NEWSMAX

Are you trying to do 50 and then 500 and then 5,000 and then 50,000? Are we going by orders of magnitude or is it like a lot of work? And then they all start flying up really fast. So we are very heavily dependent on Starship before we will be flying frequently. So we're expecting Starship to deploy the first Starlink V3 payloads either end of this year or early next year. And then from there we're expecting 18 to 24 months before the first commercial payload. So customers like us flying. So we're looking into 20, 28 before we're launching our Starship. Our own deployment schedule is later this year we'll be launching Star Card 2, and that will be a 10 kilowatt spacecraft, about 100 times the power generation of the first one we flew. And that has this, the first one to have this deployable radiator. It will be by far the largest commercial radiator in space. And then next year we launch a very similar version of that. And then we launch on Starship this PEZ dispenser. And actually we may even launch it on Falcon 9, the first one, just to test it, which will be about 200 kilowatts so 20 times, again, the StarCloud 2, and then we can launch 50 of those per Starship. So then you're talking about 10 megawatts of compute per Starship launch. And, you know, once, once Starship is flying frequently, we're expecting to be launching hundreds of times per month. So that's 100 Starship launches about a gigawatt of new capacity. So we're talking on the order of tens of gigawatts of new capacity per year being deployed. At that point, do, do you have any insight into how, like, space compute might in the short term be better for a particular AI workload? Like it's going to be.

Means, Right? Yeah, we absolutely have an opportunity to participate in the velocity of those transactions and the economics around that. But we had this philosophy when we started Circle that over the long run that the marginal cost of storing and moving value would go to zero and that the business model of charging fees for payments would collapse. And I think over the long run that is still going to be true. Actually 0 or 0.0001%. Like so big. Yeah, I mean, almost. Yeah. I mean, actually zero to most of the consumers of it because the costs underneath it are going to be so low. It's like, like, you know, you don't get charged for your WhatsApp audio call. Yeah, right. They're like, you know, we're going to, we're going to deal with the business. We'll make it up other ways. Yeah, it's too cheap ways. But like we've, we, we just announced something called Circle Nanopayments. It's a, it's a module for agents to basically be able to like have a stored balance of digital dollars of tokenized dollars and be able to transact them to like different wallets on different blockchains. And we've gotten it to the point where we can actually have transactions priced at 1/1 millionth of a penny per transaction. And you know, you're like, well, who would ever need that? Well, if there's like. Yeah, well, here's an example. So yesterday we had Eddy Q.

This work, what's the anatomy of a supply chain attack? And then we'll go into how to fight it and why they're on the rise in particular. Sure, yeah. So generally supply chain attacks are going to impact the software supply chain. And so in SolarWinds, I actually worked that one, so I can tell you that one was pretty special because they got into the CICD environment, were able to actually affect the building of the software so that it was done in a way that nobody really could tell that that had happened. What we're seeing in these new supply chain attacks is that they're targeting the developers themselves, many of whom probably listen to the show. And so it's important they pay attention, that they, you know, they go after your credentials, they fish you, they get access to your logins, to things like NPM and Pipe, and then abuse that. And there's a number of ways they can do this with get tags where they can actually, you know, hide the code and then redirect git to a git tag. But effectively what happens, you know, for the layman, is that you have software that is depended on by enterprise applications, by open source stacks and they're, you know, Axios was downloaded something like 100,000 times per week. Right. So that, that gives you a sense that these things are being used extremely frequently. And people don't look at them, they don't analyze that code, they don't analyze that library. They trust it came from npm. It must be good, the communities looked at it. But those things can be updated at a moment's notice and you don't know what that latest update is unless you review the code yourself. Yeah, okay.

Magnitude or is it like a lot of work? And then they all start flying up really fast. So we are very heavily dependent on Starship before we will be flying frequently. So we're expecting Starship to deploy the first Starlink V3 payloads either end of this year or early next year. And then from there we're expecting 18 to 24 months before the first commercial payload. So customers like us flying. So we're looking into 20, 28 before we're launching our Starship. But our own deployment schedule is later this year we'll be launching Star Card 2, and that will be a 10 kilowatt spacecraft, 100 times the power generation of the first one we flew. And that has this, the first one to have this deployable radiator. It will be by far the largest commercial radiator in space. And then next year we launch a very similar version of that. And then we launch on Starship this PEZ dispenser. And actually we may even launch it on Falcon 9, the first one, just to test it, which will be about 200 kilowatts, so 20 times, again, the StarCloud 2. And then we can launch 50 of those per Starship. So then you're talking about 10 megawatts of compute per Starship launch. And one starship is flying frequently. We're expecting to be launching hundreds of times per month. So that's 100 Starship launches about a gigawatt of new capacity. So we're talking on the order of tens of gigawatts of new capacity per year being deployed in.

We got. There's more on the Mercore leak. Very unfortunate. Gary Tan says incredible amount of state of the art training data is now just available to China thanks to the Merkor leak. Every major lab, billions and billions of value and a major national security issue. Yeah, I'm just feeling, I'm, I'm feeling, you know, that the national security issue is one thing I'm feeling really concerned for individuals that not only gave PII as part of onboarding, but maybe now there's like live video of them tied to that pii. So it feels like there's some real deep fake risk. I'm very glad that we have Adam Myers from CrowdStrike coming on today to explain the surface area, what the trends are in cybersecurity, because things do feel like they are ramping up significantly. Very also just very odd that there is there's now a leak of data that could be used to RL models. There's new open source models. There's also the leak of the cloud code harness. And so if you piece all these together, you get pretty close to the frontier. And that's something that we're certainly going to have to contend with. The fact that every time that there's a leak, you probably shrink the gap between the frontier and the open source community a few, by maybe a few months or something as they catch up, even if they're doing it like sort of above board anyway.

And push further. Jordi, did you have anything else to say? I just wanted to say some thank yous because a lot of people have been a part of this journey to date. It's been, I think, something like. Let me do the math here. 496 days, roughly 16 months since we put out the first episode. Yeah. It was just the two of us and Ben sitting in a room, couple cameras, a couple microphones. And I will just say, I didn't know this special of a business relationship was possible between you and me. I think if you look back on that, almost 500 days, we've had disagreements around strategy or approaches or things like that, but we have almost universally stayed perfectly aligned on everything that matters, every single day, every step of the way. And I think that's somewhat of a miracle, given that we went into this not really knowing what it would become. Yeah, we did, like, one side project together, and it took, like, eight months, and it was, like, not. It was, like, successful, but it was not, like, oh, yeah, like, okay. We were working together daily for months. You know, it was a lot of just jumping and leap of faith. Right? Yeah. And I think we've got this question so many times, like, do you guys get sick of each other? You know, you just have to talk to each other for three hours a day. And, like, I've said this before. I'll say it again, and it is actually hilarious. The second that we leave the office, we both get in the car, we call each other, we end up talking for, like, another hour on the way home. And so it's just been. It's been the privilege of a lifetime to just build this business with you and the whole team. The team has been absolutely incredible.

We have some huge news. This is from the OpenAI blog. OpenAI acquires TBPN, accelerating the global conversation about AI. This is not an April Fool's joke. April Fools was yesterday. We didn't do anything for April Fool's Day. This is real. This is a very interesting deal. I think a lot of people will be interested in this. We're very excited about this. We have a bunch of context and information to share about how this changes things. What changes, what doesn't? I'm sure there's a million questions. We're going to try and get to them all. But then we also have a huge normal show because. Normal show. We got Mark Lore. That's the first. Is not changing. TVPN is not going away. We're going to be live every day, three hours, as long as we want. We have a lot of flexibility. We're going to do a lot of interesting things. We got mark lore, the LeBron James of E commerce. This is from his Wikipedia page. We can pull up the. If you are calling me right now, I can't pick up because I'm live. And I think it might be time to turn off the phone. I think. Yes, it might be time to turn off the phones. Yeah. Very, very strange. I think this is maybe the first time in history there's been a deal like this and then two people that are a part of it have to go and talk for three hours straight. But it's technology business as usual over here. Yes. We have a fun show for you today. We'll get into the news in a second, but we have Adam Myers coming on from CrowdStrike. Yes. To talk about all the recent Axios hack and more. We have Jeremy from Circle coming on in person. In person, which is exciting to talk about. Stables. Justin from Shepherd, Gaurav from Mirage, and then Philip from Star Cloud. Lots of. We're very excited about the Artemis II mission going successfully. Hopefully you all watched it. It was a lot of fun. We were watching it here on the screen and we were gripped as the. The rocket took off. Because, yeah, we were. We were so locked in. We were joking around that it should. It felt like it should have been a pay per view. Yeah. Like could we turn space into a profit center for the government? Somebody was saying that it was not entertaining. I was extremely entertained. I don't know. Yeah, maybe. Maybe they could do more. But NASA has a decent E commerce business too. We are watching. They were selling like 10,000 patches a minute or something like that. Yeah, yeah, yeah. I think we were we were doing the back of the envelope, just from the main call to action. At the bottom of the YouTube stream, they were selling a patch for, I don't know, tens of dollars and they'd sold like hundreds of thousands of them. So as we were watching, they were selling like something like $10 million worth of merch. So maybe go get some for yourself. Anyway, let's go over to Fiji. Simo's post on the OpenAI blog. She shared this message with the company earlier today. She says, I'm excited to share that we've acquired tvpn. This acquisition brings a team with strong editorial instincts, deep audience understanding and proven ability to convene influential voices across tech, business and culture. That's. I'm still going to be hitting the soundboard. Yeah. Yeah, you are. TVPM has built something pretty special. It's one of the places where the conversations about AI and builders is actually happening day to day. A lot of you already watch it and rely on it to stay close to what's going on. As I've been thinking about the future of how we communicate in OpenAI, one thing that's become clear is that the standard communications playbook just doesn't apply to us. We're not a typical company. We're driving a really big technological. Technological shift. And people mission of bringing. And with the mission of bringing AGI to the world comes a responsibility to help create a space for real, constructive conversation about the changes AI creates with builders and people using the technology at the center. And that's exactly what TVPN has built. Which is what I was going to say. It's the next line that is a huge part of the show is making sense of what's going on, how these tools are actually being used, all of the implications. We've gone all over the place and we will continue to go all over the place. Yeah. And over the last year, like, know, multiple years, there's just been so much. There's so much uncertainty about AI. Yeah. I don't think we can change that. Yeah. But there's also a lot of fear and just talking through it with the people that are actually helping diffuse AI through the economy across every single industry is something that we've enjoyed a tremendous amount and is exactly what we're going to continue to do. Yeah. If you want to continue. Yeah. So she says. So rather than trying to recreate that ourselves, if it made a lot of sense just to bring them in, support what they're doing and help them scale while keeping what makes them special, A core part of this is editorial independence. We can say whatever we want because we're live and we don't need to run anything through anyone. It's not possible. It is. It would be very difficult to have somebody here. Can we say this? I'm about to say a sentence. TPPN will continue to run their programming, choose their own guests, and make their own editorial decisions. That's foundational to their credibility. And it's something we're explicitly protecting as part of this agreement. And also, we were never in the scoop industry. People were kind of asking like, is this journalism? Is it commentary? I think we've always been like, hey, we, you know, like to talk to a lot of people, have a conversation, bring in people. Yeah. And even, even when companies have approached us and said, we'll give you the exclusive, we don't. Yeah, we'll say give it to somebody else. It's like, hey, you can come on the show. We actually want you to go talk to the Journal. Yeah. Or the Times or Bloomberg, Wherever. Bloomberg, et cetera. Yeah, wherever you want to go. And then come and contextualize it with us and let us dig in and understand more about the strategy. And so TVPN will continue running their programming, choose their guests, and make their own editorial decisions. That's foundational to their credibility and something we're explicitly protecting as part of this agreement. I'm also excited to bring their amazing comms and marketing instincts to the team. We got lots of ideas and we're very excited for this. They've helped many brands market online, and because they have a strong pulse on where the industry is going, their comms and marketing ideas have really impressed each. You see me, I can't wait to leverage their talent outside of the show to innovate on how we bring AI to the world in a way that helps people understand the full impact of this technology on their daily lives. TVPN will sit within our strategy organization, reporting to Chris Lehane. Really excited to welcome Jordi, John Dylan and the broader team. And here's a statement from you. Do you want to read this? What did you say? Over the past year, we've had a front row seat not just to OpenAI, but to the entire ecosystem, covering the daily news, announcements and and launches in real time. While we've been critical of the industry at times, after getting to know Sam Viji and the OpenAI team, what stood out the most