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他希望某些演示在之后进行，而在Macworld上他能获得比在CES上多得多的控制权。

He wanted certain demos to happen after, and he just got way more control at Macworld than he would have gotten at CES.

关键是，在CES上，记者们会从一个展台逛到另一个展台，比较规格表。

And the big thing is that at CES, journalists go around from booth to booth and they compare spec sheets.

比如电视，他们会看4K、8K、3D（不是3D）、OLED、刷新率、端口数量、价格点。

So with TVs, know like four k, eight k, three d, not three d, OLED or refresh rate or number of ports, price point.

于是他们会制作这些图表，并把所有东西归入同一类别。

So they create these, like, charts and they keep everything in a category.

他希望定义一个新类别，并打破既有类别。

And he wanted to be category defining and he wanted to break the category.

他也不希望被拿来和诺基亚N95比较。

And he also did not want to be compared to to the Nokia n 95.

不。

No.

诺基亚N95实际上是当时最奇怪的

The Nokia N95 was actually the best weird

它性能更强。

It was more more performant.

是的。

Yeah.

在当时，它在几乎所有方面都胜过了它。

It it beat it on basically everything at the time.

他不想进行参数对比。

He didn't wanna go spec to spec.

他不想。

He didn't.

他不想。

He didn't.

所以诺基亚当时已经有了3G。

So the Nokia had three g already.

它还带有GPS。

It had GPS.

它支持文本的复制粘贴。

It allowed for copy pasting of text.

它配备了前置摄像头。

It had a front facing camera.

它拥有五百万像素的后置摄像头。

It had a five megapixel rear view.

我们可以复制和粘贴。

We can copy and paste.

没有这个功能。

Don't have that No.

诺基亚N95的功能数量多得惊人。

The number of features of the Nokia N95 was crazy.

它能够录制视频。

It could record videos.

iPhone当时无法录制视频。

The iPhone couldn't record videos.

它配备的是五百万像素的摄像头，而不是两百万像素。

It had a five megapixel camera instead of a two megapixel camera.

它甚至还有FM收音机，我觉得其实没人真的想要这个功能。

It even had an FM radio, which I don't I don't think anyone really wants.

但你知道，它拥有一大堆功能，如果你只是列一张iPhone和诺基亚N95的对比表，诺基亚在大约十个不同规格上都胜出。

But, you know, it had a bunch of features that if it was just if you just created a table of iPhone versus Nokia n 95, the Nokia beat it on, like, you know, 10 different specs.

iPhone真正占优势的唯一一点是它有触摸屏，而诺基亚没有。

The only thing that the iPhone really had going for it was that it had a touch screen, and and the Nokia didn't.

但当时人们并不觉得他们想要触摸屏，因为大多数触摸屏都很糟糕，而iPhone拥有第一个真正出色的触摸屏。

But people didn't think they wanted a touch screen at that point because most touchscreens were terrible, and the iPhone sort of had the first good touchscreen.

此外，它还有一些独特的苹果创新，比如功能完整的Safari网页浏览器，但它甚至没有第三方应用。

And then also it had some other unique Apple innovations like a full featured Safari web browser, but it didn't even have third party apps.

诺基亚却有。

The Nokia did.

因此，史蒂夫·乔布斯成功地将整个iPhone的讨论重新定义为：它就是一款独一无二的产品。

And so Steve Jobs was able to sort of reframe the whole iPhone discussion as like, it's just this own thing.

别拿我们和诺基亚比。

Don't comp us to Nokia.

我们为什么要谈诺基亚？

Why are we talking about Nokia?

我们不会谈诺基亚。

We're not gonna talk about Nokia.

他们没参加Macworld。

They're not at Macworld.

他们不被允许在这里。

They're not allowed to be here.

有史以来最棒的营销者。

Best marketer of all time.

显然。

Clearly.

每个人都模仿了他。

And everyone copied him.

所以，非常非常迅速地，每一家科技公司都希望做同样的事情，设定自己的议程，从头到尾完全掌控活动。

So very, very quickly, every tech company wanted to do the same thing, set their own agenda, have full control over the event from start to finish.

苹果实际上在两年后退出了Macworld，转而开始举办WWDC以及他们自己主办和分发的活动。

Apple actually pulled out of Macworld two years later, went started doing WWDC and and and their own their own self hosted events, self distributed events.

显然，技术本身让这一切变得容易多了。

Obviously, technology itself makes a lot of that easier.

摄像头变得更便宜了。

Cameras are cheaper.

你可以进行直播。

You can livestream.

你可以重播，可以把你的活动传播到各个地方。

You can to restream, and you can and you can your your event everywhere.

于是你有了Google IO、微软Build、Meta Connect、三星Unpackeded。

So you have Google IO, Microsoft Build, Meta Connect, Samsung Unpackedly.

当扎克伯格发布最新的Meta Ray-Ban眼镜时，他并没有在CES上发布。

When Zuck introduced the latest Meta Ray Ban displays, he didn't do it at CES.

他没有等待CES。

He didn't wait for CES.

