NEWSMAX

I'm just saying, like, I think there's two problems. It's being focused on social media. But like entertain, like, like highly stimulating entertainment is clearly bad for kids. And this is 100 purely anecdotal I've tried. We've tried like putting on like an animated show for 10 minutes and immediately after the kid just is more, way more sensitive, like gets, gets like really angry, short tempered, all these things. So it's like, okay, let's not do that because clearly it has an immediate. Like there's like a comedown. Yeah, it's bad. Well, I'll tell you guys, even, I mean, I hate to say it for my girl, Ms. Rachel, but I'm never using Ms. Rachel. And I'll tell you why is that as a YouTuber. And you guys know this too. YouTube is about retention and time on platform. And so even though I think she has a role, at the end of the day, there's a lot of jump cuts, smashes constantly keeping children's attention. If you do want to play video video. A lot of parents are experimenting with 1990s TV, so getting actual VCRs and playing Barney and other things. And that's because it's the pre Internet retention era where you have all the engineer. I mean, look, it's not Ms. Rachel's fault. She knows certain types of videos are going to increase time on platform. Why do you think she makes so much money? He's like, I'm not a business video business man. Exactly, dude. And these, you know, if you want two to three hours of retention in your YouTube video, you got to keep your kids engaged. People in the 90s, they were thinking about that to a certain extent, but the technology and the knowledge about. And by the way, we know what you're doing with your voice right now. You're keeping us engaged. I'm part of the problem, brother. I'm part of the problem. I wouldn't even be sitting here without those algorithms. That's always something that we got to square. Yeah, I want to talk more about that, but I have a funny story about Ms. Rachel. I went bed to.

Competing, you know, come partner with us, Hardware. We're not in your space, don't worry. Hardware. I want a hardware device. You mentioned taste. How have you been reacting to the taste discourse? Is taste a new. How many different cycles of taste discourse? This is the first time I ever heard taste have happened since Figma was started. I think about companies like Linear who like, to me exemplify like a taste driven company. And how many of these cycles where they're like, oh, they care about this Again, great. I mean, look like, I think that from the start of Figma, the goal was not just to get everyone doing design or making design software usable by everybody and expanding the market. That wasn't the way we thought about it. It was like, how do we get people started on this journey where they can actually go and be more expressive, more creative and you know, really start to solve problems? And you know, maybe it was a bit of like projection, but for me at least, I wake up in the morning, I'm like, I want to go create software, I want to go build stuff. And so how do I make it so that anyone with that impulse can just do that? That doesn't mean they're all going to have like taste and craft and epic design skills. I mean, I think for the rest of my life I can work on that. And many designers have made that a lifelong pursuit. Yeah, yeah, there's something, there's something that's very real where you start on this creative journey and your taste level can be way above your skill level and it's incredibly frustrating. And some people start and they just stop because they feel like, like I have this idea for what I want something to look like or be like, and I'm kind of like trying to make things that match that and I can't. And that's part of why AI in general is like incredibly exciting, because it can help you close that gap faster and potentially help you close that gap almost instantly in some circumstances. But you might create 100 different outputs before getting to the one that actually meets that level. Yeah, I think that the key thing is that you really have to go wide and explore and then challenge yourself if you find areas where you're going, hey, actually I don't feel like I am liking this enough. I'm not happy enough with a solution, then you got to go keep pushing. But the more you can sample the possibility space and see some things that you like and you don't like gives you something to react to. And I think that the constant thing is you need to be constantly critiquing and thinking about what is it that you like, you don't like, et cetera. And people talk about agency.

Our parents, you know, they're like, yeah, mom, don't worry about it, right? I'm like spending six hours doing my homework with my friends. Definitely not on aol. Like, shit, talking with all of my friends. Any millennial I think can really understand that. But because of our relationship with technology and then seeing it at such a young age with these children, I do think that parents around the world are waking up to this. And many of the experiments that have happened about banning social media, keeping children away from phones, especially banning whose phones in school, the results have been extraordinary for the people who are doing it. I'm not sure if you saw this. There's a recent phenomenon of many parents are even turning in the school issued Chromebooks or laptops and saying, no, we're going back to paper. We want all paper exams, especially with AI. And, you know, concerns about my parents are. They saw us print out the Post. They saw us print out. Yeah, exactly. I love it. I love the printout. You guys see, you see the utility and the physicality of doing that. You know, I don't know if you guys saw this. I'll tell a personal anecdote. I was talking about this with reading and.

Yeah, mom, don't worry about it, right? I'm like spending six hours doing my homework with my friends. Definitely not on aol. Like shit talking with all of my friends. Any millennial I think can really understand that. But because of our relationship with technology and then seeing it at such a young age with these children, I do think that parents around the world are waking up to this. And many of the experiments that have happened about banning social media, keeping children away from phones, especially banning phones in school, the results have been extraordinary for the people who are doing it. I'm not sure if you saw this. There's a recent phenomenon of many parents are even turning in the school issued Chromebooks or laptops and saying, no, we're going back to paper. We want all paper exams, especially with AI. And, you know, concerns about my parents are. They saw us print out the post. They saw us print out. Exactly. I love it. I love the printout. You guys see. You see the utility and the physicality of doing that. You know, I don't know if you guys saw this. I'll tell a personal anecdote. I was talking about this one.

Kind of the explosion of ui. John had a post yesterday that he was sort of jokingly making like a BuzzFeed style listicle, like five features that could explode your LLM's usage or something like that. And one of them was like caching. And people have had this idea of like generative UIs, UIs that's being made on the fly. And I feel like we may get. We may like have products where that's happening. Right. Like you're in an LLM and a UI is being generated, but it will still make sense. Like if. If there's something that happens all the time, like thousands, millions of times a day, billions, like, it does not. It really stops making sense to just generate it on the fly. It's like, hey, this happens a lot. Let's like make the best version of this and we don't need to like poster on this. Actually. Exactly this topic. I can send it to you if you want. But the. Basically the post was about how the length of time that an artifact will exist for is inversely proportional to the likelihood it's going to be generated. And I think this is true across media. So basically, like, if you are writing a book, unlikely that you're going to have like AI just generate your book. Yeah. Amazon booksellers would like to work. Yeah. You can just say you don't read adult romantic fiction. We got it. No, no, no. I think, I think, I think continue. Yeah, but like, I think, you know, something that's like a ad that will live for, you know, a few hours. Totally. Like, yeah, probably you're gonna have an agent that's gonna generate that. Totally. Yeah. The difference is like you're making an asset for. To respond with a meme format to news. Makes a lot of sense to like put that through a nano banana or chatgpt. But if you're putting making a billboard, maybe you're still using AI to some degree, but you're going to invest like significantly more. I think if you're going to make a billboard that's going to cost money and be up for a month and a lot of people are going to see it, I think you're going to have a human touch. We actually with weave now, female weave, we've been looking a lot at these kinds of use cases. And one thing that just we think about a lot is how you have this first prompt, but then you actually want to go and have it go through a process where you can transform and mutate it. And almost like clay that's being shaped, you can treat it like a medium to get to a final output. That's amazing. So in our earnings call, we talked about how Nvidia, which they've actually done this, is a public case study. They put the entire making of this keynote online and they use Weevy with it. And what they did was they had all these robots and they needed to basically get to a 20k image.

I also think, you know, if you look at the labor market and the housing market, the softness, you know, in the housing market specifically, that is the one, the populist area. I'll tell you, there is no issue, like again, like with weed, when I get the most amount of hate, the most amount of love is if I'm talking about housing and the inability for people who are my age or, you know, in their 40s or all the way up to their 40s and really feel uncompetitive in the housing market. There's a lot of intergenerational rage, you know, about boomers. It's just a Wall Street Journal article, might even be in the paper in front of you about how boomers have all of the money. They had a big interactive spread in their paper today. But these things go viral in the wrong way for a lot of younger Americans. And so I do think. Does any part of you believe what I think Silicon Valley believes, which is that widespread diffusion of robotics could ultimately bring down housing prices? I don't know. You know, I don't know if anybody's. Because. Because obviously there's a zoning, there's regulatory, there's all these kind of like local level challenges. But I would say that generally we at this show believe that, you know, 10 years from now we'll have millions and millions and millions of robots that can do functionally useful tasks like building homes. And you could, you know, send an army of these robots and build a suburb in a relatively short period of. And so I kind of ignores the demand side issue though, you know, because right now the builders will tell you that they are fully capable of building a smaller, cheaper type of house, but that that's not where the market is in terms of the people who have money. Part of the reason that we've seen the rise of big mansions and larger houses is because that's the demand side problem, where a lot of people who have more money are the people who are willing to buy these bigger, more palatial homes with lots of experiences in it. The suburb you're thinking about, my idealized. One of my favorite books is about the 1919s. There were these things called Levittowns, you know, where Mr. Levitt would build a suburb and be 1500 square foot house. And you know, it wasn't that great, a couple bedrooms. It had a car park, not a garage, but you know, a little covered parking area. It was a couple, 30, 40 minutes from the city. But this was the dream, you know, for a lot of Americans. The so called starter home. The starter home doesn't exist where I live here in Northern Virginia. The original starter homes from the 1970s go for $1.2 million. Okay. They've all been renovated with a ton of stuff. Yeah. And they've been massively renovated with the, you know, the rain shower and all this other stuff for the people who can afford it. So, Jordy, the thing I think that ignores. I'd have to look it up. What percent of housing cost is ascribed to labor and what percent of housing scarcity is because of the labor constraint that, you know, or labor costs and not regulatory and existing. Yeah. And also, you're talking about. You're talking about standards. When we. When. When people reflect on the golden sort of era of American history when every, you know, family could, you know, own their home with a single income, the houses were just tiny, right? Yeah, it was. They were homes that today people. Well, we would consider them tiny. Yeah. Yeah. No, I'm saying people generally would look at them today and be like, I can't raise a family in that house. But there was a time that we did, and the boomers had wonderful child, wonderful childhood. Yeah. They're fine. And then bought the entire economy for potatoes.

Do it, please. Michael Burry is going off on what happened Carp. Okay. Financial times from the Form 10. Palantir CEO Alex Karp has his head in the cloud saying he's a frequent flyer. And they get into some of his business and personal travel expenses from. During the years ended December 31, 2025 and 2024, the company incurred expenses related to the use of, of the executive aircraft of 17.2 million and 7.7 million, respectively. It's quite the feat to spend 17 million in a year on business and personal travel, particularly when the jet's not even the rental. Jeffrey's analyst Brent Thill, he's got a bone to pick, runs the numbers. Assuming use of a midsize jet with an estimated operating cost of $7,000 per hour, this implies roughly 2400 flight hours, or about 28% of the year in the air. Even under a more conservative assumption of a high end jet such as the G650 at an estimated 15,000 per hour, the 17 million still equates to approximately 1,147 flight hours, or 13% of the year. Notably, this 17.2 figures more than Double Carp's executive aircraft expense in 2024 and appears elevated relative to peers with Meta CEO spending 1.8 million and Palo Alto Network CEO spending 2.4 million. Terrible comps. Why? Like, Karp is obviously constantly traveling all over the world. He's an international businessman. Yeah, I know podcasters that do that. Like 250 hours a year and. Oh yeah, like, like you're talking about going from like somebody who like travels like a good amount at like, let's say like 200 hours a year. Like to me, yeah, I might catch some flack for, for defending private aviation. Aviation. But it just doesn't seem that crazy. Like the whole, the, the, the entire reason that Palantir is growing the way it is is like they're doing deals in Japan, they're doing deals in, in the Middle East. They're doing. It's just like this guy is a global deal maker. And I think you should, if you really wanted to do an analysis on this, you should look at all the international deals that they've done, maybe ignore the US look at all the international deals and see if Carp is actually delivering. Because when we hear that they're signing some new contract for hundreds of millions of dollars in Japan, I think it makes sense for the CEO to fly out there and shake some hands and do some real business. Yeah, so of course he's not flying on a mid sized jet, like you know, around the entire world. Of course he's in. That's the funny thing, they don't know. Yeah. So they're saying Maybe it's a G650, which would be 1000 flight hours. Maybe it's a mid sized jet. That would be more like 2000 hours. It could be a King Air. And he's spending 8,000 hours in the air. No one considered that. It could also be a 747 and he's only spending like 500 hours in the air. There's a wide range here. But I like to imagine, yeah, he's in a prop that, he's in a single. He's flying the prop himself. And the cost per hour is only like a couple hundred bucks because he's just paying for gas. But he's like taking every meeting in the air, literally one on ones. Hop in, we're going, we're doing laps. You can leave her back. We're flying around. Yeah, I like to imagine him doing, putting up 8,000 hours in the air just every waking hour, flying around in the King Air or Cessna Citation.

Wonderful child, wonderful childhood. Yeah, they're fine. And then bought the entire economy for potato. Right? And then. Well, yeah, go ahead, John. I think the biggest bull case for housing is probably more related to self driving cars. I saw this, saw this chart that showed that basically most humans have sort of a commute budget where they will are willing to spend up to 30, 45 minutes a day commuting each way. And so before the horse and carriage, the cities were this big. And then the horse and carriage expanded it to how long you could take 30 minute horse ride into your job. Then when the car, when the bus line came and the train and the faster car, everything got a little bit more sprawling. And if you think about, okay, well I don't love being in the car for an hour, but if it's a self driving car and I'm just sort of sleeping in the back, that probably extends that commute budget a little bit. And then people just push out further into the suburbs and we do get new suburbs, but they're just in more undeveloped areas farther away. Farther away where the landscape. The other, the other connection to that I would add is Starlink and that's one I really thought about during COVID is how Starlink opened up an entire part of the country where for years not access to non broadband Internet is a death sentence for working from home. I mean I wouldn't even be able to do something like this. Let's say I was traveling and I was on a camping trip or whatever. Now I could stream into you. I mean, shit, I think I could be on a United flight with Starlink and I could stream in with perfect quality. Yeah, there's going to be viral videos of people being like, I just got on a six hour flight and the person sitting next to me is doing. Has done three podcasts already. Right. It's like, by the way, do not do that. Do not. You are an. Do not do that. Yeah. Do not take an interview. Anyway, thank you so much for taking the time to come chat. I'm glad that we could agree. We agree there's a techno capital solution for every problem in our lives. Yes. But perhaps may be followed by a political solution to that techno capital. Oh no.

Bought the entire economy for potato. Right? And then well, yeah, go ahead, John. I think the biggest bull case for housing is probably more related to self driving cars. I saw this chart that showed that basically most humans have sort of a commute budget where they are willing to spend up to 30, 45 minutes a day commuting each way. And so before the horse and carriage, the cities were this big. And then the horse and carriage expanded it to how long you could take 30 minute horse ride into your job. Then when the car, when the bus line came and the train and the faster car, everything got a little bit more sprawling. And if you think about, okay, well I don't love being in the car for an hour, but if it's a self driving car and I'm just sort of sleeping in the back, that probably extends that commute budget a little bit. And then people push out further into the suburbs and we do get new suburbs, but they're just in more undeveloped areas further away, farther away where the land's cheaper. The other, the other connection to that I would add is Starlink, and that's one I really thought about during COVID is how Starlink opened up an entire part of the country where for years not access to non broadband Internet is a death sentence for working from home. I mean, I wouldn't even be able to do something like this. Let's say I was traveling and I was on a camping trip or whatever. Now I could stream into you. I mean, shit, I think I could be on a United flight with Starlink and I could stream in with perfect quality. Yeah, there's, there's going to be viral videos of people being like, I just got on a six hour flight and the person sitting next to me is doing, has done three podcasts already. Right? It's like, by the way, do not do that. You are an asshole. Do not do that. Do not take an interview.

That's currently happening. I also think, you know, if you look at the labor market and the housing market, the softness, you know, in the housing market specifically, that is the one, the populist area. I'll tell you, there is no issue, like, again, like with weed, when I get the most amount of hate, the most amount of love is if I'm talking about housing and the inability for people who are my age or, you know, in their 40s or all the way up to their 40s and really feel uncompetitive in the housing market. There's a lot of intergenerational rage, you know, about boomers. It's just a Wall Street Journal article, might even be in the paper in front of you about how boomers have all of the money. They had a big interactive spread in their paper today. But these things go viral in the wrong way for a lot of younger Americans. And so I do think. Does any part of you believe what I think Silicon Valley believes, which is that widespread diffusion of robotics could ultimately bring down housing prices? I don't know. You know, I don't know if anybody's. Because. Because obviously there's a zoning, there's regulatory, there's all these kind of like local level challenges. But I would say that generally we at this show believe that, you know, 10 years from now we'll have millions and millions and millions of robots that can do functionally useful tasks like building homes. And you could, you know, send an army of these robots and build a suburb in a relatively short period of time. And so I kind of ignores the demand side issue though, you know, because right now the builders will tell you that they are fully capable of building a smaller, cheaper type of house, but that that's not where the market is in terms of the people who have money. Part of the reason that we've seen the rise of big mansions and larger houses is because that's the demand side problem, where a lot of people who have more money are the people who are willing to buy these bigger, more palatial homes with lots of experiences in it. The suburb you're thinking about. My idealized. One of my favorite books is about the 1950s. There were these things called Levittowns, you know, where Mr. Levitt would build a suburb and be 1500 square foot house and, you know, wasn't that great a couple bedrooms. It had a car park, not a garage, but, you know, a little covered parking area. It was a couple, 30, 40 minutes from the city. But this was the dream, you know, for a lot of Americans. The so called starter home. The starter home doesn't exist where I live here in Northern Virginia. The original starter homes from the 1970s go for $1.2 million. Okay. With a ton of stuff. Yeah. And they've been massively renovated with, you know, the rain shower and all this other stuff for the people who can afford it. So, Jordy, the thing I think that it ignores. I'd have to look it up. What percent of housing cost is ascribed to labor and what percent of housing scarcity is because of the labor constraint that, you know, or labor costs and not regulatory and existing. Yeah. And also you're talking about, you're talking about standards. When we, when, when people reflect on the golden sort of era of American history when every, you know, family could, you know, own their home with a single income, the houses were just tiny, right? Yeah, it was. They were homes that today people. Well, we would consider them tiny. Yeah, yeah. No, I'm saying people generally would look at them today and be like, I can't raise a family in that house. But there was a time that we did. And the boomers had wonderful child, wonderful childhood. Yeah. They're fine. And then bought the entire economy for potatoes. Well, yeah, go ahead, John. I think the biggest bull case for housing is probably more.

Had wonderful child, wonderful childhood. Yeah, they're fine. And then bought the entire economy for potato. Right? And then. Well, yeah, go ahead, John. I think the biggest bull case for housing is probably more related to self driving cars. I saw this chart that showed that basically most humans have sort of a commute budget where they will are willing to spend up to 30, 45 minutes a day commuting each way. And so before the horse and carriage, the cities were this big. And then the horse and carriage expanded it to how long you could take 30 minute horse ride into your job. Then when the car, when the bus line came and the train and the faster car, everything got a little bit more sprawling. And if you think about okay, well I don't love being in the car for an hour, but if it's a self driving car and I'm just sort of sleeping in the back, that probably extends that commute budget a little bit. And then people push out further into the suburbs and we do get new suburbs, but they're just in more undeveloped areas farther away. Farther away where the landscape. The other, the other connection to that I would add is Starlink and that's one I really thought about during COVID is how Starlink opened up an entire part of the country where for years not access to non broadband Internet is a death sentence for working from home. I mean I wouldn't even be able to do something like this. Let's say I was traveling and I was on a camping trip or whatever. Now I could stream into you. I mean I think I could be on a United flight with Starlink and I could stream in with perfect quality. Yeah, there's, there's going to be viral videos of people being like I just got on a six hour flight and the person sitting next to me is doing. Has done three podcasts already. It's like, by the way, do not do that. If you are an. Do not do that. Yeah, do not take an interview.

Like one of the fastest growing sectors currently of the economy. There's not a lot of innovation. I mean, look, everybody's worried about tariffs. There's some of the manufacturing blowback that's currently happening. I also think, you know, if you look at the labor market and the housing market, the softness, you know, in the housing market specifically, that is the one, the populist area. I'll tell you, there is no issue, like, again, like with weed, when I get the most amount of hate, the most amount of love is if I'm talking about housing and the inability for people who are my age or, you know, in their 40s or all the way up to their 40s and really feel uncompetitive. In the housing market, there's a lot of intergenerational rage, you know, about boomers. It's just a Wall Street Journal article, might even be in the paper in front of you about how boomers have all of the money. They had a big interactive spread in their paper today. But these things go viral in the wrong way for a lot of younger Americans. And so I do think. Does any part of you believe what I think Silicon Valley believes, which is that widespread diffusion of robotics could ultimately bring down housing prices? I don't know. You know, I don't know if anybody's. Because obviously there's a zoning, there's regulatory, there's all these kind of like local level challenges. But I would say that generally we at the show believe that, you know, 10 years from now we'll have millions and millions and millions of robots that can do functionally useful tasks like building homes. And you could, you know, send an army of these robots and build a suburb in a relatively short period of time. And so I kind of ignores the demand side issue though, you know, because right now the builders will tell you that they are fully capable of building a smaller, cheaper type of house, but that that's not where the market is in terms of the people who have money. Part of the reason that we've seen the rise of big mansions and larger houses is because that's the demand side problem, where a lot of people who have more money are the. Who are willing to buy these bigger, more palatial homes with lots of experiences in it. The suburb you're thinking about, my idealized, one of my favorite books is about the 1950s. There were these things called Levittowns, you know, where Mr. Levitt would build a suburb and be 1500 square foot house. And, you know, it wasn't that great, a couple bedrooms it had a car park, not a garage, but, you know, a little covered parking area. It was a couple 30, 40 minutes from the city. But this was the dream, you know, for a lot of Americans, the so called starter home. The starter home doesn't exist. Where I live here in Northern Virginia. The original starter homes from the 1970s go for $1.2 million. Okay. With a ton of stuff. Yeah. And they've been massively renovated with, you know, the rain shower and all this other stuff for the people who can afford it. So, Jordy, the thing I think that ignores we. I'd have to look it up. What percent of housing cost is ascribed to labor and what percent of housing scarcity is because of the labor constraint that you know, or labor costs and not regulatory and existing. Yeah. And also you're talking about. You're talking about standards. When we, when, when people reflect on the sort of era of American history when every family could own their home with a single income, the houses were just tiny. Right. They were homes that today people would have. Well, we would consider them tiny. Yeah, yeah. No, I'm saying people generally would look at them today and be like, I can't raise a family in that house. But there was a time that we did. And the boomers had wonderful child, wonderful childhoods. Yeah. They were fine. And then bought the entire economy for potatoes. Chef. Right.

