OpenAI's Identity Crisis, Datacenter Wars, Market Up on Iran News, Mamdani's First Tax, Swalwell Out

All right, everybody. Welcome back to. the number one podcast in the world. We've got the core four here and dare I. say, >> the king of Adams. >> The king of Adams. Yes. Captain Travis. Kalanick is here. How you doing, brother? >> I'm pretty good. Pretty good. I'm uh. sitting here doing the podcast just next. door to David. >> Ah, yes. There you go. >> Don't reveal our locations. >> Please don't dock. >> I didn't put my address out there, dude. >> No, that's true. Don't worry, Mandami.

did. He's outside your houses right now. asking them to. >> foresee trying to collect 3.9% or so. >> Yeah, he's he they he decided there's. rich people left in New York. So, he's. looking for other. is it 3.9% a year. Is it per year or is. it. >> I don't know if the percentage has been. released yet, but the speculation I've. seen is 3.9% but I don't think that's. final. >> But yeah, it's a pia ter tax. So, if you. have a second home Yeah. every year. >> Wow. And by the way, it's for any home. over 5 million. There's no homes under 5.

million in Manhattan. This is not a rich. person tax. This is within. 15 miles of Midtown Manhattan, you're. paying an extra tax. Uh I don't. >> but only but Jal only if it's a pat. So. what it means is that the most. >> second homes. >> Well, yeah, but the most elastic part of. the market is what they're targeting for. this tax. So in other words, people who. don't live in New York, who just have it. as a second or third home, who could buy. that property anywhere, >> yeah, >> are now being taxed the most. So what do.

you think that's going to do? It's going. to have a massive impact on demand for. second homes in New York, which will. crash the whole market. >> Yes, congratulations, Mummy. >> But in a weird way, that'll be good for. housing affordability in New York. >> Well, that that's sort of the the claim, but I don't think it'll be good for it. because there'll be no incentive to. build more. Yeah, all units matter. Every time you. add units, people upgrade. And it's not. like these are going to be lowincome. housing. Like penthouse on 57th Street.

or, you know, in Grammarcy. That's not. lowincome housing. You'd have to break. it into seven units. Makes no sense. But. by the way, I don't know if you guys saw. the video, not to get too serious, but. he's doxing a certain billionaire who. owns a certain place and he's literally. pointing at his home. >> No, I said that to you, Jason. He's not. doxing because everybody's known for. years that Ken Griffin bought that. place. Everybody knows that address. Everybody knows that unit. We all knew. it. It was marketed widely. I don't. think that's really doxing. He doesn't. live there and everybody knew he owned.

it. It would be very different if it was. a place where somebody was keeping their. primary residence and you didn't know. and they stood in front of the house. That I would agree with you. I think. this one is a little bit more tenuous. >> Okay, fair enough. But what I will tell. you is it's a dog whistle. crazy people. and this thing's been seen by 30, 40, 50. million people. Now, >> it's a dog whistle to say that's the. next United Healthcare CEO and in the. week that a fire a Molotov cocktail and. a bullet gets shot into Sam Alman's. house, it's deadly serious. And if you.

reverse it, I always reverse it. What if. a Republican sat outside of Bernie. Sanders second or third home and said, "We should, this is his piano, this is. his summer home. We should add, you know, taxes to And I'm sure you can. look up Bernie Sanders home pretty. easily. So it just before you point at. people's homes and say this is the. villain, be careful folks because then if. something does happen to that person. like you know what happened to Sam Wman. this week and you feel however you want. about him, but nobody deserves to have. their house fire bombed or shot at.

Period. Full stop. I just think that it's going to kill the. demand for, you know, maybe people who. already have a home in New York like Ken. Griffin, they probably are just going to. suck it up and pay the tax and keep. whatever they have. But if you were a. person who is thinking about buying a. pat in New York, there's no way you. would do it now. >> Yeah. >> Because you don't know what the tax rate. is going to be and it's going to keep. going up. >> After a decade with interest and. inflation, you've effectively almost.

doubled the price of your unit. So, if. you're going to buy a $10 million unit, you're probably then looking at a $20. million purchase price just to break. even after about 10 or 11 years. That's. crazy. The math doesn't work anymore. >> What is the downstream effect of these. individuals not coming to New York, going to a Knicks game, going to a. restaurant? No, they spend money. They. spend money in New York. >> They have their birthday party. They do. all kinds of things. >> I'm not a big fan of the piet culture. I. I own one house. I don't like this whole.

multiple houses you flitter flattering. everywhere. It ruined London because. when when you look at London. >> where do you vacation Shimoth? Where do. you vacation? >> I go to a hotel. >> Okay. So my point is this that I think the way. that it works is it's not just pedair. If you if you own a home that you fully. rent out but that is not the primary. residence of the person who is renting. it, it's also a problem. So, this is any.

even like a like a, you know, you had a. two-e rental or a oneweek rental or a. 30-day rental or even a 5-year rental. and it was somebody else's second home, the owner still gets gets hit. So, the. rental the sort of rentals of like folks. who want to come to that city or who. don't want to own in that city. Uh, but. it's a second place. The second place. thing goes away. So, maybe this is just. good for hotels. I think it's good for. hotels, but if you look at London, it's. probably the best example where there.

was a lot of people who used London as a. place to store assets. Real estate. became the primary way in which they. would do that. It hollowed out parts of. London where it's not as if it was. unlivable. It's just that it was. unlived. >> Nobody was there. You drive around. Chelsea, you drive around certain parts. of London and it was like a ghost town. on like a Thursday night or a Friday. night. that is an issue is the land. banking. It's like your bitcoin is. hollowing out a neighborhood and and.

there is something there. But you know. what the whole uh housing thing is. complete cap and utter because. if you move to a place like Austin where. you are in Nevada or Florida, you see. what happens when you allow people to. build units in Austin three years in a. row rents and housing prices have gone. down while net migration has gone up. But that's been good for Austin, you. guys would say. Isn't that good? Incredible. >> Yeah. Amazing. >> Austin has like roughly doubles as the.

city over the past decade. And yet the. rent for, you know, whatever a one or. two bedroom apartments gone down. >> That's incredible. >> So, in other words, if you let people. build to satisfy the demand, you won't. have this problem. >> And then who's stopping the building? >> It's Democratic cities. It's nimi. people. And then in a Republican town, they're actually building units for an. affordability. So you have one group. saying they care about affordability and. they're doing nothing about it and. they're stopping it. And in another.

place, they're like, "We're just going. to let you build because it's your right. to build because it's your land." That's. the approach in Texas. It's your land. You have the right to develop it. Go. >> By the way, the high end of the market. in London has basically turned over and. collapsed Sachs. to your point, like. they introduced the stamp tax, which I. think is equivalent to this tax that the. New York City mayor is proposing. And if. you look at London as a guide, the real. estate market just bid it at the high. end. And. >> I don't think that's going to be good. for that city or even the UK as a whole. There's a handful of cities where people.

do what you say, which is kind of park. money there. The reason why they do that. is because they believe that that city a. has the rule of law and b is a unique. worldass city that's going to keep. appreciating. And if you have new. management that doesn't really believe. in the rule of law that basically keeps. imposing all these arbitrary taxes. That. money is going to flee and find other. kinds of investments. People aren't. going to park their money there. That. has to be a bad thing for the city. It's. like, you know, who cares if the top. floor of that building where Ken Griffin. lives is owned by one guy who isn't.

there that much? It's not going to. affect the city that much, but having. all these billionaires from all over the. world decide to park money in that. American city has to be good for the US, just like it's good for the UK. And if. you give that up, then again, the money. will just go somewhere else. >> Well, to your point, >> the only thing is they're already paying. taxes on the property. And because. they're not there very often, they're. not using city services. So they're. paying taxes on the property. They're.

not using city services. >> They're profitable to the city. Yeah. >> Think about a developer who's. underwriting some new project. You know, the fact that a whale like Ken Griffin. is willing to overpay in the sense of. price per foot for that top floor might. make that whole project pencil. And this. is what contributes to the vitality of. New York is there's constantly. development going on. There's constantly. cranes. And so you take out that part of. the market that in effect was price.

insensitive and was subsidizing all. these projects and I think development. is going to dry up to a large degree. >> Mhm. He's paying he must be paying three. or four million in taxes every year and. getting no services to your point Travis. good point like all profit for the. >> London also did something else which is. that they essentially crippled what's. called non-dom status which is the big. tax orb if you moving or parking assets. in London and to your point Sax what did. all the rich people do they just. redirected themselves to Zurich to. Lugano to Milan and they they took.

advantage of more hospitable tax policy. in other places now what the people. Britain would tell you, I actually met. with the UK government yesterday. They don't see a meaningfully enough. measurable impact yet where they think. it's a five alarm fire. So the real. question is, is it more of a slow bleed. and a slow melt and at some point it's. just hollowed out and it's very hard to. reverse because there's not going to be. a cataclysmic acute moment where people. say, "Oh my god, we need to reverse. these policies." It doesn't seem like.

that's in the offing. You know, LA did. something a little different but similar. is they introduced that 5% mansion tax. This on like all the areas except for. like Beverly Hills and. >> San Francisco has that too. >> Yeah, San Francisco got that too. I. think it's actually like 6% in San. Francisco. >> San Francisco. It's 6% over 25 million. and it starts at 5 million. So there's a. transfer tax, an excess transfer tax. above $5 million properties that scales. up above 25 million to an extra 6% on.

top of your brokerage commission. So. when you sell a house in San Francisco, you're paying 13% now. >> Which is why you look at the transaction. volume in the LA real estate market and. it's just completely dried up. You know, people aren't doing the house flipping. anymore, like that kind of stuff, because the transaction costs are too. high. But it just shows I mean again. this tax was imposed retroactively. For. example, I had my house in SF and then. they just take you know a couple of. rooms of it. and we talked about this on the show. when it happened.

