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I see multiple more journalists on the horizon. >> You're watching TV.
4:35
It's Friday, June 26th, 2026.
4:38
We are live from the TBPN Ultra, the temple [applause] of technology, the fortress of finance, the capital of capital.
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Let me tell you about ramp. com. Time is money. Save both. Easy.
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Use corporate cards, bill pay, accounting, and a whole lot more all in one place.
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And now they got two CEOs.
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You want to partner with a company that just has one CEO? No way. Get out of here.
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You want to go with a company that has two.
5:01
Kareem promoted uh very, very fun development in the ramp story.
5:06
I was thinking about it, we've we've obviously had like tons of conversations with the ramp team over the years, and it's like actually always been 50/50.
5:15
Kareem, >> Eric, >> uh, and so very natural move for them.
5:20
>> I mean, they've been working together for over a decade at this point across multiple companies and have always and both founders and both uh, you know, major shareholders.
5:28
>> Like following in our footsteps to some degree, [laughter] too. >> Yeah. Yeah.
5:32
This is the TV pan effect.
5:33
We get we get to take credit for [snorts] this. >> Yeah. Yeah.
5:35
Yeah, congrats to Kareem on the promotion, the field promotion. It's very exciting.
5:40
And go check out RAMP, of course. Um, we're back.
5:44
>> Equally important, we're back, >> France. >> We miss you guys. We miss you guys a lot. >> Yeah, it was rough.
5:50
>> It's actually It's genuinely It's genuinely brutal. >> It's brutal.
5:54
>> We feel deeply unwell by around 100 p. m.
5:58
if we haven't gone live regardless of the time zone.
6:00
>> The sweating and shaking is crazy.
6:02
>> Yeah, >> it is a full >> I mean, the >> Yeah. Yeah. And the withdrawals.
6:04
I mean, maybe it would get better after a few weeks, but yeah, the the symptoms are >> brutal. Brutal.
6:11
>> Anyway, uh it was a high stakes trip.
6:11
Of course, Jordy has battled with French President Emanuel Mcronone in the past and then appeared to be a direct shot at me.
6:22
France recently banned nicotine pouches fully. Uh very controversial.
6:28
>> Pretty much all oral nicotine products banned. >> Yeah. So, uh >> as of April. >> Yeah.
6:32
And so, we went over there.
6:32
We went over there to make country.
6:36
>> We went over there to make amends.
6:36
Uh and right away it felt like, you know, they were sending messages uh straight from the top.
6:45
>> Y >> cuz we land in Paris >> and we have a connecting flight to >> uh where where the conference is >> and uh you know, we get in the airport, you know, we're >> we're excited to be there to Paris, right? Uh the sun is shining.
6:57
Small issue is it's roughly 100 degrees inside the airport. >> Coincidence. Interesting coincidence.
7:06
We're there >> right when we show up in >> then it gets hot.
7:09
>> Generational heat wave. >> Yeah.
7:11
>> And ask some questions.
7:12
>> Of course, there's no air conditioning, right?
7:14
It's it's legitimately 100°.
7:14
You look around, there's everyone has their fans out.
7:18
They're like sweating profusely.
7:20
Uh really really messy situation.
7:25
uh go to a cafe, try to get an ice drink. They're out of ice.
7:29
The whole airport doesn't have AC >> or ice in the whole airport.
7:34
>> And then we go to get on our flight and uh we sit down and you know, we're waiting we're waiting starting to feel like we're waiting a little bit too long to get off the ground.
7:45
About 45 minutes in, uh, they come over the intercom and, uh, let us know that the air conditioning on the plane is broken and they're working on fixing it.
7:55
30 minutes later, uh, they come over again and they say, uh, we've been unable to get the air conditioning working.
8:02
We're not going to be able to take off. You have to deplane.
8:05
And, >> you know, we we felt terrible for all the other passengers because clearly it was Mcronone just sabotaging our flight.
8:14
But for him to inconvenience, you know, hundreds of other people just >> it shows you how important it is to him.
8:21
>> Just to get at us, >> you Yeah. >> is just insane.
8:23
To me, that crossed the line.
8:24
It's like if it's, you know, clearly it's personal. >> Yep.
8:29
>> But figure out a way to, you know, come at us, >> be a little more targeted. >> Yeah. More targeted.
8:33
Why does there need to be so much >> collab?
8:35
Uh, and then of course on our next flight, >> yep, >> uh, we get to the we get to the airport, plane's ready, pilots's ready, and, uh, you know, they tell us again like, hey, we're we're just figuring out some stuff.
8:48
We're going to take off as soon as we can. Uh, we're bored.
8:50
We decide, hey, is any anything world any like World Cup games on?
8:56
We should turn turn it on and see.
8:59
>> So, we're sitting there and we're like, whoa, France is actually playing in the World Cup right now.
9:03
what what are the chances?
9:05
Uh and so we keep kind of checking in with the pilot.
9:08
He and and he's like, "Yeah, we need we need a little bit more time."
9:12
We're not really sure why.
9:14
Uh the plane's there, the pilot's there, they're ready to go.
9:19
We're like, "What's going on?"
9:19
A little bit later, >> like we're ready to go.
9:23
>> 10 minutes before, you know, it's like 35 minutes into the game.
9:26
>> They're like, "Hey, we just need a few more minutes.
9:28
The fuel truck's going to be here soon.
9:29
Thank you for your patience." this time.
9:31
By this point, we've been waiting for like an hour and a half >> and uh halftime starts.
9:34
10 minutes later, >> there's fuel in the plane. We're ready to go.
9:40
[laughter] And we're just sitting there like >> coincidence. >> Coincidence? I think not.
9:46
>> Um anyways, little bit of a little bit of a journey to get there, but uh we had a good week. >> Yeah, it was good.
9:52
Adqu was there representing.
9:54
We saw some AdQuick uh billboards and uh Mercedes with Adqu livery that looked pretty sick. >> That's right. Who else was there?
10:03
>> Who >> with one of the best out ofome placements of the event? Vibe. co. >> Vibe.
10:08
co >> who announced a $ 1. 4 billion acquisition. >> Yeah. >> Uh to Walmart. >> Yeah.
10:16
>> Uh the first day, the first real day of the conference.
10:18
Um >> so congratulations to the vibe. co team. uh pretty unbelievable.
10:23
Uh they they I wouldn't say they were under the radar because they were very loud with their advertising. >> Yeah.
10:31
>> Uh but uh you know not >> you know in in a sea of just like AI >> exits like they stand out as like one of the most >> impressive uh runs of the last couple years.
10:45
And I saw some people digging into the the Walmart strategy around Vibe and they have a whole host of other platforms for their ad platform that uh seems to be coming together quite nicely.
10:54
We should dig into it more and have the founder on to talk about the journey.
10:58
Um before we continue, let me tell you about MongoDB.
11:00
What's the only thing faster than the AI market?
11:02
Your business on MongoDB.
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Don't just build AI, own the data platform that powers it.
11:08
Um little little history.
11:08
Can Lions uh it used to be mostly about uh creative advertisements giving awards for creativity.
11:17
Um mostly in consumer they didn't really have a B2B focus until maybe a decade ago.
11:22
Um now it's much more broad much more corporate as you saw we mentioned you know ad like digital ad platforms have pre presences there.
11:32
It's much more performanceoriented and there's a big focus on the creator economy.
11:34
Uh it really cuts across different media forms.
11:38
Uh you know big networks and te television will be there, the New York Times will be there, but then also uh small YouTubers, Instagram creators, uh a whole host of people will be sent there alongside some sort of brand on like a brand trip.
11:50
Uh Spotify threw a big concert on the beach.
11:53
John Summit played uh because they have a large ads platform primarily.
11:56
Like it makes sense that Spotify would have a music guest, but uh they're there specifically to promote their ads product.
12:02
Uh Yahoo had Tiestto play again basically to facilitate deals around their ads business.
12:08
Uh there are other activations from big tech companies and ad platforms. Athletes attend.
12:11
Hollywood t talent agencies host parties.
12:14
Um it's not packed with A-list celebrities, but it feels like everyone has a following of some sort.
12:20
And that was a big point of discussion.
12:22
Like there was one level of conversation that was just like creators are the future.
12:25
Everyone's heard this pitch a million times.
12:27
Um but the bigger discussion was something that uh Andrew Ross Sorcin from uh Squawkbox CNBC uh Dealbook mentioned uh talking about the trade-offs between independence and consolidation.
12:38
You've talked about this before just the idea of a roll up of independent substackers.
12:44
Where is the right economy of scale in the in the creator economy?
12:46
Um maybe not everyone should be independent.
12:50
Maybe not everyone should be with a large organization.
12:53
Uh, and this trade-off sort of interesting to dig into as we see both creators go uh bigger and produce more expensive shows and then also the legacy media companies are getting better at social media type content.
13:07
So, we can kind of dig into this.
13:09
Uh, Andrew's post was uh really widely discussed in creator circles, but we'll we'll read it here.
13:16
I'm flying back from can.
13:18
Uh, something I've been thinking about.
13:20
thinking about. I was taken aback by how some of what I thought were most success the most successful influencers say that they need to spend so much money to keep up that they're not making the kind of headline popping numbers we often read about and he asks for thoughts and a lot
13:36
of people uh high yield Harry says not surprising you can't be at 80 to 90% ebida margins forever and expect to retain attention and scale it's going to bring in more competition and that's a piece of what's happening Um I think there's I think there's a few things happening. Uh one is the big transition
13:51
Uh one is the big transition from independent creators pivoting from making content to making shows.
13:55
And you can look at subway takes in this uh in this way.
14:00
Uh the other show uh from uh is keep the meter running much more high much more produced much more edited much more costly to uh to produce and then also uh but you're still faced with some of the awkwardness around how do you actually monetize that?
14:17
There isn't a logical ad break, although I think there should be in a three minute Subway takes ad or video, a threeminut episode.
14:23
Uh I think that it would be fine to have a 5 to 10 second midroll in the middle of that.
14:31
Uh but that has not been done like that floodgate hasn't opened yet.
14:34
that floodgate hasn't opened yet. So most creators are doing so either it's either a really polished uh vertical video about their own content and then they'll do a promoted post that's another 30 second 60-cond multi-minute vertical video in their same style but purely sponsored content and a lot of those videos don't go as viral and so
14:54
you have this awkward trade-off where the content that's great that people want can't be monetized so you have to do like one and one it'd be a little bit tricky like part of the way our show works is said we're just talking about whatever and then we'll tell you about Cisco critical infrastructure for a the AI era unlock seamless real-time experiences and new value with Cisco. It
15:12
It would be different if we had to do every other every other episode is just purely about Cisco and then we go back to about just the news and talking.
15:22
Um and so that's that's something that's like starting to evolve.
15:26
Um, and those higher cost structures, I think that they still have more enduring. >> Yeah.
15:32
Forbes came out with their top creators list and earnings. Mr.
15:34
Beast was at the top with 300 million.
15:37
I would imagine that'svenue that Yeah.
15:40
Like earnings is is not the right word here.
15:45
It should just be gross revenue.
15:47
>> Uh, I I have no idea what what uh Jimmy's margins actually look like on that 300.
15:52
Uh, but I'm it it would appear he's spending like obsessed with reinvesting for the >> that's always been a part of his >> as opposed to Joe Rogan who has these big deals and he seems completely content to be in a tiny set and yeah same same and not really trying to buy anything to accelerate growth happy >> uh man was number two at 65 in topline Steven Bartlett yeah >> at 52 ariplier 38 Ren Link 37 Charlie D'Amelio 18.
16:28
>> Uh, Duski 20, Ice Speed 30.
16:28
Uh, very weird that that it uh >> doesn't seem to be ordered by >> Oh, [laughter] really?
16:40
just ordered loosely >> that they're just Yeah.
16:41
Anyways, >> yeah, Darmian has production costs as well.
16:44
He does these like short scripted uh stories uh mostly for he's huge on Facebook, but he's big on other platforms as well.
16:51
And they have real costs because he has to go find a set, a location, uh, real cameras, multi- camera shoots, editing, and real actors.
17:01
Of course, all of it is like lowbudget film making, but there is cost to that.
17:04
And it is, of course, increasing as the as the competity uh as the competition heats up.
17:10
>> Trey says Rogan has a lot of peptide expenses.
17:12
>> I don't think you can spend $100 million a year on peptides if that's what he's bringing in topline.
17:15
Um anyway, um uh the zero marginal cost era of yapping into your iPhone, uh it seems ultra competitive now.
17:23
It seems like it's increasingly rare to see that scale in 2026.
17:27
Um people are still breaking through, but they're breaking through with new, more polished products that of course have higher costs.
17:32
Uh simultaneously, traditional media companies are starting to dial in content strategies for traditionally creator-led platforms.
17:39
I think the New York Times has done a fantastic job here.
17:43
Uh you have the Ezra Klein show and Ross Dowet who are sort of like the left and right perspectives and their shows have become really successful on YouTube a lot in due to the packaging.
17:56
They they understand how to get a good title and thumbnail together.
17:58
The editing, the production values are really really high quality.
18:02
And so those those podcasts do very well on YouTube uh in a way that other shows from legacy media companies, it's been hard for them to break through.
18:12
traditionally uh but they certainly have and it's interesting that it's recent.
18:15
Uh, another example is uh uh the the podcast uh John Caramanica who we hung out with and his uh co-host Joe.
18:25
Um they have really taken that show and made it very internet native to the point where they produce a ridiculously polished vertical video for Instagram and social media every week to promote the song of the week and it's in a different location and of course there's cost associated with that.
18:43
But what's really interesting about it is that you can be, you know, a new like a social media consumer who's blissfully unaware of the entire world that exists behind the NT payw wall and you can still learn >> strategy was interesting.
18:57
So a lot of the, you know, big uh platforms, the Spotify, the Snaps, the Metas, the YouTubes, they went, you know, they would build this, you know, basically mini festival on the beach or they take over an entire hotel.
19:10
Popcast went a different route.
19:13
They rebuilt an authentic dive bar just off of the strip full of like actors and characters.
19:21
There was a guy wearing a kilt.
19:23
>> Uh and so when you went and when we went to to have a meeting with them, it felt like we were in a French dive bar. >> Yeah.
19:28
We were like, "Wow, this actually feels like we're getting a taste of like what the real con would be like." Real. >> Yeah. Yeah. Real can. It was cool.
19:35
>> So, I thought that was really cool. >> Yeah.
19:36
Very, very cool of them to do that.
19:39
Uh, the other thing that was interesting, [clears throat] uh, France appeared to, uh, put Brian Johnson on >> Wait, what happened? >> A pack of cigarettes. >> Pull up this image.
19:52
>> That does look like Brian Johnson.
19:53
[laughter] >> Uh, really out of pocket >> to to take uh to take an asset.
19:58
>> It works pretty well though. Don't die. Don't smoke.
20:00
You know, it's his it's his message.
20:03
I think he would approve [laughter] this.
20:05
>> But I saw I saw this and I had to take a picture.
20:07
because I was like, is it actually uncanny?
20:09
He has like a lot of pictures of himself down like that, eyes closed.
20:15
>> Also, this looks like a man being put in a body bag, but at the same time, it looks like just a man who got a getting a beautiful nights of sleep getting tucked in after a nice couple heaters.
20:25
He ripped a couple darts, had [laughter] a couple beers, crushed a couple cold ones, and now he's ready to get put to bed by someone.
20:31
Yeah, this is actually much more tame than some of the other gruesome.
20:36
Like so gruesome showing like the x-rays of cancer patients and like black lungs and stuff like this is pretty mild.
20:43
If you look like this guy after smoking a whole pack, like you're doing pretty well. I think it's fine.
20:46
Uh anyway, the the end state of uh of this debate, it's it's interesting.
20:51
There's a little bit of grass is always greener on the other side going on the uh with independent creators thinking, "Ah, maybe it'd be better if I was with a larger organization."
21:00
Uh and then vice versa with a lot of the folks inside organiza big organizations saying ah if I left I could probably make so much more money.
21:08
Um I don't think it's a one-sizefits-all approach here.
21:11
I think it's more of a sorting process.
21:13
Some creators will find elegant business models outside of large organizations.
21:18
Like those 80 to 90% ebidom margins still exist for certain categories, certain >> look at obsession, right?
21:24
It's like a low margin, highly competitive, but it's hits driven.
21:28
So you can have one breakout hit and you know Yeah. >> have insane margins. Right.
21:34
>> And then there's also just there's certain formats and certain shows that will be sticky and then also not scale with cost. Whereas like the Mr.
