We're all Jerome Powell, Apple and Google Make it Official, Anthropic Health Care | Diet TBPN

0:01First, we gotta pay our respects to the big man Jerome Powell. Pull up the anthem. The anthem. This is this week's anthem. We've been blasting it all morning here in the studio. Yes, it is. It will make you emotional. It's a very emotional song. It's a trigger warning. I guess it's AI generated, but it hits. In a manufactured storm. Power turned hostile. The rules deformed. Threats in the open Whispers in heart Yeah, we should have gotten lighters for this, for sure. The lighters are going to be. Of course, this is on the back that the New York Times reports that federal prosecutors have opened a criminal investigation of Jerome Powell.

0:52Mandate over menace wouldn't comply. They wanted loyalty, fear and control. Jerome dropped a video explaining his side of the story. But instead of playing that, we're playing this. Jerome Powell. We carry the line. Not to a man, but to love in time. We are Jerome Powell. I didn't want to cry at the office today, but it's happening. Oh, what a story. Powell says the Justice Department served the Fed with subpoenas. Federal Reserve Chair Jerome Powell said the U.S. Central Bank has been served grand jury subpoenas from the Justice Department, threatening a criminal indictment related to his June congressional testimony on ongoing renovations of the Fed's headquarters.

1:50In a statement released Sunday evening, Jerome Powell rejected the notion that the action was driven by his testimony or the renovation. uh joe weisenthal has a post here he says powell confirms the fed has been served subpoenas from the doj watching uh sunday night uh i'm all excited right one more sleep until monday and i pull up this video i've got to watch jerome two minute talk uh yeah yeah i mean really really dark uh moment it was funny buco buco capital shared like if it's illegal to run over budget on a remodel my wife's getting the electric chair you didn't give me the punchline when you said that the first time I knew it was going people have been standing up people ending up for standing up for for the Federal Reserve chairman and fortunately I mean the the administration sees these they you know we know that they're very online and they see the support so we'll see where the story says like if you would let Jerome Powell crash on your couch for a few months.

2:50AI is really at its best when you need a bunch of, you know, memes and images generated around a current thing. You just created a million central bankers. And Jordy said this to me. I just burst out laughing so hard. Yeah. Fed chair, probably one of the worst jobs on earth, if you care what other people think about you, right? Because it's just like every, you know, all the time people just have this massive fixation on you and they're going to form an opinion immediately. But in this case, I've never seen people so united around, which is heartwarming. And it is weird because the prediction is that there will not be another rate cut in January.

3:28There's a lot of people that would benefit from another rate cut. If you're long the market, you'd probably benefit. But I think people are generally still fans of Fed independence, and they want Jerome to do whatever's best based on the facts and the data and the unemployment and inflation. Mary says absolute insanity. The Department of Justice just served the Federal Reserve Chair with a grand jury subpoena threatening criminal indictment over a historic building renovation. Interestingly I don't know that the details of this building but it's not like the White House where he lives there right.

3:57It's like it's just a it's a workplace I assume. It's not like it's his personal house. Jerome Powell is appealing directly to the American people and bluntly stating that the criminal charges are not about Congress's oversight role but rather about the Federal reserves independence in setting the interest rate. American equities traded a premium because of our respect for law, accountability, and central bank independence. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do with integrity and commitment to serving the American people on a Sunday evening before market open.

4:29Yeah, I think everybody expected last night for things to happen. Of course, Nothing ever happens, but we'll see. In some ways, this will just give the DOJ and the admin more confidence in their decision. Although they did come out and say the White House had nothing to do with it. Yes, yes. Trump said, I'm not pressuring. He said something like, I wouldn't even think to pressure. What are you in for? I gave imprecise information to Congress about the scope of renovations to the Federal Reserve's HQ. Trey in the chat says the funniest thing is the Fed renovation is self-funded. Bubble Boy says I'm willing to die for the Federal Reserve.

5:06So he is Jerome's strongest soldier. A lot of people are coming out in favor of Jerome Powell. Powell watching stocks turn green after thinking the market would defend him. The tough thing is like if you assume that rates are going to come down, like you don't exactly want to sell assets or you want to own assets. There's this weird dynamic where you might not like what's happening politically, but there's a big difference between what should happen and what will happen. and positive and normative analysis. You could be like, I don't like the fact that, you know, the Fed's gonna be less independent, but if it means that interest rates are gonna come down, then that's bullish, that's a bullish catalyst.

