独白：集中风险

这是iHeart播客。

This is an iHeart podcast.

保证真人。

Guaranteed human.

没赶上最新的罗兰·马丁无删减播客吗？

Didn't catch the latest Roland Martin unfiltered podcast?

这是你错过的内容。

Here's what you missed.

不应该有任何执法机构没有随身摄像头。

There should not be a single law enforcement agency that does not have body cameras.

它们就是答案。

They're it.

我，我是说，他们会……

I'm I'm do they're gonna

黑人信息网络。

Black Information Network.

还可以在iHeartRadio应用或Apple Podcasts上下载Roland Martin Unfiltered。

And download Roland Martin unfiltered on the iHeartRadio app, Apple Podcasts.

或者在你收听播客的任何地方。

Or wherever you get your podcasts.

新的NFL赛季已经开始了，你应该收听NFL Daily，我们一起迈向第六十一届超级碗。

The new NFL season is here, and you should be listening to NFL daily as we march along to Super Bowl sixty one.

名字就叫NFL Daily。

It is in the name NFL Daily.

整个赛季，你每天都会在订阅里看到新鲜内容。

You'll have fresh content in your feed every day, all season long.

那场制胜的进攻，可能是赫伯特的，可能是吉诺的，也可能是马霍姆斯的。

That game winning drive, maybe it's Herbert, maybe it's Gino, maybe it's Mahomes.

我们会带来精彩集锦。

We'll have the highlights.

如果费尔南多·门多萨或任何新秀表现出色，我们会分析比赛录像。

If Fernando Mendoza or any of the rookies are balling out, we'll break down the tape.

和我格雷格·罗森塔尔以及一群明星联合主持人一起，预览和回顾每场比赛。

Join me, Greg Rosenthal, and an all star cast of cohost as we preview and recap every game.

在iHeartRadio应用、Apple播客或你收听播客的任何地方收听NFL每日。

Listen to NFL daily on the iHeartRadio app, Apple Podcast, or wherever you get your podcast.

我是布雷特·科尔曼。

I'm Brett Coleman.

我是特雷弗·西基马。

And I'm Trevor Sykima.

如果你热爱橄榄球，想真正了解场上发生了什么，来看看我们的节目NFL Pro。

If you love football and want to understand what's really happening on the field, check out our show, NFL pro.

每周，我们都会用独家下一代统计数据、见解和你在其他地方找不到的NFL内容，分析最重要的比赛、趋势和对决。

Every week, we break down the biggest plays, trends, and matchups using exclusive next gen stats insights and NFL content you will not find anywhere else.

无论你是橄榄球新手、梦幻橄榄球狂热者，还是铁杆球迷，NFL Pro都会帮你像专业人士一样分析比赛。

Whether you're new to football, a fantasy football fanatic, or a diehard fan, NFL Pro will help you analyze the game like a pro.

在iHeartRadio应用、Apple播客或你收听播客的任何地方收听NFL Pro。

Listen to NFL Pro on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.

无论你是NFL老球迷还是新手，这里有一个地方可以让你了解所有动态。

Whether you're a seasoned NFL fan or new to the game, there's one place to keep up with all of it.

联盟最新的播客《NFL报道》，由我安德鲁·西西利亚诺主持。

The league's newest podcast, the NFL report hosted by me, Andrew Siciliano.

这里是你了解一切橄榄球资讯的家。

It is your home for everything football.

突发新闻、专家分析、比赛预测，还有你最喜欢的球员的访谈。

Breaking news, expert analysis, game picks, and hear from your favorite players too.

加入我和一群明星专家，获取联盟内外你需要知道的一切。

Join me and an all star cast of experts for everything you need to know from around the league.

整个赛季，每周一到周五，都有《NFL报道》的新集数。

Get new episodes of the NFL report Monday through Friday, all season long.

在iHeartRadio应用、Apple Podcasts或任何你收听播客的地方，收听《NFL报道》播客。

Listen to the NFL report podcast on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.