was their openness to feedback and commitment to getting this right. Moving from commentary to real impact and how this technology is distributed and understood globally is incredibly important to us. So I contextualize it a little bit more shared. You know, a lot of people are like, is this an April Fool's joke? I've been saying expect the unexpected. This is a plot twist, I'll give you. That was unexpected. It was unexpected to me. But I'm really happy about it. And when I reflect on my career, I think it makes a lot of sense. And I can walk you through some of my career and my experience with OpenAI and with Sam Altman. I've known Sam for maybe 13 years. He invested in my first company in 2013 and then we got in a really serious log jam during a financing and I wrote him an email. I told this story in Bloomberg a couple years ago. I wrote him an email and said, like, hey, like this is getting really rough. I'm a first time founder. I don't know if we're gonna be able to get this done. And he called me and we hopped on the phone for like five minutes and he was able to completely resolve everything. And everyone walked out of the deal feeling pretty good. And so that always left this impression on me that like he was founder friendly. Obviously he didn't. In this particular case, it was to my benefit, not particularly to his benefit, the way the deal like wound out. And he was just a great addition to the negotiation and really. And you were very young at the time, you were just a wee lad. I was. You were about 23, 24, something like that range. Yeah. And then when I took my second company through yc, he was president at the time. And then when I joined Founders Fund, the very first deal that I saw in motion at Founders Fund was, was the post ChatGPT round in OpenAI in late 2022, early 2023. And so I sort of had this like front row seat to all of this. And then once we actually started growing tvpn, he was one of the first people that I texted to say, hey, do you want to come on the show? And he was the first lab lead to come on the show. And we're excited to continue having him on the show, hopefully have other lab leads on the show, have other people from all over the industry. And just generally I think that when I was at Founders Fund, I was not particularly in the weeds of intraventure capital fights. I was much more interested in the conversation around technological stagnation, not funding companies, not making great companies happen. I never was in a situation where I was like, oh, if a different VC firm backs A great company. That's bad. And I think that's the same philosophy that I have always taken forward and will continue to believe in, which is that, like, the American AI industry is the most important thing, and that will continue to be the case. And I'm excited for all the different competition and everything that's happening in the industry to continue and push further. Jordi, did you have anything else to say? I just wanted to say some thank yous, because a lot of people have been a part of this journey to date. It's been, I think, something like. Let me do the math here. 496 days, roughly 16 months since we put out the first episode. It was just the two of us and Ben sitting in a room, couple cameras, a couple microphones. And I will just say, I didn't know this special of a business relationship was possible. Yeah. Between you and me. Yeah. Like, I think, like, if you look back on that almost 500 days, we've had disagreements around strategy or approaches or things like that, but we have, like, almost universally stayed perfectly aligned on everything that matters every single day, every step of the way. And I think that's somewhat of a miracle, given that we went into this not really knowing what it would become. And, yeah, we did, like, one side project together, and it took, like, eight months, and it was, like, not. It was, like, successful, but it was not, like, oh, yeah, like, okay, we were. We were working together daily for months, you know? Yeah, it was a lot of just. Just jumping and leap of faith. Right? Yeah. And I think we've got this question so many times, like, do you guys get sick of each other? You know, you just have to talk to each other for three hours a day. And, like, I've said this before. I'll say it again, and it is actually hilarious. The second that we leave the office, we both get in the car, we call each other, we end up talking for, like, another hour on the way home. And so it's just been. It's been the privilege of a lifetime to just build this business with you and the whole team. The team has been absolutely incredible. You guys are all truly amazing. And this very much is a. This very much is a team. Like, a team sport. Like, business is a team sport, but this is like a live team sport. We come in here every single day, and the show doesn't happen if we don't all come in and make it happen. And so the consistency of the. The team has been just incredible. And watching everyone's individual talents just flourish has been incredible. A lot of people came into this having done a thing or two in the past, but learning new things. Brandon has been absolutely incredible. Just an absolute rock in the organization. Brandon, if you're not familiar, writes our newsletter every day and is just remarkably consistent and has, like, you know, helped us shape our editorial approach, and it's been incredible. Dylan, who joined us, I guess, technically Q4 of last year, you know, I'd worked with him at my last company, but is truly, truly one of a kind. Remarkable. I never want to. I never want to do business without him, and he has just done such an exceptional job working off air. It's like, you know, challenging when you're building a company and you're also having to put on a live performance for three hours every day. He wrote the newsletter yesterday, so. That's true. That's true. Op Ed. He wrote the Op Ed. Ben. Ben, who's been here since. Since before TVP, and he was working with me on my YouTube channel. When did we start working? I was here before Jordi. Yeah. Maybe like, mid 2024, maybe. Something like that. Sounds right. Fun videos. Yeah. Yeah. We traveled a lot. A lot of pelvic cases. No, but it's been. It's been absolutely incredible to watch you grow from. From an extremely talented individual and two very capable and talented manager and building out a team of people that are so hardworking and wonderful and, you know, Michael Scott Jackson, you guys, you know, are so, you know, such a joy to work with, even though what we do is not easy and it's changing, you know, day to day to all the guests. Seriously, it's been so much fun. Like, if you went back and rewound to the beginning of the show. We started with no guests. We did something like 50 episodes without any guests. We thought that there was a time that we thought we would just do that forever because that was the only thing that was, you know, really unique about the show. Like, that's the reason I started creating content in 2020, because it was during COVID There were no events. There were no places to meet other founders, meet other business people. I wasn't thinking of it as, like, a media business. I was thinking of it as, like, a way to just have conversations and meet other people who are building companies and. And now we get to do that all day long, which is just a dream come true. Yeah. So many guests have turned into dear friends. The Joe Weisenthals, the Dylan Patels. There's really too many to list, but we will have you all back on the show and I can't wait. To everybody that's tuned in, whether you've watched the RSS feed, the live show, the clips the newsletter laughed at, card, you know, we've strived to create the right product regardless of how much time you have. If you have two minutes a day to read the newsletter, great. If you've got five minutes to watch some clips, if you want to watch the entire podcast, if you want to watch diet tbpn, the Daily Cut Down. Thank you, thank you for tuning in. And fortunately, pretty much everything is going to stay exactly the same to our one and only Tyler. Tyler, you are truly, truly incredible, one of the brightest young people I've ever worked with. And you have such a bright future. You know, we always knew that I felt from the very beginning that you would go on to start your own company. And we cherish every single minute that we have with you. And we're going to do our very best to retain you for decades. But thank you for everything you've brought to the show, everything you've built. Tyler, if you're just tuning in now, has built all the internal software that we use to run the show. It's insane stuff. It is a fully custom content management system, CRM. It helps us edit all of our videos. It is the backbone of the show. It's a tool that the entire team uses on a daily basis. And truly the show would not be possible without it. And yeah, your contributions on air as well, it's so much fun to be able to cut over to you. And so it is with great honor that I give you this soundboard. And our sponsors. Yeah, we can start with, with the Ramp team. Eric, Eric, Karim and the whole, the whole team over there has just been incredible. They allowed us, you know, at the, at the beginning, sorry, the end of 2024, when we had started doing the show, we really loved it. They were, they committed to sponsoring the show for a year and that allowed us to do. To do so much in terms of investing in all the equipment that we use, hiring people. They made it possible and have been truly, truly exceptional partners. And watching Ramp's growth over the last couple years has just been phenomenal. And they deserve all the success and every other sponsor that has been a part of this, truly. Shout out Nick as well. Oh, did he not get one? Oh, we gotta get a direct shout out for Nick. We gotta get a direct shout out for Nick. We don't know what to call Nick. He's a. We can't give his name on Air because he'll get ten times more emails. The lineup every day is crafted by Nick. He is our liaison to 99% of the guests that come on the show. Sometimes it starts with an interaction over X or a text message, or there's other intermediaries involved. There's a lot that goes into actually getting someone into the waitress into the show, making sure that they understand how the show will work. It's sort of like, you know, you're hot. Dropping into this live show that's new for a lot of people. And Nick does a great job communicating and parsing all the noise to understand what the best news of the day is, how we can contextualize it best with the optimal guests. And he's done a fantastic job. And we'll continue. It's an honor. David Senra. Yeah. One of a kind. He literally inspired. Yeah. David was our very first listener that I'm aware of. He gets sent a lot of. We send him a link in a Google Drive and he listened. And from that first episode, even though it was very scrappy, he said, take this. Take this, you know, 100 times more seriously than you are right now. And we did. And it's the best advice that I've ever gotten. And he has been. And we have a picture of a picture of him here. We couldn't print it full size, and it appears that it was printed on a black and white photo printer, but it's a black and white photo and he's a black and white brand. So thank you to David Senra, who's been the podcast Godfather Truly and the gong. The chat is asking us to hit the gong. We have to. The gong will remain. The gong will remain. Will Menitis has already chimed in with his take. He says many people are saying, we're in the deal, Guy Yuga. Many are saying, and it means a lot that Will Menidis, the only. He is the only guest who has co hosted a full show from start to finish with us. And if you want to go back in the archives, you can watch that episode. It's a wild one. It was in a hotel room. We had yet to figure out the remote shows fully. The team worked really hard to make that one happen. And very chaotic. Good time. Very chaotic.

On an absolute terror. You know who else is on an absolute terror? Taylor Lorenz. Apparently, she spends 17 hours a day in screen time. I guess that means phone, but maybe phone and computer. She has to spend a lot of time because she's defending big technology. Exactly. There's some incredible quotes in the story, and she said if she could put the screen in her brain, she would. That's wild. That's a very unexpected. I mean, she's got to get. Got to get set up with the Neuralink team, but get me a true timeline merchant. Yes, yes. Well, yeah, Extremely Online is the name of her book, and she certainly lives her brand. Eliezer, you.

You're watching TVPN. Today is Thursday, April 2, 2026. We are live 364 days until April Fool. Yes, that's right. We are live from the TPPN Ultradome, the temple of technology, the fortress of finance, the capital of capital. We have some huge news. This is from the OpenAI blog. OpenAI acquires TBPN, accelerating the global conversation about AI. This is not an April Fool's joke. April Fool's was yesterday. We didn't do anything for April Fool's Day. This is real. This is a very interesting deal. I think a lot of people will be interested in this. We're very excited about this. We have a bunch of context and information to share about how this changes things. What changes, what doesn't? I'm sure there's a million questions. We're going to try and get to them all. But then we also have a huge normal show because. Normal show. We got Mark Lore. That's the first time. It's not changing. TVPN is not going away. We're going to be live every day, three hours, as long as we want. We have a lot of flexibility. We're going to do a lot of interesting things. We got mark lore, the LeBron James of E Commerce. This is from his Wikipedia page. We can pull up the. If you are calling me right now, I can't pick up because I'm live. And I think it might be time to turn off the phone. I think. Yes, it might be time to turn off the phones. Yeah. Very, very strange. I think this is maybe the first time in history there's been a deal like this and then two people that are a part of it have to go and talk for three hours straight. But it's technology business as usual over here. Yes. We have a fun show for you today. We'll get into the news in a second, but we have Adam Myers coming on from CrowdStrike. Yes. To talk about all the recent Axios hack and more. We have Jeremy from Circle coming on in person. In person, which is exciting to talk about. Stables. Justin from Shepherd, Gaurav from Mirage, and then Philip from Star Cloud. Lots of space news a week. We're very excited about the Artemis 2 mission going successfully. Hopefully you all watched it. It was a lot of fun. We were watching it here on the. On the screen and we were gripped as the rocket took off because, yeah, we were. We were so locked in, we were joking around that it should. It felt like it should have been a pay per view. Yeah. Like, could we turn space into a profit center for the government. Somebody was saying that it was not entertaining. I was extremely entertained. I don't know. Yeah, maybe. Maybe they could do more. But NASA has a decent E commerce business too. We were watching they were selling like 10,000 patches a minute or something like that. Yeah, yeah, yeah. I think we were. We were doing the back of the envelope, just from the main call to action. At the bottom of the YouTube stream, they were selling a patch for, I don't know, tens of dollars. And they'd sold like hundreds of thousands of them. So as we were watching, they were selling like something like $10 million worth of merch. So maybe go get some for yourself. Anyway, let's go over to Fiji. Semo's post on the OpenAI blog. She shared this message with the company earlier today. She says, I'm excited to share that we've acquired tvpn. This acquisition brings a team with strong editorial instincts, deep audience understanding, and proven ability to convene influential voices across tech, business and culture. That's. I'm still going to be hitting the soundboard. Yeah. Yeah, you are. TVPM has built something pretty special. It's one of the places where the conversations about AI and builders is actually happening day to day. A lot of you already watch it and rely on it to stay close to what's going on. As I've been thinking about the future of how we communicate in OpenAI, one