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A timely discussion on the potential paradigm shift in AI, from pre-training to inference-time. AI labs have hit a plateau due to the exhaustion of human-generated text data. A shift has big ramifications for Hyperscaler capex (inference-time compute aligns expenditures with model usage and revenue generation versus pre-training requiring large capital outlays before seeing an ROI), rethinking the network’s architecture, small teams using open-source models like Llama and catching up to frontier models with significantly less capital and data, and the proliferation of the application layer.

Gain a deeper understanding of the complex US healthcare landscape with Dr. Peter Attia and healthcare expert Saum Sutaria, CEO of Tenet Healthcare. This in-depth discussion explores the factors driving the $4 trillion US healthcare market, including rising drug prices, administrative costs, and the impact of the Affordable Care Act.  Near the 1:54 mark they go into a discussion of what it would take to cut 25% of the spending out of the healthcare system. Sutaria argues such a drastic cut would be devastating to the US employment market and that just bending the cost curve to grow to the rate of inflation would be quite a feat. He also believes that US health care expenditure exceeds that of other developed nations mainly due to supply-side interventions where governments limit options. Given that 65% of Americans say their personal coverage is good or excellent, drastic changes will be hard to implement

Lex Fridman's interview with Javier Milei centers on the Argentinian president's radical free-market approach to revitalizing the nation's struggling economy. Milei, a staunch advocate for economic freedom, details his administration's aggressive reforms, including slashing government spending, deregulation, and eliminating price controls. He argues that these difficult but necessary measures are already yielding positive results, such as reduced inflation and poverty levels, while paving the way for sustainable growth. Beyond economics, the interview also explores Milei's outspoken defense of freedom of speech and his admiration for figures like Elon Musk who challenge the status quo.

Private credit which typically plays the role of passive lenders, has increasingly become active with borrowers who can’t pay. This trend has been increasing as private-equity sponsors have faced difficulty exiting investments with a sluggish IPO and M&A market. Some loan pacts grant lenders voting rights when the loan is secured by the company’s equity, allowing lenders to use proxy rights to revamp the board by voting for the replacement of sitting members with independent directors. In this case, Main Street Capital upended Buca di Beppo’s board, authorized the new chief restructuring officer to file for bankruptcy, and within three months acquired the restaurant chain using the money Buca owed on its loan. What’s more is that courts have backed the more forceful approach that some private lenders have taken.

Insider sales have hit a record high for any quarter in two decades, according to VerityData. While it’s not uncommon for insider sales when the stock market is near all-time highs, they surged after the US election on November 5^th.