他就直接说：我要办自己的活动。

He was just like, I'm gonna have my own event.

他在自己的活动中发布了。

He did it at his own event.

他创造了属于自己的新闻周期。

He created his own news cycle.

他完全掌控了这一切。

And it was like he had full control over that.

于是所有人都效仿了乔布斯的模式，效果非常成功。

And so everyone's followed Jobs Playbook, and it's been remarkably successful.

我觉得这从未失败过。

Like, I don't think it's been a miss.

传统的展会模式对许多公司仍然有效，大型科技公司也仍然保留着参展。

The older tradeshow format still works for lots of companies, and big tech companies do still have presences.

所以就在今天或昨天的CES上，詹森出席了，英伟达发布了他们的新产品Vera Rubin

So just today at CES or yesterday, Jensen was there, and and NVIDIA unveiled Vera Rubin, their new

看起来太棒了。

Which looks incredible.

是的。

Yeah.

但它并不是一款消费电子产品。

But it it also, it's not a consumer electronics product.

在这样一个不太合适的地方发布，但感觉像是一场有趣的活动。

It's of an odd place to do it, but it's like a fun event.

但就连英伟达现在也有了自己的大会。

But even NVIDIA has their own conferences now.

但我主要的体会是，从科技史上的关键时刻来看，我不再期待这些时刻会在独立的展会上发生了。

So and but the the my main takeaway is, like, just, like, in terms of key moments in tech history, I don't expect them to happen at independent trade shows anymore.

说实话，几十年来这些时刻就再也没有在那里发生过了。

And truthfully, they haven't happened there for decades.

我们看了录像机、CD播放器和Xbox。

We looked at the VCR and the CD player and the Xbox.

到现在已经超过了25年，尽管巨石强森与比尔·盖茨的同框是一个经典时刻。

That's over 25 years old now at this point, although The Rock alongside Bill Gates is an iconic moment.

但这些现在都已经是过去的事了。

But that is of old at this point.

但CES展会依然有很多值得一看的地方。

And still, there's plenty to get from a show from CES.

这是一个绝佳的场所。

It's a fantastic place.

如果你在行业内，你去那里并不是作为粉丝。

If you're in the industry, you don't go as like a fan.

很多苹果粉丝会观看苹果的发布会，只是为了知道：我该不该买新款iPhone？

A lot of people who are Apple fans will watch an Apple keynote just to know, Hey, should I buy the new iPhone?

你去CES并不是带着同样的想法或目标。

You don't really go to CES with that same idea or that goal.

你去是因为你在寻找供应商或分销商

You go because you're there looking for a supplier or someone to distribute or

你去是因为

You go because

你是业内人士。

you're in the industry.

你的CEO得准备好在拉斯维加斯大醉一场。

Your CEO has is Get ready to drink by the in Vegas.

准备好出发吧。

Get ready to go.

认真的。

Seriously.

认真的。

Seriously.

总之，让我跟你聊聊CrowdStrike。

Anyway, let me tell you about CrowdStrike.

你的业务是人工智能。

Your business is AI.

他们的业务是保护它。

Their business is securing it.

CrowdStrike保护人工智能并阻止入侵。

CrowdStrike secures AI and stops breaches.

而且在CES上推出了一些有趣的产品。

And there are some fun things that did launch at CES.

我想先讲的是《华尔街日报》对CES的报道。

The first thing that I wanted to go through was The Wall Street Journal's write up of CES coverage.

这很有趣，因为几乎没有任何消费电子产品。

It's interesting because it's almost no consumer electronics.

因此，他们当然重点报道了英伟达、更快的人工智能芯片，以及Vera Rubin的CPU-GPU组合。

So of course, they highlighted NVIDIA, the faster artificial intelligence chips, Vera Rubin, the CPUGPU combination.

梅赛德斯-奔驰与英伟达合作，共同打造首款自动驾驶汽车，计划在今年前三个月内登陆美国道路。

Mercedes Benz, NVIDIA has a partnership to make the first autonomous car built in partnership with Mercedes Benz set to hit US roads in the first three months of this year.

我那辆梅赛德斯-奔驰的轮胎今天早上在上班路上自己爆了。

The tire of my Mercedes Benz Oh.

今天早上上班路上，轮胎突然自行爆了。

Exploded autonomously this morning on the way to work.

从节目一开始，你就一直在抱怨洛杉矶的道路状况，说你需要一辆SUV。

Been complaining about the roads in LA and making this point like you need an SUV since the beginning of the show.

我的，我的，还有到底发生了什么？

And my and my and and what's happened?

是啊。

Yeah.

我们已经爆了三个轮胎了。

We've had three tires blown

对，没错。

out Yeah.

是啊。

Yeah.

怎么了？

On What's up?

关于洛杉矶的道路。

On LA roads.

我想我确实抱怨过，我不确定是在节目中还是节目外，但至少在过去48小时内是这样。

I do think I was complaining about I don't I'm not sure if it was on air or off air, at but least in the last forty eight hours Mhmm.

