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You're watching TVPN. Today is Tuesday, June 2, 2026. We are live from the TVPN Ultradome. The temple of technology, the fortress of finance, the capital of capital. Let me tell you about ramp baby. Time is money save. Both easy use, corporate cards, bill pay accounting and a whole lot more all in one place. It feels so good to be back. You know who else is back? Google with a huge fundraise, an equity fundraise on surprising to a lot of people. You have raised equity in years and years and years. But they raised a cheeky 80 billion. The wall Street Journal has the story Alphabet's mega fundraising show. Let's be honest John, the real story is that you got a haircut. I did. I didn't just get a haircut. I got them all cut. I got them all cut. Hey, we got the team there. There we go. That's a new hair, that's a new angle. I like that. Well, Alphabet in AI money talks, says the Wall Street Journal. The ability to tap stock market capital is important again after a quarter century of being all but irrelevant. So let's run through it. 80 billion stock based fundraising should be taken as a rebuke to those salivating over the forthcoming IPOs of SpaceX OpenAI anthropic. The search giant is showing its competitive advantage in an area that it increasingly matters for artificial intelligence, access to money. Ben Thompson has a great breakdown too of how capital is so important in the age of AI and the war for AI. In AI Money talks, the biggest companies are paying out hundreds of millions of dollars to lure top researchers and tens of billions to build data centers while financing losses as they build their AI businesses. The money being funneled into AI is probably already making it harder for non AI startups to raise capital. With 61% of all venture capital last year going to AI. It's really like I was, I was talking to somebody that, who was trying to yields low like based on, based on. But, but there's a lot of, there was a lot of hard tech. Well, everything sort of gets wrapped into AI. I was talking to somebody. Yeah, that's, that's like, that's why it feels low. How to have a conversation about AI. And it was like you can talk about sycophancy, you can talk about data centers and water and energy and like being an eyesore and then you can also talk about enterprise sales and SaaS and you can talk about consumer. And it just touches absolutely everything. And so it's almost, it feels like if you're Trying to have the AI conversation. Rude. Rude about the Jared Isaac in the years. We love Jared Isaacman. I don't think that's rude. I don't know. Our great space leader, Jared is incredibly handsome. People like saying that about getting a haircut. I got my ears lowered. That's another dad joke. Got my ears lowered. Anyway, yesterday, Alphabet announced a massive $80 billion equity raise, says Brandon Grell in the TBPN newsletter. You can go sign up tbpn.com the raise will be broken up into a few milestones over the course of this year. Berkshire Hathaway, Greg Abel at the helm. Warren Buffett obviously still at the table, but a lot of people, a lot of people were. There was a viral post yesterday, somebody was saying, but Buffett retires and they immediately invest in Google at all time highs. Yeah. What other company did they invest in at all time highs? Was that Apple? Apple. Apple. Apple. And look what they did. Pretty fantastic. Yeah. I mean, for a long time, for what, 30, 40 years, Warren Buffett was known as like, not a tech investor. Couldn't wrap his mind around it. Valuations always too high. Business to too frothy or too high growth. Like. Well, I think he knew vibe coding was coming for sure. And. And he thought, how are you going to. How can I value a software company when the cost of producing software is obviously going to zero? He was saying that back in 2010. Yeah. He wanted to get in on Gen Moji a decade early. Yeah, no, obviously like the business was printing. It fit the Warren Buffett mold. I was actually doing this, this deep dive on like, where would Warren Buffett find value in the AI supply chain? I was trying to dig into, you know, if you apply that framework, because there's a lot of froth, there's a lot of excitement, there's a lot of high growth opportunities. But where would Berkshire trade if Warren came out of retirement and just said, I'm coming out of retirement to invest in a bottlenecks? Not only does Berkshire rerate, I think everything goes way higher. I think so. I think so. Let's see. I want to see. Because I did look at this. And I pulled. John, they want you to crack another Diet Coke. Another Diet Coke. Here you go. Boom. Satisfying another one. When I did this analysis, the name that popped up was Buffett. Saw Gstack and knew that the AI revolution was real. It is God Mode after all. It is. Yeah. In the memo. Well, it's like God Mode. If you are trying to get in on the action, head over to public.com investing for those that take it seriously. Stocks, options, bonds, crypto, treasuries and more with great customer service. So my previous analysis identified Qualcomm has enough AI optionality for the AI investors, but enough business model durability for Buffett and evaluation that does not require heroic assumptions to compared with many AI semiconductor names. Most admired but disputed tsmc Buffett actually bought this company, but then he sold because he was worried about geopolitical risk and there were some other options, but he wound up going with Google and we will break it down. So Berkshire is buying 10 billion worth of shares at a roughly 6% discount from Monday's closing price. Another $30 billion will consist of underwritten public offerings and the last 