <00:00:38.212>it <00:00:38.332>calls <00:00:38.745>a <00:00:38.905>5 <00:00:39.438>GW <00:00:39.998>AI <00:00:40.332>supercluster

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<v Quote>a <00:00:41.598>scale <00:00:41.913>that <00:00:42.158>analysts <00:00:42.605>and <00:00:42.725>utility <00:00:43.189>planners <00:00:43.625>say <00:00:43.911>pushes <00:00:44.225>the <00:00:44.415>project <00:00:44.974>beyond <00:00:45.425>a <00:00:45.502>conventional <00:00:46.014>hyperscale <00:00:46.649>data <00:00:46.985>center <00:00:47.545>and <00:00:47.849>into <00:00:48.153>infrastructure

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<v Quote>capable <00:00:49.492>of <00:00:49.605>shaping <00:00:50.078>regional <00:00:50.572>power <00:00:50.975>systems.

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<v Cassidy>Five <00:00:52.362>gigawatts. <00:00:53.669>In <00:00:53.942>one <00:00:54.191>parish <00:00:54.655>in <00:00:54.802>northeast <00:00:55.234>Louisiana.

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<v Cassidy>Meta <00:00:57.135>calls <00:00:57.469>Hyperion <00:00:58.015>an <00:00:58.255>AI <00:00:58.589>supercluster <00:00:59.982>but <00:01:00.069>at <00:01:00.170>that <00:01:00.442>scale

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<v Cassidy>you're <00:01:01.448>really <00:01:01.772>talking <00:01:02.192>utility <00:01:02.751>infrastructure — <00:01:04.255>analysts <00:01:04.702>are <00:01:04.808>saying <00:01:05.135>it <00:01:05.255>could <00:01:05.382>reshape <00:01:05.860>generation <00:01:06.462>and <00:01:06.565>transmission <00:01:07.126>planning <00:01:07.539>across <00:01:07.922>the <00:01:08.069>whole

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<v Cassidy>region.

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<v Bill>And <00:01:09.042>the <00:01:09.215>price <00:01:09.582>tag <00:01:09.951>jumped <00:01:10.502>too — <00:01:11.690>this <00:01:11.942>started <00:01:12.442>as <00:01:12.642>a <00:01:12.742>roughly <00:01:13.362>$27 <00:01:14.582>billion <00:01:15.658>Blue <00:01:16.202>Owl <00:01:16.762>joint <00:01:17.242>venture <00:01:17.909>in <00:01:18.282>2025.

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<v Bill>Now <00:01:20.335>it's <00:01:20.586>over <00:01:20.802>$50 <00:01:21.392>billion.

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<v Bill>They <00:01:23.210>more <00:01:23.434>than <00:01:23.632>doubled <00:01:24.182>the <00:01:24.429>check.

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<v Cassidy>Here's <00:01:25.742>the <00:01:25.850>part <00:01:26.088>nobody's <00:01:26.632>running: <00:01:27.342>the <00:01:27.458>Louisiana <00:01:28.026>grid <00:01:28.322>was <00:01:28.502>already <00:01:28.966>stressed <00:01:29.356>before <00:01:29.629>Hyperion <00:01:30.202>existed.

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<v Cassidy>A <00:01:31.682>private <00:01:32.019>campus <00:01:32.389>at <00:01:32.506>that <00:01:32.858>size <00:01:33.309>plugs <00:01:33.749>in <00:01:34.002>and <00:01:34.172>becomes <00:01:34.542>the <00:01:34.659>anchor <00:01:35.038>everything <00:01:35.450>else <00:01:35.682>has <00:01:35.829>to <00:01:35.946>plan <00:01:36.259>around.

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<v Cassidy>The <00:01:37.455>first <00:01:37.775>phase <00:01:38.095>is <00:01:38.266>only <00:01:38.542>two <00:01:38.682>gigawatts <00:01:39.375>by <00:01:39.562>2030, <00:01:40.782>and <00:01:40.874>that's <00:01:41.222>already <00:01:41.682>a <00:01:41.770>grid-scale <00:01:42.362>event.

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<v Bill>What <00:01:43.146>gets <00:01:43.482>me <00:01:43.722>is <00:01:43.962>how <00:01:44.242>the <00:01:44.422>competition <00:01:45.142>has <00:01:45.392>quietly <00:01:45.942>shifted.

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<v Bill>Everyone <00:01:47.802>talks <00:01:48.394>GPUs, <00:01:49.462>but <00:01:49.722>Meta <00:01:50.149>is <00:01:50.419>racing <00:01:50.834>utilities <00:01:51.502>and <00:01:51.617>transmission <00:01:52.344>partners <00:01:52.922>now.

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<v Bill>Silicon <00:01:54.402>still <00:01:54.672>matters, <00:01:55.682>but <00:01:55.822>the <00:01:55.947>bottleneck <00:01:56.682>is <00:01:56.922>a <00:01:57.082>substation <00:01:57.738>that <00:01:57.882>can <00:01:58.202>feed <00:01:58.586>five <00:01:58.922>gigawatts <00:01:59.722>without <00:02:00.322>browning <00:02:00.802>out <00:02:00.962>a <00:02:01.071>region.

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<v Cassidy>This <00:02:02.575>is <00:02:02.702>the <00:02:02.826>week <00:02:03.102>the <00:02:03.205>infrastructure <00:02:03.882>story <00:02:04.322>stopped <00:02:04.642>being <00:02:04.915>background.

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<v Cassidy>Monday, <00:02:06.949>it <00:02:07.042>was <00:02:07.202>a <00:02:07.286>Canadian <00:02:07.745>campus.

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<v Cassidy>Today, <00:02:09.382>one <00:02:09.626>site <00:02:09.949>bends <00:02:10.322>a <00:02:10.398>regional <00:02:10.749>power <00:02:11.162>grid.

