MLB引入AI裁判，棒球力量重塑美国实力，特朗普与科技巨头 | 2025年10月9日

欢迎大家收看Information's TI TV。我是Akash Pashricha。今天是10月9日星期四，我们将全面盘点科技板块的动态。我们将讨论电池与电力行业的蓬勃发展，其中涉及一轮10亿美元的融资。我们还将探讨人工智能如何彻底改变体育产业，并回顾本周早些时候在旧金山科技周期间我们围绕该主题举办的一场重要活动。

Welcome everyone to the Information's TI TV. My name is Akash Pashricha. It is Thursday, October 9, and we are taking a full tour of the tech sector today, folks. We are talking about the booming business of batteries and power with a $1,000,000,000 funding round. We're also gonna get into how AI is overhauling the business of sports and recapping a big event that we hosted on that topic at San Francisco Tech Week earlier this week.

最后，我们邀请到了Better Tomorrow Ventures的朋友们来到节目。我们将讨论他们的最新融资轮次以及金融科技的未来。不过，让我们先从电池业务开始。人工智能热潮及其巨大的电力需求，重新引起了整个能源行业的关注，这意味着近期多家新兴电力公司得以成功获得大额融资。其中之一是Base Power公司，本周以约30亿美元的估值完成了10亿美元融资。该数据来自《纽约时报》的报道。

And finally, we've got our friends at Better Tomorrow Ventures coming on the show. We're going to talk about their newest funding round and about the future of fintech. Let's get started with the business of batteries, though. The AI boom and all of its power demands have brought a renewed focus on the energy sector at large, and that has meant several new power companies have been able to raise big funding grounds as of late. One of those companies is Base Power, a company that raised $1,000,000,000 this week at a valuation of roughly $3,000,000,000 That figure is according to the New York Times.

这家公司成立仅两年，为了更深入了解他们在电力领域的创新方案，我想请出公司的首席运营官Justin Lopaz。Justin，欢迎来到节目。很高兴能

The company is just two years old, and to tell us more about their approach to all things electricity, I want to bring on the company's Chief Operating Officer, Justin Lopaz. Justin, welcome to the show. It's great to

邀请我。嘿，非常感谢你们的邀请，很高兴见到你。

have you. Hey, thanks so much for having me, and good to see you.

恭喜你们完成融资。有很多内容要探讨。在我们深入了解公司业务之前，我们已经看到了相关图表。我认为很多人都知道电价正在上涨，而且已经持续上涨了好几个月。请帮助我们理解其根本原因，然后我们再讨论你们如何应对这个问题。

Well, congrats on the funding round. There's a lot to get to. Look, I think before we get into understanding what the company does, we've seen the charts here. I think a lot of people know that electricity prices are going up, and they've been going up for quite a few months now. Help us understand what the root causes are there, and then we'll talk into how you guys are addressing that issue.

是的。当前正是能源行业，尤其是电力行业的一个激动人心的时刻。回答你的问题，电价在过去几年持续上涨，这主要是由于电力输送成本的增加。可能大家不太了解，但输送到企业或家庭的能源成本其实包含两个组成部分。

Yeah. Look. It's a fascinating time to be in the energy industry, particularly in the electricity industry. To answer your question, the, you know, the electricity prices have been going up over the last several years, and this is due primarily to the cost of the delivery of the electricity. So folks might not know this, but there's really two components to the cost of energy delivered to your business or home.

一个是能源本身的成本，另一个是输送成本，也就是电网的成本。如果分析这两个成本组成部分，所谓的'运输成本'——即输送至用户端的费用，随着人工智能需求增长（如你提到的）、电气化、电动汽车等因素，已经显著上升，这给系统带来了更大负荷和需求。坦白说，重建这一系统的新技术和新商业模式并不多。而另一方面，由于太阳能、风能、天然气等技术进步，发电成本在过去几十年实际上反而有所下降，这有些反直觉。

It's the cost of the energy itself and the cost to get it to you, which is really the cost of the grid. And if you look at the two components of that cost, the cost of getting it to you, the shipping cost, so to speak, have gone up quite meaningfully with the increase in demand from AI, as you mentioned, electrification, EVs, etcetera, that's putting more load and more demand on the system. Frankly, not a lot of new technology and new business models to rebuild that system. Actually, the cost to generate the electricity in the first place has been coming down somewhat counterintuitively from advancements in solar and wind and natural gas, etcetera, over the last few decades.

明白了。所以这实际上是

Got it. So it's really it's

目前是个需求问题

a demand issue right now

是是是关键点。

is is is the key point.

是的。这甚至更应该说是个基础设施问题，而非需求问题。用电子在配电和输电基础设施上流动的类比来说，就像是高速公路有多宽让车辆行驶。问题在于我们没有针对当前需求重建配电和输电基础设施，当然也没有为未来的需求做好准备。

Yeah. It's a it's a would say it's an infrastructure issue even more so than a demand issue. It's basically how wide are the highways for cars to go on the highway, to use the analogy of electrons on the on the distribution and transmission infrastructure. Is that we have not built and rebuilt the distribution and transmission infrastructure for where the current demand is, and certainly where Okay. Demand is

所以这就是Base Power正在努力解决的关键问题。请告诉我们你们是如何做的。

So now this is the key issue that Base Power is trying to solve. Tell us about how you're doing that.

是的，Base Power是一家现代能源公司。我们总部位于德克萨斯州奥斯汀，目前在全州都有业务，很快将扩展到州外。我们的模式对德州的房主来说很简单：我们提供经济可靠的电能。这意味着我们设计、制造、安装、拥有并运营安装在独栋住宅上的电池储能设备。

Yeah, so Base Power, we're a modern energy company. We're based here in Austin, Texas, and we have operations throughout the state today, and soon to be outside of the state. Our model is quite simple to homeowners across the state of Texas. We offer affordable, reliable power. What that means is that we design, we manufacture, we install, own, and operate batteries, energy storage devices that go on single family homes.

由于我们拥有这些设备，客户无需像通常那样预付资金购买电池。同样因为我们拥有设备，我们能够支持德州电网。因此在需求紧张或电网某些区域拥堵导致电价上涨时，我们会放电抵消家庭负载并向电网供电。而当路上没有车辆（再次用这个类比）或车辆很少时，我们则为电池充电并与德州批发市场进行交互。

And because we own them, the customer doesn't necessarily need to front the capital expense to go buy a battery as they typically would. And, again, because we own them, we're able to support the Texas power grid. So in times of need, when the grid is tight or there's congestion in certain areas of the grid causing prices to rise, we're discharging the battery and offsetting the load of the home and providing power back to the grid. And then when there's no cars on the road, to use the analogy again, we are or very few cars on the road, we are charging those batteries and and interfacing with the wholesale markets here in Texas. Right.

从房主的角度来看，当电网断电时——这在德克萨斯州不幸地相对频繁发生——他们就能使用这个电池，它提供类似发电机的备用电源，但无需维护，比如添加汽油或机油，而且安静无声等等。

From the homeowner's perspective, they get that battery when when the grid goes off, as it unfortunately does here in Texas relatively often, and it provides backup similar to how a generator would, except you don't have to maintenance it, you know, you put gas or oil in it, it's quiet, etcetera.

