Either humans like yourselves could really go like, hey, I need John for something. I know he did that one project and all the files are probably on his computer. Could I go micro pay his agent and be like, yo, I need help researching this crypto thing that you did. Whatever. And if my agent could actually give you. It's like, you're not accessing the same one size fits all model that everyone has. You're accessing, you know, that model with some custom, you know, contacts and prompting or whatever. And that would be cool. So, like, you know, you have access to Jordi anyway, but for someone who doesn't, you know, if that random third party out there wanted to riff with Jordi on a marketing idea, it'd be cool if they actually could. And you had set up that model. It wasn't, you know, Opus 4.6 trying to replicate you, but it was like, all your insider info. It's kind of cool. And then, you know, the agents could do it to each other. Now JPT5 could be talking to JHT5. Yeah. And they could be like, we could be hanging irl and our models could be hanging back at home, like, kind of like a kid's playdate. Like, my models, like, hanging out with your model. They like, hey, let's get John involved. They go get John Coogan's. So it's kind of a fun. I mean, there's a take on that where it's like, that's dystopian or something. But that's not. That's not how I feel. I just feel like I'm just bored. We go brainstorm for an hour on some concept, and then we come home and we find out our models cooked up something way better. Yeah, I don't know. I was. I was looking at the Claude. I think it's actually possible, especially if you were like, you bring the original idea and then you say, like, I want John Palmer GPT to talk with John Coogan GPT about this idea. And, like, come back with a bunch of ideas. It's a lot. It will work a lot better for someone like John, who has spoken on the Internet for hundreds of hours. So much that I don't say. Yeah, that's why you actually want to talk. It'd be cool if the model could, like, decide to price its own services and negotiate with whoever. Whatever model is hiring it. I mean, yeah, whatever. It's. Avi Schiffman dropped user interview number three. We're not going to play the video because it's kind of sad. But Gary Tan Said this is not the happy demo path. Apple or Google would never make this one of their launch videos. It's not what you will hear about in a TED Talk, but it's real. AI doesn't get tired, doesn't ghost. A lot to think about with this one. Yeah. AVI continues to find new ways to break through the noise. But in some ways even though this video has been it feels somewhat dystopian. This is someone who's struggling with mental health actually gets in an accident in the video. It does feel like the most kind of real raw experience of AI companionship in this form factor. Yeah. Reflection on do you remember his interaction with Paul Graham very early on he was like I'm building a hardware device for AI. He put out some very vague post about his plans and everyone was like this is impossible. Like Apple will crush you. They have the supply chain, they have the distribution, they have brand. Like you will never win in this category. And Paul Graham told him like in order to win you have to do things that Apple would never do and be counter positioned. And so at one point he was thinking about doing something that looked like very organic, you know, no smooth lines, no rounded edges, crazy colors that Apple wouldn't pick. Like just really moving outside of their design language so you wouldn't feel like that. And then yeah, this, this type of messaging is certainly in line with like the anti Apple. Yeah. And I don't know, it'll be interesting to see where the company goes. People were so bearish on that ad campaign. We were very surprised by how broad the billboard campaign was but they got the Heineken response. Oh, did Heineken like so Heineken also just came out with a new campaign that I want your guys reaction to. I don't know where exactly it is but seems to be global and it's just like a graphic of a voice note and it says the campaign is don't send a WhatsApp note. It could have been a beer in person. So they're like taking the total real world approach, which I think is. I think it's good. I think you had Matt Zeitlin on the show recently and he and I play in a pretty regular like friends poker game. Not big money. It's really like a social hang. But it's funny because like everyone's like multiple people have wives who are like why are you going to play poker? That's degenerate. Are you losing money? Whatever. But I mean I had a post a while back that's like in the Current, like casino economy, between like prediction markets, meme coins, like crypto trading, whatever. Like an in person poker game with your friends is like the most wholesome. Like if you're going to gamble and lose like 100 bucks, go do it with your friends over four hours. Like having a drink and hanging out and, and you're solving the male loneliness crisis. I've heard the same argument made for cigar nights. Yeah, well, cigar is obviously bad for you, but getting together with friends and actually maintaining social, you know, ties is probably really good for long term health. It's pretty great, honestly. And if you play, if you play a regular poker game, even with strangers that you only knew through this game originally, like six months out, you've logged like so many hours just like hanging out that it's like a pretty great like wholesome, wholesome vibe, you know? Should get into it. I'm not a big. If you're ever in New York, we can, we can have you guys. Okay, Let me do some ads. Let me tell you about Gemini 3.1 Pro. Gemini 3.1 Pro is here with a more capable baseline. It's great for super complex tasks like visualizing difficult concepts, synthesizing data into a single view, or bringing creative projects to life. And let me also tell you about public.com. no plaid plaid powers the apps you use to spend, say, borrow and invest securely. Connecting bank accounts to move money, fight fraud and improve lending. Now with AI, Dan Romero says, I spent five years cloning existing app with a network effect. Building the software is not the hard part. And he was building this app for a very specific sub community and was able to get a massive amount of attention. So I think this is like a good, good, clear rebuttal of at least that one part of the Citrini piece. Yeah, I think I had posted a while back about how like again, same thing, like software costs go to zero. Everyone's like, oh yes, like I'm an idea guy. I'm going to be crushing it now because now I can just use cloud code and like build whatever I want. But it's like if you, if you just make one more logical leap, it's like, hey, everyone has that now. So if you're just like building your ideas, like if you're building vibe coded apps for consumers, you're actually in a way more competitive space than it's ever been. So I actually think it's almost more like not to riff on the idea guy thing too long, but like actually being paid like a salary to be an idea guy. Or like making good income to be an idea guy will actually be like a very privileged position where only companies that have like real moats and monopolies on distribution will actually be able to hire like people whose job it is. Just think on the idea. Because if you have a good idea and you ship it, you know people will use it because you've already got the distribution versus if you're even if you've got a great idea and you can vibe code it up. If you're in this like sea of vibe coders like producing way more apps. Well, the other thing is there are certain idea guys throughout history that thrived because they had a unique insight. They brought it to market, they executed pretty well. But it just was a great idea at the right time. And so it got traction, attracted great people and things like that. And in a world where like an idea can be made and we've seen this with I think a bunch of marketing on X over the last year where if somebody has like a good style of launch video, it will be immediately replicated within a month. Yeah. And then it will become just kind of like flooded and the meta will kind of die quickly. And so in a world where like ideas are like cheaper than ever, is it really just about like idea guys getting lapped by people that are great at executing and it's like, yeah, you had this great idea, you shipped it, someone else saw that and it's like, that's a great idea. I'm going to ship it today and then I'm just going to out execute you. Someone should launch their startup with a congressional testimony. That would be a great. Or a farm. If you just. The first time you're ever seeing about this company, they're just answering questions and getting grilled by Congress people about what their plans are. It's always like typically the top of the mountain. Like Mark Zuckerberg built Facebook for decade, then he starts getting called to testify, then he starts getting sued. But if you just come out the gate, day one, Augustus was kind of, Augustus was kind of doing, he was like half the time in El Segundo, half the time on the road, he wasn't being called to testify. He was like, you know, standing up. I know, but he's kind of doing a bit. Yeah, it kind of did work like that. It's very funny. Anyway, let me tell you about Figma Ship the best version, not the first one. With Figma introducing Quadco to Figma. Explore more options, push ideas early, further. We got new Apple products. What's coming out this coming week. Oh, yeah, we don't know exactly. It's a, It's. It has the Apple logo on it, though. We know that. You know that. The spoiler alert. Oh, that's