WEBVTT

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<v Cassidy>Eight <00:00:00.200>hundred <00:00:00.520>and <00:00:00.686>eleven <00:00:01.020>billion <00:00:01.510>dollars <00:00:02.053>in <00:00:02.293>AI <00:00:02.613>infrastructure — <00:00:04.020>and <00:00:04.107>it <00:00:04.208>just <00:00:04.440>met <00:00:04.600>a <00:00:04.676>governor <00:00:04.992>with <00:00:05.160>a <00:00:05.264>stop <00:00:05.616>sign.

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<v Cassidy>If <00:00:07.380>you're <00:00:07.568>just <00:00:07.810>joining <00:00:08.240>us, <00:00:08.840>New <00:00:09.008>York's <00:00:09.328>gone <00:00:09.568>from <00:00:09.813>local <00:00:10.133>skirmishes <00:00:10.848>over <00:00:11.147>AI <00:00:11.431>campuses <00:00:12.053>to <00:00:12.200>a <00:00:12.304>statewide <00:00:12.973>pause.

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<v Cassidy>Any <00:00:14.560>new <00:00:14.853>or <00:00:15.013>expanded <00:00:15.504>data <00:00:15.806>center <00:00:16.112>that <00:00:16.267>would <00:00:16.432>pull <00:00:16.720>50 <00:00:17.100>megawatts <00:00:17.707>or <00:00:17.840>more <00:00:18.347>is <00:00:18.767>temporarily <00:00:19.350>blocked <00:00:19.920>while <00:00:20.360>state <00:00:20.631>agencies <00:00:21.253>study <00:00:21.540>the <00:00:21.657>environmental

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<v Cassidy>utility <00:00:23.907>water <00:00:24.747>noise <00:00:25.620>and <00:00:25.728>community <00:00:26.240>impact.

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<v Cassidy>The <00:00:27.573>fight <00:00:27.888>also <00:00:28.133>includes <00:00:28.608>Hochul's <00:00:29.024>push <00:00:29.307>to <00:00:29.417>repeal <00:00:29.780>the <00:00:29.893>sales-tax <00:00:30.531>exemptions <00:00:31.072>that <00:00:31.260>massive <00:00:31.733>existing <00:00:32.208>data <00:00:32.440>centers <00:00:32.752>have <00:00:32.940>enjoyed.

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<v Bill>This <00:00:34.533>is <00:00:34.680>the <00:00:34.960>AI <00:00:35.360>Daily <00:00:35.813>Briefing.

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<v Bill>Today, <00:00:37.742>Alphabet's <00:00:38.377>future <00:00:38.773>spending <00:00:39.253>commitments <00:00:39.909>jumped <00:00:40.427>by <00:00:40.688>half <00:00:40.960>a <00:00:41.084>trillion <00:00:41.500>dollars <00:00:42.000>in <00:00:42.200>a <00:00:42.309>single <00:00:42.780>quarter.

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<v Bill>New <00:00:44.224>York <00:00:44.544>hits <00:00:44.907>pause <00:00:45.493>on <00:00:45.680>big <00:00:46.000>data <00:00:46.380>centers, <00:00:47.400>and <00:00:47.627>Etched <00:00:48.187>lands <00:00:48.840>a <00:00:49.020>ten-billion-dollar <00:00:50.080>valuation.

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<v Bill>Cassidy, <00:00:52.130>let's <00:00:52.360>start <00:00:52.592>with <00:00:52.752>that <00:00:52.960>Alphabet <00:00:53.700>tab.

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<v Cassidy>The <00:00:55.152>Next <00:00:55.404>Web <00:00:55.664>writes:

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<v Quote>Alphabet <00:00:58.016>had <00:00:58.216>$811 <00:00:59.366>billion <00:01:00.189>in <00:01:00.354>contracted <00:01:00.982>future <00:01:01.300>spending <00:01:01.696>commitments <00:01:02.163>at <00:01:02.236>the <00:01:02.336>end <00:01:02.509>of <00:01:02.680>June

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<v Quote>up <00:01:03.702>nearly <00:01:04.056>$500 <00:01:04.796>billion <00:01:05.544>from <00:01:05.784>just <00:01:06.003>three <00:01:06.182>months <00:01:06.496>earlier.