我当时在开玩笑说，开SUV才适合洛杉矶的道路。

I was talking was joking about needing an SUV for the LA roads.

当然，今天早上确实如此。

Of course, this morning It's true.

早上5点35分，轮胎没能扛过一个坑洞。

At 05:35AM, the tire did not survive a pothole.

总之，太荒谬了。

Anyways Ridiculous.

展望未来，AMD的期刊提到，AMD还发布了最新的AI芯片，名为Instinct，将在今年晚些时候推出。

Going forward, AMD, the journal says AMD also unveiled its latest AI chips known as the Instinct, which will launch later this year.

它们被视为对英伟达迄今为止最强大的竞争。

They're expected to be AMD's strongest competition to NVIDIA yet.

然而，股价下跌了超过2%。

Shares fell more than 2%, however.

优步，是的。

Uber Yeah.

优步这家网约车公司，加上电动汽车制造商Lucid和Neuro，已开始为其计划的自动驾驶出租车服务进行道路测试。

Uber's ride hailing company plus EV maker, Lucid and Neuro, have begun on road testing for their planned robo taxi service.

优步预计今年晚些时候在旧金山推出该服务。

Uber expects to offer the service in San Francisco later this year.

股价上涨了5.5%。

Stock jumped five and a half percent.

所以CES，至少这些公告仍在推动市场，是的。

So CES, least announcements are still moving Yeah.

推动市场。

Moving the market.

还有一些

There's some

其他酷炫的东西。

other cool stuff.

我的意思是，戴尔也在其中。

I mean, Dell's in here.

他们正在复兴XPS电脑系列，但同时也推出了一款巨大的52英寸显示器，或者类似的东西，一个6K显示器。

They're reviving the XPS computer line, but the they also launched a massive 52 inch monitor or something like that, a six k monitor.

我觉得如果你需要的话，这可能会非常棒

And I feel like that could be pretty sick if you need

如果你在监控场景的话。

If you're monitoring Situations.

当然。

Of course.

比如六个

Get, like, six

是的。

Yeah.

六个这样的。

Six of these.

让我跟你聊聊Console。

Let me tell you about Console.

Console构建AI代理，自动化70%的IT、人力资源和财务支持工作，为员工提供即时解决访问请求和密码重置的服务。

Console builds AI agents that automate 70% of IT, HR, and finance support, giving employees instant resolution for access requests and password resets.

乐高推出了一款智能积木，瞧瞧。

Lego launched a smart brick and There we go.

高科技的《星球大战》玩具。

High-tech Star Wars toys.

这本是今年最重磅的发布之一，但现在就出了？

This was this was the launch launch of the year contender, and it's Already?

这才刚到《星球大战》的第一周。

It's the first week in Star Wars.

那我们来打开看看，如果但

So let's let's pull it up if if But

嗯。

yeah.

我们来看这个。

Let's this.

我们来观看。

Let's watch.

对于一个智能迷你人偶。

For a smart minifigure.

当它检测到时，你会从声音和颜色上看到变化。

And you'll see from the sound and the color when it detects it.

但它不仅仅是寻找迷你人偶，它知道这个迷你人偶是谁，而且实际上它知道这个迷你人偶的位置。

But it's not just looking for the minifigure, it knows who that minifigure is and actually it knows where that minifigure is.

所以，当我移动这个迷你人偶时，你会看到不同的灯光和颜色，取决于迷你人偶相对于积木的位置。

So, as I move the minifigure around, you'll see different lights and colors depending on where the minifigure is compared to the brick.

这让我们能做什么？

What does this allow us to do?

嗯，你们

Well, you

其实已经看到了。

saw it actually.

孩子们。

Children.

这很好。

That's good.

我

I

我觉得这很好。

think this is good.

我记得

I I remember

我们把每一块乐高积木都变成了一个迷你iPad。

We turned every Lego brick into a mini iPad.

我记得当时有

I I remember there were

我们很期待让孩子们沉迷于乐高。

We're excited to addict your children to Lego.

当时有一种可编程的乐高电脑，但体积大得多。

There was some sort of Lego programmable computer, but it was much larger.

我小时候，它大概有这么大。

It was about this big when I was a kid.

而且

And

是的。

Yeah.

他们搞的是头脑风暴。

They go mind storm.

思维风暴。

Mind storms.

就是这样。

That was it.

那太棒了。

That was amazing.

因为你真的可以学到一点编程，还能做一些小项目，比如循迹小车。

Because you could actually learn to program a little bit, and you could do little, like, self driving cars like line following.

你可以在地上画一条线，小车上有摄像头识别这条线，然后沿着它走。

You could draw a line on the ground that can have a little camera that looked at the line and follow it around.

它让你能够动手搭建

And it it it just let you build

瑞安说乐高涡轮鼓风机需要重新组装。

Ryan says the LEGO Turbo Puffer is gonna need a rebuild.

当然。

Totally.

西蒙，我们需要把这个变成一个智能的乐高喷气机。

Simon, we need to make this a smart Smart Lego Puffer.

智能喷气机。

Smart Puffer.

