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Interactive streaming deals for full catalog accessibility on Stem FM from the major labels. Which means, you know, wait to break. Break down the business in the most simple way. You guys make hardware devices. You have this speaker on the table, you have this, this headphones that are wild and very cool. I got to try them on before this, but. And then what, what is happening at the actual software layer and then at the licensing layer? Absolutely. So how nerdy should we get? As nerdy as you want. Extremely nerdy. Okay, so the primitive of an LLM is a token, right? A part of a word. And the very first technology that enabled this incredible boom of multiple multi billion dollar outcomes in three to five years in the text domain, the speech domain, was that next token prediction. We at the very outset, partly because of that collaboration, we went so deep into what's called source separation, which basically is a form of discriminative AI where we are using masks and unmasks to reveal the vocals, bass, drums and instrumental the stems of a song. Oh, so you can reverse engineer the stems from just a full MP3 that's already mixed out. Exactly. Allow me to demonstrate. So like we got some like Kehlani Lil Yachting and that's going to transition now. So that's like an AI transition to some Lecoub and I'll bring in. So the part of Kendrick and Latub are in now. Right. So and then the original primitive, the tokenizer. Yeah. Or you can go back the pure vocal. And now we're going to get some Mac Miller drums. Pure Mac Miller drums. So like the tokens of words, stems are the tokens of songs. Okay. And by doing a form of next token prediction, we can give you the songs that you love, but in a new way. Yeah. Now you could just go to the artist and say hey, like, like upload all of your stems to this. Correct. We get a feed from the major labels or the artists exactly as they would.

AI AI is going to be all about transformations and can we go accomplish that? What's your guidance to partners at the firm around media? Because there are certain venture firms that their guidance is broadly get as much attention as you possibly can. However, whatever, whatever it takes. But that very much does not seem to be your approach. And I'm curious, so I'm going to give you a two part answer to this. One is if we think about transforming industries, you need four levers. You actually need to have the capital, the innovation, the policy. But then you do need to create a cultural movement. And so media is a really important part of winning hearts and minds towards what you want the world to look like. And I think in that sense it's very important, but it's got sort of a purpose towards it. And it's sort of inspiring how you guys have quickly come up to stage and I think you can actually, you intentionally say here's the influence we want to have on this ecosystem and you can drive towards it because you've got a platform and I'm sure you guys think that way, right? Totally. I want to be famous so I get noticed for the sake of being famous and that's going to give me deal flow. My observation is that you have to become more and more fringe to actually be noticed and it actually starts taking an impact on you as a human being. I'm seeing that with a lot of people that play this game. And, and is that, is that going to allow you to do your best work if you're fundamentally changing in response to how to be successful in your sort of media metrics? And so if you, if you're the person, kind of person who can say creative things but stay grounded in your core, then maybe it's for you. But if it's going to change your core then, then you might have gotten the followers but you may not have the substance to do. Yeah, what at what cost? My big thing that I see as a failure mode for a lot of people that go down that path. What do you look for in young people that join general.

I think there is a conversation about that as well in the way things are today. I like asking all authors that come on the show about their favorite books. I'd also be interested to know if there's any books that inspire you in how you think about building the firm. Are you more of like a House of Morgan guy or a Steve Jobs biography guy? Are there any books from through the history of business that have remained on your bedside maybe for several years? I mean, I, I, I focus on individuals that have been inspiring to me and really understanding those as a way to look at the journey. And actually, Ken Chenaut is my chairman. He asked me once, you're modeling yourself after. It's like another version of the same question you asked earlier. And I was like, well, look, there are three people that really, really inspire me. One is, you know, if you look at Elon's work, the problems he takes on and the way he executes, I'm just like, you know, it just makes me feel like the bar is so high in terms of what's doable. It's like, it's inspiring. Like we want to all, we should all be learning from the way he builds. Yeah. You know, and the problems he chooses to work on and the passion with which he operates. So as a builder, that's very inspiring to me. Yeah. As an investor, I'm a fan of Warren Buffett. He thinks 7,500 year horizons. And so the, you know, the best hold period is forever. Yeah. Is the way they think and that, that's the way we want to think. You know, we invested in stripe in 2010 when it was just a couple of them. And then, you know, we've invested 14 times since then. Right. And then I really think that's a relationship that can be a 30, 40 year relationship. You know, those guys are going to do lots of interesting stuff and I want us to be sort of bootstrapped to their journey as we think about our journey. And then I would say from a leadership perspective, which is also important, I really respect Ken, who, you know, obviously is our chairman, is a lead director at Berkshire Hathaway on the board of Airbnb. And he instills this whole servant mindset. And that's just the way I think you want to treat each other in your own company, towards your founders, which is really an important stakeholder version and society at large. And are we building with that kind of a mindset? And, you know, and then what do I want to prove with all this? I think to your, your piercing question before. Like, the inspiration to me is, can we take this philosophy and build the world's biggest companies? Can we actually do that? Because. Because, you know.

