With record levels of dry powder available for investment, find out what's in store for private markets in 2025 and beyond.

Listen to crafting capital in partnership with UBS at partners.wS.J.com slash UBS, Spotify and Apple Podcasts.

The argument here is that you might be able to do some of this AI research and AI models on lesser graphics cards because Deep Seek trained this model and lay lesser Nvidia card, which was supposed to not be possible.

Hello and welcome to the Barron Streetwise podcast. I'm Jack Howe. And the voice you just heard is Gavin Purcell. He's a former

showrunner for the Tonight Show starring Jimmy Fallon. And he's a frequent AI experimenter and the host now

of a popular podcast called AI for humans. In a moment, we'll hear from Gavin about AI and show business, but also about

something from China called Deep Seek. It caused a dipsy doodle in the U.S. stock market this

week. Gavin will tell us what it all means.

Listening in is our audio producer Jackson. Hi, Jackson. I think it was more than a dipsy doodle. It was like a trillion dollars. I mean, does dipsy doodle sound small?

I mean, it's... Sounds small. Well, first of all, I don't think it was that big, as I'll explain in a moment. And also,

dipsy-doodle is also a brand name of one of the sturdier corn chips. So I don't think that

there's anything about the name that's necessarily diminutive. But before we come to that,

people are no doubt outraged right now. They're saying last week on this podcast, you promised me an alcohol

part two. You gave your word, Jackson, is what they're saying. And look, folks, I know. But the thing is,

we had this market mayhem this week. And it's caused by something called Deep Seek. And I had a

conversation lined up with Gavin about

AI and show business, but Gavin also happens to have thoughts on Deep Seek, and so I figured I bring

this conversation to you now in case you're worried about what's going on with your stocks,

and we will get to the part two about alcohol next week.

Unless something else comes up. If it bleeds, it leads. Oh, gross. There's not going to be any bleeding next week. Unless something else comes up. If it bleeds, it leads. Oh, gross. There's not

going to be any bleeding next week, no matter what we do, unless it's the bleeding edge of financial

podcasting. That I can't rule out. That's right. Let me give you the briefest of backgrounds about

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