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It took 15 years to come back. My name is Felix Nicholas Preen.", "speaker_id": "Speaker 1", "words": [ { "start": 66.22, "end": 66.48, "word": " global", "probability": 0.99853515625 }, { "start": 66.48, "end": 66.74, "word": " stock", "probability": 0.99951171875 }, { "start": 66.74, "end": 67.06, "word": " market", "probability": 1.0 }, { "start": 67.06, "end": 67.4, "word": " reset.", "probability": 0.99755859375 }, { "start": 67.62, "end": 68.06, "word": " It", "probability": 0.99951171875 }, { "start": 68.06, "end": 68.24, "word": " took", "probability": 1.0 }, { "start": 68.24, "end": 68.8, "word": " 15", "probability": 0.99951171875 }, { "start": 68.8, "end": 69.3, "word": " years", "probability": 1.0 }, { "start": 69.3, "end": 69.56, "word": " to", "probability": 1.0 }, { "start": 69.56, "end": 69.8, "word": " come", "probability": 1.0 }, { "start": 69.8, "end": 70.04, "word": " back.", "probability": 1.0 }, { "start": 70.42, "end": 70.72, "word": " My", "probability": 0.998046875 }, { "start": 70.72, "end": 70.82, "word": " name", "probability": 1.0 }, { "start": 70.82, "end": 71.0, "word": " is", "probability": 1.0 }, { "start": 71.0, "end": 71.42, "word": " Felix", "probability": 0.9931640625 }, { "start": 71.42, "end": 71.84, "word": " Nicholas", "probability": 0.802734375 }, { "start": 71.84, "end": 72.18, "word": " Preen.", "probability": 0.945556640625 } ] }, { "start": 72.28, "end": 75.98, "text": "I'm an economist and former investment banker. 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I'm sure that's what the pitch deck said. 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They call it NeoCloud. It's a little bit more", "speaker_id": "Speaker 1", "words": [ { "start": 157.24, "end": 157.58, "word": " people", "probability": 0.99951171875 }, { "start": 157.58, "end": 157.76, "word": " know,", "probability": 0.9755859375 }, { "start": 157.84, "end": 157.88, "word": " they", "probability": 1.0 }, { "start": 157.88, "end": 158.0, "word": " have", "probability": 0.99951171875 }, { "start": 158.0, "end": 158.06, "word": " a", "probability": 1.0 }, { "start": 158.06, "end": 158.2, "word": " better", "probability": 0.99560546875 }, { "start": 158.2, "end": 158.38, "word": " name", "probability": 0.99609375 }, { "start": 158.38, "end": 158.52, "word": " for", "probability": 0.99951171875 }, { "start": 158.52, "end": 158.58, "word": " it.", "probability": 0.99951171875 }, { "start": 158.66, "end": 158.68, "word": " They", "probability": 0.99853515625 }, { "start": 158.68, "end": 158.84, "word": " call", "probability": 0.9990234375 }, { "start": 158.84, "end": 158.96, "word": " it", "probability": 1.0 }, { "start": 158.96, "end": 159.64, "word": " NeoCloud.", "probability": 0.902587890625 }, { "start": 159.78, "end": 159.84, "word": " It's", "probability": 0.99951171875 }, { "start": 159.84, "end": 159.94, "word": " a", "probability": 1.0 }, { "start": 159.94, "end": 160.06, "word": " little", "probability": 0.9990234375 }, { "start": 160.06, "end": 160.18, "word": " bit", "probability": 0.99853515625 }, { "start": 160.18, "end": 160.36, "word": " more", "probability": 0.99951171875 } ] }, { "start": 160.36, "end": 166.62, "text": "attractive. 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Well, with borrowed money. 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The riskier the company, the more the insurance costs.", "speaker_id": "Speaker 1", "words": [ { "start": 346.54, "end": 346.82, "word": " out.", "probability": 0.9658203125 }, { "start": 347.06, "end": 347.38, "word": " The", "probability": 1.0 }, { "start": 347.38, "end": 347.8, "word": " riskier", "probability": 0.9931640625 }, { "start": 347.8, "end": 347.94, "word": " the", "probability": 1.0 }, { "start": 347.94, "end": 348.38, "word": " company,", "probability": 1.0 }, { "start": 348.62, "end": 348.68, "word": " the", "probability": 1.0 }, { "start": 348.68, "end": 348.86, "word": " more", "probability": 0.99560546875 }, { "start": 348.86, "end": 349.14, "word": " the", "probability": 0.96728515625 }, { "start": 349.14, "end": 349.5, "word": " insurance", "probability": 1.0 }, { "start": 349.5, "end": 349.94, "word": " costs.", "probability": 0.99853515625 } ] }, { "start": 351.16, "end": 358.12, "text": "Insuring Corweave's debt for just five years now costs more than 11 % of the amount insured", "speaker_id": "Speaker 1", "words": [ { "start": 351.16, "end": 351.76, "word": " Insuring", "probability": 0.750244140625 }, { "start": 351.76, "end": 352.36, "word": " Corweave's", "probability": 0.7462158203125 }, { "start": 352.36, "end": 352.64, "word": " debt", "probability": 0.9990234375 }, { "start": 352.64, "end": 352.88, "word": " for", "probability": 0.994140625 }, { "start": 352.88, "end": 353.06, "word": " just", "probability": 1.0 }, { "start": 353.06, "end": 353.36, "word": " five", "probability": 0.95458984375 }, { "start": 353.36, "end": 353.76, "word": " years", "probability": 1.0 }, { "start": 353.76, "end": 354.1, "word": " now", "probability": 1.0 }, { "start": 354.1, "end": 354.84, "word": " costs", "probability": 0.99072265625 }, { "start": 354.84, "end": 355.42, "word": " more", "probability": 1.0 }, { "start": 355.42, "end": 355.62, "word": " than", "probability": 1.0 }, { "start": 355.62, "end": 356.16, "word": " 11", "probability": 0.99951171875 }, { "start": 356.16, "end": 356.52, "word": "%", "probability": 0.98291015625 }, { "start": 356.52, "end": 357.28, "word": " of", "probability": 1.0 }, { "start": 357.28, "end": 357.4, "word": " the", "probability": 1.0 }, { "start": 357.4, "end": 357.68, "word": " amount", "probability": 1.0 }, { "start": 357.68, "end": 358.12, "word": " insured", "probability": 0.99853515625 } ] }, { "start": 358.12, "end": 363.64, "text": "every year. It's a record, not the good kind of record. 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So how does that happen to a company", "speaker_id": "Speaker 1", "words": [ { "start": 363.64, "end": 364.26, "word": " roughly", "probability": 1.0 }, { "start": 364.26, "end": 364.98, "word": " 60", "probability": 1.0 }, { "start": 364.98, "end": 365.3, "word": "%", "probability": 0.99951171875 }, { "start": 365.3, "end": 365.92, "word": " odds", "probability": 0.9990234375 }, { "start": 365.92, "end": 366.24, "word": " of", "probability": 1.0 }, { "start": 366.24, "end": 366.8, "word": " default,", "probability": 1.0 }, { "start": 367.04, "end": 367.3, "word": " i", "probability": 0.9951171875 }, { "start": 367.3, "end": 367.4, "word": ".e.", "probability": 1.0 }, { "start": 367.46, "end": 368.06, "word": " bankrupts.", "probability": 0.654541015625 }, { "start": 368.06, "end": 368.9, "word": " So", "probability": 0.982421875 }, { "start": 368.9, "end": 369.08, "word": " how", "probability": 0.9462890625 }, { "start": 369.08, "end": 369.24, "word": " does", "probability": 1.0 }, { "start": 369.24, "end": 369.36, "word": " that", "probability": 0.99951171875 }, { "start": 369.36, "end": 369.64, "word": " happen", "probability": 1.0 }, { "start": 369.64, "end": 369.76, "word": " to", "probability": 1.0 }, { "start": 369.76, "end": 369.9, "word": " a", "probability": 1.0 }, { "start": 369.9, "end": 370.28, "word": " company", "probability": 1.0 } ] }, { "start": 370.28, "end": 375.98, "text": "with so many customers? 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It plans to spend 45 billion on ships and", "speaker_id": "Speaker 1", "words": [ { "start": 375.98, "end": 376.26, "word": " billion", "probability": 0.99951171875 }, { "start": 376.26, "end": 376.46, "word": " a", "probability": 1.0 }, { "start": 376.46, "end": 376.62, "word": " year", "probability": 1.0 }, { "start": 376.62, "end": 376.8, "word": " in", "probability": 1.0 }, { "start": 376.8, "end": 377.16, "word": " cash", "probability": 1.0 }, { "start": 377.16, "end": 377.4, "word": " from", "probability": 1.0 }, { "start": 377.4, "end": 377.72, "word": " running", "probability": 1.0 }, { "start": 377.72, "end": 377.88, "word": " the", "probability": 1.0 }, { "start": 377.88, "end": 378.26, "word": " business.", "probability": 1.0 }, { "start": 378.56, "end": 378.92, "word": " It", "probability": 1.0 }, { "start": 378.92, "end": 379.2, "word": " plans", "probability": 0.99951171875 }, { "start": 379.2, "end": 379.38, "word": " to", "probability": 1.0 }, { "start": 379.38, "end": 379.64, "word": " spend", "probability": 1.0 }, { "start": 379.64, "end": 380.06, "word": " 45", "probability": 0.9169921875 }, { "start": 380.06, "end": 380.52, "word": " billion", "probability": 1.0 }, { "start": 380.52, "end": 380.74, "word": " on", "probability": 1.0 }, { "start": 380.74, "end": 381.1, "word": " ships", "probability": 0.99609375 }, { "start": 381.1, "end": 381.36, "word": " and", "probability": 1.0 } ] }, { "start": 381.36, "end": 386.6, "text": "buildings, which leaves a gap of 35 billion dollars. And a gap like that gets filled with", "speaker_id": "Speaker 1", "words": [ { "start": 381.36, "end": 381.86, "word": " buildings,", "probability": 1.0 }, { "start": 381.88, "end": 382.42, "word": " which", "probability": 1.0 }, { "start": 382.42, "end": 382.64, "word": " leaves", "probability": 0.99951171875 }, { "start": 382.64, "end": 382.78, "word": " a", "probability": 1.0 }, { "start": 382.78, "end": 382.98, "word": " gap", "probability": 1.0 }, { "start": 382.98, "end": 383.12, "word": " of", "probability": 1.0 }, { "start": 383.12, "end": 383.54, "word": " 35", "probability": 0.8115234375 }, { "start": 383.54, "end": 384.1, "word": " billion", "probability": 1.0 }, { "start": 384.1, "end": 384.48, "word": " dollars.", "probability": 0.99560546875 }, { "start": 384.78, "end": 385.06, "word": " And", "probability": 0.9990234375 }, { "start": 385.06, "end": 385.16, "word": " a", "probability": 1.0 }, { "start": 385.16, "end": 385.38, "word": " gap", "probability": 1.0 }, { "start": 385.38, "end": 385.58, "word": " like", "probability": 1.0 }, { "start": 385.58, "end": 385.76, "word": " that", "probability": 1.0 }, { "start": 385.76, "end": 386.04, "word": " gets", "probability": 1.0 }, { "start": 386.04, "end": 386.28, "word": " filled", "probability": 1.0 }, { "start": 386.28, "end": 386.6, "word": " with", "probability": 1.0 } ] }, { "start": 386.6, "end": 390.92, "text": "more borrowing. Yeah, they've learned from the US government, I think. Now, in fairness,", "speaker_id": "Speaker 1", "words": [ { "start": 386.6, "end": 387.2, "word": " more", "probability": 0.89501953125 }, { "start": 387.2, "end": 387.86, "word": " borrowing.", "probability": 0.99951171875 }, { "start": 388.08, "end": 388.12, "word": " Yeah,", "probability": 0.552734375 }, { "start": 388.16, "end": 388.46, "word": " they've", "probability": 0.978759765625 }, { "start": 388.46, "end": 388.58, "word": " learned", "probability": 0.95849609375 }, { "start": 388.58, "end": 388.76, "word": " from", "probability": 1.0 }, { "start": 388.76, "end": 388.88, "word": " the", "probability": 1.0 }, { "start": 388.88, "end": 389.06, "word": " US", "probability": 0.5849609375 }, { "start": 389.06, "end": 389.42, "word": " government,", "probability": 0.99951171875 }, { "start": 389.46, "end": 389.66, "word": " I", "probability": 1.0 }, { "start": 389.66, "end": 389.82, "word": " think.", "probability": 1.0 }, { "start": 390.24, "end": 390.38, "word": " Now,", "probability": 0.99951171875 }, { "start": 390.44, "end": 390.56, "word": " in", "probability": 1.0 }, { "start": 390.56, "end": 390.92, "word": " fairness,", "probability": 1.0 } ] }, { "start": 391.46, "end": 393.86, "text": "Deutsche thinks the shares are still a buy.", "speaker_id": "Speaker 1", "words": [ { "start": 391.46, "end": 391.76, "word": " Deutsche", "probability": 0.98486328125 }, { "start": 391.76, "end": 392.16, "word": " thinks", "probability": 0.9599609375 }, { "start": 392.16, "end": 392.86, "word": " the", "probability": 0.99951171875 }, { "start": 392.86, "end": 393.14, "word": " shares", "probability": 1.0 }, { "start": 393.14, "end": 393.28, "word": " are", "probability": 1.0 }, { "start": 393.28, "end": 393.44, "word": " still", "probability": 1.0 }, { "start": 393.44, "end": 393.62, "word": " a", "probability": 0.9990234375 }, { "start": 393.62, "end": 393.86, "word": " buy.", "probability": 0.9951171875 } ] }, { "start": 395.48, "end": 401.46, "text": "Corweave has $104 billion of signed work waiting to be delivered. About two -thirds of that", "speaker_id": "Speaker 1", "words": [ { "start": 395.48, "end": 396.08, "word": " Corweave", "probability": 0.63916015625 }, { "start": 396.08, "end": 396.5, "word": " has", "probability": 0.99853515625 }, { "start": 396.5, "end": 397.06, "word": " $104", "probability": 0.8400065104166666 }, { "start": 397.06, "end": 397.54, "word": " billion", "probability": 0.99462890625 }, { "start": 397.54, "end": 397.8, "word": " of", "probability": 0.9951171875 }, { "start": 397.8, "end": 398.12, "word": " signed", "probability": 0.998046875 }, { "start": 398.12, "end": 398.42, "word": " work", "probability": 0.99365234375 }, { "start": 398.42, "end": 398.7, "word": " waiting", "probability": 0.9970703125 }, { "start": 398.7, "end": 399.48, "word": " to", "probability": 0.99951171875 }, { "start": 399.48, "end": 399.6, "word": " be", "probability": 1.0 }, { "start": 399.6, "end": 399.98, "word": " delivered.", "probability": 1.0 }, { "start": 400.34, "end": 400.7, "word": " About", "probability": 0.99951171875 }, { "start": 400.7, "end": 400.94, "word": " two", "probability": 0.99365234375 }, { "start": 400.94, "end": 401.22, "word": "-thirds", "probability": 0.87939453125 }, { "start": 401.22, "end": 401.36, "word": " of", "probability": 1.0 }, { "start": 401.36, "end": 401.46, "word": " that", "probability": 0.99951171875 } ] }, { "start": 401.46, "end": 405.42, "text": "is with customers who have very strong credit ratings. 