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<v Quote>The <00:01:07.553>figure <00:01:08.112>disclosed <00:01:08.660>separately <00:01:09.128>from <00:01:09.306>capital <00:01:09.709>expenditure <00:01:10.323>in <00:01:10.416>a <00:01:10.496>quarterly <00:01:10.936>filing

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<v Quote>represents <00:01:12.352>purchases <00:01:12.902>Google <00:01:13.216>has <00:01:13.386>already <00:01:13.768>committed <00:01:14.136>to <00:01:14.349>under <00:01:14.673>supply <00:01:15.067>agreements <00:01:15.596>and <00:01:15.720>open <00:01:16.029>purchase <00:01:16.513>orders.

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<v Quote>Roughly <00:01:17.936>$200.7 <00:01:19.136>billion <00:01:20.003>of <00:01:20.076>the <00:01:20.203>total <00:01:20.616>is <00:01:20.816>short-term.

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<v Cassidy>Alphabet's <00:01:22.322>contracted <00:01:22.961>future <00:01:23.357>spending <00:01:23.864>hit <00:01:24.144>$811 <00:01:25.334>billion <00:01:26.157>at <00:01:26.284>the <00:01:26.384>end <00:01:26.531>of <00:01:26.680>June.

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<v Cassidy>Everyone's <00:01:28.469>chasing <00:01:28.789>the <00:01:28.989>capex <00:01:29.549>line — <00:01:30.549>$195 <00:01:31.842>to <00:01:31.989>$205 <00:01:32.839>billion <00:01:33.509>for <00:01:33.709>2026 — <00:01:35.329>but <00:01:35.429>the <00:01:35.596>commitments <00:01:36.149>are <00:01:36.289>the <00:01:36.383>number <00:01:36.621>that <00:01:36.806>really <00:01:37.229>moved: <00:01:38.189>up <00:01:38.389>$500 <00:01:39.019>billion <00:01:39.842>in

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<v Cassidy>one <00:01:40.249>quarter.

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<v Bill>Yeah, <00:01:41.849>and <00:01:42.141>that's <00:01:42.789>the <00:01:42.973>part <00:01:43.277>that's <00:01:43.629>reframed <00:01:44.269>my <00:01:44.469>whole <00:01:44.749>week.

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<v Bill>I'd <00:01:46.205>been <00:01:46.313>treating <00:01:46.709>these <00:01:46.969>compute <00:01:47.469>deals <00:01:48.056>as <00:01:48.522>press-release <00:01:49.539>theater — <00:01:50.813>this <00:01:50.882>is <00:01:51.029>a <00:01:51.149>filing

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<v Bill>disclosed <00:01:52.560>separately <00:01:53.117>from <00:01:53.409>capex

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<v Bill>and <00:01:54.722>it <00:01:54.886>covers <00:01:55.309>chips <00:01:56.176>power

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<v Bill>data <00:01:57.289>centers <00:01:58.099>content <00:01:58.669>licenses.

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<v Bill>The <00:02:00.338>demand's <00:02:00.989>contracted, <00:02:02.239>not <00:02:02.573>projected.

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<v Cassidy>That <00:02:03.589>settles <00:02:03.896>it <00:02:03.989>for <00:02:04.189>me.

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<v Cassidy>The <00:02:05.274>infrastructure <00:02:05.917>behind <00:02:06.211>the <00:02:06.324>model <00:02:06.653>launches <00:02:07.191>has <00:02:07.343>been <00:02:07.511>the <00:02:07.679>main <00:02:07.951>story <00:02:08.431>all <00:02:08.764>along.

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<v Bill>But <00:02:10.031>$500 <00:02:10.871>billion <00:02:11.738>in <00:02:11.848>ninety <00:02:12.287>days?

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<v Bill>I <00:02:13.599>want <00:02:13.831>the <00:02:14.011>counterparty <00:02:14.807>structure.

