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Perfect Parrot. Maybe you should go over there, Tom. Maybe Gold Rock says Mike Rowe, is punching the air right now. Dirty jobs getting displaced so environmental concerns and the White House's push to boost domestic production of raw materials have turned attention to America's waste stream, which is full of valuable commodities. The aluminum tariff, 50%, has lifted demand for scrap metal. Meanwhile, pulp mill closures have left box makers reliant more than ever on old corrugated containers. And consumer good company want to reclaim their bottles and jugs. As states adapt, adopt extended producer responsibility laws aimed at reducing plastic pollution. That's good news. There's really a lot of value value in a lot of recyclables and garbage, says the founder and chief technology officer at amp, a Colorado company that builds AI run recycling facilities. The problem has been that the cost of pulling those materials out is similar to or greater than the actual value of those materials. Recyclers believe that AI will allow them to efficiently mine our trash for treasure. Parrot's analyzers were shown recyclables thousands of times in conditions ranging from crumpled to perfectly intact until the computers could recognize materials. Perfect job for AI. The devices gather data about what is passing through the facility and which items aren't winding up where they belong. It's helping us make adjustments to the system. Murphy Road executives say the technology allows them to sort up to 60 tons an hour of curbside recycling. And some of these, some of the stuff that you can pull out of recycling is remarkable, especially if there's batteries that can be disassembled. There's a whole company, Redwood materials, founded by J.B. straubel, former Co founder of Tesla, early employee of Tesla, board member of Tesla, focused on recycling EV batteries because obviously we have the rare earth elements, we make the magnets, we make the batteries, and then we just kind of trash them. And if you can recycle them, that's obviously effective and valuable.

Then amazing things will be possible. Maybe with 10 gigawatts of compute, AI can figure out how to cure cancer. So it's like, that's a fine quote. There's some way to look at and be like, okay, this abundance is super exciting. I'm maybe more optimistic about AI, but he happens to. He's saying that AI is going to figure out how to cure cancer. Right? And like, if you've used these tools today and talk to people that are at the labs, and the reality is like, it feels much more likely that humans will use AI to cure cancer. Right? Thesis. Like Steve would have said, if AI stays on the trajectory that we think it will, then amazing things will be possible. Maybe with 10 gigawatts of compute, humans can use AI to cure cancer. Like small, small tweak humanity. It's a big difference. And so I wrote the facts of the fact. Steve Jobs was not one to shy away from impressive specs and massive scale. But flipping the final line from AI will cure cancer to humans will use AI to cure cancer makes all the difference. Apple put human centrality at the heart of everything they did. Even when they were talking about something like a CNC to mill an aluminum block into a MacBook Pro, the focus was not on the CNC, it was on what it allowed the human being to do. Right. CNC is literally a robot. It's computer numerical control. But when you watch that unibody presentation, it puts Jony I've at the center. And it's like I used the tool to create something beautiful out of this amazing material that I could never do with just my normal tools. Like, I could never chisel out an aluminum unibody. I need a CNC for that. I have it and I can create something beautiful. Yeah. So, yeah, at the end of this, I just said, like, I think AI has a massive narrative problem right now. The narrative is working within the industry. It's not working for people that are outside the industry. And I just don't, I really don't think it has to be this way. Right. Like, I think that there is a human central, there is an empowering way to pitch this technology in this future and we're not doing it right now. And I think.

And it really, it's a remarkably opposite world. It's like, you know, it's like you're landed on Mars and you're like, well, what the fuck happened to gravity? Different. And you can't even say, well, no, gravity is different here because it's like. No, no, gravity just is like. I can't deal with the fact that that's just. That's just the truth. Yeah. Well, we would love to keep talking about media. Yeah. Very few things that, that, that we enjoy talking about. But we know you have a late. You got late fees if you're late to meeting. So this gong is for the whole A16T team. Congratulations and we won't keep you any longer, but come back on again soon. And congratulations. Thank you so much. Great to see you guys. We'll talk to you soon. Goodbye. And with that, we need to check in on the propic Claude codes. Eric just said that they're good for the 10 bucks. Tornberg, he says he's got a, you know, he's one minute late to his next meeting. It's a $10. Oh, yeah, yeah, that's right. That's right. They have a late fee. Yeah. For those that don't know Andreessen partners, if they're late to. If they're late too. If they have phones out, they get fined. Yeah, no, but it's late. If you're late to a meeting with a founder that you're looking to invest in or you're just meeting, you got to pay if you're late. Well, we should check in with Tyler. There were some rumblings about a change to Claude code. Can you. Okay, so basically what happened was. Okay, so when you get a cloud subscription, there's pro and max. You get like Claude code credits, basically. And so what was going on was there's like third party harnesses. So there's one open code. There's like a bunch of these. Yeah. And they would basically use the credits that you get from Claude code or from your Claude subscription to like use. And it's like they're like, you know, open source, agentic harnesses, whatever. Sure. So Anthropic stopped that. So you can't use your base. You can't use your subscription as like the credits. You have to use the actual API. The actual API. Okay. That's like the main thing. It's like. Not to me. It doesn't seem that crazy of a thing because you can still use it with the API. It's more expensive. Is it an exchange rate thing maybe? Like If I'm on Claude Pro or Claude Max, am I getting on the. On a per dollar basis, more tokens than I would if I. Okay, yes. That's why there's like a lot of arbitrage. Because they were getting arbed. They said no more arbing us. You can think of like, Claude code is going to get much better if more people use it. Right. Because it's an RL environment. Sure, sure. So the value and the data. So they shouldn't be incentivizing people to go elsewhere, but they are still allowing people to go elsewhere. Just at the. At the API. Yeah. So you can still like, it's like bring your own key. You can do that. Okay. That doesn't seem like too bad. It's not that crazy. But people are very mad. They're canceling their cloud. People are mad, mad at Claude. So sad. Oh, well, I'm sure that they will figure it out and the fun will continue. We do have to cover another story in the AI world. Logan Kilpatrick, friend of the show over at Google, he said, I'm happy to share that we, the Google AI Studio team are now sponsoring Tailwind CSS, the project that had to lay off three people. And it was very dramatic because it was 75% of the team. But their business model was not really working because they were selling templates which of course could be assembled by AI agents in the modern era. Yeah, I love this. Logan said, honored to support and find ways to do more together to help the ecosystem of builders. And I said, you dropped this king. And I gave him the crown. Mario holding the crown. If you scroll down, you should see it. Yeah, this is great. That's me. I expected this to happen pretty quickly. I'm glad Logan made this move and I think a handful of others did as well. So hopefully Tailwind can hire back the handful of engineers that they were forced to let go. And yeah, this should give them some more predictability while they figure out the next chapter. Yeah. Well, in other news, OpenAI is reserving $50 billion for a stock grant pool. Jack Rain says 500 billion company doing 30 billion in revenue. Projecting 50 billion in equity comp is so good. So price of price of SF real estate is going up. Price of the AI research are going up, but they have the money to distribute. That is a big equity pool. But it's an opportunity to join pre ipo, get some shares and hopefully do well for yourself. Well, thank you so much for watching the show and tuning in today. We will be back first week in the Books Pacific on Monday. Only three more sleep, podcast, Spotify and subscribe to our newsletter tbpn.com and with that we'll say goodbye and have a great week. Have an amazing weekend. Thank you for watching. We love you. See you Monday. Goodbye.

And that's why that metal is something that I find extremely valuable. Have you seen Spaceballs, Jordy? I have not. You got.

Right. You need something else driving you at that point, and that's why that metal is something that I find extremely.

Internally, a lot. I gotta say, like the best entrepreneurs, they have five things that I look for. They can materialize labor, capital and customers. And hopefully those are self evident. It's like you can get people to quit their high paying job for like certain failure. It's like the Ernest Shackleton thing. It's like you wanted men for dangerous journey, almost certain failure and death. But if it worked, you might be famous, right? It's like you want that very, very hard to do. You have to find people that can materialize capital. It's like get people to give you money. And the best, the best sign of future fundraising success, like if we do round N, we want to make sure there's going to be a round N plus one or you're going to be profitable on round N, which is unlike. So are you good at fundraising? Can you get customers? Like imagine it's like I have two weeks of cash left. Please be my first customer. I have none. It's very hard to pull that off. Then you want to know the history of the space, which is super important to your point. You want that green flag version, not just the intermediate. What's the combination of green and red flag? You don't want the turquoise or the whatever you want the green flag. This person knows everything that's tried before and they have a new angle of attack they're not going to learn on the job. They've actually learned through history. And then the last thing that I care about a lot, everybody on my team knows this. My favorite book is the Count of Monte Cristo by Alexandre Dumas. And it documents the story of this guy, Edmund Dantes, who's like wrongfully accused, is like in prison for 17 years, but then becomes the richest person in the world, but doesn't give a shit, right? It's like all the riches in the world do not matter. He wants revenge. So you could either. Revenge kind of sounds bad, but you either want revenge or redemption. And some of the best entrepreneurs have this in common. And the reason why it's so important from a venture lens is imagine that you're a 20 year old kid, you start a company and somebody offers you, I don't know, half a billion dollars to buy your company and you own 25% of it. You're going to make over $100 million. You'd have to be insane to turn that down, right? And we need people that are insane, that actually are going for. It's not that we don't want people that aren't capitalists, that don't care about money, but it's like they care about. If you've seen the movie Spaceballs, it's like, we're not doing this for the money, we're doing it for a shitload of money. A little different here. It's, I'm doing it for another reason. And like a great example of this is there's this guy, Reneau Laplanche, who started a company called Lending Club. Oh yeah, very famous company. At the time there was like a dearth of IPOs. Like Lending Club kind of gets to scale, goes public, he gets fired from his board, ousted from the company. He's probably made hundreds of millions of dollars. He's the Count of Monte Cristo. He's like, you know, fuck those guys. I'm going to start a new company. I'm going to start an upgrade. And you know what he called his new company? Upgrade. It does the exact same thing as Lending club. It's probably 10 times the size of Lending Club now. And what's motivating him is not just the hopefully shit ton of money Spaceballs quote, but he wants revenge, he wants redemption. And you see this with some of the best entrepreneurs. Like what is the driving motivation? Because when times get tough, you need something because there is no money. If your company's going to zero. If you're Ernest Shackleton in the winter of Antarctica, your voyage is not successful. Right. You need something else driving you at that point. And that's why that metal is something that I find extremely.

When did you realize a $15 billion fund was possible? Did you imagine this kind of scale was possible from inception, or was it. Did you build? Yeah, our first fund was $300 million. So we definitely weren't thinking about it then. We thought 300 million was a lot, and people thought we were raising too big a fund in 2009. But now what we've done is we've kind of looked at the markets and said, okay, how big is this market? And then what kind of fund do we need to kind of win in that market and generate large return? And we tend to have a relatively optimistic view of the future. I think there are some cynical VCs out there. And, like, when I was a boy, valuations weren't this high. It's just like, play the game on the field. Yeah. We like to look forward and not look back. And so as a result, like, something, you know, I think we have done a good job of getting ahead of the game. Like when we raised Fund three, which was a billion dollars, we got a lot of criticism from other funds going, like, that's crazy. You know, no billion dollar fund has ever returned money yardy, yardy y already. And we're like, well, okay, but like, the world didn't look like this and software is eating the world and things are getting bigger. And we think that, like, we can deploy a billion dollars. And, you know, MAP Fund had Coinbase and Databricks and Lyft and DigitalOcean and GitHub, and, like, a lot of big outcomes, and if we didn't have that much money, it'd be a problem. Yeah.

How, what is, what is general LP sentiment specifically around 2026? What are, what are expectations? Obviously we're expecting a slate of IPOs and that's very exciting if you've been in in these, in these companies, these names for, you know, a decade or more at this point. Yeah, I feel like Elon dropped like an early Christmas present when he was it was like rumored to say that SpaceX might be going public in 2026 and I was like, oh maybe we'll go public in 2026. So sentiment and people are generally positive obviously, you know, we'll see where the IPO markets kind of turn out to be but generally speaking it's early it's off to a good start like we'll see what happens. But I do think people are expecting more capital this year in a way that once one breaks through it's going to be a watershed moment that might even top, you know, 2021 in terms of the amount of liquidity coming back. To that's going to be.

Security, employment, resources, health. Right. All these different things. And then you just go up and you can see that, like, there's good reason for the average American to just kind of believe, like, AI is going to mess. All right, so starting at the bottom. Americans have heard that data centers use a lot of water, Right? It's not necessarily factual. Yep, sure, sure. Water is used in the process, but we're not like, you know, blowing through water at the rates that the public. I was joking about this online. I was hypothetically debating with a AI doomer about, well, are they long water stocks? Because if you believe that AI is going to use all the power and you bought GE Verona, you did very, very well. But the water stocks have not mooned. So, hey, D cells who think AI is going to use all the water, maybe you got to put on a long position. Yeah, privatize a public utility, become a monopolist. Also, I mean, we're talking to Jeremy at Semianalysis, who's sort of their pot power expert. Obviously, AI does use a lot of power, and there's a lot of investment theses that can be built on top of the Semianalysis energy model. Why doesn't Semianalysis have a water model? Oh, because it's actually not a bottleneck to anything. Yeah. So the power.

He's trying to prevent. That bad scenario. But it still reads like, whoa, I didn't realize they were taking that seriously. Yeah. So you look at the quotes, just. You could easily. Look up quotes from Dario. Obviously had his quote, AI could wipe out half of all entry level white collar jobs and spike unemployment to 10 to 20% in the next one to five years. Elon had. A good quote from over a decade ago. He said, with AI, we are summoning the demon. Some people today might say the demon has been fully summoned. Fully summoned. Fully summoned. And Sam obviously said it one point, I will probably most likely lead to the end of the world, but in the meantime, there'll be great companies. And so this kind of messaging credit. To them, it's like super effective for fundraising, Right? Sure. If somebody's saying like, all jobs will be wiped out, the world will be destroyed, but in the meantime, there's a. Lot of funds that are long demon. You know, you're just. Like the demon, the. Demon, the. The free cash flow from demons. Yeah. So it's like if you're sitting there. Being like, if AI is going to eliminate my job, I want to own a piece of it. So, you know, maybe, maybe I benefit from it. So, yeah. So the big issue. Is anybody that's hearing all these, why would they actually be excited about AI.

Yeah. And now. So I was pulled. I had Maslow's hierarchy of needs pulled up and I was just like going through and looking at physiological needs. Right. Air, water, food, shelter, sleep, clothing, reproduction, safety, personal security, employment, resources, health. Right. All these different things. And then you just go up and you can see that, like, there's good reason for the average American to just kind of believe, like, AI is going to mess all. So starting at the bottom. Americans have heard that data centers use a lot of water. I need water. Necessarily. Factual. Yep, sure, sure. Water is used in the process, but we're not like, you know, blowing through water at the rates that the public perceives. I was joking about this online. I was hypothetically debating with AI Doomer about water usage. Well, are they long water stocks? Because if you, if you believe that AI is going to use all the power and you bought GE Verona, you did very, very well. But the water stocks have not mooned. So hey, D cells who think is going to use all the water, maybe you got to put on a long position. Yeah. Also privatize a public utility. Yeah. Become a monopolist also. I mean, we're talking to Jeremy at Semianalysis, who's sort of their power expert. Obviously, AI does use a lot of power and there's a lot of investment theses that can be built on top of the semianalysis energy model. Why doesn't Semiannalysis have a water model? Oh, because it's actually not a bottleneck to anything. Yeah. So the power thing is, is more real. People now just assume, like if they. I have to imagine people are reading an article, oh, your power bill might be going up. If your power bill just goes up because it's a winner, you're like, oh, thanks, AI. Yep, yep, thanks. I, you know, I didn't ask for this. So they've seen Terminator too. So they can imagine kind of like the sci fi scenario playing out. That's one factor. If they're super online, they might have heard like the Casey Hanmer. Other people have talked about this, like solar panels, you know, an AI system. Just saying like, hey, actually this farmland, I could use it better than you humans. Remember that Ilia video? So he did an interview with the San Francisco Chronicle. It was this video, it was like a video documentary almost where they were interviewing him, but there was no questions. So you never saw who was asking the questions. But he was giving his answers and he's sort of like sadly walking around on a gloomy beach. It's like very moody. And I would say it's he was ora farming. He. He did Aura Farm, San Francisco a little bit. But as I was getting dressed up as him for Halloween, we were playing that video, and the makeup artists who were. Who were applying the Ilya Sutskever, you know, all the makeup, to me, were watching that being like, that's not inspiring at all. Okay. Yeah. And I didn't even include that in here. But that's, like, the reaction, like, every time people hear leaders at labs talk. Yes. They're like, turn it off. As opposed to.

