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Stick headed north. Standby, you're watching TVP and today is Friday, December 5, 2025. We are live again from the New York Stock Exchange. Thank you for the boats found. Joy. It's good to be back. This is the real fortress of finance, the capital of capital, the temple of technology.

Stick headed north. Standby, you're watching TVP and today is Friday, December 5, 2025. We are live again from the New York Stock Exchange. Thank you for the boats found. Joy. It's good to be back. This is the real fortress of finance, the capital of capital, the temple of technology.

Like, hey, these are event contracts. Like, it's under our jurisdiction. How have you kind of like, watched that play? Obviously, the polymarket guys have played their cards really well. Controversial, you know, at the beginning, probably very high risk. You know, Alfred, I saw Alfred Lynn talking about a little bit. I'm sure he probably opposed it, but the founder was pretty tenacious and worked out. Or, you know, they all played the regulatory cards, you know, in interesting different ways. So it's worked out well for them. But the story's not over. Well, I think they're in pretty good shape. You know, the biggest issue they had historically was more, not more US Citizens were using their products before they were supposed to. Yeah. But I think the statute of limitations might sort of be hitting on that. Sure. Yeah. It's fascinating. Do you think this will be a political issue in the next cycle? In terms of tech stuff that we've been monitoring, it feels like the. The AI, data center, energy use, water use, like, those are the questions that people want to answer in D.C. job displacements. Job displacements, obviously, top of mind. That's a bigger question than. Okay, yeah. Like, my, you know, my uncle, he was always a sports better. Now he uses a different platform. Like, it's kind of. Unless people start losing a lot of money. So, you know, in sports betting, you definitely have this. You have the opposite of whales. People, you know, whales, the company. But, like, people lose massive amount of money, and that becomes a really sad story for them, for their family, and becomes a political issue. Then if for some reason you get more. More people betting, betting, wagering, whatever, predicting, but they're not, like, massively exposed, I think that it won't be a political issue. Yeah, I mean, we've been tracking AI diffusion. We're obviously excited about a lot of the products getting in people's hands. Like, like spellbook, like. Like law firm for, like, legal AI. At the same time, we're just not seeing that much job displacement. Maybe it's coming, but it feels like there are. If whatever's happening when somebody lays people off, it's probably not because they're just, oh, now it's just a prompt. But. But do you think tech needs to do a better job of telling that story or understanding how? Absolutely. I mean, you know, I was in a speech that President Trump gave, and he says, like, I don't like the terms artificial intelligence. You guys need better branding. Yeah. And nobody's come up with a better answer.

Media creation, their creator work and then you're launching your company more likely to go viral because these guys really understand virality. On the other side, it could be you're coming in and you're taking a crack at building something that might wind up being more like an incubation for them because I'm sure that they want to launch a bunch of products. This is a way to just kind of take swings and get close to working with people and then if something lines up, they could say, hey, we actually want to do like a 5050 deal. A this is going to be like Logan and Jake as co founders of the next thing that they're working on together and we're going to really, really push this for you. We'll be your marketing arm. So it'll be interesting to see where these companies go. Jeff and Jake I think are coming on the show in the next couple weeks before the end of the year. So we will be able to ask them more about that before we move on. Let me tell you about Profound. Get your brand mentioned in ChatGPT and more. Reach millions of consumers who use AI to discover new products and brands. Aaron has a good post here. It says the remaining Apple leadership team. Who is this? Travis Scott, Tim Cook and Mr. Beast. Mr. Beast. Mr. Beast did say that he's going to film on iPhones. I'm not sure what the Travis Scott connection is. Has he done a partnership with Apple in one year? There are still plenty of folks. Eddie Q is still there. Apple leadership team is still stacked. Don't you worry. Don't you worry. There are still people here. And we have our first boy in the restream waiting room getting geared up physical. Restream waiting room. They put the moon on the sphere. They put cheese on the sphere. The sphere. Vegas says we're sending off the last supermoon of 2025 with something special. Using NASA's public domain lunar data, our team built a true to science moon that is that's lighting up this Las Vegas skyline. This looks really cool. Absolutely insane. With lots of building the sphere is like underrated. It's so cool. We don't know how to build beautiful things anymore. Make it make sense. Yeah, we do. People look at this and they think the New York Stock Exchange, how did they build this? Was this built by humans? There's a lot of debate but the sphere really reinstates. Yes, we can build.

Folks more access to that. I know some of the private credit funds. We had John Zito on the show yesterday from Apollo, but some of the other funds have like taken different funds and IPO them separately so that they get more direct access and I would expect to see more of that. But I don't know. I mean, there's been a fair amount of folks have talked about private, private instruments and putting them in an ETF wrapper. I know Vlad's talked about that from Robin. Oh, yeah, yeah, quite a bit. Yeah, yeah, yeah. That he's looking at that as an opportunity. Yeah. I mean, there's been insatiable demand for private company stock all in Silicon Valley, but it's usually done through angel investing, never really through an etf, but it seems. Structure and how you disclose information and whatnot and make sure that you're in a good basket. Of assets and do you actually have a voting share in the underlying basket? There's a lot more logistics to work out in that. But in general, ETFs are going to add a layer of transparency and a lot of these illiquid assets don't have because they're mark to market every day they have nav. At the end of the day, the fund. The fund has. Been some other experiments with trying to bring private shares.

