Riley Griffin

Yeah.

Essentially, Meta is working on this Avocado model.

That is the code name internally.

And they have not officially decided whether it will be open or closed.

Yeah, I mean, things we heard from in and around the company.

For one, employees after July were told that they should not be talking publicly about open source as Meta reset its strategy.

Remember, Mark Zuckerberg brought in all of these expensive researchers and had to reset after a very disappointing release of Lama 4.

And so this is a resetting of the strategy under Alex's leadership with close involvement from Mark Zuckerberg, who sits quite close to Alex.

And the pressure is leading to tensions, too.

But that steer to employees internally to not be speaking publicly about open source should be a big tell.

Yes, one key detail we've reported is that this Cloud Matrix 384 system, which can link together hundreds of chips, was a key rationale underpinning the White House's logic to allow these advanced chips, which are better on a per-chip basis than what Chinese companies are capable of.

However, as was made clear in our reporting, the White House is looking at this more at a system level,

And their understanding was that Huawei's systems are actually advancing quite quickly.

So that was the rationale here.

And though this is a paradigm shift from previous administrations, during which Huawei's advancements were an impetus to actually crack down and further restrict those Chinese companies, now that same evidence is being used as a reason to loosen controls and kick off this new strategy of selling NVIDIA chips to China.

Now, one interesting thing from the report, Jensen Huang has said before that these Blackwell racks are just a bit too heavy to be feasible to smuggle, but this report from the information did say that the smuggling for DeepSeek took place in these sort of eight-chip segments that could potentially fit in a suitcase.

It really is, Ed.

So what we found is that this term, Netflix, was introduced a couple years ago by some detractors when the company was rated...

high yields.

They really built their business around borrowing heavily in the junk bond market.