Closing Bell - Closing Bell 9/29/26

Episode Date: September 29, 2026

From the open to the close, “Closing Bell” and “Closing Bell: Overtime” have you covered. From what’s driving market moves to how investors are reacting, Scott Wapner, Melissa Lee and Michael Santoli guide listeners through each trading session and bring to you some of the biggest names in business.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

All right, thanks so much, guys. Welcome to closing bell. I'm Scott Wobner, live from Post 9 here at the New York Stock Exchange. This maker break hour begins with AI in focus. Sam Altman speaking to CNBC. We learn more about anthropics business today and President Trump. As you know by now, welcomes those leaders of tech to lunch. We'll get to all of that in a moment, as well as our interview with OpenAI, CFO, Sarah Fryer. That is coming up. Let's show you the scorecard here with 60 to go in regulation. We're mostly read throughout the day. But look at the S&P. about to go positive the NASDAQ has. In fact, there's been some movement in the mega caps like Microsoft and Meta, Amazon, which are green, along with some of the chip stocks too. So that's carrying the NASDAQ into the green, trying to do the same with the S&P, despite the fact that the 30 year is hitting its highest level now since 2002, the 10-year backing up even further. We're watching all of that, as always. We do begin, though, with the Sam Altman interview. It did happen during halftime today. Our Kate Rooney did it.

joins us now with more from San Francisco, where she's covering the company's demo day. Hi. Hey, Scott. Well, since we last caught up, there's been quite a bit of news out of Open AI here in San Francisco at their developer day. The first thing I want to bring you is an agent. They say it's an always-on agent called Dots, Altman saying on stage after we spoke to him that these are remarkably capable. He talked about these handling things on the background, everything you can think of. He talked about bringing AI into a whole new form.

factor. And basically working to get things done on the back end, he says that you can spend more time doing the things you actually care about. It is reminiscent of what Mark Zuckerberg rolled out with Meta last week. And I will also say, spoke to an investor who was walking around here. He said this is Peter Steinberger's project. If you remember that name, he created OpenClaw, which OpenAI acquired. And so this is sort of the brainchild of all of that. And as I mentioned, in some ways similar to Mehta and Zuckerberg. But, You also saw Medasheiros take a bit of a hit on this. We did sit down with Sam Altman earlier.

Scott, as you mentioned, in this wide-ranging interview, talked about safety developer days. Well, I also asked him about liability. And what happens if something goes wrong with these AI agents. Here's what he said. If you think about the auto industry, for example, if there's faulty parts, you know, you can be liable in some ways there. If the car manufacturer puts them together in a way that's outside of the spec

of what they're supposed to do, then the car manufacturer could be. And if someone's driving drunk, it's there, So, you know, depending on whether the fault is in the model and how it's used or someone misusing it intentionally, I assume we'll have like a, you know, a new liability framework. Scott, we also heard that chat GPT now has 1.2 billion weekly active users. That's worldwide. Codex has 35 million. So some serious growth there. And then we did just also confirm a funding headline out earlier today from Bloomberg. OpenAI reportedly looking to raise as much as $30 billion at a $1.1.5.00. $1.4 trillion dollar valuation. And we spoke to a source who said that is accurate. Term sheet hasn't been signed, but they are seeing investor demand clearly in private markets ahead of an IPO.

We are going to ask Sarah Fryer about that CFO of OpenAI coming up in a few minutes here, Scott. All right. Look forward to that, of course. Got a lot out of Sam Altman today. And we look very much forward to Sarah Fryer as well. We'll be back with you in just a bit. Kate Rooney, thanks so much. Let's bring in CNBC contributor, Big Technologies, Alex Kanchowitz. We're going to talk to you about a couple things here, but let's start with the Altman interview and the demo day. Let's start with the agent, okay? He told Sam did, told Kate, as you know, he wasn't threatened by Mehta or Zuckerberg at all. What do you make about this announcement and what you think it means in the big picture?

Right. Well, I think when he said that, he knew that they were about to introduce this Dots agent in a couple of minutes or less than an hour after that conversation. and it shows that he has confidence in it. And we spoke about this last week where we talked about how, you know, meta has been able to build this on the standard model, but what OpenAI has is know-how. It has compute. And it has better AI.