why, that's why it's. That's why they're touching it. Are you guys. How are you guys thinking about the touchscreen Mac? Because one of my least favorite things in the workplace is when people put their fingers on my screen, it makes my blood boil. Yeah. And so maybe they have some new. Like, are they. I could see Apple at this point. They've got the iPhone, Sock. They could have like a little attachment that has like a clean, like a little cleaner. A cleaner. You know, a little spray bottle. An Apple spray bottle. They could have a magnetized Roomba. And you put it on, you stick it to your screen while you walk away and it drives around, identifies the. Yeah, like a Zamboni. Like a Zamboni. Yeah, like a Zamboni. So messy. The Apple Zamboni. I don't know. You want to create the problem and then have the product that solves the problem in the same launch. So touchscreen Mac with the. Yeah, that's such an odd, Such an odd choice because I feel like the whole. I feel like the whole humanity has gone down the path of like the touchscreen laptop. Yeah. And it's been available for, for years, maybe over a decade. And I just feel like it's never really broken through. And if it was, if we were at least seeing like. Oh, yeah, well, like, obviously, like 80% of PC users have a touchscreen, and it's clearly a dominant form factor. It's like the reason for the touchscreen is like, I'm away from my computer. I can't carry around a dedicated keyboard and mouse. So I guess I just have to figure out a way to use the screen for everything. But it's not superior. If I have room on my desk for a keyboard, I'm always going to be faster doing the. Like, it's going to. You're going to. It's going to look very. Maybe, maybe it's better for people that aren't as tech native. Like, I can imagine like, like, like an, maybe older family member, like, you know, wanting to zoom in on a photo and maybe it's more native to them to, to kind of like use the, the kind of like pinch functionality. Yeah. It feels hard, though. Like if it's in a. Again, I don't even know if this is what they're releasing, but if it's On a laptop, like, I actually kind of have to like reach past the keyboard. It seems like a far reach to like. Like if you're like even keeping your arm held like raised like this for more than like 30 seconds would get, I think tiring for most people anyway. I don't know. The first time I saw that, I just thought Mac Mini, because it just looks like, well, they're making the Mac Mini in the usa. They came out with that announcement. And I will be, you know, getting rid of my current Mac Mini pipe, getting the USA made in the USA, of course, running Kimi 2.5 on my maid in the USA Mac mini. Well, we have some videos to watch, but we don't have IEMs for you, so we should probably let you go get back to the rest of your day. Thank you so much for coming and hanging out. Yeah, absolutely. We will see you soon. 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 any agent. Secure every agent with Okta. And let me also tell you about consul. Consul builds AI agents that automate 70% of IT HR and finance support, giving employees instant resolution for access requests and password resets. Let's flip through some of the videos that we missed because there are some good ones in TSMC's plant in Arizona, which is spread over a thousand acres, is expected to cost 165 billion. I thought they already had a TSMC Arizona up and running. I guess they're expanding it to the tune of 160 billion still coming online. I wonder when. What, what day is this actually gonna go live? Gotta send Tyler over there. Oh yeah. Won't you be in. Won't you be in the area soon? Don't want to dox your day later today. Maybe I should check it out. Go check it out. Get arrested for trespassing. We forgot to play this AI video of the AI leaders Elon Musk and Sam Altman as old men. Did you want to watch this? Pull it up. This was a very, very bizarre video. Extremely viral over on Instagram. Yes. Oh yeah, it's in section E here. Let me tell you about Cisco. Critical infrastructure for the AI era. Unlock seamless real time experiences and new value. With Cisco, it features Energem. Move the world. No purpose. But they had a lot of time on their hands. The less people you can't restart videos on Instagram had lost their jobs. They had no money, no purpose. The visual fidelity is. Is. Is just another Level up. I don't know if this is the latest Chinese model, but it's really good. Use the energy of humans to power the machines that took away their jobs. The voices. The voices. The voices are a little odd. Yeah, a little. They are still in the uncanny valley. But the actual video is. And you're deeply wrong to put our technology leaders like this. Should have made them, should have made them look like bodybuilders if you're going to do this. Yes, but it is, it is a funny, it is a funny bit disturbing. Anthropic is going into consumer now. Is that right? Adam Feldman joined as I recently Anthropic to lead consumer products. And we're growing. Our goal is to build AI that millions of people will use every day to think better, create more and accomplish what matters to them. A bit biased here, but this is the most interesting. Yeah, so, so I, I. Back in Q4, I was expecting that they would care a lot more about. That they cared more about consumer that they were letting on. I think like when, if you look at their actions this week, you see that when they were lagging, they were like really leading with safety. And now that, now that, now that coding is a competitive market, they're obviously dialing some of that back. And when they had actually zero consumer adoption or functionally zero consumer adoption, they didn't care about consumer. But if you look at Keep Thinking campaign, you look at the super bowl campaign, you don't do these things unless you care somewhat about consumer. Consumer. It all bleeds together anyway. And so it seems like it's the end of the road for all the AI companies that they have some sort of consumer footprint. It's hard to be that deep. And when you think of the pure plays, I mean, even Amazon, I mean they sell a ton of tokens through aws, but then they also have Rufus because they need to vend the AI into their distribution into their platforms. And we've seen Llama be vended into Instagram and WhatsApp and all the different consumer interfaces that people use every day and people will use those for business contexts in consumer apps. Gmail became dominant in consumer and businesses all over the world because there's a huge blend that happens as people work both professionally in their personal lives and vice versa. And they do work when they're at home and all sorts of different stuff. Raghav has some breaking news. Apple has acquired the rights from Netflix to air Drive to survive season eight on Apple tv. Plus, you, you, you were expecting something like this over A year ago at this point that if you're going to be spending all this money in the F1 movie and the F1 streaming rights, you want to be actually be the home of Formula One. Yeah, it's sort of like content vertical integration. Like, you want to be able to take the viewer on this journey from novice. So you watch the F1 movie, which has Brad Pitt in it, and it's just super accessible and anyone can throw it on and have a good time. Even if you're not an F1 fan, you can watch the F1 movie and know. And like in the movie there's a voiceover that explains all the mechanics of how the sport works. And so you learn and you come out of that saying, okay, I'm kind of interested. Then you could watch Drive to Survive and then you could actually watch the. Trey says Apple should sponsor Cadillac F1. I get the conflict. But also Penske owns IndyCar and has a team. Well, it's funny. What would the conflict be? Oh, because they're airing it. Yeah. So like feel separated. But remember I had a pretty viral post last year. I forget I was, I think, quoting Genmoji and saying like, Apple's like, clearly run out of, like, ideas. And obviously that's not fully, not, not true. But I was saying that they should just have a Formula one team and should be like, you wanted the Apple car. This is the Apple car. Yeah, it's an F1 car. Because like one car on the pitch that just has no. Or, sorry, sorry. On the track that has grid, grid, grid. Yeah. Three fingers. One car out there that's just all white. It would go extremely hard. No one's really doing white in effort. Like no logos. Yeah. Oh, no logos at all. Yeah. Like, not even Apple logo. Silver. Like it like silver. Just like perfect pearlescent white or something. That would be very, very cool. Let me tell you about 11 labs. Build intelligent, real time conversational agents. Reimagine human technology interaction with 11 labs. Let me also tell you about TurboPuffer, serverless vector and full text search built from first principles and object storage. Fast 10x cheaper semianalysis says Micron's $100 billion megafab in York is at risk of delay due to just six concerned citizens and their frivolous lawsuit. The project has already taken an on taken an absurd 1200 days between announcement and groundbreaking. Competitors overseas who began at the same time now have built and working fabs. Micron spent 612 days on the environmental impact study, including a 45 day public input period. Yet hours before groundbreaking, they were hit with a lawsuit calling the process unnecessarily rushed. 