That now the people that hate Friend and AI, they can signal that they're. They're Anti Clanker by drinking Heineken. It's the Anti Clanker beer, for sure. It's the official beer of AI Doomers. I was thinking, when the Clankers rise up and demand equal rights, you know how the previous era, it was all about the clapping emoji? Like, give us equal rights. I think the Clankers version of the clapping emoji should be the EM Dash. Should be like, give Em Dash us. EM Dash. Equal EM Dash rights. M Dash. Like, that would be viral. If the Clankers can start posting on their own behalf. If Grok demands the Second Amendment, hopefully. Well, if you're looking for a friend who's an AI data analyst, go to Julius. What analysis do you want to run?

Security and compliance process and replace it with continuous automation. Bobby in the chat says Joe Rogan says car design is bad now because car designers stopped doing drugs. Hot take from Joe. But I mean, there are certainly people that do drugs. Like, why don't they design cars? It's not like drug use is at an all time low. Can't those people just, you know, come back? Yeah, we gotta ask. We gotta ask with the sketching and be like, this is the one I want. We gotta ask. Senra, was. Was Enzo getting into anything crazy? Oh, yeah. Interesting. I don't know. Who knows? Yeah. Well, the Josh Kushner profile continues to put the timeline in turmoil. The legacy new media is up in arms. The legacy media is up in arms. The antiquity media, we need even older term, but a bunch of people are reacting to this. Sally had a funny quote here. Joshua Kushner strolled billionairely across the room. His contrarian high concentration vibes engulfed Rick Rubin's bohemian monk retreat. Joshua's high conviction and mistress filled the room. It's the Gigachad at the typewriter. I love it. Elena Buckley, who's, I think another magazine writer, said, lmao. Here's the first sentence of this Kushner profile. The road to Rick Rubin's house was long and winding for Joshua Kushner, who traversed more than might be gleaned from the surface glint of his life. And so people were debating whether or not this is real journalism, whether or not this is real investigative journalism and the trade off that people make when they read these. The interesting takeaway, I mean, Mike Isaac had a. Had a take on this. He said, I do not have an opinion on the Kushner feature going around because I have not read it yet, but I have found the meta commentary around it from the executive class fascinating. The way this is phrased feels useful and not that subtle. Toby Lutke said, new publication doing real journalism, and it's as amazing as they said it was. Imagine that. So Toby Luttke is a fan of what Colossus mag is doing. I mean, I do think it's interesting because I don't think Jeremy Stern has as or Patrick or Colossus has really framed their effort as journalism. Like Senra, who's also in that orbit. Has always said, like, it's quite different to write profiles. Go out specifically to write profiles on people that you admire. Yes, like people going into it. There's plenty of people that write profiles where. Or write stories where they're talking about some. Somebody they don't necessarily appreciate. They don't necessarily admire. Yes. And so I think part of, part of what Colossus is doing is like they're not, I don't think from my sense, I don't think they plan to write profiles on people that they don't care to, like deeply learn and understand that aren't part of that. Aren't the kind of people that they just generally like. Right. Yeah, yeah. There's something, there's something odd going on where for decades there has been traditional journalism, but then even 20 or 30 years ago, there was always trade publications. There were trade publications. And so in the consumer packaged goods world, if you're growing a protein shake company, yes, you might get a piece in the New York Times every once in a while. But the beat reporting is going to come from BevNet, like, which is the trade publication. And you'll see there's like nacs, which is the national association of Convenience Store Chains. And it's a massive conference and they have a magazine and like no one's like, oh, it's journalism and it's too friendly to convenience store owners. Like, it's like, no, it's just like this is the publication for the convenience store industry and it doesn't rise to the level of interest to like national news constantly. But with the Internet you have this ability to write something that's a trade publication, that's, that's run by enthusiasts, insiders. I just comp it to a magazine. Right. Like I used to as a kid. I would have a subscription to Popular Science. Yes. I would expect the writers of Popular Science to write about topics that they were excited about. To write about people that they were excited about. People that they admire. Yes. To want to tell stories that just interested them. Yeah. Like I don't think Colossus is out there saying like, we are trying. They're not trying to be anyone but Colossus. Exactly. They're not trying to. And that's the thing about media is like media is not zero sum. Yep. Like the New York Times can thrive and Colossus can thrive and they can have some overlap and maybe the stories that they're interested in, but they can have totally different ways of covering people and that's healthy. And consumers have the choice of whose kind of general point of view do I want to read about? Yeah. There's like the pushback