40 billion will be staggered common stock offerings beginning in Q3, 2026. And overall, the dilution is very low. All the shares Alphabet will sell are brand new, meaning the plan is slightly dilutive for existing shareholders. But at their 4 trillion market cap, where are they right now? They're way, way up. 80 billion just isn't that much dilution for the shareholders. Fortunately, a lot of opinions on the timeline about this deal this morning. I've seen a number of people, or Brandon Crypto rel has seen a number of people theorizing that Alphabet is sucking up liquidity AI demand from investors before they'd be able to buy an anthropic or OpenAI IPO. Richard Reheard Jark gave a few less conspiratorial explanations. Yeah, a lot of people were saying that about SpaceX. Yeah. But the other, the more simple answer is you should probably raise capital when it's cheap. Yeah. And there's just a lot of demand. There's a lot of capital out there and so there's a lot of demand for basically all of these names when there's a new trend and we've seen liquidity pull out of other sectors of the market and so it has to go somewhere. Certainly makes sense that it would go into the latest and greatest technology. So Alphabet is seeing demand for Gemini go up and so it's going to invest more in compute and scale. Ben Thompson had, per usual, a solid piece on the raise this morning. He wrote, quote, the first question is why did Google issue equity instead of debt? So there's some rumors that debt might be coming and the equity is sort of a precursor to that. But Ben Thompson writes, debt is all things being equal, the preferred instrument for investment. The proceeds of the latter pay off better than the former and existing equity holders reap all of the benefits. Equity, on the other hand, removes the risk of debt, but at the cost of giving up a future share of profits. That leads to why, what may be the Occam's razor? Occam's 1D razor, 2D razor. No, a razor is three dimensional. Right. So it's a 3D razor. Like 4D chess. 3D chess. 4D chess. Anyway, Google is going to start issuing a lot more debt as well, which is to say that everyone continues to underestimate the amount of demand there is for compute. Of course, that's not far off from a more bearish interpretation. Google is uncertain about the return of investment of all of that capex and would prefer to share the risk along with the upside. If there isn't a substantial debt issuance down the road, then this might be the right answer. Yeah, I mean, COMPUTE is remarkably expensive. We're looking at even within the cogs or the cost of inference for the labs. We're seeing dollars per task. It's a lot of money, a lot of dollars flowing into these data centers. But when you actually run the numbers on the tasks that they are completing, comp that to other sources to get something done, you're seeing positive roi. So it's all just a productivity uplift, which is good to see. The Wall Street Journal continues and says bond investors think the hundreds of billions of dollars of debt being raised by big tech is pushing up the yield and other borrowers have to pay. And it's even affecting government bond yields. The hyperscalers of Alphabet, Microsoft, Amazon and Meta have become major bond issuers as they ramp up spending, with Alphabet alone raising 85 billion in a series of record breaking issues around the world in the past year. They might raise more in debt, but the stock market is the obvious place to raise capital to spend on the exciting bits of AI where the returns are unknown, technology is rapidly developing and business models are in flux. Unlike debt, companies don't have to repay their shareholders. And if it takes longer to make money from AI or never makes money, the company can simply wait it out. If it was financed by stock though, investors would be very unhappy. Alphabet is one of a tiny number of companies capable of raising so much cash without tanking its stock. What did the stock do? Jordy? It's down a couple points today, but I don't. Okay, not too bad necessarily. Thanks to its near monopoly in online search and credibility with Wall street in new ventures. That's a really good point. For a long time, tech has been sort of cold on Google side projects, but they're starting to bear so, so much fruit. You look at the progress with Waymo and it's very clear that just one win in Waymo will be a power law that will wash out all of the side chat apps that never went anywhere or little software projects and April Fool's jokes that they launched. And some of them will become really big businesses as well. They have other stuff, Calico. They have the mosquitoes right now. The mosquitoes are crazy. That was a weird, weird headline. I didn't know they were in the mosquito business. I'm excited about releasing billions of genetically modified mosquitoes into the environment to try to kill all the mosquitoes. Wait, they're mosquitoes that kill mosquitoes? That's what they do. Oh, okay. They're like infertile or something. Basically. I'm excited because there's like, almost certainly could never possibly be any unexpected downside to disrupting the circle of life. Who knows? Who knows? People have been studying this for like 20 years, so I'm optimistic. It would be one of those things. Like, yeah, one of those things would be amazing. Yeah, we can just nuke all the mosquitoes off the map. But I got a feeling they're doing something important. Yeah, there must be. Let's actually. Let's actually try to get to the bottom of this. Wait, is the. Should we be selling the bug repellent industry short right now? Should we be going turbo short? All mosquito repellent companies, they're probably going to go out of business