You might know your brand. I can imagine though ChatGPT kind of knows, you know, what I buy, how it fits, what things I return, what things I don't over time and just says, keith, go to hugo boss. Yep, 38 or 48 or 42 will fit you off the rack. Like that is something that doesn't exist online and there's a lot of latent demand for consumers not to go to retail. Like the reason I go to retail typically is I either need something immediately or I need to try it out. Yeah. There's also this interesting thing where ChatGPT and basically every LLM has been only pull in the sense that you have to go and prompt it. It never just sends you a push notification and says here they're experimenting with pulse. So they'll say, okay, we know that you like venture capital news and you like learning. Prioritize that. They have deprioritized it. But I still think that there's a glimmer of something valuable there where they could proactively send you results. It's very compute intensive and I don't know if they got the form factor right, but there's clearly, there's clearly a glimmer of something. There's a glimmer there. The question is going to be the quality. Ultimately, yeah, it'd be totally magical, but I'm going to react to the first five they send me and either.

Yeah, yeah. Right. So you're gonna have to pay lawyers for a while. Like you want to take the ratio from 80% humans to 80% automation and like hopefully quickly. Atrium basically never did that. Sure. And maybe they didn't have the technology to do it. They got hooked on the drug. I think of just like I knew. Some of the machine learning folks at Atrium at the time and they were like, we're close to understanding documents with AI and. But close doesn't pay the bills. You still need a human in the loop technically for most of these products right now that's going to change. And the ratio should be like one human for 99 customers or documents or 9,000 documents. Yeah. And then the economics could work. But I think you would need to raise venture money up front. Sure. Also maybe for credibility, there's some signaling, you know, like people are buying enterprise company enterprise all across the globe, any vertical are buying AI products. That's what allowed these, you know, vertical application companies to hit 100 million in revenue quickly is there's top down demand at very large fortune. How do you knew? How do you assess quality of revenue if a founder comes to you and says, yeah, I am raising at 100 million for my first round, but I have a $5 million deal with some Fortune 500 company. And so it's really not that crazy of a revenue multiple. But then you start wondering obviously, is that going to stick or can they just bounce? Well, we asked for the contract actually because the terms may vary. You call the often asked to call the customer, why are you buying this? What do you hope it does? You know, and achieve what are the business goals? How confident are you that you're achieving those business goals? Sure. So that's actually a pretty standard reference. Just as due diligence. Yeah, yeah. Does that mean like the level of the level of due diligence required on these deals? Even if the early stage, like the round numbers might still be a seed, but it's a bigger number. You're treating it with the due diligence that you would bring to an A. I think, I think you do need to look at what's the source of the revenue. What are the terms of that relationship? Are they a pilot, Permanent cancellation rights. And then you can look at the underlying metrics like we always used to, which is what's the active usage? Yeah. Like ultimately everybody in your organization is using the product. Yeah. Even if you have the contractual right to cancel, you're not canceling it. So like you can look at Maus daus all those kind of things. And actually, we do tend to look at that. I tend to personally look at the engagement metrics as much as the revenue metrics. You also look at the margin metrics because.

Trace Cohen says just force. Why not just force. Oh force. Well isn't there a. Isn't there force India? The F1 team from a couple years ago. BYT BWT. Force India. That was like a team. I think they struggled. I gotta find that. What was force India? Was that Force India? Benioff is on a terror. His pinned Tweet right now. LLMs are the new disk drives commodity infrastructure. You hot swap for whoever's cheapest and best. The fantasy that the model is a moat just expired. People are really going wild. They're going off down here. Do you think does it. Is there a prediction market yet up for renaming of Salesforce? I think Salesforce is such a strong name. Even if they do more than sales at this point it's transcended. The company has definitely transcended what they do. I think people know why not just sales. I like just sales. Just be sales Inc. I don't think you can be. I think that's too generic. I don't know. Not if you're. I mean he would have to update the. The ticker. The ticker is the bigger one. Yeah. Because sales. Because everyone wants to be like CRMs are dead. You're going to just be able to just generate a CRM. Yeah. On the fly. Yeah. Buco Capital says f it Nothing else is working. Go for it, brother. A name change sometimes will fix you. Just let it. Let it run. Ethan Ding was coming in with some commentary. Ye. He said yesterday it should be extremely, extremely alarming to Salesforce investors that no exec at Salesforce is telling him that's not a lot of tokens. Of course he he. They Talked about generating 3.2 trillion tokens. Sounds like a big number. Ethan says for anyone who doesn't understand Cursor processes more tokens than Salesforce. All time figure every six days Salesforce has 20 million users. Yeah. I mean credit cursor has a similar amount of users. I think. Sure. Assuming same average token count per active agent Force user count is.

It's back in Hollywood. We'll be there on Monday. But we have a great show for you today, folks. We have Keith Raboy joining us in person. We have Lynn Martin, president of the New York Stock Exchange. We have Emily Sundberg and we have, we have Adam Faze. Again, it's had some hot takes on the WB which is the acquisition story today. Other than of course RAM put time is money save, both easy use, corporate cards, bill payments, accounting and a whole lot more all in one place. Let me give you some facts about Netflix. They're going to be bought by or they're going to buy Warner Brothers and HBO max for an $82.7 billion deal. The acquisition is expected to close following Warner Brothers Discovery spinoff of Discovery Global TV Network's division in Q3 2026. There's a bunch of fun, interesting things hitting the timeline. Obviously there's a tech story because of Netflix. It's also a, a media story and you know, a public market story as well. And it is a story that we, we will be talking about for quite a while because although, although this gotten announced in the last 24 hours, it's very likely that this is going to be a very long drawn out process before it actually gets regulatory approval. Yeah. Well, let me read through Variety that had a great summary of the deal. But first let me tell you about graphite.dev code review for the age of AI. Graphite helps teams on GitHub ship higher quality software faster. So it's official. In a move that will dramatically reshape the entertainment business, Netflix and Warner Brothers or wb don't call it Warner Bros. Although we want to the insiders, they call it Warner Brothers or wb. Warner Brothers Discovery announced an agreement Friday under which Netflix will acquire Warner Brothers, including its film and TV studios HBO Max and HBO. The deal has total enterprise value including debt of 82.7 billion with an equity value of 72 billion. The company said. The announcement of Netflix's deal to buy the Warner Brothers streaming and studio business came after a weeks long bidding war that pitted the streaming giant against David Ellison.