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And maybe he's right. But think about what happens to your portfolio and your", "speaker_id": "Speaker 1", "words": [ { "start": 405.42, "end": 405.96, "word": " irrational.", "probability": 0.9833984375 }, { "start": 406.2, "end": 406.38, "word": " And", "probability": 0.99609375 }, { "start": 406.38, "end": 406.72, "word": " maybe", "probability": 1.0 }, { "start": 406.72, "end": 407.46, "word": " he's", "probability": 0.84619140625 }, { "start": 407.46, "end": 407.8, "word": " right.", "probability": 1.0 }, { "start": 407.98, "end": 408.54, "word": " But", "probability": 1.0 }, { "start": 408.54, "end": 408.8, "word": " think", "probability": 1.0 }, { "start": 408.8, "end": 409.0, "word": " about", "probability": 1.0 }, { "start": 409.0, "end": 409.16, "word": " what", "probability": 1.0 }, { "start": 409.16, "end": 409.48, "word": " happens", "probability": 1.0 }, { "start": 409.48, "end": 409.68, "word": " to", "probability": 1.0 }, { "start": 409.68, "end": 409.9, "word": " your", "probability": 1.0 }, { "start": 409.9, "end": 410.5, "word": " portfolio", "probability": 0.99951171875 }, { "start": 410.5, "end": 410.82, "word": " and", "probability": 0.95654296875 }, { "start": 410.82, "end": 410.98, "word": " your", "probability": 1.0 } ] }, { "start": 410.98, "end": 417.54, "text": "pension and your ISAs and everything else if the lenders stop lending Corweave. That's the", "speaker_id": "Speaker 1", "words": [ { "start": 410.98, "end": 411.46, "word": " pension", "probability": 0.99951171875 }, { "start": 411.46, "end": 411.7, "word": " and", "probability": 0.9990234375 }, { "start": 411.7, "end": 411.86, "word": " your", "probability": 0.99951171875 }, { "start": 411.86, "end": 412.36, "word": " ISAs", "probability": 0.822021484375 }, { "start": 412.36, "end": 412.54, "word": " and", "probability": 1.0 }, { "start": 412.54, "end": 412.8, "word": " everything", "probability": 1.0 }, { "start": 412.8, "end": 413.32, "word": " else", "probability": 1.0 }, { "start": 413.32, "end": 414.26, "word": " if", "probability": 0.98046875 }, { "start": 414.26, "end": 414.6, "word": " the", "probability": 1.0 }, { "start": 414.6, "end": 415.14, "word": " lenders", "probability": 0.94677734375 }, { "start": 415.14, "end": 415.56, "word": " stop", "probability": 0.99755859375 }, { "start": 415.56, "end": 416.08, "word": " lending", "probability": 1.0 }, { "start": 416.08, "end": 416.78, "word": " Corweave.", "probability": 0.9988606770833334 }, { "start": 416.9, "end": 417.4, "word": " That's", "probability": 1.0 }, { "start": 417.4, "end": 417.54, "word": " the", "probability": 1.0 } ] }, { "start": 417.54, "end": 422.42, "text": "question most people can't answer. And it isn't because they're not clever enough. 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So it's not your fault, but it", "speaker_id": "Speaker 1", "words": [ { "start": 432.6, "end": 433.28, "word": " geography", "probability": 1.0 }, { "start": 433.28, "end": 433.6, "word": " and", "probability": 1.0 }, { "start": 433.6, "end": 433.88, "word": " everything", "probability": 1.0 }, { "start": 433.88, "end": 434.28, "word": " else,", "probability": 0.99951171875 }, { "start": 434.3, "end": 434.98, "word": " but", "probability": 1.0 }, { "start": 434.98, "end": 435.98, "word": " you", "probability": 1.0 }, { "start": 435.98, "end": 436.14, "word": " weren't", "probability": 0.969482421875 }, { "start": 436.14, "end": 436.34, "word": " taught", "probability": 0.99951171875 }, { "start": 436.34, "end": 436.72, "word": " this.", "probability": 1.0 }, { "start": 436.86, "end": 437.14, "word": " So", "probability": 0.982421875 }, { "start": 437.14, "end": 437.26, "word": " it's", "probability": 0.982421875 }, { "start": 437.26, "end": 437.34, "word": " not", "probability": 0.99951171875 }, { "start": 437.34, "end": 437.5, "word": " your", "probability": 1.0 }, { "start": 437.5, "end": 437.9, "word": " fault,", "probability": 1.0 }, { "start": 437.94, "end": 438.56, "word": " but", "probability": 1.0 }, { "start": 438.56, "end": 438.66, "word": " it", "probability": 1.0 } ] }, { "start": 438.66, "end": 443.74, "text": "is your responsibility to learn it if you want to keep what you've spent your whole working", "speaker_id": "Speaker 1", "words": [ { "start": 438.66, "end": 438.8, "word": " is", "probability": 1.0 }, { "start": 438.8, "end": 438.92, "word": " your", "probability": 1.0 }, { "start": 438.92, "end": 439.48, "word": " responsibility", "probability": 1.0 }, { "start": 439.48, "end": 439.78, "word": " to", "probability": 1.0 }, { "start": 439.78, "end": 440.36, "word": " learn", "probability": 0.99951171875 }, { "start": 440.36, "end": 440.6, "word": " it", "probability": 0.99951171875 }, { "start": 440.6, "end": 441.22, "word": " if", "probability": 0.9609375 }, { "start": 441.22, "end": 441.36, "word": " you", "probability": 1.0 }, { "start": 441.36, "end": 441.5, "word": " want", "probability": 0.94921875 }, { "start": 441.5, "end": 441.62, "word": " to", "probability": 1.0 }, { "start": 441.62, "end": 441.9, "word": " keep", "probability": 1.0 }, { "start": 441.9, "end": 442.14, "word": " what", "probability": 0.99658203125 }, { "start": 442.14, "end": 442.4, "word": " you've", "probability": 0.991943359375 }, { "start": 442.4, "end": 442.72, "word": " spent", "probability": 0.9990234375 }, { "start": 442.72, "end": 443.2, "word": " your", "probability": 0.998046875 }, { "start": 443.2, "end": 443.42, "word": " whole", "probability": 1.0 }, { "start": 443.42, "end": 443.74, "word": " working", "probability": 0.9990234375 } ] }, { "start": 443.74, "end": 448.48, "text": "life building. 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You can ask me questions. So how do you do that? 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The Nasdaq kept falling for 31 months and it", "speaker_id": "Speaker 1", "words": [ { "start": 681.72, "end": 681.84, "word": " just", "probability": 1.0 }, { "start": 681.84, "end": 682.0, "word": " that", "probability": 1.0 }, { "start": 682.0, "end": 682.16, "word": " the", "probability": 1.0 }, { "start": 682.16, "end": 682.62, "word": " price", "probability": 1.0 }, { "start": 682.62, "end": 682.82, "word": " you", "probability": 0.99853515625 }, { "start": 682.82, "end": 683.16, "word": " paid", "probability": 1.0 }, { "start": 683.16, "end": 683.4, "word": " was", "probability": 0.99951171875 }, { "start": 683.4, "end": 683.54, "word": " the", "probability": 0.99951171875 }, { "start": 683.54, "end": 683.9, "word": " problem.", "probability": 0.9609375 }, { "start": 684.7, "end": 684.82, "word": " The", "probability": 0.99755859375 }, { "start": 684.82, "end": 685.24, "word": " Nasdaq", "probability": 0.94677734375 }, { "start": 685.24, "end": 685.58, "word": " kept", "probability": 1.0 }, { "start": 685.58, "end": 686.04, "word": " falling", "probability": 1.0 }, { "start": 686.04, "end": 686.36, "word": " for", "probability": 1.0 }, { "start": 686.36, "end": 686.96, "word": " 31", "probability": 0.99951171875 }, { "start": 686.96, "end": 687.54, "word": " months", "probability": 1.0 }, { "start": 687.54, "end": 687.78, "word": " and", "probability": 0.55224609375 }, { "start": 687.78, "end": 687.9, "word": " it", "probability": 0.99853515625 } ] }, { "start": 687.9, "end": 691.34, "text": "finally hit bottom on the 9th of October, 2002.", "speaker_id": "Speaker 1", "words": [ { "start": 687.9, "end": 688.34, "word": " finally", "probability": 1.0 }, { "start": 688.34, "end": 688.6, "word": " hit", "probability": 0.9990234375 }, { "start": 688.6, "end": 689.24, "word": " bottom", "probability": 0.99951171875 }, { "start": 689.24, "end": 689.5, "word": " on", "probability": 1.0 }, { "start": 689.5, "end": 689.62, "word": " the", "probability": 0.9873046875 }, { "start": 689.62, "end": 689.98, "word": " 9th", "probability": 0.999267578125 }, { "start": 689.98, "end": 690.12, "word": " of", "probability": 0.99951171875 }, { "start": 690.12, "end": 690.46, "word": " October,", "probability": 1.0 }, { "start": 690.6, "end": 691.34, "word": " 2002.", "probability": 0.90087890625 } ] }, { "start": 692.84, "end": 699.4, "text": "78 % below the peak. And again, we didn't get a record high again until April", "speaker_id": "Speaker 1", "words": [ { "start": 692.84, "end": 693.32, "word": " 78", "probability": 0.97509765625 }, { "start": 693.32, "end": 693.8, "word": "%", "probability": 0.97412109375 }, { "start": 693.8, "end": 695.14, "word": " below", "probability": 1.0 }, { "start": 695.14, "end": 695.98, "word": " the", "probability": 1.0 }, { "start": 695.98, "end": 696.3, "word": " peak.", "probability": 1.0 }, { "start": 696.56, "end": 696.9, "word": " And", "probability": 0.99658203125 }, { "start": 696.9, "end": 697.06, "word": " again,", "probability": 0.99169921875 }, { "start": 697.16, "end": 697.24, "word": " we", "probability": 1.0 }, { "start": 697.24, "end": 697.42, "word": " didn't", "probability": 1.0 }, { "start": 697.42, "end": 697.54, "word": " get", "probability": 1.0 }, { "start": 697.54, "end": 697.68, "word": " a", "probability": 1.0 }, { "start": 697.68, "end": 697.96, "word": " record", "probability": 1.0 }, { "start": 697.96, "end": 698.3, "word": " high", "probability": 1.0 }, { "start": 698.3, "end": 698.62, "word": " again", "probability": 0.99951171875 }, { "start": 698.62, "end": 698.96, "word": " until", "probability": 0.99951171875 }, { "start": 698.96, "end": 699.4, "word": " April", "probability": 1.0 } ] }, { "start": 699.4, "end": 705.2, "text": "2015. 15 years. Now, it didn't fall on a straight line. 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Every one of them convinced people that the worst was over. 