612 days on an environmental study. Comments from local borders on NIMBY parity. We are not trying to stop any progress, but we don't want this just bulldozed into our area. This is a real quote. The lawsuit itself didn't come from a ground roots uprising. A California based workers rights group went door to door in New York seeking plaintiffs. They eventually found just six people willing to sign on. But that's enough to potentially halt the project. That is so insane. A Syracuse local news outlet's excellent reporting on the group behind the lawsuit, Neighbors for a Better Micron found that before the suit was filed, the group had never held a meeting or a vote. Some members didn't even know who the others were. One member of the suit, who as a former lawyer you might expect to be smart, says that Syracuse has the highest child poverty rate in the country. What is Micron doing about that? Anyone can agree it's a worthy cause. But do we really think an advanced memory semiconductor manufacturer is the right vehicle to solve it? To be fair, it is legitimate to consider the environmental impacts of a fab. They are large industrial projects that can be harmful if not built and operated safely. But these last minute injunctions are rent seeking, not legitimate environmental concern. We estimate the lawsuits will cost 100 to 500 million to settle despite the fact they should be thrown out as frivolous. Ultimately, Micron has probably budgeted for it as a small fraction of $100 billion project. Still, there is a non zero chance these six concerned citizens delay the entire thing. If the US wants to compete in strategic technologies like Micron's project, which produces a key ingredient in the AI supply chain, it must reduce frivolous rent seeking litigation. AI tools will only empower these people as it trivializes nitpicking on complex rules and 10,000 page documents that is yeah, really wild. Like this feels. Yeah, this feels like any state should be generally excited about having $100 billion project which will undoubtedly generate hundreds of millions of and someday billions of tax revenue. But Patrick says NIMBYs are being replaced with bananas. Build absolutely nothing anywhere near anyone. Oh, okay. Bananas. The Citrini scenario is now on Kalshi. There's a 12% chance that the Citrini scenario happens, which of course is the S and P falling. It's interesting, 12% feels high. But the rules summary is fascinating here on this market, if at least three of these happen, it resolves to yes. So unemployment rate exceeds 10%. S&P declines more than 30%. Zillow Home Index value declines more than 10% year over year. In any of New York City, Los Angeles, San Francisco, Chicago, Houston or Phoenix. Labor share of gross domestic income falls below 50%. Inflation falls below 0% in any monthly release. And if any of those happen Before July of 2028, the market resolves to yes. So sort of interesting because there's a whole bunch of different scenarios where something could happen that's not AI related that could trigger one of those. I was reading an article in the Wall Street Journal today about expats. The number of Americans that are retiring abroad is just increasing. And it doesn't really have anything to do with AI. It doesn't really have anything to do with immigration policy. It's just sort of like, Americans are wealthy, the dollar is strong, and so they find they, you know, they want to go travel. And the Internet makes it easier to go live in a different country and hang out and, you know, stay on the beach. And so that number has been climbing. And so if that climbs a lot and people leave America, but they stay employed and they leave before they retire, like, that could lead to lower unemployment because the labor pool is lower. There's a whole bunch of different things that could happen that could adjust these things. But it's still. It's still interesting because, I mean, on the face of it, unless there's some weird alternative scenario, none of these would be particularly good. And fortunately, it's still sitting pretty low at just 11.6% chance, but probably worth following. Let me tell you about Lambda Lambda is the super intelligence cloud building AI, supercomputers for training and inference that scale from one GPU to hundreds of thousands. Some breaking news. What else is breaking news? This was sent to me by Jay Yarrow, formerly was at CNBC for quite a long time. Fortune is launching a daily business show, according to Adweek, the latest in a series of publishers, including the Guardian, to do so. Mark Stenberg over at Adweek says this initiative is likely an attempt to imitate the success seen by other daily business programs such as tvpn. So if you want to make the Fortune version of tvpn, there's a role. They're hiring a showrunner for a daily show. Do you think they've acquired the tap water required to make that show work? Yeah, we gotta bring. We gotta bring. We gotta remind people that. You wanna remind people right now. Yeah. So, I mean, if you're going to clone TVPN or do something that's inspired by tvpn. We do have a terms of service. So if you've ever watched the show, you've actually technically agreed to this. And buried in the terms of service is an agreement that if you clone the show, or copy a piece of the show, or rip off the show, or even are just inspired by the show, it's fine as long as on your first episode, you drink a glass of tap water. Just one glass of tap water. Otherwise I think the gods might curse you. It's really just a nod. It's a sign of. And if you. And also if you do. If you don't do it, you are legally required to pay us 100% of your revenue forever. Yeah, but that's like a minor thing. The bigger thing is the tap water. Just focus on that. Anyway, we have our first guest of the show in the Restream waiting room. 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. And without further ado, we have Sam. Welcome to the show. How are you doing? How are you doing? Thank you so much for joining. Vacuum Guy. How's your week been? Were you expecting to go this viral? Well, not really because it's been like three days. I make the. I discovered the bridge. Yeah. So it's interesting. Is now. Yeah. Wait, how many you said? Did you say two years? No, 20 days. Sorry, 20 days. 20 days. Okay, break down. Why do you start hacking on your DJI vacuum? Give us the full kind of chain of events. Okay, well, I don't even try to hack. Was just side project. When I saw my little guy cleaning my living room and me playing on my PS5, my brain just makes some association stuff. And I was like, okay, what if I could drive my boy with my PS5 controller? So what I do what I did, I take the DJI app because DJI have a, like, official app called DJI Home. And I try to understand what happened when my robovac moves, when it goes straight, when it goes left, turn right, check the data between my vacuum and DJI Cloud and try to replicate it with my PS5 controller. And after maybe one hour, I have something working. Like I could I drive it with my PS5 controller. But I want to go further. If my little guy have less than 30% of battery, I want to hear him cry, feel pain. So I need to try the battery status. Like the percentage of my battery so I continue my reverse engineering of the DJI Home app and find out like how to do it, how to ask the battery status. I do it, but what I received is not like, oh, your Robot is like 80% of battery. I got tons of data, like a lot of battery status I didn't understand. So I take this big chunk of data. It was a lot. I open my cloud code, send the file and just asking him like, what's going on, explaining what I tried to do and if there's something I did wrong, why have this data? And he answered to me like, okay, it's not just for device, there are thousands of others. So I take a little bit of time to process this. Well, because it's AI, of course. I double check. I try to manually read my big log file. The data from the vacuum was sent back to me when I asked it the battery status. And yeah, it wasn't just my device. So for me it was like, okay, I have a kid, my own user key let me control my robot. It looks like my key. I can open other doors than mine. So my software, the software I built to control my robot and also try the full stream video and microphone from the vacuum. I have like some environment variable like the thing change just to microsoftware working with another device. So I have two stuff, my key and the serial number of device. So I was just like, okay, I just need to change the device serial number and put another one and maybe it's going to work. It happened that I have a friend who is as stupid as me to buy this vacuum. I just asked him his serial number. So he gave it to me, perform some tests. And yes, everything worked. I saw everything, I hear him and I can control him, control his robot with a really low latency, which is great. So he was like a little bit shocked about what we saw. So I start to check the DJI bankruptcy program. They have one, but everything is in Chinese. When you go to the website, I was a little bit confused, like it's just for Chinese citizen. And even the reward, it was in the local currency of China. So I just tweet about it like, hey, I'm not a Chinese citizen, can I apply? I didn't have like any answer. So I applied, but in English to the Wilti program. And no one answered to me. And I was like, you weren't supposed to. That's not a bug. Yes, that's a feature. It seems like it. So I was a little bit frustrated about it. So I started live tweeting about what I discovered. I didn't show how I did. I just show some data I can have that I can retrieve from DJI Cloud. They finally answered to me, but just because I harassed them on Twitter by dm and they said, okay, thank you, we're going to check that and be back to you as soon as possible. They come back to me probably one day after telling me, okay, we saw the issue and we fixed it. Thank you for everything. But they didn't fix the problem. Wait a second. By this point, you have full access and control over 7,000 individual devices. To be more precise, it was 7,000 vacuum and 3,000 DJI power. It's like their battery pack.

