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Anyways, well, speaking of, is there some AI slop? Is there not AI slop? I want to watch a couple clips from this new video from F1. Everything you need to know about the Formula 12026 regulations. Just wait, buddy. Just wait. So, basically, there are some massive new changes to F1. It seems actually really, really exciting. So there's straight up, different modes. So there's drs where normal. Normally, the cars have fins that push. They create more downforce, that creates more traction, so you can get around the corners faster. But the cars are slower on the straights and so they have the drag reduction system, drs. At a certain point in the race, the driver can push a button, the wing on the back goes flat. That reduces drag, lifts the car off the ground. More you have less traction would be bad in the corners, but it's great on the straights. And so that has been part of the strategy is when do you deploy drs? When do you have it available, your positioning, DRS trains. There's all these different things that try and bring in more strategy to a sport that can be very determined just by the engineering. Whoever has the fastest car just keeps going around the track and whoever's in first, the first lap, wins the whole thing. So they're trying to inject more chaos. And if we play the video, there's a little bit of. About halfway through, they explain a little bit of the new power unit. They explain the. Where is it? The. They explain there's actually going to be boost systems. Boost overtake and recharge. So around three minutes in, they sort of explain this so we can play this video. It's interesting that all the names seem. To be a bunch of controls designed. To be more consumer friendly. Yeah, like DRS doesn't mean anything. Yes. Boost in straight mode. Yes, these kind of things. So listen to this. Overtake mode and recharge controls, essential tools to aid racing and lap time. Reminder. You have boost available. Boost gives the drivers maximum power from the engine and battery at the push of a button. They can use it anywhere for attack or defence, so long as there's enough charge in their battery. Overtake is just for attack. Let's close the gap to one second. It gives extra power at top speed to drivers within a second of the car in front of the overtake now available, essentially replacing drs. It differs by having one single detection point, which grants drivers the extra electrical energy to deploy for an overtake or to pressure the driver ahead to make them vulnerable later in the lap. Good job. Let's keep going. Okay, now we got to jump Forward to about seven minutes in this video, maybe 6, 50, to see how they close it out, how they frame the end of this video, how they explain the new what to expect in F1 2026. Let's listen to it. What's changing is the challenge. With new tech and tighter rules, it's an even bigger test for teams and drivers to prove they've built the best car and earned the right to be called the best in the world. These new regulations weren't built in isolation either. They were shaped by the FIA in close collaboration with the teams and F1. The result? A ruleset that's already attracted more manufacturers. That means more competition, more innovation, and more chances for surprise breakthroughs. But what about the driving? With less downforce and tighter control over turbulent air. Following another car through corners should be easier, but the cars themselves will be trickier to handle. Same power, less grip. Driver skill will be on display with them on the limit more often. Okay, flat out to the end. The 2026 car is built for the future with exciting racing in mind. Every move and every decision will matter more than ever. With cutting edge, advanced sustainable fuel, smarter energy usage, and tech that puts overtaking back in the driver's hands, it's not just a new chapter, it's a whole new playbook. The future of F1 is here, and it's going to be fast, fierce, and unforgettable.

Know, she thinks maybe he's ripping $30 million compute runs maybe or something like that, training runs. And Brooks Otterlake didn't like it or at least had some extra context around the OpenAI video. He said, one of the strangest marketing videos I've ever seen. Everything about the staging makes it seem like it's supposed to be a positive and inspiring. And that's true. It's very brightly lit. It's really nicely lit. It's high key, it's not dirty, it's not contrasty. And then also when they show Greg, they show him from a low angle and so he looks like a hero. It's great framing, it's amazing. But Brooks is saying it looks positive, inspiring, but if you actually listen to the words, the content of what he's saying, it's a guy saying the company has a serious problem which he does not believe can be solved. But I would take the other side of that and say that it's actually a reframing around the job's not finished, the job's never finished. Our pursuit is ever endless. There's a world where I think this narrative can wind up being more inspiring. I don't love the idea of a company, like, I don't love the. It was maybe just too short of a video. Like, maybe you needed to show the kind of more positive. Because if you're somebody that's bearish on OpenAI, you're looking at this and being like, wow, they just have to keep spending more and more and more and more and more money and it's never going to end. It's just a money pit and all, all this stuff. The other way to look at it is like, the more scale we have, the more impact we can have. The more customer types we can serve, the more use cases we can deliver on, the more we can actually use AI to make progress. So there's always like a positive spin. But I can definitely see how both the way it was shot plus kind of the way that it kind of cuts off, maybe it feels like it needed to be more like a five minute video. I mean, in general, everything, you know, there's a whole meme about like the meeting could have been an email, the email could have been text message. I feel like everything that comes out of a, like the one minute video could be a ten minute video, the ten minute video could be a two hour podcast. Like, I want a lot of neat because these are heady issues. And if you think about it from a perspective of like, compare it to space Travel, space exploration. If you're SpaceX and you're not going to say, like, we're racing towards this definitive moment, boots on the ground, on Mars, that's our asi. We're done then. No, it's like, we're gonna colonize Mars. We're gonna colonize the stars. We're gonna go to Alpha Centauri one day. And, you know, if you went out there and you were like, look, we gotta get to the Moon, we gotta get to Mars, and then we gotta get to Alpha Centauri, and then we gotta get farther away, and you know what? We need more metal. We need more metal to make more rockets, and we need more metal, and every year we're gonna need more metal. And so we really need a lot of metal. You'd be like, yeah, I get it. Like, you're gonna grow this thing forever. You're gonna do something really ambitious. The job's never really over. You're going to just keep going forever. And that's great. And we accept that and everything else. But the AI narrative has gotten caught up in, like, there's this definitive goal, ASI Superintelligence, and then you're done. And then it's like, okay. And people talk about AGI, asi, and some people are talking about API, Artificial Puffer Intelligence. Oh, yes, I've heard about this. We have our next guest actually live here.

Is there some AI slop? Is there not AI slop? I want to watch a couple clips from this new video from F1. Everything you need to know about the Formula 12026 regulations. Just wait, buddy. Just wait. So, basically, there are some massive new changes to F1. It seems actually really, really exciting. So there's straight up, different modes. So there's drs, where normally the. Normally the cars have fins that push. They create more downforce, that creates more traction so you can get around the corners faster. But the cars are slower on the straights. And so they have the drag reduction system, drs. At a certain point in the race, the car can push, the driver can push a button, the wing on the back goes flat. That reduces drag, lifts the car off the ground more, you have less traction would be bad in the corners, but. But it's great on the straights. And so that has been part of the strategy is when do you deploy drs? When do you have it available, your positioning, DRS trains. There's all these different things that try and bring in more strategy to a sport that can be very determined just by the engineering. Whoever has the fastest car just keeps going around the track, and whoever's in first after the first lap wins the whole thing. So they're trying to inject more chaos. And if we play the video, there's a little bit of. About halfway through, they explain a little bit of the new power unit. They explain the. Where is it? They explain there's actually going to be boost systems, boost overtake and recharge. So around three minutes in, they sort of explain this so we can play this video. Interesting that all the names seem to. Be a bunch of controls designed to. Be more consumer friendly, like drs. Doesn't mean anything. Yes. In straight mode. Yes, These kind of things. So listen to this. Overtake mode and recharge controls. Essential tools to aid racing and lap time and reminder you have boost available. Boost gives the driver's maximum power from the engine and battery at the push of a button. They can use it anywhere for attack or defence, so long as there's enough charge in their battery. Overtake is just for attack. Let's close the gap to under one second. It gives extra power at top speed to drivers within a second of the car in front, essentially replacing drs. It differs by having one single detection point, which grants drivers the extra electrical energy to deploy for an overtake or to pressure the driver ahead to make them vulnerable later in the lap. Good job. Let's keep going. Okay, now we gotta jump Forward to about seven minutes in this video, maybe 6, 50, to see how they close it out, how they frame the end of this video, how they explain the new what to expect in F1 2026. Let's listen to it. What's changing is the challenge. With new tech and tighter rules, it's an even bigger test for teams and drivers to prove they've built the best car and earned the right to be called the best in the world. These new regulations weren't built in isolation either. They were shaped by the FIA in close collaboration with the teams. And F1. The result? A rule set that's already attracted more manufacturers. That means more competition, more innovation, and more chances for surprise breakthroughs. But what about the driving with less downforce and tighter control over turbulent air. Following another car through corners should be easier, but the cars themselves will be trickier to handle. Same power, less grip. Driver skill will be on display with them on the limit more often. Okay, flat out to the end. The 2026 car is built for the future with exciting racing in mind. Every move and every decision will matter more than ever. With cutting edge, advanced sustainable fuel, smarter energy usage and tech that puts overtaking back in the driver's hands, it's not just a new chapter, it's a whole new playbook. The future of F1 is here and it's going to be fast, fierce and unforgettable.