But my my point is just your property is. not safe in blue states and wealthy. people who have a choice of where to. park their money are going to. increasingly realize that and they're. not going to buy I think real estate in. blue states is dangerous because the. political class thinks that they can. take a chunk of it and you know the. wealthy people are going to react to. that and they're going to move their. money elsewhere. >> All right, let's go to topic number one. Open AI is apparently suffering from a. bit of an identity crisis on Sunday.

Open AI's chief revenue officer Denise. Dresser sent a four-page memo to. employees. Obviously, it leaked. immediately, probably the point of it, and she called out Enthropic. She said. their $30 billion run rate is cap. inflated by 8 billion due to a revenue. share and some accounting with AI model. providers. Chimati pointed that out in. the last couple weeks. Also, she said. anthropic stories built on quote fear. restriction and the idea that a small. group of elites should control AI.

Obviously, she's a fan of the pod. She. also laid out OpenAI's pivoting and she. said they are going hard after business. customers and they want to win the agent. platform layer. If you remember, they. hired the architect of the open source. project openclaw. They didn't acquire. openclaw. So Peter uh Steinberger is. working at Open AI. Cynical people said, "Hey, maybe they want his next set of. innovations to go inside of OpenAI's. products as opposed to the open source. one." I kind of agree with that.

directionally. There's obviously Perplexity Computer is. doing really well. They quadrupled their. revenue. And uh I was over at XAI. earlier this week with Elon and I can. tell you he's got some very cool stuff. coming. And this new model, Spud, is. coming uh from Open AI. Here's your poly. market. 75% chance Spud is released next. week. Additionally, and we'll go to the panel. in just a second. On Tuesday, 2 days. after this memo came out, obviously.

people write these memos to go directly. to the press. So, they're obviously. trying to undercut Anthropics valuation. and they feel that's a threat. That's my. take. The FT cited anonymous OpenAI. investors who are frustrated with the. company's lack of focus. Here's the. anonymous quote. quote, "You have chat. GPT a 1 billion user business growing 50. to 100% a year. What are you doing. talking about enterprise and code? It's. a deeply unfocused company and uh we. talked about this chat GPT's market. share is going down as the number of.

users is going up because Gemini and. Claude gaining significantly and Medage. just last week released their first. proprietary model and Apple doesn't have. a product in market yet, but they do. have a lot of users. So here's your Gen. AI website traffic. Let's start uh Chimath with you. Your. thoughts on. OpenAI. Should they be pivoting straight. into business developers and getting. focused on that or should they stay.

focused on the consumer where they are. the verb? as it relates to complex long. horizon coding tasks. What I can tell. you from my team at 8090 is codeex is. better. generally than anthropic. And so what. happens is for the more day-to-day work, I think it's more reliable to use the. clawed ensemble of models, but when. you're dealing with something that's. very tricky and very complicated and a. little bit more long horizon,

codeex is really functional and really. good. So I think if you're looking at it. through the lens of open AI, what. they're probably saying is, hey, hold on. a second. If we allocate more resources. and just double down and crush consumer, that's probably three or four trillion. of enterprise value. And then if we slowly refocus the. company with the rest of the resources. and double down on codeex and do. something meaningful in enterprise, we. can probably capture two or three.

trillion there. And now all of a sudden. you can paint a picture for a seven. eight n trillion dollar market cap in. the fullness of time. Not tomorrow. obviously, but Codeex is really good. and there's a business to be had in. both. You have to separate the two. businesses. You can't have a lot of. overlap because there's too much context. switching. You got to let the consumer. team run and then you got to isolate the. enterprise team and let them do what. they think is right. >> Travis, uh there's a big debate going on. amongst the investors. The FTPS also. questioned the $850 billion valuation of.

OpenAI. Secondary markets have now. priced Anthropic higher than OpenAI for. the first time. This is the flipping. that people predicted. One investor said. OpenAI would need to IPO at a valuation. of 1.2 trillion for the last round to. make any sense, but there's no buyers. currently at the $850 billion valuation. that OpenAI just closed. According to. Bloomberg, Travis, how do you uh. handicap this race between these two. leading frontier models?

>> Growth is king right now in this in this. world uh in this segment. Growth is the. whole damn thing. And if Anthropic is. growing faster than OpenAI by a. significant clip, the investors right. now are going to play it forward. And. they're it, you know, you start to get. network effects around compute, network. effects around the number of tokens. you're pushing out for various. customers, enterprise or consumer. And. ultimately, you know, it's not great.

today, but how that plays into. reinforcement learning and the things. getting smarter over time. There's so. many there's so much upside to volume. and scale that if they are growing. faster at the same size, even if OpenAI is still growing, but if. they are half the growth rate, a third. the growth rate, a fifth the growth. rate, I would be I'd be worried. >> And you saw this at Uber specifically.

when you accelerated away from the. competitors like Lyft and Door Dash. Yeah. >> Yeah. you had to network effects was the. whole thing at the end of the day and. network effects was based on scale. So. yes, I'm I'm sort of like coming from my. very specific experience. But if you. believe there's network effects with the. scale of data that you have and the. scale of customers and the revenue that. this is cash that's coming in that you. redeploy into compute and so say there's. network effects of large compute.

I'd be very worried uh if I'm open AI. and seeing somebody growing faster at. the same size. So Freeberg, when you. look at this race between these two. giants, maybe your thoughts on the. flywheel as it relates, as Travis is. pointing out to advantages in compute, reinforcement, learning, and then also. the ability to fund raise. One of the. great things that Travis and the team. did was as they were pulling away, they. just sucked all the oxygen out of the. room by using capital as a weapon. Uh,

so your thoughts, Dave, on this high. stakes game because there's also a point. at which, and I'll just end on this. There's a point at which. >> you could run off the cliff. You raise. so much money. >> and you deploy it so fast and the. revenue doesn't catch up to it and then. you go public and the markets don't. believe the story. So, your thoughts, Free, Bird, >> I don't know the financials of the two. companies well enough. Obviously, Sam. has no problem raising money. The guy, didn't he just close like $150 billion. round or something? >> 122 billion. >> 122 billion. largest round ever raised.

in any market I think private or public. >> Yeah, probably. Yeah, I mean that's. crazy. >> That doesn't seem to be an issue. What. I've noticed is just the the pace of uh. innovation at Anthropic is from my. experience unprecedented. I mean, they're release cadence is. extraordinary. They've basically. supplanted Open Claw already with this. release they did a few days ago and then. today the new Opus model got dropped. So. there's something about the momentum, not in necessarily just in user growth,

but in how they're operating this. business that just seems to be head and. shoulders above everyone else in the. cadence of of upgrades. If I look back 6. months ago, I think we were pretty heavy. on Cursor and Gemini. And now I think. we're probably 90% anthropic in just the. last 6 months at my my organization. There's something very powerful about. the flywheel they have going on. >> Yeah. Oh, here's where I'd go just real. quick, Dave, is. mad respect on a$1.

120 or $130 billion raise. I mean, >> this is obviously next level, but you. can use capital and investment to. acquire scale and network effects. associated with it. But if somebody is. getting that scale. with revenue and let's call it. contribution margin, contribution. profit, efficiency will outstrip subsidy and it. will you can't just keep raising hundred. billion dollar things forever. That's. where the train will stop. And if.

Anthropic is funding theirs through. revenue and other folks are funding it. through investment, there's like a. shortterm that's a short-term solve, but. it the long run is whoever is scaling. their actual usage and system and. ultimately with contribution profit that. then soaks up the need for investment. That's a that's a that's a very scary. machine if you're competing against it,

>> which is exactly sachs what the um. legacy Mac7 are doing. you have massive. profits from uh Meta's core business, Google's core business that are being. redeployed into infrastructure and even. uh Tesla which has a lot of profits and. SpaceX which has a lot of cash on hand. and they're building out Colossus and. other assets including uh Elon is. working on building a fab as folks have. been talking about. So, Sax, is there a. chance for the legacy companies, the.

MAG7s to compete in this, or are we. looking at OpenAI and Anthropic are one. and two and then everybody else can uh. fight for third place and and the and. the and the bronze as it were? >> Well, I think Google's clearly in the. mix. I mean, Deep Mind has an. outstanding team and I think Elon's. still in the mix with XAI and then. you've got Meta also has the resources. and they're seem to be further behind, but they're going to compete. Look, let. me just go back to the central premise. here. I agree that there's some valid.

criticism that OpenAI has been unfocused. and should be, you know, moving forward. more focused in what they do. I have no. idea, for example, what they're doing. buying a podcast that's not us. So, I. don't know what what that was about. Um, if you were gonna buy a tech podcast for. a few hundred million dollars, I mean, um, we were here. >> We're here. >> We're here for Dario, reach out. Small.

potatoes for you guys though. Small. potatoes. They can afford you. They. can't afford you guys. >> Yeah. They thought we were too. expensive. >> Little did they know we would have sold. out. But, um, >> punch the ticket, Daria. Yeah, >> but look, this other part of the. criticism of Open AI that they shouldn't. do enterprise is totally misguided. One. of the reasons why they should have been. more focused is to do more enterprise. and get enterprise more correct. Now, why do I say that? To Travis's point.

about growth rates, it's true that. OpenAI and Anthropic as of the beginning. of Q2, so let's say two weeks ago, they. were both around 30 billion of revenue. And that memo from that open AAI. employee was right that if you compare. them on an applesto apples basis that. anthropic is about 20% less because they. are including revenue made by their. channel partners. But that doesn't. matter. What matters is the growth rate. You know again to Travis's point and let.