Seek what? Apparently it could be fake news. It's according to Google AI Overview. But wait, no no, no. This is, this is completely wrong. Completely wrong. Because it says it was owned by tech Hubert youtuber mkbhd who acquired it from Elon Musk. That doesn't make any sense. That's a complete nonsense. No, no, no. It's fake news. That's like completely unreliable. I'm not buying it. I'm not buying it. Anyway, is there any other news that is worth running through? There was a review in the Wall Street Journal of a book called Maintenance of Everything Part 1 review Making of the Future by Stewart Brand. This is a striped press book. We should try and have him on the show. So it begins with this drama. This is interesting. It's talking about the process of maintenance and says the author recounts the stories of three contestants in the 1968 Golden Globe of Around the World solo sailboat race. One was a former merchant marine whose wooden 32 foot catch was barely adequate for a journey through the punishing Southern Ocean. Make do and mend was his motto. Another competitor was a tech whiz who packed his plywood trimaran. Great guess the tech. Electronic gizmos. A dreamy optimist, he set sail in a rush, hoping for the best. The third and the most experienced racer sailed in a purpose built steel hulled boat which he maintained with Zen like discipline. He said he spent his days working calmly at the odd jobs that make up my universe. And so while this story will be familiar to sailors and others who have read the many books written about the race, Mr. Brand minds the competitors harrowing experiences for deep lessons. Maintaining the technology that keeps us alive is more than a necessary. Josh Wolf. Remember he was talking about his thesis for Maintenance. I think he was on the show if I remember correctly. I mean the idea is like everybody wants to build things, nobody wants to maintain them, but we have a lot of things in the world that maybe aren't functioning the way that you want them to.

Second Friday under which Netflix will acquire Warner Brothers, including its film and TV studios HBO Max and hbo. The deal has a total enterprise value including debt of 82.7 billion with an equity value of 72 billion, the company said. The announcement of Netflix's deal to buy the Warner Brothers streaming and studio business came after a weeks long bidding war that pitted the streaming giant against David Ellison's Paramount, Skydance and Comcast. News broke Thursday evening that Netflix had entered into exclusive negotiations with WBD on a deal for Warner Brothers and HBO Max. Quote from Netflix co CEO Ted Sarandos he said, I know some of you are surprised we're making this acquisition. I think people were surprised because didn't Netflix's stock trade down on this news? People down. People are worried about the. Some people are excited about it, some people are. Plenty of people are not excited about it for various reasons. Some people don't think it'll get approved. Other people think this is, you know, it's quite an extension. WB obviously does theatrical releases. They have a movie theater business. It's not, it's definitely will be quite an extension to Netflix's core business today. Yeah, Netflix for reference, $425 billion company down 2.6% today. So not falling off a cliff or anything, but certainly people taking note of this. There's also a number of op EDS about this already out on the timeline. We can go through some of those, but first let me tell you about Vanta Automate compliance and security AI that powers everything from evidence collection and continuous monitoring to security reviews. So Netflix expects, it said it expects to quote maintain Warner Brothers. He said said the company has historically been more of a builder than a buyer and so Netflix is trying to like sort of reassure both fans, employees, even people who might just see Warner Brothers. Discovery is like a fantastic asset that doesn't need to be like stripped for parts. He's trying to push back against a potential narrative that Netflix will, will be very ruthless and.

Before he does can rip them sort of out of the. What do you think about what do you. How are you processing Apple with Gemini as a risk to chatgpt? I don't. I. Because. Like to be clear, like Gemini has an amazing model. They're well be behind on a. Just a product. Product experience standpoint. But there are quite a lot of searches that I hit ChatGPT or Gemini with that. Like a Siri integrated with Gemini. I'd be going there right away if it was like. Yeah, it depends on the kind of query you're doing or prompt you're doing. Yeah. If I, if I hit like for a fact. Yes. That's not that far away. That's not that far away from doing a comp like a. Like. Sure. But then there's other kinds of prompts where you didn't used to maybe even use Google. Like for example, I asked ChatGPT to write a book outline for me. A book proposal I wouldn't have thought of. We're not googling Google. You could probably. One shot a book. Ally was actually good. Moderately creative. What I expected, and this blew me away was that there was a spark. Spark of ingenuity to the proposal. It wasn't just like right down the middle. Totally. I tried it on Gemini. So you're writing a book? No, but maybe one day. You see the problem with long form content is apparently because of token rationing. Rationing? Yeah. If you try long form content, they only spend a certain amount of tokens on you, so it degrades. So you'd have to write almost like a paragraph or a page at a time, otherwise the quality will degrade. But the outline, the proposal was actually quite good. I did try it on Gemini, it wasn't as good. So I think 5.1 chat. ChatGPT 5.1 thinking mode. Yes. Actually still has a bit of a human personality and I don't see that when I try the same prompts in Gemini. So I think you could build an excellent cutting edge human personality product if you focus. And then I think you do need to try a device just to make sure you know, you're kind of not blindsided by somebody else. Some of the other stuff though may interfere. There's only so much talent, there's only so much bandwidth. Sam only has so many hours in the day, et cetera. May interfere with success with ChatGPT. ChatGPT should be a 4 trillion dollar business if you maximize it. Yeah, yeah. Talk about hardware is.

