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我留着这个是为了在节目中放，所以这个反应。
I saved this for the show, so this reaction.
我还没看过这个视频，但我看过关于这个视频的数据。
I haven't seen the video, but I've seen the metrics around the video.
仅仅一个引用推文就获得了15000个赞。
It's got 15,000 likes just on a quote tweet of it.
我觉得这会非常有趣。
I think it's gonna be very funny.
这是OpenAI在上市后向公众展示其财务状况。
This is OpenAI showing the public its financials once it goes public.
看起来不错。
That looks pretty good.
在剪头发。
Getting a haircut.
看起来不错。
Looks good.
哦，不。
Oh, no.
你知道吗，我一直在看这些理发视频，它们实际上是非常棒的内容，因为
You know, I've been watching these haircut videos, and they're actually incredibly good content because
老兄，这个视频正在疯传，没错。
Dude, this that that that There's this video going viral Yeah.
这哥们儿六个月内就会进入全功率聊天模式。
This guy's gonna be full giga chat mode within six months.
我打赌会的。
I guarantee it.
打赌会的。
Guarantee it.
我打赌会的。
Guarantee it.
我打赌会的。
Guarantee it.
他早就知道会发生什么。
He knew what was gonna happen.
他这么做是为了激励自己，我想，看看我
He did it to inspire himself to, I guess, look I
我看过一个理发视频，内容特别抓人，因为你看着那个人描述他想要的效果，最后却给你展示一组照片的混剪。
looked at a, at a haircut video where, and it's it's incredibly sticky content because you're watching the guy describe what he wants, and then at the very end, they show you a a montage of the photos.
当结果如愿时，显然这里的笑点在于，你知道的，这其实是个退步。
And when it works out, obviously, that the the joke there is that, you know, it's a downgrade.
这让我忍不住想，是不是每个不同的领域、每种不同类型的内容，都能变得如此高留存？
It does make me wonder, like, there are certain like, can every different vertical, can every different type of content become, you know, high retention?
还是有些内容天生就更依赖于直接的回报？
Or are there some things that are just, more naturally, like, payoff based?
对吧？
Right?
没错。
Yep.
据传，OpenAI在新一轮融资中估值可能达到7500亿美元。
Scoop OpenAI could soon be worth 750,000,000,000 in a financing round.
他们已经进行了初步会谈。
They've had early talks.
让我们为初步会谈鼓掌吧。
Let's give it up for early talks.
我们喜欢我们的，更倾向于深入的会谈。
We love our We prefer advanced talks.
是的。
Yes.
但这是初步会谈。
But early talks.
好吧。
Alright.
你总得从某个地方开始。
You gotta you gotta start somewhere.
早期会谈。
Early talks.
关于筹集数百亿美元甚至一千亿美元。
About raising tens of billions of dollars or even a 100,000,000,000.
几个月前，这家公司的估值为5000亿美元。
The company was last valued at 500,000,000,000 a few months ago.
泰·金补充说，公开市场正在打压OpenAI的股票，而那些能接触到OpenAI内部数据和指标的私人投资者却在大量涌入——两者不可能都对。
Tae Kim chimes in, says public markets are crushing OpenAI exposed stocks, while private investors with visibility into OpenAI's metrics and internal numbers dot dot dot Are piling in essentially Both can't be right.
我信任凯蒂·鲁夫的报道。
I trust Katie Roof reporting.
所以他是说这对OpenAI是看涨的？
So he's saying that it's bullish for OpenAI?
他的观点就是这个吗？
That's his take from this?
这就是
That's what's
是的，也许部分公众市场被高估了。
Yeah, maybe some of the the publics have been oversold.
话虽如此，我很想知道这一轮融资如何进行。
That said, yeah, I'll be interested to see how this round comes together.
再说一遍，我认为现在是融资的好时机。
Again, remember, it's I think it's a good time to be fundraising.
如果你需要数百亿美元，而华纳兄弟最终选择了Netflix，对吧？
If you need tens of billions of dollars if this, if Warner Brothers ends up going with Netflix, right?
你正在筹集数百亿美元。
You're raising tens of billions of dollars.
而且你不是从像超大规模云服务商这样的战略投资者那里筹集资金。
And you're not doing it from strategics like the hyperscalers.
这几乎必须依靠主权财富基金。
It pretty much has to be sovereign wealth
如果他们放弃华纳兄弟，那他们口袋里剩下的零钱也足够随手扔给OpenAI了。
If if they pass on Warner Brothers, they have they have they have loose change in the couch cushions to to toss OpenAI's way
他们可以收取
and they can collect
高达一百亿美元的支票。
to the tune of $10,000,000,000 checks potentially.
我的意思是，感觉OpenAI正处于某种低谷期，似乎正从幻灭低谷走向生产力 plateau。
I mean, does feel like OpenAI is at a bit of a it feels like the it feels like the vibes around OpenAI, trough of disillusionment potentially going into plateau productivity.
感觉他们正在扭转局面。
It feels like they're turning it around.
感觉新的模型和产品
It feels like the new models and the products
我知道。
are I know.
我没怎么看到有人说我喜欢5.2。
Haven't I haven't seen many people say I love five point two.
但另一方面，在现实世界中，显然你可以问问人们在用什么AI应用。
But then again, out outside in the real world, clearly, you know, ask people what AI app they're using.
这会给你提供大量信号。
And that'll give you a lot of signal.
我觉得这感觉就像，你知道的，好吧。
I thought this just feels like like, you know, okay.
也许我们还没到Baja Blast的地步，但我们知道每个Code Red之后都会跟着同等的
Maybe maybe we're not in Baja Blast territory, but we know that every code red is followed by an equal
成人模式。
Adult mode.
成人模式？
Adult mode?
它将在一月份上线。
It's coming in January.
是啊，也许吧。
Yeah, maybe.
但确实，很多负面情绪似乎已经逐渐消散了。
But but it it it it does it does seem like a lot of the a lot of the negativity has kind of worked its way through.
市场已经下跌。
The market's traded down.
也许并没有另一个类似的，但感觉我们正在触底。
There's maybe not another like it's like it feels like we're finding a bottom.
我们正在找到立足点，好吧，重新设定叙事，逐步重建。
We're finding like the footing of like, okay, reset the narratives, rebuild back up.
他们能跟上这波吗？
Like, can they catch up in this?
他们能跟上那波吗？
Can they catch up in that?
如果你看到几张不错的图表、几组增长图表，那你基本上就重回正轨了，而且Again，我仍然认为。
If you see a couple of good charts, couple of growth charts, then, you're sort of back in business because, And again, I still think
我仍然认为迪士尼这笔交易。
I still think the Disney deal
负面的就像我想说的，几个月前，这感觉就像安然公司。
negative is like, the point that I'm making is like is like a couple of months ago, it was like, it's Enron.
这会爆炸的。
It's gonna blow up.
这是一无所有的。
It's a zero.
这根本不会成功。
It's not gonna work at all.
但确实感觉我们在这一点上正在扭转局面。
And it does feel like we're turning the corner on that.
也许那些还在这么说的人，是因为他们还在这么说。
Maybe you did the people that that are still saying that because they're still saying it.
他们还在这么说。
They're still saying it.
这已经过时了。
Well, it just got old.
有趣的帖子。
Funny post.
是的。
Yeah.
他们说萨姆说：把这支笔卖给我。
They say Sam says, sell me this pen.
詹森说：我借钱给你买它。
Jensen says, I'll lend you the money to buy it.
华纳CEO大卫·扎斯洛和Netflix联合CEO格雷格·彼得斯与泰德·萨兰多斯在华纳兄弟片场。
Warner CEO David Zaslov and Netflix co CEOs Greg Peters and Ted Sarandos on the Warner Brothers lot.
他们拍了一张游戏日的照片。
They took game day photo.
他们故意走出去炫耀、摆架子，显然很清楚自己在做什么。
They went out deliberately to just strut and just flex, and they clearly knew what they were doing.
嘿。
Hey.
嗯，这是他们的新片场。
Well, this is their new lot.