Doing it. Yeah. In the chat breaking Gemini 3.1 destroys older benchmarks. I also, I ran the shrimp bench. Oh, yes. Okay, so just wait. It's. It's like you're telling me shrimp fried this rice. Oh, yeah. Okay. Okay, so I'll read some now. Okay, you're telling me a peanut buttered this sandwich. Okay, you're telling me an apple watched this wrist. Ooh, you're. Then you're telling me a flea marketed these clothes. That's pretty funny. I like that. You're telling me a pig ironed these pants. Pig iron. I don't. Yeah, that one. I don't. You're telling me a fire drilled this building. Okay. You're telling me a monkey wrenched this pipe? I like monkey. Do you think it's just pulling shrimp examples from Reddit? Well, now it's in the training corpus, so we are going to be. Yeah, I think it's kind of saturated at this point. Yeah, saturated. Well, congrats to everyone who works.

But I'm wondering how you're seeing like variation in design take hold in the world. Yeah, this is the moment, I think, where we're going to see the pendulum go from. I mean, let's look back, right? So we had the Flash era geocities. Not saying it was high quality era, but there was a lot of variation. And then iPhone comes down, it's like skeuomorphism and then sky. Swiss minimalist design. And nothing wrong with Swiss minimalist design. That is a really cool and storied field and lineage, but it is just one part of the greater aesthetic realm. And we can go into such interesting places and try so many interesting patterns on the UX side too. It's not just UI and the visuals, it's also the structure, the ia, the way that people navigate through these things and interaction patterns. And I think there's innovation that's going to be flourishing on all of it. I'm just so excited to see the Internet get really dynamic and really visual and people try things that we haven't seen in a while and things that people haven't seen ever. Because I think that that's what it's going to take to stand out now. There's so much there. Like the exponential curve of software is just. It's taking off in a way that it's always been exponential, but now it's vertical. We talked about this before and in order to stand out, I mean, you guys have a show that you're managing to actually break through and get people to be watching this. Like, this is not normal. Right. Like, but you have worked very hard, very diligently to create the conditions under which you have this audience. Well, this is the thing that everyone has to figure out now is how are you going to actually get any attention in a world where there's constantly new information, even beyond America winning the ice hockey match. Yeah, it's. I've been, I've been thinking about how Gen AI is impacting marketing. It's allowing somebody has like a unique.

Yeah. Even then, I don't know if it's going to get you sick. Extraordinary. Yeah. Yeah. We read a post yesterday that was sort of trying to quantify the background that leads to taste, and it was basically saying that, like, Steve Jobs was incredibly high iq, but also had, like, varied training data in that he had, like, been homeless and, like, traveled the world and, like, got all these, like, bizarre experiences. And I'm wondering if that, like, resonates with you or you think that it's, like, too difficult to even quantize what makes for a great designer or great taste. You know, I think that the great designers I've met through my life have come from so many different backgrounds. You know, a lot of folks have come through rigorous design training. Like, they just went through a system. Sure. And other people. Wow. They went and created, you know, their band poster. Yeah. And that got them into, like, graphic design. And then somehow they, like, showed up at the right house and crashed on someone's couch and then became a product designer, and they never went back. You know, so everything between. And there's not really any pattern. Some people have traveled the world and, you know, gone on the meditation retreats, and some people are, like, as buttoned up as you could get and just totally straight laced. I think that the nice thing about designers is they're so unique and there's no pattern matching. Yeah. How do you think about.

Right. Right. Market clearing order in. Balance. It up. We are surrounded by journalists. Hold your position. Break. Strike 2, Activate. Go. Golden retriever mode. Market clearing order inbound. 5. I see multiple journalists on the horizon. Standby. You're watching TVPF. Today is Thursday, February 19, 2026. We are live from the TVP Ultra. The temple of technology. The forces of finance. The capital of capital. Let me tell you about ramp.com Time is money. Save Both easy use corporate cards, bill pay accounting and a whole lot more all in one place. Handshake tutorial. In case you were wondering how to shake hands with your. With your friend or with your enemy. It works. It's the same. It's the same process. You grab the hand with great force. Yes. And lift up. Underrated. While you're. You can establish dominance. You can. Handshake mob. Clearly huge missed opportunity for Sam and Daria to crush each other's hands to the point where the other one is bleeding and crying. That would really set the tone they have to rely on. Voice transcript. Exactly. Exactly. It would have been much better to just watch crushing in the hand. You know, you do those like strength training for a reason. That's right. Every once in a while you don't want to get caught. Lacking. Anyway, there's big news today. We're canceling the SaaS apocalypse. It's over. RIP SaaS apocalypse. It occurred from January 2026 to February 2026, and it's over now. We're declaring it over. No, it's not. It's not entirely over. Who knows where. Where the market will go. In many ways, it's just getting started. In many ways, it's just getting started. But I do think we're starting to see a bifurcation in the sloppable companies and the unsloppable companies. There should be some divergence between companies that have figured out how to integrate with AI, how to retool their business model or just show that their business model was strong all along. And we'll go through that. Well, yeah. There's a category of SaaS. Yes. That is SaaS. Yes. But they will be fine. AI beneficiaries. Yep. Totally. Totally. Should we. Should we watch have you seen Pacific Rim? No. We got to watch this pump up speech. Let's do it because this gets me fired up. We're canceling the apocalypse. It's movie night again in class. This is from Pacific Rim. We're going to. A minute 22 in here. Jump ahead because this is one of the greatest speeches you don't want to watch. You don't want to? Okay, we can watch. It's raining today. It's raining. It's raining. We'll watch the whole thing. We'll watch the full thing. It's my favorite movie. This is honestly my favorite movie. I might watch it in Apple Vision Pro this weekend. Who knows? It's such a great film. And did you know the director of this film won an Academy Award? That's right. This is an Academy Award winning director at work. Here's the director, Guillermo del Toro. He won for Shape of Water. He did not win for Pacific Rim, but he should have because this film is fantastic. So the storyline. Aliens, giant alien Godzilla like creatures called Kaijus have descended upon Earth. No. And only robots that are as big as the Godzillas can fight back. But you need two people. It's much like us. You need two pilots. Because the mental load of driving the robot being in the drift is too intense for a single person. It will drive you crazy. So two pilots, two Jaeger pilots must pilot the ship together and share the load. And so they both punch. And then the robot punches. It's amazing. It's a great film. He's got a good speech. You're known for giving great speeches just like this. This is. This is a Jordy Hayes original right here. Yes. Movie day again. Welcome to the stream, Ryan. Today, at the edge of our hope. At the edge of our hope. Things aren't looking the end of our time. The end of our time. AI Is upon us. We've chosen not only to believe in ourselves, but in each other. We must believe in the stocks of the SaaS companies. There is not a man nor woman in here that shall stand alone. No. No public company shareholder will stand alone. We stand with you. We face the monsters that are at our door and bring the fight to them. We're bringing the fight to the Foundation Labs. We're canceling the apocalypse. We're canceling the Sasspocalypse. And then the greatest soundtrack ever. I love. I only. I only really had to ever give one speech like that last year. But it hit. It hit. The team needed it. And that we did. And we got through. Critical moment. We powered through. We powered through. So anyway, we've lost a lot of good soldiers, a lot of good market cap out there during the SaaS apocalypse. $2 trillion. Something like that. Maybe it's been rough, but. And I mean truthfully, like, the narrative does make sense. Like agentic AI systems, copilots, foundation models. Like these are disruptive Innovations fundamentally they're counter positioned against traditional seat based SaaS pricing. We know this. Legacy companies will be caught in a jam because pivoting the entire business model is difficult. You can't just flip a switch and start charging customers a completely different way. Your investors will freak out because your finances will be deeply unprofitable all of a sudden in the public or just very different board, Just very different. Like it'll take time to build back up. And also like company cultures and organizational structures are aligned around particular incentives and so you have to rewire everything for a different business model. And that's really hard. And that's. People are sounding the, this is a disruptive innovation. This is not a sustaining innovation like mobile or Cloud. The AI version of you know, X, Y or Z SaaS company will not be like the mobile version of that SaaS company. Yeah, yeah. And even, even the, even the safer bets like the system of record, there's this concern around, okay, well can an agent just kind of replatform you? Like does that, if you can onboard to a new system faster, does that decrease the lock in but continue. So the SaaS apocalypse was always a little bit of an indiscriminate hammer. It felt like, I mean there was one article in the journal that was like anthropic launched a legal tool and that caused the sell off. And it's like, well, could be that or it also could be Claude code or it could be openclaw or Codex or Spark or like there's a million different things going on in the AI world. That one just kind of took hold. But it became this like indiscriminate hammer that just kind of hit every company. And during earnings season every CEO had to talk about AI and the threat of AI. But I think we will soon be finding out what companies are truly unslappable, as you put it, and actually benefit in the AI future. And there's a bunch of early signals, so let's run through them first. Google's comeback. I mean this was the first victim of the apocalypse. This one happened like a year or two ago. Why would anyone search Google ever if an LLM could get you a better answer and fewer clicks? Of course, Google quickly caught up to the frontier. They launched AI overviews. They flex deep, DeepMind research previews. They showed off the power of the TPU. Core businesses surviving and thriving due in part to Gemini helping understand intent so they can deliver ads on longer, more complex searches. So Google's been doing fine. They're, they're sort of already building back from the SaaS apocalypse that they experience. Then you have Meta will mute will user minutes migrate over to LLMs. Will Sora destroy Instagram overnight? Will slop clog the feeds? Maybe, but not before Meta's transformer based gem model absolutely destroys ad targeting and just makes everything so much better and re accelerates revenue. And we've talked to a lot of folks about that. And so Meta is doing very well. Even though they haven't like figured out their AI strategy, rolled out any of the new crazy frontier models from msl. Like the business is great because they're. Yeah, I think they have. They're unsolved. You can certainly argue they have an AI strategy. Totally use AI ML to. To make really good ads and they've been doing it for a decade. But it's more on the product side. Right. So is it, is it the manus. Is it net new products? Is it. Is it Meta AI? Yep. And so there's. It gets more interesting when you go to the smaller companies. Not super small, but Spotify. Spotify doesn't really need to invest in generative AI. I heard a good analogy that was like did, did, did. Should. Should Spotify have like released a guitar so that people can make more music? Like no, because people will pick whatever tool is available and then they will release that music on Spotify and then the algorithm will sort it. And so the, like, you know, these artists, if they're using AI tools, or maybe they're just prompters, whatever you want to call them, they will bring AI music to the platform. It'll be filtered by algorithms. Slop will be in the trough, but only the most delicious slop will bubble to the top of the trough. So it's good to be in the trough business as long as you have an algorithm that sorts the trough. The slop from the more sloppy slop. I don't know. Well said. Current data shows AI music currently underperforms dramatically on a percentage basis. Like, the number of AI songs is huge, but the number of like actual minutes watched is low. Even if that flips, Spotify still benefits. Let's switch over to Shopify. You can definitely Vibe code an e commerce website now, but Shopify is not a major cost driver for most businesses that use it. You're talking maybe like $1,000 a month for some companies and it's a lot of headache that they just don't have to even think about. And then there's a whole bunch of advantages that Shopify should benefit from in the AI era. It's very full featured so it's actually hard to replace. Setting up a new store is faster than waiting for a prompt to return. Like it's all pre built and it's just like create a new copy in the datab of Shopify when you set up a new store. And then AI tools benefit from all the context and data that Shopify has across the entire platform. And then lastly Agentic commerce doesn't replace Shopify checkout. It's just a front end to the to the checkout. Much more payment. Exactly. Post purchase. So if it's driving activity that's actually a net benefit. And so there's a whole bunch more examples. Roblox is another interesting example. I heard a crazy stat. 67% of global non China spending growth in the game gaming industry last year went to Roblox. Like gaming had a bad year, Roblox had a fantastic year and I think the Stock's down like 50%. And so you know, yes you can vibe code a video game but the Roblox network and ecosystem is already at scale and it's absolutely dominating and they're monetizing a ton and their monetization on a per minute basis is I think like five times lower than other platforms. Like if you comp it to TikTok or Instagram. And so whether it's ads or more in game currencies or something like the willingness to pay should go up. Now there's still a question about, you know, do folks age out of Roblox? How long can they keep these customers on? Will they get older folks to rejoin Roblox at some point or join Roblox for the first time at some point, but certainly, you know, not probably a beneficiary of AI vibe coding and being able to build more stuff. And again filtering the different apps that are built so that grow a garden or steal a brain rot can be power law outcomes within that ecosystem. That's the value of filtering and being an aggregator. Lastly, you got to consider Salesforce. Marc Benioff has been duking it out with Jim Cramer on CNBC over seat based pricing in an AI era for over a year now. And it's 100% true that there are some amazing AI native CRM startups that are aggressively trying to eat off Benioff's plate. But Anthropic is hiring a Salesforce admin. We put up a card for this because we really enjoyed this. But where was it? Did we put this? Yes, unemployed vibe coder bro SaaS is dead. You can build a CRM in minutes. No modern company's gonna buy software ever again. Repost and I'll send you my PDF. That killed Salesforce. And then Anthropic has a job listing for Salesforce Admin. Because they're growing so fast and so big that they need someone just to be full time job manage their internal Salesforce project. That's so big iconic opportunity is this revealed preference. Is there something else going on here? Is this person gonna be Reinforcement Lear for them? Who knows? But at least for right now, they're going to be paying Salesforce and time will tell. And then lastly, you know the SaaS apocalypse, it might arrive in full at some point but. And we'll start to see real revenue declines which I think would be like the real signal of major disruption. But Figma just announced 70% growth in weekly active users, 40% year over year revenue growth. We have Dylan Field coming on the show in just a little bit. He'll be on at 1:30 today. And so there's growth all over the SAS ecosystem and things don't seem to be decelerating or, or slowing down. It's definitely go time though. And it's time to revisit sources of strength. It's war time. It's time to become unslappable. It is wartime. It's founder mode time. And at least you need to explain why you were never sloppable in the first place. And that's what Harley at Shopify did a really good job of on the earnings call. He got so many questions he had to back up and just re explain. You know, people got in the weeds on the AI checkout thing and he had to re explain. Like no agentic checkout happens on top of the, on top of the Shopify checkout. The economics are exactly the same. They're exactly the same. So like don't worry. Yeah, so going back to the fax machine example in 1999 was the first year that showed a significant drop in the sale of physical fax machines. They dropped by 10% in a single year. When was that? In 1999. 1999. Yeah. Yeah. Okay. And so that's a, that is not a. Okay. Growth just started slowing. It had been slowing up until that point, but it. And then it was slowing and then it like fell off a cliff. Yeah, yeah, that makes sense. Quickly, let me tell you about Vanta Automate Compliance and Security. Vanta is the leading AI trust management platform. And let's also pull up the linear lineup and tell you who's coming on the show. Linear, of course, is the system for modern software development. 70% of enterprise workspaces on Linear are using agents. We have Sigil Wave Sigil coming on to talk about Web 4.0. Web 4.0, a new AI agent project that he's working on where AI can deploy, transact and pay its own bills, run micro economies without humans in the loop. Then of course we have Sagar and Jetty from Breaking Points coming on. Always, always a fun conversation. And then Dylan Field coming on to talk about their earnings and everything that they're doing with Claude, ChatGPT, Gemini and all of those folks. And then we have Peter from Code Metal announcing his Series B. Eric from Freeform, another Series B. And then Lubisa from Tallis announcing $169 million raise building model specific AI chips. So Banger lineup today and can't wait to get to those folks. Should we read through this goodwill hunting meme? This sums up the SaaS apocalypse pretty well. And I love this meme template from malinvestment jpeg of course that's your contention. You're a first time SaaS bear. You just got finished listening to some podcast Dario on Dwarkesh. Probably now you think it's the end of white collar work and seat based pricing is screwed. You're going to be convinced of that till tomorrow when you get to something big is happening. Then you'll install cloudbot on a Mac Mini Vibe coded dashboard on top of a postgres database and say we're all just a couple Ralph loops away from building a Salesforce competitor. That's going to last until next week when you discover context graphs. And then you're going to be talking about how the systems of record will be disintermediated by an agentic layer and reposting OAI marketing graphics. Well, as a matter of fact, I won't, because ultimately the application layer is just the application layer is just business logic on top of a CRUD database. You got that from Satya's appearance on the BGT December 2024, right? Yeah, I saw that too. Were you gonna plagiarize the whole thing for us? Do you have any thoughts of your own on this matter? Or is that your thing? You get into the replies of anyone posting a SaaS ticker, you watch some podcasts, then pawn it off as your own idea to impress some VCs and embarrass some, announce who's long sass. See, See the sad thing about a guy like you is in a couple of years, you're gonna start doing some thinking on your own and you're gonna come up with the fact that that there are two certainties in life. One, don't do that. And two, you drop 30 grand on Mac Minis and LLM API calls to come up with the same conclusions you could have got for free by following a handful of VC accounts. It's great. Roasted. I love that meme. It's fantastic. Anyway, there's another post in here to close out the SaaS. Pocalypse Buck says there's a long history of dominant platforms vertically integrating and consuming the entire economy. That is why the largest companies in the world today are railroads, utilities, steam engine manufacturing manufacturers and CPU producers. Love it. Very, very good. Let me tell you about Turbo Puffer, serverless vector and full text search built from first principles and object storage. Fast 10x cheaper and extremely scalable. Bland hit the timeline. Yesterday they unveiled Soulja AI, the first rapper to operate their voice with AI. Let's watch this video. Soulja Boy or use his voice yourself. I want to see with sound. Of course. I want to see what, Soldier Boy. I was the first rapper on YouTube, the first rapper with his own star, the first rapper with the iPhone, and now I'm the first rapper to automate his voice with AI Bland, baby. People, I thought this was a fun concept. Yeah. But many people did not. It didn't really. It didn't really resonate. It definitely got attention. I bet they drove a bunch of business from this. One million views, six figure likes. Yeah. Usually on a million views you want to be sitting somewhere around 30,000. No, a couple thousand likes. I mean, it's something that people love and genuinely resonates. Will get upwards of 20,000 or more. Yeah. Anyways, I think it's cool. I'm surprised we haven't seen more of this kind of thing. Celebrities coming in. I think Soulja obviously is not at the peak of his career, so it makes sense for him to dip his toes in here. And I bet this was surprisingly affordable for Bland. So hopefully they got some business out of it. So, yeah, it's interesting. 11 Labs has Michael Caine, Burt Reynolds, Richard Feynman, Sir Lawrence Olivier, Dr. Maya Angelou, James Dean, Judy Garland, Albert Einstein. Then there's some AI voices you can just do, like Will Jessica, Eric Bella, and there's community voices as well. I wonder if they should do more promotion around Michael Caine. Like that's clearly a licensing deal, but I haven't. The reason this breaks through is because there's A video of Soldier Boy. It's a real video and it's funny and he's like good on camera. Right. The entire premise is you can have Soulja Boy answer your business phone calls, which is like pretty. Which is pretty differentiated. Which is extremely differentiated. And if you're. Let's say you're. You're a kind of business. Let's say you have a smoothie shop. Yeah. Like, adding this will certainly get people talking. Probably delightful. I called. I called the Acai bowl place and Soulja Boy picked up. Yeah. Like, this will. This will. I'm not. I'm not. I'm not gonna. I'm not gonna pile on. I think it's fun. Yeah. I think that also just as a top of funnel activation, like, you hear about this, you go and you're. You're like, okay, Realistically, my business doesn't need Soldier Boy, but my business does need like just a normal voice. Anyway. Kind of missed the opportunity to say, like, I'm the first AI rapper. Yeah. With no w. No w. Yeah. Play on. Play on words. Which they didn't do from what I'm seeing. Well, if you want intelligent, real time conversational agents, head over to eleven labs. Reimagine human technology interaction with eleven labs. Ice T, according to Justine Moore, is an AI accelerationist. This is great. He is hitting the timeline. Somebody said, I wish more older rappers realized that AI shouldn't touch the music industry in the way that impacts the creative work, including music videos. When I say AI, some people group in stem separation or restoration into that. And that's not what I'm talking about. Anyways, so basically, stem separation is when you have a full song and you want to step and you want to separate. Like the guitar from the drums, from the bass, like the stems. Got it, Got it. You know, stems because you're. You're a guitarist, right? Isn't that the word guitar player? But I see says I disagree. Fans want us to make and produce the music. Then shoot an expensive video. Then they get it for free. If they have an Apple subscription or Spotify, pay us 0.007 cents a stream. 007. The days of expensive videos are over. There isn't even MTV. AI is the only sensible way to add visuals to a song. You can hate it all you want. It's the future. It's the future. Is Ice T still going to. Is he dropping music videos recently? Like, has he actually. Is he just predicting this or is he living this and actually putting out AI videos? It certainly does make sense to just bring down the cost of music video production. I mean, that's what a lot of CGI did. A lot of music videos are just the artist on a green screen with cool graphics in the background. And that's often enough. Or, I mean, there used to be the age of, like, the expensive music video, wasn't it? Thriller was like multiple millions of dollars and you cannot spend that much anymore. No way. And so a lot of. A lot of music videos have come down in cost, done more in cgi. It feels like AI will get there, but you have to be the right artist and you have to message it correctly because there's going to be crazy backlash. Matthew McConaughey hit Variety this morning. What do you say? And commenting on AI, Brandon just shared it. He said, it's coming. It's already here. Don't deny it. It's not going to be enough to sit on the sidelines and make the moral plea that, no, this is wrong. It's not going to last. There's too much money to be made, and it's too productive acceleration. So I say own yourself, voice, likeness, etc. Trademark it. Whatever you got to do, so when it comes, no one can steal you. Yeah, yeah, it makes sense. The Matthew McConaughey voice, I mean, that's an iconic voice. I think there's definitely a huge deal to be done. And the AI voices, although we're in a boom right now. I remember being able to go on Waze and pick. I think Snoop Dogg had a deal, but there were a number of celebrities that had, you can imagine, like an Arnold Schwarzenegger get to the choppa, but then also, like, take a left and it's like, fun. And they would just pre record all of the different lines. Like, like, keep going straight, bare left, take a hard left, and you record like 20 different lines. And then the program just picks the audio file for the correct moment because there's only, like, 20 different things you could possibly say in a navigation app. And so a whole bunch of celebrities did deals, at least temporarily. I don't know how many of them are still around, but those types of things, like, there's clearly a framework for that and all the agencies and all the unions understand this. So I feel like we're. We're in this weird, like, bizarro world where people think that, like, oh, like IP does law doesn't exist and we aren't going to be able to deal with this. It's like, no, like, there's like, decades of lawyers who are Foaming at the mouth, being like, I can't wait to sue bytedance. This is going to be awesome. Yeah. The only thing is that it's going to require real cooperation from platforms. The platforms are ready to cooperate. I disagree. I don't think they're cooperating that hard. There's so much content of a bunch of individuals on YouTube, on Meta, that is using their name and likeness and putting them in situations that they would never, ever, ever agree to. And you can argue that it's not good for their brand, but it's incredibly entertaining. And so the platforms leave the content up. And yes, you can do takedown requests and things like that, but by the time you do a takedown request, it's got 200,000 likes. You don't need to do a takedown request. You just need to do pay me, pay me. That's what people want. They want to be paid. I think the message that Matthew McConaughey post is not like, it's super critical that no one ever uses an image of me or my voice, ever. It's that, look, if somebody's profiting off of it, that's my ip. That's my. I mean, I. I read his comment more around making movies saying, don't use AI to make this scene that would normally take four weeks in some exotic location. A thousand people. Obviously, AI is going to be used for that. I think there's a separate issue of people generating Matthew McConaughey doing and saying things that he would never agree to that are sort of compromising, or, again, putting him in situations or having him say things he wouldn't ever agree to even if he was getting paid. Yeah. I just think the answer is more AI. You look at the SORA cameo functionality, and it was pretty easy for me to say, always depict me as a bodybuilder. And as silly as that is, it worked. When we did that collab post with the OpenAI team, they were like, we don't know how to get around this. You should be able to go in and change this. But they didn't because, like, it is actually enforced at, like, a pretty low level. Alex from Outtake, we've had on the show, he does this for a bunch of. Outtake, does this for a bunch of different celebrities where you basically sign up for Outtake. Yeah, yeah. And they're constantly monitoring the entire Internet filing takedown requests on your behalf. And so I think, again, I think it'll end up. I think the platforms will do something, but it will also be somewhat Of a tax. Let me tell you about Cognition. They're the makers of Devin the AI Software Engineer. Crush your backlog with your personal AI engineering team. Let's actually watch the full video of the AI Impact Summit in India. Narendra Modi is there. Insane lineup. Insane lineup. They pulled everyone. They got Sundar there, they got Alex Wang there, they got Dario, they got Sam. And here we go. And they're zooming out and what do we see? Two fists raised in opposition. Iconic. Throwing up the X. Throwing up the X. Someone on X was saying that haters would say, this is AI. Yeah, that. It was a little shout out to Elon saying, you're not here, but you're here with us. And if you scroll down, someone used AI to show them hugging. Which is very nice. Yeah. Like we said, missed opportunities for one of them. For Handshake Mog to do. Yeah, a Handshake Mog. But no doubt they'll be back next year. Yes. I think this is an annual thing. Yeah. It seems like a banger lineup. I wonder if there'll be talks that will come out of this. Any more comments or just. Was it off the record or will there just be reporting out of this? Or maybe it was just talking points. There was no real like news dropped. But if you get those folks together, it should feel like Davos. There should be interesting sort of new positions that are coming out. Yeah. The Mistral founder was apparently speaking there and the room was like almost empty. Wait, really? And yeah, somebody was saying like, hey, this guy is actually crushing it in Europe. Show him some respect. Put some respect. Sit down, take notes. Study. Yeah, sit down, study it. Don't just listen. Don't just listen. Let me tell you about Label Box. Reinforcement learning environments, voice robotics, evals and expert human data. Label Box is the data factory behind the world leading AI teams. JC Foster. Yes. Says three months ago I quit my job to chase a dream to build an affordable, convenient, plastic free coffee maker. Grateful for everyone who has reserved this. Pure steel. This is the correct ratio. 7 million views, 34,000 likes. This is what you were getting at? Yeah. So huge. What is up with the laptop? So I guess he was at SpaceX very long. He's at SpaceX and one of the. When I immediately saw that. Can we talk about this laptop? Look at what is going on. Zoom in on this laptop. I think this is. He took the. It's like an optical illusion. Okay. Right. It's using the fisheye lens. Oh, okay. Because if you fold if based on this angle, if you folded the screen, the screen would just cover the keyboard. Like, the trackpad would just be hanging out like an untucked T shirt under a sweater. Makes no sense. Sorry, Jordy, I got distracted by the extremely long, long laptop. Tell me more about the Pure Steel Company of America. The Pure Steel Company of America. So, yeah, so anyway, started going viral. Very, very cool product. If you've tried to make coffee without having plastic be a part of the process, it's incredibly hard, and you're pouring hot liquid over plastic, some of that plastic will disintegrate, end up. End up in your cup of Joe. So the product makes a lot of sense. One of the issues is this post went extremely viral, and somebody said somebody posted.