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<v Cassidy>The <00:02:12.340>escalation <00:02:13.013>tracks — <00:02:14.069>we've <00:02:14.218>been <00:02:14.326>watching <00:02:14.714>this <00:02:14.899>consolidation <00:02:15.669>in <00:02:15.786>slow <00:02:16.122>motion.

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<v Cassidy>From <00:02:18.559>The <00:02:18.741>Economic <00:02:19.359>Times:

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<v Quote>Meta <00:02:20.824>Platforms <00:02:21.395>plans <00:02:21.781>to <00:02:21.928>start <00:02:22.191>manufacturing <00:02:23.035>an <00:02:23.146>artificial <00:02:23.777>intelligence <00:02:24.432>chip <00:02:24.720>from <00:02:24.904>September <00:02:25.541>as <00:02:25.856>part <00:02:26.075>of <00:02:26.168>its <00:02:26.352>plan <00:02:26.661>to <00:02:26.808>boost <00:02:27.078>overall <00:02:27.616>computing

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<v Quote>power <00:02:28.528>to <00:02:28.768>14 <00:02:29.308>gigawatts <00:02:29.952>next <00:02:30.272>year

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<v Quote>showed <00:02:31.035>an <00:02:31.141>internal <00:02:31.632>memo <00:02:31.941>reviewed <00:02:32.395>by <00:02:32.518>Reuters.

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<v Bill>Iris. <00:02:34.184>Six <00:02:34.897>weeks <00:02:35.191>of <00:02:35.304>testing, <00:02:36.204>no <00:02:36.444>major <00:02:36.924>issues, <00:02:37.764>and <00:02:37.911>it's <00:02:38.090>headed <00:02:38.391>to <00:02:38.488>production <00:02:39.031>in <00:02:39.316>September.

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<v Bill>That's <00:02:40.724>the <00:02:40.897>first <00:02:41.217>thing <00:02:41.544>all <00:02:41.788>week <00:02:42.071>where <00:02:42.244>the <00:02:42.444>capex <00:02:43.084>story <00:02:43.555>actually <00:02:44.250>closes <00:02:45.124>a <00:02:45.324>loop <00:02:45.724>instead <00:02:46.311>of <00:02:46.428>just <00:02:46.744>leasing <00:02:47.212>more <00:02:47.464>megawatts.

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<v Cassidy>And <00:02:49.057>it <00:02:49.231>pairs <00:02:49.580>with <00:02:49.664>the <00:02:49.791>Hyperion <00:02:50.324>piece <00:02:50.577>we <00:02:50.716>just <00:02:50.924>hit — <00:02:51.788>five <00:02:52.104>gigawatts <00:02:52.711>of <00:02:52.844>campus, <00:02:53.824>and <00:02:53.944>now <00:02:54.151>their <00:02:54.344>own <00:02:54.584>silicon <00:02:55.048>underneath <00:02:55.537>it.

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<v Cassidy>Meta <00:02:56.732>owns <00:02:56.944>the <00:02:57.095>campus, <00:02:57.984>the <00:02:58.124>chip, <00:02:58.884>and <00:02:59.024>the <00:02:59.137>model <00:02:59.454>weights <00:02:59.904>all <00:03:00.231>at <00:03:00.304>the <00:03:00.428>same <00:03:00.764>time.

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<v Bill>Right, <00:03:02.024>and <00:03:02.244>the <00:03:02.428>wattage <00:03:02.964>gives <00:03:03.184>you <00:03:03.284>the <00:03:03.484>headline — <00:03:04.764>14 <00:03:05.064>gigawatts <00:03:05.697>by <00:03:05.868>next <00:03:06.204>year.

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<v Bill>The <00:03:07.448>business <00:03:07.884>case <00:03:08.257>is <00:03:08.476>cost <00:03:08.984>per <00:03:09.244>token <00:03:09.697>on <00:03:09.868>inference.

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<v Bill>In-house <00:03:11.784>silicon <00:03:12.300>only <00:03:12.764>pencils <00:03:13.404>out <00:03:13.777>if <00:03:14.084>the <00:03:14.260>inference <00:03:14.828>load <00:03:15.164>is <00:03:15.404>already <00:03:16.044>enormous.

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<v Cassidy>Which <00:03:17.612>gets <00:03:17.831>at <00:03:17.916>what <00:03:18.092>Meta's <00:03:18.414>compute <00:03:18.817>is <00:03:18.960>actually <00:03:19.364>for.

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<v Cassidy>You <00:03:20.544>don't <00:03:20.732>spin <00:03:20.977>up <00:03:21.124>a <00:03:21.212>four-generation <00:03:22.092>chip <00:03:22.344>program <00:03:22.810>called <00:03:23.244>MTIA <00:03:24.017>on <00:03:24.181>optionality.

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<v Cassidy>That's <00:03:25.911>Facebook <00:03:26.164>and <00:03:26.332>Instagram <00:03:26.820>inference <00:03:27.351>at <00:03:27.455>production <00:03:28.044>scale.

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<v Bill>Six <00:03:29.311>weeks <00:03:29.704>and <00:03:30.017>no <00:03:30.351>major <00:03:30.764>issues <00:03:31.324>is <00:03:31.524>the <00:03:31.708>part <00:03:32.124>I'd <00:03:32.436>underline.

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<v Bill>This <00:03:34.417>MTIA <00:03:35.234>program <00:03:35.784>has <00:03:36.017>floundered <00:03:36.524>before.

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<v Bill>Clean <00:03:37.804>silicon <00:03:38.417>on <00:03:38.544>the <00:03:38.657>first <00:03:38.988>real <00:03:39.324>spin <00:03:39.724>is <00:03:39.918>either <00:03:40.196>genuinely <00:03:40.924>good <00:03:41.340>execution <00:03:42.364>or <00:03:42.764>a <00:03:42.924>memo <00:03:43.308>that's <00:03:43.706>rounding <00:03:44.284>up.