21:39
Beast model of doing ever bigger reality TV show style stunts that probably does scale cost with views over time.
21:46
Um, but you know, if you're going to be doing criticism or gaming creation or streaming or something, there there are certain things like Rogan, you you tell him, "Hey, go spend extra 10 million."
22:01
Like he doesn't really know what to do with it.
22:03
Whereas >> how people imagine the SAS business model, right?
22:07
Or like you can scale revenue without scaling like incremental cost, but it's actually true in the case.
22:13
>> And there are some companies in software that have done that.
22:15
And then there's some where you're just like, "Wait, really?
22:18
they're still driving up cost and it's because of their particular market.
22:21
Um, so I think it's more of this like sorting process.
22:23
Some creators will find elegant business models outside of traditional organizations.
22:28
Others will probably wind up leveraging the possibility of going independent into more meaningful contracts within traditional media organizations.
22:36
I think that might be a trend.
22:37
There might be some shift in the mindset of traditional media companies where they realize that someone that they were paying as a journalist or as a reporter is now proper talent and could take their audience with them.
22:50
And so there is a contract renegotiation uh because they don't want to wind up in the position of like the Vox, Buzzfeed, Vice where all the best talent left and took their audiences with them.
23:00
Um, and there's probably a meat in the middle where you're not paying them through the nose, but you're paying them more than what they were making just as someone who is like below the line, just like a content creator internally once they actually break out.
23:14
Um, and so I think there'll be lots of mistakes along the way.
23:16
Uh, no doubt some folks who should be independent will stay uh too long and vice versa.
23:23
some people who would be better suited for being inside a large organization leveraging all of those capabilities will be will go independent and then regret it and maybe go back.
23:33
Um, but it's in it's increasingly clear that a one-sizefits-all approach.
23:35
Uh, perhaps with a tagline like independent creators are the future.
23:39
I don't think that fits quite uh I don't think that quite fits anymore. Uh, to each their own.
23:45
I think everyone sort of needs to find their own way and uh figure out what's right for them.
23:52
Uh, David Center is in the chat. Hello. Hello, Senra. >> Good to see you. >> We miss you.
23:56
>> Founders podcast >> and the David Senra show. Go check it out.
24:00
He's been on an absolute tear, a generational run.
24:02
Let me tell you about public.
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They got stocks, stocks, options, bonds, crypto, treasuries, and more with great customer service.
24:10
You can go on there and >> uh someone else was saying doesn't seem like a coincidence that uh global markets were in freef fall while we were gone. >> That makes sense.
24:22
We weren't hoping economy >> swift recovery. >> Yeah.
24:27
Uh you can make your own decision on whether or not you're buying the dip, but do it on public. com.
24:31
Uh smart glasses are inevitable, but what or who are they for?
24:37
Says Christopher Mims in the Wall Street Journal.
24:39
Uh, this is on the back of the new Meta Glasses that launched.
24:44
Chris Christopher Mim says, "The deluge of smart glasses has begun." Has it?
24:50
It feels like I don't know if it's a deluge.
24:53
It feels more like a like a just a a trickle or like a steady stream, but maybe I've been following it too closely.
24:59
I think that's all of my problems with analyzing this category, and we'll get into that.
25:03
Uh, all my criticisms are like very odd technical. >> Yeah.
25:06
And it's and it's and it's so Meta has been selling a lot of glasses.
25:10
>> The products are the products >> dozens hundreds.
25:13
>> No, they've been selling I believe they've already I believe they're already in the in the mil in the millions of units of notions not the >> hundreds of millions of dollars in revenue >> I believe.
25:23
So >> uh Ben >> I think it's getting I I I agree with you.
25:28
I think it's getting material.
25:28
I think it's getting material.
25:29
What I was going to say is that it's for products that are functionally like a great pair of glasses with a camera attached, right?
25:36
These are not like uh I I don't see a lot of people talking about like, oh, I'm >> I'm I'm replacing AirPods entirely with these even if even if that is one.
25:46
That is also with like having >> being able to sell through a oneofone ad unit on the greatest distribution platform in history.
25:58
>> They're going up against stiff competition.
25:59
Like the Apple Vision Pro is so good that like you know it's like we jobs finished like we have the Apple Vision Pro.
26:06
Why should >> it was so it was so funny.
26:07
So I never tried the Apple Vision Pro until this trip and uh I asked John I was like hey can I can I take him for a spin?
26:15
And you were like, "Ah, it's like kind of a hassle to set up." It is.
26:20
>> And you have to put it in.
26:22
>> But John was like, "No, I want Jordy to experience this."
26:26
>> And so we go through this whole like hassle of setting it up and I'm like 20 seconds into the dinosaur demo and the flight attendant comes up and is like tapping me on the >> Yeah.
26:37
Like actually out of virtual reality and I was like the audacity.
26:42
>> And I think the question was just like, "Are those cool or something?"
26:44
It [laughter] wasn't it wasn't like sir you need to put on your seat belt or something.
26:48
It was like >> I was I was fully immersed. >> Yeah.
26:52
>> And and it and it and it completely ruined it for me.
26:55
>> And what's funny is like the whole pitch for the Apple Vision Pro was like you don't need to take it off to talk to somebody because it will show the eyes.
27:01
And no, Tyler's on his way back >> because you guys went to France for raising >> raising canes. Yes.
27:05
Raising can raising can is good. >> Yes. Tyler got left at CDG. >> Yeah. No >> shity.
27:14
But [laughter] uh >> so I have the answer for the meta timu Tyler [laughter] >> the I have the answer for the meta glasses. >> Okay. Yeah. How we doing?
27:27
>> So since 2025 there's been 7 million plus sold across OP and Meta.
27:29
$2 million was just the Ray-B bands. >> Okay. >> And 2 million units. >> 2 million units.
27:36
And that's the estimated gross retail sales was 2.
27:38
1 to three billion estimated. >> Pretty good. >> Yeah.
27:42
Yeah, John, you the way you were framing it, it was like, "Yeah, we've sold 7 million."
27:47
>> And you're like, "$7 million?"
27:49
>> And it's like, "No, it's 77 million."
27:51
Like, it's a lot of units. It's a lot of units. >> Yeah. It's getting there.
27:54
>> Uh and and there's there's some level uh if it wasn't Meta, we'd be like, "Wow, this company has like insane product market fit." >> Yeah.
28:04
>> Selling 7 million units of a new >> If it was Oring or Whoop or something like that, we'd be very impressed. Yeah.
28:10
I I I think you're 100% correct.
28:10
And it and it would be like it could probably be like a standalone Yeah.
28:15
>> public company, >> but people would still be slamming it for it for being like way worse than the Apple Vision Pro in terms of watching watching old films.
28:22
I watched Master and Commander on it. It was great. It's a fantastic movie. Highly recommend.
28:28
Godfather Part Two, also good.
28:28
Dunkirk, I I I I got some I did some damage on the back catalog.
28:33
Uh anyway, let's go back to Christopher Mims in the Wall Street Journal.
28:37
He says, "At the low end, there's a new line of Meta Glasses, which start at $299 and play well with vision benefit plans." Interesting.
28:44
So, you can buy them with insurance.
28:46
Uh, for another $100, there's a pair aimed at fans of Kylie Jenner.
28:50
We saw these in action and uh they looked great.
28:52
They they I and I think reviews are very very high quality.
28:59
>> If if I hadn't seen the launch, I wouldn't have noticed that they were meta glasses at all. >> Yes.
29:06
And they were like >> the it has this jewel. You can see it.
29:09
It's that small uh white like glint right there.
29:12
And I was so confused by this.
29:15
But this is purely a me problem because I assumed that that was a recording light or or some sort of display because if you look at the Meta Rayband displays, you'll see that there's slight grooves in the glass for forming the beams to show you the display.
29:32
And so I was like, "Oh, that's a that's a smart feature that is there for a functional reason, but it's in fact not.
29:38
It's purely aesthetic and people who are in the market love this."
29:44
Uh, I was confused by it, but I think I might be the only person that is confused by it.
29:47
So I I don't think it's a problem whatsoever. But there's no screen.
29:51
There is a voice assistant.
29:51
Um, Alphabets, Google, and Samsung have teamed up to release their own competing lines due this fall.
29:57
Uh, from eyewear companies Gentle Gentle Monster and Warby Parker.
30:02
For those itching to upgrade, there are glasses with inlens displays. The they they cost more.
30:05
Metas is uh $800 and specs from Snap is $2,200.
30:14
They are so chunky they look like something you might see in a Prada ad and never in real life.
30:17
Silicon Valley has been trying to make smart glasses happen for more than a decade.
30:21
Remember Google Glass, Facebook and Instagram parent meta platforms has captured more than 80% of this market. Not bad.
30:27
Uh but in 2025 that meant selling just 7 million pairs of glasses.
30:32
By comparison, the world buys more than 100 million smart watches a year and more than a billion.
30:40
>> What does it what does it say about like the broad uh investor views on smart glasses overall?
30:45
If Meta has 80% of this like emerging category that's selling seven million units and they get like basically zero credit for it. >> I don't know.
30:54
I just think >> I I I don't I don't know anybody that's like excited about Meta.
30:59
>> Well, it's not zero marginal cost.
30:59
And I I mean >> I know but if it has even a 10% chance of becoming like actually a dominant consumer computing platform.
31:10
>> I don't think that's the case though.
31:12
Like no one would say that the the Apple Watch is a dominant computing platform.
31:17
They would say like it's a great accessories business for Apple and it's probably worth 50 billion or hundred billion dollars and that's just not that material one way or another to a$2 trillion company or a company that hopes to be worth two trillion.
31:29
Um and so I think that it can get there.
31:32
When I see 7 million pairs of glasses compared to 100 million smart watches, I feel like this is perfect trajectory. Like this is great.
31:41
Do you think that Meta ever makes a free pair of glasses that's ad supported? >> I don't know.
31:47
I think that an ads business would actually be much more attractive when you when you say oh they're making a billion dollars in revenue that's not 100% margin.
31:54
I think about well what is Thread's revenue going to be and that's going to be much higher margin.
32:02
Like Threads is probably more exciting to the core business and to the financial outcomes of >> Yeah.
32:08
I just think I I think if you >> I understand it's exciting. I like hardware. Like it's cool.
32:11
It's just like it's it's it's hard to underwrite to like some oh it's moving the needle on cash flow.
32:16
This is going to pay for another data center.
32:18
>> I would expect to see just like we saw the ad supported Kindle.
32:20
I think we'll see the ad supported meta glasses.
32:24
>> Are the ads on the inside for wearer or on the outside >> for the for the user?
32:27
So you're walking on a street and and you walk past a restaurant, it pops up like you know get get a free matcha. >> I don't like that. I like the other way.
32:37
I want to be wearing the glasses and I want it to be barking ads at everyone around me while noiseancelling those ads to me so I don't get I don't have to hear that.
32:46
>> You become a a loud billboard. >> Exactly.
32:48
I pay for the no ads version, but you didn't pay and you're sitting next to me.
32:52
So unless you pay you you >> would dress up as like one of those guys that sign flipper.
32:57
You dress up as a guy on the street >> and you're pretending to do like what do you do for a living interviews, but then right when you get up instead of saying what do you do for a living, you just activate the ads and you just try to bark like four or five >> ads.
33:10
What is your intelligent cloud provider? Is it Railway? What which one is it?
33:14
Let me tell you about Railway.
33:15
Railway is the all-in-one intelligent cloud provider.
33:17
Use your favorite agent to deploy web apps, servers, databases, and more while Railway automatically takes care of scaling, monitoring, and security.
33:23
That would be a great ad to bark out of your glasses on command.
33:25
Um anyway, so uh Apple is reportedly hard at work on its own smart glasses, although it's unclear when they might arrive.
33:34
German said 2028, 2029, like we're more than a full year away, which is uh remarkably slow given that I feel like when Meta or when Apple enters this, they're going to do very well. I I'm I'm I don't know.
33:48
Maybe the Apple aesthetics won't work on in the glasses market, but I feel like they have the design lineage and capabilities like they make small they make they make small devices like the technology is going to be great and very integrated and they just have to get the design right, but you can have multiple shots on goal with different styles and frames.
34:07
So, it doesn't seem like it will be hard for them to, you know, add that into your cart when you're getting a watch and an iPad and a phone.
34:14
Um, even though they might cost a lot.
34:16
I don't know what the Apple >> Let's get into the skepticism. >> Okay.
34:21
Since hostility, >> the idea of a faceworn computer has garnered skepticism.
34:26
Even hostility, which is understandable when most of us are trying to reduce our time in front of screens, it seems absurd to mount them right in front of our eyeballs.
34:33
And we should and why should we be uh why should we be okay with everyone we meet pointing internet connected cameras at us?
34:43
It feels like an assault on what little privacy we have left.
34:45
This is why you carry a flashbang around.
34:47
Uh then there's the built-in AI.
34:50
Artificial intelligence let these glasses identify objects in our field of view.
34:53
That is not a very compelling use case for me. >> Hot dog, not hot dog.
35:01
>> It's just like I'm looking at a building. What is this building? It's a building. Like what is this tree? What What do you see? It's a tree. Like I don't know.
35:09
Do you care if it's a fascist tree or not? It's pretty rare. South African mircat.
35:13
How often are you running into an unidentified mircat?
35:17
Like this is not that big of a problem.
35:19
The bigger one is that you're just able to talk to an AI agent and have it look up things for you.
35:22
Have it do whatever you want in on your phone in your world on in your agent.
35:27
But it's very rare that you're seeing things in the real world.
35:31
Oh my god, what can is this? What is this? I need to know. It's like come on.
35:35
I know what a Diet Coke is.
35:35
And then >> just say you're not 5 years old.
35:39
>> Just say you're not 5 years old.
35:39
But if I know what it is, then I then I don't need the visual part.
35:42
I can just say, "Hey, I I want some extra information about Diet Coke. I'm about to drink one.
35:48
Can you look up the latest aspartame studies?"
35:50
>> Yeah, I do I do use like I I I learned about a kind of car from Renault called the Twizzy.
35:58
>> Yeah, >> that is uh quite popular.
36:01
>> And I did take a picture of this. >> Sure. Sure.
36:03
I have been doing that >> and ask chat what is this?
36:04
But it's very it's something that uh Pull up the Twizzy.
36:11
>> Also, this is like potentially the coolest vehicle on the road.
36:16
>> Yeah, I was playing a video game and I took a photo of the screen when I had to upgrade my character in the role playing game and I was like, how should I allocate my points? >> Look at this. >> It's pretty sweet.
36:27
[clears throat] >> Imagine >> you and your best friend is a smart car, too. It's not.
36:32
>> Imagine you and your best friends have a fleet of these and you're just like, "Hey, let's go to the park.
36:37
>> It's the French dream.
36:37
Hey, let's uh let's go play some golf.
36:41
>> You pull up to the you pull up to the golf course >> and then one person >> and you don't even get out of your car.
36:46
You just drive straight to the first hole.
36:48
>> They should be able to have like a series of tow hitches where that you can create a road train out of them and then one person drives and the rest can shell. That would be very cool.
36:57
>> Yeah, we saw some kids bombing around in some some crazy smart cars having a great time.
37:00
Gold Rock says, "Business idea, pay people to blast your ads on JBL speakers in crowded place."
37:07
[laughter] I think I think you you could there's you could potentially make a run at that before regulation came came in. >> Shrek it up.
37:16
Shrek that Twizzy, please.
37:18
Uh [laughter] then, uh Okay.
37:21
So, uh, but there's, uh, growing unease with companies sticking generative AI features into any and all products and having a little AI jin always whispering in our ear seems like a cautionary tail or a Twilight Zone episode.
37:35
And yet, there will be smart glasses, and you and I might even choose to wear them.
37:40
They're technological in inevitability, a new consumer tech arms race for the last and best real estate on our bodies.
37:47
I envision that someday all glasses should could be smart glasses, said a man who should know uh Zed, who heads the division of Qualcomm responsible for making the chips that go into the meta, the Meta, Snap, and Samsung smart glasses.
38:00
Who are they for, though?
38:00
The problem with most smart glasses is that it remains unclear what exactly they are for.
38:05
Steve Jobs once said that design is as much about what something does as how it looks.
38:11
It isn't hard to imagine that were he still alive today, his critique of most of the smart glasses on the market would be scathing. Take the snap specs.
38:20
They are a triumph of engineering, squeezing a fighter pilot's helmets, fighter pilot helmets worth of optics and computing into frames that while not exactly spelt or at least at least don't require a chin strap, [laughter] but for what purpose?