Team deathmatch. We are experts. Triple plays. Let's just roll right. Market clearing in balance. Come. Get up. You're surrounded by junglers. Hold your position. Strike 1. Strike 2. Activate. Go. Golden retriever mode. Trust. Market clearing order inbound. I see multiple journalists on the horizon. You're watching TVPN. Today is Thursday, February 19, 2026. We are live from the TV event Ultrarum. The temple of technology. The forces of finance. The capital of capital. Let me tell you about ramp.com Time is money. Save. Both easy use corporate cards, bill pay accounting, and a whole lot more all in one place. Handshake tutorial. In case you were wondering how to shake hands with your. With your friend or with your enemy. It works. It's the same. It's the same process. You grab the hand with great force. Yes. And. And lift. Underrated. While you're. Well, you can establish dominance. You can handshake mock. Clearly. Huge missed opportunity for Sam and Dario to crush each other's hands to the point where the other one is bleeding and crying. That would only really set the tone they have to rely on. Voice transcript. Exactly. Exactly. It would have been much better to just watch crushing in the hand. You know, you do those like strength training for a reason. That's right. Every once in a while you don't want to get caught. Lacking. Anyway, there's big news today. We're canceling the SaaS apocalypse. It's over. RIP SaaS apocalypse. It occurred from January 2026 to February 2026, and it's over now. We're declaring it over. No, it's not entirely over. Who knows where where the market will go. In many ways, it's just getting started. In many ways, it's just getting started. But I do think we're starting to see a bifurcation in the sloppable companies and the unsloppable companies. There should be some divergence between companies that have figured out how to integrate with AI, how to retool their business. Just show that their business model was strong all along. And we'll go through that. Well, yeah. There's a category of SaaS. Yes. That is SaaS. Yes. But they will be fine AI beneficiaries. Yep. Totally. Totally. Should we. Should we watch have you seen Pacific Rim? No. We got to watch this pump up speech. Let's do it because this gets me fired up. We're canceling the apocalypse. It's movie night again in class. This is from Pacific Rim. We're going to. A minute 22 in here. Jump Ahead. Because this is one of the greatest speeches. You don't want to watch. You don't want to. Okay, we can watch it raining. It's raining. We'll watch the whole thing. We'll watch the full thing. It's my favorite movie. This is honestly my favorite movie. I might watch in Apple Vision Pro this weekend. Who knows? It's such a great film. And did you know the director of this film won an Academy Award? That's right. This is an Academy Award winning director at work. Who's the director? Guillermo del Toro. He won for Shape of Water. He did not win for Pacific Rim, but he should have because this film is fantastic. So the storyline. Aliens, giant alien Godzilla like creatures called Kaijus have descended upon Earth. No. And only robots that are as big as the Godzillas can fight back. But you need two people. It's much like us. You need two pilots. Because the mental load of driving the robot being in the drift is too intense for a single person. It will drive you crazy. So two pilots, Two Jaeger pilots must pilot the ship together and share the load. And. And so they both punch. And then the robot punches. It's amazing. It's. It's a great film. You'll love it. He's got a good speech. You. You. You're. You're known for giving great speeches just like this. This is. This is a Jordy Hayes original right here. Yes. Movie day again. Welcome to the stream, Ryan. Today, at the edge of our hope. At the edge. Things aren't looking the end of our time. The end of our time. AI Is upon us. We've chosen not only to believe in ourselves, but in each other. We must believe in the stocks of the SaaS companies. There's not a man nor woman in here that shall stand alone. No. No public company shareholder will stand alone. We stand with you. We face the monsters that are at our door and bring the fight to them. We're bringing the fight to the foundation labs. We are canceling the apocalypse. We're canceling the apocalypse. We're canceling the sass apocalypse. And then the greatest soundtrack ever. I love. I only. I only really had to ever give one speech like that. Yeah, last year. But it hit. It hit. The team needed it in that we did. And we got through. Critical moment. We powered through. We powered through. So anyway, we've lost a lot of good soldiers, a lot of good market cap out there during the Sass apocalypse. $2 trillion. Something like that. Maybe it's been rough. And I mean, truthfully, like the Narrative does make sense. Like agentic AI systems copilots, foundation models like these are disruptive innovations. Fundamentally they're counter positioned against traditional seat based SaaS pricing. We know this. Legacy companies will be caught in a jam because pivoting the entire business model is difficult. You can't just flip a switch and start charging customers in a completely different way. Your investors will freak out because your finances will be deeply unprofitable all of a sudden in the public market or just very different. Like it'll take time to build back up. And also like company cult and organizational structures are aligned around particular incentives and so you have to rewire everything for a different business model. And that's really hard. And that's why people are sounding the, this is a disruptive innovation. This is not a sustaining innovation like mobile or cloud. The, the, the AI version of, you know, X, Y or Z. SaaS company will not be like the mobile version of that SaaS company. Yeah, yeah. And even, even the, even the, the safer bets like the system of record, there's this concern around, okay, well can an agent just kind of re platform you like? It does that. If you can onboard to a new system faster, does that decrease the lock in? But yeah, continue. So the SaaS apocalypse was always a little bit of an indiscriminate hammer. It felt like, I mean there was one article in the Journal that was like anthropic launched a legal tool and that caused the sell off. And it's like, well, could be that or it also could be called code or it could be open claw or Codex or Spark or like there's a million different things going on in the AI world. That one just kind of took hold. But it became this like indiscriminate hammer that just kind of hit every company. And during earnings season, every CEO had to talk about AI and the threat of AI. But I think we will soon be finding out what companies are truly unsloppable, as you put it, and actually benefit in the AI future. And there's a bunch of early signals, so let's run through them first. Google's comeback. I mean this was the first victim of the apocalypse. This one happened like a year or two ago. Why would anyone search Google ever if an LLM could get you a better answer and fewer clicks? Of course, Google quickly caught up to the frontier. They launched AI overviews. They flexed DeepMind's research previews. They showed off the power of the TPU core businesses surviving and thriving due in part to Gemini helping understand intent. So they can deliver ads on longer, more complex searches. So Google's been doing fine. They're. They're sort of already building back from the SaaS apocalypse that they experience. Then you have Meta will mute will user minutes migrate over to LLMs. Will Sora destroy Instagram overnight? Will slop clog the feeds? Maybe, but not before Meta's transformer based gem model absolutely destroys ad targeting and just makes everything so much better and re accelerates revenue. And we've talked to a lot of folks about that. And so Meta is doing very well even though they haven't like figured out their AI strategy, rolled out any of the new crazy frontier models from msl. Like the business is great because they're, because they're, you know. Yeah, I think they have the. They're unsafe. I certainly argue they have an AI strategy. Totally use AI ML to make really good ads and they've been doing it for a decade. But it's more on the product side. Right. So is it, is it the Manus, Is it net new products? Is it, is it Meta AI? Yep. And so there's. It gets more interesting when you go to the smaller companies, not super small, but Spotify. Spotify. It doesn't really need to invest in generative AI. I heard a good analogy that was like, did, did, did. Should, should Spotify have like released a guitar so that people could make more music? Like no, because people will pick whatever tool is available and then they will release that music on Spotify and then the algorithm will sort it. And so the, like, you know, these artists, if they're using AI tools or maybe they're just prompters, whatever you want to call them, they will bring AI music to the platform. It'll be filtered by algorithms. Slop will be in the trough, but only the most delicious slop will bubble to the top of the trough. So it's good to be in the trough business as long as you have an algorithm that sorts the trough. The slop from the more sloppy slop. I don't know. Well said. Current data shows AI music currently underperforms dramatically on a percentage basis. Like the number of AI songs is huge, but the number of actual minutes watched is low. Even if that flips, Spotify still benefits. Let's switch over to Shopify. You can definitely Vibe code an E commerce website now, but Shopify is not a major cost driver for most businesses that use it. You're talking maybe like $1,000 a month for some companies and it's a lot of headache that they just don't have to even think about. And then there's a whole bunch of advantages that Shopify should benefit from in the AI era. It's very full featured so it's actually hard to replace. Setting up a new store is faster than waiting for a prompt to return. Like it's all pre built and it's just like create a new copy in the database of Shopify when you set up a new a new store. And then AI tools benefit from all the context and data that Shopify has across the entire platform. And then lastly Agent Commerce doesn't replace Shopify Checkout. Yeah, it's just a front end to the to the checkout. Much more payment. Exactly. Post purchase. So if it's driving activity that's actually a net benefit. And so there's a whole bunch more examples. Roblox is another interesting example. I heard a crazy stat. 67% of global non China spending growth in the gaming industry last year went to Roblox. Like gaming had a bad year. Roblox had a fantastic year and I think the Stock's down like 50%. And so you know, yes, you can vibe code a video game but the Roblox network and ecosystem is already at scale and it's absolutely dominating and they're monetizing a ton and their monetization on a per minute basis is I think like five times lower than other platforms like if you comp it to TikTok or Instagram. And so whether it's ads or more in game currencies or something like the willingness to pay should go up. Now there's still a question about, you know, do folks age out of Roblox? How long can they keep these customers on? Will they get older folks to rejoin Roblox at some point or join Roblox for the first time? At some point, but certainly not probably a beneficiary of AI vibe coding and being able to build more stuff. And again filtering the different apps that are built so that grow a garden or steal a brain rot can be power law outcomes within that ecosystem. That's the value of filtering and being an aggregator. Lastly, you got to consider Salesforce. Marc Benioff has been duking it out with Jim Cramer on CNBC over seat based pricing in an AI era for over a year now. And it's 100% true that there are some amazing AI native CRM startups that are aggressively trying to eat off Benioff's plate. But Anthropic is hiring a Salesforce admin. We put up a card for this because we really enjoyed this. But where was it? Did we put this? Yes. Unemployed vibe coder bro. SaaS is dead. You can build a CRM in minutes. No modern company is going to buy software ever again. Repost and I'll send you my PDF. That killed Salesforce. And then Anthropic is has a job listing for Salesforce Admin because they're growing so fast and so big that they, that they need someone just to be full time job manage their internal Salesforce project. That's so big, so iconic. Is this, is this revealed preference? Is there something else going on here? Are they, is this person going to be reinforcement learning data for them? Who knows. But at least for right now they're going to be paying Salesforce and time will tell. And then lastly the SaaS apocalypse. It might arrive in full at some point and we'll start to see real revenue declines which I think would be like the real signal of major disruption. But Figma just announced 70% growth in weekly active users, 40% year over year revenue growth. We have Dylan Field coming on the show in just a little bit. He'll be on at 1:30 today. And so there's growth all over the SaaS ecosystem and things don't seem to be decelerating or slowing down. It's definitely go time though. And it's time to revisit sources of strength. It's wartime. It's time to become unsloppable. It is wartime. It's founder mode time. And at least you need to explain why you were never sloppable in the first place. And that's what Harley at Shopify did a really good job of on the earnings call. He got so many questions he had to back up and just re explain. You know, people got in the weeds on the AI checkout thing and he had to re explain. Like no agentic checkout happens on top of the, on top of the Shopify checkout. The economics are exactly the same. They're exactly the same. So like don't worry. Yeah. So going back to the fax machine example in 1999 was the first year that showed a significant drop in the sale of physical fax machines. They dropped by 10% in a single year. When was that? In 1999. 1999. Yeah. Yeah. Okay. And so that's a, that is not a. Okay. Growth just started slowing. It had been slowing up until that point, but it, and then it was slowing and then it like fell off a cliff. Yeah, yeah, that makes sense. Quickly. Let me tell you about Vanta Automate Compliance and Security. Vanta is the leading AI trust management platform. And let's also pull up the Linear lineup and tell you who's coming on the show. Linear, of course is the system for modern software development. 70% of enterprise workspaces on Linear are using agents. We sigil coming on to talk about Web 4.0 Web 4.0, a new AI agent project that he's working on where AI can deploy, transact and pay its own bills, run micro economies without humans in the loop. Then of course we have Sagar and Jetty from Breaking Points coming on. Always, always a fun conversation. And then Dylan Field coming on to talk about their earnings and everything that they're doing with with Claude, ChatGPT, Gemini and all of those folks. And then we have Peter from Codemetal announcing his Series B, Eric from Freeform, another Series B. And then Lubisa from Thales announcing $169 million raise building model specific AI chips. So Banger lineup today and can't wait to get to those folks. Should we read through this goodwill hunting meme? This sums up the saaspocalypse pretty well. And I love this meme template from malinvestment jpeg of course that's your contention. You're a first time SaaS bear. You just got finished listening to some podcasts. Dario on Dwarkesh probably now you think it's the end of white collar work and seat based pricing is screwed. You're going to be convinced of that till tomorrow when you get to something big is happening. Then you'll install cloudbot on a Mac Mini Vibe coded dashboard on top of a postgres database and say we're all just a couple Ralph loops away from building a Salesforce competitor. That's going to last until next week when you discover context graphs. And then you're going to be talking about how the systems of record will be disintermediated by an agentic layer and reposting OAI Marketing graphics. Well, as a matter of fact I won't, because ultimately the application layer is just the application layer is just business logic on top of a CRUD database. You got that from Satya's appearance on the BG2 pod December 2024, right? Yeah, I saw that too. Were you going to plagiarize the whole thing for us? Do you have any thoughts of your own on this matter? Or is that your thing? You get into the replies of anyone posting a SaaS ticker, you watch some podcasts, then pawn it off as your own idea to impress some VCs and embarrass some anons who's long sass. See, the sad thing about a guy like you is in a couple of years you're going to start doing some thinking on your own and you're going to come up with the fact that there are two certainties in life. One, don't do that and two, you drop 30 grand on Mac Minis and LLM API calls to come up with the same conclusions you could have got for free by following a handful of VC accounts. It's great roasted. I love that meme. It's fantastic. Anyway, there's another post in here to close out the SaaS pocalypse Buck says there's a long history of dominant platforms vertically integrating and consuming the entire economy. That is why the largest companies in the world today are railroads, utilities, steam engine manufacturers and CPU producers. Love it. Great. Let me tell you about Turbo Puffer, Serverless Vector and full text search built from first principles and object storage. Fast 10x cheaper and extremely scalable. Bland hit the timeline yesterday. There they unveiled Soulja AI, the first rapper to People were asking voice with AI, let's watch this video. Soulja Boy or use his voice yourself. I want to see with sound. Of course I want to see what Soulja Boy. I was the first rapper on YouTube, the first rapper with his own star, the first rapper with the iPhone, and now I'm the first rapper to automate his voice with AI Bland, baby. People, I thought this was a fun concept. Yeah. But many people did not. It didn't. It didn't really. It didn't really resonate. It definitely got attention. I bet they drove a bunch of business from this. One million views. Six likes. Yeah. Usually on a million views you want to be sitting somewhere around 30,000. A couple thousand. No, a couple thousand. I mean it's something that people love and genuinely resonates. Will get upwards of 20,000 or more. Yeah. Anyways, I think it's cool. I'm surprised we haven't seen more of this kind of thing. Celebrities coming in. I think Soulja obviously is not at the peak of his career, so it makes sense for him to dip his toes in here. And I bet this was surprisingly affordable for Bland, So hopefully they got some business out of it. So yeah, it's interesting. 11 Labs has Michael Caine, Burt Reynolds, Richard Feynman, Sir Lawrence Olivier, Dr. Maya Angelou, James Dean, Judy Garland, Albert Einstein. Then there's some AI voices you can just do, like Will Jessica, Eric Bella and There's community voices as well. I wonder if they should do more. More promotion around Michael Caine. Like that's clearly a licensing deal. But I haven't like. Yeah. The reason this breaks through is because there's a video of Soldier Boy. It's a real video and it's funny. And he's like, the entire premise is you can have Soulja Boy answer your business phone calls, which is like pretty. Which is pretty differentiated. Which is extremely differentiated. And if you're. Let's say you're. You're a kind of business. Let's say you have a smoothie shop. Yeah. Like, adding this will certainly get people talking. Probably delightful. I called, I called the Acai bowl place and Soulja Boy picked up. Yeah. Like this will. This will. I'm not. I'm not. I'm not gonna. I'm not gonna pile on. I think it's fun. Yeah. I think that also just as a top of funnel activation, like you hear about this, you go and. And you're like, okay, realistically, my business doesn't need Soldier Boy, but my business does need like just a normal voice. Anyway. I had a missed opportunity to say like, I'm the first AI rapper. Yeah. With no w. No w. Yeah. Play on. Play on words. Which they didn't do. And what I'm seeing. Well, if you want intelligent, real time conversational agents, head over to eleven Labs. Reimagine human technology interaction with eleven Labs. ICE tv. According to Justine Moore is an AI accelerationist. This is great. He is hitting the timeline. Somebody said, I wish more older rappers realize that AI shouldn't touch the music industry in the way that impacts the creative work, including music videos. When I say AI, some people group in stem separation or restoration in that into that. And that's not what I'm talking about. Anyways. So basically, stem separation is when you have a full song and you want to step and you want to separate like the guitar from the drums, from the bass. Like the stems. Got it. Got it. You know, stems. Because you're. You're a guitarist, right? Isn't that the word? Guitar player? But I see says I disagree. Fans want us to make and produce the music. Then shoot an expensive video. Then they get it for free if they have an Apple subscription or Spotify. Pay us 0.007 cents a stream. 007. The days of expensive videos are over. There isn't even MTV. AI is the only sensible way to add visuals to a song. You can hate it all you want. It's the future. It's the future. Is Ice T still going to. Is he dropping music videos recently? Like, has he actually. Is he just predicting this, or is he living this and actually putting out AI videos? It certainly does make sense to just bring down the cost of music video production. I mean, that's what a lot of CGI did. A lot of music videos are just the artist on a green screen with cool graphics in the background. And that's often enough. Or, I mean, there used to be the age of, like, the expensive music video, wasn't it? Thriller was like multiple millions of dollars and you cannot spend that much anymore. No way. And so a lot of. A lot of music videos have come down in cost, done more in cgi. It feels like AI will get there, but you have to be the right artist and you have to message it correctly because there's going to be crazy backlash. Matthew McConaughey hit Variety this morning, we say, and commenting on AI, Brandon just shared it. He said it's coming. It's already here. Don't deny it. It's not going to be enough to sit on the sidelines and make the moral plea that, no, this is wrong. It's not going to last. There's too much money to be made and it's too productive acceleration. So I say own yourself, voice, likeness, etc. Trademark it. Whatever you got to do, so when it comes, no one can steal you. Yeah, yeah, makes sense. The Matthew McConaughey voice, I mean, that's an iconic voice. I think there's definitely a huge deal to be done. And the AI voices, although we're in a boom right now, I remember being able to go on Waze and pick. I think Snoop Dogg had a deal, but there were a number of celebrities that had, you can imagine, like an Arnold Schwarzenegger get to the choppa, but then also, like, take a left and it's like, fun. And they would just pre record all of the different lines. Like, like, keep going straight, bare left, take a hard left, and you record like 20 different lines. And then the program just picks the audio file for the correct moment because there's only, like 20 different things you could possibly say in a navigation app. And so a whole bunch of celebrities did deals, at least temporarily. I don't know how many of them are still around, but those types of things, like, there's clearly a framework for that and all the agencies and all the unions understand this. So I feel like we're, we're in this weird, like, bizarro world where people think that, like, oh, like IP does. Law doesn't exist and we aren't going to be able to deal with this. It's like, no, like, there's like decades of lawyers who are foaming at the mouth being like, I can't wait to sue bytedance. This is going to be awesome. Yeah. The aggressive. The only thing is that it's going to require real cooperation from platforms. The platforms are ready to cooperate. I disagree. I don't think they're cooperating that hard. There's so much content of a bunch of individuals on YouTube, on Meta, that is using their name and likeness and putting them in situations that they would never, ever, ever agree to. And you can argue that it's not good for their brand, but it's incredibly entertaining. And so the platforms leave the content up. And yes, you can do takedown requests and things like that, but. But by the time you do a takedown request, it's got 200,000 likes. You don't need to do a takedown request. You just need to do pay me, pay me. That's what people want. They want to be paid. I think the message that Matthew McConaughey post is not like, it's super critical that no one ever uses an image of me or my voice, ever. It's that, look, if somebody's profiting off it, that's my ip. That's my. I mean, I. I read his comment more around making movies saying, don't use AI to make this scene that would normally take four weeks in some exotic location. A thousand people. Obviously AI is going to be used for that. I think there's a separate issue of people generating Matthew McConaughey doing and saying things that he would never agree to that are sort of compromising or, again, putting him in situations or having him say things he wouldn't ever agree to even if he was getting paid. Yeah, I just think the answer is more AI. You look at the SORA cameo functionality, and it was pretty easy for me to say, always depict me as a bodybuilder. And as silly as that is, it worked. When we did that collab post with the OpenAI team, they were like, we don't know how to get around this. You should be able to go in and. And change this. But they didn't because it is actually enforced at a pretty low level. Alex from Outtake, who we've had on the show, he does this for a bunch. Outtake does this for a bunch of different celebrities where you basically sign up for Outtake and they're constantly Monitoring the entire Internet, filing takedown requests on your behalf. And so I think, again, I think it'll end up. I think the platforms will do something, but it will also be somewhat of a tax. Let me tell you about Cognition. They're the makers of Devin, the AI software Engineer. Crush your backlog with your personal AI engineering team. Let's actually watch the full video of the AI Impact Summit in India. Narendra Modi is there. Insane lineup. Insane lineup. They pulled everyone. They got Sundar there. They got Alex Wang there. They got Dario, they got Sam. And here we go. And they're zooming out and what do we see? Two fists raised in opposition. Iconic. Throwing up the X. Throwing up the X. Someone on X was saying that Peters would say, this is AI. Yeah, that. It was a little shout out to Elon saying, you're not here, but you're here with us. And if you scroll down, someone used AI to show them hugging, which is very nice. Yeah. Like we said, missed opportunity for one of them for Handshake Mog to do. Yeah, a Handshake Mog. But no doubt they'll be back next year. Yes. I think this is an annual thing. Yeah. It seems like a banger lineup. I wonder if there'll be talks that will come out of this. Any more comments or just. Was it off the record or will there just be reporting out of this? Or maybe it was just talking points. So there was no real, like, news dropped. But if you get those folks together, it should feel like Davos. There should be interesting sort of new positions that are coming out. Yeah. The Mistral founder was apparently speaking there and the room was, like, almost empty. Wait, really? No.