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<v Cassidy>The <00:03:45.369>Hindu <00:03:45.613>Business <00:03:46.033>Line <00:03:46.346>writes:

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<v Quote>Noida-based <00:03:49.175>HCLTech <00:03:49.948>on <00:03:50.112>Monday <00:03:50.503>said <00:03:50.735>its <00:03:50.908>board <00:03:51.215>has <00:03:51.397>approved <00:03:51.922>an <00:03:52.026>investment <00:03:52.588>of <00:03:52.748>up <00:03:52.908>to <00:03:53.055>₹3,500 <00:03:53.975>crore <00:03:54.642>to <00:03:55.235>set <00:03:55.468>up <00:03:55.655>50 <00:03:56.082>MW <00:03:56.503>data <00:03:56.745>centres <00:03:57.152>across <00:03:57.562>India.

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<v Quote>The <00:03:58.962>IT <00:03:59.237>services <00:03:59.788>major <00:04:00.122>noted <00:04:00.487>that <00:04:00.635>the <00:04:00.751>expansion <00:04:01.308>is <00:04:01.472>driven <00:04:01.868>by <00:04:02.028>enterprises <00:04:02.685>rapidly <00:04:03.226>transitioning <00:04:03.943>from <00:04:04.204>legacy <00:04:04.659>physical <00:04:05.068>infrastructure <00:04:05.948>to

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<v Quote>high-value <00:04:07.388>AI-ready <00:04:07.959>full-stack <00:04:08.679>solutions.

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<v Bill>So <00:04:09.960>while <00:04:10.240>Meta's <00:04:10.800>out <00:04:11.093>there <00:04:11.440>anchoring <00:04:12.160>a <00:04:12.302>regional <00:04:12.880>grid <00:04:13.248>with <00:04:13.520>five <00:04:13.920>gigawatts, <00:04:15.520>HCLTech's <00:04:16.560>board <00:04:17.072>just <00:04:17.591>approved <00:04:18.280>₹3,500 <00:04:20.227>crore <00:04:21.040>for <00:04:21.360>fifty <00:04:21.820>megawatts.

51
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<v Bill>That's <00:04:23.720>a <00:04:23.813>rounding <00:04:24.293>error <00:04:24.613>on <00:04:24.760>a <00:04:24.893>Hyperion <00:04:25.590>cooling <00:04:26.160>loop.

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<v Cassidy>Right, <00:04:27.000>but <00:04:27.147>it's <00:04:27.320>a <00:04:27.384>different <00:04:27.669>animal.

53
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<v Cassidy>HCLTech <00:04:29.653>is <00:04:29.800>serving <00:04:30.140>enterprises <00:04:30.846>moving <00:04:31.180>off <00:04:31.417>legacy <00:04:31.813>hardware <00:04:32.304>onto <00:04:32.693>AI-ready <00:04:33.328>full-stack.

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<v Cassidy>That <00:04:34.827>doesn't <00:04:35.090>require <00:04:35.493>frontier-model <00:04:36.276>training <00:04:36.640>scale.

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<v Cassidy>Fifty <00:04:38.060>megawatts <00:04:38.693>is <00:04:38.880>sized <00:04:39.320>for <00:04:39.472>that <00:04:39.671>business, <00:04:40.680>not <00:04:40.840>for <00:04:41.000>a <00:04:41.160>lab.

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<v Bill>And <00:04:42.180>the <00:04:42.293>earnings <00:04:42.791>backdrop <00:04:43.430>matters <00:04:43.984>here — <00:04:44.920>net <00:04:45.147>up <00:04:45.440>20% <00:04:46.304>year-over-year <00:04:47.280>to <00:04:47.680>₹4,624 <00:04:50.427>crore <00:04:51.147>in <00:04:51.840>Q1.

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<v Bill>So <00:04:53.408>this <00:04:53.680>is <00:04:53.880>a <00:04:53.985>profitable <00:04:54.720>services <00:04:55.420>company <00:04:55.920>funding <00:04:56.560>data <00:04:56.940>centers <00:04:57.420>off <00:04:57.640>its <00:04:57.860>own <00:04:58.240>cash <00:04:58.640>flow

58
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<v Bill>a <00:04:59.564>completely <00:05:00.048>different <00:05:00.544>risk <00:05:00.890>profile <00:05:01.616>from <00:05:02.040>the <00:05:02.220>pre-revenue <00:05:02.947>crowd <00:05:03.350>burning <00:05:03.880>through <00:05:04.251>raises.

59
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<v Cassidy>That's <00:05:05.620>the <00:05:05.728>tell <00:05:05.960>for <00:05:06.160>me.

60
00:05:06.680 --> 00:05:12.720
<v Cassidy>'Full-stack' — <00:05:08.320>design, <00:05:08.951>software <00:05:09.600>portfolio, <00:05:10.540>and <00:05:10.740>the <00:05:10.848>data <00:05:11.086>center <00:05:11.404>business <00:05:11.810>bundled <00:05:12.213>together.

61
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<v Cassidy>They <00:05:13.472>want <00:05:13.653>to <00:05:13.800>own <00:05:13.940>the <00:05:14.053>whole <00:05:14.373>layer <00:05:14.680>for <00:05:14.827>their <00:05:15.004>enterprise <00:05:15.510>clients, <00:05:16.520>not <00:05:16.688>just <00:05:16.928>rent <00:05:17.152>them <00:05:17.320>a <00:05:17.440>rack.

62
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<v Bill>Which <00:05:18.693>is <00:05:19.000>the <00:05:19.187>smart <00:05:19.616>play <00:05:20.053>if <00:05:20.200>you're <00:05:20.450>selling <00:05:20.827>to <00:05:20.953>enterprises <00:05:21.872>that <00:05:22.384>care <00:05:22.707>about <00:05:23.136>cost <00:05:23.580>per <00:05:23.853>token <00:05:24.464>more <00:05:25.088>than <00:05:25.380>raw <00:05:25.773>scale.