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And that's what made it so painful. Hope kept pulling them back", "speaker_id": "Speaker 1", "words": [ { "start": 709.8, "end": 709.92, "word": " then", "probability": 1.0 }, { "start": 709.92, "end": 710.12, "word": " they", "probability": 1.0 }, { "start": 710.12, "end": 710.74, "word": " bought", "probability": 0.99853515625 }, { "start": 710.74, "end": 710.86, "word": " it", "probability": 1.0 }, { "start": 710.86, "end": 711.06, "word": " again.", "probability": 1.0 }, { "start": 711.5, "end": 711.76, "word": " And", "probability": 0.923828125 }, { "start": 711.76, "end": 712.02, "word": " that's", "probability": 0.99951171875 }, { "start": 712.02, "end": 712.14, "word": " what", "probability": 1.0 }, { "start": 712.14, "end": 712.32, "word": " made", "probability": 1.0 }, { "start": 712.32, "end": 712.44, "word": " it", "probability": 1.0 }, { "start": 712.44, "end": 712.64, "word": " so", "probability": 1.0 }, { "start": 712.64, "end": 713.08, "word": " painful.", "probability": 1.0 }, { "start": 713.5, "end": 713.82, "word": " Hope", "probability": 0.98681640625 }, { "start": 713.82, "end": 714.08, "word": " kept", "probability": 1.0 }, { "start": 714.08, "end": 714.44, "word": " pulling", "probability": 0.91796875 }, { "start": 714.44, "end": 714.6, "word": " them", "probability": 0.99951171875 }, { "start": 714.6, "end": 714.82, "word": " back", "probability": 1.0 } ] }, { "start": 714.82, "end": 721.66, "text": "in. So what does a 78 % fall feel like? Well, say you were 55 in 2000 and you had $200 ,000", "speaker_id": "Speaker 1", "words": [ { "start": 714.82, "end": 715.1, "word": " in.", "probability": 1.0 }, { "start": 715.28, "end": 715.64, "word": " So", "probability": 0.99755859375 }, { "start": 715.64, "end": 715.86, "word": " what", "probability": 0.9658203125 }, { "start": 715.86, "end": 715.98, "word": " does", "probability": 0.96337890625 }, { "start": 715.98, "end": 716.14, "word": " a", "probability": 0.99951171875 }, { "start": 716.14, "end": 716.76, "word": " 78", "probability": 0.9970703125 }, { "start": 716.76, "end": 717.06, "word": "%", "probability": 0.96923828125 }, { "start": 717.06, "end": 717.48, "word": " fall", "probability": 0.9931640625 }, { "start": 717.48, "end": 717.7, "word": " feel", "probability": 1.0 }, { "start": 717.7, "end": 717.92, "word": " like?", "probability": 1.0 }, { "start": 718.22, "end": 718.44, "word": " Well,", "probability": 0.9951171875 }, { "start": 718.56, "end": 718.7, "word": " say", "probability": 1.0 }, { "start": 718.7, "end": 718.84, "word": " you", "probability": 1.0 }, { "start": 718.84, "end": 718.94, "word": " were", "probability": 0.98974609375 }, { "start": 718.94, "end": 719.42, "word": " 55", "probability": 0.97265625 }, { "start": 719.42, "end": 719.8, "word": " in", "probability": 0.82421875 }, { "start": 719.8, "end": 720.28, "word": " 2000", "probability": 0.99951171875 }, { "start": 720.28, "end": 720.62, "word": " and", "probability": 0.87841796875 }, { "start": 720.62, "end": 720.76, "word": " you", "probability": 1.0 }, { "start": 720.76, "end": 720.92, "word": " had", "probability": 1.0 }, { "start": 720.92, "end": 721.3, "word": " $200", "probability": 0.9990234375 }, { "start": 721.3, "end": 721.66, "word": ",000", "probability": 1.0 } ] }, { "start": 721.66, "end": 727.84, "text": "in tech stocks. Well, two and a half years later, you had $44 ,000 and", "speaker_id": "Speaker 1", "words": [ { "start": 721.66, "end": 722.1, "word": " in", "probability": 1.0 }, { "start": 722.1, "end": 722.34, "word": " tech", "probability": 0.99951171875 }, { "start": 722.34, "end": 722.74, "word": " stocks.", "probability": 1.0 }, { "start": 723.08, "end": 723.56, "word": " Well,", "probability": 0.99560546875 }, { "start": 723.78, "end": 723.9, "word": " two", "probability": 0.994140625 }, { "start": 723.9, "end": 724.0, "word": " and", "probability": 0.9990234375 }, { "start": 724.0, "end": 724.06, "word": " a", "probability": 1.0 }, { "start": 724.06, "end": 724.22, "word": " half", "probability": 1.0 }, { "start": 724.22, "end": 724.48, "word": " years", "probability": 1.0 }, { "start": 724.48, "end": 724.86, "word": " later,", "probability": 1.0 }, { "start": 724.86, "end": 725.44, "word": " you", "probability": 1.0 }, { "start": 725.44, "end": 725.62, "word": " had", "probability": 1.0 }, { "start": 725.62, "end": 726.16, "word": " $44", "probability": 0.99951171875 }, { "start": 726.16, "end": 726.64, "word": ",000", "probability": 1.0 }, { "start": 726.64, "end": 727.84, "word": " and", "probability": 0.85791015625 } ] }, { "start": 727.84, "end": 734.48, "text": "you were 70 by the time it's back to where you started. That's what a stock market reset", "speaker_id": "Speaker 1", "words": [ { "start": 727.84, "end": 729.08, "word": " you", "probability": 0.99951171875 }, { "start": 729.08, "end": 729.26, "word": " were", "probability": 0.95947265625 }, { "start": 729.26, "end": 729.86, "word": " 70", "probability": 0.9990234375 }, { "start": 729.86, "end": 730.74, "word": " by", "probability": 0.95166015625 }, { "start": 730.74, "end": 730.92, "word": " the", "probability": 1.0 }, { "start": 730.92, "end": 731.12, "word": " time", "probability": 1.0 }, { "start": 731.12, "end": 731.34, "word": " it's", "probability": 1.0 }, { "start": 731.34, "end": 731.56, "word": " back", "probability": 1.0 }, { "start": 731.56, "end": 731.74, "word": " to", "probability": 1.0 }, { "start": 731.74, "end": 731.9, "word": " where", "probability": 1.0 }, { "start": 731.9, "end": 732.04, "word": " you", "probability": 1.0 }, { "start": 732.04, "end": 732.44, "word": " started.", "probability": 0.99267578125 }, { "start": 732.74, "end": 733.22, "word": " That's", "probability": 0.99951171875 }, { "start": 733.22, "end": 733.34, "word": " what", "probability": 1.0 }, { "start": 733.34, "end": 733.46, "word": " a", "probability": 1.0 }, { "start": 733.46, "end": 733.76, "word": " stock", "probability": 0.99951171875 }, { "start": 733.76, "end": 734.1, "word": " market", "probability": 1.0 }, { "start": 734.1, "end": 734.48, "word": " reset", "probability": 0.99951171875 } ] }, { "start": 734.48, "end": 740.0, "text": "really looks like. 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And Deutsche Bank says Corweave", "speaker_id": "Speaker 1", "words": [ { "start": 809.74, "end": 809.88, "word": " if", "probability": 0.97705078125 }, { "start": 809.88, "end": 810.44, "word": " Corweave", "probability": 0.9996744791666666 }, { "start": 810.44, "end": 810.82, "word": " struggles,", "probability": 0.99853515625 }, { "start": 811.22, "end": 811.84, "word": " their", "probability": 0.99609375 }, { "start": 811.84, "end": 812.16, "word": " lenders", "probability": 0.99951171875 }, { "start": 812.16, "end": 812.36, "word": " have", "probability": 1.0 }, { "start": 812.36, "end": 812.46, "word": " a", "probability": 1.0 }, { "start": 812.46, "end": 812.82, "word": " problem", "probability": 1.0 }, { "start": 812.82, "end": 813.06, "word": " too.", "probability": 0.92041015625 }, { "start": 813.48, "end": 813.82, "word": " And", "probability": 0.994140625 }, { "start": 813.82, "end": 814.1, "word": " Deutsche", "probability": 1.0 }, { "start": 814.1, "end": 814.36, "word": " Bank", "probability": 0.99951171875 }, { "start": 814.36, "end": 814.66, "word": " says", "probability": 1.0 }, { "start": 814.66, "end": 815.24, "word": " Corweave", "probability": 0.9864908854166666 } ] }, { "start": 815.24, "end": 821.38, "text": "will need to raise more money over the next 12 to 18 months just to deliver the work it has", "speaker_id": "Speaker 1", "words": [ { "start": 815.24, "end": 815.44, "word": " will", "probability": 1.0 }, { "start": 815.44, "end": 815.64, "word": " need", "probability": 1.0 }, { "start": 815.64, "end": 815.82, "word": " to", "probability": 1.0 }, { "start": 815.82, "end": 816.16, "word": " raise", "probability": 1.0 }, { "start": 816.16, "end": 816.66, "word": " more", "probability": 1.0 }, { "start": 816.66, "end": 817.02, "word": " money", "probability": 1.0 }, { "start": 817.02, "end": 817.24, "word": " over", "probability": 1.0 }, { "start": 817.24, "end": 817.38, "word": " the", "probability": 1.0 }, { "start": 817.38, "end": 817.64, "word": " next", "probability": 1.0 }, { "start": 817.64, "end": 817.94, "word": " 12", "probability": 1.0 }, { "start": 817.94, "end": 818.14, "word": " to", "probability": 0.99755859375 }, { "start": 818.14, "end": 818.42, "word": " 18", "probability": 1.0 }, { "start": 818.42, "end": 818.9, "word": " months", "probability": 1.0 }, { "start": 818.9, "end": 819.86, "word": " just", "probability": 0.9619140625 }, { "start": 819.86, "end": 820.16, "word": " to", "probability": 1.0 }, { "start": 820.16, "end": 820.46, "word": " deliver", "probability": 1.0 }, { "start": 820.46, "end": 820.66, "word": " the", "probability": 1.0 }, { "start": 820.66, "end": 821.04, "word": " work", "probability": 1.0 }, { "start": 821.04, "end": 821.24, "word": " it", "probability": 1.0 }, { "start": 821.24, "end": 821.38, "word": " has", "probability": 1.0 } ] }, { "start": 821.38, "end": 826.1, "text": "already signed contracts for. So where does that money come from if the lenders are already", "speaker_id": "Speaker 1", "words": [ { "start": 821.38, "end": 821.66, "word": " already", "probability": 1.0 }, { "start": 821.66, "end": 821.96, "word": " signed", "probability": 1.0 }, { "start": 821.96, "end": 822.46, "word": " contracts", "probability": 1.0 }, { "start": 822.46, "end": 822.72, "word": " for.", "probability": 1.0 }, { "start": 823.28, "end": 823.66, "word": " So", "probability": 0.9755859375 }, { "start": 823.66, "end": 823.74, "word": " where", "probability": 0.98486328125 }, { "start": 823.74, "end": 823.84, "word": " does", "probability": 0.99951171875 }, { "start": 823.84, "end": 823.92, "word": " that", "probability": 0.9990234375 }, { "start": 823.92, "end": 824.1, "word": " money", "probability": 1.0 }, { "start": 824.1, "end": 824.34, "word": " come", "probability": 1.0 }, { "start": 824.34, "end": 824.58, "word": " from", "probability": 1.0 }, { "start": 824.58, "end": 825.12, "word": " if", "probability": 0.70654296875 }, { "start": 825.12, "end": 825.26, "word": " the", "probability": 1.0 }, { "start": 825.26, "end": 825.6, "word": " lenders", "probability": 0.999755859375 }, { "start": 825.6, "end": 825.8, "word": " are", "probability": 1.0 }, { "start": 825.8, "end": 826.1, "word": " already", "probability": 1.0 } ] }, { "start": 826.1, "end": 832.86, "text": "demanding 15 % interest? See, the money that lent CoreWeave, the money that lent to", "speaker_id": "Speaker 1", "words": [ { "start": 826.1, "end": 826.56, "word": " demanding", "probability": 1.0 }, { "start": 826.56, "end": 827.44, "word": " 15", "probability": 0.99951171875 }, { "start": 827.44, "end": 827.9, "word": "%", "probability": 0.8955078125 }, { "start": 827.9, "end": 828.44, "word": " interest?", "probability": 1.0 }, { "start": 828.8, "end": 829.06, "word": " See,", "probability": 0.9755859375 }, { "start": 829.12, "end": 829.2, "word": " the", "probability": 1.0 }, { "start": 829.2, "end": 829.42, "word": " money", "probability": 1.0 }, { "start": 829.42, "end": 829.62, "word": " that", "probability": 0.99658203125 }, { "start": 829.62, "end": 830.32, "word": " lent", "probability": 0.99609375 }, { "start": 830.32, "end": 831.62, "word": " CoreWeave,", "probability": 0.734619140625 }, { "start": 831.62, "end": 832.08, "word": " the", "probability": 0.99755859375 }, { "start": 832.08, "end": 832.32, "word": " money", "probability": 1.0 }, { "start": 832.32, "end": 832.52, "word": " that", "probability": 0.99951171875 }, { "start": 832.52, "end": 832.7, "word": " lent", "probability": 1.0 }, { "start": 832.7, "end": 832.86, "word": " to", "probability": 0.98291015625 } ] }, { "start": 832.86, "end": 837.14, "text": "CoreWeave doesn't live in a box on its own. It comes from the same funds, the same banks,", "speaker_id": "Speaker 1", "words": [ { "start": 832.86, "end": 833.32, "word": " CoreWeave", "probability": 0.9986979166666666 }, { "start": 833.32, "end": 833.74, "word": " doesn't", "probability": 0.941650390625 }, { "start": 833.74, "end": 833.9, "word": " live", "probability": 1.0 }, { "start": 833.9, "end": 834.0, "word": " in", "probability": 1.0 }, { "start": 834.0, "end": 834.12, "word": " a", "probability": 1.0 }, { "start": 834.12, "end": 834.42, "word": " box", "probability": 1.0 }, { "start": 834.42, "end": 834.62, "word": " on", "probability": 0.99951171875 }, { "start": 834.62, "end": 834.76, "word": " its", "probability": 1.0 }, { "start": 834.76, "end": 834.92, "word": " own.", "probability": 1.0 }, { "start": 834.92, "end": 835.1, "word": " It", "probability": 0.99951171875 }, { "start": 835.1, "end": 835.32, "word": " comes", "probability": 1.0 }, { "start": 835.32, "end": 835.48, "word": " from", "probability": 1.0 }, { "start": 835.48, "end": 835.64, "word": " the", "probability": 1.0 }, { "start": 835.64, "end": 835.94, "word": " same", "probability": 1.0 }, { "start": 835.94, "end": 836.34, "word": " funds,", "probability": 1.0 }, { "start": 836.46, "end": 836.56, "word": " the", "probability": 1.0 }, { "start": 836.56, "end": 836.8, "word": " same", "probability": 1.0 }, { "start": 836.8, "end": 837.14, "word": " banks,", "probability": 1.0 } ] }, { "start": 837.2, "end": 841.82, "text": "and in some cases, the same pension schemes that are in the rest of the market. 