thing that's become clear is that the standard communications playbook just doesn't apply to us. We're not a typical company. We're driving a really big technological shift. And the mission of bringing. And with the mission of bringing AGI to the world comes a responsibility to help create a space for real, constructive conversation about the changes AI creates with builders and people using the technology at the center. And that's exactly what TBPN has built. Which is what I was going to say. It's the next line that is a huge part of the show is making sense of what's going on, how these tools are actually being used, all of the implications. We've gone all over the place and we will continue to go all over the place. Yeah. And over the last year, like, you know, there's just been so much. There's so much uncertainty about AI. I don't think we can change that. Yeah. But there's also a lot of fear. And just talking through it with the people that are actually helping diffuse AI through the economy across every single industry is something that we've enjoyed a Tremendous amount and is exactly what we're going to continue to do. If you want to continue. Yeah, so she says. So rather than trying to recreate that ourselves, it made a lot of sense just to bring them in, support what they're doing, and help them scale while keeping what makes them special. A core part of this is editorial independence. We can say whatever we want because we're live and we don't need to run anything through anyone. It's not possible. It is. It would be very difficult to have somebody here. Can we say this? I'm about to say a sentence. TPPN will continue to run their programming, choose their own guests, and make their own editorial decisions. That's foundational to their credibility. And it's something we're explicitly protecting as part of this agreement. And also, we, we were never in the scoop industry. People were kind of asking like, is this journalism? Is it commentary? I think we've always been like, hey, we, you know, like to talk to a lot of people, have a conversation, bring in people. Yeah. And even when companies have approached us and said, we'll give you the exclusive, we don't. Yeah, we'll say give it to somebody else. It's like, hey, you can come on the show. We actually want you to go talk to the Journal. Yeah. Or the Times or Bloomberg. Wherever. Bloomberg, etc. Wherever you want to go. And then come and contextualize it with us and let us dig in and understand more about the strategy. And so TVPN will continue running their programming, choose their guests, and make their own editorial decisions. That's foundational to their credibility and something we're explicitly protecting as part of this agreement. I'm also excited to bring their amazing comms and marketing instincts to the team. We got lots of ideas and we're very excited for this. They've helped many brands market online, and because they have a strong pulse on where the industry is going, their comms and marketing ideas have really impressed you. See melt me. I can't wait to leverage their talent outside of the show to innovate on how we bring AI to the world in a way that helps people understand the full impact of this technology on their daily lives. TVPN will sit within our strategy organization reporting to Chris Lehane. Really excited to welcome Jordy John Dylan and the broader team. And here's a statement from you. Do you want to read this? What did you say? Over the past year, we've had a front row seat not just to OpenAI, but to the entire ecosystem covering the daily News announcements and launches in real time. While we've been critical of the industry at, at times, after getting to know Sam Viji and the OpenAI team, what stood out the most was their openness to feedback and commitment to getting this right. Moving from commentary to real impact in how this technology is distributed and understood globally is incredibly important to us. So I contextualize it a little bit more shared. You know, a lot of people are like, is this an April Fool's joke? I've been saying expect the unexpected. This is a plot twist, I'll give you that. It was unexpected. It was unexpected to me. But I'm really happy about it. And when I reflect on my career, I think it makes a lot of sense. And I can walk you through some of my career and my experience with OpenAI and with Sam Altman. I've known Sam for maybe 13 years. He invested in my first company in 2013 and then we got in a really serious logjam during a financing and I wrote him an email. I told this story in Bloomberg a couple of years ago. I wrote him an email and said like, hey, like this is getting really rough. I'm a first time founder, I don't know if we're going to be able to get this done. And he called me and we hopped on the phone for like five minutes and he was able to completely resolve everything and everyone walked out of the deal feeling pretty good. And so that always left this impression on me that like he was founder friendly. Obviously he didn't. In this particular case, it was to my benefit, not particularly to his benefit. The way the deal, the way the deal like wound out. And he was just a great, great addition to the, to the negotiation and really. And you were very young at the time, you were just a wee lad. I was, you were about 23, 24. Something in that range. Yeah. And then when I took my second company through yc, he was president at the time. And then when I joined Founders Fund, the very first deal that I saw in motion at Founders Fund was the post ChatGPT round in OpenAI in late 2022, early 2023. And so I sort of had this like front row seat to all of this. And then once we actually started growing tbpn, he was one of the first people that I texted to say, hey, do you want to come on the show? And he was the first lab lead to come on the show. And we're excited to continue having him on the show, hopefully have other lab leads on the show, have other people from all over the industry. And just generally, I think that when I was at Founders Fund, I was not particularly in the weeds of intraventure capital fights. I was much more interested in the conversation around technological stagnation, not funding companies, not making great companies happen. I never was in a situation where I was like, oh, if a different VC firm backs a great company, that's bad. And I think that's the same philosophy that I have always taken forward and will continue to believe in, which is that the American AI industry is the most important thing. And that will continue to be the case. And I'm excited for all the different competition and everything that's happening in the industry to continue and push further. Jordi, did you have anything else to say? I just wanted to say some thank yous because a lot of people have been a part of this journey to date. It's been, I think, something like. Let me do the math here. 496 days. Roughly 16 months since we put out the first episode. Yeah, it was just the two of us and Ben sitting in a room. Couple cameras, a couple microphones. And I will just say, I didn't know this special of a business relationship was possible between you and me. Yeah. Like, I think, like, if you look back on that almost 500 days, we've had disagreements around strategy or approaches or things like that, but we have, like, almost universally stayed perfectly aligned on everything that matters every single day, every step of the way. And I think that's somewhat of a miracle, given that we went into this not really knowing what it would become. And, yeah, we did, like, one side project together, and it took, like, eight months, and it was, like, not. It was, like, successful, but it was not like, oh, yeah, like, okay, we were working together daily for months. You know, it was a lot of just jumping and leap of faith, Right? Yeah. And I think we've got this question so many times, like, do you guys get sick of each other? You know, you just have to talk to each other for three hours a day. And, like, I've said this before. I'll say it again. And it is actually hilarious. The second that we leave the office where we both get in the car, we call each other. We end up talking for, like, another hour on the way home. And so it's just been. It's been the privilege of a lifetime to just build this business with you and the whole team. The team has been absolutely incredible. You guys are all truly amazing. And this very much is a. This very much is a team. Like, a team Sport, like business is a team sport, but this is like a live team sport. We come in here every single day, and the show doesn't happen if we don't all come in and make it happen. And so the consistency of the team has been just incredible. And watching everyone's individual talents just flourish has been incredible. A lot of people came into this, you know, having done a thing or two in the past, but learning new things. Brandon has been absolutely incredible. Just an absolute rock in the organization. Brandon, if you're not familiar, writes our newsletter every day and is just remarkably consistent and has helped us shape our editorial approach. And it's been incredible. Dylan, who joined us, I guess, technically Q4 of last year, you know, I'd worked with him at my last company, but is truly, truly one of a kind. Remarkable. I never want to. I never want to do business without him. And he has just done such an exceptional job working off air. It's like, you know, challenging when you're building a company and you're also having to put on a live performance for three hours every day. He wrote the newsletter yesterday, so. That's true. That's true. Op Ed. He wrote the Op Ed. Ben. Ben, who's been here since. Since. Since before TVPN. He was working with me on my YouTube channel. When did we start working? I was here before Jordy. Yeah, maybe like, wait, mid 2024, maybe. Something like that. Sounds right. Yeah. There's fun videos. Yeah. Yeah, we traveled a lot. A lot of pelvic cases. No, but it's been. It's been absolutely incredible to watch you grow from, From. From an extremely talented individual and 2 very capable and talented manager and building out a team of people that are so hardworking and wonderful. And Michael Scott Jackson, you guys are such a joy to work with, even though what we do is not easy and it's changing day to day to all the guests. Seriously, it's been. It's been so much fun. Like, if you went back and rewound to the beginning of the show to. We started with no guests. We did something like 50 episodes without any guests. We thought that there was a time that we thought we would just do that forever because that was the only thing that was, you know, really unique about the show. Like, that's the reason I started creating content in 2020, because it was during COVID There were no events. There were no places to meet other founders, meet other business people. I wasn't thinking of it as, like, a media business. I was thinking of it as, like a Way to just have conversations and meet other people who are building companies. And now we get to do that all day long, which is just a dream come true. Yeah. So many guests have turned into dear friends, you know, the Joe Weisenthals, the Dylan Patel's. There's really too many to list, but we will have you all back on the show and I can't wait. To everybody that's tuned in, whether you've watched the RSS feed, the live show, the clips, the newsletter, we've strived to create the right product regardless of how much time you have. If you have two minutes a day to read the newsletter, great. If you've got five minutes to watch some clips, if you want to watch the entire podcast, if you want to watch diet tbpn, the Daily Cut Down. Thank you. Thank you for tuning in. And fortunately, pretty much everything is going to stay exactly the same to our one and only Tyler. Tyler, you are truly, truly incredible. One of the brightest young people I've ever worked with. And you have such a bright future. You know, we always knew that. I've felt from the very beginning that you would go on to start your own company. And we cherish every single minute that we have with you and we're going to do our very best to retain you for decades. But thank you for everything you've brought to the show, everything you've built. Tyler, if you're just tuning in now, has built all of the internal software that we use to run the show. That's insane stuff. It is a fully custom content management system, CRM. It helps us edit all of our videos. It is the backbone of the show. It's a tool that the entire team uses on a daily basis. And truly the show would not be possible without it. And yeah, your contributions on air as well, it's amazing. It's so much fun to be able to cut over to you. And so it is with great honor that I give you this soundboard. And our sponsors. We can start with the Ramp team. Eric, Eric, Karim and the whole, the whole team over there has just been incredible. They allowed us, you know, at the, at the beginning, sorry, the end of 2024, when we had started doing the show, we really loved it. They were, they committed to sponsoring the show for a year and that allowed us to do, to do so much in terms of investing in all, in all the equipment that we use, hiring people. They, they made it possible and have been truly, truly exceptional partners. And watching Ramp's growth over the last couple years has just been Phenomenal. And they deserve all the success and every other sponsor that has been a part of this. Truly. Shout out Nick as Will. Oh, did he not get one? Oh, we gotta get a direct shout out for Nick. We gotta get a direct shout out for Nick. We don't know what to call Nick. He's a. We can't give his name on air because he'll get ten times more emails. He. The lineup every day is crafted by Nick. He is our liaison to 99% of the guests that come on the show. Sometimes it starts with an interaction over X or a text message or there's other intermediaries involved. There's a lot that goes into actually getting someone into the waiting room, into the show, making sure that they understand how the show will work. It's sort of like you're hot. Dropping into this live show that's new for a lot of people. And Nick does a great job communicating and parsing all the noise to understand what the best news of the day is, how we can contextualize it best with the optimal guests. And he's done a fantastic job. And we'll continue. It's an honor. It's an honor. David Senra. Yeah. One of a kind. David hard. He literally inspired. David was. Yeah, David was our very first listener that I'm aware of. He gets sent a lot of. We sent him a link in a Google Drive and he listened. And from that first episode, even though it was very scrappy, he said, take this. Take this, you know, 100 times more seriously than you are right now. And we did. And it's the best advice that I've ever gotten. And he has been. And we have a picture. We have a picture of him here. We couldn't print it full size and it appears that it was printed on a black and white photo printer, but it's a black and white photo and he's a black and white brand. So thank you to David Senra, who's been the podcast Godfather Truly and the gong. The chat is asking us to hit the gong. We have to oblige. The gong will remain. The gong will remain. Will Menidis has already chimed in with his take. He says many guy. Many people are saying, we're in the deal, guy Yuga. Many are saying and it means a lot that Will Menaitis the only. He is the only guest who has co hosted a full show from start to finish with us. And if you want to go back in the archives, you can. You can watch that episode. It's a wild one. It was in a hotel room. We had yet to figure out the remote shows fully. The team worked really hard to make that one happen. And very chaotic. Good time. Very chaotic. And yeah. Where else should we go? Should we go to. Is there anything else to say about OpenAI? Of course. We'll be in conversation with you forever. Anytime on the show, you're welcome to leave a comment or chat in. The chat is asking where's Will Menidis right now? I don't know. Probably sailing a boat. I don't know. And yeah, it's an honor to partner with OpenAI and every single person on the team that we've had the pleasure of meeting, we've been impressed by. They are ridiculously talented and every single person is committed to getting, getting this AI thing