从策略上看，这目前在德克萨斯州周边的社区中部署，您拥有自己设置的电池，它们基本上在电网停电时为德州家庭提供替代能源。这类似于电池在电价较低时进行的充电，我想那对您来说充电成本更划算。

Tactically, this looks like is in neighborhoods around Texas right now, you have your own batteries that are set up, and they're basically providing an alternative source of energy to Texas homes when the grid goes down. This is sort of charging that the batteries have done in times when, I guess, it's cheaper for you to really charge those batteries.

没错。理解方式是，当电网正常运行、向家庭供电时，电池要么通过放电来抵消家庭负荷，要么类似让电表倒转，将电力回馈到电网——嗯。在电网需要时这样做，然后反之亦然。在电网不需要时，它从电网汲取电力。然后当

That's right. The way to think about it is when the grid is up and running, when power is being supplied to the home, the battery is either offsetting the load of the home by virtue of discharging or sort of spinning the meter backwards and pushing power back onto the grid Mhmm. At times when the grid needs it, and then it's doing the opposite. It's pulling power from the grid at times when it doesn't need it. Then when the

电网 这对客户，也就是房主，成本是多少？您说您拥有电池，那么他们使用这个来源要花多少钱？是像订阅电池服务吗？对他们来说使用这个来源的成本是多少？是的。

grid How much does it how much does it cost for the customer, you know, a homeowner? You said you you own the batteries, so how much does it cost for them to what is it, like, subscribing to to the battery? What what does it cost for them for them to use this source? Yeah.

我们的思考方式和谈论方式实际上是把它看作一种会员制，所以您基本上可以说是订阅。目前，我们的定价大约是前期500美元，每月19美元，这使您能够使用这个电池。作为其中的一部分，在德克萨斯州，我们还是一家零售电力供应商，意味着我们销售电力，因此我们向客户收取月度能源费用，并且由于拥有这个能调整家庭用电时间的电池，我们提供相当有竞争力的费率，对吧。因此我们也将这些节省转给我们的会员。

The way we think about it and the way we talk to talk about it is really it's a membership, so you you basically subscribe, so to speak, and it's today, our our our pricing is about $500 up front and $19 a month, and that allows you to get access to this battery. As a part of that, also, here in Texas, we are a retail electric provider, meaning we sell power, so we bill customers for their monthly energy, and we offer quite competitive rates because we have this battery that's able to change when the home is using power, Right. And so we pass those savings along to our to our members as well.

对。所以目前它仅用于住宅。您知道，我们在节目中经常讨论的话题是数据中心和AI公司所需的电力需求。你们有计划将这项技术应用到数据中心吗？我的意思是，当我问这个问题时，我意识到这些数据中心的能源需求规模有多大。

Right. So right now, it's only residential. You know, the the the topic that we talk a lot about on this show are the power demands from the data centers and the AI companies that need all this. Do you have plans to use this technology into data? I mean, I guess now as I'm asking this question, I'm realizing just how large scale the energy demands are for these data centers.

我甚至不确定电池是否能为那样规模的需求解决问题。但是否有计划以更大规模来满足那种需求？

I don't even know that batteries would would do the trick for something like that. But is there a plan to somehow satisfy that demand at a larger scale?

是的，你看，可以这样理解：数据中心只是另一种负荷。它们是一种大型负荷，一种地理上集中的大型负荷，但归根结底只是系统上的一个负荷。因此，任何增加的容量——无论是电池还是其他技术（电池显然是我们这里关注的重点）——都可以抵消电网新增的负荷。所以思考方式是，如果一个数据中心开发商向系统增加几百兆瓦或一千兆瓦的需求，就必须有某种方式来满足这种需求，尤其是在高峰时段，这一点最为重要。对吧？

Yeah, look, the way to think about it is data centers are just another load. They're a large load, a large sort of like geographically concentrated load, but nonetheless, just a load on the system. And so any capacity, whether that's batteries or other technologies, batteries obviously is something that we're is is is what we're focused on here, any capacity that you add to the grid can offset that additional new load that is coming onto the grid. So the way to think about it is if a, you know, data center developer puts a few 100 megawatts or a gigawatt of demand onto the system, there needs to be some way to supply that demand, in particular, and most importantly, during peak times. Right?

整个电网实际上是围绕峰值概念构建的，其他因素都不那么重要，因为整个系统必须能够支持峰值负荷。电池的优势在于它们能够转移需求和供应的时间，这意味着当其他人——数据中心和其他家庭——用电最多时，电池基本上可以将你的家庭与电网断开，从而减少电网在那段时间的负荷。因此，我认为电池实际上是一种容量机制，使公用事业公司和电网运营商能够在系统上承载更多负荷，比如来自人工智能数据中心的负荷。

The entire grid is really built around this concept of peak, and everything else is less relevant because the whole system has to be able to support the peak load. What batteries do really well is they time shift demand and supply, meaning they're able to basically turn off your home from the grid when everybody else, data centers and other homes, are using the grid the most, and therefore reduce the load on the grid during that time. So way I think about batteries is really a capacity mechanism to enable utilities and grid operators to get more load on the system, like from AI data centers.

对，

Right,

没错。但回到这些数据中心的规模问题，我的意思是，这些电池能提供多少电力？这些电池是否足够大？我想你需要成千上万个这样的电池才能为数据中心的哪怕一小部分供电，对吧？

right. But just to come back to sort of the scale of these data centers, I mean, you know, what would how much power can one of these batteries supply, and are these batteries big enough that, I imagine you'd need thousands of these batteries to power any small portion of this data center, right?

没错。你看，仅在德克萨斯州，我们已经在电网上部署了成千上万个电池，并且增长非常迅速。我们的做法是，许多小电池相当于一个更大的基础设施系统。由于它们是分布式的，你可以在时间和地理上转移电力。例如，我们在休斯顿市场和达拉斯市场都有电池，如果现在看它们在做什么，它们肯定在做不同的事情，因为这些不同地点的电网条件不同。

That's right. So, look, we already have thousands of batteries on the grid just here in Texas, and we're growing extremely quickly. The way to think about what we're doing is a lot of little batteries equate to a much larger infrastructure system. And by virtue of them being distributed, you can both time and geographically shift electricity. So for instance, we have batteries in the Houston market and the Dallas market, and literally right now, if we were going to look at what they're doing, they're definitely doing different things because there are different conditions on the grid in those different locations.

现在，如果你看数据中心对电网的负荷，是几百兆瓦，可能到一千兆瓦。几百兆瓦或一千兆瓦确实需要成千上万个电池，但德克萨斯州也有成千上万甚至数百万的家庭。因此，通过在电网边缘的家庭部署电池，你能够实现这种电力的地理转移和时间转移。这确实有助于抵消比如数据中心、新的电动汽车充电站甚至家庭用户购买电动汽车带来的负荷。

Now, if you look at the load that data center puts on the grid, it's a few 100 megawatts, maybe to a gigawatt. A few 100 megawatts or a gigawatt are certainly thousands of batteries, but there are also thousands, and turns out millions, of homes in the state of Texas. And so by virtue of putting batteries on the edge of the grid at the home, you're able to do this sort of geographic movement of power and also this time movement of power. And that is what really helps to offset the load of a, say, data center or a new EV charging station or a homeowner even getting an EV.

对。很好。感谢你的分享。这是一种非常有趣的解决电力问题的方法，我们知道我们在节目中越来越多地报道这个问题。我很期待看到你们如何扩展业务。

Right. Great. Well, I appreciate you coming on. It is a it is a fascinating approach to the power problem that we know that we have been covering more and more on this show. I'm excited to see how you guys expand.