38:36
Snap Chief EV executive Evan Spiegel said they could be used for live translation, turnbyturn directions, working on the go.
38:44
And >> has anyone made the Has anyone made the motorcycle helmet uh computer?
38:52
>> I think they do have fairly advanced helmets these days.
38:56
Snowboarders, >> I want I want a personal computer that's shaped as a motorcycle helmet that I can just wear around. >> That would be cool.
39:03
It'd be like more cyber punk.
39:04
Almer was teasing a very thin small pair >> of like aviators, right?
39:10
>> Smartish looking glasses.
39:12
>> Yeah, it looked like they had bolted on to just traditional aviators, which were really cool.
39:17
>> Uh the catch, you have to be seen in public wearing these to get the most out of it.
39:21
Your friends and colleagues would need them, too.
39:22
And that's assuming the software running on these lightweight computers can live up to the promise.
39:25
I was thinking about like Yeah.
39:28
Like should should you should you start with glasses that are woefully underpowered on the battery side?
39:38
Like if you if you launch a pair of smart glasses and they're 30 minute battery or something like very limited, but they're really light and so people actually try them and then like is it better for everyone to complain about how heavy they are or how how how light they are but the battery keeps running out because at least that's a that's a signal that people are using it to the fullest if they complain.
40:02
Like if if the VR headset's light and people are, oh, it runs out of battery.
40:06
I got to plug it in all the time.
40:08
It's like, okay, well, at least you got to that far.
40:09
At least you enjoyed it fully.
40:11
And then you uh and then you needed, you know, like working on that extension feels like an easier path.
40:18
>> Senra dropping uh nuclear >> design is how it works.
40:21
Steve Jobs, there you go.
40:25
>> Um I Yeah, I continue to believe that the biggest market for smart glasses will continue to be uh people that need uh corrective eyewear, right?
40:35
over a billion people uh in that market.
40:38
And if you have to use glasses all day long, >> yeah, >> you may as well add some smart features, it's a tougher cell for, >> you know, people that aren't already dependent on glasses.
40:50
Yeah, I do think that uh they I I mean in addition to the traction on the sales figures, which are impressive, uh I'm starting to see more content that's created organically by meta glasses creators.
41:06
>> But you know what those people are doing? >> What?
41:08
>> In large partaking, >> they are jailbreaking the glasses to not show that they're recording. >> Whoa.
41:14
Because so so many of those videos, >> if somebody just walked up with a camera in your face, >> they wouldn't get the same reaction.
41:21
They'd be like, "Stop filming me."
41:21
But instead, they have like a pretty organic turnaction. They turn off the light.
41:27
It's very easy to like basically black it out, cover it up.
41:29
I think people have jailbroken them so that the light >> nail polish over it. >> Yeah.
41:34
But there's you there's like actual jailbreaks that you can basically disable the light. Yep.
41:37
And so a lot of those videos are just like people recording people without their permission or understanding. Yeah.
41:47
>> And then just posting posting these like >> violation of the social contract. But >> yeah. Yeah.
41:52
No, not even just a little bit like a complete and total uh violation.
41:57
And >> yeah, but just don't public if you don't want to film. Just never go outside.
42:04
>> Just never touch grass. Yeah. I don't know.
42:06
Uh, well, Met is working on a bunch of other stuff.
42:09
They're working on artificial intelligence. You may have heard.
42:12
First, before we dig into this, let me tell you about the New York Stock Exchange.
42:15
Want to change the world?
42:18
Raise capital at the New York Stock Exchange.
42:20
Um, Zephr says, "They seem to be pretty focused on coding right now.
42:25
I'm pretty sure this is the largest coding, trading, training, data generation effort in the world. They have the compute.
42:30
30 to 50% of engineers on core teams have been forcibly forcefully reassigned to data labeling uh in the ADO or agent data optimization.
42:40
Um uh Powell McCormack convened the suare which capped a packed day of meetings across Wall Street to deliver a message.
42:48
Meta's radical plan to become a leader in AI will require vast amounts of capital and her door was open to discuss innovative financing financing structures and partnerships.
42:59
uh they might wind up raising billions more to fund the buildout of MSL and Meta's AI efforts.
43:06
One engineer told this reporter that the whole situation feels like the movie The Hunger Games when tributes are randomly selected and then removed from their envir environment to something completely different.
43:19
Except at Meta, many more folks are being affected with between three to five from a 10person team going from building products used by hundreds of millions to giving human feedback on AI generated GitHub repos over and over.
43:31
So a wider impact than in the Hunger Games with less drastic consequences.
43:35
Yeah, still airond conditioned uh with free snacks which they are improving apparently. Um I don't know. It seems bad. What?
43:42
Uh, so so duck is uh we're going to have meta code.
43:51
>> Yeah, I mean it seems like they're trying to have a model that they would sell on the API or something. >> Yeah.
43:57
And it's just um [clears throat] >> seems like a competitive space. I don't know.
44:01
It's an entirely new motion.
44:01
Um they have done this before though.
44:03
They at one point they were trying to compete with Google Workspace and have like a Slack competitor effectively like you could run your company on Facebook spaces and Facebook Messenger.
44:13
Uh and I don't think that ever really took off.
44:17
So it is a new go to market motion but it is simpler because you don't have to rip everything out.
44:22
You just port over to this particular endpoint and >> yeah it's so it's so interesting.
44:25
It's so interesting because >> good at building >> I I would have expected I was expecting Meta to spend enough money to get the Meta AI, you know, chat GBT Gemini Claude competitor to the top of the charts and keep it there >> because I expected Zuck to think like, hey, if I get people asking questions all day long, I can just target them much better charts, not >> Yeah.
44:53
So, I expected them to go super hard on consumer.
44:55
They don't have background in enterprise.
44:56
They bought Manis, but even Manis was like sort of unclear what they were going to do over time.
45:03
Maybe they would integrate it into ads manager, but I expected them to just say like Zack say like, "Hey, I'm going to spend a lot of money."
45:11
>> Y >> and I have billions of users already.
45:15
I'm going to do whatever it takes to get a consumer chat app to the top of the charts, keep it there, and over time uh just focus on this one thing.
45:22
Uh, and the Meta AI app sitting at 17 in the app store right now.
45:28
um you know not not uh not nothing but uh I don't like the market is not is clearly not like is clearly not sending signals like hey we're really excited for you guys to like pivot into enterprise and like spend hundreds of billions of dollars competing against >> Google >> AWS Microsoft Google openai anthropic uh you know all the Chinese labs like it's >> a lot no like this would be an absolutely incredible come from behind story.
46:04
>> Yeah, >> it would be one for the for the history books if they can do it. >> Yeah.
46:09
>> But I think it's reasonable that the market is saying like no, they're not pricing it in. >> Yeah, certainly.
46:14
Um well, there's other news.
46:17
Zuckerberg directed Meta to build a prediction markets app, which is uh >> Mike Isaac with uh >> an incredible scoop. >> Wild shift.
46:26
Uh the experimental app internally called Arena would be independent of Facebook and Instagram.
46:31
It could compete for attention with Poly Market and Khi the biggest prediction market says Mike Mike Isaac.
46:35
Um >> Mike says importantly the app is currently experimental and will not include using real money >> though insiders have not fully ruled out a future in which that could happen.
46:49
Uh >> do they have a >> fascinating fascinating fascinating move.
46:53
I think I think um sentiment >> is at near rock bottom. >> Yeah.
47:01
>> Uh >> Wall Street just had that expose on poly markets advertising and so like the vibes are getting like more >> Yeah.
47:07
So so sentiment on poly on on prediction markets is like >> I don't know if it's at an all-time low.
47:14
I think users actually like generally >> like they they like when it was like, "Oh, we're going to find out who the next president is."
47:20
And now it's like, "It's a gambling thing for sports."
47:21
And it's like the vibe has very much shifted. >> Yeah.
47:25
And I think I think Yeah.
47:25
I mean, a lot of people have had like have have benefited from using prediction markets as a data source.
47:32
Like >> a lot of people have benefited from sports betting.
47:35
There's a story about a guy who won $6 million on DraftKings and built a mansion with a bowling alley in it. I'm not kidding.
47:41
This guy's just like a great poker player.
47:43
like a great poker player. and he's won a $1 million uh c he's won he's won over a million dollars in fantasy sports the millionaire maker fantasy sports tournament he's won it multiple times like he's won it like >> seven times >> so so what I was saying is like prediction markets are that's what
48:00
you're saying you know you know revenue is exploding >> I think that's a sign that users like the product >> uh I appreciate them as a data source I always have >> um uh but but sentiment around them broadly And then sentiment around Meta >> is at almost an alltime low at least in the capital markets from their employee base, right? Like people are, you know,
48:25
Like people are, you know, very very >> unhappy. >> Yeah.
48:30
>> And so maybe Zuck [snorts] is just saying like f it.
48:32
Like can't get can't get any can't I don't think it can get any worse.
48:38
What's the Okay, here's a steelman on uh Arena, the prediction markets app from Meta.
48:43
Uh if it doesn't use real money, there's way less risk of like Yes, I saw this.
48:51
I know exactly lock issue.
48:54
>> Yeah, instead of a skill issue, it is a lock [laughter] issue.
48:56
>> I've never heard someone say lock issue. >> Lock is so good.
49:01
>> Uh [laughter] anyway, I know you knew you were going to look at that. Very funny.
49:04
Um [laughter] anyway, uh the arena bullcase.
49:07
The arena bullcase is if it doesn't use money, you don't run into any of the any of the controversy around like, oh, someone's going to spend their last dollar, they're going to get addicted to this, all this.
49:16
But >> I totally believe that they they'll never turn on the real dollar.
49:20
But you can still you they so the steelman is that they have not they've gified everything in the Instagram and Facebook orbit and they actually haven't added paytoplay mechanics really like it is all like aura farming.
49:37
you're you're you're farming for like fake currencies, likes, followers, reposts, and tags, and story views, and there's all these different dopamine hits that you get, which of course there's this discussion around addiction, and blah blah blah blah, but it's not actually money.
49:51
And so, you could imagine if they can make arena and getting points in the arena as rewarding as getting a thousand likes on an Instagram post or a,000 views on a story post.
50:05
People love the status of like making accurate >> a good call. Yeah. Exactly.
50:09
And so if all of that is integrated and you can go to someone's account, you can see, oh well, they got this many views, they have this many followers, they they're followed by all these cool people and they also have run it up huge on Arena.
50:22
This is like a high signal account and maybe I should follow it. So I don't know.
50:26
It could be something that >> I think I think part of it I think part of it is like social media >> is as being is starting to be viewed as something that is as bad as gambling for society. Potentially worse. Sure. Right.
50:40
Potentially worse than gambling >> maybe.
50:43
>> And so part of it is just like f it.
50:43
I think users will like this. They'll use it.
50:47
Uh, and and you can imagine like >> making Instagram already one of the most addictive apps ever created and just adding casino functionality to it. Yep.
51:00
>> So you're gambling with your friends.
51:03
I I I I'm not, you know, I I think it's laugh this move is like laughable, right? Okay. >> In many ways. >> Yeah.
51:11
uh just because it's it's just given the amount of fire that social media is already under like you know this court case right the addiction court cases and that now it's like okay well like >> we're sorry you know we're sorry that like you think our app is like addictive
51:28
like you know we're going to work this out in the courts but while we do that like we're going to introduce >> gambling it's like it is it is just like a very funny move and I'm sure they just wish I I'm sure they wanted to like keep it uh you know under wraps and it's probably an experiment still. >> Yeah. >> Yeah.
51:45
>> But uh but but you know >> not not a not a move that's like very defensible, right?
51:52
>> Unless unless they stick with the no money thing.
51:54
I I I'm actually I'm thinking that that if there's no money involved whatsoever forever, >> I don't know that I have a problem with it.
52:04
It's it's potentially if people get so addicted to the status game of making good predictions that they just stop doing real gambling. >> That could be good.
52:15
>> That could be good for society. Wow.
52:15
I hadn't thought about that.
52:17
They're like [laughter] about making real money. >> Okay. Okay. Yeah. Yeah.
52:21
I'm just thinking I'm just thinking that like yes the the the the the fake currencies, virtual currencies, dopamine hits like prestiging on Call of Duty is the same XP in Call of Duty like yes, you can get too addicted to it and you can just spend all night playing Call of Duty to try and prestige or level up or whatever.
52:39
Uh, you can be hunting for a platinum trophy on some super hard PlayStation game all night and like that can be bad.
52:45
But it's just a way different thing in terms of like what a crap what hitting rock bottom looks like when you're not involving real money.
52:54
Like you can hit rock bottom being like, "Wow, I was scrolling Instagram reels four hours a day and or I was playing Call of Duty all night, couldn't was sleepy at work the next Like it can be bad, not good, but it's nowhere near as big as like I lost my college kid, my college fund for my kid. I gambled it away. Right.
53:12
If there's no money, it's just a different conversation.
53:13
I think you do need to put it in a different bucket. >> Yeah.
53:16
The other thing is uh Koshi, it was reported as doing like over $2 billion of of annualized revenue.
53:25
>> Uh they're growing very quickly.
53:25
I I expect them to be well beyond that. Yeah.
53:30
Like if Zuck came in and he got a 100% of the the sort of like online >> Yeah.
53:37
>> gaming market, it could like maybe move the needle a little bit on Yeah.
53:42
>> Uh but but but you know, this isn't like a winner take all market, right?
53:45
A lot of people like even all the apps are available, they still use their like, you know, some some friend that has a sports book or whatever.
53:53
>> So it it doesn't really feel like a move that you make when you're you're spending hundreds of billions of dollars on AI.
53:58
like you're betting the company on AI.
54:01
>> This seems like it >> like I I I'm starting to maybe see that uh even though Zuck is very good at monetizing applications >> that it might just be for the pure love of the game.
54:12
[laughter] Yeah, Rob Flity summed up the push back.
54:18
I'm at the child brain poisoning company.
54:20
I'm at the gambling company.
54:21
I'm at the combination child brain poisoning and gambling company.
54:24
Uh, good reference to Pizza Hut and Taco Bell, a famous one.
54:29
Um, but feedback to the Kylie Jenner Meta glasses has been way way better. Uh, wow.
54:34
Silicon Valley finally figured out who controls consumer spending.
54:38
Uh, this is not finally Meta's been partnering with great celebrities for a really long time.
54:45
Uh, this does not come as a shock to me, but it is the right person to partner with.
54:50
So, uh, it's fascinating cuz we were trying to estimate like how much Meta spent on this like partnership campaign. >> Yeah.
54:59
>> Uh, I had I was putting it at like >> somewhere around like 50 of no information on it. It's like 50 million. Yeah. Yeah.
55:06
How much does it cost to get the top influencer Yeah.
55:10
>> in the entire world to do a campaign like this >> and launch a product with you?
55:13
You know, maybe something like uh $50 million.
55:15
Uh then Alex Heath Heathnator who we were with this >> scoop athlete >> scoop athlete comes out and scoops that uh Snap is working on a deal with Robert Downey Jr.
55:29
to spend $100 million uh potentially for a partnership there >> which is uh deeply confusing. >> Okay.
55:39
>> Um uh for like you know a lot of reasons like the the the the Kylie Meta campaign makes a lot of sense.
55:47
Kylie is like one of the like probably the or one of the top uh influ influencers on on Instagram, right?
55:54
So, it's a deep >> existing partnership.
55:58
>> You don't know that this couldn't be this isn't deep.
55:59
It could be a super deep integration.
56:00
We could be looking at like Iron Man 4 Snap Spectacles and the whole movie could revolve around Iron Man taking off the suit and only using the Snap Spectacles to stop Thanos for the fifth time in a row.
56:13
And and I just don't believe that I as cool as Robert Downey Jr.
56:18
is, I don't believe that uh that that people are going to spend $2,195 on these specs because he is in a brand campaign with them. Yeah.
56:30
Whereas I do feel like Kylie could potentially drive well more than 50 million of sales totally of her. >> No, 100%.
56:37
Kylie informs purchases at a very different rate.
56:41
Like I'm a fan of Robert Downey Jr.
56:43
I like his movies, but it's very hard for me to close the loop from like, okay, he looked good and was in this suit and so I should go buy that suit.
56:52
It's just such a >> The other thing is like the Meta Glasses are a content creation product. >> Yeah.
56:59
>> Like >> that's that's their primary function.
57:01
>> And she's a content creator.
57:01
Number one content creator. >> Yeah.
57:03
But you're you're completely discounting the possibility that Avengers 12 could be filmed entirely on the Snap Spectacles.