呼叫区域媒体。

Call zone media.

今天要说的这些话，圣经里可没有。油管博主马克·布莱尔买下了相机公司GoPro的一大笔股份，然后GoPro就变成了AI数据中心Neo Cloud。

Today in sentences that are not in the bible, YouTuber Mark Blair bought a major stake in camera maker GoPro, and then GoPro turned into an AI data center Neo Cloud.

我对这个该死的AI泡沫真是受够了。

I'm sick and tired of the goddamn AI bubble.

我发誓，真的。

I swear to Christ.

离线那边怎么了？

What's that offline?

大家好，这里是Better Offline，我是主持人Ed Zitron。

Bird up, this is better offline and I'm your host Ed Zitron.

今天我们要聊一个你可能听过也可能没听过的词，叫集中度风险。

So today we are going to talk through a term you may or may not have heard before, concentration risk.

这个词的意思就是你把所有鸡蛋都放在一个或几个篮子里，过度依赖少数几项投资、客户或业务线，以至于没有它们，你的业务或投资组合就会遭受巨大损失，甚至直接崩盘。

It's a term that refers to having all your eggs in one or a few baskets, becoming overly reliant on a few investments, customers, or particular business lines to the point that without them your business or portfolio would suffer massive harms or just explode.

具体到银行业，引用国家信用联盟管理局的话来说，它指的是任何单一风险敞口或一组风险敞口，其可能造成的损失相对于资本、总资产或整体风险水平来说足够大，以至于威胁到金融机构的健康或维持核心运营的能力。

In banking specifically, to quote the National Credit Union Administration, it refers to any single exposure or group of exposures with the potential to produce losses large enough relative to capital, total assets, or overall risk level to threaten a financial institution's health or ability to maintain its core operations.

我提这个是因为在接下来的几个月甚至几年里，你会经常听到这个词或者它的变体，因为AI泡沫破裂的时候，几乎行业的每个部分都有自己的集中度风险。

I bring this all up because you're going to hear this term or variations of this term a lot in the next few months and years as the AI bubble unravels because just about every part of the industry involves its own flavor of concentration risk.

咱们从最上面开始说起。

Let's start at the top.

根据金融科技公司Ramp的数据，OpenAI和Anthropic企业收入的80%来自他们1%的客户。

Per data from fintech firm Ramp 80% of OpenAI and Anthropic's enterprise revenues come from 1% of their customers.

这个数字在过去三年里一直没有改善。

A number that hasn't improved over the last three years.

Ramp的首席经济学家Ara Karazian指出，最顶尖的那1%客户主要集中在科技行业以及AI产品和服务上，而且这种集中度风险在他们追踪的任何其他软件类别中都没见过。

Ramp's lead economist, Ara Karazian, notes that the top 1% skews heavily towards the tech sector and AI products and services and that this was a level of concentration risk unseen in any other software category they tracked.

这个数据集包括像Visa和Cursor这样的大公司，还有很多初创公司和普通规模的公司，它很好地反映了AI行业的整体支出情况，不过要注意的是，它不包括像微软或大型银行这样的巨头。

The dataset, which includes big companies like Visa and Cursor as well as a great deal of start ups and regular sized companies, is very indicative of the overall spend of the AI industry, with the caveat that it doesn't include massive players like Microsoft or major banks.

说实话，Visa和Cursor是我猜的。

To be clear, I am guessing about Visa and Cursor.

Ramp上的任何客户都可以选择不参与研究，我其实不知道具体有哪些公司，但我猜里面肯定有大公司。

Any customer on Ramp can opt out of research, I have no idea, but I am going to assume that there are big companies in there.

我还想特别说明一下，当Ramp提到AI产品和服务时，这包括那些销售订阅并补贴token消耗的AI初创公司，也就是说，用户消耗的token数量可以远超他们的订阅价格。

I also want to be specific that when Ramp says AI products and services, that includes AI startups that sell subscriptions with subsidized token spend, meaning that users can burn far more than their subscription price and tokens.

