Software Stocks Implode, Claude's Hit List, State of the Union Reactions, Trump's Tariff Pivot

All right, everybody. Welcome back to All right, everybody. Welcome back to your favorite podcast, the AllIn your favorite podcast, the AllIn your favorite podcast, the AllIn podcast. Today we have a conspiracy podcast. Today we have a conspiracy podcast. Today we have a conspiracy corner episode for you. We're going to corner episode for you. We're going to corner episode for you. We're going to go over the 9/11 inside job. We're going go over the 9/11 inside job. We're going go over the 9/11 inside job. We're going over flat earth, JFK assassination. It's over flat earth, JFK assassination. It's over flat earth, JFK assassination. It's going to be all conspiracy all the time going to be all conspiracy all the time going to be all conspiracy all the time after our amazing blockbuster episode after our amazing blockbuster episode after our amazing blockbuster episode during Ski Week. We're going all during Ski Week. We're going all during Ski Week. We're going all conspiracy here. Our guest today, Alex conspiracy here. Our guest today, Alex conspiracy here. Our guest today, Alex Jones. Jones. Jones. >> How many views did it get? Nine views. I >> How many views did it get? Nine views. I >> How many views did it get? Nine views. I mean, it's tough when you have one out mean, it's tough when you have one out mean, it's tough when you have one out of four besties. It doesn't Michael of four besties. It doesn't Michael of four besties. It doesn't Michael Tracy is on standby. Tracy is on standby. Tracy is on standby. >> Not true. I can carry an episode for at >> Not true. I can carry an episode for at >> Not true. I can carry an episode for at least 400,000 views. least 400,000 views. least 400,000 views. >> I mean, you might. You might. I like >> I mean, you might. You might. I like >> I mean, you might. You might. I like your Hey, for people who don't know, your Hey, for people who don't know, your Hey, for people who don't know, Jimoth has his own YouTube channel. He's Jimoth has his own YouTube channel. He's Jimoth has his own YouTube channel. He's got his escape hatch for when this train got his escape hatch for when this train got his escape hatch for when this train wreck burns to the ground. He started wreck burns to the ground. He started wreck burns to the ground. He started his own YouTube channel. He's hedging his own YouTube channel. He's hedging his own YouTube channel. He's hedging his bets. Freyberg's working on his solo his bets. Freyberg's working on his solo his bets. Freyberg's working on his solo project. Everybody's doing solo project. project. Everybody's doing solo project. project. Everybody's doing solo project. The band's got a lot of solo projects. The band's got a lot of solo projects. The band's got a lot of solo projects. >> The Beatles are experimenting. The >> The Beatles are experimenting. The >> The Beatles are experimenting. The Beatles. Beatles. Beatles. >> They're experimenting. We had a little >> They're experimenting. We had a little >> They're experimenting. We had a little Yokoono situation going on here. You Yokoono situation going on here. You Yokoono situation going on here. You know what the number one topic for this know what the number one topic for this know what the number one topic for this show was by the all-in AI bot sacks. show was by the all-in AI bot sacks. show was by the all-in AI bot sacks. >> What's up? >> What's up? >> What's up? >> The number one was Daario versus Hegs, >> The number one was Daario versus Hegs, >> The number one was Daario versus Hegs, the uh Department of War versus the uh Department of War versus the uh Department of War versus anthropic was the number one topic anthropic was the number one topic anthropic was the number one topic selected by our AI bot as a programming selected by our AI bot as a programming selected by our AI bot as a programming note for folks. That decision will be note for folks. That decision will be note for folks. That decision will be made end of the day Friday when this made end of the day Friday when this made end of the day Friday when this podcast comes out. So, we will talk podcast comes out. So, we will talk podcast comes out. So, we will talk about it next week. But, let's get to about it next week. But, let's get to about it next week. But, let's get to work. We've got a full docket. The work. We've got a full docket. The work. We've got a full docket. The clawed kill list has expanded and an AI clawed kill list has expanded and an AI clawed kill list has expanded and an AI fanfiction substack tanked your 401k on fanfiction substack tanked your 401k on fanfiction substack tanked your 401k on Monday. Let's get into it. Anthropics Monday. Let's get into it. Anthropics Monday. Let's get into it. Anthropics generational run continues. They're now generational run continues. They're now generational run continues. They're now three for three in tanking different three for three in tanking different three for three in tanking different market sectors in February. market sectors in February. market sectors in February. Congratulations. This is like they they Congratulations. This is like they they Congratulations. This is like they they took the the mantle from Brad Gersonner took the the mantle from Brad Gersonner took the the mantle from Brad Gersonner uh tanking the market. uh tanking the market. uh tanking the market. >> The Enthropic list. >> The Enthropic list. >> The Enthropic list. >> It is February 3rd. Anthropic announces, >> It is February 3rd. Anthropic announces, >> It is February 3rd. Anthropic announces, hey, we got a legal plugin for Claude hey, we got a legal plugin for Claude hey, we got a legal plugin for Claude Co-work, Thompson Reuters, Lexus, Nexus, Co-work, Thompson Reuters, Lexus, Nexus, Co-work, Thompson Reuters, Lexus, Nexus, Legal Zoom, all down at least 10% since Legal Zoom, all down at least 10% since Legal Zoom, all down at least 10% since February 3rd. Then on February 20th, February 3rd. Then on February 20th, February 3rd. Then on February 20th, Claude Code Security is announced in a Claude Code Security is announced in a Claude Code Security is announced in a limited research preview. Stocks tank limited research preview. Stocks tank limited research preview. Stocks tank again. Crowd Strike, Cloud for Octa, all again. Crowd Strike, Cloud for Octa, all again. Crowd Strike, Cloud for Octa, all down. Then February 23rd, Anthropic down. Then February 23rd, Anthropic down. Then February 23rd, Anthropic announces Claude can modernize Cobalt announces Claude can modernize Cobalt announces Claude can modernize Cobalt databases. If you don't know Cobalt, databases. If you don't know Cobalt, databases. If you don't know Cobalt, that's the like oldest coding language that's the like oldest coding language that's the like oldest coding language in the world. That's where Sachs learned in the world. That's where Sachs learned in the world. That's where Sachs learned code when he was in college in the 70s. code when he was in college in the 70s. code when he was in college in the 70s. It's used for banking, payroll, It's used for banking, payroll, It's used for banking, payroll, government, government, government, >> healthare. >> healthare. >> healthare. >> Healthcare runs 95% of ATMs in the US >> Healthcare runs 95% of ATMs in the US >> Healthcare runs 95% of ATMs in the US and it powers social security payments. and it powers social security payments. and it powers social security payments. 85% of all coal code runs on IBM 85% of all coal code runs on IBM 85% of all coal code runs on IBM machines. So IBM decided they would tank machines. So IBM decided they would tank machines. So IBM decided they would tank 13% on Monday, their worst day since 13% on Monday, their worst day since 13% on Monday, their worst day since 2000. 31 billion in market cap losses. 2000. 31 billion in market cap losses. 2000. 31 billion in market cap losses. So let's stop here before I get into the So let's stop here before I get into the So let's stop here before I get into the fanfiction piece. fanfiction piece. fanfiction piece. What's your take here of what's What's your take here of what's What's your take here of what's happening in the market, Shmath? Is this happening in the market, Shmath? Is this happening in the market, Shmath? Is this simply people are looking for an excuse simply people are looking for an excuse simply people are looking for an excuse to trim their positions because things to trim their positions because things to trim their positions because things have been top ticking all-time highs and have been top ticking all-time highs and have been top ticking all-time highs and people are just looking for an excuse or people are just looking for an excuse or people are just looking for an excuse or is this reality? Is this the go forward is this reality? Is this the go forward is this reality? Is this the go forward reality that AI is going to compress reality that AI is going to compress reality that AI is going to compress these kind of stocks because it solves a these kind of stocks because it solves a these kind of stocks because it solves a lot of problems? lot of problems? lot of problems? >> I'm going to give you two explanations. >> I'm going to give you two explanations. >> I'm going to give you two explanations. I don't know what percentage I would I don't know what percentage I would I don't know what percentage I would allocate allocate allocate across the two, but I think one is across the two, but I think one is across the two, but I think one is tactical and one is much more strategic, tactical and one is much more strategic, tactical and one is much more strategic, but I think both are happening. The but I think both are happening. The but I think both are happening. The tactical one is that we are at a moment tactical one is that we are at a moment tactical one is that we are at a moment in time where a lot of the smart money in time where a lot of the smart money in time where a lot of the smart money hedge funds are starting to massively hedge funds are starting to massively hedge funds are starting to massively degross. And what that means is they're degross. And what that means is they're degross. And what that means is they're trimming a lot of positions and they're trimming a lot of positions and they're trimming a lot of positions and they're just taking on a lot less risk. Why? I just taking on a lot less risk. Why? I just taking on a lot less risk. Why? I don't exactly know. It could be don't exactly know. It could be don't exactly know. It could be motivated by the second thing that I'm motivated by the second thing that I'm motivated by the second thing that I'm going to talk about. But the point is in going to talk about. But the point is in going to talk about. But the point is in a deg risk and making your position sizes much risk and making your position sizes much smaller. So the longs become less long, smaller. So the longs become less long, smaller. So the longs become less long, the shorts become less short and you the shorts become less short and you the shorts become less short and you just shrink. And so there's just general just shrink. And so there's just general just shrink. And so there's just general downward pressure. That is a clear downward pressure. That is a clear downward pressure. That is a clear behavior right now. But I think the behavior right now. But I think the behavior right now. But I think the structural change is the more important structural change is the more important structural change is the more important one. And this is sort of what I talked one. And this is sort of what I talked one. And this is sort of what I talked about this morning. In a normal about this morning. In a normal about this morning. In a normal functioning market, functioning market, functioning market, what we are always debating is when a what we are always debating is when a what we are always debating is when a set of cash flows go from becoming set of cash flows go from becoming set of cash flows go from becoming highly confident to less highly highly confident to less highly highly confident to less highly confident. It's a when conversation. So confident. It's a when conversation. So confident. It's a when conversation. So when will Coca-Cola's cash flows be when will Coca-Cola's cash flows be when will Coca-Cola's cash flows be impacted? When will Eli Lily's cash impacted? When will Eli Lily's cash impacted? When will Eli Lily's cash flows be impacted? When will Meta's cash flows be impacted? When will Meta's cash flows be impacted? When will Meta's cash flows be impacted? And the answer to the flows be impacted? And the answer to the flows be impacted? And the answer to the when when when gets translated by the public markets gets translated by the public markets gets translated by the public markets into three things. Your price to into three things. Your price to into three things. Your price to earnings multiple where if you invert earnings multiple where if you invert earnings multiple where if you invert that number what that is equivalent to that number what that is equivalent to that number what that is equivalent to is the yield on the money that you get. is the yield on the money that you get. is the yield on the money that you get. Okay. So if you you know 20 times PE Okay. So if you you know 20 times PE Okay. So if you you know 20 times PE that's a 5% yield. that's a 5% yield. that's a 5% yield. The second is a revenue multiple. And The second is a revenue multiple. And The second is a revenue multiple. And the third is what's called your weighted the third is what's called your weighted the third is what's called your weighted average cost of capital. Which is to average cost of capital. Which is to average cost of capital. Which is to say, if you look at the next 20 to 30 say, if you look at the next 20 to 30 say, if you look at the next 20 to 30 years of earnings and you want to figure years of earnings and you want to figure years of earnings and you want to figure out what that is worth today, out what that is worth today, out what that is worth today, you have to discount all of these back you have to discount all of these back you have to discount all of these back and you have to assume and you have to assume and you have to assume a percentage of interest effectively a percentage of interest effectively a percentage of interest effectively that it takes to get there. And the that it takes to get there. And the that it takes to get there. And the basic math of this is that when you have basic math of this is that when you have basic math of this is that when you have a high whack, it's called, you're a high whack, it's called, you're a high whack, it's called, you're massively discounting these cash flows. massively discounting these cash flows. massively discounting these cash flows. When you have a low whack, you're When you have a low whack, you're When you have a low whack, you're assuming that these things are very assuming that these things are very assuming that these things are very durable. Okay. So, what is happening? durable. Okay. So, what is happening? durable. Okay. So, what is happening? We used to debate when this is no longer We used to debate when this is no longer We used to debate when this is no longer a when moment. The market is very much a when moment. The market is very much a when moment. The market is very much in an if mode. in an if mode. in an if mode. Are these cash flows durable at all? Are these cash flows durable at all? Are these cash flows durable at all? >> Could they fall off a cliff in year >> Could they fall off a cliff in year >> Could they fall off a cliff in year three? Is there some AI model that's three? Is there some AI model that's three? Is there some AI model that's going to come around the corner and going to come around the corner and going to come around the corner and obliterate this business without me obliterate this business without me obliterate this business without me knowing it? And because they've shifted knowing it? And because they've shifted knowing it? And because they've shifted into this if mindset, into this if mindset, into this if mindset, your risk becomes totally different. You your risk becomes totally different. You your risk becomes totally different. You have this event risk that you don't know have this event risk that you don't know have this event risk that you don't know how to price. And whenever the market how to price. And whenever the market how to price. And whenever the market shifts into that mode, what you see are shifts into that mode, what you see are shifts into that mode, what you see are that the holders of those equities want that the holders of those equities want that the holders of those equities want a massive margin of safety. What does a massive margin of safety. What does a massive margin of safety. What does that mean? They have to take pees way that mean? They have to take pees way that mean? They have to take pees way down. If you used to trade at 40, you down. If you used to trade at 40, you down. If you used to trade at 40, you should trade at 20. If you used to trade should trade at 20. If you used to trade should trade at 20. If you used to trade at 20, you should trade at 10. at 20, you should trade at 10. at 20, you should trade at 10. They take revenue multiples down. You They take revenue multiples down. You They take revenue multiples down. You used to trade at 10 times revenue. Now used to trade at 10 times revenue. Now used to trade at 10 times revenue. Now you're going to trade it three times. you're going to trade it three times. you're going to trade it three times. You take the whack way up. Used to be a You take the whack way up. Used to be a You take the whack way up. Used to be a 6% discounted weighted average cost of 6% discounted weighted average cost of 6% discounted weighted average cost of capital. You know what? I'm taking you capital. You know what? I'm taking you capital. You know what? I'm taking you to 12 or 13. That's the market's way of to 12 or 13. That's the market's way of to 12 or 13. That's the market's way of saying, I'm now debating saying, I'm now debating saying, I'm now debating if these things will even exist and so I if these things will even exist and so I if these things will even exist and so I need to give myself a huge buffer to own need to give myself a huge buffer to own need to give myself a huge buffer to own this stuff. this stuff. this stuff. >> That's what's happening right now. It >> That's what's happening right now. It >> That's what's happening right now. It has a lot of ripple effects that we can has a lot of ripple effects that we can has a lot of ripple effects that we can talk about. Freeberg and I have talked talk about. Freeberg and I have talked talk about. Freeberg and I have talked about this a lot. The most obvious about this a lot. The most obvious about this a lot. The most obvious impact is how these tech companies impact is how these tech companies impact is how these tech companies recruit and retain talent because the recruit and retain talent because the recruit and retain talent because the biggest thing that it starts to eat into biggest thing that it starts to eat into biggest thing that it starts to eat into are the cash flows of a business which are the cash flows of a business which are the cash flows of a business which really directly tied to stockbased comp really directly tied to stockbased comp really directly tied to stockbased comp and all this other stuff. But let me and all this other stuff. But let me and all this other stuff. But let me just stop there. So we are we have moved just stop there. So we are we have moved just stop there. So we are we have moved away from a when away from a when away from a when >> to now an if and I think that that is a >> to now an if and I think that that is a >> to now an if and I think that that is a very smart question to be asking. The very smart question to be asking. The very smart question to be asking. The answer may be from any of these answer may be from any of these answer may be from any of these companies that they will survive, but we companies that they will survive, but we companies that they will survive, but we don't know how long. And until that don't know how long. And until that don't know how long. And until that becomes clearer, you have to give becomes clearer, you have to give becomes clearer, you have to give yourself room to be wrong. yourself room to be wrong. yourself room to be wrong. >> You said when, then if. Did you mean if? >> You said when, then if. Did you mean if? >> You said when, then if. Did you mean if? >> No, no, no. >> No, no, no. >> No, no, no. >> To when? >> To when? >> To when? >> We we've always debated when. When will >> We we've always debated when. When will >> We we've always debated when. When will these cash flows disappear? Now it's these cash flows disappear? Now it's these cash flows disappear? Now it's like like like >> will they even exist? >> will they even exist? >> will they even exist? >> Got it. Okay. So the second part of the >> Got it. Okay. So the second part of the >> Got it. Okay. So the second part of the story Friedberg and Sachs is that a story Friedberg and Sachs is that a story Friedberg and Sachs is that a Substack post fanfiction Substack post fanfiction Substack post fanfiction uh taking place in the fictional 2028 uh uh taking place in the fictional 2028 uh uh taking place in the fictional 2028 uh global intelligence crisis went mega global intelligence crisis went mega global intelligence crisis went mega viral. 28 million views on X. It was viral. 28 million views on X. It was viral. 28 million views on X. It was posted Sunday night. It made the market posted Sunday night. It made the market posted Sunday night. It made the market tank on Monday. In this fictional tank on Monday. In this fictional tank on Monday. In this fictional Substack post, the author said there's Substack post, the author said there's Substack post, the author said there's going to be essentially a death spiral going to be essentially a death spiral going to be essentially a death spiral that happens because of AI. How does that happens because of AI. How does that happens because of AI. How does that work? Well, first, companies that work? Well, first, companies that work? Well, first, companies embrace AI. Everything goes right. embrace AI. Everything goes right. embrace AI. Everything goes right. They're able to cut staff. Their margins They're able to cut staff. Their margins They're able to cut staff. Their margins go up, similar to how Amazon has, you go up, similar to how Amazon has, you go up, similar to how Amazon has, you know, trimmed their white collar staff. know, trimmed their white collar staff. know, trimmed their white collar staff. Then they're so successful at this that Then they're so successful at this that Then they're so successful at this that they lose their customer base because they lose their customer base because they lose their customer base because consumers don't have discretionary consumers don't have discretionary consumers don't have discretionary funding to spend. Then it creates a funding to spend. Then it creates a funding to spend. Then it creates a death spiral where the companies keep death spiral where the companies keep death spiral where the companies keep deploying AI to try to hit the margins, deploying AI to try to hit the margins, deploying AI to try to hit the margins, cutting staff, and the entire economy cutting staff, and the entire economy cutting staff, and the entire economy collapses. Dr. Doom level stuff. collapses. Dr. Doom level stuff. collapses. Dr. Doom level stuff. Unemployment's at 10%, S&P goes down Unemployment's at 10%, S&P goes down Unemployment's at 10%, S&P goes down from 38% highs. After this piece came from 38% highs. After this piece came from 38% highs. After this piece came out which speculated that agents would out which speculated that agents would out which speculated that agents would get rid of all the 3% interchange fees get rid of all the 3% interchange fees get rid of all the 3% interchange fees and move everybody to settle and move everybody to settle and move everybody to settle transactions on stable coins. All the transactions on stable coins. All the transactions on stable coins. All the financial stocks got hit on Monday. Amex financial stocks got hit on Monday. Amex financial stocks got hit on Monday. Amex down 8%, Capital 1 down 8%, Mastercard down 8%, Capital 1 down 8%, Mastercard down 8%, Capital 1 down 8%, Mastercard 6%, Visa 4%, yada yada. Finally, this 6%, Visa 4%, yada yada. Finally, this 6%, Visa 4%, yada yada. Finally, this piece got a lot of push back. There was piece got a lot of push back. There was piece got a lot of push back. There was a silly piece in it or a section in it a silly piece in it or a section in it a silly piece in it or a section in it where they said AI agents would vibe where they said AI agents would vibe where they said AI agents would vibe code their way to displacing Door Dash. code their way to displacing Door Dash. code their way to displacing Door Dash. And uh that's kind of silly if anybody's And uh that's kind of silly if anybody's And uh that's kind of silly if anybody's run a networkbased business knows. Sax, run a networkbased business knows. Sax, run a networkbased business knows. Sax, I assume you read this piece or at least I assume you read this piece or at least I assume you read this piece or at least saw the fallout from it. What's your saw the fallout from it. What's your saw the fallout from it. What's your take? And then we'll go to you Freeberg. take? And then we'll go to you Freeberg. take? And then we'll go to you Freeberg. >> Yeah. Well, I I know that this uh >> Yeah. Well, I I know that this uh >> Yeah. Well, I I know that this uh Catrini article got passed around like a Catrini article got passed around like a Catrini article got passed around like a join at a Grateful Dead concert, but I'm join at a Grateful Dead concert, but I'm join at a Grateful Dead concert, but I'm starting to question how legitimately starting to question how legitimately starting to question how legitimately viral it really was. There's some viral it really was. There's some viral it really was. There's some information that just came out that the information that just came out that the information that just came out that the attribution of the article has been attribution of the article has been attribution of the article has been amended, meaning the co-authors have amended, meaning the co-authors have amended, meaning the co-authors have been amended to include a short fund been amended to include a short fund been amended to include a short fund that was shorting some of the names that was shorting some of the names that was shorting some of the names mentioned in the article. This is mentioned in the article. This is mentioned in the article. This is according to another post that just came according to another post that just came according to another post that just came out. According to this post, the out. According to this post, the out. According to this post, the authorship attribution attributed to authorship attribution attributed to authorship attribution attributed to market moving was changed after market moving was changed after market moving was changed after publication of the co-author is the publication of the co-author is the publication of the co-author is the managing partner of a $262 million SEC managing partner of a $262 million SEC managing partner of a $262 million SEC registered hedge fund who confirmed registered hedge fund who confirmed registered hedge fund who confirmed short positions in the companies the short positions in the companies the short positions in the companies the report named. So I think that's point report named. So I think that's point report named. So I think that's point number one is I just wonder did this number one is I just wonder did this number one is I just wonder did this article truly go viral or did the article truly go viral or did the article truly go viral or did the authors do anything to kind of amplify authors do anything to kind of amplify authors do anything to kind of amplify it and we just don't know the answer to it and we just don't know the answer to it and we just don't know the answer to that question. But regardless of that, that question. But regardless of that, that question. But regardless of that, let's just take the arguments on their let's just take the arguments on their let's just take the arguments on their face. I think one of the best responses face. I think one of the best responses face. I think one of the best responses to it was by another writer named Derek to it was by another writer named Derek to it was by another writer named Derek Thompson who wrote a article called Thompson who wrote a article called Thompson who wrote a article called Nobody Knows Anything, which I think is Nobody Knows Anything, which I think is Nobody Knows Anything, which I think is a reference to a famous take by a reference to a famous take by a reference to a famous take by legendary Hollywood writer William legendary Hollywood writer William legendary Hollywood writer William Goldman. Goldman. Goldman. >> Yeah. >> Yeah. >> Yeah. >> In any event, what the article says is >> In any event, what the article says is >> In any event, what the article says is no one really knows what's going to no one really knows what's going to no one really knows what's going to happen with AI in two years, never mind happen with AI in two years, never mind happen with AI in two years, never mind 20 years. And so they resort to science 20 years. And so they resort to science 20 years. And so they resort to science fiction writing masquerading as fiction writing masquerading as fiction writing masquerading as analysis. And the author here, Derek analysis. And the author here, Derek analysis. And the author here, Derek Thompson, says that the conversation Thompson, says that the conversation Thompson, says that the conversation about AI is really just a marketplace of about AI is really just a marketplace of about AI is really just a marketplace of competing science fiction narratives. competing science fiction narratives. competing science fiction narratives. And he says, "That's not to say I think And he