57:09
What do you think about that? It's possible.
57:13
If it is, it's it could be worth it.
57:16
But yes, it's hard to underwrite at $100 million.
57:17
That's a lot of money for It's not a lot of money for Meta at 1.
57:22
5 trillion in market cap. It is a lot of money. 1.
57:25
4 uh it is a lot of money for Snap's number >> an 8 billion company.
57:32
>> Last week's price is not today's price.
57:34
>> Marketap Snack uh Snack Snap >> 7. 2. Not bad.
57:40
It's only off 5% in the last five days off of this snap news.
57:43
It's down 25% over the last month, though.
57:46
Uh, it's had a rough go, but I don't know.
57:48
I like I like that the product shipped.
57:51
I like that there's there's experimentation and competition in uh in the wearables market.
57:57
market. And I do think that like Christopher Mims is correct that like there is an inflection point here that uh wearables are this new battle ground that a lot of companies are are facing and there's a lot of opportunity with how slow Apple is moving in the category
58:12
you can go and potentially win like uh I mean just re just watching your reaction to um to this uh the meta glasses launches it doesn't seem like you're in the category of this is going to get steamrololled by Apple immediately as soon as they launch it. You're like, they might come in and
58:32
You're like, they might come in and compete, but they are seating so much territory that that 80% maybe goes to 50% if Apple really succeeds, but it's not going to be a flip overnight because there's so much brand value, so much style, so many partnerships uh to the silhouettes of the frame. Yeah.
58:51
>> And and so many learnings on the actually like what what people are using these for. So, Snap sitting at 7.
58:54
18 billion market cap with a projecting 2026 revenue of 6. 76 billion.
59:05
>> Um, >> so anyways, uh, let me tell you about Codeex.
59:10
Codeex is a powerful workspace for getting work done with AI agents.
59:15
Whether you're writing code, analyzing data, creating content, or automating business workflows, Codeex helps you move projects forward from start to finish. New family of models. >> Oh yeah.
59:25
>> Uh previewing today GPT 5. 6 Soul.
59:25
Next generation model >> named after Soul, bro.
59:32
>> That's [laughter] crazy.
59:33
>> Yeah, I don't know about that one.
59:33
Um uh anyways, >> brief $100 million brand deal.
59:40
[laughter] It's Robert Downey Jr.
59:44
>> No, name after the celestial bodies. Soul >> Terra Luna Luna. Cool.
59:49
>> Um and uh putting up size like cuz I would assume Soul is the biggest then Terra is the medium and then Luna is the smallest in terms of the model size.
1:00:00
So we're kind medium >> let me pull it up.
1:00:06
>> It's going to take a second for people to learn the new uh the new language there.
1:00:10
I I I have enjoyed that the the drop down in the Chad GPT app is just like just like how much reasoning do you want?
1:00:17
Instant, medium, high, extra high or pro?
1:00:19
And I don't really think of them as separate models now.
1:00:22
And I've been a fan of that.
1:00:23
Like just use the right tool for the job behind the scenes.
1:00:25
Um anyway, you can dig into that, see what's going well.
1:00:31
>> And of course, uh by US government directive, access is limited to only 20 pre-approved companies. >> 20? That's so small.
1:00:40
>> Which is brutal because our very own Dan Shipper will not be able to do a vibe check on it.
1:00:45
At least >> he's got to get access soon.
1:00:46
Um, >> but a lot of this comes on the back of the distill gate that's happening.
1:00:52
Anthropics says Alibaba has distilled clawed many many times and I saw a chart of the amount of tokens that are getting resold uh off the back of that API and it is staggering.
1:01:03
It's a true somebody was like they professionalized fraud >> which seems accurate and so uh having really tight control it makes sense in the distilling world.
1:01:13
It's still very unfortunate.
1:01:15
uh to go back to your other question.
1:01:17
So, Soul >> uh is the frontier model.
1:01:22
>> Terra is a balanced model for efficient everyday work.
1:01:24
And then Luna is a fast and affordable model for high volume work. >> Okay, so cool. >> You had it right.
1:01:30
>> Uh well, Rockstar Energy Drink founder Russ Savage. What a name. What a name.
1:01:36
He put five homes on the market uh for a combined total of just shy of $300 million in hopes of attracting newly rich buyers right after the SpaceX IPO.
1:01:48
He says people got liquidity and you are my ex liquidity.
1:01:50
[laughter] You are my ex liquidity.
1:01:54
Buy my incredible properties.
1:01:56
Uh so uh Rockstar Andrew Jr.
1:01:59
founder and uh creator and real estate investor is putting five homes he owns in Los Angeles, Aspen, Park City on the market for a combined total of two se 297 million.
1:02:07
He's betting that a wave of newly rich buyers will be looking at for luxury homes.
1:02:13
We're entering a new stratosphere of top- ed wealth where there's no limit, said Savage, who's been buying, renovating, and selling homes across the country for a decade.
1:02:20
Where are they going to buy properties?
1:02:22
They're going to want a ski house, and they're going to want a house in the sun.
1:02:24
Savage is asking 85 million for a 7-bedroom home on Aspirin's Red Mountain in Los Angeles.
1:02:31
He's listing two estates, one for 85 million, another for 34 million.
1:02:36
Park City, he's listing properties for 55 million and 38 million.
1:02:37
Where is he going to live?
1:02:40
Uh, some he's listed before, but others he's putting on the market for the first time since buying them.
1:02:45
Paul Benson, one of Savage's listing agents, is already seeing the impact of these anticipated IPOs across the markets he works in, which include San Francisco and Seattle.
1:02:53
People employed by SpaceX or OpenAI or Anthropic are being approached by banks and funds with upfront investment cash, aiming to lock in early connections with these soontobe ultra-wealthy clients because newer construction luxury homes have already been selling well.
1:03:07
This will put further strain on supply and I believe it will drive up prices.
1:03:11
He says Savage is also betting on the economy, believing it will be strengthened by peace deals.
1:03:18
He's long America, falling interest rates, and a stock market that continues to hit record highs.
1:03:22
Savage, uh, 56, sold his beverage brand to PepsiCo for around 4.
1:03:28
7 billion in 2020 and lives in Florida.
1:03:33
He started investing in high-end real estate after he founded Rockstar Energy in 2001.
1:03:36
He said buying luxury homes, redoing them, and living in them until he decides to move somewhere else.
1:03:43
Uh, he was formerly he was formerly named Russ Weiner, but took the name Savage in honor of his father.
1:03:51
Political con commentator. Michael Savage.
1:03:56
>> Wait, what do you mean took the name?
1:03:58
>> Wait, >> in honor of his father. >> Michael Savage.
1:04:04
Michael Allen Weiner, born 1942, is known by his professional name, Michael Savage.
1:04:09
He's an American author, political commentator, and activist, former radio host.
1:04:12
He's best known as the host of The Savage Nation, a nationally syndicated talk show that aired on uh the talk radio network across the United States until 2021, was the second most listened to radio talk show in the country with an audience of over 20 million listeners. Uh wow. He's he's sold books. >> Yeah. Dr.
1:04:32
Michael Savage has a PhD in nutrition science. >> He's conservative. He has two children.
1:04:40
Uh he's still alive and his son is Russell Golden Cloud Weiner who now goes by Russ Savage. That is crazy. What a what an insane.
1:04:51
So his name now is Russ Golden Cloud Savage.
1:04:56
He really created a golden cloud with his company.
1:04:59
He started Rockstar in 2001. What is this? >> Golden packaging.
1:05:05
>> Rockstar energy drinks. Yeah, it was golden. It was golden. Uh or it is.
1:05:07
Uh he's also the founder and CEO of his own company.
1:05:11
He was uh Oh, you just barely snuck in the Forbes list of 500 richest Americans.
1:05:17
He's number 494 with an estimated net worth of $3. 4 billion.
1:05:20
Uh in 2025, his estimated worth net worth is 5 billion. He's done fantastically.
1:05:28
Uh this is very interesting.
1:05:28
He bought the West Hollywood home of basketball player Carlos Boozer for 10 million. Listed another home.
1:05:35
He lives in Delray Beach. Uh fascinating. Well, good luck to him.
1:05:39
Hopefully, if you have some SpaceX liquidity, you can go pick one of these up. They all look fantastic.
1:05:44
Uh, and he's certainly done.
1:05:48
>> Let's work on getting Russ on the show. I would say Nick savage.
1:05:50
I would say Nick, work on it.
1:05:52
But somebody is not in the Ultradoo today.
1:05:58
>> If you if you're trying to build luxury properties, you got to know that there's going to be a small group of of hungry >> hungry savages >> coming after you.
1:06:06
uh cursors $60 billion SpaceX deal.
1:06:10
It prices off of the 7-day weighted average of the SpaceX closing price before close.
1:06:16
The lower the SpaceX stock, the more SpaceX for cursor holders.
1:06:21
The deal was announced with SpaceX at $211 per share.
1:06:25
Now it's at uh 155, but very stable today at 152.
1:06:29
Um, cursor holders are rooting for the stock to keep falling until close somewhat.
1:06:35
I can't imagine that they're rooting for it to go down all that much, but uh, all that much, but that is an interesting dynamic that's playing out.
1:06:42
Um, also SpaceX is eyeing a bond sale for the history books and the Financial Times doesn't like it.
1:06:52
Alons the insurer, they sounding the alarm.
1:06:54
SpaceX's green light for 52 or for $25 billion bond sale is a clear sign of bubble terrierity.
1:07:00
I mean at the same time they got what $80 billion in cash on the balance sheet at this point.
1:07:07
Uh seems like a reasonable debt to equity ratio.
1:07:09
But let's hear the the uh the the bare take from Alons.
1:07:13
Uh SpaceX decision to launch a $25 billion bond sale shortly after raising 86 billion in a record-breaking IPO is a clear sign that the markets are entering bubble territory. Uh-oh.
1:07:28
The investment chief at insurance group Alons has warned big investors have grown increasingly nervous that companies rushing to raise money in a flurry of big equity and bond deals seizing on record high stock prices and credit spreads uh close to the tightest in decades could signal a top in frothy markets.
1:07:42
SpaceX raising debt so soon after a blockbuster equity issuance was a good example of market shifting from healthy boom, a stretch boom into bubble territory.
1:07:50
Uh said the chief investment officer at Aliance which manages 800 billion of assets.
1:07:55
Uh Elon is hoovering up he really is >> cash.
1:08:01
Uh someone else was saying how is X money paying a 6% yield?
1:08:04
You know people have learned to ask where is the yield coming from? Uh but of course X. com the space company. >> Yeah.
1:08:16
>> Whatever whatever cash that they have deposited in X money. Yeah.
1:08:18
I'm sure they're able to use that to >> build data centers, >> build infrastructure. Yeah. >> No, no.
1:08:25
I mean that that is the thesis there.
1:08:27
And uh I I'd be very interested.
1:08:30
They they said it's up to uh $10 million is insured 6% yield.
1:08:34
That's higher than Cash App and many of the other uh online confirm that up to $10 million.
1:08:42
>> This was in the this was in the tweet announcing it.
1:08:44
I don't know exactly what level of insurance. >> Wow.
1:08:46
>> So they actually are are this is not just like a >> they said insured.
1:08:50
I didn't see FDIC insured. I'm not sure.
1:08:54
>> No, but but that that signals that they're not viewing this as like, oh, this is just like a perk to get consumers. >> Yeah.
1:09:00
Oh, put in a thousand bucks.
1:09:00
It's like no, like random investors can be like, wait, I'm earning 4% in my bond account with my bank.
1:09:07
I should move this over to X money and just get the 6%.
1:09:11
There's a lot of uh yield hunters and credit card points maxers who just are always hunting for oh this this account gives me a good rate of return and you know where's the yield coming from?
1:09:21
It's a different equation when you have a hundred billion dollars on the balance sheet.
1:09:26
uh seems like you can make all the discussions over bubble territory or overvalued, but uh at the same time like you're at the top of the cap table of a really well capitalized company and so you're probably going to get that uh that yield.
1:09:38
At the same time, um SpaceX is going to potentially raise billions of dollars through this if for for every hundred people that put in $10 million and clip that 6% coupon, they get a billion dollars.
1:09:51
So, could you imagine a thousand people signing up for that, putting 10 million in, getting 6%.
1:09:57
And then that's a $10 billion incremental raise for SpaceX.
1:10:02
That seems pretty doable.
1:10:04
That doesn't seem like crazy math to me.
1:10:06
Um, it's a very different go direct strategy.
1:10:09
Uh, we've seen other hyperscalers uh issue corporate debt at those rates, below those rates, around those rates.
1:10:16
Uh, so it doesn't seem crazy.
1:10:18
It's just interesting that it's going through this direct channel for the first time as opposed to the more traditional Wall Street path.
1:10:23
But the Wall Street path, they're complaining, so go direct.
1:10:27
I guess that's the strategy.
1:10:30
>> Anyway, >> uh Minute Moola says, "Are we done talking about AI restrictions?"
1:10:32
I feel that's I feel like that's low-key a big deal.
1:10:36
>> Yeah, we have some we have some pieces in here about it.
1:10:37
We we'll go through this.
1:10:39
Um first, let me tell you about CrowdStrike. Your business is AI.
1:10:40
Their business is securing it.
1:10:42
CrowdStrike secures AI and stops breaches.
1:10:44
Um there's uh there's more data center backlash.
1:10:49
Data centers, how do they work?
1:10:51
Theo von says, "Nobody wants a data center, dude.
1:10:53
And the people that want them to me, they seem kind of evil. Nobody wants this.
1:10:57
Uh one of these companies going to own all this information."
1:11:00
He had some very uh funny takes about >> He said emotional credit score.
1:11:04
>> Emotional credit score would be weird. Um yes.
1:11:06
Um yes. Uh the data center issue needs to be messaged much more clearly and uh >> and and I think >> there's such a wide gap between the water and the power I'm assuming I'm assuming he starts this way but then he says I'm I'm going to be switching to distributing my uh podcasts on
1:11:23
>> that's such a bad that's such a bad counter take because truly like the data centers that are required to power the YouTube and podcast stream it's like so so small compared to what AI is doing in terms of data center construction and and and the power requirements and the buildout requirements. I mean like you
1:11:41
I mean like you fire off one AI agent and you're using like you it's equivalent to YouTube for like 10 years probably.
1:11:48
Um but yes, you know, the internet powers lots of things, but uh people have to understand the benefits and the value of these things unless otherwise they're just like why why don't we just use the data centers we have? Why do we need new ones?
1:12:02
And then they also need to be constructed in remote locations away from housing quietly with clean energy with you know not with a closed loop water system like there's a bunch of boxes that if you check them people will be okay with it.
1:12:16
Uh but uh it's certainly slow to actually build up the narrative.
1:12:22
Uh air over at the information has a little bit of a narrative violation.
1:12:25
AI data centers apparently are a godsend for some communities and produce a lot of jobs.
1:12:30
Union leaders are saying they're great.
1:12:32
For instance, three large Wisconsin data center campuses.
1:12:35
Uh Microsoft Meta and Oracle are building.
1:12:38
They're supporting almost 10,000 jobs during the building phase which began in 2020 and last through 2028 according to Mandala Partners.
1:12:46
Uh when they are fully operational, the facilities will support 6,000 permanent jobs.
1:12:50
Nearly a third will be in-house highly skilled roles include including 770 technicians ma managing critical mechanical and electrical systems and 700 data center technicians.
1:13:01
Uh the rest are in the supplier network that provides these facilities.
1:13:05
Um and meanwhile in West Memphis, Mayor Marco McClendon recently told me it was quote a stagnant city before Google broke ground last year on a data center just outside its boundaries.
1:13:16
boundaries. uh the company's investments are now making it easier to recruit other businesses in the city and also uh figuring out the correct tax strategy for the data centers seems to be uh the the next uh sort of domino to fall because uh Virginia has benefited a lot
1:13:31
from the data center buildout from AWS and I believe property taxes are are like unnaturally low for Virginia residences because the government balance budget the government budget is balanced towards getting revenue from from the data center buildout that's happened in Virginia. And so they
1:13:48
And so they haven't been so uh such a big deal.
1:13:50
Um anyway, we should move on to other stuff in uh AI bans. What's going on?
1:13:57
There's a Wall Street Journal article we can read through here.
1:14:02
Uh OpenAI limits access to new models, citing government security concerns.
1:14:06
Company says White House review of AI releases shouldn't become long-term default.
1:14:10
Ban on mythos model remains.