Here Because I do think a law firm would say, hey, currently we have 100 associates. We can condense that down to about 20 and do the same amount of work by working with something like Harvey. And again, the vibe had at least with a lawyer buddy of mine had shifted drastically with Harvey. A year ago he was saying we're using it a little bit. Now he's like, it's one shotting stuff. I didn't think it would. I'm one shotted actually by it. I'm one shot. Well, one shot. Your data analysis. Your data analysis with Julius AI, the AI data analyst that works for you. This join millions who use Julius to connect their data, ask questions. We should have gotten Rahul here. We should have told them to come here and be in the capital with us. We'll do that soon. YC has a new company called the Hog. Oh wait, really? It's called the Palantir for go to market. We were just talking. We were just talking about. Yeah, we were talking about swine themed startup names. You have pig. You have apparently carried no interest. Watch their launch video twice. I evaluate software businesses for a living. Still no idea what Hogs are. Good to see you. What's happening? Great to see you. Good to see you. I like how you're making greens that you're. Oh, yes, yes. A green sandwich. But it is. I mean, yesterday we were greeted by a number of folks on your team. Everyone was dressed to the nines. What is tree lighting? Festive and fantastic. It was the tree lighting, right? Yes, it was. So this is every year. Walk us through exactly what happened. There were mascots, there were celebrities, everything. They were singing. Oh, you've seen the tree outside. It's massive. CFOs, celebrities, mascots, charitable organizations, all celebrating the holiday season. We had about 10,000 people, 10,000 outside. We heard. No, it was crazy because we walked in, we walked in yesterday. It felt like there was an IPO going. It felt like an ipo. Yeah, it felt like Sienna was ipoing. And then. And then today it was a deafening party. We were like, oh, okay. Actually this is a huge event. You know, Hank Azaria actually made a joke that he was ipoing yesterday. Celebrities. He did a spot that was great. But I mean, it's a great opportunity for our list of companies to get some visibility, particularly the consumer.

One. It's like what to buy the. I think last year the sub. You wrote it for Evercore. Somebody at Evercore sends it because I feel like ever. That's a, that's a premier product. Great. I'll forward it to you guys. I looked up the person who makes it. They've been doing it for many years. Last year it was like what to buy the women in your life. And this year they changed the subject to what to buy the people in your life. But it's like luxury. Yeah. Items clueless. Men love it. Yeah. So I, I like the idea of sort of like this word of mouth kind of gift guide. It becomes a little bit more secret. Sure. Sub stack has become a storm of gift guides. Yes. This time of year and it's a lot of clothes. I didn't realize that like that's what people want. What do you do? Are you guys going to make a gift guide? Yeah, but we're going to strict. No clothes, more hardware. More like what track car. Are you going to get some affiliate? What plane to buy? No, no, no. We don't love the game. Love of the game. Oh yeah. Shop my. We got to have the Shop my. Shop my. Yeah, we should get that. Have a lot on there now. Okay. Yeah, yeah. If they, if they get Ferrari challenge cars on there. Shot my word of the year. Word of the year. BB needs a word of the year. Every publication has a word of the year. The Economist has a word of the year. The Economists. We do. We haven't disclosed it yet. The Economist's word of the year is slop. Right. I saw that. And that feels like appropriate. But also potentially could have been last year's word of the year. We were talking about slop as a term that was sort of, you know, I think you called the top on slop in February. Yeah. So it really was became. It became the word of the year. I think the Economist did a good job. And then. And then Oxford had rage bait. Oh yeah, they did. Rage bait. That's two words I know. Yeah, yeah, yeah. One. One word put together. I guess I want to say our words so much, but we need to introduce it in the right way. You can, you can. Have you been hearing everybody saying flow state now that's like very hot over the. That's like such an old. I feel like that's like a 2018 era. Pump is negative. Rage dates negative. Flow state is positive. Yeah, we're moving. I remember when I was like in college, when I was in college listening.

Index. You're benchmarking against and back testing the results and then going out to, okay, people who are going to contribute the. And show them the performance of the ETF and how it would have performed under stress period. And different macroeconomic events. What trends are you seeing in some of these net new ETFs? You know, crypto ETFs have been a big. A big unlock for that industry. You're seeing just a continuation of the various types ETFs, equities, fixed income as well. Fixed income. It's also been a big unlock. ETFs have been probably one of the greatest financial innovations of our lifetimes. My lifetime. Yeah. In particular, where it allows someone to invest in an incredibly liquid vehicle that has incredibly illiquid constituent baskets. So I think of like the fixed income market where I came from, like the Muni ETFs. Yeah. They've been able to accumulate a good amount of assets. Crypto has been another. Some folks have been on our show talking about the future of, you know, putting graphics cards in an ETF or getting AI or data centers and giving folks more access to that. I know some of the private credit funds. We had John Zito on the show yesterday from Apollo. But some of the other funds have, like taken different funds and IPO them separately so that they get more direct access. And I would expect to see more of that. But I don't know. I mean, there's been a fair amount of folks who've talked about private, private instruments and putting them in an ETF wrapper. I know Vlad's talked about that from. Robin quite a bit that he's looking. At that as an opportunity. Yeah. I mean, there's been insatiable demand for private company stock all in Silicon Valley, but it's usually done through angel investing, never really through an etf, but it seems. Structure and how you disclose information and whatnot, make sure that you have a good basket of assets and how. And do you actually have a voting share in the asset?