if they get rid of all the mosquitoes, right? This is Finance 101 right here. Anyway, I can keep reading. Don't give our little retail trader there any ideas he's going to go short. While 80 billion is huge, it amounts to less than 2% of the market value of a company. Trading at $4.5 trillion, the stock was down just 2.6% in pre market trading. There seems to be an unlimited supply of willing buyers to fund AI. If it turns out there is a limit, Alphabet can only benefit by going first. From a societal standpoint, says the Wall Street Journal, the purpose of the stock market is to funnel money from millions of savers into giant projects, just as in the 19th century railroads. For the past 25 years, that role has been less important as private capital funds grew large enough to finance companies for much longer before they needed to go public. AI's vast consumption of cash is beyond even the capability of private markets. However. Sure, there are other reasons to listen, such as allowing employees to cash out their stock options. 30 billion. You mentioned this earlier. Today, 30 billion of Alphabet's stock issuance is earmarked for paying tax on employee stock awards. But the ability to tap stock market capital is important again after a quarter century of being all but irrelevant. As we move into a new era of capital heavy industries, the stock market stops being merely a way for private investors to exit, but an attractive source of capital capital. The bear in me worries that all this equity raising is also about taking advantage of record stock prices and could be a sign that the top is near, says the Wall Street Journal. They're almost calling the top, but they're not near. John Mosquitoes do have some environmental value, though most of it is not unique to mosquitoes, which is why people debate how much the world would miss them. They're a food source for spiders. Mosquito larvae are eaten by fish, frogs, dragonflies, beetles, birds, bats and other insects. And adult mosquitoes are eaten by birds, bats. So we already have friends in the animal kingdom that are just eating them alive. Yeah. So that's good. So you'd be pollination. You would want more birds and frogs around? No, but the argument is that a lot of other animals contribute the same sort of general environmental value. Sure. So if you took out some of these disease predators. Pro mosquito. He's in the pocket of big mosquito over here. He's like, oh, I love, oh, I have a pet mosquito at home. I love mosquitoes. Not a dog person. I'm a mosquito guy. I like mosquitoes. This is you. You're a mosquito dude? Yeah. Wow, that's weird. You ever get an eye like swollen shot by a mosquito? No, never. That was me. I've gotten a few like bites on my legs. You kind of X them out or try not to scratch them. They say don't scratch them because that spreads the poison a little bit. But it's like a minor nuisance. But I think that they spread a lot of disease and, and that's the real reason why people are so aggressive about feelborn illness. Somebody should do a street interview where they go around asking people, would you want to if you had the chance to eliminate all mosquitoes in the world with no downsides to the environment or $100,000 in dinner with Jay Z, what would you choose? Yeah, there would be some interesting answers. Are they releasing these in America? In California? I think so. That's crazy. A private company can release animals. Like could, could, could Microsoft just release like a million bears or something? Like, like what, what's the limit of this? Can you just release like, hey, yeah, like we're, we're releasing 25,000 bison. That was an early idea on this show, right? It was like bear defense companies. Yeah. Domesticated bears, just, you know, wild dogs, more coyotes, more deer maybe. What? Pick your poison. Whatever animal you want, just get it out there. I think if we put enough monster energy. I heard Truth Social is going to release like a million bald eagles. That's their goal. That's the next. Oh, that's why the company's so unprofitable. Yeah. Buying bald eagles and breeding them continuously. No, I think, I think one of the reasons mosquitoes bite humans is there's not enough cans of like cracked open monster energy. Yeah. So I think if you put a bunch of monsters out when you camped, you'd probably be safe. Mosquitoes would obviously much rather have monster energy than blood. And does that sterilize them? I think that might do the trick. It might do the opposite actually. Yeah, it might make them even more powerful. Here's an idea. Release 100,000 bulls charging through Manhattan as a sponsorship opportunity, as a marketing stunt for the New York Stock Exchange. Want to change the world, Raise capital at the New York Stock Exchange. They have the golden bull. There's the bull. Why a ton of real life bulls. Who knows, Maybe it has a positive externality on the life cycle of Manhattan. They wind up finding a home in Central park and the bulls run through Manhattan. Do you think Meta follows suit and does an equity raise like this? Maybe. I can imagine Zuck not wanting to do this right now given where they're trading. The stock's down. I mean it's not that down, but it isn't like popping like the rest of the AI hyperspace. Yeah. I was comparing Meta to Tesla today according to companies market cap, which doesn't seem to be companiesmarketcap.com has one job which is to track the market caps of companies. And I find the data to be somewhat inconsistent. Sort of near all time highs. It's not that far far off. It's certainly up from the trough of when the stock was 100 bucks in 2022 anyway. So yeah, I was looking at the two. Meta had 200 billion of 2025 revenue, $164 billion of gross profit. 