视角。
Viewpoint.
你往这边看。
You look over here.
伙计们，我们能往这个方向看看吗？
Guys, can we look over this direction?
好的。
Okay.
嗯。
Yeah.
完美。
That's perfect.
咔嚓。
Snap.
咔嚓。
Snap.
咔嚓。
Snap.
他们知道自己在做什么。
They know what they're doing.
任何敌对的提议都无法离间我们。
No hostile offer can get between us.
我们是兄弟。
We're bros.
我们在一起闲逛。
We're hanging out.
这是一种力量的体现。
This is a sign of strength.
太阳出来了。
Sun's out.
这里有棕榈树。
There's palm trees.
是的。
Yeah.
这是他们在传递信号，发出信号。
This is this is them sending the signal, sending sending a signal.
嘿。
Hey.
我们很高兴能一起合作。
We're excited to work together.
我们很高兴能建立合作关系并协作。
We're excited to be in partnership collaborating.
有一个人引用了这句话，并对此感到不满。
There was one person who quoted this and was unhappy about it.
在哪
Where
他们说他们穿得不够得体。
is They were saying that they weren't well dressed.
嗯。
Yeah.
他们说他们穿得不够得体，而他则说：‘我其实也差不多。’
They were saying that they weren't well dressed, and and he was like, I'm I'm kind of in that boat.
这并不是
It's not it's not
他们只是随手披上了一件西装外套。
that They threw on a blaze they threw on their their fucking blazers.
给他们一点宽容吧。
Give give them a break.
好莱坞高管的这种风格，已经逐渐成为常态。
Hollywood executive style that's sort of, like, become the norm.
但这对那些可能更偏向科技背景的人来说，也是一个很好的开始着装得体的方式。
But this is also a good way for for people that are maybe more on the tech side Sure.
开始打扮得更正式一些。
To start dressing up.
你不必直接从牛仔裤跳到西装。
You don't have to go from jeans straight into a suit.
嗯。
Mhmm.
你可以加一件西装外套。
You can throw on a blazer.
嗯。
Mhmm.
对吧？
Right?
值得考虑一下。
Something to consider.
马特·莱文回来了。
Matt Levine is back.
嗯。
Yeah.
他说回来了。
He says back.
他说，我错过了在纽约的圣诞前夜、新年和独立日假期，因为那时的通讯简报比这个小得多。
Says I miss Christmas Eve in New York New Year's and the fourth of July holidays for newsletters a lot smaller than this.
对于通讯简报作者来说，这就是最好的状态了。
This is as good as it gets for newsletter writers.
他说，华纳不信任派拉蒙，可撤销信托、ESG相关信件、IPO锁定期、命运，以及假期期间的交易。
Well, he says Warner doesn't trust Paramount, revocable trust, ESG side let letters, IPO lockups, destiny, and doing deals over the holidays.
嗯。
Mhmm.
信托。
Trust.
如果你是个普通人，你的大部分财富很可能以你自己的名义持有。
If you're a normal person, most of your wealth is probably in your own name.
但如果你是世界上最富有的人之一，你的遗产和税务规划可能会复杂得多，这意味着你的大部分财富可能以信托形式存在——这是你的律师为你设立的、用于代持资产的法律安排。
But if you're one of the richest people in the world, you probably have a lot more complicated estate and tax planning, which probably means that a lot of your wealth is in trust, legal arrangements that your lawyer set up to hold assets for you.
最简单的情况是，你可能有一个可撤销信托，其中你的资产在法律上属于信托，但你对信托资产、投资决策、受益人等拥有控制权。
Most simply, you might have a revocable trust where your assets technically belong to the trust, but you have control over the trust assets, investment decisions, beneficiaries, etcetera.
这在遗产规划中很有用，但就大多数目的而言，通过可撤销信托持有资产几乎等同于你自己持有。
This can be useful for estate planning, but for most purposes owning assets in a revocable trust is pretty much like owning them yourself.
我经常说马克·扎克伯格拥有大量Meta股票，或埃隆拥有大量特斯拉股票，尽管这些说法并不完全准确。
I regularly say that Mark Zuckerberg, Mark Zuck owns a lot of shares of Meta or that Elon owns a lot of shares of Tesla even though neither statement is exactly true.
他们的信托持有这些股票。
Their trusts own the shares.
但就大多数实际用途而言，你可以认为它们是他们拥有的。
But for most practical purposes, you can think of they own them.
这会带来一个小小的、愚蠢的问题。
This creates, I suppose, a small dumb problem.
假设你建造大型游艇，马克·扎克伯格来找你，要求购买一艘十亿美元的游艇。
Let's say you build big yachts and Mark Zuckerberg comes to you and asks asks to buy a billion dollar yacht.
自然，他会在游艇完工后向你支付十亿美元。
Naturally, he will pay you the billion dollars on completion of the yacht.
你可能会问他：你有一十亿美元吗？
You might ask him, well, do you have a billion dollars?
他可能会说：没有。
And he might say, no.
实际上，我没有。
Actually, I don't.
但马克·扎克伯格的信托基金持有价值数十亿的Meta股票，而我控制着这些资产，所以我没问题。
But the Mark Zuckerberg trust owns like a bajillion dollars worth of meta stock, and I control that, so I'm good.
你觉得这很有说服力，于是你拿出了游艇销售合同。
You find that persuasive, so you pull up the yacht sale contract.
你把谁列为买方？
Who do you put in as the buyer?
如果你写马克·扎克伯格，他根本没有钱。
If you put Mark Zuckerberg, he has no money.
如果你写马克·扎克伯格信托基金，那它现在资金充足。
If you put the Mark Zuckerberg trust, it has plenty of money now.
但如果这是一个可撤销的信托，他随时都可以把所有资金和股份取走。
But if it is a revocable trust, he can just take all the money shares out whenever he wants.
这是可撤销的。
It's revocable.
嗯。
Mhmm.
如果他改变主意不想买游艇了，他可以把信托里的钱全部清空。
If he changes his mind about the yacht, he can clean out the trust.
你会把账单发给信托，但信托里将没有钱，而你就会被那艘游艇困住。
You'll send the bill to the trust, but the trust will have no money and you'll be stuck with the yacht.
被一艘十亿美元的游艇困住，也并不是太糟糕的情况。
Not that bad of a situation to be stuck with a billion dollar yacht.
但如果你是
But if you're
在过程中
in the midst
在出售它们的过程中，你当然希望能够顺利完成交易。
of selling them, you certainly wanna be able to complete the transaction.
我明白你的意思。
I get the I get the point.
这非常
This is very
有趣。
interesting.
老实说，这个问题很容易解决。
Honestly, is a pretty easy problem to solve.
你在合同中加上马克·扎克伯格。
You put Mark Zuckerberg in the contract.
他并不直接拥有这些资产，但他控制着信托。
He doesn't own the assets directly, but he controls the trust.
所以如果他欠你十亿美元，你可以让他从信托中把钱取出来。
So if he owes you a billion dollars, you can make make him take it out of the trust.
但也许你会搞混，或者他也会搞混，结果你签了一份与信托相关的合同。
But maybe you'll get confused or he'll get confused and you'll end up signing a contract with the trust.
然后，如果他改变主意，他可以把信托资金清零，让你血本无归。
Then if he changes his mind, he can zero out the trust and stiff you.
我无法想象这种情况在游艇制造商或其他任何人身上经常发生。
I cannot imagine that this comes up a lot with yacht builders or anyone else.
埃隆·马斯克曾经签署过一份以440亿美元收购推特的合同，但后来反悔，试图退出交易。
Elon Musk once did sign a contract to buy Twitter for 44,000,000,000, then changed his mind and tried to get out of it.
尽管他的财富主要存在于信托中，但在整个诉讼过程中，没有人对此感到困扰。
The fact that his wealth is mostly in a trust did not, at any stage of the proceedings, trouble anyone.
