Episode Details

The United States just crossed the $40 trillion debt milestone, and new Treasury data shows foreign buyers pulling back. Jackson Mikalic, Michael Tanguma, and Liam Nelson put four stories on the clock (Brian Cubellis is out this week). They break down Anthropic's revenue run rate climbing to $65 billion in July, about seven times where it was a year ago, against OpenAI's recently reported $40 billion, and what it means for the AI capex debate. A new company called Toka can hijack live camera feeds, Google just paid $10 million for Spirit Airlines' internal customer data, and a viral backlash against Flock's license-plate cameras raises the question of who is actually watching your data. Foreign holdings of US Treasuries fell in June, led by Japan and China, and a global bond selloff has sent long-term borrowing costs to their highest levels in decades, right as the country crosses $40 trillion in debt. And with Senate control now a 50-50 toss-up, the group discusses what a Democratic sweep in 2026 would mean for AI regulation, deficit spending, and the K-shaped economy. Where's the signal, and where's the noise?

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🎙️ About The Show

Signal vs Noise: a twice weekly show unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each.

🧠 Chapters

00:56 - Topic 1 - Anthropic's Revenue Surge and the AI Capex Debate

08:53 - Topic 2 - Are You Being Watched? Toka, Google, and Flock Cameras

15:16 - Topic 3 - The Sovereign Debt Crisis and Bond Yields at Decades Highs

22:20 - Topic 4 - Socialism, the Senate, and the K-Shaped Economy

28:48 - Lightning Round and Parting Thoughts

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