And part of this I just. It feels like people have like, are. Part of it's like fundraising part of it's just how excited we are about AI, but like you're leaving humanity out. So there's this quote from Sam. He says if AI stays on the trajectory that we think it will, then amazing things will be possible. Maybe with 10 gigawatts of compute, I can figure out how to cure cancer. So it's like, that's a fine quote if you. There's some way to look at it and be like, okay, super. This abundance is super exciting. I'm maybe more optimistic about AI, but he happens to. He's saying that AI is going to figure out how to cure cancer. Right? And if you've used these tools today and talk to people that are at the labs, the reality is it feels much more likely that humans will use AI to cure cancer. Right. Thesis Steve would have said if AI stays on the trajectory that we think it will, then amazing things will be possible. Maybe with 10 gigawatts of compute, humans can use AI to cure cancer. Small tweak humanity. It's a big. It's a big difference. And so I wrote the facts of the fact. Steve Jobs was not one to shy away from impressive specs and massive scale. But flipping the final line from AI will cure cancer to humans will use AI to cure cancer makes all the difference. Apple put human centrality at the heart of everything they did. Even when they were talking about something like a CNC to mill an aluminum block into a MacBook Pro, the focus was not on the CNC, it was on what it allowed the human being to do. Right. CNC is the.

We're not like blowing through water at the rates that the public perceives. Totally. I was joking about this online. I was hypothetically debating with a AI doomer about water usage. Well, are they. Long water stocks? Because if you believe that AI is gonna use all the power and you bought GE Verona, you did very very well. But the water stocks have not mooned. So hey D cells who think AI is gonna use all the water, maybe you gotta put on a long position. Yeah, privatize a public utility, become a monopolist also. I mean we Jeremy at semianalysis who's sort of their power expert. Obviously AI does use a lot of power and there's a lot of investment theses that can be built on top of the semianalysis energy model. Why doesn't semianalysis have a water model? Oh, because it's actually not a bottleneck to anything. Yeah, so the power thing.

For founders. Yeah, it is changing. I'm going to talk about the psychology of founders in two different ways. So one that I'm more excited about, like we can talk about capital markets and public markets and private markets. The thing I'm more excited about is the psychology of the founders that has changed post Covid. Like, this generation of founders is just way more hardcore. Like I for one am all for, you know, the being back in the office, the working really hard, you know, unabashed, you know, pursuit of success. And I think it's a big change. Like in the last five or six years that's happened. I think it's part of what's propelling these companies to be so good so fast. Obviously, AI is the big technological driver, but I think the vibe shift is a huge part of it. You know, we were looking last night at some stats and going back and forth on some of our best companies, and we have a bunch of the AI native companies that are application companies that, that are kind of 100 million plus 100 million to a billion dollars of revenue. And we were looking at do we think they're running themselves differently? So to this point of like, you know, different vibes, what they, what they, what they care about. And it turns out like the old rule of thumb for companies was, you know, if you look at like revenue divided by all their employees, it's like $400,000 of revenue per employee. Like you look at like public software companies, that's kind of where it shakes out. All these AI native companies, they were basically like 500,000, 900,000, 2 million, 2 million, 2 million, 5 million. They're totally different. I think they're being run totally differently. We're really excited about that. And the biggest thing is just like there's a tsunami of demand coming their way, which I think enables them to run much, much faster. So I'm super excited about that. As it relates to the capital markets thing, the staying private longer, it's totally rational. Look, there's a bunch of it that is our own sort of government doing as it relates to being a public company and how difficult and expensive that has become. You know, we have a robust private market. It's been a benefit to us. You know, it's allowed us to invest in a bunch of companies that otherwise would have gone public sooner when we can still invest in them. And they're growing really fast. And, you know, the value proposition for founders is pretty good to be a private company, they can stay private. It's probably a little bit of a higher cost of capital for them. But the trade off for them is they can avoid the daily kind of volatility of the stock price and what that means for banks and more M and A options as well. There's a lot of.

To be things that are priced way too high. Yeah, of course. Speaking of land, how are you processing the move out of California, the news in California of the wealth taxes? A lot of folks are saying California might shoot themselves in the foot. Kill the golden goose. How have you been processing the news? Yeah, it's very interesting kind of view of the world. I think that the groups in California have, in pushing this idea. So I go all over the world. I've met in the last year the president of Mexico, the president of El Salvador, the Crown Prince of Saudi Arabia. I'm always with world leaders or I've spent a lot of time with them. And they always want to know, how do we create Silicon Valley here? And when you look at we want a golden goose. We like your golden goose. We want one. It's pretty remarkable that we've repeatedly created companies with larger kind of GDP than most countries. Routinely, we've done that. And so rather than asking, how did we do that? It's like, well, how can we rearrange it and run an experiment and see if it destroys it or not? And so I think that's probably the weirdest part of it for me, that people would think about it that way. If you start confiscating wealth and taxing unrealized capital gains for people who aren't liquid. So actually we saw this in Norway. So Norway has an unrealized capital gains tax. Norway's got a lot of extremely smart people, great entrepreneurs, but they all left. And when you talk to entrepreneurs in Norway, they're like, well, I literally can't pay the tax because the company got marked up whatever, a billion, $2 billion, and I own a lot of it and I can't get that money out. It's a private company. And so I'm stuck. So I have to leave the country. There are no entrepreneurs. There is basically no tech entrepreneurs in Norway now. And if you wanted to get. It's been so hard to break the Silicon Valley network effect, but this is the best strategy I've seen. If you wanted to wreck the California tech ecosystem, how are you processing how? If.

Internally, a lot. I gotta say, like the best entrepreneurs, they have five things that I look for. They can materialize labor, capital and customers. And hopefully those are self evident. It's like you can get people to quit their high paying job for like certain failure. It's like the Ernest Shackleton thing. It's like you wanted men for dangerous journey, almost certain failure and death. But if it worked, you might be famous, right? It's like you want that very, very hard to do. You have to find people that can materialize capital. It's like get people to give you money. And the best, the best sign of future fundraising success, like if we do round N, we want to make sure there's going to be a round N plus one or you're going to be profitable on round N, which is unlike. So are you good at fundraising? Can you get customers? Like imagine it's like I have two weeks of cash left. Please be my first customer. I have none. It's very hard to pull that off. Then you want to know the history of the space, which is super important to your point. You want that green flag version, not just the intermediate. What's the combination of green and red flag? You don't want the turquoise or the whatever you want the green flag. This person knows everything that's tried before and they have a new angle of attack they're not going to learn on the job. They've actually learned through history. And then the last thing that I care about a lot, everybody on my team knows this. My favorite book is the Count of Monte Cristo by Alexandre Dumas. And it documents the story of this guy, Edmund Dantes, who's like wrongfully accused, is like in prison for 17 years, but then becomes the richest person in the world, but doesn't give a shit, right? It's like all the riches in the world do not matter. He wants revenge. So you could either. Revenge kind of sounds bad, but you either want revenge or redemption. And some of the best entrepreneurs have this in common. And the reason why it's so important from a venture lens is imagine that you're a 20 year old kid, you start a company and somebody offers you, I don't know, half a billion dollars to buy your company and you own 25% of it. You're going to make over $100 million. You'd have to be insane to turn that down, right? And we need people that are insane, that actually are going for. It's not that we don't want people that aren't capitalists, that don't care about money, but it's like they care about. If you've seen the movie Spaceballs, it's like, we're not doing this for the money, we're doing it for a shitload of money. A little different here. It's, I'm doing it for another reason. And like a great example of this is there's this guy, Reneau Laplanche, who started a company called Lending Club. Oh yeah, very famous company. At the time there was like a dearth of IPOs. Like Lending Club kind of gets to scale, goes public, he gets fired from his board, ousted from the company. He's probably made hundreds of millions of dollars. He's the Count of Monte Cristo. He's like, you know, fuck those guys. I'm going to start a new company. I'm going to start an upgrade. And you know what he called his new company? Upgrade. It does the exact same thing as Lending club. It's probably 10 times the size of Lending Club now. And what's motivating him is not just the hopefully shit ton of money Spaceballs quote, but he wants revenge, he wants redemption. And you see this with some of the best entrepreneurs. Like, what is the driving motivation? Because when times get tough, you need something because there is no money. If your company's going to zero. If you're Ernest Shackleton in the winter of Antarctica, your voyage is not successful. Right? You need something else driving you at that point. And that's why that metal is something that I find extremely valuable. Have you seen Spaceballs, Jordyn?

In that category, you're like, I'll stay private until 100 billion. Is the psychology changing for founders? Yeah, it is changing. I'm going to talk about the psychology of founders in two different ways. So one that I'm more excited about. Like we can talk about capital markets and public markets and private markets. The thing I'm more excited about is the psychology of the founders that has changed post Covid. Like this generation of founders is just way more hardcore. Like I for one am all for, you know, the being back in the office, the working really hard, you know, unabashed, you know, pursuit of success. And I think it's a big change. Like in the last five or six years that's happened. I think it's part of what's propelling these companies to be so good so fast. Obviously, AI is the big technological driver, but I think the vibe shift is a huge part of it. You know, we were looking last night at some stats and going back and forth on some of our best companies, and we have a bunch of the AI native companies that are application companies that, that are kind of 100 million plus, 100 million to $1 billion of revenue. And we were looking at do we think they're running themselves differently? So to this point of like, you know, different vibes, what they, what they, what they care about. And it turns out like the old rule of thumb for companies was, you know, if you look at like revenue divided by all their employees, it's like $400,000 of revenue per employee. Like you look at like public software companies. That's kind of, it shakes out all these AI native companies. They were basically like 500,000, 900,000, 2 million, 2 million, 2 million, 5 million. They're totally different. I think they're being run totally differently. We're really excited about that. And the biggest thing is just like there's a tsunami of demand coming their way, which I think enables them to run much, much faster. So I'm super excited about that. As it relates to the capital markets thing, the staying private longer, it's totally rational. Look, there's a bunch of it that is our own sort of government doing as it relates to being a public company and how difficult and expensive that has become. We have a robust private market. It's been a benefit to us. It's allowed us to invest in a bunch of companies that otherwise would have gone public sooner when we can still invest in them. And they're growing really fast. And the value proposition for founders is pretty good to be a private company, they can stay private. It's probably a little bit of a higher cost of capital for them, but the trade off for them is they can sort of avoid the daily kind of volatility of the stock price and what that means for paying and more. M and A options as well. There's a lot of what is.

Relentless. Yeah, yeah, yeah. So I think the good news is it speaks to the importance of the moment. So this is on the order of the microprocessor, the steam engine or electricity or something like that. So. And those things all turned out to be like, really good for humanity. Was there that much with electricity? Was there like the level of fear around? Because there was people that would like go, and obviously I know the stories, people that would like, their job was to write, light the lamps, right? But. Oh yeah, like if you go back and read about the beginning of electricity, it's wild. Well, they made a law when automobiles first came out. There was a law in the United States that said if you're driving your car and you see a horse, you have to stop the car, disassemble it, and wait for the horse to pass disassembly. Like it was that one. That was the regulatory idea. So, yeah, I mean, I think, by the way, watches were the same. You know, when watches came out, there was like huge fear that like people would never be able to have a conversation again because they'd be just checking the time always. Yeah, these technologies, like generate a lot of fear. But I think that, you know, the good news on it is, you know, this one is really important. I think that the impact into the well being of humanity is going to be bigger than certainly anything in my lifetime. And you know, one of our bigger problems, I think, is there are people in the industry going for regulatory capture who kind of feed into the fear, to the fear. And then like there are also people who have just, you know, it's moving so fast that it's actually freaked them out who are working on it. And that's. How do you advise.

How are you processing the move out of California? The news in California of the wealth taxes? A lot of folks are saying California might shoot themselves in the foot, kill the golden goose. How have you been processing the news? Yeah, it's very. An interesting view of the world. I think that the, the groups in California have been kind of pushing this idea. So, you know, we. I go all over the world. I've met like in the last year, you know, the president of Mexico, the president of El Salvador, you know, the crown Prince of Saudi Arabia. So, like, I'm always with world leaders or I've spent a lot of time with them. And they always want to know, like, how do we create Silicon Valley here? And when you look, we want a golden goose. We like your golden goose. We want one. It's pretty remarkable that we've repeatedly created companies with larger GDP than most countries. Routinely we've done that. Rather than asking, how did we do that? It's like, well, how can we rearrange it and run an experiment and see if it destroys it or not? And so I think that's probably the weirdest part of it for me, that people would think about it that way. If you start confiscating wealth and taxing unrealized capital gains for people who aren't liquid. Actually, we saw this in Norway. So Norway has an unrealized capital gains tax. Norway's got a lot of extremely smart people, great entrepreneurs, but they all left. And when you talk to entrepreneurs in Norway, they're like, well, I literally can't pay the tax because the company got marked up to whatever, a billion, $2 billion, and I own a lot of it and I can't get that money out. It's a private company. And so I'm stuck. So I have to leave the country. And there are no entrepreneurs. There is basically no tech entrepreneurs in, in Norway now. And if you wanted to get. It's been so hard to break the Silicon Valley network effect, but this is the best strategy I've seen. If you wanted to wreck the California tech ecosystem, how are you processing.

Yeah. On that note of optimism and understanding the scale of the Internet as it eats the entire world, how did you process the bubble talk that took place in the back half of 2025? Well, you know, I was CEO during another bubble. Yeah. So I know a lot about bubbles. Look, I think that. So there's a couple of things that I learned from the bubble that we were in. One was sor. We keep a bubble gun handy. Yeah. Look, one of the things, if you look back at that bubble, there were a lot of things that were present then that are definitely not present now. So probably the biggest being the Internet. Everybody knew the Internet was going to be giant, but at the time that everybody was investing all the money, the Internet was very, very small. So if you go back to 1996 at Netscape, we had 90% browser share, and we had $50 million in revenue. So the entire. Or we had 50 million users. Sorry, 50 million users. So the entire number of people on the Internet was 55 million. So you're funding these companies and giving them a $10 billion valuation, selling into a market of 55 million people, and then half of those were on dial up. So it was limited in what you could do. And so those valuations running way, way, way ahead of the technology is kind of what caused the bubble. You know, if you look at AI, the technology is, like, working and getting to the world right now. Like, how many people are on ChatGPT and, you know, how is that business going? It had, I think, zero revenue in November of 2022. And I don't know what the current number is, but it's probably between 15 and 20 billion. Yeah, like, we've never seen that before. So the things are working. Like the things that were bubblicious in 99 aren't quite the same. But to me, the biggest thing that I learned was right before the bubble burst, nobody thought it was a bubble. Warren Buffett, who had never invested in any tech in early 2000s, started investing in tech. So everybody capitulated and agreed prices would never go down. Like, that's what you need to get to a bubble. It's a psychological phenomen phenomenon, not a financial phenomenon. And so right now, with everybody talking about a bubble, I was like, oh, great, we're not in a bubble. Because it's when nobody believes it's a bubble that it becomes a bubble. Same with the financial crisis, by the way, if you look at the price, the kind of interest you pay on home loan debt, in 2007, it was the lowest in history. Yeah. Right before it all came crashing. It should have been the highest. Right before everybody defaulted, you know, it was the lowest in history. And that's because it was a bubble, because everybody believed, hey, they're not building any more land anymore, you know, like, that. That's what's going on. And so once you get into that kind of psychological convergence, that's when you really get into, like, a really crazy bubble. Now, look, in venture capital, everything is always priced at either half or double what it's worth. Like, that's the. That's the steady state. And so are there going to be things that are priced way too high? Yeah, of course. Speaking of land, how are you processing.