63
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<v Bill>Fifty <00:05:27.420>megawatts <00:05:28.100>you <00:05:28.222>actually <00:05:28.832>fill <00:05:29.347>beats <00:05:29.760>five <00:05:30.160>gigawatts <00:05:30.900>you're <00:05:31.173>still <00:05:31.498>permitting.

64
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<v Cassidy>Here's <00:05:33.660>Sneha <00:05:34.020>Shah, <00:05:34.628>Mansi <00:05:34.960>Verma <00:05:35.353>at <00:05:35.500>Livemint:

65
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<v Quote>Mumbai: <00:05:39.772>Venture <00:05:40.172>capital <00:05:40.722>(VC) <00:05:41.402>firm <00:05:41.842>Elevation <00:05:42.432>Capital <00:05:43.002>is <00:05:43.202>launching <00:05:43.622>its <00:05:43.842>ninth <00:05:44.138>fund

66
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<v Quote>worth <00:05:45.082>$500 <00:05:45.842>million <00:05:46.895>to <00:05:47.059>invest <00:05:47.429>in <00:05:47.535>early-stage <00:05:48.186>companies

67
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<v Quote>with <00:05:49.202>a <00:05:49.293>particular <00:05:49.869>focus <00:05:50.255>on <00:05:50.413>artificial <00:05:50.984>intelligence <00:05:51.882>(AI)-led <00:05:52.665>opportunities

68
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<v Quote>senior <00:05:54.012>company <00:05:54.402>officials <00:05:54.826>said.

69
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<v Bill>Elevation's <00:05:56.077>ninth <00:05:56.440>fund, <00:05:57.256>half <00:05:57.424>a <00:05:57.514>billion <00:05:57.924>dollars, <00:05:58.544>aimed <00:05:59.197>at <00:05:59.357>early-stage <00:06:00.317>AI <00:06:00.824>in <00:06:01.064>India.

70
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<v Bill>And <00:06:01.804>the <00:06:01.931>pitch <00:06:02.328>from <00:06:02.664>Mukul <00:06:03.184>and <00:06:03.384>Mridul <00:06:03.971>Arora <00:06:04.744>is <00:06:05.112>that <00:06:05.517>AI <00:06:06.051>is <00:06:06.504>'unlocking <00:06:07.400>expertise <00:06:08.344>on <00:06:08.604>top <00:06:08.931>of <00:06:09.004>the <00:06:09.135>payments <00:06:09.744>and <00:06:09.926>connectivity <00:06:10.731>rails <00:06:11.144>India <00:06:11.614>already

71
00:06:12.171 --> 00:06:17.064
<v Bill>built.' <00:06:13.208>What <00:06:13.304>I <00:06:13.416>like <00:06:13.592>here <00:06:13.837>is <00:06:13.976>that <00:06:14.184>Elevation's <00:06:14.968>spreading <00:06:15.564>the <00:06:15.677>money <00:06:15.984>through <00:06:16.344>a <00:06:16.536>fund.

72
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<v Bill>Early-stage <00:06:18.333>checks <00:06:18.801>across <00:06:19.184>a <00:06:19.312>portfolio <00:06:20.144>are <00:06:20.304>a <00:06:20.408>very <00:06:20.704>different <00:06:21.144>bet <00:06:21.448>from <00:06:21.814>dumping <00:06:22.648>half <00:06:22.944>a <00:06:23.044>billion <00:06:23.544>into <00:06:23.964>one <00:06:24.364>pre-revenue <00:06:25.384>infra <00:06:25.844>company <00:06:26.360>that <00:06:26.824>hasn't

73
00:06:27.284 --> 00:06:28.451
<v Bill>shipped.

74
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<v Cassidy>Right, <00:06:28.632>same <00:06:28.881>number, <00:06:29.834>totally <00:06:30.216>different <00:06:30.571>layer.

75
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<v Cassidy>A <00:06:31.784>VC <00:06:32.152>deploying <00:06:32.624>$500 <00:06:33.234>million <00:06:33.891>in <00:06:33.997>small <00:06:34.321>checks <00:06:34.717>is <00:06:34.864>doing <00:06:35.160>math; <00:06:36.264>a <00:06:36.390>single <00:06:36.734>startup <00:06:37.264>raising <00:06:37.624>$500 <00:06:38.354>million <00:06:39.044>pre-revenue <00:06:39.971>is <00:06:40.384>doing <00:06:40.654>theater.

76
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<v Bill>Exactly. <00:06:44.056>Fund <00:06:44.456>size <00:06:44.984>is <00:06:45.164>the <00:06:45.293>boring <00:06:45.784>part; <00:06:46.604>the <00:06:46.728>portfolio <00:06:47.360>companies <00:06:47.884>are <00:06:47.992>what <00:06:48.241>matter <00:06:48.616>when <00:06:48.792>they <00:06:49.064>draw <00:06:49.464>down <00:06:49.832>that <00:06:50.094>capital.

77
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<v Bill>If <00:06:51.744>'unlocking <00:06:52.600>expertise' <00:06:53.791>means <00:06:54.144>agent <00:06:54.833>products, <00:06:55.944>I <00:06:56.280>want <00:06:56.371>to <00:06:56.472>know <00:06:56.704>their <00:06:56.984>step-seven <00:06:57.864>error <00:06:58.344>rate <00:06:58.710>before <00:06:59.064>I <00:06:59.204>believe <00:06:59.664>the <00:06:59.864>trillion-dollar-value <00:07:01.464>line.

78
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<v Cassidy>And <00:07:02.070>notice <00:07:02.364>the <00:07:02.474>framing <00:07:02.924>gap — <00:07:03.917>we <00:07:04.056>just <00:07:04.218>walked <00:07:04.444>through <00:07:04.664>Meta <00:07:05.030>trying <00:07:05.331>to <00:07:05.424>own <00:07:05.564>the <00:07:05.704>campus, <00:07:06.284>the <00:07:06.424>chip, <00:07:06.844>and <00:07:06.924>the <00:07:07.054>weights.