他以个人名义签署了股权承诺，所有人都明白，如果他被起诉并败诉，必要时他必须用信托资金支付。
He had signed his equity commitment in his own name, and everyone understood that if he was sued and lost, he'd have to pay with his trust money if necessary.
推特确实起诉了他，而他也确实支付了款项。
And Twitter did sue him and he did pay.
没问题。
Fine.
好吧。
Fine.
好吧。
Fine.
另一方面，派拉蒙正试图收购华纳兄弟探索公司，破坏华纳将其出售给Netflix的交易，而派拉蒙根本没有足够的资金来支付华纳的收购款。
On the other hand, Paramount is trying to buy Warner Brothers Discovery, breaking up Warner's deal to sell itself to Netflix Inc, and Paramount does not have nearly enough money to pay for Warner.
相反，这笔收购资金的很大一部分来自派拉蒙首席执行官的父亲拉里·埃里森。
Instead, much of the money behind the bid comes from Paramount chief executive officer's dad, Larry Ellison.
截至本文撰写时，这笔资金实际上来自他的信托基金，而他本人是世界第五大富豪。
As of this writing, the fifth richest person in the world or the rather it comes from his trust.
这将成为并购史上最大的骗局之一。
And this would be one of the greatest tricks in the history of mergers and acquisitions.
一个主要的障碍是华纳兄弟对派拉蒙提出的融资方案的担忧，该方案由大卫·埃里森主导。
One major sticking point is Warner Brothers, Brothers concern about the financing proposed by Paramount, which is led by David Ellison.
股权的很大一部分由信托提供担保，该信托管理着其父亲拉里·埃里森的财富。
A big part of the equity is backstopped by a trust that manages the wealth of his father, Larry Ellison.
由于这是一个可撤销信托，资产可以随时被取出，如果发生这种情况，华纳兄弟可能没有任何追索权，人们表示。
Because it's a revocable trust, assets can be taken out of it at any time, and Warner Brothers may have no recourse if that happens, the people said.
马特说，当然。
Matt says, sure.
这里的风险是，华纳放弃与奈飞的交易，支付28亿美元的分手费，然后签署一项协议，以约1084亿美元现金将自己出售给派拉蒙。
The risk here is Warner throws over Netflix, pays at a 2,800,000,000 breakup fee, and signs a deal to sell itself to Paramount for something like a 108,400,000,000.0 in cash.
由于某种原因，市场状况变化、监管困难，以及埃里森家族或其联合投资者改变主意，埃里森家族决定不再完成这笔交易。
For some reason, changing market conditions, regulatory difficulties, and a a change of heart by the Ellisons or a change of heart by their co investors, the Ellisons decide they don't want to close the deal.
在安静的家中，没有向华纳透露任何消息，拉里·埃里森悄悄地将他名下的所有股票从信托中撤出，使信托变得空空如也。
Quietly, in the comfort of his own home, without saying anything to Warner, Larry Ellison takes all of his stock out of the trust, leaving it empty.
Yoink，他低声对自己说。
Yoink, he whispers to himself.
哎呀。
Oops.
没关系，派拉蒙告诉华纳。
Never mind, Paramount tells Warner.
华纳起诉派拉蒙，要求强制履行合同，令其支付1084亿美元并完成交易。
Warner sues Paramount for specific performance seeking to make it pay a 108,400,000,000.0 and close the deal.
哈哈哈，我们哪有这么多钱，派拉蒙表示，其市值约为150亿美元，现金约30亿美元。
LOL, we don't have that kind of money says Paramount, which has a market capitalization of about 15,000,000,000 and about 3,000,000,000 of cash.
我们签约时，就知道这笔钱来自埃里森信托。
When we signed the deal, you knew that the money was coming from the Ellison Trust.
于是华纳起诉埃里森信托，要求强制履行合同，令其支付1080亿美元并完成交易。
So Warner sues the Ellison Trust for specific performance seeking to make it pay a 108,000,000,000 and close the deal.
哈哈哈，我们哪有这么多钱，埃里森信托表示。
LOL, we don't have that kind of money, says the Ellison Trust.
我们是有的，当然，但信托已经被撤销了。
We did, sure, but the trust got revoked.
Yoink，这次拉里·埃里森更大声地补充道。
Yoink, adds Larry Ellison more loudly this time.
于是华纳起诉拉里·埃里森，要求他支付这笔钱。
So Warner sues Larry Ellison for the money.
他说，谁？
He says, who?
我？
Me?
拉里·埃里森说。
Says Larry Ellison.
我和你没有任何协议。
You have no deal with me.
我根本不知道你在说什么。
I didn't even know what you're talking about.
这跟我没关系。
This is not my problem.
我觉得这不太可能，显然对派拉蒙和埃里森家族也不利，但我认为这并非完全不可能，而且确实是个挺有趣的把戏。
This does not strike me as especially likely and it would obviously be bad for Paramount and the Ellison's, but I suppose it is possible and it would be a pretty fun trick.
今天，华纳正式拒绝了派拉蒙的收购要约，建议股东不要在派拉蒙的要约收购中出售股票。
Today, Warner officially rejected Paramount's bid advising shareholders not to sell their shares in Paramount's tender offer.
派拉蒙自己的要约指出，埃里森的股权承诺和担保将来自劳伦斯·埃里森可撤销信托，而非拉里·埃里森本人。
Paramount's own tender offer says that Ellison equity commitment and guarantee will be from the Lawrence Ellison revocable trust, not from Larry Ellison himself.
该要约指出，该信托资金雄厚。
The offer points out that the trust is rich.
埃里森信托的财务资源远超其在股权承诺函下所需履行的财务义务，包括众多其他可用资产和财务资源。
The Ellison trust has financial resources well in excess of what would be required to meet its financial obligations under the equity commitment letter, including many other assets and financial resources available to it.
约11.6亿美元的记录和实益所有权。哇。
Record and beneficial ownership of approximately 1,160,000,000.00 Wow.
截至本收购要约日期，甲骨文股票的市场价值约为2520亿美元。
Shares of Oracle stock with a market value of approximately 252,000,000,000 as of the date of this offer to purchase.
但正如其名称所示，这是可撤销的。
But as the name says, it's revocable.
这看起来很容易解决。
This seems extremely fixable.
让拉里·埃里森本人签署这些承诺了吗？
Have Larry Ellison signed the commitments personally?
嗯。
Yep.
威廉·科汉报道称，整个情况就像夜间的列车擦肩而过，埃里森家族认为他们仍可能被起诉要求强制履行交易。
William Cohan reports that the whole situation is trains passing in the night and quote, the Ellisons believe they can still be sued for specific performance to fund the deal.
他引述一位了解他们想法的人说，这笔交易没有融资条件，派拉蒙和埃里森/红鸟以及我们的贷款方在法律上都有义务完成交易，无论派拉蒙未来的财务或业务表现如何。
He quotes a person familiar with their thinking saying that there is no financing condition in the deal and Paramount and the Ellison slash Redbird along with our lenders are legally obligated to close regardless of future financial or business performance of Paramount.
这种说法在并购文件中并非不可能表达，但到目前为止，他们显然还没有这样做。
That is not an impossible thought to convey in a merge in merger papers and yet so far they apparently haven't.
真正的诀窍显然是设立一个可撤销信托，并把它命名为不可撤销信托。
The the real trick is obviously create a revocable trust and name it the irrevocable trust.
可以
Can
你真的能这么做吗？
you just do that?
一个简单的把戏。
One simple trick.
一个简单的技巧。
One simple trick.
黑人律师讨厌这个简单的技巧。
Ebony lawyers hate this one simple trick.
嗯。
Yeah.
我在想，这是否很常见。
I I am wondering like if this is very common.
嗯。
Yeah.
我的意思是，马特·莱文谈过这个，但为什么埃隆在收购推特时没有这么做？
I mean, Matt Levine talks about this, but, why did Elon not do this during the Twitter buyout?
这是个好问题。
That is a good question.
因为据说埃隆是以个人名义签署了合同，在
Because it says Elon did sign the contract in his name In
他自己的名字。
his own name.