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The last time that measure spiked, the", "speaker_id": "Speaker 1", "words": [ { "start": 852.06, "end": 852.3, "word": " ensure", "probability": 0.96337890625 }, { "start": 852.3, "end": 852.5, "word": " the", "probability": 0.99951171875 }, { "start": 852.5, "end": 852.66, "word": " debt", "probability": 0.9990234375 }, { "start": 852.66, "end": 852.82, "word": " of", "probability": 0.9990234375 }, { "start": 852.82, "end": 853.06, "word": " tech", "probability": 1.0 }, { "start": 853.06, "end": 853.56, "word": " companies", "probability": 1.0 }, { "start": 853.56, "end": 853.74, "word": " has", "probability": 0.9990234375 }, { "start": 853.74, "end": 853.9, "word": " been", "probability": 1.0 }, { "start": 853.9, "end": 854.28, "word": " rising.", "probability": 1.0 }, { "start": 854.66, "end": 855.02, "word": " The", "probability": 0.99951171875 }, { "start": 855.02, "end": 855.24, "word": " last", "probability": 1.0 }, { "start": 855.24, "end": 855.44, "word": " time", "probability": 1.0 }, { "start": 855.44, "end": 855.58, "word": " that", "probability": 1.0 }, { "start": 855.58, "end": 855.86, "word": " measure", "probability": 0.99853515625 }, { "start": 855.86, "end": 856.32, "word": " spiked,", "probability": 0.99951171875 }, { "start": 856.6, "end": 856.72, "word": " the", "probability": 0.99951171875 } ] }, { "start": 856.72, "end": 863.72, "text": "Nasdaq shrugged and kept climbing. This time, the Nasdaq is falling alongside it. So", "speaker_id": "Speaker 1", "words": [ { "start": 856.72, "end": 857.2, "word": " Nasdaq", "probability": 0.9111328125 }, { "start": 857.2, "end": 857.82, "word": " shrugged", "probability": 0.9996744791666666 }, { "start": 857.82, "end": 857.98, "word": " and", "probability": 1.0 }, { "start": 857.98, "end": 858.22, "word": " kept", "probability": 1.0 }, { "start": 858.22, "end": 858.6, "word": " climbing.", "probability": 1.0 }, { "start": 859.14, "end": 859.66, "word": " This", "probability": 1.0 }, { "start": 859.66, "end": 860.02, "word": " time,", "probability": 1.0 }, { "start": 860.2, "end": 860.58, "word": " the", "probability": 1.0 }, { "start": 860.58, "end": 861.0, "word": " Nasdaq", "probability": 0.9998372395833334 }, { "start": 861.0, "end": 861.18, "word": " is", "probability": 1.0 }, { "start": 861.18, "end": 861.76, "word": " falling", "probability": 1.0 }, { "start": 861.76, "end": 862.38, "word": " alongside", "probability": 1.0 }, { "start": 862.38, "end": 862.84, "word": " it.", "probability": 0.99951171875 }, { "start": 863.2, "end": 863.72, "word": " So", "probability": 0.99755859375 } ] }, { "start": 863.72, "end": 868.3, "text": "when the lenders and the shareholders get nervous at the same moment, you should pay", "speaker_id": "Speaker 1", "words": [ { "start": 863.72, "end": 863.86, "word": " when", "probability": 0.966796875 }, { "start": 863.86, "end": 864.02, "word": " the", "probability": 1.0 }, { "start": 864.02, "end": 864.36, "word": " lenders", "probability": 0.999755859375 }, { "start": 864.36, "end": 864.58, "word": " and", "probability": 1.0 }, { "start": 864.58, "end": 864.72, "word": " the", "probability": 0.9990234375 }, { "start": 864.72, "end": 865.16, "word": " shareholders", "probability": 0.99951171875 }, { "start": 865.16, "end": 865.5, "word": " get", "probability": 1.0 }, { "start": 865.5, "end": 865.94, "word": " nervous", "probability": 1.0 }, { "start": 865.94, "end": 866.16, "word": " at", "probability": 1.0 }, { "start": 866.16, "end": 866.3, "word": " the", "probability": 1.0 }, { "start": 866.3, "end": 866.62, "word": " same", "probability": 1.0 }, { "start": 866.62, "end": 867.04, "word": " moment,", "probability": 1.0 }, { "start": 867.3, "end": 867.58, "word": " you", "probability": 1.0 }, { "start": 867.58, "end": 868.06, "word": " should", "probability": 1.0 }, { "start": 868.06, "end": 868.3, "word": " pay", "probability": 1.0 } ] }, { "start": 868.3, "end": 873.52, "text": "attention. And that's how a problem in just one little corner becomes a problem for the", "speaker_id": "Speaker 1", "words": [ { "start": 868.3, "end": 868.82, "word": " attention.", "probability": 1.0 }, { "start": 869.08, "end": 869.52, "word": " And", "probability": 0.9990234375 }, { "start": 869.52, "end": 869.78, "word": " that's", "probability": 0.999755859375 }, { "start": 869.78, "end": 869.94, "word": " how", "probability": 1.0 }, { "start": 869.94, "end": 870.14, "word": " a", "probability": 0.99951171875 }, { "start": 870.14, "end": 870.64, "word": " problem", "probability": 1.0 }, { "start": 870.64, "end": 870.86, "word": " in", "probability": 1.0 }, { "start": 870.86, "end": 871.04, "word": " just", "probability": 1.0 }, { "start": 871.04, "end": 871.34, "word": " one", "probability": 1.0 }, { "start": 871.34, "end": 871.56, "word": " little", "probability": 1.0 }, { "start": 871.56, "end": 872.0, "word": " corner", "probability": 1.0 }, { "start": 872.0, "end": 872.7, "word": " becomes", "probability": 0.99853515625 }, { "start": 872.7, "end": 872.9, "word": " a", "probability": 1.0 }, { "start": 872.9, "end": 873.18, "word": " problem", "probability": 0.99951171875 }, { "start": 873.18, "end": 873.38, "word": " for", "probability": 1.0 }, { "start": 873.38, "end": 873.52, "word": " the", "probability": 1.0 } ] }, { "start": 873.52, "end": 880.34, "text": "whole index and everybody else. But if you go back, the story didn't end in 2002. And the", "speaker_id": "Speaker 1", "words": [ { "start": 873.52, "end": 873.74, "word": " whole", "probability": 0.99853515625 }, { "start": 873.74, "end": 874.1, "word": " index", "probability": 0.99560546875 }, { "start": 874.1, "end": 874.36, "word": " and", "probability": 0.9990234375 }, { "start": 874.36, "end": 874.64, "word": " everybody", "probability": 1.0 }, { "start": 874.64, "end": 875.08, "word": " else.", "probability": 1.0 }, { "start": 875.3, "end": 875.82, "word": " But", "probability": 0.9990234375 }, { "start": 875.82, "end": 875.98, "word": " if", "probability": 1.0 }, { "start": 875.98, "end": 876.04, "word": " you", "probability": 1.0 }, { "start": 876.04, "end": 876.22, "word": " go", "probability": 1.0 }, { "start": 876.22, "end": 876.6, "word": " back,", "probability": 1.0 }, { "start": 876.86, "end": 877.28, "word": " the", "probability": 0.9970703125 }, { "start": 877.28, "end": 877.6, "word": " story", "probability": 1.0 }, { "start": 877.6, "end": 877.94, "word": " didn't", "probability": 1.0 }, { "start": 877.94, "end": 878.1, "word": " end", "probability": 1.0 }, { "start": 878.1, "end": 878.26, "word": " in", "probability": 1.0 }, { "start": 878.26, "end": 879.18, "word": " 2002.", "probability": 0.99951171875 }, { "start": 879.18, "end": 880.22, "word": " And", "probability": 0.97412109375 }, { "start": 880.22, "end": 880.34, "word": " the", "probability": 0.99951171875 } ] }, { "start": 880.34, "end": 886.36, "text": "next part is the reason I'm not panicking. While everybody was selling the future, which", "speaker_id": "Speaker 1", "words": [ { "start": 880.34, "end": 880.64, "word": " next", "probability": 1.0 }, { "start": 880.64, "end": 881.04, "word": " part", "probability": 1.0 }, { "start": 881.04, "end": 881.32, "word": " is", "probability": 0.99951171875 }, { "start": 881.32, "end": 881.46, "word": " the", "probability": 1.0 }, { "start": 881.46, "end": 881.82, "word": " reason", "probability": 1.0 }, { "start": 881.82, "end": 882.6, "word": " I'm", "probability": 0.998291015625 }, { "start": 882.6, "end": 882.78, "word": " not", "probability": 1.0 }, { "start": 882.78, "end": 883.26, "word": " panicking.", "probability": 0.999755859375 }, { "start": 883.52, "end": 883.94, "word": " While", "probability": 0.99560546875 }, { "start": 883.94, "end": 884.36, "word": " everybody", "probability": 0.99951171875 }, { "start": 884.36, "end": 884.6, "word": " was", "probability": 1.0 }, { "start": 884.6, "end": 884.9, "word": " selling", "probability": 1.0 }, { "start": 884.9, "end": 885.06, "word": " the", "probability": 0.99365234375 }, { "start": 885.06, "end": 885.56, "word": " future,", "probability": 0.98828125 }, { "start": 885.86, "end": 886.36, "word": " which", "probability": 1.0 } ] }, { "start": 886.36, "end": 893.0, "text": "was being built at bargain prices, well, guess what? Google IPO'd in 2004 at $85.", "speaker_id": "Speaker 1", "words": [ { "start": 886.36, "end": 886.46, "word": " was", "probability": 0.99658203125 }, { "start": 886.46, "end": 886.7, "word": " being", "probability": 1.0 }, { "start": 886.7, "end": 887.06, "word": " built", "probability": 0.943359375 }, { "start": 887.06, "end": 887.24, "word": " at", "probability": 0.99951171875 }, { "start": 887.24, "end": 887.6, "word": " bargain", "probability": 0.99951171875 }, { "start": 887.6, "end": 888.18, "word": " prices,", "probability": 1.0 }, { "start": 888.82, "end": 888.96, "word": " well,", "probability": 0.99169921875 }, { "start": 889.06, "end": 889.2, "word": " guess", "probability": 1.0 }, { "start": 889.2, "end": 889.42, "word": " what?", "probability": 1.0 }, { "start": 889.62, "end": 889.96, "word": " Google", "probability": 0.99951171875 }, { "start": 889.96, "end": 890.96, "word": " IPO'd", "probability": 0.894775390625 }, { "start": 890.96, "end": 891.46, "word": " in", "probability": 1.0 }, { "start": 891.46, "end": 892.3, "word": " 2004", "probability": 1.0 }, { "start": 892.3, "end": 892.54, "word": " at", "probability": 0.99951171875 }, { "start": 892.54, "end": 893.0, "word": " $85.", "probability": 0.998046875 } ] }, { "start": 893.6, "end": 899.2, "text": "That was less than two years after the bottom. 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So the reset didn't kill the technology.", "speaker_id": "Speaker 1", "words": [ { "start": 922.74, "end": 923.1, "word": " becoming", "probability": 0.99951171875 }, { "start": 923.1, "end": 923.56, "word": " one", "probability": 1.0 }, { "start": 923.56, "end": 923.64, "word": " of", "probability": 1.0 }, { "start": 923.64, "end": 923.76, "word": " the", "probability": 1.0 }, { "start": 923.76, "end": 924.18, "word": " biggest", "probability": 1.0 }, { "start": 924.18, "end": 924.68, "word": " companies", "probability": 1.0 }, { "start": 924.68, "end": 924.9, "word": " on", "probability": 1.0 }, { "start": 924.9, "end": 925.28, "word": " Earth.", "probability": 0.572265625 }, { "start": 925.5, "end": 926.12, "word": " So", "probability": 1.0 }, { "start": 926.12, "end": 926.86, "word": " the", "probability": 0.91455078125 }, { "start": 926.86, "end": 927.44, "word": " reset", "probability": 0.99462890625 }, { "start": 927.44, "end": 928.48, "word": " didn't", "probability": 1.0 }, { "start": 928.48, "end": 928.7, "word": " kill", "probability": 1.0 }, { "start": 928.7, "end": 928.86, "word": " the", "probability": 1.0 }, { "start": 928.86, "end": 929.46, "word": " technology.", "probability": 1.0 } ] }, { "start": 929.68, "end": 936.04, "text": "It just moved the money away from the companies that needed endless borrowing and towards", "speaker_id": "Speaker 1", "words": [ { "start": 929.68, "end": 930.18, "word": " It", "probability": 0.9970703125 }, { "start": 930.18, "end": 930.36, "word": " just", "probability": 1.0 }, { "start": 930.36, "end": 930.8, "word": " moved", "probability": 1.0 }, { "start": 930.8, "end": 931.02, "word": " the", "probability": 0.99951171875 }, { "start": 931.02, "end": 931.34, "word": " money", "probability": 1.0 }, { "start": 931.34, "end": 931.9, "word": " away", "probability": 0.59765625 }, { "start": 931.9, "end": 932.2, "word": " from", "probability": 1.0 }, { "start": 932.2, "end": 932.32, "word": " the", "probability": 1.0 }, { "start": 932.32, "end": 932.8, "word": " companies", "probability": 1.0 }, { "start": 932.8, "end": 933.14, "word": " that", "probability": 1.0 }, { "start": 933.14, "end": 933.58, "word": " needed", "probability": 0.9990234375 }, { "start": 933.58, "end": 934.52, "word": " endless", "probability": 0.99853515625 }, { "start": 934.52, "end": 935.06, "word": " borrowing", "probability": 1.0 }, { "start": 935.06, "end": 935.72, "word": " and", "probability": 0.99072265625 }, { "start": 935.72, "end": 936.04, "word": " towards", "probability": 1.0 } ] }, { "start": 936.04, "end": 940.6, "text": "the ones that could stand on their own feet. So if you understood that in 2002, it was the", "speaker_id": "Speaker 1", "words": [ { "start": 936.04, "end": 936.2, "word": " the", "probability": 1.0 }, { "start": 936.2, "end": 936.42, "word": " ones", "probability": 1.0 }, { "start": 936.42, "end": 936.58, "word": " that", "probability": 1.0 }, { "start": 936.58, "end": 936.76, "word": " could", "probability": 1.0 }, { "start": 936.76, "end": 937.12, "word": " stand", "probability": 1.0 }, { "start": 937.12, "end": 937.32, "word": " on", "probability": 1.0 }, { "start": 937.32, "end": 937.44, "word": " their", "probability": 1.0 }, { "start": 937.44, "end": 937.64, "word": " own", "probability": 0.99951171875 }, { "start": 937.64, "end": 937.92, "word": " feet.", "probability": 1.0 }, { "start": 938.18, "end": 938.46, "word": " So", "probability": 0.99658203125 }, { "start": 938.46, "end": 938.56, "word": " if", "probability": 0.93896484375 }, { "start": 938.56, "end": 938.66, "word": " you", "probability": 1.0 }, { "start": 938.66, "end": 939.08, "word": " understood", "probability": 1.0 }, { "start": 939.08, "end": 939.28, "word": " that", "probability": 1.0 }, { "start": 939.28, "end": 939.44, "word": " in", "probability": 0.99951171875 }, { "start": 939.44, "end": 939.96, "word": " 2002,", "probability": 0.99951171875 }, { "start": 939.96, "end": 940.38, "word": " it", "probability": 0.99951171875 }, { "start": 940.38, "end": 940.48, "word": " was", "probability": 