79
00:07:07.832 --> 00:07:14.264
<v Cassidy>This <00:07:08.397>is <00:07:08.554>capital <00:07:08.944>betting <00:07:09.251>on <00:07:09.324>the <00:07:09.437>application <00:07:10.077>layer, <00:07:10.864>sitting <00:07:11.171>on <00:07:11.284>top <00:07:11.517>of <00:07:11.672>infrastructure <00:07:12.394>someone <00:07:12.792>else <00:07:13.037>controls <00:07:13.544>entirely.

80
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<v Cassidy>From <00:07:15.902>Arvind <00:07:16.229>Narayanan <00:07:16.942>at <00:07:17.236>AI <00:07:17.662>as <00:07:17.815>Normal <00:07:18.154>Technology:

81
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<v Quote>I <00:07:19.557>made <00:07:19.802>three <00:07:20.117>arguments.

82
00:07:20.749 --> 00:07:27.829
<v Quote>First <00:07:21.629>the <00:07:21.882>AI <00:07:22.202>as <00:07:22.355>Normal <00:07:22.680>Technology <00:07:23.245>framework <00:07:23.882>is <00:07:24.229>a <00:07:24.369>correct <00:07:24.849>and <00:07:25.109>useful <00:07:25.642>as <00:07:25.789>a <00:07:25.849>way <00:07:25.962>to <00:07:26.096>think <00:07:26.269>about <00:07:26.549>AI’s <00:07:26.929>impacts

83
00:07:27.909 --> 00:07:33.909
<v Quote>unless <00:07:28.449>and <00:07:28.722>until <00:07:29.256>there <00:07:29.642>is <00:07:29.797>some <00:07:30.046>future <00:07:30.453>discontinuity <00:07:31.381>such <00:07:31.909>as <00:07:32.109>through <00:07:32.453>recursive <00:07:33.077>self-improvement.

84
00:07:34.080 --> 00:07:39.189
<v Quote>Second <00:07:35.701>even <00:07:35.863>though <00:07:36.122>we <00:07:36.275>should <00:07:36.613>take <00:07:36.917>recursive <00:07:37.397>self-improvement <00:07:38.205>seriously

85
00:07:39.202 --> 00:07:44.309
<v Quote>there <00:07:39.322>is <00:07:39.509>no <00:07:39.741>milestone <00:07:40.405>that <00:07:40.517>companies <00:07:40.989>might <00:07:41.239>achieve <00:07:41.616>in <00:07:41.689>the <00:07:41.849>lab <00:07:42.229>that <00:07:42.581>will <00:07:42.745>suddenly <00:07:43.089>put <00:07:43.322>us <00:07:43.469>all <00:07:43.629>out <00:07:43.776>of <00:07:43.893>work.

86
00:07:44.670 --> 00:07:51.870
<v Bill>So <00:07:44.803>after <00:07:45.097>three <00:07:45.310>days <00:07:45.710>of <00:07:46.010>megawatts <00:07:47.050>and <00:07:47.390>capex, <00:07:48.790>the <00:07:48.950>smartest <00:07:49.350>thing <00:07:49.603>in <00:07:49.750>today's <00:07:50.120>rundown <00:07:50.803>is <00:07:50.950>a <00:07:51.057>slide <00:07:51.454>deck.

87
00:07:52.057 --> 00:08:02.573
<v Bill>Arvind <00:07:52.830>Narayanan <00:07:53.683>at <00:07:53.950>ICML <00:07:54.643>in <00:07:54.857>Seoul <00:07:55.504>asking, <00:07:56.359>straight <00:07:57.123>to <00:07:57.270>a <00:07:57.374>room <00:07:57.678>full <00:07:57.923>of <00:07:58.137>ML <00:07:58.417>researchers — <00:08:00.004>what's <00:08:00.172>actually <00:08:00.766>left <00:08:01.190>for <00:08:01.363>us <00:08:01.523>to <00:08:01.694>work <00:08:02.083>on.

88
00:08:02.573 --> 00:08:06.510
<v Cassidy>After <00:08:03.430>all <00:08:03.577>those <00:08:03.760>balance <00:08:04.190>sheets, <00:08:04.974>this <00:08:05.283>is <00:08:05.430>the <00:08:05.603>human <00:08:05.950>piece.

89
00:08:06.630 --> 00:08:11.470
<v Cassidy>Every <00:08:07.290>gigawatt <00:08:07.737>we've <00:08:07.916>talked <00:08:08.217>about <00:08:08.398>this <00:08:08.654>week <00:08:09.000>quietly <00:08:09.683>produces <00:08:10.142>that <00:08:10.350>anxiety

90
00:08:11.510 --> 00:08:15.439
<v Cassidy>and <00:08:11.657>he's <00:08:11.810>the <00:08:11.923>first <00:08:12.236>person <00:08:12.577>today <00:08:12.960>putting <00:08:13.337>it <00:08:13.417>in <00:08:13.510>front <00:08:13.737>of <00:08:13.810>the <00:08:13.916>people <00:08:14.234>building <00:08:14.610>the <00:08:14.737>thing.

91
00:08:15.439 --> 00:08:19.310
<v Bill>His <00:08:15.870>actual <00:08:16.270>argument's <00:08:17.054>more <00:08:17.363>interesting <00:08:17.998>than <00:08:18.230>the <00:08:18.403>headline, <00:08:18.944>though.

92
00:08:19.523 --> 00:08:27.790
<v Bill>He <00:08:19.998>says <00:08:20.254>even <00:08:20.590>if <00:08:20.814>recursive <00:08:21.454>self-improvement <00:08:22.323>is <00:08:22.494>real, <00:08:23.177>there's <00:08:23.443>no <00:08:23.619>single <00:08:24.110>lab <00:08:24.414>milestone <00:08:25.022>that <00:08:25.217>flips <00:08:25.590>the <00:08:25.767>switch <00:08:26.150>and <00:08:26.334>puts <00:08:26.634>everyone <00:08:27.030>out <00:08:27.203>of <00:08:27.390>work.

