Sam it. Good morning. You're watching dvpn. Orange mode it is. We're cozy maxing. It is Friday, November 14, 2025. We are live from the TVPN Ultradome, the Temple of technology, the fortress of finance, the capital of capital. It's raining in Los Angeles. It's raining in Hollywood. And so we're cozy maxing. We're in extremely orange lighting. We have put the fire on maybe a little bit too orange. Honestly, the clips are gonna look a little bit crazy from today. We might switch back at some point. But Matt says we need the white suits today for sure. We didn'. Huge. The market opened down 2%. Disaster. No, we're back up. We're back up. The whole market's up. We need to put the word. The NASDAQ's up. The NASDAQ's up. Okay. And over the last six months, the NASDAQ is up 20%. Wow. Would you look at that? Would you look at that? Yeah. Bigger news. But. But lifted. Lifted. Bigger news and more important news. Ramp time is money save both easy use corporate cards, bill pay, accounting, whole lot more all in one place. Yes, Jordan, Today is National Pickle Pickle Day. You heard it. Not Pickleball Day, National Pickle Day a lot. Gill broke the news this morning, and that could explain. He's into tracking national days. Explain the volatility that could. That could. There's basically a day. Every day. Like, every day is some special day. There's like probably National Podcasters Day, you know, because they've extended it. It's Father's Day, Mother's Day, then there's Grandparents Day, then there's Aunts and Uncles Day, and people just went crazy with the days. A lot of marketing firms figured out that you needed a day to have an excuse. So there's like Donut Day, National Eat. A Donut Day or whatever. According to Google's AI Overview, tomorrow is National Philanthropy Day. And then it is also celebrated as National Recycling Day, National Drummer Day, Hot Socks Day. So we got days for days. It's also Restream Day. You can sign up for restream today one livestream 30 plus destinations, multi stream and reach your audience wherever they are. Blue Origin, massive, massive landing yesterday. Let's watch the video. Sawyer Merritt has breaking it down. Jeff Bezos rocket company. Blue Origin has just successfully landed. Let's play the clip. This is new Glenn the rocket booster. Oh, no. On a barge in the middle of the ocean, 25 years after its founding. Look at that. Becoming the. It's Only the second company in history to land a rocket booster after space. What. What a moment. Remarkable. Insane. In some ways it's, it should be expected. It's been a decade since SpaceX did exactly this. This is a wild video. This is like, I mean, I'm always, I'm always remark. I'm always amazed by the fact that they can keep the cameras even rolling or live streaming at all during these crazy moments where there's fire all over the camera, for example. But they did it. The smoke clears, I believe on this video at some point. And you see the rocket booster sitting there on the drone ship standing. It did not crash, it did not blow up after they brought it back successfully. It's an orbital class rocket. Very exciting. I was thinking about the implications of this. It's interesting. It's like on the one hand, like, yeah, you're 10 years behind Space X. SpaceX did this, this exact thing. 2015. 2015. It's been a decade. On the other hand, it's like China hasn't done it and they've obviously wanted to. And so that's really cool that America has two companies that are doing it and they're now in competition. And so when we were talking to the folks about the data centers. Yeah, yeah, Empire, yeah. There's been this question about like, will the launch costs come down or will ELON Just eat 100% of the margin him SpaceX, because he's done all this work. Well, now there's maybe going to be a little bit more pressure. We're seeing that from Firefly, we're seeing that from Blue Origin. Like stuff seems to be working. I think a lot of people wrote off Blue Origin like Virgin Galactic. It was just like billionaire side project. SpaceX was the serious one. I think they're still, you know, they're still a decade behind. But it is just crazy that he's, he's been able to keep it going for so long, making a lot of progress. And I was just laughing to myself about this idea that in any other industry if a founder came to you and was like, yeah, we're, we're a decade behind the, the leading cat. Leading company in the category, but we're staying with it for another decade. You'd be like, what, like you're a decade behind. Like, like, you know, like you're, you're at GPT1 level and they're GPT5 level. Like you're, you're going to pivot in that. We're just trying to get to GPT2. Level. Yeah. Wait, by the time you're at GPT2 they're going to be at GPT6, 7. 6 or 7. And but it is just a different industry, it moves a lot slower. And Bezos has just built a crazy company. I mean they've never like, they've never really done a, like a major financing that's been from a headline firm that just kind of, it feels like it's all funded by Bezos. There might be something else going on. There's, there's some rumors of like small secondary transactions here and there, but there's really no like, you know, logo, Blue Origin logo on tier one fund. You just won't see that. That's just not a thing. And what's interesting is that it's a massive company. So over 10,000 people work there. Worked. It's been 25 year project as I mentioned. But also, you know, it's not, it's like the idea of, the idea of hiring 10,000 people and rocket scientists, like not cheap people, you know, imagine. I mean some of them are probably, you know, relatively new grads, but there are some serious salaries to bear. And then just funding that off your own personal balance sheet for 25 is crazy. But Bezos has like 250 billion. SpaceX has raised to date, like 12 billion. And so even if you just assume that Bezos is burning the exact same amount of money, even twice as much money, that's 10% of his net worth. Like it's just, it's just a doable like check to write, which is crazy. Yeah, it's almost the equivalent of you know, somebody working in big tech setting up a cafe that loses some money but they get a lot of enjoyment out of it so they keep it going. Yeah. Even though it's not, it may never be like a rational economic activity, but in this case if the implications are that you could end up in a situation where there's a duopoly in launch. Yeah. I mean SpaceX is what multiple hundreds of billions and Blue Origin seems to have somewhat of a similar capability at some point. What's the fair market value of Blue Origin? Is it a billion? Is it 10 billion? Is it 50 billion? Like if it was a public company just like, you know, and you're just comping it to Space X for whatever reason, whether or not that, that math makes a ton of sense. Like you could imagine it trading in the billions for sure. Like you could imagine trading in the high tens of billions. So obviously we don't know that much about like the financials, how profitable this stuff is. It's a very, you know, kind of behind the scenes. Virgin Galactic is sitting at a two hundred dollar valuation in the public market. I know that they spake. I thought that they had de spacked. It's sitting at. It peaked at. Let's see here. It peaked in. Oh, it was all over the place. It peaked at $1,218 a share in 2019 and it's now sitting at $3.61. I think it was one of the first chamath spacs. Right? I think it was one of the first ones. And they had a very different approach. Virgin Galactic was like doing the space plane thing where it would take off from the ground off of like a traditional landing strip and then just fly higher and higher and higher. I don't believe Virgin Galactic ever made serious progress towards a reusable rocket like what Blue Origin's done. And I watched an interview, a walk and talk tour of the Blue Origin facility with everyday astronaut and Jeff Bezos and it just seems like he loves it. Like he's just doing it for the love of the game. It doesn't matter if it's gonna take 10% of his net worth. Like he's so happy. You're gonna be a spaceman. Yeah. No. Watching him look at this massive rocket with the welding points and he knows what type of welds they used for what pieces of the rocket. Like, it's clearly just one of the most entertaining things you can buy is just a rocket factory that builds rockets and does cool stuff. It's like so exciting and so thrilling. It's got to be way more thrilling than like sports betting, for example, because you're kind of. There's a lot. It is a gamble, right? You put all the money into the rocket, the rocket either explodes or goes up and comes back down. It's got to be thrilling. It's got to be dopamine machine. So he's having fun. Yeah. The other interesting thing is that because they don't do this like regular tender offers that Space X does, there's a lot of employees on Reddit who are kind of like, hey, like my stock options are kind of worthless. Like, I don't know how to exercise these. I've been at this company for a very long time and if I was at Space X, I'd probably be cashing out a lot and like retiring very comfortably. But since I'm at Blue Origin, I'm not really. I don't really have the same level of liquidity. And you could imagine Bezos running a tender offer process that mirrors SpaceX's just by himself. He just personally takes out $1 billion of cash, which he has, and buys $1 billion of stock from the employees. Like what happens at SpaceX when there's a billion dollar tender offer, but that comes from other investors. It could just come from him, but it doesn't feel like that's happening, at least from the, you know, the couple Reddit threads that I read. So it's weird because it feels like the, like SpaceX has this. Another unfair advantage of employees who go there and think, oh, wow, I'm getting paid, you know, a couple hundred K a year, but it could be millions if we really deliver. So we got to go the extra mile. Not just that, but I will have a, a consistent opportunity to get liquidity. Totally, totally, totally. Versus, you know, some of the people that sounds like the people that you found that were at Blue Origin for a long time are probably sitting there, you know, basically saying to themselves, if I had joined SpaceX in a worse role. Some of them literally said that exact thing. Yeah, they literally said that exact thing now. And I'm sure those people had an opportunity to go to SpaceX too. Yeah, some of them. Some, I'm sure. Now the other interesting thing is it is fine to just be like, yeah, we just pay you cash. We pay you a lot of cash, we