Faster. Figma helps design and development teams build great products together. Back to. Okay, now we gotta get chew by. Chew by. This is the new phrase. This is the new word. You gotta learn. People know chew buy. People know chopped people know. Duchess of Bushwick says this is a screenshot. I don't know if it's hers, but. Yeah. So it's recently invented the word chewbai, which is when something is both chopped and. And also spiritually. Dubai examples. So house. Goyard. Goyard. Pandora Carbone. Kith. Drop your Chewbai things in the comments. You know, I learned about kith from this show. We were doing cars for various Personas. And you said a kith BMW M5 or something. Yeah, they have it for a collab. Yeah, they have. And I had no idea what you. Meant by that, but. But now I know. Now I know. For this, it's chopped and spiritually di may as well be at BMW. So house. I gotta say, I think it's spiritually very English. I mean, that's obviously the origin of it, but. Yeah, again, is England spiritually. Dubai. Now, who knows? It's possible. Van Cleef, they're saying you gotta go through the. You gotta go through the comments here. Cartier Love bracelet, Dry bar, Soul Cycle. Oat milk. No, it's not. Oat milk is definitely chew by. Chew by. Better to be chew by than just chopped, though. I don't. Yeah, but also, I don't want to. There's a lot of great things about Dubai. You can rent an SF90 for the day for like a grand. I did that at one point during F1 in 2020. 2022. Foreshadowing. If you ever fall off, people are going to be calling you Chew by for sure. Chew by. No, I mean, like being able to drive around at the time. A $750,000 car for. Okay, massive Balenciaga sneakers. I saw these at breakfast this morning. Are those two buy? They're the chunkiest, kind of rattiest sneakers. And John was just shocked. And I had to. You kind of predicted that they were like technically nice or expensive footwear, but you were really processing that for a while. Well, it was like they either came from that or they came from a gift shop at a Six Flags. It was one or the other. And I was sort of dialing it in. I was like, it could be Six Flags gift shop tier shoe or it could be something extremely exclusive that needed to be waited in line for and cost thousands of dollars. And it was the latter. Anyway, Jul AI, the AI data analyst that works for you, join millions.

In the game. So I think prediction markets have much stronger signal than traditional polling. But I don't know. Tarek, you're the expert here. What's. What do you think? We've dealt with this a lot. Right back last year when we were fighting the government to legalize election markets, and we won that lawsuit, the criticism was, could people kind of use money to influence the odds, move them up or down and either way. And you know, the best argument for that is like, well, if you really wanted to sort of influence the perception of who's going to win an election or, you know, whether a certain policy is good or bad, you would influence the polls. It's super easy. There's no cost. You can sample in a certain way. You can. There's all sorts of way where you can bias it or you can go on TV and say a bunch of things, which is how most of us get informed about what's happening in the world. Right. Like you can tweet or say a bunch of things with no skin and game or repercussions. And like Brian said, the elegant thing about prediction markets is there's a very strong monetary incentive to be truthful and a very strong monetary disincentive to lie. You know, people don't lie when money's involved. And so that's over time, prediction markets tend to be a more accurate gauge about what's going to happen. But in this specific example, about what we should do when it comes to certain policies. Yeah. And what you said, we can certainly.

About what would happen if these were actually implemented and then use that to choose the best policy. So how are markets are a really powerful tool. That example in particular, who are the market participants in that situation? Because I could imagine, I mean, I think a lot of people's big concern is that you end up with, is it like, if I'm a big housing developer or something like that, I could potentially get, you know, try to influence policy through like, sort of like trading that market. And maybe so I don't know. I think part, part of why like you got anybody in the project prediction market space keeps going viral is like in any of these situations, I feel like there ends up being like, it's easy to imagine like some kind of negative externalities, but I guess that's the case for all new technology. Yeah. Yeah. Well, Tarek should talk more about it. But I think the game theory is so interesting because there's parties on both sides who stand to gain or lose. And if you really believe that the housing market would be better for your business, whatever, you can go invest in that contract. But if you're wrong, you stand to lose a bunch of money. So it's actually the best signal that you can get with people having real skin in the game. Because think about what's the alternative? It's essentially pollsters like running around and surveying people, and there's kind of like people's revealed preference versus their stated preference. Sometimes people will state, oh, my preference is X. But the revealed preference turns out to be actually something different because there's real skin in the game. So I think prediction markets have much stronger signal than traditional polling. But I don't know. Tarek, you're the expert here. What do you think? We've dealt with this a lot. Back last year when we were fighting the government to legalize election market.

That, but like, how yet? Maybe I just kind of wanted to understand like how consumers feel maybe on your side, Brian, I'm assuming, like you and the team spend a bunch of time talking to people and understanding what users want out of prediction markets on the Coinbase app and what they're most excited about. Yeah, well, obviously sports is such a big category that is driving a lot of demand right now. And I think that that's an important use case that we see from our customers that there's demand for that. I think there's a lot of open questions about how that's going to be treated in society and go through the courts and everything. We think ultimately the CFTC will have federal preemption here and a bunch of states are a little grumpy about that, but that's fine. Prediction markets is much broader than just sports. It's people betting on economic indicators and trying to figure out is the Suez Canal going to be open next month and political outcomes. And I think like the number of markets could just be dramatically higher and like 1% of people are using it as an asset class to trade, but like 99% of people looking at these are using it as a way to figure out what's going to happen in the world next. So it's actually broader. It's something like an alternative to traditional media, I think. Like, actually Tarek told me a really powerful idea, which is that policymakers could actually use this to determine what are the best policies to implement. Right. Like, let's say you're trying to put out some policy to try to build more housing in San Francisco or to reduce unemployment. You could actually put this on a prediction market, get real signal from the market about what would happen if these were actually implemented, and then use that to choose the best policy. So how. Prediction markets are a really powerful tool. That example in particular, like, who are the market participants in that situation? Because I could imagine, I mean, I think a lot of.

Customer actually be seeing the callstreet logo? Will they need if they have two accounts, Are the accounts linked? How are you thinking about kind of the integration kind of taking shape over the next year or however you can talk about it? Yeah, well, it's a white labeled integration. And Tarek can talk more about his strategy of being a provider to lots of different companies. So it made it really easy to integrate. I mean, it's not an exclusive arrangement. Right. So we can integrate with other ones. We could launch our own. But for, for right now, we're very happy building on top of Kalshi. It's allowed us to get to market really quickly. And from a Coinbase point of view, I'd say just tradfi and crypto is intersecting. Or you could say another way to say it would be that crypto is just eating all financial services. So Coinbase is the leader in the space. We've got the most trusted brand. We've got the most deep crypto expertise. We're storing more crypto than any other company in the world, by far, about $500 billion of assets. And so if they can trade everything where their assets reside, it's. Our key to winning Tarek. Take me through how this plays into your growth strategy. Your.