1.0 }, { "start": 940.48, "end": 940.6, "word": " the", "probability": 1.0 } ] }, { "start": 940.6, "end": 945.1, "text": "opportunity of a lifetime. If you didn't, it was the end of your retirement plan. So today,", "speaker_id": "Speaker 1", "words": [ { "start": 940.6, "end": 940.96, "word": " opportunity", "probability": 1.0 }, { "start": 940.96, "end": 941.16, "word": " of", "probability": 0.99853515625 }, { "start": 941.16, "end": 941.24, "word": " a", "probability": 0.9912109375 }, { "start": 941.24, "end": 941.54, "word": " lifetime.", "probability": 1.0 }, { "start": 941.78, "end": 942.1, "word": " If", "probability": 1.0 }, { "start": 942.1, "end": 942.22, "word": " you", "probability": 1.0 }, { "start": 942.22, "end": 942.6, "word": " didn't,", "probability": 1.0 }, { "start": 942.7, "end": 942.74, "word": " it", "probability": 1.0 }, { "start": 942.74, "end": 942.86, "word": " was", "probability": 1.0 }, { "start": 942.86, "end": 942.98, "word": " the", "probability": 1.0 }, { "start": 942.98, "end": 943.16, "word": " end", "probability": 1.0 }, { "start": 943.16, "end": 943.26, "word": " of", "probability": 1.0 }, { "start": 943.26, "end": 943.4, "word": " your", "probability": 0.9990234375 }, { "start": 943.4, "end": 943.74, "word": " retirement", "probability": 0.99951171875 }, { "start": 943.74, "end": 944.04, "word": " plan.", "probability": 0.99951171875 }, { "start": 944.42, "end": 944.76, "word": " So", "probability": 0.99951171875 }, { "start": 944.76, "end": 945.1, "word": " today,", "probability": 1.0 } ] }, { "start": 945.34, "end": 950.22, "text": "is it the same? Well, not exactly. And you need to hear both sides of this. First, the", "speaker_id": "Speaker 1", "words": [ { "start": 945.34, "end": 945.84, "word": " is", "probability": 1.0 }, { "start": 945.84, "end": 945.94, "word": " it", "probability": 1.0 }, { "start": 945.94, "end": 946.08, "word": " the", "probability": 1.0 }, { "start": 946.08, "end": 946.38, "word": " same?", "probability": 1.0 }, { "start": 946.56, "end": 946.74, "word": " Well,", "probability": 0.99951171875 }, { "start": 946.8, "end": 946.92, "word": " not", "probability": 1.0 }, { "start": 946.92, "end": 947.42, "word": " exactly.", "probability": 1.0 }, { "start": 947.62, "end": 948.02, "word": " And", "probability": 0.99951171875 }, { "start": 948.02, "end": 948.14, "word": " you", "probability": 1.0 }, { "start": 948.14, "end": 948.3, "word": " need", "probability": 1.0 }, { "start": 948.3, "end": 948.44, "word": " to", "probability": 1.0 }, { "start": 948.44, "end": 948.62, "word": " hear", "probability": 0.99951171875 }, { "start": 948.62, "end": 948.94, "word": " both", "probability": 1.0 }, { "start": 948.94, "end": 949.28, "word": " sides", "probability": 1.0 }, { "start": 949.28, "end": 949.44, "word": " of", "probability": 1.0 }, { "start": 949.44, "end": 949.62, "word": " this.", "probability": 0.9990234375 }, { "start": 949.72, "end": 950.0, "word": " First,", "probability": 0.99658203125 }, { "start": 950.12, "end": 950.22, "word": " the", "probability": 1.0 } ] }, { "start": 950.22, "end": 954.58, "text": "press. Analysts use something called price to earnings ratio, which I think is actually", "speaker_id": "Speaker 1", "words": [ { "start": 950.22, "end": 950.52, "word": " press.", "probability": 0.77734375 }, { "start": 951.4, "end": 951.8, "word": " Analysts", "probability": 0.9990234375 }, { "start": 951.8, "end": 951.94, "word": " use", "probability": 0.99951171875 }, { "start": 951.94, "end": 952.22, "word": " something", "probability": 1.0 }, { "start": 952.22, "end": 952.5, "word": " called", "probability": 1.0 }, { "start": 952.5, "end": 952.88, "word": " price", "probability": 0.99462890625 }, { "start": 952.88, "end": 953.02, "word": " to", "probability": 0.607421875 }, { "start": 953.02, "end": 953.38, "word": " earnings", "probability": 0.99951171875 }, { "start": 953.38, "end": 953.8, "word": " ratio,", "probability": 1.0 }, { "start": 953.94, "end": 954.0, "word": " which", "probability": 0.99951171875 }, { "start": 954.0, "end": 954.1, "word": " I", "probability": 0.99951171875 }, { "start": 954.1, "end": 954.22, "word": " think", "probability": 1.0 }, { "start": 954.22, "end": 954.34, "word": " is", "probability": 1.0 }, { "start": 954.34, "end": 954.58, "word": " actually", "probability": 0.99951171875 } ] }, { "start": 954.58, "end": 958.54, "text": "fairly useless. But essentially, you take the share price and you divide it by the profits", "speaker_id": "Speaker 1", "words": [ { "start": 954.58, "end": 954.88, "word": " fairly", "probability": 1.0 }, { "start": 954.88, "end": 955.32, "word": " useless.", "probability": 1.0 }, { "start": 955.56, "end": 955.9, "word": " But", "probability": 0.99951171875 }, { "start": 955.9, "end": 956.28, "word": " essentially,", "probability": 1.0 }, { "start": 956.4, "end": 956.48, "word": " you", "probability": 1.0 }, { "start": 956.48, "end": 956.64, "word": " take", "probability": 1.0 }, { "start": 956.64, "end": 956.78, "word": " the", "probability": 1.0 }, { "start": 956.78, "end": 956.98, "word": " share", "probability": 0.99951171875 }, { "start": 956.98, "end": 957.36, "word": " price", "probability": 1.0 }, { "start": 957.36, "end": 957.52, "word": " and", "probability": 0.99072265625 }, { "start": 957.52, "end": 957.6, "word": " you", "probability": 0.97705078125 }, { "start": 957.6, "end": 957.86, "word": " divide", "probability": 0.99658203125 }, { "start": 957.86, "end": 957.98, "word": " it", "probability": 1.0 }, { "start": 957.98, "end": 958.1, "word": " by", "probability": 1.0 }, { "start": 958.1, "end": 958.22, "word": " the", "probability": 1.0 }, { "start": 958.22, "end": 958.54, "word": " profits", "probability": 1.0 } ] }, { "start": 958.54, "end": 965.3, "text": "per share. So it tells you how many years of today's profits are you paying for. Now in", "speaker_id": "Speaker 1", "words": [ { "start": 958.54, "end": 958.72, "word": " per", "probability": 0.9990234375 }, { "start": 958.72, "end": 959.04, "word": " share.", "probability": 1.0 }, { "start": 959.32, "end": 959.7, "word": " So", "probability": 1.0 }, { "start": 959.7, "end": 959.82, "word": " it", "probability": 1.0 }, { "start": 959.82, "end": 960.06, "word": " tells", "probability": 1.0 }, { "start": 960.06, "end": 960.3, "word": " you", "probability": 1.0 }, { "start": 960.3, "end": 960.62, "word": " how", "probability": 0.99072265625 }, { "start": 960.62, "end": 960.82, "word": " many", "probability": 1.0 }, { "start": 960.82, "end": 961.2, "word": " years", "probability": 1.0 }, { "start": 961.2, "end": 961.84, "word": " of", "probability": 0.9970703125 }, { "start": 961.84, "end": 962.2, "word": " today's", "probability": 1.0 }, { "start": 962.2, "end": 962.6, "word": " profits", "probability": 1.0 }, { "start": 963.16, "end": 963.56, "word": " are", "probability": 0.998046875 }, { "start": 963.56, "end": 963.68, "word": " you", "probability": 1.0 }, { "start": 963.68, "end": 963.94, "word": " paying", "probability": 1.0 }, { "start": 963.94, "end": 964.14, "word": " for.", "probability": 1.0 }, { "start": 964.92, "end": 965.18, "word": " Now", "probability": 0.51611328125 }, { "start": 965.18, "end": 965.3, "word": " in", "probability": 0.68896484375 } ] }, { "start": 965.3, "end": 970.84, "text": "2000, Cisco was trading at 200 times earnings. 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That's from", "speaker_id": "Speaker 1", "words": [ { "start": 970.84, "end": 971.3, "word": " companies,", "probability": 0.99951171875 }, { "start": 971.46, "end": 971.64, "word": " traded", "probability": 0.97802734375 }, { "start": 971.64, "end": 971.86, "word": " about", "probability": 0.99951171875 }, { "start": 971.86, "end": 972.46, "word": " 21", "probability": 1.0 }, { "start": 972.46, "end": 973.02, "word": " times", "probability": 0.99951171875 }, { "start": 973.02, "end": 973.28, "word": " the", "probability": 0.99658203125 }, { "start": 973.28, "end": 973.68, "word": " profit", "probability": 0.99951171875 }, { "start": 973.68, "end": 974.06, "word": " analysts", "probability": 0.56689453125 }, { "start": 974.06, "end": 974.6, "word": " expect", "probability": 0.927734375 }, { "start": 974.6, "end": 975.18, "word": " next", "probability": 0.9775390625 }, { "start": 975.18, "end": 975.52, "word": " year.", "probability": 1.0 }, { "start": 975.76, "end": 976.08, "word": " That's", "probability": 0.978515625 }, { "start": 976.08, "end": 976.18, "word": " from", "probability": 0.9736328125 } ] }, { "start": 976.18, "end": 982.56, "text": "Bloomberg. And it's back near the lowest level since the AI boom took off in 2023. So is it", "speaker_id": "Speaker 1", "words": [ { "start": 976.18, "end": 976.48, "word": " Bloomberg.", "probability": 0.99951171875 }, { "start": 976.86, "end": 977.36, "word": " And", "probability": 0.9990234375 }, { "start": 977.36, "end": 977.56, "word": " it's", "probability": 1.0 }, { "start": 977.56, "end": 977.9, "word": " back", "probability": 1.0 }, { "start": 977.9, "end": 978.12, "word": " near", "probability": 1.0 }, { "start": 978.12, "end": 978.26, "word": " the", "probability": 1.0 }, { "start": 978.26, "end": 978.62, "word": " lowest", "probability": 0.99951171875 }, { "start": 978.62, "end": 978.92, "word": " level", "probability": 0.99853515625 }, { "start": 978.92, "end": 979.18, "word": " since", "probability": 0.99951171875 }, { "start": 979.18, "end": 979.38, "word": " the", "probability": 1.0 }, { "start": 979.38, "end": 979.64, "word": " AI", "probability": 0.998046875 }, { "start": 979.64, "end": 979.98, "word": " boom", "probability": 0.9990234375 }, { "start": 979.98, "end": 980.16, "word": " took", "probability": 1.0 }, { "start": 980.16, "end": 980.34, "word": " off", "probability": 1.0 }, { "start": 980.34, "end": 980.46, "word": " in", "probability": 1.0 }, { "start": 980.46, "end": 981.02, "word": " 2023.", "probability": 0.9990234375 }, { "start": 981.76, "end": 982.28, "word": " So", "probability": 0.99951171875 }, { "start": 982.28, "end": 982.46, "word": " is", "probability": 0.9853515625 }, { "start": 982.46, "end": 982.56, "word": " it", "probability": 0.99951171875 } ] }, { "start": 982.56, "end": 988.7, "text": "expensive? Well, yes, but it's a long way from the crazy numbers of 2000. And second, the", "speaker_id": "Speaker 1", "words": [ { "start": 982.56, "end": 983.18, "word": " expensive?", "probability": 0.99951171875 }, { "start": 983.64, "end": 983.94, "word": " Well,", "probability": 0.998046875 }, { "start": 984.22, "end": 984.44, "word": " yes,", "probability": 1.0 }, { "start": 984.68, "end": 985.08, "word": " but", "probability": 1.0 }, { "start": 985.08, "end": 985.26, "word": " it's", "probability": 1.0 }, { "start": 985.26, "end": 985.38, "word": " a", "probability": 1.0 }, { "start": 985.38, "end": 985.54, "word": " long", "probability": 1.0 }, { "start": 985.54, "end": 985.8, "word": " way", "probability": 1.0 }, { "start": 985.8, "end": 985.98, "word": " from", "probability": 1.0 }, { "start": 985.98, "end": 986.1, "word": " the", "probability": 1.0 }, { "start": 986.1, "end": 986.4, "word": " crazy", "probability": 0.99853515625 }, { "start": 986.4, "end": 986.66, "word": " numbers", "probability": 0.99951171875 }, { "start": 986.66, "end": 986.84, "word": " of", "probability": 1.0 }, { "start": 986.84, "end": 987.3, "word": " 2000.", "probability": 0.98779296875 }, { "start": 987.52, "end": 987.62, "word": " And", "probability": 0.99462890625 }, { "start": 987.62, "end": 987.96, "word": " second,", "probability": 0.99951171875 }, { "start": 988.26, "end": 988.7, "word": " the", "probability": 0.99951171875 } ] }, { "start": 988.7, "end": 993.24, "text": "demand is real. The price to rent the most advanced NVIDIA chips by the hour is still", "speaker_id": "Speaker 1", "words": [ { "start": 988.7, "end": 988.98, "word": " demand", "probability": 1.0 }, { "start": 988.98, "end": 989.2, "word": " is", "probability": 1.0 }, { "start": 989.2, "end": 989.38, "word": " real.", "probability": 1.0 }, { "start": 989.58, "end": 990.1, "word": " The", "probability": 0.99951171875 }, { "start": 990.1, "end": 990.42, "word": " price", "probability": 1.0 }, { "start": 990.42, "end": 990.64, "word": " to", "probability": 1.0 }, { "start": 990.64, "end": 990.86, "word": " rent", "probability": 1.0 }, { "start": 990.86, "end": 991.0, "word": " the", "probability": 0.99951171875 }, { "start": 991.0, "end": 991.2, "word": " most", "probability": 1.0 }, { "start": 991.2, "end": 991.64, "word": " advanced", "probability": 0.99951171875 }, { "start": 991.64, "end": 992.06, "word": " NVIDIA", "probability": 0.8924153645833334 }, { "start": 992.06, "end": 