me just put some numbers around this. The open AI growth rates been around 3. to 4x a year. The anthropic growth rate. has been around 10x a year. So they went. from let's call it 1 to 10 billion of. ARR last year and by the end of Q1 this. year they were already at 30 billion of. again let's call it their revenue and. they're on their way you know like Brad. Gerson was saying on our podcast I think. in the last couple weeks they're going. to end this year at 80 to 100 billion at. least on the current trajectory and so.

you can plot their revenue on a. logarithmic graph I mean again no one's. ever seen anything like before where. every unit on the y- axis is another. expon is 10x and it's a straight line. >> now it's crazy. >> it's crazy right so if it's taking. anthropic let's say one year to 10x and. it's taking open AAI 2 years to achieve. a 10x then it's obvious which one's. going to win now what is the reason for. this is because anthropic was very. focused on enterprise specifically.

coding and what you're seeing is that. businesses are willing to pay for coding. code tokens. on a meter basis, let's call it like. electricity. The more they use, the more. they're willing to pay and their usage. just continues to scale and scale. Consumer is completely different. I. mean, consumer is a thing that OpenAI. prioritized. Consumers have a lower. willingness to pay. Maybe only 3 or 4%. of them are willing to convert to. premium in the first place. And what. they want is a $20 a month all you can.

eat subscription. So, the revenue simply. doesn't scale the same way that. enterprise does. And so if you want to. tap into the scalable revenue source in. the market right now, you have to go. after enterprise. So you know again. where I would agree with the criticism. of OpenAI is maybe they should have been. more focused but they need to be more. focused specifically to pursue coding. and enterprise and if they don't catch. up soon to Travis's point then you could. see Anthropic taking a lead here that. let's say over the next one or two years.

could be insurmountable. Just by the. way, let me just say say one thing is. even though anthropics revenue has. followed this graph, this exponential. graph very predictably, it can't do that. forever, right? Like let's say it does. get to. >> 80 to 100 billion this year. Can it. really get to a trillion dollars in. revenue the year after that seems hard. to believe, right? And and and the. reason is because as you hit new levels. of scale, you encounter new problems. I. mean, you're simply going to run out of. compute or electricity, data centers,

you know, infrastructure. There are. physical limits or there's limits in the. physical world that you're going to hit. And there's already some evidence that. Anthropic is hitting some of those. limits. Users were complaining, for. example, that Claude was thinking less. Did you guys see this? That. >> that, you know, a typical Claude prompt, they they seem to have cut down on the. thinking time by about 2/3. Now, I saw. someone tweeting today that they just. released Opus 4.7, replacing Opus 4.6, and the thinking is back, but you know,

maybe they're charging more for that. Hard to say, but they're going to hit. some sort of physical limits. And I do. wonder if over the next year Anthropic. will reconsider whether it's support for. all this like doomer nimiism was the. right call because it kind of made sense. for them from a business standpoint when. their competitors were building data. centers and they were just getting. compute from the hyperscalers. But now. that they're I think going to have to. move into the game of building their own. data centers, they might regret salting.

the earth for data centers all over the. country. And I wonder if that'll be the. natural limit of their growth is they'll. be hoisted on their own petard of doomer. nimism. >> And they're also using the uh coding. platform to build anthropic itself. better. So that in and of itself is a. reason to nail coding. You get the. double whammy. You can make a better. product and you can get paid for it. >> Yes and no. Hold on. Because if you look. on Twitter, people are panning cloud. desktop and what they said is this is.

all a bunch of vibecoded slop. I think. we have to remember if you keep these. agents on task and they're guard railed. properly, this stuff is a force. multiplier. The problem is nobody knows. how to do this really well yet. Nobody. has built real products of scale largely. using agents yet. Nobody knows how to. give an example of how an org structure. should be redefined. Nobody knows how to. budget properly. We had the CTO of Uber. say, "I give up. I've hit my token. budget." The problems I see it are.

twofold. The first is just to build on Sax's. point. All of these frontier labs have a. very serious issue which is both open. AAI and Anthropic are growing so fast. that they're at a point now where they. need their own infrastructure. It's kind. of like when you first start building. any kind of company, you're just much. easier renting capacity from the. hyperscalers. >> and it's a dependency. Yeah. >> But then it becomes a dependency. Exactly. And now when you're so big, it's actually strategically a huge.

mistake to not have your own comput. Why? Because if you look at who's. leading, the frontier labs are leading. And Sax, to your point, you mentioned. this on X. You're like, there was all. this doomerism, but maybe it was tied to. compute capacity because when Bedrock. opened up more capacity for anthropic, all the doomerism went away. You're left. wondering like, is it really tied to. just the fact that they were just trying. to throttle usage? So if you're a. frontier lab, you don't want to have to. go through Amazon and GCP and Azure and. Tin Cup for access and capacity. What.

you'd much rather have is go straight to. your customer. On the other side, if. you're Gemini or. Microsoft or Meta and you have all this. compute, because I saw a stat this week, the hyperscalers control 60% of all the. compute. So the game theory there is if. you kneecap the Frontier Labs, it'll. give you some chance to catch up and it. gives you time to catch up because no. matter what the demand is on the upside, you remember you guys remember like in. social networking when Fster was the. cat's meow.

>> Yeah. >> Cat's meow. >> Remember what the biggest problem at. Fster was? >> Cats meow. >> Fster was slow as a dog. >> Yes. >> Yes. Yes. >> And what happened? Then MySpace came in. and took all the share. Then we came and. Facebook and we took all their share. So. there is a way where you can handicap. and kneecap these companies by. throttling compute access to them. So a. they are forced to now go and get in the. game which is weird because look open. AAI has tried to displace some of the. Stargate spend. I don't see any path.

except they're going to have to do it. themselves and anthropic will have to do. it themselves. But then separately, the. other problem is when you change the. subscription model in enterprise and you. say, "Hey, we're not going to subsidize. any more tokens.". What's going to happen is all these. token budgets are going to go crazy. And. what Freebrook said is going to happen. where he's like, "Hey guys, why are you. spending all this money? What are you. making?" And you inspect the code and. you're like, "What is this slop?". And you're not going to add 30 40 50%. opex.

to produce nothing. So I think that. that's an open question and that. question will become more amplified over. the next year as they push the cost off. of them. So as Travis said, no more. subsidy from the capital. You have to grow into it, but you're not. going to support negative gross margins. So you're going to pass through the. token costs. I So I think it's a very. dynamic moment right now for these. If. you look at the ranking of these. clusters and who has the most right now, uh people have forgotten about Colossus, which Elon's been building, he's.

expanding to 555,000. GPUs across three buildings, 18 billion. in investment. He then if you look at. Prometheus Meta's planned 2026, that's. 150,000 GPUs. So this is uh. >> well Elon just announced a deal. He. announced a deal this morning with. Kurser. So Elon's Elon's renting a bunch. of capacity. So he's now getting. effectively into the data center. business. He's going to be a hypers. skill. >> So he's he's going to use as much as he. can for XAI and whatever is left over. he'll give to well in this case he's.

giving to cursor to train their model. He could. >> what you're saying is you might as well. overbuild capacity because that way your. own models would be in a privileged. position and you can sell the rest to to. your competitors. But to Jamath, to your. point about the thing I was saying on X, I actually I think I was retweeting Mark. Andre who pointed out that one of the. reasons why Anthropic might have wanted. to hold back Mythos is they simply. didn't have the compute to serve it. The. model was huge and very expensive to. serve something like maybe even 10 or 20.

times the token cost of of say Opus. They knew Opus 4.7 was coming out, right? So they hold it back knowing that. they don't have the compute to serve it. anyway and they save their compute for. the next iteration of Opus. And then by. holding it back they create this. impression of scarcity and altruism and. it turns into this gigantic marketing. event for their product because everyone. in the government's like, "Oh wow, they're holding it back because it's so. amazing." Now look, I think it may have.

been genuinely altruistic as well in the. sense that Mythos does reveal coding. vulnerabilities that people didn't know. about before. And you know, it does make. sense to give time to companies with. large code bases to patch these dormant. bugs and vulnerabilities, but it's. looking more and more like Anthropic. could not have offered that model. commercially anyway because it was just. too big and expensive and they need to. create space for Opus 4.7. So, it's an.

interesting theory on what actually. happened there. >> All right, guys. Uh before we go to our. next story, some breaking news here. Uh. here's your poly market, gentlemen. And. I don't this is I don't know if you're. placing some insider bets here uh. Freeberg but looks like the All-In. podcast uh anthropic now 37% chance of. buying the All-In podcast. This is live. >> by what time? By. >> poly market. Yeah, this is by the end of. the year. >> By end of the year. Okay, got. >> by end of the year. So it's. >> this isn't real, is it? >> Yeah, absolutely. They've been People. have been trading on this. This is. heavily traded.

>> It can't be. It says $92 million of. volume. >> Yeah, this is the number three largest. market. There's no way this is real, dude. There's no way. >> It's breaking news, guys. I don't I. don't control the news flow. >> This is Jake slump. >> This is no way this is real. >> Anybody can write a prediction market, I. guess. Hey, what's the what's the uh. volume of that thing? >> 92 million. >> It's not real. >> Is there $2 behind it? >> There's no way that's real, guys. Come. on, >> guys. It's all good upgrade, >> guys. Time to upgrade the planes. I just.

