WEBVTT 00:00:00.000 --> 00:00:03.319 Welcome to the Deep Dive for Friday, June 27th, 00:00:03.379 --> 00:00:07.639 2025. We're aiming to cut through the noise today, 00:00:07.900 --> 00:00:10.439 sift through the sources on some pretty big shifts 00:00:10.439 --> 00:00:12.759 happening. That's right. We've got a major Supreme 00:00:12.759 --> 00:00:14.939 Court decision, Wall Street hitting new highs. 00:00:15.210 --> 00:00:18.109 The AI acceleration, definitely, and also a couple 00:00:18.109 --> 00:00:20.730 of historical points that, well, they really 00:00:20.730 --> 00:00:23.410 resonate together. Yeah. And our job here is 00:00:23.410 --> 00:00:25.829 to pull out the most important insights from 00:00:25.829 --> 00:00:28.109 all this material to help you understand not 00:00:28.109 --> 00:00:30.510 just what happened, but, you know, the why and 00:00:30.510 --> 00:00:32.770 what it really means. OK, so let's dive in. What's 00:00:32.770 --> 00:00:35.210 the big one? Let's start with Washington. that 00:00:35.210 --> 00:00:37.189 Supreme Court ruling. OK, this seems significant. 00:00:37.429 --> 00:00:40.909 It limits federal judges from issuing these universal 00:00:40.909 --> 00:00:43.649 injunctions, right? Those orders stopping a policy 00:00:43.649 --> 00:00:46.149 everywhere. Exactly. A huge deal. It's a 6 -3 00:00:46.149 --> 00:00:49.429 decision. Trump v. Sasso, Inc. Now, they didn't 00:00:49.429 --> 00:00:51.670 actually rule on the birthright citizenship order 00:00:51.670 --> 00:00:54.229 itself. Oh, OK. The focus was on the process. 00:00:54.329 --> 00:00:56.530 They found the lower courts basically overstepped. 00:00:56.679 --> 00:00:59.920 by blocking the policy for everybody, not just 00:00:59.920 --> 00:01:01.979 the specific people or groups who brought the 00:01:01.979 --> 00:01:06.659 case. It's procedural, yes, but the impact. It 00:01:06.659 --> 00:01:08.980 fundamentally reshapes executive power. Making 00:01:08.980 --> 00:01:11.680 it harder to stop policies nationwide. Much harder. 00:01:11.840 --> 00:01:14.659 Gives presidents a freer hand, at least initially. 00:01:14.799 --> 00:01:17.799 And the split on the court sounds pretty intense. 00:01:17.920 --> 00:01:20.280 Oh, absolutely. You can really see the deep division 00:01:20.280 --> 00:01:23.280 in the language they used. Justice Barrett, for 00:01:23.280 --> 00:01:25.459 the majority, even called the dissent's view 00:01:25.459 --> 00:01:28.879 extreme. talking about an imperial judiciary. 00:01:28.980 --> 00:01:31.859 Wow, strong words. And on the other side, Justice 00:01:31.859 --> 00:01:34.480 Sotomayor didn't hold back either. Accused the 00:01:34.480 --> 00:01:37.260 administration of gamesmanship, warned that no 00:01:37.260 --> 00:01:39.819 right is safe now, worried about kids being left 00:01:39.819 --> 00:01:42.780 stateless. And Justice Jackson added that courts 00:01:42.780 --> 00:01:45.420 need that broad power to make sure everyone, 00:01:45.560 --> 00:01:47.620 including the president, follows the law. It's 00:01:47.620 --> 00:01:49.340 a fundamental disagreement on the court's role. 00:01:49.620 --> 00:01:52.939 So the reaction? Immediate, I assume. Instantly, 00:01:53.200 --> 00:01:55.120 President Trump called it a monumental victory, 00:01:55.359 --> 00:01:58.040 naturally. vowed to move forward. And the opponents? 00:01:58.560 --> 00:02:01.519 The ACLU filed a new lawsuit almost immediately. 