93
00:08:28.464 --> 00:08:32.832
<v Bill>That <00:08:28.645>lands <00:08:28.960>very <00:08:29.199>differently <00:08:29.762>against <00:08:30.152>the <00:08:30.339>Hyperion <00:08:30.965>piece <00:08:31.285>we <00:08:31.440>just <00:08:31.732>did.

94
00:08:32.848 --> 00:08:35.592
<v Cassidy>This <00:08:32.965>is <00:08:33.132>why <00:08:33.392>I <00:08:33.506>wanted <00:08:33.765>it <00:08:33.920>next <00:08:34.139>to <00:08:34.212>the <00:08:34.352>concrete.

95
00:08:35.652 --> 00:08:40.512
<v Cassidy>Wednesday, <00:08:36.612>the <00:08:36.732>biology <00:08:37.205>folks <00:08:37.504>were <00:08:37.689>asking <00:08:38.062>whether <00:08:38.329>bigger <00:08:38.712>was <00:08:38.896>even <00:08:39.172>the <00:08:39.272>right <00:08:39.565>frame.

96
00:08:40.632 --> 00:08:44.192
<v Cassidy>Now <00:08:41.072>Narayanan's <00:08:41.746>coming <00:08:41.979>at <00:08:42.052>the <00:08:42.176>same <00:08:42.485>doubt <00:08:42.782>through <00:08:43.059>labor <00:08:43.432>and <00:08:43.612>meaning.

97
00:08:44.372 --> 00:08:50.672
<v Cassidy>Two <00:08:44.965>disciplines, <00:08:45.712>same <00:08:46.096>week, <00:08:46.480>same <00:08:46.765>crack — <00:08:47.832>worth <00:08:48.078>saying <00:08:48.392>out <00:08:48.592>loud. <00:08:49.216>From <00:08:49.838>Hacker <00:08:50.224>News:

98
00:08:51.262 --> 00:08:58.022
<v Quote>I <00:08:51.374>have <00:08:51.518>been <00:08:51.622>writing <00:08:51.946>software <00:08:52.362>for <00:08:52.590>over <00:08:52.862>40 <00:08:53.169>years <00:08:53.562>and <00:08:53.774>have <00:08:53.922>had <00:08:54.062>a <00:08:54.206>long <00:08:54.510>time <00:08:54.746>interest <00:08:55.182>in <00:08:55.402>and <00:08:55.630>some <00:08:55.870>work <00:08:56.169>in <00:08:56.542>AI <00:08:56.910>over <00:08:57.134>that <00:08:57.342>time.

99
00:08:58.202 --> 00:09:03.822
<v Quote>I <00:08:58.405>wouldn’t <00:08:58.662>say <00:08:58.830>this <00:08:59.049>gives <00:08:59.262>me <00:08:59.482>any <00:08:59.694>more <00:08:59.902>prognosticating <00:09:00.849>power <00:09:01.222>about <00:09:01.482>how <00:09:01.722>all <00:09:01.929>of <00:09:02.014>this <00:09:02.195>is <00:09:02.346>ultimately <00:09:02.822>going <00:09:03.049>to <00:09:03.209>go

100
00:09:03.842 --> 00:09:10.702
<v Quote>but <00:09:03.982>I <00:09:04.102>believe <00:09:04.409>we're <00:09:04.670>soon <00:09:04.902>nearing <00:09:05.235>an <00:09:05.422>area <00:09:05.795>of <00:09:05.962>plateauing; <00:09:07.212>whether <00:09:07.454>that's <00:09:07.702>because <00:09:08.022>the <00:09:08.182>science <00:09:08.519>itself <00:09:08.915>is <00:09:09.072>plateauing <00:09:09.715>or <00:09:10.002>the <00:09:10.105>intervention <00:09:10.649>of

101
00:09:10.749 --> 00:09:12.782
<v Quote>governments <00:09:11.289>is <00:09:11.382>going <00:09:11.609>to <00:09:11.715>force <00:09:12.042>plateau <00:09:12.515>it.

102
00:09:13.049 --> 00:09:18.222
<v Quote>So <00:09:13.635>if <00:09:13.788>things <00:09:14.115>continue <00:09:14.569>as <00:09:14.654>they <00:09:14.822>are <00:09:15.022>today, <00:09:15.702>I <00:09:15.782>think <00:09:16.009>in <00:09:16.082>the <00:09:16.206>near <00:09:16.531>future, <00:09:17.142>being <00:09:17.382>a <00:09:17.493>software…

103
00:09:18.543 --> 00:09:25.983
<v Bill>Forty <00:09:18.930>years <00:09:19.313>writing <00:09:19.761>software <00:09:20.583>and <00:09:20.763>betting <00:09:21.236>on <00:09:21.383>a <00:09:21.513>plateau — <00:09:23.143>I <00:09:23.343>respect <00:09:23.983>that <00:09:24.423>bet <00:09:24.863>more <00:09:25.215>than <00:09:25.455>most.

104
00:09:26.891 --> 00:09:32.383
<v Bill>Whether <00:09:26.996>it's <00:09:27.223>the <00:09:27.423>science <00:09:28.053>topping <00:09:28.623>out <00:09:29.076>or <00:09:29.563>governments <00:09:30.303>forcing <00:09:30.903>a <00:09:31.033>plateau

105
00:09:32.417 --> 00:09:38.923
<v Bill>either <00:09:32.743>way <00:09:33.243>the <00:09:33.743>'replace <00:09:34.303>all <00:09:34.608>developers' <00:09:35.423>timeline <00:09:36.175>dies <00:09:36.650>in <00:09:36.743>a <00:09:36.850>place <00:09:37.274>nobody's <00:09:38.043>pricing <00:09:38.570>in.