right. So we're incredibly excited. Great. Well, let's move on to the Artemis 2. Pictures and images and news. Very, very exciting. It made the front of the Wall Street Journal. NASA aims to orbit moon for first time since 72. To boldly go, the crew of Chad is asking. Is that three Diet Cokes? Yes. You got, you got to thank. You got to thank. Diet Coke. Thank you to the Coca Cola Corporation for making this possible. Thank you to the. The human team for the mate yerba mates. The podcast in a can. Yes. Wouldn't be possible without you guys. And thank you to tailors and suit makers. There's a lot of people that make this possible. The horse, the prop department. There's a million things here. It's been a great time. So the crew of NASA Artemis 2 head to Cape Canaveral launchpad Wednesday for the first human spaceflight to the moon in half a century. John Krauss hosted a incredible photo. Is he someone who actually. Yeah, he special comms assistant. Special comms assistant. He actually goes to the launches and brings special photography gear to get the best possible photos. And man, did he deliver with this one. What an incredible moment. We talked about a little bit. There's an article on the watches. NASA, Artemis too. John, we have to thank our lovely wives. Of course. How could we not? Our families. Did you get a text? Maybe we don't talk about them a lot on the show. Yes, the show about technology and business. But they have been, they are the back. They're the truly the backbones of the show and have put up with a lot of travel, like a lot of travel nights, incredible hours, early mornings. A lot of early mornings. I think out of the last, out of every single day that we've done the show, I Haven't. I've. I've left the house past 6am Maybe twice. Right. It's been. It's been a long time. It's been a long road. And the good news, ladies, is nothing's going to change. No. Thank you to both of you for supporting us and allowing us to do what we do. Can we pull up this picture? Ben, in the production chat of the first episode that we recorded in the Jonathan Club in downtown, showing a little bit. Yeah, I put it up earlier. Oh, you did? Yeah. Behind the scenes. This is such a wild time. Remember that? Yeah. Remember that, Jordan? Suitless. Suitless. We had the flag. Yeah. But no suits. It looked pretty good on camera. I was happy with the way it came out, but Ben can cook. Ben can cook. Well, where should we go next? Artemis 2. Let's do it. Yesterday, the long awaited Artemis II mission took to the stars en route to the moon for the first such manned mission since 1972. The chat asked for a flashbang. We had to oblige. Flash out. Okay, that's good. Yes, the flashbang has been a highlight for sure. Both. Literally. Yeah. The sound, the soundboard, it's truly. It's truly a character on the show. And I have some too. Now, its members all had Omega Speedmaster X33 models strapped to their flight suits. Danny Milton just wrote a full article on the site now detailing the watches worn on the wrists of the four astronauts throughout their time as part of this mission. Watches have a long standing history with spaceflight, most notably through the Omega Speedmaster moonwatch. But there are countless others that have cemented their place in the cosmos. Head to the site to learn more about the watches of Artemis II. From the Speedmaster X33 to a surprising breitling. You won't want to miss it. And this is from Teddy Baldessar, who's a great watch creator. So we can pull up this video now of the astronauts working on it on what looks like some type of tablet. This was. Do you think this is an iPad? I don't think so. Right. I don't think it's an iPad. It looks like it's running some windows. They seem very committed to the. Oh yeah. Aren't they running Outlook or something? Yeah, yeah. So here he is typing in most secure password known to man. What is that, 9393 or something? 3939 399393. Powerful. Powerful. Well, we're going back to the moon. Apparently that video we played yesterday was a little bit of fake news. The Young man, the adolescent who swears and says we're going to the F and moon. He was he. The real line, I believe in the community note is that he says we're going to the frickin. Yeah, yeah, yeah. And it had been altered to add the actual F word. Oh, interesting. But the sentiment is still the same. Yeah, it's very exciting, very inspirational. Jared Isaacman on launch day says, oh, this kid is definitely getting it back in NASA gear. That's great. Very cool. There is some. There are some wrinkles with the launch, fortunately. Nothing like disastrous or catastrophic or anything. But the good news is that we're on our way back to the moon. The bad news is that the toilet's broken apparently. And I believe this is from the live blog from the New York Times. The NASA associate administer said there is a controller issue with a toilet on the Orion capsule and it would take a few hours to troubleshoot. We're just getting started, he said. When a drone that some that and some other glitches with the spacecraft. The spirit of Apollo 10 lives on. They said 135. They told us that. Here's another. It seems like this is not the first time that this has happened, but we're hoping for the best here. Sounds like there were some other issues with Outlook as well. We can pull up this video from Tom Warren. Yes. So there's audio with this too. We can remote in and take a look directly. Yeah, go for it. And then I also see that I have two Microsoft Outlooks and neither one of those are working. If you want to remote in and check. Why do you have two like web and desktop? Or you think it's like two separate desktop installations? Join in on your PCD and we'll let you know when we're done. Honestly, this is the best possible failure scenario is Outlook, not the rocket itself. Can they. I think it's a good outcome. There were so many amazing images coming out yesterday. Yeah. Peyton Alexander says this is the real reward for Artemis. This is who we are actually doing this for. They will grow up knowing they can one day work in their country's bases on the Moon and Mars. We are not just abstractly hoping for a better world for them. We are going there. And two kids here watching the launch from Orlando. Just beautiful. Yeah. My five year old said it was boring, which is not what you want to hear, but we'll have to give some more context to him about how big of a deal it is. He was like, yeah, I don't know, maybe. Maybe he Wants more. More flashing lights on the screen. We were. We were. We were driving for the actual launch. Yeah. And it was so funny listening to the audio feed and sitting in traffic and just looking out at everyone. Yeah. And. And realizing that it felt like the majority of the world still wasn't paying attention or didn't care. Yeah. I mean, rockets do launch, like, every day now. I know SpaceX has normalized it to such a degree. Isn't there some sort of subplot on the Apollo missions that by the third or fourth Apollo mission, there was no. Like, the actual viewership had dropped off and, like, the American population had gotten to 2.6 has put subway surfers on it. Yeah. On the NASA feed. Crazy. You actually need to. Maybe need to do this. Ed Ludlow was. Was at the launch, but, yes, he was. Let's pull up this. This video of Legendary Tech, Inc. It's an emotional moment, so I guess it makes sense to capture his result. But everyone's saying you should turn around and actually watch it. But it's very funny to do the selfie video. I mean, it contextualizes the moment perfectly, but it is. Oh, he was live on the air. He was alive on the air. Okay. So, I mean, if you're live like you. You. You don't want to necessarily turn around, I guess. I don't know. There's that famous clip of what? It's a wild video. There's that amazing clip from that documentary where the. The host is giving this monologue, and then the monologue ends right as the launch happens. Like, he timed it up perfectly, and it's very cinematic anyway. I don't know. Delian shared the coolest orbital animation he's seen of Artemis 2. It looks a lot less fishy when you see it this way. It's fascinating how close they have to be. That's point. Fish, by fishy John means one of the animations actually was shaped like a fish. Shaped like a fish. But this one is a little bit more of a straight shot. But it really emphasizes how short that window is where you're actually next to the moon. It really, Delian says, really just really shows you how far away they're flying today and how precise they need to be to go to the moon. Yeah. Remarkable. I'm very excited to keep following this New York times article, How AI helped one man and his brother build a $1.8 billion company. Who needs more than two employees when AI can do so many corporate tasks. It's super efficient and a little bit lonely. Aaron Griffith has the story. People are calling this the prophecy. The prophecy. The one man, one billion dollar company. Yeah. If you're in tech and you're in the business of making predictions. No one wants predictions. We want prophecies. Prophecies you need to be prophesizing for sure. So the article, How AI helped one man and his brother build a $1.8 billion company who needs more than two employees. That when artificial intelligence can do so many corporate tasks, it's super efficient and a little bit lonely. So Aaron Griffith tells the story of Matthew Gallagher, who took just two months, $20,000, and more than a dozen artificial intelligence tools to get his startup off the ground. From his house In Los Angeles, Mr. Gallagher, 41, used AI to write the code for the software that powers his company, produce the website, copy, generate the images and videos for ads, and handle customer service. He created AI systems to analyze his business's performance, and he outsourced the other stuff he couldn't do himself. His startup, Medv, was a telehealth provider of GLP1 weight loss drugs, got 300 customers in its first month. In its second month, it gained more than 1,000 more. In 2025, MEDV's first year in business, the company generated. The first full year in business, the company generated $401 million in sales. Mr. Gallagher then hired only. This is absolutely insane, because as GLP1s were starting to take off, I had. I remember distinctly talking with somebody that was like, I want to start a telehealth company for GLP1s. And at that time, I was like, okay, there's a lot of telehealth companies that are at scale. They're well aware of this. They will immediately introduce this product and other, you know, similar products to their customer base. And it's going to be incredibly difficult to be. To be competitive. And it turns out there's just such overwhelming demand for. For these products that you could come in as a new company and scale. I'm sure this guy, Mr. Gallagher, is incredibly talented, but the market overall is just growing so quickly that it didn't matter that every other telehealth company was also getting into the game. There was just such an incredible volume of sales coming in. Yeah, yeah. So, like, one year in, maybe he hires his only employee, his younger brother Elliot. This year, they're on track to do with $1.8 billion in sales. A $1.8 billion company with just two employees in the age of AI, it's increasingly possible, says Aaron Griffith in the New York Times. Sam Altman, the chief executive OpenAI, predicted the rise of a new breed of super efficient company in 2024. A one person business worth $1 billion would have been unimaginable without AI, he said on a podcast. And now it will happen. Now as AI tools spread, entrepreneurs are harnessing the technology to expand their startups to an enormous scale at breathtaking speed with very few humans. Big companies, especially in tech, are getting in on the disruption too. Pinterest, Block and others have cut thousands of workers in recent months, citing efficiencies enabled by AI. Mr. Gallagher, who formerly formerly ran a startup that sold wristwatches, said he thought Mr. Altman's prophecy of a one person, $1 billion company would be a firm that built AI. He was excited when he realized he may have done it. Taking the old, taking an old idea, being a middleman for weight loss drugs and using AI to turbocharge it. I am interested to know, and we're going to try and get him on the show the like, what the margins are on this. I imagine that the revenue is, you know, like a lot of this needs to accrue, a lot of the value needs to accrue to the companies that actually designed and. Yeah, and the one person, $1 billion companies at a billion dollar valuation. Yeah. At the same time, at a billion dollar run rate, I would imagine that even, even a reseller would trade around like 1x revenue. Maybe. I have no idea. Maybe way more I imagine. Does this count? Does this count yet though? Like I feel like to be the one person, $1 billion company, you got to be able to log into your payroll tool and you're the only person there. Oh so. And he's got his brother in there. Sorry bro, take a walk. He's got, he's got to let his brother. Let his brother go. In an email, Mr. Altman said that it appeared he had won a bet with his tech CEO friends over when such a company would appear and that he would like to meet the guy who had done it. Yeah, Medvy is technically not a one person, $1 billion company since he hired his brother and some contractors. The startup, which is not raised outside funding, also has no official valuation. But many highly valued tech companies can only dream of hitting 1 billion in revenue with so few workers. Medvy is also profitable. That is great and important. If you're bootstrapped, can't get rid of it. Is this a wrapper company? It's like a GLP1 wrapper but it's AI enabled, but it's not wrapping the AI foundation model. It's like using the tool to wrap another industry and just create the efficiency between the manufacturer and the actual distribution. It really is remarkable that they were able to hoover up so much revenue in such a competitive space because you would assume that the other telehealth providers would have significant ad operations and that the margins on customer acquisition would be very, very tricky to crack. But he must have found some unique insight into how to distribute the product, get actual people to the website, because the AI certainly can build the website and write the copy, but it can't necessarily get people to show up and actually put down their hard earned cash for the product. Yeah, just to put it into context, hims did 2.3 billion in full year 2025 revenue for 2025. Yeah, this guy started in 2024 and got to 401 million in sales. I want to know more about the strategy here, how this, how this built up so quickly. As a teenager, Mr. Gallagher began building websites for local businesses. He always had a hustle, including selling candles and samurai swords on ebay. This is the classic founder journey, selling something he studied the blade. That's how I was selling DJ equipment on eBay back when I was a teenager. At 18, after building a web hosting business, he sold that business for $6,000. He briefly attended the University of Cincinnati and Northern Kentucky University, but did not graduate. In 2010, he moved to Los Angeles to become an actor. He eventually returned to coding, bouncing between tech jobs. In 2016, he built watch Gang, a startup that sold wristwatches via subscription. Interesting. Is that like buy now, pay later for watches or. That would get a lot of people. Are you renting them? You're like, you got another watch if you're just subscribed to like new watches. I didn't realize I was getting a subscription. Oops, it came in the mail again. It had fans, but never turned a profit. Watch gang even as Mr. Gallagher chased revenue growth and hired 60 people. So wildly different business outcome here. Wow. He's like, I'm not doing that again. OpenAI's release of ChatGPT 2022 inspired Mr. Gallagher to start tinkering with AI. Two years later, he met Jitin Chhabra, a co founder of Care Validate, a medical startup in Atlanta. Care Validate offers what is essentially telehealth in a box kits. Companies, employers and retailers who that want to sell customers prescription drugs can use Care Validate's technology, a network of online doctors, to set up a business. The company's Software connects patients with, with doctors and pharmacies