pay you higher than market cash. And so people do need to make their own decisions. The employees can make the decisions either way. But it's just interesting that Blue Origin, it feels like they're somewhat fighting with one arm tied behind their back. They're also way behind on the actual progress of the reusable rocket. They're clearly, you know, like, they don't have an answer to Starship. Starship is four times the capability of this new Glenn rocket that just landed. So they're, they're, they're behind in many ways, but they're still ahead of China and they're still number two. And number two in this category has got to be thrilling. It's got to be exciting. And I think it might actually be a decent business. I don't know. I'd love to dig into it more. I'd love to have, probably more thrilling than owning a Formula one team, maybe. Yeah. And Beza, you know, I mean, he. Also, like, sent his wife and her friends to space. Like, that's something that you really can't buy otherwise anyway. What you can buy is a relationship with Privy Wallet infrastructure for every bank privy makes it easy to build on crypto rails securely spin up white label wallets, sign transactions and integrate on chain infrastructure all through one simple API. Delian was very excited about this. He said, hot damn. Blue Origin just landed New Glenn rocket on their second flight. Officially becoming the second company ever to do it after SpaceX did it a decade ago. Incredible moment for the commercial space industry. The orbital economy has got to be excited about this. More competition means potentially more just cheaper prices on payloads to orbit. So exciting, exciting stuff and yeah, we'll be interesting to see. I also saw that project Cooper, which was Amazon's Starlink competitor I believe is rebranding to Amazon. Leo L E o I like that. Yeah, some people were really upset about the rebrand. I thought it was kind of cool. But they are definitely going to be getting into the space Internet. Bezos just posted a close up picture of the rocket. Putting it in. While we pull that up, let me tell you about Cognition, the makers of Devon, the AI software engineer. Crush your backlog with your personal AI engineering team. There's also an article in Per Aspira just dropped the Dan golden spoke in front of us space leaders on a subject that's been weighing on him. He's bored by space. By that. He's bored with low Earth orbit. SpaceX solved cheap launch and still the only the entire commercial space economy is largely one thing. Communications. Look at this picture. Imaginary. Wow, look at that. This is taking off. Wow, look at that. It's crazy it took so long to get this photo up. They should have, I guess. Look at that. Wow. Stunning. Yeah. One of the reasons why Blue Origin has like I talked to somebody who worked at Blue Origin and he was telling me that one of the reasons that Blue Origin moved a little bit slower than SpaceX is that they leaned a little bit harder on the exquisite system going really big. And Elon had this idea of like, let's try and make a whole bunch of small things that we bundle together. So if you look at the number of engines on the bottom of that, I think it has like six engines, seven engines. And if you look at the bottom of like Starship, you'll see like what, 30 engines or something? I think 33. 33 engines. And so Elon has been bigger at least on hey, let's make modular pieces of equipment that can be moved around with maybe not a huge crane. Maybe you can just put it in the back of a truck. Maybe to work on this engine, you can do it in one normal room instead of a massive warehouse. And so the size of the individual pieces of starship, it adds up to a massive rocket. But each of the pieces can be worked on individually. When you start working on these really, really big systems, any small change, like, cascades through the rest. What are you laughing at? Laughing at Gabe. Gabe's fining me for not wearing a suit. I told you, dude. I told you. John's very against it too, but I just love this puffer too much. Okay, enjoy, enjoy. Well, Dan golden is upset about this. He wants asteroid mining. He says no wealth being extracted from the solar system. That's it. Sounds intentionally written to inflame. And none being brought back to Earth. Where are my asteroid mines? Dan Goldin writes, I guess in the Economist. Very interesting. We're all asking the same thing, Dan. Yes, yes, yes. So the Steam Machine, is this what you want to move on to? Let's pull it up. Okay, let's pull up the video. Let me tell you about Figma. Think bigger, build faster. Figma helps design and development teams build great products together. Steam Machine is going to be huge, says Josh Constein. So many Mac users wish they could play PC games, but they don't want expensive, complex PCs. For a fraction of the price and headache, they'll be able to play PC, PlayStation, Xbox and indie games on the Steam Machine. Now, the Steam Machine was actually part of the. Part of a launch. There were actually three things that they launched. The launch video was very cool. They launched a controller, a box like an actual computer, the Steam Machine, and then a VR headset. So we should see. What's interesting is that we don't know pricing yet. There's a few other things. They call it the Steam frame. Valve is saying that it's going to be cheaper than the $1,000 Valve Index, which is their previous VR headset. And I think it should be close to Vision Pro, not quite in terms of the display. It seems like the display per eye might be closer to just beyond the Meta Quest 3s, which Tyler, of course, was demoing. And you said that with the Quest 3s you couldn't quite use it for work. It was a little screen door effect. It was a little pixelated. Yeah, I would not want to be reading a lot on that. Yeah, yeah. But the, the Apple Vision Pro felt like it was at that level or almost at that level. But they do a bunch of interesting things with the Steam frame. So if you get the Steam Machine, it's designed obviously at the level of specs that allow you to run VR games off of it. You can run VR games directly on the headset, but then they have a wifi dongle that you can put on this Steam machine that will stream the VR game to your headset using 6G. I think that's it, a 6G Wi Fi router. So 6G is, I think it's like a different patch of the broadband spectrum or the WI fi spectrum that's like less cluttered than when you go into your 2G networks on your WI Fi and you see the different. There can be a lot of clutter, especially if you're in an apartment building. Chabivi says now make this for on prem LLMs. And that's I think more or less what for Satoshi is building building a brain for your desk. Yeah. Very cool. Tinybox also from George Hotz is similar and I believe Nvidia launched something that is a computer that's designed for basically on prem LLMs. A very high end graphics card sort of wrapped in a. In a package that can be delivered. Yes. Steen says Steam has won. There's no reason to get an Xbox. There's no reason to get an Apple VR head. They all run on Linux. It's the ultimate computer. Yeah. We should pull up the actual Steam official hardware announcement trailer because I think that it's a unique way to actually announce something and I liked just the way they did it. Just watch this Jordy and listen to the transitions between it. It's a couple minutes so we might need to sort of skip through it. Hey everyone, this is Steam Deck. Steam Deck is our powerful portable. So this is the product that like it's already out and, and this has been on the market for a couple years sold I think very well. No one really knows because Valve is such a quiet company. They're not publicly traded. We're excited to talk about the future of Steam Deck, but not today because this isn't a video about the future of Steam Deck. This is a video about the future of Steam hardware. Today we're announcing three new members of the Steam hardware lineup. All connect you with powerful PC gaming. All are optimized for gaming with Steam and all are shipping in early 2026. Let's start with this one. Yeah, I think it's cool how they start with something that's familiar and then they bring you into the next. Well, the reason it's important is because it's a product that has shipped that people like. Yeah, it's sort of like reestablishing hardware. Gets like people have so Little trust in a lot of new hardware products. Totally. And then also there's this interesting factor. They. The Steam Deck is loved, but also they're doing some rebranding here. Like, the previous VR headset is the Valve Index, not the Steam Index. And as you'll see later in the video, they're renaming the product from Valve VR Headset, Valve Index to Steam Frame. And so they're leaning more on this like. Like Steam as their unified hardware brand, even though the company is Valve. And it feels like they're trying to create more unification across the brand. So putting it all together in one. Would it be a good. The main controller? No, the main computer. Do you think it'll be good for, like, a sim sim racing rig? I think it would probably run. I think. I think all of this would run sim racing extremely well. The only thing is that you would still need to add the peripherals for correct, like, yeah, control and like, pedals and steering wheel, all that stuff. But listen to this part. Steam Machine here. Go back like 10 seconds. Because this transition, I think, is really well done. The new Steam controller works with any device running Steam or Steam Link, whether it's a PC, Mac, handheld, smartphone, Steam Deck or the new Steam Machine. Oh, this is the new Steam Machine. I like that. It's, like, very, like, cute and quirky. It has, like, I don't know, just like, funny aesthetics. But they. They. That's the first time that they introduce the name of the product, the next. The next product, and then they do it again like, a minute or two later. And I just think it's like, it has this, like, sort of like friendly, quirky, like, aesthetic that fits with the video games, but it doesn't feel like it's from anywhere particular. It feels original. I don't know. What do you think about the Black Cube? The Black Cube? I think it's fine. I mean, it looks like it fits in a media console where it's gonna live next to a PS5. I actually think that that's probably better than the PS5 is such an awkward shape. Like, it's really, like, long and big. I don't know. I think that this is probably a better. Just like, you can fit that on more desks and in more closets and in more little media cabinets. I wouldn't have