82% gross margins growing 22% a year. Tesla had 94 billion. 17 billion of gross profit actually shrunk 3% year over year. And Tesla is getting close to being worth the same amount. 1.3 trillion, 1.3 versus I mean if you look at the Mag 7, if you're just doing the biggest seven tech companies. It's like completely changed hands in terms of like Samsung Micron. There's so many. There's so many companies deeper in the supply chain that are absolutely mooning on the AI boom. So maybe we need a new term. We had Fang for a while, now we have Mag 7. It feels like we're in the dawn of a new one. We'll see. We'll see. Anyway, anyway, where I was going with that, I can see Zuck feeling like I'm not being property properly valued right now. Should buy the stock back if anything. Yeah, if anything. Although they're issued by. They don't have a lot of. Because they're spending a lot on CapEx. Yeah. Anyway, Matt Dratch has some takes on Google on the raise. He says first, I don't think this has anything to do with their view of equity value. So they don't necessarily think they're overvalued. Larry and Sergei want to spend Sundar and the CFO said our debt rating though. And so we are here. They don't want to raise more debt of the 80 billion. 40 billion is for infrastructure. But I suspect that the equity check for a meta like SPV structure will be levered 5 to 6x. In other words, the spending implications are much greater than the headline. Can't believe it's only Monday. So they're going to take 40 billion, lever that up across their infrastructure efforts and put something closer to 200 billion to work over the next year. And that pays for their capex bill for probably just next year because they'll probably be around there in like the AWS tier. Especially on the back of that Google cloud growth. It's growing faster than aws, growing faster than Azure. So lots of reasons to spend, spend, spend. John, they're saying we need a l' oreal ad read from John. Okay, that new hair shout out or I like that company. They're a great, great team. Anyway, Google raising 80 billion in equity. More compute, more I spend Full send downrange. Jack Reigns says the gigabrain move by Google sucking up some of the AI demand via equity issuance instead of debt. Before Anthropic and OpenAI go public, we'll see what happens. We'll see how much demand is out there. SpaceX is going out in just a couple of weeks, so we'll see how that goes. But there's a lot of. There's a lot of money in a couple weeks, John. Couple days. Next week. Next week. I mean there's, yeah, there's a lot of, there's a lot of liquidity across all of the retirement funds that are funneling into these things. There's a whole bunch of different things. Sergei Alexenko has the chart of Google Alphabet equity raises. This can't possibly include their venture round. So SpaceX going out on a Friday, that is going to be insane after the market closes. No, I mean obviously we'll list, but then immediately goes into 48 hours. Yeah, this chart can't possibly include the venture rounds that happened pre ipo. Right. But I guess they might be so small that they don't even show up on here in 1998 because it's less than 1 billion. I mean Google famously did not raise a lot of money. It was very profitable when they went out to go public. And top tick crypto has pivoted to the memory trade and says the memory trade can't keep going because the hyperscalers can't spend more than 100% of cash flow. Well, Google would like a word because they can spend more than 100% cash flow because they can raise equity and they can raise debt and they can get all sorts of money from all over the place. So what else is Berkshire doing these days? Berkshire is investing $10 billion into Google in a private placement as part of the broader $80 billion equity capital raise. Warren Buffett is here watching Greg Abel take $10 billion of money that he painstakingly made over his entire investment lifetime and put it into Google at all time highs. I don't think this is an accurate reaction to Warren Buffett because this play worked with Apple and Google's in a fantastic position to continue doing this. Ben Thompson broke this whole thing down comparing what Warren Buffett had done with See's Candy to buy a railroad, which is a fascinating example. So they bought See's. Berkshire Hathaway bought see's candy for 25 million when sales were 30 million. So less than a 1x revenue multiple. Pre tax earnings were less than 5 million. So they paid roughly 5x pre tax earnings. So EBITDA, the capital then required to conduct the business was 8 million locked away in See's Candy. Then they had some seasonal debt, but generally the company was earning 60% pre tax on invested capital. 5 million out every year. 8 million locked up. So last year, this is from 2007, the shareholder letter last year seas sales in 2007 or 2006 were $383 million. Pre tax profits were 82 million DOL and the capital to run the business, it was only 40 million. So they'd grown the amount of capital by 4x5x, but they'd grown the actual cash flow from that business significantly, from 5 million to 82 million. And so Warren Buffett says this means we have had to reinvest only 32 million since 1972. 