5:42And so you wind up going long. Marco Rubio is finding out he has to be chairman of the Federal Reserve. I haven't followed the Marco Rubio meme too closely. I just know that he has a lot of jobs or keeps getting tapped for things. And so I've seen him in an astronaut outfit. I've seen him in, you know, different Venezuelan memes. I don't exactly know where this all came from, But I'm familiar with the concept of Marco Rubio doing everything, I guess. I don't really. Yeah, it's somewhat depressing because it just means like if you're in the inner circle, you're going to get a lot of responsibility.

6:13And if you're out, you will eventually get the laser beam of the admin. Well, gold is through the roof today. Silver. Well. Posts a chart. Gold jumped from 45.10 to 45.85. Not a huge move, but a huge move for gold, of course. So people are bailing on the US dollar potentially. Silver's also up, says the Kobayashi letter. Silver surges above$85 an ounce for the first time in history, it's already up 19 % in 2026. There's been a number of hard tech founders have commented on the fact that silver is actually more of an important material than gold in manufacturing. The semiconductor supply chain, a lot of different AI supply chains.

6:58And so there's an interesting narrative of like the knock-on effects of high silver prices. The Apple Vision Pro is in the news because Apple Vision Pro announced you can now watch a full NBA game in the Vision Pro, not just a little highlight reel, not just a trailer. And Mark Gurman asked the question, is the total addressable market for watching tonight's Lakers game in the Apple Vision Pro just me? Or is anyone else tuning in? Have they ever done this before? They've never done a full game. So they've done MLS highlights. You could watch like an eight-minute summary of an MLS game that had a ton of different cuts Not a lot of people were not fans of that.

7:37They're all release cadence needs to be studied It's crazy. And I mean that's what Ben Thompson wrote about today in Stratechery He's he sees all this is like crazy own goals a lot of really Obvious things also the reason that you see this video so grainy like this So Mark Gurman loved it in the headset. He said it's absolutely wild, it's like watching courtside. Trunk Fan has the video here. You can't record what's happening in the headset. You can't just steal an NBA game. Because, so you need to like put your phone up against it and you don't really experience it here. Because for DRM reasons you can't just pirate it.

8:14You can't just record what you're seeing. So the actual experience is better than this. I actually went to the Apple Store yesterday to try and pick up a Vision Pro to experience this, and they were sold out. And I don't know if that means that they were just not expecting to sell anymore, so they stopped stocking them, but they didn't have one. The real review would be getting the Apple Vision Pro, going to the actual game, getting the ticket right next to the system that they're using, and then just having the headset on and taking it on and on. At the game? Yeah, at the game. You want to see how real it is?

8:45Tyler, what would you do? Well, so this is cool because it's emulating what's happening in real life, But in VR, you can do things that you couldn't do in real life. So I want to see what is the point of view if I'm the ball. You'd probably be so motion sick. I want to be the ball. That sounds terrible. You know ball. No one wants to be the ball. I know ball. Ben Thompson wrote about this because he's obviously a huge NBA fan. Also, he's a Milwaukee Bucks fan. And the game was the Lakers versus the Bucks. So this is like a royal flush of the sweet spot for Ben Thompson analysis. He had to jump through VPN hoops to watch the broadcast because it was only available in Lakers Home Market, which is California, also Hawaii, and I think one other state.

9:26So it's somewhat tricky. You can't... No, no. If you're in New York and you had a Vision Pro, you could not watch the Lakers play the box, unless you had a VPN. Yeah. There's a lot of details here. That's a huge detail. I know, I know, I know. Like, I have this$3 ,000 device that is just gathering dust, and then you make this big deal about this amazing experience that I can have. And then if I'm not actually within the area that the game is actually taking place, I can't experience it. What's the point of ER? So there are a lot of reasonable critiques like that. Ben puts a lot of those in his piece.

10:02I think that there are logical reasons. I don't think Apple is dumb. I don't think they just made a mistake. I think these are all contract negotiations. And when we look at the history of sports and transitions through various eras of broadcast and new technologies. I think their decision making makes a little bit more sense, even though I agree from a user experience perspective, what you're saying, what Ben Thompson is saying, makes a ton of sense. So Apple clearly reads Stratechery. They've sent him multiple headsets. He bought his own, but they keep sending him to him, being like, hey, you should try it.

