Reed Albergotti from Semafor is back for our weekly discussion of the latest tech news. We cover: 1) Why Leopold Aschenbrenner’s Situational Awareness Hedge Fund 2) Leopold's connections to effective altriusm and how they played into the picture 3) Does EA lead to unacceptable risk taking? 4) What Leopold actually traded 5) What's left of Situational Awareness 6) OpenAI cuts prices as much as 80% 7) Does an AI price war drive everything to zero? 8) Nvidia invests $5 billion in Ilya Sutskever's SSI 8) Microsoft crushes earnings and has the biggest market cap gain ever 9) Amazon crushes earnings too 10) Google rebounds 11) Apple's memory fears and long term risks Chapters 00:00 Intro: Market turmoil and tech updates 01:03 Leopold Ashenbrenner's hedge fund collapse 02:27 Lessons from the hedge fund blowup 04:20 Cultural divide in the tech industry 05:02 Effective altruism and market bets 06:13 Risks of hubris in AI investments 08:10 AI's role in societal and technological change 09:36 Market reactions to AI developments 18:30 OpenAI's price cuts and market implications 24:14 Data center buildout and AI demand 42:30 Microsoft’s record market cap gain 50:54 Google’s cloud growth and market perception 54:26 Meta’s AI ambitions and social media 56:27 Meta’s potential AI companion strategy 57:41 The future of AI and tech industry trends