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Fox said it will acquire Roku in a deal valued at $22 billion. The plan is to combine Fox's live content, sports and Tubi with Roku's streaming platform. The companies combined will reach more than 100 million households. This deal is really about advertising data and scale.

Here's the deck.

My only two asks are to make streaming sports easier. Right now it's a disaster that requires me to know what league has deals with a streaming service. The other ask is to don't make the already buggy Roku platform worse.

Fox Roku deal

Microsoft CEO Satya Nadella said companies are going to have to combine human capital and token capital (also known as AI agents) to truly get returns. Without an ecosystem and "learning loop" you have "compute running in circles."

The riff, posted on X, is worth a read, but in many ways is obvious. What's also obvious is that Microsoft wants to be that orchestration layer. Nadella said:

"Human capital does not become less valuable as token capital grows. It only becomes more valuable! I believe human agency will be the driver of token capital growth. Humans will set ambitious goals, connect dots across domains, build relationships, and recognize patterns that matter most. Without human direction, you have compute running in circles.

This means the real opportunity is not in picking the best model but instead in building a learning loop on top of models where human capital and token capital compound. You can offload a task, or even a job, but you can never offload your learning. The future of the firm is the ability to compound that learning across people and AI.

This requires a new architectural approach where every business is able to build agentic systems that improve over time, while still retaining control over their IP."

Anthropic's launch of Claude Fable 5 has included a bit of backlash as the company would downgrade to Opus 4.8 depending on the query such as cybersecurity and sensitive topics. In a post, Anthropic said it will visibly show the switch to Opus 4.8. That won't be enough to satisfy everyone, but at least it's more transparent.

The company said:

By default, automatic model switching is active in Claude, Claude Cowork, Claude Code, Claude Design, and Claude for Microsoft 365. In this case, Claude re-runs your blocked Claude Fable 5 request on Claude Opus 4.8 in the same conversation. You’ll see a notice explaining that the model switched, and the response will be labeled with the model that answered. Opus is a highly capable model with strong safeguards of its own, and for most otherwise legitimate requests blocked on Fable 5—including most biology questions—Opus should give you a helpful answer.

After the switch, the model picker stays on Opus for the rest of the conversation. You can switch back to Claude Fable 5 anytime from the model picker.

See: Anthropic’s Claude Fable 5, Mythos 5: What you need to know