There was some interest in one of these homes that Larry bought. We can pull it up. I put it at the bottom of the timeline. But one of the homes that he purchased looks fantastic. Looks like this jungle oasis. And then you zoom in a little bit. Do the csi. Enhance, Enhance. Enhance it a little bit. It starts to get a little odd. A little odd. Haven't. Uh oh. Uh oh. It has. It's not. It's just a sculpture. We can see. Oh, let's see. This is gon be a jump scare if it's anything but this. Yes. So this. So you have to show the. Show the zoomed out picture. So scroll down. Show the zoomed out photo. Oh, wait, no, it's not there. Oh, don't. Don't scroll through too much. We need to find the original photo. The original photo is just. Where did the original photo go? We'll find that and we'll tell you. Put it here. But if you. But, but basically there's a. There's a. You know, it's a stock. It's a real estate photo. It's a photo that was taken clearly. He's a real estate agent hiring. Before it was Larry's house. Before it was Larry's house, to be clear. So this, this is the photo. And then people started zooming in, and you keep zooming in, and you keep zooming in and you keep zooming in and you start seeing some very weird design and decor interior decorating decisions that tell a little bit of a weird story about whoever was here. Usually these properties are staged before they are photographed. So who owned that choice? Who owned it previously? Also, it's something that. Tyler, can you try to find out the previous owner of this house? I don't know. So, I mean, we do have some. Jonathan Lewis is one, and Sloan Lindemann Barnett and her husband Roger Barnett are the others. If this is Larry Page's new house. But I know Sergey also some guy named Jeffrey. Oh, no, no, no, no, no, no, no, no, no. And they declined to comment. California's proposed.

That I have it and I can create something beautiful. Yeah. So, yeah, at the end of this, I just said, like, I think AI has a massive narrative problem right now. The narrative is working within the industry. It's not working for people that are outside the industry. And I just don't. I really don't think it has to be this way. Right. Like, I think that there is a human central. There is an empowering way to pitch this technology in this future, and we're not doing it right now. And I expect that. Expect that everybody will. You know, Elon has his own style pitching all things, and I don't think he's gonna change. Yeah. I think that. That other folks maybe like Dario and Sam can, you know, make small tweaks that will go a long way. Yeah. And obviously there's. There's founders that we don't even know their names yet that are going to be huge players in all of this as well. Definitely.