which write, fulfill and ship the prescriptions care, validate, charges fees for its software. So you have to imagine that there's like a fairly decent cost structure here, but that's not to diminish it. It's an incredible amount of revenue. Like you look at the comps and you're blown away. But yeah, it's just interesting to understand. Yeah. The other big question here is how much are you spending on ads? It's very possible that the company is profitable, but if you're spending 60% of every dollar, you bring in on paid acquisition plus COGS and then any other expenses that actually go into fulfilling. Can you imagine getting prescriptions public by himself? He's like, I don't need an investment bank. I'm just going to vibe code the roadshow and 100% retail allocation. I don't know. I mean, I think taking a company public is just technically a bunch of SEC filings and if the investors sign up and the emails are sent and everyone agrees, it can happen. So who knows, maybe he takes his company public with two people. That would be a. It's just the New York Stock Exchange bell ringing and Normally it's like 20 people and it's like only the executive team and bankers and all the employees are outside or on the trading floor and he's just standing there being like, oh yeah, yeah, I did it by myself. Wild Gallagher saw an opportunity for his own telehealth business. He could use AI to do the branding and marketing and let care validate. And a similar platform, Open Loop Health, which is another interesting company and someone was posting about handle the doctors pharmacies, shipping and compliance. He planned to start with GLP1s. He was entering an established market. For nearly a decade, HIMS and hers Health Ro and other companies have sold drugs for erectile dysfunction and hair loss online, using an online network of doctors to write prescriptions. Hims, which went public in 2021, has 2442 employees and generated 2.4 billion in revenue. This is what, this was what I was explaining to my friend who wanted to do something in this space. Yeah, like, hey, you're going to be going up against a company that has billions of revenue already, thousands of employees that already has all the infrastructure to prescribe these drugs. Yeah, but again, the market is just growing so quickly. Yeah, he, he really used everything ChatGPT, Claude Grok 11 Labs, Midjourney Runway to create media for his website and ads. He spent $20,000. That's definitely a notable. Something quite notable out of any anytime we're seeing these stories where, you know, the guy who is making a cancer drug for his dog. A lot of people are picking if you can think of LLMs as like digital digital guys or girls. Like people are working with multiple digital guys. Yeah. To do. To like complete these projects. And so one model is better at writing, one model is better at coding, one model is better at marketing or strategy or anything else interesting. He said from the beginning growth was insane. He became, he quickly became one of care validates and Open Loop's top clients. Companies were blown away by startup speed and scale. You're like, do you have an army of people behind you somewhere? And he's like, nope. Wow. Well, you can go read the full, full article on the New york times@newyorktimes.com It's Aaron Griffith's latest piece. You can also listen to it. There's an audio version. There is some commentary on this. Just a lot of people having fun with it. Clayton Petty says who has two thumbs and wants to know what the ad spend is this guy. Yeah. I'm very interested to know. I mean, I would still be shocked if this is not a fantastic business. Yeah. At that scale you can have truly terrible EBITDA margins and still be printing. Yeah. And it's like, even if like it's impossible that it's negative margin because he hasn't raised money and so like where would the losses come from? So you can't be losing money. And if you're going to lever it up, I don't think so though. I think everyone's going to be shocked by how much cash flow this business is producing. But it is a very exciting moment in story. Let's go over to Tyler Cowan at Marginal Revolution. The. Yeah, he just shares this. Sam said, one person running a billion dollar company, but if two are closely genetically related. Tyler Cowen's still counting this as a correct prediction. And some people in the comments. Huge opportunities for other siblings to fulfill the prophecy as well. So people are moving the goalposts already because technically he had agencies that had humans that worked there. And if he works with a marketing agency and then there's a bunch of people there, it's more just like the disaggregation of the different institutions and the different organizations. What's your take? I think the real goalpost we gotta move is just you can't talk to anyone the entire time you're working. You can't talk to a human at all. You can't say. You can only be on the command line, basically on prompt box. But you can tell the agent or the LLM to go and call someone. Yeah, that's fine. Yeah. Because then you're not interfacing with someone. Right. You have to be truly shut in. That's the prediction now. Absolutely ridiculous. Chat is asking for John Exley. John. Yes. Getting the Ultra down. Get back here. We did not unplug Exley. We got to get him back in. He's somewhere. No, we'll get him back in. Jonathan Ross is talking about the Petrodollar. There was a stock story about how there has been an interesting flight to the dollar. The dollar is very strong even amid all of the geopolitical uncertainty. Jonathan Ross, the founder of Grok, now the chief software architect at Nvidia, said the petrodollar defined the last 50 years of American economic dominance. The token dollar, the currency AI compute is bought in and sold in will define the next 50. Oil is priced in the in US dollars. That means every country on earth needs dollars to fuel their economy. That single fact has been the foundation of American financial power since the 1970s. Now consider AI training. Runs cost tens of billions. Inference is scaling to hundreds of billions. The companies that are selling COMPUTE are American. The currency it's priced in is dollars. The Petrodollar. The Petrodollar had oil. The token dollar has compute. Same structure, same leverage. New resource Countries aren't just competing over AI talent and chips. They're competing over whether AI remains a dollar denominated economy. That's the game nobody's naming yet. And so he is coining it. He says the token dollar is the concept. Yeah, it's a cool position. Yeah. So I mean it'll be interesting to talk about circle with Jeremy, about how stablecoins fit into all of this. Also yesterday talking to Corweave about compute backed credit lines and all the different financial products that are popping up related to debt issued against GPUs that have essentially a flow of business that will be expected to come in against them. Very interesting watching the larger AI economy, you know, mature. Brexton says compute backed credit lines are the next frontier for fixed income and will quickly turn into one of the largest apps asset classes on the planet. People are going back and forth, no shade trying to learn isn't COMPUTE as an asset depreciating quickly due to innovation scale economies, hence bad collateral? Brexton says no shade taken, you're right. But it's still a couple notes supply constraints on chips right now makes older chips still valuable in secondary markets because of the above capital markets care more about revenue produced from chips rather than resale value and chips are only a subset of the total cost of compute heterogeneous builds the Rack Powered shell Interconnect cooling it was interesting when we were talking with Corweave about the I was really expecting the answer to be chip constraints and he was saying powered shells. Powered shells. Which is what we've heard from Satya Nadella. Yeah. And I think it makes sense given their business. It's like it's it's hard to get chips. But think about all of the logistical complexity to actually get the location, the energy shell, everything built together and navigating all those regulations. It's just like one of the it's an incredibly complex infrastructure project that you're trying to compress onto timelines that America has generally not done infrastructure projects at in a long, long time time. Right. And so this was, this was always some of the, you know, one of the exciting things about the data center build out among among the fear has been that Amer, like a bunch of people are learning how to build complex things fast again. Right. So. Well, the year is off to the strongest start for big deals ever. Corporate Megadeals flourish despite turmoil this is in the Wall Street Journal. Large corporate deals had their best quarterly showing ever as companies forged ahead with tie ups and investments despite the Iran war rattling markets. So far in 2026, 22 transactions valued at 10 billion or more have been announced globally, a record quarterly number according to LSEG data. The next closest quarter was the fourth quarter of 2015, when 21 such deals were announced in that year. This week alone, Unilever unveiled a more than $65 billion deal, including debt to combined its food business with spice maker McCormick and Cisco, which we talked about a few days ago, agreed to buy Jetro Jet Row Restaurant depot for over $29 billion, including debt uncertainty due to oil growth. Rate growth and rates isn't going away, but major deals are still getting done, said Ben Goodchild, a partners in the M and A group at law firm Paul Weiss. The M and A market is focused on the long term fundamentals right deal, right price and right strategic rationale. There's more. The total value of all deals announced globally jumped roughly 29% in the first quarter from a year ago, but the number of deals is down more than 17% as smaller deal activity slowed. The megadeal tally includes a handful of big equity investments in AI companies such as Amazon's $50 billion investment in OpenAI announced in February. A number of other big transactions are in the works. Estee Lauder has been in discussions to acquire Spanish beauty group Puig Brands, a deal that would combine two of the world's biggest beauty companies. And there is a number of others. Absolute is buying Jack Daniels. Tillman Ferretta is buying Caesars Entertainment. There's another heist on the Caesars casino referencing Apollo. Many companies see a moment to pounce on bigger deals that would normally face prolonged antitrust scrutiny. The Justice Department's top antitrust official departed in February after clashing with Trump allies who at times favored more lenient oversight of big deals. All this all comes as US stocks delivered their worst quarter in nearly four years, led by a 7% drop in the tech heavy NASDAQ composite index. That makes it harder for buyers and sellers to agree on price to agree on prices. The Iran war has sent crude prices above $100 a barrel, which could keep interest rates higher for longer to combat rising prices and make funding deals more expensive. There's a very interesting chart. I don't know if we can pull it up in the Journal. Big deals have big first quarter number of global deals valued at 10 billion or more. There we go. And it's just look at 2020, 2021. If you 2021. What was going on? Oh, this is another chart. 9. Oh, if you want to scroll down, you can look at the smaller deals. These are deals valued between 1 billion and 5 billion. And 2021 was huge. What was going on then it was ZIRP era right post Covid. Lots of. I mean if when interest rates are near zero, you may as well lever up. I guess that's yeah, buy some assets. Bankers and lawyers say smaller deals are less of a must have. Buyers are more willing to put them on hold. But the big deals, they have to have it happen regardless of what's going on in the economy. Also, private equity firms are sitting on a record number of portfolio companies they need to eventually sell or take public, including many software firms threatened by the rise of AI. But many are hesitant to strike deals at today's depressed prices. While deal making activity in the software industry is stalled, there has been plenty in other sectors, including financial services and health care. Eli Lilly struck a deal for Contessa and Biogen bought Apellas. Dealmakers have high hopes going into 2026. Couple questions in the chat. And a special arrival, John Exley has entered the chat. Let's go. Welcome the original Chat room general hit the gong for actually John Exley. I don't know that John has missed an episode and it's an honor to podcast with you, John. Thank you so much. Another question, who is blacklisted from TVPN now? No one. No one. We've never, there's never been any, anyone blacklisted from the show. In fact, the evidence of this is every single one of our sponsors ever. We've had the competitors, the competitors on the show and all of that will continue. We want this to be a place where conversations can happen about anything. Yeah. So. And there's also just a broader trend of this. I don't know if you, if you watch like the broader podcast landscape, people from like you know, quote unquote, like rival firms or different firms go on each other's shows all the time. Not not uncommon these days for crossover content to happen all over the place. Jim Cramer says if private credit is so Horrendous, how is KKR over subscribed so easily on his $20 billion fund that he raised 23 billion? Some kind of disconnect here, boys. Boy, are these firms ill advised in how to tell their story. This was the, this was the early confusion about private credit. People were seeing a whole bunch of private credit deals during the AI boom and then when the nervousness matured it was much more. When we talked to carried no interest for example, the worry was much more around software companies, not hard assets. It was not, oh, in this private credit fund there's a data center that Meta is going to pay their bill on. It's some other company that maybe is not going to have as high of dollar retention going forward. And so I think that the different private credit firms have a messaging problem of like what is in the fund because it can be a lot of different stuff. And KKR clearly did a great job explaining why their particular strategy will endure for the long haul. There's other news about. Let's pull up this video quickly of Kramer talking about our friends at Semi and Alice. Oh yeah, this is great. There is a company that I regard as the, it's the absolute, it's the gospel semi analysis. And I've got this guy Dylan Patel and look at that picture. Realize that Semi analysis is the arbiter semis and when they do, when they bless something it means that it's the benchmark at the best. They are the most honest guys I've come across and I, I've always been reading them. But Jensen plays really praised him gtc so I Reached out to this guy whom I regard as his genius. His genius. That's good. That's, that's, that's a promo. Yeah. We'll see you tonight. Good promo. Adding money, 6pm it's awesome. Dylan says, can I short myself? And some people, some people were saying like, yeah, come on, dude. Like, he's complimenting you and Dylan. And this is the meme every. And I've always said that Kramer having this thing where no matter what he says, people say like the inverse. They'll take the verse, whatever. It is the best engagement hack ever for a content creator personality because it just means anything you say. You get a million impressions from people saying the opposite. Yep. And the fact is, like Jim Cramer is, he's an entertainer. He's incredibly fun to listen to. And we'll be, we'll be having another conversation with him in the next, in the next month or so, which I'm excited about. Let's head over to Cliff Water and Stephen Nesbitt. He brought private credit to the masses. Now the masses are fleeing. This is more context around the private credit story. Cliffwater is racing to calm investors after steep withdrawals. So Stephen Nesbitt is Private Credit's chief evangelist. His investors and industry are having a crisis of faith. Nick says, hope this still means my invite is open. We'd love to have you, Nick. Of course. Nick, your family. Yeah, we're always back. We're positive some. As long as we keep it