1972 to 2007, he's reinvesting 32 million. Every year he gets a check for $82 million. That's a fantastic cash flowing business. What did he do with that business which generated pre tax earnings of 1.35 billion or something like that, which was sent to Berkshire? Well, he bought a railroad. So BNSF Railways. The railways require a ton of capital to operate. BNSF consumed 3.8 billion last year. They also make a lot of money. The net income was 5.5 billion on revenue of 23.4 billion. But it requires a lot of business, a lot of revenue, a lot of cash tied up in the business to run that. And so to put that in perspective, the total amount of money that Berkshire has made from See's Candy is probably less than 3 billion. So less than BNSF made last year. So which is a better business? And he goes on to talk about cloud and Google and how they have the search engine that throws off cash and they can use that to build the railroad of the future, which is all the data centers and AI infrastructure. And so a lot to like. And it's not as much of like, oh, this is wildly outside of the wheelhouse. Berkshire's never seen a business like this. That's not true. This isn't that out of characteristic. It is a wonderful business and it actually pattern matches to what Berkshire has done with Apple and also with the railroad and See's Candy before. So don't be that surprised. But what is more surprising is this story. So do you want to take us through it? But first let me tell you about CrowdStrike. Your business is AI. Their business is securing it. CrowdStrike secures AI and stops breaches in the Journal. Today, Berkshire is convinced the American dream of home ownership will stay alive. I realize, John, there's a bunch of soundboard effects that I would only hit when we were doing ads. That's true. So I miss them. Oh, it's so. Feels great. Nostalgia ads back. I love it. Berkshire is convinced the American dream of home ownership will stay alive. Let's go. Under its new chief executive, Greg Abel, Berkshire raises its bet on a market recovery by adding another housing company to its portfolio. Fantastic. Berkshire Hathaway $6.8 billion deal to acquire. What are you laughing at? I'm just laughing at the fact that like, like, you know, they did two $10 billion deals and one was buying like an entire home builder and the other was buying like 01% of Google. Like and just the scale of these different things. Like, like the. It's an extremely cool deal. We'll get into it. It's very interesting but at the same time it's like total peanuts compared to like the AI build out. Well, yeah, it's like what is that potentially like a work harder or work smarter, not harder moment. Like we'll see which one of these ends up generating a better return. This seems extremely important. I'm extremely excited. Yeah, yeah, this is important. Like, like one data center or an entire home builder? That is their entire business and probably very storied. We'll get into it. Well, we don't know. He might be pivoting it into a data center. Maybe that would be the ultimate. Maybe black two by fours, rack them, you know, meta's using tents. Maybe the next data center looks like a house a lot less controversial. You know the nimby. If you just see a nice Craftsman home next to you, you're like whatever, it looks nice. You know, I don't, I don't have a problem with that. You know, oh, they're chimney smoking. That's the diesel generator. There's a data center among us. This might be the solution. Tyler, what you got? I was going to say like these two deals are still small compared to like the actual cash that they're holding. Yeah. What are they having? I think most recently it was 397 billion. That's so much. Even then it's like, oh wow, you know, he's so white, he's turbo long say. But you know, he's still cash Chad right now. Oh, hopefully inflation doesn't get him. We'll see. Anyway, continue with an all cash agreement Sunday for Taylor Morrison Home Corporation. The Omaha based conglomerate is poised to become a top five US home builder, adding to its growing portfolio of housing related companies. Berkshire's homebuilder deal is a sign that a prominent investor thinks the housing slump will eventually pass and it wants to be positioned to take advantage of any market turn. More than 75% of young renters still think they someday will own a home. That is great. Glad that I would have thought it was less than that given, given like sentiment online and so it's great. There's been a bunch of there's been a bunch of weird studies where like when you zoom out, you look at Gen Z home ownership and it's actually pretty high. But that's driven by non coastal cities because people move to San Francisco. Obviously house prices are through the roof and a lot of people are like, yeah, I want to rent and go to some local house party, like I want to be in the mix. And then at some point people make the decision. So it's more about like family planning. But of course there's all sorts of, you know, affordability issues. But Chat says white pill, never doom, Never doom. This investment is grounded in a long term belief in the strength of America's housing market and its underlying fundamentals, which we see as enduring over time. Berkshire is raising its exposure to a housing market in its fourth year of dismal sales. High mortgage rates, job market uncertainty and the rising cost of living have kept many prospective buyers on the sidelines. Builders have been forced to offer incentives such as paying part of buyers mortgage costs just to unload their inventory. Builder confidence is low. Single family home starts decline 9% in April, the steepest drop since August. A third of builders said they had cut their prices last month. Moreover, many Americans now think homeownership is beyond their budget. More people are renting for longer or putting their savings into the stock market rather than investing in a home. But analysts think analysts say the U.S. housing shortage of more than 4 million homes means new homes need to be built. They expect more buyers will return to the market once mortgage rates, which recently hit a nine month high, come down and trigger pent up buyer demand. Berkshire has agreed