00:02:02.219 --> 00:02:04.659 A nationwide class action trying to cover those 00:02:04.659 --> 00:02:07.840 gaps the ruling created. Interesting. And meanwhile, 00:02:08.219 --> 00:02:10.240 the administration's legislative push, the big, 00:02:10.400 --> 00:02:12.960 beautiful bill that's facing issues. Yeah, different 00:02:12.960 --> 00:02:15.479 kind of obstacle. The Senate parliamentarian 00:02:15.479 --> 00:02:19.180 apparently rejected key parts. The Medicaid provisions 00:02:19.180 --> 00:02:22.210 meant to fund tax cuts. So that July 4th deadline 00:02:22.210 --> 00:02:24.330 looks tricky. It definitely complicates things. 00:02:24.430 --> 00:02:26.669 So you have this mix, right? A big win in the 00:02:26.669 --> 00:02:28.930 courts, but roadblocks in Congress. It really 00:02:28.930 --> 00:02:31.030 makes you think how executive power might shift 00:02:31.030 --> 00:02:33.330 overall. Okay, let's pivot from D .C. to Wall 00:02:33.330 --> 00:02:36.550 Street. Record highs. Records, indeed. The S 00:02:36.550 --> 00:02:40.750 &P 500 closed way up at 6 ,173. The Nasdaq also 00:02:40.750 --> 00:02:42.990 hit a new peak, basically wiped out that big 00:02:42.990 --> 00:02:45.270 20 % drop we saw in the spring. And what's driving 00:02:45.270 --> 00:02:47.550 that relief? It seems pretty clearly tied to 00:02:47.550 --> 00:02:49.689 geopolitics cooling off a bit. You've got that 00:02:49.689 --> 00:02:51.590 Israel -Iran ceasefire actual holding, which 00:02:51.590 --> 00:02:55.069 is huge, and also a new trade agreement between 00:02:55.069 --> 00:02:57.710 the U .S. and China. Markets hate uncertainty, 00:02:57.770 --> 00:03:00.150 so these de -escalations are like fuel. Tell 00:03:00.150 --> 00:03:02.289 me more about that U .S.-China deal. Is it broad? 00:03:02.569 --> 00:03:04.889 Not really comprehensive, no. It's quite targeted. 00:03:05.530 --> 00:03:08.210 China agrees to speed up exports of things like 00:03:08.210 --> 00:03:10.530 rare earth minerals, magnets. Stuff we need for 00:03:10.530 --> 00:03:14.030 chips, EVs, defense. Exactly. Critical inputs. 00:03:14.280 --> 00:03:17.199 And in exchange, the U .S. lifts some of its 00:03:17.199 --> 00:03:19.419 own curbs, like on tip design software. Makes 00:03:19.419 --> 00:03:22.240 sense. And this push for critical resources, 00:03:22.240 --> 00:03:25.280 it extends beyond China. It does. Look at Africa. 00:03:25.960 --> 00:03:29.379 The U .S. helped broker a peace deal, DRC, in 00:03:29.379 --> 00:03:32.080 Rwanda. Part of the motivation there seems to 00:03:32.080 --> 00:03:34.780 be getting better access to Congo's mineral wealth. 00:03:35.099 --> 00:03:37.219 Competing with China there, too. Seems like it. 00:03:37.340 --> 00:03:39.419 Securing those supply chains is clearly a major 00:03:39.419 --> 00:03:42.409 priority. OK, let's talk tech. The AI gold rush 00:03:42.409 --> 00:03:45.409 is speeding up. It really is. And a big catalyst 00:03:45.409 --> 00:03:47.870 was a court ruling. A federal judge said training 00:03:47.870 --> 00:03:50.430 AI models on copyrighted works can count as fair 00:03:50.430 --> 00:03:53.370 use. Wow, that's a huge win for AI companies 00:03:53.370 --> 00:03:55.590 like Anthropic. And massive. It basically gives 00:03:55.590 --> 00:03:58.509 them a green light, legally speaking, to use 00:03:58.509 --> 00:04:00.990 vast amounts of data for training without needing 00:04:00.990 --> 00:04:03.490 licenses for every single piece. Accelerates 00:04:03.490 --> 00:04:06.389 development, but definitely sparks debate about. 