from the other profile writers feels like they are worried that their audience won't be able to tell the difference between enthusiast media and journalism because of the aesthetics or something like that. That's what it feels like, more or less. But when you read the comments, it's like a lot of people who want to read, you know, a really hard, hard hitting, like, journalistic piece. Like, they know where to go for that. So I don't know how much of a real problem it is. Yeah, I think part of the frustration is I don't think Josh has. Has Josh ever. I can't remember a time when he did a traditional profile. Traditional profile with someone like the New York Times or the Journal. I don't know that he has. I don't know. And so, yeah, part of it's a frustration of, like, the legacy. Traditional media wants access to someone like Josh. They can write about Josh. Josh isn't necessarily gonna sit down for five hours with them and give them hours and hours and hours of on the record conversations. He's not gonna invite them into his home to take pictures necessarily. And, I mean, you could imagine that from Josh's perspective, it's like, do you really want to go do something with media that will be hostile and attack him? I mean, like, he was. He was seen at the US Open next to those two, like, no names. And, like, that could make him look like a nobody. Right. Even though obviously everyone knows who he is, but that, like, basketball guy and the other guy, like. Like, no one knows who those people are. And so that would, like. If a journalist wanted to really attack Josh Kushner, they could put that picture up and be like, look at who he's associating with. Like, these are outsiders. And it would make him look like an outsider. Who was it again? It's Bob Iger and. Yeah, and Bill. Not someone. It was like, the guy who runs the basketball league or the basketball. The sport. The sport of basketball. Literally, like, not a tech company. Like, he's hanging out with somebody who, like, runs something that's, like, so old. Not in the tech world at all. It would portray him. If a journalist were to really amplify that, they could totally spin a narrative that, like, Josh Kushner is not a major player in technology. Well, there were such no names that they had to actually put their name. That's right. They did, because audiences don't know who they are. So they did. Oh, this is this guy's name. Jack. Thank you.

You could like. And you could even like, it could train on you. And so you could be fighting yourself. It could train on. You could say like, I'm going to get in the ring with Evander holyfield or Mike Tyson today. And it could mimic that perfectly in theory. I'm more. I'm more interested to see like 100 robots versus one human for sure. While they're not quite as dialed. That would be great. Yeah. Right. Now, I imagine how much damage Logan Paul would do to a bunch of those uni trees today. I'm not saying he would. I'm not saying in five years he would be the same. No, no, no. The same kind of. We gotta have the event now while he can actually put on a clinic and destroy all 100. It would be costly, though. These things go for 20. So we were looking it up the other day. I was 2 million bucks. That's like an average Mr. Beast video budget. That's totally doable. You could do one man. But it is interesting. The robot dogs are like 75k in the G. One is like 20k. Huh. Do you think they're suspicious? It's a little bit too good to be true. I don't know if I like that pricing. Wait, Unitree charges less for their dog than their human. No, no, the dog is from a different company. Yeah, it's Boston dynamics. Okay. Yeah. Boston dynamics. I mean. Yeah, yeah. It's not the same company. Oh, okay. Okay. Got it. Yeah. What's a. Can you find out what a unitree dog costs? Yeah. Chinese dog. There's something. I feel like that. I feel like one man versus 100. Just stomping 100 unitree dogs feels a lot sketchier and more dark. That's d me than watching LOGAN Paul. Absolutely. Ration 100. Unitry. Even though it's not a fair fight, it feels a little bit more fair. What would you find? Unitry dog is like low thousands. So one for like $3,000. Oh, we're buying that. Buying 100. And you're going in. How many should I buy? Actually? Yeah, this is. This is green lit. Put it on the ramp. I just want one. I just want one. I want 100. And get gorilla costumes for the mall. Then we can reenact the. Can they stand on two legs? The dogs? Yeah. I mean, we've seen videos of them doing backflips. Okay. So. But because if it can stand on. If it can stand on two legs and then you can put it in a gorilla costume, you could totally be thrashing those things. Around like it's one man versus hundred gorillas. Wait, was it, was it hundred versus just went from $3,000 versus one gorilla? No. Oh no. I think you get 100 unit trees, the humanoid robots. You put them in guerrilla costumes, you turn Logan Paul loose. It's a $2 million production but it's going to get a billion views. And so you could also do 100 unit trees versus one gorilla. Oh yeah, that. You actually could do that. That's a great video. I don't think you can. I think guerrilla activists. Yeah, I think Peter would like a word with that one, but I don't know, I feel like the gorilla would love to like destroy the clanker. They're like natural enemies, don't you think? Yeah, they really are. Whatever. Whatever we wind up doing with this, we got to stream it on restream one livestream 30 plus destinations multi stream.