他本可以直接把合同签给信托，然后想退出时随时可以撤回。
Which he could have just done to the trust, and then it he could have backed out when he wanted to.
我的意思是，有一件事是，感觉埃隆就是随便开支票，完全就是那种：嗯，没问题。
Well, I mean, one thing is, like, it feels like Elon, like, just rips checks and is was very much just like, yeah.
我肯定能兑现。
I'm good for it.
我全力以赴。
I'm going for it.
我根本不想玩这个游戏。
I don't wanna play this game at all.
因为我是全身心投入的。
Like, I because I'm all in.
你拥有的是埃隆·马斯克银行的充分信用。
You have the full faith and credit of the Bank of Elon Musk, essentially.
我们讨论过，当你对一家大公司提出报价时，存在交易完成的预期价值。
We talked about with, that when you make an offer for a big company, there's, the expected value of the close.
而提到我们有这个后盾，可以提高交易完成的概率，即融资条件得以满足。
And saying, hey, we have this backstop is something that increases the probability that you close, that the financing condition is met.
但如果说我们通过信托或可撤销信托来操作，这会略微降低这种概率。
But then saying, okay, we're doing it in a trust or a revocable trust takes that down a little bit.
但同样，也存在一种情况：所有不同的资本提供方都已就位，你根本不需要讨论可撤销或不可撤销信托，因为你根本不会走到那一步，因为所有基金都在争相入场。
But again, there's a world where all of the different capital providers lined up, and you're not even talking about trust revocable or irrevocable because you never get there because all the different funds are jumping.
我想参与进来。
I want to get in.
我必须拿到我的股份。
I have to get my stake.
我想要这10%的股份。
I want 10% of this.
这是100亿美元。
Here's 10,000,000,000.
我准备好了，随时可以开始。
I'm ready to I'm ready to go.
你根本不在乎回售保障，也不在乎信托，因为所有人都在排队。
You don't even care about the backstop or you don't care about the trust because everyone's lining up.
他们可能处于这种情境下的唯一原因，是感觉华纳兄弟确实对派拉蒙交易进行了尽职调查，最终评估后说：‘哦，我们听说了，你提到杰瑞德·库什纳参与了。’
The only reason that maybe they're in this scenario is because it feels like Warner Brothers did actually sort of kick the tires on the Paramount deal and get to the end state of evaluating it and saying, oh, well, like, we've heard you know, you you mentioned Jared Kushner's in.
比如，Affinity Partners 真的入局了吗？
Like, is Affinity Partners really in?
当他们追问时，Affinity Partners 似乎可能退出了。
And when they push them, Affinity Partners just seemed like they might be out.
我不清楚。
I don't know.
我不确切知道发生了什么。
I don't know exactly what happened.
但有很多利益相关方加入了进来。
But there's a variety of stakeholders that came in.
而且这不仅仅是简单的支持或反对。
And the level of it's not just that they were thumbs up, thumbs down.
有些人说他们支持，结果却变成了反对。
There were some that were that people said that they were thumbs up, they wound up being thumbs down.
有些情况是他们原本在这里，最后却到了那里，取决于很多不同的人，就像任何一轮融资的组建过程一样。
Some of them were here and they wound up being there, a little bit edgy depending on a lot of different folks where it's like putting together any other financing round.
理想情况下，每个投资种子轮或A轮公司的投资者都会说：无论轮内还有谁，我都没问题。
Ideally, every investor that goes into a seed stage company or Series A company is like, yes, I'm good regardless of who else is in the round.
偶尔你会遇到一些风投说：是的，我会签意向书，但意向书没有约束力，我们得看看这轮融资最终能否成行。
Every once in a while you get VCs who say, yeah, I'll sign a term sheet, but term sheets are non binding and we'll see how the round pencils out.
我会暂时保留我的签名。
I'll sit on this signature.
我不会签这个。
I'm not going to sign this.
我不会打款。
I'm not going to wire.
或者他们会口头承诺，以为红杉会进来。
Or they would give a verbal and thinking that Sequoia is gonna come in.
没错。
Yep.
红杉不会。
Sequoia doesn't.
是的。
Yeah.
然后他们就说，哦
And then they're like, oh
或者反过来。
Or vice versa.
没错。
Yep.
他们给出了口头承诺。
They give the they give the verbal.
他们把它搁置了。
They sit on it.
他们没有进行资金投入。
They're not wiring.
他们可能只是往后靠了靠。
They're maybe leaning back.
然后红杉资本来了，或者创始人本人、安德森来了，或者其他人来了。
And then Sequoia comes in or founder's founder, Andreessen, or someone comes in.
然后他们说：等等，等等，等等。
And then they're like, wait, wait, wait.
你之前说，我可以用十万美元获得这家公司2%的股份。
You said that I could get 2% of this company for 100 k.
把我的条款给我。
Like, give me my terms.
而你却说：你没签那份文件。
And you're like, you didn't sign that doc.
你当时明显在往后退。
You were very much leaning out.
我经历过那种情况。
I've been in that situation.
华尔街提前感受到预计将成为IPO热潮的一年。
Wall Street gets early taste of hot year expected for IPOs.
一家名为Medline的公司股票开始交易，这是自2021年以来规模最大的新股上市。
Shares of a company called Medline began trading in the biggest new stock listing since 2021.
在市场经历四年的波动之后，华尔街正瞥见美国可能迎来有史以来最大的IPO年份。你甚至都没让我把数字说出来。
Wall Street is getting a glimpse of what could be the biggest year ever for IPOs in The US After four years of choppiness in the market You didn't even let me get to the number.
这家医疗用品公司在其股票发行中筹集了63亿美元。
The medical supply company raised $6,300,000,000 in its stock offering.
该股票收盘价为每股41美元，是一次规模巨大的发行。
The stock closed at $41 a share, massive offering.
这实际上是自2020年Rivian以来最大的IPO。首席执行官吉姆·布瓦尔说：‘我们是规模最大的、但没人听说过的公司。'
It's the biggest IPO since Rivian, actually, in 2020 We're the largest company no one's ever heard of, said the chief executive, Jim Boyle.
因此，这次发行可能为一些备受期待的IPO铺平道路，包括火箭制造商SpaceX、人工智能公司Anthropic以及抵押贷款巨头房利美和房地美，这些公司都在考虑于2026年上市。
So the offering could help set the stage for some of the most highly anticipated IPOs, with rocket maker SpaceX, AI company Anthropic, and mortgage giants Fannie Mae and Freddie Mac among the companies looking at listings in 2026.
OpenAI也被传闻将上市。
OpenAI also rumored.
还有几家其他公司可能也会上市。
There's a couple other companies that might go out.
有好几家科技明星公司，相比之下看起来还像婴儿一样。
There's a bunch of tech darlings that are look kind of like infants in comparison to to
但它们的成熟度可能已经足以上市了。
But still might be at a level of maturity to go out.
非常引人注目。
Very notable.
是的。
Yeah.
就像那些规模接近Figma的公司。
Like companies that are basically at Figma scale.
当然。
Sure.
是的。
Yeah.
是的。
Yeah.
或者甚至更远。
Or or or even beyond.
长期以来，你知道，如果你是一家估值高达一百亿美元、数百亿美元的公司，也就是所谓的十角兽公司，只要它们没有陷入疯狂的研发周期，且核心财务状况已经运转良好，那么它们完全有资格上市。
For a long time, you know, if you're a $10,000,000,000 company in the tens of billions, the decacorns, the any decacorn should be comfortable going out potentially, as long as they're not in some crazy R and D cycle and they actually have the core financials humming at this point.
银行家表示，最近几周他们的团队一直在积极向企业推销担任其IPO主承销商的服务，市场活动明显回暖。
Bankers say their teams have been busy in recent weeks pitching companies to be lead advisor on their IPOs, marking a pickup in activity.
近年来，许多初创企业都避开了上市。
Many startups had eschewed going public in recent years.