says, "That's not to say I think And he says, "That's not to say I think the technology is a parlor trick, but the technology is a parlor trick, but the technology is a parlor trick, but rather that the level of uncertainty is rather that the level of uncertainty is rather that the level of uncertainty is so high and the quality and supply of so high and the quality and supply of so high and the quality and supply of real world real-time information about real world real-time information about real world real-time information about AI's macroeconomic effects so poultry AI's macroeconomic effects so poultry AI's macroeconomic effects so poultry that very serious conversations about AI that very serious conversations about AI that very serious conversations about AI are often more literary than genuinely are often more literary than genuinely are often more literary than genuinely analytical." So in other words, what analytical." So in other words, what analytical." So in other words, what he's saying is, look, this guy is he's saying is, look, this guy is he's saying is, look, this guy is writing very compelling science fiction, writing very compelling science fiction, writing very compelling science fiction, but there's no real analytics behind it but there's no real analytics behind it but there's no real analytics behind it to defend it. And yes, this could to defend it. And yes, this could to defend it. And yes, this could happen. Here's a prediction market on happen. Here's a prediction market on happen. Here's a prediction market on whether people believe the Catrini whether people believe the Catrini whether people believe the Catrini report's going to come true. Something report's going to come true. Something report's going to come true. Something like 12% believe the Catrini scenario is like 12% believe the Catrini scenario is like 12% believe the Catrini scenario is going to happen. But the truth is, no going to happen. But the truth is, no going to happen. But the truth is, no one really knows. I mean, there's other one really knows. I mean, there's other one really knows. I mean, there's other dueling science fiction narratives where dueling science fiction narratives where dueling science fiction narratives where AI is going to create such a world of AI is going to create such a world of AI is going to create such a world of abundance that we're not going to need abundance that we're not going to need abundance that we're not going to need for anything. And just by the way, Derek for anything. And just by the way, Derek for anything. And just by the way, Derek Thompson is one of the abundance guys Thompson is one of the abundance guys Thompson is one of the abundance guys with Ezra Klein. with Ezra Klein. with Ezra Klein. >> This is why the market's getting >> This is why the market's getting >> This is why the market's getting whacked. I think that you're right, whacked. I think that you're right, whacked. I think that you're right, Saxs, nobody knows. So, if you can get Saxs, nobody knows. So, if you can get Saxs, nobody knows. So, if you can get 5% for owning government bonds, why are 5% for owning government bonds, why are 5% for owning government bonds, why are we taking excessive risk here? we taking excessive risk here? we taking excessive risk here? >> Yeah. Let me just build on your point >> Yeah. Let me just build on your point >> Yeah. Let me just build on your point about SAS. So the reason why there's so about SAS. So the reason why there's so about SAS. So the reason why there's so much uncertainty around SAS is that SAS much uncertainty around SAS is that SAS much uncertainty around SAS is that SAS used to be such a easily modeled and used to be such a easily modeled and used to be such a easily modeled and predictable category and you know I saw predictable category and you know I saw predictable category and you know I saw as a VC we saw the same story play out as a VC we saw the same story play out as a VC we saw the same story play out across many many different categories of across many many different categories of across many many different categories of software. You'd have this initial period software. You'd have this initial period software. You'd have this initial period where there'd be this experimentation where there'd be this experimentation where there'd be this experimentation phase you have a bunch of different phase you have a bunch of different phase you have a bunch of different products that come to market. There'd be products that come to market. There'd be products that come to market. There'd be a battle and then the market would a battle and then the market would a battle and then the market would eventually settle and they'd be a eventually settle and they'd be a eventually settle and they'd be a category leader and they would capture category leader and they would capture category leader and they would capture most of the market share and the vast most of the market share and the vast most of the market share and the vast majority of the market capitalization majority of the market capitalization majority of the market capitalization and they would have very very and they would have very very and they would have very very predictable metrics. It was very easy to predictable metrics. It was very easy to predictable metrics. It was very easy to grade a SAS business. You look at ARR, grade a SAS business. You look at ARR, grade a SAS business. You look at ARR, you say annually recurring revenue. You you say annually recurring revenue. You you say annually recurring revenue. You look at the net dollar retention you look at the net dollar retention you look at the net dollar retention you want to see depending on the phase want to see depending on the phase want to see depending on the phase >> RPO RPO revenue under performance. >> RPO RPO revenue under performance. >> RPO RPO revenue under performance. >> And so you know these things began to be >> And so you know these things began to be >> And so you know these things began to be seen as like a annuity with growth right seen as like a annuity with growth right seen as like a annuity with growth right because because because >> they were rock solid. Yeah. >> they were rock solid. Yeah. >> they were rock solid. Yeah. >> Yeah. Because a good net dollar >> Yeah. Because a good net dollar >> Yeah. Because a good net dollar retention would be something like 120%. retention would be something like 120%. retention would be something like 120%. Which means that your sort of cohort of Which means that your sort of cohort of Which means that your sort of cohort of existing customers on balance would all existing customers on balance would all existing customers on balance would all renew the next year and actually they renew the next year and actually they renew the next year and actually they would renew at 120% of the previous would renew at 120% of the previous would renew at 120% of the previous year's contract values. And the reason year's contract values. And the reason year's contract values. And the reason you got that extra 20% is they would buy you got that extra 20% is they would buy you got that extra 20% is they would buy more seats or there'd be additional more seats or there'd be additional more seats or there'd be additional products or features they would upsell. products or features they would upsell. products or features they would upsell. It got to be very very predictable. And It got to be very very predictable. And It got to be very very predictable. And so when people were buying software so when people were buying software so when people were buying software companies at I don't know 13 times ARR, companies at I don't know 13 times ARR, companies at I don't know 13 times ARR, they thought they were buying a growth they thought they were buying a growth they thought they were buying a growth annuity. And now all of a sudden you got annuity. And now all of a sudden you got annuity. And now all of a sudden you got to factor into that. Well, wait a to factor into that. Well, wait a to factor into that. Well, wait a second. What if AI disrupts the whole second. What if AI disrupts the whole second. What if AI disrupts the whole market? What if it doesn't eliminate? I market? What if it doesn't eliminate? I market? What if it doesn't eliminate? I don't think AI is going to get rid of don't think AI is going to get rid of don't think AI is going to get rid of Salesforce, but it could eat into their Salesforce, but it could eat into their Salesforce, but it could eat into their growth opportunity. We just don't know growth opportunity. We just don't know growth opportunity. We just don't know what if it changes the pricing model. I what if it changes the pricing model. I what if it changes the pricing model. I mean, it just creates a whole lot of mean, it just creates a whole lot of mean, it just creates a whole lot of unknowns. And I I actually don't believe unknowns. And I I actually don't believe unknowns. And I I actually don't believe in the Catrini or or the doomer take on in the Catrini or or the doomer take on in the Catrini or or the doomer take on this, but I can see why the market would this, but I can see why the market would this, but I can see why the market would feel this level of uncertainty feel this level of uncertainty feel this level of uncertainty >> 100%. >> 100%. >> 100%. >> Given how predictable a category SAS >> Given how predictable a category SAS >> Given how predictable a category SAS used to be just say a year ago. used to be just say a year ago. used to be just say a year ago. >> Yeah. Well, chaos is a ladder, Freeberg, >> Yeah. Well, chaos is a ladder, Freeberg, >> Yeah. Well, chaos is a ladder, Freeberg, and this means opportunity. So, if we and this means opportunity. So, if we and this means opportunity. So, if we look at this and SAS has headwinds, then look at this and SAS has headwinds, then look at this and SAS has headwinds, then is there a winner? Is open source the is there a winner? Is open source the is there a winner? Is open source the winner? Or is this all deflationary in winner? Or is this all deflationary in winner? Or is this all deflationary in your mind, Freeberg? And we just make your mind, Freeberg? And we just make your mind, Freeberg? And we just make less money and the earnings of these less money and the earnings of these less money and the earnings of these companies get compressed, the size of companies get compressed, the size of companies get compressed, the size of them gets compressed. How do you think them gets compressed. How do you think them gets compressed. How do you think about it? I think fundamentally if about it? I think fundamentally if about it? I think fundamentally if you're driving productivity with AI, you're driving productivity with AI, you're driving productivity with AI, you're driving leverage on human time you're driving leverage on human time you're driving leverage on human time and leverage on capital. and leverage on capital. and leverage on capital. The question is how quickly can you The question is how quickly can you The question is how quickly can you drive that up? And that's a function of drive that up? And that's a function of drive that up? And that's a function of how much consumption there is, how much how much consumption there is, how much how much consumption there is, how much capacity there is for consumption. So on capacity there is for consumption. So on capacity there is for consumption. So on the one hand, I'll just speak broadly. I the one hand, I'll just speak broadly. I the one hand, I'll just speak broadly. I think like humans have this desire to think like humans have this desire to think like humans have this desire to improve their livelihoods by roughly 10% improve their livelihoods by roughly 10% improve their livelihoods by roughly 10% every year. Meaning like your income and every year. Meaning like your income and every year. Meaning like your income and your ability to purchase stuff that's your ability to purchase stuff that's your ability to purchase stuff that's new relative to where you were last year new relative to where you were last year new relative to where you were last year has to go up by 10% for you to be happy. has to go up by 10% for you to be happy. has to go up by 10% for you to be happy. If it's less than 10%, you're probably If it's less than 10%, you're probably If it's less than 10%, you're probably unhappy. unhappy. unhappy. >> Is that that's your anecdote or that's >> Is that that's your anecdote or that's >> Is that that's your anecdote or that's like like like >> that's just like an anecdote. Like I >> that's just like an anecdote. Like I >> that's just like an anecdote. Like I think I think that's sort of like my think I think that's sort of like my think I think that's sort of like my rubric for thinking about like why are rubric for thinking about like why are rubric for thinking about like why are people unhappy? You're happy. So if your people unhappy? You're happy. So if your people unhappy? You're happy. So if your earnings are the same but things are earnings are the same but things are earnings are the same but things are getting more expensive, you're not getting more expensive, you're not getting more expensive, you're not happy. If your earnings go up by 10% and happy. If your earnings go up by 10% and happy. If your earnings go up by 10% and things stay the same price, you got 10% things stay the same price, you got 10% things stay the same price, you got 10% more than you had last year. You're more than you had last year. You're more than you had last year. You're you're going to be happy. I just think you're going to be happy. I just think you're going to be happy. I just think like all humans are driven by this need like all humans are driven by this need like all humans are driven by this need to consume more each year than they did to consume more each year than they did to consume more each year than they did last year. So I think for me that's like last year. So I think for me that's like last year. So I think for me that's like the lower limit on consumptive capacity the lower limit on consumptive capacity the lower limit on consumptive capacity in the world. in the world. in the world. The question that we're now facing which The question that we're now facing which The question that we're now facing which we've never faced in human history we've never faced in human history we've never faced in human history before is there a upper limit before is there a upper limit before is there a upper limit >> on consumptive capacity because AI >> on consumptive capacity because AI >> on consumptive capacity because AI creates such a profound shift in creates such a profound shift in creates such a profound shift in productivity and in leverage that productivity and in leverage that productivity and in leverage that normally you would say hey when we get a normally you would say hey when we get a normally you would say hey when we get a new tool or we get new leverage in a new tool or we get new leverage in a new tool or we get new leverage in a system we build a new technology we can system we build a new technology we can system we build a new technology we can make more with less. Therefore, everyone make more with less. Therefore, everyone make more with less. Therefore, everyone gets access to more things for the same gets access to more things for the same gets access to more things for the same price or the cost of things that they price or the cost of things that they price or the cost of things that they consume come down by a certain price. consume come down by a certain price. consume come down by a certain price. But there may be a situation now where But there may be a situation now where But there may be a situation now where the ability to make stuff exceeds the the ability to make stuff exceeds the the ability to make stuff exceeds the capacity to consume stuff. And that is capacity to consume stuff. And that is capacity to consume stuff. And that is something that I don't think we've faced something that I don't think we've faced something that I don't think we've faced before. And I think that's sort of where before. And I think that's sort of where before. And I think that's sort of where a lot of the models start to break. Just a lot of the models start to break. Just a lot of the models start to break. Just general economic models, just general general economic models, just general general economic models, just general productivity models, and general social productivity models, and general social productivity models, and general social models. And this goes to the point about models. And this goes to the point about models. And this goes to the point about like what is everyone going to do? In like what is everyone going to do? In like what is everyone going to do? In the same way that I think we've argued the same way that I think we've argued the same way that I think we've argued that maybe SAS was a transitory business that maybe SAS was a transitory business that maybe SAS was a transitory business phenomenon that existed between the phenomenon that existed between the phenomenon that existed between the foundation of the internet and the era foundation of the internet and the era foundation of the internet and the era of AI. It may be the case that knowledge of AI. It may be the case that knowledge of AI. It may be the case that knowledge work in general is also a transitory work in general is also a transitory work in general is also a transitory phenomenon that only existed between the phenomenon that only existed between the phenomenon that only existed between the foundation of the computer or computing foundation of the computer or computing foundation of the computer or computing tools and the existence of AI generally tools and the existence of AI generally tools and the existence of AI generally speaking. And if all of that goes away speaking. And if all of that goes away speaking. And if all of that goes away very quickly and all of those people can very quickly and all of those people can very quickly and all of those people can be redistributed and recast into doing be redistributed and recast into doing be redistributed and recast into doing other higher level, more creative other higher level, more creative other higher level, more creative things, their productivity goes up by things, their productivity goes up by things, their productivity goes up by 100x. 100x. 100x. Is there really a consumer on the other Is there really a consumer on the other Is there really a consumer on the other end of all of that productivity? Is end of all of that productivity? Is end of all of that productivity? Is there really enough consumptive there really enough consumptive there really enough consumptive capacity? And I think that's the capacity? And I think that's the capacity? And I think that's the profound question that we all face. I profound question that we all face. I profound question that we all face. I don't think that there's any limit. don't think that there's any limit. don't think that there's any limit. >> Is that your way of saying that SAS goes >> Is that your way of saying that SAS goes >> Is that your way of saying that SAS goes to zero or that's your way of saying to zero or that's your way of saying to zero or that's your way of saying these companies go to zero? I'm just these companies go to zero? I'm just these companies go to zero? I'm just saying knowledge work in general like saying knowledge work in general like saying knowledge work in general like the the like what is the implication the the like what is the implication the the like what is the implication >> is this just another dueling science >> is this just another dueling science >> is this just another dueling science fiction take I mean or what's your fiction take I mean or what's your fiction take I mean or what's your evidence for this evidence for this evidence for this >> I think it's fine to have a sci-fi take >> I think it's fine to have a sci-fi take >> I think it's fine to have a sci-fi take intuition I think is data because I can intuition I think is data because I can intuition I think is data because I can show you some data that I think show you some data that I think show you some data that I think contradicts what you're saying contradicts what you're saying contradicts what you're saying >> and I have some firstirhand sort of >> and I have some firstirhand sort of >> and I have some firstirhand sort of >> in the sense that there's more leverage >> in the sense that there's more leverage >> in the sense that there's more leverage stacks that people are able to actually stacks that people are able to actually stacks that people are able to actually >> well Jake I want to hear what you have >> well Jake I want to hear what you have >> well Jake I want to hear what you have to say because I know you're to say because I know you're to say because I know you're experimenting with this but let me just experimenting with this but let me just experimenting with this but let me just show you a few data points real quick um show you a few data points real quick um show you a few data points real quick um because I think this is relevant. So because I think this is relevant. So because I think this is relevant. So we're really talking about the we're really talking about the we're really talking about the disruption caused by coding assistance, disruption caused by coding assistance, disruption caused by coding assistance, right? This is like the first big killer right? This is like the first big killer right? This is like the first big killer app of AI. I mean I guess after writing app of AI. I mean I guess after writing app of AI. I mean I guess after writing and research for chat bots and we'll and research for chat bots and we'll and research for chat bots and we'll have agents later, but really it's all have agents later, but really it's all have agents later, but really it's all about coding assistance, right? And the about coding assistance, right? And the about coding assistance, right? And the ability to more easily create code. ability to more easily create code. ability to more easily create code. That's what's creating the disruption to That's what's creating the disruption to That's what's creating the disruption to the SAS category. Well, so let's just the SAS category. Well, so let's just the SAS category. Well, so let's just focus on the data we see right now focus on the data we see right now focus on the data we see right now around that. And there are a lot of around that. And there are a lot of around that. And there are a lot of people who are pointing this out that people who are pointing this out that people who are pointing this out that Enthropic right now has a job listing Enthropic right now has a job listing Enthropic right now has a job listing for a software engineer on their website for a software engineer on their website for a software engineer on their website right now for $570,000. right now for $570,000. right now for $570,000. And a lot of people are kind of pointing And a lot of people are kind of pointing And a lot of people are kind of pointing out, okay, so wait, so what Anthropic is out, okay, so wait, so what Anthropic is out, okay, so wait, so what Anthropic is saying is they're still trying to hire saying is they're still trying to hire saying is they're still trying to hire software engineers at a very high wage, software engineers at a very high wage, software engineers at a very high wage, but somehow they think these jobs are but somehow they think these jobs are but somehow they think these jobs are going to be eliminated. going to be eliminated. going to be eliminated. >> Timoth might apply for that job. is. >> Timoth might apply for that job. is. >> Timoth might apply for that job. is. >> Yeah. Austerity measures sounds pretty >> Yeah. Austerity measures sounds pretty >> Yeah. Austerity measures sounds pretty good to me. good to me. good to me. >> That's a lot of money. >> That's a lot of money. >> That's a lot of money. >> Jim might take that job and then just >> Jim might take that job and then just >> Jim might take that job and then just have AI do it for him. have AI do it for him. have AI do it for him. >> No, I'm I'm I'm worried like I hope my >> No, I'm I'm I'm worried like I hope my >> No, I'm I'm I'm worried like I hope my 8090 team doesn't see that offer. That's 8090 team doesn't see that offer. That's 8090 team doesn't see that offer. That's a a a >> that's a big number. >> that's a big number. >> that's a big number. >> Our equity is way higher, but our >> Our equity is way higher, but our >> Our equity is way higher, but our salaries are not that high. I mean, you salaries are not that high. I mean, you salaries are not that high. I mean, you look you put these things together, it's look you put these things together, it's look you put these things together, it's like that equity is money good. The like that equity is money good. The like that equity is money good. The reality is like those guys are doing 5 reality is like those guys are doing 5 reality is like those guys are doing 5 to6 billion structured secondaries every to6 billion structured secondaries every to6 billion structured secondaries every year now or they're starting which means year now or they're starting which means year now or they're starting which means that they will. That's like cash that they will. That's like cash that they will. That's like cash compensation. So for for me to match compensation. So for for me to match compensation. So for for me to match that, I need to be 3x higher than that. that, I need to be 3x higher than that. that, I need to be 3x higher than that. >> Right? And I think a lot of people are >> Right? And I think a lot of people are >> Right? And I think a lot of people are kind of pointing out, well, this is a kind of pointing out, well, this is a kind of pointing out, well, this is a contradiction. Anthropic doesn't really contradiction. Anthropic doesn't really contradiction. Anthropic doesn't really seem to be practicing what they're seem to be practicing what they're seem to be practicing what they're preaching if they're paying enormous preaching if they're paying enormous preaching if they're paying enormous amounts still for software engineers amounts still for software engineers amounts still for software engineers even as they claim they're obsoleting even as they claim they're obsoleting even as they claim they're obsoleting the entire category. Something doesn't the entire category. Something doesn't the entire category. Something doesn't quite add up. Citadel Securities did a quite add up. Citadel Securities did a quite add up. Citadel Securities did a new report that rebutts that Catrini new report that rebutts that Catrini new report that rebutts that Catrini report and they show a couple of stats report and they show a couple of stats report and they show a couple of stats here which I think are really here which I think are really here which I think are really interesting. So, job postings for interesting. So, job postings for interesting. So, job postings for software engineers are rapidly rising. software engineers are rapidly rising. software engineers are rapidly rising. They're showing, I think it was roughly They're showing, I think it was roughly They're showing, I think it was roughly a 10% year-over-year increase in the a 10% year-over-year increase in the a 10% year-over-year increase in the demand for software engineers. On a demand for software engineers. On a demand for software engineers. On a related note, they also show that related note, they also show that related note, they also show that company formation is also rapidly company formation is also rapidly company formation is also rapidly expanding and that may have something to expanding and that may have something to expanding and that may have something to do with AI making it easier to start a do with AI making it easier to start a do with AI making it easier to start a business or to get leverage to your business or to get leverage to your business or to get leverage to your point, Freeberg. So look, there's a point, Freeberg. So look, there's a point, Freeberg. So look, there's a couple of competing effects going on couple of competing effects going on couple of competing effects going on here. And I think Aaron Levy had a here. And I think Aaron Levy had a here. And I think Aaron Levy had a really good explanation of why you might really good explanation of why you might really good explanation of why you might see something very counterintuitive see something very counterintuitive see something very counterintuitive happening. And again, it all goes back happening. And again, it all goes back happening. And again, it all goes back to Jeban's paradox. But what Aaron says to Jeban's paradox. But what Aaron says to Jeban's paradox. But what Aaron says is that when you lower the cost of is that when you lower the cost of is that when you lower the cost of something that was previously supply something that was previously supply something that was previously supply constrained, demand for that thing goes constrained, demand for that thing goes constrained, demand for that thing goes up. Software engineering is just one of up. Software engineering is just one of up. Software engineering is just one of the easiest examples to contemplate, but the easiest examples to contemplate, but the easiest examples to contemplate, but there are going to be many other jobs there are going to be many other jobs there are going to be many other jobs like that. But think about software like that. But think about software like that. But think about software engineering. Even among startups in engineering. Even among startups in engineering. Even among startups in Silicon Valley, which I think are Silicon Valley, which I think are Silicon Valley, which I think are probably some of the most attractive probably some of the most attractive probably some of the most attractive places for software engineers to work, places for software engineers to work, places for software engineers to work, there's always been a chronic shortage there's always been a chronic shortage there's always been a chronic shortage of them. Then you've got the Fortune 500 of them. Then you've got the Fortune 500 of them. Then you've got the Fortune 500 companies, non- tech companies, which companies, non- tech companies, which companies, non- tech