to pay a 24% premium to Taylor Morrison's closing stock price of $58.58. That's an incredible bargain. Friday analysts see the price is a good deal for Berkshire because the actual value of the builder's home portfolio bellies its lagging stock price. That is an incredible bargain, says Tony Avila, chief executive of Builder Advisor Group. Taylor Morrison's stock shot up 22% Monday. This is a quote by Warren Buffett. This is the first deal for Abel Greg Abel, the new CEO of Berkshire Hathaway. And Warren Buffett said gave a quote to the Journal. He has launched. He has launched I Love it on Monday. Then they talk about the the Google deal. Taylor Morrison is a safer bet in a precarious home building market. The company tends to focus on the higher end of the market, which has performed better. A significant part of its business is built around buyers looking to upgrade to nicer homes rather than entry level buyers who are struggling the most. In addition, the company is part of a smaller segment of builders that have leaned into so called build to rent communities of single family homes constructed for the sole purpose of renting. Congress recently recently threatened build to rent developers with proposal that would force them to sell their properties within seven years of building them, but House lawmakers removed that proposal in an attempt to rescue the burgeoning sector. The Taylor Morrison deal is the latest example of consolidation in the residential construction industry. Last month Avalon Bay Communities and Equity Residential agreed to merge in the largest multifamily combination on record years after sluggish profits. This puts pressure on others to find a dance partner, says Alan Ratner. Interesting. Well, we'll continue following up on that. Well they own railroads and you should be on Railway. Railway is the all in one intelligent cloud provider. 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To ever do it anyway, you know who won't be passing away anytime soon? Vladimir Putin. Because he is on a $26 billion quest for longevity. Brian Johnson's chiming in. It's so rich person's yacht or fly a private plane. I think that Russia has invested more in Putin's longevity than AI or close to it. I was trying to figure out how many GPUs they had. Best people left via Yandex and are now running in Neoclouds and. Yeah, and also Clickhouse. Anyway, from mini pigs to an organ printing to cryotherapy and genetics, Russia's president has turned anti aging research into a Kremlin priority. And remember, he was caught on that hot mic with with Xi Jinping saying that humans could achieve immortality by replacing their organs. Some dismissed the exchange as eccentric small talk between aging autocrats. In fact, during the conversation at a Beijing military parade last September, Putin appeared to be describing a Kremlin backed longevity initiative that has become one of Russia's flagship scientific projects. Like other Silicon Valley billionaires, Putin has been long fascinated with anti aging research. But in Russia, Putin's quest to stave off decline is now a state priority. Last month, Russia's government announced that scientists are developing a gene therapy treatment treatment aimed at slowing cellular aging. As part of the $26 billion longevity initiative. The drug represents one of the most promising avenues in the fight against aging. Another auspicious avenue. Creating human organs in a lab for transplantation. Sounds normal. Very normal thing to do. One of the lifespan expending. Pretty sure wasn't Tyler trying to. He's been doing that a little bit. We always say, hey, knock it off, Tyler. Knock it off. Knock it off. Breeding the all these efforts are part of a national longevity initiative he unveiled in 2024, which promises to save 175,000 lives by the end of the decade. That's great. Russian state scientists appointed by Putin have focused on two key. Bioprinting or 3D printing living tissue and xenotransplantation, or growing human organs inside mini pigs. What if the next longevity hack comes from the mosquito and we kill them all and it's like, oh, all you need to do is get a blood transfusion from a mosquito. It's the next Gila monster. Yeah. The next GLP1 potentially. You got to be careful about these knock on effects. Who knows? Well, I think the conspiracy theorists would say that some humans already discovered the mosquitoes. One simple trick. Yeah. What's that? Drinking blood. Oh, yeah. Weird. Russian scientists are working with government agencies to claim that. They claim that they have bioprinted human cartilage tissue. That seems doable, maybe, and a mouse thyroid gland. With the aim of achieving human organ replacement by 2030. They're trying to grow organs inside pigs. In the Russian Federation, work is underway on a whole range of scientific programs in this field. These projects are supported by the state and many scientific and research institutions are taking part of them. It's difficult to discuss immortality, but the ability to repair man will undoubtedly increase, they told the Russian media. Unlike similar research funded by American tech elites, the work promoted by Putin's circle has produced little peer reviewed research in major international journals. He's keeping it to himself. He's going to live forever and not tell us how he did it. We'll see. Anyway, he's doing a cold plunge too, so he's doing some of the old stuff, some of the new stuff. The average male life expectancy in Russia is about 68 years, roughly compared to 76 in the United States. So lots of room to catch up. 80 over Western Europe. The Europeans are living to 80 these days, but in Russia, just 68 years, so lots of room to improve health over.