美国银行美国科技股权资本市场主管玛格达莱娜·海因里希表示：‘我不确定这种说法现在还完全成立。’
I'm not sure that's entirely true anymore, said Magdalena Henrich, head of US Technology Equity Capital Markets at Bank of America.
今天我们通讯稿中回顾了一下模型大战。
In our newsletter today, we did a little review of the model wars.
真是不平凡的一年。
What a year.
仅就模型发布而言，8月7日，OpenAI发布了GPT-5。
Just in terms of model releases, August 7, OpenAI releases, GPT five.
9月29日，Anthropic发布了Claude Sonnet 4.5。
September 29, Anthropic releases Claude Sonnet 4.5.
第二天，OpenAI发布了Sora 2。
Then the day after, OpenAI releases Sora two.
同一天，Meta发布了Meta Ray-Ban智能眼镜。
The same day, Meta releases the Meta Ray Ban's displays.
11月3日，OpenAI和亚马逊宣布了一项价值380亿美元的合作；11月12日，OpenAI发布了5.1版本。
November 3, OpenAI and Amazon announced a partnership valued at $38,000,000,000 November 12, 5.1 drops from OpenAI.
没错。
Yep.
11月17日，xAI发布了Grok 4.1。
November 17, xAI releases Grok 4.1.
11月18日，谷歌发布了Gemini 3，反响巨大。
November 18, Google releases Gemini three, massive response to that.
难以置信，这竟然只是一个半月前的事。
It's crazy that that was just one month ago.
11月20日，Nano Banana Pro发布。
November 20, Nano Banana Pro comes out.
随后在11月24日，Anthropic发布了Claude Opus 4.5。
Then November 24, Anthropic releases Claude Opus 4.5.
我们和Sholto讨论了这件事。
We talked to Sholto about that.
然后在12月1日，DeepSeek发布了DeepSeek 3.2。
And then December 1, DeepSeek releases DeepSeek version 3.2.
当然，在年底之前，OpenAI不得不在12月11日推出GPT 5.2进行回应。
And, of course, before the end of the year, OpenAI had to fire back with GPT 5.2 on December 11.
展开剩余字幕（还有 360 条）
然后在12月17日，谷歌发布了Gemini 3 Flash。
And then December 17, Google releases Gemini three Flash.
另外，今天我认为OpenAI发布了5.2 Codecs。
Also, today, I think OpenAI released 5.2 Codecs.
所以，就是那种，你知道的，编码模型。
So, like, the, you know, coding models.
我觉得现在有一种说法，说AI已经停滞不前了。
I I think there's this whole narrative where like, oh, AI is stagnating.
是的。
Yeah.
但老兄，看看基准测试数据吧。
But it's like, bro, look at the benchmarks.
就像，它还在持续进步。
Like, it's like, it's on the trend.
看看基准测试。
Look at the benchmarks.
它们已经饱和了。
They're saturating.
曾经有一段时间，要在计算机上相乘两个非常非常大的数字，比如一千位数乘以一千位数，你需要更多的内存。
There was a moment where just multiplying two really, really big numbers together in a you know, on a computer, like, you needed more memory to do, like, you know, thousand digits times a thousand digits.
我们得给你弄一件超厚的冬衣，来度过这场AI寒冬，因为AI寒冬真的来了，老兄。
We need to get you a a massive winter coat to get through this AI winter because the AI winter is happening, dude.
我跟你说真的。
I'm telling you.
根本没有什么AI寒冬。
There's no AI winter.
确实有，我的意思是，现在是研究的时代。
There is there is a there's an I mean, it's the age of research.
明白吗？
Okay?
研究的时代？那得等到明年六月了。
The age of research is It's like June next year.
超穹顶里热死了。
It's hot in the Ultradome.
泰勒，别脱外套，伙计。
Tyler, just keep the coat on, buddy.
没结束前别脱下来。
You can't take it off till it's over.
没结束前。
Till it's over.
进展
The progress
很多人希望AI停滞不前。
is People want AI to stagnate so bad.
人们确实如此。
People They do.
太多人希望这样了。
So many people want that.
他们
They
确实。
do.
但事实并非如此。
And it's not happening, though.
模型实际上在变得越来越好。
It's, like, the models are getting better.
所有没有包袱的人都说它停滞了。
Everyone without bags is saying it's stagnating.
嗯
Well
不。
No.
不。
No.
因为那些人啊，就像我在视频里错过的那些人一样。
Because all those people Oh, are like I missed in video or whatever.
哦，知道吗？他们想，你觉得柯克帕特里克就像我在视频里错过了，所以我得去黑AI。
Oh, know, they want You think think Kirkpatrick's like I missed in video, so I gotta go trash AI.
而且我们可以都同意，泰勒，现在是研究的时代，但也是交易的时代。
And he's Well, think we can all agree, Tyler, that it's the age of research, but it's also the age of deals.
好的。
Okay.
得聊聊，我们开始吧。
Gotta talk about Let's go.
我们得聊聊特朗普媒体与科技。
We gotta talk about Trump media and technology.
今天早上我醒来时，很多做心理健康播客的人说，看看你的手机，五秒内就拿起来，没错。
This morning, I woke up and a lot of people that do like mental health podcasts, they say, look at your phone within five seconds Yeah.
睁开眼睛。
Opening your eyes.
是的。
Yeah.
只是
Just
立刻连接到互联网，开始沉浸在你过去八小时可能收到的所有通知中。
immediately connect with the Internet and just sort of start kinda marinating in in all the notifications that you maybe got over the last eight hours.
是的。
Yeah.
我今天早上就是这样做的。
That's what I did this morning.
我睁开眼睛。
I I I opened my eyes.
我立刻拿起手机。
I immediately grabbed my phone.
我看到了这条推送通知。
I see this push notification.
我认为这是来自彭博社的消息，真理社交的母公司将以60亿美元的交易与核聚变公司合并。
I think it was from Bloomberg that Truth Social Parent to merge with nuclear fusion firm in a $6,000,000,000 deal.
我当时以为自己还在做梦，因为这听起来太疯狂了。
And I thought I was dreaming still because it just seemed insane.
特朗普今年在并购方面非常活跃。
Trump's been so active this year on the on the deal making side.
谁能想到他今年还会再做一笔数十亿美元的交易呢？
Who would have thought he had another multibillion dollar deal to do this year?
当然，特朗普媒体与科技集团——这家由总统部分拥有的社交媒体和加密货币公司——表示将开发一座大规模核聚变发电厂。
So of course, Trump Media and Technology Group, the social media and crypto company, part owned by president Trump said it would develop a utility scale fusion power plant.
总统特朗普的社交媒体公司，最近已扩展至流媒体和加密货币领域，如今正进入它的第四幕。
President Trump's social media company, which recently expanded into streaming and cryptocurrency, is now entering its fourth act.
核聚变能源。
Fusion power.
嗯。
Mhmm.
有前景但尚未被证实的替代能源。
Promising but still unproven source of alternative energy.
DJT和Tay科技周四表示，双方已达成全股票合并协议，该公司估值超过60亿美元。
DJT and Tay Technologies have said Thursday they had agreed to an all stock merger that the company's valued at more than 6,000,000,000.
这笔交易将使特朗普媒体实现蜕变。特朗普媒体是Truth Social的母公司，长期亏损，其社交媒体平台一直难以在主流市场获得份额，仅作为总统特朗普的主要线上扩音器。
The deal would be a metamorphosis for Trump Media, the money losing parent company of True Social, a social media platform that has struggled to gain market share beyond serving as the main online megaphone for president Trump.
特朗普先生。
Mr.
特朗普是该公司最大的股东，其持有的大量股份价值超过10亿美元，这些股份由信托持有，而该信托的管理人正是唐纳德·小特朗普——他同时也是特朗普媒体的董事会成员。
Trump is the company's largest shareholder with a large stake worth more than 1,000,000,000 that is held in a trust where trusts trust maxing of course, managed by Don Junior who is a Trump media board member.
这家总部位于佛罗里达州萨拉索塔的公司仅有数十名全职员工，近年来已累计亏损数千万美元。
The company based in Sarasota, Florida has only a few dozen full time employees and has recorded tens of millions of losses in recent years.