companies, which have always had an even harder time have always had an even harder time have always had an even harder time hiring technical talent. So, you have hiring technical talent. So, you have hiring technical talent. So, you have this massive unfilled need for software this massive unfilled need for software this massive unfilled need for software engineers across the entire economy. engineers across the entire economy. engineers across the entire economy. Now, you're going to be able to get a Now, you're going to be able to get a Now, you're going to be able to get a lot more leverage out of software lot more leverage out of software lot more leverage out of software engineers. It doesn't mean they're going engineers. It doesn't mean they're going engineers. It doesn't mean they're going to get fired. It just means that now to get fired. It just means that now to get fired. It just means that now maybe you can have a lot more 10x maybe you can have a lot more 10x maybe you can have a lot more 10x software engineers and they're getting software engineers and they're getting software engineers and they're getting those jobs are now being spread those jobs are now being spread those jobs are now being spread throughout the whole economy. You know, throughout the whole economy. You know, throughout the whole economy. You know, I also think just to put some numbers on I also think just to put some numbers on I also think just to put some numbers on this, I think the cost structure of the this, I think the cost structure of the this, I think the cost structure of the average Fortune 500 business is average Fortune 500 business is average Fortune 500 business is something like 5% it includes all of something like 5% it includes all of something like 5% it includes all of their IT, not just their software. You their IT, not just their software. You their IT, not just their software. You know, what should it be? What should the know, what should it be? What should the know, what should it be? What should the percentage of software be in an percentage of software be in an percentage of software be in an enterprise cost structure? Elon enterprise cost structure? Elon enterprise cost structure? Elon describes companies as cybernetic describes companies as cybernetic describes companies as cybernetic organisms that are part software, part organisms that are part software, part organisms that are part software, part human. human. human. >> If you think about the current Fortune >> If you think about the current Fortune >> If you think about the current Fortune 500 company being one or two percent 500 company being one or two percent 500 company being one or two percent software, maybe they should be 50% software, maybe they should be 50% software, maybe they should be 50% software. I think what Aaron is saying software. I think what Aaron is saying software. I think what Aaron is saying here is the market for software and here is the market for software and here is the market for software and software engineers was so constrained by software engineers was so constrained by software engineers was so constrained by the lack of availability the lack of availability the lack of availability that even if we 10x or 100x the that even if we 10x or 100x the that even if we 10x or 100x the productivity of software engineers, the productivity of software engineers, the productivity of software engineers, the demand will be there to absorb this new demand will be there to absorb this new demand will be there to absorb this new supply. And so it could lead to this supply. And so it could lead to this supply. And so it could lead to this explosion in productivity without the explosion in productivity without the explosion in productivity without the massive job loss. massive job loss. massive job loss. >> I think you're right. I think the the >> I think you're right. I think the the >> I think you're right. I think the the thing that I would look at is I would thing that I would look at is I would thing that I would look at is I would expect OPEX as a percentage of revenue expect OPEX as a percentage of revenue expect OPEX as a percentage of revenue to fall off of a cliff but within that to fall off of a cliff but within that to fall off of a cliff but within that opex the percentage of it that you opex the percentage of it that you opex the percentage of it that you allocate to technology and technology allocate to technology and technology allocate to technology and technology related things probably goes way way up related things probably goes way way up related things probably goes way way up than what it is today. Okay, Jason, the than what it is today. Okay, Jason, the than what it is today. Okay, Jason, the batch of people that are applying for batch of people that are applying for batch of people that are applying for launch, launch, launch, has SAS stopped? Has software stopped? has SAS stopped? Has software stopped? has SAS stopped? Has software stopped? >> It's AI first companies obviously and >> It's AI first companies obviously and >> It's AI first companies obviously and people people people >> are they rebuilding traditional SAS >> are they rebuilding traditional SAS >> are they rebuilding traditional SAS tools just cheaper? tools just cheaper? tools just cheaper? >> Basically, everybody's building the >> Basically, everybody's building the >> Basically, everybody's building the great, you know, as we talked about at great, you know, as we talked about at great, you know, as we talked about at the all-in summit like some of these the all-in summit like some of these the all-in summit like some of these companies are trying to build the best companies are trying to build the best companies are trying to build the best pilot in the world or Whimo's trying to pilot in the world or Whimo's trying to pilot in the world or Whimo's trying to build the best driver in the world. build the best driver in the world. build the best driver in the world. People are now trying to build the best People are now trying to build the best People are now trying to build the best SDR in the world, the best salesperson, SDR in the world, the best salesperson, SDR in the world, the best salesperson, the best executive coach. And so we have the best executive coach. And so we have the best executive coach. And so we have been like obsessed with claude co-work, been like obsessed with claude co-work, been like obsessed with claude co-work, but mainly OpenClaw. And so what we did but mainly OpenClaw. And so what we did but mainly OpenClaw. And so what we did was and and I think it's not developers was and and I think it's not developers was and and I think it's not developers that are going to do all this work, it's that are going to do all this work, it's that are going to do all this work, it's knowledge workers. So we had we have 20 knowledge workers. So we had we have 20 knowledge workers. So we had we have 20 people in our firm. We had 15 of them people in our firm. We had 15 of them people in our firm. We had 15 of them come in this weekend and they all got come in this weekend and they all got come in this weekend and they all got trained over like six or seven hours had trained over like six or seven hours had trained over like six or seven hours had to have their own openclaw agent and we to have their own openclaw agent and we to have their own openclaw agent and we started building it. Every piece of started building it. Every piece of started building it. Every piece of software that we wanted to buy or build software that we wanted to buy or build software that we wanted to buy or build over the last 10 years that we never got over the last 10 years that we never got over the last 10 years that we never got to my people are building in the last 30 to my people are building in the last 30 to my people are building in the last 30 days. As an example, you know, when days. As an example, you know, when days. As an example, you know, when you're selling ads for a podcast, you you're selling ads for a podcast, you you're selling ads for a podcast, you want to check all the other podcasts and want to check all the other podcasts and want to check all the other podcasts and what advertisers they have. We trained what advertisers they have. We trained what advertisers they have. We trained an agent to go take the top 100 an agent to go take the top 100 an agent to go take the top 100 podcasts, look through the transcripts, podcasts, look through the transcripts, podcasts, look through the transcripts, figure out who the advertisers are, figure out who the advertisers are, figure out who the advertisers are, check those advertisers in pipe drive, check those advertisers in pipe drive, check those advertisers in pipe drive, tell us when the last time we contacted tell us when the last time we contacted tell us when the last time we contacted them and put it into the sales room. them and put it into the sales room. them and put it into the sales room. That was an SDR job that we wanted to That was an SDR job that we wanted to That was an SDR job that we wanted to fill and software we wanted to build. fill and software we wanted to build. fill and software we wanted to build. Then we wanted people to have Then we wanted people to have Then we wanted people to have >> hold on that was a that was a human that >> hold on that was a that was a human that >> hold on that was a that was a human that you were paying money and now you've you were paying money and now you've you were paying money and now you've replaced with software or that human replaced with software or that human replaced with software or that human still exists but now they just do it in still exists but now they just do it in still exists but now they just do it in a better way. a better way. a better way. >> Redeploying that human. We had a human >> Redeploying that human. We had a human >> Redeploying that human. We had a human doing it. we're going to redeploy them doing it. we're going to redeploy them doing it. we're going to redeploy them to do other things and the consistency to do other things and the consistency to do other things and the consistency of this chimoth and the accuracy and of this chimoth and the accuracy and of this chimoth and the accuracy and then it's doing it all night long. So we then it's doing it all night long. So we then it's doing it all night long. So we have like seven of these agents in these have like seven of these agents in these have like seven of these agents in these kind of roles. The next piece we did was kind of roles. The next piece we did was kind of roles. The next piece we did was we gave my agent which is like the we gave my agent which is like the we gave my agent which is like the ultron root access to Gmail, calendar, ultron root access to Gmail, calendar, ultron root access to Gmail, calendar, zoom, notion, slack. And what it's doing zoom, notion, slack. And what it's doing zoom, notion, slack. And what it's doing is it's giving each person here's what is it's giving each person here's what is it's giving each person here's what you got done this week with their you got done this week with their you got done this week with their manager. Here's the emails you sent. manager. Here's the emails you sent. manager. Here's the emails you sent. Here's the meetings you took. Here's the Here's the meetings you took. Here's the Here's the meetings you took. Here's the contacts. here the threads you were contacts. here the threads you were contacts. here the threads you were involved in and then it's helping manage involved in and then it's helping manage involved in and then it's helping manage those people and so we are those people and so we are those people and so we are >> okay but all that all that to me says >> okay but all that all that to me says >> okay but all that all that to me says you Jason despite all your dumerism you Jason despite all your dumerism you Jason despite all your dumerism seems like you're growing and you're seems like you're growing and you're seems like you're growing and you're going to be hiring more people and going to be hiring more people and going to be hiring more people and you're more productive am I getting this you're more productive am I getting this you're more productive am I getting this wrong wrong wrong >> I'm not dumerous what I think's going to >> I'm not dumerous what I think's going to >> I'm not dumerous what I think's going to happen in this position is happen in this position is happen in this position is >> but you're growing and you're going to >> but you're growing and you're going to >> but you're growing and you're going to be hiring more people be hiring more people be hiring more people >> no no we're not going to add more people >> no no we're not going to add more people >> no no we're not going to add more people definitely not adding people we have are definitely not adding people we have are definitely not adding people we have are becoming 10 or 20% more efficient every becoming 10 or 20% more efficient every becoming 10 or 20% more efficient every week Because the software we would have week Because the software we would have week Because the software we would have paid for or built from another vendor if paid for or built from another vendor if paid for or built from another vendor if we had the time or we wanted to build we had the time or we wanted to build we had the time or we wanted to build custom software we had 10 engineers it's custom software we had 10 engineers it's custom software we had 10 engineers it's being built by our openclaw agents. As being built by our openclaw agents. As being built by our openclaw agents. As an example when we make clips for this an example when we make clips for this an example when we make clips for this podcast other podcasts we have it go and podcast other podcasts we have it go and podcast other podcasts we have it go and look at like uh this weekend startups look at like uh this weekend startups look at like uh this weekend startups episode from 10 years tell us the three episode from 10 years tell us the three episode from 10 years tell us the three best moments and it makes the clip it best moments and it makes the clip it best moments and it makes the clip it puts the subtitles on it and then it puts the subtitles on it and then it puts the subtitles on it and then it puts the clip into the Slack room. That puts the clip into the Slack room. That puts the clip into the Slack room. That was something that was going to be a was something that was going to be a was something that was going to be a full-time job. So, we're getting 10 20% full-time job. So, we're getting 10 20% full-time job. So, we're getting 10 20% more efficient. Then I started doing it more efficient. Then I started doing it more efficient. Then I started doing it at home. So, I had to take our at home. So, I had to take our at home. So, I had to take our Instacart, pull out the last 10 orders Instacart, pull out the last 10 orders Instacart, pull out the last 10 orders we did, and then tell us what we order we did, and then tell us what we order we did, and then tell us what we order most of time. And then it's going to most of time. And then it's going to most of time. And then it's going to automatically build a car for us. Every automatically build a car for us. Every automatically build a car for us. Every single knowledge work job is being single knowledge work job is being single knowledge work job is being automated right now. And you can take it automated right now. And you can take it automated right now. And you can take it and if you're a business process head, and if you're a business process head, and if you're a business process head, where you know how to like do a business where you know how to like do a business where you know how to like do a business process and you can structure it and process and you can structure it and process and you can structure it and write it with an agent, it'll just run write it with an agent, it'll just run write it with an agent, it'll just run it every day, every week. We did another it every day, every week. We did another it every day, every week. We did another agent, how do you make better agent, how do you make better agent, how do you make better thumbnails? And we said, every Saturday thumbnails? And we said, every Saturday thumbnails? And we said, every Saturday in your skills, so when you build an in your skills, so when you build an in your skills, so when you build an open claw, it has like a soul file and open claw, it has like a soul file and open claw, it has like a soul file and it has a skills file. In the skills it has a skills file. In the skills it has a skills file. In the skills file, we told it sax every week go out file, we told it sax every week go out file, we told it sax every week go out and look for people discussing how to and look for people discussing how to and look for people discussing how to make better thumbnails on YouTube, how make better thumbnails on YouTube, how make better thumbnails on YouTube, how to make better titles. It found this to make better titles. It found this to make better titles. It found this week, Chimath, somebody at Mr. Beast week, Chimath, somebody at Mr. Beast week, Chimath, somebody at Mr. Beast company talk about how they're using company talk about how they're using company talk about how they're using heat maps. It was an article I would heat maps. It was an article I would heat maps. It was an article I would have never known. It added it to its have never known. It added it to its have never known. It added it to its skill and now whenever we post a skill and now whenever we post a skill and now whenever we post a thumbnail, it tell tells us based on its thumbnail, it tell tells us based on its thumbnail, it tell tells us based on its skill that it refineses every week how skill that it refineses every week how skill that it refineses every week how to make that thumbnail better. And it's to make that thumbnail better. And it's to make that thumbnail better. And it's starting to make the thumbnails. This is starting to make the thumbnails. This is starting to make the thumbnails. This is becoming recursive. So you keep the same becoming recursive. So you keep the same becoming recursive. So you keep the same number of people, but they get 10 or 20% number of people, but they get 10 or 20% number of people, but they get 10 or 20% more efficient. I don't know what this more efficient. I don't know what this more efficient. I don't know what this means for the larger economy. All I know means for the larger economy. All I know means for the larger economy. All I know is it's the most exciting time I've had is it's the most exciting time I've had is it's the most exciting time I've had online since the web came out, since the online since the web came out, since the online since the web came out, since the internet came out. It is so much fun to internet came out. It is so much fun to internet came out. It is so much fun to automate all this stuff. The big automate all this stuff. The big automate all this stuff. The big question that I am thinking about that I question that I am thinking about that I question that I am thinking about that I haven't gotten a good answer about so I haven't gotten a good answer about so I haven't gotten a good answer about so I don't I don't know what you guys think don't I don't know what you guys think don't I don't know what you guys think is is is all these businesses are going to need all these businesses are going to need all these businesses are going to need to batten down the hatches and give to batten down the hatches and give to batten down the hatches and give themselves room to figure this all out themselves room to figure this all out themselves room to figure this all out right like if you take Sax's point like right like if you take Sax's point like right like if you take Sax's point like if you take your point Jal which is the if you take your point Jal which is the if you take your point Jal which is the young nimble companies like yours are young nimble companies like yours are young nimble companies like yours are going to be rapidly experimenting the going to be rapidly experimenting the going to be rapidly experimenting the bigger larger companies are going to bigger larger companies are going to bigger larger companies are going to slowly onboard themselves to start slowly onboard themselves to start slowly onboard themselves to start experimenting All of that means we're experimenting All of that means we're experimenting All of that means we're going to get much clearer answers to all going to get much clearer answers to all going to get much clearer answers to all of this. But what it also means is that of this. But what it also means is that of this. But what it also means is that you're going to have to have time so you're going to have to have time so you're going to have to have time so that you can figure this all out. that you can figure this all out. that you can figure this all out. >> And >> And >> And if you want to buy yourself time, you're if you want to buy yourself time, you're if you want to buy yourself time, you're going to need a ton of cash. And if going to need a ton of cash. And if going to need a ton of cash. And if you're going to think about saving cash, you're going to think about saving cash, you're going to think about saving cash, the one place tech companies literally the one place tech companies literally the one place tech companies literally incinerate cash is how they do incinerate cash is how they do incinerate cash is how they do compensation. compensation. compensation. And so I kind of think like at some And so I kind of think like at some And so I kind of think like at some point the next shoe will drop and all of point the next shoe will drop and all of point the next shoe will drop and all of these tech companies have to really look these tech companies have to really look these tech companies have to really look at stockbased comp because they at stockbased comp because they at stockbased comp because they literally incinerate most if not all of literally incinerate most if not all of literally incinerate most if not all of their free cash flow fighting the their free cash flow fighting the their free cash flow fighting the delilution from stockbased compensation. delilution from stockbased compensation. delilution from stockbased compensation. So if you want five or six years to just So if you want five or six years to just So if you want five or six years to just be in the arena on the field figuring be in the arena on the field figuring be in the arena on the field figuring this out, you're going to want to kind this out, you're going to want to kind this out, you're going to want to kind of be very cash flow generative and of be very cash flow generative and of be very cash flow generative and really conservative in how you spend really conservative in how you spend really conservative in how you spend your money. Yeah, Saxs, the people who your money. Yeah, Saxs, the people who your money. Yeah, Saxs, the people who embrace this, I think, become five or embrace this, I think, become five or embrace this, I think, become five or ten times more valuable than the people ten times more valuable than the people ten times more valuable than the people who are not. That's where I think the who are not. That's where I think the who are not. That's where I think the opportunity in the economy is. So, opportunity in the economy is. So, opportunity in the economy is. So, unless you think humanity is going to unless you think humanity is going to unless you think humanity is going to run out of problems to solve, I think run out of problems to solve, I think run out of problems to solve, I think it's going to be boom. It's going to be it's going to be boom. It's going to be it's going to be boom. It's going to be boom town. And I think people are going boom town. And I think people are going boom town. And I think people are going to start more companies because the the to start more companies because the the to start more companies because the the barrier to start a company is no longer barrier to start a company is no longer barrier to start a company is no longer three or four million dollars. You can three or four million dollars. You can three or four million dollars. You can just have two or three people and you just have two or three people and you just have two or three people and you start setting up these agents and man start setting up these agents and man start setting up these agents and man you can you can you can >> make software, you can do sales, you can >> make software, you can do sales, you can >> make software, you can do sales, you can do PR, everything is getting faster and do PR, everything is getting faster and do PR, everything is getting faster and faster and faster. So the time between faster and faster. So the time between faster and faster. So the time between like conceiving of a product and like conceiving of a product and like conceiving of a product and publishing it and finding a developer, publishing it and finding a developer, publishing it and finding a developer, you don't even need a developer, you can you don't even need a developer, you can you don't even need a developer, you can just publish software, the the wakeup just publish software, the the wakeup just publish software, the the wakeup moment for me was we were talking to our moment for me was we were talking to our moment for me was we were talking to our agent about, hey, we want to get this agent about, hey, we want to get this agent about, hey, we want to get this functionality out of Slack. And it's functionality out of Slack. And it's functionality out of Slack. And it's like, "Yeah, Slack doesn't have that, like, "Yeah, Slack doesn't have that, like, "Yeah, Slack doesn't have that, but have you considered Matterpost?" I'm but have you considered Matterpost?" I'm but have you considered Matterpost?" I'm like, "What's Matter Post?" Like, "Oh, like, "What's Matter Post?" Like, "Oh, like, "What's Matter Post?" Like, "Oh, it's an open source project. I can spin it's an open source project. I can spin it's an open source project. I can spin it up this weekend. Export your Slack it up this weekend. Export your Slack it up this weekend. Export your Slack instance and put it there." And I was instance and put it there." And I was instance and put it there." And I was like, "Oh, don't do that. We're only like, "Oh, don't do that. We're only like, "Oh, don't do that. We're only spending 6K a year on Slack or 10K a spending 6K a year on Slack or 10K a spending 6K a year on Slack or 10K a year." But the software is building CRM year." But the software is building CRM year." But the software is building CRM systems for us. It's building agents for systems for us. It's building agents for systems for us. It's building agents for us, and it wants to just build all the us, and it wants to just build all the us, and it wants to just build all the software stack. So you could when you software stack. So you could when you software stack. So you could when you renegotiate with Slack or HubSpot or renegotiate with Slack or HubSpot or renegotiate with Slack or HubSpot or whatever company you're working with, whatever company you're working with, whatever company you're working with, you're going to be able to say to them, you're going to be able to say to them, you're going to be able to say to them, hey, we could roll our own and uh when hey, we could roll our own and uh when hey, we could roll our own and uh when you want to upsell us on this latest you want to upsell us on this latest you want to upsell us on this latest thing like you talked about SAS, thing like you talked about SAS, thing like you talked about SAS, upselling is such a big part of SAS. upselling is such a big part of SAS. upselling is such a big part of SAS. You're like, I can actually build that You're like, I can actually build that You're like, I can actually build that software myself internally. I don't need software myself internally. I don't need software myself internally. I don't need you to do it. you to do it. you to do it. >> Ryan Peterson just posts on XC Claude >> Ryan Peterson just posts on XC Claude >> Ryan Peterson just posts on XC Claude for legal seems to work just as well as for legal seems to work just as well as for legal seems to work just as well as Harvey by the way. Now it's the SAS Harvey by the way. Now it's the SAS Harvey by the way. Now it's the SAS apocalypse is going after private apocalypse is going after private apocalypse is going after private companies now too. companies now too. companies now too. >> Well, I think for a while now there has >> Well, I think for a while now there has >> Well, I think for a while now there has been a question of which layer of the been a question of which layer of the been a question of which layer of the stack is going to capture all the value. stack is going to capture all the value. stack is going to capture all the value. >> So is it going to be the model companies >> So is it going to be the model companies >> So is it going to be the model companies or could it be the applications that are or could it be the applications that are or could it be the applications that are built on top of the models or you know built on top of the models or you know built on top of the models or you know if there's a lot of competition at both if there's a lot of competition at both if there's a lot of competition at both those layers of the stack did the chip those layers of the stack did the chip those layers of the stack did the chip companies get it all? I think it's a companies get it all? I think it's a companies get it all? I think it's a unclear question but unclear question but unclear question but >> totally >> totally >> totally >> yeah I think you know for any given >> yeah I think you know for any given >> yeah I think you know for any given vertical application you do have to vertical application you do have to vertical application you do have to defend why you think your value prop defend why you think your value prop defend why you think your value prop will be sustainable as the underlying will be sustainable as the underlying will be sustainable as the underlying foundation models get better themselves foundation models get better themselves foundation models get better themselves >> and it's open source like this week we >> and it's open source