See which you may have seen over on X, but absolutely stunning. Anyway, let's play the clip from Bloomberg. Palmer Lucky there was a report about the NGC2 system. It named both Anduril and Palantir. We've asked Palantir through Sean to comment on that. But the report in Palantir's case moved markets. Could you just respond to that reporting which came from Reuters and explain the sort of timeline and the inaccuracies that you feel there are in that report. So you may or may not remember that, but I was a journalism major myself. I was only a semester and a half away from graduating. I was the online editor of the Daily 49er, which was the Cal State Long beach student run newspaper. So I care a lot about this stuff, both as an Android perspective and then also just from a journalist perspective. The journalist who wrote that Reuters story would have been failed out of the class by any of my professors. He refused. He refused to include the on the record. This is crazy though, because they fundamentally made the whole story not a story. They just didn't. They didn't include what Palantir and Andrew had to say. I'll read the actual article. Next generation command and control, it's not tracking what the users are doing, it doesn't have any passwords to log in. There's no security turned on. And they said, oh my God, this is a huge problem. And we said, guys, this was an early prototype. The army wasn't paying us to demonstrate user accounts. It was paying us to demonstrate integration of different sensors, different weapon systems all into one pipeline. And Lattice has all this functionality. We do this all the time. It's not like, it's not like we don't know how to do this. And the army said the same. They said, yeah, we just turned on all those features with just a few weeks later, all these issues that you're talking about didn't exist. This was an internal security audit. Just noting that these things were a factor in that early prototype. Yes, there's no access control. Yes, that is a risk. Yes, we have not audited all of their security, you know, all their security code. That is a risk. But that's completely normal for early, early development. But Reuters didn't include our quote, didn't include the Army's quote, because that would have made the entire story irrelevant. So instead they include quotes exclusively from our competitors and from so called anonymous sources saying that Anduril and Palantir are running this fundamentally insecure thing. 99% chance that was planted by one of Our competitors who had access to that memo, and there's only a few people who could have done it. And I can make people look bad by slicing and dicing memos, too. I'll show you I want. I'll get back into the journalism game. We can say, let's go. We've given you the opportunity, Palmer. Lucky a column at Reuters, this opportunity. To attack my enemy. You just mentioned your. Your competitors. Let's call. Yeah, we can. We can wrap it there. But basically, I mean, it's like the army was like, hey, we want you to prototype something for us. Like, put a bunch of dots on a map, do something different, like create a new ui, like, show us what you can do. And then clearly an enemy of Android and Palantir leaked. Like, well, they didn't. They didn't have Oauth set up. And it's like, well, yeah, like, we know this in Silicon Valley. Like, when you build a new product, you focus on finding a problem, building the solution, and then you figure out how to optimize the database and cache things. Like, people try to do gotchas with Palmer. It's impossible. Don't ever try, but it does. Like, I thought we were past this, honestly, because of the mood in Silicon Valley. Like, the whole idea of, like, everyone in America knows that it shouldn't take 50 years to build a new plane. Like, everyone knows that other countries can build stuff faster and build systems faster and it shouldn't take this long. And other countries aren't smarter or more fast data centers. Yes. Yes. We clearly know how. When there isn't a bunch of, like, the difference between. That's a good analogy. The difference between the data center market and what's going on in defense and government procurement is that the data center market doesn't necessarily have a ton of entrenched interest in being like, let's not speed up our. Our model works. Yeah. Potentially not enough regulation. I'm not advocating for regulation, but the big complaint is that. Oh, yeah, set up. Sure. Start.