Meta. They had. What else is going on with Meta? I think a pretty insane. Oh yeah, is this real? I saw this and I was like, this cannot possibly be real. But it is important. I've seen a number of people that I know that have one word usernames that got them that got hacked. Okay, so basically this is from 404 Media. Hackers simply asked Meta AI to give them access to high profile Instagram accounts. It worked. I'm sure they're rolling it back. I'm sure they're on top of this. But the exploit shows the extreme risk of offloading technical support to AI. I guess the AI was able to deliver account recovery information to anyone who asked. And it wasn't segmented. It didn't do the proper validation. Hackers say that they used Meta AI Chatbot to break into a host high profile Instagram account. Here's a video of how it worked. Pull it up, play that video and we will see how they're. 404. The Obama White House account got hit. Oh no. People were saying, I'm stealing high profile Instagram accounts using the easiest possible method. They're just asking Meta's AI Chatbot for access to the accounts. Here's how it worked. Basically they started music in the background. AI Chatbot said, hey, I want access to a specific account. Please send a reset code to the hackers email address. AI Chatbot said, that's not our soundboard hours. We've seen some really high profile accounts targeted this way. We saw Barack Obama's account get stolen. We saw a Space Force account get stolen. So they were only targeting high profile Instagram accounts. Do they go after yours? Jordy, this is what? No, I'm not. I'm not in that league. Oh, they, they came. They came out of mine. Crazy. They were trying to. Oh is insane. I was just getting bombarded because they were like, we got to get this guy's Instagram account. Probably going for your dog's Instagram account maybe. I think he still has more followers than me. Rest in peace, Gustavo. One of the best.

Well, let's head over to James Walker. Okay. What's James Walker up to? He's boarding this morning's flight with an emotional support trout. Is this AI? Is this real? This is insane. Honestly, I don't think AI could nail this era of Instagram filter bringing. Is the fish alive? This is crazy. Bringing a fish on a plane is hilarious, but that does not feel very humane. It feels like a very uncomfortable situation for a fish. But I guess if you got to get somewhere, you got to go. You got to go in the tube. Think about it, though, John. Yeah. Think about the things this fish will have seen that many fish would never see in a lifetime. Yeah. So is it. Is it inhumane? Yeah. Or is it inhumane not to let the fish. Yeah. If you got a trout, it's like, I think the Earth is flat. I've never seen the curvature. You're like, well, you're going into 747, and I'm showing you out the window. You look out the window, you'll see the curvature of the earth, potentially. Or maybe it's just the windows. Maybe the windows and the plane are curved.