当然。

For sure.

但是，没错。

But, yeah.

乐高正在推出有史以来最具雄心的积木。

So, Lego's launching the most ambitious brick it's ever made.

一个能完全装进经典2x4乐高积木里的微型电脑。

A tiny computer that fits entirely inside a classic two by four Lego brick.

它将让整个乐高套装活起来，配备嗡嗡作响的光剑、轰鸣的引擎、发光的爆能枪等等，尽在眼前。

It will make entire Lego sets come to life with humming lightsabers, roaring engines, light up blasters, and more from the verge.

太棒了。

Love it.

覆盖范围。

Coverage.

非常酷。

Very cool.

波士顿，当然还有波士顿动力。

Boston And of course, Boston Dynamics.

是的。

Yeah.

全球演示冠军。

Demo champions of the world.

是的。

Yeah.

他们做出了有史以来最棒的演示。

They got a Best to ever demo.

机器人，一些11 Labs的声音。

Robots, some 11 Labs voices.

11 Labs 构建智能实时对话代理，重新定义人机交互。

11 Labs build intelligent real time conversational agents, reimagine human technology.

确实有一个真实的通话

There actually is a real call

呼吁行动。

to action.

让你的机器人说话

Let your robots talk

是的。

Yeah.

通过 11 Labs。

With 11 Labs.

这确实需要作为一个功能。

It definitely needs it as feature.

所以波士顿动力，是的。

So Boston Dynamics Yeah.

今年开局强劲。

Is starting the year strong.

嗯。

Mhmm.

他们似乎对Figure的估值相当于大约一家福特汽车公司感到不满。

They seem to be upset that Figure is valued at roughly one Ford Motor Company and they're not happy about it.

所以他们推出了一个新的视频，是关于……

So they're they're launching they had a new video of Yeah.

各种波士顿动力机器人实际上属于现代？

Various Boston Dynamics robots in de a facto Hyundai?

在这里。

Here.

他们已经做了这么久了。

They've been doing this for so long.

但我不确定。

But don't know.

看起来不错。

It looks good.

我不知道。

I don't know.

它有多高？

How tall is it?

两点三米？

Two point three meters?

哦，原来它能伸这么远。

Oh, that's how long it can reach.

这挺大的。

That's pretty big.

我觉得很多类人机器人真的非常小。

I feel like a lot of the humanoids have been really, really small.

就只是比较小而已。

Just kind of like smaller.

这难道不是CGI吗？

Is this is this not CGI?

我现在都分辨不出来了。

I I can't even tell at this point.

它看起来像

It's looks like

哇。

Wow.

太棒了。

So good.

这个动作真酷。

Was a cool move.

它移动的方式

The way that it can move

那真是个酷炫的动作。

is That was a cool move.

它站起来的方式也很疯狂。

The way that it stands up is wild too.

是啊。

Yeah.

站起来。

Standing up.

它看起来像一只蜘蛛，而且

It looks like a spider and

然后它确实如此。

then it's Yeah.

有点是啊。

Kind of Yeah.

非常令人不安。

Very disconcerting.

但那个才真是疯狂。

But that one is crazy.

哦，我们是从一个中国人形机器人那里看到这个的

Oh, that we we we saw this from one of the Chinese humanoid

你觉得

Do you think that

它

where it

切换电池吗？

swaps on battery?

也许他们最初的用途之一可能是用于手套

Maybe their one of their first use cases could be gloving at

哦，是的。

Oh, yeah.

这真的很潮流。

That's really trendy.

我最近一直在看到这个。

I've been seeing that.

戴手套表演。

Gloving.

我看过一段视频，有人在飞机上戴手套表演。

I saw some video of somebody gloving on an airplane or something.

你看到那个了吗？

You see that one?

但没错，你看到过。

But, yeah, you saw that.

泰勒，你得开始戴手套表演了。

Tyler, you need to start gloving.

是啊。

Yeah.

当任何一位创始人融资超过一亿美元时，你都得说：我能为你戴手套表演吗？

When a founder anytime a founder raises more than a $100,000,000, you gotta say, can I glove for you?

为你戴手套表演？

Can glove for you?

那是什么？

What is that?

像是电子舞曲文化里的东西吗？

From like EDM culture or something?

我不知道。

I don't know.

这太有趣了。

That's very funny.

抱歉。

Sorry.

这里面还有什么？

What else is in this?

嗯。

Yeah.

波士顿动力机器人的工作温度范围是华氏零下四度。

The Boston Dynamics robot has an operating temperature range of negative four degrees Fahrenheit,

也就是

which is

从零下四度华氏度到一百零四度，相当有趣。

pretty interesting all the way up to a hundred and four.

一百零四。

Hundred and four.

身高六英尺二英寸。

Six feet two inches tall.

一百零四度感觉像是

104 feels like that's

说实话，它的结构很棒。

Got a great build, honestly.

体重一百九十八磅，能在零下四度工作。

Six to a 198 pounds can work at negative four.

这个面部中段比例是什么？

What's this mid face ratio?