like this week we >> and it's open source like this week we put up Kimmy 2.5 it can do about 80 85% put up Kimmy 2.5 it can do about 80 85% put up Kimmy 2.5 it can do about 80 85% of the jobs so we lowered our token of the jobs so we lowered our token of the jobs so we lowered our token bills massively when we stood that up bills massively when we stood that up bills massively when we stood that up all right listen this is TBD We got a all right listen this is TBD We got a all right listen this is TBD We got a lot more to think about on this topic. lot more to think about on this topic. lot more to think about on this topic. >> Just on this point of a lot of these >> Just on this point of a lot of these >> Just on this point of a lot of these debates about AI are dueling science debates about AI are dueling science debates about AI are dueling science fiction narratives. I just think that fiction narratives. I just think that fiction narratives. I just think that the doomer narratives are inherently the doomer narratives are inherently the doomer narratives are inherently more appealing to people. I mean, I more appealing to people. I mean, I more appealing to people. I mean, I think it's partly just you look at most think it's partly just you look at most think it's partly just you look at most sci-fi movies are dystopian, not sci-fi movies are dystopian, not sci-fi movies are dystopian, not utopian. In addition to that, I think we utopian. In addition to that, I think we utopian. In addition to that, I think we have a bunch of heristic biases in favor have a bunch of heristic biases in favor have a bunch of heristic biases in favor of the dumer narrative. So, one of them of the dumer narrative. So, one of them of the dumer narrative. So, one of them is the scene versus the unseen. It's a is the scene versus the unseen. It's a is the scene versus the unseen. It's a lot easier to see the jobs that already lot easier to see the jobs that already lot easier to see the jobs that already exist that could be obsoleted than it is exist that could be obsoleted than it is exist that could be obsoleted than it is to imagine the new jobs and the new to imagine the new jobs and the new to imagine the new jobs and the new business models that haven't been business models that haven't been business models that haven't been created yet. And that will likely take created yet. And that will likely take created yet. And that will likely take some great innovator or a genius to some great innovator or a genius to some great innovator or a genius to think of in order to create. So we have think of in order to create. So we have think of in order to create. So we have that huge heristic bias of not being that huge heristic bias of not being that huge heristic bias of not being able to see the creation that's coming. able to see the creation that's coming. able to see the creation that's coming. It takes way less creativity to think It takes way less creativity to think It takes way less creativity to think about the potential destruction. And about the potential destruction. And about the potential destruction. And then finally I think you know the other then finally I think you know the other then finally I think you know the other heristic is just the whole fixed pie heristic is just the whole fixed pie heristic is just the whole fixed pie fallacy. Most people do tend to think of fallacy. Most people do tend to think of fallacy. Most people do tend to think of the economy as a fixed pie. This is why the economy as a fixed pie. This is why the economy as a fixed pie. This is why you see so much anger against you know you see so much anger against you know you see so much anger against you know millionaires and billionaires is because millionaires and billionaires is because millionaires and billionaires is because of this idea that if someone's getting of this idea that if someone's getting of this idea that if someone's getting rich it must be at the expense of rich it must be at the expense of rich it must be at the expense of someone else. That's not actually the someone else. That's not actually the someone else. That's not actually the case. The economy itself could be case. The economy itself could be case. The economy itself could be growing larger as a result of someone growing larger as a result of someone growing larger as a result of someone inventing something new that increases inventing something new that increases inventing something new that increases production. A really good line from production. A really good line from production. A really good line from another article that was written just a another article that was written just a another article that was written just a couple weeks ago was the economy is not couple weeks ago was the economy is not couple weeks ago was the economy is not a a pie, it's a garden and technology is a a pie, it's a garden and technology is a a pie, it's a garden and technology is rain. So again, you know, all of this rain. So again, you know, all of this rain. So again, you know, all of this technological innovation is going to technological innovation is going to technological innovation is going to increase the growth rate of the garden. increase the growth rate of the garden. increase the growth rate of the garden. It's not a fixed pie. And just because It's not a fixed pie. And just because It's not a fixed pie. And just because you see an expansion and productivity in you see an expansion and productivity in you see an expansion and productivity in one part of the economy does not mean one part of the economy does not mean one part of the economy does not mean that you're going to see job loss in that you're going to see job loss in that you're going to see job loss in another part of the economy. another part of the economy. another part of the economy. >> Yeah. I think the job people are not >> Yeah. I think the job people are not >> Yeah. I think the job people are not seeing but I'm seeing right now is the seeing but I'm seeing right now is the seeing but I'm seeing right now is the person who creates agents, manages them person who creates agents, manages them person who creates agents, manages them and is the maestro of the agents. The and is the maestro of the agents. The and is the maestro of the agents. The person who can take the business person who can take the business person who can take the business process, explain it and train the agent process, explain it and train the agent process, explain it and train the agent to do it. And there are certain people to do it. And there are certain people to do it. And there are certain people in business who are just really good at in business who are just really good at in business who are just really good at operations. You were one of them Sachs operations. You were one of them Sachs operations. You were one of them Sachs running companies and like that person running companies and like that person running companies and like that person who can fire up an agent, train the who can fire up an agent, train the who can fire up an agent, train the agent and figure out how to manage them agent and figure out how to manage them agent and figure out how to manage them and figure out how to increase and figure out how to increase and figure out how to increase >> with any new technology. Great job. and >> with any new technology. Great job. and >> with any new technology. Great job. and it's not a developer. it's not a developer. it's not a developer. >> Look, with any new technology, there's >> Look, with any new technology, there's >> Look, with any new technology, there's always a huge change management aspect always a huge change management aspect always a huge change management aspect with enterprises because it's hard for with enterprises because it's hard for with enterprises because it's hard for them to adapt and change. And the people them to adapt and change. And the people them to adapt and change. And the people in the organization who can lead that in the organization who can lead that in the organization who can lead that change management are the ones who are change management are the ones who are change management are the ones who are going to create an amazing career going to create an amazing career going to create an amazing career opportunity for themselves. But it's opportunity for themselves. But it's opportunity for themselves. But it's hard to do and that's going to slow down hard to do and that's going to slow down hard to do and that's going to slow down the rate of change just the amount of the rate of change just the amount of the rate of change just the amount of inertia in the economy. And also one inertia in the economy. And also one inertia in the economy. And also one other constraint is going to be that at other constraint is going to be that at other constraint is going to be that at some point here we may be token some point here we may be token some point here we may be token constrained, right? I mean, we may not constrained, right? I mean, we may not constrained, right? I mean, we may not have enough energy like we've talked have enough energy like we've talked have enough energy like we've talked about, even though the chips are getting about, even though the chips are getting about, even though the chips are getting so much better, that tokens per second, so much better, that tokens per second, so much better, that tokens per second, tokens per watt, and tokens per dollar tokens per watt, and tokens per dollar tokens per watt, and tokens per dollar are all increasing very fast, but we're are all increasing very fast, but we're are all increasing very fast, but we're still going to probably be constrained still going to probably be constrained still going to probably be constrained in the next couple of years on some in the next couple of years on some in the next couple of years on some dimension, whether it's land, power, dimension, whether it's land, power, dimension, whether it's land, power, shell, or just energy production or shell, or just energy production or shell, or just energy production or maybe chip production. There are real maybe chip production. There are real maybe chip production. There are real world constraints on just how fast we world constraints on just how fast we world constraints on just how fast we can scale the infrastructure and that can scale the infrastructure and that can scale the infrastructure and that will mean that these like hyper utopian will mean that these like hyper utopian will mean that these like hyper utopian or hyperdystopian narratives will be or hyperdystopian narratives will be or hyperdystopian narratives will be wrong. I don't think there's time in the wrong. I don't think there's time in the wrong. I don't think there's time in the next few years for the whole economy to next few years for the whole economy to next few years for the whole economy to change in the way that the extremes change in the way that the extremes change in the way that the extremes would present. would present. would present. >> I think you're right. I think you're >> I think you're right. I think you're >> I think you're right. I think you're going to see a 10xing in going to see a 10xing in going to see a 10xing in the demand for tokens, but I also think the demand for tokens, but I also think the demand for tokens, but I also think you're going to see a 90% price you're going to see a 90% price you're going to see a 90% price reduction in the cost of an output token reduction in the cost of an output token reduction in the cost of an output token probably by the end of this year. So, I probably by the end of this year. So, I probably by the end of this year. So, I think that to your point, like it's it's think that to your point, like it's it's think that to your point, like it's it's going to just create an enormous upswell going to just create an enormous upswell going to just create an enormous upswell of demand because we're going to be able of demand because we're going to be able of demand because we're going to be able to cut the prices of an output token so to cut the prices of an output token so to cut the prices of an output token so dramatically. And I think by the way dramatically. And I think by the way dramatically. And I think by the way >> that discussion we had Shamath last week >> that discussion we had Shamath last week >> that discussion we had Shamath last week when we talked about co the tokens when we talked about co the tokens when we talked about co the tokens outpacing the employee salary and just outpacing the employee salary and just outpacing the employee salary and just where are these tokens all going to come where are these tokens all going to come where are these tokens all going to come from that was our most viewed clip or from that was our most viewed clip or from that was our most viewed clip or one of the most viewed clips in the one of the most viewed clips in the one of the most viewed clips in the history of this podcast. So people are history of this podcast. So people are history of this podcast. So people are actually really focused on this. actually really focused on this. actually really focused on this. >> I had my team at 89 we we redid our cost >> I had my team at 89 we we redid our cost >> I had my team at 89 we we redid our cost model and now we have that as a line model and now we have that as a line model and now we have that as a line item. When we think about fully burdened item. When we think about fully burdened item. When we think about fully burdened cost of employees, we now factor that in cost of employees, we now factor that in cost of employees, we now factor that in because we're we're at a place where because we're we're at a place where because we're we're at a place where some of our engineers are just racking some of our engineers are just racking some of our engineers are just racking up ginormous bills and then separately up ginormous bills and then separately up ginormous bills and then separately just general runs that we do for general just general runs that we do for general just general runs that we do for general purpose stuff that we need to just run purpose stuff that we need to just run purpose stuff that we need to just run our product is it's so expensive. So I our product is it's so expensive. So I our product is it's so expensive. So I am waiting with baited breath for what am waiting with baited breath for what am waiting with baited breath for what Zach said which is like we need an Zach said which is like we need an Zach said which is like we need an explosion in the capacity that's explosion in the capacity that's explosion in the capacity that's available because I do think that the available because I do think that the available because I do think that the the silicon solutions are coming that the silicon solutions are coming that the silicon solutions are coming that will cut the cost but we need a large will cut the cost but we need a large will cut the cost but we need a large block of land power shell ready to then block of land power shell ready to then block of land power shell ready to then turn all of this stuff on so that we can turn all of this stuff on so that we can turn all of this stuff on so that we can actually take advantage of it. actually take advantage of it. actually take advantage of it. >> Rumors the new Mac Studio is coming will >> Rumors the new Mac Studio is coming will >> Rumors the new Mac Studio is coming will have an M5 chip in it and will be have an M5 chip in it and will be have an M5 chip in it and will be language model ready. So that's the language model ready. So that's the language model ready. So that's the rumor is that they're building it for rumor is that they're building it for rumor is that they're building it for models. So that could be an incredible models. So that could be an incredible models. So that could be an incredible turn of events. Everybody's desktop turn of events. Everybody's desktop turn of events. Everybody's desktop running the local model. Sax, you want running the local model. Sax, you want running the local model. Sax, you want to have the final word here? Uh Free or to have the final word here? Uh Free or to have the final word here? Uh Free or Freeberg before we Freeberg before we Freeberg before we >> just to go back to what Jamath was >> just to go back to what Jamath was >> just to go back to what Jamath was saying there. I mean, you've got saying there. I mean, you've got saying there. I mean, you've got political forces that want to stop the political forces that want to stop the political forces that want to stop the construction of all data centers in the construction of all data centers in the construction of all data centers in the United States. So United States. So United States. So >> if that gains steam, then that's going >> if that gains steam, then that's going >> if that gains steam, then that's going to be a huge constraint on any change to be a huge constraint on any change to be a huge constraint on any change whatsoever. whatsoever. whatsoever. >> Can I tee this up for you, Jal? So I I >> Can I tee this up for you, Jal? So I I >> Can I tee this up for you, Jal? So I I went back this weekend went back this weekend went back this weekend and I looked at the number of data and I looked at the number of data and I looked at the number of data centers that have faced local opposition centers that have faced local opposition centers that have faced local opposition and whether there were patterns. And I I and whether there were patterns. And I I and whether there were patterns. And I I posted it on X. So Nick, maybe you can posted it on X. So Nick, maybe you can posted it on X. So Nick, maybe you can put this up, but put this up, but put this up, but it was really a a very small it was really a a very small it was really a a very small behavior which was pushing back on data behavior which was pushing back on data behavior which was pushing back on data centers and getting them cancelled. We centers and getting them cancelled. We centers and getting them cancelled. We had about 25 projects total of which had about 25 projects total of which had about 25 projects total of which 20 were just in Q2 alone. There are 100 20 were just in Q2 alone. There are 100 20 were just in Q2 alone. There are 100 data center projects right now that are data center projects right now that are data center projects right now that are facing some form of local opposition. facing some form of local opposition. facing some form of local opposition. >> So interesting. >> So interesting. >> So interesting. >> If you take that 40% number and you >> If you take that 40% number and you >> If you take that 40% number and you apply this and then you multiply by the apply this and then you multiply by the apply this and then you multiply by the number of megawatts that they have number of megawatts that they have number of megawatts that they have announced. Last year we lost almost 5 announced. Last year we lost almost 5 announced. Last year we lost almost 5 gawatt gawatt gawatt in terms of cancel projects. in terms of cancel projects. in terms of cancel projects. This year coming in 26 we have about This year coming in 26 we have about This year coming in 26 we have about seven that could be cancelled if you use seven that could be cancelled if you use seven that could be cancelled if you use this math. If then you flow that through this math. If then you flow that through this math. If then you flow that through open AI Sarah Frier said this that every open AI Sarah Frier said this that every open AI Sarah Frier said this that every gigawatt for her for open AAI is about gigawatt for her for open AAI is about gigawatt for her for open AAI is about 10 billion of revenue. So if you if you 10 billion of revenue. So if you if you 10 billion of revenue. So if you if you assume that that's roughly accurate plus assume that that's roughly accurate plus assume that that's roughly accurate plus or minus a billion here or there. What or minus a billion here or there. What or minus a billion here or there. What that means is that 2025 the industry as that means is that 2025 the industry as that means is that 2025 the industry as a whole lost a whole lost a whole lost 50 billion of revenue 50 billion of revenue 50 billion of revenue and this year if 7 gawatt gets canceled and this year if 7 gawatt gets canceled and this year if 7 gawatt gets canceled it's about 70 billion. Now you're it's about 70 billion. Now you're it's about 70 billion. Now you're talking about 130 billion of lost talking about 130 billion of lost talking about 130 billion of lost revenue over these two years that'll go revenue over these two years that'll go revenue over these two years that'll go forward in time that we miss out on. I forward in time that we miss out on. I forward in time that we miss out on. I think that that's really bad. We need to think that that's really bad. We need to think that that's really bad. We need to figure out a way to nip this in the bud. figure out a way to nip this in the bud. figure out a way to nip this in the bud. >> So confounding because we were sitting >> So confounding because we were sitting >> So confounding because we were sitting here 5 years ago, 10 years ago, local here 5 years ago, 10 years ago, local here 5 years ago, 10 years ago, local municipalities were fighting and giving municipalities were fighting and giving municipalities were fighting and giving discounts to try to get these data discounts to try to get these data discounts to try to get these data centers open to get the jobs and get the centers open to get the jobs and get the centers open to get the jobs and get the revenue. And now we've got people trying revenue. And now we've got people trying revenue. And now we've got people trying to stop them. This is a perfect to stop them. This is a perfect to stop them. This is a perfect transition for the State of the Union. transition for the State of the Union. transition for the State of the Union. Before we get there, two important Before we get there, two important Before we get there, two important programming notes. All-In is going to programming notes. All-In is going to programming notes. All-In is going to host two events in 2026. One of them, host two events in 2026. One of them, host two events in 2026. One of them, liquidity, May 31st to June 3rd, uh, in liquidity, May 31st to June 3rd, uh, in liquidity, May 31st to June 3rd, uh, in Yonville, uh, up in Wine Country. Yonville, uh, up in Wine Country. Yonville, uh, up in Wine Country. Chimath has taken control of the event Chimath has taken control of the event Chimath has taken control of the event and he has set a standard for who gets and he has set a standard for who gets and he has set a standard for who gets on stage. on stage. on stage. >> None of you mids can control the >> None of you mids can control the >> None of you mids can control the programming. I just programming. I just programming. I just >> That's it. Chimath came in and he >> That's it. Chimath came in and he >> That's it. Chimath came in and he dropped the hammer. Who do you got so dropped the hammer. Who do you got so dropped the hammer. Who do you got so far? You want to tease a couple of far? You want to tease a couple of far? You want to tease a couple of people who you invited to come speak? people who you invited to come speak? people who you invited to come speak? >> I'll tease two. The first is an >> I'll tease two. The first is an >> I'll tease two. The first is an incredibly dear friend of mine, incredibly dear friend of mine, incredibly dear friend of mine, >> the axe of axes, >> the axe of axes, >> the axe of axes, Dan Loe, who founded Third Point, who is Dan Loe, who founded Third Point, who is Dan Loe, who founded Third Point, who is an unbelievable investor in literally an unbelievable investor in literally an unbelievable investor in literally every domain, private credit, every domain, private credit, every domain, private credit, public equities, private tech. public equities, private tech. public equities, private tech. He's he's just a he's He's he's just a he's He's he's just a he's >> a beast. So, he'll be doing a really >> a beast. So, he'll be doing a really >> a beast. So, he'll be doing a really important keynote. He has not done one important keynote. He has not done one important keynote. He has not done one of these public speaking slots in a very of these public speaking slots in a very of these public speaking slots in a very long time. And then the second is the long time. And then the second is the long time. And then the second is the CFO of OpenAI, Sarah Frier. CFO of OpenAI, Sarah Frier. CFO of OpenAI, Sarah Frier. >> Oh wow. >> Oh wow. >> Oh wow. >> Unbelievable start. And we're going to >> Unbelievable start. And we're going to >> Unbelievable start. And we're going to double click into the entire business double click into the entire business double click into the entire business model of OpenAI on stage in front of model of OpenAI on stage in front of model of OpenAI on stage in front of everybody. everybody. everybody. >> So uh go to allin.com and then for those >> So uh go to allin.com and then for those >> So uh go to allin.com and then for those of you who plan ahead for travel, of you who plan ahead for travel, of you who plan ahead for travel, >> more coming more coming every week. >> more coming more coming every week. >> more coming more coming every week. >> If you are an All-In Summit fan, I can't >> If you are an All-In Summit fan, I can't >> If you are an All-In Summit fan, I can't believe it. Freedber, we're going to be believe it. Freedber, we're going to be believe it. Freedber, we're going to be in our fifth year September 13th to in our fifth year September 13th to in our fifth year September 13th to 15th. only gets better. Gets better 15th. only gets better. Gets better 15th. only gets better. Gets better every year. I could have some good every year. I could have some good every year. I could have some good parties, too. I mean, that Back to the parties, too. I mean, that Back to the parties, too. I mean, that Back to the Future and the Bladeunner parties, those Future and the Bladeunner parties, those Future and the Bladeunner parties, those were epic. were epic. were epic. >> allin.com/events. Hey, can I give a plug >> allin.com/events. Hey, can I give a plug >> allin.com/events. Hey, can I give a plug to friend of the pod, to friend of the pod, to friend of the pod, >> Bill Gurly? He's got an amazing new >> Bill Gurly? He's got an amazing new >> Bill Gurly? He's got an amazing new book, Running Down a Dream. Please, book, Running Down a Dream. Please, book, Running Down a Dream. Please, >> wait, wait, wait, wait. Before we start, >> wait, wait, wait, wait. Before we start, >> wait, wait, wait, wait. Before we start, >> before I start, >> before I start, >> before I start, >> there it is. Running down a Dream, I >> there it is. Running down a Dream, I >> there it is. Running down a Dream, I just want everybody to just stop the just want everybody to just stop the just want everybody to just stop the pause the podcast. I want you to buy pause the podcast. I want you to buy pause the podcast. I want you to buy three copies, give it to two young three copies, give it to two young three copies, give it to two young people and a parent. You know, people and a parent. You know, people and a parent. You know, >> this book is incredible. >> this book is incredible. >> this book is incredible. >> It's a great book. It's a great book. It >> It's a great book. It's a great book. It >> It's a great book. It's a great book. It It really is. inspiring for kids and uh It really is. inspiring for kids and uh It really is. inspiring for kids and uh Bill Gurly, friend of the pot. He always Bill Gurly, friend of the pot. He always Bill Gurly, friend of the pot. He always shows up for us. shows up for us. shows up for us. >> Jal, do an impression for us of what it >> Jal, do an impression for us of what it >> Jal, do an impression for us of what it would be like if you and Bill Gurley would be like if you and Bill Gurley would be like if you and Bill Gurley started a podcast together. started a podcast together. started a podcast together. >> All right, everybody. Welcome to the >> All right, everybody. Welcome to the >> All right, everybody. Welcome to the JCBG podcast. I'm your host, Jason JCBG podcast. I'm your host, Jason JCBG podcast. I'm your host, Jason Calakanis. and I'm Bill Gurly and we're Calakanis. and I'm Bill Gurly and we're Calakanis. and I'm Bill Gurly and we're here in Texas at Terry Blacks where here in Texas at Terry Blacks where here in Texas at Terry Blacks where we're getting some beef ribs and we're we're getting some beef ribs and we're we're getting some beef ribs and we're going to discuss investing in going to discuss investing in going to discuss investing in marketplaces marketplaces marketplaces as well as my new book running down a as well as my new book running down a as well as my new book running down a dream which will teach your kids how to dream which will teach your kids how to dream which will teach your kids how to not be fuckups and if your kids are ups not be fuckups and if your kids are ups not be fuckups and if your kids are ups you can hit them in the back of the head you can hit them in the back of the head you can hit them in the back of the head with the book with the book with the book Texas style. Texas style. Texas style. One of the big topics uh and I think One of the big topics uh and I think One of the big topics uh and I think something you're working on with something you're working on with something you're working on with President Trump's acts is uh this energy President Trump's acts is uh this energy President Trump's acts is uh this energy pledge. I've been seeing uh rumblings pledge. I've been seeing uh rumblings pledge. I've been seeing uh rumblings about this. Explain what's going on in about this. Explain what's going on in about this. Explain what's going on in terms of getting the country in sync terms of getting the country in sync terms of getting the country in sync around these data centers and energy. around these data centers and energy. around these data centers and energy. Well, the president announced in the Well, the president announced in the Well, the president announced in the State of the Union last night that he State of the Union last night that he State of the Union last