So it's able to take bigger swings. And they have taken bigger swings with this Dots agent. They've gone, you know, beyond the day-to-day use and more towards work applications. Now, I don't know if it's a great idea for Open AI to be positioning this as an enterprise agent, which it seems like it is and not a consumer agent, like 1.2 billion users of Chad GPT, you know, you can turn this into something that really is impactful on the consumer front. But the thing is, it takes a lot of compute to run, and they're not rolling it out to everyone to begin with. So I think they're making a calculation on the value. They think they can

compete in enterprise, and that's where the money is compared to meta and consumer. I thought it was pretty striking during the interview with Altman and Kate. The words that you know, seem to be now constant safety, security, caution. Is that genuine? Are they reading the room? And by that, maybe the living rooms of the American public and saying what the public wants to hear at this point? What do you make of all of that? I think they are reading the living rooms. I think that's really well put because safety is on top of all the other things that we've seen in terms of negatives for AI. We've seen the fears about taking jobs. We've seen the fears about taking jobs. We've the data centers come up in communities and have people worried about their quality of life

and energy prices. And now, you know, we get to the latest fears. And so you have to say, if our AI is going to, you know, break containment, we're going to have a plan to get it back in the box. And I think Kate brought this up in the interview, and this was really good. It wasn't just the Hucking Face episode. There were many more episode, maybe thousands of other episodes where the bots have broken containment and either look to hack or actually hacked other third parties. So OpenAI, you know, right now, the models that it has are very economically valuable. If it releases a whole suite of next level models and they go out and do what they did to hugging face at scale, that's an existential problem to the company, so they have to tackle it

head on. Okay. So the other thing that really caught my attention and Kate played the soundbite is about the liability. What did you make of his answer? I thought it was a little bit trying to push that question into a gray area of, well, look at the auto industry. If the parts are faulty, well, then maybe the auto manufacturer is at fault. But if the driver is driving impaired or reckless or what have you, then it becomes a more difficult question.

There are those who suggest this is not a difficult question at all. You all are responsible for the models that you've put out that are used by the public, and that's why we have laws that currently are on the books to deal with that. It is your responsibility, and thus the liability lies with you. What I heard from Sam today was not so fast. Yeah, I'm sympathetic to Altman's view on this one. I think that the actual models themselves, if they're going to go out and break containment and hack, that's obviously open AIs fault.

But if you're a financial company and you're running the latest chat GPT finance, application to go out and commit financial fraud. Is open AI an accessory to that crime just because they should have caught what was going on within their systems? I think the blame in that instance lies on the actor, the company trying to commit the fraud, and not the tool they're using to do it. All right. So you stay with me because there's more news to get to. It's the AI and tech leaders meeting this afternoon for lunch with the president at the White House. Amin Javers has been there all day long. He joins us now with what he's seen. Have we seen now most of these leaders, leave the building?

Yeah, Scott, we have seen a lot of the tech leaders departing, sort of in ones and twos coming out of the White House after we saw that striking tableau of all of America's technology might really lined up with the president's shoulder to shoulder in almost a sort of a school photo lineup of some people seated, some people standing all surrounding the president. The president's message at the tail end of this meeting, at least the part that he brought the press in for that we could see was one of self-regulation. He was asked if he's concerned about AI safety. He said, no, this is really about self-regulation.

He said, we have the Department of Justice, we have the FBI, but what we're really focused on here is the idea of self-regulation. The president also going on to say that they're signing an agreement here at 5 o'clock. He's going to rename artificial intelligence officially, he says, as super-intelligence. That's a term that he prefers to use. And then he's also talked about local communities here, and the data centers and the protests that we've seen spring up around those. He said, this is a group that loves local communities, referring to these tech CEOs. He said, they're going to work with the local

communities and with the data centers, and we're going to work to make the community happy. He said, in some areas, the data centers have become very rich, and people are becoming very rich. He said there's an unbelievable feeling in this room, a lot of love for our country. So a very positive and upbeat message from the president, a real visual message of unity from these tech CEOs. But we know, Scott, that not all these CEOs see this issue the same way, a real divergence of opinions. And one of the things that we're doing here is reading the tea leaves a little bit as people come out. Who came out first? Who's coming out later? Is there somebody maybe who wants an extra couple of minutes