这个上颌骨怎么样？

How's this upper maxilla?

它是个圆形。

It's a it's circle.

它是个圆形。

It's a circle.

好的。

Okay.

太完美了。

Well, perfect.

我想这就是完美的比例。

That's a perfect ratio, I guess.

是的。

Yeah.

显然，现代正在准备将数万台机器人部署到他们的制造工厂中。

So apparently, Hyundai is preparing to deploy tens of thousands of their robots into their manufacturing facilities.

它们的持续承重是66磅，你知道的，承重能力。

They're 66 pounds sustained, you know, weight capacity.

大多数人能举起比这更重的重量。

Most most people can lift more than that.

来吧。

Come on.

我们得把这些数字提上去。

We gotta get those numbers up.

但没错，这会很有趣。

But, yeah, this will be interesting.

我好奇，这家公司易主这么多次，未来会怎样。

I I wonder I wonder what the future of this company's trade traded hands so many times.

它现在由现代集团拥有。

It's owned by, Hyundai right now.

他们必须把它分拆出去。

They gotta spin it out.

他们必须上市。

They gotta go public.

他们必须再次让这个项目进入公开市场。

They gotta get this thing in the public markets again.

他们必须在纽约证券交易所上市。

They gotta launch on the New York Stock Exchange.

如果他们想改变世界，就必须在纽约证券交易所筹集资金。

If they wanna change the world, they gotta raise capital at the New York Stock Exchange.

好主意。

Great idea.

我们聊聊杰米·戴蒙吗？

Should we talk about Jamie Dimon?

就这么办。

Let's do it.

今天《纽约时报》报道，杰米·戴蒙赚了7.7亿美元，表明银行家们再次登顶。

In The New York Times today, Jamie Dimon's 770,000,000 haul shows how bankers are on top again.

嗯。

Mhmm.

让我们为银行家们鼓掌。

Let's give it up for the bankers.

这话说得，够格敲钟了吧，老兄？

Mean, this Gong worthy, bro?

这确实够格敲钟了。

This is Gong worthy.

我们来吧。

Let's do it.

第一次敲钟。

First Gong.

特朗普政府正在放宽监管，Jamie Dimon的并购活动正在升温。

Trump admin is lifting regulations and deal making is heating up for Jamie Dimon.

2025年，担任摩根大通首席执行官的收入比以往任何时候都更高。

Being JPMorgan Chase's chief executive was more lucrative in 2025 than ever.

近十五年来，银行掌门人杰米·戴蒙每次会见监管机构、民选官员和记者时，都会随身携带一件近乎护身符的东西。

For nearly fifteen years, Jamie Dimon, the bank chieftain, has carried around what might as well be a talisman when he sees regulators, elected officials, and journalists.

等等。

Wait.

什么？

What?

护身符？

Talisman?

在会议恰到好处的时刻，他会拿出一份单页打印件，称之为意大利面图表。

What are talking At just just the right time in meetings, he breaks out a single page printout that he calls a spaghetti chart.

在这份图表上，戴蒙的下属们用极小的字体塞满了极其复杂的流程图，旨在展示他的公司摩根大通所面临的各种法律法规。

On it, mister Diamond's under underlings have crammed in tiny type a comically complicated flowchart meant to represent the various laws and regulations to which his company, JPMorgan Chase, is subject.

这种表演终于奏效了。

The theatrics have finally worked.

特朗普政府不仅在拆解监管规定，还在攻击那些源于2008至2009年金融危机、旨在防止银行放纵其最恶劣冲动的整个监管机构。

The Trump admin is not just taking apart regulations, but attacking the whole regulatory agencies that date back to the two thousand and eight, two thousand and nine financial crisis and were meant to keep banks from giving in to their worst impulses.

监管机构还让银行更容易涉足高风险资产，例如加密货币，而特朗普总统则暂停了对外反贿赂规则的执行。

Regulators have also made it easier for banks to pedal in risky assets, again, like cryptocurrency and President Trump paused enforcement of foreign anti bribery rules.

有趣。

Interesting.

仅凭这场放松监管的狂欢，就让现在成为一代人以来银行家最好的时代。

The deregulatory bonanza alone makes it the best time in a generation to be a banker.

还有更多。

There's more.

利率下降，加上反垄断监管机构态度宽松，有助于扭转并购业务的低迷局面，正如Netflix与Paramount为收购华纳兄弟探索公司而展开的千亿美元竞购战所显示的那样。

Falling interest rates in a permissive set of antitrust overseers are helping reverse a lull in the lucrative business of arranging M and A as the $100,000,000,000 bidding war between Netflix and Paramount for Warner Brothers Discovery shows.

由于办公室工作复苏，曾经岌岌可危的房地产贷款如今看起来更加稳定。

Once imperiled real estate loans look steadier, thanks to the rebound in in office work.

股市已接近历史高点。

Stocks are near record levels.