我知道你们正计划将业务扩展到德克萨斯州之外，我也很期待看到你们开始为哪些不同的客户提供电力。因为正如我所说，家庭目前只是我们需要满足的能源电网中的一个细分市场。未来还会有更多。感谢贾斯汀来到节目。这位是Base Power公司的首席运营官贾斯汀·洛佩兹，该公司本周在TI TV上刚刚筹集了10亿美元的资金。

I know you're planning to expand outside of the state of Texas, and I'm also excited to see what different customers you you start offering your power to. Because like I said, you know, homes are just one segment of the energy grid right now that we need to satisfy. There's there's more to come. Thank you, Justin, for coming on the show. That is Justin Lopez, the COO of Base Power Company that just raised $1,000,000,000 of funding this week here on TI TV.

他们不是在TI TV上筹集资金的，但他们还是来这里谈论这件事。好了。各位，让我们进入下一环节。本周，The Information在旧金山科技周举办了一场活动，深入探讨了人工智能如何影响体育产业。实际上，这次活动旨在寻找一些关键问题的答案，比如人工智能如何影响从教练策略到球迷现在整体参与体育的方式等方方面面。

They didn't raise the funding here on TI TV, but they're here to talk about it anyway. Alright. Let's get to the next segment, folks. This week, the information hosted an event at San Francisco Tech Week that dived into how AI is affecting the sports industry. And really, the event was about finding answers to some key questions like how is AI affecting everything from coaching strategies to the way fans actually engage with sports now altogether.

这是一个非常激动人心的环节。在我们进一步讨论之前，我想为你们播放一段活动中的剪辑，关于2026年棒球可能迎来的一项重大变革。这是一个可以帮助正确判定好球和坏球的系统。让我们来听一下。

It was a really exciting session. And before we talk about it more, I want to play a clip for you from the event about a big change that could be coming to baseball in 2026. It is a system that can help correctly call balls and strikes. Let's take a listen.

所以如果你们不关注棒球的话，我们一直在试验用人工智能驱动的技术来判定好球和坏球。实际上有一场比赛——我们现在正处于季后赛中。大多数人都知道这一点。

So if you guys don't follow baseball, we've been experimenting with AI driven technology to call balls and strikes. There was actually a game we're in the playoffs right now. Most of guys know that.

是教士队的比赛吗？

Is it the Padres game?

教士队的比赛，是的。你们很多关注棒球的人都看到了。那个判罚差得离谱，它终结了教士队的赛季。之后裁判和球员在休息区差点打起来。明年这不会再是问题了，因为只要球员还没有用完他们的挑战机会，他们只需点头示意，就能看到那是一个坏球而不是好球，教士队可能还在打比赛呢。

Padres game, yes. Many of you guys following baseball, you've seen it. That call was not even close, and it ended the Padres season. And there was almost a fight between umpires and players in the dugout afterward. And that won't be an issue next year because the player will just as long as they didn't use their challenge already, they'll just be able to head tap, and they'll see that it was a ball, not a strike, and the Padres could still be playing.

所以我们一直在验证这项测试技术，测试了一段时间。我想再听听观众中有多少人——请举手。好的。如果你不知道这是什么，这是在棒球比赛中自动判定好球和坏球，而不是由裁判来做。这不会对每一个投球都适用，但每场比赛你可以申诉两次。

So we've been proving that test technology, testing it for a while. I'm interested to hear how many again, hands raised in the audience. Okay. If you don't know what it is, automatically calling balls and strikes in baseball games as opposed to having the umpire doing it. It's not gonna happen for every pitch, but twice a game, you will be able to appeal.

如果你是对的，你就能继续获得更多申诉机会。那么你们是否赞成并对此棒球技术革新感到兴奋，还是更希望保持过去海盗队判罚好球坏球的方式？好的。支持自动好球系统？支持自动好球系统？

And if and if you're right, you keep getting more appeals. So do you guys approve of, and are you excited about this technological innovation in baseball, or would you prefer that it was the way it always was on Pirates Call of Balls and Strikes? Okay. Pro ABS? Pro ABS?

举手

Hands

举手。好的。

up. Okay.

好的。更喜欢传统裁判？举手。

Okay. Prefer old school? Umpires? Hands up.

有意思。每场比赛两次对吧？只有两次机会你会判错。

Interesting. Somebody twice a game, right? Only twice a you get it wrong.

每场比赛两次。是的。但这即将到来，人工智能使之成为可能。说实话，我认为这会增强球迷体验，因为我们刚获得规则授权。在我们的转播中不能再显示好球区框线了，因为观众可能会看到并据此提前预判。

Per Twice game. Yeah. But it's coming, and AI is making that possible. And and I think, honestly, it's gonna add to the fan experience because we're gonna put that we just got the rules. We can no longer in our broadcast, we can't show the strike zone box anymore because somebody might see that and be able to head tap as a result.

所以我们给他们

So we give them

一个信号。好的。头部轻拍一下

a signal. Okay. Head tap just

就像刚才

like was

在盒子里那样。我不喜欢那样。

in the box. That I don't like.

嗯，你还是能看到它的，只是会稍微延迟一点。所以现在在棒球场里，球迷们将首先在大屏幕上看到是坏球还是好球。当那个人轻拍头部时，你会在显示结果的大屏幕上看到是坏球还是好球。我认为这会增加球迷的观赛体验。我对此感到很兴奋。

Well, you'll be able to have it, but it'll be just delayed slightly. So now in the ballpark, the fans will be the first ones to see whether it's a ball or strike on the big board. When the person head taps, you'll see it on the big board coming through, whether it's a ball or strike. I think it's gonna add to the fan experience. I'm excited about it.

这是本周早些时候我们'AI在体育'活动中的一段剪辑。我想请出我们的体育商业记者莎拉·杰尔马诺，她主导了所有这些精彩的对话。虽然我现在意识到我说了'四分卫'，但我们谈论的是棒球。莎拉，非常高兴你能来到节目。我太兴奋了，可以聊聊所有关于旧金山科技周的事情。

That was a clip from our AI at Sports event earlier this week. I want to bring on our sports business reporter, Sarah Germano, who quarterbacked all of these great conversations. Although I'm realizing now I said quarterback, we're talking about baseball here. Sarah, it is so great to have you on the show. I'm so excited to talk about all things San Francisco Tech Week.

在我们开始之前，我必须说，莎拉，我来自多伦多。我知道你来自纽约。昨晚，蓝鸟队，我有没有

And before we do, I gotta say, Sarah, I'm from Toronto. I know for you're from New York. Last night, the Blue Jays, do I have

不太好。

Not great.

不太好吧。对吗？

Not great. Right?

嗯，这对你来说很棒

Well, it's You great for

你知道吗？但你知道吗？我是纽约人，我是说，一辈子的洋基队球迷。重要的是我们打败了波士顿队，但我为你和多伦多蓝鸟队感到高兴。

know what? But you know what? As I'm I'm from New York. I mean, lifelong Yankee fan. The important thing is we beat Boston, but I'm happy for you and the Blue Jays.

我也为蓝鸟队感到高兴。不过我得说，我一场比赛都没看，我不看棒球。但我确实看了你这周活动的一些精彩片段。所以我们来聊聊这个吧。

I am also happy for the Blue Jays. Although, I will say, I didn't watch any of the games. I don't watch baseball. But I certainly watched some of the highlights from your event this week. So let's talk about it.