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<v Bill>Because <00:02:16.391>“contracted” <00:02:17.391>spans <00:02:17.835>everything <00:02:18.319>from <00:02:18.591>take-or-pay <00:02:19.538>deals <00:02:19.991>you <00:02:20.411>can't <00:02:20.783>walk <00:02:20.959>away <00:02:21.231>from <00:02:21.764>to <00:02:22.231>letters <00:02:22.538>of <00:02:22.671>intent <00:02:23.199>with <00:02:23.448>escape <00:02:23.831>hatches <00:02:24.251>all <00:02:24.479>over <00:02:24.735>them

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<v Bill>— <00:02:25.751>and <00:02:25.891>the <00:02:26.020>filing <00:02:26.479>sure <00:02:26.711>isn't <00:02:26.951>telling <00:02:27.251>you <00:02:27.404>which.

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<v Cassidy>Exactly. <00:02:30.004>At <00:02:30.391>$811 <00:02:31.351>billion

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<v Cassidy>whoever's <00:02:32.938>on <00:02:33.011>the <00:02:33.111>other <00:02:33.359>side <00:02:33.578>of <00:02:33.658>those <00:02:33.848>supply <00:02:34.235>agreements <00:02:34.731>has <00:02:34.982>enormous <00:02:35.622>leverage — <00:02:36.851>and <00:02:36.964>we <00:02:37.098>still <00:02:37.271>don't <00:02:37.487>know <00:02:37.591>who <00:02:37.759>most <00:02:37.978>of <00:02:38.063>them <00:02:38.291>are.

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<v Bill>At <00:02:39.331>the <00:02:39.441>current <00:02:39.839>rate, <00:02:40.159>that's <00:02:40.543>four <00:02:41.058>years <00:02:41.418>of <00:02:41.533>spending <00:02:42.088>locked <00:02:42.564>in.

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<v Bill>If <00:02:43.811>the <00:02:43.940>demand <00:02:44.418>curve <00:02:44.831>so <00:02:45.055>much <00:02:45.391>as <00:02:45.631>flinches, <00:02:46.858>it's <00:02:47.071>far <00:02:47.391>too <00:02:47.711>big <00:02:48.004>to <00:02:48.202>unwind <00:02:48.851>quietly.

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<v Cassidy>NBC <00:02:51.866>News, <00:02:52.394>with <00:02:52.717>Allan <00:02:53.143>Smith:

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<v Quote>New <00:02:54.274>York <00:02:54.526>Gov.

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<v Quote>Kathy <00:02:55.314>Hochul <00:02:55.730>said <00:02:56.026>she <00:02:56.194>felt <00:02:56.406>the <00:02:56.498>need <00:02:56.679>to <00:02:56.834>sign <00:02:57.046>the <00:02:57.163>nation’s <00:02:57.639>first <00:02:57.962>statewide <00:02:58.526>moratorium <00:02:59.239>on <00:02:59.410>data <00:02:59.700>center <00:02:59.953>development <00:03:00.556>because <00:03:01.234>tech <00:03:01.495>giants <00:03:01.946>“are

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<v Quote>flooding <00:03:02.646>the <00:03:02.802>zone” <00:03:03.458>with <00:03:03.629>construction <00:03:04.196>efforts <00:03:04.615>faster <00:03:05.058>than <00:03:05.232>states <00:03:05.546>and <00:03:05.733>localities <00:03:06.346>can <00:03:06.514>keep <00:03:06.786>up.

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<v Bill>So <00:03:08.084>right <00:03:08.337>after <00:03:08.666>Alphabet <00:03:09.217>locks <00:03:09.564>in <00:03:09.844>$811 <00:03:10.894>billion

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<v Bill>Hochul <00:03:12.671>signs <00:03:13.044>the <00:03:13.217>first <00:03:13.556>statewide <00:03:14.284>freeze <00:03:14.924>on <00:03:15.324>new <00:03:15.644>or <00:03:15.884>expanded <00:03:16.604>data <00:03:17.004>centers <00:03:17.644>pulling <00:03:18.364>50 <00:03:18.824>megawatts <00:03:19.564>or <00:03:19.820>more.