night that he supports a rateayer protection pledge supports a rateayer protection pledge supports a rateayer protection pledge which requires uh the major tech which requires uh the major tech which requires uh the major tech companies to provide for their own power companies to provide for their own power companies to provide for their own power needs for AI data centers so that needs for AI data centers so that needs for AI data centers so that residential consumers do not see their residential consumers do not see their residential consumers do not see their rates going up. I think this makes total rates going up. I think this makes total rates going up. I think this makes total sense. I think Chamas, to your point, sense. I think Chamas, to your point, sense. I think Chamas, to your point, this is the reason behind a lot of the this is the reason behind a lot of the this is the reason behind a lot of the opposition to new data centers is that opposition to new data centers is that opposition to new data centers is that the local residents fear that their the local residents fear that their the local residents fear that their electricity prices are going to go up electricity prices are going to go up electricity prices are going to go up and that shouldn't be the case. And so and that shouldn't be the case. And so and that shouldn't be the case. And so the president has said that he's the president has said that he's the president has said that he's committed to not allowing residential committed to not allowing residential committed to not allowing residential rates to go up as a result of data rates to go up as a result of data rates to go up as a result of data centers. It's pretty straightforward. centers. It's pretty straightforward. centers. It's pretty straightforward. You get the big tech companies, the You get the big tech companies, the You get the big tech companies, the hyperscalers to pay for the increase in hyperscalers to pay for the increase in hyperscalers to pay for the increase in the electricity cost or you let them set the electricity cost or you let them set the electricity cost or you let them set up their own power behind the meter. The up their own power behind the meter. The up their own power behind the meter. The president's been talking about this for president's been talking about this for president's been talking about this for over a year that our biggest AI over a year that our biggest AI over a year that our biggest AI companies would also become big power companies would also become big power companies would also become big power companies because we would let them uh companies because we would let them uh companies because we would let them uh stand up their own power generation stand up their own power generation stand up their own power generation behind the meter. So these data centers behind the meter. So these data centers behind the meter. So these data centers don't even have to connect to the grid. don't even have to connect to the grid. don't even have to connect to the grid. They could just do collocation They could just do collocation They could just do collocation themselves. But also, I think that with themselves. But also, I think that with themselves. But also, I think that with this rateayer protection pledge, what this rateayer protection pledge, what this rateayer protection pledge, what you're going to see is that it could you're going to see is that it could you're going to see is that it could actually bring down consumer prices actually bring down consumer prices actually bring down consumer prices because what happens is that when these because what happens is that when these because what happens is that when these data centers then set up their own power data centers then set up their own power data centers then set up their own power and connect to the grid, they can give and connect to the grid, they can give and connect to the grid, they can give back the excess to the grid. Also, they back the excess to the grid. Also, they back the excess to the grid. Also, they will make investments in scaling the will make investments in scaling the will make investments in scaling the infrastructure. So, although electricity infrastructure. So, although electricity infrastructure. So, although electricity is priced at a metered rate, the costs is priced at a metered rate, the costs is priced at a metered rate, the costs to generate it are not all variable. to generate it are not all variable. to generate it are not all variable. There's a lot of huge fixed costs in There's a lot of huge fixed costs in There's a lot of huge fixed costs in there. So when you increase scale then there. So when you increase scale then there. So when you increase scale then you can actually reduce the the metered you can actually reduce the the metered you can actually reduce the the metered rate. So again you know this is really I rate. So again you know this is really I rate. So again you know this is really I think the rebuttal to Bernie Sanders who think the rebuttal to Bernie Sanders who think the rebuttal to Bernie Sanders who just wants to stop all progress just wants to stop all progress just wants to stop all progress whatsoever. whatsoever. whatsoever. I saw a funny post calling it bananas I saw a funny post calling it bananas I saw a funny post calling it bananas which is build absolutely nothing which is build absolutely nothing which is build absolutely nothing anywhere near anyone. So this is the anywhere near anyone. So this is the anywhere near anyone. So this is the >> bananas is replacing the new nimi. So >> bananas is replacing the new nimi. So >> bananas is replacing the new nimi. So you just can build absolutely nothing. I you just can build absolutely nothing. I you just can build absolutely nothing. I think the president's approach finds a think the president's approach finds a think the president's approach finds a very good balance here, which is look, very good balance here, which is look, very good balance here, which is look, >> we can have progress. Just don't make >> we can have progress. Just don't make >> we can have progress. Just don't make residential consumers pay for it. Let residential consumers pay for it. Let residential consumers pay for it. Let the big tech companies pay for it the big tech companies pay for it the big tech companies pay for it themselves. And I think you'll see more themselves. And I think you'll see more themselves. And I think you'll see more coming out about this from the White coming out about this from the White coming out about this from the White House next week. House next week. House next week. >> Quite a deaf move. Freeberg, how should >> Quite a deaf move. Freeberg, how should >> Quite a deaf move. Freeberg, how should America be thinking about this great America be thinking about this great America be thinking about this great data center buildout, energy usage, you data center buildout, energy usage, you data center buildout, energy usage, you know, if you expand it out over the know, if you expand it out over the know, if you expand it out over the coming decade? And how do you sell that coming decade? And how do you sell that coming decade? And how do you sell that to the backdrop that you talk about the to the backdrop that you talk about the to the backdrop that you talk about the socialist movement? You got a great socialist movement? You got a great socialist movement? You got a great interview coming out with Ray Dalio and interview coming out with Ray Dalio and interview coming out with Ray Dalio and the all-in interview program next week. the all-in interview program next week. the all-in interview program next week. How do you think about those competing How do you think about those competing How do you think about those competing forces? You've got the socialists saying forces? You've got the socialists saying forces? You've got the socialists saying bananas, nimi, slow down, del, and then bananas, nimi, slow down, del, and then bananas, nimi, slow down, del, and then you've got this incredible race we're in you've got this incredible race we're in you've got this incredible race we're in for efficiency and this opportunity and for efficiency and this opportunity and for efficiency and this opportunity and abundance. How would you sell it to kind abundance. How would you sell it to kind abundance. How would you sell it to kind of bring these two sides together? Or is of bring these two sides together? Or is of bring these two sides together? Or is it just it just it just impossible. The data coming in and out impossible. The data coming in and out impossible. The data coming in and out of data centers moves at roughly the of data centers moves at roughly the of data centers moves at roughly the speed of light. So you could put them speed of light. So you could put them speed of light. So you could put them anywhere. And I think that our policy anywhere. And I think that our policy anywhere. And I think that our policy makers need to be very cognizant of that makers need to be very cognizant of that makers need to be very cognizant of that fact. You have and we do connect the fact. You have and we do connect the fact. You have and we do connect the internet using high-speed cable, internet using high-speed cable, internet using high-speed cable, high-speed high-speed high-speed fiber optic throughout the world. And so fiber optic throughout the world. And so fiber optic throughout the world. And so theoretically if we don't embrace and theoretically if we don't embrace and theoretically if we don't embrace and allow the economic development of the allow the economic development of the allow the economic development of the data center industry and it will data center industry and it will data center industry and it will fundamentally be an industry because it fundamentally be an industry because it fundamentally be an industry because it is almost like the new sort of oil. is almost like the new sort of oil. is almost like the new sort of oil. Where are the oil rigs going to go? Where are the oil rigs going to go? Where are the oil rigs going to go? Where are the railroads going to go? Where are the railroads going to go? Where are the railroads going to go? Where are the telegraph lines going to Where are the telegraph lines going to Where are the telegraph lines going to go? Where are the factories going to go? go? Where are the factories going to go? go? Where are the factories going to go? If we don't put them here, someone else If we don't put them here, someone else If we don't put them here, someone else will put them on their shores. Someone will put them on their shores. Someone will put them on their shores. Someone else will put them in their country. else will put them in their country. else will put them in their country. Someone else will put them in their Someone else will put them in their Someone else will put them in their jurisdiction. And a lot of the economic jurisdiction. And a lot of the economic jurisdiction. And a lot of the economic value that arises from the people that value that arises from the people that value that arises from the people that will build those facilities, the energy will build those facilities, the energy will build those facilities, the energy that will be installed to produce power that will be installed to produce power that will be installed to produce power for those facilities, and then all of for those facilities, and then all of for those facilities, and then all of the second and third order industries the second and third order industries the second and third order industries that emerge as a result of those that emerge as a result of those that emerge as a result of those installations, that value will acrue installations, that value will acrue installations, that value will acrue elsewhere. elsewhere. elsewhere. >> Such a good point. >> Such a good point. >> Such a good point. >> So, >> So, >> So, >> yeah, >> yeah, >> yeah, >> it's not going to like just go away. The >> it's not going to like just go away. The >> it's not going to like just go away. The the demand is there. The economy is the demand is there. The economy is the demand is there. The economy is moving forward. AI is moving forward. We moving forward. AI is moving forward. We moving forward. AI is moving forward. We live in a world with 196 countries and live in a world with 196 countries and live in a world with 196 countries and data centers do not take up a lot of data centers do not take up a lot of data centers do not take up a lot of space. They're very small relative to space. They're very small relative to space. They're very small relative to the economic value that they produce. If the economic value that they produce. If the economic value that they produce. If you zoom out on the map of the world, you zoom out on the map of the world, you zoom out on the map of the world, all the data centers in the world fit all the data centers in the world fit all the data centers in the world fit under the tip of a pin. And so this is a under the tip of a pin. And so this is a under the tip of a pin. And so this is a very small footprint and if we're going very small footprint and if we're going very small footprint and if we're going to give up hundreds of thousands of jobs to give up hundreds of thousands of jobs to give up hundreds of thousands of jobs and many billions of dollars of economic and many billions of dollars of economic and many billions of dollars of economic value creation, we're being pretty silly value creation, we're being pretty silly value creation, we're being pretty silly and pretty obtuse in our view of the and pretty obtuse in our view of the and pretty obtuse in our view of the world. I would just like encourage the world. I would just like encourage the world. I would just like encourage the system that I think is the right system system that I think is the right system system that I think is the right system and we talked about this last time where and we talked about this last time where and we talked about this last time where provided data centers are producing provided data centers are producing provided data centers are producing their own electricity. That means that their own electricity. That means that their own electricity. That means that you're taking electricity consumption you're taking electricity consumption you're taking electricity consumption off the grid because they otherwise are off the grid because they otherwise are off the grid because they otherwise are not being used on the grid and that will not being used on the grid and that will not being used on the grid and that will reduce the cost of electricity for other reduce the cost of electricity for other reduce the cost of electricity for other residential and industrial users. So, residential and industrial users. So, residential and industrial users. So, it's silly to think that we need to put it's silly to think that we need to put it's silly to think that we need to put a moratorium on data centers. As soon as a moratorium on data centers. As soon as a moratorium on data centers. As soon as you do that, the companies that use data you do that, the companies that use data you do that, the companies that use data centers are not going to slow down. centers are not going to slow down. centers are not going to slow down. they're going to go put them somewhere they're going to go put them somewhere they're going to go put them somewhere else and we're going to miss out. else and we're going to miss out. else and we're going to miss out. >> And it's such a good point, Chimamoth, >> And it's such a good point, Chimamoth, >> And it's such a good point, Chimamoth, because you were recently in the Middle because you were recently in the Middle because you were recently in the Middle East and I've been there a bunch in East and I've been there a bunch in East and I've been there a bunch in Saudi, UAE. These are the folks who Saudi, UAE. These are the folks who Saudi, UAE. These are the folks who built a large portion of those oil built a large portion of those oil built a large portion of those oil refineries. And they are savvy to this. refineries. And they are savvy to this. refineries. And they are savvy to this. And what are they doing in Saudi, UAE, And what are they doing in Saudi, UAE, And what are they doing in Saudi, UAE, Qatar, all of these regions? They're Qatar, all of these regions? They're Qatar, all of these regions? They're doubling down. They're 10xing their data doubling down. They're 10xing their data doubling down. They're 10xing their data center builds. So to your point, center builds. So to your point, center builds. So to your point, Freedberg, either we build them or Freedberg, either we build them or Freedberg, either we build them or they're going to go somewhere else. And they're going to go somewhere else. And they're going to go somewhere else. And there are people who are willing to there are people who are willing to there are people who are willing to underwrite these and they're willing to underwrite these and they're willing to underwrite these and they're willing to take out the red tape take out the red tape take out the red tape from the process here and move quicker from the process here and move quicker from the process here and move quicker than us. So we I think this is a pretty than us. So we I think this is a pretty than us. So we I think this is a pretty deaf move by President Trump to say, deaf move by President Trump to say, deaf move by President Trump to say, "Hey, you guys should all just guarantee "Hey, you guys should all just guarantee "Hey, you guys should all just guarantee that consumers don't get impacted." The that consumers don't get impacted." The that consumers don't get impacted." The water thing is a total hoax. Like the water thing is a total hoax. Like the water thing is a total hoax. Like the water is recirculated. That's a hoax. I water is recirculated. That's a hoax. I water is recirculated. That's a hoax. I think this is really smart. I think that think this is really smart. I think that think this is really smart. I think that what the president's doing and what Sax what the president's doing and what Sax what the president's doing and what Sax is doing is really smart. The thing to is doing is really smart. The thing to is doing is really smart. The thing to keep in mind is that there's still a keep in mind is that there's still a keep in mind is that there's still a risk that prices go up and it has risk that prices go up and it has risk that prices go up and it has nothing to do with these data centers nothing to do with these data centers nothing to do with these data centers and it has everything to do with the and it has everything to do with the and it has everything to do with the business model of being a utility business model of being a utility business model of being a utility because what happens is in order to get because what happens is in order to get because what happens is in order to get a license a monopoly license in an area a license a monopoly license in an area a license a monopoly license in an area to provide energy to generate energy for to provide energy to generate energy for to provide energy to generate energy for a community. a community. a community. The exchange works in the following way. The exchange works in the following way. The exchange works in the following way. You go and you present a capex plan to You go and you present a capex plan to You go and you present a capex plan to the public utilities commission. That's the public utilities commission. That's the public utilities commission. That's effectively your budget that says here effectively your budget that says here effectively your budget that says here are the lines I'm going to upgrade. Here are the lines I'm going to upgrade. Here are the lines I'm going to upgrade. Here are the generators I'm going to upgrade. are the generators I'm going to upgrade. are the generators I'm going to upgrade. Independent of data centers. The reality Independent of data centers. The reality Independent of data centers. The reality is the draw the electricity consumption is the draw the electricity consumption is the draw the electricity consumption of individual Americans is going up of individual Americans is going up of individual Americans is going up because we have more devices, we have because we have more devices, we have because we have more devices, we have cars, we have all of these other things. cars, we have all of these other things. cars, we have all of these other things. So what we also have to do is we have to So what we also have to do is we have to So what we also have to do is we have to look at how utilities's business model look at how utilities's business model look at how utilities's business model actually incentivizes them to increase actually incentivizes them to increase actually incentivizes them to increase prices by making all kinds of prices by making all kinds of prices by making all kinds of investments. So we have to do a good job investments. So we have to do a good job investments. So we have to do a good job of making sure we hold everybody of making sure we hold everybody of making sure we hold everybody accountable because otherwise what you accountable because otherwise what you accountable because otherwise what you could see is that the data centers could see is that the data centers could see is that the data centers taking on the burden for themselves but taking on the burden for themselves but taking on the burden for themselves but price is still continuing to escalate price is still continuing to escalate price is still continuing to escalate because a utility says I need to spend a because a utility says I need to spend a because a utility says I need to spend a billion dollars this year to upgrade my billion dollars this year to upgrade my billion dollars this year to upgrade my infrastructure. And what that allows infrastructure. And what that allows infrastructure. And what that allows them to do is take that billion dollars them to do is take that billion dollars them to do is take that billion dollars and essentially invest it for a return. and essentially invest it for a return. and essentially invest it for a return. That's the business model of utility. That's the business model of utility. That's the business model of utility. And this is really happening in blue And this is really happening in blue And this is really happening in blue states. Micron has a hundred billion states. Micron has a hundred billion states. Micron has a hundred billion dollar mega fab in New York. And there's dollar mega fab in New York. And there's dollar mega fab in New York. And there's a lawsuit by six 1 2 3 4 5 citizens. a lawsuit by six 1 2 3 4 5 citizens. a lawsuit by six 1 2 3 4 5 citizens. >> That's shameful. >> That's shameful. >> That's shameful. >> And the project has taken 12 >> And the project has taken 12 >> And the project has taken 12 >> 1200 days. 1,200 days >> 1200 days. 1,200 days >> 1200 days. 1,200 days >> between their announcement and the >> between their announcement and the >> between their announcement and the groundbreaking. And they spent 612 days groundbreaking. And they spent 612 days groundbreaking. And they spent 612 days on the environmental impact study. on the environmental impact study. on the environmental impact study. People wake up. Just go to Texas. Elon People wake up. Just go to Texas. Elon People wake up. Just go to Texas. Elon built his factory here, the Gigafactory, built his factory here, the Gigafactory, built his factory here, the Gigafactory, in under like 18 months. This is the in under like 18 months. This is the in under like 18 months. This is the great state of Texas. Come here. We'll great state of Texas. Come here. We'll great state of Texas. Come here. We'll build it for you and you'll be done. build it for you and you'll be done. build it for you and you'll be done. >> Yeah. I don't know why anyone bothers >> Yeah. I don't know why anyone bothers >> Yeah. I don't know why anyone bothers with the blue states anymore. They make with the blue states anymore. They make with the blue states anymore. They make it too hard to build. it too hard to build. it too hard to build. >> It's It's so dumb. It's such a >> It's It's so dumb. It's such a >> It's It's so dumb. It's such a self-owned, too. Like, what? Don't you self-owned, too. Like, what? Don't you self-owned, too. Like, what? Don't you want to be part of the future? You're want to be part of the future? You're want to be part of the future? You're literally ankling the entire country to literally ankling the entire country to literally ankling the entire country to scratch the odd. scratch the odd. scratch the odd. >> By the way, there are a lot of people in >> By the way, there are a lot of people in >> By the way, there are a lot of people in New York who want to work. This is not a New York who want to work. This is not a New York who want to work. This is not a case actually of this new fab being case actually of this new fab being case actually of this new fab being unpopular. unpopular. unpopular. The majority of people in the area The majority of people in the area The majority of people in the area actually want this plant being built. actually want this plant being built. actually want this plant being built. They want the jobs that are going to They want the jobs that are going to They want the jobs that are going to come there. A lot of people say data come there. A lot of people say data come there. A lot of people say data centers don't create a lot of jobs. This centers don't create a lot of jobs. This centers don't create a lot of jobs. This is actually a chip fab. So, it will is actually a chip fab. So, it will is actually a chip fab. So, it will create a lot of jobs. A lot of good high create a lot of jobs. A lot of good high create a lot of jobs. A lot of good high paying jobs. People want it. But six paying jobs. People want it. But six paying jobs. People want it. But six people can stop it with a lawsuit after people can stop it with a lawsuit after people can stop it with a lawsuit after it's already been through a two-year it's already been through a two-year it's already been through a two-year environmental review. environmental review. environmental review. >> It's not blue and red states. These are >> It's not blue and red states. These are >> It's not blue and red states. These are nonprofits that get organized to create nonprofits that get organized to create nonprofits that get organized to create this kind of chaos. I remember looking this kind of chaos. I remember looking this kind of chaos. I remember looking at a massive lithium investment in at a massive lithium investment in at a massive lithium investment in Nevada. And the whole point was to Nevada. And the whole point was to Nevada. And the whole point was to domesticate domesticate domesticate lithium production. And what was lithium production. And what was lithium production. And what was interesting is this enormous deposit interesting is this enormous deposit interesting is this enormous deposit that's just sitting there ripe for that's just sitting there ripe for that's just sitting there ripe for development right before they were about development right before they were about development right before they were about to get environmental approvals or right to get environmental approvals or right to get environmental approvals or right after there was a lawsuit by people who after there was a lawsuit by people who after there was a lawsuit by people who wanted to protect the upper land grass. wanted to protect the upper land grass. wanted to protect the upper land grass. It's seared in my mind that the upper It's seared in my mind that the upper It's seared in my mind that the upper land grass of Nevada is the reason why land grass of Nevada is the reason why land grass of Nevada is the reason why we do not have domestic national we do not have domestic national we do not have domestic national security around lithium. security around lithium. security around lithium. And you have to ask yourself why is this And you have to ask yourself why is this And you have to ask yourself why is this possible? And it's possible because you possible? And it's possible because you possible? And it's possible because you have these environmental nonprofits that have these environmental nonprofits that have these environmental nonprofits that can go and create this chaos with can go and create this chaos with can go and create this chaos with absolutely no risk to them. Zero. They absolutely no risk to them. Zero. They absolutely no risk to them. Zero. They can fund raise around it and they can can fund raise around it and they can can fund raise around it and they can create this chaos. I mean, Nick, to this create this chaos. I mean, Nick, to this create this chaos. I mean, Nick, to this point, this is an example of Greenpeace. point, this is an example of Greenpeace. point, this is an example of Greenpeace. And specifically here, they were pushing And specifically here, they were pushing And specifically here, they were pushing back on an oil pipeline to such a degree back on an oil pipeline to such a degree back on an oil pipeline to such a degree and they created so much chaos that they and they created so much chaos that they and they created so much chaos that they were sued. And a North Dakota judge just were sued. And a North Dakota judge just were sued. And a North Dakota judge just said that he's going to order Greenpeace said that he's going to order Greenpeace said that he's going to order Greenpeace to pay damages. That should total almost to pay damages. That should total almost to pay damages. That should total almost $350 million in connection to those $350 million in connection to those $350 million in connection to those protests. protests. protests. >> And it should not be the case that six >> And it should not be the case that six >> And it should not be the case that six people can slow down a hundred billion people can slow down a hundred billion people can slow down a hundred billion investment package. That's not right. investment package. That's not right. investment package. That's not right. Well, I think there's and I just want to Well, I think there's and I just want to Well, I think there's and I just want to highlight this important point. There's highlight this important point. There's highlight this