Speedracer

*GAMESTOP CEO COHEN SAYS OFFERING TO BUY EBAY FOR $56B: WSJ Cohen offering $56B for $EBAY, or a 20% premium to the closing price on Friday. He already has a 5% stake Offer is $125 / share in cash and stock. He has a letter from TD Bank to provide $20B in debt financing. According to Cohen: “There is nobody who is more qualified, based on my experience, to run the eBay business," "It could be a legit competitor to Amazon," Would be crazy if he pulls it off

Let's play a game called pop the stale backward-looking media manufactured consensus narrative. 1. OpenAI HIT their "aggressive" Q1 plan 2. OpenAI raised revenue expectations for the rest of 2026 due to momentum going into Q2 3. One week into the GPT-5.5 launch, API revenue is growing more than 2x faster than the prior best 4. Codex revenue DOUBLED in less than seven days. 5. Customer behavior is inflecting following the GPT-5.5 release 6. AI infra commitments are AHEAD of plan: "When we announced Stargate in late 2025, we committed to securing 10GW of AI infrastructure in the United States by 2029. We have already surpassed that milestone, including more than 3GW added in the last 90 days alone" Here's the simplified version: OpenAI got punched in the face with Claude Code and Gemini late last year. Product-market-fit (exponential revenue) exploded toward AI agents and agentic coding. They pivoted resources toward Codex and agentic coding. And now, with the release of GPT-5.5 and their compute advantage, OpenAI is making a massive comeback back to tech leadership. Come on, people. This is not hard. OpenAI's talent is still there. It should be obvious to anyone who follows the AI industry and talks to developers even minimally.

The irony is that Google is dead in the water in agentic coding right now, not OpenAI. Can Gemini bounce back? We'll find out next month.

I’m really struggling to see how the back of the envelope math on this works out… There are generously 4 million characterized “software workers” in America. That’s pretty broad and includes a lot of people who aren’t really classical engineers don’t produce that much code. That comes out to nearly $1k per month of average Claude spend across every dev in America. Yes, there’s some international usage, but it can’t be that much. Yes there is some non software Cowork usage, but that doesn’t use that many tokens. Yes, some non engineers are using Claude to vibe code, but I really doubt many are spending hundreds per month on. Even if we assume 50% of all software workers are using Claude, that comes out to $2k spend per month per Claude user. Thats 10X more than the highest tier Max subscription. So almost all of Anthropics revenue has to be API billing So the only explanation is that something like 20%+ of software engineers are not only Claude users but on API billing and regularly spending thousands per month. At $5/m Opus tokens that means the average API user has to be going through something like 25 million tokens per day. *OR* the other possibility is API revenue is heavily power law dominated. Maybe there’s just something like 100k super users who are making up the majority of the revenue. For that to work the typical super user would have to be spending on the order of $50k/month and guzzling nearly 1 billion tokens per day.

$80.9 billion That's how much Meta's Reality Labs division has lost since 2021