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<v Bill>That's <00:03:21.431>where <00:03:21.591>an <00:03:21.764>$811 <00:03:22.694>billion <00:03:23.384>balance <00:03:23.857>sheet <00:03:24.204>runs <00:03:24.572>into <00:03:24.784>the <00:03:24.915>physical <00:03:25.577>world.

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<v Cassidy>And <00:03:26.636>what <00:03:26.804>jumps <00:03:27.064>out <00:03:27.271>in <00:03:27.364>her <00:03:27.604>NBC <00:03:28.004>interview <00:03:28.444>is <00:03:28.684>this: <00:03:29.304>New <00:03:29.772>York <00:03:30.004>doesn't <00:03:30.332>need <00:03:30.544>the <00:03:30.668>data <00:03:30.964>centers <00:03:31.271>to <00:03:31.384>support <00:03:31.824>the <00:03:32.017>AI <00:03:32.396>boom.

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<v Cassidy>She's <00:03:33.764>the <00:03:33.924>first <00:03:34.177>governor <00:03:34.657>to <00:03:34.812>draw <00:03:35.044>a <00:03:35.132>hard <00:03:35.404>line <00:03:35.764>between <00:03:36.064>the <00:03:36.177>buildout <00:03:36.844>and <00:03:37.116>what <00:03:37.264>her <00:03:37.377>state's <00:03:37.772>grid <00:03:38.008>actually <00:03:38.457>needs.

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<v Cassidy>She's <00:03:39.932>also <00:03:40.174>calling <00:03:40.556>this <00:03:40.804>a <00:03:40.951>response <00:03:41.217>to <00:03:41.388>tech <00:03:41.701>giants <00:03:42.088>flooding <00:03:42.464>the <00:03:42.620>zone.

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<v Cassidy>Strip <00:03:44.177>away <00:03:44.401>that <00:03:44.586>demand <00:03:44.989>framing, <00:03:45.769>and <00:03:45.909>you're <00:03:46.079>looking <00:03:46.342>at <00:03:46.489>a <00:03:46.573>permitting <00:03:47.076>fight.

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<v Bill>And <00:03:48.209>50 <00:03:48.589>megawatts <00:03:49.249>lands <00:03:49.729>squarely <00:03:50.449>in <00:03:50.700>hyperscale <00:03:51.641>territory — <00:03:53.029>the <00:03:53.169>exact <00:03:53.649>tier <00:03:53.996>of <00:03:54.129>sites <00:03:54.591>Alphabet's <00:03:55.318>supply <00:03:55.773>agreements <00:03:56.289>assume <00:03:56.801>will <00:03:56.989>get <00:03:57.236>built.

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<v Bill>If <00:03:58.649>three <00:03:58.913>more <00:03:59.226>states <00:03:59.649>copy <00:04:00.049>this, <00:04:00.869>the <00:04:01.009>$195 <00:04:02.449>billion <00:04:03.062>to <00:04:03.329>$205 <00:04:04.419>billion <00:04:05.489>in <00:04:05.889>2026 <00:04:06.949>capex <00:04:07.729>guidance <00:04:08.497>hits <00:04:09.049>a <00:04:09.153>wall <00:04:09.462>it <00:04:09.629>can't <00:04:09.989>buy <00:04:10.329>its <00:04:10.509>way <00:04:10.769>around.

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<v Cassidy>That's <00:04:11.669>why <00:04:11.809>I <00:04:11.929>stopped <00:04:12.245>treating <00:04:12.549>the <00:04:12.649>model <00:04:12.902>launches <00:04:13.382>as <00:04:13.509>the <00:04:13.640>headline.