Trust. Market clearing order inbound. 5:20. I see multiple journalists on the horizon. Founder. No way. You'Re watching TVPN. Today is Friday, January 9, 2026. We are live from the TVPN Ultradome, the Temple of technology, the fortress of finance, the capital of capital. Let me tell you about ramp.com time is money save. Both easy use, corporate cards, bill pay, accounting, and a whole lot more all in one place. I forgot in the Vanity Fair profile that we were pitching Julia ramp so much. She actually put it in the profile. It was very, very funny. Anyway, if you haven't read we were in Vanity Fair yesterday. It's a fun piece, a little whirlwind tour of a show that happened maybe six months ago. So a lot of things have changed, but it's a good sneaker. But she got up to speed. Yeah, it's fun. Yeah, it's fun. Anyway, we have a massive show for you today, folks. $15 billion raised by Andreessen Horowitz. We have a bunch of folks. We have four members. I'm Hit the gong. Just because. Hit the gong. Warm it up. You got to warm it up because we got to hit it 15 times when we have Jen, Alex, David, George, and of course Ben Horowitz coming on the show. Hit that app. Love it. Donald Jordi. Linear, of course, meet the system for modern software development. Linear's a purpose buil tool for planning and building products. We also have Jeremy Antiveros from Semianlysis coming on to explain energy, to explain data center build out and the gas turbine infrastructure that's going into those. He did a great interview with Ben Thompson that dropped yesterday. We're gonna dig in and go deep into. Apparently there's a bunch of fascinating things. Apparently there's like 10 terawatts of requests for data center capacity, which is like way more than anyone would ever build. But it's because of this weird dynamic of you have to ask for more than you need because you might not get it. And there's a whole bunch of interesting things. He of course broke the story that Meta had completely changed their data center design. They were optimizing for sort of energy efficiency before. Now they're much more focused on speed of development and scale. And so we're going to be taking you all over the place today. But we're going to start with Steve Jobs, Apple. We're going back into Cupertino because there's a rumor that Tim Cook might step down sooner than expected. So this comes from Tim Cook, his compensation. We've talked about it a lot. 74.29 million per year. His salary's 3 million. Stock awards, 57 million non equity incentive compensation. He gets a $12 million bonus if he. Well, he gets 21,000 in 401k. Personal use of private jet. 800k on that. That's nice to see. Only 800k vacation cash out of 56k security expenses. They're paying $900,000 a year to secure him. That's going to be a whole team of people, probably some jacked tier one operators following him everywhere he goes. But he is rumored to be out. Apple track says Apple CEO Tim Cook has told senior leaders that he is tired and would like to reduce his workload. Rumors suggest he could doubt. I doubt they wanted that quote specifically to leak. But it did. Via the New York Times. And so rumors suggest he could announce a plan to retire as early as this year. Of course, the rumor is that John Ternus might step into that role. MacRumors has a story here. With Tim Cook having recently turned 65 years old in a number of years of other senior Apple executives having already departed in recent months or heading for the exits, there has been a significant focus on Apple's plans for who will succeed Cook as CEO. I was hoping for a Warren Buffett third act from Cook. I was hoping for him to just say, I'm just hitting my stride 65 to 95. That's where I'm going to do my best. Window. You have seen any compounding yet? It's a completely underrated era for business leaders. If you can stay in the game and continue to compound from 65 to 95, that's where the sweet spot is. Just get ready to lock in, not check out. But he might be. We love to joke about him being underpaid. I actually think he is. Or he has been serious for how. Big of a company is and what. He'S done to the determinism of Tim Cook coming in and just absolutely cooking for as long as he has, it will always be remembered. Yeah. So. Several recent reports have identified Apple's senior vice president of hardware engineering John Ternus as likely to be named the next Apple CEO. And the New York Times has now shared a profile of Ternus with some context on his expertise and how he's viewed within the company. According to sources who spoke with the New York Times, Apple has begun accelerating its planning for Tim Cook's succession. Last year, with Cook having expressed a desire to reduce his workload while software chief Craig Federicki, services chief Eddie Q. Marketing head Greg Jaws and retail HR chief Deidre o' Brien have all reportedly been seen as potential candidates. Turnus appears to have shot to the front of the pack, with Cook likely to remain as chairman of the company's board of directors. So he's not completely out to pasture. He'll be in the boardroom. Ternus is known for his expertise as an engineer, having worked on many of Apple's devices through although he is known more for maintaining products than developing new ones. Big question about what the next decade or two of Apple's product roadmap actually looks like. How many more new products do they need? They sort of have. They sort of have one thing in every category. If we go through a major form factor shift, that could be an issue. But in general, if you have someone who's really good at maintaining products and keeping dominant market share, driving up margins, that could be the right person for the job. Yeah. Quote about John Ternus. He's a nice guy. Let's hear it for sometimes. Sometimes nice guys finish first. You know, they always say nice guys finish last. I think it's a bit of fake news. This is from former Apple engineer Cameron Rogers. Quote about John Ternus. He's someone you want to hang out with. I love it. He's just a good hang. Everyone loves him because he's great. Has he made any hard decisions? No. Taking shots at your boy? Hey, we just like hanging out with the guy. We just like hanging out. Has he had to do any real work ever? No. Has he made any. A single hard decision in his life? No. I'm sure that's not true, but it does characterize his role. I guess he hasn't been in the CEO seat, so he probably hasn't had to make crazy decisions like, should we launch Apple Vision Pro now or later? You know, he's not the one. He's just like, you told me to launch it. I got it done right. That's his role. Should we make the iPhone less durable? That's a hard decision. Are there hard problems he solved in hardware also? No. What? This is an insane quote. Wow. Ternus and others may quibble with that assessment, however, as Ternus has been involved with a number of innovative products over the years, including spearheading effort to develop the iPhone Air and working on the upcoming foldable iPhone. That's exciting. Ternus is seen as a natural successor to cook, with an even temperament, strong attention to detail, and an intimate knowledge of Apple's supply chain. That's obviously very good. But he may not Bring the visionary focus and willingness to take risks that Steve Jobs, leading to debate among Apple employees about exactly what type of leader. We need to get the Germinator on. We do, yeah. Yeah. Nick, can you reach out to Mark Gurman to try to get him on the show Monday? Let's talk through all of these things. There's so much to talk about here. Before we continue our conversation. Let me tell you about the New York Stock Exchange. Want to change the world, Raise capital at the New York Stock Exchange. So there's this question. Will John Ternus, if he steps into the role of CEO of Apple, will he bring the visionary focus and willingness to take risks that Steve Jobs had? That's a tall, tall order. I think Tim Cook executed extremely well. He hasn't even. It doesn't really seem like he's tried to bring a visionary focus. He's been the operator. He's a supply chain visionary. Yeah, visionary in his own way. But you were thinking, and we've been discussing this need for a Steve Jobs of AI, a visionary leader. In AI. We have a number of household name type CEOs, Sam Altman, Elon Musk, Dario Amadei Demis at Google, DeepMind. But we don't quite have that Steve Jobs. Maybe that's too tall of an order. But you still think it's necessary. So walk me through your thinking. Before you do, let me tell you about Shopify. Shopify is the commerce platform that grows with your business and lets you sell in seconds online, in store, on mobile, on social, on marketplaces, and now with AI agents. Yeah. Everybody's worried about not having a job because of AI. Well, AI needs jobs too. They need a Steve Jobs. Yeah. Oh, I didn't get that. That's good. So, yeah, we've talked about this a little bit this week. I tried to summarize it today in the newsletter and I'll kind of read through a little bit. So I went back and looked at the history of the phrase tech Lash. It was originally coined by Adrian Wooldridge and the Economist in 2013. He correctly predicted that, quote, the big developments of 2014 will be the growing peasants revolt against the sovereigns of cyberspace. The Silicon elite will be cease. Will cease to be regarded as geeks who happen to be filthy rich and become filthy rich people who happen to be geeks over the coming years. He was entirely correct. It was actually in 2018 that Techlash was the runner up word of the year. No way. So he, he like, yeah, called it perfectly. Obviously you had the Cambridge Analytica scandal which is actually finally going to be dramatized this year with the Social Network too. That's coming out this year. Do we have a release date yet for that? I don't think so. Okay. But it is in the works. And then, yeah, just growing concerns about monopoly power, privacy, democracy, censorship. Really quickly. Tyler. October 9, 2026. Yeah, that's what I'm seeing as well. There we go. Okay, we do book the tickets now. It's going to be an okay. Probably great. This would be a good. We should organize. We should, we should. Actually, I don't know, I'm not sure that this movie is. I expect this movie to hit like 10%. Yep. Or potentially negative in comparison to the Social Network one. I agree. And so I think it might be the kind of thing you get a bunch of people to go and it's just like, okay, that that was the Social Network. The original movie is a really good Rorschach test for. Are you going to have a good time in tech? Like if you ask someone who is thinking about working at a company or a tech startup, like, what do you think of the Social Network? And they're like, oh, I thought it was like awful and like I hated all of it. And there were no heroes. Well, they're probably not going to enjoy tech. But if they came away from it being like, oh, well, it's actually really. I'm going to start. Because he just coded a thing in his. In his dorm room that became really big. And yes, there was drama and fights over who gets what on the cap table. But even Eduardo Saverin became a multi billionaire. So, you know, sort of an aim for the moon, land amongst the stars situation. So, yeah, I mean you could read it both ways. But I think most people, most tech insiders, if you ask them about the Social network, they were like, that was inspiring. I listened to the music all the time. It inspired me to grind harder, basically. Real quick, happy birthday to the chief in the chat. Day one. Happy birthday to you. Gemini 3 Pro, Google's most intelligent model yet. State of the art reasoning, Next level vibe coding and deep multimodal understanding. Anyways, I'll continue. So first, Tech Lash is all about how is this impacting our mental health? How is this impacting our democracy, the foundations of our country, society, privacy, you know, censorship, et cetera. The second Tech Lash has begun. Feels like it started last year. You know, this is one of the things like, yeah, you don't really know. Like sometimes it takes a while to realize, like, okay, we're we're in this thing now that we can look back and see how public opinion has been forming around this. So, yeah, I believe the average American believes that technology and now AI is now like a threat to their way of life. So I was looking at. There were rumors of the tech lash in 2024 when the image generators came out, a lot of the arts community were saying, this is really, really bad. It's going to put artists out of jobs. The thumbnail community on YouTube was upset. But this year it's solidified around. There's like three or four key points, key talking points. If you talk to someone, why don't you like AI? Well, it's stealing copyrighted information. It's sloppy. Yeah. It's putting people out of jobs. It's stealing water and stealing power. And each one of those is at certain. Tech lash was like, okay, these tech. Our lives are now existing in these platforms. Yeah, yeah, yeah. And they are in some ways more powerful than the government. Yeah. And now I. So I was. I pulled. Maslow's hierarchy of needs pulled up and I was just like going through and looking at physiological needs. Right. Air, water, food, shelter, sleep, clothing, reproduction, safety, personal security, employment, resources, health. Right. All these different things. And then you just go up and you can see that, like, there's good reason for the average American to just kind of believe, like, AI is going to mess all. So starting at the bottom. Americans have heard that data centers use a lot of water. It's not necessarily factual. Yep, sure, water is used in the process, but we're not like, you know, blowing through water at the rates that the public perceives. I was joking about this online. I was hypothetically debating with a AI doomer about water usage. Well, are they stocks? Because if you, if you believe that AI is going to use all the power and you bought GE Verona, you did very, very well. But the water stocks have not moved. So. Hey, D cells who think AI is going to use all the water, maybe you got to put on a long position. Yeah. Also privatize a public utility. Yeah. Become a monopolist also. I mean, we're talking to Jeremy at Semianalysis, who's sort of their power expert. Obviously, AI does use a lot of power and there's a lot of investment theses that can be built on top of the Semianalysis energy model. Why doesn't Semi analysis have a water model? Oh, because it's actually not a bottleneck to anything. Yeah. So the power thing is more real. People now just assume, like if they. I have to Imagine people are reading an article, oh, your power bill might be going up. If your power bill just goes up because it's a winner, you're like, oh, thanks, AI. Yep, yep, thanks. I didn't ask for this. So they've seen Terminator 2, so they can imagine kind of like the sci fi scenario playing out. That's one factor. If they're super online, they might have heard, like, the Casey Hanmer or other people talking about this, like solar panels, an AI system. Just saying, like, hey, actually, this farmland, I could use it better than you humans. Remember that Ilya video? So he did an interview with the San Francisco Chronicle. It was this video. It was like a video documentary almost, where they were interviewing him, but there was no questions. So you never saw who was asking the questions, but he was giving his answers. And he's sort of like, sadly walking around on a gloomy beach. It's, like, very moody. And I would say he was aura farming. He looked sick. He was leaning over the. He did Aura Farm San Francisco a little bit. But as I was getting dressed up as him for Halloween, we were playing that video, and the makeup artists who were applying the Ilya Sutskever, all the makeup, to me, were watching that being like, that's not inspiring at all. Okay. Yeah. And I didn't even include that in here. But that's, like, the reaction, like, every time people hear leaders at labs talk. Yes. They're like, turn it off. As opposed to. You could show someone an Apple ad or Steve Jobs clip, and it would be like, oh, dancing on your wired headphones with your ipod. Like, I love music. They're making music available. Great. I love it. And there were so many things that were just inspiring. So continue. Yeah, continue. So, yeah, moving up the pyramid. People have been told that AI is coming for their jobs. Some people have, like, actually had an experience that made them feel like, whoa. I thought what I did was unique and special, but I'm watching AI kind of do it on my own computer maybe. You know, imagine somebody that's driving for Uber and Lyft, and all day long they're driving and they're just seeing they're sitting next to Waymos in traffic, and you're looking over and there's no one in the seat. Like, that's ominous. That's. That's. That's gonna be scary if. That's how. If. How somebody puts food on their table. And then every single CEO last year was saying, like, we have. You know, fortunately, we have increased efficiency due to AI. Yeah. And so we've laid off 10,000 people. Right. And so a lot of that is just kind of like spin, marketing, etc. But that's what people are hearing. Right? And then you look at what are the AI leaders are actually saying. So Ilya talking for 10 minutes, people are like, whoa, that doesn't seem good. Ilya is saying like, he's saying, let's not do that. He's trying to prevent that bad scenario. But it still reads like, whoa, I didn't realize they were taking that seriously. Yeah. So you look at the quotes, just, you could easily look up quotes from Dario. Obviously had his quote, AI could wipe out half of all entry level white collar jobs and spike unemployment to 10 to 20% in the next one to five years. Elon had a good quote from over a decade ago. He said, with AI, we are summoning the demon. Some people today might say the demon has been fully summoned. Fully summoned. Fully summoned. And Sam obviously said at one point, AI will probably most likely lead to the end of the world, but in the meantime there'll be great companies. And so this kind of messaging credit to them, it's like super effective for fundraising. Right. If somebody's saying like, all jobs will be wiped out, the world will be destroyed, but in the meantime, there's a. Lot of funds that are long demon. You know, you're just like the demon. Thesis, the demon, the, the free cash flow from demons. Yeah. So it's like if you're sitting there being like, if AI is going to eliminate my job, I want to own a piece of it. So, you know, maybe, maybe I can benefit from it. So. Yeah, so the big issue is like, anybody that's hearing all these, like, why would they actually be excited about AI, Right. Even though, even though it is so incredible in so many ways. Right. I gave the example earlier this week of like AI just being like a free sleep consultant for a toddler that just one shots it and it's free. Even ChatGPT Health that launched this week, I mean, that's very good news for a lot of people that can't see a doctor that often or just don't have the time or don't have the money. There's a million reasons why that might be advantageous. And yet it's not that they're not pitching it. Like Steve Jobs pitched GarageBand, which was like, now anyone can be a musician, now anyone can be their own doctor. Is inspiring. But it's just like they are fighting an uphill battle because of those other quotes. Yeah. So yeah. And I was thinking about it. It's like, if you want to. If somebody is kind of like generally scared of AI, who do you. Who do you. Who, like, what do you. What content do you point them towards? Typically you'd want to point them towards the people building it. Yeah. And say. Or people around it. But even like Dwarkesh is like a little bit maybe like too high level. Sure. Or not high level math, actually. Right. It's like a little bit too ethereal. Right. Talking about all these different potentials. But if you have them listen to like a Joe Rogan episode with one of these guys, it's gonna be, to. Be fair, not to debunk your piece, but I do think Demis is pretty good. Yeah, Demis is great. He doesn't have one of those crazy quotes. And there's been two documentaries about him. Both of them are incredibly inspiring. And when I hear him talk about AI curing cancer or humans curing cancer with AI, it hits a lot different because he literally has a Nobel Prize. And is sold the problem. If you look at, if you just count up the views that Elon, Sam and Dario have gotten in comparison to. Demis, he's much less of a household name. And he's also not the CEO of a big company because he's running the biggest lab in a big company. And so there's that. He just. Yeah. So I've just been feeling like there's this gap, gap. Steve Jobs sized hole. Right. He had plenty of concerns about technology. He shared them freely. Somebody once asked him, so your kids must love the iPad. Then he said, my kids haven't used it. He just said, we limit how much technology we have in the home. He did talk about losing the PC race to International Business Machines. He said, if for some reason we make some big mistake and IBM wins, my personal feeling is that we are going to enter a computer dark age for about 20 years. You can imagine, like Sam saying something like that around, like, you don't want. And you've seen the internal sort of messages between him and Elon talking about, like, losing to Google. Yeah. Like, oh, we don't want Google to control the AI. God. Right? Yeah. He also had a. He had a 1994 Rolling Stones interview. Rolling Stone interview. The interviewer said, nevertheless, you've often talked about how technology can empower people, how it can change their lives. Do you still have as much faith in technology today as you did when it. When you started out 20 years ago? Steve says, oh, sure, it's not a faith in technology, it's faith in people. Technology is nothing. What's important is that you have faith in people, that they're basically good and smart and if you give them tools, they'll do wonderful things with them. It's not the tools that you have faith in. Tools are just tools. They work or they don't work. It's people you have faith in or not. Yeah, sure. I'm still optimistic. I mean, I get pessimistic sometimes, but not for long. And part of this I just. It feels like people have like. Part of it's like fundraising, part of it's just how excited we are about AI, but like you're leaving humanity out. So there's this quote from Sam. He says if AI stays on the trajectory that we think it will, then amazing things will be possible. Maybe with 10 gigawatts of computer, AI can figure out how to cure cancer. So it's like, that's a fine quote. There's some way to look at it and be like, okay, super. This abundance is super exciting. I'm maybe more optimistic about AI, but he happens to. He's saying that AI is going to figure out how to cure cancer. Right? And if you've used these tools today and talk to people that are at the labs, the reality is it feels much more likely that humans will use AI to cure cancer. Right. Thesis. Like Steve would have said, if AI stays on the trajectory that we think it will, then amazing things will be possible. Maybe with 10 gigawatts of compute, humans can use AI to cure cancer. Like small, small tweak humanity. It's a big. It's a big difference. And so I wrote the facts of the fact. Steve Jobs was not one to shy away from impressive specs and massive scale. But flipping the final line from AI will cure cancer to humans will use AI to cure cancer makes all the difference. Apple put human centrality at the heart of everything they did. Even when they were talking about something like a CNC to mill an aluminum block into a MacBook Pro, the focus was not on the CNC, it was on what it allowed the human being to do. Right. CNC is literally a robot. It's computer numerical control. But when you watch that unibody presentation, it puts Jony I've at the center. And it's like I used the tool to create something beautiful out of this amazing material that, that I could never do with just my normal tools. Like, I could never chisel out an aluminum unibody. I need a CNC for that. I have it and I can create something beautiful. Yeah. So, yeah, at the end of this, I just said, like, I think AI has a massive narrative problem right now. The narrative is working within the industry. It's not working for people that are outside the industry. And I just don't, I really don't think it has to be this way. Right. Like, I think that there is a human central, there is an empowering way to pitch this technology in this future and we're not doing it right now. And I expect that everybody will. Elon has his own style of pitching all things, and I don't think he's going to change. I think that other folks, maybe like Dario and Sam, can make small tweaks that will go a long way. And obviously there's founders that we don't even know their names yet that are going to be huge players in all of this as well. Definitely. Before we move on, let me tell you about 11 labs. Build intelligent, real time conversational agents. Reimagine human technology interaction with 11 labs. So there's some massive news from Meta. They are doing a big deal with Oklo to build nuclear power plants. We've been following the energy story very closely this week. Obviously we're talking to Jeremy in just a little bit. We have some exciting guests next week digging into how we are going to generate more power in this country. The headline from the Wall Street Journal is meta Unveils Sweeping Nuclear Power Plan to Fuel its AI Ambitions. And we'll read through a little bit of this. Meta Platforms on Friday unveiled a series of agreements that would make it an anchor customer for new and existing nuclear power in the United States, where it needs city sized amounts of electricity for its artificial intelligence data centers. The Facebook parent said it would back new reactor projects with the developers Terrapower and Oklo, and has struck a deal with the power producer Vistra, which is up 11% today, to purchase and expand the generation output of three existing nuclear power plants in Ohio and Pennsylvania. So they already exist. There's probably some work already done on the permitting side. They're probably deeper in, but Facebook's just stepping up and saying, hey, we're opening the pocketbooks. We got the debt, we got the cash flow, we got the money to power this and take it across the finish line. So Vista and Oklo, both their shares rose about 15% after the stock market opened. Terrapower is still privately held, so no movement there. But you imagine the secondary market is booming right now. Meta aims to see the first new reactors delivered as early as 2030 and 2032, which feels like it won't matter because super intelligence will be here by then, certainly AI 2027. We're now less than 12 months away from the superintelligence, if you believe the most aggressive possible scenario. I mean, to give. To give a 2027 credit. They didn't. To date, it's been. It's been fairly on point. It has, it has. And no one will correct you more quickly than Tyler Cosgrove over there. The ultimate maxi. I do think we were trying to do the number of days till AGI on the ticker and I think we got to go analog. I've been enjoying moving the goalposts and I think we need a massive flip board. It's like the Doomsday Clock. Well, you know, how do you remember back in the old days when there was a movie theater and they would put up the letters on each of the like. If it was like Avengers, they would take an A and they would take a little sticker sticks like suction cup on the end of a pole and they would put it up on the marquee one letter at a time. I feel like we need something much more analog to change the number of days till the second singularity. As we monitor it here on tvpn, its purchase of nuclear power. Yes, we're very wide. We're very eyes wide open that the schedule is challenging, but we think it's important to be bold. Said the director of global energy at Meta. What a gig. That's a great hitting. I'm the director of global energy around the. I'm the energy director. I'm the chief energy to power this globe. You're going through me soon. I mean, you got to be angling. For a promotion there because you metta as like a nation state. Yeah, well, so the problem is the globe. It's impressive. Meta operates all over the globe. But why aren't you thinking bigger? Who's the director of solar system level energy development, galactic energy production, universal energy production. You should be producing energy all over the universe. Meta, you're thinking too small. Merely focusing on the globe, hitting those timelines for new reactors would require the companies to quickly select sites that would be acceptable to nuclear regulators, start working with utilities to secure grid connections and get their manufacturing operations up and running. She said. But it would also mean they have a chance to meet the urgent demand for more electricity to fuel AI computing. And so if you think about 2020, 2032, this stuff comes online. That's great. But that feels like 2027, 2028, we're going to see a mismatch in demand relative to production. So we'll talk to Jeremy from semi analysis about how we can solve that in the interim. Let me tell you about FIGMA before we move on. Figma make isn't your average vibe coding tool. It lives in Figma so outputs look good, feel real and stay connected to how teams build, create code back prototypes and apps fast. Continuing OKLO and Meta making this announcement 1.2 gigawatts is the total size of this nuclear campus in Pike County, Ohio. The agreement includes binding prepayment to support fuel procurement, enabling OKLO to advance early project work and secure fuel, adding new clean, reliable power to the grid. So yeah, OKLO opened super high this morning and Then is at 115 and then has been trading down. So it's up 7% today, but up up 28.7% in the last five days. So it's almost like somebody knew this was coming. But this was a fun article in the Journal. Were you happy to hear that AI is mining our trash for treasure? Trash economy. Trash economy. We're going to be using cubes to trash. We're all going to be getting trash post AGI. Yes, yes. We're going to be using cubes of trash to. To everyone will be rich because everyone will have a cube of trash in the trash economy. The headline from the Journal is AI is mining our trash for treasure. Plus hospitals embrace AI for better and worse and scientists create a robot smaller than a grain of sand. So Waste management, the largest U.S. trash hauler and recycler, is spending on building and automating recycling facilities. You have to go back and imagine a Sopranos like scenario where the mob is running trash management and just vibe coding and being like, what model should we use to detect what's in the trash? What's actually happening here is that they have to sort out the recyclables because there are valuable things that get thrown away in the trash and the more that you can route things to different places, the better. So it's a difficult job that pays workers little and it's hard for companies to fill. Who really wants the job of trash sorter? That's like my first job picking up cigarette butts. Yes, but you didn't have to sort them. You shouldn't. You. It's. Maybe I should have. Maybe I should have found the ones. Never figure out that they just have that, you know that bucket that you put down and then you sweep into it how did you not. It was develop tools. It was a. It was like a dirt vacuum. It was like. It was like fine rock. That was the ground. And so if I was doing that. I would just be picking up rocks. And then I'd have to be. What about one of those grabber tools? I still feel like at a certain point you weren't even operating at like monkey or dolphin level. I was more like I was running. I know I actually was running around like a monkey. Like, I like the speed at which I could just be like running around. But the monkey and the dolphin, they developed tools and you. You were unable to develop tools and you suffered. I was promoted fairly quick. Okay, you develop tools eventually. Thanks to recent advancements, some recyclers are now employing machines to do this dirty work. This week, Ryan December reports on the recycling companies using AI to find valuable commodities in the trash. So here's a job that computers can take without much complaint. Sorting recyclables. And before we read this, let me tell you about Lambda Lambda is the super intelligence cloud building AI supercomputer for training and inference. That scale, by the way, one GPU to 100. Do you have the honor of being serviced by Waste Management? I don't know. Actually, I think my town might have its own. But every time I use, I interact with Waste Management. It's good. It's great, really. It makes me wish that all utilities were privatized. How does that manifest? I mean, it's just the website is great, the support is great. Everything about the experience is great. When are you going to a website to use interact with your trash? Just like moving. Oh, okay. I need new. If you move, there's all these things like interacting with California utilities. My trash bin broke at one point and I needed replacement. One click. I bet Waste Management will have an agent that Claude code get me a new. Get me a new trash can. I suppose for humans, it is a foul, laborious job that entails standing over a conveyor belt, plucking beer cans and detergent bottles from a stream of refuse. The job pays little and is hard to fill. At Murphy Road Recycling's material recovery facility near Hartford, the machines are taking over the dirtiest jobs. A few workers remain on the line, mostly near the front, to watch for hazardous items. Otherwise, the system of conveyors, magnets, optical sorters and pneumatic blocks run largely unmanned. Watching over it all are computers that analyze material as it passes by about seven miles an hour. The device is made by London based Gray Parrot. That's A good name for a company. Use artificial intelligence. The African Grey parrot, I think is the smartest parrot, or maybe it lives the longest. Use artificial intelligence to identify recyclables, flag food grade material, gauge items, mass assess market value. They're doing DCF on every item. African gray parrots can live to 70 or 80. Let's go. Imagine just having the world's most wise parrot. Just incredible. With you always. Tyler. You should get into birds. Yeah. Bird guy. I don't know if we're. I don't know if our office lease allows budget. I think an African Grey parrot is expensive. I remember I was moving into an apartment building and I don't know why, but my friends were telling the landlord that we had that one of the friends that was moving in had a collection of African Grey parrots, and they just thought it was the funniest thing to try and get this landlord to approve the African Grey parrots in the apartment. It was very silly. There's a store in LA called the Perfect Parrot. Maybe you should go over there, Tom. Maybe. Gold Rock, says Mike Rowe, is punching the air right now. Dirty jobs getting displaced. So environmental concerns and the White House's push to boost domestic production of raw materials have turned attention to America's waste stream, which is full of valuable commodities. The aluminum tariff, 50%, has lifted demand for scrap metal. Meanwhile, pulp mill closures have left boxmakers reliant more than ever on old corrugated containers. And consumer good companies want to reclaim their bottles and jugs as states adopt extended producer responsibility laws aimed at reducing plastic pollution. That's good news. There's really a lot of value in a lot of recyclables and garbage, says the founder and chief technology officer at amp, a Colorado company that builds AI run recycling facilities. The problem has been that the cost of pulling those materials out is similar to or greater than the actual value of those materials. Recyclers believe that AI will allow them to efficiently mine our trash for treasure. Gray Parrot's analyzers were shown recyclables thousands of times in conditions ranging from crumpled to perfectly intact until the computers could recognize materials. Perfect job for AI. The devices gather data about what is passing through the facility and which items aren't winding up where they belong. It's helping us make adjustments to the system. Murphy Road executives say the technology allows them to sort up to 60 tons an hour of curbside recycling. And some of these, some of the. Some of the stuff that you can pull out of recycling is remarkable, especially if there's batteries that can be disassemble. There's a whole company, Redwood materials, founded by J.B. straubel, former Co founder of Tesla, early employee of Tesla, board member of Tesla, focused on re recycling EV batteries because obviously we have the rare earth elements, we make the magnets, we make the batteries and then we just kind of trash them. And if you can recycle them, that's obviously effective and valuable. Sort of an interesting second. What do you think about the name Redwood materials? Wouldn't you expect them to be working in wood? I guess. I don't know. Yeah, I don't know why they call that. I think they're out in Vegas. They have a massive facility. I wonder how the business is doing. I know they raised a bunch of money. It was a massive capex intensive effort, but it seemed like something that was uniquely powered by seeing the rollout of Tesla. JB Straubel is working on Tesla, seeing how many cars they're shipping, watching all the batteries go out the door and just thinking, okay, well something's going to happen with those in a couple of years. I should start building this business today. Well, CrowdStrike, your business is AI. Their business is securing it. CrowdStrike secures AI and stops breaches. So let's move on to the big news of the day. Andreessen Horowitz raised $15 billion. Why are we here? Why did we raise $15 billion? Ben Horowitz wrote a piece on X. You can go and read it. He's also joined the show, by the way. By the way, redwood materials, the last round they raised was in October of 2025. I missed that. October of 2025. Yeah. So very recently raised 350 million. Yes. So massive suite of new funds. The hall represents 18% of all venture capital dollars allocated in the United States in 2025. Yeah. So that was something I was curious about. Does this get sort of like backdated like this wasn't factoring into the data that we had from last year. And now that it's. Or was it already being counted in some way through filings? Right, because you add an incremental 15 billion funding change. I don't know, we'll have to ask them. But A16Z is now at 90 billion of AUM and it's split over a number of funds. Growth. The growth fund got 6.75 billion. American dynamism two got 1.776, I believe. Right. Or is it 1.176 billion? There's two different numbers here. Apps two got 1.7 billion infrastructure. The second fund got 1.7 billion. Bio and healthcare got 700 million and other strategies got 3 billion. I wonder crypto is sort of missing here. I wonder if crypto is just on a different cycle or has some sort of different structure. We'll to ask them about that. But very exciting and feels like despite the headline of venture capital fundraising decline, certainly plenty of money to go around. Well, I think both. Both Josh and Dalian this week talked about kind of the K shape and how emerging manager. Less emerging managers, less new funds. But the platforms have been doing just fine. Yeah, yeah. I'm curious about this. Oh, the. Okay, okay. So I understand it. So American Dynamism Fund 2 raised 1.176 billion. They already had a $600 million fund. So you add those together and you get the final amount of funding for American Dynamism across the two funds. 1.776 billion for American Dynamism. And some cool trading cards going up from Andreessen. David Ulovich shares one of an Anduril Fury drone flying across a mountain range for companies that support the national interest. Kathryn Boyle had a different graphic with a horse which we love. Play that horse sound with an American flag. And the. And the Andreessen new font which is a very beveled and 3D looking metal texture. Very fun. And Paki has a new piece on some of the history of the fund. The opening is quite fun. I'll just read it. Before we do, let me tell you about cognition. They are the makers of Devon, the AI software engineering crush. Your backlog of your personal AI engineering team. Packy says Andreessen Horowitz hears your feedback that it's too loud, that it would shut up and dribble, that it should shut up and dribble. Politically speaking, that you don't agree with a recent investment or two, that it's unbecoming to quote the Pope that there is no way it will ever generate a reasonable return for LPs on such enormous funds. A16Z does hear you. It has been hearing you at this point for nearly two decades. Overnight success. And then he goes into a bunch of the history and the news. So I would encourage everybody to go to go. Specifically, there's a bunch of information on their actual returns, which is cool. But unfortunately this went out right before we joined. So I have not been able to read it yet. But there was some spice. We gotta get to the drama. So Andrews and Horace, they put out this image why we raised 15 billion. We're all in on America. And what image do they use? They use Mount Everest. They're climbing Mount Everest. The metaphor is clear. It's the tallest mountain. We're the tallest mountain adventure. We got the most money. We're the biggest firm. But a lot of people are saying, hey, why do you use a Chinese mountain? Why do you use a Chinese mountain? It's Everest. It's over there in China. It's actually half in China, half in Nepal. It's more complicated. But maybe it's foreshadowing. Let's not get into that. Maybe it's foreshadowing. You know, we're acquiring Greenland. Maybe they know something we don't. Maybe it's not going to be in China forever. Maybe we already, we already named it Everest is named it by an American who I believe was the first person to climb it. Yeah. And remember land acquisitions. White House officials have talked about a $5.7 billion payment for Greenland. Right. That depending on what type of payment would be needed for a place like Nepal. Right. You can imagine it being potentially less than that. A16Z. They've got plenty of cash. But I'm super excited to have a whole host of folks from the fund. Jen is joining Alex Rampel, David, and then Ben will cap it off at. The end for his And Dan Primek is pulling out the spiciest quote VC industry. Shots fired by Ben Horowitz. Ben says as the American leader in venture capital, the fate of new technology in the United States rests partly on our shoulders. That seems reasonable. They're certainly up there and leaders obviously, by what definition? But they're certainly in the top in terms of aum. And I mean, they do have a responsibility for Josh. Josh Wolf yesterday was saying that he expects at least one or two of these larger platform funds to go public. So we'll have to get into that. Yeah. I mean, that's a very interesting angle with Andreessen is because it's becoming such a large they call it platform fund. They're almost private equity type deals. We've seen General Catalyst buy a hospital network. They're at a scale where they can keep a company private until they're a trillion dollar company, but they can also buy whole companies and roll things up and incubate stuff. There's so much that you can do at this level. And it starts to look like is the comp actually BlackRock is the comp actually Blackstone. And those two firms are worth 170 billion each. Something around there. 