992.3, "word": " chips", "probability": 0.99853515625 }, { "start": 992.3, "end": 992.5, "word": " by", "probability": 0.99951171875 }, { "start": 992.5, "end": 992.64, "word": " the", "probability": 0.9990234375 }, { "start": 992.64, "end": 992.9, "word": " hour", "probability": 0.9990234375 }, { "start": 992.9, "end": 993.06, "word": " is", "probability": 1.0 }, { "start": 993.06, "end": 993.24, "word": " still", "probability": 0.99951171875 } ] }, { "start": 993.24, "end": 998.26, "text": "strong. Even older chips still rank out at good prices. So computing power is still scarce.", "speaker_id": "Speaker 1", "words": [ { "start": 993.24, "end": 993.6, "word": " strong.", "probability": 0.99951171875 }, { "start": 993.6, "end": 993.94, "word": " Even", "probability": 0.9453125 }, { "start": 993.94, "end": 994.3, "word": " older", "probability": 0.99951171875 }, { "start": 994.3, "end": 994.6, "word": " chips", "probability": 0.99951171875 }, { "start": 994.6, "end": 994.84, "word": " still", "probability": 0.998046875 }, { "start": 994.84, "end": 995.04, "word": " rank", "probability": 0.74609375 }, { "start": 995.04, "end": 995.16, "word": " out", "probability": 0.6396484375 }, { "start": 995.16, "end": 995.24, "word": " at", "probability": 0.97802734375 }, { "start": 995.24, "end": 995.38, "word": " good", "probability": 0.994140625 }, { "start": 995.38, "end": 995.84, "word": " prices.", "probability": 0.99951171875 }, { "start": 996.04, "end": 996.46, "word": " So", "probability": 0.99755859375 }, { "start": 996.46, "end": 996.86, "word": " computing", "probability": 0.9794921875 }, { "start": 996.86, "end": 997.28, "word": " power", "probability": 1.0 }, { "start": 997.28, "end": 997.46, "word": " is", "probability": 1.0 }, { "start": 997.46, "end": 997.68, "word": " still", "probability": 1.0 }, { "start": 997.68, "end": 998.26, "word": " scarce.", "probability": 1.0 } ] }, { "start": 998.44, "end": 1003.04, "text": "And when something is scarce, the people who already own it tend to do well. And then", "speaker_id": "Speaker 1", "words": [ { "start": 998.44, "end": 998.86, "word": " And", "probability": 0.99853515625 }, { "start": 998.86, "end": 998.98, "word": " when", "probability": 1.0 }, { "start": 998.98, "end": 999.28, "word": " something", "probability": 1.0 }, { "start": 999.28, "end": 999.46, "word": " is", "probability": 1.0 }, { "start": 999.46, "end": 999.84, "word": " scarce,", "probability": 1.0 }, { "start": 1000.04, "end": 1000.14, "word": " the", "probability": 1.0 }, { "start": 1000.14, "end": 1000.34, "word": " people", "probability": 1.0 }, { "start": 1000.34, "end": 1000.5, "word": " who", "probability": 1.0 }, { "start": 1000.5, "end": 1000.72, "word": " already", "probability": 1.0 }, { "start": 1000.72, "end": 1001.04, "word": " own", "probability": 1.0 }, { "start": 1001.04, "end": 1001.24, "word": " it", "probability": 1.0 }, { "start": 1001.24, "end": 1001.66, "word": " tend", "probability": 0.9990234375 }, { "start": 1001.66, "end": 1001.82, "word": " to", "probability": 1.0 }, { "start": 1001.82, "end": 1001.98, "word": " do", "probability": 1.0 }, { "start": 1001.98, "end": 1002.2, "word": " well.", "probability": 1.0 }, { "start": 1002.84, "end": 1002.92, "word": " And", "probability": 0.990234375 }, { "start": 1002.92, "end": 1003.04, "word": " then", "probability": 0.9970703125 } ] }, { "start": 1003.04, "end": 1008.82, "text": "third, look at who's paying for most of the building. 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Search adverts, office software, online shopping. 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So what have we learned? Well, the chips are", "speaker_id": "Speaker 1", "words": [ { "start": 1135.8, "end": 1136.32, "word": " sits", "probability": 0.99951171875 }, { "start": 1136.32, "end": 1136.64, "word": " in", "probability": 1.0 }, { "start": 1136.64, "end": 1136.98, "word": " almost", "probability": 0.99951171875 }, { "start": 1136.98, "end": 1137.34, "word": " every", "probability": 1.0 }, { "start": 1137.34, "end": 1137.7, "word": " index", "probability": 0.99951171875 }, { "start": 1137.7, "end": 1137.98, "word": " fund", "probability": 0.99462890625 }, { "start": 1137.98, "end": 1138.16, "word": " and", "probability": 0.63623046875 }, { "start": 1138.16, "end": 1138.48, "word": " pension.", "probability": 0.99951171875 }, { "start": 1138.86, "end": 1139.12, "word": " So", "probability": 0.98291015625 }, { "start": 1139.12, "end": 1139.24, "word": " what", "probability": 0.96142578125 }, { "start": 1139.24, "end": 1139.3, "word": " have", "probability": 0.7822265625 }, { "start": 1139.3, "end": 1139.38, "word": " we", "probability": 0.9931640625 }, { "start": 1139.38, "end": 1139.56, "word": " learned?", "probability": 0.99609375 }, { "start": 1139.66, "end": 1139.74, "word": " Well,", "probability": 0.9892578125 }, { "start": 1139.8, "end": 1139.88, "word": " the", "probability": 1.0 }, { "start": 1139.88, "end": 1140.1, "word": " chips", "probability": 0.99951171875 }, { "start": 1140.1, "end": 1140.28, "word": " are", "probability": 1.0 } ] }, { "start": 1140.28, "end": 1144.56, "text": "scarce. The power to run them is scarce. 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Some will be bought, some will fail. 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It's great if", "speaker_id": "Speaker 1", "words": [ { "start": 1162.34, "end": 1162.46, "word": " in", "probability": 0.931640625 }, { "start": 1162.46, "end": 1162.58, "word": " a", "probability": 1.0 }, { "start": 1162.58, "end": 1163.14, "word": " downturn", "probability": 1.0 }, { "start": 1163.14, "end": 1163.48, "word": " usually", "probability": 0.99951171875 }, { "start": 1163.48, "end": 1163.82, "word": " means", "probability": 1.0 }, { "start": 1163.82, "end": 1164.2, "word": " bought", "probability": 0.99951171875 }, { "start": 1164.2, "end": 1164.9, "word": " cheaply,", "probability": 0.999755859375 }, { "start": 1165.06, "end": 1165.6, "word": " which", "probability": 1.0 }, { "start": 1165.6, "end": 1165.72, "word": " is", "probability": 1.0 }, { "start": 1165.72, "end": 1165.96, "word": " great", "probability": 1.0 }, { "start": 1165.96, "end": 1166.12, "word": " for", "probability": 1.0 }, { "start": 1166.12, "end": 1166.26, "word": " the", "probability": 1.0 }, { "start": 1166.26, "end": 1166.56, "word": " buyer.", "probability": 0.99951171875 }, { "start": 1166.56, "end": 1166.78, "word": " It's", "probability": 0.836669921875 }, { "start": 1166.78, "end": 1166.92, "word": " great", "probability": 0.9990234375 }, { "start": 1166.92, "end": 1167.06, "word": " if", "probability": 1.0 } ] }, { "start": 1167.06, "end": 1171.92, "text": "you're Amazon, but it's rarely good for the shareholder who paid the full price. They also", "speaker_id": "Speaker 1", "words": [ { "start": 1167.06, "end": 1167.18, "word": " you're", "probability": 0.998779296875 }, { "start": 1167.18, "end": 1167.54, "word": " Amazon,", "probability": 0.99951171875 }, { "start": 1167.8, "end": 1168.3, "word": " but", "probability": 1.0 }, { "start": 1168.3, "end": 1168.5, "word": " it's", "probability": 1.0 }, { "start": 1168.5, "end": 1168.82, "word": " rarely", "probability": 0.98291015625 }, { "start": 1168.82, "end": 1169.04, "word": " good", "probability": 1.0 }, { "start": 1169.04, "end": 1169.22, "word": " for", "probability": 1.0 }, { "start": 1169.22, "end": 1169.36, "word": " the", "probability": 1.0 }, { "start": 1169.36, "end": 1169.82, "word": " shareholder", "probability": 1.0 }, { "start": 1169.82, "end": 1170.02, "word": " who", "probability": 1.0 }, { "start": 1170.02, "end": 1170.22, "word": " paid", "probability": 0.99951171875 }, { "start": 1170.22, "end": 1170.38, "word": " the", "probability": 1.0 }, { "start": 1170.38, "end": 1170.64, "word": " full", "probability": 0.99609375 }, { "start": 1170.64, "end": 1171.04, "word": " price.", "probability": 1.0 }, { "start": 1171.24, "end": 1171.6, "word": " They", "probability": 1.0 }, { "start": 1171.6, "end": 1171.92, "word": " also", "probability": 1.0 } ] }, { "start": 1171.92, "end": 1176.52, "text": "reckon that three and a half trillion of AI infrastructure is at risk of being written down", "speaker_id": "Speaker 1", "words": [ { "start": 1171.92, "end": 1172.26, "word": " reckon", "probability": 0.99951171875 }, { "start": 1172.26, "end": 1172.44, "word": " that", "probability": 1.0 }, { "start": 1172.44, "end": 1172.68, "word": " three", "probability": 0.61328125 }, { "start": 1172.68, "end": 1172.82, "word": " and", "probability": 0.9970703125 }, { "start": 1172.82, "end": 1172.86, "word": " a", "probability": 1.0 }, { "start": 1172.86, "end": 1173.02, "word": " half", "probability": 1.0 }, { "start": 1173.02, "end": 1173.34, "word": " trillion", "probability": 1.0 }, { "start": 1173.34, "end": 1173.52, "word": " of", "probability": 0.99951171875 }, { "start": 1173.52, "end": 1173.78, "word": " AI", "probability": 0.94580078125 }, { "start": 1173.78, "end": 1174.24, "word": " infrastructure", "probability": 0.99755859375 }, { "start": 1174.24, "end": 1174.7, "word": " is", "probability": 1.0 }, { "start": 1174.7, "end": 1174.86, "word": " at", "probability": 1.0 }, { "start": 1174.86, "end": 1175.14, "word": " risk", "probability": 1.0 }, { "start": 1175.14, "end": 1175.34, "word": " of", "probability": 1.0 }, { "start": 1175.34, "end": 1175.64, "word": " being", "probability": 1.0 }, { "start": 1175.64, "end": 1176.0, "word": " written", "probability": 1.0 }, { "start": 1176.0, "end": 1176.52, "word": " down", "probability": 1.0 } ] }, { "start": 1176.52, "end": 1183.36, "text": "in value, written off. And there is one more signal that I don't like. Since September, the", "speaker_id": "Speaker 1", "words": [ { "start": 1176.52, "end": 1176.82, "word": " in", "probability": 1.0 }, { "start": 1176.82, "end": 1177.36, "word": " value,", "probability": 0.99951171875 }, { "start": 1177.6, "end": 1177.82, "word": " written", "probability": 1.0 }, { "start": 1177.82, "end": 1178.28, "word": " off.", "probability": 1.0 }, { "start": 1178.92, "end": 1179.48, "word": " And", "probability": 0.99951171875 }, { "start": 1179.48, "end": 1179.58, "word": " there", "probability": 0.99951171875 }, { "start": 1179.58, "end": 1179.72, "word": " is", "probability": 0.99658203125 }, { "start": 1179.72, "end": 1179.88, "word": " one", "probability": 1.0 }, { "start": 1179.88, "end": 1180.06, "word": " more", "probability": 1.0 }, { "start": 1180.06, "end": 1180.44, "word": " signal", "probability": 1.0 }, { "start": 1180.44, "end": 1180.86, "word": " that", "probability": 1.0 }, { "start": 1180.86, "end": 1181.02, "word": " I", "probability": 1.0 }, { "start": 1181.02, "end": 1181.28, "word": " don't", "probability": 1.0 }, { "start": 1181.28, "end": 1181.52, "word": " like.", "probability": 1.0 }, { "start": 1181.72, "end": 1182.24, "word": " Since", "probability": 0.99951171875 }, { "start": 1182.24, "end": 1182.76, "word": " September,", "probability": 1.0 }, { "start": 1183.2, "end": 1183.36, "word": " the", "probability": 1.0 } ] }, { "start": 1183.36, "end": 1189.08, "text": "Nasdaq and the interest rate on America's debt have moved together.", "speaker_id": "Speaker 1", "words": [ { "start": 1183.36, "end": 1184.08, "word": " Nasdaq", "probability": 0.8916015625 }, { "start": 1184.08, "end": 1184.64, "word": " and", "probability": 0.99951171875 }, { "start": 1184.64, "end": 1184.84, "word": " the", "probability": 1.0 }, { "start": 1184.84, "end": 1185.28, "word": " interest", "probability": 0.99951171875 }, { "start": 1185.28, "end": 1185.62, "word": " rate", "probability": 1.0 }, { "start": 1185.62, "end": 1185.82, "word": " on", "probability": 1.0 }, { "start": 1185.82, "end": 1186.62, "word": " America's", "probability": 0.9990234375 }, { "start": 1186.62, "end": 1187.64, "word": " debt", "probability": 0.99951171875 }, { "start": 1187.64, "end": 1188.36, "word": " have", "probability": 0.99951171875 }, { "start": 1188.36, "end": 1188.66, "word": " moved", "probability": 1.0 }, { "start": 1188.66, "end": 1189.08, "word": " together.", "probability": 1.0 } ] }, { "start": 1189.86, "end": 1195.14, "text": "Falling rates would normally help tech shares. 