gone anywhere. I wouldn't have done anything differently. Wireless connectivity of the Steam controller Puck built right in. And it's great for streaming your games to your phone, tablet, laptop, Steam Deck or Steam Frame. Oh, yep, this is Steam Frame. See, they do it again and then they tell you, okay, we got a new VR headset. And it's such a funny way to introduce like a new VR headset. Like this is, this is the first time they talk about this VR headset. Next generation VR hardware. Stream all your Steam games, VR and non VR alike in this comfortable, lightweight wireless VR headset. Steam Frame uses camera based tracking, so getting into your games is as easy as slipping on the headset and waking it up. So this is a shift you used to have to mount cameras around your like gaming area basically, and then it would track you with those cameras. Now it's all done on the headset. This is the same way the Apple Vision Pro works. This is the same way the Meta Quest three works. This is not like new, but it is, it is new for Valve. Steam Frame also pairs seamlessly with the new Steam controller, a great companion for playing non VR games in the headset. To make sure streaming is smooth and stable no matter what. Steam Frame includes a wireless adapter that. Lets you stream your wireless speed to. Your headset over a fast and dedicated Wi Fi 6 connection. And the game is streamed to your frame, optimized for VR using new technology that allows for the highest resolution streaming exactly where your eyes are looking. And Steam Frame is a PC running SteamOS. In addition to streaming, you can install and play. So where you're looking in the VR headset, that actually gets streamed to you in higher resolution than the rest of whatever else is in the headset. Whoa. Because your eyes can, you know, like you're looking at me right now. I'm in full resolution. This is blurry, so it will send you a blurry rendering over here. And this has been done in VR at the local level before, but they've figured out how to do it in the latency loop with actually streaming. So they call it foveated streaming as opposed to foveated rendering. Kind of the next generation of this. And so you should be able to play very high fidelity VR games and stream them from this device. And all of that just keeps weight and heat off your face, which is exciting. Tyler, any reaction? What would you pay for this? I think we should get the whole suite. I love it. Let's play it on the, on the fireplace. You know, put it. Former addict over here. So of course he wants, wants the whole. Well, no real is. We're gonna get this thing. We're getting, we're get this, we get the One X and then we're gonna get that new Google model to Play it for me. And I'll come in and I'll be like, how'd you do this weekend, buddy? Did you crush. Because I was hanging out with that kid. It's. I was going to baseball. Let me tell you about Vanta. Automate compliance. Manage risk and accelerate trust with AI. Vanta helps get you compliant fast. And we don't stop there. Our AI automation powers everything from evidence collection and continuous monitoring to security reviews and vendor risk. Michael Saylor is maybe this is going down with this ship. This is the most insane. The most insane one. Let's start with the positive. Let's start with the positive. It looks like a chat. He looks like a chat. He looks like an absolute chat. Yes. He's by himself in a rowboat. You know, it looks like there's a bunch of people on the. On the ship. He's not worried about them. He's worried about getting as far away from it as he can. Yes, yes. The ship is going down. The ship is going down. He's looking like an absolute Chad. Jez says, brother, you were supposed to go down with the ship. So I just think, you know, this was posted. This was posted like, you know, very early in the morning this morning. It's possible he just was playing around on. Okay, no, no, no. He did not do this. This is from an account called Atlas Hodled instead of Atlas Shrugged. Atlas Hodled with the orange square icon. Bitcoiner. Atlas Hodl describes themselves as a bitcoiner and AI artist. He posted this from his own account. No, no, no, no. He took the image from Atlas or he. Okay, you're saying he didn't make it? He didn't make it. But he liked it. He liked it. He thought it was a good idea to post. Yes, yes, yes, yes. Him. And so Atlas, going away from a crazy, wakes up every day and refers to themselves as a chronicler of Michael Saylor. Like. Like that. Like, they're clearly like a super fan. Like, they create fan fiction, fan content. This was something that Atlas hoddled, generated. And then Michael Saylor took it and was like. He's like, yeah, I got to post this today. That's a great idea. When the stock sound like 50% or whatever. Yeah, it's down 52% in the last six months. Yes. And he thought, yeah, this is a great idea. And so I should post it. And so the reaction has not been good because as Jez put it, brother, you are supposed to go down with the ship. Like, he's the captain of the ship. Why is he not on the ship. It's such a crazy image, Michael. Miraflores says, so you're abandoning a sinking ship when you're supposed to be the captain. Nice. It's such a funny situation. Let me tell you about graphite.dev and then, Jordi, you can read the next one. Code review for the age of AI graphite helps teams on GitHub ship higher quality software faster. You want to read this from Valuation. Valuation says, God, I love markets. Where else do you get an objective answer to whether you're a genius or a total effing moron in real time? Master is down 50% since this was published. And this is a quote from Saylor, the Captain Saylor himself. He says unless you do the requisite hundred plus hours of studying Bitcoin on top of 100 plus hours of MicroStrategy, you should not enter this trade, he said, because it is a very sophisticated trade that 99.99% of Wall street doesn't even understand. And yeah, the problem with 99.99% of Wall street not understanding your, your business model here trade is that they might not buy and that might drive the price down. Right? Isn't that. Yes. If institutional investors don't understand it, maybe they don't feel confident. So obviously people are dunking on this because the stock has traded down 50% since this was published. I do think that there is something that's nice about posting something like this. Like if you are running a meme stock or you're running a company that has a lot of retail attention, it's very nice to actually go to the community and say, hey, like, you should really study for 100 hours, study the asset that we're investing in and study this company. You should make an educated decision. It is a little bit of just like, like do your own research. Although obviously there's a little bit of read on this, which is like, it's just like I'm saying that I'm doing something so complicated when really I'm just hodling bitcoin, like by my own admission. But I do think that there's something somewhat responsible about saying, hey, do the research. I don't know. I want to give a little bit. Of credit for that. Yeah. Anyway, where to? Next to Julius the AI data analyst. Connect your data and ask questions in plain English and get insights in seconds. No coding required. They have a very funny campaign up around San Francisco right now. I won't spoil it for you, but there's a number of fantastic billboards. Yes, yes, Cantor Fitzgerald, now controlled by the son of Howard Lutnick, is having its best year ever, says Joe Wiesenthal. Congratulations to Brandon Lutnick. One unusual item might appear on Kantor Fitzgerald's year end expense receipts, quote. I just left the floor and told someone I'm happy to buy them a cot because they need to come in on Sunday and not leave until Friday, joked sage Kelly, 53, co CEO of Cantor Investment bank as he sat down for an interview at his New York office. Climbing Wall Street's league tables, jumping out in front of the cryptocurrency boom and returning to SPAC fueled deal making. The private New York financial boutique having its busiest and most successful year on record. Cantor is now controlled by Brandon and Kyle Lutnick, the sons of Howard Lutnick, who joined Donald Trump's administration as Commerce Secretary earlier this year. The firm is on track to post revenue in 2025 of upwards of 2.5 billion, an all time high and a jump of more than a quarter on last year, according to people familiar with the matter. When you how do they do it? And you have how do they do it John? How do they do it? A lot of grinding. I've met Brandon and lot of I mean it feels like Cantor has been early to a bunch of like sort of risk more risk on investments than other even pre administration. They were early to the stablecoin thing I believe early to a bunch of crypto stuff just a little bit more risk on relative to the other investment banks and so have done very well. And then of course now even further entrenched in D.C. further entrenched in Wall Street. Yeah, that would certainly help give confidence around some bets that maybe other firms would find a bit riskier. Yeah, I mean there's a little bit of like this year there's a lot of certainty that came to crypto but building that consensus around like okay the certainty is actually going to come. There is certainty that certainty will arrive. That took a big leap and you can see that if you know the administration very closely, you could assess that. Whereas people have been waiting around for certainty on tariffs and that's taken a little bit longer, but the certainty on the crypto stuff has certainly moved a lot faster. The executives bristle at suggestions that their new connections in Washington are contributing to that success. Instead, they say Cantor has grown with a lean team and is reaping the benefits of years of preparation for booms in sectors that more established banks have kept at arm's length length its 250 dealmakers are set to post revenue north of 1 billion at 4 million per banker. That's about double the rate at the firms on Wall Street. Huh. Interesting. That's like Cantor has broken more than AI researchers. They're like completely broke compared to AI researchers. Like by a thousand x they're making like a thousand times less money than. No, that's talking about the earnings that individual. So as a group they'll make a billion dollars. Yeah. So they could have just been one. They could have picked the best guy that they had and gone into AI and spent all day training. Yeah. So the bankers are making 4 million on average. Of course there's also like the