Databricks. Interesting. So this is something that I think everyone has been waiting for. Yes, Worldcoin integrated with Tinder, World's verified human badge and privacy preserving age assurance bring back the spark to online dating with authentic connection. I mean, so this actually seems like you're somewhat joking, but it does. I'm joking. Only it does feel like in the age of nano banana, like the problem is here, like people can use AI to improve their photos, like more than ever. And people can create a fake profile and then they can with character consistency, which is available in all of the chat models now. They can create a photo or the. Whole like hold up a picture with this. Totally. I mean you could very much. Like it's the pig butchering scam where you meet someone and you're luring them along and it's like normally the tells would be like, like, okay, they have like three photos. But if I Google reverse image search, it shows up and it's someone else's LinkedIn photo. So they stole the photo. Or if I. Or like, wait, why haven't they posted a new photo? It's like, no, you can go to their Instagram. Yeah, you were saying, like check their earlier Instagram. Do they have, you know, have they been online since before the models were created? But it'll be very easy for someone to send an update they match with someone based on fake images. And then they say, oh yeah, I'm getting coffee. And it's a selfie of them with a coffee and it looks exactly the same character, but in fact it's a hacker or a scammer. And then all of a sudden they're asking you something. So huge bull case for people wanting this. The bear case is that if you're the Worldcoin authenticated badge on your check mark, that could very quickly be like, wow, you're like a nerd. Because it's just being very tech friendly. I wonder if they're fully white labeling it or if they actually get the ability to show any branding in the app. I bet they don't. That's interesting. So the image here, it says complete verification with Tinder. You're about to share these proofs. Age verification, privacy. Wait, which direction is it going now? Live on Tinder World's verified badge and privacy preserving. Bring back the spark to online dating. Interesting. I don't know. I wonder if you. Comments, of course. Never read the comments like this, please. I like some of these people. Rich, whose name is. I want a Lambo. I want Lambo says please don't verify my net worth. Please don't verify my network. Very funny. I don't know. I think that there's a There is falling for.

The business. Very cool. Between x and LinkedIn. This has 110 hours of watch time from Hunter Weiss, who I saw in the chat earlier. How you doing, Hunter? This is such a cool. I mean, it's from Ramp. Our. Well, no. Do you remember this game Line Rider? Yes. So I never got into Line Rider. I probably played with it for like two seconds and had a little fun. I was never absorbed in it. I don't think I ever spent more than like a few minutes in it. But I'm familiar with the aesthetic and just a genius idea to use this for as a storytelling tool. This is the head of storytelling. So do you actually know the story here? Did Hunter make this himself? Yes, that's. Yes. Did he make it in Line Writer or is this like cgi? Is this. Is this a. Is this like a. This doesn't look like generative AI, but I imagine he actually fired up Line Writer and designed this and wrote out, you know, the story that he wanted to tell all the different fundraising. Yeah, he actually. He actually made it with Line Writer. Wow. Super cool. That is incredible. Yeah. This is so, so crazy. Rampified. Okay, so the entire thing is hand drawn and made with linewriter.com. here's the track up and to the right. So he actually. So I guess you can also make a track that goes. I think you can make the track either accelerate or just be based on the gravity. So there's little dials that you can turn on. How to. You could. Whether the linewriter is. Sorry, Hunter just texted me in real time. He said entire thing hand drawn and made with linewriter.com. this is modern art. This is craft. This is. People say we don't know how to make cathedrals anymore. This is. Explain this. This is so cool. Wow. And it's so funny because for the last couple months, you've been sort of saying the startup video is a little bit tired. It's getting sweaty. Like, everyone's doing video stuff all the time. For every announcement, there's new vibe reel. And it's like, this is a vibe reel. In some ways, it has a vibe to it. It's a reel of a bunch of different information, but it stands out so much. It's so good. I love it. It's just like Hunter saying, you need. You need music. It's timed with it. Do we have sound? Oh, let's play the. Let's play the music. Oh, there. Oh, wait, we're gonna get banned. Yeah, you gotta mute it. People can. It won't be the end of the stream, but unfortunately we still fully figured out how to play copyrighted music all the time. We're worried about it, so we don't play it all the time. But fantastic selection because I love that song because we've used it in our video. Emily says Barry Weiss is trying to turn CBS News into.

That's from Ivan at Notion. It was so heartwarming. The team just absolutely loved it. And, I mean, this is why. That's what we want people to focus on. What do our customers say? What are they doing with Turbopuffer? That's what we care about, not numbers. Like, you know, to me, the fundraising round would be like showing you my office lease. These are the things that we need to get things done with. But it's not the important thing. The important things are tweets, like the one from Ivan. That's what we want to be measured on. And I think I'm just old school in the way that, you know, my. My entrepreneurial example when I was a kid was going to my. My grandmother's store every second weekend and just sitting and playing on the floor. And every day when she came home, she was doing all her own accountant and saying, this is how much money we made today. And just talking about her employees and customers. Those are the things that matter, and those are the things that matter to me and to us and to the culture that we have here. So the tweet from Ivan and many of our other customers today, that's. That's what I want to be measured on. So you're saying making money and customer satisfaction are sort of underrated in adventure.

Santos Naughty hills. Just gonna. Well done, brother. I'll see you in the new year. You're watching TVPN. Today is Thursday, December 18, 2025. We are live from the TVPN Ultra Dome. The temple of technology, the fortress of finance. The capital capital rim.com countless money save both easy as corporate cards bill pay accounting a whole lot more all in one place. We got a video here that it has been promised to me. I saved this for the show. So this reaction. I haven't seen the video, but I've seen the metrics around the video. It's got 15,000 likes just on a quote tweet of it. I think it's going to be very funny. Tyler was saying you got to watch this. So we're going to pull this up. Pegasus quote tweeting. It says, this is OpenAI showing the public its financials once it goes public. Okay. It looks pretty good. Getting a haircut looks good. Oh, no. You know, I've been watching these haircut videos and they're actually incredibly good content because I saw one. I mean, obviously that one's very silly. But dude, this video going viral. This guy's gonna be full gigachad mode within six months. I guarantee it. Guarantee it, guarantee it, guarantee it. But he just did that. He knew what was gonna happen. He did it to inspire himself to I guess looks for sure, for sure to start smashing. I looked at a haircut video where and it's incredibly sticky content because you're watching the guy describe what he wants. And then at the very end, they show you a montage of the photos. And when it works out, obviously the joke there is that it's a downgrade, but when it works out, it's really satisfying. The payoff comes right at the end, which of course is great for retention and average view duration. And so it's a growing format. It does make me wonder, like there are certain. Can every different vertical, can every different type of content become, you know, high retention? Or are there some things that are just like, more naturally, like payoff based? Right? Yeah. Anyway, let me tell you about adeo, the AI native CRM. Adeo builds scales and grows your company to the next level. We are in Arena Mag. This is breaking news. The latest edition of arena. We had three martini lun. This is issue number six Q4, 2025. Three martini lunch. And we are in here with a wonderful spread. Oh, there's a bunch of. There's a bunch of great people in here. Look at this. We got Daniel in here. I don't know if he's doxxed in this photo, actually, the growing one. I think so. But there's a profile on some Archer stuff, some VTOL stuff. Very nice. We got California Forever in here. Apparently we are having a YouTube issue, folks, you'll have to refresh the app if you. I want to avoid any type of lag. Okay. Oh, they did a profile on or a review of Dwarkesh Patel's the Scaling Era. A. What is going on here? The Christmas spirit. That camera had one too many eggnogs. Yeah. Tyler also has the Scaling Era, an oral History of AI 2019-2025 by Dorkesh Patel. There's a whole review of the book. And then of course, you get the beautiful TVPN spread. Look at this. There you go. Isn't that great? I like that they kind of brought their own aesthetic on top of some photos that we took here in the Ultra Dome. Very, very fun. They respected the brand. Yeah, it looks great. And here's a photo of me and Jordy having breakfast, showing you what the day in the life is like. And then here's me reading the Wall Street Journal before the show starts. Life of Coogan. Coogan Mode. Very fun. I could take you through it, but you've heard the story and you can go subscribe to Arena Mag. You can read it online. Three Martini lunch. Interesting. I did want to comment on this. The art