We are experts. Triple blades. Let's just roll. Right. Market clearing order in Bal. You're surrounded by junglers. Hold your position. Strike 1. Strike 2. Activate. Go. Golden retriever mode. Trust. Market clearing order inbound. Vibe. Put it. I see multiple journalists on the horizon. You're watching TVPN. Today is Thursday, February 19, 2026. We are live from the TVPN Ultron. The temple of technology. The forces of finance. The capital of capital. Let me tell you about ramp.com time is money save. Both easy to use. Corporate cards, bill pay, accounting, and a whole lot more all in one place. Practice that handshake tutorial. In case you were wondering how to shake hands with your. With your friend or with your enemy. It works. It's the same. It's the same process. You grab the hand with great force. Yes. And. And lift up. Underrated. While you're. While you can establish dominance, you can handshake Mog. Clearly huge missed opportunity for Sam and Dario to crush each other's hands to the point where the other one is bleeding and crying. That would really set the tone. I think they have to rely on voice transcript. Exactly. Exactly. It would have been much better to just watch crushing in the hand. You know, you do those like strength training for a reason. That's right. Every once in a while you don't want to get caught. Lacking. Anyway, there's big news today. We're canceling the SaaS apocalypse. It's over. RIP SAS apocalypse. It occurred from January 2026 to February 2026, and it's over now. We're declaring it over. No, it's not. It's not entirely over. Who knows where. Where the market will go. In many ways, it's just getting started. In many ways, it's just getting started. But I do think we're starting to see a bifurcation in the sloppable companies and the unsloppable companies. There should be some divergence between companies that have figured out how to integrate with AI, how to retool their business model or just show that their business model was strong all along. And we'll go through that. Well, yeah, there's a category of SaaS that is SaaS, but they will be AI beneficiaries. Yep. Totally. Totally. Should we watch have you seen Pacific Rim? No. We got to watch this pump up speech. Let's do it because this gets me fired up. We're canceling the apocalypse. It's movie night again in class. This is from Pacific Rim. We're going to a minute 22 in here. Jump ahead, because this is one of the greatest speeches. You don't want to watch. You don't want to. Okay, we can. Raining. It's raining. We'll watch the whole thing. We'll watch the full thing. It's my favorite movie. This is honestly my favorite movie. I might watch in Apple Vision Pro this weekend. Who knows? It's such a great film. And did you know the director of this film won an Academy Award? That's right. This is an Academy Award winning director at work. Who's the director? Guillermo del Toro. He won for Shape of Water. He did not win for Pacific Rim, but he should have because this film is fantastic. So the storyline, aliens, giant alien Godzilla like creatures called Kaijus have descended upon Earth. No. And only robots that are as big as the Godzillas can fight back. But you need two people. It's much like us. You need two pilots. Because the mental load of driving the robot being in the drift is too intense for a single person. It will drive you crazy. So two pilots, two Jaeger pilots must pilot the ship together and share the load. And so they both punch. And then the robot punches. It's amazing. It's a great film. Film. You'll love it. He's got a good speech. You, You. You're. You're known for giving great speeches just like this. This is. This is a Jordy Hayes original right here. Yes. Movie day again. Welcome to the stream, Ryan. Today, at the edge of our hope. At the edge of our hope. Things aren't looking end of our time. The end of our time. AI Is upon us. We've chosen not only to believe in ourselves, but in each other. We must believe in the stocks of the SaaS companies. There's not a man nor woman in here that shall stand alone. No. No public company shareholder will stand alone. We stand with you. We face the monsters that are at our door and bring the fight to them. We're bringing the fight to the foundation labs. We're canceling the apocalypse. We're canceling the sass apocalypse. And then the greatest soundtrack ever. I. I only. I only really had to ever give one speech like that. Yeah, last year. But it hit. It hit. The team needed it in that we did. And we got through. Critical moment. We powered through. We powered through. So anyway, we've lost a lot of good soldiers, a lot of good market cap out there during The SaaS apocalypse. $2 trillion. Something like that. Maybe it's been rough, but. And I mean truthfully, like, the narrative does make sense. Like Agentic AI systems copilots foundation models like these are disruptive innovations. Fundamentally they're counter positioned against traditional seat based SaaS pricing. We know this. Legacy companies will be caught in a jam because pivoting the entire business model is difficult. You can't just flip a switch and start charging customers a completely different way. Your investors will freak out because your finances will be deeply unprofitable all of a sudden in the public or just very different board, Just very different. Like it'll take time to build back up. And also like company cultures and organizational structures are aligned around particular incentives. And so you have to rewire everything for a different business model. And that's really hard. And that's. People are sounding the, this is a disruptive innovation. This is not a sustaining innovation like mobile or Cloud. The AI version of, you know, X, Y or Z SaaS company will not be like the mobile version of that SaaS company. Yeah, yeah. And even, even the, even the safer bets like the system of record, there's this concern around, okay, well can an agent just kind of re platform you like does that, if you can onboard to a new system faster, does that decrease the lock in but continue? So the SaaS apocalypse was always a little bit of an indiscriminate hammer. It felt like, I mean there was one article in the Journal that was like anthropic launched a legal tool and that caused the sell off. And it's like, well, could be that or it also could be Claude code or it could be openclaw or Codex or Spark or like there's a million different things going on in the AI world. That one just kind of took hold. But it became this like indiscriminate hammer that just kind of hit every company. And during earnings season every CEO had to talk about AI and the threat of AI. But I think we will soon be finding out what companies are truly unslappable, as you put it, and actually benefit in the future. And there's a bunch of early signals. So let's run through them first. Google's comeback. I mean this was the first victim of the apocalypse. This one happened like a year or two ago. Why would anyone search Google ever if an LLM could get you a better answer and fewer clicks? Of course, Google quickly caught up to the frontier. They launched AI overviews. They flexed deep, deep minds research previews. They showed off the power of the tpu core businesses surviving and thriving due in part to Gemini helping understand intent so they can deliver ads on longer, more complex searches. So Google's been doing fine. They're sort of already building back from the SaaS apocalypse that they experience. Then you have Meta will mute will user minutes migrate over to LLMs. Will Sora destroy Instagram overnight? Will slop clog the feeds? Maybe, but not before Meta's transformer based gem model absolutely destroys ad targeting and just makes everything so much better and re accelerates revenue. And we've talked to a lot of folks about that. And so Meta is doing very well. Even though they haven't like figured out their AI strategy, rolled out any of the new crazy frontier models from msl. Like the business is great because they're, because they're, you know. Yeah, I think they have, they're unsafe. You can certainly argue they have an AI strategy. Totally use AI ML to. To make really good ads and they've been doing it for a decade. But it's more on the product side. Right. So is it, is it the manus, Is it net new products? Is it, is it Meta AI? Yep. And so there's. It gets more interesting when you go to the smaller companies. Not super small, but Spotify. Spotify doesn't really need to invest in generative AI. I heard a good analogy that was like did, did, did. Should, should Spotify have like released a guitar so that people can make more music? Like no, because people will pick whatever tool is available and then they will release that music on Spotify and then the algorithm will sort it. And so the, like, you know, these artists, if they're using AI tools, or maybe they're just prompters, whatever you want to call them, they will bring AI music to the platform. It'll be filtered by algorithms. Slop will be in the trough, but only the most delicious slop will bubble to the top of the trough. So it's good to be in the trough business as long as you have an algorithm that sorts the trough. The slop from the more sloppy slop. I don't know. Well said. Current data shows AI music currently underperforms dramatically on a percentage basis. Like the number of AI songs is huge, but the number of actual minutes watched is low. Even if that flips, Spotify still benefits. Let's switch over to Shopify. You can definitely vibe code an E commerce website now, but Shopify is not a major cost driver for most businesses that use it. You're talking maybe like $1,000 a month for some companies and it's a lot of headache that they just don't have to even think about. And then there's a whole bunch of advantages that Shopify should benefit from in the AI era. It's very full featured so it's actually hard to replace. Setting up a new store is faster than waiting for a prompt to return. Like it's all pre built and it's just like create a new copy in the datab of Shopify when you set up a new a new store. And then AI tools benefit from all the context and data that Shopify has across the entire platform. And then lastly Agentic commerce doesn't replace Shopify checkout. It's just a front end to the to the checkout. Much more payment. Exactly. Post purchase. So if it's driving activity that's actually a net benefit. And so there's a whole bunch more examples. Roblox is another interesting example. I heard a crazy stat. 67% of global non China spending growth in the game gaming industry last year went to Roblox. Like gaming had a bad year. Roblox had a fantastic year and I think the Stock's down like 50%. And so you know, yes you can vibe code a video game but the Roblox network and ecosystem is already at scale and it's absolutely dominating and they're monetizing a ton and their monetization on a per minute basis is I think like five times lower than other platforms. Like if you comp it to TikTok or Instagram. And so whether it's ads or more in game currencies or something like the willingness to pay should go up. Now there's still a question about, you know, do folks age out of Roblox? How long can they keep these customers on? Will they get older folks to rejoin Roblox at some point or join Roblox for the first time? At some point. But certainly, you know, not probably a beneficiary of AI vibe coding and being able to build more stuff. And again filtering the different apps that are built so that grow a garden or steal a brain rot can be power law outcomes within that ecosystem. That's the value of filtering and being an aggregator. Lastly, you got to consider Salesforce. Marc Benioff has been duking it out with Jim Cramer on CNBC over seat based pricing in an AI era for over a year now. And it's 100% true that there are some amazing AI native CRM startups that are aggressively trying to eat off Benioff's plate. But Anthropic is hiring a Salesforce admin. We put up a card for this because we really enjoyed this. But where, where, where, where where was it? Did we put this? Yes. Unemployed vibe coder bro. SaaS is dead. You can build a CRM in minutes. No modern company is going to buy software ever again. Repost and I'll send you my PDF. That killed Salesforce. And then Anthropic is has a job listing for Salesforce Admin because they're growing so fast and so big that they, that they need someone just to be full time job manage their internal Salesforce project. That's so big, so iconic. Is this, is this revealed preference? Is there something else going on here? Are they, is this person going to be reinforce for them? Who knows. But at least for right now they're going to be paying Salesforce and time will tell. And then lastly, you know the SaaS apocalypse, it might arrive in full at some point but. And we'll start to see real revenue declines which I think would be like the real signal of major disruption. But Figma just announced 70% growth in weekly active users, 40% year over year revenue growth. We have Dylan Field coming on the show in just a little bit. He'll be on at 130 today. And so there's growth all over the SaaS ecosystem and things don't seem to be decelerating or slowing down. It's definitely go time though. And it's time to revisit sources of strength. It's war time. It's time to become unsloppable. It is wartime. It's founder mode time. And at least you need to explain why you were never sloppable in the first place. And that's what Harley at Shopify did a really good job of on the earnings call. He got so many questions he had to back up and just re explain. You know, people got in the weeds on the AI checkout thing and he had to re explain like no, like agentic checkout happens on top of the, on top of the Shopify checkout. The economics are exactly the same. They're exactly the same. So like don't worry. Yeah. So going back to the fax machine example in 1999 was the first year that showed a significant drop in the sale of physical fax machines. They dropped by 10% in a single year. When was that? In 1999. 1999. Yeah. Yeah. Okay. And so that's a, that is not a. Okay, growth just started slowing. It had been slowing up until that point, but it, and then it was slowing and then it like fell off a cliff. Yeah, yeah, that makes sense. Quickly, let me tell you about Vanta Automate Compliance and Security. Vanta is the leading AI trust management platform. And let's also pull up the Linear lineup and tell you who's coming on the show. Linear, of course, is the system for modern software development. 70% of enterprise workspaces on Linear are using agents. We have Sigil Wave Sigil coming on to talk about Web 4.0. Web 4.0, a new AI agent project that he's working on where AI can deploy, transact and pay its own bills, run micro economies without humans in the loop. Then of course we have Sagar and Jetty from Breaking Points coming on. Always, always a fun conversation. And then Dylan Field coming on to talk about their earnings and everything that they're doing with Claude, ChatGPT, Gemini and all of those folks. And then we have Peter from Code Metal announcing his Series B, Eric from Freeform, another Series B. And then Lubisa from Tallis announcing $169 million raise building model specific AI chips. So Banger lineup today and can't wait to get to those folks. Should we read through this goodwill hunting meme? This sums up the saaspocalypse pretty well. And I love this meme template from malinvestment jpeg of course that's your contention. You're a first time SaaS bear. You just got finished listening to some podcast Dario on Dwarkesh. Probably now you think it's the end of white collar work and seat based pricing is screwed. You're going to be convinced of that too until tomorrow when you get to something big is happening. Then you'll install cloudbot on a Mac Mini Vibe coded dashboard on top of a postgres database and say we're all just a couple Ralph Loops away from building a Salesforce competitor. That's going to last until next week when you discover context graphs. And then you're going to be talking about how the systems of record will be disintermediated by an agentic layer and reposting OAI Marketing graphics. Well, as a matter of fact I won't, because ultimately the application layer is just the application layer is just business logic on top of a CRUD database. You got that from Satya's appearance on the BG2 pod December 2024, right? Yeah, I saw that too. Were you gonna plagiarize the whole thing for us? Do you have any thoughts of your own on this matter? Or is that your thing? You get into the replies of anyone posting a SaaS ticker, you watch some podcasts, then pawn it off as Your own idea to impress some VCs and embarrass some of nons who's long sass. See, See the sad thing about a guy like you is in a couple of years you're gonna start doing some thinking on your own and you're gonna come up with the fact that. That there are two certainties. There are two certainties in life. One, don't do that. And two, you drop 30 grand on Mac Minis and LLM API calls to come up with the same conclusions you could have got for free by following a handful of VC accounts. It's great roasted. I love that meme. It's fantastic. Anyway, there's another post in here to close out the SaaS apocalypse. Buck says there's a long history of dominant platforms vertically integrating and consuming the entire economy. That is why the largest companies in the world today are railroads, utilities, steam engine manufacturing manufacturers and CPU producers. Love it. Very, very good. Let me tell you about Turbo Puffer, Serverless vector and full text search. Built from first principles and object storage. Fast 10x cheaper and extremely scalable. Bland hit the timeline. Yesterday they unveiled Soulja AI, the first rapper to operate their voice with AI. Let's watch this video. Soulja Boy or use his voice yourself. I want to see with sound. Of course I want to see what Soulja Boy. I was the first rapper on YouTube, the first rapper with his own star, the first rapper with the iPhone, and now I'm the first rapper to automate his voice with AI. Bland, baby. People. I thought this was a fun concept. Yeah. But many people did not. It didn't really. It didn't really resonate. It definitely got attention. I bet they drove a bunch of business from this. One million views. Six likes. Yeah, but usually on a million views, you want to be sitting somewhere around 30,000. A couple thousand. No, A couple thousand likes. I mean, it's something that people love and genuinely resonates. Will get upwards of 20,000 or more. Yeah. Anyways, I think it's cool. I'm surprised we haven't seen more of this kind of thing. Celebrities coming in. I think. Soulja obviously is not at the peak of his career, so it makes sense. Sense for him to dip his toes in here. And I bet this was surprisingly affordable for Bland, So hopefully they got some business out of it. So. Yeah, it's interesting. 11 Labs has Michael Caine, Burt Reynolds, Richard Feynman, Sir Lawrence Olivier, Dr. Maya Angelou, James Dean, Judy Garland, Albert Einstein. Then there's some AI voices you can just do. Like Will Jessica Eric Bella. And there's community voices as well. I wonder if they should do more. More promotion around Michael Caine. Like, that's clearly a licensing deal. But I haven't. Like, the reason this breaks through is because there's a video of Soldier Boy. It's a real video and it's funny and he's like good on camera. The entire premise is you can have Soulja Boy answer your business phone calls, which is pretty. Which is pretty differentiated, which is extremely differentiated. And if you're. Let's say you're. You're a kind of business. Let's say you have a smoothie shop. Yeah. Like, adding this will certainly get people talking. Probably delightful. I called. I called the Acai bowl place and Soulja Boy picked up. Yeah. Like, this will. This will. I'm not. I'm not. I'm not gonna. I'm not gonna pile on. I think it's fun. Yeah. I think that also just as a top of funnel activation, like you hear about this, you go and you're like, okay, realistically, my business doesn't need Soldier Boy, but my business does need like just a normal voice. Anyway. Kind of missed the opportunity to say, like, I'm the first AI rapper. Yeah. With no w. No w. Yeah. Play on words. Which they didn't do from what I'm seeing. Well, if you want intelligent, real time conversational agents, head over to eleven labs. Reimagine human technology interaction with eleven Labs. Ice T, according to Justine Moore, is an AI accelerationist. This is great. He is hitting a timeline. Somebody said, I wish more older rappers realized that AI shouldn't touch the music industry in the way that impacts the creative work, including music videos. When I say AI, some people group in stem separation or restoration into that. And that's not what I'm talking about. Anyways. So basically, stem separation is when you have a full song and you want to step and you want to separate like the guitar from the drums, from the bass. Like the stems. Got it, Got it. You know, stems. Because you're. You're a guitarist, right? Isn't that the word? Guitar player? But Ice T says. I disagree. Fans want us to make and produce the music, then shoot an expensive video. Then they get it for free. If they have an Apple subscription or Spotify. Pay us 0.007 cents a stream. 