overhead of the firm. That's not profit, that's revenue. Versus at some of the labs you might be making 400 million per research. So really pick the wrong industry to go into and you know our heart goes out to the them. Cantor has brokered more US IPOs by volume this year than any other firm and is fifth in all U.S. equity offerings after overtaking stalwarts including Barclays and Citigroup. It's seen a boom in trading largely from clients outside the US and is on track to acquire hedge fund o' Connor from UBS Group by the end of the year. A deal that's facing a last minute hitch after the unit was hit by losses related to bankrupt auto parts supplier Ferdinand First Brands Group. First Brands really is really all over the place, really wreaking havoc. Much of Kanter's revenue haul comes from a surge in crypto deal making, including fundraising for multi billion dollar treasury companies which hold and trade digital assets. But also from the firm's early push into covering now booming sectors including rare earth minerals, quantum computing, robotics and data centers. Wow. They went along the boom and they. They're making. Making it rain the rainmakers. Kelly says, I promise you we're not getting anything handed to us. It's easy for our competitors to say that because they're not here living and breathing what we do every single day. Anyways, very impressive. So should we move over to. Let's. Alfred Lynn has hit the timeline. He says the latest on Outlier's Path are Sequoia. This is our Sequoia. It has always been our. Is Outlier a product Outlier's Path. I think that might be a blog. Oh wait, okay, sorry. Outlier's Path. Welcome to Outlier's Path. Having spent more than. So this is out. I think this is Alfred Lynn's personal blog. Through this collection of posts on Outliers path. I hope to provide you with the provocation to get better at getting better and prove your critics wrong. Okay. Yes. So this is. This is the name of his personal blog. Okay, cool. AB in the chat. Legendary. What is that? Chat star says I interned for Cantor last summer. Great experience. Oh, nice. Very cool. Alfred says this is our Sequoia. It has always been our Sequoia. It has always been our Arrakis, our Dune. No, he says it was never done. Don't Sequoia. Nor Michaels. Doug's, Jim's or Roloff's. From the very beginning, when Don chose to build a partnership and name it after the longest living tree on earth, Sequoia was meant to endure not through individuals, but through us. The collective strength, integrity and vision of the partnership. And just as it was not theirs alone, it will not be Pat and Alfred Sequoia. It will always be our Sequoia. We are responsible for something enduring, privileged to stand on the foundation built by those who came before us and responsible for making it stronger for those who will come after. Together we have the opportunity to do our life's work, to make a dent in the universe, to leave our fingerprints on the partnership and to shape Sequoia into the place we want it to be for the future. Principles guide us EM Dash anchored in purpose and mission. Beyond that, beyond that, we want to trust and empower one another. Our purpose and mission remain to help the daring build legendary companies for any Gen Z in the audience. Yeah, how would you translate that? Gen Z. Our purpose and mission remain to help those with motion develop aura the markets. Aura farm the industry. Our guiding principles are. Is any of this like an update? Is anything this like a change to the strategy? I think that this was just their first like, you know, really public statement as the new coast. Yes, but what is changing here? Like we already have the news that, that there, that there are now two stewards. Is there, are they going to be focusing more on AI companies or less on AI companies? Or like, are they being more on growth stage or less on growth stage? Like, is there a change to the strategy? No, I think, I think this is just reminding people what the firm wide strategy is. Right. They've gone through. This has been probably the roughest year on record for Sequoia in terms of like, like comms. Right. Just going through the. Sean. Like Sean McGuire being in the headlines constantly. That's not the kind of, you know, I feel like coverage that does not. Break through in tech and like I. I don't think it, I don't think it's affected their brand with founders and internally in the industry very much. But no, I, I think this is, this is just a good statement. I mean, I guess, I guess here is the answer to that question about like, what is this a response to? And Alfred says some people have asked if we will continue to make new investments and lead the investment team. The answer is an unequivocal yes. We will source and lead new investments and we will remain co leads of the early and growth teams. And so they're open for business, they're doing deals, they want to actually be investing. And the big question, Yeah, I would imagine the, that the leader at most firms is actually doing deals, but they usually have a different flavor to them, a different shape. When I think about Marc Andreessen at Andreessen Horowitz, he's clearly the leader of the firm to a degree that if you're coming in for your seed pitch, you're probably not dming him first. He's not the first stop on the fundraising tour. But, but when Elon is raising money to take Twitter private, like, yeah, he is texting with Mark and that money does come out of Andreessen's coffers. And if they are aggressively trying to win a deal, that Mark might send the founder a note directly. Exactly. And so when I look at Alfred, I would say, oh, well, if Tony from DoorDash is working on a new DoorDash from DoorDash is working on a new project or starting a new company or, or heavily investing in a friend's company, yeah, that probably goes straight to him. But no, he's traded down 23% in the last month. It's now dodash still. But yeah, I mean, he's probably not going to be sitting there taking notes at YC demo day. Although here's the big question with this post. Yes, Was it aig? Alfred says at the end, this is not just a partnership, it is a living em dash. It is a living, breathing legacy. I don't know. So it reads to me, honestly, it reads to me like, yes, the blog post went through ChatGPT and got a pass. It got a passed up. It got a pass. I would say that Alfred, if that happened, if that happened, please do yourself a Favor, go to ChatGPT and go to your settings and in personalization put custom instructions and say never use mdash. But maybe this is just a way to publicly support a portfolio company. OpenAI. That's true. That's true. And then also the thing that's really triggering Jordi more than the EM dashes, I believe is what's called antithetical parallelism or contrastive construction. It's not this, it's that. For years that's been a fine phrase, but for some reason in the reinforcement learning pipeline, this is actually the number. One way that I detect AI generated comments on social media. More than the mdash is the contrast. I'll be reading something that looks like some random social post comment in there. It's not this, it's that. Yeah, yeah, yeah. Anyway, yeah, it's not the username that triggers me, it's the contrastive construction. So yes, you should be able to at least edit this out because I just find it annoying at this point. I've just seen it so many times that I'm just like, I need a different flavor of, of text. And so you can do this for a long time. You could put this in your ChatGPT personalization and it wouldn't work. It just didn't do anything. And I complained about it on the show and Sam Altman announced that I think they fixed it. And I think that if you want less em dashes. Sam Altman says that removing em dashes, so he says, this is 14 hours ago. This is the biggest scoop possible. He says, small but happy win if you tell ChatGPT not to use em dashes in your cupboard. Custom instructions. It finally does what it's supposed to do. A screenshot was going viral yesterday of a newspaper and at the end of the article it said, if you want, I can also create an even snappier front page style version with punchy one line stats, bold infographic ready layout. What preferable for maximum reader impact. Do you want me to do that next? So they have that accident. I did that by accident. That's awesome. I love it. Well, if you want to generate images, video or audio, head over to fall generative media platform for developers. The world's best generative image, video and audio models all in one place. Develop and fine tune models with serverless GPUs and on demand clusters. Speaking of generative video, we gotta watch the cat. We gotta watch the cat. Pull it up. We hate. Oh, I hate AI Slop. I'm jordy. I hate AI Video. Soar is bad. Soar is bad. Wrong. Look at this video. It's remarkable. The cat is playing the piano and someone comes outside and takes it away. There's something about the nature of the video. Bagpipes. I like the bagpipes. Fun. There's something about keeping the. The video intentionally low res because it's a doorbell cam where it doesn't trigger the uncanny valley because the doorbell cam always looks bad. Whereas if this was trying to look like 4K footage, it would not look as good. We gotta get that instrument. That's a good image. That's a good instrument. I like that. This is. It's funny because they clearly created some sort of template, the didgeridoo. But it does get extremely repetitive because she always comes outside and says knock it off again and again. And so. So like seeing this just once is enough for me. The symbols is pretty funny. Physics on those symbols. Not quite right though. You know, there's work to be done here. The gong. I do like the cat. Hitting the gong is great. The gong looks exactly like our gong, honestly. So it turns out midnight aerobics, now the whole. Okay, I'm into it. How many of you? Switzerland reaches agreement with the US to cut tariff to 15%. The deal would reduce an extraordinarily high tariff rate at 39% that had threatened to cripple Swiss exports. We all know what those exports are. The United States and Switzerland said on Friday that they had reached an agreement to lower a punishing 39% tariff on Swiss goods, a change that will help to reduce the cost of exporting Swiss pharmaceuticals, gold, watches and chocolate to the United States. The deal came after a meeting between US And Swiss government officials on Thursday and an unusual visit by a group of high level Swiss executives to President Trump in the Oval Office last week. The Trump admin put a 