Hey, guys. Just I don't need the PC24. I'll take somebody's G650. Whoever's got. a G650, go up to the 800. It's going to. be trickle down to JCAL. Let's do it. I'm I'm giving up my United Platinum. status. >> Trickle down economics. >> Trickle down avionics. All right, listen. Story number two. >> Triple triple down. That's good. This is pretty good. Okay, number two. All birds, speaking of data. centers, all birds just pivoted from. ugly sneakers to scratiad to AI and the.

stock has ripped. talking about peak. bubble behavior podcast getting bought. by Frontier models and sneaker companies. uh pivoting to data centers. All birds. as you know is the ugliest sneakers on. the planet and uh this became a massive. delusion in our industry that this. company was worth billions of dollars. They went public in 2021. This might be. one of the peak zer moments. Raised $350. million in their IPO. Sax, were you an.

investor in this thing? >> All birds. >> All birds back in. No, >> no, no, no. You're thinking about the. scooter company. That's right. >> Don't Don't remind me of the the. investments that didn't work. >> But no, >> Bird was crazy. >> This reminds me of the late 90s where. all you had to do was change your name. to whatever.com. >> Yeah. Yes. >> And you get a huge pop in your valuation. >> and you could spit it out. Barnes &. Noble.com became then Barnes & Noble.

And so the stock crashed and never. looked back. There's your Stark chart. Um they sold off all their brand assets. for 39 million, about 10% of what they. raised in the IPO. Congratulations to. whoever owns those ugly ass sneakers. >> Why were they worth 4 billion? They sold. >> collective delusion. Collective. delusion. People in Silicon Valley liked. them and they just thought it was the. next Nike. >> Tulips. >> It was tulips. Well, I think I think. that was an era in Silicon Valley where. people rewarded rapid growth without.

really looking at gross margins or cost. of goods sold. People didn't really make. the distinction between software and. everything else, right? Software, you. never really had to worry about COGS or. gross margin because the incremental. cost of serving a customer with software. is like almost zero. So people in. Silicon Valley weren't really trained to. look at gross margin and there was this. rash of physical world companies that. all of a sudden started getting crazy. valuations. Travis, quite frankly, you.

might have the success of Uber might. have ushered in this era of, you know, these physical world companies that. started getting valued like software. companies even though obviously they. didn't deserve it. >> David, thank you so much for that shout. out. I really appreciate it. >> You and Airbnb your fault. Anyway, let's. get back to. >> No, no, no, no. Hold on, hold on. The. era of 21 is super interesting though. guys. I don't believe it was a physical. versus digital thing. I believe it was a. moment in time in the COVID zer massive.

money going in. We hadn't seen inflation. yet. It was all of that happening and. the investor class was basically. deciding we're going to look two and. three years forward on your current. growth. And it wasn't one year forward. It was. like two or three years forward. And. that's where these crazy valuations got. weird. So if you went from 0 to, you. know, if you went from a hundred to $300. million in the last year, they'll play. that two, three years forward and go, "Oh yeah, you're totally 20 times.

bigger. We'll pay you for that now.". >> Yeah, >> that's where it got weird. >> It got weird. Hey, Bird Scooters was. valued at two or three billion. They. were doing micromobility. >> You're just trolling them, Jay. I'm No, we're giving everybody their flowers for. incredible investments and even even the. mighty sachs could trip up. Did you sell. IPO? >> Yeah. >> No. No, we don't do that. >> Uh it was a series A we did. I mean, look, we we got it right in the sense. that it was a total phenomenon, >> but then the cities just cracked down on.

it and killed it. Look, if the cities. had leaned into it Yeah. Look, if the. cities had reacted differently, if they. had leaned into it, if they had created, let's say, a scooter or like a small EV. lane, they could have transformed. cities. I mean, it would have been a lot. easier to get around. But instead, they. banned it. They limited it. They didn't. create designated areas for it. And then. the the cuda grass was basically when. they would take a city where Bird. already had like 80% dominant market. share and then they would say that well. we're going to choose four operators and.

give them each 25% of say a thousand. scooter allocation. That just killed the. economics for everybody. >> Yeah. There's no market anymore. >> There's no market. Yeah. >> Yeah. >> There's no marketplace network effect, right? When when they're basically just. picking the winners and deciding the. market. >> Yeah. You can't you can't compete. >> and splitting it even. So then. >> yeah, there's no there's no competition. You can't drive value. >> Regulatory capture at its worst, >> guys. Like we should watch for this in. the in the autonomous car space too. Cities may get cute and start doing. things like that. And and what they did.

on scooters, they could do on cars. >> That's a really good point. Yeah, you're. right. Instead of just letting the. market. >> play out, they say, "Well, we're only. going to have x number a thousand. autonomous cars. >> New York is literally doing this right. now. New York and Boston. >> and then the prices prices go up. The. innovation doesn't get realized. Consumers don't benefit. No one. benefits. Basically, you've deleted the. market. >> Yes. And anyway, just to wrap up this. story on.

the the shoe company, they're now Newird. AI. They bought eight H100s, I think, with $50 million in a convertible note. And the stock has gone up. >> Not eight. Stop. Eight. Really? No, it's. not. >> No, it's a joke. Obviously, the stock's. now at $14 a share. It's up 450% in the. last week. Shout out to Wall Street Bets. for staying Can I say something more. than the shorts can stay solvent. >> Can I say something serious? >> Yes, please. >> There are a handful of transactions that. have happened in the last few days that.

if you look far away are head. scratchers. So, this is one. I don't. know if you guys saw recently, but Jane. Street did a a billion dollar investment. in essentially a neo neocaler and then. also did a $6 billion compute deal with. them. That was like a little. interesting. So what would I like to say. about this? I think the thing that the. capital markets are getting right is. that we are massively compute.

constrained. Massively. And those are two problems. One is the. power. So if you look at companies like. Bloom Energy, it has gone absolutely. straight up vertical nuclear. And the. reason is because Bloom has a solution. that allows you to useNAT gas that. allows you to do something on site and. critically allows you to get your clean. air permits very quickly because it has. very very little emissions and it's been. proven as such. And so instead of.

waiting for years to get on the grid, if. you wanted to build a data center, you. can now use their services. The other. part that's going absolutely nuclear is. the actual land and the shell because. it's turning out it's impossible to get. these approvals. Now, why is that? And I. sent Nick an image. The reason is. because underneath at the core of it all. is there's a tide that is shifting on. AI. the American population is. incrementally. getting more and more negative on the.

whole subject matter rit large. and it's not clear exactly why they're. doing that. Maybe it's the doomerism. which we talked about last week. Maybe. it's the fear of the job loss that Jason. has been talking about. Maybe it's just. this idea of yet another wave of. innovation that's only going to benefit. a few in an extreme way. minting. trillionaires all over the place while. everybody else stands still. I don't. exactly know what's causing it, but the. sentiment is shifting. And as the. sentiment shifts, the most scaled action.

that they can take, they're taking, which is then they are going and voting. down data centers. Here's an example. which was insane. A town approves a $6. billion data center build and then half. the the the board gets ousted. just. voted out overnight so that they could. put in new people to undo the decision. So if you look at this all around the. country, the answer is not, oh, we're. only going to build in Texas. That. doesn't work. There's not enough power.

There's not enough grid capacity. There's not enough net gas that allows. that to happen. Maine just passed a bill. that bans all data center buildings. So. I think the reason why all birds went. crazy. is a very very small canary in a very. important coal mine which is we are. absolutely compute constrained. I think if you play this out the real. problem again goes back to anthropic and. open AI. If I were them it is a five. alarm fire for them. They more than.

anybody else needs to get their hands on. compute. They need to have land power. shell, but otherwise that revenue could. either slow down or hit a wall and it. will not be because of product quality. and adoption. It will entirely be. because of the Fster effect. You just. couldn't keep the site up and I think. that that that would be a huge huge. problem for everybody. >> Saxs, final thoughts on data centers and. the buildout. >> Well, I think I think Jimoth is right. that the the data centers become very. unpopular. probably in 30 states they're. just going to ban them outright and then.

it's very hard to get projects approved. Look, I think there's a few reasons for. this. One is that there are a lot of. let's call them real estate developers. who are kind of wildcatterers who are. out there trying to get entitlements and. they did bring a lot of projects up for. local permits where they didn't have a a. power solution. And there's no question. that local communities do not want the. data centers drawing off the grid, thereby increasing residential prices if. that data center is not bringing its own.

power generation. And the administration. agrees with this. This is why the. president did the rateayer protection. pledge where we got all the major users. of the data centers, you know, all all. the hyperscalers to agree that they. would not build new data centers without. bringing their own power. So again, it. was designed to be power neutral to the. grid or in fact it would increase the. amount of energy available to the grid. because these data centers would give. back when they're not at peak usage. So. that's sort of like category number one.

is there's this fear of electrical rates. going up. But there's a couple other. categories I think of groups. The second. one was future of life and a lot of. these like doomer groups saw that data. centers were a way to stop AI progress. and there are interviews with some of. these doomer folks who say things like. we have to meet people where they are. meaning that they've been unable to. convince people that AI is going to lead. to the terminator but they can convince. them that AI data centers are going to. use up their water for example which.

isn't true and so a lot of the nimism. has been kind of astrourfed by a lot of. the doomer groups which have a lot of. money thanks to contributions from a few. tech billionaires like we've talked. about in the past. So that's category. number two. Category number three. ironically again is anthropic itself. It. has allied itself politically with a lot. of the doomer groups, a lot of the nimi. groups. It didn't seem to matter in the. first couple of years because Anthropic. had made the strategic decision not to.

build its own data centers. So they. probably thought that they were just. throwing sand in the gears of OpenAI or. XAI, their competitors, and they would. just rely on hyperscalers to get their. compute. And I think that that strategy. has now backfired in the sense that they. apparently have reached the limits of. the compute that's available to them by. buying it from a third party and they. need to build their own data centers. It's going to be very interesting to see. how they adapt to that and how the.