190 billion each. And so it feels like, it's going to be interesting to start seeing these firms more as financial institutions with. With more traditional research, not just a firm and institution. Yeah. Not that it's going to happen anytime soon, but it feels like. But this feels like it could be effectively a pre IPO round. Pre IPO fundraiser, maybe. We will see. We will see. But go read Paki's piece. And Sham Sankar says we should insist that all data centers that are built are architecturally beautiful in the neoclassic style. Yes. I wanted to do an architecture deep dive. Before we do, let me tell you about Label box. Delivering you the highest quality data for Frontier AI. Get in the box. The label box. The box. I love that they. They gave us enough. Just enough rope to hang ourselves. So Sham Sankar, he wants data centers built that are architecturally beautiful in the neoclassical style. Have you seen those photos of the AWS data centers that. That back up onto Virginia housing developments. So it's just like an idyllic few houses that just look like a normal neighborhood. And then just behind this massive white. School box, like, I'm not leaving. Well, now you don't even get a box. You get a tent. Because Meta is now. They gave up on their previous architectural design, and now it's just a tent, which maybe is more aesthetic. If you're gonna do a tent Meta, I think you should make it like a circus tent. Get some red and white stripes going. Get some constant, you know, clown music going. Get the workers in the data center to be wearing clown. Clown makeup. IRL slop. Yeah, exactly. But there were some interesting architectural debates that I wanted to go through. Before we go to the next one, let me tell you about MongoDB. Choose a database built for flexibility and scale with best best in class embedding models and re rankers. MongoDB has what you need to build. What's next? So imagine being as locked in as the Kyoto architecture community was in 1397. I cannot believe this was built 700 years ago. 1600 or 600 years ago. Explain. What? So there's some lore here. Give me the lore, Tyler. Okay, so. So yeah, 1397, when it was built, I think in maybe 1950. So it was like a temple. Right. So there's monks that lived there. Okay. And I think it was 1950 for. 500 years or 600 years. Yeah. Okay. One was living there, and he burned down the temple, and then he tried to, like, commit suicide right outside it. Why? What's wrong? I don't know. He just wasn't locked in. No one knows what happened, but. But then. So this is actually. It was rebuilt and there's a good. But it was rebuilt in the same style. Yeah. So the architectural style is truly from 1397. Yes. I mean there's. I think there's some questions about how much gold was actually used in the original design. Yeah. But yeah, there's like gold should be pretty fire resistant. You know, gold probably high melt. Sure. But I mean it's like a very thin. That's a skill issue. They should have made it out of solid gold. Then a single ember, you're trying to light it, trying to get it started. And the monk is just, I can't get this gold built to melt. Yeah. But there's a good Yukio Mishima book about this. Oh really? There's a whole book just about this story. It's like a fictionalized story of the burning. Interesting. Very cool. How would you rate this out of 10? Jordi, would you live in this Kyoto temple? If it was an Amman, Yes. If it was an Amman, it must have a spa. Kidding. I do. I like the water feature. The water feature. I really want to bring back moats. Right. The obvious thing that's missing from modern architecture, people talk about the material use, the form factor, but the obvious, the elephant in the room is a lack of moats in modern architecture. We need to bring back moats. Gators in the moats, potentially sharks in the moats. I feel like sharks are a little bit safer in the moat because you can hang out. Whereas if there's gators in your moat and you're on the grass next to your moat. Yeah, people have like koi fish ponds. But why not just go size it up a little bit. Go for the shark pond. Shark pond, shark pond. Imagine people go out, they like the being relaxed and kind of like feeding the koi. But imagine just throwing chicken breasts into the water for a shark. How relaxing that would be if you needed just 15 minute break from work before you get back to your email job. Well, if you're building a fintech company, you need a moat. You need plaid. Plaid powers the app you use the apps you use to spend, save, borrow and invest securely connecting bank accounts to move money, Fight fraud and improve lending. Now with AI, what about the architecture at the Charles de Gaulle airport in France? It's a cross section of a wing complete with spar box. I didn't know what that means. Need Billy Thalamer, founder of Regent Aircraft, been on the show. He says we need more buildings modeled after Airplane parts. I've seen this as well. In a house. Someone took an airplane wing, a physical, real airplane wing, and built it into a house that sort of served as the unifying ceiling. What do you think about living in an airplane wing? Could you do that if it was cool? I feel like I saw a house at some point that was built around 747. Yes. Yes. Well, you also might be thinking of John Travolta's house, which just often had a 747 parked outside, which he flew himself, which is incredible. Imagine being so into private aviation that you learn to fly. Massive. Okay, I found it. And then land them at your house with your own. With your own. I put it in the timeline. Guys, if you can pull it up. There's something called the 747 Wing House in California. Yes. Let's pull up this. Let's pull up this. I think I've seen this on a show called Grand Design on Netflix. I believe I watched a little mini documentary or an episode of reality TV about this. Let's see. Yeah, this is the exact thing. Come across views like that more than once in a lifetime. It is somewhere that once seen, it would never reveal it. Reveal it. Reveal it. Enough of the. We get enough cactus outside. Running water or even roads. Is an endurance test. Only the braves. There it is. There we go. Look at this thing. Interesting. Oh, very cool. That looks really cool. We don't know how to make wingman. That's really cool. You know what this is? I. Every time you watch one of these episodes, it's always just some couple that's just maniacally focused on making this particular thing. And they interview them and it takes like years to create one of these episodes. Wow. Interesting. It's blurred. I wonder why. That. That is very, very odd. But it's always someone has a vision and then they think it's going to be easy. And then they spend a decade building it and they have to check in with them. We checked in with them four years later and they were still in production and still getting permits. But eventually it does get built and it looks beautiful when it does. You got to really love the 747 to be in love with this house. I think it looks very cool. I'm glad they did it. I flew on a 747 for maybe the first time to Europe. It was beautiful. It was amazing. The first time. Yes. 747s are pretty rare. Like, except for long haul international flights. Yeah. You're an America guy. I'm An American. So I'm usually 737 Max always like or Airbus. But the 747, it's got a special, it has a special aesthetic to it because of the smooth bump you get the second story but only for the first half of the plane. I mean it's the plane that, that we use Air Force One for. That we use for Air Force One. Whereas the competitor which I believe is the Airbus A380 doesn't have the same aesthetic beauty. It's two stories the entire way. It's very efficient but it just doesn't have the same clean line as the 747 which is just so, so iconic. Anyway, Charles de Gaulle airport, go check it out. Also check out restream one livestream 30 plus destinations. If you want a multi stream go to restream.com. So checking in on 262 5th Ave. Yes. Sage Hunter Bornstein says should be raised. It's a crime. It should be raised. Shame on S L C E F. He really dug into who built this house. Wow. Moscow based. He's going at him 26 residences. He calls it hideous architecture. He says it takes away Madison Square Park's views of the Empire State Building. I don't know what is that at the top? That top is. Don't worry about the gold cube, John. Don't worry about it. Don't worry about it. Don't worry about it. It's just. It's a gold cube. Wow. We found a Rare post here. 0 likes 166views wow. First, except for the fact that I disagree with it, I think it's actually sort of a nice building and I think we just, we generally need more buildings. I think it just feels harsh because of the contrast to the building next to it. True, true. But I don't know. We'll read this in the mansion section. But there's some interesting Dynamics about how HOAs enforce aesthetics in communities and whether or not that's good or not. In other news, they 3D printed a Starbucks. Starbucks has a new drive through in Texas, the Coffee Giant's first 3D printed store in the United States. It's funny, they really made it look like it's 3D printed. Look at this, look at this. So I mean I've talked to one of the. There's a YC company that does this technique. I know it looks so sloppy and there's a little bit of like up at the top. It actually looks like there's a little bit of imperfection and randomness that Looks sort of aesthetic. It looks like it's sort of designed in the way that a log cabin. Not every log is going to be perfect. But then you get to the middle section and it's like the tube that was pumping, it was just not working. If you scroll down over to the left and then down a little bit, just down like that is messy. So this the way it shows up. You basically get like a crane with a gantry that can move the nozzle in an X and Y axis and it just pours cement in, loops, circles again and again and again. Okay, I need to know, I need to know how quickly they built this and how much it costs. Because if this came in at 80%. They said it was two GS. Two grand? No. Can you imagine? So cheap. Starbucks was down to their last two. Grand and they're just like 3D print it. Yeah. I don't know, around 1.2 million. Okay. That's what is a normal. What is the average Starbucks cost? Standalone building cost. Tyler asks who is the architect and Pete says, Slop GPT people are not happy. The U.S. jay says, you wouldn't download a Starbucks. U.S. graphics Company says, I have the sudden urge to insult this in biblical terms. Yeah. People are not very happy with this. It does feel like a low quality print. Hopefully the 3D printing company, this is just a step in the road and they become more aesthetic, more precise, I think. Okay, so the total investment range for Starbucks location is 760,000 to 2.2 million. See, that's not. It's kind of right in the range there. It's the median cost, but one of the more ugly ones. Whether you're long or you're short, Starbucks, you got to do it on public.com investing for those who take it seriously. Stocks, options, bonds, crypto, treasuries and more. With Dan. Great customer service. Matt Stevik says they saved 10 bucks. Good to see you, Matt. The wrath of N is comparing some architecture in Oslo, Norway. Wait, going back to the 3D for a second, could they not have found a material to just place on that? Like, it seems like this could be a great way to build the core structure. Yeah. Couldn't you just plaster over plaster over it? It seems like they wanted to prove that it was really put it in your face. The whole point of technology is not the technology itself. Yeah. It's what it enables. Yeah. So if you can build a Starbucks for half the cost, you know, twice as fast, that's amazing. But it doesn't mean it has to look like. Well, yeah, you can, you can plaster and spackle over any sort of rough material and then you can print. You can basically stamp like brick texture into it or some cinder block texture into it. And it's fake, but it looks like. What? It looks like they didn't do any of that here. They really let the, like the loose tubes really lay out. It looks, just looks like, it looks like, it looks like, looks like a gingerbread house. It looks like a kids, a kid's, you know, school project. Yes, yes, yes. Today we're using. And you got to be like, oh, nice, nice work, nice work. There's like tongue depressors and chopsticks or popsicle sticks. Popsicle sticks and glue. And the, and the four year old went a little crazy with the glue. The Elmer's came out in full effect with this Starbucks. That being said, cool that this is actually happening. Yeah. Because this has been promised for a while. Yes. I just hope they refine the design. At the same time. I've talked to a number of startup founders who operate in the. Trey says you can also build a Starbucks out of mud, but you probably shouldn't. Oh, wow. Okay. Okay. So I've talked to a number of startup founders working in trying to develop cheaper housing, cheaper building materials. And they've all said the last thing that you want to 3D print is just a flat wall. Like, 3D printing is great when you're talking about Lucas Zinger's Hypercar. And you need some crazy structure that can't just be milled, but with like, we're very, very efficient at making flat planes. You can just take a metal cube and slice it. You can take a bunch of wood and build a grid. Like we're pretty efficient at just building flat walls. You don't actually need 3D printing for that. You need 3D printing for building some sort of special structure. There was a rocket company, was it Relativity? I don't want to get it wrong, but there was a rocket company that was saying, hey, we're going to 3D print rockets. And it would go and solder one piece after another in a cylindrical turb. The only problem is that we know how to make cylinders. Really, really effective. Yeah, we can just bend metal. And so that's what Blue Origin and SpaceX do. What Rocket says. Lincoln Logs, Starbucks. Starbucks. Soft serve building. It does look like soft serve. That's right. It's a good Starbucks. Yeah. Maybe it's an ad for the McFlurry. Maybe the McFlurry machine always works. There. DG says you could do a sandcastle Starbucks. Sandcastle Starbucks might be fun. That could go pretty hard. Well, maybe they need to do a sandcastle National Museum over in Oslo, Norway. But before we dig into this, let me tell you about Applovin. Profitable advertising made Easy with Axon AI. Get access to over 1 billion daily active users and grow your business today. So he's comparing two images. One is from 1882. It's the National Gallery. And in 2022 they launched the National Museum. And he claims that modern architecture is meant to demoralize you. And you can zoom in on the side by side here. The 1880s building is very ornate with lots of gold and brick and details and structure and windows and all sorts of things. And the 2022 building looks like a black cube from the Borg or Star Trek. Really rough. Some cool stuff. You can do cool things with flat materials. I've always liked the design of the Walt Disney Concert hall, but it looks like this sweeping winged structure. It's very innovative and unique. This is a little boring, guys. But at the same time, Oslo, it's a gloomy place. It sort of fits in, I guess. I don't know, maybe architects were depressed. They had seasonal affected disorder. Sad. Anyway, Steve is sharing, apparently this was a proposal from a Norwegian architecture firm for the Obama Presidential Library in Hawaii, but it failed. Okay, so the Norwegians got it. They still got it. Yeah, sometimes it's the flat black cube. It's interesting because, like the critique of the new Obama Presidential library is that it's too Norwegian. And it turns out he just went with the wrong Norwegians, I suppose, because they're sharing these sort of science fiction looking renders. These look beautiful with wonderful water features and this sweeping grass overlay. That seems very cool. Although it feels like you would be at risk of falling off the edge here. They would have to put a railing of some sort. But very, very cool architectural designs. And I would love to see more. Pull up the Obama Presidential Library. Does Trump get two presidential libraries, one for each term? Has he already built one? I know the plane's going there, right? Something like that. I put the Obama one in the. But if you're worried about a lack of gold in the presidential library architectural industry, I don't think you need to be worried for very long. I think there will be a very ornate building coming in just a few years probably. And I'm sure the. This is the. This is what? Yeah, this is. This was the winning bid. Yeah. And they did. This one is in Power source. Right. This one is in Chicago. This one's in Chicago, not Hawaii. Yes. And again, maybe if they get a huge projector and put like a fireplace on the wall inside, it could be cozy. But that doesn't look crazy. How tall? It looks like a great place, potentially like the. Like if the deep state felt like not super welcome in other buildings. I want to see the aircraft that they're building inside there because that looks like a aircraft hangar for a ufo. Yeah. It seems of alien origin. Well, Wrath of Non is continuing to talk about architecture. He says traditional Korean architecture, with its visually rich, harmonious patterns, produces lower levels of visual stress than modern facades with repetitive patterns, hard lines, and high contrast materials, which are more likely to overload the visual system and contribute to discomfort, especially in dense urban areas. There's some research that suggests that having variation in your architecture actually can reduce stress, which is fascinating. Yeah. Try to zoom in on this picture on the left. If you click in because you can see the one on the left, it's way for something. It just feels more organic or natural, right? Yeah. And it's a pretty simple shift. And then if you go over to the right a little bit, it doesn't feel like they. Okay, that looks like a prison on the one side. The left looks like. Like they're gentrifying some area. And on the right, some part of Mexico City. And on the right, it looks like a prison. And it's only a slight. Or a bank building in New York City. But yeah, it doesn't seem like it costs that much to create some variation and randomness in your architectural designs. Maybe it's expensive, but I want to. See the new A16. I think A16Z needs to build a massive gold superstructure in the heart of San Francisco. Just carve out, you know, the. Who knows what the fee structure is. But take half of it. Take half of these and just build a monolithic monument. Have you ever been to the Statue of Liberty? I've never actually toured it. So there's a structure. You can go inside of it and walk up the stairs and whatnot. You could put offices in that you could build. You could build a statue. And then to put your office inside the statue, that's thinking. I like that. I think we should kind of look back to Charlie Munger's design for the ucsb. The lock in. Yeah, Dormzilla. He just wanted. He just wanted everyone to lock in. And he was killed for it. It was ridiculous. He was. Pull this up. University of California abandons plans to build Window led the Munger Hall. He just wanted you to lock in. But pull up this article, you can see the design and just how many, just how many rooms in this place are windowless? It is very, very powerful. So on the outside it looks like. It looks. I think he just knew that people were only going to have a few by the time this was built. People would only have a few years to escape the permanent underclass and windows would distract people. If you scroll down, you can see the actual design. Yeah. There'S a lot of windowless things. Maybe he was just super pilled on VR at the time. He was like, everyone's going to be in the metaverse. Everyone's going to be locked into their VR headsets. Maybe Aqua says Munger was cooking. Yeah, we should have let him cook. We support him anyway. Gusto. The unified platform for payroll, benefits and hr built to evolve the modern, modern small and medium sized businesses. Yeah, I mean the funny thing with trying to do that at UCSB is like the most popular freshman dorms at UCSB are actually like in an old like hotel. So it's these two towers that like have these like incredible like 360 views. Not 360, but like the mountains and the ocean. And then you have like this huge like Olympic swimming pool. So it actually feels like you're just staying at like a Hilton or something like that. So to go from that to windowless is just a little bit rough. Yeah, well, underrated strategy. Buy a compound with your friend. Do you see this? Former casino mogul Steve Wynn and financier Thomas Peterfi set a record when they bought a 4 1/2 acre compound in 2024. I can't seem to add this to the list, but it's in the Wall Street Journal today. It's on the COVID of the Mansion section. It's comparing Aspen to Palm beach, but it's very funny. It says five years ago, $20 million home sales in Aspen were rare, happening no more than a handful times in a year. An influx of uber wealthy buyers has now upended that norm, handing the affluent ski area 34 deals above 20 million last year, up 161% from 2024. Year over year growth almost tripling in that category. The median single family home sale price hit 13.95 million during 2025's third quarter, compared to 9.97 million in palm Beach, Florida. Raising the question, has Aspen eclipsed Palm beach as one of the priciest markets in the country, long known as playgrounds for the rich? And famous one sunny, one snowy. Aspen and Palm beach are increasingly two sides of the same coin when it comes to luxury real estate. Despite 2,000 miles between them, each is home to dozens of billionaires. Restaurants like St. Ambrose and boutiques like Brunello Cucinelli have outposts in both locales. Some of the wealthiest people have property in both places, too. People run in packs and they and they run to the same destinations, said Palm beach real estate agent Dana Koch. The meteoric rise of Aspen's ultra luxury market has made comparisons between the markets unavoidable. Both Palm beach and Aspen saw deal volume and prices soar in 2020. That's continued to be driven by strong financial markets. The 1 percenters are making money hand over fist, said Aspen real estate appraiser Randy Gold. Real estate, he said, is a hard asset that they can enjoy. Both are small markets that are protected geographically, adding to their exclusivity. Palm beach is an island, and I gotta turn to M9. Aspen is basically an island in the mountains surrounded by public land. Once you're here, it's very private. Each has a limited supply of homes. There are only so many beachfront properties in Palm beach or homes on Aspen's Red Mountain, which has fueled major price appreciation in both. The numbers are mind boggling, but the reality is that these properties are unicorns. When they come up for sale, you have buyers out there who will pay a premium. Okay, so Steve Wynn and Thomas Peterfy, they both own homes in the same area in Palm beach, and they're known to be friends. And they're both GOP donors, they're neighbors in Florida, and apparently they became close enough to go in on $108 million Aspen Estate together. And so Wynn is the founder of the Wynn Resort and Casino in the Bellagio. Thomas Peterfee is the founder, chairman and largest shareholder of Interactive Brokers. So he's made a ton of money. Thomas is worth $35 billion. Steve Wynn is maybe worth $3.4 billion. So one order of magnitude gap between them and you wonder if it's wind being like, I got to bring in some extra firepower on here. Let's go 50, 50, brother. Well, here. Here's the thing. Like this sounds great in theory, and then it's New Year's and both families want to be in Aspen, but it. Is 22,000 square foot compound. You might just say, hey, we're doing Christmas together, New Year's together. I know, but there's probably only one bastard actually finding families that want to go be In a cabin. Yeah. Oh, it's, it's, it's a tall order. It's crazy to be like, oh, yeah, like, bro, you're only. Little bro, you're only worth 3.4 billion. Hit the couch. I got the master. You got the couch. Oh, you only put in 50 million into this compound. But this is where it gets funny. So no one. There's no reporting on, like, why they decided to buy this together, but we have a clue because the buyer is actually an LLC that they set up. And the name of that LLC is Buddies. Aspen. We're buddies. We're Aspen buddies. We're a couple of Aspen buddies and we went in on it together. And so they bought an Aspen mansion together. It's a very funny time. The other buddies who did not buy a mansion together are of course, the Google co founders who have both bought property in Miami. Larry page just spent 173 million on two Miami homes. Some of them are very odd. We'll go into these. First, let me tell you about Fin AI, the number one AI agent for customer service. If you want AI to handle your customer support, go to Fin AI. So Google co founder Larry Page has bought two massive Miami estates for a combined $173 million, according to People familiar with the situation. The deals come as Page and other Silicon Valley moguls descend on Miami in the face of California's proposed tax on billionaires. Deleon called it just a little bit too early, but the move is finally happening. Page paid $101 million in December to buy one of the properties, a waterfront compound in Coconut Grove that had long been the home of the late restaurateur Jonathan Lewis. He then purchased a nearby Coconut grove property for 71.9 million from heiress Sloane Lindemann Barnett and her husband, Roger Barnett. Okay, and let's pull up. There was some interest in one of these homes that Larry bought. We can pull it up. I put it at the bottom of the timeline. Yes. But one of the homes that he purchased looks fantastic. Looks like this jungle oasis. And then you zoom in a little bit. Do the csi. Enhance, enhance. Enhance it a little bit. And it starts to get a little odd. A little odd. Haven't. Oh, it hasn't. It's not. It's just a sculpture. We can hopefully. Let's see. This is going to be a jump scare if it's anything but this. Yes. So this. So you have to show the zoomed out picture. So scroll down, show the zoomed out photo. Oh, wait, no, it's not There. Uh, oh, don't scroll through too much. We need to find the original photo. The original photo is just. Where did the original photo go? We'll find that and we'll take it here. But if you, but, but basically there's a, there's a, you know, it's a stock, it's a real estate photo. It's a photo that was taken clearly. The real estate agent hired before it was Larry's house. Before it was Larry's house, to be clear. So this is the photo. This is the photo. And then people started zooming in and you keep zooming in and you keep zooming in and you keep zooming in and you start seeing some very weird design and decor interior decorating decisions that tell a little bit of a weird story about whoever was here. Usually these properties are staged before they are photographed. So who owned that choice? Who owned it previously? Also, it's something that. Tyler, can you try to find out the previous owner of this house? I don't know. So I mean, we do have some. Jonathan Lewis is one and Sloane Lindemann Barnett and her husband Roger Barnett are the other. If this is Larry Page's new house. But I know Sergey, also some guy named Jeffrey. Oh, no, no, no, no, no, no, no, no, no. And they declined to comment. California's proposed ballot initiative would impose a one time 5% tax on the assets of billionaires who would retroactively apply to those who were California residents as of January 1, 2026. Now this proposal is not even on the ballot yet. It's, it's still being workshopped. But many tech billionaires are not taking any chances and they're relocating as of January 1st or December 31st in many cases. December 31st was really the day to send the press release. It was, it was pretty much every other day. I'm showing property to a client from the San Francisco Bay area, says Dina Goldentyre of Douglas Elliman. Every conversation I overhear they're talking about the wealth tax and how it's retroactive. They're in a hurry and they're all looking at the same houses. Several agents told the Wall Street Journal they couldn't talk about the deals because they'd signed non disclosure agreements that could end their careers if broken. The former Lewis compound spans about four and a half acres on Biscayne Bay and Coconut Grove, one of the city's most coveted neighborhoods. Lewis was the son of the late Peter B. Lewis, one time CEO of Progressive Insurance Company. What a great big business. The property listed for 135 million in 2024 was most recently asking 115. The estate has two primary residences. One was designed for the Secretary of State William Jennings Bryan in the 1920s and Lewis built the other home for his father around 2002. The other property purchased by the Barnett's for 45.9 million in 2021 is less than a mile away. Sloan is the daughter of billionaire George L. Lindeman and Roger is the chief executive of health supplement maker Shakly. I don't know Shakley. Actually. The Barnett sold the San Francisco mansion to a billionaire, Lauren Powell Jobs, wife of the late Apple visionary Steve jobs, for around 70 million in 2024, setting a record for the California city. The Barnett property wasn't on the market at the time of the deal, so little information is available. Real estate data website Property Shark shows it was built around 202015 and spans 17,000 square feet with seven bedrooms. Page and Sergey Brin founded Google as Stanford students in 1998 and built it into the one of the world's most valuable companies, or one of them. Step back from active management in 2019 and maybe getting back in the arena during the AI boom. Page is worth around $270 billion, according to Bloomberg. In addition to his home in Palo Alto, he obtained New Zealand residential residency in 2021. Miami's ultra luxury market has skyrocketed in recent years. In 2025, there were 19 sales above $50 million in Florida, compared with just 12 in New York and 10 in California. Miami had four deals above 100 million last year. Billionaire hedge funder Ken Griffin paid 106. Million for a combined state. Miami really makes Southern California look cheap. It does. Ask a Miami guy to to watch him browse. Watch him browse Zillow. Yeah. And they're like, why they're giving the houses away here. Well, let me tell you about Vibe Co, where D2C brands, B2B startups and AI companies advertise on streaming TV, pick channels, target audiences and measure sales just like on Meta. And you know what else is surprisingly expensive? Nashville. I had no idea. But there is a Nashville condo that quote where it's James Bond meets Lenny Kravitz and it just is for sale now for 33.5 million. So looking to hang out with John Fiorentino out in Nashville. You gotta pick this one up. It's 5,000 square feet. Wait, doesn't John live in the Four Seasons? I think he might not to docs. But if you want to get Volta from the Source. You gotta head to Nashville and hit hit John FIO on X with a DM In Nashville, where luxury home prices have skyrocketed in recent years, a penthouse at the Four Seasons hotel and private residences is aiming for a record 33.5 million. Asking price. The condo unit is the city's most expensive home for sale. The penthouse is also available. You can rent it if you don't have 33 million to spare. It's going to cost you $200,000 a month, and you got to commit to at least least six months. But if you have 1.2 mil burning a hole in your pocket, you want to hang out in Nashville with one of the greatest idea guys to ever do it. John Fiorentino, maybe. It's just funny. I just realized the guy selling this house is a buddy of mine. Oh, really? I actually bought my house through his office. Jamie Parsons, this is Cortazo. Okay. Yeah. The newly completed Four Seasons in downtown Nashville near the Ascend Amphitheater. What Ascend Amphitheater? They're ascending out in Nashville. Whoa. Is that where you spent winter break? Yeah. Yeah. The Ascend Amphitheater just looks maxing. John has been looking good recently. He must have been spending some time there. It's a few minutes away walk away from Broadway and a thoroughfare famous for its bars and live country music. About two miles away from Taylor Swift's longtime home in the city. The penthouse spans roughly 5,000 square feet with three bedrooms and a balcony lined with floor to ceiling windows. The unit has expansive views of the city and Cumberland River. Chris Cortazo, a Malibu, California real estate agent, bought the penthouse for 12 million in 2022. When it was just a shell. There were no walls, kitchen, he said. There was nothing there. He spent two years building out the unit in an aesthetic he calls James Bond meets Lenny Kravitz. Anchored by a circular floating fireplace. Wow. Floating fireplace. That's cool. The residence has about a million dollars in smart home technology. He lives full time in Malibu, but began visiting Nashville around five years ago. Cortazo did. He also owns a roughly 150 acre farm outside the city, he said, and has spent only a few weekends at the penthouse since completing it earlier this year. Cortazo is also listing the mallet home of the late actress Shannon Doherty, a longtime friend of his. Oh, I heard about this news that that property hit the market last year for 9.45 million and has a listing price that has since been reduced to 8.75 million. Nashville's luxury real estate market has surged over the past six years, according to Parsons. While only one home traded for over 10 million in Nashville, Kruger said that she believes the figure almost hit 20 in 2025. If Cortazo's home sells at or near its record asking price, it will set a record for Nashville. The current record is held by a suburban home on 50 acres that sold for 32 million in 2024. So if you're looking to head over to Nashville, pick up this penthouse. I've never lived in a penthouse. A condo like this, then you've never lived. I've never lived, but personally, I would be going for the 58 acre suburban home. Too many dogs, too many animals around. I want the steeds around. I want to be able to ride the horses. But for the right person in the right time of their life, I'm sure this is a fantastic pickup. In other news, phantom cash. Fund your wallet without exchanges or middlemen and spend with the phantom card. France will delay the G7 summit to avoid conflict with mixed martial arts. Really? On Donald Trump's birthday? Yeah. So they're gonna delay Group of Seven summit to avoid a conflict with the mixed martial arts event planned at the White House on Donald Trump's birthday. Do you think they have a group. Chat for the G7 and it was like, hey, can we get together? We gotta get together. We gotta get together. We gotta do a summit. G7 leaders, let's do it. And Trump's in there just being. Yeah, I already told Dana I'm in. I'm watching ufc that it's happening in my house. It's happening in my house. It's going to be really awkward if I'm not there. I got to be there. I got to be there. Plan another summit, another time. This is interesting. Usually there's some big news that comes out of G7 summits. Usually there's all the leaders get together, they're striking deals, they're talking to each other. There's something going on. Yeah. So definitely worth still doing. Worth delaying, but worth doing well. Speaking of Trump, Lip Bhutan is in his good graces. Donald Trump post on Truth Social. He says, I just finished a great meeting with the very successful intel CEO, Lip Bhutan, lbt, as he's called. For those who know, intel just launched the first sub 2 nanometer CPU processor designed, built and packaged right here in the US of A. The United States government is proud to be a shareholder at intel and has already made through its USA ownership position, tens of billions of dollars for the American people in just four Months. We made a great deal and so did Intel. Our country is. You're kind of slipping into the. Oh yeah, by the end of the year I'm going to have it down. Our country is determined to bring leading edge chip manufacturing back to America and that is exactly what is happening. And people are asking for particular financial advice, which we won't, which we will not give. But Liputin also sat down with Howard Lutnick. Howard says just four months after the United States invested Intel, that investment is already delivering tens of billions of value to the United States people. That momentum continues with Intel's new 1.8-nanometer processor and a major step step towards bringing semiconductor manufacturing back home. Let's play this clip from Lipputon talking to Howard Lutnick. I have the pleasure today of welcoming Lippu and he's come to the Department of Commerce to update us on how intel has been doing since we made our historic investment in the company. Thank you so much. I'm so delighted to come over here to CEO. We double the market cap is over 2200 billion and also very exciting. We announced our products first time on the 18A production in Series 3 processor with multiple of our customer in us globally and using that is the most advanced process design and also using our most advanced productions. Right. So for the United States we, we love the fact that intel is doing leading edge work in America. Right. 18Ameans 1.8 nanometer. 14A is 1.4 nanometer main. Think of how incredibly sophisticated and tiny that is. And then packaging. Yes. You take this little, little, little, little teeny thing and how you put layers and layers of sophisticated circuitry on top of it and you do it with you know, just the most amazing technology. You'Re going to be doing that seems. Like it in America. Leading in America by a US company. Get yourself an investor that talks about your company like this. So we're proud of you, okay? We're rooting for you and we need you to be successful for America. Thank you so much. This is the new startup launch video. You do a deal, you raise some money from a VC and you got to put out a music a video like that. You guys sitting down on the couch next to each other with succession music and they explain your business, shake your. Hand and there's so many new formats. Yeah, new format, unexplored clone that one call video production team. Get it done. In some other news, US oil executive is commenting on Venezuela. No one wants to go in there when a random effing tweet can change the entire foreign policy of the country. And Deep Dish enjoyer says lmao. It is remarkable how online this administration is. You saw during the, you know, people have been celebrating the death of X and yet during the invasion in one of the images of the war room in the background on the TV was just X. Let's see what people are saying. Remarkable Times week next time they'll probably have Regis monitoring the situation Dashboard on that. They should also be using Railway Railway simplifies software development, web apps, servers and databases run in one place with scaling, monitoring and security built in. So I posted a piece about the Apple card and how it's changing from Goldman Sachs to Jamie Dimons, JP Morgan of course and a software architect for Goldman Sachs's consumer bank. Matt Lowe chimed in and says good article. I think the main reason it didn't work with Goldman Sachs is that it lost its high priority in a double whammy. CEO David Solomon used a lot of his power to evolve the partnership culture to an exec first modern corporation. That's, that's interesting. Through that reorg, I speculate he had less political flexibility to defend Marcus from other partners who didn't want to wait for the consumer bank to scale up. Marcus even grew through leadership turnover during the pandemic and made a huge acquisition of Greensky. It seemed to fizzle out and lost the continued executive sponsorship it needed to keep going while reporting to an asset and wealth management division. Note in a couple in last in last couple weeks podcast with Sequoia Capital, Solomon said the main reason for the wind down was regulatory. Interesting. So just some extra context around the Apple card. Well, let me tell you about graphite and then we'll bring in our first guest of the show. Code review for the age of AI graphite helps teams on GitHub ship higher quality software faster. And without any further delay, let's bring in Jeremy from semi analysis. How are you doing? Good to see you again. Welcome back, second time on the show. So excited to have you here. Happy New Year. Happy New Year. Happy New Year. How are you? Are you shocked to see that the the G7 that's supposed to happen in France? Aren't you in France right now? I'm in France right now, yeah. Well, you're gonna have to wait for the summit because UFC takes priority in America apparently. I don't know if you saw that. Anyway, congratulations on the new article. I would love for you to set the table for us and explain sort of what were the questions that you were trying to answer. What was the overall thesis that you came into? This particular article, how AI Labs are solving the power crisis. And then I have a whole bunch of questions that I want to dig into. Yeah, look, the question that we keep receiving every day.