Right over there. Physical restream, waiting room. They put the moon on the sphere. They put cheese on the sphere. The sphere. Vegas says we're sending off the last supermoon of 2025 with something special. Using NASA's public domain lunar data, our team built a true to science moon that is, that's lighting up this Las Vegas skyline. This looks absolutely insane with lots of. I still think the sphere is like underrated. It's so cool. We don't know how to build beautiful things anymore. Make it. Make sen. Yeah, we do. We do. People look at this and they think, you know, the New York Stock Exchange, how did they build this? Was this built by humans? There's a lot of debate, but the sphere really, really reinstates. Yes, we can build amazing things. Yeah, humans built that. Yeah, humans built the sphere about the. Heating, like the level of like engineering that went into actually driving the screens on the outside. Because so at that scale, like each pixel is not like your laptop. It's not like your phone. It's like a bright light. Like each pixel is like this big and it's a light. Yeah. Then. And so that light, even if it's an led, it still produces heat. And then you have. So you have a whole bunch of them that are all heating each other. Right next to each other. And then you put it in the hottest place in the world in the desert. And so there's just been like a phenomenal amount of energy. And I'm surprised, you know, people are so ready to dunk on this and be like, oh, it failed. Like if it, if it shut off, if it showed like a blue screen of death or like an error message, that would be so viral. That would actually be a good campaign. That would be a great campaign. If you were marketing it. And the video that you put up showed the windows blue screen of death, like the fail. Oh, it broke. Because then you'd go viral if someone was like, oh, wow, what were they advertising? Oh, they were running an ad for TVPN and the ad was too good and it crashed the whole software or something because, you know, the Shopify guys came on and they were like, we're doing this live. We're live streaming to the sphere. It's very cool. But if you can figure out how to crash the sphere, or at least make it look like you crashed the sphere, I think you have some viral potential. Well, let me tell you about numeral com compliance. Handled numeral worries about.

Sorry, no. Call spending it on AI. We'll get him a little data set up. What about for the next generation of entrepreneurs that are just getting to Silicon Valley right now and they're seeing a trend of what we call, like, the deal guy Yuga, the deal guy era. This idea that it used to be you get to Silicon Valley and you're writing code. The earnest hacker, and you're in the basement or you're in the garage, you write the code and then you put it on the Internet and everyone shows up and your elegant algorithm just produces Google and you create a trillion dollars in value. And it's because you're PhD scientist, you're the mathematician, that you get rewarded. And now it feels like you can maybe make it in Silicon Valley. Maybe not caring so much about the technical aspects, but instead about the deals, putting pieces together. That's a little scary. So the funny thing though is, like, people use Sam as an example of this, but, like, he was running a research lab for years. Yeah. And so, like, even though he was. Like, he was a CS dropout. Yeah. He was also CS dropout. And, like, definitely built, like an app. Yeah, yeah, he built an app. So the reason why it's scary, and this is maybe portraying my age, is back in the late bubble, Internet bubble, 96, 2000, there used to be all these, what we used to call business dev people running around all the companies and all doing all these deals. And then the bubble collapsed. Yeah. And a lot of people ascribed the bubble and collapse to these biz dev people. Oh, interesting. So they stopped using the label. When's the last time you met a biz dev person? Like, never, like, for the last 25 years. BDR, BDR. They've all rebranded. Well, biz dev was like, higher as, like, partnerships. That was like, I come to you, I say, keith, I'm going to give you $100 million of revenue. And. And you're like, funny enough, I'm also going to give you $100 million, invest. $100 million in the company. I'm gonna give you $100 million in revenue. That was a classic example. So that's how I started my career, tech, actually, as a business person. And if you look at my LinkedIn profile, it's still there, but it became like this sort of negative signal on your resume. I was biznet people running around. And so everybody's doing that now. That is a scary indication that maybe we're hitting some. Yeah, yeah. So I mean, would your advice to new entrepreneurs say ignore the noise. Ignore the frothy.

Sorry, no. Call spending it on AI. We'll get him a little data set up. What about for the next generation of entrepreneurs that are just getting to Silicon Valley right now and they're seeing a trend of what we call, like, the deal guy Yuga, the deal guy era. This idea that it used to be you get to Silicon Valley and you're writing code. The earnest hacker, and you're in the basement or you're in the garage, you write the code and then you put it on the Internet and everyone shows up and your elegant algorithm just produces Google and you create a trillion dollars in value. And it's because you're PhD scientist, you're the mathematician, that you get rewarded. And now it feels like you can maybe make it in Silicon Valley. Maybe not caring so much about the technical aspects, but instead about the deals, putting pieces together. That's a little scary. So the funny thing though is, like, people use Sam as an example of this, but, like, he was running a research lab for years. Yeah. And so, like, even though he was. Like, he was a CS dropout. Yeah. He was also CS dropout. And, like, definitely built, like an app. Yeah, yeah, he built an app. So the reason why it's scary, and this is maybe portraying my age, is back in the late bubble, Internet bubble, 96, 2000, there used to be all these, what we used to call business dev people running around all the companies and all doing all these deals. And then the bubble collapsed. Yeah. And a lot of people ascribed the bubble and collapse to these biz dev people. Oh, interesting. So they stopped using the label. When's the last time you met a biz dev person? Like, never, like, for the last 25 years. BDR, BDR. They've all rebranded. Well, biz dev was like, higher as, like, partnerships. That was like, I come to you, I say, keith, I'm going to give you $100 million of revenue. And. And you're like, funny enough, I'm also going to give you $100 million, invest. $100 million in the company. I'm gonna give you $100 million in revenue. That was a classic example. So that's how I started my career, tech, actually, as a business person. And if you look at my LinkedIn profile, it's still there, but it became like this sort of negative signal on your resume. I was biznet people running around. And so everybody's doing that now. That is a scary indication that maybe we're hitting some. Yeah, yeah. So I mean, would your advice to new entrepreneurs say ignore the noise. Ignore the frothy.