跟我说说这次活动的起源吧。我是说，你们请到了非常棒的演讲阵容。这次活动到底是什么？活动试图探讨哪些重大问题？还有到场的一些演讲者都有谁？

Tell me about sort of the the genesis of this event. I mean, you had a really great roster of speakers. You know, what was the event really? What were the big questions that that the event was trying to cover, and and who were some of the speakers that were there?

是的。谢谢邀请我。这确实是一次很棒的活动，要特别感谢我们活动团队的同事们协助组织。这是旧金山科技周的活动，重点聚焦旧金山地区的体育和科技高管。我们的炉边谈话主题演讲者是艾莉·瓦格纳。

Yeah. And thanks for having me. It really was a great event, and shout out to our colleagues on the events team for helping put it together. This was a San Francisco Tech Week event, and the focus was really about San Francisco area sports and tech executives. So we had, our fireside chat keynote speaker was, Allie Wagner.

她有多重身份——是美国女子足球队的两届奥运金牌得主，也是湾区新NWSL职业女足俱乐部BayFC的联合创始人。如你刚才所见，我们还请到了旧金山巨人队的首席信息官比尔·施劳，谈论棒球领域的一些创新（我们稍后会谈到）。另外还有来自IBM的高管，以及卡拉·诺顿——她是女子体育商业领域最杰出的女性领袖之一。

She's a multi hyphenate. She's a two time Olympic gold medalist with the US women's soccer team. She's also a cofounder of BayFC, the new women's NWSL professional soccer club in the Bay. We had, as you just saw, Bill Schlau, who is the chief information officer of the San Francisco Giants, talking about, some of the innovations coming to baseball, which we'll get to in a second. And then we also heard from executives from IBM, from Kara Norton, who's one of the, you know, foremost women in the business of women's sports.

她是Monumental，抱歉，是Monarch Collective的管理合伙人。我们还邀请了湾区主办委员会的希拉里，她们正准备在圣克拉拉举办超级碗。所以有太多话题要聊了。

She's the managing partner of monumental or excuse me, Monarch Collective. And we had Hillary from the Bay Area Host Committee getting ready to host the Super Bowl in Right. Santa Clara. So so much to talk about.

那么，我们就来聊聊吧。我想把讨论大致分成三个部分：一是联盟如何使用AI，然后我们会讨论球迷如何使用AI，如果有时间还会谈到球队如何运用AI。不过我们先来谈谈自动判罚好坏球系统。

Well, so let's talk about it. I kinda wanna segment the discussion into sort of three three beats here. One is how leagues are using AI, and then we'll talk about how fans are using AI. And then if we have time, we'll get to how teams are using AI. But let's talk about the automated balls and strikes.

联盟在这方面是如何考虑AI的？

How are the leagues thinking about AI here?

是的。正如你在我们的小组讨论中听到的，比尔解释得非常到位。这项技术将于明年引入棒球比赛，它被称为ABS，即自动好球坏球判定系统。其基本运作方式是：MLB一直在小联盟中使用这项AI赋能的技术。

Yeah. So as you heard, Bill did a really good job explaining that in our panel. It is coming to baseball next year. It's called ABS, automated automated ball strike system. And the way it's basically going to work is that there there is this AI enabled technology that MLB has been using in the minor leagues.

现在他们将其引入大联盟。它允许球员在投球后轻拍头部——如果他们认为身后的裁判判罚有误，可以提出挑战，然后进入复核程序。这将从根本上改变我们观看棒球比赛的方式。

They're bringing it up to the majors. It allows players to basically tap their head after a pitch. If they feel that the umpire behind them called it incorrectly, they can challenge the call, and it will go to that review. It is something that's gonna change fundamentally change the way we see baseball.

也就是说最终会由AI来复核，我们说的就是AI复核系统。

And it will go to AI basically, the AI review is what we're saying.

AI复核就是……

The AI review is the and

好的。

if Okay.

如果你看棒球比赛，你可能熟悉——如果你在电视上看，有一个好球区显示框，

If you watch baseball, you may you may be familiar with if you're watching it on TV, there is the strike box, which

是

is

其实就是，你知道，那个四边形区域，它显示球在框内就是好球，在外面就是坏球。正如刚才提到的，本周早些时候教士队一场关键比赛中出现了一个非常有争议的判罚。

really just, you know, the quadrangle, and it shows the ball is inside the box. It's a strike. If it's outside, it's a ball. You know, as Right. Alluded to, there was a very controversial call in a decisive Padres

嗯。

Mhmm.

你知道吧？这不仅仅是棒球的问题。所有职业体育项目的裁判和判罚都是热议话题。WNBA球员现在也在讨论这个问题，这很活跃。

Earlier this week. You know? And it's not just a baseball issue. Officiating and umpiring in all pro sports is a heated discussion. It is an active thing that, you know, WNBA players are talking about now.

她们对篮球比赛的裁判工作非常不满。所以棒球其实是首批推出人工智能技术来解决部分裁判问题的运动之一。

They're very unhappy with the officiating in basketball. So baseball is really one of the first sports to come out with an AI enabled technology to solve some of these officiating problems.

那么粉丝们是如何使用它的呢？因为你我今早在新闻编辑室看了一段关于粉丝们如何利用AI生成视频来模拟体育内容的片段，也许你可以再详细解释一下。现在粉丝利用这个技术的机会有多大？体育团队或联盟是否有通过这个盈利的计划？

What about how the how the fans are using it? Because you and I were watching this clip, and maybe you can explain it a little bit more. Were watching the clip in the newsroom this morning about how fans are are now using these AI generated video AI generated videos, you know, to sort of emulate sports content. How much of an opportunity is there for fans to take use of to make use of that now? You know, is there a money component to how the sports teams or leagues plan to capitalize on this at all?

是的，这是个很好的观点。说实话，这是我们本周活动中最具争议的部分之一。这个问题上我们有两派截然不同的观点。正如你可能看到的OpenAI新产品Sora 2，生成式AI在功能上实现了巨大突破。

Yeah. It's a great point. And honestly, it was one of the most contentious parts of our whole event this week. We had people on both sides of this issue effectively. As you may have seen with Sora two, the new OpenAI product, generative AI is achieving vast new capabilities in what you can do.

你可以通过文本生成视频提示，这已经在TikTok等平台上出现。我们讨论的那个例子是一个既搞笑又奇怪的片段——亚伯拉罕·林肯穿着印第安纳步行者队球衣赢得NBA总冠军，这显然不是真实发生的历史事件。你可以用这类提示创作，想象力能带你去往无数个方向。

You can do text to video prompts, it's already popping up on TikTok and things like that. The one that you and I were discussing is this hilarious, but also very weird clip of Abraham Lincoln wearing a Indiana Pacers jersey, winning the NBA trophy, and, you know, obviously something that did not actually occur in history. Right. Can put it in these types of prompts. And, you know, your imagination can take you a million different ways.

萨姆·奥特曼称之为互动式同人创作。

Sam Altman called it interactive fan fiction.

嗯。

Mhmm.

嗯。这对体育界提出了一些有趣的问题，因为如果你创造并分享从未真实发生过的精彩片段在社交媒体上，这是否会扭曲体育产品？是否会贬低我们所知的现场体育体验价值？

Mhmm. And it poses some interesting questions for the sports world because if you are creating highlights that didn't actually happen and sharing them on social media, you know, does that distort the sports product? Does it devalue the live sports experience as we may know?