with the president to kind of bend his ear a little bit and make his point? We haven't seen Dario Amity come out yet. And of course, he's one of the CEOs most focused on AI safety. We saw Alex Karp come out earlier of Palantir. We saw Satya Nadella of Microsoft come out earlier. No comments for the press from those two gentlemen, and we'll wait and see if anybody else has anything to say to us as we stake them out here on the sidewalk, Scott. All right, good stuff from you today, A. Amen, appreciate you very much. That's A. Ma'an Jabbers, of course, at the White House back with AK. You know, the way that A.man puts it, you take a look at the school photo, right? Everybody looks happy. They've had a great lunch. They're surrounded by the president.

They're all in the picture. But are there differences of opinion? Do you think person to person on the issue of regulation? Oh, absolutely. I mean, the seating chart really said it all. You had Jensen Wong from Nvidia sitting right next to the president, and then Dario Amadee, the CEO, Anthropic, like, all the way down the table. I bet the president couldn't even see him. And looking at this gathering, I think Jensen Wong's proximity is no accident. We know that Jensen has the ear of the president. We know that Jensen favors light or no regulation on AI, which is a completely different message

from what we've been hearing from the labs leaders. He needs it to grow. He's probably spoken with Trump talking about how the economy depends on it. We heard Trump today talk about how data centers are so important for the economy. Those two are in lockstep. It's very different from what we're hearing from the heads of opening eye and anthropos. I thought it was interesting. I mean, you know, some have been, some of that room, you know, sitting at the table,

have been pretty public in their, you know, disagreement with the whole notion of pacing the frontier or slowing down. One thing that didn't get talked a lot about over the last couple of weeks was the Twitter post by Nikesh Aurora. of Palo Alto, who sort of called the idea put forth by Amade and even in some respect, Sam Altman and those who agreed with that, a ninja move, implying almost that they're trying to, on a number of fronts, maybe hamper the competitors, maybe, in fact, slow the pace to do that, and then the obvious, you know, the whole regulatory capture issue, which is probably not dead yet in terms of being out there in the narrative? Yeah, look, they can go out and have the government right regulations that favor them

and getting their thoughts into the White House and into the Congress, you know, may be a way to do that. But I think that, you know, with all respect to Nakesh, looking at what's happened in the world recently, we've seen standard AI models, not the frontier, be the core of some very impressive AI products. If you think about MetaMuse, that wasn't. built on the top tier AI products. It was built on standard models from within meta. And so this idea of pacing the frontier and slowing down to me is a big risk to the AI labs because it allows

the competitors with standard models, which by the way, budgets according to the ramp economics labs are moving to the standard models and not the frontier over the past month. It allows these standard models to catch up. And I just don't see it as, you know, Sam and Dario coming out and saying, let's, you know, all slow down. And meanwhile, open source meta and Grock get a chance to catch up. After 5 p.m. today, it's only super intelligence, okay? So you remember that when you come back. I don't want you to get in trouble. Well, in government documents. It can be super intelligence. The president doesn't get to decide what the rest of us. All right. Alex, thanks. Appreciate you as always. That's Alex Cantowitz. Don't miss, by the way, that interview we told you about coming up with the Open AI CFO.

Sarah Fryer, we're just moments away from that. It's a first on CNBC. Does follow Kate's interview with Sam Altman earlier. Investors, as you know, watching the AI trade very closely, as well as that move today in yields. Let's bring in one of this country's top wealth managers, Morgan Stanley's Chris Toomey, back with us here at Post-9. It's good to have you back. Thanks for having me. Let's talk AI first, just because it's obviously the story of the moment.

This trade is back. What do you make of that fact? I mean, look, I think it's partially an AI trade, but I think it's partially a defensive trade, right? So we're in a situation where after Jackson Hole, we had all of these macro concerns. We've got typically this seasonal weakness within the markets. And before where we had kind of market breadth, it's really starting to narrow. And it's really narrowing into those kind of higher quality names that are a larger part of the index. So in an earlier point, we were talking about something there.