Right over there. Physical restream, waiting room. They put the moon on the sphere. They put cheese on the sphere. The sphere. Vegas says we're sending off the last supermoon of 2025 with something special. Using NASA's public domain lunar data, our team built a true to science moon that is, that's lighting up this Las Vegas skyline. This looks absolutely insane with lots of. I still think the sphere is like underrated. It's so cool. We don't know how to build beautiful things anymore. Make it. Make sen. Yeah, we do. We do. People look at this and they think, you know, the New York Stock Exchange, how did they build this? Was this built by humans? There's a lot of debate, but the sphere really, really reinstates. Yes, we can build amazing things. Yeah, humans built that. Yeah, humans built the sphere about the. Heating, like the level of like engineering that went into actually driving the screens on the outside. Because so at that scale, like each pixel is not like your laptop. It's not like your phone. It's like a bright light. Like each pixel is like this big and it's a light. Yeah. Then. And so that light, even if it's an led, it still produces heat. And then you have. So you have a whole bunch of them that are all heating each other. Right next to each other. And then you put it in the hottest place in the world in the desert. And so there's just been like a phenomenal amount of energy. And I'm surprised, you know, people are so ready to dunk on this and be like, oh, it failed. Like if it, if it shut off, if it showed like a blue screen of death or like an error message, that would be so viral. That would actually be a good campaign. That would be a great campaign. If you were marketing it. And the video that you put up showed the windows blue screen of death, like the fail. Oh, it broke. Because then you'd go viral if someone was like, oh, wow, what were they advertising? Oh, they were running an ad for TVPN and the ad was too good and it crashed the whole software or something because, you know, the Shopify guys came on and they were like, we're doing this live. We're live streaming to the sphere. It's very cool. But if you can figure out how to crash the sphere, or at least make it look like you crashed the sphere, I think you have some viral potential. Well, let me tell you about numeral com compliance. Handled numeral worries about.

Sorry, no. Call spending it on AI. We'll get him a little data set up. What about for the next generation of entrepreneurs that are just getting to Silicon Valley right now and they're seeing a trend of what we call, like, the deal guy Yuga, the deal guy era. This idea that it used to be you get to Silicon Valley and you're writing code. The earnest hacker, and you're in the basement or you're in the garage, you write the code and then you put it on the Internet and everyone shows up and your elegant algorithm just produces Google and you create a trillion dollars in value. And it's because you're PhD scientist, you're the mathematician, that you get rewarded. And now it feels like you can maybe make it in Silicon Valley. Maybe not caring so much about the technical aspects, but instead about the deals, putting pieces together. That's a little scary. So the funny thing though is, like, people use Sam as an example of this, but, like, he was running a research lab for years. Yeah. And so, like, even though he was. Like, he was a CS dropout. Yeah. He was also CS dropout. And, like, definitely built, like an app. Yeah, yeah, he built an app. So the reason why it's scary, and this is maybe portraying my age, is back in the late bubble, Internet bubble, 96, 2000, there used to be all these, what we used to call business dev people running around all the companies and all doing all these deals. And then the bubble collapsed. Yeah. And a lot of people ascribed the bubble and collapse to these biz dev people. Oh, interesting. So they stopped using the label. When's the last time you met a biz dev person? Like, never, like, for the last 25 years. BDR, BDR. They've all rebranded. Well, biz dev was like, higher as, like, partnerships. That was like, I come to you, I say, keith, I'm going to give you $100 million of revenue. And. And you're like, funny enough, I'm also going to give you $100 million, invest. $100 million in the company. I'm gonna give you $100 million in revenue. That was a classic example. So that's how I started my career, tech, actually, as a business person. And if you look at my LinkedIn profile, it's still there, but it became like this sort of negative signal on your resume. I was biznet people running around. And so everybody's doing that now. That is a scary indication that maybe we're hitting some. Yeah, yeah. So I mean, would your advice to new entrepreneurs say ignore the noise. Ignore the frothy.

Yeah, clearly going to lose money intentionally. And that's always been true tech. But if you're building an application layer, I don't buy that margin should be upside down. There was this hilarious expose on hacker news about AI startups that aren't actually training their own models. They're just rappers. And they were breaking down the gross market. I was like, this is a VC's like, like celebration. It looks good. So good. Because they were like. The only thing that was bad is they were kind of making the claim that they were like more of the research, training models when they're not or. But my takeaway was that the wrapper market is extremely healthy in certain markets. Because workflow, like, if you think about it, you have to productize things. Like if I'm working as an investment banker or an accountant or a lawyer, it's not just the performance of the model I care about. It's like, how efficient, how does it improve my life? And that's a function of how intuitive is the ui, how easy does it make the entire job to be done, so to speak, be able to be accomplished. So it's not just a model performance. I think when I'm looking for like a consumer, like an application layer CEO, I want them to really understand what they're building for, why, and what the P L impact to the target customers are. Like, in legal, like, it's actually a complicated question. Yeah. Because of the billable hour. You don't necessarily want to make your lawyers more efficient if you run a law firm. We've been talking. We've been talking about this so much. We had. I know a lawyer who switched firms because he.