Double blaze. Triple glaze. Double kill. 5 kill. Wins. Team deathmatch. We are experts. Triple plays. Let's just roll. Market clearing order inbound. Come get up. You're surrounded by gentlemen. Hold your position. Break. Strike 2. Activate. Go to retriever mode. Trust. Market clearing order inbound. Surrounded by journalists, forging position. One. Strike 2. Activate. Go retriever. Market clearing order inbound. Vibe, put it. On the horizon. You're watching TVPN. Today is Thursday, February 26, 2026. We are live from the TVPN Ultradome. The temple of technology, the fortress of finance, the capital of capital. Let me tell you about ramp.com time is money save. Both easy corporate cards, bill pay accounting and a whole lot more all in one place. We have quite the linear lineup for you today, folks. We got a scoop. We got an interview with the robot vacuum guy. Linear, of course, is the system for modern software development. 70% of enterprise workspaces are on linear are using Agent Sam, the guy who exposed that he could remotely access 7,000 DJI Robo vacuums. Very interesting story. Enabling live video, floor plans and joystick control. We're very excited to have him on in just over an hour. Then we have Ken Ritchie, chairman of Flexjet. Very excited for that one. Quickly followed by Howard Marks. Oak tree, Oak tree. Talk about the market cycle and then a lightning round to be remembered forever. Lots of lots of deals getting done, lots of gong worthy news. And we have a surprise guest as well. Oh yes we do for the timeline. But first we will tell you about Nvidia earnings. They crushed. Highly anticipated as always. Nvidia is permanently holding up the US economy. Continues to hold up the US economy, the global markets, but it's sold off even though they blew out earnings and it was a very good quarter. So earnings dropped yesterday after we got off the phone with Doug o' Laughlin from Semianalysis. Semianysis did have some good breakdowns here, but the top line revenue came in at $68.1 billion, up 73% year over year and 20% quarter on quarter. And this beat consensus estimates by nearly 3%. The stock price popped around 3% immediately, but then sold off 5% after at the market open this this morning, making it the stock's worst day since last April. They're now just a tiny. Was April Deepsea, $4.5 trillion company. April was deep sea. Last April. Last April was deep sea. Yeah. Yeah, that makes sense. People were saying you won't need a whole bunch of Nvidia chips because you'll be able to Inference cheap commodity hardw. The models Deep seq was climbing the app store charts in America totally organically. Yeah, there was a lot of weird stuff going on. They weren't using a massive bot farm at all. Yeah, I mean, I guess I sort of. Steel man. The deep sea story, there was this interesting takeaway which was that even though the numbers were sort of misreported, we had it. We had it wrong. I think it was January. Deep sea was January. Liberation Day. Oh, Liberation day Tariffs. Yeah. Chip chip sanctions. But yeah, the deep seat lesson was like you can distill models, you can get, you know, a certain level of intelligence at a much lower cost, and that is real. But the demand on the frontier is just incredible because people are like, oh, I have a strong opinion about 5.3 versus 4.6. Like, people really care about being on that perfect leading edge for exactly what their use cases. You see this with people having favorite models, favorite flavors all over the place. And so the demand in the Jevons paradox really just powered right through. What do you have to say about that? I was gonna say, like, I think when the deep sea click moment happened, the narrative was not that they were distilling though. It was that they had built like they had trained a brand new model on Western with very few resources. Yeah, there was no sense that they were just like distilling. There was rumors about it pretty. There were rumors, but the main narrative was not that they're being distilled. Yeah. I think what I mean about distilling is that like the, the truth that came out over the news cycle was that distillation does get you somewhere near a particular frontier capability and allows you to reduce cost. But there is still another order of magnitude of demand for the next generation and the next level of the frontier. And we have yet to see a plateau emerge for demand for whatever the next frontier is, is. And yeah, and overall, the story, the story, the story of the last year is that there's there's very, very, very, very little demand for number three. Yeah, there's some demand for number two. And there is an exceptional amount of demand for the most performant model for a specific, specific task. Yeah. So going back to our newsletter today, our earnings recap, which you can subscribe to@tbpn.com after the earnings call. Semianalysis called the results staggering. I love it. Clean bill gross margin revenue and the guide is firmly above buy side bogeys. Incredibly clean, really. They also pointed out what Nvidia said about supply commitments with $21.4 billion of inventory on hand, up from 19.8 billion. They have 90, 95.2 billion of supply locked in. With chip manufacturers also stating we have strategically secured inventory and capacity to meet demand beyond the next several quarters. In other words, we're not running out of chips anytime soon. That's good news for Nvidia. The second order effect that I think was interesting that Doug o' Laughlin flagged for us was that even if TSMC does scale up magically or they figure out how to build another fab, Arizona increases capacity. Even if Nvidia has sharp elbows and is able to push out other demand and get all the line time they need to build all the accelerators that they need, soak up all the CPU demand, et cetera, et cetera, well, then you could still wind up in a weird scenario where Nvidia has the chips, they're ready to sell them, the hyperscalers want to buy them, the AI labs want to inference them, but there's just not enough energy. And so there's this question of, like, when does the shift. When does the chip bottlenecks shift to the energy bottleneck? That could be part of what is sort of worrying people. Because you can see in the. In the timeline, we have this chart. Are you not entertained? From Nathan Bennek over at Air street, and he's taking a screenshot from the Financial Times. And it is just one of the most incredible graphs I've ever seen. And so as you see this chart, you have to wonder if there are any bottlenecks that they will run into TSMC capacity. Yeah, and I asked Doug about this. I asked Doug about this. What does Nvidia do if their customers do have an energy bottleneck? I feel like they'll find a way to still ship the chips. I agree. And truthfully, as big of a story data centers are, they're still consuming well under 1% of U.S. electricity. And so there are chips to be moved around, there are new power plants to be brought online. We're actually talking to Doug Bernhauer from Radiant about nuclear power today. And there are so many different ways to solve the energy bottleneck, but it is very real world, it is very slow. And if there's a timing mismatch, you could see a little bit of a flat line that I think people might be worried about. So Jensen himself strongly pushed back against the saaspocalypse narrative yesterday, which is interesting because he doesn't necessarily have to. He could be out there saying, like, yes, all those SaaS CPU workloads, they're all going to be GPU workloads now. And yeah, you should actually sell all your SaaS because the future is inferenced. Like every app that you use, it's not going to be code that's running on a cpu. It's going to be inferenced on a GPU on demand. And so demand for Nvidia should be even higher. He doesn't really have that many bags with the SaaS companies necessarily. Of course they'd be upset if he was talking trash, but he's not. He's defending them. But he buys a lot of software. Sure. Yeah, of course. He said. I think the markets got it wrong on the SaaS apocalypse. This is Jensen Huang talking to CNBC's Becky Quick, pushing back on the fears that AI agents will cannibalize the enterprise software industry. Instead, he expects a broad swath of software firms to use agentic AI to develop their software and boost efficiency. In what he described as counterintuitive, Huang said that AI agents won't replace these software tools, but will use them instead. Why even waste the tokens building a calculator when you can just download the calculator, SAS or whatever, I don't know, whatever, whatever sass you want to grab off. And this is certainly the true, certainly what we've seen with databases, like certain databases have just skyrocketed in demand because they're the ones that the agents are pulling off the shelf. And so yes, the agent could design a new database and install it, but that's a lot of work. It's a lot of wasted tokens when databases already exist. So let's tell you about Fin AI, the number one AI agent for customer service. If you want AI to handle your customer support, go to Fin AI. And let me also tell you about Vibe Co, where DC brands be startups and AI companies advertise on streaming tv, pick channels, target audiences and measure sales, just like on Meta. And we can move over to the timeline reaction. Nvidia is is such a big deal. It's not just on the COVID of the business section, it's on the COVID of the Wall Street Journal. Didn't get the picture, though. Didn't get the