39% tariff on Swiss exports in August, blindsiding a longtime ally and delivering a sharp blow to Switzerland's economy by significantly raising the cost of the country's exports to the United States of drugs, dairy products, gold and watches. The tariff was one of the highest rates set for any country, which administration officials said was in response to a substantial trade deficit the United States had with Switzerland. I wonder why we would have a large trade deficit with Switzerland. The 15% tariff will now be the same as the tariff the United States charges on goods from the European Union, which reached a trade deal in July. So as part of this, there's going to be roughly two Swiss companies committed to making 200 billion in investments in the United States by 2028. And the United States also agreed to cap tariffs. I didn't know Switzerland had a semiconductor industry. I have no idea. That's fascinating. Capping those as well. Well, they do have some AI researchers over there who are like poached from Meta. Right, Tyler? Yeah. I think Lucas Beyer was over there. There was an OpenAI team set up over there. Yeah. It's interesting that I haven't heard of a OpenAI team in many of the other European countries. It seems like Switzerland was like a uniquely, like, special place for. Yeah, I think most of the. I mean, there's a lot of AI going on at. I never know how to say London. Eth Zurich. Yeah. Yeah. There's that university that's like very. It's like. It's like the premier European Ethereum. Zurich. Yeah. No, it is different though, right? Yeah. Yeah. No, Ethan, I should look up what it stands for, but there's a lot of AI research going on there. That's cool. Situation Room says Patek to open factory in Wisconsin. That would be hilarious. Wisconsin made Patek. Have you been monitoring the GPT 5.1 launch? Has it been going well? It feels like it's been kind of quiet, but it's. People seem to generally like it. I don't know. I mean, they didn't release benchmarks, so a lot of the technical people aren't like, super concerned. I saw some charts that kind of showed that it's more that they're just pushing the model router further to the edges. So it can reason for even longer if it needs to. And it can reason for even less time if it just can come up with the answer more quickly. And so all of that feels like. Like better cost optimization instead of just hitting everything with a hammer. Not everything needs 20 minutes of thinking. Some things need 30 minutes, though. And some things needs one minute of thinking. I tested it using GT3RS bench. Yes. Where I was trying to have. You were going agent to commerce mode, though. Yes. Which is a little bit early. I'm just. Did you use Agent Mode? No. No. Okay. Yeah. I think if you do Agent Mode, it would. So to say exactly what happened, because it's an interesting failure case. I just said, find me a GT3RS Green 992 in the US that's currently listed for sale. Yes. And it found me one that was on Cars and Bids that sold over two years ago. Well, cars and bids, clearly. Doug DeMuro site. Cool. Cars from the modern era. We love Cars and Bids. We love Doug demuro. But that is frustrating because it already sold. But I think with Agent Mode, it would have actually, like, opened the website and clicked around a little bit more. I'm not exactly sure how to trigger that, but maybe you just need to chat with it more. Maybe you need to be clear about your prompt, you might have needed to do 3.5 pro or what is it? 5.5.0 pro. I guess now. Yeah, 5. Yeah, 5.5pro. I mean, it feels like we're back. Running the same prompt agent mode right now. We'll see how it does. We'll come back to it. And is there a difference between agent mode on 5.1 and agent mode on 5 Pro? I don't know. I don't know. It's getting there. They. They did such a good job of, like, narrowing it down and, like, unconfusing it, and then now they're like, let's put a little bit more confusion in. Let's just add a little bit back. The fact that it says 5.1 is, like, crazy to me. It's like chat wants to know about all the cans behind. Behind. Tyler? Yeah. What you got? You got Red Bulls back there? I got a lot of energy drink. You got. Yeah, Taylor called it Pallets of frid. Yeah, there's some dc. Your background is actually hilarious. We should. We should move the. We should move the refrigerator to the other side so we can see the refrigerator. Because the refrigerator's lit up, so if you slide to the right. Yeah, you can see the fridge. There we go. It's cool. So we should flip that around or maybe just move the camera. But anyway, you might have noticed Jordy's wearing the puffer jacket. That's because we are sponsored by Turbo Puffer. Search every byte, serverless vector and full text search build from first. Look at those logos. Fast 10x cheaper and extremely scalable. Will Manitis took to the timeline to say in the flow in quotes. He says the essential question for the modern allocator, the deal guy or the venture capitalist, is do you want to be in the flow? Size of check, size of fund, personal economics, character of deal, character of behavior, lifestyle. And every other single question is downstream of whether or not you are in the flow or not. Let me explain. Is this Tyler? Do you think this has something to do with having motion? It seems related. I mean, Will is kind of like unk status. I don't know if he would. Whoa. Shots fired. Shots fired. Calling him an unk. Like what he. I mean, is this because you believe. I thought he was very young. I thought he was a teal fellow just a few years ago. No one knows how old he is. Is there a theory that he could be un. He's certainly wise beyond theory. No, but I'm saying this is like the equivalent of having motion. So I agree with you. Okay, okay. But like, I don't think he would be one to use that kind of. That vernacular. The Parlayans. Yeah. Let me explain. Think of the Flow as the world's greatest nightclub. It's open 24 7. Many of the coolest and richest guys are there. Guys seem to get rich just by dint of hanging around and the lights never turn on. It's a party that never ends. Inside the flow. The only decision you have have to make is to keep partying. Sure, people get hurt inside the Flow. Sometimes guys buy tables they can't afford or get addicted to habits they can't maintain. When this happens, the flow gently returns them to pedestrian life and the party continues. No one ever seems to notice when you're inside the flow. The only thing you notice is the guys at higher rungs dangling over a seemingly endless set of 10x markups and lifestyle expenses to exhaust your newly found carry. Inside the flow. We don't fly commercial. Mark Rowan is constantly calling. And we have houses on Gin Lane. The flow gives us gives to those who give to it. There's nothing wrong with being in the flow. Many great investors live their lives entirely inside of it and have beautiful economics families and even return capital to incredible endowments inside the flow. But. But very few people make the conscious decision to realize that life is possible outside the flow, that you can get rich, build great companies, generate excess returns by being far, far, far outside the flow. But you can only have one foot in. But you can't only have one foot in. If you're going to enter the flow, you must do it entirely. No one gets rich hunting for value on Madison Avenue. If you're in the business of buying marquee assets, you need to to systemically order your life around paying marquee prices across asset classes. You can neatly order firms into, in the flow and out of the flow. Firms in the flow tend to have softer J curves because they're able to quickly make deals, consensus and achieve markups through other friends at the party. Firms outside the flow tend to be a bit slower, have much more profound J curves, but can achieve incredible returns if they persevere. Many of the social oddities of allocators are actually social oddities of being in the flow. My friend Kyle Tucker names the main. One below going guy for guy at every social occasion. Explain. I can't believe what he said at the Apollo AGM in Lake Cuomo. Ari Emanuel introduced me to the Pope. I just bought ramp forwards at 500x from Bill Ackman's dog walker this if you find yourself with a strong distaste for this lifestyle, that's okay. There's a rich life possible outside of the flow. But you need to make the consensus decision day in and day out to either be in the flow. Conscious decision. Oh conscious. To either be in the flow or far outside the flow only gives to those who give their all to it. What a great piece of writing. That's funny. Nassim Taleb said, the opposite of success isn't failure, it's name dropping the bed of procreate trustees. And somebody you know. Antonio says, in my experience during booms, most get flow curious, then pull back. Then the pullback comes and people become contrarian and look down their noses at flow. Folks without even the self awareness to refer to their dabblings as a phase from when I was younger. And Will Menez says, you are describing being half in, half out of the flow. This will kill you. You. The flow takes from those who attempt to take from it without giving their all in return. The flow only gives to those who give their all. It reads like a plot of a horror film. It's fantastic. Thinner or like the. The substance. Write. Write a. Write a novel, Will, please. Yeah, what a way with words. Do you think this is inspired by that? That contrast he went to? It was more outside of the flow, potentially. I think so. I think. I think Main Street, a little bit of what's going on Main street. You see. I mean, we talk about this with David Senra a lot, who's coming on the show in just a few hours. Wait, wait, what is he. Were you not supposed to say that? Sorry. I think he's coming on. He said he was scheduled and then we took him off the schedule because he had to travel for the day. Then he had some plane issues and he said save the 2pm spot. And then now he's on another. Well, we'll get him back on the show soon. But if you're listening to the show, you obviously know who David Senra is, the creator of the Founders Podcast and the host, David Senra. With David Senra. But David is someone who is observing folks inside the flow and outside the flow and really sees both sides of it, I think. And that's one of his unique strengths, is that he is not entirely captured by the flow. And maybe Will's point would hold. In the capital allocator world, you have to be in the flow or out of the flow. You can't be half in. But it certainly does not hold True for