这也是注意力经济的问题。如果他们都在看这些，就不会去看真实的精彩集锦了。

Also it's the attention economy. If they're watching this, then they're not watching the actual highlight.

没错。这些职业体育项目的大部分收入都来自媒体版权。如果你把注意力转移到其他形式的体育内容上，那么这是否会降低整体产品的价值呢？我们听取了小组中持不同观点的成员的意见。是的。

Right. Most of these pro sports are getting majority of their revenues from their media rights. If you've if you're diverting attention to other forms of sports content, you know, again, does that devalue the overall product? So we heard from the the people on our panel who who took both sides of this issue. Yeah.

Monarch Collective的Tara Norton说，如果你去参加一场体育赛事，会有成千上万的人在体育场或电视上观看。总有人能澄清事情的真相。她的观点基本上是，我们可以事后澄清。这都没关系。重要的是体验。

Tara Norton from Monarch Collective said, you know, there's if you go to a sporting event, there's gonna be hundreds of thousands of people watching either in the stadium or on on TV. There are places who can debunk what really happened and and what didn't happen. And her point was essentially like, you know, we can debunk that later. It's all Right. To the experience.

如果更多人因为觉得自己能身临其境而对体育产生兴趣，那太好了。没错。这也是另一个观点。想象一下，你可以——Photoshop这个词不太准确，但你可以——

If you get more people interested in sports because they feel like they can put themselves in the game, great. Right. And that was, you know, that was another point too. Like, imagine you could Photoshop isn't the right word, but you could

对，没错。我的意思是，我可以让自己看起来像是在昨晚蓝鸟队和洋基队的比赛中打球。没错。也许我还打出了本垒打。

Right. Yeah. I mean, I I could make it seem like I was playing in the Blue Jays and Yankees game last night. Exactly. You know, maybe maybe I hit the homer.

我觉得这是一个非常有趣的问题。我们有我们的新闻简报《竞技场》，这是我们推出的体育商业简报，也是我们《信息》杂志周末版的一部分。我们还做了很多追踪体育版权和媒体交易演变的工作。

I look. I I think it's it's it's a really interesting question. You you know, we've we've done some we obviously have your newsletter, The Arena, which is our sports business newsletter that we put out. It's part of our weekend magazine here at The Information. We also have done a lot of work tracking the sports rights and those media deals that have evolved over time.

在我们结束之前，我想简单谈谈球队是如何考虑使用AI的，比如，是否可以用新软件来挑选更好的阵容，或者根据数据决定今天谁应该上场、谁不应该。这个问题在球队中是如何发展的？

Very quickly, before we let you go, you know, I do just want to touch on a little bit how teams are thinking about using AI, because, you know, this idea of, you know, like, could we use this new software to pick better rosters, for example, or decide, you know, with data, who should be playing today, who shouldn't? You know, how is that issue playing out for the teams?

这是个很好的问题。我和Allie Wagner讨论过这一点，她本人曾是球员，现在是女子足球队BayFC的联合创始人。她说目前还处于早期阶段，但他们正在用AI进行阵容构建，利用AI出色的模式识别能力。模式识别在体育中非常有用，可以分析球员在不同比赛阶段、对阵不同球队和进攻方式时的表现，从而获得各种洞察。

It's a great question. And it was something I talked about with Allie Wagner, herself a former player and now a co founder of BayFC, the women's soccer team. And she was saying it's very early days, but they're using AI to, roster build in some ways, you know, using, AI, which is excellent at pattern recognition. And pattern recognition something that's very useful in sports. You can, you know, decide and glean different insights into players' performance at, you know, different parts of the game against different teams, against different offenses, and so on and so forth.

所以球队管理层开始尝试使用大型语言模型，来更好地了解如何组建球场上的最佳阵容。

So the front offices are starting to experiment with using large language models to learn more about putting together the best roster on the field.

球员们对此感到高兴吗？

And are the players happy about that?

这是个很好的问题，而且这件事可以有不同的解读，因为数据只讲述了故事的一面。对吧？你可能有一份统计数据清单，显示某位棒球新星打得有多好。但如果教练对你说：听着，我们看了AI的分析报告，上面说你该休息了。

So it's a great question, and it's something open to interpretation because data only tells one side of the story. Right? You might have a list of statistics of how how well you Akash baseball play star base new star baseball player is playing. But what happens if the coach says to you, like, look. We took a we took a look at the the AI readout, and it says that you're due for a rest.

我们今天要让你坐冷板凳。你会对此感到高兴吗？可能不会。所以我预计数据在阵容构建中的使用方式，将是管理层和球员方迟早都需要协商的事情。

We're gonna bench you today. Are you gonna be happy about that? Maybe not. So I expect that this is the way that data will be used in roster building is something that both the management side and the player side is going to have to negotiate sooner rather than later.

没错。我的意思是，我想到的是所有我认识的冰球运动员，我们看过他们带着肋骨骨折打季后赛，直到事后我们才知道。现在随着所有这些数据的出现，似乎更难隐瞒这个事实了。最后一点，然后我们就让你走了。你刚才是不是要——哦，说

Right. Well, I mean, all all all I'm thinking about is are all the hockey players I know who have who we've watched, you know, playing playoff games with with broken ribs, and we don't find out until after the fact. It seems like it's gonna be harder to to to hide that fact now with all this data coming out. Last point from you, and then and then we'll we'll let you go. Were you going to Oh, say

不。我只是——哦。我本来是想说，在春季使用AI绝对有巨大的颠覆潜力。

no. I just Oh. I was just going to say there's definitely ripe for disruption in the spring to use AI.

太好了。莎拉，非常感谢你参加节目。这次活动很棒，我也期待阅读你的报道，因为我确信在接下来的几个月里，你会更多地撰写这些话题。这位是莎拉·吉马诺，我们The Information的体育商业记者。好的。

Great. Well, Sarah, thank you so much for coming on the show. It was a great event, and I look forward to reading your coverage too, because I'm sure that you'll be writing more about these topics in the months to come. That is Sarah Gimano, our sports business reporter here at The Information. Okay.

Better Tomorrow Ventures上周因筹集了总额1.4亿美元的新基金而成为新闻焦点。该公司专注于支持金融科技公司，基金背后的团队曾投资过Ramp、Flexport和Mercury等企业。我想邀请该公司的联合创始人兼普通合伙人Shiel Manat，为我们详细介绍这支新基金的目标。Sheila，欢迎来到TI TV，很高兴你能来。

Better Tomorrow Ventures made news last week with a new fund totaling $140,000,000 The company focuses on backing fintech companies, and the team behind the fund has backed companies like Ramp and Flexport and Mercury. I want to bring on Shiel Manat, the co founder and general partner of the company, to tell us more about what his goals are with this new fund. Sheila, welcome to TI TV. It's great to have you.

嘿，老兄。很高兴来到这里。真的很高兴见到你。

Hey, man. Great to be here. It's really great to see you.

你打棒球吗？

Do you play baseball?

你看棒球吗？我不看棒球。不过我有机会听到了上一段的内容，挺有意思的。但我在匹兹堡长大，海盗队从1992年左右开始基本上就很烂。

Do you watch baseball? I don't watch baseball. I did, you know, have the ability to listen in on that last segment, it's pretty interesting. But I grew up in Pittsburgh, and the Pirates have basically sucked since like 1992.