important point. There's not a lot of logic and reason. not a lot of logic and reason. not a lot of logic and reason. You guys are right. But I do think You guys are right. But I do think You guys are right. But I do think there's a lot of emotion and there's a there's a lot of emotion and there's a there's a lot of emotion and there's a huge aversion to big tech, a huge huge aversion to big tech, a huge huge aversion to big tech, a huge aversion to wealth creation by select aversion to wealth creation by select aversion to wealth creation by select individuals, select companies, a huge individuals, select companies, a huge individuals, select companies, a huge aversion to economic growth that doesn't aversion to economic growth that doesn't aversion to economic growth that doesn't benefit everyone. There's a fundamental benefit everyone. There's a fundamental benefit everyone. There's a fundamental kind of underlying left behind emotion kind of underlying left behind emotion kind of underlying left behind emotion that drives a lot of this. And I've said that drives a lot of this. And I've said that drives a lot of this. And I've said it before, but I think unless there's it before, but I think unless there's it before, but I think unless there's systems or mechanisms that get folks to systems or mechanisms that get folks to systems or mechanisms that get folks to come along with the value creation ahead come along with the value creation ahead come along with the value creation ahead and and help them connect their own and and help them connect their own and and help them connect their own lives to the value creation that's being lives to the value creation that's being lives to the value creation that's being realized, they're not going to be realized, they're not going to be realized, they're not going to be supportive because there is this kind of supportive because there is this kind of supportive because there is this kind of diametric opposition towards big tech, diametric opposition towards big tech, diametric opposition towards big tech, towards the wealth gap, towards value towards the wealth gap, towards value towards the wealth gap, towards value acrruel to a select few companies or acrruel to a select few companies or acrruel to a select few companies or select few individuals and this fuels select few individuals and this fuels select few individuals and this fuels and feeds that. So I think fundamentally and feeds that. So I think fundamentally and feeds that. So I think fundamentally maybe it's not just about giving the maybe it's not just about giving the maybe it's not just about giving the data centers their own power capacity data centers their own power capacity data centers their own power capacity but there's got to be mechanisms and but there's got to be mechanisms and but there's got to be mechanisms and tools that helps the broader population tools that helps the broader population tools that helps the broader population understand or recognize or get some understand or recognize or get some understand or recognize or get some benefit from it as well where they're an benefit from it as well where they're an benefit from it as well where they're an owner in it or participant in it because owner in it or participant in it because owner in it or participant in it because they have the power as we're seeing they they have the power as we're seeing they they have the power as we're seeing they have the power to stop it. Therefore have the power to stop it. Therefore have the power to stop it. Therefore they want to have some benefit for they want to have some benefit for they want to have some benefit for providing authority to do it. And these providing authority to do it. And these providing authority to do it. And these six people are concerned about housing six people are concerned about housing six people are concerned about housing costs, worker exposure to toxic costs, worker exposure to toxic costs, worker exposure to toxic chemicals, pollution in air and water, chemicals, pollution in air and water, chemicals, pollution in air and water, greenhouse gas emissions, energy greenhouse gas emissions, energy greenhouse gas emissions, energy consumption, flooding of the wetlands, consumption, flooding of the wetlands, consumption, flooding of the wetlands, all these things that obviously could be all these things that obviously could be all these things that obviously could be mitigated. All right, let's keep moving mitigated. All right, let's keep moving mitigated. All right, let's keep moving here. We got a lot more docket to get here. We got a lot more docket to get here. We got a lot more docket to get through. State of the Union came in at through. State of the Union came in at through. State of the Union came in at 108 minutes 108 minutes 108 minutes and it's the longest in 60 years. and it's the longest in 60 years. and it's the longest in 60 years. actually the longest since they started actually the longest since they started actually the longest since they started tracking this. The theme of President tracking this. The theme of President tracking this. The theme of President Trump's State of the Union this year, Trump's State of the Union this year, Trump's State of the Union this year, America at 250, strong, prosperous, and America at 250, strong, prosperous, and America at 250, strong, prosperous, and respected. Trump took a bunch of victory respected. Trump took a bunch of victory respected. Trump took a bunch of victory laps, inflation, jobs, closing the laps, inflation, jobs, closing the laps, inflation, jobs, closing the border, all those have gone really well. border, all those have gone really well. border, all those have gone really well. But this comes to the backdrop of But this comes to the backdrop of But this comes to the backdrop of Trump's approval rating being super Trump's approval rating being super Trump's approval rating being super challenged. He started his first year at challenged. He started his first year at challenged. He started his first year at plus 11.7%. Now he's negative 14 14.3% plus 11.7%. Now he's negative 14 14.3% plus 11.7%. Now he's negative 14 14.3% 26 point swing. Economy started plus 3.4 26 point swing. Economy started plus 3.4 26 point swing. Economy started plus 3.4 down to 18.2 and trade started at 5.9% down to 18.2 and trade started at 5.9% down to 18.2 and trade started at 5.9% and we'll talk about the tariff stuff and we'll talk about the tariff stuff and we'll talk about the tariff stuff later and went down to 22.7. later and went down to 22.7. later and went down to 22.7. So let's call balls and strikes here, So let's call balls and strikes here, So let's call balls and strikes here, gentlemen. Favorite moments. What were gentlemen. Favorite moments. What were gentlemen. Favorite moments. What were your favorite moments from the State of your favorite moments from the State of your favorite moments from the State of the Union and just general impressions the Union and just general impressions the Union and just general impressions of 1 hour and 45 minutes of Trump going of 1 hour and 45 minutes of Trump going of 1 hour and 45 minutes of Trump going to town? to town? to town? I thought it was great. I thought it was great. I thought it was great. >> Favorite moment? Favorite moment or two? >> Favorite moment? Favorite moment or two? >> Favorite moment? Favorite moment or two? Well, I had a couple. Well, I had a couple. Well, I had a couple. One was the One was the One was the Elon Omar Rashida Tlay death stare and Elon Omar Rashida Tlay death stare and Elon Omar Rashida Tlay death stare and them just like losing their minds and them just like losing their minds and them just like losing their minds and and screaming. I just thought it was so and screaming. I just thought it was so and screaming. I just thought it was so unamerican. The second was when he was unamerican. The second was when he was unamerican. The second was when he was calling for law and order where and calling for law and order where and calling for law and order where and focusing and prioritizing on American focusing and prioritizing on American focusing and prioritizing on American citizens and citizens and citizens and >> illegal uh aliens >> illegal uh aliens >> illegal uh aliens >> and none of the Democrats stood up. I >> and none of the Democrats stood up. I >> and none of the Democrats stood up. I thought that was kind of foolish. It was thought that was kind of foolish. It was thought that was kind of foolish. It was like obvious things and the Democrats like obvious things and the Democrats like obvious things and the Democrats wouldn't applaud but this time they did wouldn't applaud but this time they did wouldn't applaud but this time they did like they did for the hockey team which like they did for the hockey team which like they did for the hockey team which I thought was like the right thing to I thought was like the right thing to I thought was like the right thing to do. And then the fourth thing is just a do. And then the fourth thing is just a do. And then the fourth thing is just a a shout out to our friend Brad Gersonner a shout out to our friend Brad Gersonner a shout out to our friend Brad Gersonner who got a big shout out from the who got a big shout out from the who got a big shout out from the president. I don't know Sax if you president. I don't know Sax if you president. I don't know Sax if you engineered that or not but that was engineered that or not but that was engineered that or not but that was >> that was fantastic. >> that was fantastic. >> that was fantastic. He got like a double shout out. It was He got like a double shout out. It was He got like a double shout out. It was like a double tap. like a double tap. like a double tap. >> Yeah, that was really cool. >> Yeah, that was really cool. >> Yeah, that was really cool. >> That was surreal. >> That was surreal. >> That was surreal. >> Our group chat group chat went crazy. It >> Our group chat group chat went crazy. It >> Our group chat group chat went crazy. It was really That was really cool. was really That was really cool. was really That was really cool. >> Those are my four highlights. >> Those are my four highlights. >> Those are my four highlights. >> Great. Here's your uh here's your clip >> Great. Here's your uh here's your clip >> Great. Here's your uh here's your clip of uh yeah, Democrats not standing for of uh yeah, Democrats not standing for of uh yeah, Democrats not standing for Americans uh over illegal aliens. 20 Americans uh over illegal aliens. 20 Americans uh over illegal aliens. 20 seconds. seconds. seconds. >> If you agree with this statement, then >> If you agree with this statement, then >> If you agree with this statement, then stand up and show your support. The stand up and show your support. The stand up and show your support. The first duty of the American government is first duty of the American government is first duty of the American government is to protect American citizens, not to protect American citizens, not to protect American citizens, not illegal aliens. >> Why wouldn't you stand for that? That's >> Why wouldn't you stand for that? That's an easy one to stand for. Doesn't make an easy one to stand for. Doesn't make an easy one to stand for. Doesn't make any sense. any sense. any sense. >> Would you stand for it, Chico? >> Would you stand for it, Chico? >> Would you stand for it, Chico? >> Yeah. I mean, I I'm I'm pro I can be >> Yeah. I mean, I I'm I'm pro I can be >> Yeah. I mean, I I'm I'm pro I can be anti-ICE, but I'm pro-American and I'm anti-ICE, but I'm pro-American and I'm anti-ICE, but I'm pro-American and I'm pro reasonable immigration like 90% of pro reasonable immigration like 90% of pro reasonable immigration like 90% of the country is. So, it just doesn't make the country is. So, it just doesn't make the country is. So, it just doesn't make any sense. Uh, do you have any any sense. Uh, do you have any any sense. Uh, do you have any highlight? highlight? highlight? >> Do you think American citizens should be >> Do you think American citizens should be >> Do you think American citizens should be prioritized over illegals? prioritized over illegals? prioritized over illegals? >> Well, of course, of course. Yes. Of >> Well, of course, of course. Yes. Of >> Well, of course, of course. Yes. Of course. Yes. And then I I also think course. Yes. And then I I also think course. Yes. And then I I also think there should be a path to citizenship there should be a path to citizenship there should be a path to citizenship for people who have been here for a for people who have been here for a for people who have been here for a while. And I think that's what the while. And I think that's what the while. And I think that's what the majority of the country thinks as well. majority of the country thinks as well. majority of the country thinks as well. >> Your point is I can hold two thoughts in >> Your point is I can hold two thoughts in >> Your point is I can hold two thoughts in my head. I would have stood if he asked my head. I would have stood if he asked my head. I would have stood if he asked me. me. me. >> Yes, obviously we should take care of >> Yes, obviously we should take care of >> Yes, obviously we should take care of American citizens first. Yes. And we American citizens first. Yes. And we American citizens first. Yes. And we should deport violent criminals. We've should deport violent criminals. We've should deport violent criminals. We've been over this like a million times been over this like a million times been over this like a million times here. This is like consensus. here. This is like consensus. here. This is like consensus. >> But what do you what do you think is >> But what do you what do you think is >> But what do you what do you think is going on in everybody else's head when going on in everybody else's head when going on in everybody else's head when they're like we got to we cannot stand they're like we got to we cannot stand they're like we got to we cannot stand for this? for this? for this? >> These two sides I mean I think it's like >> These two sides I mean I think it's like >> These two sides I mean I think it's like the tariff thing. It's like the ice the tariff thing. It's like the ice the tariff thing. It's like the ice thing. These two sides cannot work thing. These two sides cannot work thing. These two sides cannot work together. It's just the most polarized together. It's just the most polarized together. It's just the most polarized it's ever been. Trump is not like the it's ever been. Trump is not like the it's ever been. Trump is not like the kind of guy to reach across the aisle. kind of guy to reach across the aisle. kind of guy to reach across the aisle. the Democrats are now digging in. So, we the Democrats are now digging in. So, we the Democrats are now digging in. So, we just have a dysfunctional government just have a dysfunctional government just have a dysfunctional government where, you know, in a more functional where, you know, in a more functional where, you know, in a more functional time period, like under Clinton, let's time period, like under Clinton, let's time period, like under Clinton, let's say, or Bush, people would have gotten say, or Bush, people would have gotten say, or Bush, people would have gotten together, and I'm I'm jumping ahead to together, and I'm I'm jumping ahead to together, and I'm I'm jumping ahead to the tariff discussion. And they would the tariff discussion. And they would the tariff discussion. And they would have said, "Yeah, of course, tariffs are have said, "Yeah, of course, tariffs are have said, "Yeah, of course, tariffs are done in Congress. That's the law. done in Congress. That's the law. done in Congress. That's the law. Whatever. What are your thoughts, Mr. Whatever. What are your thoughts, Mr. Whatever. What are your thoughts, Mr. President? How can we support your President? How can we support your President? How can we support your tariff program?" But now it's like, "Oh, tariff program?" But now it's like, "Oh, tariff program?" But now it's like, "Oh, well, we don't work together. We don't well, we don't work together. We don't well, we don't work together. We don't actually have discussions anymore. actually have discussions anymore. actually have discussions anymore. There's no bipartisan, There's no bipartisan, There's no bipartisan, you know, collaboration. All these you know, collaboration. All these you know, collaboration. All these politicians are disgraceful descriat politicians are disgraceful descriat politicians are disgraceful descriat across the board. They should be working across the board. They should be working across the board. They should be working together for the American people. If the together for the American people. If the together for the American people. If the president wants to do tariffs, president wants to do tariffs, president wants to do tariffs, >> they should be reasonable about it and >> they should be reasonable about it and >> they should be reasonable about it and give him the power to do reasonable give him the power to do reasonable give him the power to do reasonable tariffs and he should be reasonable and tariffs and he should be reasonable and tariffs and he should be reasonable and say, "Hey, I understand that's your say, "Hey, I understand that's your say, "Hey, I understand that's your power. Let's get together and we'll power. Let's get together and we'll power. Let's get together and we'll we'll chop it up and let's have dinner we'll chop it up and let's have dinner we'll chop it up and let's have dinner together." But they're just too together." But they're just too together." But they're just too polarized. It's just disgraceful where polarized. It's just disgraceful where polarized. It's just disgraceful where this country has gotten to. I blame both this country has gotten to. I blame both this country has gotten to. I blame both parties. parties. parties. Whenever the Democrats get smoked out as Whenever the Democrats get smoked out as Whenever the Democrats get smoked out as being radicals and extremists, you being radicals and extremists, you being radicals and extremists, you always want to basically say a pox on always want to basically say a pox on always want to basically say a pox on both your houses and blame the both your houses and blame the both your houses and blame the Republicans and Democrats equally. The Republicans and Democrats equally. The Republicans and Democrats equally. The fact of the matter is the president said fact of the matter is the president said fact of the matter is the president said to the audience, to the members of to the audience, to the members of to the audience, to the members of Congress, hey, if you agree with the Congress, hey, if you agree with the Congress, hey, if you agree with the statement, stand up. And of course, statement, stand up. And of course, statement, stand up. And of course, every single Democrat sat there every single Democrat sat there every single Democrat sat there stonefaced and refused to applaud or stonefaced and refused to applaud or stonefaced and refused to applaud or acknowledge what he was saying. This was acknowledge what he was saying. This was acknowledge what he was saying. This was a very easy test for the Democrats to a very easy test for the Democrats to a very easy test for the Democrats to pass. pass. pass. >> What I just said, >> What I just said, >> What I just said, >> in fact, it was what I said. >> in fact, it was what I said. >> in fact, it was what I said. >> In fact, it was a political risk for the >> In fact, it was a political risk for the >> In fact, it was a political risk for the president because it was so easy for the president because it was so easy for the president because it was so easy for the Democrats to demonstrate that they're Democrats to demonstrate that they're Democrats to demonstrate that they're operating in good faith and that they're operating in good faith and that they're operating in good faith and that they're willing to be bipartisan and they're not willing to be bipartisan and they're not willing to be bipartisan and they're not extremists and they're actually common extremists and they're actually common extremists and they're actually common sensical and logical and they completely sensical and logical and they completely sensical and logical and they completely failed the test. And by the way, it failed the test. And by the way, it failed the test. And by the way, it wasn't just on that one. I mean, let me wasn't just on that one. I mean, let me wasn't just on that one. I mean, let me just tell you some of the other ones just tell you some of the other ones just tell you some of the other ones where they refused to applaud. So they where they refused to applaud. So they where they refused to applaud. So they refused to applaud the grieving families refused to applaud the grieving families refused to applaud the grieving families of innocent American women and children of innocent American women and children of innocent American women and children murdered by criminal illegal aliens, murdered by criminal illegal aliens, murdered by criminal illegal aliens, including the mother of Ireina including the mother of Ireina including the mother of Ireina Zeritzkaya. Zeritzkaya. Zeritzkaya. >> That was very sad. That was sad. >> That was very sad. That was sad. >> That was very sad. That was sad. >> That was unbelievable. They refused to >> That was unbelievable. They refused to >> That was unbelievable. They refused to applaud for securing our homeland and uh applaud for securing our homeland and uh applaud for securing our homeland and uh ending the invasion of criminal illegal ending the invasion of criminal illegal ending the invasion of criminal illegal aliens, killers, rapists, gang members, aliens, killers, rapists, gang members, aliens, killers, rapists, gang members, and traffickers. They refused to applaud and traffickers. They refused to applaud and traffickers. They refused to applaud for unifying against political violence. for unifying against political violence. for unifying against political violence. So, the president mentioned the So, the president mentioned the So, the president mentioned the assassination of Charlie Kirk. They assassination of Charlie Kirk. They assassination of Charlie Kirk. They would not even do a polite clap for would not even do a polite clap for would not even do a polite clap for Erica Kirk and unifying against Erica Kirk and unifying against Erica Kirk and unifying against political violence. They refused to political violence. They refused to political violence. They refused to applaud for keeping violent criminals applaud for keeping violent criminals applaud for keeping violent criminals locked up. They even refused to applaud locked up. They even refused to applaud locked up. They even refused to applaud for lower prescription drug prices for for lower prescription drug prices for for lower prescription drug prices for millions of Americans because it was millions of Americans because it was millions of Americans because it was President Trump who orchestrated that President Trump who orchestrated that President Trump who orchestrated that policy. And there were so many other policy. And there were so many other policy. And there were so many other examples like that. And you know, I examples like that. And you know, I examples like that. And you know, I think the reason why this speech was so think the reason why this speech was so think the reason why this speech was so effective, and by the way, it's not just effective, and by the way, it's not just effective, and by the way, it's not just me saying it. something like twothirds me saying it. something like twothirds me saying it. something like twothirds of the people that CNN pled, so of the people that CNN pled, so of the people that CNN pled, so twothirds of CNN watchers said it was twothirds of CNN watchers said it was twothirds of CNN watchers said it was highly effective and something like highly effective and something like highly effective and something like threearters of CBS news viewers said it threearters of CBS news viewers said it threearters of CBS news viewers said it was highly effective is because the was highly effective is because the was highly effective is because the president laid out 8020 issue one after president laid out 8020 issue one after president laid out 8020 issue one after another, right? Or even 9010 issues or another, right? Or even 9010 issues or another, right? Or even 9010 issues or 955 issues. I mean, these were all 955 issues. I mean, these were all 955 issues. I mean, these were all issues where the overwhelming number of issues where the overwhelming number of issues where the overwhelming number of Americans, I think, agree with the Americans, I think, agree with the Americans, I think, agree with the policy the president laid out. And in policy the president laid out. And in policy the president laid out. And in every single case, the Democrats every single case, the Democrats every single case, the Democrats supposed to wouldn't even give it supposed to wouldn't even give it supposed to wouldn't even give it applied applause. And that is different applied applause. And that is different applied applause. And that is different than than in the past. And you can say than than in the past. And you can say than than in the past. And you can say that's because of hyperartisanship and that's because of hyperartisanship and that's because of hyperartisanship and polarization, but it's also because of polarization, but it's also because of polarization, but it's also because of another thing. It's because the another thing. It's because the another thing. It's because the Democrats have become a party of Democrats have become a party of Democrats have become a party of radicalism and extremism. And the radicalism and extremism. And the radicalism and extremism. And the viewpoints that they expressed through viewpoints that they expressed through viewpoints that they expressed through their aesthetics the other night, they their aesthetics the other night, they their aesthetics the other night, they do express those things in policy and in do express those things in policy and in do express those things in policy and in speeches all the time. So it's not just speeches all the time. So it's not just speeches all the time. So it's not just like a oneoff or you know somehow like like a oneoff or you know somehow like like a oneoff or you know somehow like we have a misconception of who these we have a misconception of who these we have a misconception of who these guys are. I think you know the big line guys are. I think you know the big line guys are. I think you know the big line of the night was when Trump just sort of of the night was when Trump just sort of of the night was when Trump just sort of said these people are crazy. I mean he said these people are crazy. I mean he said these people are crazy. I mean he said it in like almost mournful and said it in like almost mournful and said it in like almost mournful and regretful way. He doesn't want them to regretful way. He doesn't want them to regretful way. He doesn't want them to be crazy. He wants them to be rational be crazy. He wants them to be rational be crazy. He wants them to be rational so he can work with them. I mean, so he can work with them. I mean, so he can work with them. I mean, >> but I think that point re I'll I'll >> but I think that point re I'll I'll >> but I think that point re I'll I'll still point the other side, which is still point the other side, which is still point the other side, which is this has been going on for a couple of, this has been going on for a couple of, this has been going on for a couple of, >> you know, state of the unions here >> you know, state of the unions here >> you know, state of the unions here across this. The Republicans didn't across this. The Republicans didn't across this. The Republicans didn't stand for the Democrats often and uh stand for the Democrats often and uh stand for the Democrats often and uh it's a bit of showmanship. But the truth it's a bit of showmanship. But the truth it's a bit of showmanship. But the truth is Trump is the divider and chief chief. is Trump is the divider and chief chief. is Trump is the divider and chief chief. He always is attacking people. He's He always is attacking people. He's He always is attacking people. He's always mocking people. So, they don't always mocking people. So, they don't always mocking people. So, they don't want to play ball with him. So, I do want to play ball with him. So, I do want to play ball with him. So, I do think you can both choice in politics. think you can both choice in politics. think you can both choice in politics. You got to counter punch. You got to counter punch. You got to counter punch. >> Uh no, I don't think so. That's actually >> Uh no, I don't think so. That's actually >> Uh no, I don't think so. That's actually the that's actually the problem with the the that's actually the problem with the the that's actually the problem with the that philosophy, Trump's philosophy of that philosophy, Trump's philosophy of that philosophy, Trump's philosophy of we have to counter punch, we have to we have to counter punch, we have to we have to counter punch, we have to attack, we never have to apologize, we attack, we never have to apologize, we attack, we never have to apologize, we never have to be reasonable. That's part never have to be reasonable. That's part never have to be reasonable. That's part of what's broken down in our politics of what's broken down in our politics of what's broken down in our politics and these two sides should work and these two sides should work and these two sides should work together. We should go back to a together. We should go back to a together. We should go back to a bipartisan. bipartisan. bipartisan. >> Are you going to work with Helen Omar >> Are you going to work with Helen Omar >> Are you going to work with Helen Omar when he is when the president going to when he is when the president going to when he is when the president going to be easy, but she is the mirror. Hold on, be easy, but she is the mirror. Hold on, be easy, but she is the mirror. Hold on, I'll finish my statement. You asked a I'll finish my statement. You asked a I'll finish my statement. You asked a question. I think Trump is the mirror of question. I