Anyways, I'll continue. So first, Tech Lash is all about how is this impacting our mental health? How is this impacting our democracy, the foundations of our country, society, privacy, you know, censorship, et cetera. The second Tech Lash has begun. Feels like it started last year. You know, this is one of the things, like, yeah, you don't really know. Like, sometimes it takes a while to realize, like, okay, we're in this thing now, that we can look back and see how public opinion has been forming around this. So I believe the average American believes that technology and now AI is now like a threat to their way of life. So I was looking at. There were rumors of the tech lash in 2024, when the image generators came out. A lot of the arts community were saying, this is really, really bad. It's gonna put artists out of jobs. The thumbnail community on YouTube was upset. But this year, it's solidified around. There's like three or four key points, key talking points. If you talk to someone, why don't you like AI? Well, it's. It's stealing copyrighted information. It's slop. It's putting people out of jobs. It's stealing water and stealing power. And each one of those. Tech Lash was like, okay, these tech. Our lives are now existing in these platforms. Yeah, yeah, yeah. And they are in some ways more powerful than the government. Yeah. And now I. So I was. Yeah, Maslow's hierarchy of needs pulled up, and I was just, like, going through and looking at physiological needs. Right. Air, water, food, shelter, sleep, clothing, reproduction, safety, personal security, employment, resources, health, all these different things. And then you just go up and you can see that there's good reason for the average American to just kind of believe AI is going to mess all of this up. So starting at the bottom, Americans have heard that data centers use a lot of water. I knew. Not necessarily factual. Yep, sure, water is used in the process, but we're not like, you know, blowing through water at the rates that the public sort of perceives. Totally. I was joking about this online. I was hypothetically debating with an AI doomer about water usage. Well, are they long water stocks? Because if you believe that AI is going to use all the power and you bought GE Verona, you did very, very well. But the water stocks have not moved. So. Hey, D cells who think AI is going to use all the water, maybe you got to put on a long position. Yeah. Also privatize a public utility. Yeah. Become a monopolist also. I mean, we're talking to Jeremy at semianalysis who's sort of their power expert. Obviously, AI does use a lot of power, and there's a lot of investment theses that can be built on top of the semianalysis energy model. Why doesn't semi analysis have a water model? Oh, because it's actually not a bottleneck to anything. Yeah. So the power thing is. Is more real. People now just assume, like, if they. I have to imagine people are reading an article, oh, your power bill might be going up. If your power bill just goes up because it's a winner, you're like, oh, thanks, AI. Yep, yep. You know, I didn't ask for this. So they've seen Terminator too. So they can imagine kind of like the sci fi scenario playing out. That's one factor. If they're super online, they might have heard, like, the Casey Hanmer. Other people have talked about this. Like solar panels, you know, an AI system. Just saying like, hey, actually, this farmland, I could use it better than you humans. Remember that Ilia video? So he did an interview with the San Francisco Chronicle. It was this video. It was like a video documentary almost, where they were interviewing him, but there was no questions. So you never saw who was asking the questions, but he was giving his answers. And he's sort of like, sadly walking around on a gloomy beach. It's, like, very moody. And I would say it's. He was ora farming. He looked sick. He did. Over the. He did. Or a farm. San Francisco a little bit. But as I was getting dressed up as him for Halloween, we were playing that video and the makeup artists who were applying the Ilya Sutskever, you know, all the makeup, to me were watching that being like, that's not inspiring at all. Okay. Yeah. And I didn't even include that in here. But that's like the reaction, like, every time people hear leaders at labs talk. Yes. They're like, turn it off. As opposed to. You could show some. An Apple ad or Steve Jobs clip, and it would be like, oh, dancing on your wired headphones with your ipod. Like, I love music. They're making music available. Great. I love it. And there were so many things that were just inspiring. So continue. Yeah, continuing. So, yeah, moving up the pyramid. People have been told that AI is coming for their Jobs. Some people have, like, actually had an experience that made them feel like, whoa. I thought what I did was unique and special, but I'm watching AI Job trying to do it on my own computer. Maybe. You know, imagine somebody that's driving for Uber and Lyft and all day long they're driving and they're just seeing they're sitting next to Waymos in traffic and you're looking over and there's no one in the seat. Like, that's ominous. That's, that's, that's going to be scary if that's how, if somebody puts food on their table. And then every single CEO last year was saying, like, we have, you know, fortunately we have increased efficiency due to AI and so we've laid off 10,000 people. Right. And so a lot of that is just kind of like spin marketing, etc. But that's what people are hearing. Right? And then you look at what are the AI leaders are actually saying. So Ilya talking for 10 minutes, people are like, whoa, that doesn't seem good. Ilya is saying like, let's not do that. He's, he's trying to prevent that bad scenario. But it still reads like, whoa, I didn't realize they were taking that seriously. Yeah. So you look at the quotes. Just, you could easily look up quotes from Dario. Obviously had his quote, I could wipe out half of all entry level white collar jobs and spike unemployment to 10 to 20% in the next one to five years. Elon had a good quote from over a decade ago. He said, with AI, we are summoning the demon. Some people today might say the demon has been fully summoned. Fully summoned. And Sam obviously said at one point, I will probably most likely lead to the end of the world, but in the meantime there'll be great companies. And so this kind of mess messaging credit to them, it's like super effective for fundraising. Right. If somebody's saying like, all jobs will be wiped out, the world will be destroyed, but in the meantime, there's a. Lot of funds that are long demon. You know, you're just like the demon. Thesis, the demon, the free cash flow from demons. Yeah. So it's like if you're sitting there being like, if AI is going to eliminate my job, I want to own a piece of it. So, you know, maybe, maybe I can benefit from it. So yeah, so the big issue is like anybody that's hearing all these, like, why would they actually be excited about AI, Right? Even though, even though it is so incredible in so many ways. Right. I gave the example earlier this week of like AI just being like a, a free sleep consultant.