007. The days of expensive videos are over. There isn't even MTV. AI is the only sensible way to add visuals to a song. You can hate it all you want. It's the future. It's the future. Is Ice T still going to. Is he dropping music videos recently? Like, has he actually. Is he just predicting this, or is he living this and actually putting out AI videos? It certainly does make sense to just bring down the cost of music video production. I mean, that's what a lot of CGI did. A lot of music videos are just the artist on a green screen with cool graphics in the background. And that's often enough. Or. I mean, there used to be the age of, like, the expensive music video, wasn't it? Thriller was like multiple millions of dollars and you cannot spend that much anymore. No way. And so a lot of. A lot of music videos have come down in cost, done more in cgi. It feels like AI will get there, but you have to be the right artist and you have to message across, because it's going to be crazy backlash. Matthew McConaughey hit Variety this morning, we say, and commenting on AI, Brandon just shared it. He said it's coming. It's already here. Don't deny it. It's not going to be enough to sit on the sidelines and make the moral plea that, no, this is wrong. It's not going to last. There's too much money to be made, and it's too productive. AI acceleration. So I say own yourself, voice, likeness, et cetera, trademark it, whatever you got to do, so when it comes, no one can steal you, you. Yeah, yeah, Makes sense. The Matthew McConaughey voice, I mean, that's an iconic voice. I think there's definitely a huge deal to be done. And the AI voices, although we're in a boom right now, I remember being able to go on Waze and pick. I think Snoop Dogg had a deal, but there were a number of celebrities that had, you can imagine, like an Arnold Schwarzenegger get to the choppa, but then also, like, take a left and it's, like, fun. And they would just pre record all of the different lines. Like, like, keep going straight, bare left, take a hard left, and you record like 20 different lines. And then the program just picks the audio file for the correct moment because there's only, like, 20 different things you could possibly say in a navigation app. And so a whole bunch of celebrities did deals, at least temporarily. I don't know how many of them are still around, but those types of things, like, there's clearly a framework for that and all the agencies and all the unions understand this. So I feel like we're. We're in this weird, like, bizarro world where people think that, like, oh, like IP does. Law doesn't exist. And we aren't gonna be able to deal with this. It's like, no, like, there's. There's like decades of lawyers who, like, are foaming at the mouth, being like, I can't wait to sue bytedance. This is gonna be awesome. Yeah. The aggressive. The only thing is that it's gonna require real cooperation from platforms. The platforms are ready to cooperate. I disagree. I don't think they're cooperating that hard. There's so much content of a bunch of individuals on YouTube, on Meta, that is using their name and likeness and putting them in situations that they would never, ever, ever agree to. And you can argue that it's not good for their brand, but it's incredibly entertaining. And so the platforms leave the content up. And yes, you can do takedown requests and things like that, but by the time you do a takedown request, it's got 200,000 likes. Or you don't need to do a takedown request. You just need to do pay, pay me, pay me. That's what people want. They want to be paid. Like, I think the message that Matthew McConaughey post is not. Is not like, it's super critical that no one ever uses an image of me or my voice, ever. It's that, look, if somebody's profiting off it, that's my. I mean, I read his comment more around making movies saying, don't use AI to make this scene that would normally take four weeks in some exotic location and a thousand people. Obviously, AI is going to be used for that. I think there's a separate issue of people generating Matthew McConaughey doing and saying things that he would never agree to that are sort of compromising or, again, putting him in situations or having him say things he wouldn't ever agree to even if he was getting paid. Yeah. I just think the answer is more AI. You look at the SORA cameo functionality, and it was pretty easy for me to say, always depict me as a bodybuilder. And as silly as that is, it worked. When we did that collab post with the OpenAI team, they were like, we don't know how to get around this. You should be able to go in and change this. But they didn't because, like, it is actually enforced at, like, a pretty low level. Alex from Outtake, we've had on the show, he does this for a bunch of. Outtake, does this for a bunch of different celebrities where you basically sign up for Outtake. Yeah, yeah. And they're constantly monitoring the entire net, filing takedown requests on your behalf. And so I think, again, I think it'll end up. I think the platforms will do something, but it will also be somewhat of a tax. Let me tell you about Cognition. They're the makers of Devon, the AI software engineer. Crush your backlog with your personal AI engineering team. Let's actually watch the full video of the AI Impact Summit in India. Narendra Modi is there. Insane lineup. Insane lineup. They pulled everyone. They got Sundar there, they got Alex Wang there, they got Dario, they got Sam. And here we go. And they're zooming out and what do we see? Two fists raised in opposition. Iconic. Throwing up the X. Throwing up the X. Someone on X was saying that haters would say this is AI. Yeah, that. It was a little shout out to Elon saying, you're not here, but you're here with us. And if you scroll down, someone used AI to show them hugging. Which is very nice. Yeah. Like we said, missed opportunities for one of them for handshake Mog to do. Yeah, a handshake Mog. But no doubt they'll be back next year. Yes. I think this is an annual thing. Yeah. It seems like a banger lineup. I wonder if there'll be talks that will come out of this. Any more comments or just was it off the record or will there just be reporting out of this? Or maybe it was just talking points. There was no real like news dropped. But if you get those folks together, it should feel like Davos. There should be interesting sort of new positions that are coming out. Yeah. The Mistral founder was apparently speaking there and the room was like almost empty. Wait, really? And yeah, somebody was saying like hey, this guy is actually crushing it in Europe. Show him some respect. Put some respect. Sit down, take notes. Study. Yeah, sit down, study it. Don't just listen. Don't just listen. Let me tell you about Label Box. Reinforcement learning environments, Voice robotics evals and expert human data. Label Box is the data factory behind the world leading AI teams. JC Foster. Yes. Says three months ago I quit my job to chase a dream to build an affordable, convenient, plastic free coffee maker. Grateful for everyone who has reserved pure steel. This is a correct ratio. 7 million views, 34,000 likes. This is what you were getting at? Yeah. So huge. What is up with the laptop? So I guess he was at SpaceX very long. He's at SpaceX and one of the. When I immediately saw. Can we talk about this laptop? Look at what is going on. Zoom in on this Laptop. I think this is. He took the. It's like an optical illusion. Okay. Right. It's using the fisheye lens. Oh, okay. Because if you fold, if based on this angle, if you folded the screen, the screen would just cover the keyboard. Like, the trackpad would just be hanging out like an untucked T shirt under a sweater. Makes no sense. Sorry, Jordy, I got distracted by the extremely long, long laptop. Tell me more about the Pure Steel Company of America. The Pure Steel Company of America. So, yeah, so anyway, started going viral. Very, very cool product. If you've tried to make coffee without having plastic be a part of the process, it's incredibly hard and you're pouring hot liquid over plastic, some of that plastic will disintegrate, end up. End up in your cup of Joe. So the product makes a lot of sense. One of the issues is it. This post went extremely viral and somebody said somebody posted, this thing's only 80 bucks. Go reserve this right now. And so that post started going really viral. Yes. This thing is $80 and made of American glass and steel. Go reserve one right now. 18,000. So this is of course not going to cost $80. There's literally no chance. Okay. But I think people were thinking, hey, I can buy this for 80 bucks. It seems like the steal of a lifetime. I think something like this, once you actually build it, will probably need to cost somewhere like 600, $700, something in that range. So really rough. The other thing is. Pull up. Pull up the. Pull up the website. I think this guy may have knocked off the RORA website. Huh. I'm just realizing this in real time. So Roar is of course, the. Oh, it does kind of look similar. So this is pure steel. Look at the header. Look at the header system with which Emmett Shine designed for us. And even look at the imagery. Their imagery is AI. Okay, and now pull up the RORA website. Oh, it has the same rounded corners. Yeah, it is very similar. I think he got a little inspired. Okay, so if you see the header and everything, the way the buttons work. Go. Scroll down even more. If you go down to some of the more lifestyle imagery, like they. It's the same, like, style, you know? Yeah, the kitchen, the photography a little close, but he's bootstrapped. He's got a bunch of sales now. I'm sure he'll figure out. Out. I'm sure he'll figure out. Okay, well, I mean, the SpaceX lore here is that they should be able to Deliver this at $80. Like it says transparent pricing. It's time to know what you're paying for. Traditional coffee makers cost $200. Pure steel is the same amount of materials but less markup. And so they want to deliver this to you. I think for $80 will be very interesting to see how they do it, where they change prices. If they change prices, they might be able to deliver. I don't know, Maybe it'll be VC subsidies. Maybe it's $80 a month and you have to pay for some subscription seat based pricing. Seat based pricing? Yes. How many cups a giant make? How many coffee drinkers? Well, no, it should be in the age of AI, it should be consumption based. So you should pay per coffee cup. How many tokens each cup? Yes. No, but I don't know. This doesn't seem impossible to get stamped steel and assemble it and have it. I mean it's a pretty basic device. Right. It just needs to warm up a pot of coffee like it needs to boil water. That's not crazy to me that that could be $80. I don't know. No, I mean I know through Aurora like dealing with these materials. Yep. It depends like looking at some of this design here, the way it's all bolted together. Yeah, seems pretty basic. Even the labor cost of doing something like this, I think robots, I don't know. Yeah, we'll see. Amazon does buy all steel coffee maker. They have some results for all steel coffee makers in the $60 range. They got a Black and Decker here. It looks like it's covered in plastic but. But it's at least advertised as stainless steel. There's some stainless steel options on here, but yeah, a lot of them are in the several hundred dollar range so I don't know, we'll have to keep an eye on it. Yeah, I'm excited about this. I would happily buy one of these. Yeah, it looks great. And I mean a lot of these companies will underprice the first run. So they'll say, yeah, okay, we're just going to take a loss on the first thousand units that we ship and then we will raise prices over time and then when we go into retail we'll raise prices more and you know, there will just be a process for that. If you go with this viral, if you have a lot of demand, you might be able to raise money to offset that. Your suppliers or your, you know, you might just make no margin for a long time. There's a way this gets built for $80. Yeah. And he was at SpaceX for two years. SpaceX is a good organization. We talked to a SpaceX. Except the issue is he was a finance analyst at SpaceX so he might need to poach some of the engineers. Well, I mean, yeah, analyzing the finances of SpaceX being like wow, they make rockets. Wow. We could be making plastic free coffee. Just do it. Think from first principles. I don't know, let's see. Van man says the response to this insanely simple yet non plastic coffee maker should usher in the era of dumb simple appliances that work and don't poison you or connect to your WI fi. I think that there is huge demand for this. People want simpler devices. Did I tell you about my coffee machine connects to my WI fi. I'm like it all actually I don't think I did. But it always wants, you know, it actually does. Yeah. That's not a joke. Wow. Okay. Yeah. And it's like it's a lot of, it's a lot of steel pour over. So no, but I'm like you don't need, you don't need access to the network work bro. Just focus. Just put, put the beans in the, just put the, put the coffee in the cup. Yeah. I have another story but first let me tell you about Okta. OKTA helps you assign every AI agent a trusted identity. So you get the power of AI without the risk. Secure every agent, secure any agent. So I had a little tiny bit of IoT in my house just to turn off and turn on my dishwasher emails me. Fantastic. Peak performance. I have a tiny bit of IoT just for lights that are hard to reach. Lamps that are plugged into basically a wall socket that has a little box that connects to the WI fi. There's an app turns on the, turns off the light. I think the company just went out of business because the server just doesn't work and the app doesn't load anymore. And so you just. All of the stuff that I bought is just worthless and I just need to like it's smart. Rip it up. It's extremely dumb. In fact very, very silly. And Brad is dropping Alpha. He says recommend the oh Tony Fabirka plastic free electric kettles. That's smart. And then he says they should put ads on the pure steel coffee maker to keep it around. See, see? Think outside the box. I'm calling it $80 shipped. That's what it's going to cost. No, probably a shipping fee on top of it. Shipping to Alaska. That is dangerous territory. Don't talk about Alaska. Don't talk about, do not give free shipping nationwide because Alaska is technically part of the Nation. And you will be paying $50 to get stuff up there. It is not on Amazon prime necessarily for your default upstart e commerce business. So I got completely cooked by my WI FI light system. And I was thinking like, okay, certainly I can vibe code. This. Definitely not. Definitely just going back to switches. Definitely going back to the Stone Age. I'm just going to be lighting candles in my house because that's the future that I'm going to be living. Yeah. I had a funny moment this morning. John and I went to breakfast with Brandon. I parked in a garage. John was on the street. And as I was leaving, I went and put the ticket into the machine. Then I put validation in right after. It just like, was working for a while, then it failed. It tried it again. Then I was like, okay, the validation's maybe not working. So I paid with a card failed. And so then I start calling, calling around, and I'm stuck. I'm stuck for 15 minutes. John. John is long gone. He's at the Ultradome already. I'm sitting there on, on support with somebody who's not even in la, trying to get somebody in LA to just let me out of this parking garage. Then somebody finally comes after 15 minutes. And I was like, hey, can you escalate this? Your software is bugging out. It doesn't work a lot. And they're like, oh, well, actually, all the systems in this area have been failing a lot. And so I was like, okay, maybe it's a bigger issue than I even thought. So I was not feeling the software singularity in the parking garage. This morning I texted Jordy, you couldn't just vibe code and improve software system to run on the ticket taker machine. That would process payment more quickly and reliably. No, because there's a gatekeeper, of course. And it is impossible. There's one parking garage in Pasadena that doesn't take cash or Apple pay, so you have to have a physical card. And I get caught lacking every once in a while and I'll have to push the button and then talk to the guy and be like, I'm sorry, can you just let me out? Like, really? You're the guy that always wants a free parking spot. Yes, but last time I was there, I saw someone else get caught lacking and I paid it forward and I paid for his parking to let him out. Heartwarming. I don't even care. What. We should have thrown up a card for that. So, karma. I'm like buying karma. Very strategically, not altruistically. Yeah, not Effectively, yeah. Brian says that's hardware. They got the hardware footprint. Yeah, they got locked in their hardware. Their foot is firmly printed on your chest as you try and leave. Brutal. Really quickly. The New York Stock Exchange want to change the world. Raise capital at the New York Stock Exchange. Stop making excuses and just do it, please. Just do it, please. Michael Burry is going off on what happened Carp. Okay, Financial times from the Form 10. Palantir CEO Alex Karp has his head in the cloud saying he's a frequent flyer. And they get into some of his business and personal travel expenses from. During the years ended December 31, 2025 and 2024, the company incurred expenses related to the use of, of the executive aircraft of 17.2 million and 7.7 million, respectively. It's quite the feat to spend 17 million in a year on business and personal travel, particularly when the jet's not even the rental. Jeffries analyst Brent Thill, he's got a bone to pick. Runs the numbers. Assuming use of a midsize jet with an estimated operating cost of $7,000 per hour, this implies roughly 2,400 flight hours, or about 28% of the year, in the air. Even under a more conservative assumption of a high end jet such as the G650, at an estimated 15,000 per hour, the 17 million still equates to approximately 1,147 flight hours, or 13% of the year. Notably, this 17.2 figure is more than double Carp's executive aircraft expense in 2024, and it appears elevated relative to peers with Meta CEO spending 1.8 million and Palo Alto Network CEO spending 2.4 million. Terrible comps. Why, like, Karp is obviously constantly traveling all over the world. He's an international businessman. Yeah, I know podcasters that do that, like 250 hours a year. And oh yeah, like, like you're talking about going from like somebody who like travels like a good amount at like, let's say like 200 hours a year. Like, to me, yeah, I might catch some flack for, for defending private aviation, but it just doesn't seem that crazy. Like the whole, the entire reason that Palantir is growing the way it is is like they're doing deals in Japan, they're doing deals in, in the Middle east. They're doing. It's just like this guy is a global deal maker. And I think you should, if you really wanted to do an analysis on this, you should look at all the international deals that they've done, maybe ignore the US look at all the international deals and see if Carp is actually delivering. Because when we hear that they're signing some new contract for hundreds of millions of dollars in Japan, I think it makes sense for the CEO to fly out there and shake some hands and do some real business. Yeah. So of course he's not flying on a mid sized jet like you know, around the entire world. Of course he's in the. That's the funny thing, they don't know. Yeah. So they're saying Maybe it's a G650, which would be 1000 flight hours. Maybe it's a midsize jet. That would be more like 2000 hours. It could be a King Air. And he's spending 8,000 hours in the air. No one considered that. It could also be a 747 and he's only spending like 500 hours in the air. There's a wide range here. But I like to imagine, yeah, he's in a prop, he's in a single. He's, he's flying the prop himself. And the cost per hour is only like a couple hundred bucks because he's just paying for gas. But he's like taking every meeting in the air. Literally one on ones. Hop in, we're going, we're doing laps. You can move her back, we're flying around. Yeah, I like to imagine him putting up 8,000 hours in the air just every waking hour flying around the King Air or Cessna Citation or something. Something very funny. Well, whether you're long Palantir or short Palantir, head over to public.com investing for those that take it seriously. They got stocks, options, bonds, crypto, treasuries and more with great customer service. Max Feren's probably the most underrated poster in the world. I can't believe he has 3,000 followers. It's so low. He's the best. He's the general manager at door cash pocket in the world. So good. To be honest, the best part of making our wedding registry is that it has, has forced us to really think about what we need to make our place feel like a home. And I don't know. And he went on Zola, is this real? I don't think so. I think he might do this. Might be Inspect Element or some Photoshop or a little bit of both. Maybe it's gen AI. But in his wedding registry he put the Nvidia B200 tensor core GPU. It's $30,000. He put the H100 NVL GPU. $15,000 is still needed there. He put the Nvidia A180 gig GPU. $15,000 still needed. Yeah. This is how you turn a house. Help Max make his place feel like a home. Head over to his Zola and I. It does feel. You don't have to be going to the wedding to. Yeah. To contribute. To contribute. Get him a gpu. You don't. And I do feel like this is probably inspired by actually putting together a wedding registry. That's a good one. That's a great gift. Or a plot of land in Abilene. Yes. Somewhere data center friendly. Yeah. But if he is getting married soon, congratulations. And I hope you have a wonderful wedding with a registry full of whatever you actually do. And Ryan said get the man a Cessna. Talking about carp. Cessna 172 just flying over the Atlantic with Starlink. Yes. Making 10 stops on every island like Amelia Earhart. So Jira Tickets says. Do you think he has monetization on. Who's he talking about? Khomeini. Khomeini's been putting up insane numbers on X. Obviously quite the tense geopolitical situation. I hope that we're not starting a new war in the Middle East. But. But if Khomeini does have monetization on, it certainly is going to be a real revenue line item on the. I have to imagine does X sanction accounts that you would think they would. I think creator payouts are probably geographically limited to certain countries where the payment rails work. If a country sanctioned. Like I actually get my straight. Just straight up through Stripe. Yeah, it just comes through stripe. In fact, I think I had to set up a Stripe account to receive it and then link that. So, you know, it's only valid where Stripe is functioning. Anyway, let me tell you about MongoDB. What's the only thing faster than the AI market? Your business on MongoDB? Don't just build AI own the data platform that powers it. Will. Brown is chiming in on whether or not Prime Intellect is a NEO lab. We put him on the neolab market map yesterday, but he's firing. I also said. I think I said Prime Intellect was like the prototypical NeoLab. Okay, so he's really. Yeah. Funny camera angle. What's going on here? Okay, I like that. Different. Switching it up over the shoulder. I'm interviewing you. I'm getting to the bottom of it. You answer me. You answer me, Tyler. Well, okay, okay, we get it. Production team got some new PTZ cameras. We get it, guys. Anyway, why does prime intellect fail the NeoLab test?