think Trump is the mirror of question. I think Trump is the mirror of that. He has been hostile towards these that. He has been hostile towards these that. He has been hostile towards these Democrat. He doesn't give them an inch. Democrat. He doesn't give them an inch. Democrat. He doesn't give them an inch. they should be more collaborative. That they should be more collaborative. That they should be more collaborative. That that's what the balance of power between that's what the balance of power between that's what the balance of power between the executive branch, you know, and and the executive branch, you know, and and the executive branch, you know, and and these uh you know, congressmen and and these uh you know, congressmen and and these uh you know, congressmen and and the Congress and the Senate. Like this the Congress and the Senate. Like this the Congress and the Senate. Like this is how it's supposed to work. And these is how it's supposed to work. And these is how it's supposed to work. And these two sides need to learn how to get back two sides need to learn how to get back two sides need to learn how to get back to listening to each other, to listening to each other, to listening to each other, understanding each other's positions, understanding each other's positions, understanding each other's positions, and then finding a middle ground. And and then finding a middle ground. And and then finding a middle ground. And that's why the Democrats lost last time that's why the Democrats lost last time that's why the Democrats lost last time because they didn't have the common because they didn't have the common because they didn't have the common sense to say, "Hey, everybody wants the sense to say, "Hey, everybody wants the sense to say, "Hey, everybody wants the border closed." To your point, it's a border closed." To your point, it's a border closed." To your point, it's a 90% issue. and Kla Harris was too dumb 90% issue. and Kla Harris was too dumb 90% issue. and Kla Harris was too dumb to just say, "Yeah, we should have to just say, "Yeah, we should have to just say, "Yeah, we should have closed the border. It's closed now." And closed the border. It's closed now." And closed the border. It's closed now." And uh we've got it. Anyway, the whole thing uh we've got it. Anyway, the whole thing uh we've got it. Anyway, the whole thing is a mess. I understand you got to fight is a mess. I understand you got to fight is a mess. I understand you got to fight for your team. I don't like the for your team. I don't like the for your team. I don't like the >> count. You just actually made the key >> count. You just actually made the key >> count. You just actually made the key point. You made the key point which is point. You made the key point which is point. You made the key point which is underlying the optics and the underlying the optics and the underlying the optics and the polarization. You have issues and on polarization. You have issues and on polarization. You have issues and on those issues, President Trump is on the those issues, President Trump is on the those issues, President Trump is on the side of the American people. the issues side of the American people. the issues side of the American people. the issues where 80% of the American people agree. where 80% of the American people agree. where 80% of the American people agree. Some huge percentage, I don't know Some huge percentage, I don't know Some huge percentage, I don't know exactly what it is, thinks that the exactly what it is, thinks that the exactly what it is, thinks that the Somali daycare fraud in Minnesota was an Somali daycare fraud in Minnesota was an Somali daycare fraud in Minnesota was an outrage. And the president is right to outrage. And the president is right to outrage. And the president is right to point that out. And what's the point that out. And what's the point that out. And what's the Democrat's reaction? You've got Ilan Democrat's reaction? You've got Ilan Democrat's reaction? You've got Ilan Omar screaming from the audience at him. Omar screaming from the audience at him. Omar screaming from the audience at him. >> Yeah, she's alone. I mean, at the end of >> Yeah, she's alone. I mean, at the end of >> Yeah, she's alone. I mean, at the end of the Democrats are not that different. the Democrats are not that different. the Democrats are not that different. You did have you did have Elizabeth You did have you did have Elizabeth You did have you did have Elizabeth Warren stand for uh stopping Nancy Warren stand for uh stopping Nancy Warren stand for uh stopping Nancy Pelosi from trading stocks and that gave Pelosi from trading stocks and that gave Pelosi from trading stocks and that gave Trump his best oneliner of the night. Trump his best oneliner of the night. Trump his best oneliner of the night. That was his best oneliner clearly and That was his best oneliner clearly and That was his best oneliner clearly and they stood for Iran too and stopping they stood for Iran too and stopping they stood for Iran too and stopping Iran from being a nuclear. Iran from being a nuclear. Iran from being a nuclear. >> I give Elizabeth Warren credit for that. >> I give Elizabeth Warren credit for that. >> I give Elizabeth Warren credit for that. >> There you go. You don't have to punch >> There you go. You don't have to punch >> There you go. You don't have to punch her back. her back. her back. >> Stop insider trading act without delay. >> Stop insider trading act without delay. >> Stop insider trading act without delay. >> Yeah. See, that's something bipartisan. >> Yeah. See, that's something bipartisan. >> Yeah. See, that's something bipartisan. Look at that, Zach. That's what you need Look at that, Zach. That's what you need Look at that, Zach. That's what you need to get the country back to. But that to get the country back to. But that to get the country back to. But that hold on. But this this disproves the hold on. But this this disproves the hold on. But this this disproves the point you were making before. You said point you were making before. You said point you were making before. You said that it was polarization. that it was polarization. that it was polarization. >> You stood up for that. I can't believe >> You stood up for that. I can't believe >> You stood up for that. I can't believe >> can't believe Nancy Pelosi stand up if >> can't believe Nancy Pelosi stand up if >> can't believe Nancy Pelosi stand up if she sing pal. Good job. she sing pal. Good job. she sing pal. Good job. >> That's why he's so good is he's in the >> That's why he's so good is he's in the >> That's why he's so good is he's in the moment and he's reacting to what's moment and he's reacting to what's moment and he's reacting to what's happening in the chamber. He's not good. happening in the chamber. He's not good. happening in the chamber. He's not good. He's not just reading from a He's not just reading from a He's not just reading from a teleprompter. And he nailed it. But teleprompter. And he nailed it. But teleprompter. And he nailed it. But look, that moment disproves what you look, that moment disproves what you look, that moment disproves what you were saying, Jal, because this is not were saying, Jal, because this is not were saying, Jal, because this is not just about polarization. On that issue, just about polarization. On that issue, just about polarization. On that issue, Elizabeth Warren was willing to stand Elizabeth Warren was willing to stand Elizabeth Warren was willing to stand because she actually, to her credit, because she actually, to her credit, because she actually, to her credit, wants to ban insider trading by members wants to ban insider trading by members wants to ban insider trading by members of Congress. Yes. But on the rest of of Congress. Yes. But on the rest of of Congress. Yes. But on the rest of those issues, like securing the border, those issues, like securing the border, those issues, like securing the border, she did not stand. Why? Because she does she did not stand. Why? Because she does she did not stand. Why? Because she does not agree with the president on that not agree with the president on that not agree with the president on that issue. issue. issue. >> We just have to get back to these sides >> We just have to get back to these sides >> We just have to get back to these sides working together. That's my personal working together. That's my personal working together. That's my personal feeling. feeling. feeling. uh Freeberg, any thoughts on the uh uh Freeberg, any thoughts on the uh uh Freeberg, any thoughts on the uh theatrics and uh Trump's first year at theatrics and uh Trump's first year at theatrics and uh Trump's first year at large and you know the sort of back and large and you know the sort of back and large and you know the sort of back and forth and is there any hope that these forth and is there any hope that these forth and is there any hope that these two teams could collaborate at some two teams could collaborate at some two teams could collaborate at some point on something like say the point on something like say the point on something like say the ballooning deficit which Trump has not ballooning deficit which Trump has not ballooning deficit which Trump has not gotten under control in his first year gotten under control in his first year gotten under control in his first year and it's going to be $2.5 trillion and it's going to be $2.5 trillion and it's going to be $2.5 trillion dollars added. What are your thoughts dollars added. What are your thoughts dollars added. What are your thoughts here on them collaborating on anything here on them collaborating on anything here on them collaborating on anything important? Friedberg, that's probably important? Friedberg, that's probably important? Friedberg, that's probably one thing they can agree on is just keep one thing they can agree on is just keep one thing they can agree on is just keep the money flowing. Got it. They'll both the money flowing. Got it. They'll both the money flowing. Got it. They'll both give a They'll both give a a standing give a They'll both give a a standing give a They'll both give a a standing ovation for burn more capital and put us ovation for burn more capital and put us ovation for burn more capital and put us more in debt. Well said my guy David more in debt. Well said my guy David more in debt. Well said my guy David Friedberg, sultpan of science, it is Friedberg, sultpan of science, it is Friedberg, sultpan of science, it is your time to shine. The world's greatest your time to shine. The world's greatest your time to shine. The world's greatest moderator has decided we're going moderator has decided we're going moderator has decided we're going directly to science corner. This is your directly to science corner. This is your directly to science corner. This is your time to shine. time to shine. time to shine. >> Sax's time to drop a deuce. >> Sax's time to drop a deuce. >> Sax's time to drop a deuce. >> Sax went immediately off camera. >> Sax went immediately off camera. >> Sax went immediately off camera. >> Yeah, he has to drop a deuce. >> Yeah, he has to drop a deuce. >> Yeah, he has to drop a deuce. >> What's up? >> What's up? >> What's up? >> But what do you need me for? This is >> But what do you need me for? This is >> But what do you need me for? This is very important for you. very important for you. very important for you. >> Freeberg's going to talk. >> Freeberg's going to talk. >> Freeberg's going to talk. >> Lightning round for science corner. Go >> Lightning round for science corner. Go >> Lightning round for science corner. Go Freeberg. Freeberg. Freeberg. >> Wait, wait, wait. Are we doing any more >> Wait, wait, wait. Are we doing any more >> Wait, wait, wait. Are we doing any more topics after this or can I just leave? topics after this or can I just leave? topics after this or can I just leave? >> Yes, tariffs. >> Yes, tariffs. >> Yes, tariffs. >> Yes, we're doing tariffs. >> Yes, we're doing tariffs. >> Yes, we're doing tariffs. >> Wait, why would we do that? >> Wait, why would we do that? >> Wait, why would we do that? >> Because I want to get the audience to >> Because I want to get the audience to >> Because I want to get the audience to sleep. I'm not saying Science Corner sleep. I'm not saying Science Corner sleep. I'm not saying Science Corner doesn't have its audience. doesn't have its audience. doesn't have its audience. >> Listen, you can go. >> Listen, you can go. >> Listen, you can go. >> Why wouldn't we do Yeah, exactly. You're >> Why wouldn't we do Yeah, exactly. You're >> Why wouldn't we do Yeah, exactly. You're screaming. screaming. screaming. >> Let him do his work. >> Let him do his work. >> Let him do his work. >> Let him let him cook. Let him cook. >> Let him let him cook. Let him cook. >> Let him let him cook. Let him cook. >> Freeberg, tell us about this Harvard >> Freeberg, tell us about this Harvard >> Freeberg, tell us about this Harvard scene. scene. scene. >> Speaking of science, I think that >> Speaking of science, I think that >> Speaking of science, I think that there's a very important moment there's a very important moment there's a very important moment happening right now. We've talked a happening right now. We've talked a happening right now. We've talked a number of times on the show about number of times on the show about number of times on the show about Yamanaka factors. These are these four Yamanaka factors. These are these four Yamanaka factors. These are these four proteins that were discovered by Shina proteins that were discovered by Shina proteins that were discovered by Shina Yamanaka that we found later that when Yamanaka that we found later that when Yamanaka that we found later that when applied to cells, mamalian cells can applied to cells, mamalian cells can applied to cells, mamalian cells can actually reverse the age of those cells, actually reverse the age of those cells, actually reverse the age of those cells, reset the epigenetic clock, reset the reset the epigenetic clock, reset the reset the epigenetic clock, reset the epiggenome, which is the little markers epiggenome, which is the little markers epiggenome, which is the little markers on top of the DNA that turn genes on and on top of the DNA that turn genes on and on top of the DNA that turn genes on and off back to a youthful state. off back to a youthful state. off back to a youthful state. extraordinary groundbreaking work that extraordinary groundbreaking work that extraordinary groundbreaking work that was done that won the Nobel Prize led to was done that won the Nobel Prize led to was done that won the Nobel Prize led to the foundation of several companies. the foundation of several companies. the foundation of several companies. There's a Harvard uh scientist named There's a Harvard uh scientist named There's a Harvard uh scientist named David Sinclair. He's a bit of a David Sinclair. He's a bit of a David Sinclair. He's a bit of a controversial character. Do you guys controversial character. Do you guys controversial character. Do you guys know him? I think you guys one one or know him? I think you guys one one or know him? I think you guys one one or two of you may have met him. Chim, you two of you may have met him. Chim, you two of you may have met him. Chim, you ever met him? ever met him? ever met him? >> I I I followed him. I've seen his stuff. >> I I I followed him. I've seen his stuff. >> I I I followed him. I've seen his stuff. So Sinclair is kind of bemoaned a little So Sinclair is kind of bemoaned a little So Sinclair is kind of bemoaned a little bit by the scientific and academic bit by the scientific and academic bit by the scientific and academic community for being a little too community for being a little too community for being a little too overhypy snake oil salesman as some of overhypy snake oil salesman as some of overhypy snake oil salesman as some of folks have claimed because years ago he folks have claimed because years ago he folks have claimed because years ago he sold a company to GSK saying resveratrol sold a company to GSK saying resveratrol sold a company to GSK saying resveratrol would reverse aging and you know he made would reverse aging and you know he made would reverse aging and you know he made $720 million on that and it didn't end $720 million on that and it didn't end $720 million on that and it didn't end up working and he's promoted certain up working and he's promoted certain up working and he's promoted certain supplement companies and so on. So, I supplement companies and so on. So, I supplement companies and so on. So, I want to preface with that before I kind want to preface with that before I kind want to preface with that before I kind of underwrite what he's saying with this of underwrite what he's saying with this of underwrite what he's saying with this next thing, but he's a co-founder of a next thing, but he's a co-founder of a next thing, but he's a co-founder of a company called Life Biosciences, and company called Life Biosciences, and company called Life Biosciences, and they've reached a major agreement with they've reached a major agreement with they've reached a major agreement with the FDA to be the first company to treat the FDA to be the first company to treat the FDA to be the first company to treat humans with Yamanaka factors. humans with Yamanaka factors. humans with Yamanaka factors. Specifically, what they're doing is Specifically, what they're doing is Specifically, what they're doing is they're going to be delivering these they're going to be delivering these they're going to be delivering these Yamanaka factors, these are these Yamanaka factors, these are these Yamanaka factors, these are these proteins proteins proteins that rejuvenate cells and make them that rejuvenate cells and make them that rejuvenate cells and make them youthful again into the eye. And so youthful again into the eye. And so youthful again into the eye. And so their their first indication is to their their first indication is to their their first indication is to actually inject them into the vitrial actually inject them into the vitrial actually inject them into the vitrial fluid in the eyeball and they'll affect fluid in the eyeball and they'll affect fluid in the eyeball and they'll affect the retina in the eye to address people the retina in the eye to address people the retina in the eye to address people that have gotten blind from glaucoma or that have gotten blind from glaucoma or that have gotten blind from glaucoma or one of these kind of stroke like one of these kind of stroke like one of these kind of stroke like diseases that happen in the eye. And the diseases that happen in the eye. And the diseases that happen in the eye. And the expectation with this phase one clinical expectation with this phase one clinical expectation with this phase one clinical trial is that the delivery of these trial is that the delivery of these trial is that the delivery of these Yamanaka factors into the eye will Yamanaka factors into the eye will Yamanaka factors into the eye will rejuvenate the retina, make it youthful rejuvenate the retina, make it youthful rejuvenate the retina, make it youthful again, and restore vision. If it works, again, and restore vision. If it works, again, and restore vision. If it works, which it's expected to because we see which it's expected to because we see which it's expected to because we see this result happen in animal models, it this result happen in animal models, it this result happen in animal models, it could be an extraordinary breakthrough, could be an extraordinary breakthrough, could be an extraordinary breakthrough, not just in terms of blindness, but in not just in terms of blindness, but in not just in terms of blindness, but in terms of the first human application of terms of the first human application of terms of the first human application of Yamanaka factors to reverse aging. The Yamanaka factors to reverse aging. The Yamanaka factors to reverse aging. The way they're doing it is they're actually way they're doing it is they're actually way they're doing it is they're actually packaging up DNA that will make these packaging up DNA that will make these packaging up DNA that will make these proteins into viruses, AAV virus that is proteins into viruses, AAV virus that is proteins into viruses, AAV virus that is delivered into the eye. The virus will delivered into the eye. The virus will delivered into the eye. The virus will then go into the retinal cells and then then go into the retinal cells and then then go into the retinal cells and then will deliver this payload for this DNA will deliver this payload for this DNA will deliver this payload for this DNA to make these proteins in the eye uh to make these proteins in the eye uh to make these proteins in the eye uh cells and it can be turned on and off. cells and it can be turned on and off. cells and it can be turned on and off. Amazingly they've created a switch Amazingly they've created a switch Amazingly they've created a switch mechanism in it where the protein mechanism in it where the protein mechanism in it where the protein production the production of these production the production of these production the production of these Yamanaka factors can be turned on and Yamanaka factors can be turned on and Yamanaka factors can be turned on and off by taking an antibiotic called off by taking an antibiotic called off by taking an antibiotic called doxycyc. So the person that gets the doxycyc. So the person that gets the doxycyc. So the person that gets the delivery of this drug takes the delivery of this drug takes the delivery of this drug takes the antibiotic turns on the production of antibiotic turns on the production of antibiotic turns on the production of these Yamanaka factors and then these Yamanaka factors and then these Yamanaka factors and then theoretically their eye cells will deage theoretically their eye cells will deage theoretically their eye cells will deage will get youthful and their vision will will get youthful and their vision will will get youthful and their vision will be restored. So phase one clinical be restored. So phase one clinical be restored. So phase one clinical trials underway. First time in human trials underway. First time in human trials underway. First time in human history we're seeing Yamanaka factors history we're seeing Yamanaka factors history we're seeing Yamanaka factors being delivered into humans. Literally being delivered into humans. Literally being delivered into humans. Literally the tip of the iceberg. There are now the tip of the iceberg. There are now the tip of the iceberg. There are now over a dozen startups that are trying to over a dozen startups that are trying to over a dozen startups that are trying to deliver Yamanaka factors which are these deliver Yamanaka factors which are these deliver Yamanaka factors which are these proteins or some other sort of protein proteins or some other sort of protein proteins or some other sort of protein that can actually reverse aging by that can actually reverse aging by that can actually reverse aging by restoring the epiggenome and cells and restoring the epiggenome and cells and restoring the epiggenome and cells and make them young again. So this is the make them young again. So this is the make them young again. So this is the beginning of a wave of what I think will beginning of a wave of what I think will beginning of a wave of what I think will be the most extraordinary revolution in be the most extraordinary revolution in be the most extraordinary revolution in human therapeutics and ultimately could human therapeutics and ultimately could human therapeutics and ultimately could lead to lead to lead to you know some people would argue the you know some people would argue the you know some people would argue the fountain of youth. Is this just a talk fountain of youth. Is this just a talk fountain of youth. Is this just a talk study? So is it mechanism? study? So is it mechanism? study? So is it mechanism? >> They're not. Yeah, they're they're well >> They're not. Yeah, they're they're well >> They're not. Yeah, they're they're well they'll see results. They'll see they'll see results. They'll see they'll see results. They'll see results, but they're going to they're results, but they're going to they're results, but they're going to they're going to keep dosing low. But you will going to keep dosing low. But you will going to keep dosing low. But you will see results. see results. see results. >> God, that's going to be incredible. >> God, that's going to be incredible. >> God, that's going to be incredible. >> It's going to be incredible. By the way, >> It's going to be incredible. By the way, >> It's going to be incredible. By the way, the number of other folks that are the number of other folks that are the number of other folks that are gearing up for phase one using if not gearing up for phase one using if not gearing up for phase one using if not the Yamanaka factors, other factors that the Yamanaka factors, other factors that the Yamanaka factors, other factors that they've identified or designed as an they've identified or designed as an they've identified or designed as an alternative to Yamanaka factors again to alternative to Yamanaka factors again to alternative to Yamanaka factors again to rejuvenate the cells. And just to remind rejuvenate the cells. And just to remind rejuvenate the cells. And just to remind folks, the way this works is it was folks, the way this works is it was folks, the way this works is it was discovered that these proteins when they discovered that these proteins when they discovered that these proteins when they go into a cell, they take all of those go into a cell, they take all of those go into a cell, they take all of those little markers that sit on top of your little markers that sit on top of your little markers that sit on top of your DNA that turn genes on and off and they DNA that turn genes on and off and they DNA that turn genes on and off and they create a system that causes them all to create a system that causes them all to create a system that causes them all to move to the right place. So, it resets move to the right place. So, it resets move to the right place. So, it resets the markers so that those cells will the markers so that those cells will the markers so that those cells will start to operate like they're supposed start to operate like they're supposed start to operate like they're supposed to when they were young again. to when they were young again. to when they were young again. >> That's going to be >> That's going to be >> That's going to be >> it's going to be incredible. Yeah. Do >> it's going to be incredible. Yeah. Do >> it's going to be incredible. Yeah. Do you think like No, in all seriousness, you think like No, in all seriousness, you think like No, in all seriousness, people's knees or joints or what where people's knees or joints or what where people's knees or joints or what where do you think it could flow to next in do you think it could flow to next in do you think it could flow to next in arthritis? arthritis? arthritis? >> Yep. Um and and by the way, when applied >> Yep. Um and and by the way, when applied >> Yep. Um and and by the way, when applied and if it's distributed in the skin, and if it's distributed in the skin, and if it's distributed in the skin, they've seen some results in monkeys they've seen some results in monkeys they've seen some results in monkeys where like wrinkles go away. where like wrinkles go away. where like wrinkles go away. >> It like literally makes these cells all >> It like literally makes these cells all >> It like literally makes these cells all work youthful again. And so a lot of the work youthful again. And so a lot of the work youthful again. And so a lot of the damage that happens over time is not damage that happens over time is not damage that happens over time is not damage to DNA. It's damage to the damage to DNA. It's damage to the damage to DNA. It's damage to the epiggenome. It's the parts that sit on epiggenome. It's the parts that sit on epiggenome. It's the parts that sit on top of the DNA that turn genes on and top of the DNA that turn genes on and top of the DNA that turn genes on and off. And they get moved to the wrong off. And they get moved to the wrong off. And they get moved to the wrong place as you get older. And by resetting place as you get older. And by resetting place as you get older. And by resetting them and getting them back to the right them and getting them back to the right them and getting them back to the right place, boom, the cell is young again, place, boom, the cell is young again, place, boom, the cell is young again, the organ is young again, and suddenly the organ is young again, and suddenly the organ is young again, and suddenly you look and act and feel young again. you look and act and feel young again. you look and act and feel young again. It's an incredible technology. We're It's an incredible technology. We're It's an incredible technology. We're just at the early stages, the early just at the early stages, the early just at the early stages, the early innings of turning it into therapeutics. innings of turning it into therapeutics. innings of turning it into therapeutics. Again, the discovery goes back to 2006 Again, the discovery goes back to 2006 Again, the discovery goes back to 2006 and now we're starting to see it get and now we're starting to see it get and now we're starting to see it get into clinic. into clinic. into clinic. >> All right, let's rejuvenate. Let's >> All right, let's rejuvenate. Let's >> All right, let's rejuvenate. Let's rejuvenate some hairlines on this rejuvenate some hairlines on this rejuvenate some hairlines on this podcast. Uh, that would be next up. podcast. Uh, that would be next up. podcast. Uh, that would be next up. >> Speak for yourself. >> Speak for yourself. >> Speak for yourself. >> I don't know. You got You got a little >> I don't know. You got You got a little >> I don't know. You got You got a little uh You got a little peaks going there, uh You got a little peaks going there, uh You got a little peaks going there, my brother. A little peak. my brother. A little peak. my brother. A little peak. >> What are you talking about, bro? My >> What are you talking about, bro? My >> What are you talking about, bro? My hairline's incredible. I'm 50. hairline's incredible. I'm 50. hairline's incredible. I'm 50. >> I mean, it's not bad for 50. I give you >> I mean, it's not bad for 50. I give you >> I mean, it's not bad for 50. I give you credit. You're You're holding your own. credit. You're You're holding your own. credit. You're You're holding your own. All right, let's talk about our final All right, let's talk about our final All right, let's talk about our final topic. Scotas struck down Trump's topic. Scotas struck down Trump's topic. Scotas struck down Trump's emergency powers tariffs. Last Friday, emergency powers tariffs. Last Friday, emergency powers tariffs. Last Friday, Scotas voted 63 against President Scotas voted 63 against President Scotas voted 63 against President Trump's tariffs. Six judges voted Trump's tariffs. Six judges voted Trump's tariffs. Six judges voted against. three conservatives, Roberts, against. three conservatives, Roberts, against. three conservatives, Roberts, Barrett, Gorsuch, uh, and three liberals Barrett, Gorsuch, uh, and three liberals Barrett, Gorsuch, uh, and three liberals via Bloomberg. This is the biggest via Bloomberg. This is the biggest via Bloomberg. This is the biggest rebuke of existing executive policy in rebuke of existing executive policy in rebuke of existing executive policy in 91 years since Scottish struck down 91 years since Scottish struck down 91 years since Scottish struck down FDR's first new deal in 1935. FDR's first new deal in 1935. FDR's first new deal in 1935. UPUP Wharton Analysis says the tariffs UPUP Wharton Analysis says the tariffs UPUP Wharton Analysis says the tariffs collected about 175 billion to date, 50% collected about 175 billion to date, 50% collected about 175 billion to date, 50% of all tariff duties, um, might wind up of all tariff duties, um, might wind up of all tariff duties, um, might wind up being refunded. This is going to take being refunded. This is going to take being refunded. This is going to take some time to sort out in the courts. some time to sort out in the courts. some time to sort out in the courts. 