message around data centers changes over. the next year as let's call it the. effective altruists decide that all of a. sudden data centers or certain kinds of. data centers might be a good thing. because they serve their mission. So I. think that's going to be a very. interesting thing to watch. I'll tell. you the one thing I think you're. missing, which is that most people in. America really are starting to really. hate rich people. And there's no. physical space that better represents. the wealth in America, the wealth. creation that's happened that a lot of.

people feel left behind from than the. data center. What other physical space. is there to go to? It is the temple of. the wealthy. It is the mechanism, the. tool, the machinery of the wealthy. It. is the way that the rich elite tech kind. of political connected billionaires that. we're obviously all attached to are. taking from the poor, getting themselves. ahead, shooting themselves to space, leaving everyone else behind. And the.

data center, I think, is the. representation of their progress. And it. is a representation of the progress that. others don't feel. So that's why I think. it is physically like the manifestation. that people want to attack and destroy. Uh there's very little rationale about. oh let's stop AI robots from killing us. I think people just don't see the value. in AI. The average person doesn't see. the value in AI today yet. Like we just. talked about so much of the value of AI. is showing up in the enterprise and in. the rebuilding of enterprises. But for a. consumer's life to actually be altered.

in a meaningfully positive way, most. people don't feel that yet. the best. thing they see is some medical advice. they're getting on chat GPT or something. and that's kind of the end of it for. them. So I think there's a lot of this. populism that's swollen and that's taken. over not just the US but probably a good. chunk of the west and and the the data. center is the target. It is the pier. deter of this space in a way. This is. their attack vector. >> To David's point, they'll probably ban. data centers in 30 states. Data centers. can output and input at the speed of.

light. So they can be anywhere. I mean, you know, the reason you put data. centers in different states is cheap. power, low latency. So maybe you get a. couple milliseconds of latency. So the. data centers can go anywhere. So as soon. as all the states start banning the data. centers, the data centers will just go. to space to Iceland to Texas to Florida. and then and then the data center and. then everyone will be forced to move on. Travis. They'll basically find the next. target for populism which will be. something else. The peerto- tear, the. data center, what's next? You know, this.

is this is part of what's going on right. now. >> where we've got this kind of level of. debt from the I always bring it back to. this because I do think this is at the. root cause of populism is the fact that. the government promised so much is so. inefficient and as a result it's. destroyed the value of the dollar not. given anyone anything that they thought. they were getting. >> And we do have the rateayer pledge sachs. to address the energy issue that was a. big win I think and you worked on that I. believe. >> Yeah. >> But hold on. Can I just say something? I. think that rate payer pledge is. important. It doesn't change the.

business model of the utility. Meaning. >> what the utility is allowed to do is. every year build a budget. And the way. that they decide how to charge you is. that they are allowed to make. investments, right? And then they're. allowed to earn 10% roughly on the. amount of investment that they make. What do you think their incentive is? their incentive is to find ways to keep. investing and upgrading the. infrastructure. So I suspect what you'll.

see is independent of what the data. centers do on site, which I think is. smart and good, and I'm glad you guys. did that. It doesn't slow down the. actual fundamental business model of the. utility because those are local monopoly. licenses that are granted at the state. and county level. And so when you go. inside and you look at those utilities, what they're allowed to do is say, "Well, I'm going to bury the lines. underground because there's a wildfire. threat that's going to cost 10 billion.". And they present that. The PUC has to.

say yes. And they're allowed to make 10%. on 10 billion. So the business model of. the utility has to be looked at because. it is independent of all of these other. things. And they have an incentive like. insurance companies to just walk prices. up over time. >> It's true. >> That's why I think behind the meter is. so so important there for sure. But. look, I mean, this idea that that data. centers don't create jobs is just wrong. I mean, it's been a huge boon for. bluecollar jobs and the construction. industry. I mean, >> while they're building the data center. >> Yeah. But that that construction could. be a wave that goes on for a decade or.

two decades. I mean, the capex is not. going down. It's increasing. Listen to, for example, what Jensen says about his. projections. I mean, it's not like the. capex is a one-year thing. We're seeing. tens of thousands of new construction. jobs being created and 25 to 30% higher. wages for electricians, carpenters, the. guys who hang drywall or pour concrete, create roads, install equipment. I mean, these are blue collar jobs and it's. creating again not just new jobs, but. also wage increases. It's a good thing.

It's not a bad thing. I think the issue. is. >> it's not a bad thing, but it's not the. same as a fab where the jobs are. permanent and they're there. Uh we can. debate it all we want but you can. there's about a hundred data centers. right now that are being contested. The. data is for every hundred that are. contested about 40 get cancelled. That. number is increasing for this year. It's. more than doubled already from what the. number was last year. And the total. economic value of those 100 data centers. right now is about $162 billion. >> Jason, the the thing is is that there.

are permanent jobs because what where's. the energy that's powering that? Where's. the semiconductors that's powering that? You know, there's a lot of. >> we we actually had um Chase from Crusoe. and Michael from Cororeweave on the. All-In interview show and they said. they're bringing energy with them. That's their big thing. Bring BYO, bring. your own energy to the space. They're. bringing in Knackas. They're bringing in. diesel fuel. They're bringing in solar. BYOE is the model. Well, c can I also.

say listen if if you were of the opinion. that you didn't want more data centers. in America because it was using up say. scarce energy resources or something. like that but you weren't just. anti-progress altogether then what you. would want to do is at least see more. data center construction among US allies. right energyrich US allies well a year. ago that's one of the things I worked on. was allowing the Gulf states to build. data centers with American technology. for American companies and remember the.

controversy that caused. Everyone. accused us that somehow this was like. serving China. Well, those data centers. are getting bombed and I don't think. they'd be getting bombed right now by. Iran if they were serving China. These. were. >> they're very strategic. Yeah. >> The IRGC has put these data centers on a. list of assets that they've threatened. to destroy because they're American. assets or they're assets of our Gulf. State partners in partnership with. America and American companies. This. whole idea that somehow this was a.

threat to American national security was. a total hoax just like the data center. uses too much water. And what I'm saying. is that a lot of the same forces were. behind this hoax as are behind these. data center hoaxes. Now Freeberg is. right about the resentments, but those. resentments get whipped up and marshaled. by people who have an agenda and that. agenda is wellunded and strategic. And I. can tell you then the case of the GCC. data centers, Anthropic was adamantly.

opposed to that and they were lobbying. against it and they were again salting. the earth against those projects. I. think the whole issue is kind of moot. now anyway because I think the data. centers have been blown up but. >> uh or they've been threatened to but it. just shows how ridiculous. >> and and what a scop some of the. opposition to these ideas are. and it's. a cell phone in many ways. If you think. about who are the top two spokespersons. for our industry and what they're. communicating to Americans versus say.

how the Chinese view AI, which is. incredibly positive, we've got Daario. who says it's the end of days. Everything's going to be hacked. All. your files are going to be hacked. All. your accounts are going to be hacked. And then on the other and everybody's. losing their job. That's our top. spokesperson in Dario at Anthropic. The. other top spokesperson just had a. 70,000word piece written about him where. Ronan Farah said, "I had a dozen people. tell me unprompted, Sam Wolman's a. sociopath." Those are the top two. spokespeople. Those people cannot be the.

spokespeople for this industry. And this. industry's got to get focused on fixing. the big three. Healthcare is going to be. dramatically improved by AI. Housing. could be dramatically improved. I'm not. sure who's working on that. And. obviously education and the cost of. education. We need somebody out there, a. Michael Dell, you know, Jensen, Elon, just explaining how world positive this. could be because right now AI is as. popular as is less popular than ICE, the. Democrats, and the government of Iran.

>> Joe Leand at Alpha School. On the. education side, I think you just have to. look at Alpha School. It's it's working. >> All right. So, that's your story, uh, Chimath. That's the story of all birds, the most overvalued startup. But uh. we're going to play a little uh cue the. music here. We're going to play a little. game show for everybody. This is the. price uh David Saxs is wrong. Yes, this. is the price is wrong. The price of the. startup Travis is wrong.

>> And this is the game show where we guess. which overvalued disaster are we talking. about. First up, hell from Austin, Texas, an enforcer in the PayPal mafia. It's Mr. David Saxs. Welcome to the. program, David Saxs. Are you ready to. play the price? >> I'm ready to play. Let's do it. >> You're ready to play? Okay. >> All right. >> Here we go. The price is wrong. This. startup was once valued at over $13. billion. Their main business model. selling JPEGs for fake internet money. People lost their minds and started. spending millions of dollars on monkey.

images. Play the thinking music, please. David Sachs, can you name that start at. one? Billion. 13 billion for is that is. that like the board apes thing? >> Okay, you're closing in. Remember, form. it in the name of a question. >> I know. I know. I know. >> It's selling JPEGs for fake internet. money. >> Me, me, me. Pick me. Pick me. Pick me. >> People, you'll get your chance. Chim. >> Oh, I think I know what you're talking. about. I can't remember. >> They're spending millions of dollars.