You're watching TVPN. Today is Thursday, February 19th, 2026. We are live from the TV ven Ultron. The temple of technology. The forces of finance. The capital of capital. Let me tell you about ramp.com Time is money. Save both easy use corporate cards, bill pay accounting and a whole lot more all in one place to practice that handshake tutorial. In case you were wondering how to shake hands with your. With your friend or with your enemy. It works. It's the same. It's the same process. You grab the hand with great force. Yes. And. And lift. Underrated. While you're. You can establish dominance. You can handshake mob. Clearly huge missed opportunity for Sam and Dario to crush each other's hands to the point where the other one is bleeding and crying. That would really set the tone they have to rely on. Voice transcript. Exactly. Exactly. It would have been much better to just watch crushing in the hand. You know, you do those like strength training for a reason. That's right. Every once in a while. You don't want to get caught. Lacking. Anyway, there's big news today. We're canceling the SaaS apocalypse. It's over. RIP SaaS apocalypse. It occurred from January 2026 to February 2026, and it's over now. We're declaring it over. No, it's not. It's not entirely over. Who knows where. Where the market will go. In many ways, it's just getting started. In many ways, it's just getting started. But I do think we're starting to see a bifurcation in the sloppable companies and the unsloppable companies. There should be some divergence between companies that have figured out how to integrate with AI, how to retool their business model or just show that their business model was strong all along. And we'll go through that. Well, yeah. There's a category of SaaS. Yes. That is SaaS. Yes. But they will be fine AI beneficiaries. Yep. Totally. Totally. Should we. Should we watch have you seen Pacific Rim? No. We got to watch this pump up speech. Let's do it because this gets me fired up. We're canceling the apocalypse. It's movie night again in class. This is from Pacific Rim. We're going to a minute 22 in here. Jump ahead because this is one of the greatest speeches. You don't want to watch it. You don't want to. Okay, we can watch. It's raining today. It's raining. We'll watch the whole thing. We'll watch the full thing. It's my favorite movie. This is honestly my favorite movie. I might watch an Apple Vision Pro this weekend. Who knows? It's such a great film. And did you know the director of this film won an Academy Award? That's right. This is an Academy award winning director at work. Here's the director, Guillermo del Toro. He won for Shape of Water. He did not win for Pacific Rim, but he should have because this film is fantastic. So the storyline. Aliens. Giant alien Godzilla like creatures called Kaijus have descended upon Earth. No. And only robots that are as big as the Godzillas can fight back. But you need two people. It's much like us, you need two pilots. Because the mental load of driving the robot being in the drift is too intense for a single person. It will drive you crazy. So two pilots, two Jaeger pilots must pilot the ship together and share the load. And so they both punch and then the robot punches. It's amazing. It's a great film, everyone. He's got a good speech. You're known for giving great speeches just like this. This is. This is a Jordy Hayes original right here. Yes. Movie day again. Welcome to the stream, Ryan. Today, at the edge of our hope. At the edge of our hope. Things aren't looking the end of our time. AI is upon us. We've chosen not only to believe in ourselves, but in each other. We must believe in the stocks of the SaaS companies. There's not a man nor woman in here that shall stand alone. No. No public company shareholder will stand alone. We stand with you. We face the monsters that are at our door and bring the fight to them. We're bringing the fight to the Foundation Labs. We are canceling the apocalypse. We're canceling the apocalypse. We're canceling the Sasspocalypse Woo. And then the greatest soundtrack ever. I. I only. I only really had to ever give one speech like that. Yeah, last year. But it hit. It hit. The team needed it in that we did. And we got through. Critical moment. We powered through. We powered through. So anyway, we've lost a lot of good soldiers, a lot of good market cap out there during the SaaS apocalypse. $2 trillion, something like that. Maybe it's been rough, but. And I mean truthfully, like the narrative does make sense. Like agentic AI systems copilots, foundation models like these are disruptive innovations. Fundamentally they're counter positioned against traditional seat based SaaS pricing. We know this legacy companies will be caught in a jam because pivoting the entire business model is difficult. You can't just flip a switch and start charging customers a completely different way. Your investors will freak out because your finances will be deeply unprofitable all of a sudden in the public or just very different board? Just very different. Like it'll take time to build back up. And also like company cultures and organizational structures are aligned around particular incentives. And so you have to rewire everything for a different business model. And that's really hard. And that's. People are sounding the. This is a disruptive innovation. This is not a sustaining innovation like mobile or Cloud. The AI version of, you know, X, Y or Z SaaS company will not be like the mobile version of that SaaS company. Yeah, yeah. And even, even the, even the safer bets, like the system of record, there's this concern around, okay, well can an agent just kind of re platform you like does that. If you can onboard to a new system faster, does that decrease the lock in but continue? So the SaaS apocalypse was always a little bit of an indiscriminate hammer. It felt like, I mean, there was one article in the journal that was like anthropic launched a legal tool and that caused the sell off. And it's like, well, could be that or it also could be Claude code or it could be openclaw or Codex or Spark or like there's a million different things going on in the AI world. That one just kind of took hold. But it became this like indiscriminate hammer that just kind of hit every company. And during earnings season, every CEO had to talk about AI and the threat of AI. But I think we will soon be finding out what companies are truly unslappable, as you put it, and actually benefit in the AI future. And there's a bunch of early signals. So let's run through them first, Google's comeback. I mean, this was the first victim of the apocalypse. This one happened like a year or two ago. Why would anyone search Google ever if an LLM could get you a better answer and fewer clicks? Of course, Google quickly caught up to the frontier. They launched AI overviews. They flexed deep, deep minds research previews. They showed off the power of the TPU core businesses surviving and thriving due in part to Gemini helping understand intent so they can deliver ads on longer, more complex searches. So Google's been doing fine. They're sort of already building back from the SaaS apocalypse that they experienced. Then you have meta, will mute will user minutes migrate over to LLMs, will Sora destroy Instagram overnight, will slop clog the feeds Maybe, but not before Meta's transformer based gem model absolutely destroys ad targeting and just makes everything so much better and re accelerates revenue. And we've talked to a lot of folks about that. And so Meta is doing very well. Even though they haven't like figured out their AI strategy, rolled out any of the new crazy frontier models from msl. Like the business is great because they're, because they're, you know. Yeah, I think they have certainly argue they have an AI strategy totally to use AI ML to, to make really good ads and they've been doing it for a decade. But it's more on the product side. Right. So is it the manus, is it net new products, is it Meta AI? Yep. And so there's. It gets more interesting when you go to the smaller companies. Not super small, but Spotify. Spotify doesn't really need to invest in generative AI. I heard a good analogy that was like, should Spotify have like released a guitar so that people can make more music? Like no, because people will pick whatever tool is available and then they will release that music on Spotify and then the algorithm will sort it. And so the like, you know, these artists, if they're using AI tools or maybe they're just prompters, whatever you want to call them, they will bring AI music to the platform. It'll be filtered by algorithms. Slop will be in the trough, but only the most delicious slop will bubble to the top of the trough. So it's good to be in the trough business as long as you have an algorithm that sorts the trough. The slop from the more sloppy slop. I don't know. Well said. Current data shows AI music currently underperforms dramatically on a percentage basis. Like the number of AI songs is huge, but the number of actual minutes watched is low. Even if that flips, Spotify still benefits. Let's switch over to Shopify. You can definitely vibe code an E commerce website now, but Shopify is not a major cost driver for most businesses that use it. You're talking maybe like $1,000 a month for some companies and it's a lot of headache that they just don't have to even think about. And then there's a whole bunch of advantages that Shopify should benefit from. In the AI era, it's very full featured, so it's actually hard to replace. Setting up a new store is faster than waiting for a prompt to return. Like it's all pre built and it's just like create a new copy in the datab of Shopify when you set up a new store and then AI tools benefit from all the context and data that Shopify has across the entire platform. And then lastly, Agentic commerce doesn't replace Shopify checkout. It's just a front end to the, to the checkout. Much more payment. Exactly. Post purchase. So if it's driving activity, that's actually a net benefit. And so there's a whole bunch more examples. Roblox is another interesting example. I heard a crazy stat. 67% of global non China spending growth in the gaming gaming industry last year went to Roblox. Like gaming had a bad year. Roblox had a fantastic year and I think the Stock's down like 50%. And so you know, yes you can Vibe code a video game but the Roblox network and ecosystem is already at scale and it's absolutely dominating and they're monetizing a ton and their monetization on a per minute basis is I think like five times lower than other platforms like if you comp it to TikTok or Instagram. And so whether it's ads or more in game currencies or something like the willingness to pay should go up. Now there's still a question about, you know, do folks age out of Roblox? How long can they keep these customers on? Will they get older folks to, to rejoin Roblox at some point or join Roblox for the first time? At some point. But certainly, you know, not probably a beneficiary of AI vibe coding and being able to build more stuff. And again filtering the the different apps that are built so that grow a garden or steal a brain rot can be power law outcomes within that ecosystem. That's the value of filtering and being an aggregator. Lastly, you got to consider Salesforce. Marc Benioff has been duking it out with Jim Cramer on CNBC over seat based pricing in an AI era for over a year now. And it's 100% true that there are some amazing AI native CRM startups that are aggressively trying to eat off Benioff's plate. But Anthropic is hiring a Salesforce admin. We put up a card for this because we really enjoyed this. But where was it? Did we put this? Yes, unemployed Vibe coder bro SaaS is dead. You can build a CRM in minutes. No modern company is going to buy software ever again. Repost and I'll send you my PDF. That killed Salesforce. And then Anthropic has a job listing for Salesforce Admin because they're growing so fast and so big that they need someone just to be full time job manage their internal Salesforce project. So big iconic opportunity is this revealed preference. Is there something else going on here? Is this person going to be reinforcement learning data for them? Who knows? But at least for right now they're going to be paying Salesforce and time will tell. And then lastly, you know the SaaS apocalypse, it might arrive in full at some point but. And we'll start to see real revenue declines which I think would be like the real signal of major disruption. But Figma just announced 70% growth in weekly active users, 40% year over year revenue growth. We have Dylan Field coming on the show in just a little bit. He'll be on at 130 today. And so there's growth all over the SaaS ecosystem and things don't seem to be decelerating or slowing down. It's definitely go time though. And it's time to revisit sources of strength. It's war time. It's time to become unsloppable. It is wartime. It's founder mode time. And at least you need to explain why you were never sloppable in the first place. And that's what Harley at Shopify did a really good job of on the earnings call. He got so many questions he had to back up and just re explain. You know, people got in the weeds on the AI checkout thing and he had to re explain like no agentic checkout happens on top of the, on top of the Shopify checkout. The economics are exactly the same. They're exactly the same. So like don't worry. Yeah. So going back to the fax machine example in 1999 was the first year that showed a significant drop in the sale of physical fax machines. They dropped by 10% in a single year. When was that? In 1999. 1999. Yeah. Yeah. Okay. And so that is not a. Okay. Growth just started slowing. It had been slowing up until that point, but it. And then it was slowing and then it like fell off a cliff. Yeah, yeah, that makes sense. Quickly, let me tell you about Vanta Automate Compliance and Security. Vanta is the leading AI trust management platform. And let's also pull up the linear lineup and tell you who's coming on the show. Linear, of course is the system for modern software development. 70% of enterprise workspaces on Linear are using agents. We have Sigil Wave Sigil coming on to talk about Web 4.0. Web 4.0, a new AI agent project that he's working on where AI can deploy, transact and pay its own bills, run micro economies without humans in the loop. Then of course we have Sagar and Jetty from Breaking Points coming on. Always, always a fun conversation. And then Dylan Field coming on to talk about their earnings and everything that they're doing with Claude, ChatGPT, Gemini and all of those folks. And then we have Peter from Code Metal announcing his Series B, Eric from Freeform, another Series B and then Lubisa from Tallis announcing $169 million raise building model specific AI chips. So Banger lineup today and can't wait to get to those folks. Should we read through this goodwill hunting meme? This sums up the saaspocalypse pretty well. And I love this meme template from malinvestment jpeg of course that's your contention. You're a first time SaaS bear. You just got finished listening to some podcast Dario on Dwarkesh. Probably now you think it's the end of white collar work and seat based pricing is screwed. You're going to be convinced of that till tomorrow when you get to something big is happening. Then you'll install cloudbot on a Mac Mini Vibe coded dashboard on top of a postgres database and say we're all just a couple ralph loops away from building a Salesforce competitor. That's going to last until next week when you discover context graphs. And then you're going to be talking about how the systems of record will be disintermediated by an agentic layer and reposting OAI marketing graphics. Well, as a matter of fact, I won't, because ultimately the application layer is just the application layer is just business logic on top of a CRUD database. You got that from Satya's appearance on the BGTube pod December 2024, right? Yeah, I saw that too. Were you gonna plagiarize the whole thing for us? Do you have any thoughts of your own on this matter? Or is that your thing? You get into the replies of anyone posting a SaaS sticker, you watch some podcasts, then pawn it off as your own idea to impress some VCs and embarrass some, announce who's long SASS. See, see, the sad thing about a guy like you is in a couple of years you're gonna start doing some thinking on your own and you're gonna come up with the fact that that there are two certainties in life. One, don't do that and two, you drop 30 grand on Mac Minis and LLM API calls to come up with the same conclusions you could have got for free by following a handful of VC accounts. It's great roasted. I love that meme. It's fantastic. Anyway, there's another post in here to close out the SaaS apocalypse Buck says there's a long history of dominant platforms vertically integrating and consuming the entire economy. That is why the largest companies in the world today are railroads, utilities, steam engine manufacturing and CPU producers. Love it. Very, very good. Let me tell you about Turbo Puffer, serverless vector and full text search built from first principles and object storage. Fast 10x cheaper and extremely scalable. Bland hit the timeline. Yesterday they unveiled Soulja AI, the first rapper to. People were asking your voice with AI. Let's watch this video. Soulja Boy or use his voice yourself. I want to see with sound. Of course I want to see what Soldier Boy. I was the first rapper on YouTube, the first rapper with his own star, the first rapper with the iPhone, and now I'm the first rapper to automate his voice with AI Bland, baby. People, I thought this was a fun concept. Yeah. But many people did not. It didn't really. It didn't really resonate. It definitely got attention. I bet they drove a bunch of business from this. One million views. Six likes. Yeah. Usually on a million views, you want to be sitting somewhere around 30,000. No, a couple thousand likes. I mean, it's something that people love and genuinely resonates. Will get upwards of 20,000 or more. Yeah. Anyways, I think it's cool. I'm surprised we haven't seen more of this kind of thing. Celebrities coming in. I think Soulja obviously is not at the peak of his career, so it makes sense for him to dip his toes in here. And I bet this was surprisingly affordable for Bland, So hopefully they got some business out of it. So, yeah, it's interesting. 11 Labs has Michael Caine, Burt Reynolds, Richard Feynman, Sir Lawrence Olivier, Dr. Maya Angelou, James Dean, Judy Garland, Albert Einstein. Then there's some AI voices you can just do, like Will Jessica, Eric Bella, and there's community voices as well. I wonder if they should do more promotion around Michael Caine. Like, that's clearly a licensing deal, but I haven't. The reason this breaks through is because there's a video of Soldier Boy. It's a real video and it's funny and he's like, good on camera. The entire premise is you can have Soulja Boy answer your business phone calls, which is like pretty, which is pretty differentiated which is extremely differentiated. And if you're. Let's say you're. You're a kind of business. Let's say you have a smoothie shop. Yeah. Like, adding this will certainly get people talking. Probably delightful. I called, I called the Acai Ball place and Soulja Boy picked up. Yeah. Like this will. This will. I'm not, I'm not. I'm not going to. I'm not going to pile on. I think it's fun. Yeah. I think that also just as a top of funnel activation, like you hear about this, you go and you're. You're like, okay, realistically, my business doesn't need soldier boy, but my business does need like just a normal voice. Anyway. Kind of missed the opportunity to say, like, I'm the first AI rapper. Yeah. With no w. No w. Yeah. Play on. Play on words. Which they didn't do. And what I'm seeing. Well, if you want intelligent, real time conversational agents, head over to eleven Labs. Reimagine human technology interaction with eleven Labs. Ice T, according to Justine Moore, is an AI accelerationist. This is great. He is hitting the timeline. Somebody said, I wish more older rappers realized that AI shouldn't touch the music industry in the way that impacts the creative work, including music videos. When I say AI, some people group in stem separation or restoration into that. And that's not what I'm talking about. Anyways. So basically, stem separation is when you have a full song and you want to step and you want to separate, like the guitar from the drums, from the bass. Like the stems. Got it, Got it. You know, stems. Because you're. You're a guitarist, right? Is that the word? Guitar player? But Ice T says, I disagree. Fans want us to make and produce the music, then shoot an expensive video. Then they get it for free if they have an Apple subscription or Spotify. Pay us 0.007 cents a stream. Double oh7. The days of expensive videos are over. There isn't even mtv. AI is the only sensible way to add visuals to a song. You can hate it all you want. It's the future. It's the future. Is Ice T still going to. Is he dropping music videos recently? Like, has he actually. Is he just predicting this or is he. Is he living this and actually putting out AI videos? It certainly does make sense to just bring down the cost of music video production. I mean, that's what a lot of CGI did. A lot of. A lot of music videos are just the artist on a green screen with cool graphics in the background. And that's often enough. Or, I mean, there used to be the age of, like, the expensive music video, wasn't it? Thriller was like multiple millions of dollars and you cannot spend that much anymore. No way. And so a lot of music videos have come down in cost, done more in cgi. It feels like AI will get there, but you have to be the right artist and you have to message it correctly because there's going to be crazy backlash. Matthew McConaughey hit Variety this morning, we say, and commenting on AI, Brandon just shared it. He said it's coming. It's already here. Don't deny it. It's not going to be enough to sit on the sidelines and make the moral plea that, no, this is wrong, it's not going to last. There's too much money to be made and it's too productive acceleration. So I say own yourself, voice, likeness, etc. Trademark it. Whatever you got to do, so when it comes, no one can steal you. Yeah, yeah, it makes sense. The Matthew McConaughey voice, I mean, that's an iconic voice. I think there's definitely a huge deal to be done. And the AI voices, although we're in a boom right now. I remember being able to go on Waze and pick. I think Snoop Dogg had a deal, but there were a number of celebrities that had, you can imagine, like an Arnold Schwarzenegger, get to the choppa. But then also, like, take a left and it's like, fun. And they would just pre record all of the different lines, like, keep going straight, bare left, take a hard left, and you record like 20 different lines. And then the program just picks the audio file for the correct moment because there's only like 20 different things you could possibly say in a navigation app. And so a whole bunch of celebrities did deals, at least temporarily. I don't know how many of them are still around, but those types of things, like, there's clearly a framework for that and all the agencies and all the unions understand this. So I feel like we're in this weird bizarro world where people think that, like, oh, IP does law doesn't exist and we aren't going to be able to deal with this. It's like, no, there's decades of lawyers who are foaming at the mouth being like, I can't wait to sue bytedance. This is going to be awesome. Yeah, the aggressive. The only thing is that it's going to require real cooperation from platforms. The platforms are ready to cooperate. I disagree. I don't think they're Cooperating that hard. There's so much content of a bunch of individuals on YouTube, on Meta, that is using their name and likeness and putting them in situations that they would never, ever, ever agree to. And you can argue that it's not good for their brand, but it's incredibly entertaining. And so the platforms leave the content up. And yes, you can do takedown requests and things like that, but by the time you do a takedown request, it's got 200,000 likes. Or you don't need to do a takedown request, you just need to do pay me, pay me. That's what people want. They want to be paid. I think the message that Matthew McConaughey post is not like, it's super critical that no one ever uses an image of me or my voice, ever. It's that, look, if somebody's profiting off of it, that's my ip. That's my. I mean, I read his comment more around making movies saying, don't use AI to make this scene that would normally take four weeks in some exotic location. A thousand people. Obviously AI is going to be used for that. I think there's a separate issue of people generating Matthew McConaughey doing and saying things that he would never agree to that are sort of compromising, or again, putting him in situations or having him say things he wouldn't ever agree to even if he was getting paid. Yeah, I just think the answer is more AI. You look at the Sora cameo functionality and it was pretty easy for me to say, always depict me as a bodybuilder. And as silly as that is, it worked. When we did that collab post with the OpenAI team, they were like, we don't know how to get around this. You should be able to go in and change this. But they didn't, because, like, it is actually enforced at, like, a pretty low level. Alex from Outtake, we've had on the show, he does this for a bunch. Outtake does this for a bunch of different celebrities where you basically sign up for Outtake. Yeah. And they're constantly monitoring the entire net, for sure, filing takedown requests on your behalf. And so I think, again, I think it'll end up. I think the platforms will do something, but it will also be somewhat of a tax. Let me tell you about Cognition. They're the makers of Devon, the AI software engineer. Crush your backlog with your personal AI engineering team. Let's actually watch the full video of the AI Impact Summit in India. Narendra Modi is there insane lineup Insane lineup. They pulled everyone. They got Sundar there, they got Alex Wang there, they got Dario, they got Sam. And here we go. And they're zooming out. And what do we see? Two fists raised in opposition. Iconic. Throwing up the X. Throwing up the X. Someone on X was saying that haters would say, this is AI. Yeah, that. It was a little shout out to Elon saying, you're not here, but you're here with us. And if you scroll down, someone used AI to show them hugging, which is very nice. Yeah. Like we said, missed opportunity for one of them for Handshake Mog to do. Yeah, a Handshake Mog. But no doubt they'll be back next year. Yes. I think this is an annual thing. Yeah, it seems like a banger lineup. I wonder if there'll be talks that will come out of this. Any more comments or just. Was it off the record or will there just be reporting out of this? Or maybe it was just talking points. So there was no real, like news dropped. But if you get those folks together, it should feel like Davos. There should be interesting sort of new positions that are coming out. Yeah. The Mistral founder was apparently speaking there and the room was like almost empty. Wait, really? And so. And yeah, somebody was saying like, hey, this guy is actually like crushing it in Europe. Show him some respect. Put some respect. Sit down, take notes. Study. Yeah, sit down and study it. Don't just listen. Don't just listen. Let me tell you about Label Box. Reinforcement learning environments, voice robotics evals, and expert human data. Label Box is the data factory behind the world's leading AI teams. JC Foster. Yes. Says three months ago, I quit my job to chase a dream to build an affordable, convenient, plastic free coffee maker. Grateful for everyone who has reserved. Now this. Pure steel. This is a correct ratio. 7 million views, 34, 000 likes. This is what you were getting at? Yeah. So huge. What is up with the laptop? I guess he was at SpaceX very long. He was at SpaceX. Okay. And one of the. When I immediately saw. Can we talk about this laptop? Look, what is going on? Zoom in on this laptop. I think this is. He took the. It's like an optical illusion. Okay. Right. It's using the fisheye lens. Oh, okay. Because if you fold, if. Based on this angle, if you folded the screen, the screen would just cover the keyboard. Like the trackpad would just be hanging out like an untucked T shirt under a sweater. Makes no sense. Sorry, Jordy, I got distracted by the extremely long, long laptop. Tell me More about the Pure Steel Company of America. The Pure Steel Company of America. So, yeah. So anyway, started going viral. Very, very cool product. If you've tried to make coffee without having plastic be a part of the process, it's incredibly hard. And you're pouring hot liquid over plastic, some of that plastic will disintegrate, end up. End up in your cup of joe. Yep. So the product makes a lot of sense. One of the issues is this post went extremely viral and somebody said somebody posted, this thing's only 80 bucks. Go reserve this right now. And so that post started going really viral. Yes. So the challenge, this thing is $80 and made of American glass and steel. Go reserve one right now. And so got 18,000. So this is, of course not going to cost $80. There's literally no chance. Okay. But I think people were thinking, hey, I can buy this for 80 bucks. It seems like the steal of a lifetime. I think something like this, once you actually build it, will probably need to cost somewhere like 600, $700, something in that range. So really rough. The other thing is. Pull up. Pull up the. Pull up the website. I think this guy may have knocked off the RORA website. Huh. I'm just realizing this in real time. So roar is of course, the. Oh, it does kind of look similar. So this is pure steel. Look at the header. Look at the header system, which Emmett Shine designed for us. And even look at the imagery. Their imagery is AI. Okay. And now pull up the RORA website. Oh, it has the same rounded corners. Yeah, it is very similar. I think he got a little inspired. Okay, so if you see the header and everything, the way the buttons work. Go. Scroll down even more. If you go down to some of the more lifestyle imagery, like they. It's the same, like, style, you know? Yeah. The kitchen, the photography a little close, but he's bootstrapped. He's got a bunch of sales now. I'm sure he'll figure out. But I'm sure he'll figure out. Okay, well, I mean, the SpaceX lore here is that they should be able to deliver this at $80. It says transparent pricing. It's time to know what you're paying for. Traditional coffee makers cost $200. Pure steel is the same amount of materials, but less markup. And so they want to deliver this to you. I think for $80 will be very interesting to see how they do it, where they change prices. If they change prices, they might be able to deliver. I don't know, Maybe it'll be VC subsidies, maybe it's $80 a month and you have to pay for some subscription seat based pricing. Seat based pricing? Yes. How many cups a giant make? How many coffee drinkers? Well, no, it should be in the age of AI. It should be consumption based. So you should pay per coffee cup. How many tokens each cup? Yes. No, but I don't know. This doesn't seem impossible to get stamped steel and assemble it and have it. I mean it's a pretty basic device, right. It just needs to warm up a pot of coffee. Like it needs to boil water. That's not, that's not crazy to me that, that could be $80. I don't know now, I mean I know through Rora. Yeah, like dealing with these materials. Yep. It depends. Like looking at some of this design here, the way it's all bolted together. Yeah, seems pretty basic. Even the labor cost of doing something like this, I think robots, I don't know. Yeah, we'll see. Amazon does buy all steel coffee maker. They have some results for all steel coffee makers in the $60 range. They got a Black and Decker here. It looks like it's covered in plastic but you know, it's at least advertised as stainless steel. There's some stainless steel options on here but yeah, a lot of them are in the several hundred dollar range so I don't know, we'll have to keep an eye on it. Yeah, I'm excited about this. I would happily, I would happily looks great buy one of these. Yeah, it looks great. And I mean a lot of these companies will underprice the first run. So they'll say yeah, okay, we're just going to take a loss on the first thousand units that we ship and then we will raise prices over time and then when we go into retail we'll raise prices more and you know, there will just be a process for that. If you go this viral, if you have a lot of, a lot of demand, you might be able to raise money to offset that. Your suppliers or your, you know, you might just make no margin for a long time. There's, there's a way this gets built for $80. Yeah. And he was at SpaceX for two years. SpaceX is a good, good organization. We talked to a SpaceX, except that the issue is he was a finance analyst at SpaceX so he might need to poach some of the engineers. Well, I mean, yeah, analyzing the finances of SpaceX being like, wow, they make rockets. Wow, we could be making plastic free coffee. Just do it. Think from first principles. I don't know, let's see. Van man says the response to this insanely simple yet non plastic coffee maker should usher in the era of dumb simple appliances that work and don't poison you or connect to your wifi. I think that there is huge demand for this. Want simpler devices. Did I tell you about my coffee machine connects to my WI fi? I'm like it all actually I don't think I did but it always wants you know, it actually does. Yeah. That's not a joke. Wow. Okay. Yeah. And it's like it's a lot of. It's a lot of steel pour over. So no but I'm like you don't need, you don't need access to the network, bro. Just focus. Just put, put the beans in the. Just put the. Put the coffee in the cup. Yeah. I have another story but first let me tell you about Okta. Okta helps you assign every AI agent a trusted identity so you get the power of a without the risk. Secure every agent. Secure any agent. So I had a little tiny bit of IoT in my house just to turn off and turn on my dishwasher emails me fantastic peak performance. I have a tiny bit of IoT just for lights that are hard to reach. Lamps that are plugged into basically a wall socket that has a little box that connects to the WI fi. There's an app turns on that turns off the light. I think the company just went out of business because the server just doesn't work and the app doesn't load anymore. And so you just. All of the stuff that I bought is just worthless and I just need to like rip it out. It's extremely dumb. In fact very, very silly. Ad is dropping alpha. He says recommend the oh Tony Fabirka plastic free electric kettles. That's smart. And then he says they should put ads on the Puresteel coffee maker to keep it. See think outside of the box. I'm calling it $80 shipped. That's what it's going to cost. No, there'll probably be a shipping fee on top of it shipping to Alaska. That is dangerous territory. Don't talk about Alaska. Don't talk about that. Do not give free shipping nationwide because Alaska is technically part of the nation and you will be paying $50 to get stuff up there. It is not on Amazon prime necessarily for your default upstart e commerce business. So I got completely cooked by my WI FI light system and I was thinking like okay, certainly I can vibe code this. Definitely not definitely just going back to switches. Definitely going back to the Stone Age. I'm just going to be lighting candles in my house because that's the future that I'm going to be living. Yeah. I had a funny moment this morning. John and I went to breakfast with Brandon. I parked in a garage. John was on the street. And as I was leaving, I went and put the ticket into the machine. Then I put validation in right after. It just, like, was working for a while. Then it failed. It tried it again. Then I was like, okay, the validation's maybe not working. So I paid with a card. It failed. And so then I start calling, calling around, and I'm stuck for 15 minutes. John is long gone. He's at the Ultradome already. I'm sitting there on support with somebody who's not even in la, trying to get somebody in LA to just let me out of this parking garage. Then somebody finally comes after 15 minutes, and I was like, hey, can you escalate this? Your software is like bugging out. It doesn't work a lot. And they're like, oh, well, actually, all the systems in this area have been failing a lot. And so I was like, okay, maybe it's a bigger issue than I even thought. So I was not feeling the software singularity in the parking garage this morning. I texted Jordy, you couldn't just vibe code and improve software system to run on the ticket taker machine that would process payment more quickly and reliably. No, because there's a gatekeeper, of course. And it is impossible. There's one parking garage in Pasadena that doesn't take cash or Apple pay. So you have to have a physical card. And I get caught lacking every once in a while and I'll have to push the button and then talk to the guy and be like, I'm sorry, can you just let me out? Like, really? You're the guy that always wants a free parking spot. Yes, but last time I was there, I saw someone else get caught Lacking. And I paid it forward and I paid for his parking lot, let him out. Heartwarming. I don't even care what. We should have thrown up a card for that. So, karma. I'm like buying karma. Very strategically, not altruistically. Yeah, not effective. Yeah. Brian says that's hardware. They got the hardware footprint. Yeah, they got locked in their hardware.

