Highly Leveraged

0:00 Meta's 11% pop — Muse, and the gamma squeeze behind the surge

11:57 Meta Connect — the AI and VR glasses, and how to bet on them

25:07 The China–US state visit — Taiwan, export controls, soybeans

39:14 Trump's July trades — Marvell, short-term treasuries, quantum

Highly Leveraged is a finance and tech podcast hosted by Joshua and Brian Tam. Every episode breaks down the numbers behind the market moves, the companies building the future, and the trades everyone else talks about a week late. Produced by Barebone.

Download Barebone: https://apps.apple.com/app/apple-store/id6737490098?pt=127405361&ct=Highly%20Leveraged%20Podcast&mt=8

Follow us:

Barebone's IG: https://www.instagram.com/barebone.ai

Joshua's IG: https://www.instagram.com/joshua.jooste_/

Barebone's X: https://x.com/BareboneTeam

00:00 Intro

01:06 AI doomers and the $1tn crash

21:29 Anthropic's $2tn IPO

43:36 Nike down 80%

Highly Leveraged is a finance and tech podcast hosted by Joshua and Brian Tam. Every episode breaks down the numbers behind the market moves, the companies building the future, and the trades everyone else talks about a week late. Produced by Barebone.

Download Barebone: https://apps.apple.com/app/apple-store/id6737490098?pt=127405361&ct=Highly%20Leveraged%20Podcast&mt=8

Follow us:

Barebone IG: https://www.instagram.com/barebone.ai

Joshua IG: https://www.instagram.com/joshua.jooste_/

Barebone X: https://x.com/BareboneTeam

00:00 Introduction & this week’s big stories
01:06 Apple’s iPhone Duo
05:26 Meta’s Muse AI agent
11:27 How Meta could monetize Muse
16:53 Ads, commerce & Meta’s AI bet
26:43 Why Uber insiders are buying
41:51 America’s debt problem
48:24 Can inflation shrink the debt?
56:41 The Treasury’s bond-market gamble
1:00:24 Gold, rates & the market outlook

Highly Leveraged is a finance and tech podcast hosted by Joshua and Brian Tam. Every episode breaks down the numbers behind the market moves, the companies building the future, and the trades everyone else talks about a week late. Produced by Barebone.

Download Barebone: https://apps.apple.com/app/apple-store/id6737490098?pt=127405361&ct=Highly%20Leveraged%20Podcast&mt=8

Follow us:

Barebone IG: https://www.instagram.com/barebone.ai

Joshua IG: https://www.instagram.com/joshua.jooste_/

Barebone X: https://x.com/BareboneTeam

00:00 - GoPro, Allbirds and the "add AI to save the stock" playbook

01:30 - Nvidia's $12.9B Hugging Face deal and Kevin Durant's $60M payday

03:52 - Hugging Face as AI's distribution layer, and why Nvidia paid 86x revenue

06:18 - Nvidia's real goal: defending GPU demand from custom chips

08:34 - Open source, falling prices, and the enterprise security problem

14:44 - Why premium brands keep enterprise customers, and Anthropic's IPO plans

18:09 - HBM3 memory and CXMT's challenge to the bottleneck

20:18 - The AI agent attack on Hugging Face and OpenAI, and what it means for cyber

26:40 - Did the "agent civilization" story serve an AI marketing agenda?

34:24 - Why the hack was less sophisticated than the headlines

37:37 - Bernie Sanders, AI regulation, and why US rules could help China

45:19 - Offensive vs defensive agents, and CrowdStrike's data advantage

51:54 - Meta's Muse Spark, Google's Gemini Flash, OpenAI's GPT Astra

53:55 - How Meta funds AI differently, and what employee data reveals

59:33 - Meta's platform risk and the case for owning the models

01:04:09 - Why Google doesn't need the best frontier model

01:07:14 - GPT Astra's 3D reasoning, the AGI gap, and AI in game development

01:13:59 - Tim Cook's record, the handover, and John Ternus's engineering edge

01:23:01 - Apple's on-device AI, distribution control, and valuation

01:30:13 - Mac Mini agents, memory shortages, and pricier iPhones

Highly Leveraged is a finance and tech podcast hosted by Joshua and Brian Tam. Every episode breaks down the numbers behind the market moves, the companies building the future, and the trades everyone else talks about a week late. Produced by Barebone.

Download Barebone: https://apps.apple.com/app/apple-store/id6737490098?pt=127405361&ct=Highly%20Leveraged%20Podcast&mt=8

Follow us:

Barebone IG: https://www.instagram.com/barebone.ai

Joshua IG: https://www.instagram.com/joshua.jooste_/

Barebone X: https://x.com/BareboneTeam

00:00 Nvidia's earnings blowout

03:24 The free cash flow and debt problem

36:07 What the Hugging Face deal means

43:03 Salesforce and the SaaS apocalypse

58:20 Meta's settlement and the AI upside

1:08:03 AI compute and model distribution

Highly Leveraged is a finance and tech podcast hosted by Joshua and Brian Tam. Every episode breaks down the numbers behind the market moves, the companies building the future, and the trades everyone else talks about a week late. Produced by Barebone.

Download Barebone: https://apps.apple.com/app/apple-store/id6737490098?pt=127405361&ct=Highly%20Leveraged%20Podcast&mt=8

Follow us:

Barebone's IG: https://www.instagram.com/barebone.ai

Joshua's IG: https://www.instagram.com/joshua.jooste_/

Barebone X: https://x.com/BareboneTeam