10:33Like we're coming out with something new. So they've sent him the new one, the M5 Vision Pro, and he was ready to watch this. He was ready to love this, but he was very disappointed because it cut from one scene to another. And so that takes you out of the experience. He says, do away with all of the pre-show, special announcer, post-show content. Just let me put on the headset. And if I put it on 30 minutes before the game starts, I'll just watch the players warm up. And then you don't need any overlays because if I wanna know the score, I'll just look up at the scoreboard. You're in the theater.

11:05Like people pay a lot of money to sit courtside and they're not like, oh, I also need - Oh, I'm having a bad experience because I - Please, please give me an iPad with the score. No, no one cares. They just look at the score. They hear the audience. If something great happens, they hear the roar of the crowd. They see everything. They can even look up at the screen and usually see a replay if they need to. And so all of that should be possible with just one simple Apple immersive camera rig streamed the whole game, and that's it. Instead, they did four different camera angles. They're cutting between them, and every time they cut, you get kind of like, whoa, where am I?

11:40Like, I just teleported. It's weird. So Ben frames this as, he calls it Apple, you still don't understand the Vision Pro. He's like taking shots at them. And I titled my piece Apple, they actually do understand the Vision Pro. And I think they've heard his response. They clearly read his piece. He wrote about this maybe two years ago when he got a demo before it even came out. And he said, the secret to success with this product will just be put a camera on the field. Let me sit there front courtside. That's it. No editing, nothing else. And then every time they delivered him something that was edited, he wrote a piece about how bad the editing was and how you don't need that and just let me sit there.

12:16And so my question was, there's no one that really disagrees with Ben. Like Ben comes out and says these things. Every time there's an Apple Vision Pro piece of content that comes out, he comes out and says, too many edits, too many cuts, just let us sit there. And there's not like there's a lot of people that are like, Ben's wrong. Actually, I love the edits. More edits. Like they need to be even crap. Well, to be clear, no one's talking about. I was talking about X over Ben, basically. So they should clearly listen to him. And no one's arguing that Ben's wrong. But my question is like, why on earth isn't Apple doing this?

12:46Why, or at least why haven't they made it an option? Like they have the single camera there. They could just be like, do you want to watch the edited version? Or do you want to watch just the normal, just sit there in the seat version? And then Ben would be happy. And he'd be writing a glowing review right now. Instead, Apple's not giving what Sir Techery wants. And they're feeling the pain because they got an article that was not very complimentary to them in the experience. I think that this actually has less to do with the technology, less to do with the creative direction and the directorial vision within Apple, and more with just straight up contract negotiation.

13:20I went back to 1947. So TV adoption, I didn't realize this, TV adoption went through a fast takeoff. In 1947, there were 16 ,000 TV sets installed in America. Eight years later, it was 32 and a half million. It's like completely asymptotic, completely fast takeoff. So the technology trend was clear, but there was still financial risk to getting the timing wrong for your league. The NFL is obviously a huge beneficiary of TV today. They make a fortune from the Super Bowl ads that are extremely expensive. but in 1949 the Los Angeles Rams because the Rams are in LA now but they didn't do went to St.

14:03Louis and then they came back but they were in the Los Angeles in 1949 they sort of got wrecked because they jumped too early so the NFL had gone to all the franchises said all the teams we're giving you the permission to sell your broadcast rights this year this season if you want to put your your your particular team's home games on TV you can do that you can go out and negotiate, you can sell those. It's an option. And the Rams said, yeah, we'll do it. We'll take the jump. They were the only one that did it. And it sort of makes sense since they're in LA, there's a lot of production people here.

14:33It would be a natural. They were a little too TV-pilled. They were extremely TV-pilled and they got burned. So attendance dropped significantly on an inflation-adjusted basis. They lost two and a half million dollars of today's dollars. And so the Rams had to go to all the sponsors that sponsor the TV broadcast and say like, hey, can you just make us whole because we're going to go out of business? And they did. And the sponsors basically paid the Rams for the difference in what they had taken in ticket sales. But it was not a good outcome. Although the NFL eventually got through all of this and figured it all out, that was not the case for minor league baseball.

15:11Minor league baseball attendance at minor league baseball events, minor league events, peaked in 1949, right during the TV install base fast takeoff. 49 million people went to minor league events that year in 1949. By 1957, the total had dropped to 15 million. So it actually did wreck the minor leagues in terms of like their business model and they never really recovered. The job of a league commissioner is to get the transition right. Like if you transition too early, you'll have a really, really bad year while everyone just says, hey, I can just do the new thing, the new technology. I don't need to buy the tickets.