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<v Cassidy>Now <00:04:15.189>the <00:04:15.300>regulatory <00:04:15.876>clock <00:04:16.262>is <00:04:16.399>running <00:04:16.649>against <00:04:16.949>the <00:04:17.053>investment <00:04:17.556>clock, <00:04:18.409>and <00:04:18.561>this <00:04:18.716>is <00:04:18.809>the <00:04:18.977>week <00:04:19.209>you <00:04:19.349>can <00:04:19.462>watch <00:04:19.761>them <00:04:19.969>collide.

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<v Cassidy>The <00:04:21.818>Economic <00:04:22.312>Times <00:04:22.702>writes:

51
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<v Quote>Etched <00:04:23.871>secured <00:04:24.318>three <00:04:24.491>hundred <00:04:24.821>million <00:04:25.231>dollars <00:04:25.678>in <00:04:25.811>a <00:04:25.925>Series <00:04:26.291>C <00:04:26.491>funding <00:04:26.838>round.

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<v Quote>This <00:04:28.015>investment <00:04:28.520>values <00:04:28.951>the <00:04:29.062>artificial <00:04:29.614>intelligence <00:04:30.195>chip <00:04:30.501>company <00:04:31.011>at <00:04:31.371>ten <00:04:31.558>point <00:04:31.918>three <00:04:32.131>billion <00:04:32.761>dollars.

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<v Quote>Sequoia <00:04:34.491>led <00:04:34.631>the <00:04:34.731>funding <00:04:35.064>round <00:04:35.379>with <00:04:35.611>several <00:04:35.944>other <00:04:36.251>prominent <00:04:36.675>investors <00:04:37.302>participating.

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<v Quote>The <00:04:38.741>company <00:04:39.144>plans <00:04:39.464>to <00:04:39.631>use <00:04:39.851>these <00:04:40.104>funds <00:04:40.424>to <00:04:40.600>expand <00:04:41.062>production <00:04:41.631>and <00:04:41.864>customer <00:04:42.351>deployments.

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<v Bill>Etched <00:04:44.095>just <00:04:44.570>raised <00:04:45.159>$300 <00:04:46.129>million <00:04:47.199>in <00:04:47.559>a <00:04:47.668>Series <00:04:48.359>C <00:04:48.779>led <00:04:49.306>by <00:04:49.599>Sequoia, <00:04:50.612>at <00:04:50.919>a <00:04:51.039>$10.3 <00:04:52.379>billion <00:04:53.455>valuation.

56
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<v Bill>And <00:04:55.151>here's <00:04:55.407>what <00:04:55.615>they're <00:04:55.892>actually <00:04:56.381>building: <00:04:57.439>a <00:04:57.743>chip <00:04:58.031>that <00:04:58.255>runs <00:04:58.719>only <00:04:59.125>Transformers.

57
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<v Bill>They're <00:05:01.165>baking <00:05:01.487>that <00:05:01.759>one <00:05:02.067>architecture <00:05:02.923>straight <00:05:03.327>into <00:05:03.599>silicon.

58
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<v Bill>So <00:05:05.041>you're <00:05:05.414>staking <00:05:05.901>ten <00:05:06.151>billion <00:05:06.721>dollars <00:05:07.468>on <00:05:07.861>the <00:05:08.021>bet <00:05:08.353>that <00:05:08.501>the <00:05:08.628>Transformer <00:05:09.421>remains <00:05:09.881>the <00:05:10.056>architecture <00:05:10.774>to <00:05:10.934>build <00:05:11.258>around <00:05:11.741>for <00:05:12.181>the <00:05:12.305>next <00:05:12.621>several <00:05:13.134>years.

59
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<v Bill>If <00:05:14.521>the <00:05:14.703>architecture <00:05:15.532>shifts, <00:05:16.673>that <00:05:16.881>chip <00:05:17.261>becomes <00:05:17.801>a <00:05:18.017>very <00:05:18.481>expensive <00:05:19.294>paperweight.

60
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<v Cassidy>Sequoia <00:05:21.346>says <00:05:21.655>it's <00:05:21.862>the <00:05:21.982>highest <00:05:22.466>valuation <00:05:23.122>ever <00:05:23.542>for <00:05:23.882>a <00:05:23.979>Series <00:05:24.482>C <00:05:24.674>they've <00:05:25.042>led.

