Big Tech Earnings, Red vs. Blue Button, Quantum Computing | Jason Yanowitz, Even Rogers, Maria Spiropulu, Stepan Simkin, Kashish Gupta, Dan Magy, Vlad Tenev, Parag Agrawal & Andrew Reed, Gabriel Stengel

April 29, 2026

AI Summary

5 min read

Big Tech Earnings, Red vs. Blue Buttons, and a Wave of Fundraising

Wednesday was a monster day for markets and tech news. The Federal Reserve held rates steady at 3.5–3.75%, as expected, but the real action came after hours when Google, Amazon, Meta, and Microsoft all reported earnings within minutes of each other — four companies representing nearly 20% of the S&P 500. The dominant question across every report: can these companies turn their massive AI capital expenditures into durable revenue before depreciation catches up?

The Earnings Quad Kill

Google reported $109.9 billion in revenue against estimates of $107.2 billion. The stock popped. The key tension for Google is whether AI search overviews and Gemini expand search usage and ad ROI, or compress the financial model by changing unit economics too quickly. Google has the most fully integrated AI stack — consumer distribution via Search, YouTube, Android, custom TPU chips, DeepMind for model training, and Google Workspace — so the flywheel should spin fast. But investors are watching whether AI monetization offsets any potential decline in traditional search ad revenue.

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What you'll learn

1 (00:00) **Opening & Fed Decision** - The hosts kick off the show with a preview of a huge news day, including the Fed holding rates steady at 3.5-3.75%.
2 (01:19) **Big Tech Earnings Preview** - A deep dive into the key questions for each of the four hyperscalers reporting today, centered on AI CapEx ROI.
3 (15:25) **Market Jitters & OpenAI Fallout** - The hosts discuss a Wall Street Journal article about AI worries returning, triggered by a slump in Oracle, CoreWeave, and SoftBank shares tied to OpenAI.
4 (19:22) **The Red Button vs. Blue Button Thought Experiment** - The hosts introduce a viral brain teaser from Tim Urban and Mr. Beast, asking the chat to vote on a moral/game theory dilemma.
5 (36:56) **Guest: Jason Yanowitz (Blockworks)** - The co-founder of Blockworks joins to discuss their $192M valuation fundraise and the evolution of their business from media to a data company.
6 (49:28) **Guest: Even Rogers (True Anomaly)** - The CEO of True Anomaly discusses their $650M round and the company's work on space-based interceptors and mission software.
7 (62:02) **Guest: Maria Spiropulu (Bore Quantum)** - A particle physicist joins to discuss her work in quantum networking and the race between quantum swords and shields.

+ Full timestamped outline available in the app

Guests on this episode

Jason Yanowitz Vlad Tenev

Show Notes

(00:22) - Big Tech Earnings
(15:28) - AI Jitters Return to Wall Street
(19:23) - Red vs. Blue Button
(36:51) - Jason Yanowitz, co-founder of Blockworks, a crypto-focused media and data company, discusses the company's recent $192 million valuation, highlighting investments from firms like Parafine Reciprocal and Coinbase Ventures, as well as participation from 20 customers, including founders and operators from Solana, Kraken, and Canton. He outlines Blockworks' evolution from a media and events business to becoming the largest data company in crypto, emphasizing their strategy of building a strong audience base before developing data products. Yanowitz also addresses the current state of the crypto market, noting a dichotomy where institutional crypto adoption is thriving while token markets are underperforming, and anticipates that upcoming regulatory clarity will mandate disclosures for all token projects, potentially benefiting Blockworks' disclosure platform.
(49:31) - Even Rogers, CEO and Co-Founder of True Anomaly, discusses his transition from a 10-year tenure in the U.S. Air Force to establishing the company, aiming to address the weaponization of space by nations like China and Russia. He highlights the development of their space-to-space engagement platform, Jackal, designed for space superiority, and Mosaic, the software that operates it, emphasizing their rapid deployment and testing methodologies. Rogers also touches on the challenges of tracking objects in space, the importance of reducing coverage gaps, and the company's growth trajectory, including a recent $650 million fundraising round and plans to scale up manufacturing and personnel.
(01:02:09) - Maria Spiropulu, an experimental particle physicist with over 30 years of experience at CERN and Fermilab, discusses her work in particle collisions, including the discovery of the Higgs boson, and the development of quantum networks for secure communication. She highlights the potential of quantum computing to revolutionize fields like quantum chemistry and materials science, while emphasizing the importance of addressing cybersecurity challenges posed by these advancements. Additionally, Spiropulu underscores the need for interdisciplinary collaboration to ensure that technological progress benefits society as a whole.
(01:33:08) - Stepan Simkin, co-founder and CEO of Squads, discusses the development of stablecoin infrastructure to assist businesses in managing their financial operations. He highlights the challenges companies face in adopting stablecoins, such as the complexity of handling them post-transaction, and emphasizes the importance of integrating stablecoins with traditional banking systems to facilitate seamless financial operations. Simkin also notes the advancements in programmable blockchains and the growing maturity of the stablecoin market, which have enhanced confidence among regulators an