15:44If you do it too late, other leagues might have figured out their contracts, their ad sales, their broadcast rights, all this other stuff. So Adam Silver, the commissioner of the NBA, who we learned about through his connection to Josh Kushner, of course, he said, I think it's my job to incentivize our partners to be able to look out into the future. He's not saying, hey, my job's to get everyone out of the stadiums and into VR headsets ASAP. The end result is like, there is a separation between immersive rights and presence rights. So there's broadcast rights, and effectively they're using the same framework.

16:18So when they sell a broadcast right, they're not selling the right to broadcast with an announcer, with multiple cameras, with different cuts and edits. They're not selling you're teleported into the stadium. And that's something that they might sell, but they haven't sold yet. I think they're deliberate about this. And so I think when they went to Apple, they said, yes, we can do something. Because they did a deal with Meta, and you can watch a number of NBA games in the Meta Quest. And it's the same thing. They cut around. And the reviews are bad. Everyone says it sucks. And so it's obvious that the tech companies should Google, how did people like this?

16:57And it's obvious. No, no, people don't like it. But I think the NBA is holding fast that they're like, no, actually, our courtside seats are really, really, really expensive. And we want to keep it that way. We don't want to keep it that way. to be substitutive on day one. And Ben Thompson, when he first wrote about the Apple Vision Pro, he said, I would pay thousands of dollars a year for an NBA league pass that allowed me to, in VR, sit courtside. And that's less money than courtside seats to every single NBA game, which is effectively what you're selling. So there's financial risk there. I think it can work out.

17:31I think that there's a deal and there's a price and there's a number. The install base gets to this level and you price it at this level and I think they're two I think in some ways they could very easily be two wildly different consumers yeah like Ben is probably like Ben Thompson knows ball he wants to well he wants to be able to watch courtside for the love of the game whereas somebody that's going courtside at the Lakers or the Knicks they're going there to be seen watching courtside right a little bit they're willing to like you're not just paying to watch basketball, right? Because you could pay like, you know, a fraction to sit a couple rows back.

18:07You're paying to be sitting courtside. The other interesting angle is this like region lock thing. It almost feels weirder to allow someone in Los Angeles to watch the LA Lakers play because they really could just buy a ticket and go down to the stadium. But maybe you should actually be trying to get... That's the whole point. If you're like a diehard Lakers fan, but you don't live in Southern California and then somebody says, hey, with the Apple Vision Pro, you can watch it, like your courtside, that's great. Yeah, what you actually want is like, Ben Thompson's in Milwaukee, he loves the Bucks, but they're playing in LA, he's not gonna buy a flight to go courtside in LA, and so you let him experience that game, and then when they're back in Milwaukee, he can go get the courtside seats in his hometown.

18:54So you almost wanna do the inverse region lock, something like that, I don't know, what do you think, Todd? Wait, so is that deal where it's just a broadcast, not the actual live stream? Is that basically every single league? Like can you do the same thing in F1? Because that's also like, I feel like that would be, everyone wants that, you're in the cockpit. So every deal is unique and there's no, there are some laws around sports broadcasting that sort of solidified like the blackout periods and made some of that, defined some like legal language around that. But really it's up to the leagues to decide how they negotiate these contracts, whether every game's available, only home games are available, region locking, blackout dates.

19:33There's all sorts of mechanics where for, I don't know how true this is today, but I know that if you have a home stadium and it's full, then you can be much more permissive with the broadcast rights because you've sold out all your tickets. But if you're not selling out the stadiums, then often you won't broadcast as much or you can't broadcast as much, so you'll you'll be in your hometown and you'll go to watch the game and it won't be broadcast because they want you to just go buy a ticket and then and then the the equilibrium like the clearing the market clearing prices that people that are on the fence who are like i really wanted to watch the game i can't watch it here i'll just go buy a ticket and then over time you fill it out yeah you're gonna be very excited about this please ben thompson's gonna join the show really no way amazing that's fantastic someone in the chat earlier said uh you're ben thompson's biggest fan.