2,000 importers have already filed for 2,000 importers have already filed for 2,000 importers have already filed for refunds. We we talked about it here. I refunds. We we talked about it here. I refunds. We we talked about it here. I think the majority of people felt like think the majority of people felt like think the majority of people felt like this is the way the decision would go. this is the way the decision would go. this is the way the decision would go. And we talked about here that there were And we talked about here that there were And we talked about here that there were other options for President Trump to other options for President Trump to other options for President Trump to pursue. He immediately said he was not pursue. He immediately said he was not pursue. He immediately said he was not deterred and invoked a 15% global tariff deterred and invoked a 15% global tariff deterred and invoked a 15% global tariff across the board via section 122 of the across the board via section 122 of the across the board via section 122 of the 1974 1974 1974 trade act. Here's your poly market. Will trade act. Here's your poly market. Will trade act. Here's your poly market. Will the court force Trump to refund tariffs? the court force Trump to refund tariffs? the court force Trump to refund tariffs? 18% chance but spike to 40% after the 18% chance but spike to 40% after the 18% chance but spike to 40% after the SCOTA's decision. How will Congress SCOTA's decision. How will Congress SCOTA's decision. How will Congress react? Poly market says 3% chance. react? Poly market says 3% chance. react? Poly market says 3% chance. Congress passes any tariffs by March Congress passes any tariffs by March Congress passes any tariffs by March 31st. So again, as I referenced earlier, 31st. So again, as I referenced earlier, 31st. So again, as I referenced earlier, these two sides just can't seem to work these two sides just can't seem to work these two sides just can't seem to work together. And that would have resolved together. And that would have resolved together. And that would have resolved the whole thing. Saxs, you want to um the whole thing. Saxs, you want to um the whole thing. Saxs, you want to um give us your take here? give us your take here? give us your take here? >> First of all, I don't think that the >> First of all, I don't think that the >> First of all, I don't think that the tariffs are going away. What the court tariffs are going away. What the court tariffs are going away. What the court basically indicated especially the basically indicated especially the basically indicated especially the 70page Kavanaaugh descent is that 70page Kavanaaugh descent is that 70page Kavanaaugh descent is that there's multiple alternative bases in there's multiple alternative bases in there's multiple alternative bases in law for the tariffs in existing law. So law for the tariffs in existing law. So law for the tariffs in existing law. So for example section 122 of the trade act for example section 122 of the trade act for example section 122 of the trade act of 1974 of 1974 of 1974 enables temporary 150day tariffs of up enables temporary 150day tariffs of up enables temporary 150day tariffs of up to 15% to address balance of payments to 15% to address balance of payments to 15% to address balance of payments issues and the president has already issues and the president has already issues and the president has already invoked this. So we are now operating invoked this. So we are now operating invoked this. So we are now operating under that. What the 150 days is going under that. What the 150 days is going under that. What the 150 days is going to do is buy the administration time to to do is buy the administration time to to do is buy the administration time to substantiate via studies and agency substantiate via studies and agency substantiate via studies and agency reviews. What it needs to prove in order reviews. What it needs to prove in order reviews. What it needs to prove in order to invoke more sweeping tariff authority to invoke more sweeping tariff authority to invoke more sweeping tariff authority under section 301 of the trade act and under section 301 of the trade act and under section 301 of the trade act and under section 338 of the tariff act. under section 338 of the tariff act. under section 338 of the tariff act. Section 301 authorizes tariffs Section 301 authorizes tariffs Section 301 authorizes tariffs responding to unfair foreign trade responding to unfair foreign trade responding to unfair foreign trade practices. Section 338 of the tariff act practices. Section 338 of the tariff act practices. Section 338 of the tariff act allows tariffs against countries allows tariffs against countries allows tariffs against countries discriminating against US commerce. The discriminating against US commerce. The discriminating against US commerce. The Kavanaaugh descent actually provided a Kavanaaugh descent actually provided a Kavanaaugh descent actually provided a roadmap for the administration to put in roadmap for the administration to put in roadmap for the administration to put in place tariffs using one of these place tariffs using one of these place tariffs using one of these alternate uh bases. So, I think that one alternate uh bases. So, I think that one alternate uh bases. So, I think that one way or another, the tariff policies of way or another, the tariff policies of way or another, the tariff policies of this administration and the favorable this administration and the favorable this administration and the favorable trade deals that they allow us to strike trade deals that they allow us to strike trade deals that they allow us to strike with many nations, they will continue. with many nations, they will continue. with many nations, they will continue. And I think the court seems to know that And I think the court seems to know that And I think the court seems to know that because the majority's opinion as because the majority's opinion as because the majority's opinion as concurrences collectively said nothing concurrences collectively said nothing concurrences collectively said nothing about how the administration should go about how the administration should go about how the administration should go about refunding the tariff revenue about refunding the tariff revenue about refunding the tariff revenue already collected. I think that if they already collected. I think that if they already collected. I think that if they expected this decision to end the tariff expected this decision to end the tariff expected this decision to end the tariff policies altogether, they probably would policies altogether, they probably would policies altogether, they probably would have said something about that. And I have said something about that. And I have said something about that. And I think that brings up a really important think that brings up a really important think that brings up a really important point just on the merits here, which is point just on the merits here, which is point just on the merits here, which is why would we want to give back hundreds why would we want to give back hundreds why would we want to give back hundreds of billions of dollars to a bunch of of billions of dollars to a bunch of of billions of dollars to a bunch of importers when we're trillions of importers when we're trillions of importers when we're trillions of dollars in debt? And I'll just say that dollars in debt? And I'll just say that dollars in debt? And I'll just say that the people who originally predicted that the people who originally predicted that the people who originally predicted that somehow these tariffs would be somehow these tariffs would be somehow these tariffs would be catastrophic for the economy. Those catastrophic for the economy. Those catastrophic for the economy. Those predictions all prove not to be true. So predictions all prove not to be true. So predictions all prove not to be true. So I think that this is ultimately, I I think that this is ultimately, I I think that this is ultimately, I think, going to be a popular policy. The think, going to be a popular policy. The think, going to be a popular policy. The administration will figure out a administration will figure out a administration will figure out a different way to do it. And I predict different way to do it. And I predict different way to do it. And I predict that future administrations, whether that future administrations, whether that future administrations, whether they're Republican or Democrat, will they're Republican or Democrat, will they're Republican or Democrat, will keep some version of the tariffs in keep some version of the tariffs in keep some version of the tariffs in place, but I think that they will be place, but I think that they will be place, but I think that they will be ultimately popular on a long-standing ultimately popular on a long-standing ultimately popular on a long-standing basis. Chamathy, your thoughts? basis. Chamathy, your thoughts? basis. Chamathy, your thoughts? >> I think we've proven the experiment has >> I think we've proven the experiment has >> I think we've proven the experiment has been successful. been successful. been successful. >> What was the experiment? >> What was the experiment? >> What was the experiment? We needed to smoke out what the right We needed to smoke out what the right We needed to smoke out what the right balance of trade should be between the balance of trade should be between the balance of trade should be between the United States and all of its partner United States and all of its partner United States and all of its partner countries. I think that what we countries. I think that what we countries. I think that what we uncovered is that for the most part they uncovered is that for the most part they uncovered is that for the most part they were structural imbalances that were were structural imbalances that were were structural imbalances that were made not because they made economic made not because they made economic made not because they made economic sense for America, but it was just part sense for America, but it was just part sense for America, but it was just part of a hodgepodge of globalist dril that of a hodgepodge of globalist dril that of a hodgepodge of globalist dril that people just bought into. And if you people just bought into. And if you people just bought into. And if you strip all that stuff away, we had a strip all that stuff away, we had a strip all that stuff away, we had a hollowedout manufacturing class and we hollowedout manufacturing class and we hollowedout manufacturing class and we have a hollowedout middle class and the have a hollowedout middle class and the have a hollowedout middle class and the tariffs will create more equality for tariffs will create more equality for tariffs will create more equality for the American worker in the end. So now I the American worker in the end. So now I the American worker in the end. So now I think the debate should be about how to think the debate should be about how to think the debate should be about how to implement these in a structural and implement these in a structural and implement these in a structural and permanent way. permanent way. permanent way. I think we talked about this before I think we talked about this before I think we talked about this before Jason that this was sort of expected and Jason that this was sort of expected and Jason that this was sort of expected and >> there are many other mechanisms. I think >> there are many other mechanisms. I think >> there are many other mechanisms. I think the president activated one of them the president activated one of them the president activated one of them immediately. immediately. immediately. >> I don't think this is going away and I >> I don't think this is going away and I >> I don't think this is going away and I don't think it should go away. So I don't think it should go away. So I don't think it should go away. So I think now the point is think now the point is think now the point is Congress really should ratify these Congress really should ratify these Congress really should ratify these things because it is clear that it was things because it is clear that it was things because it is clear that it was the right thing to do the right thing to do the right thing to do and if they don't then you know the and if they don't then you know the and if they don't then you know the president still has a lot of room to get president still has a lot of room to get president still has a lot of room to get these done but these make smart economic these done but these make smart economic these done but these make smart economic sense in my opinion. sense in my opinion. sense in my opinion. >> Freeberg any thoughts on the ruling? >> Freeberg any thoughts on the ruling? >> Freeberg any thoughts on the ruling? Does it give you Does it give you Does it give you some I don't know um respect for the some I don't know um respect for the some I don't know um respect for the courts that they made a judgment not courts that they made a judgment not courts that they made a judgment not along party lines for once? Uh does it along party lines for once? Uh does it along party lines for once? Uh does it Yeah. Okay. Exactly. Yeah. Okay. Exactly. Yeah. Okay. Exactly. >> Yeah. And I think I think that all I >> Yeah. And I think I think that all I >> Yeah. And I think I think that all I think all Americans think all Americans think all Americans should feel assured and comforted in the should feel assured and comforted in the should feel assured and comforted in the fact that I think a lot of people view fact that I think a lot of people view fact that I think a lot of people view the Supreme Court as having a high the Supreme Court as having a high the Supreme Court as having a high degree of partisanship. degree of partisanship. degree of partisanship. The fact that the president despite The fact that the president despite The fact that the president despite having a majority of what others would having a majority of what others would having a majority of what others would think were kind of politically aligned think were kind of politically aligned think were kind of politically aligned appointees on the court had a ruling appointees on the court had a ruling appointees on the court had a ruling that he did not want. that he did not want. that he did not want. I think should give everyone good faith I think should give everyone good faith I think should give everyone good faith that the system that the founders set up that the system that the founders set up that the system that the founders set up is working that there is a judicial is working that there is a judicial is working that there is a judicial branch that adjudicates the law against branch that adjudicates the law against branch that adjudicates the law against the executive branch when they think the executive branch when they think the executive branch when they think that um it doesn't map and I think that that um it doesn't map and I think that that um it doesn't map and I think that that was very important to see. So, you that was very important to see. So, you that was very important to see. So, you know, I clearly you the the debate about know, I clearly you the the debate about know, I clearly you the the debate about tariffs, the economic effect of tariffs, tariffs, the economic effect of tariffs, tariffs, the economic effect of tariffs, the security structural trade the security structural trade the security structural trade relationship effect of tariffs and the relationship effect of tariffs and the relationship effect of tariffs and the importance of that is a separate importance of that is a separate importance of that is a separate conversation, but I do think that the conversation, but I do think that the conversation, but I do think that the read of the law being what I would say read of the law being what I would say read of the law being what I would say is nonpartisan with respect to the is nonpartisan with respect to the is nonpartisan with respect to the court's action is important and probably court's action is important and probably court's action is important and probably very valuable. I'll reiterate that this very valuable. I'll reiterate that this very valuable. I'll reiterate that this is a great moment, I think, for uh the is a great moment, I think, for uh the is a great moment, I think, for uh the Supreme Court to make a thoughtful Supreme Court to make a thoughtful Supreme Court to make a thoughtful decision. And I think we need to think decision. And I think we need to think decision. And I think we need to think about executive power a whole bunch. about executive power a whole bunch. about executive power a whole bunch. Whether it's Biden with student loans or Whether it's Biden with student loans or Whether it's Biden with student loans or Trump with tariffs, we have this Trump with tariffs, we have this Trump with tariffs, we have this beautiful system set up by the founding beautiful system set up by the founding beautiful system set up by the founding fathers. I know it's frustrating. fathers. I know it's frustrating. fathers. I know it's frustrating. Gridlock's frustrating. Having to work Gridlock's frustrating. Having to work Gridlock's frustrating. Having to work together is frustrating. Trust me, we we together is frustrating. Trust me, we we together is frustrating. Trust me, we we all come to this podcast every Thursday. all come to this podcast every Thursday. all come to this podcast every Thursday. We have to work together. It's hard to We have to work together. It's hard to We have to work together. It's hard to work together. You got to learn to work work together. You got to learn to work work together. You got to learn to work together. And we don't want an executive together. And we don't want an executive together. And we don't want an executive branch that can unilaterally just roll branch that can unilaterally just roll branch that can unilaterally just roll over the other branches. And uh that's over the other branches. And uh that's over the other branches. And uh that's going to end. I think Trump's going to going to end. I think Trump's going to going to end. I think Trump's going to lose the midterms and we're going to get lose the midterms and we're going to get lose the midterms and we're going to get to more chaos again and it we might as to more chaos again and it we might as to more chaos again and it we might as well start this reconciliation process well start this reconciliation process well start this reconciliation process of these two sides stopping their law of these two sides stopping their law of these two sides stopping their law for against each other and working for against each other and working for against each other and working together for the American people on the together for the American people on the together for the American people on the important issues. The tariffs there are important issues. The tariffs there are important issues. The tariffs there are some fundamentally important things that some fundamentally important things that some fundamentally important things that Trump was doing there and they were Trump was doing there and they were Trump was doing there and they were working. They could have been chaotic. working. They could have been chaotic. working. They could have been chaotic. uh that's a reasonable um you know uh that's a reasonable um you know uh that's a reasonable um you know criticism of them because business criticism of them because business criticism of them because business owners didn't know what to do. So Trump owners didn't know what to do. So Trump owners didn't know what to do. So Trump did it in a chaotic way. That's just a did it in a chaotic way. That's just a did it in a chaotic way. That's just a fact. He should have done it in a more fact. He should have done it in a more fact. He should have done it in a more thoughtful way and the Congress should thoughtful way and the Congress should thoughtful way and the Congress should have been alongside him saying, "Hey, have been alongside him saying, "Hey, have been alongside him saying, "Hey, what tools do you need? How can we help what tools do you need? How can we help what tools do you need? How can we help support this? We know that there's trade support this? We know that there's trade support this? We know that there's trade imbalances. We know that people are imbalances. We know that people are imbalances. We know that people are being unfair. Let's work together as one being unfair. Let's work together as one being unfair. Let's work together as one America to negotiate these things." So America to negotiate these things." So America to negotiate these things." So both sides start having dinner together, both sides start having dinner together, both sides start having dinner together, start playing cards together, and do start playing cards together, and do start playing cards together, and do what we do here on this podcast, which what we do here on this podcast, which what we do here on this podcast, which is you fight it out. You argue, but then is you fight it out. You argue, but then is you fight it out. You argue, but then you come together and try to find some you come together and try to find some you come together and try to find some resolutions for this stuff. So they resolutions for this stuff. So they resolutions for this stuff. So they should go and tell Trump, "Hey, we'll should go and tell Trump, "Hey, we'll should go and tell Trump, "Hey, we'll approve all the tariffs you did. We will approve all the tariffs you did. We will approve all the tariffs you did. We will not force you to get refunds." The not force you to get refunds." The not force you to get refunds." The Congress should come out and just say Congress should come out and just say Congress should come out and just say that. And then they should say, "Hey, that. And then they should say, "Hey, that. And then they should say, "Hey, and when you want to do them in 2026, and when you want to do them in 2026, and when you want to do them in 2026, just run them by us or ask us for some just run them by us or ask us for some just run them by us or ask us for some parameters that you want and let's just parameters that you want and let's just parameters that you want and let's just be thoughtful about it. These are our be thoughtful about it. These are our be thoughtful about it. These are our concerns. That's it. Thank you for concerns. That's it. Thank you for concerns. That's it. Thank you for coming to my TEA talk. Can coming to my TEA talk. Can coming to my TEA talk. Can >> I just do one? >> I just do one? >> I just do one? >> Absolutely. I'm sure you have some >> Absolutely. I'm sure you have some >> Absolutely. I'm sure you have some debate club points that you want to debate club points that you want to debate club points that you want to point that out. point that out. point that out. >> Well, I just want to make one. I mean, >> Well, I just want to make one. I mean, >> Well, I just want to make one. I mean, do you think Susan Rice is going to do you think Susan Rice is going to do you think Susan Rice is going to respect your call for comedy and respect your call for comedy and respect your call for comedy and basically working together Kumbaya? basically working together Kumbaya? basically working together Kumbaya? >> I want the Aspree to corpse. No, I >> I want the Aspree to corpse. No, I >> I want the Aspree to corpse. No, I don't. I think both sides. She just had don't. I think both sides. She just had don't. I think both sides. She just had a diet tribe where she basically said a diet tribe where she basically said a diet tribe where she basically said that Republicans and actually not just that Republicans and actually not just that Republicans and actually not just like partisan Republicans, but even tech like partisan Republicans, but even tech like partisan Republicans, but even tech companies that merely were working with companies that merely were working with companies that merely were working with the administration should expect to get the administration should expect to get the administration should expect to get prosecuted. I mean, she was basically prosecuted. I mean, she was basically prosecuted. I mean, she was basically outright saying she's she and the outright saying she's she and the outright saying she's she and the Democrats are going to pursue lawfare as Democrats are going to pursue lawfare as Democrats are going to pursue lawfare as soon as they get back in charge. soon as they get back in charge. soon as they get back in charge. >> They're they're absolutely going to do >> They're they're absolutely going to do >> They're they're absolutely going to do that. Just like when Trump got in, he that. Just like when Trump got in, he that. Just like when Trump got in, he went after Comey, he went after Jerome went after Comey, he went after Jerome went after Comey, he went after Jerome Pal. The lawfare is happening on both Pal. The lawfare is happening on both Pal. The lawfare is happening on both sides. Both sides need to drop the sides. Both sides need to drop the sides. Both sides need to drop the lawfare. We need to get rid of these lawfare. We need to get rid of these lawfare. We need to get rid of these pardons. They're ridiculous. And these pardons. They're ridiculous. And these pardons. They're ridiculous. And these team this, we have to be a team. So, team this, we have to be a team. So, team this, we have to be a team. So, let's just get some aspa of corpse and let's just get some aspa of corpse and let's just get some aspa of corpse and teamwork going in Washington DC. And teamwork going in Washington DC. And teamwork going in Washington DC. And that's what we should vote for in the that's what we should vote for in the that's what we should vote for in the midterms. We should vote for moderates midterms. We should vote for moderates midterms. We should vote for moderates who want to work together. And in 2028, who want to work together. And in 2028, who want to work together. And in 2028, we should have some kind of moderates we should have some kind of moderates we should have some kind of moderates and tickets that want to work together. and tickets that want to work together. and tickets that want to work together. That would be better for all Americans. That would be better for all Americans. That would be better for all Americans. This kind of chaos is not good, folks. This kind of chaos is not good, folks. This kind of chaos is not good, folks. All right. Listen, this has been another All right. Listen, this has been another All right. Listen, this has been another amazing episode of the All-In podcast, amazing episode of the All-In podcast, amazing episode of the All-In podcast, your favorite podcast. Uh, like, your favorite podcast. Uh, like, your favorite podcast. Uh, like, subscribe, whatever the hell you want to subscribe, whatever the hell you want to subscribe, whatever the hell you want to do on your own time for David Sachs, do on your own time for David Sachs, do on your own time for David Sachs, David Freeberg, Chamal Pia. Love you, David Freeberg, Chamal Pia. Love you, David Freeberg, Chamal Pia. Love you, boys. I am the world's greatest Monterey boys. I am the world's greatest Monterey boys. I am the world's greatest Monterey J. See you next time. Byebye. Byebye. J. See you next time. Byebye. Byebye. J. See you next time. Byebye. Byebye. >> We'll let your winners ride. And it said, "We open sourced it to the And it said, "We open sourced it to the fans and they've just gone crazy with fans and they've just gone crazy with fans and they've just gone crazy with it." it." it." >> Queen of >> besties are >> besties are my dog taking notice your driveways. >> Oh man, my habitasher will meet up. >> Oh man, my habitasher will meet up. >> We should all just get a room and just >> We should all just get a room and just >> We should all just get a room and just have one big huge orgy cuz they're all have one big huge orgy cuz they're all have one big huge orgy cuz they're all just useless. It's like this like sexual just useless. It's like this like sexual just useless. It's like this like sexual tension that we just need to release tension that we just need to release tension that we just need to release somehow. >> Your feet. >> Your feet. We need to get merch. We need to get merch. We need to get merch. >> I'm going all in.