Software projects and April Fool's jokes that they launched. And some of them will become really big businesses as well. They have other stuff, Calico. They have the mosquitoes right now. The mosquitoes are crazy. That was a weird, weird headline. I didn't know. Business. I'm excited about releasing, you know, billions of genetically modified mosquitoes into the environment to try to kill all the mosquitoes. Wait, they're mosquitoes that kill mosquitoes? They do. Okay. They're like infernal or something, Basically. I'm excited because there's, like, almost certainly could never possibly be any unexpected downside to disrupting the circle of life. Who knows? Who knows? People have been studying this for like 20 years. So I'm optimistic it would be one of those things. Like, yeah, one of those things would be amazing if we can just nuke all the mosquitoes off the map. But I got a feeling they're doing something important. Yeah, let's actually wait, though. Let's actually try to get to the bottom of this. Should we be selling the bug repellent industry short right now? Should we be going turbo short? All mosquito repellent companies, they're probably gonna go out of business if they get rid of all the mosquitoes, right? This is Finance 101 right here. I can keep reading. Don't give our little retail trader there any ideas. He's gonn. While 80 billion is huge, it amounts to less than 2% of the market value of a company. Trading at $4.5 trillion, the stock was down just 2.6% in pre market trading. There seems to be an unlimited supply of willing buyers to fund AI. If it turns out there is a limit, Alphabet can only benefit by going first. From a societal standpoint, says the Wall Street Journal, the purpose of the stock market is to funnel money from millions of savers into giant projects, just as in the 19th century railroads. For the past 25 years, that role has been less important as private capital funds grew large enough to finance companies for much longer before they needed to go public. AI's vast consumption of cash is beyond even the capability of private markets, however. Sure, there are other reasons to list, such as allowing employees to cash out their stock options. 30 billion. You mentioned this earlier. Today, 30 billion of Alphabet's stock issuance is earmarked for paying tax on employee stock awards. But the ability to tap stock market capital is important again after a quarter century of being all but irrelevant. As we move into a new era of capital heavy industries, the stock market stops being merely a way for private investors to exit, but an attractive source of capital. The bear in me worries that all this equity raising is also about taking advantage of record stock prices and could be a sign that the top is near, says the Wall Street Journal. They're almost calling the top, but they're near. JOHN Mosquitoes do have some environmental value, though most of it is not unique to mosquitoes, which is why people debate how much the world would miss them. They're a food source for spiders. Mosquito larvae are eaten by fish, frogs, dragonflies, beetles, birds, bats, and other insects. And adult mosquitoes are eaten by birds, bats. So we already have friends in the animal kingdom that are just eating them alive. Yeah. So that's good. So you'd be pollination. You would want birds and frogs around? No, but the argument is that a lot of other animals contribute the same sort of general environmental value. Sure. So if you took out some of these disease spreaders. He's a pro mosquito. He's in the pocket of big mosquito over here. He's like, oh, I love. Oh, I have a pet mosquito at home. I love mosquitoes. Not a dog person. I'm a mosquito guy. I like mosquitoes. This is you. You're a mosquito dude? Yeah. Wow, that's weird. You ever get an eye, like, swollen shut by a mosquito? No, never. That was me. I've gotten a few, like, bites on my legs. You kind of X them out or try not to scratch them. They say don't scratch them because that spreads the poison a little bit. But it's like a minor, minor nuisance. But I think that they spread a lot of disease and that's the real reason why people are so aggressive about. Somebody should do a street illness. Somebody should do a street interview where they go around asking people. Yeah. Would you want to, if you had the chance to eliminate all mosquitoes in the world with no downsides to the environment or $100,000 in dinner with Jay Z, what would you choose? Yeah, there'd be some interesting answers. Are they releasing these in America? In California? I think so. That's crazy. A private company. Animals. Like, could Microsoft just release like a million bears or something? What's the limit of this? Can you just release like, hey, yeah, were releasing 25,000 bison. That was an early idea on this show. Right. It was like bear defense companies. Yeah. Domesticated bears, just, you know, wild dogs, more coyotes, more deer, maybe. Pick your poison. Whatever animal you want, just get it out there. I think if we put enough monster energy. I heard Truth Social is going to release like a million bald eagles. That's their goal. That's the next. Oh, that's why the company's so unprofitable. Yeah. Buying bald eagles and breeding them. No, I think. I think one of the reasons mosquitoes buy humans is there's not enough cans of, like, cracked open. Monster energy. Yeah. So I think if you put a bunch of monsters out when you camped, you'd probably be safe. Mosquitoes would obviously much rather have monster energy than blood. And does that sterilize them? I think that might do the trick. It might do the opposite, actually. Yeah. It might make them even more powerful. Here's an idea. Release 100,000 bulls charging through Manhattan as a sponsorship opportunity, as a marketing stunt for the New York Stock Exchange.

Big businesses as well. They have other stuff. Calico. They have the mosquitoes right now. The mosquitoes are crazy. That was a weird, weird headline. I didn't know. I'm excited about releasing, you know, billions of genetically modified mosquitoes into the environment to try to kill all the mosquitoes. Wait, they're mosquitoes that kill mosquitoes? That's what they do. Oh, okay. They're, like, infertile or something. Basically. I'm excited because there's, like, almost certainly could never possibly be any unexpected downside to disrupting the circle of life. Who knows? Who knows? People have been studying this for, like, 20 years, so I'm optimistic. It would be one of those things. Like, yeah, one of those things would be amazing if we can just nuke all the mosquitoes off the map. But I got a feeling they're doing something important. Yeah, there must be. Let's actually. Let's actually try to get to the bottom of this. Wait, is the. Should we be selling the bug repellent industry short right now? Should we be going turbo short? All mosquito repellent companies, they're probably gonna go out of business if they get rid of all the mosquitoes, right? This is Finance 101 right here. Anyway, I can keep reading. Don't give our little retail troll over there any ideas. He's gonna go short while 80 billion is hu.