direction for the COVID art. I like Three Martini Lunch. It feels like a pretty big departure from the previous very. I feel like there are previous covers were very collage based. So this is like a much more simple design. Still very cool. At the same time, it's still very nostalgic. Yes. I mean, look at the back to a different. Yeah, the back says the business of America is business. And it has a pager. That's something we haven't gotten into. A cigarette and an ashtray and a Casio watch, which is pretty cool. Pretty cool. Classic. Anyways, back on the timeline. Public.com, investing for those that take it seriously. Multi asset investing. Trusted by millions. What's back on the Katie Roof? One of the greatest scoop athletes of our time, a future Scoop hall of famer, has a scoop open. She really has. She clearly has someone at OpenAI who loves her right now. She's been on scoop there. She says scoop open. AI could soon be worth 750 billion in a financing round. They've had early talks. Let's give it up for early talks. We prefer advanced talks, but early talks, you got to start somewhere about raising tens of billions of dollars or even 100 billion. Company was last valued at 500 billion a few months ago. Tae Kim chimes in, says public markets are crushing OpenAI exposed stocks, while private investors with visibility into OpenAI's metrics and internal numbers are piling in. Essentially, both can't be right. I trust Katie Roof reporting. So he's saying that it's bullish for OpenAI. That's his take from this. That's. Yeah, maybe, maybe some of the publics have been oversold. That said, yeah, I'll be interested to see how this round comes together again. Remember, it's. I think it's a good time to be fundraising if you need tens of billions of dollars. If this, if, if Warner Brothers ends up going with Netflix. Right. Because like, that was. Because if you're raising tens of billions of dollars and you're not doing it from strategics like the hyperscalers, it pretty much has to be sovereign wealth funds. And potentially like, they, like the. If they pass on Warner Brothers, they have loose change in the couch cushions to toss OpenAI's way in the. To the tune of $10 billion checks. Potentially. But I mean, it does feel like OpenAI is at a bit of a. It feels like the vibes around OpenAI trough of disillusionment potentially going into plateau of productivity. It feels like they're turning it around. It feels like the new models and. The products, I don't know. I haven't seen many people say I love 5.2. But then again, outside in the real world, clearly, you know, ask people what AI app they're using. Yeah, that'll give you a lot of signal. I thought this. It just feels like, you know, okay, maybe we're not in Baja Blast territory, but we know that every code red is followed by an equal adult mode. Adult mode is coming in January. Yeah, maybe. All right. But it does seem like a lot of the negativity has kind of worked its way through the markets traded down. There's maybe not another. It feels like we're finding a bottom. We're finding the footing of like, okay, reset the narratives, rebuild back up. Can they catch up in this? Can they catch up in that? If you see a couple good charts, couple growth charts, then you're sort of back in business because. And again, I think so negative, Disney. Negative as like, the point that I'm making is like, is like a couple months ago it was like, it's Enron. It's going to blow up. It's a Zero. It's not going to work at all. And it does feel like we're turning the corner on that. Maybe you did. The people that. That are still saying that. Because they're still saying it. They're still saying it. Well, it just got old. This was a funny, funny post. They say, sam says, sell me this pen. Jensen says, I'll lend you the money to buy it. Of course, Jensen is investing money, but anyways, very good. Let me tell you about linear Meet the software, Meet the system. For modern software development, Linear streamlines work across the entire development cycle from roadmap to release. Warner CEO David Zaslav and Netflix Co CEOs Greg Peters and Ted Zorandos on the Warner brothers lot. They took game day photo. They went out deliberately to just strut and just flex. And they clearly knew what they were doing. Hey. Hey. Well, this is their new lot. You point. You look over here, guys. Can we look over this direction? Okay. Yeah, that's perfect. Snap, snap, snap. Okay. Yeah. You know that. You know that they know what they're doing. This looks like no hostile offer can get between us. We're bros. We're hanging out. This is a sign of strength. Sun's out. There's palm trees. Yeah, this is them sending the signal. Sending a signal. Hey, we're excited to work together. We're excited to be in partnership collaborating. There was one person who quoted this and was unhappy about it. Where is. They were saying that they weren't well dressed. Yeah, they were saying that they weren't well dressed. And he was like, I'm kind of in that boat. It's not. They threw on a blazer. They threw on their rocking blazers. Give them a break. Hollywood executive style. That sort of like become the norm. Maybe we go back to the three martini lunches, guys. Maybe we throw on suits now that you guys are in business. But this is also a good way for. For people that are maybe more on the tech side to start dressing up. You don't have to go from jeans straight into a suit. You can throw on a blazer. Right. Something. Something to consider. Yeah. Matt Levine is back. I miss Christmas Eve and New York, New Year's and the Fourth of July holidays. For newsletters a lot smaller than this. This is as good as it gets for newsletter writers. And we can jump into the article. He says, Warner doesn't trust Paramount, Revocable Trust, ESG side letters, IPO lockups, Destiny and doing deals over the holidays. Trust. If you're a normal person, most of your wealth is probably in Your own name. But if you're one of the richest people in the world, you probably have a lot more complicated estate and tax planning. Which probably means that a lot of your wealth is in trusts, legal arrangements that your lawyer set up to hold assets for you. Most simply, you might have a revocable trust where your assets technically belong to the trust, but you have control over the trust's assets, investment decisions, beneficiaries, et cetera. This can be useful for estate planning, but for most purposes, owning assets in a revocable trust is pretty much like owning them yourself. I regularly say that Mark Zuckerberg, Mark Zuck owns a lot of shares of Meta, or that Elon owns a lot of shares of Tesla, even though neither statement is exactly true. Their trust owned the shares, but for most practical purposes you can think of, they own them. This creates, I suppose, a small, dumb problem. Let's say you build big yachts and Mark Zuckerberg comes to you and asks to buy a billion dollar yacht. Naturally, he will pay you the billion dollars on completion of the yacht. You might ask him, well, do you have a billion dollars? And he might say, no, actually I don't. But the Mark Zuckerberg Trust owns like a bajillion dollars worth of Meta stock and I control that, so I'm good. You find that persuasive, so you pull up the odd sale contract. Who do you put in as the buyer? If you put Mark Zuckerberg, he has no money. If you put the Mark Zuckerberg Trust, it has plenty of money now, but if it is a revocable trust, he can just take all the money shares out whenever he wants. It's revocable. If he changes his mind about the yacht, he can clean out the trust. You'll send the bill to the trust, but the trust will have no money and you'll be stuck with the yacht. Not that bad of a situation to be stuck with a billion dollar yacht. But if you're in the business of selling them, you certainly want to be able to complete the transaction. I get the point. Honestly, this is a pretty easy problem to solve. You put Mark Zuckerberg in the contract. He doesn't own the assets directly, but he controls the trust. So if he owes you a billion dollars, you can make him take it out of the trust. But maybe you'll get confused. Or he'll get confused and you'll end up signing a contract with the trust. Then if he changes his mind, he can zero out the trust and stiff you. I cannot imagine that this Comes up a lot with yacht builders or anyone else. Elon Musk once did sign a contract to buy Twitter for 44 billion, then changed his mind and tried to get out of it. The fact that his wealth is mostly in a trust did not at any stage of the proceedings trouble anyone. He had signed his equity commitment in his own name, and everyone understood that if he was sued and lost, he'd have to pay with his trust money if necessary. And Twitter did sue him, and he did pay. Fine, fine, Fine. On the other hand, Paramount is trying to buy Warner Brothers Discovery, breaking up Warner's deal to sell itself to Netflix Inc. And Paramount does not have nearly enough money to pay for Warner. Instead, much of the money behind the bid comes from Paramount Chief Executive Officer's dad, Larry Ellison, as of this writing, the fifth richest person in the world. Or rather, it comes from his trust. And this would be one of the greatest tricks in the history of mergers and acquisitions. One major sticking point is Warner Brothers concern about the financing proposed by Paramount, which is led by David Ellison. A big part of the equity is backstopped by a trust that manages the wealth of his father, Larry Ellison. Because it's a revocable trust, assets can be taken out of it at any time and Warner Brothers may have no recourse if that happens, the people said. And Matt says, ahahaha. Sure. The risk here is Warner throws over Netflix, pays at a $2.8 billion breakup fee, and signs a deal to sell itself to Paramount for something like 108.4 billion in cash. For some reason, changing market conditions, regulatory difficulties, and a change of heart by the Ellisons or a change of heart by their co investors, the Ellisons decide they don't want to close the deal. Quietly, in