所以，在每月20美元的订阅下，你可以消耗掉30、40甚至100美元的token。

So on a $20 a month subscription, you can burn $30.40, a 100.

这意味着，Anthropic或OpenAI从那些属于1%高消费的AI初创公司那里赚到的钱，取决于这些公司持续获得风险投资的能力。

This means that the money made by Anthropic or OpenAI from an AI startup in that 1% spend is contingent on their continued ability to raise venture capital dollars.

简单来说，这意味着绝大多数企业——而企业才是软件行业真正的利润和增长来源——在AI上的花费其实并不多。

To simmer all this down, it means that the vast majority of enterprises, which is where the real money is in software and the real growth is, just don't spend that much money on AI.

而那些在AI上花钱最多的公司，要么是内部大量消耗token的AI公司，因为它们有风险投资支持；要么是允许用户无节制消耗token的AI公司，同样靠风险投资支撑；要么是当前面临巨大压力、不得不花钱买AI token的科技公司；我猜还有一些大客户之类的。

Those that do spend the most on it are heavily concentrated in either AI companies that either use a lot of tokens internally because they're bankrolled by venture capital, AI companies that allow their users to blow unsustainable amounts of money on tokens bankrolled by venture capital, tech companies that are currently under heavy pressure to spend money on AI tokens, and I assume a few whale customers of some sort.

这意味着，OpenAI和Anthropic企业收入的80%——这部分占了它们总收入的大头——依赖于可能只有几百个客户在AI token上花费巨额资金，而其中很大一部分是AI初创公司，它们只有在风险投资允许的情况下才能继续这样做。

This means that 80% of OpenAI and Anthropic's enterprise revenues, which make up the vast majority of their total revenues, are dependent on what are likely hundreds of customers spending outsized amounts of money on AI tokens with an indeterminately large chunk of them being AI startups that can only do so as long as venture capital allows them to.

另外，我还有一种直觉，我不会感到惊讶，如果AI初创公司在内部编写LLM代码时消耗的token更多，因为每次我在Twitter上看到有人对AI疯狂投入，通常都是风投支持的初创公司。

I also, and this is a gut feeling, wouldn't be surprised if the AI startups spend way more on tokens for writing LLM code internally considering how every time I see somebody going nuts on AI on Twitter it's usually a VC backed startup.

这也意味着，正如我暗示的那样，在科技和AI领域之外，很少有公司愿意为AI支付高额费用，这在几乎所有层面上都是灾难性的，而且目前没有明确的方法来扭转这一趋势。

It also means, as I've hinted, that outside of the tech and AI world, very few companies are willing to pay very much for AI, which is catastrophic on just about every level, with no clear sign as to how you reverse that trend.

过去三年，AI 出现在所有媒体上，也在每家公司的董事会和办公室里被讨论。

AI has been in every media outlet and discussed in every boardroom and company for the last three years.

每家公司都在某种程度上尝试过使用 AI。

Every single company has on some level dabbled in using AI.

大多数企业都得到了许可，可以在 AI 上花不少钱。

Most businesses have been given the green light to spend a bunch of money on AI.

但到头来，似乎科技行业能说服花钱在 AI 上的，只有科技行业自己。

In the end, it seems that the only people the tech industry can get to spend money on AI is the tech industry itself.

这就是 OpenAI 和 Anthropic 面临的潜在风险，因为这些客户也很可能会转向更便宜的模型，要么是自己训练的开源模型，要么最终是设备端模型。

This is OpenAI and Anthropic's underlying exposure because these customers are also prime targets to move to either cheaper models that they train themselves because they're open source or eventually on device models.