Can I say Can I say it's your turn to. steal the steel? >> Open. >> Correct. 100 points for Chimoth. Polyhapatia. >> Okay. An amazing steal. An amazing. steal. And next up, >> okay, here we go. He puts the dick in. dictator hailing from Palo Alto, California. It's your favorite Door. Dasher Jamal Poly Hot. How long you been. door dashing there, Jamal? >> Nine years. >> Nine years. You like that? What do you. like about that? Is it the interaction. with the people? Is it the tips? Is it.

stealing a couple of French fries? What. do you like about being a door dasher. there? >> I typically take four fries. I lick the. burrito. >> Okay. Licking burritos. Did he just say. licking burritos? >> This is why we need robot delivery. Robot delivery drivers. I mean, it's. just. >> coming. >> It's coming. Okay. >> We don't want our French fries being. licked. >> Let's get the music going here. This. startup once valued at 4 billion. >> Allowed you to talk to other people on. your mobile device during co and you. could listen to mid VC. >> Yes. Yes. I got it. I got it. It's.

called. >> generic startup device. Can you name. that overvalued startup? >> Oh my god. It's called Clubhouse. >> Oh my god. He's on a heater. That's 200. points for Chim Polyatilla. Hey, that's. a lot of Door Dashes. He's going to do. very well here in the final round. >> That's an amazing memory. How How soon. we forget? I can't I couldn't replace. any of these names. >> Okay, finally streaming in from a potato. field at an undisclosed location in. Idaho. It's It's Dr. David. Freriededberg. Uh you're you're in the. potato sciences, correct, >> Mr. Freeberg? That's right. Potato.

>> Okay. You like the potatoes? You have a. favorite potato dish? Is it the. scallops? What do you like to do with. your potatoes? >> What is your name, Mr. What is the. host's name? What is your name, host? >> It is me, Jocular Jal. Let's go. Here we. go. It's Jocular Jal here at the helm. >> You like a certain type of potatoes. there? >> It's calacanis. And what do you like. there on the potatoes? What's your. favorite there? You like a creamy. mashen? Little little little little. cheesy. >> You're liking You like the cheese? Okay, very good. Okay, David, this startup was.

once valued at $270 million. This is. your favorite. I understand you're a. vegan. They sold juice. These juice. packages went into a juice machine. I. know. I know. I know. I know. I know. I. know. I know. I know. Branded as the. next iPhone. The iPhone of juice. Can. you name. >> Oh, I know it. >> I know it. >> I know it. I know it. Pick me. >> You'll have a chance to zero. Juice. That's 100 points. >> Wait, are you searching? It looks like. he's searching. >> Did he? Oh my god. Are you on your. device? >> He looked like he was on his device. >> Internet free. Internet free here.

All right, folks. There you have it. A. clear winner. Chamal Poly Hapatia. Tell. him what he's won. He's won a trip to. Temptations 2 in Cabo. You're going. directly to Temptations to an adult. resort. Uh that's for you and two of. your friends. Okay. Enjoy Temptations 2. Shalom. Polyapatia. >> Two of your friends. What a fun game. this is. >> You can bring your throppple. >> I think this is going to need to become. a regular feature of the pod. >> Okay, landed. Everyone Everyone forgets.

the unicorns that don't work. They just. like disappear into the ether. >> All right. All right. There you go. You. won a pier tear on a uh on a. >> tax bill in New York. >> You got a pier tear available to you as. your first place winner. Chimoth Poly. Hapia Door Dasher for Ela Pear. All. right. Listen. Uh there's been a lot of. shenanigans going down in DC, the most. boring city in the world, where. apparently everybody's uh getting a.

little frisky after hours. TMZ launched. a news bureau. Eric Slaw is out of the governor's race. There's a lot of dark stuff that's been. released. He is innocent until proven. guilty, but it's not looking good. >> He also resigned from Congress, Jal. >> And he resigned from Congress as well. And Freedberg. are investigative journalist now working. as a stringer for TMZ Freeberg. What. have you learned? What's in Freeberg's.

anything? I my um. >> Okay, you have an analysis then? Maybe. >> my anecdote on this is back in December. when. it was first rumored that Swallwell was. going to run for governor. I started. making some calls to various folks to be. like, "Hey, you know, what do we think. of this guy? Is he going to be a good. candidate?" You know, obviously I and a. lot of other people before they evacuate.

the state care a lot about the future of. California. So, I started checking. around. I spoke to several people who. independently told me that there's. knowledge about this guy sending, you. know, pics to employees and that this. guy has a bunch of stuff that's going to. come out about him. So, I heard all of. this not from one person, but from. several different sources. This was back. in December going into January. And I.

largely kind of dismissed it cuz I was. like, if this is true, this would have. all come out already. I'm like, there's. no way this is true. If it was true, like people would have talked about it. They would have made a thing about it. If multiple people are telling me about. this, then I've got to assume that it's. a rumor that's being used to block him. from running for governor versus it. being a real thing because multiple. people have this knowledge and this. information. So, this was December, January where I had these conversations. and at that point, nothing had come out. So, I was like, "Okay, it doesn't seem. like this is real." And then everything.

that I had been told started to come out. in the last week. So the striking aspect. of all of this for me was how much. knowledge there was about these various. incidents with the guy. How so many. people had this knowledge and how no one. had actually brought the knowledge to. bear. Which begs the question, why did they not do what was right by. the victims? Or why did the victims sit. on the sidelines waiting for the right.

moment to all come out together? because. this was broad knowledge within a. community of people and they made the. choice not to bring it forward with that. knowledge. And that's what was so. striking to me about this whole thing. I. had honestly dismissed the whole thing. as just being rumoring to try and. bismerch the guy. And it turned out that. these were all being held back. purposefully and deliberately for a very. particular moment in time when they were. all brought forward to be used. >> And let me just be clear, these are all. allegations. Nothing's been proven in. court. He does get his day in court.

etc. We just want to make sure there's a. bunch of alleged here. >> Yeah. No matter how bad and all that I'm. saying is that people had told me about. these supposed claims 5 months ago, four. months ago, multiple people, and had. chosen not to bring it forward. And that. the victims had not come forward. publicly with these claims. And then. there was this coordinated effort to. bring everything forward at the same. moment. And that's what was so striking. to me is just how coordinated all of. this happened. >> Who's controlling it? Who do you think.

like is there like a meeting? Is there. like a a counseling. >> Nancy Pelosi? >> Jesus Christ. It's so. >> I don't know if that's true. >> Well, I don't not just her. >> I'll tell you my sense of it. My sense. of it is that there are certain insiders. and he's not an insider. And those. insiders are like the Katie Porters of. the world. Katie Porter, I think, is who. the Democratic establishment wants to be. governor. She's an insider to national. Democrats. She's an insider to. California Democrats. And I think that.

she's the preferred candidate. Tommy. Styer, she's a spousal abuser. >> I don't know that Katie Porter is like. this ultimate insider, but I think there. are, look, there are clearly insiders. The Democratic Party is a machine that. exists to siphon off as much money as. possible from the public till the. interests that support the party and. it's their gravy train. And they're not. going to let anyone stop. >> The Dems Sachs, I don't know if it's. just the Dem. >> Hold on a second. They're not going to. let that gravy train stop for one. second. Now, the Democratic party had a. huge problem in this California.

governor's race, which is that the. Democratic field was very fragmented. And so, the two Republican candidates. actually were polling the highest. And. so, that just so the viewers have. context, California has this weird. jungle primary system where the top two. go to a runoff. They don't have a. Democrat lane and a Republican lane. They just take the top two jungle. primary and then they go to the runoff. Even today still Hilton and was it. Bianca or whatever they are polling at. both around like 14 or 15% and if the.

election were held today you'd have two. Republicans in the runoff. So the. Democrats needed to winnow the field. down and have fewer candidates. In. addition to that, they must have been. concerned that all this oppo on sua. would come out once it was him versus. say Steve Hilton and they didn't want it. to come out later when they could lose. the election. So the powers that be made. the decision to lance the boil probably. there was a conversation with him to. tell him to get out of the race. He.

didn't listen. And by the way, remember. this feels a lot like what happened with. Joe Biden when he had to drop out of the. presidential race. That sounds. surprisingly like that. >> The whole Democratic establishment and. all the mainstream media were saying. that Biden was sharp as attack. Okay. And then he had that disaster debate. performance with Trump and it became. clear. Yeah. And you could just see the. text messages were flying during the. debate between the Democratic Party. insiders. And by the time that debate. was over, they had congealed on a new.

position, which is that Biden had to. step aside. And then Nancy Pelosi was. reported as having gone to the president. and said, "We can do things the hard way. or the easy way." Imagine that. Like. telling the president of the United. States, "We can do things the hard way. or the easy way." And then Biden. disappeared for a week and magically he. stepped aside by tweets. Remember that. he published a statement that appeared. to be done by an autopin. People were. speculating whether he was even behind. this or whether the staff pushed him to.

do it. The whole thing was extremely. weird. But he, you know, was clearly. muscled out of it. Just a few days. before he had said, "I'm not leaving the. race no matter what." I mean, it was. like straight out of that Wolf of Wall. Street meme. They're not getting me out. of here. And then a few days later, he's. resigning by tweet. And again, Nancy. Pelosi appears to be the figure at the. center of both these things. She was. hold. on a second. Pelosi is reported as. having been Swallwell's mentor. I guess.

she found him roughly 20 years ago to. run for Congress in the first place when. the Republicans wanted to kick Swell off. of the intelligence committee, the House. Intelligence Committee for allegedly. being involved with that Chinese spy. Fangfang. It was Pelosi who protected. him. So, she's sort of been a central. figure in his career. I'm not saying she. approved of anything he did. But. >> listen, politics is. >> But there's no there's no way that that. button gets pushed without going to.