the comfort of his own home, without saying anything to Warner, Larry Ellison takes all of his stock out of the trust, leaving it empty. Yoink, he whispers to himself. Oops. Never mind, Paramount tells Warner. Warner sues Paramount for specific performance, seeking to make it pay 108.4 billion and close the deal. LOL. We don't have that kind of money, says Paramount, which has a market capitalization of about 15 billion and about 3 billion of cash. When we signed the deal, you knew that the money was coming from the Ellison Trust. So Warner sues the Ellison Trust for specific performance, seeking to make it pay 108 billion and close the deal. Lol. We don't have that kind of money, says the Ellison Trust. We did, sure, but the trust got revoked. Yoink adds Larry Ellison more loudly this time. So Warner sues Larry Ellison for the money. He says, who me? Says Larry Ellison, you have no deal with me. I don't even know what you're talking about. This is not my problem. This does not strike me as especially likely and it would obviously be bad for Paramount and the Ellisons. But I suppose it is possible and it would be a pretty fun trick. I talked about this a little bit yesterday on the show. This kind of situation. Today. Warner officially rejected Paramount's bid, advising shareholders not to sell their shares in Paramount's tender offer. Here is how Warner describes Larry Ellison's commitment or lack thereof. And this was the exact quote that I read yesterday, which was, despite Paramount's headline claims, there is no equity commitment or backstop from the Ellison family for the offer. And I'll skip over the rest of that quote, but Matt continues, as far as I can tell, and somewhat bafflingly, this is correct. Paramount's own tender offer says that the Ellison equity commitment and guarantee will be from the Lawrence Ellison revocable trust, not from Larry Ellison himself. The offer points out that the trust is rich. The Ellison Trust has financial resources well in excess of what would be required to meet its financial obligations under the equity commitment letter, including many other assets and financial resources available to it. Record and beneficial ownership of approximately 1.16 billion shares of Oracle stock with a market value of approximately 252 billion as of the date of this offer to purchase. But as the name says, it's revocable. This seems extremely fixable. Have Larry Ellison signed the commitments personally? William Cohen reports that the whole situation is trains passing in the night and quote, the Ellisons believe they can still be sued for specific performance to fund the deal. He quotes a person familiar with their thinking saying that there is no financing condition in the deal. And Paramount and the Ellison slash Redbird along with our lenders are legally obligated to close regardless of future financial or business performance at Paramount. That is not an impossible thought to convey in merger papers. And yet so far they apparently haven't. And then. Do you want to read back just. Well, I mean, the ESG said there's a difference story. I'm sure. I don't think it has anything to. Do with the. Matt Levine writes like multiple little blurbs. But the real trick is obviously create a revocable trust and name it the irrevocable trust. Can you just do that? One simple trick. One simple trick. M and A lawyers hate this one simple trick. I am wondering if this is very common. I Mean, Matt Levine talks about this, but, like, why did Elon not do this during the Twitter buyout? That is a good question. Because it says Elon did sign the contract in his own name, which he could have just done to the trust, and then he could have backed out when he wanted to. Well, I mean, one thing is, like, it feels like Elon, like, just rips checks and is. Was very much just like, yeah, I'm good for it. I'm going for it. I don't want to play this game at all, like, because I'm all in. You have the full faith and great credit of the bank of Elon Musk, essentially. Yeah. I mean, also, do I even know that, like, this is, like, legally feasible, that you can just revoke the trust? Like, is that just, like, 100%, totally fine? Has that happened before? Yeah, that's a good question. I don't know if it. I actually don't know if it's happened before, but it certainly seems like something that you are going to. Like we talked about with, like, when you make an offer for a big company, there's like, the expected value of the close. And saying, hey, we have this backstop is something that increases the probability that you close, that the financing condition is met. But then saying, okay, we're doing it in a trust or a revocable trust takes that down a little bit. But again, there's a world where all of the different capital providers lined up and you're not even talking about trust revocable or irrevocable, because you never get there, because all the different funds are saying, are jumping. I want to get in. I have to get my stake. I want 10% of this. Here's 10 billion. I'm ready to go. And so you don't even care about the backstop, or you don't care about the trust because everyone's lining up. The only reason that maybe they're in this scenario is because it feels like. It feels like Warner Brothers did actually sort of kick the tires on the Paramount deal and get to the end state of evaluating it and saying, oh, well, like, we've heard, you know, you mentioned Jared Kushner's in. Like, is Affinity Partners really in? And when they pushed them, Affinity Partners seemed like they might be out. I don't know. I don't know exactly what happened, but there's a variety of stakeholders that came in, and the level of. It's not just that they were thumbs up, thumbs down. There were some that were. The people said that they were thumbs up, they wound up being thumbs down. Some of them were here and they wound up being there. Little bit edgy, depending on a lot of different folks where it's like, it's like putting together any other financing round. Ideally, every investor that goes into a seed stage company or series A company is like, yes, I'm good, regardless of who else is in the round. Every once in a while you get VCs who say, yeah, I'll sign a term sheet, but term sheets are non binding and we'll see how the round pencils out. I'll, I'll sit on this signature. I'm not going to sign this, I'm not going to wire. Or they would give a verbal. And thinking that Sequoia is going to come in. Sequoia doesn't. And they're like, oh. Or vice versa. Yeah, they give the, they give the verbal. They sit on it, they're not wiring, they're maybe leaning back. And then Sequoia comes in or founders, founder and Dreeson. Or someone comes in and then they're like, wait, wait, wait, you said that I could get 2% of this company for 100k. Like, like, give me my terms. And you're like, you didn't sign that doc. You were very much leaning out. I've been in that situation. It's never super fun, never super fun conversation. But you know, it ain't over till. The, till the one bank. A little bit more from Matt Levine. He's talking about lockups, specifically Space X. We all know they're trying to go public at a one and a half trillion dollar valuation. They want to raise 30 billion of stock. Sorry, 30 billion via the IPO. And Matt says the raise is not that big relative to the valuation. But then he says the problem is not 30 billion. The problem is the other 1.47 trillion. And he goes on to say, what happens if 500 billion of SpaceX stock is unlocked, like at a single moment? And people are like, I've been locked up for, for, I have had limited liquidity for. Let's say you're an employee who's been there 10, 15 years. You're like, there could be a kind of a rush to get liquidity. And so he goes on to say that in the conversations that Wall street has been having with SpaceX, Anthropic and OpenAI, there is some conversations that would create a scenario with. I'll just read it. Specifically, investment bankers are starting to prepare, discussing proposed solutions to help win deals. At least two large banks largely rul out a standard IPO lockup period of either 90 to 180 days and are discussing how to design a staggered lockup release for companies like the ones I mentioned. And then he says, if you're a shareholder of a trillion dollar private company, you're used to getting limited periodic liquidity events where you can sell shares. Why would that change when the company goes public? So pretty interesting. The dance of taking SpaceX public. It's going to be an interesting year for IPOs. There's a bunch of great companies that are finally mature enough to potentially go out. Let me tell you about Vanta Automate Compliance and Security. Vanta's AI powers everything from evidence collection and continuous monitoring to security reviews and vendor risk. There's an article in the Wall Street Journal about a massive ipo. Wall street gets early taste of hot year expected for IPOs. Shares of a company called Medline began trading in the biggest new stock listing since 2021. Wall street is getting a glimpse of what could be the biggest year ever for IPOs in the US after four years of choppiness in the market. He didn't even let me get to the number. The medical Supply Co. Raised $6.3 billion in its stock offering. The stock closed at $41 a share. That's up 41% from its $29 IPO price. So massive offering. It's the biggest IPO since rivian actually, in 2021. And the ticker is MDLN. We're the largest company no one's ever heard of, said the chief executive, Jim Boyle. He said he and his team have spent the past year and a half educating the investment community ahead of the stock offering. You got to tell everyone what do you do before. Before you ask for their money? Because if you've been operating behind the scenes, no one's going to know to invest or be excited. So the offering could help set the stage for some of the Most highly anticipated IPOs with rocket maker SpaceX, AI company Anthropic and mortgage giants Fannie Mae and Freddie Mac among the companies looking at listings in 2026. OpenAI