On. Well, it's clear. It's also because. Also because five years ago there was a lot of interviews that happened where they were talking about job loss and just like total. Even Sam made the mistake of like talking about ubi. We need ubi. Like, this is a mistake. We need ubi because it can be job loss. Yeah, well, first of all, there's not going to be job loss we were talking about arguably. But be like highlighting that a decade before any of that happens makes no sense whatsoever. And ubi, by the way, is a terrible solution. Sure. So for all those reasons, it created like more fear. And then the safety hoax people, the people are always creating hoaxes about. It's literally a hoax. Safety is a complete hoax. This is my challenge. Name a single person who believes we have an AI safety issue to write about. Any political issue. For 50 years, every single person who's talking about safety has been wrong on the environment, has been wrong on equality and all that nonsense. So like, I just don't believe any of this because the people are always finding excuse for bureaucrats to interfere with progression. I mean, I hear you. That's just like, that's kind of sad for our tech community because, well, as. You know, a lot of people, A lot of people in tech though have very sad views, I suppose. But what I mean is like, is like Mark Zuckerberg has dealt, has dealt with a lot of attacks on like, social media is bad. Right. But at least you got five years of people kind of liking posting Instagrams. You know, people kind of liked social media before they started critiquing it a day, one meeting. And immediately. Which is critical. Like, you know, there's this old, there's this old, like line that's stuck in my brain from when Newt Gingrich was Speaker of the House. Yeah. He said, you know, if the electric light had been invented today, it would absolutely be banned because it would have threatened the candle making industry. You know, the safety, you know, actually was somewhat unsafe. Actually. People died. But we never would have a lot of electricity. I think about society without electricity. Yeah, we have, but that's. We have a new back loop on fear and actually taking action and monetizing that fear or one way. Or we saw this with nuclear power. If you see an AI like video that was generated and it's bad, you're like, I don't want to lose my job to this thing that I don't like. You know, and so I. Well, we have to remember people. People. Also, there's a bell curve distribution of people's content. Let's take video. Yeah. Of all the humans, assume there's no technology. What fraction of human generated video is great or good even? Yeah, it's probably a fairly small fraction. But then you see the AI, you're. Like, oh, yeah, this is terrible. Sloth. The guy that made this said, I'm gonna lose my job and then I'm gonna need ubi. Why don't we just stop all of this alt? Yeah, yeah. It's a little bit like Paul Graham had this epic blog post about if someone unfortunately meets someone and sexually assaults them at a grocery store, like Safeway. It's not like a front page news story for the New York Times. I mean, this happens all across the country, unfortunately. God forbid someone meets someone on Instagram in a DM front page news story, something bad, God awful happened. But it's the grocery versus the new technology. And so you have to always remember that people are going to critique the new technology differently than what the real risk in the real world is. That's actually probably more material. We have a couple minutes left and we're here at Nice.

Adam Faze is coming out on the show in just an hour or two. He says, I don't think people realize the licensing business Netflix is about to have. If this deal goes through, Warner Brothers Animated IP Library alone would bring in billions in new merchandising revenue, coupled with new versions of these iconic shows on the platform. Game over. And he lists some of these out, and one of them, I think is hilarious is Foghorn Leghorn. They own Looney Tunes, so they have Bugs Bunny, Daffy Duck, Porky Pig, Sylvester, Roadrunner, Wile E. Coyote. These are. Yeah, these are time honored. Iconic characters. I just think it's funny because very clearly there are a series of bankers out there that have a spreadsheet and somewhere they have a row, and on that row is Foghorn Leghorn. And attached to Foghorn Leghorn is the value of the intellectual property of Foghorn Leghorn, who's like a large rooster who talks with a funny accent. And I just imagine that they're out there saying, like, yeah, Foghorn Leghorn. That's like 30 million. That's a $30 million business. Like, okay, Yosemite Sam. That's a $50 million business. Porky Pig. Porky Pig's 80 million. Let's do a sum of the parts. I really hope that someone on Wall street, some. Some investment banker, actually, Adam. And is being really undervalued. Exactly. $2 billion property. Oh, Dick Dastardly. You think Dick dastardly is worth 8 million in intellectual property value? Yeah, right. What about Snagglepus? I don't know. I thought you were making some of these. No, I know. You're like the Hanna Barbera, Quick Draw McGraw, Johnny Quest, Space Ghost. The Herculoids. Herculoids? Sounds like some crazy, crazy anon meme. Boo Boo. Herculoid seems like someone with a. With a Roman statue avatar. Okay, so Polymarket has. Who will acquire WB at 86% today. Paramount is still.

With Tesla for a long time and that's unlocked a lot. Of new to investors. They took ex private. They'll take it public. Probably at some point that you can take me through what. You'Re advising those portfolio founders without naming names. But on. Whether or not how they should be thinking about timing an ipo. You've obviously been along for the ride on many what are you counseling them on? Where? When to do it. Well, I'm always a fan of go public as early as possible. Okay. Yeah. I wrote a whole chapter in Eli Gill's book. Yeah. High Growth Handbook that explains why. One of the best books. It's a great book. I have two chapters, one about hiring and then one about going public. Sure. But my General view is $50 million in revenue plus predictability. You should be a public company. Wow. There's so many benefits of being public. So I'm always counseling when you're as soon as you possibly can. Go early, not late. What about burning money? I feel like there's another bar which says, hey, if your public.

Business. So this is still developing. But yeah. Anyways, had. Some interesting backstory. He says wild outcome, especially after these three wild what ifs. Before Netflix IPO in 2002. Before Netflix IPO in 2002, apparently Bezos offered $12 million to buy it. Can you imagine if Netflix had sold for 12 billion? Well, they also tried to sell the Blockbuster during that. So Blockbuster had a chance to buy it for 50 million and they laughed it off. But then it was just a DVD delivery service and they were like, we can build this. We have DVDs, we have all the infrastructure. We can just take it from the stores. We don't need to do this. But what they didn't realize was that actually building technology, actually building a real tech streaming service and scaling that platform. I mean, Netflix has some of the greatest just. Infrastructure and even the early recommendation engines. I remember my dad being like, yeah, Netflix just recommended. It knows what I like. And it said, it sent me this. They said, you're going to enjoy this. Yeah, yeah, yeah. And then Bernard. Arnault saved it with a $30 million check. You know, this Netflix, Bernard Arnault over the top. I love it. I was, I was thinking about the actual value of putting these things together because, like, you were making the point that putting Netflix and, and.