1:14:14
Um, Opening Eye said it's limiting access to its newest artificial intelligence models after discussions with the Trump administration, but warned that the recent trend of the White House restricting industry activity on national security grounds on a case-by- case basis shouldn't become the norm.
1:14:28
Uh, the maker of Chhattyt.
1:14:31
Yeah, I saw a lot of like safety people being like this is the worst of both worlds.
1:14:35
It's not some sort of like broadreaching apply, you know, just like the rule exists and then everyone can easily comply.
1:14:42
It's like the highest touch government intervention and it makes the government have much more power over AI which is something the safety folks I think at least the ones that I saw talking about this were not a fan of but >> yeah it's also just like you know there's the new uh it's GLM 5.
1:14:56
2 that that people are loving.
1:15:02
>> Someone was talking about how they didn't love it in the chat.
1:15:03
I don't know what the reviews are.
1:15:04
We'll have to talk about >> I don't know in general there's been a lot of excitement.
1:15:07
a lot of people saying like, "Hey, I could use this as a daily."
1:15:10
>> And all the lab leaders have said open source is like six months behind.
1:15:12
And so now we're like approaching six months past like the last jump in paradigm uh and like massive cyber capabilities.
1:15:20
So those cyber capabilities are coming to fruition in the open source world.
1:15:24
The there's an interesting dynamic between uh the risk of like bio stuff and cyber stuff.
1:15:34
So if you have a model that can hack a system, it can usually patch that system for that hack in far less than six months.
1:15:43
Like probably in like an hour, like it can it can see, oh, there's a there's a there's a exploit here and we shipped the code, merged it in, and now that exploit is closed.
1:15:51
And so the gap between like finding like you create the hack machine 9000 you it can hack everything but instead you use it for legal reasons for economic reasons to patch all the systems that's great.
1:16:07
Um the the problem that I'm worried about now is if there is a if there is a world where building the the counter building the counter like the good version of something takes longer than six months.
1:16:23
So the example I'll give is is in bio.
1:16:25
So let's say that you have a next generation model.
1:16:28
It's really good at finding viruses that if created would wipe out a ton of people.
1:16:33
It's also really good at fi at building early warning detection systems and you know counteractive like take this pill and you'll no longer you know be susceptible to that deadly virus that is now possible. Uh that's fine.
1:16:45
As long as you continue to roll out the biocurity initiatives first, you should be good because by the time the open- source hacker nefarious actors, state actors get access to the the bioweapon 9000, you've already patched your society so that you have biorisk security, early detection, uh all the different medicines that you need to fight back.
1:17:13
But if manufacturing all of that and actually deploying the biocurity the biorisk the the the like the good version takes a year a but the frontier is only six months behind.
1:17:25
You could wind up in a situation where manufacturing the virus is much shorter than manufacturing the antivirus.
1:17:31
Now, I don't know exactly how all of that works, if that's real, what the level of risk is there, but that's that's maybe a unique problem, especially if it's a situation where you need to make a lot of the antivirus and you only need to make like a small amount of the virus.
1:17:51
And so, I don't know that I I think that's >> well, is that is that not exactly how >> I It's possible. I don't know. We'll see.
1:17:57
We'll need to talk to more people that understand biocurity risk uh and and see where this goes.
1:18:01
Uh it's also just harder to like uh to create boweapons.
1:18:07
It's less like like you can you know with a with an advance with a sufficiently advanced model you can you can hack into a you know corporate database from your laptop.
1:18:16
Uh you do need a something like a bolab which is not nearly as distributed as laptops which everyone has. So >> yeah.
1:18:25
So, >> but it feels like every six months they discover like some like unauthorized bolab somewhere in the US. >> Totally.
1:18:33
>> That uh you know has a bunch of existing viruses. So, very concerning. >> Yeah. Very risky.
1:18:37
Uh well, let's go back to the OpenAI news.
1:18:40
Follow OpenAI followed a similar process with versions of GPT 5.
1:18:43
5 like cyber which demonstrated an ability to discover vulnerabilities in software that could be used in cyber attacks.
1:18:50
The similar capabilities of Anthropics Mythos models prompted the White House to increase its oversight of the industry and overhaul its light touch approach to AI.
1:18:58
There was, of course, that news that the NSA uh commented that Mythos was able to hack into a bunch of their systems.
1:19:04
That was during a red teaming exercise uh uh like uh like uh so they had a red team uh deliberately try to hack the systems probably from within the network to some degree.
1:19:18
uh still scary but not some unintended behavior which I think is good news.
1:19:23
Um the unprecedented intervention led Anthropic to halt all access to uh comply with a new rule anthropic had previously worked with the administration on a limited roll out of an earlier version of mythos.
1:19:33
Um and OpenAI said it hoped to make 5.
1:19:36
6 generally available in the coming weeks and that the government's current approval process represents a transition period while President Trump's recent executive order on model oversight is implemented.
1:19:46
quote, "We don't believe this kind of government access process should become the long-term default.
1:19:50
It keeps the best tools from users, developers, enterprises, cyber defenders, and global partners who need them."
1:19:57
The company said in a blog post, "We are taking this short-term step because we believe it is the strongest path to broader availability.
1:20:03
The latest anthropic models have been shut down for two weeks.
1:20:07
There's some move in prediction markets, which controversial but very useful sometimes.
1:20:11
Uh it seems like Fable might be coming back.
1:20:13
the the the the markets is like jumping all over the place.
1:20:17
So, someone seemingly knows something.
1:20:20
But, uh it does seem like uh all of these delays are being worked through actively.
1:20:24
Um especially as the open source frontier uh advances, it feels less and less uh reasonable to keep closed source models locked away.
1:20:35
>> Well, why is the open source model frontier advancing?
1:20:38
Is because the models are widely available.
1:20:40
Well, is is that what's going on? Because >> distillation. Yeah.
1:20:45
Like like a minute in the chat says, "I think we're headed toward a future where Frontier models will just be completely cut off from everyone else.
1:20:52
National security asset treatment.
1:20:54
No distillation from anyone allowed."
1:20:56
Like if you make these models available, >> like clearly if you make the models available through everyday consumer subscriptions, >> there will be groups that will create networks of, you know, thousands of accounts and distill the models.
1:21:09
And then you're giving away this like advanced capability.
1:21:13
Um now now whether whether or not that causes like you know these sort of like doomsday >> scenarios um it's you know not not entirely clear >> but it's clear that um >> the open source you know frontier uh will just you know continue to lag the the closed source frontier until the distillation problem is solved. >> Yeah.
1:21:41
Uh I was listening to Ian Bremer on uh the foreign policy podcast.
1:21:43
He just wrote a piece about >> Bremenator. >> The Bremenator. We got to have him on. He's he's fantastic.
1:21:49
But uh he was pointing out a problem with the uh the sort of like individually targeted regulation of AI like uh like Bessant brought all the bankers together because America is very strong in the banking sector to address AI but that doesn't include uh infrastructure because uh our our global infrastructure is not particularly like we don't have the largest infrastructure companies in the And so we're very like peacemeal on this.
1:22:22
And he says that like it's he's calling for much more integration between what's happening in commerce and what's happening in the finance world and then also what's happening in in also.
1:22:30
>> Do you think Meta's stock would pop if Zuck could go get a preliminary ban?
1:22:36
>> Yeah, some of their new models.
1:22:37
>> The aura of the ban, it does seem to be working. Um it's too powerful.
1:22:40
You got to ban the next next version of >> says, "I love these boys only episodes." It's classic TBPN. So do we. >> Yeah. >> So do we.
1:22:51
We might we might need to run a a no no interview week. >> That'd be good. >> An interview cleanse. >> Yeah. Yeah, we could do that. Um yeah, I don't know.
1:23:02
I don't know where it goes.
1:23:04
It It's tough because Yeah.
1:23:06
Like some of that some of those problems that you identified about the advancing open source frontier mass distillation that doesn't seem like you can there's a regulatory solution for it that maintains open access.
1:23:16
Like that's the trick is it like >> Yeah. Yeah. No, no.
1:23:20
There's a scenario where it's there's only, you know, you have to be >> Yeah.
1:23:26
>> only the largest, most trustworthy companies in the world.
1:23:29
And that feels like a really dark >> you know who did you know who did actually push back in an interesting way was Bill Gurley and he I mean he was taking aggressive shots [laughter] but uh one one take he had that was somewhat uh resonant with me was he said you know if these models are so smart can't they detect distillation attacks?
1:23:48
And so there there is a world where the the closed source frontier advances to a point where uh you can mitigate distillation attacks much more effectively and be uh instead of a white list you have a ban list.
1:24:04
And so you're banning organizations that are trying to distill but the models are still w pretty much widely available.
1:24:10
you're still playing whack-a-ole constantly, but you have AGI in your doing the whack-a-ole.
1:24:16
And so you have, you know, the the best possible model going around and understanding, wait, that's a weird behavior.
1:24:23
Why is that person asking for that for those tokens over and over and over again, let's ban them?
1:24:27
And maybe the bans are happening all the time on an individual basis and the ban list is huge.
1:24:32
But the allow list is generally available and so most companies and individuals can just sign up.
1:24:39
>> That would be an interesting outcome.
1:24:41
Well, I think we should switch gears and go through the new Soft Bank.
1:24:48
>> A lot of people have been talking about this for a long time.
1:24:49
Masa kind of tied it up in a bow for everyone.
1:24:52
Where do we get started with Masayoshi Son from SoftBank?
1:24:59
Uh he he says that the true source of value is pullen egg factory inside of >> let's pull up the deck though and just go right from the beginning.
1:25:10
We go through the whole thing.
1:25:12
>> Okay, >> let's get it up on the big board. >> group. softbank dot group. softbank. They have a TLD. What? That's a cool TLD. They just owns softbank. Can you just go to www. softbank?
1:25:30
We are getting it up on the big board.
1:25:34
>> ASI artificial super intelligence JPY one quadrillion.
1:25:38
[snorts] What is SBG South Bank Group 50-year life plan 20s get acknowledged.
1:25:46
>> You got to you got to you got to wait. Team is pulling it up.
1:25:48
>> You got to wait for >> They're working on it. They're working on it. They'll get there. >> Oh, we updated. >> Here we go. Here we go. >> Pull it up. Yeah, this is good. Okay, >> next slide. >> Next slide. >> All right. All right.
1:26:02
So, uh, Ben, if you could read through this while we get set up. >> No, don't.
1:26:06
Go to the [laughter] next one.
1:26:08
ASI, artificial super intelligence is happening, baby.
1:26:11
You got [applause] you got the >> So, so notably, I think that uh this looks like this doesn't necessarily look like it was generated.
1:26:22
I think this I think this is a vintage vintage.
1:26:25
>> This is a vintage asset.
1:26:26
>> This is Shutter Stock right here.
1:26:26
Yeah, this is shutter stock.
1:26:28
I think he's trying to say like, hey, the image models are good, but they're not >> image super intelligent.
1:26:35
>> Also, that's like 5,000 neurons.
1:26:35
Like that would do absolutely nothing.
1:26:37
That's like worse than like a fly brain if you actually count the connections.
1:26:42
>> Anyway, >> some people have said that I have 5,000.
1:26:45
[laughter] >> JPY one quadrillion.
1:26:46
What's the plan to get to one quad? >> One trillion is out. We're going to quads. That's the next slide. Anybody? >> There we go. Keep going. Keep going. >> What is SPG? Keep going.
1:26:57
I want to see the 50-year life plan.
1:27:00
>> What is >> Get acknowledged. >> Okay.
1:27:03
>> Finance war chest 40s take on a challenge.
1:27:07
>> What is What is the Wikipedia version where it's like rise to power? >> Yes. Yes. Yes.
1:27:12
>> And like uh you know like controversy downfall uh >> expansion of power. >> Anyways, okay.
1:27:19
So 30 he's getting his finance war chest.
1:27:22
>> It's early life rise to power.
1:27:22
He didn't even decide to take on >> expansion of power, regime, coup, trial, and execution.
1:27:27
[laughter] >> So, not notice here, he didn't even take on a challenge until his 40s. >> Wow. >> It's never too late.
1:27:35
But he did finance a war chest during his 30s. So, >> yeah. Yeah.
1:27:38
I mean, but that wasn't a challenge for him. >> I like that. 60s hand over business.
1:27:43
>> 50s just fully complete the business. >> Complete. Job's finished. >> Complete. The job was finished. >> Okay.
1:27:49
But he hands it over to >> hands it over to the next generation.
1:27:52
But then go to the next slide. Plot twist. >> 60.
1:27:55
[laughter] >> It's the 60-year life plan.
1:27:57
He's not handing it over to the next generation.
1:28:02
>> He is continuing at the reigns. Next slide.
1:28:04
He wants to realize ASI in >> I'm not I'm not I'm not done yet.
1:28:10
>> The real challenge begins.
1:28:10
Conra >> ASI platform provider.
1:28:12
The real challenge begins.
1:28:16
>> Again, not AI generated. This is Shuttertock. >> He knows it.
1:28:21
He goes into PowerPoint manually, picks an image.
1:28:24
>> He's trying to send a signal to the OpenAI team that that there's still room for improvement.
1:28:29
>> Constraint on humanity's evolution, intelligence and execution, healthcare, education, research, caregiving, cyber security, all good markets. That makes sense.
1:28:38
What's the next 30-year vision? Bring the brand.
1:28:42
>> This is from this is from June 25th, 2010. >> Wow.
1:28:46
>> So, >> coexistence with intell >> 16 years ago.
1:28:51
Yeah, he's getting there. ASI brain computer.
1:28:53
Physical ASI intelligent robots. He basically nailed it.
1:28:55
We got the brain computer. AI that answers.
1:28:58
AIS acts >> workflow automation.
1:29:03
>> This is this is >> okay.
1:29:04
So, I'm starting to kind of feel like some of this is AI generated.
1:29:05
So, you can kind of see him getting a little bit >> more AGI pill as the deck goes on.
1:29:09
But he does need uh he does need a huge amount of credit for for calling the shot on ASI like a decade before AI 2027.
1:29:20
Everyone's like, "Oh, they nailed it.
1:29:22
The U there's going to be government conflict in mid 2026."
1:29:24
That was like a 12-month prediction.
1:29:26
This guy was calling a decade.
1:29:28
>> He kind of hyperstitioned it. >> He did potentially.
1:29:31
>> That's the manifestation.
1:29:31
You were saying this is manifestation for the day.
1:29:36
>> Humans will not be replaced.
1:29:36
They will evolve through ASI. Okay.
1:29:40
Visible AI robots for high-risisk work rescue from disasters solve labor shortages.
1:29:46
They have the AI model open AI have the semiconductor ARM AI infrastructure and robot just robot is the next one.
1:29:56
New intelligence um we need to skip to the golden goose.
1:30:00
That's the highlight of the slide.
1:30:01
Oh, so they're doing 10 gigawatt Ohio project, 5 gawatts in France robot. Yes. Keep going. A little bit more. A little bit more. And then wait here. Uh, keep going. One more. One more. This one.
1:30:13
Oh, the the text actually looks pretty good on this on this screen.
1:30:18
Uh, on my screen it's really hard to read, but this is hilarious.
1:30:22
Just the level of like like highlight control underscore that.
1:30:25
It's [laughter] like in terms of like design like and and putting the white text over the white robot.
1:30:33
Very edgy design considerations.
1:30:36
No, he he you know the the slides are funny because it's such a big company and they seem like relatively unsophisticated but >> they work. They communicate ideas.
1:30:51
>> They do >> in a simple way.
1:30:53
>> Okay, let's keep going.
1:30:53
I want to get to the golden goose. Oh yeah, here we go.
1:30:58
Okay, so he's planning for a quadrillion of value or something like that. Okay. Okay.
1:31:05
So yeah, 16 years ago >> equity of value of holdings fiveillion.
1:31:12
>> The golden gear is five golden eggs.
1:31:16
>> This [laughter] is such a great the net debt shareholder value is three eggs.
1:31:23
It's such a good metaphor. >> Goose was not valued.
1:31:25
See this is something people have been saying.
1:31:29
>> People have been saying this has been like a VC talking point on the podcast circuit for a long time.
1:31:32
It's nice to see Masa like put it out there, but like a nons have been tweeting this for a long time. >> Yeah.
1:31:37
Well, and a lot of VCs realized that the goose was not valued either, right?
1:31:42
And so they they started raising, you know, taking selling secondary.
1:31:46
>> It was in a lot of LP decks.
1:31:46
A lot of decks were saying goose not was not valued. >> Yeah.
1:31:50
And so now LPs are saying, "Hey, I'll buy some of the management companies."
