The hosts begin by criticizing the US-Iran memorandum of understanding as a weak, non-binding document that lacks nuclear constraints and verification, making it unlikely to succeed. They then turn to the financials of OpenAI and Anthropic, noting massive losses but suggesting that IPOs could still succeed by framing these companies as value stocks with a large addressable market, similar to SpaceX. However, they express skepticism about the business models, especially given competition and reliance on temporary discounts. Finally, they analyze Snap's new augmented reality glasses, calling them a flop and attributing the failure to CEO Evan Spiegel's dual-class share structure, which insulates him from accountability. They predict the board will pressure him to abandon hardware projects, while also noting Midjourney's surprising entry into hardware with an ultrasound scanner.