Do we want this conversation to go and, like, what approvals do we want to give the parents? Yeah. Want your take on the Marty supreme marketing campaign? Oh, yeah. Because this feels. Like to me, I don't. I don't. I don't pay much attention to movies, but I'm seeing a lot of Marty supreme content. That's Goody's film of the year already. I'll get. Have you seen it? No, no. I saw it a few weeks ago. You see it on Christmas. I went to the premiere. I understood it came on Christmas from that. But it's fucking. I mean, it's amazing. It's the best movie. Say he's the best movie of the year. Not to put a brotherly race between the two, but Josh Safdie is. Is the goat. And he's. He's the one. He's incredible. It's the best score. It's the best acting. It's the greatest cast. It's such a phenomenal movie. Best score. Best score. Really? Yeah. Interesting. Like the game in the ping pong. No, no, no. Like the best. Like the music of the movie. The music of the movie. 21 to 0. I will say. I don't know. I think, you know, part of this is they're dealing with. Timmy has a Timothy, not that I'm friends with him. Has a very short amount of times. I think he's filming D. Sure. So I don't think he's that available for press. I think what they're doing is super creative. Totally. I worry that it's a little inside baseball. And I think, like, you could be going more mass culture with this, like he did with the Bob Dylan movie by going on Pat McAfee and all these other. I will just say the blimp. I've been trying to get somebody to use to do a blimp marketing campaign for so long. You want to do a blimp? Yeah. No, I was just pushing, like, ramp. To do a blimp. I told the Gemini team, do a.

More content, more ip. And so I would expect them to do that. Martin continues, Moreover, the deal is likely to face severe regulatory obstacles again. So Netflix is not exactly Trump aligned. Right. They Netflix did the deal with the Obamas. And so I think that in a world where Netflix was going to. Sorry, WB is going to Paramount, I can see that much more likely to get through. Whereas this, this is going to make, make sure the Netflix team is going to be spending like at least the next year, I would assume, working on this. And then since we started. You mean regulatory approval. Yeah, just trying to get this across the line. Yeah, yeah. I mean it feels like it's so hard to make the case that this creates some sort of monopoly because Disney owns. It's like, yes, okay, now Netflix has squigged in and they also have Batman. But Jason Kalar, who's a former WarnerMedia CEO, says if I were tasked with doing so, I could not think of a more effective way to reduce competition in Hollywood than selling WBD to Netflix. What about selling it to Disney? You literally have Batman, Superman and all the Marvel characters. You have Spider man and Star Wars. That feels like that would be less competitive than having right right now. From my perspective, you have, you have Batman and Superman kind of off on an island. They haven't really been able to get that, that, that engine going to the same degree as Marvel, the Avengers, Thanos. So somebody named Ben Weiss says disagree. Hollywood is competing with Silicon Valley, Apple, Amazon, Google Matter preserving some notion of competition in and between legacy Hollywood risk winning a battle and losing a war. The old media companies need to more of the right type of scale. This does it for wb. Jason says, when I use that phrase, competition in Hollywood, I'm referring to having a sufficient number of vibrant and robust entities that can and will aggressively compete against each other to produce and distribute films, series, live events and more for decades to come. I'm not focused on the legacy of it all. So yeah, I would still, I would still say this is like number two. But I mean it might be high, but just in terms of like Hollywood filmmaking, these feel like extremely competitive areas. There are so many different, there are so many different streaming services and bundles that you can piece together. There are folks who are like, yeah, you know what? I order from Amazon. So I have Amazon prime. That's where I watch everything. There are still people that just go to Apple, you know, Apple TV and just buy a movie. You know, you can still just do that. You can be off in the Netflix ecosystem. You can be in the hulu ecosystem like there. It doesn't feel like there's a crazy lack of competition in media right now. So, I don't know. I would be somewhat surprised if this doesn't go through, but, I mean, you never know. I don't know. I think Netflix again, We were. We were. Before this, we were having lunch with cable execration.

Assets can be high quality, but if you're buying them at 4x or something like that, the actual valuation is like you're just lighting money on fire. 2026, everybody. Everybody's super excited. We just talked to Keith. He's gonna be a big year. It's gonna be a big year. It's gonna be a big year. I think so. You know, the year was going really, really well. And then you had various events, such as Liberation Day in the beginning of the year, that sort of shut the window, the IPO window, but obviously it reopened. So how we met you guys. And then the government shutdown temporarily closed the market as well. So a variety of our deals have now pushed into January, but January, it's gonna be a busy January. We have really busy Q1, and now it feels like momentum, because that narrative is out there and these deals are going to go early in the new year. Momentum's truly building for. For the rest of the 2026. But you got to remember, you got midterms at the end of 26. Oh, yeah. How have midterms historically impacted, just like, whether or not it's kind of the windows open or close probably for a. Couple of weeks before the window will be shut for a bit of time, because people are. They're going to be. They're not going to want to go when there's potential volatility in the market. And anytime you have a large group of elections or a monumental election like the election for a president, you're not going to want to go just before because you just don't know what's going to happen around that election period. Yep, that makes a ton of sense. Well, we just want to say thank you for welcoming us. I am sorry.

The future of, you know, putting graphics cards in an ETF or getting AI compute or data centers and giving folks more access to that. I know some of the private credit funds. We had John Zito on the show yesterday from Apollo, but some of the other funds have, like, taken different funds and IPO them separately so that they get more direct access. And I would expect to see more of that. But I don't know. I mean, there's been a fair amount of folks have talked about private. Private instruments and putting them in an ETF wrapper. I know Vlad's talked that. From Robin quite a bit. Yeah, yeah, yeah. That he's looking at that as an opportunity. Yeah. I mean, there's been insatiable demand for private company stock, all in Silicon Valley, but it's usually done through angel investing, never really through an etf, but it seems. Structure and how you disclose information and whatnot and make sure that you have a good basket of assets and how. And do you actually have a voting share in the ass in the underlying basket? There's a lot more logistics to work out in that, but in general, ETFs are going to add a layer of transparency and a lot of these illiquid assets don't have.