20:26I am. And you are. I am. We are. That's amazing. Maduro. We're back in politics land, but don't worry, not for long because we're going into watch land because he was caught rocking a Chopard Ganesh, a fantastic Indian watch that is incredibly, incredibly detailed. Look at all these different Swiss made. This is a crazy, I feel like this is sort of a lost art. You know, maybe Mark Zuckerberg should get into this. Wear a watch that has Sweet Baby Rays on the dial. The Sweet Baby Rays Chopard dial might go incredibly hard. Also, it was the Golden Globes. I know Jordy didn't watch because you probably haven't seen any of these movies, but they did, in fact, happen yesterday.

21:11Rob Report has some images of the best watches at the Golden Globes. If the Golden Globes were any indication, Subtle is officially on hiatus. says The Rob Report. This year's red carpet made a strong case for statement watches with bold dials, diamonds. Did we kind of call this originally with the show? Did we? No, I mean, the joke early on was like, quiet luxury is over. Yes, loud opulence. Not loud opulence. A lot of these are screaming loud opulence. In fact, I need to return to my, let's start with the beginning of the slideshow. We need to return to our original statements about the value of loud opulence because I see these and I'm like, I couldn't pull these off with my life dependent on it.

21:54But The Rock was spotted watching a Chopard, much like Maduro. But this one is the Alpine Eagle Frozen Summit. Look at all those diamonds. I like it, but I'd like to see, I mean, could we get at least a couple more? Couple more diamonds. Diamonds on here? I think it's a little, it's a little understated. Adam Scott was wearing a Vacheron Constantin Traditionnel Perpetual Calendar Ultra. This is nice. That's a very nice watch. I like that one a lot. I also like this Omega Seamaster, Aqua Terra, that Glenn Powell was seen wearing. Mark Andreessen, notoriously an Omega guy. Omega guy. That's right.

22:30New fund. Maybe this was a nod from Glenn saying, like, I salute you. Hat tip. Yes, he celebrated the$15 billion. He probably read the Packie piece. And he says, you know what? It's time to put on the Omega Seamaster Aqua Terra. In terms of Omega Seamasters, this one stands out to me. Gold is a choice, but I think it's working very well here. And you know who else is wearing an Omega Seamaster? George Clooney, also an Aquaterra. I would love to know the details of Omega and Rolex and the other brands fighting over people like Clooney, right? Because, you know, I don't think Clooney's putting on a watch without getting paid.

23:08Walmart partners with Alphabet's Google to allow shoppers to purchase products through Gemini. So Walmart is jumping in with Google. Google is posting a video of Wing. The future of retail is landing. They're taking shots at our boy Keller launching a drone delivery service. This one hit me pretty hard. I know, I know. We love Zipline. We love Keller here. We love Google. Obviously, they're a sponsor. Can Google just leave one future of X thing for someone else? I didn't even know about Wing until today. Was this an acquisition? Wing.com, one of the best domains. You're going to be texting Keller like Sam Altman and Elon were texting each other about the future of AI.

23:48You're going to be like, the future of drone delivery is in our hands, brother. We got to be winged. No, Google's been working on this for a long time. Just on the point of Elon and Sam, Elon just said on the Apple and Google collaboration, he said, seems like an unreasonable concentration of power for Google, given that they also have Android and Chrome. So he's still on the monopoly. He doesn't like, he's not a fan. We talked about Apple confirming Gemini. Very excited for that. I want them to roll this out immediately. I know that it's probably going to be some normal release cycle with very polished ads and onstage keynote and a developer preview, and there'll be a whole cycle to updating.

24:28But we are in the age of AI, Apple. Just ship it today. Just replace Siri with Gemini today. I'm sure a lot of people would be fans of that. but they operate the way they do. I pulled a little history on Wing.com. Wait, they went Wing.com? Wing.com. Wow. Not only is this an amazing partnership, but a fantastic domain. Yeah. So it started with an X, Google X, the Moonshot Factory. It really is a factory for Moonshots. The original mission was focused on emergency medical response. Okay. So they wanted to deliver defibrillators to heart attack victims. Basically, they pivoted away from emergency services to last mile commercial delivery.

25:10They started doing their first real world trials back in Queensland as early as 2014. It graduated from X in 2018. They later became the first drone delivery company to receive a Part 135 air carrier certificate from the FAA. And they've just been scaling the network since then. So, yeah, I guess they're going to be able to serve 40 million people by 2027. Yeah. I mean, as an American, as a human, as a technologist, I want more and I want competition. But as a big fan of Keller and Zipline, I want him to dominate. No, I think Google maybe did this. They knew Keller had the potential to be one of the greatest in history.