Good or not. In other news, they 3D printed a Starbucks. Starbucks has a new drive through in Texas, the Coffee Giant's first 3D printed store in the United States. It's funny, they've really made it look like it's 3D printed. Look at this, look at this. So, I mean, I've talked to one of the. There's a YC company that does this technique. I know it looks so sloppy. And there's a little bit of like up at the top. It actually looks like there's a little bit of imperfection and randomness. That looks sort of aesthetic. It looks like it's sort of designed in the way that a log cabin. Not every log is gonna be perfect. But then you get to the middle section and it's like the tube that was pumping, it was just not working. If you scroll over to the left and then down a little bit, just down like that is messy. So this the way it shows up. You basically get like a crane with a gantry that can move the nozzle in an X and Y axis. And it just pours cement in loops circles again and again and again. Okay, I need to know how quickly they built this and how much it costs. Because if this came in at 80%. They said it was two GS. Two grand? No. Can you imagine? It's so cheap. Starbucks was down to their last two grand and they're just like, yeah, it's 3D. Print it. Yeah, I don't know, around 1.2 million. Okay. That's what is a normal. What is the average Starbucks cost? Standalone building cost. Tyler asks who is the architect and Pete says, Slop GPT. People are not happy. The U.S. jay says, you wouldn't download a Starbucks. U.S. graphics Company says, I have the sudden urge to insult this in biblical terms. Yeah, people are not very happy with this. It does feel like a low quality print. Hopefully the 3D printing company, this is just a step in the road and they become more aesthetic, more precise, I think. Okay, so the total investment range for a Starbucks location is 760,000 to 2.2 million. See, that's not. It's kind of right in the range there. It's the median cost, but one of the more ugly ones. Whether you're long or you're short, Starbucks, you got to do it on public.com investing for those who take it seriously. Stocks, options, bonds, crypto treasuries and more with Dan. Great customer service. Matt Stevik says they saved 10 bucks. Good to see you, Matt. The wrath of non Says is comparing some architecture in Oslo, Norway. Wait, going back to the 3D for a second. Let's go back to the. Could they not have found a material to just place on that? It seems like this could be a great way to build the core structure. Couldn't you just put plaster over plaster over it? It seems like they wanted to really throw that. It was really put it in your face. The whole point of technology is not the technology itself. Yeah. It's what it enables. Yeah. So if you can build a Starbucks for half the cost, you know, twice as fast, that's amazing. But it doesn't mean it has to look like. Well, yeah, you can. You can plaster and spackle over any sort of rough material and then you can print. You can basically stamp like brick texture into it or some cinder block texture into it. And it's fake. But it looks like what it looks like. Looks like they didn't do any of that here. They really let the like the loose tubes really lay out. It looks just so. It looks like a gingerbread house. It looks like a kid's school project. Yes, yes, yes. Today we're using and you gotta be. Like, oh, nice, nice work, nice work. There's like tongue depressors and chopsticks or popsicle sticks. Popsicle sticks and glue. And the four year old went a little crazy with the glue. The Elmer's came out in full effect with this Starbucks. That being said, cool that this is actually happening. Yeah. Because this has been promised for a while. Yes. I just hope they refine the design. At the same time. I've talked to a number of startup founders who operate in the. Trey says you can also build a Starbucks out of mud, but probably you probably shouldn't. Oh, wow. Okay. So.