但你们有一支很棒的冰球队啊。你们可是有一支很棒的冰球队呢。

But you were blessed with a great hockey team. You were blessed with a great hockey team, though.

是啊。我们有冰球队，还有橄榄球队。所以都挺好的。但我一直觉得棒球有点无聊。不过我觉得那段内容超级有趣。

Yeah. We got hockey, we got football. So it's all good. But I always found baseball kind of boring. But I thought the the segment was super interesting.

是啊，确实超级有趣。我们——我们来谈谈，你知道，我们马上会聊到金融科技。想谈谈你新筹集的基金。我觉得最有趣的一点是，你筹集了1.4亿美元的基金，比上一支基金规模稍小一些。但我在网上读到，这可能是故意为之的设计。

Yeah. No, it's super interesting. Let's let's talk about about, you know, the we'll get to fintech in a second. Want to talk about the new fund you raised. The thing that I found most interesting about it is you raised a fund $140,000,000 It was slightly smaller than the last fund that you But, you know, I was reading online that that may have been by design.

所以我想问问你是如何考虑募资规模的，因为，你知道，我甚至不知道风投是怎么决定的，嘿，这就是我们要定的数字。稍后我们再谈谈你对风险投资更广泛的思考。

And so I want to ask you about how you thought about how much to raise because, you know, I don't even know how VCs decide, hey, this is the number we're going to go with. Then we'll talk about some of your broader reflections on venture capital in a second.

是的，是的。当然。所以我们上一只基金是2020年的，我们在2021年开始募资，2022年开始规划，规模是1.5亿美元。所以这只基金稍微小一些。

Yeah. Yeah. Sure. So so our last fund, which is 2020, we raised 2021, started planning 2022, was 150,000,000. So this one's slightly smaller.

实际上，我们通常希望用大约三年的时间来部署资金。那1.5亿基金比我们计划的时间要长，花了我们大约三年半。我们的一些假设是基于2020年和2021年的市场情况，显然，2022年到2024年，尤其是金融科技领域，情况完全不同。对吧。

It actually took us typically, you wanna deploy or we wanna deploy for about three years. The 150 took us longer to deploy than we had planned for. It took us about three and a half years. And some of our assumptions were based on the market in 2020 and 2021, which were radically different, obviously, in '22 to '24 for fintech especially. Right.

所以我们原本计划募资1.25亿美元，结果超额认购了。特别是，有几个我们想引入的有限合伙人（LP）有最低投资额要求。我们最终以1.4亿美元结束，这有点好笑，因为看起来我们没能达到1.5亿。不是的。

So we had actually planned we went out with planning to raise a 125,000,000, and then we ended up oversubscribed. It was, particular, there were a couple of LPs that we wanted to have involved that had a minimum check size. We ended it by one forty, which is kinda funny because it seems like we couldn't get to one fifty. No.

不，对。完全不同的错误。完全不同的错误。对。

No. Right. Totally different error. Totally different error. Right.

不，我明白你的意思。更多我只是，你知道，我一直很好奇，你知道，一个基金是怎么决定的？你们一开始是怎么定的？基本上就是基于你们认为能募到多少吗？

No, I'm with you. More I was just, know, I've just been curious, you know, how does how does a fund decide? You know, that we're going to start with? Is it just based on what you think you can get essentially?

不，这没什么不好。所以基本上，你是根据你想投资多少家公司来计算的。在我们的情况下，我们不是一个高度集中的基金，但也不像那种对所有公司进行指数化投资的基金。所以在这只基金的周期内，你可能会投资30到35家公司。那是三年时间，每年10到12家公司。

No, it's not bad. So basically, it's it's you kind of do the math on how many companies you want to invest in. So in our case, we're not a super concentrated fund, but we're also not like a fund that indexes all the companies. So so over the course of this fund, you'll probably do 30 to 35 companies. That's over three years, 10 to 12 companies a year.

大概就是这个范围。如果你想想我们最初的投资支票有多大，我们最初的投资额大约在50万到350万之间。对，平均大约是200万美元。然后你说，好吧，你可以投资30到35家公司，每家200万美元。

Something in that ballpark. And if you think about how much how big the first checks are, the first checks that we do are between a half million and say 3 and a half million. Right. So say an average of 2,000,000. And you say, okay, you can 30 to 35 companies, $2,000,000.

所以这就是6000万到7000万美元。对。然后一半的资金用于后续投资。所以你只需要简单算一下。对。

So that's 60 to $70,000,000. Right. And then half of the capital is for follow ons. So you just simply do that math. Right.

最终你会得到一个1.4亿美元的基金。

And you end up at a 140,000,000 fund.

在你筹集这只基金的过程中，我想知道你对当前风险投资的状态有什么反思。我的意思是，这告诉了你什么，关于有限合伙人（LPs）是如何考虑他们实际投资的内容，以及风险投资业务的广泛演变？

And as you were going about raising this fund, I wonder what reflections you had about the current state of venture capital. I mean, what did it tell you about, you know, how LPs are thinking about what they actually invest in and, you know, the business of VC broadly and how that's evolving?

是的。所以这很有趣。实际上我们上周才宣布，但我们更早之前就筹集完了。在我们筹集期间，市场发生了巨大变化。所以我们是在第四季度开始筹集的。

Yeah. So it's interesting. So we actually we announced it just last week, but we actually raised it earlier. And the market shifted dramatically during the time we were raising it. So we started raising in q four.

第四季度，市场有点低迷，尤其是金融科技领域。然后2025年到来，这一年非常活跃。你知道，有数十亿美元的收购，有一堆IPO，上市的金融科技公司表现非常好，比如Robinhood上涨了，我想是300%多。所以，你知道，在我们筹集基金的过程中，市场对我们来说变得好多了。但总的来说，像我们这样的基金，Rent Fund三号，大部分资金还是来自现有的有限合伙人。

And q four, the market was kind of in the doldrums, especially for FinTech. And then 2025 comes around, and it's been a super active year. There have been, you know, multi billion dollar acquisitions, have been a bunch of IPOs, companies that are public FinTech companies are doing super well, like Robinhood is up, I think, 300 some percent. So, you know, it's gotten the market got a lot better for us as we were raising the fund. But for the most part, for a fund like ours, Rent Fund three, the majority of the capital is from existing LPs anyway.

对。所以他们不需要对我们进行太多的重新评估。他们知道他们五年前、六年前承诺投资我们时签的是什么，并且继续承诺。

Right. So it's not like they had to re underwrite us that much. They they knew what they signed up for when they when they they committed to us five years ago, six years ago, and continue to commit

还有基金。所以你非常关注金融科技。你提到了Robinhood，这家公司的股票今年表现相当不错。虽然我没查过，但我相信你的话。那Chime呢？

and fund. So you focus a lot on on fintech. You mentioned Robinhood, which is a company that shares have been doing pretty well this year. Although I haven't looked up, I'll take your word for it. But what about Chime?

Chime是家大家都对其上市颇为期待的公司。我是说股票。你知道，我觉得它们现在的交易价低于IPO价格。那么，你对它们的情况怎么看？它们现在怎么样？是的。

Chime is a company that everyone everyone was sort of excited that they would go public. I mean, shares. You know, think they're trading below their IPO price. Now, what do you make of their They are? Yeah.