债券市场迎来了自2020年以来最好的一年，黄金和白银价格也大幅上涨，所有这些都推动了维持华尔街盈利机器运转的交易业务。

The bond market had its best year since 2020, and gold and silver have soared, all of which feeds the trading businesses that keep Wall Street's profit machine humming.

让我们听听

Let's hear

盈利机器。

profit machine.

换句话说，正如基夫、布鲁耶特和伍兹的分析师最近所言，每个人都能找到适合自己的机会。

In other words, as analysts at Keefe, Bruyette and Woods recently put it, there's something for everyone.

大型银行股票在2025年上涨了29%，几乎达到了美国股市整体涨幅的两倍。

Big big bank stocks rose 29% in 2025, almost doubling the gain of The US stock stock market overall.

规模较小的贷款机构和社区银行通常更专注于住宅抵押贷款和消费者支票账户等领域，也实现了增长，但表现明显逊色。

Smaller lenders and community banks, tend to have a narrow narrower focus on areas such as residential mortgages and consumer checking accounts, also gained but performed considerably less well.

所以，再次强调，这部分原因在于，银行一直以来都是在双手被绑的情况下放贷，而私人信贷市场却蓬勃发展。

So again, I mean, a big part of this is, banks have just been, you know, obviously lending with their hands tied behind their backs as as the p, as the private credit chat.

确实如此。

That's true.

这确实是真的。

That's actually true.

是的。

Yeah.

是的。

Yeah.

所以它们只是坐着，情况也差不多。

So they're just sitting And it's sort the same

加密货币也是这样。

thing with like crypto.

就像你知道的，如果有一个竞争者监管少得多，那将是一个巨大的。

It's like, you know, if there's going to be a if you're gonna have a competitor that's like less way less regulated, that is a very that's a huge

既然如此，我为什么还要和摩根大通合作，而不是选择世界自由金融呢？

And why would I work with JPMorgan Chase when I can work with World Liberty Financial?

是的。

Yeah.

正在重新塑造

Which is reinventing

嗯。

Yeah.

嗯。

Yeah.

金融。

Financial.

嗯。

Yeah.

嗯。

Yeah.

比如整个去银行化或不去银行化、无银行运动之类的。

Like like the whole debanking sell or not debanking, bankless movement and stuff.

我不确定这是否成了巨大的阻力。

Like, I I don't know that it's been a huge headwind.

但不。

But No.

我认为，并购与

I think I I think the the combination of m and a

嗯。

Yeah.

以及私人信贷的结合，它们确实如此。

And private credit that that they have just been Mhmm.

你知道，私人信贷的监管要宽松得多。

You know, private credit is just much more loosely regulated.

嗯。

Yeah.

嗯。

Yeah.

薪资奖金、股息、股票赠予以及他对银行股份的增持，使杰米·戴蒙的总收入约为7.7亿美元；而花旗集团首席执行官的股份在2025年上涨了65%以上，此前该银行在一年的重组中裁撤了数万个岗位。

A combination of salary bonuses, dividends, stock grants and appreciation in his allotment of the bank shares yielded roughly $770,000,000 for Jamie Dimon, for the chief executives of Citi whose shares rose more than 65% in 2025 after the bank slashed tens of thousands of jobs in a year's long restructuring.

高盛的股价

And Goldman Sachs shares

泰勒在笑，为了泰勒的替代。

Tyler laughing for Tyler displacement.

不。

No.

不。

No.

因为

Because

他们上涨了60%

they were up 60

哦，明白了。

Oh, okay.

好吧。

Okay.

哦，明白了。

Oh, okay.

是的。

Yeah.

因为你的反应看起来有点像‘不’。

Because the way that you reacted there looked a little No.

你显然在为他们加油。

You're cheering Obviously.

为了劳动力替代。

For the for the labor displacement.

但这当然不是由人工智能驱动的。

But this is not this is not AI driven, of course.

是的。

Yeah.

所以不管怎样，他们在这里计算了一些未实现的收益。

So anyways, they're counting some unrealized gains here, of course.

是的。

Yeah.

但不管怎样，对吉米·戴蒙来说，这是非常重要的一年。

But anyways, big, big year for Jamie Dimon.

让我们

Let's

看看。

see.

我们要不要去趟金枪鱼店？

Should we pop over to Tuna?

好的。

Yeah.

里面有什么

What's in

金枪鱼说让

Tuna says let

我给你讲讲Shopify。

me tell you about Shopify.

Shopify 是一个与您的业务共同成长的商业平台，让您能够在线、店内、移动设备、社交媒体、电商平台，以及现在通过 AI 代理，瞬间完成销售。

Shopify is the commerce platform that grows with your business and lets you sell in seconds online, in store, on mobile, on social, on marketplaces, and now with AI agents, baby.

没错。

That's right.

Tuna 说，你的灵魂失衡了，因为你已经与你的消费者群体脱节。

Tuna says, your soul is out of balance because you have fallen out of touch with your consumer demographic.

多关注一下你的个性化广告。

Pay more attention to your personalized ads.

让它们自然流过你。

Let them flow through you.

嗯。

Yeah.

多留意一下。

Pay attention.