also rumored there's a couple other companies that might go out. It isn't just there's a bunch of tech. There's a bunch of tech darlings that are, are look kind of like infants in comparison to, but still might be. Level of maturity to go out. Very notable companies that are basically at Figma scale. Sure, yeah, yeah. Or even beyond. But yeah, I mean for a long time, you know, if you're a $10 billion company in the tens of billions. The Decacorns that any Decacorn should be comfortable going out potentially as long as they're not in some crazy R and D cycle and they actually have the core financials humming at this point. Bankers say their teams have been busy in recent weeks pitching companies to be lead Advisor on their IPOs, marking a pickup in activity. Many startups had eschewed going public in recent years. I'm not sure that's entirely true anymore, said Magdalena Henrick, head of US Technology Equity Capital Markets at Bank of America. Bankers are hoping Medline, which is backed by Blackstone, Carlisle and Hellman Friedman, helps to close out a positive year for positive year for IPOs. Well, speaking of Blackstone, we have a little Christmas present under the tree. Why don't we open it? The good folks over at Blackstone sent us a presentation and we will open it live on the stream here. So have you heard that the CEO of Blackstone is becoming a dj? Goldman Sachs CEO David Solomon gave him a stamp of approval and they sent over this very cool tape recorder. I don't know if this is a real tape recorder. I don't know if I have this queued up, but you can maybe hear it. Let's see. They went like super viral for this because they made a entire. Like, they basically clowned every startup vibe reel. Oh, you. You have a cinematic vibe reel. We had our whole team sing a jingle and filmed it and sent it. Out on a physical thing. And then they sent it out on a physical thing. This is very, very cool. Portable cassette. Is that made to look like a cassette tape? I think it's actually. No, I think it's actually a cassette tape. Yeah. This is crazy. Wow. I didn't even know we knew how to make cassettes. This is a very, very good drop. Like, just as a drop, it's hilarious. It also feels like them leaning in because I know that the response to that Blackstone video was not overwhelmingly positive. People were like, what is this? But clearly it's an inside joke and like, the team finds it funny and they were doing it tongue in cheek and they were having fun with it and they have a lot of 1980s throwback cameos there. That's great. Anyway, thank you to good folks at Vert Blackstone for sending over this and go listen to the full song and watch the video if you haven't already. Numeral Compliance handled numeral worries about sales tax and VAT compliance so you can focus on growth in our newsletter today. We did a little review of the model wars, of course, our newsletter, you can get it at tbpn.com, tech analysis and news. We have a daily op ed, top headlines and more. Sign up@tbpn.com so what a year. Just in terms of model releases. August 7, OpenAI releases GPT5. September 29, Anthropic releases Claude Sonnet 4.5. Then the day after, OpenAI releases Sora 2, the same day, Meta releases the Meta ray bans displays. November 3, OpenAI and Amazon announced a partnership valued at 38 billion. November 12, 5.1 drops from OpenAI. November 17, XAI releases Grok 4.1. November 18, Google releases Gemini 3. Massive response to the that. It's crazy that that was just one month ago. November 20th, Nanobanana Pro comes out. Then November 24th, Anthropic releases Claude Opus 4.5. We talked to Sholto about that. And then December 1st, Deepseek releases Deepseek version 3.2. And of course, before the end of the year, OpenAI had to fire back with GPT 5.2 on December 11th. And then December 17th, Google releases Gemini Free Flash. Also today, I think OpenAI released 5.2 codecs like the coding model version. They're starting to stagger them out a little bit more. Well, I do, which I think is smart. Right. I was wondering about this with Logan. Do you think there'll be a period where we get on annual release cadences and it's just like, oh, the model is like GPT 20, 26, like, I'm running the 26 model. Or do you think it'll be random? We're not quite at the plateau where. I think that would make sense, like right now where every company's fighting for market share and like, if you can release tomorrow, that's a lot better than releasing. But there is a world where. There is a world where OpenAI takes 5.1 and 5.2 and says, you know what, that's GPT6, that's GPT7. Right. Like, they could. And people would be like, whoa, this is like really incremental. So they use the 0.1, but they also didn't do its 5.0.1. I think the reason. I think the reason that there's so much pressure to launch is there's pressure to be at the top of the benchmarks. Right. In other product categories. It's not like there's like this like, very specific way that you. What are you talking about? In cars? Nurburgring. Sure, sure. But I'm talking in, like, enterprise software. Typically, it's not like somebody launches a product and then somebody else launches a product and investors can look at and be like, well, okay, I think this one is just objectively better. Yeah. And. And so I think that, you know, just given the. The goal to sit at the top of the benchmarks, you know, there's going to be a mass. The benchmark is like ARR numbers that you might give to the press or fundraising, which, you know, traditionally done to every 12 to 18 months, but sometimes can happen four times in a year. Yeah. You're a certain company. What do you think? Also, I just want to say, Brandon, who wrote the, like, the piece, he said at the end, he said it seems like the doomers, people who believe I will turn us all into paperclips have been defanged, which is good. I disagree that that's true. It seems like AI is like. I think there's this whole narrative where, like, oh, AI is stagnating. Yeah. Where it's like, bro, look at the benchmarks. Like, it's like it's on the trend. Look at the benchmarks. They're saturating. It's incredible. Exactly. If the benchmarks are set, I mean, what does that tell you? If benchmarks are saturated, we need. We don't even have good benchmarks anymore because models are way too good. Gabe says benchmarks are just as useful as a used piece of toilet paper. Exactly. That's the whole point. If models were bad, benchmarks would be useful. So, I mean, the risk is like, there was a moment where just multiplying two really, really big numbers together on a computer, you needed more memory to do like 1000 digits times 1000 digits. Your basic calculator had a limit. And then eventually it got to the point where you have enough RAM that this computer here can sit and, I don't know, calculate the number of digits in PI to 10,000 digits probably pretty quickly. Progress along that line is not necessarily the same line of progress towards human labor replacement. Even we got calculators that can calculate any math perfectly in fractions of a second. And it was useful in a million ways. But no one's calling that like, AGI, asi. It can do anything. Yeah. Because that's like specific intelligence. Exactly. Specific intelligence. And so we've created a bunch more lanes of specific intelligence. But people feel still dissatisfied with the fact that, yes, the spikes are getting longer, but it doesn't feel like the intelligence is getting any less spikier. That's What Brandon's feeling. There's nothing about the benchmarks. When you show me a new model card, I'm just like, cool. Spiky. The spikes got spikier. Awesome. There's nothing where it's like, oh, okay. It's no longer spiky. Sure. I mean, like, when I use coding models, they're, like, way better. Yeah. That's one of the spikes. That's one of the spikes. That's even bigger enough. Spikes, then, like, what's difference between a ton of spikes and, you know. Yes. Just like a circle. Right. Like, you know. Yeah. This is the. This is the diagram. You've seen the diagram, right? Where you have the circle with the little tiny spikes where the. Better. There are benchmarks that, like. There was the vend. It was like anthropic bend. Yeah. Where Claude runs a vending machine. Yeah. In the beginning of the year, they released the first paper. I don't know when it was a couple months ago, they released, like, the first part of Paper and Cloud was, like, horrible. It lost a ton of money running vending machine. Then they. I think today they released a new one. Yeah. Where it's like, cloud is profitable. Yeah. We need to get you a massive winter coat to get through this. AI winter, because the AI winter is happening. I'm telling you, there's no way I winter. There is. There is. There's an. I mean, it's the age of research. Okay. The age of research. Can you imagine? It's like June next year. It's hot in the ultra dome. Tyler, just keep the coat on, buddy. You can't take it off till it's over. Till it's over. No, I mean, the progress. Like, people want AI to stagnate so bad. People. So many people want that. They do. And it's not happening, bro. It's like the models are getting better. Literally everyone without bags is saying it's stagnating. Well, no, because all those people are pathy. Oh. Like, I missed Nvidia or whatever you think, Kurt. Pathy's like, I missed Nvidia, so I got to go trash AI. Well, Karpathy, I think he's not. He's very. I think he's very excited about what AI is like right now. Yeah, yeah, yeah. And he's. Well, I think we can all agree, Tyler, that it's the age of research, but it's also the age of deals. Okay. Gotta talk about. We gotta talk about Trump media and technology. This morning I woke up and, you know, a lot of people that you know, do like mental health podcasts. They say look at your phone within five seconds, opening your eyes, just immediately connect with the Internet and just sort of start kind of marinating in all the notifications that you maybe got over the last eight hours. That's what I did this morning. I opened my eyes, I