106
00:09:38.923 --> 00:09:45.983
<v Cassidy>Narayanan <00:09:40.010>doesn't <00:09:40.255>even <00:09:40.447>need <00:09:40.723>the <00:09:40.863>plateau — <00:09:42.023>his <00:09:42.183>whole <00:09:42.436>point <00:09:42.756>is <00:09:42.895>that <00:09:43.087>even <00:09:43.383>without <00:09:43.763>one, <00:09:44.396>there's <00:09:44.703>no <00:09:44.943>clean <00:09:45.423>cliff.

107
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<v Cassidy>Two <00:09:46.735>different <00:09:47.073>reasons <00:09:47.476>to <00:09:47.627>distrust <00:09:48.023>the <00:09:48.183>armageddon <00:09:48.703>slide.

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<v Cassidy>Here's <00:09:50.023>one <00:09:50.191>from <00:09:50.429>Hacker <00:09:50.783>News:

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<v Quote>The <00:09:51.980>very <00:09:52.289>question <00:09:52.769>is <00:09:52.933>biased <00:09:53.310>toward <00:09:53.556>the <00:09:53.756>idea <00:09:54.140>that <00:09:54.476>“something <00:09:54.929>is <00:09:55.082>coming”, <00:09:55.889>as <00:09:56.049>if <00:09:56.183>we’re <00:09:56.346>heading <00:09:56.609>to <00:09:56.764>some <00:09:57.019>technological <00:09:57.900>inevitability.

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<v Quote>I <00:09:59.716>don’t <00:09:59.956>see <00:10:00.129>it <00:10:00.284>happening.

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<v Quote>This <00:10:01.569>whole <00:10:01.956>“it’s <00:10:02.293>coming” <00:10:02.716>vibe <00:10:03.089>is <00:10:03.236>the <00:10:03.396>narrative <00:10:03.809>attached <00:10:04.289>to <00:10:04.416>the <00:10:04.541>technology, <00:10:05.516>it <00:10:05.736>has <00:10:05.956>nothing <00:10:06.289>to <00:10:06.449>do <00:10:06.588>with <00:10:06.736>the <00:10:06.847>technology <00:10:07.436>itself.

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<v Quote>It <00:10:08.996>seems <00:10:09.228>like <00:10:09.402>people <00:10:09.696>who <00:10:09.836>buy <00:10:10.129>it <00:10:10.276>are <00:10:10.446>trapped <00:10:10.849>in <00:10:10.976>the <00:10:11.084>fictional <00:10:11.586>reality <00:10:12.129>of <00:10:12.276>a <00:10:12.396>very <00:10:12.769>cheap <00:10:13.093>advertisement, <00:10:14.209>or <00:10:14.430>should <00:10:14.716>I <00:10:14.876>say, <00:10:15.683>propaganda.

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<v Quote>Your <00:10:17.254>calculator <00:10:17.896>now <00:10:18.120>supports <00:10:18.556>a <00:10:18.676>new <00:10:18.868>operation, <00:10:19.804>this <00:10:20.049>is <00:10:20.236>not <00:10:20.516>armageddon.

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<v Cassidy>'Your <00:10:21.662>calculator <00:10:22.211>now <00:10:22.384>supports <00:10:22.851>a <00:10:22.931>new <00:10:23.115>operation, <00:10:23.803>this <00:10:23.984>is <00:10:24.171>not <00:10:24.491>armageddon.' <00:10:25.911>Harsh

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<v Cassidy>but <00:10:26.918>it's <00:10:27.099>basically <00:10:27.591>Narayanan's <00:10:28.131>first <00:10:28.384>argument <00:10:28.864>in <00:10:29.011>a <00:10:29.083>meaner <00:10:29.382>jacket — <00:10:30.531>treat <00:10:30.758>it <00:10:30.864>as <00:10:31.017>normal <00:10:31.356>technology <00:10:32.051>until <00:10:32.291>something <00:10:32.713>actually <00:10:33.268>breaks <00:10:33.643>that <00:10:33.851>frame.

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<v Bill>The <00:10:35.371>'it's <00:10:35.851>coming' <00:10:36.667>vibe <00:10:37.104>as <00:10:37.280>advertisement, <00:10:38.308>though — <00:10:39.345>tell <00:10:39.419>that <00:10:39.664>to <00:10:39.791>the <00:10:39.915>Louisiana <00:10:40.555>grid <00:10:40.873>operator <00:10:41.415>building <00:10:41.817>around <00:10:42.171>five <00:10:42.551>gigawatts.

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<v Bill>Somebody's <00:10:44.535>spending <00:10:44.971>real <00:10:45.358>money <00:10:45.771>on <00:10:45.951>the <00:10:46.075>inevitability <00:10:46.947>narrative <00:10:47.531>whether <00:10:48.144>it's <00:10:48.427>real <00:10:48.918>or <00:10:49.251>not.

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<v Cassidy>Hacker <00:10:51.243>News, <00:10:51.958>weighing <00:10:52.278>in:

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<v Quote>You <00:10:53.054>need <00:10:53.235>to <00:10:53.382>first <00:10:53.652>address <00:10:54.542>1)What <00:10:55.582>is <00:10:55.822>work?

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<v Quote>2)Why <00:10:58.115>we <00:10:58.270>need <00:10:58.515>to <00:10:58.686>work?

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<v Quote>Animals <00:11:00.042>don't <00:11:00.422>"work".

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<v Quote>Not <00:11:01.382>atleast <00:11:01.702>for <00:11:01.849>their <00:11:02.022>own <00:11:02.206>sake.

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<v Quote>If <00:11:03.209>there <00:11:03.369>is <00:11:03.456>enough <00:11:03.715>green <00:11:04.042>pasture <00:11:04.502>and <00:11:04.675>water <00:11:05.011>around, <00:11:05.598>they <00:11:05.702>don't <00:11:05.966>even <00:11:06.122>migrate <00:11:06.595>to <00:11:06.729>other <00:11:06.942>places.