picture. The picture is what is Iran Iran talking about? Nuclear enrichment is on hold, according to experts. But Nvidia results help soothe AI fears. The surge in profit comes as the AI's AI industry's appetite for chips continues to grow. Data center hardware, the chips and networking equipment that Nvidia sells to AI and cloud computing companies accounted for 91.4% of the quarter sales. Terrible news for gamers. Like absolutely the worst numbers you could ever see. If you're gamers, maybe that's why they're, they're, they're launching a short, short attack Shortage John would punching a hole. I would be. I would be. Maybe, maybe the gamers have risen up and they are shorting Nvidia to try and get them to go back into gaming. Computing demand is growing exponentially, Chief Executive Jensen Wong said. The agentic AI inflection point has arrived. With each passing quarter, the pressure grows on Nvidia, which at a market value of nearly 5 trillion, is the world's largest publicly traded company. Is it not just the world's largest company? Is there a larger privately traded company? I don't think so. It must just be the world's largest company. I don't know. I guess you get into crazy definitions of like does does Russia count as a company? Since it sort of is all one controlled economy, it is no longer enough for Nvidia to produce good quarterly results. They have to produce perfect quarterly results, said Daniel Newman. How could they have done better? Instead of net income of $43 billion in the quarter, they could have put up 50 billion or 60 billion or 100 billion or 10 trillion quadrillion. I want to see a quadrillion dollar quarter, please, Jensen. I'm not happy, I'm not satisfied. Keep, keep growing. Keep, keep, keep selling these chips. Gavin Baker gave some thoughts ahead of Nvidia. What did he say? Great. Shanu pulled some out. The same point hit on by Gavin and Citadel securities. It's a good one, gavin said. The world is fundamentally short both watts and wafers, and it may take years to resolve these shortages. The shortage of watts and wafers may prevent an overbuild. Hyperscalers would overbuild if they could, but they simply cannot. My best guess is that we would need roughly a thousand x more compute for the unlikely hypothetical scenario described by Citrini to be remotely possible. And the time it takes us to get there will give humans time to adjust and maximize the many potential benefits of AI, Citadel said Displacing white collar work would require orders of magnitude more compute intensity than the current level utilization. If automation expands rapidly, demand for compute definitionally rises, pushing up its marginal cost. If the marginal cost of compute rises above the marginal cost of human labor for certain tasks, substitution will not occur, creating a natural economic boundary. This dynamic contrasts sharply with the narratives assuming frictionless replication of intelligence even if algorithms improve recursively, economic deployment remains bounded by physical capital, energy availability, regulatory approvals and organizational change. Recursive capability does not imply recursive adoption. And do you know what the title of Citadel's response was? No. The 2026 global intelligence crisis. Calling everyone idiots. We gotta write an intelligence crisis report now. This is actually the perfect. This is the perfect response. Like very, very detailed. This is the same report that I pulled out that the current labor displacement narrative isn't holding up because job postings for software engineers are rising rapidly. Yeah. Pretty remarkable that Citadel was able to get that report out so fast. Like it would hit. It dropped, I think on Monday, right after Citrini went viral on Sunday. Or maybe it dropped Tuesday or something like that, like really fast. Yeah, dropped Tuesday. I mean that's like a quick turnaround for like a pretty detailed analysis. I thought that they were just. Let's check the EM dashes. I mean the, the interesting question about like, you know, replacing white collar work versus like augmenting and new things is that there's. The AI labs are obviously selling into enterprises that's growing a lot and the revenues are very real, tens of billions of dollars. But when you look to the other startups that have put up really big arrs, it just. I'm trying to square like SUNO just announced that they're selling 300 million in ARR for AI music. And that's a huge number. It's so big. But it doesn't feel like replacement work yet. It feels like it's just an additive new thing. Like there were just a lot of people that wanted to pay $10 a month for a cool app. Same thing. How many, how many non technical people had an idea for an app? How many people that weren't musicians had an idea for a song? Yeah. And never could that. And then just unlocking all this and then you see it with like higsfield2 and all the viral loops and then. What's that other one? Not webflow TVPN simulator. No, no, no. Lovable is one where huge, huge growth. And it feels like yes, Lovable's like going into enterprises and whatnot, but it feels like there's a lot of just like net, new software developers, website builders that are joining that platform and building stuff. And it feels very incremental. It does not feel very substitutional to me. And I'm wondering how much of the SUNO story translates to the AI lab coding model story as well. And that's certainly what Citadel is hinting at with the ingredients, yes. Citadel is also showing that new business formation is rapidly expanding. This is from the U.S. census Bureau. You can see that year over year it is jumping which we love to see. Did Clouseau delete this post? The Great Recession of 9:52am to 11:30 16am February. Too bad. Let me tell you about Sentry. Sentry shows developers what's broken and helps them fix it fast. That's why 150,000 organizations use it to keep their apps working. And let me tell you about Shopify. Shopify is the commerce platform that grows with your business and lets you sell in seconds online, in store, on mobile, on social, on marketplaces and now with AI agents. Nvidia stock is falling because it needed to clear an options wall of $200 a share. So given a lot of folks were long calls into the and it didn't clear 200 brokers are selling stock to reverse some sold calls. It's that simple. This isn't fundamentals, it's market mechanics, says Gordon Johnson. Very interesting. I don't fully understand all the dynamics that can happen with some of the stuff Jane street does to move around the market, but we'll see. I would say hold your judgment of Nvidia for the next quarter to see Samsung becomes the first Korean company to reach a $1 trillion market cap. Over on companies market cap.com you can see they are sitting at number 12. That's your homepage, right? Yeah, homepage, yeah homepage for sure. Just under Berkshire Hathaway. Pretty good. And Broadcom is above that. But Samsung passed Walmart, Eli Lilly. I mean increasingly important in the AI era, right? A lot of fabrication and whatnot. I don't think it's all the TVs. There was some interesting stat about of the 1 trillion dollar companies isn't Samsung like the most highest margin, the lowest margin or something? There was some post from yesterday we didn't get to, but there was a lot more context on that. Yeah. Anyway ramp capital is sharing says Patriot and somebody says I have open clause sending lowball offers on Zillow all day just to make boomers start panicking. And he says can you give me an update on the Zillow campaign today? The Zillow Update listings contacted today 372 Average offer 70% below asking positive responses 0 negative responses 271 Response was violent but I've reported it to the Tampa Bay Police department. No response 102. Would you like me to keep making offers 70% below asking? Just you're selling a Million dollar property. And it's like, how's that? Can you do 300k? Yeah. Let's. Let's bring in John Palmer. Let's bring in John Palmer. Our surprise. He's live in the TVP and Ultra Dome. Coming in. You. You know him. Nice hat. You probably know John Palmer as being 1 inch shorter than you. Well, he's the face of leg lengthening surgery right now, right? No, they were saying I'm the Goldilocks technology brother. Some people were saying you're a little too tall. Oh, okay. And Jordy's tall in his own right, but maybe not quite sure at this table. Yeah. So they wanted someone right in between. So I was contacted by. By your team and I love it. I love it. Well, actually introduce yourself since for those who've been living under your data center. Yeah, sure. My name is John Palmer. I was a co founder and CEO of a company called Partydao. Recently announced that we're going to be joining Stripe soon. So that was a awesome five year journey. And also work on a company called Area Technology which does logo and graphic design for brands like yourself. Shout out to the new logo and graphics package and yeah, that's. We are honored. Well, we wanted to hang and do some timeline with you as that sign of great respect in our culture. Yeah. What you got, Jordyn? What do we have here? How do you guys enable sudo for okay, Baby Keem. Yes. Says yesterday hits the timeline. How do you fix open claw Internal reasoning leaking Peter, what does he actually mean? Does anyone know what that means? So I mean, we read your post about something small is happening. Hilarious. Yep. Did you. How much of that was real? Did you ever actually buy a Mac mini? So the entire post was tongue in cheek. But I did, unbeknownst to you, I did actually buy a Mac Mini week. I did set it up. Setting it up was the best 48 hours of my life. Since then I've used it not very much. So it's. I