1:31:52
>> It was kind of like a meme in Silicon Valley.
1:31:54
People would just say, "Oh, Goose was not >> Yeah, we're we're so early. Goose was not valued."
1:31:58
or you you'd have an exit in your portfolio and people were like, "How was it?"
1:32:04
You'd be like, "It was good."
1:32:05
But >> goose was not valued. >> Goose was not valued.
1:32:07
[laughter] >> Goose do not lay eggs. Eggs do not lay eggs. That's the next slide. Eggs do not lay eggs.
1:32:16
>> It was the goose that created >> that created the value, which is >> which is hard to deny.
1:32:24
>> Look up for the goose.
1:32:24
Do we have a clock on the board?
1:32:26
No, we got to get we got to get a goose.
1:32:30
>> We got to we got other >> brutal.
1:32:32
>> We got the rest of the farm, but we got to get goose up there.
1:32:36
>> Shareholder value 15x in 16 years, 25x in 16 years. They're at 74 trillion.
1:32:43
What matters is not the eggs. It is the goose itself.
1:32:46
The power to keep laying eggs.
1:32:49
>> Power to keep laying eggs. The eggs.
1:32:52
Over the next 16 years, he's going to one quad.
1:32:55
>> I actually What I actually want to get this like like as a print >> to put up maybe not in my home but maybe in the garage >> because like the statement what matters is not the eggs it is the goose itself the power to keep laying eggs like if
1:33:12
you're going if you're waking up in the morning you go to get in your car and you just see that reminder that like >> it's not about like like the value is in yourself right the power to keep laying eggs right having that joing Having that goose mentality >> to start the day. >> Goose maxing. >> Goose maxing. >> Priceless. >> Yes. >> Priceless.
1:33:32
>> The true the s the true source of value.
1:33:35
>> I love I love sprinkling in just like the goose and egg slides with like nav slides like projections.
1:33:39
Like it's very >> Keep going. One more. There we go. This is beautiful.
1:33:45
>> The golden egg factory inside the goose.
1:33:48
>> What What happened here is the >> the true source of value.
1:33:52
the golden egg factory inside the goose.
1:33:54
So the golden egg factory.
1:33:58
>> Yeah, >> of course it's inside the goose.
1:33:58
The goose is what lays the eggs.
1:34:00
It's an internal mechanism.
1:34:03
>> It's also not a biological process.
1:34:03
It's an industrial process.
1:34:06
>> You can see here it really is like Yeah.
1:34:08
It's an internal mechanism. >> Yes.
1:34:10
>> In the goose and you have this sort of like automated conveyor belt producing these ASI eggs. >> Yeah. >> ASI are the eggs. It's interesting.
1:34:22
Let's go to the next one cuz I think it kind of clarifies >> how to understand the market capitalization of Soft Bank Group.
1:34:26
You know, you need to >> he's feeling like, okay, like you're just valuing me for my eggs.
1:34:32
Y >> I want you to value me based on my egg value and [laughter] >> my goose value. >> My goose value.
1:34:38
That's the path to the quadrillion. Yeah. Right.
1:34:43
>> This is something they uh they don't teach you this at Harvard Business School.
1:34:47
Realizing AI, this is his plan.
1:34:51
And it is an optimistic message.
1:34:52
Happiness for everyone through ASI. Uh it is funny.
1:34:54
I mean a lot gets lost in translation.
1:34:56
He has a very funny aesthetic.
1:34:57
But uh you know I don't know I agree with a lot of this like there's like like the models are good stuff is valuable. I don't know.
1:35:05
It's it's it's very funny to see one of these uh some of these slides. But uh it's a good time.
1:35:13
Softbank group always delivers. Always delivers. It's funny.
1:35:15
You have to imagine that there's like someone over there who's been like maybe we should like punch up the design aesthetics and just like no we got a good thing going.
1:35:26
I mean maybe it's like the Warren Buffett version of like the the the Berkshire Hathaway website never needs a never needs a rebrand.
1:35:32
Doesn't need to go with the linear aesthetic at any point in time.
1:35:35
Anyway, if you're making a deck and you're taking a different path, you probably want to open up Figma agents meet the canvas.
1:35:42
Your AI agents can now create and modify your Figma files with design system context.
1:35:47
Masa, if you're listening, jump on Figma for the next one. >> We'd love to see it.
1:35:54
>> And not even because we want you to change the aesthetics of your decks or the style or the way ideas are communicated, but purely because it'll make it faster and more efficient for your team. >> Yes.
1:36:03
>> And you'll be able to collaborate more efficiently. >> Yes.
1:36:05
Uh anyway, there's >> Speaking of decks, >> character AI deck from 2021.
1:36:09
It's been floating around. Okay.
1:36:15
uh which I guess came out in a lawsuit. >> Yeah, I wonder why.
1:36:18
But this was from 2021, December 8th, a lifetime ago in artificial intelligence, just five years. It's crazy.
1:36:26
Two-year run acquisition by Google, two years there.
1:36:31
Now Gnome is over at OpenAI uh about Gnome.
1:36:34
And this is another good deck.
1:36:36
Like are you seeing this?
1:36:36
This has the same it it has the same it has similar level of aesthetics in the sense that it's like like very simple in its design.
1:36:45
>> No, the lesson the lesson in here and and uh >> I I've always said when working on decks like if the deck is not compelling when it's black and white >> and there's not even any visuals inside. >> Yeah.
1:36:59
>> That the final product even if designed you know beautifully will not be compelling. Right.
1:37:02
So like the the actual content, the words are what matter most.
1:37:07
And uh and here you have Gnome being >> says he was always into AI early days of Google.
1:37:14
He created the spell checker.
1:37:16
Did you mean first targeting system for AdSense, a topic clustering model, and then other large scale ML systems, Gnome and LLM?
1:37:23
In 2016, he predicted that large neural language models are the future. Wow. Goed goal.
1:37:27
invent critical innovations and make them available to the world.
1:37:33
Guts of the transformer architecture, distributed computing strategy, high performance, sparsity, optimization, fast decoding, long sequences.
1:37:41
He also says the goose was not valued. That's interesting.
1:37:43
I guess he's been he said that earlier.
1:37:45
He was he was talking about it in in in 2016, the lack of goose value. >> Yeah.
1:37:51
I mean, he said what matters is not the eggs.
1:37:53
It is the what what matters is not the models.
1:37:55
It's the the architecture.
1:37:58
>> It's the goose itself.
1:37:58
True value is the power to keep making models. >> Yes.
1:38:03
>> And uh >> but this is a funny I I think this is a dig at OpenAI but it's also a a testament to his his uh contributions.
1:38:12
GPT3 according to several OpenAI employees.
1:38:13
OpenAI was directionless.
1:38:15
Attended Gnome's talk in 2018 took notes and implemented this became GPT3 continued to monitor and implement many of Gnome's papers.
1:38:21
Uh, and he also referenced Kevin Lacer says GPD3 can't quite pass a coding phone screen, but it's getting closer in 2021.
1:38:29
GitHub copilot based on GPT3.
1:38:32
About Daniel, he talks about other, uh, products, and it's just a fun read to see, you know, starting a company, uh, want to capitalize on future innovations, left Google a month ago, lots more inbound interest from top people, lots of interest from angels and VCs, taking first seed note. Yeah. vision capabilities.
1:38:50
His use cases are interesting, too.
1:38:52
He says, uh, version zero, million use cases, fun and interesting conversations, companionship, recommendations, foreign language practice, practice social situations, assisted writing.
1:39:01
Um, the whole idea with character AI was that you'd be able to pick an individual person to talk to.
1:39:07
I remember I demoed it and I was like, I want to talk to Joseph Stalin and try and convince him that capitalism is the best system or something.
1:39:16
I wanted to like I wanted to like have a debate with the communist successful.
1:39:20
No, it was it was it was very funny because the the base model was soled against like communism and and like all the famine and Russian like you know expansionism that had happened in World War II that it it like was sort of I was very quickly able to convince Stalin that he was bad. >> Yeah, I know. You were successful.
1:39:41
>> Yeah, I was basically successful. >> Take full credit.
1:39:42
And I was like, that doesn't feel like actually what? >> Yes.
1:39:48
>> And you came out on top. >> Yes.
1:39:49
But it was it was an unsatisfactory experience because it felt like I was talking to an American sort of laring as Stalin instead of like the real Stalin.
1:39:58
Um but it was interesting.
1:39:58
Talks about life coaching, customer support, personal assistance, home automation, all things that are coming to real life either through base models or uh application layer products on top.
1:40:09
Uh the mode is just quality, quality, quality.
1:40:13
The best research engineers, the most intelligent products, the highest usage, and large compute cloud.
1:40:18
Uh he says it cost $1 million to train GPT3.
1:40:20
Smarter model is more expensive.
1:40:24
Company plan, buy some GPUs, evaluating buy versus cloud, train a GP3 size model in three weeks.
1:40:30
Total spend 20 million to 30 million in the first year.
1:40:34
Anyway, uh lots of fun there. Where else should we go?
1:40:37
There's other there's other OpenAI news.
1:40:39
I mean the the chip jalapeno launched uh designed with Broadcom.
1:40:45
>> Jalapenño is purpose-built for LLM workloads powering Chach codeex API future agentic products.
1:40:49
Uh very exciting uh >> crazy crazy timeline here.
1:40:56
>> What >> uh just how quickly they were able >> Oh yeah. Yeah.
1:40:59
A lot of people are saying like this is the first chip designed uh with AI agents in the loop so you can write the instruction set much quicker. Sort of unclear exactly.
1:41:08
You got to give a lot of credit to the humans on both sides involved.
1:41:09
But uh it is just cool because for a long time it was like oh it'll take 5 years to launch a chip and now companies are clearly doing it faster.
1:41:17
And so the the the the go to market cycle is tightening uh for a variety of reasons.
1:41:22
Also apparently OpenAI made deals to purchase 40% of the global raw undic wafer output until 2029.
1:41:29
Millions of raw DRAM wafers that cannot be used until they're processed.
1:41:34
Uh Paul Bukite says smart move.
1:41:34
uh going deeper and deeper into the supply chain.
1:41:39
Always always interesting moves from the deals guy at the top.
1:41:44
>> Um speaking of timelines, >> yes, >> uh people are comparing GTA 6 with the Burj Khalifa.
1:41:51
>> Burj Khalifa was built for $1.
1:41:51
5 billion and took 6 years. >> Wow.
1:41:57
>> Apparently GTA 6 is $2 billion and it's taking 12 years.
1:42:04
But but at the same time, people really have said like it is the Burj Khalifa of video games.
1:42:09
>> It's kind of two Burj Khalifas.
1:42:11
>> Um I um uh we are are uh going to have a very special episode on launch day.
1:42:19
So I'm looking forward to that.
1:42:23
>> Um >> let me tell you about Console.
1:42:23
Console builds AI agents that automate 70% of IT HR and finance support giving employees instant resolution for access requests and password resets.
1:42:31
Uh tell me about this uh this this this LED lamp.
1:42:36
>> Okay, so Phillips introduced Skylight, a ceiling mounted LED panel that makes windowless rooms feel like they have a skyfacing window.
1:42:47
>> It uses signifies nature connect tech to create the depth, brightness, and color shifts, okay, of natural daylight.
1:42:55
Phillips also follows the sun throughout the day, moving from cool, warmer light to warmer evening tones.
1:42:59
Uh so yeah are do you think they can like basically understand your location and where you are and your orientation with the sun to actually uh actually make you know actually like track like where would the sunlight exactly be? Yeah.
1:43:13
So uh this got so much hate because the the obvious solution if you don't have sunlight is to go get some walk outside touch grass.
1:43:25
>> Carry a flashlight around. Uh yeah. Yeah. [laughter] Yeah.
1:43:26
Carry a flashlight around and just point it at your face. >> Uh is is one. >> No.
1:43:32
If if you're if some if you're in a dark room and you want to see something over there, point the flashlight at it. It's easy.
1:43:37
>> Uh but uh I have uh uh my first apartment Yeah.
1:43:42
when I moved after college uh was uh a very had a very funny room.
1:43:48
it uh the only window in the room opened up to a public courtyard in the apartment building which made it just completely not a viable window at all.
1:43:57
Like why do you want It felt like actually being in a fish tank. >> Uh it was terrible.
1:44:02
Probably would have like enjoyed having one of these.
1:44:04
We also uh are in a window a bit of a windowless room here ourselves.
1:44:09
So I saw this and I was like >> wo we could get we should get a bunch of these. [laughter] Yeah.
1:44:14
And so yeah, I was I was seeing all the all the hate for this and like sort of getting it.
1:44:20
But I think uh even even throughout my life, I've just realized that like humans are like advanced cats, like we sort of just migrate to where there's like the fe, you know, some amount of light. Totally.
1:44:30
I think the question is if you're in a if you're in a in a building that has these, does it actually make like does it act like does it trick your animal brain into feeling like yes, I'm in a sunlit room.
1:44:41
I'm getting the benefits of sunlight or will people still like, you know, try to congregate around the areas with natural light? >> Yeah.
1:44:50
I mean, it seems like a like a like an upgrade even if it's not 100% of the way there.
1:44:55
It's maybe 80% of the way there and it feels good.
1:44:57
Um I don't know how much are these. Do we know yet?
1:45:00
I'm very interested to see how much they uh how much they charge for this.
1:45:06
There's some there's some cool stuff here.
1:45:08
Um let's see what people are saying.
1:45:10
I'm prepared to buy 20 of these.
1:45:11
I've been looking for something like this since I moved into a cellar.
1:45:14
[laughter] >> Well, this person, he's obviously joking. >> No, I know. It's amazing. >> 580 USD. >> David from Waveform. He's >> just under $600. >> 600 bucks. Yeah. I think I don't know.
1:45:26
I I think that there's a very simple swap out of those can lights, those can le, you know, the can LEDs that go into uh like ceilings?
1:45:40
Normally, it's like pretty standard in a modern house.
1:45:42
You go and you click a button on the wall and there's just like a bunch of can LEDs.
1:45:47
And the alternative to that was like those fluorescent tubes that you see in like old office buildings.
1:45:52
That was like really bad.
1:45:54
Um, but I I could imagine just having these even in rooms with with uh you know, windows.
1:46:00
Uh, it's probably just a nicer light source than a can light or a fluorescent panel, but probably not a full substitute from a nice window with a view that's actually reality. Yeah.
1:46:15
Um, but why not uh put these all over the place if they look good and they're they're effective.
1:46:19
I I bet you you must be able to use them as like normal lights at night, too, right?
1:46:26
>> Or is it just for taking a somewhat dark space during the day and uh and brightening it up?
1:46:31
Yeah, you can use them to trick yourself >> into thinking it's like a casino even when you're in a in a 48 hour video game bender.
1:46:40
>> Yeah, if you want to make your if you want to make your house more like a Las Vegas casino where you can't tell what time it is, suck a little bit of the oxygen out.
1:46:46
They should make an add-on for that.
1:46:48
reduce the oxygen level and then uh keep the lights, you know, there's that one in Paris uh or not in Paris, it's called Paris, I think, in Las Vegas, and it has this weird like blue sky that they never turn the lights off in.
1:47:02
So when you walk through the casino, you're just like, "Oh, it feels like 200 p. m." And so you never leave. Never leave.
1:47:11
>> Uh Bernie Sanders shots. >> Tim Cook.
1:47:15
Uh, so Apple raised prices on basically everything.
1:47:20
They held back on a few few devices, but um, uh, Bernie Sanders is mad about it.
1:47:25
He says, "Corporate greet is Tim Cook, the billionaire CEO of Apple." Not anymore. He's on the way out.
1:47:29
Um, soon to be ex CEO of Apple, claiming that hiking prices on Apple products by over $200 is unavoidable after it made 112 billion in profit last year and spent 310 billion on stock buybacks.
1:47:43
Gabe says, "This product is banned from the Ultradome.
1:47:47
Can't be giving the boys a sense of time." So, we can't get lunch. [laughter] >> Yeah.
1:47:51
Uh, the price hacks aren't unavoidable, they're unacceptable.
1:47:55
Um, and so apparently Apple spent 900 billion on stock buybacks in fiscal 2025. But he's like correct.
1:48:02
I I think Apple's reduced I think Apple has returned a trillion dollars to shareholders.
1:48:09
Uh so my number would actually be north of 310 billion.
1:48:12
Um but uh we live in a competitive market and this is an opportunity for other companies because if Apple's raising prices that's a better value prop for a Chromebook or someone else who figures out how to optimize memory and not have a price hike or >> I just think like saying that like corporate greed is Tim Cook when the guy's barely clipping 35 a year after taxes. It's true.