positive, we can say, and we keep the camera roll, smiling and we maintain that occasionally we are back. It's not always over. Very frequently we're back very frequently. Nick will admit that that's true. No, we had a great conversation with him when he came on. For more than a decade, the 72 year old championed the hottest asset class on Wall Street. His firm, Cliffwater went from managing no money to nearly 50 billion on the back of impressive fundraising and big gains, turning Nesbitt into a billionaire. Now many of the wealthy individuals who powered Cliffwater's rise are itching to leave as investors rethink their views on private credit. After a handful of high profile defaults, investors are pulling so much money out of industry funds that managers are restricting withdrawals. We've talked about this many times on the show. Shares of big firms are dropping. Few are like Cliffwater, which until recently was an investor darling but now finds itself in the hot seat. Its top executives aren't lending specialists themselves. Instead, the firm invested alongside and sometimes in other funds. So it's a fund to fund strategy, a feature that is now being treated as a vulnerability. Investors asked to pull the equivalent of 14% of its biggest fund in the first quarter. Wall street skeptics who long questioned Cliffwater's growth are now calling it a canary in the coal mine and a turducken of problems. Turducken of problems. That is such a weird phrase. Nesbit's ability qualifiers will be a test of his funds and the industry's future. They're calling it a blue Owl in the coal mine, something like that. No, I'm just joking of course. Blue Owl capped private credit fund redemptions at 5% after steep request levels. This was the other news from this morning. I think they got something like 21% redemption request outstanding during the first quarter, so they had to cap it at 5%. Well, you know what this guy did before he started a what? $50 billion private credit fund? He was a grave digger. I'm not kidding. Yeah, he grew up near Rochester, New York. He worked as a grave digger in high school. He spent a quarter century at Wilshire Associates consulting for pension funds on private equity and hedge funds. Nesbitt was a soft spoken presence in a big in a business of outside outsized egos, says Greg Williamson, a longtime pension fund executive. He didn't preach like others, williams said. He spoke about his clients needs. In 2004, Nesbitt started Cliffwater. After the 20082009 financial crisis, he began recommending private credit just as banks were pulling back from lending to riskier companies, giving Blackstone, Aries and others the opportunity to make high interest rate loans. Nesbitt became a private credit advocate. Cliffwater launched an index tracking performance. The firm shared research and Nesbitt wrote two books on the topic. In 2019 he shifted to managing money, launching Cliffwater Corporate lending fund, or CCLFX, with Blake and Phil Hasbrouck, a then 30 year old executive. They marketed to wealthy individuals through Independent Financial Advisors, the kind of clients Hasbrouck worked with. It was built as an interval fund offering to buy back 5% of its assets each quarter from investors and provide daily updates on its value. It charged lower fees than some arrivals and allowed clients to avoid the messy tax filing requirements of traditional private funds. By February, the net assets totaled about 33 billion. Cliffwater made 375 million in fees from the fund in the first 18 months that ended in September. A 54 person crew researched and managed the portfolio of 4,100 or so underlying loans. Along the way, Cliffwater wrangled with rivals. When an executive bond powerhouse Pimco. When an executive at bond powerhouse Pimco said the returns of private debt didn't compensate investors for its growing dangers, Nesbit sent investors a letter saying Pimco had had a failed track record of predicting market changes. After JB Dimon used a cockroach analogy to warn about looming defaults, Nesbit declared there were no cockroaches in private debt. Others criticized Cliffwater's marketing, especially when it boasted of hedge fund like returns with minimal risk, citing industry metrics like sharpe ratios and standard deviation. Critics said private loans rarely change hands, so they lack the volatility that funds face anyway. It goes into the true action problem. Well, speaking of Jamie diamond, the Axios Show, Jamie Dimon eyes post JP Morgan Media venture. He's potentially launching a podcast. Is that what this is? Matthew Zeitlin, friend of the show, former guest, says the desire to post is the only force in the universe that holds a candle to compound interest. It's actually true. Everyone needs a pod. People have been talking about him running for president. A lot of presidents and media people have podcasts acting very presidential. Podcasts, well, there isn't all that much news here, but Dimon said that if he were to start a media venture, it would be something different about policy. He said, I think media is critical. Media teaches everybody. Media is the great influencer. A lot of bad policy, he believes, stems from people in the media doing a bad job of explaining issues. And so we talked about this yesterday or the day before in the Wall Street Journal. He has the new plan, the diamond plan for the American Dream, wanting to lend to more small businesses. That seems more important than ever in the world where you have a one person, $1 billion business, more people should have shots on goal. And if you, if you think about the, the $20,000 that that gentleman was able to marshal to get the business off the ground. If you have more people that have the opportunity, that's probably a good thing. But we'll be tuning in when Jamie Dimon launches his show. Should we go over to Apple? Should we? I think it's time. They really dominated this entire week. I mean, it's spring break, which is perfect timing. This must happen. I think they probably planned this years ago. They knew the 50th would be during spring break in 2026. Yeah. And so it'd be a good time to really celebrate the anniversary. Yeah, we had a great, great conversation with Eddie Q yesterday. You can go listen to it on Apple Podcasts, which he created. And but there's more reflections and stories about Apple from all over the place. Ben Thompson wrote a great retrospective. The Wall Street Journal got access to rare Apple archives that even Tim Cook hadn't seen before. It's very cool because, and you think about it, it's like, that's crazy. He's a CEO, should know all the archives. But then you think about, like, how busy his day is, and he probably doesn't have that much time to just, like, go reminisce, obsess over every small decision or prototype. There's, like, so much work to be done. He doesn't have that much time to go look at, like, the original patent for the Apple II or whatever he, you know, is in that archive. So the Wall Street Journal took that. Took the viewers through that in a video. We have a big read from the Financial Times here that's very interesting, talking about the roots of a tech revolution. So Winston Churchill called it, quote, the most daring and courageous act of the entire War. On August 30, 1945, General Douglas MacArthur landed in Atsugi, southwest of Tokyo. He wore aviator sunglasses. A corn cob pipe dangled from his lips, and he was unarmed. A man of war was arriving to make peace. Over the next six years of Allied occupation, MacArthur would demilitarize Japan and franchise women. And by the way, you know, you guys know AGI will be very close when Tyler is smoking a corn cob pipe itself, because AGI, of course, should be able to. One shot, you know, any sort of lung issues that might come from using a corn cob pipe. Yeah. So in my. Some people skip sunscreen, other people indulge. In 2012, I lived in a hacker house in Sunnyvale. And the best engineer. I still one of the best engineers I've met in my entire life. The best engineer in the house was completely straight edge. Would not drink or use caffeine or anything, but he would smoke a literal pipe. It was a very odd thing. And he just. It's so. Lindy. Yeah. I don't know. He was like, yeah, I just enjoy this. I would actually expect it to make a comeback. Right. People are, you know, a little nostalgic. Right. It's clear that vapes are maybe not something that people should be using, but the corn cob pipe. Yeah. Who knows? There's a chance. Tyler, what do you think about corn cob pipes? Yeah, super. Lindy. I think I'm. You're in? Yeah. We're probably like one. One or two models away and then start ripping pipe. I'm into it. I'm into it. So over the next six years, he enfranchised women, oversaw the writing of a new constitution and a decree of democracy. But first, he faced a more prosaic problem. Japan's communication industry was in such shambles that he could barely issue commands. This is MacArthur. Solving this challenge turned out to have enormous consequences. Not only reshaping Japan in the 1940s, but upending global manufacturing in the 1980s and by the 2000s, revolutionizing handle and the product says Gandalf Max. Thank you. Revolutionizing the way products would be built at Apple, a company that did not exist at the time. So Apple, which turns 50 years old on Wednesday, is arguably the world's most iconic company. It is also notoriously opaque and secretive. In virtually all accounts of how Steve Jobs transformed Apple from near bankruptcy in 1997, which we talked about yesterday, that EQ to the world's most valuable company by his death in 2011. Product, vision and design all get the credit. But what actually makes a $1200 iPhone possible at global scale with vanishingly few defects is a manufacturing philosophy of that traces back not to Silicon Valley or southern China, but to war devastated Japan. And it took all my energy yesterday to not use the 20 minutes we had with that EQ for kind of like a tech support session. I'm having this issue where you seem to be having like particularly weird. I think I need to like return the iPhone. I think you are having some weird issue because there are weird UX UI issues that you can learn and adapt and change and I would say that they are skill issues like if you can't use the camera roll effectively by now, you are needing to. You're lost. Yeah, you should just throw off some figure. My issue, I don't know if anyone in the chat has experienced this, but when I open the messages app or the phone app, I just get a blank white screen and then the app crashes like a bunch of times. You have something weird and then I just. Doesn't matter what I do. I can do a hard reset or anything like that. I wonder if we were pushing it to the limit too hard yesterday because we were on a FaceTime call together and then also watching the Artemis 2 launch on YouTube and then I was, I was watching it on my phone and I was streaming Jordy my screen via shareplay and I think that might have. The phone was really hot, I can tell you that much. I don't know. Anyway, by and large the products are flawless and I have enjoyed my Apple journey the whole way. So in the decades after the Second World War, Japan's economy grew rapidly. This is a story of how ideas travel across oceans and factory floors and sometimes through a single person changing jobs. It is a story about how America invented a manufacturing philosophy, exported it to Japan, forgot it, relearned fragments of it through a handful of companies, and then re exported the whole synthesis to Asia. The story leads us to the present moment, with the US spending vast sums to bring it all back, southern India investing to be the next global tech hub, and China fighting to hold onto its manufacturing dominance. It is above all a story underscoring that what Apple started to build in Shenzhen, China a quarter century ago is not merely an assembly line. It is the endpoint of a multi decade chain of civilizational knowledge transfer. A feat of enormous complexity that cannot be replicated with tax breaks or ribbon cutting in Texas. Tax breaks aren't going to be enough. You need civilizational knowledge transfer. The whole chain begins with a question. In occupied Tokyo, a 33 year old engineer named Homer Sarasohn stood before a group of Japanese executives and asked, why does any company exist? Powersole. When the telegram arrived from General MacArthur, Sarasota initially thought it was a prank. A physicist by training, the paratrooper turned radar engineer was working on a transcontinental microwave relay system by training the podcaster slash vibe coder. That's true. He dismissed it, only realizing his error when an indignant colonel called him back a few weeks later. Then he was dutifully off to Tokyo for what was supposed to be a nine month stint. Saracen's mission was to re establish and rehabilitate the communications industry, but he found there was nobody to work with. American bombers had devastated industry and MacArthur had abolished the zaibatsu, the powerful pre war corporate cartels. We had to start from scratch, he recounted in 1988. When we looked around, not only did we see no facilities, but we could find no managers. We had to find lower level people, second level managers. And I said as of today, you're going to start up this new company and you're going to run it. The quality of manufacturing in Japan was shoddy even before the war. But as Saracen began learning the language and immersing himself in Japanese culture, he realized the root of the problem was not technical, it was managerial. When he asked a group of employees how they might improve quality, they murmured among themselves about what an answer would please him rather than answering directly. Sort of the opposite of like the Elon walking the floor and like, I want to get to first principles. They're literally like, what do you think he wants to hear? When will this plant be online? Yeah, I think he's expecting it in June. Tell him June lie. Yeah. This is not good. Everyone understands this now, but that was not the case in Japan in the 40s, 50s, I suppose. They had been taught to be deferential, he concluded, not to question authority. So Saracen set out to teach them a philosophy of management. Despite initial opposition from MacArthur, the need for economic stabilization meant that Saracen got his wish. He and another engineer, Charles Pratzman, went off to an Osaka hotel for a month to write a textbook on industrial management. They designed a rigorous eight week course and made it compulsory for top managers. The seminar began on the importance of quality as a guiding state of mind, a devotion and dedication. After asking why does any company exist? Sarasone encouraged his disciples to draft a mission statement by invoking a motto from a shipyard in Newport, Rhode Island. We shall build good ships here at a profit if we can, at a loss if we must, but always good ships. It's a good line. That's a good line. Good line. Manufacturing, he taught, had to be considered a total system, its disparate parts orchestrated with such repetitive precision that defects could approach zero. He inculcated his students, in his students a sense that quality was foundational to the whole enterprise, empowering workers close to production and telling managers they needed to understand the details. Quality control is not a band aid, Sarasohne later recounted. To be effective as a control, the total process to which it is applied must be well designed to begin with. So when Sarasohn Left Japan in 1950, he recommended his successor be the academic W. Edwards Deming, an advocate of statistical process controls. Let's give it up for statistical process. Let's also give it up for using the first initial of your first name and then your middle name. That's an under. We've. That's sort of a lost art. You don't meet a lot of people that powerful format that way, but J. Alexander Coogan, I think that sounds pretty cool. Maybe I'll rip that at some point. That sounds very regal. Yeah, it sounds good. Well, what would you be? Tyler. Cody J. Tyler Cosgrove. That's good. Yeah, because Tyler's the middle name, so. Jay Tyler. That's good. Okay. Well, J W Edwards Deming would prove so influential that the Union of Japanese Scientists and Engineers. Sometimes I get emotional about manufacturing. Yeah, that is their