即使这些客户选择留在 Anthropic 和 OpenAI，其中一部分支出也依赖于风险投资，就像我之前说的，剩下的则取决于科技公司是否愿意继续大规模投入。

Even if these customers choose to stay with Anthropic and OpenAI, a chunk of this spend is contingent on venture capital funding, like I've said, and the rest is contingent on whether tech firms continue to be willing to spend money at scale.

80% 的收入集中度依赖于那些从不可靠到极不稳定的支出和资本。

80% of the revenue concentration depends on spending and capital that varies from unreliable to actively unstable.

与此同时，这两家 AI 实验室对微软、谷歌、亚马逊、甲骨文、CoreWeave 以及任何向他们出售算力的公司来说，都构成了巨大的集中风险，因为 Anthropic 和 OpenAI 签下了超过 1.1 万亿美元的算力承诺，而这些需求主要来自一小部分客户。

Meanwhile, these two AI labs represent a massive concentration risk for Microsoft, Google, Amazon, Oracle, CoreWeave and anyone else that sells compute to them, with Anthropic and OpenAI signing over $1,100,000,000,000 worth of compute commitments based on demand that's mostly coming from a very small subset of customers.

据我所知，这些都是照付不议的协议，也就是说，不管他们最终实际使用了多少算力，也不管他们实际带来了多少收入，他们都得按约定购买这些算力。

These are, from what I can tell, take or pay agreements where they agree to buy that compute capacity regardless of how much capacity they actually end up using and how much revenue they actually bring in.

提醒一下，Anthropic 和 OpenAI 都严重亏损，每年要亏掉数百亿美元。

As a reminder, both Anthropic and OpenAI are woefully unprofitable and lose tens of billions of dollars a year.

为了让你对集中度风险有个概念，OpenAI 的算力支出和收入份额大约占微软2026财年AI收入的70%，这个财年刚刚在6月结束，也就是微软那一年整个财年收入的7%多一点。

To give you an idea of the concentration risk, OpenAI's compute spend and revenue share represent about 70% of Microsoft's AI revenues in fiscal year twenty six, which just ended in June, or a little over 7% of Microsoft's entire fiscal year revenue that year.

而且根据UBS的估计，OpenAI和Anthropic的算力支出明年将占谷歌云总收入的48%，也就是2027年大约840亿到1000亿美元之间。

And UBS estimates that OpenAI and Anthropic compute spend will account for 48% of Google Cloud's entire revenues next year, or somewhere between $84,000,000,000 and $100,000,000,000 in 2027.

这还不算，根据巴克莱的数据，OpenAI和Anthropic在2027年预计在亚马逊网络服务上花费400亿美元，在微软Azure上至少花费500亿美元，我特别提一下，是因为微软的财年制度比较特殊。

That's on top of, per Barclays, OpenAI and Anthropic's estimated $40,000,000,000 spend on Amazon Web Services and at least $50,000,000,000 that both of them will spend on Microsoft Azure in calendar year 2027, which I note because of Microsoft's old fiscal year system.

按最低估计，这意味着Anthropic和OpenAI在2027年将为微软、谷歌和亚马逊带来超过1740亿美元的预期收入，而这些收入又取决于他们能否筹集到风险投资或债务，这又取决于他们业务的持续增长，而这又取决于一小部分客户不断增加AI支出，而这些客户中很多又是靠风险投资支持的。

On the low end, that means that Anthropic and OpenAI account for over $174,000,000,000 worth of expected revenues from Microsoft, Google and Amazon in 2027, which is contingent on their ability to raise venture capital or debt, which is contingent on the continued growth of their businesses, which is contingent on growing AI spend from a small subset of customers, many of whom are funded by venture capital.

这个问题之所以到现在还没爆发，是因为签这些合同时，通常只需要付一点预付款，而且涉及的算力还没上线。

The reason this hasn't been a problem yet is that when you sign these contracts you tend to pay a little upfront fee and the capacity in question is yet to come online.

但明年这种情况就会开始出现，而且随着算力逐步启用，他们开始真正需要付款，情况会一个月比一个月严重。

That's gonna start happening next year and get dramatically worse month after month as capacity starts powering up and they start actually having to pay for it.