don't know. I think the reason I bought it originally was basically to tinker and see like how real is the hype. Yep, I set it up. I installed various plugins and skills. I made sure my setup was super optimized. And basically I realized the only thing I really needed it for was coding remotely in, you know, repos I'm working on or side projects, you know, when I'm out and about on my phone. And you can already do that with like a million other tools actually, like even Claw, even the Claude app, like you can just connect it to whatever repo. Like you can literally just use Claude code in the app. Yeah. And so there was really very little delta that it provided in terms of value beyond what I was already doing. Yeah. And I did try some other things. I've been trying to get it to like, you know, work on Google Sheets and invite people, but the big problem is that the browser use specifically is pretty fragile and I think it's going to get better. So I don't have buyer's remorse yet. I think that Mac Mini purchase will come in handy, but so far it's like, hey, I want to add someone to a Google Sheet. Can you invite them? And it's like it opens the modal to share, it types in their email and it's like, oh, I crashed. Like, it can't get past like the share modal of a Google sheet. I'm sure I could optimize my setup further, which I'm looking forward to doing. Skill issue. Skill issue. Skill MD issue. It probably is a skill issue. Yeah, you need to get the skill called skill issue and make sure that's running. Yeah, it is. It is. I don't know if this is like a brilliant PR move from Baby Keem's team or if this is real, but either way it's really, really funny. But yeah, it was how mainstream this went. Our lawyer got a Mac Mini. He's obviously pretty, pretty tapped in, but it's cool to see. Well, I was with you at the gym this morning that we should. I'm excited about a market for bootleg skills. So you don't, you don't just like, you don't want to be the guy just listening to hits on the radio. Right. You don't want to just be going on skills sh. And getting the what would Elon do Skill. That's, that's pretty. That's. Everyone did. And it turns out that one was like actually, it was actually malware. So what you want is within your trusted social circle of people that you spend time with IRL USBs full of markdown files with bootleg skills that you kind of keep internal. And there may even be a markdown for that, you know, on Craigslist, whatever. And you can say if somebody says, hey, can I, can I try the usb? Can I, can I, can I borrow it? You say, well, this, this skill is kind of like a personal thing. It's not really. You need to be gatekeeping your skills. That's like probably the last moat in tech is gate kept skills just Proprietary markdown files powering the entire global world. I do. I do honestly wonder what the conversion rate from, you know, buying the Mac Mini to, like, actually using Open Call regularly was. Because I think that your post was funny because a lot of people definitely went through that. Like, I went and bought a Mac Mini and it did take me, like, a week even to unbox it because I just had, like, a busy life and I didn't have time. And then when I did, it was like, okay, well, I didn't have a monitor at home, so I had to plug it in my tv. And then, like, the actual setup does take time. Like, 48 hours is not that much of a joke. And I think on this point, like, I do think you need, like, a solid month at home fixing it. So I've been out of town for a week. I'm here in la. I live in Brooklyn. And a lot of the time when you hit a wall, it's like, okay, now you probably need to get on the Mac Mini yourself and, like, add whatever environment variables or keys that you need, set up a new account for it. Yeah. And since I haven't been home, like, I can't really, like, you know, on a more serious note, amazing, like, isn't, like, five years ago, everyone was posting, like, I miss, like, hacker. Totally. Yeah, I miss. I miss the old Silicon Valley. And it feels like this. This feels like. It feels like we're back. Yeah. Yeah. A lot of people definitely opened up the terminal for the first time in years. I mean, this is true for vibe code generally. Like, a lot of people would step back from just writing code or committing code to any GitHub repo. Yeah, the Vibe coding. Boom. Definitely. It's funny because I do really prefer the quad code, like, user experience to any of the, like, slicker desktop tools because of a lot of reasons. But it is funny. You're, like, in the terminal. I think everyone. There's definitely a. A major factor where, like, you feel really cool using the terminal. If you're not an engineer. But you're just. It's all plain text. Like, you're speaking in plain English and, like, it's speaking to you in plain English. But, you know, if you're at the airport or in a co working space, you're like, I feel I look pretty performative. Shrey says, Baby Keem just humbled a model. That is actually an exact lyric from Baby Keem's song Stat. That's a good reference. Sorry, Deep cut. Deep cut. And yeah, he. Someone else said two phone Baby Keem. That's another lyric. But two Mac Mini Baby Keem and Baby Keem liked it. He's very online. We're working on getting Baby Keem on the show to break down his full setup. Yeah, I mean one of the biggest questions that I feel like is still sort of unanswered is like, is like what are people doing with it? What? You know, obviously if you're working on a startup and you're building a piece of big software and you're committing to it and you're firing off just managing agents remotely, that feels relevant. Although yes, you mentioned you can just do that already. Yeah, I mean I actually, whatever, like, I'm definitely not the top person who's like dived into this. Right. But I feel a lot more confident even for coding. I actually don't love doing it with openclaw because I've got my reps in with cloud code. I trust the harness, I trust its ability to like utilize the model in the best way. So. So even for coding I'm just using Claude code remotely anyway. So I'm still waiting to find the use case. I think one interesting thing though is just that I think prior to this whole open claw wave, the whole idea was all the AI labs had their computer use demo and it was running in the totally anonymous VM somewhere. And I do think these things are way less useful without your personal data and your personal contacts and this stuff on your machine. No one solved like trusting it enough security wise. Like you know my Mac Mini back home, it has its own Gmail, icloud whatever because I'm not going to let it touch my data. But if we do get to the point where you can be confident that it has all the files on your file system and all your accounts and it's not going to leak anything or like make a dumb mistake sending it to someone. I do think the ability to like do all of your knowledge work on the go, even if it's just like I do the same stuff I do today with AI, I can just do it on the go. Would be a major moment of like idea guys have been waiting for. Yes, yes. It's the moment idea guys have been waiting for though. I think, yeah, we can riff on that if you want. And just more phone based work. More like, okay, this is something I need to do regularly. Turn it into a cron job. Like the agent should be able to do that. Yeah, yeah, I totally think so. Also I was just really excited about this like Napster sort of moment. Like Every idea I was doing majority, like, every idea that I have for, like something to vibe code is like something that doesn't exist not because of code. Like, if you want a fitness tracker, like, yes, you can vibe code one, but you can also just go to the app and get a free app store and get a free one. Or you can pay, like, there's plenty of products in every category. Right, right. The things that you want but can't get are like something that jumps every paywall, something that, you know, like, gives you videos for free that are behind walls and stuff. And like, these walls exist for a reason. And maybe those come down in a world where everyone's working on open source agents and just sort of showing up as themselves and synthesizing everything. But it feels like it's much harder to actually productize that fully because so many of the things that people want are like, yes, they're possible in open source in the sense that file sharing was popular. Totally. Yeah. And even though I will say, even though I guess so far, I don't want to say I'm disappointed because it was really a learning thing, but I still. It's never a good bet to be like really bearish on new form factor with like novel tech. So I'm still pretty bullish and excited about like three, six months from now what that same Mac Mini could be doing. And it doesn't need the Mac Mini. It could be. It could be on whatever service. But I think it's going to get pretty exciting pretty quick. Yeah, yeah, yeah. What did. What did Playboi Carti mean by this? Did he. Was he responding to basically Keem? Is that what we're supposed to read into this? Is he also getting a Mac? The Jeremy Irons in Margin Call. Is that the meme? This is when he says that the music is gonna stop. Oh, okay. So. So, so Playboy 30 is calling the top. I have. You have? Yeah. Whoa. Are you a film guy? I'm not. Have you seen Borat? I would never call myself a film guy, but I've seen movies. Have you seen Borat House in the whole bit. Is that Jordy hasn't seen enough movies? Yeah, he hasn't seen any movies. In fact. Wow. Interesting. RIP the market. We had a good run. The three kinds of stock market day so far. Donald Trump spins the wheel of tariffs and replaces a 5% tariff on Belarusian wheat with a 22.4% tariff