61
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<v Cassidy>Great <00:05:26.375>press-release <00:05:27.122>line.

62
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<v Cassidy>But <00:05:28.135>at <00:05:28.274>that <00:05:28.490>valuation

63
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<v Cassidy>I <00:05:29.882>still <00:05:30.102>don't <00:05:30.282>see <00:05:30.442>a <00:05:30.530>benchmark <00:05:31.012>against <00:05:31.419>Nvidia's <00:05:31.882>inference <00:05:32.349>stack <00:05:32.946>that <00:05:33.248>anyone <00:05:33.572>outside <00:05:33.942>the <00:05:34.082>cap <00:05:34.375>table <00:05:34.682>has <00:05:34.846>actually <00:05:35.272>checked.

64
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<v Cassidy>The <00:05:36.695>investor <00:05:37.186>list <00:05:37.502>has <00:05:37.842>a16z <00:05:38.922>and <00:05:39.106>Jane <00:05:39.419>Street, <00:05:40.194>with <00:05:40.482>SK <00:05:40.882>Hynix <00:05:41.396>coming <00:05:41.655>in <00:05:41.789>on <00:05:41.862>the <00:05:41.968>memory <00:05:42.338>side.

65
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<v Cassidy>Now <00:05:43.742>put <00:05:43.954>that <00:05:44.130>next <00:05:44.349>to <00:05:44.442>the <00:05:44.606>Alphabet <00:05:45.029>story <00:05:45.389>we <00:05:45.490>just <00:05:45.742>covered.

66
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<v Cassidy>That <00:05:47.002>$811 <00:05:47.952>billion <00:05:48.749>in <00:05:48.859>supply <00:05:49.249>commitments <00:05:49.813>presumably <00:05:50.375>still <00:05:50.709>leans <00:05:51.069>on <00:05:51.202>Nvidia <00:05:51.722>and <00:05:52.002>AMD

67
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<v Cassidy>so <00:05:53.402>a <00:05:53.570>pure-Transformer <00:05:54.578>ASIC <00:05:55.015>is <00:05:55.162>a <00:05:55.282>very <00:05:55.659>narrow <00:05:56.082>lane <00:05:56.442>for <00:05:56.642>a <00:05:56.762>ten-billion-dollar <00:05:57.610>valuation.

68
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<v Bill>But <00:05:59.642>I'll <00:05:59.858>give <00:05:59.970>them <00:06:00.226>this: <00:06:01.058>they're <00:06:01.309>going <00:06:01.495>after <00:06:01.834>inference, <00:06:02.702>not <00:06:02.944>training.

69
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<v Bill>That's <00:06:04.335>where <00:06:04.422>the <00:06:04.562>cost <00:06:04.935>curve <00:06:05.264>actually <00:06:05.869>bites.

70
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<v Bill>A <00:06:07.090>chip <00:06:07.330>that's <00:06:07.652>cheaper <00:06:08.082>per <00:06:08.415>token <00:06:08.962>wins <00:06:09.322>the <00:06:09.500>enterprise <00:06:10.162>deal, <00:06:10.786>full <00:06:11.154>stop.

71
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<v Bill>Can <00:06:12.594>they <00:06:12.770>ship <00:06:13.015>it <00:06:13.179>before <00:06:13.542>the <00:06:13.659>design <00:06:14.053>assumption <00:06:14.662>expires?

72
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<v Cassidy>This <00:06:16.509>one's <00:06:16.741>from <00:06:16.889>The <00:06:17.005>Jerusalem <00:06:17.621>Post:

73
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<v Quote>Israeli <00:06:21.170>cybersecurity <00:06:21.889>startup <00:06:22.367>Glow <00:06:22.929>emerged <00:06:23.311>from <00:06:23.489>stealth <00:06:23.892>on <00:06:24.055>Wednesday <00:06:24.591>with <00:06:24.759>$180 <00:06:25.619>million <00:06:26.346>in <00:06:26.469>funding <00:06:27.066>at <00:06:27.319>a <00:06:27.399>$1.2 <00:06:28.239>billion <00:06:28.871>valuation

74
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<v Quote>launching <00:06:30.452>an <00:06:30.666>AI-powered <00:06:31.341>platform <00:06:31.892>designed <00:06:32.346>to <00:06:32.439>prevent <00:06:32.781>security <00:06:33.329>threats <00:06:33.711>from <00:06:33.875>reaching <00:06:34.199>corporate <00:06:34.629>devices.