1:48:40
>> Is uh rude and unnecessary. >> Yeah.
1:48:43
But the reason is of course >> like I didn't see Bernie marching on Certino when Tim was you know on his run generational run being dramatically underpaid relative of many of the other CEOs.
1:48:57
So I just think I just think crazy crazy person to put in your crosshairs.
1:49:05
>> Uh Joe Wisenthal summed it up well.
1:49:05
It says Micron market cap is up $150 billion today.
1:49:09
Apple's market cap is down 210 billion.
1:49:12
Almost a perfect perfect value reallocation hinging on memory.
1:49:18
Memory is expensive and so everyone is rotating over uh to uh to Micron from Apple.
1:49:26
Um here are the actual facts from the Germinator.
1:49:29
Uh, Apple raises Mac, iPad, home prices to counter memory shortage.
1:49:35
The Apple TV got hit hard.
1:49:38
It went from like $130 to $200 or $250.
1:49:42
So, it saw the highest percentage price increase.
1:49:44
Uh, which is odd because I didn't think that the Apple TV was a particularly memory intensive product, but uh it's certainly not Apple's core.
1:49:53
So, maybe they offset a little bit of the pain there.
1:49:56
Uh the company is increasing prices of the MacBook Neo, which is the new laptop that was uh the cheapest MacBook ever made, $500 with the educational discount.
1:50:05
Uh the MacBook Pro is going up in price.
1:50:08
The MacBook Air, iPad Air, iPad Pro.
1:50:10
Um starting price of the MacBook Neo is rising to $700 from 600, while the MacBook Air is increasing to 1300 from,00.
1:50:19
So a $200 price increase for the MacBook Air.
1:50:23
Uh, the entry-level 14-inch MacBook Pro is moving to 2 grand from 1,700, while the 11-in iPad Pro is increasing to 1,200 from 1,000.
1:50:32
iPad Air, a mid-tier tablet, now priced at 750, up from 600.
1:50:37
The price hikes are global.
1:50:40
And uh, congratulations to No, Ben Thompson lost his bet to John Gruber. Gruber won.
1:50:50
They had a bet over whether or not Apple would raise prices due to all of the uh all all of the memory prices.
1:50:58
>> Yeah, the the co micron was sort of like hinting at some uh some basically negotiations that had happened uh years ago.
1:51:08
Apple is very aggressive in their supplier negotiations and uh he was basically insinuating that it was like Apple's like very uh sort of aggressive negotiating that made it impossible for Micron to be reinvesting in increasing production.
1:51:26
I think this was like in like 2021. Yeah.
1:51:30
>> Um so anyways, complicated >> interesting.
1:51:32
Uh well gamers are already mad at AI about driving up the price of GPUs and memory and now you will have uh the Apple fanboy is potentially upset as well.
1:51:42
So uh I don't know Bernie why not uh you know some subsidies subsid subsidize Apple keep those prices down.
1:51:52
No the answer is obviously to build more build more capacity build more memory uh bring the price down let the market clear uh as quickly as possible.
1:52:01
Um, Micron of course is a trillion dollar company headquartered in Boise, Idaho. Very cool.
1:52:08
>> We got to t talk about small trucks. >> Small trucks.
1:52:12
>> Time to talk about small trucks.
1:52:13
>> Okay, first let me tell you about Shopify.
1:52:16
Shopify is the commerce platform that lets you grow with your business and lets you sell in seconds online, in store, on mobile, on social, on marketplaces, and now with AI agents. Trucks. >> Trucks.
1:52:26
Before we talk about the slate truck, yes, >> we got to talk about Rio Industries.
1:52:33
>> Oh, >> started in 19 This is the the week of this is maybe the year of the small truck. >> Yeah.
1:52:39
>> Uh Rio Industries started in 1905, reborn in 2026.
1:52:44
>> They are undercutting the slate.
1:52:47
>> They're starting they're starting at 21 >> uh two uh $21,500 for a four cylinder gas engine. They heard you, John.
1:52:56
John has been This whole week, John's been thinking, "Man, that Slate truck is awesome, but what if it what if it had a gas engine?" Uh, they're coming out.
1:53:07
>> It's a uh four-cylinder, four cylinder gas engine, manual and automatic transmission, body on frame, four-wheel drive, 600 mile tank. Uh, brand new. >> Wow.
1:53:18
They have their headto-head with the Slate truck right there. >> Texas built. Yeah, >> Texas built.
1:53:22
So, it's the Texas the Texan response to the Slate truck.
1:53:24
Um, not a lot of other information, but uh >> scroll down on the website.
1:53:31
You can see that there's a how it stacks up.
1:53:33
The Rio Runabout versus the Ford Maverick versus the Slate Truck.
1:53:38
They claim to be cheaper, more proven with their gas engine. >> Yeah.
1:53:42
So, haters >> 600 miles on a tank.
1:53:45
>> Haters and critics of the small truck boom are pointing to the uh >> Are you trying to get Brandon's attention?
1:53:51
Yeah, Brandon is not not in the room anymore, I guess. >> Bring him in there. Oh, he had to run. He's scared.
1:53:56
>> Yeah, he's scared to have this conversation on air.
1:53:58
Um, but uh yeah, the the haters and critics of the small truck boom are saying uh the the Ford Maverick XL already exists. >> Yep.
1:54:12
>> Has a lot of the bells and whistles.
1:54:13
>> What is the Ford Is the Ford Maverick XL a four-door? >> Yeah. Right. >> It must be.
1:54:17
I think the Ford Maverick in general is a four-door, right?
1:54:20
Uh because every twodoor truck has failed.
1:54:26
There are no successful twodoor trucks.
1:54:28
Two doors is something people think they want.
1:54:30
They look at it, they say, "Oh, that's so compact. That's so easy."
1:54:32
And then they realize that they will want to easily put their family in the back without sliding the seats forward.
1:54:37
And so the demand just never shows up.
1:54:39
And everything winds up being four doors.
1:54:44
Uh, and that's why you get these weird things like bad so small.
1:54:49
>> I can't really say there's never been they've all failed because like the Ford the Ford Ranger was produced for many, many, many years. It's a twodoor truck.
1:54:59
Uh, my grandpa >> It's not around anymore.
1:55:01
>> My Well, it's around >> as a four-door.
1:55:03
>> No, it's around >> as a twodoor.
1:55:05
>> My dad still owns my grandpa's old runs perfectly.
1:55:08
I mean, are they still selling them?
1:55:09
selling them? produced first gen Ranger from 1983 a successful vehicle like the E-Class Mercedes is still on sale like what 50 years later right the BMW 5 Series is still on sale like certain cars they go through iterations they have facelifts
1:55:27
and new designs but they stay around I'm seeing hundreds of of twodo >> you're looking at used cars that's doesn't count I'm talking about a company that's been in the market and decided yes it makes sense to keep this in the model lineup for the next revision instead of going only four doors. And so that is the problem that a
1:55:43
And so that is the problem that a lot of these cars will see.
1:55:45
There's a lot of demand, a lot of stated preference, but the revealed preference is always for the four-door con uh the four four-door configuration, at least in America.
1:55:54
Uh I do think that there might be something interesting with shortening the nose.
1:55:58
It's a very odd aesthetic decision, but if you actually want a small truck with four doors and a full-size bed and you're going electric, you could in theory remove the front engine, the front trunk, and push the cab much further forward.
1:56:13
It would look a lot more like a bus.
1:56:16
People would probably not like the aesthetics, but in terms of functionality, you kind of get everything you want there because the front area of a Rivian truck is kind of doing nothing.
1:56:27
like it's a nice extra storage space and they put a bunch of equipment there, but that equipment can be distributed throughout the rest of the vehicle. Um, but uh I don't know.
1:56:36
So, it would it would be a big uphill battle to make that look cool because it would look like a >> Slate.
1:56:41
So, so the bare case for the Slate is twofold.
1:56:43
The Maverick XL already exists. >> Yep.
1:56:48
>> Uh, and it's 27 grand.
1:56:48
Uh, they the the Slate is sort of bundling in I think some of the taxes and like fees uh into their price.
1:56:56
So, it's not an entirely fair comparison.
1:56:58
Um, and uh, but they're doing a lot of stuff really well.
1:57:02
I think the the way that they take basically one skew and make it so customizable that it can feel like an SUV, it can feel like a Jeep, it can feel uh, you know, it can feel like a a basic truck.
1:57:18
I uh all I can say in terms of like how successful this will be is like I think I'll get one just because it seems like a fun car to drive around on the weekend.
1:57:32
>> Um and and there's just like a bunch of fun >> Are you going to go track only?
1:57:37
>> I wish I wish they had a track only.
1:57:37
Um >> it's just an extra $400,000 >> and yeah.
1:57:42
So, so who who knows how >> start with a 25k base and then add a $400,000 track only package. >> Who knows?
1:57:49
Who knows how this will go, but I think that that the like infinite customization so that people can make it feel fun and company. It's very cool. >> Yeah.
1:57:58
Make it feel like really like their own.
1:58:00
>> And the wraps are like a,000 bucks or something like like they they they will be like sort of nickel and dimming you, but it's truly just a nickel and just a dime to add a different feature.
1:58:08
And so you can probably go crazy in the configurator and wind up with a whole bunch of add-ons.
1:58:13
But uh the fact that you can pick exactly what you want much much more fun buying experience.
1:58:18
You can create something really interesting.
1:58:20
You can also add on incrementally.
1:58:22
I believe you can buy the truck and then upgrade to the SUV seating arrangement later.
1:58:26
Um and you don't necessarily need to do that on day one.
1:58:31
So you can sort of walk, crawl, run.
1:58:33
Um what is the range on this truck? >> 200ish. Wow.
1:58:38
Brandon Guerell in shambles. He was spreading fake.
1:58:43
>> So Brandon came in this morning. >> 45 miles of range.
1:58:45
And I was like, it can't possibly be 45 miles.
1:58:49
>> He said, "It's only 200 if you're pushing it for after 90."
1:58:53
>> No, he said 90 and I said, "No, it's at 200."
1:58:55
I don't know if it was ever 90.
1:58:58
Um, but 200 is plenty for a daily commute in a normal city.
1:59:02
Also, just for going around quick errands, it's not going to cost you anything.
1:59:06
You're going to charge it. seems fine.
1:59:07
Um I don't think that demand for the 300 plus range, a lot of people who are in that category, this won't be their only vehicle.
1:59:16
They'll have a gas engine that basically has unlimited range, right? Yeah.
1:59:20
Um but this can be >> And you're I mean, you're basically going to hold off on any real judgment until we get uh get its time on the green hell.
1:59:28
>> Yes, that's very true. >> So, we'll see there.
1:59:29
My only thing with the slate is like uh I actually think the the the actual customization software on the website is like very janky.
1:59:37
And I find it very hard to to seamlessly actually design different styles. >> Interesting.
1:59:44
Ford is doing >> So it feels like they did like the hard >> their what?
1:59:49
>> Ford is doing a $30,000 electric pickup truck next year.
1:59:51
It'll have four doors, probably longer range, faster charging, and it'll definitely have more like power windows, default speakers, standard, like a bunch of just the basics that they that you get from like the Ford platform.
2:00:04
So there's a question about that.
2:00:07
The hybrid Maverick uh also starts at 30 30k.
2:00:09
So um interesting challenge. I think it's cool.
2:00:14
I I think the best thing about it is that it's just a fresh design. It looks very cool.
2:00:20
I think it's a unique choice and people can have a lot of fun with it and uh and just sort of like experiment with a new thing.
2:00:26
But it does seem like a a brutally brutally competitive space.
2:00:28
And uh and it's uh it's a little bit I don't know there's something about this where when I see a new Chinese EV, I see them breaking constraints in like crazy crazy ways where you're getting like supercar performance for $50,000 or some ultra luxury like it looks like a Rolls-Royce Cullinin but it's 70k uh and there's some real crazy innovations going on inside.
2:00:54
This is a different sort of simple uh more much more simpler utilitarian take.
2:01:01
I think it looks cool though and I like that there's so much optionality there.
2:01:05
It feels like an interesting interesting play.
2:01:07
I really hope it's successful.
2:01:10
>> Yeah, I'm I'm interested right now.
2:01:10
I can see it as kind of like a leisure like weekender car at least in my own life.
2:01:17
I'm interested if they can crack the like first car market, right?
2:01:20
They are competing with the Tesla Model 3 which is like >> you know 12ishk over what the slate is set to start at Tesla Model 3 you're getting you know self-driving more range arguably more function for a lot of people's like daily use.
2:01:39
Uh a lot of people you know like the idea of having a truck but only use the truck uh bed you know twice a year something like that.
2:01:50
So, like you said, competitive, but uh I'm excited for it.
2:01:57
>> Going to MicroEnter now feels like going to a jewelry store, says says Tay Kim, because everything's so expensive. Wow.
2:02:05
$4,000 for a cutting edge GeForce gaming graphics card. That is a lot of money.
2:02:13
Used to be over like going up in 600, $800 for a graphics card was like, you're you're paying big money. Now it's real big money.
2:02:21
>> I thought it was funny that the AC in Europe debate really kicked off right when we when we landed.
2:02:28
We were experiencing it and right as we landed we were we were asking like talking with chat like okay so like is it is it like why isn't it why isn't it more >> popular at this point and there were not a lot of great uh great reasons.
2:02:42
I was thinking huge opportunity to start the air conditioning company of Europe. >> That'd be good.
2:02:51
>> Uh I'm normally against that naming structure, but uh >> you're going to have >> I kind of like it here.
2:02:57
>> You're going to have to lobby Mcronone or something because isn't there a law that says you can't air condition a building to less than like 79°.
2:03:04
>> I think that's like a government building public spaces.
2:03:07
So if you're in a government, imagine imagine odd that there's not >> imagine you're at your office job, you know, working on like the, you know, uh, blocking AI in Europe and you're just sitting there at at your computer and it's 79°.
2:03:24
>> Is there no environmentally friendly refrigerant out there?
2:03:27
Because you have to imagine that you could have cheap solar panels powering AC in a building and have a pretty good business sort of like solar city for AC or something all across France.
2:03:42
It's just odd that the market hasn't like solved that in some way since I would imagine the demand would be very high.
2:03:47
But I don't know, maybe if you just grow up without AC, you never demand, you never long for it. Who knows?
2:03:53
>> Anyway, Lee Kuanu, air conditioning was the most important invention for us.
2:03:58
Perhaps one of the signal inventions of history.
2:04:00
It changed the nature of civilization by making development possible in the tropics.
2:04:03
Without air conditioning, you can only work in the cool early morning hours or at dusk.
2:04:06
The first thing I did upon becoming prime minister was to install air conditioners in buildings where civil service worked.
2:04:15
This was key to public efficiency.
2:04:17
People start to struggle indoors once indoor temperatures exceed 73 degrees. Yeah, 72 is perfect.
2:04:22
Sleep efficiency goes down.
2:04:24
Sleep duration goes down.
2:04:27
Work productivity goes down, school learning goes down. Wow. Uh really really crazy.
2:04:31
Patrick Collison is is um is uh chiming in.
2:04:34
Also, Patrick Collison funded uh a cure for the flu.
2:04:37
This is going to be as big as cancer thing.
2:04:43
>> The tech industry really needs to do this right now. >> Yes. Yes. Yes.
2:04:45
They need a win that is like broadly >> understood.
2:04:49
I think it's Stripe, OpenAI, Anthropic. >> Anthropic.
2:04:53
Stripe and Bill Gates are putting $500 million into funding a new organization called Intercept.
2:04:58
Intercept's goal is to prevent the common cold and the flu and eventually eliminate all respiratory viruses completely. Incredibly cool project.
2:05:08
Incredibly uh yeah, just like an incredibly cool uh like tangible thing.
2:05:14
I saw a stat that I saw this chart of how many it was like what percentage of weeks are parents sick with something viral generally as a function of how many kids they have and it's like a fast takeoff curve.
2:05:28
So, it's like one kid and you're sick, like 25% of the year you have like some virus in your system, a cold, a flu, something.
2:05:36
And then as you get to like two, three, four kids, it ramps to like 50% of the year you are sick.
2:05:41
And uh and people will feel that if they're like, "Yes, I'm getting less sick. It's working." >> Yeah.
2:05:49
when when uh the podcast, you know, optimizers that uh struggle to have, you know, two drinks and continue podcasting, like they are so woefully unprepared for having children.