有一篇来自叫Groundbreaker的媒体写的特别烂的文章，很多人一直发给我，不过它确实说对了一点。

A really shittily written piece from an outlet called Groundbreaker that people keep emailing me did make a good point about this.

这就像2027年数百万房贷利率触顶重置时的情况，当初签房贷时那些超低的诱人利率到期了，你签的时候可能拿到1%、2%、3%这样很低的利率。

Comparing it to when the rates on millions of mortgages exploded as they hit a reset wall in 2027, where the low teaser interest rates ended so when you signed a mortgage you would get like 1%, 2%, 3% very low.

月供一下子暴涨到让人承受不起的地步，而借款人在签合同时错误地以为房价会一直涨，他们能再融资或者干脆把房子卖掉，但显然当所有人都想这么做的时候，根本卖不掉。

Exploding the monthly mortgage payments to unsustainable highs with customers assuming when they signed it incorrectly that their houses would keep appreciating, they'd be able to refinance or they could simply sell the bloody thing which they obviously could not do when everyone was trying to do the same thing.

换句话说，OpenAI和Anthropic那些庞大的算力承诺，就是AI泡沫里的次贷。

In other words, OpenAI and Anthropic's massive compute commitments are the subprime mortgages of the AI bubble.

他们签下了漂亮的大单，让超大规模云厂商和新兴云厂商得以公布巨额的收入积压，大家都相信坏事永远不会发生。

They signed big beautiful deals that helped hyperscalers and neo clouds post massive revenue backlogs under the belief that nothing bad would ever happen.

增长会如期而至，钱当然也永远都会到位，对所有人都一样。

That growth would happen under baited and of course the money would always always be available for everyone involved.

最后，站在金字塔顶端的是英伟达，它的集中度风险在于那些超大规模云厂商和新兴云厂商本身，而这些厂商购买更多GPU的理由是基于OpenAI和Anthropic的需求——我这里的需求是打引号的——而这些服务的需求又取决于他们能不能继续融到钱。

Finally at the top of the pile sits NVIDIA whose concentration risk lies with the hyperscalers and neo clouds themselves who justify buying further GPUs based on demand and I put that in air quotes from OpenAI and Anthropic with said demand for services contingent on whether they can continue to raise money.

即使是那些为了给其他客户建AI数据中心而买GPU的公司，也是因为他们相信AI算力存在某种疯狂的需求，他们的参照点就是CoreWeave、Viren、Nebius以及其他新兴云厂商那庞大的收入积压，而这些厂商主要就是把算力卖给OpenAI、Anthropic或者背后支持它们的超大规模云厂商。

Even those buying GPUs to build AI data centers for other customers are doing so because they believe there is some sort of crazy demand for AI compute, with their reference point being the massive revenue backlogs for Core Web, Viren, Nebius, and other Neo Clouds who primarily sell compute to either OpenAI, Anthropic or one of the hyperscalers backing them.

哦，而且英伟达的客户已经没法光靠现金流来买它的GPU了。

Oh, and NVIDIA's customers are no longer able to buy its GPUs through cash flow alone.

所以所有这些购买都取决于他们能不能持续借到钱。

So all of those purchases are contingent on their constantly available availability of debt.

这情况可一点都不好。

None of this is very good at all.

我还得补充一下，博通在最近一次财报里说，Anthropic和OpenAI会成为他们的前两大客户。

I should also add that Broadcom added on the latest earnings that Anthropic and OpenAI are going to be their top two customers.

一切都很好。

It's all very good.

一切都很正常。

It's all very normal.

非常好。

Very good.

这里一切都没问题。

Everything's fine here.

对吧？

Okay?

大家别慌。

Nobody freak out.

就算你把所有事情串起来看，听起来也真的很糟糕。

Even when you put it all in the line, it all sounds really fucking bad.

