September 7th • 3h 10m
Shownotes
Every new episode of No Agenda is accompanied by a comprehensive list of shownotes curated by Adam while preparing for the show. Clips played by the hosts during the show can also be found here.
Big Tech AI and the Socials
Market Outlook for AI
The company I work for is at a point where meetings with investment bankers have become necessary. These are a few points from a meeting I attended this past week with Lazard and two of their tech-sector managing directors.
The following points on the macro market landscape are offered without my commentary (i.e., without No Agenda-influenced deconstruction):
The big shops, like OpenAI, Anthropic, and Perplexity, are struggling to find data to ingest for their models. They are looking for partnerships with companies that have large and/or unique non-public datasets, and they are likely willing to pay a premium for access. “Data is the new gold in the world of AI” is a direct quote.
The valuations of AI companies are pulling the threshold for IPOs to at or near $10B in revenue in the tech sector. (We thought $2.5B, until this meeting.)
There’s a lot of private capital in the market, with eagerness to deploy—particularly toward AI-related ventures.
I’m also sending a “thought piece” on AI that they shared with us after the meeting. Prepare yourself for a lot of eye-rolling if you read it! Although marked “confidential,” we are not under NDA with Lazard.
One of the two MDs in the meeting is focused on technology in K–12 education. He mentioned that schools are struggling to deliver curriculum on “online digital safety” and/or “digital citizenry” to students, based on state or local mandates and available budget. As a result, they are partnering with organizations that may or may not be delivering much in the way of meaningful education on these topics.
The Billionaires Fueling the Quest for Longer Life - WSJ
Silicon Valley giants Peter Thiel, Sam Altman, Yuri Milner and Marc Andreessen are among the boldface names behind the influx of money in the longevity industry. Thiel’s quest for longer life spans nearly a dozen companies—some of which were funded by his venture firm and others by a nonprofit foundation he backed—that raised more than $700 million, according to the Journal’s analysis.
They and other wealthy investors have helped push what was once something of an academic backwater into the cultural mainstream.
Climate Change
Global cooling is coming Wednesday
M5M
Big Pharma and Food
Is Perrier as pure as it claims? The bottled water scandal gripping France
France's multi-billion euro mineral water companies are under the spotlight because of climate change and growing concerns about the industry's environmental impact.
At issue is whether some world-famous brands, notably the iconic Perrier label, can even continue calling themselves "natural mineral water".
A decision in the Perrier case is due in the coming months. It follows revelations in the French media about illicit filtration systems that have been widely used in the industry, apparently because of worries about water contamination, after years of drought linked to climate change.
"This really is our Water-gate," says Stéphane Mandard, who has led investigations at Le Monde newspaper. "It's a combination of industrial fraud and state collusion."
"And now there is a real Sword of Damocles hanging over the head of Perrier."
According to hydrologist Emma Haziza, "the commercial model of the big producers has worked very well. But it is absolutely not sustainable at a time of global climate change".
"When you have big brands that feel they have no choice but to treat their water – that means they know there is a problem with the quality."
Tariffs
Replacement Migration
Seoul concludes US talks to release South Koreans detained in Hyundai raid
US officials detained 475 people - more than 300 of them South Korean nationals - who they said were found to be illegally working at the battery facility, one of the largest foreign investment projects in the state.
The White House has defended the operation, dismissing concerns that the raid could deter foreign investment.
"They were illegal aliens and ICE [Immigration and Customs Enforcement] was just doing its job," President Donald Trump said following the raids on Friday.
Video released by ICE officials showed Asian workers shackled in front of a building, with some wearing yellow vests with names such as "Hyundai" and "LG CNS".
"People on short-term or recreational visas are not authorized to work in the US," ICE said, adding that the raid was necessary to protect American jobs.
"This operation sends a clear message that those who exploit the system and undermine our workforce will be held accountable," Homeland Security Investigations (HSI) Special Agent Steven Schrank said in a statement on Saturday.
Goat I knew a guy that worked for Hyundai in Alabama and they put padlocks on all the doors till they decided the shift was over