2:06:02
Fortunately, most podcasters, uh, you know, don't have they don't tend to go down that path of of [laughter] having of having families.
2:06:11
Uh, uh, but, [laughter] uh, >> it's it's a monastic if they did, >> yes, >> we could potentially see uh the the strate the strategic podcast reserve decline meaningfully just because you know if you're sick half of the year >> uh I remember for some reason it was like it felt the worst when we first started the show >> and uh between us we had uh I guess we had five kids at the time.
2:06:42
>> Blow my nose and then Okay, back to this. >> Yeah.
2:06:45
So at with five kids, it's like, okay, one of the kids is always sick perpetually, and then that means one of us is either like sick or starting to get sick, and then I just be one we'd be looking across the table at each other being like, I've got maybe 36 hours until I'm feeling the exact same thing.
2:07:02
>> There's a hack from Tyler.
2:07:02
He says he has three kids, just sauna every day, 24 minutes at 205°.
2:07:07
That's some serious sauna, though.
2:07:11
Our sauna does not go that high right now and I don't know if I'm put in 25 minutes.
2:07:17
>> I haven't hacked my sauna to be able to go that high.
2:07:21
>> Yeah, you got to overclock it.
2:07:23
>> You You do >> something. I don't know.
2:07:26
>> Anyway, >> uh I bet this James Bond inspired spec mansion has a sauna in it.
2:07:30
It's listing for $85 million, spanning roughly $23,000 ft.
2:07:36
Villa Skyfall features a glasswalled auto gallery, a wellness center, and a Himalayan salt room, 95 foot long pool. Uh, give me a review. Is this loud opulence? Is this you?
2:07:47
Would you ever live here?
2:07:48
Would you raise a family here, or is it too over the top?
2:07:53
>> It does look like Minecraft a little bit.
2:07:54
Real estate developer Aldo Stark is so much of a James Bond fanatic that 007 influences everything from the way he dresses to the cars he drives.
2:08:02
I don't think there's a week in my life I don't play a James Bond movie. real cinnaphile. I like that. There we go.
2:08:08
>> So, it was uh fitting that Stark's latest spec project in Delray Beach was inspired by Skyfall.
2:08:12
Both the 2012 movie and the fictional spy character's childhood home in Scotland.
2:08:17
I seem to remember in Skyfall the home in Scotland is not like this at all.
2:08:25
>> It's a Isn't it abandoned? It's like really dark.
2:08:26
It's like a cottage, right? Okay. I don't get that at all. Anyway, >> yeah. I mean, amazing.
2:08:33
>> Amazing option for a super villain that wants to move to Florida.
2:08:37
>> It does feel like a super villain.
2:08:37
Pull up an image of the Yeah, any of this feels very uh very super villain.
2:08:40
Uh >> if you were running like a gambling like children's mind poisoning company.
2:08:48
[laughter] This could be >> The walls and the ceilings are covered with wood backlit onyx and rare stone or glass.
2:08:53
The house also has a salon inspired by Parisian Cardier Boutique and a glasswalled auto gallery and a rainforest inspired wellness center.
2:09:00
The wellness center sounds cool, but it's a lot it's got a lot going. A lot of reflections. It feels very bright.
2:09:05
Feel like I'd need like sunglasses in here.
2:09:09
Uh outside there's a 95 foot long pool, waterfalls, fire features, plus putting green, pickle ball, soccer field, cabanas, and botanical gardens.
2:09:16
There's something to see everywhere.
2:09:18
It's quite a sensory overload. He says this. I like it. Okay, I agree with him. At least he's calling. He's play.
2:09:23
He's not trying to he's not trying to lie to everyone. Uh design homes.
2:09:27
He runs it with his wife. Bought a 22.
2:09:30
>> I think this might be the kind of space that is uh actually nice nicer to be in.
2:09:36
Like it it it will feel better in person than in the pictures.
2:09:39
Like sometimes it's inverted where the pictures look amazing and then you cuz they've like >> the lighting is like perfect.
2:09:45
But uh with these feelings with these images, it just feels like it feels like a LVMH like >> it feels like this is a house if you're like throwing parties professionally.
2:09:58
Your entire world or organizes around like these large dinner parties and celebrations and you have the New Year's Eve party.
2:10:07
>> I do love this uh this this sunken uh sunken pool.
2:10:10
There's a lot of fire pits. That's very cool.
2:10:13
If you scroll down to the front, uh, this looks particularly Minecrafty with this, uh, waterfall coming out here.
2:10:20
Yeah, look at that photo, Jordy.
2:10:21
That is Minecraft Central.
2:10:25
It's very in Doesn't that look like >> Honestly, I would just I would It needs like It needs way more uh like a much bigger waterfall. Yeah.
2:10:34
>> Like I want to I want to see the equivalent of like 20 fire hoses just like shooting >> water out. Wait, huge news.
2:10:44
Apple Vision Pro and Smart Glasses chief is leaving for OpenAI's hardware division.
2:10:50
[laughter] >> This is my Christmas. This is amazing.
2:10:55
[laughter] Everyone's like chopped.
2:10:56
I'm like, "No, it's the greatest developers ever.
2:10:58
I love >> I've never really felt like we were in a simulation until now."
2:11:04
>> Vision Autism Autism Capital say vision bros right now.
2:11:07
We can't keep getting away with this. It's so good.
2:11:09
Uh, that is very exciting scoop from Mark German.
2:11:13
What a what a lovely scoop.
2:11:13
Uh, anyway, [laughter] >> this is literally >> Christmas for John. >> Christmas for John.
2:11:18
Uh, Malibu mansion seen in the OC and Austin Powers asks $90 million. It's on the cliff.
2:11:23
Uh, you got to tell me this is in Point Doom.
2:11:28
Nine bedrooms, 20 vehicle garage, and 176 ft of bluff frontage.
2:11:32
So explain to me the the the bluff dynamic because this feels like not you're not just going to walk out on the beach.
2:11:39
So how do you actually go enjoy the ocean other than just looking at it?
2:11:43
Obviously >> uh there like very very very close to this is a path that just takes you down to the beach. >> Okay.
2:11:50
>> Uh all I will say about this property is every time I'm surfing >> Yeah. below this.
2:11:54
I look up and think, damn, that house is >> not not long for this world because it's really like you can just see that like >> Oh, you think it's going to fall off the cliff or something? >> Not really.
2:12:06
I mean, clearly there's plenty of backyard. >> Yeah.
2:12:10
>> And it but but uh >> the erosion does seem >> The erosion is over is >> Yeah.
2:12:15
It's more so that you're going to just have to like probably change the backyard.
2:12:19
But then once somebody starts changing it, then like Coastal would get involved and they would probably make you change it pretty drastically.
2:12:28
>> But every day you wake up and you're like, I'm deny I'm defying mother nature.
2:12:31
I'm challenging God and that is empowering in a certain way >> for some people. >> Yeah.
2:12:36
You wake up thinking like I am I will be flying close to the sun today >> and that's got to be inspiring. That's a certain vibe.
2:12:44
You wake up in the James Bond house, you think you're James Bond.
2:12:47
You wake up in this house and you think, "I'm tempting fate." And that's inspiring.
2:12:52
>> Uh, you saw the 85year-old man was arrested after allegedly street racing at over 100 miles per hour in a sports car while smoking a cigar.
2:12:59
[laughter] >> What is this?
2:13:04
>> When confronted, he reportedly told police he was just having having a little ride in my favorite car. >> Okay.
2:13:10
What's the charge, officer? [laughter] >> Yeah. having a little ride. My favorite car. That's very good.
2:13:18
>> Oh man, I hope this story is uh true.
2:13:22
>> Did you seems a little too good to be true?
2:13:24
>> After winning millions on DraftKings, we mentioned it earlier.
2:13:25
He built a mansion with a bowling alley.
2:13:27
Texas home of Michael Cohen, who won the Millionaire Maker Fantasy Sports Tournament multiple times, has hidden rooms in a creepy library.
2:13:35
According to him, he recalls.
2:13:37
>> What makes a library creepy? >> Let's find out.
2:13:39
The first time Michael Cohen won $1 million on sports betting side draft kings in 2015. He's the meme.
2:13:46
He's like, you know, 99% of sports betterers quit right before they hit it big.
2:13:50
He's the one who dug until he hit the diamonds. Skill issue.
2:13:52
Tell send this to Soccer and Jetty. It's not all bad. >> Luck issue. >> Luck issue. That's true.
2:13:57
Um, he hired Okay, so he wins a million dollars in 20 2015. He's having a wedding.
2:14:02
He wants some musical talent.
2:14:06
Who does he hire to come play his wedding? Jordy Lil Fleb. Rapper Lil Fleb. Never heard of him. >> No.
2:14:14
>> Big in uh big in the Texas scene, I believe.
2:14:16
Uh and then he wins another million dollars in 2017.
2:14:18
Two years later, he buys a Tesla Model S.
2:14:20
That's a pretty like reasonable thing.
2:14:22
If you win a million bucks, buying a Model S feels like sort of responsible.
2:14:26
I don't know, doesn't seem crazy.
2:14:28
But then third win in 2019, stock trader bought 14 acres on a private street in the suburbs of Houston and built a 14,700 foot home.
2:14:39
What are you laughing at?
2:14:40
>> Techno Chief says, "Send this to SGE."
2:14:42
[laughter] >> Is that gold? >> Inspiring. Inspiring. Serger.
2:14:44
I don't know what >> Ser is going to pretend that this never got public.
2:14:49
He's going to pretend this this is not a real >> inspiring story of gambling gone right.
2:14:55
Uh the it's kind of a go big or go home kind of attitude, said Michael 43. Let's let's flip to M8. Keep reading this.
2:15:02
Uh there's some there's some funny quips in here.
2:15:06
He says he says uh he has won $1 million or more in two subsequent DraftKings contests. He just keeps winning. It's crazy.
2:15:15
Uh if you are going to have your own street, you might as well have a big ass theater and you might as well have a bowling alley.
2:15:23
This is his quote to the journal.
2:15:25
Before moving, >> is this is this some like sneaky content marketing from DraftKings?
2:15:28
Like, do they have Do they have this guy do they have this guy do they have this guy win like two of these contests that are, you know, what what are the odds of winning like two of these random little contests and then going on this crazy press for 2015, 2017, 2019, 2022, and 2024.
2:15:43
He's estimated he's won over six million on DraftKings over the years.
2:15:49
his approach to sports betting is analytical, not emotional.
2:15:52
You know, >> I I think we actually should send this to Sager and he should do an investigative deep dive because >> it seems like a little too heartwarming to be gambling that long and just winning on seemingly like random like sweep stakes style things. >> Yeah.
2:16:12
>> Like it's not like he's like if he was playing games of skill they he they would have banned him.
2:16:17
>> It is a game of skill.
2:16:17
It's uh it's Wait, no, it's fantasy sports. That's luck, right? Or is that skill? >> Is that skill?
2:16:22
Hey, >> is it regulated as a skill game? I think it is.
2:16:25
I think fantasy sports is regulated as skill. It's not pure luck.
2:16:28
It's all >> Do you think that that uh that he's so good but he loves attention and so DraftKings was like keep letting him win so that he goes on this press tour >> artwarming story local man >> potentially >> achieves financial freedom through uh fantasy sports.
2:16:46
>> Off the kitchen and living room is an entertainment wing which their designer dubbed the Dave and Busters wing.
2:16:50
It has a massive kitchen, a theater with a room for a 180inch projector screen and a two-lane bowling alley.
2:16:58
There's a room with outlets for arcade or vending machines.
2:17:01
The house has an elevator shaft.
2:17:03
Should someone want to add one? Interesting.
2:17:06
You put in the shaft before you put in the elevator.
2:17:07
Why not just do the elevator?
2:17:10
Apparently, home elevators are incredibly dangerous.
2:17:11
It's like a huge source of uh of of of uh risk to your health. Be careful. >> Not for this guy. He does not have issues.
2:17:21
He has good luck, I guess.
2:17:21
Uh, I'll just sometimes make a joke and then somehow it becomes reality.
2:17:25
In the David Busters wing, there's a bar with a pass through window that opens to the outdoor pool area.
2:17:30
If you're going to have a party, you're going to have a party, right?
2:17:33
He said, "Might as well do it right."
2:17:36
The house has se several hidden rooms, including a safe room.
2:17:38
Uh, in the dining room, a hidden door and hallway lead to a room Cohen calls a creepy library.
2:17:46
"There's actually nothing creepy about it," said the listing agent.
2:17:49
Listing agent's like, "Hey, can you cool it with the weird lingo?"
2:17:50
Uh, he has a very expensive treehouse.
2:17:53
You could be drinking Conac out of Waterford Crystal, smoking cigars on a Chesterfield couch.
2:17:59
Uh, anyway, I don't know.
2:18:03
Uh, he said he whoever buys the property will be someone local, potentially an athlete or celebrity.
2:18:08
If someone wanted an even larger home, they could easily add another 3,000 square feet.
2:18:13
>> Is he selling the home to put it all on black? >> Maybe. Maybe. >> Um, Mr.
2:18:17
Beast >> is hiring a senior ML AI engineer.
2:18:20
San Francisco Peter Wildford says, "I locked a 100 AI researchers in a data center until they solved alignment." >> Absolute banger.
2:18:34
>> That would be a good >> That would be a that would potentially be his biggest video.
2:18:38
>> People talk about the need for new media and tech.
2:18:39
That's maybe that's the final boss when Mr. Beast gets into it.
2:18:43
>> Um um what else is going on?
2:18:43
uh less uh a much more sad story. Oh, >> leak from Giga M.
2:18:50
This was uh like right around TechCrunch, the Verge.
2:18:53
When I got to Silicon Valley, Giga Ohm was like a source of incredible takes and analysis around uh around technology and startups uh beloved in the venture community and he passed away very sadly.
2:19:05
Hodinki uh wrote in loving memory of Mik friend, writer, venture capitalist and ever the believer.
2:19:15
>> Uh Benjamin Climber uh oh yeah wrote wrote a really nice cool >> piece.
2:19:21
>> I never had the pleasure of meeting but um he clearly uh touched a lot of lives. >> Okay.
2:19:30
>> Uh let's move over to Figma news.
2:19:33
They're hosting config 2026.
2:19:33
Uh we couldn't be there because we were traveling, but there's this crazy launch Figma motion design.
2:19:39
Uh it took this individual four and a half seconds to make this.
2:19:44
Uh and uh really really cool for uh if you've done motion design, you know how long it takes to hang out in After Effects.
2:19:52
Even just having a a starting point, something to tweak, something to build off of.
2:19:58
Uh, who knows if you're going to be able to completely oneshot it or you want to do more and inject your own taste to stand out, but I I thought this was a very very cool launch and something uh I would love to put to work in adding overlays to our YouTube shorts.
2:20:15
Something like that could be very very cool.
2:20:17
There's been a few of these products uh that are very very interesting.
2:20:21
>> Let's pull up this video of uh Elon telling Lex about being the world's first trillionaire.
2:20:27
I know what you're going to post. And this is so silly. This is the impression. This is the impression.
2:20:35
>> Um Tyler's not in the studio today, so the app is uh falling apart. Uh and uh won't load. >> Ridiculous.
2:20:44
>> Should we Should we skip it? >> Yeah, we can skip it.
2:20:45
We can move on to this watch. >> It's about that time. Says cheapy 13.
2:20:48
I >> this watch would Don't you think this watch would actually be cool if it if it just told the hourhand and the glass and the tab moved around in a circle?
2:21:00
Like that would be possible, right?
2:21:04
>> Anything's possible, John. >> I think that's cool.
2:21:05
And then at at noon, it's beer o'clock and you can pop it open.
2:21:09
I was just thinking it was like it was only good to make the sound once and you just kept it on here in case you needed to any any sort of strategic moment.
2:21:21
But I think this is a good place to to end the show. >> Yeah, it sounds good.
2:21:25
>> Uh it has been >> an honor >> and a privilege.
2:21:29
>> Yeah, it's been great >> and I can't wait for Monday.
2:21:30
Five shows at least more >> four.
2:21:37
>> We have a day off tomorrow or next week?
2:21:39
Oh, Fourth of July maybe. >> Oh, yeah.
2:21:42
Fourth of July will be off Friday.
2:21:46
>> We have a light show on Thursday, so we'll be hanging out.
2:21:47
Anyway, leave us five stars on Apple podcast and Spotify.
2:21:51
Sign up for a newsletter at tbp.
2:21:51
com and we will see you on a wonderful weekend. >> Goodbye. >> We love you. [screaming]