Name: Big Tech turns to mining, Thinking Machines loses top executives, NYC Sauna Wars heat up | Diet TBPN
Uploaded: 2026-01-16T02:47:31+00:00
Duration: 1850 s

Speakers

John Coogan — Co-Host, TBPN

Jordi Hays — Co-Host, TBPN

Summary

The episode covers Big Tech's deepening vertical integration into mining and materials to support AI infrastructure, including Tesla's new Texas lithium refinery and AWS's copper deal with Rio Tinto. It also discusses AI talent wars around Thinking Machines and OpenAI, Meta's shift away from metaverse spending toward AI and smart glasses, and the New York sauna/bathhouse boom. Other segments include China's ban on CrowdStrike, farmland investing tied to data centers, and Greenland politics.

Tesla's Texas lithium refinery begins production, targeting battery-grade lithium hydroxide and reduced reliance on China.
AWS partners with Rio Tinto on copper supply and a new low-grade refining process.
Copper demand from AI data centers is strong, but new refining tech could eventually add supply.
Thinking Machines loses its CTO and more staff to OpenAI amid talent wars.
Meta cuts metaverse jobs while increasing AI capex and seeing strong Ray-Ban glasses demand.
New York's bathhouse and sauna market is becoming increasingly competitive.
Beijing tells Chinese firms to stop using CrowdStrike, a small market for the company.
Stan Kroenke's land purchase highlights farmland investing and data center demand for land.

Ideas

John Coogan Co-Host, TBPN 0:02

Tesla's lithium refinery strengthens vertical integration.

Tesla's new Texas lithium refinery is the first in North America to convert raw ore directly into battery-grade lithium hydroxide, skipping intermediate steps. It went from groundbreaking to first production in 19 months, uses a cleaner process with no hazardous waste, and can supply enough lithium for over 500,000 EVs per year, possibly up to 1 million. Two or three such refineries could cover Tesla's entire fleet, regionalize battery supply chains, reduce emissions, and challenge China's 60% grip on global lithium refining, making Tesla more vertically integrated and energy independent.

Jordi Hays Co-Host, TBPN 5:13

Rio Tinto gains new copper process option.

AWS's small purchase of 1,400 metric tons of copper over four years from Rio Tinto underwrites Rio Tinto's risky new refining process for low-grade copper deposits. If the process works, Rio Tinto can apply it to the 70% of global copper reserves that are currently uneconomic, potentially tripling copper supply and lowering prices. The deal is tiny but gives Rio Tinto a valuable option on unlocking massive copper resources and keeps it a key player in a new tech-driven commodity trend.

Jordi Hays Co-Host, TBPN 5:35

AI demand makes copper underresourced.

AI data center buildouts require enormous amounts of copper for wiring, circuit boards, transformers, and electrical components, and copper prices have nearly doubled in two years. With 70% of global copper supply locked in ore that is currently uneconomical to refine, copper is underresourced. Unless superconductivity or carbon nanotubes replace it, copper is the only game in town for AI infrastructure, making it a strong long-term demand-driven commodity.

John Coogan Co-Host, TBPN 21:17

Meta refocuses on AI and glasses.

Meta is laying off 1,500 metaverse employees while still keeping 14,000 in Reality Labs, but is ramping AI spending to $72 billion in capex and acquiring AI startups. Its Ray-Ban smart glasses have sold over 2 million pairs, and demand is outpacing supply in the US, delaying the Europe rollout. The Ben Thompson takeaway is that Zuckerberg is responding to shareholder pressure by sacrificing the metaverse money pit to refocus on AI and smart glasses, which could improve Meta's growth and capital allocation outlook.

John Coogan Co-Host, TBPN 28:35

Data centers boost farmland demand.

Stan Kroenke is buying nearly 1 million acres of New Mexico ranch land, becoming the largest private landowner in the US. Farmland investing is becoming more popular because data center developers may pay up to 10 times the original land cost to build data centers on former farmland, turning land into a scarce asset with new industrial demand. Land is back on the menu.

Big Tech turns to mining, Thinking Machines loses top executives, NYC Sauna Wars heat up | Diet TBPN

Summary

Ideas

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