AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
BIGcast
Where Do the Chips Fall After DeepSeek?
Feb 5, 2025
John and Glen dive into the unfolding DeepSeek saga and ponder if it's truly a 'Sputnik moment' for credit unions. They unpack the legal turmoil surrounding the Illinois interchange law and its implications for banks. The conversation shifts to DeepSeek's innovative AI model, which is making waves by outperforming competitors with lower costs. Skepticism around AI's credibility mirrors past controversies, while market shifts with Nvidia and OpenAI reveal underlying tech dynamics. Plus, a lighthearted chat about TikTok adds a fun twist!
42:07
AI Summary
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- The introduction of a bill to repeal Illinois' Interchange Fee Prohibition Act highlights evolving considerations among lawmakers regarding its implications for state-chartered banks.
- DeepSeek's open-source AI model disrupts the competitive landscape by promoting accessibility and innovation, contrasting with proprietary models of major tech players.
Deep dives
Illinois Interchange Fee Prohibition Update
A new bill has been introduced in Illinois to rescind the Interchange Fee Prohibition Act, which previously aimed to ban interchange fees on taxes and gratuities. This comes amidst a partial restraining order against the act, highlighting concerns from legislators who initially supported it but are now reconsidering its implications. Trade organizations, including the Illinois Bankers Association, filed lawsuits against the act for violating federal law, leading to the restraining order. This situation has created an ironic scenario where national banks may benefit more than state-chartered banks, prompting calls for a more rational discussion on the legislation.
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode