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His boys in South Korea. He's been on an absolute journey. A couple more posts here. Jay Boltard says, I'm sorry but no company generating the cash meta is with the margins it has should ever be raising money. Of course they announced another bond sale yesterday morning to fund their build out. Jay Boultard said, absolutely pathetic. Maybe just spend a little less and don't pay every AI scientist like their Shohei Ohtani. Yeah, I want to understand more about the private credit dynamic here because I believe that they're like a good CFO would tell you that if you're buying land, you should get a mortgage because it can be secured and there's just some like cost of capital math that you should do. And it would actually be irresponsible like if they were saying, hey, we're going to build a new data center, we need to buy some land, we need to buy a building, buy a bunch of GPUs and they're like, and guess what? We're not going to use like that's like, that's like paying off your mortgage basically. And it's like, okay, yeah, you can pay off your mortgage and you can be like, I'm one of those guys that doesn't have a mortgage. And it's like, congratulations, but you're probably not using capital efficiently. And so when I hear that they're setting up a big data center and they're raising debt for that particular deal, I don't have like red flags flying off in my mind. But I don't know. This, this, this bulltard guy does semianalysis had a post here quoting Sundar. Sundar said over the past.

Andrew Reed says, if I ran a company, my first act would be to ban hard boiled eggs in the office. Hard boiled eggs. Are really an insane snack. I put these in quotes because the smell, the. Smell'S crazy. Unbelievably bad that you should be forced to eat them outside only. Yeah, it's. Is it more. It's not more protein than a steak in a bag. You gotta go chesky. Mode, Chestnut. That's the way. If you want to have, if you want to have protein on the go, throw a steak in the bag and take it with you everywhere. The hard boiled eggs in the office. That seems like an odd choice. Probably a time and a place. Maybe they should. Put name one time and one place. One place would be like, you know how in offices they have like. Well, where you can go the smoking area. Like I wouldn't have a problem with somebody going in if there's like a cigarette smoking area. Like a back alley. And you can go into the back alley and scarf. Scarfs. Hard boiled eggs. That seems reasonable. People are smoking glass. Or go outside, put one in each, you know, cheek and then go back. Like chipmunk mode. Go chipmunk mode. And then. And then just pretend like you don't have them. I don't know. Yeah. I've never been big in the hard boiled aid thing. I have, however, been big into linear. LINEAR is a purpose built tool for planning and building building products. Meet the system for modern software development strategy.

The right models and APIs up for you, you can get started at AI Studio. AI Studio. Build Britain over at Microsoft says, Please, Mr. President, respectfully, let us buy this truck. Let's go. He was responding, Wow, 64,000 likes on that. Palmer says, working on this, working on this. Got another 20,000 likes. So people want these. What is these little Toyota trucks, but. What does this mean in the Palmer context? Does this mean he's going to like, call the president and ask Trump allow it, or is he going to make a mod retro version of this car? Is Anduril going to produce this? Like, there's, there's like 12 different ways that that Palmer could, like, solve this problem of, like, Americans not being able to get cool trucks, which is interesting. Yeah. I don't know. I don't know if these, these trucks are blocked. Either blocked in the US or just. You would have to import one yourself. Yeah, but they, I mean, INEOS is basically, I think INEOS has basically done this. They're, they're the, they have a. What do they have? It's not the main Grenadier. Yeah, but they have. I'm pulling it up right now. The quartermaster, the quartermaster from Grenadier looks quite a lot like this truck, but it's certainly, I think this one from Toyota Internationally sells for like 10 to 20 grand. Like, it's very cheap. Yeah. People love to point out the fact that the Ford F150 has the same bed length as these tiny Japanese Kei trucks. But interestingly, that's just why you should always buy the Ford F250 super duty crew cab with the long bed. Because if you just go for the biggest truck, then you will be bigger than the Japanese K truck. People love the K trucks. They have fun with those. Well, if you're starting a new truck company, you got to get your brand mentioned on ChatGPT. You got to go to profound reach millions of consumers who are using AI to discover new products and brands.

The next legendary chart. 24 hours. This was crazy. I wasn't sure if this was fake news or not, but on the Coinbase earnings call yesterday, Brian Armstrong, yeah, went there was a prediction market that people were betting on which words he would say during the. During the earnings call. And he waited until the end and he just read through and read off every single word that he had missed. He says, you know, I just wanted to add the words in here, bitcoin, Ethereum, blockchain staking and web3 to make sure we get those all in before the end of the call. So completely trolling. We've had that a few times during. Interviews because I was tracking the prediction market about what Coinbase will say on their next earnings call. And I just want to, you know, add here the words Bitcoin, Ethereum, blockchain staking and Web three. It's actually crazy that he hadn't gotten to Bitcoin until then. Like, why? Like, it really tells you a lot about how mature the Coinbase business is that you can get to the end of your Q3, 20, 25 earnings call without mentioning Bitcoin, which was like the entire reason the business exists. But the business has grown so much. There's a lot going on. It's possible, it's possible that he said it and he just didn't remember. Maybe, maybe. But it is, it is funny that, that he's just. Yeah. One thing is, is we've had prediction markets created around different interviews done and when Sam Altman, while he was mentioning, distracting. When I'm looking at the chat and people are like, say this word. Yeah, say that word again. It's crazy. Three more times. It's a very weird, postmodern, hyper techno, capital accelerationist, like, esthetic to be like, people are gambling on the words that you're saying in a live stream. It's very, very weird. I don't know what his. I would love to know Brian's honest take on, like, how he feels about that. Like, there's a little bit of just the market is going to exist. It's going to be a thing. And so he, by doing this, he's kind of trolling the market to just say, hey, you're never going to be able to reliably bet on this market because you never know what I'm going to do. Which is one way to interact with it as opposed to being like, hey, guys, I know that everyone has a prediction market up on what I'm going to say, and so please don't do that. It's like, no, just like, go create cash chaos. And then everyone will just know that it's a meme. And chaos. Well, it's going to just drive more attention to the next earnings call because people are going to. Oh, is he going to. Well, I'll just bet. Yes. On everything in case he does that again. Oh, the odds might be at, like, 95% for every word. And then he just says, like, he just doesn't mention it at all. Yeah. And then everything, you know, it certainly. It certainly kind of cements him as just a very in the culture CEO and a very, a very, like, online founder, which I think is positive. We are, of course, partnered with Polymarket as a prediction market.

Of course, California. So Southern California. I'll never give up on California. I still think there, I still think there's huge alpha in just acquiring massive swaths of Alaskan land. Yeah, I still think you've been working. This one out for a while. Yeah, I think it's massively underrated because if, if, if global warming is real and unstoppable and we can't fight the force of global warming, well, then temperatures will rise and Alaska will be the last beachfront property. It'll be balmy, it'll be amazing. Everything else will be a desert. But Alaska will be nice and temperate and that's where you want to be. And if we cure global warming, if we stop global warming, if we wind up figuring out how to manipulate the environment, we harness the. You can manipulate time. Yeah, manipulating time, manipulating the weather. If Augustus is successful, if geoengineering is successful, well then it's not going to be cold up there because you'll just be able to transform it into a lush, a lush environmental 72 and sunny all day. So I think in either, in either scenario, no matter where you land on, on global warming, is it unstoppable? Is it preventable? Alaska looks great in that world. What do you think? Did you ever resolve your beef with the Alaskans? No, they didn't. I locked. So I posted on X. Actually it was Twitter back then, like four years ago. I posted like, we got to go to Alaska. We got to build some condominiums, we got to build some strip malls, we got to build some skyscrapers. It's too, it's too nice up there. And I was basically like, we're gonna, we're all the tech people, all the, all my tech friends, we're all going to go to Alaska. And the Alaskans did not like this. And they said, stay out of Alaska, you tech boy. And I was getting attacked. Both the left and the right kind of listened. I did. In fact, I did not invade Alaska. But I was getting lots of DMS from Alaskans who are gun toting good old boy Americans do not step foot. You wouldn't last a day up here. You're not tough enough for the Alaskan wilderness. And then I was also getting canceled by the left Alaskans who are like, this is my indigenous homeland, you can't come here. That type of thing. And so I was getting it from both sides. I wound up locking my account because the post went majorly viral in Alaskan, like Twitter, Alaska Twitter. Of course I was joking around, but the Internet doesn't care about. Twitter is such a small place already. Imagine how small Alaska Twitter is. There's like six posters up there. Regional posters. But this is the lesson for folks who post and are worried about getting canceled. Not that you should get go out there and get canceled. But if it does happen, it usually starts by somebody quote posting you. And you can tell that you posted something. You got 100 likes, but the quote post is taking off and people are having a lot of fun quote tweeting you. Well, if you want to. That's when the like ratio on the original post is just abysmal. Exactly. So if that happens, you can just bail by locking your account, which then kills the quote tweet because it doesn't show up in the quote tweet. And so no one's liking or retweeting a quote tweet with just a this account is locked. And so it just kills the virality of the quote and the dunk. And so you stop getting dunked on. And then no one can really like DM you or reply to you or dig through your account. And so usually, at least in the short term, people are kind of like moving on to something else. I'm not letting it percolate. We should talk to Lulu about how to handle cancellations when she hops on. She's of course, seen a bunch of these. Speaking of people who should be canceled, canceled.

Any key lessons or are we going to relearn them in the future? Let me tell you an interesting lesson or maybe like a key secret is that venture business is you have to be consistent. You cannot sprint and pause, sprint and pause. If you're not growing in this business, you're essentially losing, stagnating. There is no such thing as cruise control or steady state. And I think the mistake that happens with a lot of VCs if their conviction is not deep and they're essentially playing the market game, there are a lot of followers and not a lot of original thinkers. What happens is the moment the market gets risky and things look dire, people pause and like, you know what? Like I'm going to stop making investment. And one thing I'm really proud is even in the 21, 2021 vintage and 22 when things were really expensive, we still kept on making investments and we never slowed down and we were basically like steady growth. And part of that is because look, this is not public markets where if there is 20% growth and your entity price is wrong, you're going to lose a lot of money. But if you find the right companies and you do have 50 to 100x growth ahead of you, even if you overpaid for them, you're still going to do well. In fact, the only way you're going to do well is to have these positive outliers that are fun makers. And so I think the biggest lesson is like a lot of VCs spend too much time of like this valuation high and low and this trend and that the reality is you got to be a surfer that can surf any wave in any season and not just one. You can't just go to the beach and call it quits. You need to go back out. And I know Jordan lives in Malibu, so he's going to like the surfer analogy. But part of the other thing also is that you have to find the companies where there is going to be so much growth that even if you got the price slightly wrong, it's not going to slow down. So anybody who's like, oh, we're going to be in this business and it's all about the price, they're misunderstanding. It is all about being early and understanding that incredible growth that's going to follow that's going to basically give you the long term success. I feel there is definitely a Delta between the VCs that are original thinkers that still had the conviction and the courage to make those bets. And not just Supabase for us, but Also companies like N8N, that was a sleeper company in Berlin, and all of a sudden in fall, multiple VCs have woke up that they're doing a great job in agentic AI. Yeah, that's a company. Interestingly enough, I saw it on Getting people started making videos about it on Instagram, which I look at as much as.

That's internationalization or translation. Let's make sure machines do it and not humans. That makes sense. What was your first true home run adventure? The first true home run adventure. You can define it in many different ways. My first billion dollar exit was Meraki which started as a wi fi project in Mountain View with Google and I was one of three ex Googlers that invested in it. And the first IPO was Shopify and that was amazing like showing up to nice not for Google's IPO but as an investor that hey early believer and the company was great. And what was crazy is like $2.7 billion valuation at IPO for Shopify and today there are like 150 like another 50x from that. Google was similar like it went 40x from the IPO and that like in a nutshell is like positive outliers and I can't imagine better examples of outliers. Yeah, that's remarkable completely. What about more recently You've done.

Philosophy on generalism versus becoming an expert in something. I mean, look, I think generalism in general, it's a really good thing. But I think, look, there are a couple really interesting secrets or insights. Number one, just to give you real data to make this point, is that when I started Inventure, the other thing that people underestimated is they're like, listen, all these sectors you're going to invest in, you're not an expert in any of any one of them and you're not going to be able to make a good investment. I think people, what people misunderstand is if you're an expert in a sector, you're going to look at a company and you're only going to look at the orthodox way of doing things. And when somebody comes in as an outsider and like I want to do something the way it's never been done before, you're going to say, that's never going to work. And so like, the paradox here is the expertise, right? Like the experts are supposed to know the field really well, but that also anchors them in, in the way that things are done traditionally versus a generalist is gonna be first principles and say, you know what, there's actually a new way of doing things and if this thing works, it's gonna be amazing. And at Feliz, it's like the most interesting stat that I'm most proud of is that we made early investments in companies, 53 of them that exceeded a billion dollar in valuation. Not a single one of them was led by an expert. It's amazing. And so like, that's the thing, like when you guys, when you guys started, you were not meeting.

And get VCs piling into the category. But take us through some of the companies from this batch. Who stands out? Yeah. I mean it's a small enough batch. We're like, take us through all. I'll go through all them. Starting off we got Petra Power. Shout out to Aaron Goodman. Hopefully you're watching right now. He's doing basically replacing generators. So basically building a new electrochemical process to replace the generator. And there's like a massive bottleneck. Generators. Obviously. Energy shortage is pretty real. Real. Especially with the new data centers going up. And he already has received $9 million in DoD contracts, which is pretty crazy. Sick. First one. Second one's a pretty fun one. Making shoes in America. Autonomous shoe manufacturing at price in the usa. That's bold. That's very bold. We're gonna make it in America. Okay. There's all these missile drone companies. We're making shoes, guys. We're making shoes in America. I love it. I love it. Three Hedges. They're one of the few software companies. They're basically building a commodities hedging app for SMBs, typically oil and gas to start. Because it costs a lot of money to actually have like a hedging team. Yeah. And they said 97% of distributors just can't afford a full team. So they basically make it. Their whole thing is Robinhood. They call it Robinhood for industrial companies. Yeah. Yeah. We've seen a lot of startups do the sort of like treasury management, just like earn a little bit of yield because maybe you don't have access to an investment bank and a whole treasury team. And so plenty of companies have offered that type of product. It makes sense that you'd need something a little bit different in the industrial space. Very cool. Imagine day trading commodities on your phone. Those are that too. What is Actinide I is pretty cool. So basically what they do is they enrich isotopes basically. So they're starting off with one material. So there's three materials in the Russian. So the Russian sanctions list. These materials you can import or cannot import. There's three materials that are actually removed from that sanctions list. Which means you can get as much as you want because we just need them. The highest cost per gram. One is a material called terbium. It's used in. In cancer medication. They basically make this material and it's a two dollar per gram material. They enrich it. It's 36, 000 per gram. Wow. And then they already have. It's in the tweet as well. They already have Some, some contracts on the very large contracts they just signed literally in the last week. It was pretty sick. Like Monday morning. Yesterday, Monday morning signed two contracts locked in there with some companies that everybody watching knows very, very well. Yeah, the traction so far is pretty, pretty amazing. Yeah, it was great. I think we've definitely seen like over the last couple batches like kind of an increase in traction just because people want to be here and also got to know people. Kind of see the brand we provide and that's I think pretty evident with companies. Text Pro is Bloomberg for heavy equipment procurement. So that's oh dealerships. Interesting. So actually figuring out. So Bloomberg, you think that means looking across all the different industries like how you can go on Bloomberg and find someone's auctioning off a private jet but they're also selling some slug of equity or something like that. So this is a platform to connect buyers and sellers. It basically is. Yeah, it brings together people who want to buy mining equipment type machinery more generally. There's like no central database with all this information. It's just like Boomer X in Texas calls Boomer Y and in Arkansas and then they hopefully make it happen. But there's no like label database of all this equipment. Basically just like compile it all kind of like with like Carfax for example like early on there's no data and like basically they just went out and like called all the dealerships like hey, like how much is this worth? How much is this worth? Is Loris sort of like the V2 of the vertical farming era. It says they turn grocery store rooftops into autonomous farms. Yeah. So like my take here was like vertical farming obviously been tried. Yeah, it didn't really work because it was all like climate like kind of carbon credit driven a lot of the time or like the actual uni economics not make sense with that gone. Basically they removed like one of the biggest cost which is real estate and they basically just put these like blow up farms on grocery stores roofs and then it's like a pretty. I mean the numbers are here like they have like they don't pay for the actual unit. They have people that go in and license them and bring them out to grocery stores and then they get like individual profit based off what the grocery stores make. And then the goal is bringing the the produce profits progress are up by 50%. The produce is then sold directly in the grocery store that it's sitting on. Exactly. Cool. Exactly. Interesting co location. And they're already like in, in stores right now. They had a pretty big Contract recently, which is pretty exciting. But yeah, I think like generally like this. Again, food security is important. Yeah, this stuff that was tried last, I don't know, five, five, ten years ago or so didn't really work because of the economics. Like this makes sense. There's also these general tailwinds of like to make food in America that's like actually healthy. Cool. So that's them. Lark Kai legend at Skunkworks right out of college. There's this new MOSA standard basically which is like an open source. Like if you have a component, it has to actually work with every type of system. There's no way to actually test this. They basically have a software that can test the compliance for any component and then eventually you're going to build the hardware to. To test it in a more in depth fashion, starting with the software. I like Blitzpanel. That's a good name. Blitzpanel. Reminds me of Mixpanel. But it's a pretty simple company. Yeah, they make electrical panels for cheaper and they have a whole automation process he's built out. He was at Pipe Dream Labs in Texas. Oh yeah. A huge problem. And now he's basically just building the. Yeah. Going through all this stuff. It really shows you that there are like a lot of stuff that fits in thematically that that does not feel like it competes with Anduril, for example, but it feels aligned with the general theme that you've put together of cool, hard problems. There's a little bit of American dynamism, a little bit of military stuff in here. Tell us about the last company. Number nine. Yeah, yeah. So Arcatos Energy. This guy reads old German papers from the 40s in German and he found this process that basically makes. What kind of German papers? You can guess. You can guess. That doesn't instill confidence. Tell this guy to clean it up. What is going on? No, the papers are scientific papers that were. Okay, okay, okay. That needs to be clarified. Papers about scientific processes. No problem. Yes, yes, they did have some good scientists in the 40s. Exactly. In one of these papers in particular goes this way. Make hydrogen for cheaper. Okay. And if you can make crude oil for cheaper. Very cool. Well, congratulations on the demo day. Thank you so much for coming. Yeah, really cool lineup. Breaking it down. Great. I mean it's cool to see a lot of people focus on energy. I mean that's that like. Yeah, people will criticize like, you know, accelerators and like for having like too like being like too on trend. Totally actually healthy. Like we want a new. We want to big group of companies like going after different problems. This just doesn't seem like that narrow of a trend. It feels extremely narrow when you.