what David does, which is storytelling and understanding the history of the world's greatest entrepreneurs. The flow, I think, could be summed up by are you dancing in Manhattan? Right. It's a very, very Manhattan thing in. Manhattan, but also in Sand Hill Road, I think is similar. Are you dancing with Google? AI Studio. Create an AI powered app faster than ever. Gemini understands the capabilities you need. And automatically wise the right models and APIs up for you. Get started at AI Studio. Build. Will says friends that have done well in the flow seem to share these traits. Oh, my God, this is such a long list again. Now he. He had to follow it up. He had to follow up. Spend 100% of net cash on rent expenses. So they constantly feel pressure. Okay. Love that. Zegna sneakers, ABC cardigans. Okay. Felt very direct. Well educate you. Yes. Low first marriage success rates. High second marriage success. Okay. Okay. Lots of flights. Constant two, three city rotation. Couldn't be spend 99% of their time talking about deals that make up less than 5% of deployed dollars. Office either in SoHo or Nine West. Oh, so he's really calling out his. His Manhattanite friends, his neighbors. Now, here's where he contradicts himself. Oh, no, maybe not. He says constantly holding large amounts of cash may function a couple grand. You're a notorious tipper. You're a notorious cash tipper. So you fit into this piece. We should. Very low laptop usage. Constant cell phone usage. Okay. Can't make it through an hour without taking a call. We had a workout with one of these guys this morning. We felt really bad. This guy. We showed up to the gym for a workout out and had breakfast with him, and he had to step away for three calls. He was on the grind. Like, by the time we had the first coffee of the morning, he'd had four calls. It was crazy. I guess that could be one call before the show because we're like, we're in our own flow. Our flow is not the flow, and it's the TVPN flow. We spent, like, no time talking to other people except on the show. So it's a very, very different lifestyle, I think, from, like, what he's describing. But I've seen this, and I mean, this would, again, just work as a novel or a movie. We're watching the birth of a modern Bret Easton Ellis. I know you haven't seen American Psycho, but it's a fantastic film. You should check it out sometime. It's also an interesting book. And the. The Patrick bateman of the 90s is, you know, this would be a great foundational portrait of an individual who could be stylized in a Bret Easton Ellis style, which would be very. I agree. Let's continue reading. But first, let me tell you about. Profound. Get your brand mentioned in ChatGPT. Reach millions of consumers who are using AI to discover new products and brands. So where were we? They have a lot of cash. They're in soho Nine West. Lunch guys. More so than dinner guys. Never breakfast guys. Lacrosse or hockey in high school, not rowing. Okay. That's Tyler. Wait, which one did you do? Lacrosse guy. I played lacrosse. Oh, flow guy. Right here. Zoom calls, not cell calls. Okay, I can see that. Friends that have done out. Done well. Out of the flow. I can't tell if do you want to be in the flow or outside the flow. I guess the whole point of this is that you either want to be all the way in maximizing it. Flow maxing or you want to be rejected. Rejecting it entirely. You just don't want to be. Let's get into the out of flow zone. Okay. Be in the middle of nowhere. Jackson Park City. Discover. Okay. Like properties, but still on a resort. Multiple dogs mostly more dogs than kids, usually. Low trust. Kind of cagey to pin down and get a meeting with. Once they trust you, you can't get rid of them. Okay. Almost universally. Happily married. Rowing in high school. Not cross or hockey. I like how specific. Low meeting count. Lots of depth. I think I know the two people he's describing here. I'm not gonna dox them. Phone calls. Not zooms. Denim shirts or full suited. Does one begin with a T? Yes. Okay. Seems to have unspeakable amount of. Does one begin with a J? What? Does one begin with a J? Yeah. Okay. Always funding some cultural project, movie magazine, et cetera, that's on the brink of failing. Okay. So I will say both of these are friends of the show. First one has not been on the show. Second one has been. That's the only. Okay, wait, wait, wait. Okay. Yeah. We could go more into it later. This is hilarious, though. I feel like both these guys have been on the show. We've clearly had many specimens who fit into both. And I think Will's point is that there are multiple ways to make a buck, and there are just different archetypes within the world of capital allocation, within the world of. Of. Of being a deals guy. I think this is. This is interesting. It's like we're peeling back the onion. We're going a layer deeper on the deals guy archetype, which has been, you know been workshopped by Will and Jeremy Giffon over the last few weeks. So they're having fun. Are you guys more in the flow or out of the flow do you think? I don't think. I don't think we qualify for either because we are not deals guys. We are not capital allocators. I think step one of even deciding if you're in or out of the flow is the first line of Will's original the essential question for the modern allocator. The deal guy, the venture capitalist. I'm not a deals guy. I'm not an allocator. I'm not a venture capitalist. So it's an irrelevant question. It's like are you more of a center or power forward? It's like I'm a podcaster. That doesn't even apply. And so you can only be in the flow or out of the flow if you are at least in the game. The game of capital allocation. And it's a funny time to reflect. Anyway, let's move on to linear. Linear is a purpose built tool for planning and building products. Meet the system for modern software development. Streamline issues, projects and product roadmaps. Just in the stock market is in extreme fear and the ball is being thrown at. Is that Kobe? Yes, that's Kobe. John. Unfazed. He's unfazed. Completely unfazed. Skooks is unfazed. We checked in with our retail correspondent. He was shook at 6:30 in the morning or something. What was it? 5:30 in the morning. He woke up and he was looking at the pre market report seeing red. Very nervous. No, no, it was 30 seconds after the opening. Okay, after the opening when the stocks dived. He is monitoring the situation much more than we are. I watch the public market moves on the order of like weeks or even. Oh, there's a big day. It's on the COVID of the Wall Street Journal. I'll throw on the white suit. I am not monitoring. Based on the color of the suit. Totally. Because I really do think in more of like months and years and longer time horizons than days. Yes. I think it's centuries actually thinking this. New options esque platform called Euphoria has been going viral. Ben Eiford says honestly this is so cute and I'm fun. I'm not even mad. I love gaming. Gambling. This is so gamified. I don't think it presents as investing or democratization of derivatives or whatever. It's entertainment. And look at this. What is this? Tyler, are you playing this? Should I get on this Well, I. Mean, Jordy, should we talk about like one of our most degenerate ideas ever? I mean at this point it's just gonna. Yeah, the zero minute option. Yeah, I mean at this point, like somebody's just gonna build it. At least we'll be on record for joking about. So two years ago, shortly after Jordi and I met, we were introduced through by Will Menitis. We are kicking around ideas. One of those ideas was a nicotine pouch for finance Bros. Called Excel. We actually wound up launching that. You might have seen that. We've talked about that on the show. The other thing that we kicked around was. So if you've been tracking options trading, you can now buy zero day options. These are options that expire after one day. So you're only betting on the movement of the stock over the course of one day. And my idea, or our idea was what if you made it more degen. What if you made it zero minute options and you got it down to something on the order of how long it takes to pull a slot machine and then watch the slots tick over. So you would be democratizing high frequency traffic trading, for example, and you would be placing a bet. The UI was effectively, you buy $1 of this out of the money option in 90% of the time you lose the dollar like you do when you're playing slots or you lose the penny. But 1/10 of the time you 10x your money. And that's the nature. And basically you can derive the exact same probability that exist in a slot. In a literal slot machine you can derive those exact same probabilities from the financial markets with particular derivative instruments. Like mathematically, you can recreate a slot machine that acts with the exact same probabilities using derivatives, using zero minute options. We'd have terrible founder market fit on that one because I don't. Horrible, horrible. But it was fun talking about for. A while, but it's hilarious and it's one of those things. The real problem is that this is just a market entry tool. You're going to become like sort of a meme and then you have to go build the rest of the financial institution and then you're up against Coinbase and Robinhood and Public and a whole bunch of other serious competitors who have way more infrastructure. And so like the, the, the cute little game can be a good, a good marketing tool to launch your company, but there's a lot more that you have to do, but it can still be profitable and hopefully you're doing it in a, in a way that Isn't just total to degen gambling because good luck trying to. Yeah, it's a little bit of degen on degen combat out there. But you know what's not degenerate numeral.com sales tax and autopilot. Spend less than five minutes per month on sales tax compliance. Go get build an honest product. Start a woodworking shop. Make a chair. Sell it on Shopify. Sell mahogany online. Sell the official wood of Business Online. Simp4 Satoshi says the AI bubble has already popped. Yes, I said this too. I said this too. Three weeks ago the stock traded down 2%. The bubble popped. Now we're back to re inflating. Yeah, exactly. I agree with Simp says the information however, is yet to propagate evenly. And he's sharing a quote from Scott McNeely, CEO of Sun Microsystems in 2002. The quote At 10 times revenue. To give you a 10 year payback, I have to pay you 100% of revenues for 10 years straight in dividends. That assumes I can get that by my shareholders. That assumes I have zero cost of goods sold, which