抱歉。

I'm sorry.

我不是想危言耸听，但就算在我自己独白结束的时候，我也在想，有没有别人也想到这事儿？

I'm not trying to be alarmist, but even at the end of my own monologue, I'm kinda like, anyone else fucking think about this?

有没有别人也担心？

Anyone anyone else worried?

没有。

No.

答案是没有人。

The answer is no.

如果你问大多数卖方分析师或金融记者，他们会告诉你这一切都没问题。

If you ask most sell side analysts or financial journalists, they'll tell you that all of this is totally fine.

没什么好担心的。

It's nothing to worry about.

他们会向你保证，这些人是世界上最聪明的，公司是最强大的，他们不会无缘无故花这么多钱，对AI计算和AI本身的需求是真实的，AI怀疑论者是在挑数据。

They will assure you that these are the smartest people in the world, the most powerful companies, that they wouldn't spend all this money for no reason, that the demand for both AI compute and AI itself is real, and that the AI skeptics are cherry picking data.

好吧，我们走着瞧，不是吗？

Well, we're going to fucking find out, aren't we?

当我们发现的时候，我想这会是我一直警告的事情。

And when we find out, I think it's going to be the thing I've been warning about.

当那发生时，我一直详细记录着那些试图轻描淡写的人。

And when that happens, I've been keeping really detailed notes about all the people that tried to hand wave this away.

因为我认为这是资本的灾难性错配。

Because I think this is a catastrophic misallocation of capital.

但也是新闻史上最大的失误。

But also just the largest miss in journalism history.

真是难以置信，等这事儿最终崩盘的时候——我现在正盯着我的彭博终端，刚弹出来的消息说，Crusoe 跟 Jane Street 签了个约 130 亿美元的云计算大单。

Just unbelievable to me that when this eventually falls apart, and I am literally looking at my fucking Bloomberg terminal and what just popped up says, Crusoe signs roughly $13,000,000,000 Jane Street deal for cloud computing.

你可能会想，哇，这客户不一样啊。

Now you may think, wow, that's a different customer.

Jane Street，一家对冲基金。

Jane Street, a hedge fund.

他们怎么会掺和到这里面来？

How could they possibly be involved in this?

你绝对猜不到。

Well, you never guess what.

Jane Street 是 CoreWeave 的大客户，也是 CoreWeave 的投资者。

Jane Street's a major customer of CoreWeave and an investor in CoreWeave.

我敢打赌他们迟早会投资 Anthropic。

I bet they fucking invest in Anthropic at some point.

天哪，他们是不是真的投了 Anthropic？

Jesus fucking did they invest in Anthropic?

好吧。

Alright.

不。

No.

我得，我得结束这个。

I gotta I gotta end this.

我得结束这个该死的模型。

I gotta end this goddamn model.

你看。

Like, look.

我下周回来。

I'll be back next week.

我还没想好要做什么，但一定会很棒。

I still have yet to come up with what I'm gonna do, but it's gonna be great.

我的猫刚打翻了一个空的无糖可乐罐，真烦人。

My cat just knocked over an empty Diet Coke can, and that's very annoying.

不过，尽管如此，我还是会回来的。

But, nevertheless, I will be back.

我爱你们所有人。

I love you all.

谢谢你们的收听。

I appreciate you listening.

我是Ed Zitron，这里是Better Offline。

I'm Ed Zitron, and this has been Better Offline.

错过了最新的Roland Martin unfiltered播客？

Didn't catch the latest Roland Martin unfiltered podcast?

这是你错过的内容。

Here's what you missed.

人们醒来后会说，哦，天哪。

People wake up and go, oh, damn.

等等。

Wait.

等等。

Hold up.

他们把那些全改了吗？

They changed all of that?

是的。

Yes.

是真的。

It's real.

这是一次全面的攻击。

This is a wholesale attack.

它针对的是黑人和所有联邦机构。

It is targeting black people and every federal agency.