根据公告，与Tay的合并将催生全球首批公开上市的核聚变公司之一。
The merger with Tay would create one of the first publicly traded nuclear fusion companies according to the release.
你知道吗？人们肯定会说闲话，比如：一个社交媒体公司为什么要建造能源资产？
You know, people are gonna talk trash about like, oh, what is a what is a social network doing building energy assets?
但你看看亚马逊在为AWS建造大型数据中心时的做法。
But you look at what Amazon's doing building massive data centers where for AWS.
亚马逊拥有Twitch。
Amazon owns Twitch.
那是一个社交网络。
That's a social network.
亚马逊还拥有什么？
What else does Amazon own?
嗯，它们在数据中心配备了柴油发电机作为备用电源。
Well, they own some diesel generators for backup power at the data centers.
核聚变，理论上更清洁。
Fusion, theoretically cleaner.
谁能想到，硅谷的科技公司们还在使用柴油，而这位巨头却用清洁能源为他的社交网络供电。
Who would have thought that out of the Silicon Valley tech people, they would be using diesel while the big guy is is using clean energy to power his social network.
令人着迷。
Fascinating.
太有趣了。
Fascinating.
东西。
Stuff.
Truth Social 也开始进入预测市场领域。
Truth Social's also getting into the prediction market game
不可能。
No way.
在应用中推出原生的预测市场功能。
Launching a native prediction market feature in the app.
他们竟然不觉得奇怪，他们还在想知道会不会
It's crazy that they're not They wonder if they'll
像预测那样进行交易
be like predict would have Trade on what
因为你可以
because you can
交易特朗普下一条帖子的内容。
Trade on the content of Trump's next post.
嗯。
Mhmm.
我很感兴趣，看看嗯。
I am interested to see how Mhmm.
未来的总统们会如何处理商业。
The, you know, future presidents approach business.
对吧？
Right?
那个拥有花生农场的人是谁？
Who was the guy with the peanut farm?
吉米·卡特。
Jimmy Carter.
他因为自己的花生农场而陷入了一些麻烦。
He got into a little hot water because of his peanut farm.
我认为他并没有完全撤资。
I think he didn't fully divest.
不，他确实撤资了。
No, he did divest.
但他还是惹上了麻烦？
But he still got in hot water?
没有。
No.
这真的很惊人，因为花生农场规模很小，在美国经济中微不足道，甚至在他的个人资产负债表上也无足轻重。
It was it's just remarkable because the peanut farm was so small and so insignificant in The U.
美国。
S.
经济，甚至在他的个人资产负债表上都微不足道。
Economy and even in his personal balance sheet.
但他却说：看，我不想让人觉得有任何不当行为，所以我决定撤资，即使只是和一个小小的花生农场有关联，这样也没人能说我是被大花生或小花生收买了。
But the fact that he was saying, look, I don't want any idea of impropriety, so I'm going to divest from a small peanut farm that I'm, like, associated with so that no one can say that I'm in the pocket of big peanut or I'm pro Little peanut.
或者小花生。
Or little peanut.
所以吉米·卡特出售花生农场这一事实，他并没有涉足石油、铁路大亨或银行业，没有任何重大利益冲突，而且他还进一步减少了潜在冲突。
And so the fact that the the fact that Jimmy Carter, divested from the peanut farm, he was not he was not, you know, in big oil or a railroad baron or associated with banking.
他几乎没有任何利益冲突，并且还将这种冲突进一步降低。
He had he had very little conflict of interest, and he reduced it even further.
这一直被视为伟大人物的标志。
That's always been a sign of, like, the what what great looks like.
特朗普长期以来一直以创始人的身份行事，不断受到那些并未真正身处商界之人的批评。
Trump has been in founder mode for a long time, getting all kinds of criticism about the business from people who aren't actually in the arena.
这太疯狂了，他在成为成功科技创始人方面的成就。
We I it it is it is crazy the degree to which he is a successful technology founder.
人们可以对这位总统有各种意见，但他们无法否认，也无法一本正经地说他不是一位科技
People can take have their issues with the the president, but they cannot deny that they cannot say with a straight face that he is not a technology
创办了一家独角兽科技公司。
founded a unicorn tech company.
他从未将任何社交媒体应用上市。
He's never taken a social media app public.
你不能这么说。
You can't say that.
你不能这么说。
You can't say that.
他从未与一家由雪佛龙支持的核聚变公司合并。
He's never merged with a a nuclear fusion, you know, company backed by Chevron
你
You
不能说
can't say
。
that.
谷歌和高盛。
Google and Goldman Sachs.
到目前为止，已有近一万亿美元投资于人工智能，而这可能只是开始。
Almost $1,000,000,000,000 has been invested into AI so far, and that may just be the start.
看看这张图表，这是一种有趣的方式来可视化资金流动，因为我们看到的是这些时间节点：这里有一笔一百亿美元的交易，那里又有一笔一千亿美元的交易。
Look at this graph or this this is an interesting way to to visualize the flow of money because we see it as these, like, moments in time, a $10,000,000,000 deal here, a $100,000,000,000 deal deal deal there.
这展示了随着时间推移的投资情况，你可以看到英伟达的资金流向亚马逊，以及所有其他不同的公司。
This is showing, the investment over time, and you can see, you know, NVIDIA flowing to Amazon and, all the different companies.
OpenAI在哪里？
Where's OpenAI?
OpenAI只是在四处流动。
OpenAI is just flowing around.
这只是一个很酷的小数据可视化，你知道的。
It's just a just a cool little, like, you know, data visualization.
我觉得看这个挺有趣的。
I I thought this was this was fun to look at.
我迫不及待想看到这个AI泡沫破裂，这样我们就能像互联网在互联网泡沫破裂后完全消失一样，回归正常。
Can't wait for this AI bubble to pop so we can all go back to normal just like how the Internet completely disappeared after the .com bubble popped.
这是对人工智能的又一个乐观观点。
It's another bullish take for AI.
它不会消失。
It's not going anywhere.
是的。
Yeah.
你同意吗？
You agree?
这是个很好的观点。
It's a great take.
这确实是个很好的观点。
It is a great take.
有18000人认为这是个很好的观点。
And 18,000 people agree it's a great take.
我也觉得这是个很好的观点。
I also think it's a great take.
这看起来不像快速起飞的构建，更像是互联网式的构建，属于缓慢起飞。
This doesn't seem so fast takeoff build, more Internet build, which is slow takeoff.
互联网的发展是缓慢起飞的。
The Internet has slow takeoff.
每个人都以为互联网会成为超级高速公路。
Everyone thought it was gonna be the Internet is the superhighway.
它将会带来千倍的增长，雅虎的价值将达到一万亿美元，你知道的。
It's gonna be, you know, a thousand x growth that Yahoo's gonna be worth a trillion dollars, like, you know.
但后来，它逐渐稳定下来了。
And then, you know, it kinda settled in.
花了一段时间才找到应用场景和价值。
It took a while for things to to to find use cases, find value.
但最终它确实改变了 everything。
But eventually it did transform everything.
但这一点
But this
时间是
time it's
我的意思是，是的，这次不一样。
I mean, yeah, this time it's different.
没错。
Exactly.
对吧？
Right?
因为这次我们有了互联网，所以分发速度快得多。
Well, because this time we have the Internet, so it's way faster to do distribution.
是的。
Yes.
我不想说，你甚至都没出生
I don't wanna I don't you weren't even alive
在
in
在那里，泰勒。
there, Tyler.
我甚至不想，别
I don't even wanna don't
当你还在摇篮里时，我已经在数据中心部署服务器了。
I was racking servers in a data center while you were in the cradle.
更重要的是，这位中国主播把Apple Vision Pro的重量减半了，哇哦。
More importantly, this Chinese streamer cut the Apple Vision Pro's weight in half Woah.
是一个
Is an
外星子弹。
alien bullet.
这太聪明了。
That's genius.
这，这就是创新。
I this is this is innovation.