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<v Quote>So <00:11:08.275>if <00:11:08.430>work <00:11:08.675>is <00:11:08.822>meant <00:11:09.049>to <00:11:09.152>provide <00:11:09.582>food <00:11:09.942>and <00:11:10.142>shelter <00:11:10.782>and <00:11:11.075>if <00:11:11.235>machines <00:11:11.702>can <00:11:11.879>ensure <00:11:12.270>that, <00:11:12.771>humans <00:11:13.202>don't <00:11:13.470>need <00:11:13.689>to <00:11:13.822>"work".

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<v Quote>Wealth <00:11:15.635>is <00:11:15.790>only <00:11:16.022>a <00:11:16.122>reserve <00:11:16.613>capacity <00:11:17.235>to <00:11:17.390>help <00:11:17.639>future <00:11:18.042>generations <00:11:18.835>so <00:11:19.134>that <00:11:19.294>they <00:11:19.462>don't <00:11:19.694>need <00:11:19.875>to <00:11:20.030>work <00:11:20.262>for <00:11:20.395>their <00:11:20.529>basic <00:11:20.929>needs.

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<v Quote>But <00:11:22.035>if <00:11:22.195>machines <00:11:22.679>ensure <00:11:23.054>that <00:11:23.282>too, <00:11:23.934>then <00:11:24.108>wealth <00:11:24.473>itself, <00:11:25.235>as <00:11:25.502>a…

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<v Bill>This <00:11:26.383>one <00:11:26.625>actually <00:11:27.203>cuts <00:11:27.592>deeper <00:11:28.051>than <00:11:28.263>the <00:11:28.393>keynote <00:11:28.963>does.

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<v Bill>If <00:11:30.234>machines <00:11:30.870>cover <00:11:31.315>food <00:11:31.803>and <00:11:32.003>shelter, <00:11:33.171>then <00:11:33.443>'what's <00:11:33.907>left <00:11:34.243>to <00:11:34.467>work <00:11:34.803>on' <00:11:35.096>turns <00:11:35.443>into <00:11:35.963>a <00:11:36.323>why-do-we-work <00:11:37.781>question, <00:11:39.103>not <00:11:39.363>just <00:11:39.723>a <00:11:39.859>jobs <00:11:40.305>question.

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<v Cassidy>Right — <00:11:42.343>and <00:11:42.435>that's <00:11:42.713>exactly <00:11:43.230>where <00:11:43.443>Narayanan <00:11:44.051>ends <00:11:44.323>up, <00:11:44.995>with <00:11:45.187>this <00:11:45.563>human-AI <00:11:47.123>'co-superintelligence' <00:11:48.913>picture.

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<v Cassidy>The <00:11:50.051>commenter <00:11:50.543>got <00:11:50.750>there <00:11:50.910>in <00:11:51.023>one <00:11:51.267>paragraph <00:11:51.883>and <00:11:52.043>skipped <00:11:52.363>the <00:11:52.536>animated <00:11:53.054>slides.

131
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<v Cassidy>If <00:11:54.744>AI <00:11:55.010>Daily <00:11:55.330>Briefing <00:11:55.797>helps <00:11:56.017>you <00:11:56.130>track <00:11:56.417>the <00:11:56.546>models, <00:11:57.417>try <00:11:57.637>The <00:11:57.821>Data <00:11:58.123>Center <00:11:58.477>Daily.

132
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<v Cassidy>It's <00:11:59.637>a <00:11:59.730>daily <00:12:00.041>briefing <00:12:00.477>on <00:12:00.744>AI <00:12:01.037>compute

133
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<v Cassidy>hyperscaler <00:12:02.497>capex <00:12:03.457>the <00:12:03.570>power <00:12:03.917>grid

134
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<v Cassidy>semiconductor <00:12:05.197>supply

135
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<v Cassidy>and <00:12:06.177>the <00:12:06.294>energy <00:12:06.697>markets <00:12:07.157>being <00:12:07.421>reshaped <00:12:08.050>by <00:12:08.200>intelligence <00:12:08.770>at <00:12:08.957>scale.

136
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<v Cassidy>Find <00:12:10.290>it <00:12:10.433>wherever <00:12:10.757>you <00:12:10.923>listen <00:12:11.224>to <00:12:11.357>podcasts.

137
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<v Cassidy>What <00:12:12.945>we're <00:12:13.114>watching <00:12:13.494>next: <00:12:14.566>Meta <00:12:14.806>says <00:12:15.055>manufacturing <00:12:15.838>for <00:12:15.998>its <00:12:16.214>Iris <00:12:16.731>AI <00:12:17.062>chip <00:12:17.371>is <00:12:17.518>set <00:12:17.665>to <00:12:17.771>begin <00:12:18.065>in <00:12:18.174>September

138
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<v Cassidy>with <00:12:19.338>the <00:12:19.451>first <00:12:19.771>phase <00:12:20.065>of <00:12:20.185>Hyperion <00:12:20.798>still <00:12:21.051>on <00:12:21.211>track <00:12:21.531>to <00:12:21.678>deliver <00:12:21.998>about <00:12:22.358>2 <00:12:22.558>gigawatts <00:12:23.131>by <00:12:23.398>2030.

139
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<v Cassidy>We've <00:12:24.958>put <00:12:25.131>links <00:12:25.425>to <00:12:25.531>every <00:12:25.865>story <00:12:26.214>from <00:12:26.331>today's <00:12:26.714>briefing <00:12:27.051>in <00:12:27.178>the <00:12:27.286>show <00:12:27.545>notes, <00:12:28.331>so <00:12:28.465>if <00:12:28.578>one <00:12:28.792>caught <00:12:29.030>your <00:12:29.218>ear, <00:12:29.498>you <00:12:29.598>can <00:12:29.771>go <00:12:29.924>deeper <00:12:30.251>there.

140
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<v Cassidy>That's <00:12:31.585>AI <00:12:31.851>Daily <00:12:32.158>Briefing <00:12:32.478>for <00:12:32.691>today.

141
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<v Cassidy>This <00:12:34.091>is <00:12:34.238>a <00:12:34.328>Lantern <00:12:34.778>Podcast.