immediately grabbed my phone. I see this push notification, I think it was from Bloomberg that Truth Social parent to merge with nuclear fusion firm in a $6 billion deal and I thought I was dreaming still because it just seemed insane. Trump's been so active this year on the deal making side. Who would have thought he had another multi billion dollar deal to do this year. So of course Trump Media and Technology Group, the social media and crypto company part owned by President Trump said it would develop a utility scale fusion power plant. Fusion, not fission. Correct. President Trump's social media company, which recently expanded into streaming and cryptocurrency, is now entering its fourth act. Fusion power. Promising but still unproven source of alternative energy. DJT and Tay Technologies said Thursday they had agreed to an all stock merger that the company is valued at more than 6 billion. The deal would be a metamorphosis for Trump Media, the money losing parent company of Trusocial, a social media platform that has struggled to gain market share beyond serving as the main online megaphone for President Trump. Mr. Trump is the company's largest shareholder with a large stake worth more than 1 billion that is held in a trust. We're trust maxing of course, managed by Don Jr. Who is a Trump Media board member. The company, based in Sarasota, Florida has only a few dozen full time employees and has recorded tens of millions of losses in recent years. Years. The merger with Tay would create one of the first publicly traded nuclear fusion companies. According to the release. The company said they begin they intend to begin construction on the first utility scale fusion power plant next year with plans to build additional plants in the future. So the stock is up of course, up pretty dramatically today. The CEO over at Taylor Mitchell Bendenbauer says we've got the tools and the tech and the engineering. What we were lacking was the capital. So I did a, I went over to Gemini and got a little background on Tay Technologies. Interesting company. It's the Tate Tae stands for Tri Alpha Energy, which is pretty, I think a pretty cool name. It's also good advice if you're a beta. Just try being an Alpha or just rebrand. Rebrand. Rebrand to an Alpha. Yeah, actually I used. Yeah that was, I used try, Try. Or T R I not T R Y not. Try being it. Try. Try Sigma. Try whatever works. Sigma Energy would be a great name for a small modular reactor company. I mean there's a trading firm to Sigma and it's two guys. No, but Sigma Lone wolf. You know that they had like a founder breakup. Because they were literally two Sigmas. No, because one of them was two Sigma. Oh, T o o o. No. I think the nominative determinism is that you put two lone wolves together and it didn't work and they were fighting constantly. So the two Sigma guys broke up anyway. So people are gonna talk about this. The company was founded in 1998 and spent over 25 years developing a unique approach to fusion that focuses oneutronic power energy generation that produces no harmful neutron radiation. They have raised from. I believe it's Google. Google, Chevron and Goldman Sachs. So great to see them all get some liquidity now. Or at least shares in a company that is liquid. Sure. So does that mean Google is on the truth social cap table now? Google owns a piece of the president's. I mean, I actually can't. It's possible they got some liquidity along the way, but seems more likely that Google now has a nice slog in DJT Social. Interesting. Wait, I didn't even think about that. Because this is happening at the top co at djt. So they have exposure to fusion, cryptocurrency, social media and streaming. I mean Google famously never got Google circles working their Facebook competitor. They have YouTube obviously a behemoth. But in true social networking, they struggle. Maybe this is a foothold for them. Roll in the entire thing. At some point people are going to talk trash about this like, oh, what is a social network doing building energy assets. But you look at what Amazon's doing. Building massive data centers for aws. Amazon owns Twitch. That's a social network streaming platform. What else does Amazon own? Well, they own some diesel generators for backup power at the data centers. Fusion theoretically cleaner. Who would have thought that out of the Silicon Valley tech people they would be using diesel while the big guy is using clean energy to power his social network. Something there. Fascinating. Fascinating. Let me tell you about fall Generative media platform for developers develop and fine tune models with serverless GPUs and on demand clusters. Trey in the chat says this is such a weird deal. Tae is a legit company. Hmm. Maybe they're all legit. Maybe they're all going legit. Maybe it works out. I don't know. I mean, what if Fusion's hard. What if True Social just puts up monster, monster numbers? I mean, it's kind of funny. So hard to call it legit right now. It really is an interesting test given that when I type Truth Social into my browser effectively, the homepage is just Donald Trump's profile. And they do have a lot of ads on here. And it'll be interesting to understand, like, what is this webpage actually worth? Well, we'll find out. I mean, Truth Social, I think if you went back in time a year or two ago, when Truth Social was started, which I believe Trump was out of the office, he was not president when he started it, and you asked anyone, like, what will the. What will the terminal value of this asset be? Everyone would be like, like, it's not going to be over a billion dollars. And then when it went out, it was like, okay, yeah, maybe they expect it, but it's going to, like, trade down a ton. It's like, I think it's still a multibillion dollar company. Right. DJT, what's the market cap? 4. 4 billion. Still, like, that's higher than a lot of people thought. It traded up almost 40% just today. So. Yeah, well, we were doing a deep dive on the company a year ago, so, you know, you know, there's alpha here. What categories is DJT not in? Space? Pharma. Robotics. Robotics. Oh, wait, no, no, they're in pharma. Right, Pharma. So I think TAE does have a biotech division, a life sciences division. Okay. So I'm very bullish on them kind of going into pharma. Yeah, you got to go further out on the sci Fi curve. No one's pitching a time travel company yet. I think that that's an interesting area to get into. You know what happens after you're traveling through space? You must travel through time, the fourth dimension. I mean, you could break time travel into life sciences. Right. Because you can have the. You freeze yourself and you wake up in 20 years. Hmm. You can't go back, though. Yeah. Dyson Sphere. No one's come out and said, we're the company that's gonna do the Dyson Sphere. It's been much more incremental divisions. Anyway. Truthjeshel is also getting into the prediction market game, launching a native prediction market feature in the app. It's crazy that they're not. I wonder if it'll be like predict Trade on the content of Trump's next post. That would be fascinating. Very fascinating. I mean, it's just an interesting. I am interested to see how the future presidents approach business. Right. Who was the guy with the peanut farm? Jimmy Carter. He got into a little hot water because of his peanut farm. I think he didn't fully divest. No, he did divest, but he still. Got in hot water. No. It's just remarkable because the peanut farm was so small and so insignificant in the US economy and even in his personal balance sheet. But the fact that he was saying, look, I don't want any idea of impropriety, so I'm going to divest from a small peanut farm that I'm associated with so that no one can say that I'm in the pocket of big Peanut or I'm pro peanut or little Peanut. And so the fact that Jimmy Carter divested from the peanut farm, he was not, you know, in big oil or railroad, barren or associated with banking. He had very little conflict of interest and he reduced it even further. That's always been a sign of like the what, what great looks like. And it's been a role model for some presidents. Some presidents have looked and said like, well, if Jimmy Carter did it this way, I should also do it this way. Yeah. Anyway, Gemini 3 Pro, Google's most intelligent model yet. State of the art reasoning, next level vibe coding and deep multimodal understanding. There is a crazy story in the. Joe Weisenthal, by the way. One more. He Sundays, sharing that DJT is up 35% to a new 30 day high. And Joe says Trump has been in founder mode for a long time getting all kinds of criticism about the business from people who aren't actually in the arena. It is crazy the degree to which he is a successful technology founder. Truly, like billions of dollars in market cap. People can have their issues with the president but they cannot deny that. They cannot say with a straight face that he is not a technology company. He's never founded a unicorn tech company. He's never taken a social media app public. You can't say that. You can't say that. He's never, listen, he's never merged with a nuclear fusion company backed by Chevron. You can't say that. Google and Goldman Sachs for sure. Deb, using this, this chart, the AI investment cycle visualized almost $1 trillion has been invested into AI so far. And that may just be the start. Look at this graph or this, this is an interesting way to, to visualize the flow of money because we see it as these like moments in time. A $10 billion deal here, $100 billion deal there. This is showing the investment over time. And you can see Nvidia flowing to Amazon and all the different companies. Where's OpenAI? OpenAI is just flowing around. It's just a cool little like data visualization. I thought this was fun to look at. Anyway, did you see Brett Adcock has a new startup? No. Yeah. Figure CEO Brett Adcock launches new AI lab with $100 million in funding wow. Brett Adcock, of course the CEO of robotics startup Figure AI who we believe might be might have some big news soon. Based on