这真是疯狂的创新。
This is crazy innovation.
哇。
Wow.
想象一下走进办公室，那里每个人都被气球困住了。
Imagine walking into an office and every person there is just locked in with a balloon.
这比简单地把大屏幕戴在脸上还要赛博朋克。
This is somehow more cyberpunk than just the default, put the big screen on your face.
我喜欢这个。
I like this.
人们说中国人只会抄袭，不能发明新东西。
And people say the Chinese can only copy and they can't invent new stuff.
这不对。
That's not true.
不对。
Not true.
如果你是个被编码的课堂小丑，而我确实就是这样的，想象一下你手里拿着一根小针在办公室里走来走去。
If you're a class clown coded, which I certainly am, imagine walking around the office and just with a little needle.
不。
No.
不。
No.
不。
No.
不。
No.
不。
No.
不。
No.
我认为
I think
这实际上并不会
This doesn't actually it's not gonna
伤害他们。
hurt them.
它仍然
It's still
绑在他们的头上。
strapped to their head.
但你戳破了他们的气球，然后他们得去弄更多的氦气，而氦气是一种稀缺资源。
But you're popping their balloon, then they have to go get more helium, and helium is a scarce resource.
我希望这家伙能造一个个人飞艇。
I want this guy to make a personal blimp.
这就像是一个可以穿戴的装置，只要足够
It's just like a a harness you can put on with enough
是的。
Yeah.
用氦气把你托起来。
Helium to just take you up.
对。
Yeah.
我觉得《流言终结者》做过这个。
I think the Mythbusters did that.
对。
Yeah.
你只要弄一堆气球就行。
You just get a bunch of balloons.
对。
Yeah.
然后它成功了吗？
And and it worked?
他们这么做了，然后跳伞下来，那会很酷。
Did they doing that and then skydiving down would would be would be pretty cool.
嗯。
Mhmm.
你该在寒假期间好好研究一下。
You should work on that over over the over the winter break.
哦，这太搞笑了。
Oh, this is so so funny.
大新闻。
Big news.
一大堆阿尔法。
Alpha ton a ton of alpha.
我们在阿尔法吨资本这里拥有一大堆阿尔法。
We got a ton of alpha over here at Alpha Ton Capital.
我们对安多里尔工业公司进行了一项历史性的3000万美元战略投资，他们也这么称呼自己。我们正在投资国防科技的未来，以及去中心化人工智能与下一代国家安全的融合。
We're making a historic $30,000,000 strategic investment in Andoril Industries, and they tag them So we are investing in the future of defense tech and the convergence of decentralized AI with next gen national security.
这是对未来的公司的战略性押注。
This is a strategic bet on the companies of the future.
这一前所未有的投资使AlphaTon站在了下一代国防技术基础设施的前沿，标志着公开市场与先进国家安全能力融合的关键时刻，纳斯达克，Aton。
This unprecedented investment positions AlphaTon at the forefront of next generation defense technology infrastructure, marking a pivotal moment in the convergence of public markets and advanced national security capabilities, Nasdaq, Aton.
所以他们正试图成为一个控股公司，基本上是这样，
And so they're trying to become an, like, holdco, basically,
财务公司。
Treasury company.
财务公司。
Treasury company.
帕尔默只是发推文称，AlphaTon在撒谎，从而将他们推上了风口浪尖。
And Palmer just, quote, tweets them into the stratosphere by saying, Alphaton is lying.
这并不属实。
This is not true.
公开提醒CEO布列塔尼·凯泽/立即掌控你的数据，这位揭露真相者就是比特币、AlphaTon资本的拥有者，我想这就是这家公司的所有者。
Public heads up to CEO Brittany Kaiser slash own your data now, the whistleblower who is Bitcoin, Alphaton Capital, that's the, I guess that's the owner of this.
你无权使用我的商标来欺骗你的投资者。
You do not have permission to use my trademarks to defraud your investors.
布里特尼说：‘嘿，帕尔默，我们签署了一项协议，通过特殊目的载体购买安多里尔股份的经济权益，并计划逐步增加敞口，同时通过正式的二级市场产品提供准入。’
And Britney says, hey, Palmer, we signed an agreement to purchase economic exposure to Andoril shares through an SPV and to accumulate more exposure over time and offer access via formal secondaries product.
鉴于我们网络对您创新技术的需求，我将发布一份澄清声明。
Given our network's demand for your innovative tech, I will issue a clarification.
帕尔默说：‘但你们公司和你们本人可不是这么说的。’
And Palmer says, that isn't what you and your company said, though.
为了明确说明，安德罗尔必须授权此类转让，而我不会批准。
To be extremely clear, Anderol has to authorize these types of transfers, and I will not authorize it.
哇。
Wow.
这看起来就像个AI机器人。
Like, this looks like an AI bot.
它只是在发帖，但这是一家上市公司。
It's just, like, posting, but this is a public company.
是啊，你说得对。
It you'd yeah.
这看起来就像某种完全的垃圾骗局。
It does look like just some sort of, like, complete slop scam.
你会以为，如果你走这条特定的路径，最终会得到，比如，嘿。
Like, you would assume that you would assume that if you go down this particular funnel, you wind up at, like, hey.
你知道，比如，给我一些随机的加密货币之类的。
You know, like, send me some random crypto or something.
这感觉非常像骗局，我的意思是，帕尔默某种程度上称它为骗局，但毕竟这是一家上市公司。
Like, it it it feels very scammy and it's I mean, it it you know, Palmer is sort of calling it a scam, but, it is a public company, I guess.
我相信安德鲁·罗尔的法律顾问一定会很享受
Well I'm sure Andrew Roll's legal counsel will really enjoy
在他们清理这场烂摊子的时候，度过一个平静的假期周末。
Having a nice calm holiday weekend, I'm sure while they clean this mess up.
众多麻烦中的一个。
One of many chew by.
这是新说法。
This is the new phrase.
这是你需要学习的新词。
This is the new word you gotta learn.
Chew by。
Chew by.
人们知道chopped。
People know chopped.
人们Dutch知道Bushwick最近发明了这个词chewbai，意思是某物既chops又具有精神上的do buy。
People Dutch know Bushwick says, recently invented the word chewbai, which is when something is both chops and also spiritually do buy.
例子，Sohuis，Goyard Goyard。
Examples, Sohuis, Goyard Goyard.
Pandora，Carbone，Kith。
Pandora, Carbone, Kith.
在评论区留下你的chewbai物品。
Drop your chewbai things in the comments.
所以，House，我得说，我觉得它在精神上非常英文。
So house, I gotta say, I think it's spiritually very English.
我的意思是，这显然是它的起源。
I mean, that's obviously the origin of it.
但但没错，再次，再次，但
But but yeah, again, again, the But
英格兰现在在精神上是迪拜吗？
is England spiritually Dubai now?
谁知道呢？
Who knows?
有可能。
It's possible.
燕麦奶绝对是Chewbai。
Oat milk is definitely Chewbai.
与其只是chopped，不如做Chewbai更好。
Better to be Chewbai than just chopped though.
别。
Don't.
是的。
Yeah.
但我也觉得不
But also I don't
我不想
don't wanna
迪拜有很多很棒的地方。
there's a lot of great things about Dubai.
是的。
Yeah.
你一天花一千美元就能租到一辆SF90。
You can rent an SF90 for the day for like a grand.
我在2020年F1期间曾经这么做过，如果20
I did that at one point during f one in 2020 If 20
如果你从车上摔下来，人们肯定会叫你Chubai。
you ever fall off, people are gonna be calling you Chubai for sure.
Chubai。
Chubai.
巨大的巴宝莉运动鞋。
Massive Balenciaga sneakers.
今天早上吃早餐时我看到了这些。
I saw these at breakfast this morning.
那两个是买的吗？
Are those two buy?
本说，想象一下，你在找新节目时发现了这个。
Ben says imagine looking for a new show and finding this.
我当时只是在笑，是啊。
It's so I was just laughing at like, yeah.