75
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<v Quote>Glow <00:06:36.139>focuses <00:06:36.612>on <00:06:36.772>endpoint <00:06:37.261>security

76
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<v Quote>which <00:06:38.203>protects <00:06:38.579>the <00:06:38.719>laptops

77
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<v Quote>desktop <00:06:40.055>computers <00:06:40.919>and <00:06:41.079>other <00:06:41.349>devices <00:06:41.869>through <00:06:42.106>which <00:06:42.295>employees <00:06:42.839>connect <00:06:43.172>to <00:06:43.311>corporate <00:06:43.659>systems.

78
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<v Bill>Glow <00:06:44.816>comes <00:06:45.123>out <00:06:45.270>of <00:06:45.393>stealth <00:06:45.931>with <00:06:46.243>$180 <00:06:47.373>million <00:06:48.390>in <00:06:48.673>funding <00:06:49.350>at <00:06:49.763>a <00:06:49.843>$1.2 <00:06:50.993>billion <00:06:52.123>valuation.

79
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<v Bill>The <00:06:53.550>pitch <00:06:53.936>is <00:06:54.075>that <00:06:54.390>AI <00:06:54.843>agents <00:06:55.355>will <00:06:55.563>continuously <00:06:56.643>map <00:06:57.096>every <00:06:57.654>laptop <00:06:58.256>in <00:06:58.379>your <00:06:58.513>company <00:06:59.123>and <00:06:59.583>rip <00:06:59.943>out <00:07:00.216>risky <00:07:00.763>software <00:07:01.472>automatically.

80
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<v Bill>Automatically. <00:07:04.363>On <00:07:04.939>endpoints.

81
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<v Bill>That's <00:07:06.723>the <00:07:06.883>layer <00:07:07.123>where <00:07:07.383>one <00:07:07.630>false <00:07:08.034>positive <00:07:08.649>bricks <00:07:08.963>the <00:07:09.223>CFO's <00:07:09.863>machine <00:07:10.343>mid-quarter-close.

82
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<v Cassidy>The <00:07:12.319>founding <00:07:12.667>team <00:07:12.963>has <00:07:13.131>real <00:07:13.376>credentials, <00:07:14.146>though.

83
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<v Cassidy>The <00:07:15.223>CEO <00:07:15.691>came <00:07:15.923>out <00:07:16.070>of <00:07:16.187>Meta, <00:07:16.943>the <00:07:17.163>CTO <00:07:17.643>ran <00:07:17.934>cybersecurity <00:07:18.656>strategy <00:07:19.136>at <00:07:19.307>Snowflake, <00:07:20.543>and <00:07:20.623>the <00:07:20.803>R&amp;D <00:07:21.227>lead <00:07:21.531>came <00:07:21.739>from <00:07:21.867>Claroty.

84
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<v Cassidy>That <00:07:23.476>team <00:07:23.772>has <00:07:23.956>seen <00:07:24.270>enterprise <00:07:24.923>security <00:07:25.599>at <00:07:25.905>scale.

85
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<v Bill>Pedigree, <00:07:27.852>I'll <00:07:28.025>grant <00:07:28.340>them.

86
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<v Bill>But <00:07:29.292>the <00:07:29.482>product <00:07:30.052>depends <00:07:30.719>on <00:07:31.023>agents <00:07:31.641>making <00:07:32.212>unsupervised <00:07:33.472>enforcement <00:07:34.204>decisions: <00:07:35.145>which <00:07:35.883>software <00:07:36.559>stays <00:07:37.232>and <00:07:37.705>which <00:07:38.036>gets <00:07:38.382>removed.