is very hard for a computer company. That assumes zero expenses, which is really hard with 39,000 employees. That assumes I pay no taxes, which is very hard. And that assumes you have to pay no taxes on your dividends, which is kind of illegal. And that assumes with 0R and D for the next 10 years, I can maintain the current revenue run rate. Now, having done that, would any of you like to buy my stock at $64? Do you realize how ridiculous those basic assumptions are? You don't need any transparency. You don't need any footnotes. What were you thinking? What was Sun Microsystems trading for in 2000? And then what were they trading for in 2002? Because this reads like he's apologizing for a massive sell off in the stock. That is pretty crazy. Yeah. What a wild. I like bone here. Bone. GBD says if you're. If you're in AI, pivot to finance and go short. Ridiculous. Badminton is live streaming in China and you can adjust whatever angle you want. This is very cool. So they film it with a whole bunch of different cameras and then you can pick the angle. Imagine being able to pick your own angle while watching TVPN Live. That would be something special. Maybe we should steal this back from the Chinese. This seems like some awesome innovation. Now, Tyler, you don't think this is Gaussian splatting, right? Gaussian splatting? No, I mean it's not smooth. You Think this is just a bunch of cameras? It looks like a bunch of cameras, but you could do this with Gaussian splatting. Yeah. I think that'll be the next iteration, the next version. But we're pretty far away from real time on that. Right? Real one knows the shuttlecock is the fastest moving object that's been recorded in sports. Really? It goes hundreds of miles an hour. Hundreds? Yes. No way. I mean, it's. It's like faster than a golf ball. Faster than a bowler. Yes. It's faster than a football. It's faster than. That's crazy. Hundreds of miles an hour. Let me confirm. Golf ball. I'll put you in the truth zone there. What about rifle shooting? Does it go faster than a gun? You've seen those at the Olympics where they're shooting the pistols, Right? It can't possibly go faster than a gun. Than a bullet from a rifle in a pentathlod. No way. I got you dead to rights. Okay, so this is the AI overviews. It's probably hallucinating. And it says this. This. Actually, you might have found a really incredible insight. Okay. Hole in the reasoning. Okay. What? No. A bullet is not faster than a badminton shuttlecock. No. Let's go. I guess. But. So keep working. They're talking about bird. Keep looking. Badminton shuttlecock speed during badminton game. How fast does that go? I want miles per hour, hopefully. And then I want to know how fast an F1 car goes and how fast a bullet out of one of those pistols goes at the Olympics. Because we all know that iconic image of the woman and the Turkish guy at the Olympics and the guy with all the gear. AI AI is. Is. Is false. It is convinced. Does anyone have any real numbers? Anyone have any real numbers? Okay, like, top speed for a Shuttlecock is like 300 miles an hour. 300 miles an hour. And how much is a bullet coming out of? 2,000 miles an hour? 2,000 miles an hour. Wow. So off by an order of magnitude. You're right in the truth zone. It's okay. We'll clip it in a way that makes it sound. We won't include the correction. We'll just clip. This is some of the best AI generated content. No, a bullet is not faster than a badminton shuttlecock. A badminton shuttlecock is the fastest moving object in sports. While bullets can travel at over 2,000 miles an hour. Wow. Let's give it up for digital guys. We didn't create digital COD we created digital guys. This is something like your boy would say. This is something your. Your Your. Your guy would say a Gil is doubling his fun target to nearly 3 billion. Congratulations to Elad Gil. Let's. Let's ring the gong. First gong of the day. First gong of the day. Ryan says AI told me that John's gong is faster than a bullet. I believe that. Let's go over to the. We have a new. We have a new segment on the. We have different press releases that have been coming through. Let's see. Oh yes. Okay. We got the mic, we got the PTZ camera. Are you guys tracking me? Where are we doing? Are we tracking me? Who's tracking me? Oh, it's this one. It's this camera. Okay, so first let's see. Cursor at 29.3 billion. We had Spencer on the show yesterday to talk about it. They raised 2.3 billion in its third funding round this year. Year. Third in the year. It used to raise money every 12 to 18 months. Now it's every three months. Maryland Governor Wes Moore announces landmark AI partnership to transform state service delivery. What is going on here? Wes Moore announced a landmark partnership with Anthropic and Percepta, a general catalyst transformation company to harness AI to intact tackling child poverty, expanding housing access. So they're going to ask Claude to build houses? I guess something like that. Anthropic will provide Claude to workers across Maryland state agencies and lend technical support to help design deploy AI powered initiatives. One example includes a new Claude powered virtual assistant that will help residents apply for benefits, update information and track applications. What do you think, Jordy? Thumbs up, thumbs down? I mean honestly, like if, if there's. Is there a better. Like the DMV website notoriously is bad. If you can have an AI agent use it instead, that's probably an upgrade. Congrats to them. What else we got? Team Shares. Team Shares, a tech enabled acquirer of high quality small and medium enterprises is listing on the NASDAQ via Live Oak V combination $126 million pipe led by accounts advised by T. Rowe Price. I like how nobody wants to say SPAC anymore. They just have all the words around it. Team Shares acquisition based. Is that what this is? Team Shares programmatically acquires companies with half a million to 5 million of EBITDA from retiring owners. Integrates them with the Team Shares platform and helps improve employees earn company stock. So they're rolling stuff up slow. Ventures company. That's right. That's right. What else we got? YC startup Multifactor launches the first password manager built for the AI era. That's going to be tough competition. Right? Because 1Password is extremely sticky and potent. Like he's not asleep at the wheel. We've had the CEO on the show, the 1Password team partner with Browserbase and is obviously trying to to be the 1 password for the AI era, but there are some other folks. Why are you laughing? What are you laughing? Because Gabe I think is looking at the Happy dad in the corner which of course we have here because we love John from Happy dad. Yeah, John. We support our friends. So this is. Let's read this. Multi Factor Y Combinator Fall 2025. So we might have interviewed this company founded by a former CIA agent. That's pretty cool. Oh, let's go. And a former NASA scientist. Wow, what a team. Today announced the launch of its straight out of the kind password manager that allows both humans and AI agents to access online accounts securely without ever exposing underlying credentials. A public demonstration of its proprietary security technology. The company will temporarily make its actual corporate bank account accessible to the public starting on November 12th through a read only checkpoint link containing $1 million in business funds. That's a cool stunt. I wonder what their go to market will be fully. I wonder whether they'll wind up going more enterprise and then down into the individuals like what 1Password did. They got a bunch of consumers on and eventually people started using it in business like we do. We started using it personally and then eventually for business. Introducing Superme, the AI native professional network. They're to going going up against LinkedIn. I guess the best practices of building companies are unevenly distributed. Every great company has pockets of excellence and its own blind spots. The knowledge behind they're announcing an AI native AI native professional network. What else is in here? There's a big stack here. Beehive is taking aim at substack Squarespace and something else. There's a notification pop up that says would you like to. Would you like you like like notifications? Look at this dude. It's like oh yeah, like here's our press release. But like you know, you can't read I guess Patreon. It's probably Patreon. There we go. Okay, we A sweeping Product release of 10 new tools spans website creation, podcasting, digital product sales and analytics. Congrats to Beehive Triple Glaze. Triple Glaze. Beehive is no longer just a newsletter platform. On Thursday, the company released a sweeping slate of 10 new products at its winter release event, repositioning itself as creator content operating system. According to co founder and chief executive Tyler Dank, Beehive's been on a tear. I know a bunch of people that love it. We're obviously on substack. Go to tvpn.com, sign up for our substack. We've talked to some people that have used both. They're both cool. Probably some reasons to use behavior, some reasons to use to use Beehive, and some reasons to use substack. Kind of just depends on your use case. And then the last one is Air Joule Technologies announces third quarter results and provides business updates. This is a tech platform that unleashes the power of water from air. Interesting. Air Joule is addressing emerging opportunities driven by powerful macro trends that are fundamentally reshaping global water and energy markets. That is. Let's give it up for global water markets. Pulling water from air. You know what I was laughing about? I was thinking, you know, Bezos has spent something like, what, 25, 10, $10 billion on Blue Origin. And there's so many billionaires that have just wasted, like, hundreds of billions of dollars when they could, like, trying to do world hunger when they could have been building rockets. Like, we need to. We need to, you know, really, really shame the. The billionaires who are wasting money on something that's just nonsense. Instead of like building rockets, they got to build rockets. That's what we got to do. You've seen that. Wait, who said that? There's just. There's there's constantly a. There's constantly a wave. I'm joking about the constant wave of like. Yeah, it was like, Elon could. Elon could cure world hunger. Well, there's a bunch of billionaires that have been trying to cure world hunger. They spent 100 billion on it. They could have been building rockets Anyway. The number one AI agent for customer service. Number