它们确实能告诉你一些关于我我我

They do really tell you something about I've I've

我一直在收到关于那个智能棋盘的个性化广告，我是说，说到CES消费产品，我一直在收到那个智能棋盘的个性化广告。

been getting I mean, speaking of the CES consumer products, I've been getting personalized ads for the board, the the the smart game board.

但我们请了那位创始人上节目，我买了一个。

But we had the founder on the show and I bought one.

我也买了一个。

I bought one too.

你给我评价一下吧。

What what give me your review.

你觉得怎么样？

What do you think?

我还没玩过。

Haven't played it yet.

没有。

No.

所以，这里有个挑战。

So so here's the challenge.

是的。

Yeah.

我们家里帮忙的人变少了，当然。

We had less help around the house Sure.

在过去两周里。

Over the last two weeks.

这个棋盘是为孩子设计的，我觉得是六岁及以上的孩子。

And board is designed for, I think, kids like I think it's like six and up.

它不是那种给五岁以下孩子玩的游戏。

Like, it's not it's not like a under five game.

是的。

Yeah.

所以当你家里只有一个或三个岁的小孩在那儿捣乱时，想把棋盘拿出来玩，简直不可能。

And so trying to pull that out and play when you're just gonna have, you know, like one or three year old just like, you know, messing with it.

这几乎是不可能的。

It's pretty much impossible.

但我很期待玩它，是的。

But I'm excited to play it Yeah.

希望这周就能玩。

Hopefully this week.

评测人员应该在节目中现场直播玩。

The review guys should play live during the show.

对。

Right

在这儿？

here?

我们应该。

We should.

是的。

Yeah.

那个四岁半孩子的评测是个加分项。

The the review from the four and a half year old was a plus.

他很喜欢。

He loved it.

你玩了什么？

What'd you play?

我想我们还是选择了更简单一些的游戏。

We we stuck to the more simple games, I think.

另外，他们还在陆续推出一些游戏。

Also, they're still rolling out some of the games.

所以游戏发货时，你会收到装在袋子里的若干部件。

So it ships and you get a number of pieces in bags.

而他们寄给你的某些部件，对应的游戏其实还没完成。

And and some of the pieces that they ship to you, the games haven't actually finished.

我想，他们还没完成编码。

They haven't finished coding them, I guess.

所以这些游戏还不能玩。

And so they're not live.

但我们玩了一个类似太空侵略者的游戏，你在屏幕上放一个类似三角形的块。

But we played this sort of like space invaders game that you put this, like, sort of triangle block on the screen.

当你进入这个区域时，基本上是在射击经过的小行星，击碎它们并获得分数。

And then when you're in this one zone, you're basically firing at these asteroids that come by and you break them up and you get the score.

这很有趣。

And it was interesting.

游戏机制足够直观，四岁的孩子也能上手并获得一些分数，但如果你收集了足够的这种材料，就能激活一道巨大的激光束，几乎摧毁一切。

It was intuitive enough that the four year old could pick it up and actually get some points, But there were enough layered mechanics that if you collected enough of this material, you could turn on this massive laser beam that would sort of, like, destroy everything.

所以，我发现自己在想：哦，我知道其实有可能拿到4000分，尽管我们现在平均只有2500分。

So there was, like I I found myself being like, oh, I know that there's a that it's possible to get 4,000 points even though we're averaging, like, 2,500 points now.

如果我彻底最大化这个机制，当我们以高水平玩这个游戏时，实际上它的技能上限还挺高的，这很有趣。

If I really max this out and we were to play this at a high level, like, the skill ceiling's actually sort of high, which is fun.

所以我觉得这个游戏的设计相当不错。

So I thought that the game design was pretty good in that one.

然后还有

Then there

我就是喜欢你这样，你不会每个游戏、任何类似的东西都这样，你就是觉得我得把它练到满级。

were I love how you don't you don't every like, every game, anything like that, you're just like, I need to max it out.

当然了。

Oh, for sure.

我得

I need

把它练到满级。

to max it out.

当然。

For sure.

就算你根本不在乎它，也是这样。

Like, even if you don't care about it Yeah.

你就是在乎把分数刷到最高。

You care about maxing out the score.

是啊。

Yeah.

我跟老板说过，在医疗领域这很好。

I I told It's a good I told boss this in Medic.

一分，我在《Robo Recall》中取得了最高分，

One point, had the highest score in Robo Recall in

世界上。

the world.

好的。

Okay.

所以，我们团队的瓦克说，我三岁的侄子特别喜欢那个奇怪的外星狗游戏。

So apparently, so so, Vaik on our team says, my three year old nephew loves the weird alien dog game.

那就是一分吗？

So Is that the one point?

apparently，它适合三岁孩子玩，我需要去体验一下

Is apparently, it is suited for three year olds and I need Is to get into

那个奇怪的外星狗游戏，就是它跑进屋里，你得给它洗澡的那个吗？

is the is the weird alien dog one where it it comes in the house and you have to wash it off?

就是这个。

That's the one.

对吧？

Right?

对。

Yeah.