Based on their holiday party deadmau5 has started a new AI lab called HARK which will be funded by $100 million of his personal capital. According to a copy of a memo Adcock sent to Figure employees and investors on Thursday. Seen by Stephanie Palazzolo, the AI lab will be focused on building human centric AI which can think proactively, recursively and care deeply about people. Hark's first cluster of GPUs went online on Monday. Memo said Though it couldn't be learned how large the cluster was, Adcock will remain the CEO Figure. In addition to his new role at Hark, Hark continues the trend of AI startup. CEOs first founding new companies while remaining at their old one. Remember Richard over at U launched a new lab himself. More broadly, well known researchers and executives have raised billions of dollars for so called NeoLabs in recent months which hope to exploit new approaches to developing models. Figure previously raised nearly 2 billion in funding from investors including Parkway, Nvidia, Microsoft, et cetera. So anyways, interesting that he is diversifying when figures valuation has just been going through the roof. He also has a company that does metal detectors at schools along those lines. He is a serial entrepreneur. It's a bunch of stuff. Anyway, let me tell you about Fin AI, the number one AI agent for customer service automate the most complex customer service queries on every channel. Tyler clearly has an alt. Tyler Glial Tyler clearly put this in the in the, in the show notes Tyler, not our Tyler, but this other Tyler says can't wait for this AI bubble to pop so we can all go back to normal. Just like how the Internet completely disappeared after the dot com bubble popped. It's another bullish take for AI. It's not going anywhere. Yeah, great take. It is a great take and 18,000 people agree it's a great take. I also think it's a great take but this doesn't seem so fast takeoff build more Internet build which is slow takeoff. The Internet has slow takeoff. Everyone thought it was gonna be the Internet is the superhighway. It's gonna be 1000x growth. Yahoo's gonna be worth a trillion dollars. And then it kind of settled in. Took a while for things to find use, cases find value. But eventually it did transform everything. But this time it's different. Yeah, this time is different exactly. Because this time we have the Internet, so it's way faster to do distribution. Yes. I don't want to. You weren't even alive, Tyler. I don't even want to. I was racking servers in a data center while you were in the cradle. Meltem says a lot of navel gazing about venture. There are a lot of ways to make a couple hundred million doll. There are a reasonable number of ways to make a billion. There are very few ways to make tens of billions of dollars. This makes a $1 billion fund with 10x DPI obscenely impressive. Is this a subtweet of someone in particular? Is someone saying this isn't. This isn't so several. So Mike Chan says, ain't no 1 billion dollar fund doing 10x DPI. And Meltzer says several have. Which is wild. I'm trying to find in the comments a fund that actually did this. And I can't think of any personally. I'm sure they're. I'm sure they're out there. I'm sure they're out there, but I don't know. It's. It's. It's. Yeah. All of that's impressive. Okay. More. More importantly, streamer cut the Apple Vision Pro's weight in half. Whoa. That's genius. I. This is. This is innovation. This is. This is crazy innovation. Wow. Imagine walking into an office and every person there just locked in with a balloon. This is somehow more cyberpunk than just the default put the big screen on your face. I like this. And people say the Chinese can only copy and they can't invent new stuff. That's not true. Not true. Completely, completely disproven with this Vision Pro helium balloon. This would be genius. Imagine just being able to. If you're. If you're a class clown coated, which I certainly am. Imagine walking around the office and just. With a little needle. No, no, no, no, no, no. I think it doesn't actually. It's not going to hurt them. It's still strapped to their head. But you're popping their balloon. Then they have to go get more helium. And helium scarce resource. True, true. But I would hope they. Look, he's got a big canister there. He's got plenty. He's Got a big. You should not be popping this. And you know why? Because Ty in the chat says this should be a blimp and this is very blimp coded. So you should allow this. I want this guy to make a personal blimp. It's just like a harness you can put put on with enough helium to just take you up. Yeah, I think the Mythbusters did that. You just get a bunch of balloons. Yeah. And it works. Did they? Doing that. And then skydiving down would be pretty cool. You should work on that over the winter break. Well, whatever you watch in your Apple Vision Pro, make sure it's restreamed. One livestream, 30 plus destination. If you want to multi stream go to restream.com oh this is so, so funny that Alpha Ton Capital. Did you see this Alphaton Capital post? Big news. Alpha Ton. A ton of alpha. We got a ton of alpha over here at Alpha Ton Capital. We're making a historic $30 million strategic investment in Anderal industries. And they tag them said we are investing in the future of defense tech and the convergence of decentralized AI with next gen national security security. This is a strategic bet on the companies of the future. This unprecedented investment positions Alpha Ton at the forefront of next generation defense technology infrastructure, marking a pivotal moment in the convergence of public markets and advanced national security capabilities. Nasdaq, Aton. And so they're trying to become an Anduril like Holdco basically, or Treasury Company. Treasury company. And Palmer just quote tweets them into the stratosphere by saying Alpha Ton is lying. This is not true. Public heads up to CEO Brittany Kaiser. Own your data now the whistleblower who is Bitcoin, Alpha Ton Capital. That's the. I guess that's the owner of this. You do not have permission to use my trademarks to defraud your investors. And Brittany says, hey Palmer, we signed an agreement to purchase economic exposure to Anduril shares through an SPV and to accumulate more exposure over time and offer access via formal secondaries product. Given our network's demand for your innovative tech, I will issue a clarification. And Palmer says that isn't what you and your company said though to be extremely clear, Anduril has to authorize these types of transfers and I will not authorize it. Wow. And Serigua is there saying so much nonsense fraud happening in these layered SPVs. This is such a crazy, crazy moment. What is the history of this company? So the company went out at $280 per share in December of 2020. It's now sitting at exactly 69 cents. Huh. So I wonder what they have been up to. But yeah, I mean that was a crazy. It looks like somebody like this looks like an AI bot is just like posting. But this is a public company. Yeah, it does look like just some sort of like complete slop scam. Like you would assume that. You would assume that if you go down this particular funnel, you wind up at like, hey, you know, like send me some random crypto or something. Like, it feels very scammy and it's. I mean, you know, Palmer is sort of calling it a scam, but it is a public company, I guess. Yeah. Well, I'm sure Andrew legal counsel will really enjoy having a nice calm holiday. Weekend, I'm sure, while they clean this mess up. One of many, but champagne problem. Let's come back to this later because we have our guests in the Restream waiting room. While we're bringing them in, let me tell you about Cognition, the team behind the AI software engineer. Devin, crush your backlog with a personal AI engineering team. Merry Christmas to everyone. We have Brian Armstrong from Coinbase and Tarek is back on the show. So many repeat guests. It's so great to see both of you. Congratulations on all of the fantastic success. Brian, would you mind kicking us off with a little high level overview of the news? Good to see you. Yeah, sure. Good to see you guys again. Well, we had a great product event yesterday in San Francisco. We announced the Everything Exchange. So we've got stock trading on there, we've got.

Positive year for IPOs. Well, speaking of Blackstone, we have a little Christmas present under the tree. Why don't we open it? The good folks over in Blackstone sent us a present and. And we will open it live on the stream here. So have you heard that the CEO of Blackstone is. Is becoming a dj? Goldman Sachs CEO David Solomon gave him a stamp of approval, and they sent over this very cool tape recorder. I don't know if this is a real tape recorder. I don't know if I have this queued up, but you can maybe hear it. Let's see. They went, like, super viral for this because they made a entire. Like, they basically clowned every startup vibe reel. Oh, you have a cinematic vibe reel. We had our whole team sing a jingle and filmed it and sent it out on a physical. And then they sent it out on a physical thing. This is very, very cool. Portable cassette. Is that. Is that made to look like a cassette tape? I think it's actually. No, I think it's actually a cassette tape. Yeah. This is crazy. Wow. I didn't even know we knew how to make cassettes. This is a very, very good drop. Like, just as a drop, it's hilarious. It also feels like them leaning in because I know that the response to that Blackstone video was not overwhelmingly positive. People were like, what is this? But clearly it's an inside joke and the team finds it funny. And they were doing it tongue in cheek and they were having fun with it, and they have a lot of 1980s throwback cameos there. That's great. Anyway, thank you to good folks at Bert Blackstone for sending over this. And go listen to the full song and watch the video if you haven't already. Numeral Compliance handled numeral worries about sales tax and VAT compliance so you can focus on growth. In our newsletter today, we did a little review of the.