one in performance benchmarks, number one in competitive bake offs. Number one ranking on G2. Elon's. Elon's public service is making a car that costs less than a gym membership. It's really going to be like a $50 car. Oh, where did we. Where did we land on the. On the roadster. So the new roadster. We talked about this in the show. Show. Elon went on Rogan and he said, maybe it'll be a flying car. And he specifically said the demo will be shocking. Like, the demo will be amazing. And so I was trying to debate with Jordi and Tyler this morning, what will the demo be? What will it actually be? I don't think anyone assumes that you will just be able to at the Demo. Hop in the Roadster and be like, take me from LA to San Francisco. And it just flies you there. Like that seems unbelievable, even as a demo, but what will the demo be? And there's been a couple different examples of this. Did we ever find the video of the. The jumping Chinese car? This is such a crazy video. Jumping. Oh, yeah. Let's pull it up. Chinese car. Yeah. This one, The BYD Yangwang U9, the supercar that jumps obstacles. There's a video here. Let me try and put this in the timeline. Let's see if I can send this in. So there's that. And then what was the other one? The Maybach GLS bounces. Right. There's this bouncing mode. GLS 600. GLS 600. And that's basically to help you get out of sand, I think. Of course. Of course. Yeah. It's not just for the influencers to. Flex on each other when you're doing a little fundraising. Yeah. Out in the Middle east and you get stuck in some sand in your Maybach. Yeah. And there's also the Mercedes G Wagon, the electric g wagon, the G650 with EQ technology, I believe it's called, something like that. And it does a tank turn. And so let's watch this. Yeah, look. Okay, so that is technically a flying car. All four wheels off the ra, off the ground. I would call this. This the minimum viable flying car. And so I'm expecting the Tesla Roadster to be able to do something slightly above this. Right. But the question's, like, how much above this? Like, will there be a rocket engine on there? Will there be fans on there? I was kicking around the idea that they would put a fan on it somehow. Maybe it would pop out a bunch of fans and the fans could suction the car to the road so it could go from 0 to 60 faster. Maybe you could reverse those fans and actually hover the car a little bit or elevate the car. But I want a firm prediction from you, Jordy, on what you think, what the amazing flying car Tesla demo might be. What do you think it actually might be? He's going to demo something, and he's probably not going to be just a car that flies you from San Francisco go to. To New York. Right. Like, that would be truly, like, mind blowing. I love. I love your theory. I think it'd be very cool if the fans could. Could create some amount of thrust. Yeah. But I find it hard to believe. Yeah. That it would actually be able to lift one of these cars. They're very, very, very heavy because of the battery. So I'm going with something closer to the ability to do something like, like this jump like we're seeing with this U9. Okay. So I have a little bit of. I had, I had GPT5, like kind of crunch some of the physics numbers on this. So suction fans with good skirts could plausibly improve a plaids like a plaid Tesla, like a Tesla model s plaid. 0 to 60, if it was, if it was going to do 2.4 seconds, 0 to 60, it could go down to 1.6 or 1.8 seconds. So the pressure needed is only a few kilopascales over a 3 to 5 meter area. And so it's potentially possible that you could use fans to create more downforce. And fans, I believe were actually banned from F1 because there was a moment where creating artificial downforce with fans was. And I think there are some supercars that have fans that create more downforce and suction the car to the ground so you get more traction. So that is a feature that could be there. The question is, if you reverse the fans for lift, you need a lot more rotor area and near megawatt power to hover a 2 ton sedan. Even if you could supply it, the battery would give only a few minutes before thermal or energy limits intervene. And so I feel like when we're talking about demo, there's a world where the demo is like, yeah, it uses half the battery and it's just a party trick, but it does lift the car off the ground for two feet or something like that. Tyler, what do you think? Do you have any firm claims on like, what, what the flying car demo might actually be? Yeah, I mean I, I don't see like actual wings coming out. That seems like overly ambitious. Yeah, I have a little faith because. There is a world where it's like the roadster event is actually just like a straight up. Like it's just a helicopter. Like they just launch a helicopter and then it's like, yeah, it flies, it's a flying car, but it's mostly a helicopter. Yeah, my idea was some kind of glider or parachute comes out and then so you can kind of drive off a cliff and then you kind of glide. I like the gliding idea. That would be extremely high stakes. Like, you know when you see a ramp on the road and then you hit it and then you kind of glide down. 2.6 says, I don't think we're getting flying cars. I personally love being stuck in traffic. There is an Incentive for Elon to get people stuck in traffic. They're more likely to become best friends with Grass Grok. And so the more time they're in traffic, the more time they're talking with Grok. Okay. Okay. There's somewhat of a flywheel there. Yeah. I don't know. Anyway, we. We. I want to react to this. This. What if the few. What if the. What if the loved ones we've lost could be part of our future? This. I've never actually seen a more hated line. Sort of controversial. Let's dig into it. First, let me tell you about customer relationship Magic. Addio is the AI native CRM that builds scales and grows your company to the next level. Level. And so Hip City Reg, who's been on the show. Yeah. Let's play the video first. Let's play the video first and then we'll go into the reactions. Baby Charlie. See? Okay, that's wonderful. Kicking like crazy. He's listening. Put your hand on your tummy and hum to him. You used to love that. Two watts. He's dancing in there. Oh, honey. Mom, would you tell Charlie that bedtime. Story you always used to tell me? Once upon a time, there was a baby unicorn who didn't know he knew how to fly. This baby unicorn was like your mom, because she didn't know that she knew how to fly, but she knew how to do all kinds of fabulous things. Hi, Grandma. Hey, Charlie. How was school today? Pretty good. Roto there made this crazy shot in basketball. I don't really care that much about basketball. What about the Crush? I like that this. This video presumes that we'll have see through phones, too. Like, maybe we should build that first. That seems like a really profitable business if you can create a see through phone. You loved that. You would have loved of this moment. You can call anytime. I mean, it does feel like it's. I mean, it's shot, maybe by the people that did black. It literally seems like they hired the same team. Wait, so is she alive in the real world? Oh, no, they're scanning her before. Oh, that's crazy. I am. I'm absolutely. I'm your mother, after all. I mean, they're thinking, okay, the retention on this product, you got to get it before your loved ones pass away. You got to be harvesting the training data. And then at any point in the future, if you churn, they delete your loved ones forever. Did this guy pivot? His banner says the Climate Reality Project. I think Calum Worthy is a former Disney star. Oh, interesting. Canadian Actor. He's known for his roles as DEZ Wade on the Disney Channel series Austin and Ally. Well, then he might have access. Oh, he's worked with Netflix, so he might be connected to the Black Mirror folks. Reggie James says digital necromancy to capitalize on the grief of the vulnerable. Straight to jail. Do not pass go. Do not collect $200. Okay. So do you want this? Would you ever use this? I think I'm not in the market. I don't think this is for me. I think this would have. I feel like. I think this too much. AI. Like, I would just. I would know that this is AI generated and so it wouldn't, like, fool me. I need to. I would think I need to be fooled. Yeah. AB says they delete the S3 bucket if you don't make the page payment. Super dark. I think this is one of those things that would actually have quite a lot of demand because a lot of people are just going to process this and say, I'm really fearful of my loved ones passing. I agree. I don't know. I think this. I just think you also find it hard to believe how many people are best on chat. Yeah, I do. I do find it hard to believe. And there are millions of them. Good question. So you think. Think that. You think this is. And it's tough because I. I mean, I miss my grandparents, potentially. I want my. I. I wish that my grandparents were around to spend more time with my kids. There's stories they've told me. There's songs they've sang. There's all these incredible moments that I will never relive, and I wish I could experience those moments. Yeah. That being said, am I going to be a customer of this? No. It's weird, that. Incredibly dark. But I think there will be a surprising amount of demand for this. There's been a. There's been a couple. There was. There was a YC company that was something much, I think, more heartwarming than this, which was. It was a service that you'd purchase and then they would email or do like a phone call with your parents essentially, to collect. Collect information about them and put it together into kind of like the life story, and it would just tell that for you, but it was all real. It was just like, you might not have the time to go and record a podcast with your parents, but if they help, the company would just help facilitate it, basically. I don't know. Do you think OpenAI would launch a competitor to this? I don't know if they want another PR crisis. Yeah. I don't know. I mean if this gets big, it would not be much of a PR crisis to launch a competitor. Yeah. Like I think if it's established, if. It is a successful, they'll launch a version of it. Yeah. Well, let me tell you about public.com investing for those that take it seriously. We got multi asset investing, industry leading yields and they're trusted by millions. We have EV Randall in the studio, the newest tearing up the newest general partner at Benchmark. Thanks so much for coming by. Thanks for having me. Oh, you picked.

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