对。

Yeah.

对。

Yeah.

对。

Yeah.

因为这个特别有趣。

Because that one's really funny.

它更像一个电子宠物。

It's more like a Tamagotchi.

你需要每天去查看它，它会从屋里出来。

Like, you're supposed to check on it every day and it comes in from the house.

它脏透了。

It's all dirty.

所以你要把它洗干净。

So you wash it off.

用肥皂搓一搓。

You soap it up.

好好刷一刷。

Scrub it.

你还有各种不同的工具。

And and you have all these different tools.

你有一个小喷壶，把喷壶放在屏幕板上。

So you have a little watering can, and you put the watering can on the screen of the board.

当你这么做时，它会像淋浴一样洒在宠物身上，然后把它冲干净。

And when you do, it it sort of showers the pet, and then it washes it off.

嗯。

Yeah.

所以我想

So I

对于板子来说

think for board to

卖，嗯。

sell Yeah.

一百万件，嗯。

A million units Yeah.

他们需要一款超级超级病毒式传播的独立游戏。

They need like a super super viral individual game.

嗯。

Mhmm.

嗯。

Yeah.

我不认为光有八款有趣的游戏就足够了，你知道的，就靠一只手。

I don't I don't think it's gonna it it won't be enough to have like a hand, you know, eight games that are all fun.

是的。

Yeah.

他们需要一款爆款游戏。

They need a breakout.

这是一门靠爆款的生意。

This is a hits business.

对吧？

Right?

所以他们确实需要。

So they need Sure.

他们需要像《刀塔》那样的游戏。

They need Like a katan.

是的。

Yeah.

我觉得

Like, I think

他们需要人们专门聚在一起玩这个游戏。

they're gonna need people are getting together specifically to play this game together.

没错。

Yeah.

没有一款游戏达到那个水平。

None of the games were at that level.

所有游戏都感觉只有几分钟就结束了，机制上你可以再玩一遍。

All of the games felt like a couple minutes and you're done and the mechanics you could play them again.

有一定的重复可玩性，但没有哪款游戏足够激烈，而且游戏组件本身也不多。

There's some repeatability, but none of the games were so intense that also, there just aren't that many pieces.

大部分游戏只有六件组件左右。

Like, there's most of the games have, like, six pieces.

有十件组件。

There's 10 pieces.

所以，如果你有资源的话，我猜所有这些资源都可以数字化地统计起来，这其实挺不错的，因为你可以在一个更复杂、资源更多的游戏中进行，你知道吗，你有没有玩过那种桌游，里面有17种不同的资源，一堆不同的代币和计数器，结果反而让人感到不知所措和烦闷？

And so if you had resources I guess all those resources could be sort of digitally, like, counted, which might be nice, actually, because you can play a more complex game with more resources where you know, have have you ever played one of those board games where there's, like, 17 different resources and you have all these different tokens and counters, and it's like it actually gets overwhelming and annoying?

我不知道。

I don't know.

但让我跟你聊聊vibe.co，因为也许Vibe应该在流媒体电视上做广告，因为vibe.co是DTC

But let me tell you about vibe.co because maybe Vibe should advertise on streaming TV because vibe.co is where d to c

你是说无聊吗？

You mean bored.

初创公司。

Startups.

哦，对。

Oh, yeah.

无聊。

Bored.

AI公司会在流媒体电视上投放广告，选择频道、定位受众，并像在Meta上一样衡量销售效果。

AI companies advertise on streaming TV, pick channels, target audiences, and measure sales just like on Meta.

那应该是他们下一步投放广告的地方。

That should be their next place to advertise.

我喜欢这个想法。

I like it.

你和每个人都应该以此为鉴，与消费者群体建立联系，并更加关注个性化广告。

And you and every and it's a lesson to everyone to get in touch with their consumer demographic and pay more attention to the personal ads.

你需要让他们自由发展。

You need to let them float.

你想谈谈《Yes》吗？

Did you wanna talk about Yes.

二十二世纪的资本？

Capital in the twenty second century?

是的。

Yes.

我们来读一下菲利普·特拉梅尔的帖子。

Let's read Philip Trammell's post.

他说，一周前，德瓦拉·凯什和他，菲尔，发表了一篇有趣的随笔，以托马斯·皮凯蒂的《二十一世纪资本论》为视角，探讨人工智能对不平等的潜在影响，正如《金融时报》所言。

He says a week ago, Dwarra Kesh and him, Phil, posted a fun essay using Thomas Piketty's Capital in the twenty first Century as a lens through which to explore the possible impacts of AI on inequality, as the Financial Times kindly put it.

这本来只是想表达这个意思。

That was all it was meant to be.

讨论的激烈程度确实超出了我的预期。

The discussion has definitely become more intense than I'd expected.

这是我第一次认真使用X平台。

This is my first time on X in any serious way.

欢迎来到战场，兄弟。

Welcome to the arena, brother.

进来吧。

Get in.

系好安全带。

Buckle up.

欢迎来到小酒馆。

Welcome to the dive bar.