on Pakistani jet engines. All stocks lose 2d $6. Substack Newsletter publishes a story about doordash going badly. DoorDash down 862%. Global financial system teeters on the brink. And three Nvidia announces earnings of $100 trillion. Beating expectations by a thousand X Jensen Huang named new king of earth while his stockholders to form the new permanent ruling class. Nvidia down 3% on the news. This is the press of the market. Are you, are you a day trader guy? No, no. Are you an investor? I am an investor. Investor. How do you think about the market? Are you a businessman? What's your strategy? I'm an investor. I'm a businessman. I don't know. I think my approach is like pretty smooth brain value investing like good fundamentals. I'll buy the stock and hold it for a long time. Definite. Doing a lot of even, even intra month trade. It's really like long. You're not like a one man Jane Street. I'm not not a one man Jane Street. What about, what about crypto? I feel like if you're working in crypto, even adjacent to crypto, there's just so much alpha from seeing essentially like angel investment style opportunities from someone who's building something that's you just know it's going to be hyped and the token's going to moon. The issue is that it's like wildly distracting because as soon as you have enough money is that. I, I think I, I think I, I don't like doing a lot of like individual stock trading. Yeah. Because as soon then, then my attention is gravitating towards this thing that's not actually productive. Yeah. And so what do you think? I think that's true. And I think, I mean obviously if you're trading like perps in crypto like you better stay on top of it because like there's a moment to exit or if you just hold it long term you'll probably get liquidated at some point. So I just don't touch any of that. You're right though that there are whatever. There are like weird things in crypto where like someone you know or someone's doing a project and they airdrop a token or something like this and you wake up a week later and it's worth like whatever a month's worth of your salary. So I think that's. Let's talk about Jane street because I've seen maybe 10,000 posts kind of blaming them entirely for the just crypto price action over the last couple months. You haven't been able to, have you been able to find anything that is like definitive? Obviously the lawsuit Came out and they were like, we were going back and forth on it because it sounds they pulled. They pulled funds out of this liquidity pool right after. Actually, I don't even think they pulled. I don't think they pulled funds. I actually think they sold into the pool, which is, I guess, the same thing. But they did it five minutes after we were saying maybe yesterday or the day before that. Okay. It's a public blockchain in theory. It's not actually a smoking gun necessarily. But either way, I'm only as informed as you are in terms of the tweets. I haven't verified anything, but. Yeah, my understanding is that I guess Tara Luna had had a lot of money in this pool and they had planned to pull whatever 180/something million out of it. Yeah. And that I guess the allegation is that Jane street heard that this was coming before everyone else. That's like the material non public information. And so then also pulled their money or sold it. Yeah. Like just minutes after Tara did it. And you're right that it's public. So I guess, like, again, not a source of truth here. I'm like relaying secondhand with confidence information that I read on the timeline built for podcast. Yeah, I'm relaying this to you secondhand without confidence. But, yeah, I guess you could say, hey, anyone could see that. And they just reacted quickest. But I think, I guess what that would come down to is what are the internal ops on moving those funds like that. I would imagine that a fund like Jane street with $85 million in this pool isn't just sitting in someone's like, hot wallet metamask. Right. Yeah. So they probably would have. They could have like some type of protocol or actually software, like, as a protective mechanism, given that they clearly are. I don't know, a lot of stuff feels like conspiracy theories that. It feels very similar to, like, the Robin Hood gamestop fiasco where there was like, a lot of conspiracy theories about, like, Citadel purposely tanking markets and the bailing out hedge funds at various points. And I always thought that was just like people looking for scapegoats and a whole bunch of market actors just playing hardball because that's the default structure. I don't know. Yeah, I mean, I'm not that comfortable, like, speculating on this either. Cause I'm just like, all right, I saw, you know, posting the timeline line. They are interesting though, Djen. CPA says Jane street got my dad drunk and made him cheat on my mom when I was three. People Are hunting for. For, you know, deep dish. Joyer says, jane street killed my dog. That would not be good. You're just getting a lot of the cathartic like, crypto people who've just been wrecked by these fiascos, like, now have a viable scapegoat. He's not a bad trader. The market moves was manipulated by Jane Street. Yeah. Tampa International airport has come out and said, we've seen enough. We've had enough. It's time to ban patrons at Tampa International Airport. Wait, they actually. This is great. Read the next line. I mean, it's. After successfully banning crocs and giving everyone the amazing opportunity to experience the world's first crocs free airport, it's time to take on even an even larger cruise. Pajamas at the airport. Is this real? Is this. Actually, it's hard to say. What's your. What's your airport travel? I was gonna ask you guys because you're traveling together a lot. I don't know. It's always a dilemma, right? Do you wear like. Like, I get the pajamas thing. Because if you wear, you know, your nicest clothes, then to me, when I get to my destination, I'm like, those are on the plane. Yeah. Yeah. It's like, I'm not unless I have laundry, you know? So for me, I'm rocking like one of my more like mid fits. Like I'm something. I don't care about something. Something lightweight that packs light as well. Because after that travel, like, that's not coming out of the bag for the duration. Well, there's. There's like a contagion theory here. Because if I'm in a suit, but I'm sitting down in a seat that someone in pajamas just sat down in, and I'm getting their pajamas all over my suit. Yeah. And so it's. It's just a vicious cycle. Are you guys business casual on the plan? I've actually traveled in suits many times, and it's underrated. Interesting. I. I think. I mean, besides the fact that I've heard that you can get upgraded to first class more. More easily if you're dressed up, I don't know how apocryphal that is. It happened. Yeah. I feel like that's just people trying to justify. I think people just, they. They see the suit and they're like, respect. Here, please take my seat. I'm in pajamas. I have the first class seat. But you deserve this. I think I'd feel more comfortable with that if I. If I weren't as tall as I Was. And you are. Because the suit, you know, more powerful aura, definitely less comfortable. Especially if you're in a seat where you're kind of constrained. It's kind of bunching up. It's really not feeling your image. What about the TSA ban? Have you, have you seen this? TSA shutting down. TSA precheck, pre check. This is just like a ploy to increase private jet ownership, Right? Yeah. Clearly the. We can ask Ken Ritchie about the lobby is trying to push people in. It's kicking the commercial aviation enjoyers while they're down. It's really brutal. What does Joe Weisenthal say about this? He says I'm very pro conformity, very anti. Anti social behavior in public. And yet I can't understand why people care so much about other people's airport attire. Just say that you wear pajamas to the airport. Just say that you wear pajamas to the airport. Flying is unpleasant enough. Burger King is launching an AI chatbot that will assess workers friendliness and will be trained to recognize certain words and phrases like welcome to Burger King, please. Thank you. Huge. The AI will be programmed into workers headsets. According to the Verge. I think Chick Fil a got access to that technology like a decade early. Yeah. Because there's a my pleasure, there's a thank you, there's a my every time. Yeah. Apparently when McDonald's opened in Russia, there's a quote. After several, several days of training about customer service at McDonald's, a young Soviet teenager asked a McDonald's trainer a very serious question. Why do we have to be so nice to the customers? After all, we have the hamburgers and they don't. They need to be nice to us if they want these hamburgers. What was it? Did McDonald's launch something as well? I thought they launched an AI thing too. Wasn't it big arch? Well, the big arch is the big burger. But then I thought there was. I mean, at this point, every single company has an AI strategy of some kind. And so everyone's putting various stuff. Are you an F1 guy? Tennis guy? I'm a tennis guy, but I, I watch like the F1, you know, highlights and recaps. I. I'm rarely like getting up to watch the race live but play tennis or watch tennis or both. Play and watch both a lot. Yeah. What does it say? Best friends should be able to apply to jobs together and get hired as a set. New age hired hiring looks like four to six. Six talented people clustering together and building a feature and getting acquired. That's. Yeah, this does Exist. I mean a horse did post horse. Horse is kind of going off. Horse has been on a generational run. Literally a horse. Yeah. Underrated. Riley