00:00 Why this AI cycle feels fundamentally different.03:00 The shift from chatbots to fully autonomous AI agents.07:00 Productivity explodes as software and workflows are built in minutes.11:00 Security risks of AI with full computer access.15:00 AI swarms and large-scale agent coordination emerge.19:00 Hardware, compute, and memory demand return.23:00 Software development accelerates ~100x.27:00 Legacy SaaS and CRM models face disruption.31:00 Market implications and underestimated software risk.35:00 Healthcare, infrastructure, and AI beneficiaries.39:00 Final thoughts on why this moment matters.

00:00 Mike joins from Thailand and reflects on Southeast Asia’s scale, energy and contrasts.

02:00 This AI cycle feels fundamentally different after years of incremental updates.

04:00 Productivity leaps as AI moves from copy-paste to orchestrating code and workflows.

06:30 Recent breakthroughs suggest AI may already be entering a self-improving phase.

09:00 Feedback loops from current usage will materially strengthen next-generation models.

11:00 FRA Capital is cancelling major SaaS subscriptions and rebuilding tools internally.

13:30 Hands-on AI usage is directly influencing investment positioning and sector views.

15:30 The shift reinforces semiconductors and compute while pressuring legacy software.

17:30 The buy-versus-build decision is swinging sharply toward in-house AI systems.

19:30 Wegovy’s PBS listing signals obesity being treated as a serious medical condition.

21:00 AI’s role in healthcare diagnostics continues to expand rapidly.

22:30 Wrap-up on why the AI capex and compute cycle likely extends further.

0:00 – Intro0:45 – The AI takeoff moment: why early 2026 feels different2:20 – From ChatGPT to agents: the real step-change in capability4:30 – Senior developers don’t write code anymore: time compression explained6:40 – Agent swarms: why one AI is no longer the point8:30 – What’s still broken and why the gaps are closing fast10:10 – Building a diary + memoir app in days, not months12:40 – AI-powered journaling, email prompts & memory extraction14:40 – Investment meetings solved: auto-generating the next 6 questions16:30 – Vibe coding in real time18:20 – Wealth Wise: automating databases people charge fortunes for20:10 – Replacing expert networks: GLG, Tegus & mass-market disruption22:30 – $100k software projects becoming weeks-long builds24:30 – Phase 1 vs Phase 2 AI: new winners, new losers26:40 – Compute demand explodes: why GPUs, power & energy still win28:40 – Software pressure: seats, subscriptions & enterprise risk30:40 – The terminal replaces the IDE: dev tools under threat32:40 – Marketing becomes the bottleneck: attention software33:20 – Closing thoughts: massive opportunity, few people paying attention

0:00 – Intro0:42 – Nvidia earnings: strong growth but odd details2:10 – Circular Nvidia deals: inventories, AR and “not-real” revenue4:40 – Retail mania: quantum computing, nuclear & Aussie drone stocks7:05 – When the music stops: 60–80% drawdowns in retail favourites9:05 – NeoClouds explained: ex-Bitcoin miners turned AI GPU landlords12:05 – Hyperscalers, Nvidia vs AMD and why GPU economics may crack14:00 – Gemini 3 vs ChatGPT & other models – real edge or hype?16:40 – How AI tools are changing developer workflows and markets18:20 – Frazis’ quant models, 73.5%/82% returns & trading the rips21:10 – CTA flows, max-long to max-short and a trillion in fast money23:40 – Discretionary stocks smashed: Chipotle, Six Flags, Nike & the consumer25:40 – Current positioning: cash levels, biotech pain & healthcare winners27:55 – Hunting the next leg higher: healthcare and niche AI stocks (Astera Labs, Credo, Nvidia)30:10 – Hims & Hers: stalled growth, GLP-1 price war & DTC disruption (Novo, Lilly)32:20 – Aussie small caps: DroneShield, Zip, Technology One & WiseTech34:05 – Software “strangle”: Salesforce, Atlassian, Wix and Figma vs Gemini35:40 – AlphaSense, Tegus, and why most “AI everywhere” UX is terrible36:45 – Australia macro rant: NDIS, housing, government stimulus & the AUD38:00 – Closing thoughts & watching for $100B+ of forced selling

• Why markets look “fine” but small caps are quietly crashing

• The brutal 50 - 60% wipeouts in quantum, nuclear & neo-cloud stocks

• How 2025 became a one-way market dominated by AI & semiconductors

• AI CapEx, rate expectations, and why headlines are driving everything

• OpenAI vs Google Gemini vs Claude, who’s actually winning the AI race?

• The uncomfortable truth about Nvidia demand and “financed revenue”

• Neo-clouds explained: why leasing GPUs may signal weakness, not strength

• The looming AI oversupply risk nobody wants to talk about

• Why hyperscalers (Microsoft, Amazon) always win in compute cycles

• How our risk models cut exposure before major drawdowns

• Shorting as a defensive tools, reducing risk without timing the market

• Why US biotech quietly became one of the best-performing sectors

• GLP-1 drugs, oral weight-loss meds & the next healthcare rotation

• Software stocks at cycle lows, where 2–3x upside could emerge

• Why fintech and payments keep disappointing investors

• “Compounder” crashes: Nike, Lululemon & the end of premium multiples

• Aussie tech pain: Xero, WiseTech & massive valuation resets

• Defence, drones & insider selling, what signals really matter

• What would actually trigger the next broad market sell-off

• Our 2026 setup: where risk is rising and where opportunity is forming

0:00 – Intro: Mike & Ellianna catch up after Melbourne investor meetings

0:45 – Market update: Retail investors driving a red-hot rally

2:15 – Quants, institutions, and semiconductors hitting profit targets

3:40 – Why Frazis Capital is rotating into healthcare

4:30 – Spotlight on Grail: $10B spent chasing a pan-cancer blood test

6:10 – The Pathfinder 2 trial and physician skepticism

7:40 – FDA approval, adoption challenges, and cash burn9:00 – Clarity Pharmaceuticals: $203M raise and bold head-to-head trial

10:40 – Lessons from biotech cycles: Intellia’s 100% rebound

12:10 – Quant signals, timing, and managing risk in volatile markets

13:40 – Retail euphoria vs. institutional lag — what comes next?

15:10 – AI investment boom: data centers, semis, and software plays

17:00 – Byrna’s results & the “AI in everything” trend

18:20 – When hype meets fundamentals: the AMD-OpenAI deal

20:00 – Scaling out, profit-taking, and managing portfolio exposure

22:10 – Wrap-up and next week’s preview

00:00 – Intro & welcome to Chris Burns, CEO of Amplia
02:00 – Why pancreatic cancer is so deadly & hard to diagnose
06:30 – Current treatment options: Gem/Abraxane vs FOLFIRINOX
11:20 – Side effects & challenges with chemotherapy
15:00 – Why pancreatic cancer is difficult to treat (fibrosis & mutations)
19:00 – Amplia’s approach: FAK inhibitors and how they work
23:00 – History of FAK inhibitors & Amplia’s drug development story
27:00 – ACCENT trial design and early results (response rate, PFS)
32:00 – Complete responses & long-term responders (12–18+ months)
36:00 – Next steps: Simplicity trial with FOLFIRINOX
38:30 – Path to registrational trial & FDA fast track
41:00 – Combination opportunities: KRAS inhibitors & ADCs
43:00 – Commercial strategy, pricing, partnerships
44:30 – Wrap-up & final thoughts

Syntara’s highly anticipated Phase 2 results in myelofibrosis—what the data tells us, why the market sold off, and what might come next in terms of funding or partnership.

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HIMS, NU, MELI, AMD & Aussie Biotech