Russell 3,000, about 40% of the names are in bare market territory. and yet the indexes are slightly off their highs. And I think a lot of that has to do with the fact that people are going back into this trade because they feel very comfortable there, not just because of the growth with regards to AI. What does that mean, you think, for the overall direction of the market? Does all of the other, like, you know, the stock's hitting new 52-week lows, does that end up pulling the market down? Or does the concentrated part of the market end up pulling everything else up?

I think it could be a momentum effect with regards to those names starting to pull the market. market down maybe five to 10 percent and then seeing a rally coming up from there. It actually might not necessarily be an unhealthy thing to see the market continue to sell off and then fire back up, specifically around earnings, which are going to have it at about two weeks. Well, that's exactly where I was going to go next because we expect earnings to be great, right? You can get 30 percent earnings growth driven once again by the biggest names in the market. Correct. The mega cap name. So this trend doesn't seem like it's going to end anytime soon, really, does it? Yes and no. I mean, remember, the median stock on the S&P 500 is still growing at north of 15% from an earnings standpoint.

So you are seeing that growth in other areas of the market, which is why I think you saw that broadening out trade. I don't necessarily think this is a situation where people are thinking more aggressively with regards to these names. I think they're just being more defensive in getting out of those other names that have led, these higher beta names. Well, that, I think, is right. I mean, these are maybe the only place in the market where, as we've been saying, and you're alluding to, it here too. You play offense and defense at the same time. Correct. And I think one of the things that I think is going to potentially be that next leg is looking from the AI enablers to the AI adopters. Are we doing that already? We are starting to see that. You're starting to see that

flow into earnings. And I think that's going to be where you start to see that lift off is when people start returning their earnings, you're seeing them a third quarter of north of 25% earnings, but you're starting to see that margin expansion because of AI. Have you become in any way more cautious on the market as a result of the backup in rates? I think so. Yeah, I think you have to be because there is a potential for a continued sell-off. I mean, we're at a situation where rates have gone fairly dramatically higher. But, you know, looking at it in historical context, Fed funds historically 4 to 4.5%. Ten-year typically around 5 to 5.5%. So we're in that normalized level. The biggest concern is if you look at the rate situation where we had a moderate increase in rates

2015 to 2017, markets were up 30%. The difference here is we've added $10 trillion more debt. So we've doubled the size of the debt. And I think that is the thing that's most concerning. If you have that debt crowding out the rest of the market, this could be a real problem for the equity market. More attractive right now. The two-year or the S&P? Always the S&P, but I do think the two years going to come down. I mean, because you do have many now suggesting that for the first time at a long time, they actually like bonds. Absolutely. And in particular, if you look at municipal bonds right now,

you're in a situation where you can buy AA munis that are not far out on the curve, yielding about 5%. For some clients, that's going to be almost an 8 to 10% tax equivalent yield. So we do see opportunity there. We do see other areas of the credit markets that look good. One interesting thing is, is you haven't seen spreads really gap out very much on the investment grant side. Are you fielding more calls from clients or is your team sort of gathering and discussing what's happening with yields and the opportunity in treasuries more so than you have in the last few years? Yeah, look, I think there are opportunities in the fixed-to-market that we are starting to take more advantage of. But on the flip side to that, I think you want to look at this from a

barbell situation. We are still very aggressive with regards to our allocations within the private markets, we continue to see upside there. And so I think while we are seeing opportunities in the fixed income market, we're also seeing a lot of opportunities in the places that we've been making money the last couple years. So then how are you viewing the whole IPO picture? If you, you know, presumably have had exposure to the SpaceX's and still the open AIs and anthropics, I'm not, I mean, I'm assuming that you've been in those areas, right? 100%. I think if you look at the fact that we haven't really had a robust IPO market for the last couple of years, and we just launched the largest IPO in history, and it actually went off in a pretty good way. We had a very good opening. It obviously

traded off a little bit. We're releasing the stock a little bit gradually, but the stock is trading quite well. The company is doing well. I think that bodes well for other IPOs that you can see coming in the market. Obviously, the next two big frontier labs are what everybody's focused in on, But I think there's a variety of other names that we expect to becoming public this year that I think will be very exciting. Well, I mean, we did have aura, right? One of a few, at least lately, that have pulled back. What do you make of that? I think it's probably just weakness in the market, not necessarily.