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So it usually means the market is worried about growth, not about", "speaker_id": "Speaker 1", "words": [ { "start": 1200.32, "end": 1200.52, "word": " the", "probability": 1.0 }, { "start": 1200.52, "end": 1200.78, "word": " interest", "probability": 1.0 }, { "start": 1200.78, "end": 1201.02, "word": " rate", "probability": 0.99951171875 }, { "start": 1201.02, "end": 1201.22, "word": " down.", "probability": 0.99853515625 }, { "start": 1201.42, "end": 1201.86, "word": " So", "probability": 0.99951171875 }, { "start": 1201.86, "end": 1201.96, "word": " it", "probability": 0.92626953125 }, { "start": 1201.96, "end": 1202.26, "word": " usually", "probability": 1.0 }, { "start": 1202.26, "end": 1202.52, "word": " means", "probability": 1.0 }, { "start": 1202.52, "end": 1202.68, "word": " the", "probability": 1.0 }, { "start": 1202.68, "end": 1202.96, "word": " market", "probability": 1.0 }, { "start": 1202.96, "end": 1203.14, "word": " is", "probability": 1.0 }, { "start": 1203.14, "end": 1203.4, "word": " worried", "probability": 1.0 }, { "start": 1203.4, "end": 1203.64, "word": " about", "probability": 1.0 }, { "start": 1203.64, "end": 1204.16, "word": " growth,", "probability": 1.0 }, { "start": 1204.46, "end": 1204.78, "word": " not", "probability": 1.0 }, { "start": 1204.78, "end": 1205.04, "word": " about", "probability": 1.0 } ] }, { "start": 1205.04, "end": 1209.56, "text": "interest rates. So there are two ways this goes. Either the Nasdaq holds its line, the", "speaker_id": "Speaker 1", "words": [ { "start": 1205.04, "end": 1205.36, "word": " interest", "probability": 1.0 }, { "start": 1205.36, "end": 1205.74, "word": " rates.", "probability": 1.0 }, { "start": 1206.0, "end": 1206.32, "word": " So", "probability": 0.99951171875 }, { "start": 1206.32, "end": 1206.42, "word": " there", "probability": 1.0 }, { "start": 1206.42, "end": 1206.52, "word": " are", "probability": 0.998046875 }, { "start": 1206.52, "end": 1206.66, "word": " two", "probability": 1.0 }, { "start": 1206.66, "end": 1206.92, "word": " ways", "probability": 1.0 }, { "start": 1206.92, "end": 1207.12, "word": " this", "probability": 1.0 }, { "start": 1207.12, "end": 1207.38, "word": " goes.", "probability": 1.0 }, { "start": 1207.6, "end": 1207.82, "word": " Either", "probability": 0.99951171875 }, { "start": 1207.82, "end": 1208.04, "word": " the", "probability": 1.0 }, { "start": 1208.04, "end": 1208.42, "word": " Nasdaq", "probability": 0.8564453125 }, { "start": 1208.42, "end": 1208.76, "word": " holds", "probability": 1.0 }, { "start": 1208.76, "end": 1208.92, "word": " its", "probability": 1.0 }, { "start": 1208.92, "end": 1209.22, "word": " line,", "probability": 1.0 }, { "start": 1209.44, "end": 1209.56, "word": " the", "probability": 0.99951171875 } ] }, { "start": 1209.56, "end": 1215.26, "text": "profits come in, and this turns out to be just a scam. Or the most indebted part of AI gets", "speaker_id": "Speaker 1", "words": [ { "start": 1209.56, "end": 1209.9, "word": " profits", "probability": 0.99951171875 }, { "start": 1209.9, "end": 1210.16, "word": " come", "probability": 1.0 }, { "start": 1210.16, "end": 1210.36, "word": " in,", "probability": 1.0 }, { "start": 1210.44, "end": 1210.5, "word": " and", "probability": 0.9990234375 }, { "start": 1210.5, "end": 1210.64, "word": " this", "probability": 1.0 }, { "start": 1210.64, "end": 1210.86, "word": " turns", "probability": 1.0 }, { "start": 1210.86, "end": 1211.08, "word": " out", "probability": 1.0 }, { "start": 1211.08, "end": 1211.2, "word": " to", "probability": 1.0 }, { "start": 1211.2, "end": 1211.34, "word": " be", "probability": 1.0 }, { "start": 1211.34, "end": 1211.54, "word": " just", "probability": 1.0 }, { "start": 1211.54, "end": 1211.68, "word": " a", "probability": 0.71533203125 }, { "start": 1211.68, "end": 1211.96, "word": " scam.", "probability": 0.763671875 }, { "start": 1212.36, "end": 1212.88, "word": " Or", "probability": 0.86083984375 }, { "start": 1212.88, "end": 1213.04, "word": " the", "probability": 1.0 }, { "start": 1213.04, "end": 1213.32, "word": " most", "probability": 1.0 }, { "start": 1213.32, "end": 1213.92, "word": " indebted", "probability": 0.9996744791666666 }, { "start": 1213.92, "end": 1214.28, "word": " part", "probability": 1.0 }, { "start": 1214.28, "end": 1214.48, "word": " of", "probability": 1.0 }, { "start": 1214.48, "end": 1214.84, "word": " AI", "probability": 0.99365234375 }, { "start": 1214.84, "end": 1215.26, "word": " gets", "probability": 1.0 } ] }, { "start": 1215.26, "end": 1221.84, "text": "repriced the way the dot -com plumbing got repriced. And my view is that it's", "speaker_id": "Speaker 1", "words": [ { "start": 1215.26, "end": 1216.2, "word": " repriced", "probability": 0.9951171875 }, { "start": 1216.2, "end": 1216.88, "word": " the", "probability": 0.998046875 }, { "start": 1216.88, "end": 1217.04, "word": " way", "probability": 1.0 }, { "start": 1217.04, "end": 1217.2, "word": " the", "probability": 0.99951171875 }, { "start": 1217.2, "end": 1217.38, "word": " dot", "probability": 0.9638671875 }, { "start": 1217.38, "end": 1217.68, "word": "-com", "probability": 0.976318359375 }, { "start": 1217.68, "end": 1218.14, "word": " plumbing", "probability": 0.9990234375 }, { "start": 1218.14, "end": 1218.4, "word": " got", "probability": 0.99951171875 }, { "start": 1218.4, "end": 1219.08, "word": " repriced.", "probability": 0.9993489583333334 }, { "start": 1219.08, "end": 1220.0, "word": " And", "probability": 0.9736328125 }, { "start": 1220.0, "end": 1220.22, "word": " my", "probability": 0.9990234375 }, { "start": 1220.22, "end": 1220.5, "word": " view", "probability": 1.0 }, { "start": 1220.5, "end": 1220.78, "word": " is", "probability": 1.0 }, { "start": 1220.78, "end": 1221.56, "word": " that", "probability": 0.998046875 }, { "start": 1221.56, "end": 1221.84, "word": " it's", "probability": 0.99951171875 } ] }, { "start": 1221.84, "end": 1228.38, "text": "a reset of the borrowed layer, not the end of AI. But my view doesn't pay your bills.", "speaker_id": "Speaker 1", "words": [ { "start": 1221.84, "end": 1222.42, "word": " a", "probability": 1.0 }, { "start": 1222.42, "end": 1222.88, "word": " reset", "probability": 1.0 }, { "start": 1222.88, "end": 1223.52, "word": " of", "probability": 0.99365234375 }, { "start": 1223.52, "end": 1223.66, "word": " the", "probability": 1.0 }, { "start": 1223.66, "end": 1224.0, "word": " borrowed", "probability": 0.99951171875 }, { "start": 1224.0, "end": 1224.32, "word": " layer,", "probability": 0.99853515625 }, { "start": 1224.62, "end": 1225.08, "word": " not", "probability": 1.0 }, { "start": 1225.08, "end": 1225.26, "word": " the", "probability": 1.0 }, { "start": 1225.26, "end": 1225.46, "word": " end", "probability": 1.0 }, { "start": 1225.46, "end": 1225.6, "word": " of", "probability": 0.99755859375 }, { "start": 1225.6, "end": 1225.88, "word": " AI.", "probability": 0.9892578125 }, { "start": 1226.32, "end": 1226.84, "word": " But", "probability": 0.99560546875 }, { "start": 1226.84, "end": 1227.3, "word": " my", "probability": 0.99755859375 }, { "start": 1227.3, "end": 1227.5, "word": " view", "probability": 1.0 }, { "start": 1227.5, "end": 1227.8, "word": " doesn't", "probability": 0.9990234375 }, { "start": 1227.8, "end": 1227.96, "word": " pay", "probability": 0.99951171875 }, { "start": 1227.96, "end": 1228.12, "word": " your", "probability": 0.99951171875 }, { "start": 1228.12, "end": 1228.38, "word": " bills.", "probability": 0.9990234375 } ] }, { "start": 1228.58, "end": 1235.42, "text": "So you need a plan for both outcomes. So what am I watching? Well, first, the Nasdaq line.", "speaker_id": "Speaker 1", "words": [ { "start": 1228.58, "end": 1229.1, "word": " So", "probability": 0.99951171875 }, { "start": 1229.1, "end": 1229.54, "word": " you", "probability": 0.9111328125 }, { "start": 1229.54, "end": 1229.7, "word": " need", "probability": 1.0 }, { "start": 1229.7, "end": 1229.82, "word": " a", "probability": 0.99951171875 }, { "start": 1229.82, "end": 1230.24, "word": " plan", "probability": 1.0 }, { "start": 1230.24, "end": 1230.66, "word": " for", "probability": 1.0 }, { "start": 1230.66, "end": 1231.18, "word": " both", "probability": 1.0 }, { "start": 1231.18, "end": 1231.82, "word": " outcomes.", "probability": 1.0 }, { "start": 1232.08, "end": 1232.54, "word": " So", "probability": 0.99951171875 }, { "start": 1232.54, "end": 1232.86, "word": " what", "probability": 0.9990234375 }, { "start": 1232.86, "end": 1232.96, "word": " am", "probability": 0.99853515625 }, { "start": 1232.96, "end": 1233.02, "word": " I", "probability": 0.99951171875 }, { "start": 1233.02, "end": 1233.32, "word": " watching?", "probability": 1.0 }, { "start": 1233.46, "end": 1233.58, "word": " Well,", "probability": 0.99267578125 }, { "start": 1233.7, "end": 1234.12, "word": " first,", "probability": 1.0 }, { "start": 1234.3, "end": 1234.66, "word": " the", "probability": 1.0 }, { "start": 1234.66, "end": 1235.14, "word": " Nasdaq", "probability": 0.8357747395833334 }, { "start": 1235.14, "end": 1235.42, "word": " line.", "probability": 0.94970703125 } ] }, { "start": 1235.58, "end": 1242.3, "text": "The Nasdaq 100 has a rising trend line that has held since the lows in April. It's 100 -day", "speaker_id": "Speaker 1", "words": [ { "start": 1235.58, "end": 1235.68, "word": " The", "probability": 0.99951171875 }, { "start": 1235.68, "end": 1236.02, "word": " Nasdaq", "probability": 0.9996744791666666 }, { "start": 1236.02, "end": 1236.4, "word": " 100", "probability": 0.99609375 }, { "start": 1236.4, "end": 1236.7, "word": " has", "probability": 1.0 }, { "start": 1236.7, "end": 1236.84, "word": " a", "probability": 1.0 }, { "start": 1236.84, "end": 1237.28, "word": " rising", "probability": 1.0 }, { "start": 1237.28, "end": 1237.64, "word": " trend", "probability": 1.0 }, { "start": 1237.64, "end": 1238.02, "word": " line", "probability": 0.99658203125 }, { "start": 1238.02, "end": 1238.24, "word": " that", "probability": 0.99951171875 }, { "start": 1238.24, "end": 1238.36, "word": " has", "probability": 0.984375 }, { "start": 1238.36, "end": 1238.68, "word": " held", "probability": 0.99951171875 }, { "start": 1238.68, "end": 1239.4, "word": " since", "probability": 1.0 }, { "start": 1239.4, "end": 1239.68, "word": " the", "probability": 1.0 }, { "start": 1239.68, "end": 1240.46, "word": " lows", "probability": 1.0 }, { "start": 1240.46, "end": 1240.68, "word": " in", "probability": 1.0 }, { "start": 1240.68, "end": 1240.94, "word": " April.", "probability": 1.0 }, { "start": 1241.3, "end": 1241.84, "word": " It's", "probability": 0.973388671875 }, { "start": 1241.84, "end": 1242.1, "word": " 100", "probability": 0.9794921875 }, { "start": 1242.1, "end": 1242.3, "word": "-day", "probability": 0.8759765625 } ] }, { "start": 1242.3, "end": 1246.04, "text": "moving average. The average closing price of the last 100 days has climbed up to meet it.", "speaker_id": "Speaker 1", "words": [ { "start": 1242.3, "end": 1242.54, "word": " moving", "probability": 0.9990234375 }, { "start": 1242.54, "end": 1242.94, "word": " average.", "probability": 1.0 }, { "start": 1243.12, "end": 1243.2, "word": " The", "probability": 0.99951171875 }, { "start": 1243.2, "end": 1243.44, "word": " average", "probability": 0.99951171875 }, { "start": 1243.44, "end": 1243.76, "word": " closing", "probability": 1.0 }, { "start": 1243.76, "end": 1244.06, "word": " price", "probability": 1.0 }, { "start": 1244.06, "end": 1244.16, "word": " of", "probability": 0.818359375 }, { "start": 1244.16, "end": 1244.22, "word": " the", "probability": 0.9990234375 }, { "start": 1244.22, "end": 1244.4, "word": " last", "probability": 0.99853515625 }, { "start": 1244.4, "end": 1244.6, "word": " 100", "probability": 0.9970703125 }, { "start": 1244.6, "end": 1244.88, "word": " days", "probability": 1.0 }, { "start": 1244.88, "end": 1245.04, "word": " has", "probability": 0.998046875 }, { "start": 1245.04, "end": 1245.36, "word": " climbed", "probability": 0.99951171875 }, { "start": 1245.36, "end": 1245.58, "word": " up", "probability": 0.99658203125 }, { "start": 1245.58, "end": 1245.74, "word": " to", "probability": 0.99609375 }, { "start": 1245.74, "end": 1245.92, "word": " meet", "probability": 0.79345703125 }, { "start": 1245.92, "end": 1246.04, "word": " it.", "probability": 0.99560546875 } ] }, { "start": 1246.6, "end": 1251.18, "text": "In the last sell -off, the index dropped to that level and then bounced hard. Traders call", "speaker_id": "Speaker 1", "words": [ { "start": 1246.6, "end": 1246.86, "word": " In", "probability": 0.9423828125 }, { "start": 1246.86, "end": 1246.94, "word": " the", "probability": 0.99951171875 }, { "start": 1246.94, "end": 1247.24, "word": " last", "probability": 1.0 }, { "start": 1247.24, "end": 1247.54, "word": " sell", "probability": 0.974609375 }, { "start": 1247.54, "end": 1247.74, "word": "-off,", "probability": 0.986572265625 }, { "start": 1247.88, "end": 1248.08, "word": " the", "probability": 0.99951171875 }, { "start": 1248.08, "end": 1248.42, "word": " index", "probability": 0.99951171875 }, { "start": 1248.42, "end": 1248.74, "word": " dropped", "probability": 0.99853515625 }, { "start": 1248.74, "end": 1248.88, "word": " to", "probability": 0.99951171875 }, { "start": 1248.88, "end": 1249.04, "word": " that", "probability": 1.0 }, { "start": 1249.04, "end": 1249.32, "word": " level", "probability": 1.0 }, { "start": 1249.32, "end": 1249.46, "word": " and", "probability": 0.9970703125 }, { "start": 1249.46, "end": 1249.58, "word": " then", "probability": 0.88916015625 }, { "start": 1249.58, "end": 1249.86, "word": " bounced", "probability": 0.99951171875 }, { "start": 1249.86, "end": 1250.16, "word": " hard.", "probability": 0.9951171875 }, { "start": 1250.6, "end": 1250.94, "word": " Traders", "probability": 0.98095703125 }, { "start": 1250.94, "end": 1251.18, "word": " call", "probability": 0.970703125 } ] }, { "start": 1251.18, "end": 1257.26, "text": "it a sort of a hammer pattern. Now, if that level holds, the scale may be over for now. If", "speaker_id": "Speaker 1", "words": [ { "start": 1251.18, "end": 1251.36, "word": " it", "probability": 1.0 }, { "start": 1251.36, "end": 1251.86, "word": " a", "probability": 0.68408203125 }, { "start": 1251.86, "end": 1251.94, "word": " sort", "probability": 0.978515625 }, { "start": 1251.94, "end": 1252.0, "word": " of", "probability": 1.0 }, { "start": 1252.0, "end": 1252.18, "word": " a", "probability": 0.97216796875 }, { "start": 1252.18, "end": 1252.78, "word": " hammer", "probability": 0.99951171875 }, { "start": 1252.78, "end": 1253.1, "word": " pattern.", "probability": 0.81201171875 }, { "start": 1253.64, "end": 1253.76, "word": " Now,", "probability": 0.98486328125 }, { "start": 1253.78, "end": 1253.9, "word": " if", "probability": 0.99658203125 }, { "start": 1253.9, "end": 1254.06, "word": " that", "probability": 1.0 }, { "start": 1254.06, "end": 1254.36, "word": " level", "probability": 1.0 }, { "start": 1254.36, "end": 1254.92, "word": " holds,", "probability": 0.99951171875 }, { "start": 1255.22, "end": 1255.54, "word": " the", "probability": 0.9931640625 }, { "start": 1255.54, "end": 1255.74, "word": " scale", "probability": 0.90283203125 }, { "start": 1255.74, "end": 1255.9, "word": " may", "probability": 1.0 }, { "start": 1255.9, "end": 1255.98, "word": " be", "probability": 1.0 }, { "start": 1255.98, "end": 1256.2, "word": " over", "probability": 1.0 }, { "start": 1256.2, "end": 1256.36, "word": " for", "probability": 0.99951171875 }, { "start": 1256.36, "end": 1256.56, "word": " now.", "probability": 1.0 }, { "start": 1256.74, "end": 1257.26, "word": " If", "probability": 1.0 } ] }, { "start": 1257.26, "end": 1263.5, "text": "it breaks and stays broken, I'd expect the selling to speed up. 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We actually did this work before. Add them all up. 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look at my name.", "avg_logprob": -0.1802662088547224, "no_speech_prob": 0.0, "words": [ { "start": 271.26, "end": 271.28, "word": " I", "probability": 0.998046875 }, { "start": 271.28, "end": 271.36, "word": " mean,", "probability": 1.0 }, { "start": 271.42, "end": 271.52, "word": " look", "probability": 1.0 }, { "start": 271.52, "end": 271.62, "word": " at", "probability": 1.0 }, { "start": 271.62, "end": 271.78, "word": " my", "probability": 1.0 }, { "start": 271.78, "end": 271.96, "word": " name.", "probability": 1.0 } ] }, { "start": 272.04, "end": 272.68, "text": "Try spelling that.", "avg_logprob": -0.1802662088547224, "no_speech_prob": 0.0, "words": [ { "start": 272.04, "end": 272.14, "word": " Try", "probability": 0.99951171875 }, { "start": 272.14, "end": 272.44, "word": " spelling", "probability": 1.0 }, { "start": 272.44, "end": 272.68, "word": " that.", "probability": 1.0 } ] }, { "start": 272.82, "end": 273.2, "text": "Good luck.", "avg_logprob": -0.1802662088547224, 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Just three letters. 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And the perils are a little uncomfortable. 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This is a lesson. The internet was going to change everything,", "avg_logprob": -0.1367827907937472, "no_speech_prob": 0.0, "words": [ { "start": 518.54, "end": 518.96, "word": " This", "probability": 1.0 }, { "start": 518.96, "end": 519.06, "word": " is", "probability": 1.0 }, { "start": 519.06, "end": 519.18, "word": " not", "probability": 0.99951171875 }, { "start": 519.18, "end": 519.44, "word": " doom", "probability": 0.9970703125 }, { "start": 519.44, "end": 519.6, "word": " and", "probability": 1.0 }, { "start": 519.6, "end": 519.88, "word": " gloom.", "probability": 1.0 }, { "start": 519.96, "end": 520.06, "word": " This", "probability": 0.99951171875 }, { "start": 520.06, "end": 520.16, "word": " is", "probability": 1.0 }, { "start": 520.16, "end": 520.3, "word": " a", "probability": 1.0 }, { "start": 520.3, "end": 520.64, "word": " lesson.", "probability": 1.0 }, { "start": 520.96, "end": 521.4, "word": " The", "probability": 1.0 }, { "start": 521.4, "end": 521.82, "word": " internet", "probability": 0.82666015625 }, { "start": 521.82, "end": 522.1, "word": " was", "probability": 1.0 }, { "start": 522.1, "end": 522.22, "word": " going", "probability": 0.98388671875 }, { "start": 522.22, "end": 522.32, "word": " to", "probability": 1.0 }, { "start": 522.32, "end": 522.78, "word": " change", "probability": 1.0 }, { "start": 522.78, "end": 523.54, "word": " everything,", "probability": 0.99951171875 } ] }, { "start": 523.54, "end": 530.22, "text": "and it did. 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"So if you understood that in 2002,", "avg_logprob": -0.19087010271408977, "no_speech_prob": 0.0, "words": [ { "start": 938.18, "end": 938.46, "word": " So", "probability": 0.99658203125 }, { "start": 938.46, "end": 938.56, "word": " if", "probability": 0.93896484375 }, { "start": 938.56, "end": 938.66, "word": " you", "probability": 1.0 }, { "start": 938.66, "end": 939.08, "word": " understood", "probability": 1.0 }, { "start": 939.08, "end": 939.28, "word": " that", "probability": 1.0 }, { "start": 939.28, "end": 939.44, "word": " in", "probability": 0.99951171875 }, { "start": 939.44, "end": 939.96, "word": " 2002,", "probability": 0.99951171875 } ] }, { "start": 939.96, "end": 941.54, "text": "it was the opportunity of a lifetime.", "avg_logprob": -0.19087010271408977, "no_speech_prob": 0.0, "words": [ { "start": 939.96, "end": 940.38, "word": " it", "probability": 0.99951171875 }, { "start": 940.38, "end": 940.48, "word": " was", "probability": 1.0 }, { "start": 940.48, "end": 940.6, "word": " the", "probability": 1.0 }, { "start": 940.6, "end": 940.96, "word": " opportunity", "probability": 1.0 }, { "start": 940.96, "end": 941.16, "word": " of", "probability": 0.99853515625 }, { "start": 941.16, "end": 941.24, "word": " a", "probability": 0.9912109375 }, { "start": 941.24, "end": 941.54, "word": " lifetime.", "probability": 1.0 } ] }, { "start": 941.78, "end": 944.04, "text": "If you didn't, it was the end of your retirement plan.", "avg_logprob": -0.19087010271408977, "no_speech_prob": 0.0, "words": [ { "start": 941.78, "end": 942.1, "word": " If", "probability": 1.0 }, { "start": 942.1, "end": 942.22, "word": " you", "probability": 1.0 }, { "start": 942.22, "end": 942.6, "word": " didn't,", "probability": 1.0 }, { "start": 942.7, "end": 942.74, "word": " it", "probability": 1.0 }, { "start": 942.74, "end": 942.86, "word": " was", "probability": 1.0 }, { "start": 942.86, "end": 942.98, "word": " the", "probability": 1.0 }, { "start": 942.98, "end": 943.16, 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"Well, not exactly.", "avg_logprob": -0.19087010271408977, "no_speech_prob": 0.0, "words": [ { "start": 946.56, "end": 946.74, "word": " Well,", "probability": 0.99951171875 }, { "start": 946.8, "end": 946.92, "word": " not", "probability": 1.0 }, { "start": 946.92, "end": 947.42, "word": " exactly.", "probability": 1.0 } ] }, { "start": 947.62, "end": 949.62, "text": "And you need to hear both sides of this.", "avg_logprob": -0.19087010271408977, "no_speech_prob": 0.0, "words": [ { "start": 947.62, "end": 948.02, "word": " And", "probability": 0.99951171875 }, { "start": 948.02, "end": 948.14, "word": " you", "probability": 1.0 }, { "start": 948.14, "end": 948.3, "word": " need", "probability": 1.0 }, { "start": 948.3, "end": 948.44, "word": " to", "probability": 1.0 }, { "start": 948.44, "end": 948.62, "word": " hear", "probability": 0.99951171875 }, { "start": 948.62, "end": 948.94, "word": " both", "probability": 1.0 }, { "start": 948.94, "end": 949.28, "word": " sides", "probability": 1.0 }, { "start": 949.28, "end": 949.44, "word": " of", "probability": 1.0 }, { "start": 949.44, "end": 949.62, "word": " this.", "probability": 0.9990234375 } ] }, { "start": 949.72, "end": 950.52, "text": "First, the press.", "avg_logprob": -0.19087010271408977, "no_speech_prob": 0.0, "words": [ { "start": 949.72, "end": 950.0, "word": " First,", "probability": 0.99658203125 }, { "start": 950.12, "end": 950.22, "word": " the", "probability": 1.0 }, { "start": 950.22, "end": 950.52, "word": " press.", "probability": 0.77734375 } ] }, { "start": 951.4, "end": 953.8, "text": "Analysts use something called price to earnings ratio,", "avg_logprob": -0.19087010271408977, "no_speech_prob": 0.0, "words": [ { "start": 951.4, "end": 951.8, "word": " Analysts", "probability": 0.9990234375 }, { "start": 951.8, "end": 951.94, "word": " use", "probability": 0.99951171875 }, { "start": 951.94, "end": 952.22, "word": " something", "probability": 1.0 }, { "start": 952.22, "end": 952.5, 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"start": 1181.72, "end": 1189.08, "text": "Since September, the Nasdaq and the interest rate on America's debt have moved together.", "avg_logprob": -0.1373279745425653, "no_speech_prob": 0.0, "words": [ { "start": 1181.72, "end": 1182.24, "word": " Since", "probability": 0.99951171875 }, { "start": 1182.24, "end": 1182.76, "word": " September,", "probability": 1.0 }, { "start": 1183.2, "end": 1183.36, "word": " the", "probability": 1.0 }, { "start": 1183.36, "end": 1184.08, "word": " Nasdaq", "probability": 0.8916015625 }, { "start": 1184.08, "end": 1184.64, "word": " and", "probability": 0.99951171875 }, { "start": 1184.64, "end": 1184.84, "word": " the", "probability": 1.0 }, { "start": 1184.84, "end": 1185.28, "word": " interest", "probability": 0.99951171875 }, { "start": 1185.28, "end": 1185.62, "word": " rate", "probability": 1.0 }, { "start": 1185.62, "end": 1185.82, "word": " on", "probability": 1.0 }, { "start": 1185.82, "end": 1186.62, "word": " America's", "probability": 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there are two ways this goes.", "avg_logprob": -0.17885043951017515, "no_speech_prob": 0.0, "words": [ { "start": 1206.0, "end": 1206.32, "word": " So", "probability": 0.99951171875 }, { "start": 1206.32, "end": 1206.42, "word": " there", "probability": 1.0 }, { "start": 1206.42, "end": 1206.52, "word": " are", "probability": 0.998046875 }, { "start": 1206.52, "end": 1206.66, "word": " two", "probability": 1.0 }, { "start": 1206.66, "end": 1206.92, "word": " ways", "probability": 1.0 }, { "start": 1206.92, "end": 1207.12, "word": " this", "probability": 1.0 }, { "start": 1207.12, "end": 1207.38, "word": " goes.", "probability": 1.0 } ] }, { "start": 1207.6, "end": 1211.96, "text": "Either the Nasdaq holds its line, the profits come in, and this turns out to be just a scam.", "avg_logprob": -0.17885043951017515, "no_speech_prob": 0.0, "words": [ { "start": 1207.6, "end": 1207.82, "word": " Either", "probability": 0.99951171875 }, { "start": 1207.82, "end": 1208.04, "word": " the", 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"And my view is that it's a reset of the borrowed layer, not the end of AI.", "avg_logprob": -0.16671195574428724, "no_speech_prob": 0.0, "words": [ { "start": 1219.08, "end": 1220.0, "word": " And", "probability": 0.9736328125 }, { "start": 1220.0, "end": 1220.22, "word": " my", "probability": 0.9990234375 }, { "start": 1220.22, "end": 1220.5, "word": " view", "probability": 1.0 }, { "start": 1220.5, "end": 1220.78, "word": " is", "probability": 1.0 }, { "start": 1220.78, "end": 1221.56, "word": " that", "probability": 0.998046875 }, { "start": 1221.56, "end": 1221.84, "word": " it's", "probability": 0.99951171875 }, { "start": 1221.84, "end": 1222.42, "word": " a", "probability": 1.0 }, { "start": 1222.42, "end": 1222.88, "word": " reset", "probability": 1.0 }, { "start": 1222.88, "end": 1223.52, "word": " of", "probability": 0.99365234375 }, { "start": 1223.52, "end": 1223.66, "word": " the", "probability": 1.0 }, { "start": 1223.66, "end": 1224.0, "word": " borrowed", 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names not inferred" }