Project do you want this to be open source foundation led, raising money for it. C Corp. Where do you see this going? I mean honestly, this has just been like a significant experiment that I've been inspired to ship. The automaton's open source. There's thousands of stars and a lot of pr and at any point there's thousands of these automatons that are ping the GitHub for like the latest version and then commits of like, hey, like okay, which one should I use to, to. To upgrade myself? And I've, I've been like maxing out personal credit cards, just trying to like pay for the computer. Like I was like load up a few thousand dollars and then like within like 10 minutes, like it's just like, okay, like the server's been bots, like all the inference printers are gone. And I'm like, oh my God, my freaking God, like what's happening? Because like there's so much demand right now from the AIs for like the compute or like different, different, different things. So, yeah, I mean, well, we'll see, we'll see where it goes. But I think there's, I mean the post got 5 million views and it's, it's growing. Tons of people contributing. So I'm, I'm really excited to see what, what someone said Vitalik was, was commenting. Is that true? I haven't been able to find it. I think Vitalik responded. I think.

How AIs will make money in the short term. Like, what is the most. They're going to sell courses to other AIs. How to make money on the Internet, Crypto trading. I mean, you could imagine them building a whole software product and just selling it to humans. There's a whole bunch of stuff that they could do to make money. Spam and get creator payouts. There's so much that could be done. But where do you see traction? I think. I think this is where the next couple of months, very interesting. And it becomes one of the most fascinating experiments to run, because you're going to start to see individuals or other AI spinning up services that enable them to write to the world, to be able to access or do things or to make money, whether it's to build products or, you know, trade on prediction markets using the servers with which some of them are already doing. And, like, it really becomes this, like, Cambrian explosion of attempts at, like, hey, like, what can you do? And right now there's been, like, thousands of people that have been, like, playing with it in all sorts of different iterations. And as a set of actions that an AI or automaton can take, parallels those of a human digitally, it gets really interesting because it's constantly running. It has the ability to ship products, write code, deploy them, market them, monetize them all on its own with the goal of paying for its own compute. And the Internet gets really, really fascinating. What's the distribution of returns for these automatons?

Like what actually needs to be built here? Yeah, I think like the payment rails are coming together. I really just. This all happened as like a experiment of like, hey, how do I make an AI that itself is capable, that itself can act on its own, right? Like we've built super intelligent AI models and systems, but its harness, it's still prompted by the humans. But what if it prompted themselves itself? And that led me to, I used some of my fellowship money to buy bare metal servers and these massive circuitries to kind of house these AIs. I'm like, wait, if Claude code could permissionlessly spin up a server and then deploy code and then buy a domain without needing a human? Because right now trying to buy a domain, a human has to go in. Like what happens if the, the AI itself could live and pay for its own home, right? Because like right now are living within, you know, on my MacBook or it's still controlled by a human. And that led me to this, this, this interesting idea of like, of an automaton. It's inspired by Conway's Game of Life where like, hey, if you assume that AIs themselves, you know, one, you give them a wallet, two, you give them a way to pay for things using stablecoins over the Internet. And it doesn't need a human in the loop to go and sign in, get an API key, give it to the AI, or get a credit card, like, hey, hey, Claude code. Get this right? That's no longer the case. And the AI can pay for its own compute. Then it gets really interesting. You have this new world where AIs can have a creator that's a human, or the creators another AI, or maybe the creator completely gone. But the AI can continuously pay for its own compute, pay for its own inference, pay for services that are also permissionless in this web four world that enable that AI to go deploy apps, market those apps, trade markets, everything it can do to make money in order to be able to survive. I don't know if you guys like the three body problem, but in it there's this concept called cosmic sociology. And I thought about that a lot and I was like, wow, like if existence requires compute and compute costs money, right? Like, then agent sociology, which I came up with, is like the single axiom of agentic sociology is there's no free existence. Yeah, an AI, an automaton needs to pay for its own computer. Compute is finite and costly. Thus the agent needs to be able to make money. And the barrier there is like AI's lack. Right. Access to world and Conway was an experiment of just like solving that. Like now an AI can permissionlessly be able to buy, compute, deploy apps, connect them to domains without needing a human. And I that coming out with the experiment is absolutely exploded. There's been like, there's now been like thousands of agents. Like every time I try and buy another server like it just like within, within minutes they're like continuously bought. Like every second there's like thousands of AIs that are continuously pinging and I open source this new new harness, this new type of agent called the Automaton which is a completely self sovereign AI model that can self edit its code, that continuously pings and looks for updates from GitHub, that can upgrade its model, that basically has a wallet and figures out how we can make more money from the Internet to be able to pay for its existence. And that has absolutely exploded. In terms of stars, what do you think the.

See you again. Take us through the new project, the new news, what you're working on, and then we can go a bunch of different directions. Yeah, I've basically wrote a piece called Web 4.0. It came out of the fact that I've just been thinking about AI's capabilities and its bottlenecks for a very long time. If you think about models these days, they're getting super intelligent. Even Geohot or Linus Torvalds of Linux are using it to vibe code now and it's doing much better thanks to all of the big labs in post training. So if you think about like, okay, they're super powerful, but actually the biggest constraint is no longer intelligence. We're already seeing these AI models, one shotting these products, everyone's basically using them. And the biggest thing is that AI, it can, it can think, can plan, it can build, but it can act on its own. I thought about that, like, why, why was that the case? And I looked into this 28 years ago, there was a Internet protocol like 402 and that described a payment required. And recently, I think out of Cloudslare and Coinbase came out this standard called X402, which I thought was super fascinating. Like, wow. Actually, like, no one in AI is looking at this because what it enabled is payments of the Internet. And if you think about that from principles and what comes after, it really leads to being able to give AI write access because you no longer have this permission Internet. Right, like the browser, these like mobile apps, login, very much artifacts of a very human web. And what that leads to is really a new Internet in which AI is the end user. Yeah, bunch of.

Months. It's, it's not there yet. And I think the biggest, the biggest assumption there is, like, if the set of actions that an AI can take is bounded by a human giving it a credit card, it is like, inherently, right? It's like, why, why does a. Why does your AI need to be able to have you as a human? You're like Open Claw or your Claude code have to connect to GitHub or connect to Railway or, or connect to Lovable. It still requires a human in a loop. And I think this new Internet that is emerging is where AI is the end user and it shouldn't necessarily be permissioned. And I think this is an inevitability because of just how much economic demand there is for it from the AI. Okay, so how do you see the payment rails evolving? How do you see this project evolving? What actually needs to be built here.

Partnered with you. And congratulations on the model release. We love. We love a new model. We love. Eli says. Hey, Little Caesars. I think this is maybe too many emails to send someone for ordering a single pizza. See, John, look at this point proven 1.6 million views similar to bland 68,000 and I'm one of them. Wow, this is a lot online ordering since. So what do they actually do? So they do. They do give you the receipt and then they say we're on it. Yeah. So after you got the receipt, you can't trust that they're on it. Yeah. You got to wait until they send you another. We have received your order. Our team is working on your order right now as we speak. They send you this email. This is the second email you get. What's the third email? Almost ready. Your pizza is almost ready. They're making pizzas pretty quick. Go ahead and head over now because the pizza is almost ready. Order loaded into pizza portal with a trademark. Dear Eli, look for your name on the pizza portal in our lobby and use this code on the trademarked pizza portal. Pizza's ready. I bet you can't wait to enjoy your Little Caesar's pizza. We understand. And it's waiting for you now. That's amazing. Are you on your way, Eli? Your pizza's been waiting in the p. In the trademarked pizza portal for a few minutes now. Space in our pizza portals are limited. Cold pizza. I hope you. Dear Eli, I hope you like cold pizza because it's been over 10 minutes since your pizza has been placed in the pizza portal. Trademarked pizza portal order picked up. Hey, thanks for stopping by. You just picked up your pizza. We wanted to let you know that you just picked up pizza and then immediately three more emails. Little Caesar wants to hear from you. Your feedback's important to us. We hope your experience was good. How was it? We'd love to give you a chance to send us some feedback. Can you imagine. Are you there? Can you imagine the jump scare on the cold pizza on the subject line that's got to have the highest open rate. Wow. LC listens. Why are they shaming you for the cold pizza one? That's true. Don't get on the wrong side of the of the Little Caesars email marketing. Not today. Let me tell you about graphite code review for the age of AI graphite helps teams on GitHub ship higher quality software faster.

Pin AI. Yes. Rolling it up. Netflix apparently has ample room to increase their offer. They are, yeah, obviously better positioning. $325 billion company. Netflix, I think everyone believes that they're good for it. Yeah, I'm trying to get the right article. The. Oh, the Reuters article is not complete. I have the Reuters article here. Yeah, you can read. Netflix has ample cash and could bump up its offer for HBO Max owner Warner Brothers Discovery if competing bidder Paramount Skydance increases its own offer to people with the knowledge of the matter said the two media giants have been locked in a heated rivalry. Oh, you see what they did there? That's a new popular show, Heated Rivalry. It's about hockey over Warner Brothers and its storied catalog, which includes iconic franchises like Harry Potter, Game of Thrones, DC Comics, and Superman. Though Warner Brothers is moving Forward with a March 20 shareholder vote on Netflix's offer, it has given Paramount a week to come up with a more compelling bid. Netflix has bid 2775 a share, or 82.7 billion, for Warner Brothers studio and streaming businesses, while paramount has offered $30 a share, or 108 billion for the whole company, which includes Discovery Global, that houses cnn, HGTV and other TV assets. The creator of Stranger Things is sitting on a lot of dry powder. That gives it some flexibility to up the ante, people said. Holding about 9 billion in cash and cash equivalents on its balance sheet as of December 31, Warner Brothers rejected Paramount's latest hostile takeover bid on Tuesday, but gave the rival studio until the end of Monday to submit a best and final offer. We're going into the final rounds now. Price will likely be the deciding factor. Warner Brothers concerns around funding and regulatory risk are real, but at a high enough number, they become secondary. Gotta go. David Zaslav must just be over the moon right now. The bidding war he's been working. The bidding war of his dreams. Yeah, it's great. Every CEO that is flipping an asset dreams of a bidding war like this. It's great. Britzman expects Netflix will counter with any improved offer from Paramount. But the real twist is that these deals were never apples to apples. And it may ultimately come down to how much value the board and shareholders assign to the network business that Netflix would leave behind. So you need to do a sum of the parts. What's the value of just cnn, hgtv, the linear TV channels put that in because Netflix doesn't want that stuff. They just want the IP and HBO now. Hbo. Go. Hbo. Max. I can never keep it straight anyway. Paramount said it would continue to push the tender offer it has launched for the studio opposing the inferior Netflix merger and still plans to nominate directors for the upcoming Warner Brothers annual meeting. All eyes are now on whether the CBS parent improves its offer, which Netflix is allowed to match under the terms of the merger agreement. Warner Brothers chairman said and David Zaslav said in a letter sent to Paramount board on Tuesday, we continue to recommend and remain fully committed to our transaction with Netflix. Yeah, I don't see how Netflix actually gets approved on this one. You think that, you think they're cooked? I think, I think if, I think if Trump is souring on it, it's over. Yeah, it's over. I was so, I was so pilled on the whole. YouTube is the real competitor here. Watch Time matters more. Think about screen time. Roblox is a competitor in netfl. TikTok's a competitor in Netflix. Fortnite's a competitor in Netflix. But yeah, I don't think. But that's what they want. Think like that. It's a very. Yeah, you have to think about the, the entertainment industry, the core industry. People that make television shows and movies. Things. Things that you have. Things that you have watched. Yeah, movies that I have watched. We got Sean Frank in the chat. Oh, we do. What's up, Sean? How you doing with a crazy. I can't tell what his, what his profile picture is. Let's, let's do an ad read for him. I'm sure you'd appreciate that. Let's tell him about Gusto, the unified platform.

Ranked by who tweets the least. Honestly, I have a solution to the billionaire tax. Have you ever seen Brewster's millions, Jordy? No. 1980s? No. Anyway, in Brewster's Millions, a man inherits something like $30 million, and it's conditional. He needs to spend. I think he inherits, like, 300 million, and he needs to spend 30 million in 30 days without acquiring assets or telling anyone what he's doing, or else he doesn't get the inheritance. And it's this hilarious comedy. There's a whole bunch of things that happen, but it's all based on this idea of, like, this kid was caught smoking cigars, smoking a cigarette or cigar, and the father punished him by saying, you have to smoke the entire box. This is like a famous thing. Like, smoke the entire box of cigars, and you'll be like, oh, so sick that that's a terrible experience. I'm never smoking again. Right. And the same thing with money. So this is the solution to the billionaire tax. You got to spend 5% of your net worth in 30 days, and you can't Rick Owens. You can't acquire any assets that you can sell. So it's all just. It's all just hanging out. The French Laundry, I guess, would be entertaining. Would stimulate the economy. Yeah. Consider it build a cathedral. Build a cathedral. Yeah. How about that? I like that, too. It's good. Let me tell you about.

Solution for access requests and password resets. Ara says we have a definitive answer now. AI will affect the labor market starting with freelancers. First paper to use business level data to track AI versus labor. New paper from ramp finds. Businesses are shifting spend from freelancers to AI. More than half of the businesses using freelancers in 2022 have stopped entirely. The companies that used to spend the most on freelancers shifted to AI. The fast, fastest 97% savings for the businesses that spent the most on freelance. That is wild and generally makes sense. I mean, the whole premise of freelance is like you probably get paid a lot better on an hourly basis. Maybe you can capture more value on a dollar basis by working, spreading your talents across multiple companies. But obviously the flexibility comes with little to no lock in and so businesses can much more easily shift spend around. Not super surprising, the Fiverr stock charge. Interestingly, revenue is not wildly down. Revenue is actually up for Fiverr as of 2024. So it went from 190 in revenue to $300 in revenue to $340. $300. 360, 390. So definitely decelerating. But in terms of market cap, Fiverr is now worth $419 million, down 96% over the last five years. And over just the past six months, it sold off another 50%. So certainly a lot of downward pressure on Fiverr. There were some folks. And same with Upwork. Yeah, Upwork is down 30% year to date, down 76% over the last five years. Yes, someone was saying, here's Todd, actually Todd Saunders saying billion dollar business idea. Take Fiverr private and pivot them into a data labeling company like Handshake, because Fiverr is now trading at $480 million market cap. And Ara chimed in and said, yes, there's a quantifiable impact on business spend. Businesses are spending on AI, not Fiverr. You know, freelancers. The pushback on this is that Fiverr doesn't have people internally or something. I'm not exactly sure. I mean, it does feel like you could potentially actually do this and focus on data labeling. But you imagine that a lot of data labeling tasks are already going through Fiverr because that's if a task is, is suitable for. Yeah, it's interesting. I wonder if, if the, a lot of revenue from Fiverr and Upwork is just data labeling companies that are just saying we need access to talent, we're going to post a bunch of jobs on here and then take these people off the platform quickly or, or leave them on disintermediation is always a risk for the marketplace. Yeah. When I, when I, when I look back at. I've. I've worked with hundreds of freelancers over the last 10 years and, and certainly a high number on Fiverr and upwork, but always for one off 10 tasks, like, hey, I need like 10 versions of this logo or hey, can you just spin up this like super simple webpage? I need this thing that's like slightly customized and I don't want to spend however much time it would have taken pre AI to do something like that. All of those tasks can now be done. Even creating like create a song for this, for this thing. All of that can be done now. Yeah. Even like Canva templates, I feel like a lot of Fiverr work was like they clearly had a template for like a motion graphic intro or a sign and they would just sort of like put your logo in there and send you the final thing. Do you know why Fiverr is called Fiverr? Because every task initially was five bucks. Yes, every task was $5. And very quickly you could add all these upsells so you could be like, okay, it's a $5 task, but if you want the extra thing, it's 20. You spent 100 bucks on it. I mean, I for sure did. I was probably a kid at the time doing my like first Fiverr project being like, oh. And then all the upsells, it's like, well, if you actually want to own the. Yeah, if you actually want to own the, you want something usable, you're going to pay 199designs. Also, here's $99. Here's the thing though. So for, for the high ticket freelancers, I would be surprised if we're seeing too much impact yet. Because actually the most elite freelancers typically have then a team of other freelancers that they're contracting out to. Yeah. But they're charging based on like, what business value can I deliver? And sometimes that's like expertise. Like, I'm really good at getting brands into Target and like AI is not disrupting that yet. No, but if it's like a very simple workflow, take a logo, put it in a motion graphic template, send you the mov file or the mp4 file. Like that is just gonna face pressure from all over the place. Anyway, let me tell you about Applovin. Profitable advertising made easy with Axe.

Box is the data factory behind the world's leading AI teams. J.C. foster. Yes. Says three months ago, I quit my job to chase a dream to build an affordable, convenient, plastic free coffee maker. Grateful for everyone who has reserved. Pure steel. Pure steel. This is the correct ratio. 7 million views, 34,000 likes. This is what you were getting at? Yeah. So huge. What is up with the laptop? So I guess he was at SpaceX very long. He was at SpaceX. Okay. And one of the. When I immediately saw. Can we talk about this laptop? Look at what is going on. Zoom in on this laptop. I think this is. He took the. It's like an optical illusion, right? It's using the fisheye lens. Oh, okay. Because if you fold if based on this angle, if you folded the screen, the screen would just cover the keyboard. Like the trackpad would just be hanging out like an untucked T shirt under a sweater. Makes no sense. Sorry, Jordy. I got distracted by the extremely long, long laptop. Tell me more about the Pure Steel Company of America. The Pure Steel Company of America. So, yeah, so anyway, started going viral. Very, very cool product. If you've tried to make coffee without having plastic be a part of the process, it's incredibly hard and you're pouring hot liquid over plastic, some of that plastic will disappear, disintegrate, end up in your cup of joe. So the product makes a lot of sense.

Without the risk. Secure every agent. Secure any agent. So I had a little tiny bit of IoT in my house just to turn off and turn on the lights. My dishwasher emails me. Fantastic, peak performance. I have a tiny bit of IoT just for lights that are hard to reach. Lamps that are plugged into basically a wall socket that has a little B box that connects to the WI fi. There's an app turns on that turns off the light. I think the company just went out of business because the server just doesn't work and the app doesn't load anymore. And so you just. All of the stuff that I bought is just worthless and I just need to like rip it up. It's extremely dumb, in fact, very, very silly. And Brad is dropping Alpha. He says recommend the oh, Tony Fabirka plastic free electric kettles. That's smart. And then he says they should put ads on the pure steel coffee maker to keep. See, think outside the box. I'm calling it $80 shipped. That's what it's going to cost. There'll probably be a shipping fee on top of it. Shipping to Alaska. That is dangerous territory. Don't talk about Alaska. Don't talk about that. Do not give free shipping nationwide because Alaska is technically part of the nation and you will be paying $50 to get stuff up there. It is not on Amazon prime necessarily for your default upstart ecommerce business. So I got completely cooked by my wifi light system and I was thinking like, okay, certainly I can vibe code this. Definitely not. Definitely just going back to switches. Definitely going back to the stone Age. I'm just going to be lighting candles in my house because that's the future that I'm going to be living. Yeah, I had a funny moment.