Also going to want to touch grass. And both can be true. And you can kind of toggle back and forth. What's the most underrated partiful that you've ever seen? Okay, so I. They're. They're somewhat rated. It's not fully underrated, but I'm obsessed with the. The performative contest. So there's like, performative male contest that's happening right now. I saw in San Francisco there was like, like, performative reading contest. Okay. Yeah, yeah. It's just like, there's something really funny that's happening where online meme culture. People are using part of L to take that offline. Sure. So they're taking like. I know, by the way. I know. I used to go to the same gym as the kid who, like, initially went viral for the performative reading in New York, where he was reading like. Like, like some infinite jest or something. It wasn't that. It was like. It was like a feminist. Feminist text or something like that. And he's like, you know, reading, and people are like, he's been reading the same page for like, yeah, 30 minutes. Like, what's going on? And that. I'm sure that was part of what kicked off this. This kind of thing. Yeah, yeah. Or like group seven on TikTok. Like, there's not like a group seven meetup, I think, this weekend in New York. So it's like the speed at which every single Internet meme now has a real offline particle event that people are actually going to that's actually happening. But that's been pretty cool to watch. Take us through the SF party culture. I'm hearing 996. It's getting crazier.

Your Black Friday. Is it actually Black Friday in the sense that, like the servers will be melting or is it just like it's the best opportunity to capitalize on the value prop that partiful can deliver? Yeah. I would actually be curious, what are the biggest holidays for? Or just days celebrations? Halloween is by far the biggest. Really? No way. People celebrate Halloween like 10 times. Sure. Right, sure. Like, everyone can go to multiple Halloween parties and it's very valid. You're only going to go to one New Year's Eve party. Maybe during the holidays you're like traveling, so who knows if you'll be around? But like, everyone's here, everyone's locked in, Everyone knows what the job is. And so usually it's like you'll have six Halloween parties and I don't because, like the entire particle team. I'm like kind of on call today, this weekend, but that's why I'm dressed up right now. Yeah. I love the idea of you being on call and then there's some serious thing happening in the business and you're like, let's hop on Zoom together. And then you dressed up like, very serious. Yeah, it's great. It seems like a good company culture. Yeah. Yeah. Servers are not melting because our engineers prepped heavily for this. But it is like a triple on call situation. How. How has the business been growing? I know that a couple months ago there was like, oh, Apple's coming after you. And that felt like maybe it was just always going to be, focus on. Yourself, Apple, focus on yourself. But was that even like an oshit moment or was it just kind of like, okay, we didn't really see any blip in the numbers whatsoever and we've just been on a growth projector. Growth trajectory the entire time. When it happened, it was definitely. Are you not allowed to curse on this show? We don't curse on this show, but you're welcome to. But kids do watch. Our kids watch. So whatever you say, our kids will repeat to us later. What did Shreya mean by that? It was an O darn moment. There we go. Oh, shucks. Moment.

I think it's. The current experience of the Internet has gotten worse, I would say. I mean, with the exception of the AI models themselves, which are great. But. Yeah, I mean, that's like, probably true. I think it's. I think it's up there. I think it's way above, like, catastrophic risk, you know, Like, I think if you were to put like, autonomous cyber attacks, you know, bioweapon development, I think that's probably lower than no way. This sort of slop stuff, I would guess. Yeah, it's interesting to see. I don't know if anyone's ever done that, but it'd be interesting to see. So we were reflecting on this this week. We had Christina from Vanta on talking about. And then we also had the CEO of CrowdStrike on, and we were kind of blown away, reflecting on. We've been in the AI boom for two years at least, and we haven't really had a moment where we're like, oh, yeah, that major cyber, that outage, that cybersecurity incident, that problem, that hack, that virus, that's generative AI uniquely, that hasn't happened. Like, AWS went down last week and it was just misconfigured DNS on a database. There's been. There's been a bunch of crazy cyber attack stories. None of them have been, you know, related to gen AI just yet. I still think it has to be coming at some point, but until you get that solid anecdote, it feels very hard to go and run the campaign of like, never, never again will we allow this to happen when it hasn't happened for the first time. That's how it always goes with tail risks. People can't really internalize them until they actually happen. And then there you go. I actually wouldn't shock me if we see something like that in the next six to 18 months, because the models are now getting good enough that that kind of thing seems possible. Cyber, biological, cyber bio is going to take a little bit longer, but cyber, cyber, maybe even cyber might take, or bio might take much longer, because actually making a bioweapon is still hard in the physical world. But cyber is purely digital. There's already many skilled cyber attack, so it feels, like, plausible. Luckily, you know, cyber defense is keeping up right now. We've seen a lot of advancements there too. Yeah, yeah, There are definitely, like script kiddies that go around and just like to unplug different.

Political, like, jockeying that's going on. I think certainly regulatory power is one of them, but I don't really think they're after money, particularly if you're a California legislator. The basic reality is that money kind of just prints itself. Yeah. They're basically opposed to scarcity, like Petro State. Okay, but the pet. Yeah, the petrodollars are not oil. Instead, it is capital gains taxation. Yep. I was once talking to a California legislator who was on the budget committee, and they get these, like, you know, every other week or whatever. They had these, like, reports from the state treasury about the state's fiscal position. This was a couple of years ago, sort of right post Covid. And they were like, we had a $10 billion surplus in the last month. And they were like, What? Where did $10 billion come out of nowhere? And it was the SNAP IPO. Yeah, it's all. Just one IPO generates that kind of revenue for the state. So, you know, and it's going to be like that on steroids when, you know, when. When the Frontier Lab employees start to have their liquidity events, the state is going to have an enormous windfall of capital gains tax. I mean. Yeah. There was a rumor just earlier this week about OpenAI going out at 1 trillion, which would be an RF.