这很赤裸裸。

It's raw.

白人从来不让那种清算持续超过十年。

White folks have never allowed that reckoning to last more than a decade.

收听罗兰·马丁的每日评论

Catch Roland Martin's daily commentary

在黑人大众信息网络上。

on the Black Information Network.

并在iHeartRadio应用、Apple Podcasts上下载罗兰·马丁无删减版，

And download Roland Martin unfiltered on the iHeartRadio app, Apple Podcasts

或者在你获取播客的任何地方。

Or wherever you get your podcasts.

我是布雷特·科尔曼。

I'm Brett Coleman.

我是特雷弗·西基马。

And I'm Trevor Sykima.

如果你热爱橄榄球，想真正了解场上发生了什么，那就来看看我们的节目《NFL职业》。

If you love football and want to understand what's really happening on the field, check out our show, NFL pro.

每周，我们都会用独家的下一代数据洞察和你在其他地方找不到的NFL内容，解析最精彩的战术、趋势和对决。

Every week, we break down the biggest plays, trends, and matchups using exclusive next gen stats insights and NFL content you will not find anywhere else.

不管你是刚接触橄榄球的新手，还是梦幻橄榄球的狂热粉丝，或者是死忠球迷，NFL Pro都能帮你像专业人士一样分析比赛。

Whether you're new to football, a fantasy football fanatic, or a diehard fan, NFL Pro will help you analyze the game like a pro.

在iHeartRadio应用、Apple Podcasts或者任何你收听播客的地方，都可以听到NFL Pro。

Listen to NFL Pro on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.

新的NFL赛季已经开始了，你应该收听NFL Daily，我们一起朝着第六十一届超级碗迈进。

The new NFL season is here, and you should be listening to NFL Daily as we march along to Super Bowl sixty one.

名字就叫NFL Daily。

It is in the name NFL Daily.

整个赛季，每天你都能在订阅里看到新鲜内容。

You'll have fresh content in your feed every day, all season long.

那个制胜的进攻，可能是赫伯特，可能是吉诺，也可能是马霍姆斯。

That game winning drive, maybe it's Herbert, maybe it's Gino, maybe it's Mahomes.

我们会带来精彩集锦。

We'll have the highlights.

如果费尔南多·门多萨或者其他新秀表现不佳，我们会分析比赛录像。

If Fernando Mendoza or any of the rookies are falling out, we'll break down the tape.

跟我格雷格·罗森塔尔一起，还有一群超棒的联合主持人，我们来预览和回顾每一场比赛。

Join me, Greg Rosenthal, and an all star cast of cohost as we preview and recap every game.

在iHeartRadio应用、Apple Podcasts或者你收听播客的任何地方，收听NFL每日节目。

Listen to NFL daily on the iHeartRadio app, Apple Podcast, or wherever you get your podcast.

大学橄榄球会霸占你的周末，毁掉你的睡眠，还会让你心碎。

College football will hijack your weekend, ruin your sleep, and break your heart.

这就是为什么我们制作了这档扎实的大学橄榄球节目。

And that's why we make the solid verbal college football show.

我是泰·希尔登布兰德。

I'm Ty Hildenbrand.

他是丹·鲁宾斯坦。

He's Dan Rubenstein.

每周我们都会预览重要的比赛，还有那些会让你的群聊炸开锅的看点。

Every week, we preview the games that matter and the storylines that are gonna ignite your group chat.

比赛结束后你也可以加入我们，一起聊聊发生了什么、为什么重要，以及这项运动怎么又彻底疯狂了。

And you can join us in the aftermath as we react to what happened, why it matters, and how the sport went completely bonkers yet again.

在 iHeartRadio 应用、Apple Podcasts 或任何你收听播客的地方，收听《Solid Verbal》大学橄榄球节目。

Listen to the solid verbal college football show on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.

这是 iHeart 播客，保证真人主持。

This is an iHeart podcast, Guaranteed Human.