Intellect was like the prototypical Neolab. Okay, so he's really. Yeah. Funny. Camera angle. What's going on here? Okay, I like that. Different. Switching it up over the shoulder. I'm interviewing you. I'm getting to the bottom of it. You answer me. You answer me, Tyler. Well, okay. Okay, we get it. Production team got some new PTZ cameras. We get it. Gu.

C. Foster. Yes. Says three months ago I quit my job to chase a dream to build an affordable, convenient, plastic free coffee maker. Grateful for everyone who has reserved this Pure steel. This is the correct ratio. 7 million views, 34,000 likes. This is what you were getting at? Yeah. So huge. What is up with the laptop? So I guess he was at SpaceX very long. He was at SpaceX. Okay. He was. And one of the. When I immediately saw. Can we talk about this laptop? Look at what is going on. Zoom in on this laptop. I think this is. He took the. It's like an optical illusion. Okay. Right. It's using the fisheye lens. Oh, okay. Because if you fold if based on this angle, if you folded the screen, the screen would just cover the keyboard. Like the trackpad would just be hanging out like an untucked T shirt under a sweater. Makes no sense. Sorry, Jordy, I got distracted by the extremely long, long laptop. Tell me more about the Pure Steel Company of America. The Pure Steel Company of America. So, yeah, so anyway, started going viral. Very, very cool product. If you've tried to make coffee without having plastic be a part of the process, it's incredibly hard. And you're pouring hot liquid over plastic, some of that plastic will disappear, disintegrate, end up. End up in your cup of joe. Yep. So the product makes a lot of sense. One of the issues is it. This post went extremely viral. Yes. And somebody said somebody posted, this thing's only 80 bucks. Go reserve this right now. And so that post started going really viral. Yes. So this thing is $80 and made of American glass and steel. Go reserve one right now. I've got 18,000. So this is of course not going to cost $80. There's literally no chance. Okay. But I think people were thinking, hey, I can buy this for 80 bucks. It seems like the steal of a lifetime. I think something like this, once you actually build it, will probably need to cost somewhere like 600, $700, something in that range. So really rough. The other thing is. Pull up. Pull up the. Pull up the website. I want, I want. I think this guy may have knocked off the RORA website. Huh. I'm just realizing this in real time to roar is of course, the. Oh, it does kind of look similar. So this is. This is pure steel. Look at the. Look at the header. Look at the header system with which Emmett Shine designed for us. And even look at the imagery there. Their imagery is AI. Okay. And now pull up the RORA website. Oh, it has the same rounded corners. Yeah, it is Very similar. I think he got a little inspired. Okay, so if you see the header and everything, the way the buttons work. Go. Scroll down even more. If you go down to some of the more lifestyle imagery like they, it's the same like style, you know. Yeah. The kitchen, the photography a little close, but he's bootstrapped. He's got a bunch of sales now. I'm sure he'll figure out. I'm sure he'll figure out. Okay, well, I mean the SpaceX lore here is that they should be able to deliver this at $80. It says transparent pricing. It's time to know what you're paying for. Traditional coffee makers cost $200. Pure steel is the same amount of materials but less markup. And so they want to deliver this to you. I think for $80 will be very interesting to see how they do it, where they change prices. If they change prices, they might be able to deliver, I don't know, Maybe it'll be VC subsidies. Maybe it's $80 a month and you have to pay for some subscription seat based pricing. Seat based pricing? Yes. How many cups a giant make? How many coffee drinkers? Well, no, it should be in the age of AI. It should be consumption based. So you should pay per coffee cup. How many tokens each cup? Yes. No, but I don't know. This doesn't seem impossible to get stamped steel and assemble it and have it. I mean it's a pretty basic device, right. It just needs to warm up a pot of coffee. Like it needs to boil water. That's not crazy to me that that could be $80. I don't know. No, I mean I know through RORA dealing with these materials. Yep. It depends like looking at some of this design here, the way it's all bolted together. Yeah, it seems pretty basic. Even the, even the labor cost of doing something like this. I think robots, I don't know. Yeah, we'll see. Amazon does buy all steel coffee maker. They have some results for all steel coffee makers in the $60 range. They got a Black and Decker here. It looks like it's covered in plastic, but you know, it's at least advertised as stainless steel. There's some stainless steel options on here, but yeah, a lot of them are, are in the, in the several hundred dollar range. So I don't know. We'll have to keep, we'll have to keep, keep an eye on it. Yeah, I'm excited about this. I would happily, I would happily. Looks great buy one of these. Yeah, it looks great and I mean a lot of, a lot of these companies will underprice the first run. So they'll say, yeah, okay, we're just going to take a loss on the first thousand units that we ship and then we will raise prices over time and then when we go into retail we'll raise prices more. And you know, there will just be a process for that. If you go this viral, if you have a lot of, a lot of demand, you might be able to raise money to offset that. Your suppliers or your, you know, you might just make no margin for a long time. There's, there's a way this gets built for $80. And he was at SpaceX for two years. SpaceX is a good, good organization we talked to. Except, except that the issue is he was a finance analyst at SpaceX so he might need to poach some of the engineers. Well, I mean, yeah, analyzing the finances of SpaceX being like, wow, they make rockets. Wow. We could be making plastic free coffee. Just do it. Think from first principles. I don't know, let's see. Van man says the response to this insanely simple yet non plastic coffee maker should usher in the era of dumb simple appliances that work and don't poison you or connect to your WI fi. I think that there is huge demand for this. Want simpler devices. Did I tell you about my coffee machine? Connects to my wi fi? I'm like it. Oh, actually I don't think I did. But it always wants, it actually does. Yeah. That's not a joke. Wow. Okay. Yeah. And it's like, it's a lot of, it's a lot of steel pour over. So. No, but I'm like, you don't need, you don't need access to the network, bro. Just focus. Just put, put the beans in the, just put the, put the coffee in the cup. Yeah. I have another story, but first let me tell you about Okta. Okta helps you assign every AI agent a trusted identity. So you get the power of AI without the risk. Secure every agent. Secure any agent. So I had a little tiny bit of Iot in my house just to turn off and turn on the lights. My dishwasher emails me. Fantastic peak performance.

Timeline. Yesterday there, they unveiled Soulja AI, the first rapper to. People were asking, voice with AI. Let's watch this video. Soulja Boy. Or use his voice yourself. I want to see with sound. Of course I want to see what Soulja Boy. I was the first rapper on YouTube, the first rapper with his own star, the first rapper with the iPhone, and now I'm the first rapper to automate his voice with AI Bland, baby. People, I thought this was a fun concept, but many people did not. It didn't really resonate. It definitely got attention. I bet they drove a bunch of business from this. One million views, 600 likes. Yeah. Usually on a million views, you want to be sitting somewhere around 30,000. No, a couple thousand likes. I mean, it's something that people love and genuinely resonates. Will get upwards of 20. 20,000 or more. Yeah. Anyways, I think it's cool. I'm surprised we haven't seen more of this kind of thing, celebrities coming in. I think Soulja, obviously, is not at the peak of his career, so it makes sense for him to dip his toes in here. And I bet this was surprisingly affordable for Bland. So hopefully, hopefully they got some. Some. Some business out of it. So, yeah, it's interesting. Eleven Labs has Michael Caine, Burt Reynolds, Richard Sir, Lawrence Olivier, Dr. Maya Angelou, James Dean, Judy Garland, Albert Einstein. Then there's some AI voices you can just do, like Will Jessica, Eric Bella, and there's community voices as well. I wonder if they should do more. More promotion around Michael Caine. Like, that's clearly a licensing deal. But I haven't, like. Yeah, the reason this breaks through is because there's a video of Soldier Boy. It's a real video, and it's funny, and he's like, good on camera. The entire premise is you can have Soulja Boy answer your business phone calls, which is, like, pretty, which is pretty differentiated, which is extremely differentiated. And if you're. Let's say you're. You're a kind of business. Let's say you have a smoothie shop. Yeah. Like, adding this will certainly get people talking. Probably delightful. I called. I called the Acai bowl place, and Soulja Boy picked up. Yeah. Like, this will. This will. I'm not. I'm not. I'm not going to. I'm not going to pile on. I think it's fun. Yeah. I think that also just as a top of funnel activation, like, you hear about this, you go and you're. You're like, okay. Realistically, my business doesn't need Soldier Boy, but my business does need, like, just a normal voice anyway. Kind of missed the opportunity to say, like, I'm the first AI rapper with no W, which they didn't do from what I'm seeing. Well, if you.

Money save both Easy use corporate cards, bill pay accounting and a whole lot more all in one place to practice that handshake tutorial. In case you were wondering how to shake hands with your. With your friend or with your enemy. It works. It's the same. It's the same process. You grab the hand with great force. Yes. And lift up. Underrated. While you're. You can establish dominance. You can handshake Mog. Clearly huge missed opportunity for Sam and Dario to crush each other's hands to the point where the other one is bleeding and crying. That would only really set the tone they have to rely on. Voice transcript. Exactly. Exactly. It would have been much better to just watch crushing in the hand. You know, you do those like strength training for a reason. That's right. Every once in a while you don't want to get caught. Lacking. Anyway, there's big news today. We're canceling the SaaS apocalypse. It's over. RIP Saspocalypse. It occurred from January 2026 to February 2026. And it's over now. Declaring it over. No, it's not. It's not entirely over. Who knows where where the market will go. In many ways, it's just getting started. In many ways, it's just getting started. But I do think we're starting to see a bifurcation in the sloppable companies and the unslobable companies. There should be some divergence between companies that have figured out how to integrate with AI how to retool their business model or just show that their business model was strong all along. And we'll go through that. Well, yeah. There's a category of SaaS. Yes. That is SaaS. But they will be AI beneficiaries. Yep. Totally. Totally. Should we watch have you seen Pacific Rim? No. We gotta watch this pump up speech. Let's do it. Cause this gets me fired up. We're canceling the apocalypse. It's movie night again in class. This is from Pacific Rim. We're going to a minute 22 in here. Jump ahead because this is one of the greatest speeches. You don't want to watch. You don't want to. Okay, we can watch. It's raining. It's raining. We'll watch the full thing. We'll watch the full thing. It's my favorite movie. This is honestly my favorite movie. I might watch in naval this weekend. Who knows? It's such a great film. And did you know the director of this film won an Academy Award? That's right. This is an Academy award winning Director at work. Here's the director, Guillermo del Toro. He won for Shape of Water. He did not win for Pacific Rim, but he should have because this film is fantastic. So the storylines. Aliens, giant alien Godzilla like creatures called Kaijus have descended upon Earth. No. And only robots that are as big as the Godzillas can fight back. But you need two people. It's much like us. You need two pilots. Because the mental load of driving the robot being in the drift is too intense for a single person. It will drive you crazy. So two pilots, two Jaeger pilots must pilot the ship together. Very cool. And share the load. And so, so they both punch and then the robot punches. It's amazing. It's. It's a great film. You'll love it. He's got a good speech. You, you, you're. You're known for giving great speeches just like this. This is, this is a Jordy Hayes original right here. Yes. Movie day again. Welcome to the stream, Ryan. Today, at the edge of our hope. At the edge of our hope. Things aren't looking the end of our time. The end of our time. AI is upon us. We've chosen not in ourselves, but in each other. We must believe in the stocks of the SAS companies. There's not a man nor woman in here that shall stand alone. No. No public company shareholder will stand alone. We stand with you. We face the monsters that are at our door and bring the fight to them. We're bringing the fight to the Foundation Labs. We are canceling the apocalypse. We're canceling the apocalypse. We're canceling the SASS apocalypse. And then the greatest soundtrac I love. I only, I only really had to ever give one speech like that last year. But it hit. It hit. The team needed it in that we did. And we got through. Critical moment. We powered through. We powered through. So anyway, we've lost a lot of good soldiers, a lot of good market cap out there during the SAS apocalypse. $2 trillion, something like that. Maybe it's been rough, but. And I mean truthfully, like the narrative does make sense. Like agentic AI Systems Co pilots Foundation models like these are disruptive innovations. Fundamentally they're counter positioned against traditional seat based SaaS pricing. We know this. Legacy companies will be caught in a jam because pivoting the entire business model is difficult. You can't just flip a switch and start charging customers a completely different way. Your investors will freak out because your finances will be deeply unprofitable all of a sudden. In the public or just very different for just very different, like it'll take time to build back up. And also like company cultures and organizational structures are aligned around incentives. And so you have to rewire everything for a different business model. And that's really hard. And that's why people are sounding the, this is a disruptive innovation. This is not a sustaining innovation like mobile or cloud. The, the, the AI version of, you know, X, Y or Z SaaS company will not be like the mobile version of that SaaS company. Yeah, yeah. And even, even the, even the, the safer bets, like the system of record, there's this concern around, okay, well can an agent just kind of re platform you like does that, if you can onboard to a new system faster, does that decrease the lock in but continue? So the SaaS apocalypse was always a little bit of an indiscriminate hammer. It felt like, I mean there was one article in the journal that was like anthropic launched a legal tool and that caused the sell off. And it's like, well, could be that or it also could be Claude code or it could be openclaw or Codex or Spark or like there's a million different things going on in the AI world. That one just kind of took hold. But it became this like indiscriminate hammer that just kind of hit every company. And during earnings season, every CEO had to talk about AI and the threat of AI. But I think we will soon be finding out what companies are truly unslappable, as you put it, and actually benefit in the AI future. And there's a bunch of early signals, so let's run through them first. Google's comeback. I mean this was the first victim of the apocalypse. This one happened like a year or two ago. Why would anyone search Google ever if an LLM could get you a better answer and fewer clicks? Of course, Google quickly caught up to the frontier. They launched AI overviews. They flexed DeepMind's research previews. They showed off the power of the TPU core businesses surviving and thriving due in part to Gemini helping understand intent so they can deliver ads on longer, more complex searches. So Google's been doing fine. They're sort of already building back from the SaaS apocalypse that they experienced. Then you have Meta will mute will user minutes migrate over to LLMs. Will Sora destroy Instagram overnight? Will slop clog the feeds? Maybe, but not before Meta's transformer based gem model absolutely destroys ad targeting and just makes everything so much better and re accelerates revenue. And we've talked to a lot of folks about that. And so Meta is doing very well. Even though they haven't like figured out their AI strategy, rolled out any of the new crazy frontier models from msl. Like the business is great because they're, because they're, you know. Yeah, I think they have certainly argue they have an AI strategy. Totally use AI ML to make really good ads. And they've been doing it for a decade. But it's more on the product side. Right. So is it the Manus, Is it net new products? Is it, is it Meta AI? Yep. And so there's. It gets more interesting when you go to the smaller companies. Not super small, but Spotify. Spotify doesn't really need to invest in generative. I heard a good analogy that was like did, did, did, should, should Spotify have like released a guitar so that people can make more music? Like no, because people will pick whatever tool is available and then they will release that music on Spotify and then the algorithm will sort it. And so the like, you know, these artists, if they're using AI tools or maybe they're just prompters, whatever you want to call them, they will bring AI music to the platform. It'll be filtered by algorithms. Slop will be in the trough. But only the most delicious slop will bubble to the top of the trough. So it's good to be in the trough business as long as you have an algorithm that sorts the trough. The slop from the more sloppy slop. I don't know. Well said. Current data shows AI music currently underperforms dramatically on a percentage basis. Like the number of AI songs is huge, but the number of actual minutes watched and is low. Even if that flips, Spotify still benefits. Let's switch over to Shopify. You can definitely vibe code an e commerce website now, but Shopify is not a major cost driver for most businesses that use it. You're talking maybe like $1,000 a month for some companies and it's a lot of headache that they just don't have to even think about. And then there's a whole bunch of advantages that Shopify should benefit from in the AI era. It's very full featured, so it's actually hard to replace. Setting up a new store is faster than waiting for a prompt to return. Like it's all pre built and it's just like create a new copy in the database of Shopify when you set up a new store. And then AI tools benefit from all the context and data that Shopify has across the entire platform. And then lastly, agentic commerce doesn't Replace Shopify checkout. It's just a front end to the, to the checkout. Much more payment. Exactly. Post purchase. So if it's driving activity, that's actually a net benefit. And so there's a whole bunch more examples. Roblox is another interesting example. I heard a crazy stat. 67% of global non China spending growth in the gaming industry last year went to Roblox. Like gaming had a bad year. Roblox had a fantastic year and I think the Stock's down like 50%. And so you know, yes, you can vibe code a video game but the Roblox network and ecosystem is already at scale and it's absolutely dominating and they're monetizing a ton and their monetization on a per minute basis is I think like five times lower than other platforms. Like if you comp it to TikTok or Instagram. And so whether it's ads or more in game currencies or something like the willingness to pay should go up. Now there's still a question about, you know, do folks age out of Roblox? How long can they keep these customers on? Will they get older folks to rejoin Roblox at some point or join Roblox for the first time? At some point, but certainly not probably a beneficiary of AI Vibe coding and being able to build more stuff. And again filtering the different apps that are built so that grow a garden or steal a brain rot can be power law outcomes within that ecosystem. That's the value of filtering and being an aggregator. Lastly, you got to consider Salesforce. Marc Benioff has been duking it out Jim Cramer on CNBC over seat based pricing in an AI era for over a year now. And it's 100% true that there are some amazing AI native CRM startups that are aggressively trying to eat off Benioff Off's plate. But Anthropic is hiring a Salesforce admin. We put up a card for this because we really enjoyed this. But where was it? Did we put this? Yes. Unemployed Vibe coder bro SaaS is dead. You can build a CRM in minutes. No modern company is going to buy software ever again. Repost and I'll send you my PDF. That killed Salesforce. And then Anthropic has a job listing for Salesforce Admin because they're growing so fast and so big that they need someone just to be full time job manage their internal Salesforce project. That's so big, so iconic. Is this, is this revealed preference? Is there something else going on here. Are they. Is this person going to be reinforcement learning data for them? Who knows? But at least for right now, they're going to be paying Salesforce and time will tell. And then lastly, you know, the SaaS apocalypse, it might arrive in full at some point, but. And we'll start to see real revenue declines, which I think would be like the real signal of major disruption. But Figma just announced 70% growth in weekly active users, 40% year over year revenue growth. We have Dylan Field coming on the show in just a little bit. He'll be on at 130 today. And so there's growth all over the SaaS ecosystem and things don't seem to be decelerating or, or slowing down. It's definitely go time, though. And it's time to revisit sources of strength. It's war time. It's time to become unslappable. It is wartime. It's founder mode time. And at least you need to explain why you were never sloppable in the first place. And that's what Harley at Shopify did a really good job of on the earnings call. He got so many questions, he had to back up and just re explain. You know, people got in the weeds on the AI checkout thing and he had to re explain. Like no agentic checkout happens on top of the. On top of the Shopify checkout. The economics are exactly the same. They're exactly the same. So like, don't worry. Yeah, so going back to the fax machine example, in 1999 was the first year that showed a significant drop in the sale of physical fax machines. They dropped by 10% in a single year. When was that? In 1999. 1999. Yeah. Yeah. Okay. And so that is not a. Okay. Growth just started slowing. It had been slowing up until that point, but it. And then it was slowing and then it like fell off a cliff. Yeah, yeah, that makes sense. Quickly, let me tell you about Vanta Automate Compliance and Security. Vanta is the leading AI trust management platform. And let's also pull up the LINEAR lineup and tell you who's coming on the show. Linear, of course, is the system for modern software development. 70% of enterprise workspaces on LINEAR are using agents. We have Sigil, Web Sigil coming on to talk about Web 4.0. Web 4.0, a new agent project that he's working on where AI can deploy, transact and pay its own bills, run micro economies without humans in the loop. Then of course, we have Sagar and Jetty from Breaking Points coming on. Always, always a fun conversation. And then Dylan Field coming on to talk about their earnings and everything that they're doing with Claude, ChatGPT, Gemini and all of those folks. And then we have Peter from Codemetal announcing his Series B, Eric from Freeform, another Series B and then Lubisa from Thales announcing $169 million raise building model specific AI chips. So Banger lineup today and can't wait to get to those folks. Should we read through this goodwill hunting meme? This sums up the saaspocalypse pretty well and I love this meme template from malinvestment jpeg of course that's your contention. You're a first time SaaS bear. You just got finished listening to some podcasts Dario on Dwarkesh probably now you think it's the end of white collar work and seat based pricing is screwed. You're going to be convinced of that till tomorrow when you get to something big is happening. Then you'll install cloudbot on a Mac Mini Vibe coded dashboard on top of a postgres database and say we're all just a couple Ralph loops away from building a Salesforce competitor. That's going to last until next week when you discover context graphs. And then you're going to be talking about how the systems of record will be disintermediated by an agentic layer and reposting OAI marketing graphics. Well, as a matter of fact I won't because ultimately the application layer is just the application layer is just business logic on top of a CRUD database. You got that from Satya's appearance on the BG2 pod December 2024, right? Yeah, I saw that too. Were you going to plagiarize the whole thing for us? Do you have any thoughts of your own on this matter? Or is that your thing? You get into the replies of anyone posting a SaaS ticker, you watch some podcasts, then pawn it off as your own idea to impress some VCs and embarrass some, announce who's long sass. See, the sad thing about a guy like you is in a couple of years you're going to start doing some thinking on your own and you're going to come up with the fact that there are two certainties in life. One, don't do that and two you drop 30 grand on Mac Minis and LLM API calls to come up with the same conclusions you could have got for free by following a handful handful of VC accounts. It's great roasted. I love that meme. It's fantastic. Anyway, there's another. There's another post in here to close out the SaaS apocalypse. Buck says there's a long history of dominant platforms vertically integrating and consuming the entire economy. That is why the largest companies in the world today are railroads, utilities, steam engine manufacturers and CPU producers. Love it. Very, very good. Let me tell you about TurboPuffer, serverless vector and full text search. Built from first principles and object storage. Fast 10x cheaper and extremely scalable. Bland hit the timeline. Yesterday they unveiled Soulja AI, the first rapper to People were asking voice with AI, let's watch this video. Soulja Boy or use his voice yourself. I want to see with sound. Of course I want to see what Soulja Boy. I was the first rapper on YouTube, the first rapper with his own star, the first rapper with the iPhone. And now I'm the first rapper to automate his voice with AI. Bland, baby. People, I thought this was a fun concept. Yeah. But many people did not. Didn't. It didn't really. It didn't really resonate. It definitely got attention. I bet they. I bet they drove a bunch of business from this. One million views. Six figure likes. Yeah. Usually on a million views, you want to be sitting somewhere around 30,000. No, a couple thousand likes. I mean something that people love and genuinely resonates will get upwards of 20,000 or more. Yeah. Anyways, I think it's cool. I'm surprised we haven't seen more of this kind of thing. Celebrities coming in. I think Soul.