Because there's more visibility or is there something else that's driving like the California regulation movement? I'm not sure it's a higher salience issue for the voters in California, but I think it's a higher salience issue for the legislators because the legislators smell power. Right? I mean, you can regulate this. You know what I think will be a multitrillion dollar industry while it's still nascent before. You know, one of the things about regulating now is like if you tried to regulate the iPhone now in a major way, well, like 150 million Americans or whatever use iPhones and so they'd mad at you. But like AI is still a little bit nascent and there's all kinds of use cases that might just be killed in the cradle. And you can control it, you know, much, much easier, but it's a younger technology and you can control it. If you're California, you can control it for the entire country, more or less unilaterally. And it's Democratic, super majority state, so they have all the cards. So if it's a low salience issue, is there a world where this is all about.

California trying to kneecap AI. Like, is it just a bigger issue within California? What are the dynamics in California specifically? So California views themselves much like the Europeans do. They view themselves. First of all, the one big difference is that California is also an exporter of technology, but the people in Sacramento are not. San Francisco is the exporter of technology. Sacramento views itself really as a nationwide regulator. So their mentality is the federal government's not going to act, especially President Trump. You know, they would say President Trump was irresponsible, so we have to act for him. And, you know, one thing that a senior European diplomat told me when I was in government is when we want to talk policy in America, we fly from Brussels right over D.C. to Sacramento. So they're coordinating. You know, the European Union has a. Has a coordinating office in San Francisco where they meet with legislators and companies. And it's basically like this sort of transnational governance regulation happening between California and Brussels. Interesting. And so is it correct?

And really sorry, guys. Let's get right into the show. John, you ready? Let's do it, Jordi. All right. You're watching TVPN. There we go. Today is Friday, October 31st. We are live from the TVPN Ultradome. We even got the. Horse technology. The fortress of sinus, the capital of capital. They got the whole shtick. What is that? Is that the soundboard? What is that? Oh, the air horn. Oh, the air horn. Happy Halloween. Happy Halloween. Good to see you. The chat is absolutely loving this. How did you. Fancy both Ilya and Mark? Yes. How did you guys.

Generative image, video and audio models all in one place. Develop and fine tune models with serverless GPUs and on demand clusters. But of course, we did this the old fashioned way. The Hollywood way. The Hollywood way. We were at the office at 6:30 this morning. It took hours to get to this point and shout out to the whole team that made it possible. Yeah, it's a lot of fun. It's not a mask. It is makeup. It's a of prosthetics that go on layered up with a wig for me and a beard for Jordan. They kind of take you through the process of becoming fully bald and then add back whatever they need to, including the eyebrows. And the eyebrows do a lot of the work. They do a lot of the work. They do a lot of the work. But yeah, if you're not taking Halloween this seriously, what's going on, you gotta be taking it seriously. Tyler, are you taking Halloween seriously? What did you do? I'm taking Halloween extremely seriously. Well, who are you? Sam Altman at 2008 WWDC. Okay. Edging looped. It's the. Yeah, you're the spinning image. Were those the colors of the polos he was wearing? Yeah, I think the camera temperature is. Oh, you think that's what it is in real life? If the viewers could see, they would be. And the hair is a perfect match. And you also had to do three hours of prosthetic makeup. I was actually here a little earlier than you guys. Yeah, sure. It is so strange looking across. It's very weird. And seeing. Seeing the spitting image of Ilya himself. Anyways, ramp time is money. Say both easy use corporate card bill pay accounting a whole lot more all in one place.

You're watching TVPN. Today is Friday, October 31, 2025. It's Halloween. We are live from the TVPN Ultradome, the Temple of technology, the fortress of finance, the capital of capital. We have a fantastic show for you today, folks. We're going to be talking about Mag 7 earnings, recapping what's happening in the public markets. The trillion dollar tech.