那个袋子和那个东西甚至不会发出声音。
The the the sack and the dong doesn't even make noise.
天啊。
Oh, god.
你真的是，嗯。
You're really Yeah.
我们在跟踪。
We're tracking.
尽管尊重TVPN，但我认为这把事情搞反了。
With all due respect to TVPN, I think this gets things a little backwards.
在电视新闻行业，CBS基本上是唯一能制造话题的。
CBS is basically unique in the network news business in being able to generate buzz.
《60分钟》依然有很高的收视率，其他CBS新闻节目也产出过引发讨论的内容。
Sixty minutes still has great ratings and other CBS News properties produced talked about stuff too.
我们来看看他的例子。
Let's see his examples.
所以他展示的是一对年长的男性和年轻的女性并排站在一起。
So he has an he has an older man and a younger woman next to each other.
你知道那是谁吗？
Do you know who that is?
我不知道。
I don't.
那是
That is
他管海军吗？
Does he run the Navy?
他穿着一件海军衬衫。
He has a Navy shirt on.
他管足球。
I he runs football.
好吧。
Okay.
足球运动员。
Football player.
酷。
Cool.
然后是足球
And Football then
球员。
player.
他打什么位置？
What position does he play?
他是不是有点大了，不适合踢足球？
Isn't he a little old to play football?
我以为你得像我们节目里那个赛格威一样。
I thought you had to be like we had Segway on the show.
我以为你得
I thought you had to be
他的衬衫看起来有点破旧。
like His shirt's looking a little rough.
这是复古风，泰勒。
It's vintage, Tyler.
很好。
Good.
他说，埃利森之所以想要CBS并让巴里来运营，正是因为它仍然有能力制造话题并吸引关注。
He said the reason why Ellison wanted CBS and wanted Barry to run it is precisely because it was still capable of creating buzz and generating attention.
那边依然有影响力。
Still got it over there.
而且，是的，看起来好像不错。
And, yeah, seems seems seems seems good.
它确实以一种不同的方式取得了突破。
It does feel like it's breaking through in a different way.
感觉内容正在转向某种真正取得突破的东西。
It feels like it's like like the the the content is is shifting to something that's more is certainly breaking through.
我看到了那些片段。
I see I see the clips.
我觉得我看到的片段更多了。
I feel like I see the clips more.
但要知道。
But know.
另有消息，蒂姆·斯威尼表示，《堡垒之夜》不会如承诺般于2025年重返日本的iOS平台。
In other news, Tim Sweeney says that Fortnite will not return to iOS in Japan in 2025 as promised.
苹果今天本应开放iOS以允许其他应用商店入驻。
Apple was required to open up the I o iOS to competing stores today.
但事实上，他们非但没有这样做，反而再次制造了一场阻碍、违法以及对日本政府和人民极度不敬的丑闻。
And instead of doing so, honestly, they have launched another travesty of obstruction and law breaking and gross disrespect to the government and people in Japan.
苹果又一次做出了错误的选择。
Apple chose poorly again.
蒂姆·斯威尼是苹果最可怕的噩梦。
Tim Sweeney is Apple's worst nightmare.
这太疯狂了。
It's crazy.
很少有公司会如此直言不讳地公开敌对。
Very few companies have, like, such an outspoken just hater.
你知道吗？
You know?
点赞
Like It
被深深深深深深地内部操控了？
was heavily heavily heavily heavily inside?
萨姆·阿尔特曼掌控着埃隆。
Sam Altman has Elon.
他希望《堡垒之夜》免费。
He wants Fortnite to be free.
至少不是完全免费，而是允许他们自行运营商店。
At least not completely free, but free to to run their own stores.
Arcway。
Arcway.
这很有趣
This was an interesting
由
By
凯莱布·巴克莱。
Caleb Barclay.
The Arkway。
The Arkway.
哦，真有趣。
Oh, funny.
一个实时三维引擎，任何人都可以设计家居。
A real time three d engine where anyone can design a home.
这是一个模拟的三维世界，买家可以探索、修改，并在光照物理、建筑规则和真实产品融为一体的情况下做出决定。
It is a simulated three d world where buyers explore, change, and decide as light physics, building rules, and real products move as one.
非常酷。
Very cool.
我见过Redfin在做一些
I've seen Redfin playing around with some
由NDVC。
by NDVC.
是的。
Yeah.
我想知道这是否会整合进Zillow，让你能完全沉浸式参观房屋。
I wonder if this will be wound up be integrated into Zillow so you can, like, fully tour the house.
这一直是个梦想。
This has always been sort of the dream.
Matterport团队做了大量工作，比如提取出三维环境，也就是家中各个房间的球形扫描图像，这些内容后来很多都被整合进了Zillow和Redfin。
The Matterport team did a big job, like, pulling up, like, you know, three d environments, like, you know, spherical scans of various rooms within a home that you could see, and a lot of that got wound wound up getting integrated to Zillow and Redfin.
好吧。
And okay.
我想知道圣诞节时它是什么样子。
I wanna know what it looks like during Christmas.
我想知道这栋房子长什么样。
I wanna know what this house looks like.
嗯。
Yeah.
我们走着瞧。
We'll see.
有什么最新消息吗？
Any breaking news?
新颁布的行政命令围绕着类似NASA的事务。
Turns New executive order centered around the kind of, NASA stuff.
它被称为确保美国太空优势。
It's called ensuring American space superiority.
他们希望你签署行政命令，头条新闻是特朗普在大麻行业游说后签署行政命令，加速大麻重新分类，消息来自CNN。
They want you to executive switch order, and the top story is Trump signs executive order expediting marijuana reclassification after lobbying from cannabis industry over at CNN.
所以他真的把我们送上了太空。
So he's really taken us to space.
谁是嗯。
Who is yeah.
我想是吧。
I guess.
谁在游说大麻产业？
Who is lobbying cannabis industry?
我觉得
I feel
好吧。
like Okay.
嗯，这个，是的。
Well, this yeah.
我说的是不同的太空领域。
Different space I'm talking about.
所以一方面，他希望在2028年前让美国宇航员重返月球，嗯。
So one is he wants to it's Protees are returning Americans to the moon by 2028 Mhmm.
并在2030年前建立永久性月球基地的初步设施。
And establishing initial elements of permanent lunar outpost by 2030.
然后为前往火星的旅程做准备。
So And then prepare for journey to Mars.
火星计划就没那么具体了。
Mars is is less kind of concrete.
火星计划。
Mars plans.
我觉得你应该让特朗普去太空。
I feel like his his you should add get Trump to space.
他从来没去过。
He's never been.
带他去进行一次小小的实地考察。
Take him on a little field trip.
让他兴奋起来。
Get him pumped up.
把他送上火箭。
Put him on a rocket.
把他送上去。
Get him up there.
把他接回来。
Get him back.
那会很有趣。
That'd be fun.
我觉得特朗普会想成为第一个去太空的总统。
I feel like Trump would wanna be the first president to go to space.
这确实像是他会想做的事。
That does feel like something he would wanna do.
或者我也觉得他会想把月球改名为特朗普月球。
Or I also feel like he'd wanna rename the moon Trump Moon.
特朗普月球。
Trump Moon.
月球？
Moon?
或者就叫川普。
Or just Trump.
别提月亮了。
Drop the moon.
对。
Yeah.
哦，那是川普星。
Oh, that's planet Trump.
川普星也不算离谱。
Planet Trump isn't wild.
我的意思是，有
I mean, there's
也许你还可以有个梅拉尼娅星。
a lot there's you maybe could have a Melania planet too.
火星。
Mars.
火星来电。
Call of Mars.
嗯。
Yeah.
我们明天将回归，带来今年的最后一期节目。
We will be back tomorrow for the final show of the year.
这将会很超现实。
It will be surreal.
感谢今天和我们一起度过时光以及我们的嘉宾。
And thanks for hanging out with us today and our guests.
希望你们度过一个美好的下午。
And we hope you have a lovely afternoon.
再见。
Goodbye.
爱你们。
Love you.
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