In this episode of Get the Check, the pod talks about everyone panicking over the market, Bumble going private for roughly a tenth of its peak valuation, and Modal hitting a $15.75B valuation. A really fun lineup, assuming you haven’t checked your portfolio… They start with the rumored “Black Monday” that thankfully didn’t pan out, but the underlying concerns go deeper than AI companies signing contracts with each other. The pod breaks down how higher energy prices feed into inflation and Treasury yields, making future borrowing more expensive for companies like CoreWeave. Its data center buildout depends on debt, so higher financing costs eat into margins, which makes the business riskier to lend to, which can push borrowing costs even higher (not the kind of flywheel you want). CoreWeave’s CEO points to $100B+ in contracted revenue, but delivering on those commitments requires more GPUs, more data centers, and more financing. Maya, Anika, and Priya get into what hedge funds buying insurance on CoreWeave’s debt are betting on, and whether another big model drop could turn the mood around. Next, the pod gets into Bumble’s $1.3B take-private deal by Ithaca Holdings and whether new ownership can make people excited about downloading Bumble again. The conversation covers Ithaca co-CEOs, former Meta executive John Hegeman and former Instacart COO and CFO Ravi Gupta, plus why Conviction backing this deal is an interesting departure from its usual AI bets. With paying users down 16%, the question is whether an AI concierge can fix the experience or whether the brand itself is the problem. The pod debates the advantage of an existing user base, whether ads could improve dating-app incentives, and a $10K success fee for finding love. Naturally, this comes with a few personal case studies because apparently SF has about seven single people (and two are on the podcast…). Finally, they cover Modal going from $60M in annualized revenue to over $1B as its valuation climbed from $1B to $15.75B. The pod explains why coding agents need sandboxes, why running 20 agents on small tasks can beat giving one agent 20 tasks, and why labs don’t want to pay for idle compute between reinforcement learning runs. They also get into Modal’s cold-start optimizations and why paying only for the compute you use can make more sense than reserving GPUs around the clock. Modal gets the pod’s check, and GTC helps recruit for them if you’re interested in joining. 00:00 Maya and Priya hang out with Anika’s ex 00:57 OpenAI’s spy drama 03:39 101 episodes in and still scheming 07:27 Why everyone’s portfolio is down 09:31 CoreWeave’s debt is making everyone nervous 17:36 Anthropic’s growth, neo clouds, and the private credit boom 21:58 Bumble’s $1.3B reset 37:01 Why Modal gets our check even at $15B If reading the CoreWeave news makes you want to track compute markets you can on Kalshi. Sign up at kalshi.com/sign-up?referral=getthecheck and get $10 when you trade using our code. Follow the pod on Instagram and X @getthecheckpod.