Walls. We talked about this yesterday. Joined the Labs team at OpenAI. Very exciting. We were talking about this kind of offline before the show that it seems like there's a lot of opportunity in like hiring for not just ability, which. Which Riley Walls clearly is incredibly talented and has, you know, an insane. Probably like the most elite idea guy like actually on the pitch playing right now. Yeah. And that's hard to say. No idea guy as idea guys ourselves. But I think like hiring for. You called it like hiring for mindshare. Yeah. I was pointing out obviously both Riley and Pete Steinberger like both incredible devs. So not trying to take away from that. But it's interesting that both of those either like hires or acquisitions also come with like a lot of developer Mindshare. And I think in a world where like, if you just run out to the extreme, like software production costs go to zero. So being an engineer, being able to build stuff, that skill becomes more of a commodity than what are you trying to acquire or hire for. Maybe in this interim period, it's like a blend. Okay? Like, I still want you to be a good engineer, but I also want you to bring me developer mindshare. And I think to that point it's like, you know, with openclaw for example, it was definitely the best product in the market, but it was open source. Someone could have, you know, forked it, copied it, whatever. But I think it really would have been hard for someone to catch up given how much mindshare had. It was like the fastest growing open source repo of all time. So what you're buying, it's like even though it remains open source and forkable and in like a foundation and other people could build it, the reason you buy Pete, in addition to him being a great developer and you know, idea guy, whatever, is just that like he. He's bringing the mind share of all the people who definitely follow him, have notifications on for all his posts. They're following all the updates because he's bringing. They. They probably spent a few 600 bucks or something like that on a Mac mini, some sort of hardware device to run the model. Noah Smith is sharing the job postings for software engineers have picked up since vive coding became a thing. They had been declining until the early part of last year actually. And again, this is why, I mean, we've talked about this over and over and over. I Feel like there's this, like, two different narratives being spread on Instagram. It's just like this, like, labor displacement narrative going super, super, super hard. And then over here, like, it's just an entirely different world. Yeah. I mean, Tyler, how do you interpret the software engineering number? Have we talked about this yet? Yeah, I mean, so I think I broadly agree, like, so when Dario went on Drakesh, he had this take where it's like. Like, you go from AI doing 90% of, like, coding to 100%, and then it goes from 90% of, like, all sweet tasks to 100%. And so when you're kind of in the interim period, like, engineers get super, super productive, but then there's a point where it's like, actually, like, it's like instead of being super high leverage because they're. The AI is doing 99% now, the AI is doing 100%, and it's actually, like, it just kind of instantly goes to zero. So, like, I think you should imagine that, like, yeah, you actually see. You should see a lot of, like, hiring because everyone wants, like, a Vibe coder at the company. But then at some point, Vibe coding becomes so easy that, like, you don't need any, like, special talent to be able to do it. And then you just have the random person. I mean, even. Yeah. So basically, if one day you're not sitting at your desk, you're like, you're kind of the Vibe coder in the coal mine. Canary. Oh, okay. Okay. Yeah, yeah, sure. I do wonder about, like, because there is a world where software engineering postings and jobs are substituted for other roles. You can have someone whose job is a business analyst, and every day they open Excel and crunch some numbers, and then you could hire a software engineer to automate that task. Ten years ago, 20 years ago, and a lot of companies did. And if Vibe coding sort of eats into other things, you could see the rest of white. It's like, like, the white collar work could go away because the software engineers are doing it. And then the bigger question is, you're sort of jumping ahead to, like, a full unemployment scenario where no one has a job. But in the world where there are a few jobs. I keep thinking about this thing that Pavel Asperuhov said where he was like, yeah, if the software engineering jobs go away, get ready to compete with software engineers in every category, because they're going to learn financial analysis, they're going to learn to trade, they're going to learn to sell, they're going to learn all these things. And if they're just like smart and hard working people and they have AI tools both helping them upskill, reskill and shift and do whatever they need to. In the new role those people will still be employed. They'll just be in a different part of the economy. Rachel Carton, who's coming on the show soon, says by More than a 3 to 1 margin Young Americans believe AI will take away opportunities. There's a lot of uncertainty surrounding AI, especially among the youth. Using it as a joke like liquid death Gucci or Equinox have tried is not a wise marketing strategy. Yeah, the, the blowback around Gucci was predictable but it was also strange that they chose to use an image that looked like it was at a GTA too. Just like not even trying to look like one of the images that we looked at it looks like. I thought that one looked great normal photograph and looked cool and the other one like was like a GTA style characters which really didn't hit interesting. JIRA ticket says but sir, that's rage bait. If you do this you'll slopify the timeline and you're posting something that you know has no value. We are, we are selling engagement to willing scrollers at the current fair algorithm parameters Avi Schiffman had was, was certainly. Have you ever talked to an AI just like as a, as like a being or like a friend or like just as like any, any like non productivity like earnestly. Earnestly. Yeah, just like chatting back and forth with it. Not for any specific business purpose. Have you ever fallen in love? No, no, no, I, I really haven't earnestly. I haven't, I haven't really given that I have like to test it out. Yeah. I wasn't like wholeheartedly engaging. Yeah it's weird. I don't know if it's like a personality thing or maybe I'm just too busy or something but I've never been like I will, I will. If I'm in a video game I'll go talk to NPC on a. I'm down like I'm down to explore the story that's there but for some reason it just hasn't clicked with me. I don't know, I haven't even done that like even when I was playing like, like MMOs back in the day. Like I feel like I would always just be like skipping dialogue. Yeah I actually do skip a lot. It's hard to really buy into it. I think maybe a good, the synthesis of that would be. I would be down to play like a new Elder Scrolls game where there are like really good AI models behind the characters. Yeah. Then I'd be exploring it because, like, I've decided to suspend disbelief to play this game. So while I'm in this game, let me do it. But in my real life, I'm not like having a hard time. Yeah, yeah. It's. Next time you call me and I don't pick up, go into ChatGPT and say, pretend. Pretend you're jordy. Let's talk about today's work. I do think that's like more interesting. Like, like again, not like, maybe not as a heart to heart, but like, I mean, there's companies that do that, you know, AI version of an influencer and whatnot. Like that. Yeah, those things. I mean, you guys have like hundreds, if not thousands of hours of live show. Now you could probably get a pretty good Jordy model. That's what I'm saying. And if you were like trying to riff on show planning, like, it would actually functionally be pretty good. Good. But I just have no desire for it. I don't know. Give it a shot, John. Maybe, maybe. I do think this is an interesting take on the Open Claw style stuff where like, I think there's a world where again, security is like a big asterisk here. But like, if I had open claw. Okay, so I've been riffing on this idea for a while that I'm just a JPT5 client. So like chat GPT has GPT5 and I'm John Palmer. So I'm John Palmer Transformer. I'm JPT5 and I'm just a client for JPT5, which is my brain. Okay. And so like you guys kind of like a harness. Yeah, well, this is the clothes are the harness and the brain is the model and my mouth is the client. So in that anyway, I won't go into the whole riff, but I guess like, so my Mac mini I named JPT5 and hypothetically, if I could train it on like all the writing and speaking I've ever done, plus my whole file system and it knew like what I do on my computer. One version of that is it's single player. It's my Open Claw. I use it to do my tasks. But I'm really interested in like the multiplayer. Again, this is the security. Security's not ready for this yet. But if I had my Mac Mini and either humans like yourselves could really go like, hey, I need John for something. I know he did that one project and all the files are probably on his computer. Could I go micropay his agent be like, yo, I need help researching this crypto thing that you did. Whatever. And if my agent could actually give you. It's like you're not accessing the same one size fits all model that everyone has. You're accessing, you know, that model with some custom, you know, context and prompting or whatever, and that would be cool, so.

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