Pelosi for the sign off, right? I mean, she's like the boss of this operation. And I think that the same thing happened. to Swallow that happened to Biden is. they went to him and said, "We can do. things the hard way, the easy way." He. was too dumb to listen and they did. things the hard way. >> Yeah. Shout out Nancy Pelosi, incredible. day trader. And uh shout out to a friend. of the pod Ro uh Row who's now beaten. Nancy Pelosi. I think his trades this. year he's uh he's actually even beaten. >> Nancy Pelosi. That was the Roana has.

traded $600 million of stock. >> He trades more frequently than Citadel. Securities. >> I mean it's incredible. Yeah. Where's. his piter? >> I want to get in on it. >> The congressman you've been supporting. for years is a great stock trader. He's. apparently we should have been talking. to him not about taxes. We should have. been talking to him about trades. >> There were things I liked about Roana. I. mean he he did support freedom of speech. with the whole Twitter thing. >> You know what it was is that the Overton.

window shifted so much. >> He supported him. >> Yeah. When I supported Roana, freedom of. speech was a big issue and he was one of. the only Democrats to support that. He. was also, I think, the only member of. the progressive caucus to support a. diplomatic track for Ukraine, which I. supported and I gave him credit for. that. And yeah, I knew that he was in. favor of a wealth tax, but I thought. that was just a very unserious proposal. that, you know, it wasn't in play in any. way. Well, the Overton window shifted so. much that now the wealth tax really is a. possibility. So, you know, things have. changed.

>> Here it is. Shout out to our boy Ro. Kana. Look at this. Right about now, Chimat's thinking about making a. managing director offer here. I mean, Ro, if it doesn't if you get booted out. of office, you could become a managing. director. >> at Alt Catholic. Statistically, like. even if you had insider information, making that much money is like very. hard. >> Holy cow. Nancy Pelosi is going to. shiver Roana next for not giving her the. uh giving her the inside track on. whatever he's betting on. What did he.

bet on? >> Well, look, any any, as we all know, any. investor can have a good quarter or a. year. But to put up the kind of returns. that Nancy Pelosi has done over decades. is nothing short of miraculous. >> It's generational. It's a generational. run. Give her her flowers. >> She's substantially better than Warren. Buffett. >> I mean, Warren Buffett, Stan, Dr. Miller, and Nancy Pelosi are three of. the most accomplished investors of all. time. >> Whatever you did to the poor Buffett. fans, Chimath, they are incredibly angry.

at you for desecrating his legacy. >> I didn't desecrate his legacy. I pointed. out one unavoidable fact which is his. returns are biodally distributed pre and. postreg. >> When you have to follow the rules of. disclosure, everybody's returns got. kneecapped. When there was no disclosure. rules, his returns were off the charts. That's. just a mathematical truism. Now, what's. interesting to note is the reason why.

Nancy Pelosy's returns are so. consistently good is reggga FD does not. apply to people in Congress. That should be the takeaway. They can. learn things. >> We got to stop them. >> They can learn things in their committee. meetings. In fact, there are situations. where things are disclosed and then they. are trading in real time. >> Shout out to the skiff. Yeah, get out of. the skiff quick and get that trade in. >> So, I have enormous respect for Warren. Buffett and what he's done. It's it's. he's he's the goat of goats, >> but the returns postreg are they are. just materially worse than they were.

preregg. And that's. >> what's he going to do with that cash. position? And Jamat speaking of Buffett. they. >> the market the market. >> 300 billion sitting there. >> the market is in a very complicated. moment right now if you look at. historical indicators of value so if you. look at Schiller as an indication of. value it's peaking. if you look at the Buffett index it's. peaking so there are things that when. you look at it look like all-time highs. and the problem with that is you would.

say oh man But there's this weird. dispersion happening in the market. Dispersion means literally a few. companies are hitting all-time highs. I. think it's like eight or nine and. everybody else is not. So, it's a really. complicated moment. It's hard to. understand what's going on, but he's got. a lot of cash. If he's sticking to his. knitting, he's looking at the chiller. index and he's looking at his own. indicator which shows all-time highs and. he's waiting for a correction. >> He's not really in charge anymore. Like. Berkshire Hathaway is not Warren Buffett.

anymore. Even though he's a big owner, he's not really doing it. >> But I mean, the fact that they're. sitting on that massive pile of cash. says something that they're not putting. it to work in the market says they don't. see an opportunity yet. Saxs, Travis, I'm curious your takes. Uh either one of. you can go in whichever order you want. on how is the market crushing it while. we're in week seven of a war and we put. a hundred billion dollars or something. into this military activity in Iran and.

the market is pricing it in shrugging it. off and we're hitting all-time high sex. I don't know if you're feel first. >> Yeah. I mean, look, I think it's pretty. straightforward, which is that in the. wake of the meeting in Islamabad that. the market is feeling confident and. pricing in that the war is going to get. resolved. The president also recently. said that it's very close to being. wrapped up. The military objectives are. close to being achieved and he's made it.

sound like it's going to be resolved. Yes. a deal was not signed in Islamabad. I always thought that was an unrealistic. expectation that these two countries. which are at war with each other and in. fact have had hostile relations for. almost 50 years are going to resolve all. their differences in 24 hours is not. realistic. But the impression that the. market I think has and clearly is. trading on this is that that war is. going to be what Donald Trump said which. is an excursion and something that is on. its way to being resolved that they've.

made progress. And Jal, you're right. The whole week has just been in. incredibly strong. I think by Tuesday, the market had recovered all of its. losses since the start of the war. I. think it made a new high yesterday on. Wednesday and is making new highs, fresh. highs today on Thursday. So, you just. have to say that at the present time, the market thinks, and I I would. consider the stock market to be the. ultimate prediction market, that this. war is on its way to being resolved.

Just to qualify, I'm not speaking as a. member of the administration. I'm not. saying that I know something. Okay? I'm. just interpreting what the market is. >> No clipping. >> I'm not representing anyone and I don't. know anything different than what any of. you know. I'm just saying that I think. this is what the market is clearly. pricing in and I'm paying attention to. what the statements are of the president. and vice president. And this Travis, you. and I were talking the other day while.

you were. >> Yeah. >> slaughtering me in back gammon when you. won our eight-point match. You're almost. caught up. >> about the taco trade, not Trump always. chickens out. You have a theory about. Trump always cares about optics. Unpack. it for us, Travis. >> Yeah. So while I was beating you back. Ammon. >> I sort of had a you know there's like. the in because Jay Kal asked me and the. insight is is like and I think this. maybe is just the more simple view of.

things which is Trump's weather vein is. the stock market like we see VA is up we. see the VIX is really high but you know. what the S&P is trading in this band. that's actually fairly tight given the. crazy that's going down and. everybody's nervous nervous, but. actually he he moves in the policy. space. He's he's he he does not let the. S&P go down too low. People also get the. sort of the panicking thing now, which. is like he gets people nervous. He makes.

moves and then he comes back to sort of. reality and gets things done is. practical and and probably the the. better parts of what he he might be, you. know, what he does well and people are. pricing that in. So there's there's all. the things Sax is saying about the. nuances and the details, but the sort of. super highlevel like I'm in low earth. orbit view is like the stock market is. Trump's weather vein and he will go to.

the place that makes the stock market. come up and if he's go and and if it's. up and it's too high, he almost feels. like it's too easy. So he makes it hard. on himself again and then he brings it. back up and the traitors are getting. used to it I think. >> Yeah. It's like playing Chimoth with. Alan Keading. It's just like how is this. guy solvent? He's literally playing. every hand of poker. He's losing tons of. money and then all of a sudden by the. end of the night he hits two big pots. and he's got the nuts both times and he. pulls out of the stall. What's your take. on the market today?

Yeah, I mean I'll just do it again, but. I think the the Schiller PE Nick I sent. it to you shows near all-time highs. Then the second is the Buffett index, which is the sum of all uh US equities. divided by GDP is also at all-time. highs. So this would generally mean that you. need to be increasingly a little bit. more riskoff. But then the opposite side. of that and I sent you a third one and. this is why it's so confounding is you. have signals showing everything which is.

which typically doesn't happen and this. is this dispersion point where when you. see this performance and it's up 5%. in the first you know half of April. typically the market is up almost 32% on. average for the rest of the year and we. were already up as Sax said you know 7. and a half% already. >> trying to read this graph this is crazy. I don't even know what's going on This. is just the this is just a dispersion. But the the the idea of all of this is I. think we're in a moment where you can.

find a piece of data to underwrite your. bias. And I think that's where there's a. lot of danger. I don't know for me. personally I'm generally more risk off. right now and more importantly I'm. waiting for these IPOs so that I can to. be very honest with you delever and get. some chips off the table. I think that. it is crucial that the SpaceX IPO get. done ASAP and then I think it's even. more crucial that one of anthropic and.

OpenAI frontr run the other one and get. out first. >> and the first two charts are the reasons. why I it's fairly obvious to me what's. going on here. You you have uh these. multiple trends going on at the same. time. The reason people and traders are. valuing this and I think there is some. smart money in the market right now is. what you're seeing in terms of the. earnings potential of these companies as. they deploy AI as they have unlimited. intelligence and the top employees at. the top companies become 10 or 20 or 30.

times more productive that's never been. seen before. Microsoft Office may have. made you 30% more efficient. The. internet may have made you 50% more. efficient but none of these things made. you 10 times. And you had a really. interesting point that you slipped in. earlier, Chimoth, which was nobody knows. how to harness these things yet, right? And it's producing slop. The truth is. 10% of people do know how to harness it. 20% maybe. And I watch this in my own. organizations and I watch it in 600. portfolio companies. The ones that do. deploy it correctly, they are running.

the table on the ones that are not. So. the efficiency boom that we're going to. see at these companies, whether it's. Meta or Uber or Airbnb, whoever executes. it properly, is going to be phenomenal. The earnings will be insane. >> Maybe I'm an idiot, but it has not. translated into a tsunami of more. revenue and more profit for me yet. Maybe I'm the only one and maybe it's. everybody else but me, but I haven't. seen it. >> I see it in a lot of companies. So I. think in private companies we have two.

companies as just two examples. Micro. one, which is doing data, you know, dark. pools of data for these language models. And they have built technology that. allows them to build data and allows. them to collect data to help the large. language model companies grow. And they. are on a tear by using this to identify. and find great people who can then. contribute to these corpuses. And then. we have one tax GPT that is making the. accountants, I think they have six or 7%. of all accountants using their platform. Jason, you agree? They're just ripping.

accountants. I hope you can agree with. me with the following statement. Small companies nibbling at the edges is. not where these guys will build a multi-. trillion dollar market cap. >> I think we're we're both in alignment. Big companies, dumb companies, slow to. implement the technology. Startups. No, they aren't implementing new technology. They're always the lagards when it comes. to implementing new technology. >> The reason that they are slow is not. because they are dumb. The reason that. they're slow is their business is much. more sophisticated and much more. complicated than many other businesses.