00:04:06.490 --> 00:04:08.930 creator rights. And this comes alongside big 00:04:08.930 --> 00:04:11.250 investments. You mentioned Dojo. Right. Tesla's 00:04:11.250 --> 00:04:14.449 project, a massive homegrown supercomputer for 00:04:14.449 --> 00:04:17.470 AI training. We're talking processing one hundred 00:04:17.470 --> 00:04:20.810 and sixty billion video frames a day. It's being 00:04:20.810 --> 00:04:23.250 viewed almost as a national asset now, possibly 00:04:23.250 --> 00:04:25.509 getting billions in federal funds. So we're seeing 00:04:25.509 --> 00:04:28.569 real impact already. Definitely. Salesforce, 00:04:28.569 --> 00:04:31.430 for instance, says AI is handling maybe up to 00:04:31.430 --> 00:04:33.250 half its workload now. But there's friction, 00:04:33.290 --> 00:04:35.569 too. Yeah. You get things like those Apple Wallet 00:04:35.569 --> 00:04:38.519 ads. movie promos popping out. Some users find 00:04:38.519 --> 00:04:40.240 that pretty intrusive. It's that classic tension 00:04:40.240 --> 00:04:43.660 between innovation and, well, daily life annoyance. 00:04:44.060 --> 00:04:46.339 Okay, finally, let's look back. Today in history, 00:04:46.480 --> 00:04:49.339 June 27th, two very different events. Really 00:04:49.339 --> 00:04:51.560 striking when you put them side by side. On this 00:04:51.560 --> 00:04:54.579 day, 1844, Joseph Smith, founder of the Latter 00:04:54.579 --> 00:04:56.480 -day Saint movement, was assassinated. He was 00:04:56.480 --> 00:04:58.079 running for president too, wasn't he? He was. 00:04:58.279 --> 00:05:00.620 The first U .S. presidential candidate to be 00:05:00.620 --> 00:05:03.060 assassinated. It happened after he ordered the 00:05:03.060 --> 00:05:05.509 destruction of a newspaper critical of him. led 00:05:05.509 --> 00:05:08.290 to charges, a mob, and it split his movement. 00:05:08.629 --> 00:05:11.490 A really tragic, divisive moment. And then same 00:05:11.490 --> 00:05:14.069 date, different century. Exactly. June 27th, 00:05:14.069 --> 00:05:17.490 1972. Nolan Bushnell and Ted Dabney founded Atari. 00:05:17.810 --> 00:05:22.430 Atari. Pong. Pong. That simple little game. But 00:05:22.430 --> 00:05:25.310 it basically launched the entire video game industry 00:05:25.310 --> 00:05:28.370 from that tiny startup to today's global behemoth. 00:05:28.529 --> 00:05:31.540 It's quite a contrast. One day, deep division 00:05:31.540 --> 00:05:35.120 and tragedy. The same day, years later, the start 00:05:35.120 --> 00:05:37.800 of something that in its own way connects millions. 00:05:38.079 --> 00:05:40.459 It really is. And as we've seen today, you know, 00:05:40.560 --> 00:05:43.360 these forces, legal, economic, technological, 00:05:43.759 --> 00:05:46.819 historical, they're always in motion, constantly 00:05:46.819 --> 00:05:49.240 shaping things. From the Supreme Court changing 00:05:49.240 --> 00:05:52.199 how presidential power works to a game of Pong 00:05:52.199 --> 00:05:55.470 sparking a multi -billion dollar industry. But 00:05:55.470 --> 00:05:57.389 seeing these connections, that's where the real 00:05:57.389 --> 00:05:59.230 insight lies, wouldn't you say? Absolutely. It 00:05:59.230 --> 00:06:00.949 helps you see the bitter picture. So the question 00:06:00.949 --> 00:06:02.889 for you is, what new connections might you draw 00:06:02.889 --> 00:06:04.670 from all this? You can definitely dig deeper 00:06:04.670 --> 00:06:07.069 on our website. We've got more analysis, especially 00:06:07.069 --> 00:06:09.649 on that court ruling and the dojo project. Thanks 00:06:09.649 --> 00:06:10.970 for joining us for this deep dive.