TBPN
TBPN

AI Boom Reality Check, Jobs Boom, Cybertruck Scrapped | Praveer Melwani, Keller Cliffton, Rahul Sonwalkar, Max Siegelman, D.A. Wallach

November 6, 2026

AI Summary

5 min read

AI Boom Reality Check, Jobs Boom, Cybertruck Scrapped

Wall Street took a $2.5 trillion haircut yesterday in the worst single-day tech rout since June, with the Nasdaq falling 5% as the market digested the implications of the midterm elections that swept a bloc of AI skeptics into power. But by this morning, the Nasdaq had bounced back 1.38%, and Apple was up 67% in five days after earnings, hitting a $131 billion valuation. "Feels like everyone knew the results of the midterms, knew what was going on in Texas on Wednesday, and yet they waited till Thursday to sell," the hosts observed.

The Selloff and What It Means

The market's reaction came two days after the midterm elections, and the hosts struggled to pin down the exact trigger. On Wednesday, stocks actually rallied. The selloff was concentrated in semiconductor stocks, neo-cloud developers, and politically exposed plays like SpaceX, while hyperscalers with existing data center infrastructure held up better. Apple, insulated from the political chaos, surged.

The Texas governor-elect tried to calm AI investors, telling CNN: "We have always been pro-business in the state of Texas, but what changes now with me as governor is it has to be a partnership that benefits Texans." She wants rules and laws around data centers moving into rural communities. Tay Kim's response: "Bye, Scott."

Continue reading the full summary in the app — free to try.

Read Full Summary →

Free • No credit card required

Listen to Audio Summary Open in App

What you'll learn

  • 1 (00:00) **Show Opening & Market Chaos** - The hosts open the episode, referencing a brutal week, selling the "Ultra Dome," and a massive market sell-off.
  • 2 (02:58) **Midterm Election Market Hangover** - The panel discusses the delayed market reaction to the midterm election results, which swept AI skeptics into power.
  • 3 (10:38) **Claude's Humble Valuation & Dot-Com vs. AI** - The hosts examine a chart comparing the current AI trade to the dot-com bubble and discuss Claude's own modest valuation of Anthropic.
  • 4 (15:52) **Jobs Report Blows Past Forecasts** - The October jobs report came in massively higher than expected, signaling a strong labor market.
  • 5 (19:10) **The Rarity of 20% GDP Growth** - The hosts discuss the historical rarity of sustained high GDP growth, using it as a benchmark for the potential of an AI-driven economic boom.
  • 6 (22:16) **Hedge Funds Get Wrecked** - A roundup of hedge funds that suffered catastrophic losses in the brutal October for AI stocks.
  • 7 (24:11) **Wildlife Bridge Success & Cybertruck Scrapped** - Two major stories: a coyote uses the new LA wildlife bridge, and Tesla officially ends production of the Cybertruck.

+ Full timestamped outline available in the app

Show Notes

  • (01:33) - AI Boom Reality Check
  • (16:00) - Jobs Boom
  • (21:56) - Hedge Fund Selloff
  • (24:12) - 𝕏 Timeline Reactions
  • (26:50) - Cybertruck Scrapped
  • (38:02) - WSJ Mansion Section
  • (46:31) - Praveer Melwani is the CFO of Figma, the collaborative design and software development platform. He oversees the company’s financial strategy, operations, and long-term planning, helping scale Figma through its rapid growth and transition into a publicly traded company. He is also an advocate for using AI to transform corporate finance and automate business workflows.
  • (56:36) - Keller Cliffton is the co-founder and CEO of Zipline, the autonomous drone delivery company transforming how medical supplies, food, and consumer goods are transported. Zipline began by delivering blood and vaccines to remote hospitals in Rwanda and has since expanded across four continents, partnering with companies like Walmart and Uber Eats. The company recently raised $1.5 billion at a $21.5 billion valuation. Before founding Zipline, Cliffton studied at Harvard and was a professional rock climber.
  • (01:11:45) - Rahul Sonwalkar is the founder and CEO of Julius AI, an AI-powered data analysis platform that allows users to analyze spreadsheets, generate visualizations, and perform complex statistical modeling using natural language. A Y Combinator alumnus and former engineer at Uber and Facebook, he has grown Julius to more than 2 million users and raised $10 million in funding led by Bessemer Venture Partners.
  • (01:20:00) - Max Siegelman is the founder of Siegelman Stable, a luxury sportswear and streetwear brand known for its vintage-inspired hats, apparel, and celebrity following. Launched in 2020 as a tribute to his family's horse racing business, the brand has gained popularity among figures like Kendall Jenner, Justin Bieber, and Aaron Judge, with collaborations spanning major sports teams and fashion. A portion of the brand's proceeds supports equine therapy programs.
  • (01:40:05) - D.A. Wallach is the co-founder and general partner of Time BioVentures, a venture capital firm investing in biotechnology, healthcare, and breakthrough medical technologies. He was an early investor in companies including Spotify, SpaceX, and Neuralink, and previously fronted the indie rock band Chester French, which was discovered by Pharrell Williams. He has since become a prominent investor focused on transforming medicine through innovative biotech startups.


TBPN is made possible by:

Ramp - https://ramp.com

Public - https://public.com

Cisco - https://www.cisco.com

Console - https://www.console.com

CrowdStrike - https://www.crowdstrike.com

Figma - https://www.figma.com

MongoDB - https://www.mongodb.com

NYSE - https://www.nyse.com

Railway - https://railway.com

Shopify - https://www.shopify.com

Codex - http://openAI.co

TBPN

More from this podcast

TBPN →