87
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<v Bill>I <00:07:40.182>want <00:07:40.414>the <00:07:40.601>error <00:07:40.982>rate <00:07:41.227>on <00:07:41.374>those <00:07:41.634>removal <00:07:42.147>calls <00:07:42.660>before <00:07:43.014>I <00:07:43.134>let <00:07:43.307>it <00:07:43.454>touch <00:07:43.734>a <00:07:43.860>single <00:07:44.192>production <00:07:44.841>fleet.

88
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<v Cassidy>And <00:07:45.942>that's <00:07:46.194>a <00:07:46.260>launch-day <00:07:46.774>valuation.

89
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<v Cassidy>The <00:07:48.264>company <00:07:48.654>was <00:07:48.814>founded <00:07:49.147>in <00:07:49.334>2025, <00:07:50.427>so <00:07:50.587>we're <00:07:50.827>at <00:07:50.974>$1.2 <00:07:51.764>billion <00:07:52.580>before <00:07:52.907>we've <00:07:53.126>seen <00:07:53.307>it <00:07:53.464>survive <00:07:53.854>a <00:07:53.942>real <00:07:54.180>breach <00:07:54.514>attempt.

90
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<v Bill>Right, <00:07:56.874>and <00:07:56.982>this <00:07:57.241>lands <00:07:57.594>the <00:07:57.718>same <00:07:58.024>morning <00:07:58.401>we're <00:07:58.654>staring <00:07:58.961>at <00:07:59.085>Alphabet's <00:07:59.854>$811 <00:08:01.164>billion.

91
00:08:02.436 --> 00:08:08.454
<v Bill>Endpoint <00:08:03.645>security <00:08:04.267>is <00:08:04.414>a <00:08:04.518>real <00:08:04.843>market, <00:08:05.754>but <00:08:05.883>agents <00:08:06.334>haven't <00:08:06.683>proved <00:08:07.142>they <00:08:07.374>can <00:08:07.540>handle <00:08:07.867>it <00:08:08.038>well.

92
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<v Bill>That <00:08:09.174>$180 <00:08:10.364>million <00:08:11.547>is <00:08:11.854>a <00:08:11.974>bet <00:08:12.241>on <00:08:12.314>the <00:08:12.436>founders <00:08:12.987>to <00:08:13.174>solve <00:08:13.594>the <00:08:13.724>failure <00:08:14.307>modes.

93
00:08:15.445 --> 00:08:21.045
<v Cassidy>If <00:08:15.712>AI <00:08:15.978>Daily <00:08:16.298>Briefing <00:08:16.765>helps <00:08:17.005>you <00:08:17.157>stay <00:08:17.347>informed, <00:08:18.237>subscribe <00:08:18.925>and <00:08:19.085>leave <00:08:19.325>a <00:08:19.434>review <00:08:19.898>wherever <00:08:20.365>you <00:08:20.554>listen.

94
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<v Cassidy>It <00:08:21.738>helps <00:08:22.037>more <00:08:22.199>people <00:08:22.469>find <00:08:22.745>the <00:08:22.885>show, <00:08:23.565>and <00:08:23.738>we <00:08:23.914>really <00:08:24.376>appreciate <00:08:24.938>it.

95
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<v Cassidy>You'll <00:08:25.962>find <00:08:26.143>links <00:08:26.437>to <00:08:26.543>every <00:08:26.877>story <00:08:27.237>in <00:08:27.343>today's <00:08:27.722>show <00:08:27.903>notes <00:08:28.223>if <00:08:28.350>you <00:08:28.442>want <00:08:28.597>to <00:08:28.690>dig <00:08:28.890>deeper.

96
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<v Cassidy>That's <00:08:30.437>it <00:08:30.530>for <00:08:30.783>AI <00:08:31.090>Daily <00:08:31.343>Briefing <00:08:31.738>this <00:08:32.010>Friday.

97
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<v Cassidy>This <00:08:33.370>is <00:08:33.570>a <00:08:33.670>Lantern <00:08:34.200>Podcast.