good ship. The ship's quote is so. Is so good. I'm sure it's already been printed and hung on many of the new defense tech and American manufacturing companies. But it is a good reminder to always build what is of high quality and aim for profit. But Justin says Chad is on fire today. Of course. It's great. It's great to see all of you here. Someone asked, how are we going to celebrate? I think we're going to have lunch with the team later. Excited about that. Yeah, we're excited for that. But I think, funny thing is, just really, our lives aren't changing. It's business as usual. Chop wood. We're gonna go hang out with our families. And I'm already excited for next week. We do have a holiday tomorrow. It's Good Friday, so the New York Stock Exchange is closed, the market is closed. And so we will not be streaming tomorrow, but we will be back on Monday. But just so you're aware, don't be shocked. Oh, like this OpenAI deal happened and then they stopped streaming. That's not what's going on. This has been on the calendar for a long time. We haven't been booking guests for months because we know that this is a holiday coming up, which we are very excited about and everyone will be enjoying the long weekend. So Sarason recommended the work of Joseph Juran, a consultant who, during the war had managed a program shipping war materials to Allied nations. Juran's work in Japan would go on to earn him the highest honor from Emperor Hirohito. We don't have a ton of time. I want to tie this into Apple. Yeah, let's just go on this insane tangent. We used to do crazy long reads where we'd spend like two hours on one New Yorker article. And then, of course, the show got much more complex. We talk about a lot more topics, but I like, I like going through a long read. But of course, you can pick this up in the Financial Times, which you should go and subscribe to. Alex asks, how long did the acquisition take from start to finish? I don't remember have the exact number of days, but it was incredibly, incredibly quick. Incredibly quick. And, you know, part of what enabled that was we had been having people from OpenAI on the show having interactions with them. We had spent 100 hours talking about OpenAI. I didn't have, like, you know, we didn't have a lot of questions on them. Yeah. And, you know, just. Just given how much time we've spent. And so that. That enabled a quick process. Also, you know, your, your long history with Sam. Yeah. Just like you require, like, years before anything. Yeah, in this case, 13 years before. It's crazy. Okay, where do we go to close this? It was the early 1990s. We're flashing forward. And Jobs was a half a decade into leading Next, the startup that he had founded after being ousted from Apple. Next first product, a cube staked workstation from costing $6,500 had already been a much hyped flop. The team's goal had been to make a computer their friends could afford by the time it shipped. The joke goes, the only friends that could afford to buy it were Steve's. Japanese quality ideas had been all the rage for a decade. The superiority of Japanese production had become clear in March 1980 when Richard W. Anderson, a Hewlett Packard executive, famously discovered that the best Japanese memory chips performed 1000% better than their American equivalents at initial inspection and 50% better over time. The so called Anderson bombshell made HP start to obsess over quality. Its Japanese joint venture, Hewlett Packard Yokogawa won the deming prize in 1982 and became the foundation for rigorous standards applied across the whole company. HP aspired to improve quality tenfold within a decade. And when that looked to be failing, it adopted a Japanese step by step approach to quality known as plan, do check, act. Let's see where else Jobs was clearly taken by the ideas of quality. Silicon Valley was beginning to implement port from Japan. Having set out to build a computer company that would create better products, he commissioned an automated factory in Fremont inspired by the plants of Japanese electronics manufacturer Alps Electric. Anyways, we can, we can continue but. But we have our next. We have our next guest Mark Lore joining in just a few minutes. Let's run through some of the timeline posts. Yeah, this was cool Taylor. Taylor Johnson said nothing gets me hyped like a re accelerating top line definition of AI company. Right? Sharing, sharing or just a founder mode company but really both. You can see this is data from Sakura Sakura shared. So funny people calling me right now. I know, I know. If you have called me, if you have sent our lives. I'm sorry I will get back to you after the show. Feel feeling a lot but anyways incredible chart here you can see plaid had ended they in 2023 they went from 308 to 390 million of RR and then jumped up to over half a billion in 2025. So Zach and the team are on an absolute tear. You know who else is on absolute terror? Taylor Lorenz. Apparently she spends 17 hours a day in screen time. I guess that means phone but Maybe phone and computer. She has to spend a lot of time because she's defending big technology. Exactly. There's some incredible quotes in this story. She said if she could put the screen in her brain, she would. That's wild. That's a very unexpected. I mean, she's got to get, got to get set up with the Neuralink team. Get me a true timeline merchant. Yes. Yes. It's. Yeah. Well, yeah, Extremely Online is the name of her book and she certainly lives. Lives her brand. Eliezer Yuda Kowski had an interesting post here. He said, today I learned that Gemini, Claude and chatgpt, but not Grok are told that today he was referring to March 1st. April Fool's Day. Yesterday is March 32nd. Because if you tell LLMs it's April 1st, the conditional text predictions downstream become less, less reliable for obvious training, data set reasoning. The models like, okay, understanding April 1st. Yeah. How do I understand? It would be very, very confusing. I mean, we were confused all yesterday because you see so many news announcements go out and you're like, is this a joke? There is news. Yeah. But if you're told it's April 32nd or March 32nd, you should be more confused. You're going to be like, that's, that's clearly wrong. Yeah. I wonder how real. Yeah, you would think they would just keep it March 30th or something. Yeah, I don't know. We'll see. I'll have to ask some people. Rune says the AI doc reminded me mostly of Kony 2012 documentary Slacktivism selling the feeling of we need to do something as a product, oddly centering the filmmaker. When is the embargo lifting for the AI doc? Because I did see it with Tyler and a bunch of other folks from the team and enjoyed it. But I would love to talk about, about it. I believe we're going to have the. I think it already came out. It came out. Yeah. March 27th. Yeah. Yeah, it was interesting. It was the biggest gap between the AI doc and his. His like, you know, the press tour that the creator is on now is that he seems like he doesn't believe AI is, is real at all. I guess he was very worried about doom in the, in the movie comes away sort of like, oh, there's an optimistic scenario here. It's a very nice ending. But then he came away being like, ah, this stuff is not real. Which is a very funny, like, conclusion because he's not really asking about any of the financials or economics or business applications. Like he's having A much more philosophical debate and then came away with like a financial conclusion. I don't know. Is it interesting? Yeah. Google has released Gemma for best models in the world for their respective sizes. Demis is excited to launch Gemma 4 available in four sizes that can be fine tuned for your specific tasks. 31 billion dense for great raw performance, 26B Moe for low latency and effective, 2B and 4B for edge device use. Happy building. Excited to see what people do with it. They're available now under the Apache license in Google AI Studio or on Hugging Face and some other platforms. So massive launch, very exciting. What else do we got? There's more on the Mercour leak. Very unfortunate. Gary Tan says incredible amount of state of the art training data is now just available to China thanks to the Mercur leak. Every major lab, billions and billions of value and a major national security issue. Yeah, I'm just feeling, I'm feeling, you know, that the national security issue is one thing I'm feeling really concerned for individuals that not only gave PII as part of onboarding, but maybe now there's like live video of them tied to that pii. So it feels like there's some real deep fake risk. I'm very glad that we have Adam Myers from CrowdStrike coming on today to explain the surface area, what the trends are in cybersecurity, because things do feel like they are ramping up significantly. Also just very odd that there's now a leak of data that could be used to RL models. There's new open source models. There's also the leak of the cloud code harness. And so if you piece all these together, you get pretty close to the frontier. And that's something that we're certainly going to have to contend with. The fact that there's. Every time that there's a leak, you probably shrink the gap between the frontier and the open source community a few, by maybe a few months or something as they catch up, even if they're doing it like sort of above board. Anyway, Louis, he found a public company with 99% of revenue coming from one customer. You've heard of the one employee, $1 billion company. Now we found the one customer, $1 billion company. I actually don't know how big this company is, but we need to figure out what company this is. This is TSS Inc. The ticker is tssi. And they said we derive a substantial majority of our revenues from a single OEM customer. Revenues from this customer comprised approximately 99, 99 and 96% of our total revenues for the year ending December 31, 2025, 2024 and 2023. So they actually had more revenue diversity in 2023 and then the revenue concentration increased over the last two years. Although we provide services across multiple business units and divisions of this OEM and have entered into a long term AI rack integration agreement that includes minimum monthly payments, our overall financial performance remains highly dependent on the consumer continuation and scope of this relationship. Well, you know. Yeah. And they're, they're trading very reasonably. They're at something like a 240 million dollar run rate as of Q4 market cap of like 366 million. Okay. So yeah, it's price seems to be priced in. Yes. Buco says imagine being a software company with like 250,000 customers, 1 billion of revenue growing 20% and the market says you're worth 3.5 billion. And then Rigatoni Computing has generously five customers and basically no revenue is worth four and a half billion. It's a cold world. I don't know. Yeah, I mean this is the, this is the reality of like working on a sci fi technology is that if it works, the value is really really big. Yeah. Essentially prepared remark says but those five customers might go to six so you have to get in before that. What is. What's going on with Scott Wieners based act? Did you see this? Probably the most radical bill ever to degrade tech products. It bans Amazon prime, stops iPhones from having facetime, strips travel, shopping, local and AI results out of Google search results. This feels like a stunt almost. I don't know, it must be a commentary. This feels like something that's like sort of being misinterpreted almost. I don't know Adam. We've had Adam sent out an update to the chamber progresses group. He said the base act is likely the most radical proposal to regulate and direct technology product design ever advanced in California legislature. That bill dictates how core products must function from search results to app stores to e commerce marketplaces. We have our next guest in the waiting room. Let's bring in Mark Lore from wonder. How are you doing Mark? Good to meet you. Hey, how's it doing guys? Thank you so much for taking the time. Great to be here. Sorry we couldn't give you much warning around our news. It's kind of a wild wild day over here. I just saw it. Congratulations. Yeah, thank you. I'm sure, I'm sure we can get into M and A war stories and whatnot. Whatever you want to talk about, but why don't you, since it's the first time in the show, sort of take us back in history and give us a little background on yourself for the viewers? Yeah, sure. Started my career in investment banking and then in the late 90s, did a first startup, sold it to TOPS, the baseball card company. Then started Diapers.com and then sold that to Amazon in 2011 for 550 million and then worked inside Amazon for a couple of years. Started Jet.com, which is another e commerce site and two years later sold that to Walmart for 3 billion and then became the CEO. That's why they call him the LeBron James of e commerce. It's on the wiki. Became the CEO of Walmart's E commerce business and did that for about four and a half years. Yeah. Now I'm the founder and CEO of wonderful, yeah, food tech startup. Maybe take us back to diapers.com? i'd love to know like, how you were thinking about that business when you started it. Was there a thesis that sort of vertical, focused E commerce was going to be a trend? What was the ecosystem like? What was the competitive landscape? Were VCs saying like, or did you just snap up a great domain and think, I gotta make some money? Yeah, yeah, yeah. How much of it was just organic versus the way it started? I was just searching on Google what search terms people were searching.

And what, what, what elements of the Internet boom? Like, what are the ways in which the Internet boom feels similar to the AI boom? And how does it feel different? I think it feels very, I think it feels very similar. I mean, certainly, you know, just there's people on both sides of the fence. This is good, this is bad. What's going to do, like a lot of uncertainty. Yeah, we were, we were looking back on, on how people, all the fears people that had about the Internet are almost mirrored one to one with AI. Like every single one kind of matches up, you know, the job displacement, Y2K, Y2, you know, Y2K, things like that. It's pretty remarkable how, how humans feared the Internet in the exact same way as humans fear everything. You go back to when they trains. Okay. Yeah, I don't know if you guys, you know, I wasn't alive when trains, when trains were a thing. They strongly advise people not to go on trains because at that speed they don't know the long term effects it'll have on your brain. And they told pregnant women, do not go on a train if you're pregnant. Because for the same reason, like any industrial advancement that's ever taken place in history, that there's always an incredible amount of fear. Yeah, it's fascinating. Can you.

Will endure for the long haul. There's other news about. Let's pull up. Let's pull up this video quickly of Kramer talking about our friends at Semi Analysis. Oh, yeah, this is great. There is a company that I regard. It's the absolute. It's the gospel semiannysis. And I've got this guy, Dylan Patel, and I realized that semianalysis is the, the arbiter. They're like semis. And when they do, when they bless something, it means that it's the, the benchmark at the best. They are the most honest guys I've come across and I, I've always been reading them. But Jensen plays really praised at gtc. So I reached out to this guy whom I regard as his genius. He's genius. That's good. Wait to talk to him. That's. That's, that's a promo. Yeah. We'll see you tonight. It was good promo. Madden Money, 6pm it's awesome. Dylan says, can I short myself some people? Some people were saying like, yeah, come on, dude. Like, he's complimenting you. And Dylan and Kramer, this is the meme, everyone. And I've always said that Kramer having this thing where no matter what he says, people say, like, the inverse. They'll take the verse. It is the best engagement hack ever for a content creator personality because it just means anything you say. You get a million impressions from people saying the opposite. And the fact is, like, Jim Cramer is he's an entertainer. He's incredibly, you know, fun to listen to. And we'll be, we'll be having another conversation with him in the next, in the next month or so, which I'm excited about.

Clearing order inbound five. I see multiple journalists on the horizon. Multiple journalists on the horizon. Founder, foreign. You're watching TVPN. Today is Thursday, April 2, 2026. We are live 364 days until April Fool. Yes, that's right. We are live from the TVPN ultradome, the temple of technology, the fortress of finance, the capital of capital. We have some huge news. This is from the OpenAI blog. OpenAI acquires TBPN, accelerating the global conversation about AI. This is not an April Fool's joke. April Fool's was yesterday. We didn't do anything for April Fool's Day. This is real. This is a very interesting deal. I think a lot of people will be interested in this. We're very excited about this. We have a bunch of context and information to share about how this changes things. What changes? What doesn't? I'm sure there's a million questions. We're gonna try and get to them all. But then we also have a huge normal show because. Normal show. We got Mark Lore. That's the first thing. It's not changing. TVPN's not going away. We're going to be live every day, three hours, as long as we want. We have a lot of flexibility. We're going to do a lot of interesting things. We got mark lore, the LeBron James of E Commerce. This is from his Wikipedia page. We can pull up the. If you are calling me right now, I can't pick up because I'm live. And I think it might be time to turn off the phone. I think, yes, it might be time to turn off the phones. Yeah. Very, very strange. I think this is maybe the first time in history there's been a deal like this and then two people that are a part of it have to go and talk for three hours straight. But it's technology business as usual over here. Yes. We have a fun show for you today. We'll get into the news in a second, but we have Adam Myers coming on from CrowdStrike. Yes. To talk about all the recent Axios hack and more. We have Jeremy from Circle coming on in person. In person, which is exciting to talk about. Stables. Justin from Shepherd Gaurav from Mirage, and then Philip from Star Cloud. Star Cloud. Lots of space news. We're very excited about the Artemis 2 mission going successfully. Hopefully you all watched it. It was a lot of fun. We were watching it here on the screen and we were gripped as the rocket took off because, yeah, we were so locked in, we were joking around, that it felt like, it should have been a pay per view. Like, could we turn space into a profit center for the government? Somebody was saying that it was not entertaining. I was extremely entertained. I don't know. Yeah, maybe. Maybe they could do more. But NASA has a decent E commerce business too. We were watching, they were selling like 10,000 patches a minute or something like that. Yeah, yeah, yeah. I think we were. We were doing the back of the envelope, just from the main call to action. At the bottom of the YouTube stream, they were selling a patch for, I don't know, tens of dollars. And they'd sold like hundreds of thousands of them. So as we were watching, they were selling like something like $10 million worth of merch. So maybe go get some for yourself. Anyway, let's go over to Fiji. Semo's post on the OpenAI blog. She shared this message with the company earlier today. She says, I'm excited to share that we've acquired tvpn. This acquisition brings a team with strong editorial instincts, deep audience understanding, and proven ability to convene influential voices across tech, business and culture. That's. I'm still going to be hitting the soundboard. Yeah. Yeah, you are. TVPM has built something pretty special. It's one of the places where the conversations about AI and builders is actually happening day to day. A lot of you already watch it and rely on it to stay close to what's going on. As I've been thinking about the future of how we communicate in OpenAI, one thing that's become clear is that the standard communications playbook just doesn't apply to us. We're not a typical company. We're driving a really big technological shift. And the mission of bringing. And with the mission of bringing AGI to the world comes a responsibility to help create a space for real, constructive conversation about the changes AI creates with builders and people using the technology at the center. And that's exactly what TVPN has built. Which is what I was going to say is the next line. That is a huge part of the show is making sense of what's going on, how these tools are actually being used, all of the implications. We've gone all over the place and we will continue to go all over the place. Place. Yeah. And over the last. Over the last year, like, you know, multiple years, there's just been so much. There's so much uncertainty about AI. Yeah. I don't think we can change that. Yeah. But there's also a lot of fear and just talking through it with the people that are actually helping Diffuse AI through the economy across every single industry is something that we've enjoyed a tremendous amount and is exactly what we're going to continue to do. If you want to continue. Yeah, so she says. So rather than trying to recreate that ourselves, it made a lot of sense just to bring them in, support what they're doing, and help them scale while keeping what makes them special. A core part of this is editorial independence. We can say whatever we want because we're live, and we don't need to run anything through anyone. It's not possible. It is. It would be very difficult to have somebody here. Can we say this? I'm about to say a sentence. TBPN will continue to run their programming, choose their own guests, and make their own editorial decisions. That's foundational to their credibility. And it's something we're explicitly protecting as part of this agreement. And also, we. We were never in the scoop industry. People were kind of asking, like, is this journalism? Is it commentary? I think we've always been like, hey, we, you know, like to talk to a lot of people, have a conversation, bring in people. Yeah. And even when companies have approached us and said, we'll give you the exclusive, we don't. Yeah, we'll say give it to somebody else. It's like, hey, you can come on the show. We actually want you to go talk to the Journal or the Times or Bloomberg, wherever. Bloomberg, etc. Wherever you want to go. And then come and contextualize it with us and let us dig in and understand more about the strategy. And so TBPN will continue running their programming, choose their guests, and make their own editorial decisions. That's foundational to their credibility and something we're explicitly protecting as part of this agreement. I'm also excited to bring their amazing comms and marketing instincts to the team. We got lots of ideas, and we're very excited for this. They've helped many brands market online, and because they have a strong pulse on where the industry is going, their comms and marketing ideas have really impressed you. You see. Mail me. I can't wait to leverage their talent outside of the show to innovate on how we bring AI to the world in a way that helps people understand the full impact of this technology on their daily lives. TVPN will sit within our strategy organization, reporting to Chris Lehane. Really excited to welcome Jordi, John Dylan, and the broader team. And here's a statement from you. Do you want to read this? What did you say? Over the past year, we've had A front row seat not just to OpenAI but to the entire ecosystem, covering the daily news, announcements and launches in real time. While we've been critical of the industry at times, after getting to know Sam, Fiji and the OpenAI team, what stood out the most was their openness to feedback. Feedback and commitment to getting this right. Moving from commentary to real impact and how this technology is distributed and understood globally is incredibly important to us. So I contextualize it a little bit more shared. You know, a lot of people are like, is this an April Fool's joke? I've been saying expect the unexpected. This is a plot twist, I'll give you that. It was unexpected. It was unexpected to me, but I'm really happy about it. And when I reflect on my career, it's. I think it makes a lot of sense. And I can walk you through some of my career and my experience with OpenAI and with Sam Altman. The. I've known Sam for maybe 13 years. He invested in my first company in 2013 and then we got in a really serious logjam during a financing and I wrote him an email. I told this story in Bloomberg a couple years ago. I wrote him an email and said like, hey, like this is getting really rough. I'm a first time founder, I don't know if we're going to be able to get this done. And he called me and we hopped on the phone for like five minutes and he was able to completely resolve everything and everyone walked out of the deal feeling pretty good. And so that always left this impression on me that like he was founder friendly. Obviously he didn't. In this particular case it was to my benefit, not particularly to his benefit, the way the deal, the way the deal like wound out and he was just a great ad, great addition to the, to the negotiation and really. And you were very young at the time, you were just a wee lad. I was, you were about 23, 24. Something in that range. Yeah. And then when I took my second company through yc, he was president at the time. And then when I joined Founders Fund, the very first deal that I saw in motion at Founders Fund was the post ChatGPT round in OpenAI in late 2022, early 2023. And so I sort of had this like front row seat to all of this. And then once we actually started growing tvpn, he was one of the first people that I texted to say, hey, do you want to come on the show? And he was the first lab lead to come on the show. And we're excited to continue having him on the show, hopefully have other lab leads on the show, have other people from all over the industry. And just generally, I think that when I was at Founders Fund, I was not particularly in the weeds of intraventure capital fights. I was much more interested in the conversation around technological stagnation, not funding companies, not making great companies happen. I never was in a situation where I was like, oh, if a different VC firm backs a great company, that's bad. And I think that's the same philosophy that I have always taken forward and will continue to believe in, which is that American AI industry is the most important thing. And that will continue to be the case. And I'm excited for all the different competition and everything that's happening in the industry to continue and push further. Jordi, did you have anything else to say? I just wanted to say some thank yous because a lot of people have been a part of this journey to date. It's been, I think, something like. Let me do the math here. 496 days. Roughly 16 months since we put out the first episode. Yeah. It was just the two of us and Ben sitting in a room, couple cameras, a couple microphones. And I will just say, I didn't know this special of a business relationship was possible. Yeah. Between you and me. Yeah. Like, I think, like, if you look back on that almost 500 days, we've had disagreements around strategy or approaches or things like that, but we have, like, almost universally stayed perfectly aligned on everything that matters every single day, every step of the way. And I think that's somewhat of a miracle, given that we went into this not really knowing what it would become. And, yeah, we'd done, like, one side project together, and it took, like, eight months. And it was, like, not. It was, like, successful, but it was not like, oh, yeah, like, okay, we were working together daily for months. You know, it was a lot of just jumping and leap of faith, Right? Yeah. And I think we've got this question so many times, like, do you guys get sick of each other? You know, you just have to talk to each other for three hours a day. And, like, I've said this before. I'll say it again, and it is actually hilarious. The second that we leave the office where we both get in the car, we call each other. We end up talking for, like, another hour on the way home. And so it's just been. It's been the privilege of a lifetime to just build this business with you and the whole team. The team has been absolutely Incredible. You guys are all truly amazing. And this very much is a. This very much is a team. Like a team sport. Like business is a team sport, but this is like a live team sport. We come in here every single day, and the show doesn't happen if we don't all come in and make it happen. And so the consistency of the team has been just incredible. And watching everyone's individual talents just flourish has been incredible. A lot of people came into this having done a thing or two in the past, but learning new things. Brandon has been absolutely incredible. Just an absolute rock in the organization. Brandon, if you're not familiar, writes our newsletter every day and is just remarkably consistent and has helped us shape our editorial approach, and it's been incredible. Dylan, who joined us, I guess, technically Q4 of last year, you know, I'd worked with him at my last company, but is truly, truly one of a kind. Remarkable. I never want to. I never want to do business without him. And he has just done such an exceptional job working off air. It's like, you know, challenging when you're building a company and you're also having to put on a live performance for three hours every day. He wrote the newsletter yesterday, so. That's true. That's true. Op Ed. He wrote the Op Ed. Ben. Ben, who's been here since. Since before TVPN. He was working with me on my YouTube channel. When did we start working? I was here before Jordy. Yeah, maybe like, wait, mid-2024, maybe something like that. Sounds right. Yeah, there's fun videos. Yeah. Yeah, we traveled a lot. A lot of pelvic cases. No, but it's been. It's been absolutely incredible to watch you grow from. From an extremely talented individual and to very capable and talented manager and building out a team of people that are so hardworking and wonderful and, you know, Michael Scott Jackson, you guys, you know, are so, you know, such a joy to work with. Even though what we do is not easy and it's changing, you know, day to day, um, to all the guests. Seriously, it's been. It's been so much fun. Like, if you went back and rewound to the beginning of. Of the show to. To. We. We started with no guests. We did something like 50 episodes without any guests. Uh, we thought that there was a time that we thought we would just do that forever, because that was the only thing that was, you know, really unique about the show. Like, that's the reason I started creating content in 2020, because it was during COVID There were no events There were no places to meet other founders, meet other business people. I wasn't thinking of it as like a media business. I was thinking of it as like a way to just have conversations and meet other people who are building companies. And now we get to do that all day long, which is just a dream come true. Yeah. So many guests have turned into dear friends, you know, the Joe Weisenthals, the Dylan Patel's. There's really too many to list, but we will have you all back on the show and I can't wait. To everybody that's tuned in, whether you've watched the RSS feed, the live show, the clips, the newsletter, we've strived to create the right product regardless of how much time you have. If you have two minutes a day to read the newsletter, great. If you've got five minutes to watch some clips, if you want to watch the entire podcast, if you want to watch diet tbpn, the Daily Cut Down. Thank you. Thank you for tuning in. And fortunately, pretty much everything is going to stay exactly the same to our one and only Tyler. Tyler, you are truly, truly incredible, one of the brightest young people I've ever worked with. And you have such a bright future. You know, we always knew that. I've felt from the very beginning that you would go on to start your own company. And we cherish every single minute that we have with you and we're going to do our very best to retain you for decades. But thank you for everything you've brought to the show, everything you've built. Tyler, if you're just tuning in now, has built all of the internal software that we use to run the show. That's insane stuff. It is a fully custom content management system, CRM. It helps us edit all of our videos. It is the backbone of the show. It's a tool that the entire team uses on a daily basis. And truly the show would not be possible without it. And yeah, your contributions on air as well, it's amazing. It's so much fun to be able to cut over to you. And so it is with great honor that I give you this soundboard. And our sponsors. We can start with the Ramp team. Eric, Eric, Karim and the whole team over there has just been incredible. They allowed us, you know, at the, at the beginning, sorry, the end of 2024, when we had started doing the show, we really loved it. They were, they committed to sponsoring the show for a year and that allowed us to do, to do so much in terms of investing in all, in all the equipment that we use hiring people. They. They made it possible and have been truly, truly exceptional partners. And watching Ramp's growth over the last couple years has just been phenomenal. And they deserve all the success and every other sponsor that has been a part of this truly. Shout out Nick as well. Oh, did he not get one? Oh, we gotta get a direct shout out for Nick. We gotta get a direct shout out for Nick. We don't know what to call Nick. He's a. We can't give his name on air because he'll get ten times more emails. The lineup every day is crafted by Nick. He is our liaison to 99% of the guests that come on the show. Sometimes it starts with an interaction over X or a text message or there's other intermediaries involved. There's a lot that goes into actually getting someone into the waiting room, into the show, making sure that they understand how the show will work. It's sort of like, you know, you're hot. Dropping into this live show that's new for a lot of people. And Nick does a great job communicating and parsing all the noise to understand what the best news of the day is, how we can contextualize it best with the optimal guests. And he's done a fantastic job. And we'll continue. It's an honor. It's an honor. David Senra. Yeah. One of a kind. David hard. He literally inspired harder. David was. Yeah, David was our very first listener that I'm aware of. He gets sent a lot of. We sent him a link in a Google Drive and he listened. And from that first episode, even though it was very scrappy, he said, take this. Take this 100 times more seriously than you are right now. And we did. And it's the best advice that I've ever gotten. And he has been. And we have a picture. We have a picture of him here. We couldn't print it full size and it appears that it was printed on a black and white photo printer, but it's a black and white photo and he's a black and white brand. So thank you to David Senra, who's been the podcast Godfather truly and the gong. The chat is asking us to hit the gong. We have to. The gong will remain. The gong will remain. Will Menidis has already chimed in with his take. He says, many guy. Many people are saying, we're in the deal, guy Yuga. Many are saying. And it means a lot that Will Menaitis the only. He is the only guest who has co hosted a full show from start to finish with us. And if you want to go back in the archives, you can watch that episode. It's a wild one. It was in a hotel room. We had yet to figure out the remote shows fully. The team worked really hard to make that one happen and it was a good time. Very chaotic and. Yeah. Where else should we go? Should we go to. Is there anything else to say about OpenAI? Of course. We'll be in conversation with you forever. Anytime on the show, you're welcome to leave a comment or chat in the chat is asking where is Will Menidis right now? I don't know. Probably sailing a boat. I don't know. And yeah, it's an honor to partner with OpenAI and every single person on the team that we've had the pleasure of meeting, we've been impressed by. They are ridiculously talented and every single person is committed to getting, getting this AI thing right. So we're very excited. We're incredibly excited. Great. Well, let's move on to the Artemis ii. Pictures and images and news. Very, very exciting. It made the front of the Wall Street Journal. NASA aims to orbit moon for first. For first time since 72. To boldly go, the crew of NASA Chad is asking. Is that three Diet Cokes? Yes. You got to thank Diet Cokes. Thank you to the Coca Cola Corporation for making this possible. To the Huberman team for the mate yerba mates. The podcast in a can. Yes. Wouldn't be possible without you guys. And thank you to tailors and suit makers. There's a lot of people that make this possible. The horse, the prop department, there's a million things here. It's been a great time. So the crew of NASA Artemis 2 head to Cape Canaveral launchpad Wednesday for the first human spaceflight to the moon in half a century. John Krause posted a incredible photo. Is he someone who actually. Yeah, he special comms assistant. Special comms assistant. He actually goes to the launches and brings special photography gear to get the best possible photos. And man, did he deliver with this one. What an incredible moment. We talked about a little bit. There's an article on the watches. NASA Artemis too. John, we have to think.