是的，你知道，我认为Robinhood和一批其他公司不得不进行调整，原因有二。其一，上市公司确实需要整顿，因为市场要求如此。Robinhood的股票几年前确实表现不佳。而Chime从未经历过那种纪律约束，它们拥有庞大的资产负债表。

Yeah, you know, I think what I'd say is Robinhood and a bunch of other companies had to shape up because they so companies had to shape up for two reasons. One, I think public companies really had to get in shape because the market demanded it. And Robinhood's, you know, the stock was kind of in the shitter a few years ago. And Chime never had to get that discipline. They had huge balance sheet.

它们不需要融资。结果就是，它们从未真正整顿或实现高盈利。市场真正想要的是那些已经做到这些的金融科技公司。所以我认为这反映在了股价上。而且，我们拭目以待吧。

They didn't need to raise money. And as a result, they never really got in shape or got super profitable. Things that the market really wants were FinTech companies. So I think that's been reflected in the stock price sense. And, you know, we'll see.

我认为成为上市公司有可能促使它们稍微改变行为方式。而且我觉得这可能会——再次强调，我认为这对它们来说会非常有益。

I think it's possible that being a public company gets them to change how they act a little bit. And and I I think it could be again, think it'd be really good for them.

你是说，你觉得一年后它的股价会到什么位置？

Mean, where do you where you think it's trading a year from now?

好问题。我认为它现在市值大约70到80亿美元。我猜一年后会更高。我觉得它们会变得更高效。

Good question. I think it's I think it's at, 7 or 8,000,000,000 now. I suspect it'll be up a year from now. I I think they'll I think they'll get more efficient.

好的。我们来聊聊比Chime规模稍小一些的公司，或者至少可以说还没上市的公司。你知道，我一直有关注Brex和Ramp之间的竞争。我想问你，我们下周节目会请到Brex的CEO，而你也身处金融科技行业。

Right. Let's talk a little bit a little smaller than Chime, you know, or at least not smaller, should say. Companies that haven't yet gone public. You know, the Brex and Ramp rivalry is one that I've sort of been watching. I wanted to ask you, we've got the CEO of Brex coming on the show next week, and you're in the business of fintech.

你觉得我下周应该向Brex的CEO提哪些问题？

I mean, what questions do you have that you think I should be asking to the CEO of Brex next week?

好问题。这场竞争非常有意思。企业信用卡领域其实有很多参与者，Mercury有，Nivon有，Rippling也有，但真正专注于此的似乎是Brex和Ramp，它们竞争非常直接。

Great question. So, like, it's a super interesting rivalry. It's one where, you know, there are actually a lot of players in the corporate credit card space. Mercury has one. Nivon has one rippling has one, but it really feels like the the companies that are focused on this are Brex and RAD, but they're so directly competitive.

Brex早期似乎领先，他们先推出了产品，然后Ramp进入市场。但Ramp不断扩展更多功能，而且感觉Ramp更得人心，所以增长速度快得多。

Now Brex, it feels like, you know, had the early lead. They they built the product first, and then Ramp came to market. But Ramp has continued to build out more and more functionality. And also, it feels like Ramp is really one in the hearts and minds of people. So that's they've grown at a much faster pace.

我很好奇，虽然CEO可能很难回答，但我想知道Brex认为原因是什么？他们在做什么？听说他们有所调整，比如回到了旧金山的办公室等等。

I'm curious. It's a tough tough one for the CEO to answer, but I'm curious, like, why Brex thinks that is? And what are they doing? It sounds like they've taped up. I think they've, like, come back to office in San Francisco and stuff like that.

所以我很好奇他们如何看待未来，以及产品路线图是怎样的。

So I'm I'm curious how they see the future and what their future road map looks like product wise.

好的，好的。希拉，我会问他这个问题，并确保把他的回答发给你，因为我觉得你说得对。确实到处都能看到Ramp的logo，Brex也开始越来越多地出现，但我明白你的意思。

Right. Right. Well, I'll tell you what, Sheila. I will will ask him that question, and we'll we'll be I'll make sure to send you his answer because I think it's a good point. You know, part of it is, you know, you see you do see the logo everywhere for ramp, and I think Brexit's it's starting to happen more and more, but I I I take your point.

这其实是一个有趣的案例研究，关于他们为何认为这种偏差可能发生。Shiel，非常感谢您来参加节目。我们真的很感激。恭喜新基金的成立，我很期待看到您还会投资哪些项目，任何时候有金融科技新闻，请务必再次来节目和我们聊聊。谢谢大家。这位是Shiel Monat，他是Better Tomorrow Ventures的幕后推手，该公司刚刚筹集了一只新基金，规模达140,000,000,000美元。

It's kind of an interesting case study as to, you know, why they think that deviation may have occurred. Shiel, thank you so much for coming on the show. We really appreciate it. Congrats on the new fund, and I'm excited to to see what else you invest in, and anytime there's fintech news, please do come back on the show and talk Thanks, to us more about guys. Is Shiel Monat, the he is the man behind Better Tomorrow Ventures, a company that just raised a new fund, a $140,000,000,000.

好的。那么上个月，确切地说是上个月底，特朗普总统表示微软应该解雇其全球事务主管丽莎·莫纳科，因为她曾在之前的政府中任职。在一篇Truth Social的帖子中，总统称莫纳科的职位'不可接受'，考虑到微软与美国政府的主要合同。这家科技巨头尚未公开回应特朗普的要求。不过，其决定很可能会为大型科技公司如何处理来自特朗普政府的类似政治压力树立先例。

Okay. Well, last month, late last month, should say, President Trump said that Microsoft should fire its head of global affairs, Lisa Monaco, over her previous roles in administrations. In a Truth Social post, the president called Monaco's position, quote, unacceptable given Microsoft's major contracts with the US government. The tech giant has yet to respond publicly to Trump's demand. Its decision will likely set a precedent, though, for how major tech companies handle similar political pressure from the Trump administration.

我想请出我们的华盛顿特派记者西尔维娅·瓦纳姆·奥里根，她今天就此事发表了一篇精彩的文章。西尔维娅，欢迎回到节目。很高兴有您在这里。

I want to bring on our DC correspondent, Sylvia Varnum O'Reagan, wrote a great piece on this that published just today. Sylvia, welcome back to the show. It's great to have you.

嘿，乔希。很高兴来到这里。

Hey, Josh. Great to be here.

我们来谈谈特朗普政府与大型科技公司的关系。我正在整理我的笔记。好的。明白了。

Let's talk about the Trump administration and its relationship with big tech. I'm just sorting through my notes here. Okay. Alright. I got it.

我把你标记为莎拉了，但你不是莎拉。你是西尔维娅。那么，过去一年左右，政府与大型科技公司的关系发生了怎样的变化？因为我们看到了很多相关新闻。实际上是从特朗普总统就职开始的。

I had you labeled as Sarah, but you're not Sarah. You're Sylvia. So look, how is it that the relationship between the administration of Big Tech has changed over the past year or so? Because we've seen so much news out of it. It started with the inauguration of President Trump, actually.

这与拜登政府时期的情况有何不同？

How has that differed from where it was in the Biden administration?

