A lot of panic re: SVB (you should see my phone/emails!). A bank run driven by panic is the real risk here, not the action of selling LT securities at loss
I have no inside information as I left SVB in 2012, but know enough about banking to piece together.
Quick 🧵
$MSFT CEO is declaring war:
"From now on, the [gross margin] of search is going to drop forever...There is such margin in search, which for us is incremental. For Google it’s not, they have to defend it all" [@FT]
Doing something meaningful implies giving up some optionality.
Buying a house, getting married, having kids, spending money — all reduce optionality, but all worth doing.
An endless pursuit of optionality results in deferring everything to a future that may never happen.
Microsoft partnership has been one of OpenAI's secrets to success — we work very closely with Azure to produce AI training & serving infrastructure that can scale to our cutting-edge (& entirely unprecedented!) needs.
The Definitive Thread on FTX
I met SBF before FTX started, and witnessed their rise and fall. I can't stand @nytimes's puff piece.
If anyone wants to know what happened, send them this.
@Jenyangwong delivery and refuel on return at local prices are standouts
on pricing - I've found that Hertz has great rates in downtown SF (about the same as Kyte this weekend). Their loyalty program is also great if you rent frequently. Maybe something for Kyte to build out in the future
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