A record for Nashville. The current record is held by a suburban home on 50 acres that sold for 32 million in 2024. So if you're looking to head over to Nashville, pick up this penthouse. I've never lived in a penthouse. A condo like this then. You'Ve never lived. I've never lived but personally I would be going for the 50 acre suburban home. Too many dogs, too many animals around. I want the steeds around. I want to be able. To ride the horses. But for the right person in the right time of their life, I'm sure this is a fantastic pickup. In other. News, phantom cash. Fund your wallet without exchanges or middlemen and spend with the phantom card. France will delay the G7 summit to avoid conflict with mixed martial arts. Really? On Donald Trump's birthday? Yeah. So they're gonna delay Group of seven summit to avoid a conflict with the mixed martial arts event planned at the White House on Donald Trump's.

3D printed. A Starbucks. Starbucks has a new drive through in Texas. The Coffee Giant's first 3D printed store in the United States. It's funny, they really made it look like it's 3D printed. Look at this, look at this. So, I mean, I've talked to one of the. There's a YC company that does this technique. I know it looks so sloppy. And there's a little bit of like up at the top. It actually looks like there's a little bit of imperfection and randomness. That looks sort of aesthetic. It looks like it's sort of designed in the way that a log cabin. Not every log is gonna be perfect. But then you get to the middle section and it's like the tube that was pumping, it was just not working. If you scroll over to the left and then down a little bit, just down like that is messy. So this the way it shows up. You basically get like a crane with a gantry that can move the nozzle in an X and Y axis. And it just pours cement in loops, circles again and again and again. Okay, I need to know how quickly they built this and how much it costs. Because if this came in at 80%. They said it was two GS. Two grand? No. Can you imagine? It was so cheap. Starbucks was down to their last two grand. And they're just like, yeah, it's 3D. Print it. Yeah. I don't know, around 1.2 million. Okay. That's what is a normal. What is the average Starbucks cost? Standalone building cost? Tyler asks who is the architect, and Pete says, Slop GPT. People are not happy. The U.S. jay says, you wouldn't download a Starbucks. U.S. graphics Company says, I have the sudden urge to insult this in biblical terms. Yeah, people are not very happy with this. It does feel like a low quality print. Hopefully the 3D printing company, this is just a step in the road and they become more aesthetic, more precise, I think. Okay, so the total investment range for a Starbucks location is 760,000 to 2.2 million. See, that's not. It's kind of right in the range there. It's the median cost, but one of the more ugly ones.

Yeah. And now. So I was pulled. I had Maslow's hierarchy of needs pulled up and I was just like going through and looking at physiological needs. Right. Air, water, food, shelter, sleep, clothing, reproduction, safety, personal security, employment, resources, health, all these different things. And then you just go up and you can see that, like, there's good reason for the average American to just kind of believe like, AI is going to mess all. So starting at the bottom. Americans have heard that data centers use a lot of water. I need water necessarily. Factual. Yep, sure, sure. Water is used in the process, but we're not like, you know, blowing through water at the rates that the public sort of perceives. I was joking about this online. I was hypothetically debating with AI Doomer about water usage. Well, are they long water stocks? Because if you, if you believe that AI is going to use all the power and you bought GE Verona, you did very, very well. But the water stocks have not mooned. So hey, D cells who think is going to use all the water, maybe you got to put on a long position. Yeah. Also privatize a public utility. Yeah. Become a monopolist also. I mean, we're talking to Jeremy at Semianalysis, who's sort of their power expert. Obviously, AI does use a lot of power and there's a lot of investment theses that can be built on top of the semianalysis energy model. Why doesn't Semiannalysis have a water model? Oh, because it's actually not a bottleneck to anything. Yeah. So the power thing is, is more real. People now just assume, like if they. I have to imagine people are reading an article, oh, your power bill might be going up. If your power bill just goes up because it's a winner, you're like, oh, thanks, AI. Yep, yep, thanks. I, you know, I didn't ask for this. So they've seen Terminator too. So they can imagine kind of like the sci fi scenario playing out. That's one factor. If they're super online, they might have heard like the Casey Hanmer. Other people have talked about this, like solar panels, you know, an AI system. Just saying like, hey, actually this farmland, I could use it better than you humans. Remember that Ilia video? So he did an interview with the San Francisco Chronicle. It was this video. It was like a video documentary almost where they were interviewing him, but there was no questions. So you never saw who was asking the questions. But he was giving his answers and he's sort of like sadly walking around on a gloomy beach. It's like very moody. And I would say it's. He was ora farming. He. He did Aura Farm San Francisco a little bit. But as I was getting dressed up as him for Halloween, we were playing that video and the makeup artists who were, who were applying the Ilya Sutskever, you know, all the makeup to me were watching that being like, that's not inspiring at all. Okay. Yeah. And I didn't even include that in there. But that's like the reaction like every time people hear leaders at labs talk. Yes. They're like, turn it off. As opposed to, you could show some, an Apple ad or Steve Jobs clip and it would be like, oh, dancing on your wired headphones with your ipod. Like, I love music. They're making music available. Great. I love it. And there were so many things that were just inspiring. So continue. Yeah, continuing. So, yeah. Moving up the pyramid. People have been told that AI is coming for their jobs. Some people have like, actually had an experience that made them feel like, whoa, I thought what I did was unique and special, but I'm watching AI kind of do it on my own computer. Maybe, you know, imagine somebody that's driving for Uber and Lyft and all day long they're driving and they're just seeing way they're sitting next to Waymos in traffic and you're looking over and there's no one in the seat. Like, that's ominous. That's, that's, that's going to be scary if that's how, if, how somebody puts food on their table. And then every single CEO last year was saying, like, we have, you know, fortunately, we have increased efficiency due to AI and so we've laid off 10,000 people. Right. And so a lot of that is just kind of like spin marketing, etc. But that's what people are hearing. Right? And then you look at what are the AI leaders are actually saying. So Ilya talking for 10 minutes, people are like, whoa, that doesn't seem good. Elia is saying like, let's not do that. He's, he's trying to prevent that bad scenario. But it still reads like, whoa, I didn't realize they were taking that seriously. Yeah. So you look at the quotes, just, you could easily look up quotes from Dario. Obviously had his quote, I could wipe out half of all entry level white collar jobs and spike unemployment to 10 to 20% in the next one to five years. Elon had a good quote from over a decade ago. He said, with AI we are summoning the demon. Some people today might say the demon has been fully summoned. Fully summoned. And Sam obviously said at one point, I will probably most likely lead to the end of the world. But in the meantime, there'll be great companies. And so this kind of mess, messaging credit to them, it's like, super effective for fundraising. Right. If somebody's saying, like, all jobs will be wiped out, the world will be destroyed, but in the meantime, there's a. Lot of funds that are long demon. You know, you're just like the demon thesis. The demon, the free cash flow from demons. Yeah. So it's like if you're sitting there being like, if AI is going to eliminate my job, I want to own a piece of it. So, you know, maybe, maybe I can.

Yeah. And now. So I was pulled. I had Maslow's hierarchy of needs pulled up and I was just like going through and looking at physiological needs. Right. Air, water, food, shelter, sleep, clothing, reproduction, safety, personal security, employment, resources, health, all these different things. And then you just go up and you can see that, like, there's good reason for the average American to just kind of believe, like, AI is going to mess all. So starting at the bottom. Americans have heard that data centers use a lot of water. I need water necessarily. Factual. Yep, sure, sure. Water is used in the process, but we're not like, you know, blowing through water at the rates that the public perceives. I was joking about this online. I was hypothetically debating with AI Doomer about water usage. Well, are they long water stocks? Because if you, if you believe that AI is going to use all the power and you bought GE Verona, you did very, very well. But the water stocks have not mooned. So hey, D cells who think is going to use all the water, maybe you got to put on a long position. Yeah. Also privatize a public utility. Yeah. Become a monopolist also. I mean, we're talking to Jeremy at Semianalysis, who's sort of their power expert. Obviously, AI does use a lot of power and there's a lot of investment theses that can be built on top of the Semianalysis energy model. Why doesn't Semiannalysis have a water model? Oh, because it's actually not a bottleneck to anything. Yeah. So the power thing is, is more real. People now just assume, like if they. I have to imagine people are reading an article, oh, your power bill might be going up. If your power bill just goes up because it's a winner, you're like, oh, thanks, AI. Yep, yep, thanks. I, you know, I didn't ask for this. So they've seen Terminator too. So they can imagine kind of like the sci fi scenario playing out. That's one factor. If they're super online, they might have heard, like the Casey Hanmer. Other people have talked about this, like solar panels, you know, an AI system. Just saying like, hey, actually this farmland, I could use it better than you humans. Remember that Ilia video? So he did an interview with the San Francisco Chronicle. It was this video, it was like a video documentary almost where they were interviewing him, but there was no questions. So you never saw who was asking the questions. But he was giving his answers and he's sort of like sadly walking around on a gloomy beach. It's like very moody. And I would say it's he was ora farming. He. He did Aura Farm San Francisco a little bit. But as I was getting dressed up as him for Halloween, we were playing that video and the makeup artists who were, who were applying the Ilya Sutskever, you know, all the makeup to me were watching that being like, that's not inspiring at all. Okay. Yeah. And I didn't even include that in there. But that's like the reaction like every time people hear leaders at labs talk. Yes. They're like, turn it off. As opposed to, you could show some, an Apple ad or Steve Jobs clip and it would be like, oh, dancing on your wired headphones with your ipod. Like, I love music. They're making music available. Great. I love it. And there were so many things that were just inspiring. So continue. Yeah, continuing. So, yeah. Moving up the pyramid. People have been told that AI is coming for their jobs. Some people have like, actually had an experience that made them feel like, whoa, I thought what I did was unique and special, but I'm watching AI kind of do it on my own computer. Maybe, you know, imagine somebody that's driving for Uber and Lyft and all day long they're driving and they're just seeing way they're sitting next to Waymos in traffic and you're looking over and there's no one in the seat. Like, that's ominous. That's, that's, that's going to be scary if that's how, if, how somebody puts food on their table. And then every single CEO last year was saying, like, we have, you know, fortunately, we have increased efficiency due to AI and so we've laid off 10,000 people. Right. And so a lot of that is just kind of like spin marketing, etc. But that's what people are hearing. Right? And then you look at what are the AI leaders are actually saying. So Ilya talking for 10 minutes, people are like, whoa, that doesn't seem good. Elia is saying like, let's not do that. He's, he's trying to prevent that bad scenario. But it still reads like, whoa, I didn't realize they were taking that seriously. Yeah. So you look at the quotes. Just, you could easily look up quotes from Dario. Obviously had his quote, I could wipe out half of all entry level white collar jobs and spike unemployment to 10 to 20% in the next one to five years. Elon had a good quote from over a decade ago. He said, with AI, we are summoning the demon. Some people today might say the demon has been fully summoned. Fully summoned. And Sam obviously Said at one point, I will probably most likely lead to the end of the world, but in the meantime there'll be great companies. And so this kind of mess messaging credit to them, it's like super effective for fundraising. Right. If somebody's saying like all jobs will be wiped out, the world will be destroyed, but in the meantime there's a. Lot of funds that are long demon. You know, you're just like the demon. Thesis, the demon, the free cash flow from demons. Yeah. So it's like if you're sitting there being like, if AI is going to eliminate my job, I want to own a piece of it. So, you know, maybe, maybe I can benefit from it. So yeah. So the big issue is like anybody that's hearing all these like, why would they actually be excited about AI, Right. Even though, even though it is so incredible in so many ways. Right. I gave the example earlier this week of like AI just being like a, a free sleep consultant for toddler that just like one shots it and it's free. Even ChatGPT Health that launched this week, I mean, that's very good news for a lot of people that, you know, can't see a doctor that often or just don't have the time or don't have the money. There's a million reasons why that might be advantageous. And yet it's not that they're not pitching it like Steve Jobs pitched GarageBand, which was like, now anyone can be a musician, now anyone can be their own doctor. Is inspiring. But it's just like they are fighting an uphill battle because of those other quotes. Yeah. So, yeah, and I was thinking about it. It's like, if you want to. If somebody is kind of like generally scared of AI, who do you. Who like what do you. What content do you point them towards? Typically you'd want to point them towards the people building it. Yeah. And say. Or people around it. But even like Dwarkesh is like a little bit maybe like too high level or not. Not high level math actually. Right. It's like a little bit too ethereal. Right. Talking about all these different potentials. I mean, but if you have them listen to like a Joe Rogan episode with one of these guys, it's going to be. To be fair not to debunk your piece, but I do think Demis is pretty good. Yeah, Demis is great. He's had, he's. He doesn't have one of those crazy quotes. And there's been two documentaries about him. Both of them are incredibly inspiring. And when I hear him talk about AI curing cancer or humans curing cancer. With AI, it hits a lot different because he literally has a Nobel Prize and is sold. Yeah. The problem, if you look at, if you just count up the views that Elon, Sam and Dario have gotten in comparison to demos. Right. He's much less of a household name. And he's also not the CEO of, of a big company because he's running the biggest lab in a big company. And so there's, there's that. Yeah. So I've just been feeling like there's this gap, gap. Steve Jobs sized hole. Right. He had plenty of concerns about technology. He shared them freely. Somebody once asked him, so your kids must love the iPad. Then he said, my kids haven't used it. And he just said, we limit how much technology we have in the home. Yeah, uh, he, he did talk about like losing the PC race to International Business Machines. He said, if for some reason we make some big mistake and IBM wins, my personal feeling is that we are going to enter a computer dark age for about 20 years. Like you can imagine, like Sam saying something like that around, like you don't want. And you've seen the internal sort of messages between him and Elon talking about like losing to Google. To Google. Yeah. It's like, oh, we don't want Google to troll the AI God. Right. Yeah. He also had a, he had a 1994 Rolling Stones interview. Rolling Stone interview. The interviewer said, nevertheless, you've often talked about how technology can empower people, how it can change their lives. Do you still have as much faith in technology today as you did when you started out 20 years ago? Steve says, oh, sure, it's not a faith in technology, it's faith in people. Technology is nothing. What's important is that you have faith in people, that they're basically good and smart and if you give them tools and they'll do wonderful things with them, it's not the tools that you have faith in. Tools are just tools. They work or they don't work. It's people you have faith in or not. Yeah, sure, I'm still optimistic. I mean, I get pessimistic sometimes, but not for long. And part of this I just, it feels like people have like. Part of it's like fundraising, part of it's just how excited we are about AI, but like you're leaving humanity out. So there's this quote from Sam. He says if AI stays on the trajectory that we think it will, then amazing things will be possible. Maybe with 10 gigawatts of compute AI can figure out how to cure cancer. So it's like, that's a fine quote. If you. There's some way to look at it and be like, okay, super. This abundance is super exciting. I'm maybe more optimistic about AI, but he happens to. He's saying that AI is going to figure out how to cure cancer. Right. And like, if you've used these tools today and talk to people that are at the labs, the reality is like, it feels much more likely that humans will use AI to cure cancer. Right. Thesis. Like Steve would have said, if AI stays on the trajectory that we think it will, then amazing things will be possible. Maybe with 10 gigawatts of compute, humans can use AI to cure cancer. Like small, small tweak humanity. It's a big difference. And so I wrote the facts of the fact. Steve Jobs was not one to shy away from impressive specs and massive scale. But flipping the final line from AI will cure cancer to humans will use AI to cure cancer makes all the difference. And Apple put human centrality at the heart of everything they did. Even when they were talking about something like a CNC to mill an aluminum block into a MacBook Pro, the focus was not on the CNC. It was on what it allowed the human being to do. Right. CNC is literally a robot. It's computer numerical control. But when you watch that, that unibody presentation, it puts Jony I've at the center and it's like I used the tool to create something beautiful out of this amazing material that I could never do with just my normal tools. Like, I could never chisel out an aluminum unibody. I need a CNC for that. I have it and I can create something beautiful. Yeah. So, yeah, at the end of this, I just said, like, I think AI has a massive narrative problem right now. The narrative is working within the industry. It's not working for people that are outside the industry. And I just don't, I really don't think it has to be this way. Right. Like, I think that there is a human central, there is an empowering way to pitch this technology in this future and we're not doing it right now. And I expect that everybody will. Elon has his own style of pitching all things, and I don't think he's going to change. I think that other folks, maybe like Dario and Sam, can make small tweaks that will go a long way. And obviously there's founders that we don't even know their names yet that are going to be huge players in all of this as well.