是的。正如你所提到的，许多科技公司向特朗普的就职基金捐款，这在一定程度上引发了我们现在看到的现象，即这些公司以一种我认为与拜登政府时期截然不同的方式与政府打交道。在许多情况下，这些公司正在向政府做出让步，甚至是彻底屈服。例如，我们看到Meta平台和谷歌都在与特朗普达成和解，支付了数千万美元，此前他们在2021年1月6日事件后将特朗普从他们的平台上封禁。我们还看到其他一些旨在迎合特朗普自尊心的示好举动。

Right. So as you mentioned, a lot of technology companies donated to Trump's inauguration fund, and that sort of kicked off what we're seeing now, which is a pattern of these companies sort of engaging with the administration in a way that I I think differs quite significantly from the Biden administration. In many cases, these companies are making concessions or even outright capitulations to the administration. Are seeing, for example, we've seen ex Meta platforms and Google all settle lawsuits with Trump for tens of millions of dollars after they suspended Trump from their platforms back in 2021 after January 6. We're also seeing other overtures that are designed to sort of play to Trump's ego.

例如，TikTok在一月份短暂关闭时发布了一个弹出通知，你可能还记得。

For example, TikTok published a pop up notification, you might recall, when it briefly shut down in January.

实际上是

It's actually

赞扬特朗普，感谢他。这些公司还表现出许多其他忠诚的姿态，其中许多公司正寻求获得政府合同，或者只是想与特朗普保持良好关系，而几年前它们可能对特朗普持有不同的看法。所以这确实是一个非常强烈的趋势，我认为我们可能会看到更多这样的情况。

crediting Trump, thanking him. And there have been a lot of other displays of loyalty from these companies, many of which are seeking to secure government contracts or they want to simply stay on on the good side of Trump, and might have had previous views on Trump several years back. So it's it's really quite quite a strong trend, and and I think we're potentially only going to see more of it.

是的。嗯，过去几个月里，随着这些新闻故事的发展，我一直在思考的一件事是，我实际上并没有真正意识到政府以多种方式介入这些大型科技公司的业务，无论是政府合同、政府许可，还是法规之类的事情。所以这确实让我对政府与科技公司交叉的方式有了一些了解。但今天早上我们聊过，你知道，政府以人们可能从未想过的方式施加其对科技公司的影响力，我认为这也是一个交叉点。

Right. Well, one of the things that I've sort of been reflecting on over the past few months as we've seen these news stories develop is I actually didn't really realize just the many ways in which the government is involved in the businesses of these big tech companies, whether it's government contracts or government clearances or certainly regulations and stuff like that. And so it certainly has been a bit of an education into the ways in which the government does intersect. But you and I were talking earlier this morning and, you know, it's also intersecting in ways that I think people really wouldn't have imagined the government to actually extend some of its influence, I guess, over tech companies.

是的。我认为这正是这个故事所探讨的，即我们从特朗普身上看到的已经超出了总统职责的范围。对吧？他告诉这些公司，我认为你们在人事方面应该这样做。然而，总统并没有权力代表这些公司做出此类决定，但他正在试图施加压力。

Right. And I think that's what the story gets into, which is that what we're seeing from Trump is really going beyond the scope of the presidential role. Right? He's telling these companies, this is what I think you should do with regard to personnel. Now that is not the role of the president to make those kinds of decisions on behalf of these companies, but he's seeking to apply pressure.

我认为这正在设定某种先例，然后公司必须对此做出回应。而他们的回应方式，我认为，将在很大程度上为整个政府任期内的动态定下基调。例如，对于微软，有一个问题是，他们将如何回应？他们会听从特朗普的要求吗？但我个人认为这不太可能发生，因为我认为这将开创一个先例，即总统可以为一家私营公司做出人事决定。

And I think that that is setting a certain precedent which then the companies have to respond to. And how they respond, I think, is really going to sort of set the tone for the next for the duration of the administration and how this dynamic plays out. And I think, for example, with Microsoft, there was this question of, okay, how will they respond to this? Will they heed Trump's demand? But I personally don't really see that happening, because I think that that would set a precedent whereby a president can make personnel decisions for a privately held company

在

on the

微软的规模上。

scale of Microsoft.

没错。尽管微软确实陷入了这种两难境地，即使他们不屈服，也面临着持续不断的压力，你不得不思考，这对他们的业务意味着什么？

Right. Although Microsoft does find itself in this sort of catch-twenty two position where even if they don't capitulate, then they have this pressure coming at them constantly, you have to sort of wonder, what does that mean for their business as well?

是的。我们在报道中提到，对于像微软这样的公司来说，特朗普总统发布这条帖子并针对其一名高管的情况并不理想。退一步说，我们更广泛地看到，特朗普总统正在进行一种报复行动，针对许多他视为敌人的人。因此，这位微软高管曾在拜登政府下的司法部任职，使她成为目标，我认为这确实让微软处境艰难。不过，我在报道中引用了一位人士的观点，他指出微软尚未公开回应此事，可能是在玩长线游戏，因为中期选举即将来临，民主党可能会获得更多权力。

Right. And we say in the story that it's not an ideal situation for a company like Microsoft to have President Trump posting this post and coming after, really targeting, one of its executives. And to sort of step back, I mean, we're seeing more broadly that President Trump is engaging in a type of retribution campaign where he's targeting a lot of people who he perceives as his enemies. And so, the fact that this executive at Microsoft was formerly at the Department of Justice under Biden, made her a target, and I do think it puts Microsoft in a difficult position. I did quote someone in the story though who pointed out that Microsoft, which hasn't publicly responded to this, is sort of playing a long game potentially here, because the midterm elections are around the corner and Democrats might gain more power.

因此，让丽莎·莫纳科这样一位非常知名的民主党人担任这一职位，从长远来看可能对他们有利。就目前而言，这无疑是一个棘手的局面。

And so having Lisa Monaco, a very prominent Democrat in that role, could serve them well in the long term. For for right now, it's undoubtedly a tricky spot for them.

没错。嗯，西尔维娅，非常感谢你来到节目并为我们解释这一切。这是一篇很棒的文章，我应该说一下，在报道中——大家都应该去看看——还有一个很棒的时间线，记录了过去几个月的许多发展，因为有时候真的很难跟上节奏。嘿，不仅仅是微软，还有苹果。

Right. Well, Sylvia, thank you so much for coming on and explaining that all to us. It a great piece, and I should say that in the story, which everyone should check out, there's a great timeline too with a lot of the developments that have happened over the past few months because it's sometimes really hard to keep track of, hey. It's not just Microsoft. It's Apple.

你知道，还有很多“七大巨头”公司，我们甚至没有谈到贸易规则，这些规则当然适用于许多芯片公司，尤其是英伟达。谢谢你，西尔维娅，来到节目。这位是西尔维娅·瓦纳马拉根，我们是The Information的华盛顿特区记者。今天的节目就到这里。提醒大家，我们每周一至周五太平洋时间上午10点，东部时间下午1点在此直播。

It's you know, a lot of the mag seven companies, we didn't even get to the the the trade rules, which, of course, apply to many of the chip companies, not the least of which was NVIDIA. Thank you, Sylvia, for coming on. That is Sylvia Varnamaraegan, our Washington DC correspondent here at The Information. That does it for today's show. A reminder that we are on this stream Monday through Friday at 10AM Pacific, 1PM Eastern.

我要感谢亚马逊云服务，他们是本次节目的首席赞助商。同时感谢您的收看，我们真心感激您的观看。我已经开始期待明天的下一场演出了。那么，在那之前，感谢您的参与。

I want to thank Amazon Web Services, who is our presenting sponsor for this production. And I want to thank you for tuning in. We really do appreciate your viewership. I'm already excited for our next show tomorrow. And so until then, thanks for joining.

暂时先再见啦。

Bye bye for now.