And what I'm saying is if you can't. prove that this works in the big time, prime time, big league use cases, it's a. toy. All right, Saxs, where where do you. stand? Are you in the Jal position? The. startups are showing the way. They're. being massively efficient. They're. growing revenues like we've never seen. in the startup community before with. less people. Or you in the Chimoth camp, hey, big companies are not having a drop. to the bottom line and they're smart. Or. both things are true. Where do you. stand, Sax? be the uh adjudicator of. this case.

>> I mean, honestly, I'm probably closer to. you, Jal. I hate to say that. Um, >> listen, >> because look, I think people are still. figuring out how to drive business value. out of AI and change management is hard. and the bigger the company, the harder. it is. So, what's happening right now is. there are a lot of transformation. projects at large enterprises that are. failing. There's like a big Mackenzie. study on that. But if you look at. activity from the bottom up, I think. it's very interesting and it's becoming. more interesting. And over the last.

several months, obviously with coding. reaching a new level, we're starting to. see very interesting things happening. there. And obviously the revenue that's. now being generated from these coding. models is, you know, again, it's. exponential like we've never seen. before. So the ROI. is finally there at the model layer. Meaning before, you know, people were. were saying that it's a bubble because. >> you had all this massive capex at the. data center level and there was no ROI. coming at the model layer. Now we have.

the ROI at the model layer and I guess. we're sort of questioning whether the. ROI will be there at the application. level. But any event, I think things are. progressing. I mean, look, I. fundamentally I'm bullish on this whole. thing. >> Okay. No, let me be clear. Hold on. Hold. on. >> Okay. Obviously, I'm bullish. I'm in. this I'm in the space. I'm doing it. you're in the arena. >> We have seen in every single wave in the. mobile wave, we needed consumers to show. up at scale. So, we needed consumer. experiences. And it was very obvious.

that there were these consumer. businesses that were going to be, if not. already, incredibly, incredibly. profitable. Google and Facebook were. profitable within the first few years. They never looked back. And all I'm. trying to point out to you guys is there. is not one great example yet. If we. believe enterprise is where all the. money is and if we believe that's what's. going to underpin these trillion dollar. valuations, just please somebody show me. a couple of good examples of scaled. profits. >> Okay, fair enough. Travis, uh, final.

word here on. >> By the way, can I say one other thing? I. think I think Chimath has a good point. about being riskoff right now because if. you just look at valuation metrics, they. do seem to be quite high and I've seen. other uh versions of those metrics as. well. So, look, it's very very hard to. time the market. I don't try, but I. think you could make an argument just. based purely on valuation levels, not. events, that you want to adopt a more. conservative posture right now. I I. think the bet you're making then,

Travis, is are these valuations. so high right now on the standards that. the. efficiency that AI could bring to these. companies is uh not real enough to. continue the growth from here. It's not. a catalytic enough technology. And you. know, when you look at. >> No, it's the opposite. No, all all these. traditional companies have horrible. valuations. They've been crushed. So my. point is if AI is real, the upside is. also real. All I'm saying is.

>> the details guys matter. It's very hard. to take a very complicated business and. all of a sudden quote unquote transform. it. >> It's not as easy as it sounds. That word. easy to say. >> for sure. Travis, go ahead. Final word. Final word from Travis. Couple things. First is when it comes to big companies, I think the big thing about let's call. it the the autonomous enterprise is. change management. is the big boy. And. and change management actually is about. all the people that already work there,

the middle managers, the technocrats, the bureaucrats, the whatever, the. >> getting the change management going. The. change management going there is it's a. human thing and it's very tricky with. very complex processes, many of which. are not even documented. And in theory, it's just all going to happen real fast. But in practice, like that's hard. So. that that's part one. Part two, what I'm. seeing with true tech companies, >> real companies, public, I would say.

public like hardcore public companies. I. mean like you know founder, you know, folks that are really cranking public. companies and tech companies that are. sort of upandcomers. I talked to CEOs across the board and. they're like they are fired up about the. development the sort of the the. productivity and deployment schedule and. like the new features they were able to. roll out much much much faster because.

they've pivoted their culture sort of. very pro- AI development. Um, and I'm. getting like almost at this point a. consistent feedback from real founder. CEOs that like this stuff's real and. it's it's it's not just hype. Now, there. are folks pushing, you know, selling. their book that are like, "Oh, we're at. AGI and all this." Anybody who's worked. with these agents and done the AI dev. stuff,

there's a lot of good stuff, but they're. not they're not that smart yet. They're. just not that smart. Anybody who's done. like I got a side quest where I'm just. investing. I have agents investing and. betting on Kali and Paulie and you know. these other places and it's silly how. dumb the agents are. Even their best. agents to be honest. >> Yeah. >> The agents are what you you have to be. human in the loop with the agent. The. agent has no taste. The agent can do.

repetitive tasks. the agent is not going. to do something novel and they quickly. can get lost in the forest. >> We had to spend a lot of time we had to. spend a lot of time with our investing. agents getting them on board with the. idea that if you want to make money. investing, you can't be on both sides of. the same bet. >> Yeah. >> You know what I mean? >> There it is. >> It's just like that. That's where we're. at. It's the AGI is not here and it's. kind of silly for folks, I think, to. sort of suggest it is.

>> Absolutely. Hey guys, we got a wrap. Travis, you didn't get to play uh the. price is wrong. I have two more. You. guys want to do a bonus round of the. Price is Wrong? >> Yeah, do it. Do it. See if See if Travis. gets it. >> Okay, two more. But you guys can steal. You guys can steal here. Let me get my. back. I got to give me the music. Travis, you're going to get to do the. bonus round here. >> Let's go. >> Hello everybody. We got Travis Kalanick. He's here. He is a professional water. sports player from Tallahassee, Florida. Uh, how is it down there in Tallahass,

Florida? I understand you do a little. handy work uh to pay the bills, but you. spend your most of your time out there. on the lakes and the oceans doing water. sports. Yeah, you like the water sports. >> I love the water sports. I I doing water. ski lessons on the weekends. Anybody's. interested? >> All right, I'll be out there uh at. Tallahassee, Florida. Okay, now here we. go. It's your job to figure out the. price is wrong. The price is wrong. Here we go. >> It's so funny. The. >> price is wrong here. Here we go. This is.

your bonus round. >> Yeah. >> All right. This startup raised $900. million. >> at a $9 billion valuation. This is a big. one. >> This is a big one. Before dissolving in. 2018. >> and their famously deep voiced founder. CEO. >> is currently serving an 11-year sentence. in a federal prison. >> Yes. >> Can you name that mispriced startup? You. name the mispriced story. >> It rhymes withinos.

>> Okay, you're you're closing in here. Be. careful. You have to formulate a. question. You could lose twist the. >> final answer. Theronos. >> Ferrronos. Okay, very good. 100 points. You're on the board. And here is your. next one. This is your next one. >> Okay, this is the overtime. All three. players get to play this one. Whoever. zooms in first and says it, this is your. final. That's the mispriced startup here. The. price is wrong on this startup. Here we. go. >> Come on, you can do this. Come on,

Jimoth. >> You got this now. Here we go. >> You can do this. >> This short form mobile first streaming. platform raised 1.7 billion. >> from top investors. Jeffrey has got the. the the the uh what is it? >> You got to YELL IT OUT. TOP INVESTORS. ACROSS Silicon Valley and shut down in. just 6 months. >> Quicky quickie. >> quickie. Wrong. David Sax wrong. company. JEFFREY JACKSONBY. WINS.

>> YES. >> There's your champion everybody. Let's. tell him what he won. He uh apparently. he's won a Pier. in downtown uh East Austin. A Pier in. East Austin by the airport. God knows. what shenanigans are going down there. I. think if you need methamphetamine or a. date, you're going to have an easy time. there. Chimoth. Okay. Oh, hey, Chimath. Um, I'm getting hammered with people who. want to come to the soldout liquidity. 500 was the cap you put on it. You've. been around as dictator. Can we.

add 50 seats? >> I think we can add 50 or 100. I don't. know. Lisa, can we add 100? >> Get a Simocast room going. All right, we'll see you all. Oh, and the All-In. Summit tickets are on sale. Go to. allin.com. Uh, and yeah, don't get shut. out of the summit, folks, because this. happens every time. You guys email me. two months out, the tickets have been. sold out for four months. So, get your. tickets now uh at allin.com. Another. amazing episode and we'll see you next. time. Bye-bye. >> Bye-bye. >> We'll let your winners ride.

>> Rain. and we open sourced it to the fans and. they've just gone crazy with it. Love. you. Queen of. >> your. besties are gone. >> That is my dog taking your driveways. >> Oh man, my appetasher will meet me at. >> We should all just get a room and just.

have one big huge orgy cuz they're all. just useless. It's like this like sexual. tension that they just need to release. somehow. Wet your feet. >> We need to get merch. I'm going all in.