This past June at the UFC Freedom 250 event at the White House, with Meta stock trading at $567, I went up to Zuck and I said, ‘No one was talking about Anthropic a year ago, and Google was left for dead. That’s obviously all changed, but people just ignore you [meaning Meta].’ And with a straight face, instantaneously, he said…
The most surprising part of yesterday’s SPECS launch and hands-on demo was how completely separate SPECS felt from Snap’s core product, Snapchat. While Snapchat pioneered AR lenses and AR technology is a fundamental part of SPECS, Snapchat is fundamentally a utility for communicating with your friends, with…
We are skeptics by nature. Watch or listen to an episode of The LightShed Podcast and you will figure that out. When Meta’s Mark Zuckerberg published 6,500 words on August 10th (link) arguing that AI must stay open because power should not sit with a small oligopoly, our first question was not whether he was…
When NFL Commissioner Roger Goodell was asked yesterday on CNBC whether the league would exercise its options to renegotiate media rights deals (link), he stated: “We don’t have to make that decision today. That’s the reason you have an option.” Goodell’s phrasing felt quite different from a year ago, when he responded to a question about renegotiating media rights deals by stating…
Tesla’s Cybercab launch event late last week rekindled concerns about Uber’s future and for good reason. Investors have largely been skeptical about whether Tesla can deliver a working robotaxi product to market at the price point…
We believe investors’ expectations of a coming settlement between Paramount and 12 State AGs suing to block the pending acquisition of Warner Bros Discovery are far too optimistic. We sense the level of structural remedies (divestitures) Paramount would need to make to satisfy State AGs is simply too high, with Paramount extremely confident that…
As the media industry shifted from wholesale linear distribution to direct-to-consumer streaming, we predicted (link) that technology would become the new Hollywood talent: “the content on the screen is only part of the equation in creating consumer happiness; technology is equally, if not in some ways more important to creating a great experience for consumers.” Unfortunately…
Cogent sold ten data centers, cut 6% of its workforce, and is refinancing its debt. None of it fixes revenue or produces free cash flow. We now model free cash flow as negative in every year through 2031. The only path to free cash flow is aggressively growing wavelengths and that job currently belongs to…
Since we began covering Madison Square Garden, investors have clamored for the Dolans to take action to close the discount between the Knicks and Rangers public and private market valuations. The process is now in the works, but hardly close to an end. MSGS filed a Form 10 on Friday, moving ahead with the separation…
On Monday, Zoox became just the third company in America to charge for a robotaxi ride with nobody behind the wheel. In this note, we do the math on a fare card that says more than Zoox intended. We surface a restriction, sitting in a federal filing, that contradicts what Zoox’s CEO told Bloomberg this…
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