I can't speak specifically to the company or the deal itself. No, I think you're speaking exactly to what people think and what they cite, sort of market conditions. This new bout of volatility and more unsettled nature is putting, I think, some of these IPO plans at risk. and that's just the latest example of it, right? It could be. I mean, the other thing is that there is a tremendous amount of liquidity in the private markets. And that's part of the reason why we've seen companies stay private longer is the fact that they can get financing, that they can get equity in the private markets,

and they don't necessarily have to come to the public markets. I do think it's healthy when they do come to the markets. We do expect them to do so. Good to catch up with you, as always. Chris, Chris, thanks for being here. Thanks for having me. That's Chris Toomey. Coming up next, don't forget, don't miss our interview with OpenAI, CFO, Sarah Friar.

She joins us live on the other side of this break. We're back on the closing bell after this. OpenAI holding its demo day today in San Francisco. Kate Rooney sat down earlier with CEO Sam Altman. She's now joined by CFO, Sarah Fryer. Hi, Kate. Thanks so much, Scott. We are here with Sarah Fryer.

Sarah, thank you so much for having us. It's great to be here. Kate, great to be here. Look at the scene, the setting that we get to sit in. I know. Our wind-blown interview here, so hopefully nothing blows over while we're chatting. But it's great to hear from you. We spoke to Sam Altman before the keynote.

Now we have all the news that we can get your reaction to. I do want to start with these agents, these dots. You were just telling me you have one, but I want to get your take on what this means for the business and what it means for revenue, because you're not offering this for free, and it is both an enterprise and a consumer product. Tell us what it means for Open AI's business.

Yeah, so first of all, we are delighted to be on this continuum, right? Chat started the asking of AI. We got reasoning that helped with doing. Dots is now a productivity. It's the agent that can tap you on the shoulder remind you that you forgot to do that LinkedIn post for tomorrow. I was just telling you about that. We think it's going to be very powerful in the enterprise, particularly because of all the

ability to plug in to the apps that matter most to you. So go to your email, it can go to your calendar, it can go to your Slack, or wherever you work. And then on top of that, though, it does do some personal things. Like I loved the keynote video where Ashley was actually talking about her wedding cake at the same time that she was trying to get her board slides done, because that is life for most people. For the business, you're going to see it show up inside our pro skews and then inside of our business enterprise offerings for now. But absolutely, our vision is to bring this to our whole consumer base as well, 1.2 billion people around the world. It seems like what you're describing, too, is what META got so much credit for last week. What Mark Zuckerberg did with Mews,

how does Dots compare to what Mews has on the market? A lot of the buzz. I mean, meta stock was up double digits. You guys are obviously a private company. But how would you compare these? two products? You know, I think we're moving into this age of AI where it's about active intelligence. And we've wanted, this is what we've kind of dreamed about, that you would have this productivity at your fingertips, truly helping you have a better day, be more productive, and maybe get home earlier, frankly, to feed the kids, whatever it is you have to do. What I think is different for us is, first of all, it's backed by some of the best models

in the world, not the best. We just announced Saul 6-1, best intelligence, lowest price, a fifth of the price of Astra, in fact. It also leans into areas like memory, right? Chat really has started to know you. It knows the types of conversations you've had, how you like to show up in the world. Muse is going to benefit, or sorry, not Muse, Dots is going to benefit from that as well. And then I think it will benefit just from the scale of our distribution channel, right? 1.2 billion consumers all the way to 2.5 million enterprises. That was another big headline. You now have 1.2 billion total weekly active users.

We are also coming up in the end of the quarter. We reported some numbers earlier to in terms of the revenue run rate, it looks like it's, from what we're hearing from sources, up 70% in the quarter. Can you talk about momentum? There's been a lot of buzz around Astra as well. What is contributing to that? I'm not sure if you can comment on some of the growth, but what is behind the revenue growth and are you taking market share from an anthropic, for example?

I mean, it's been an incredible Q3, Kate. You're right that when you look at quarter-over-quarter growth, total has been 70%, over 70%, B2B has been 100%. It's doubled since we started in July. What's driven it? On the consumer side, it's better model, its image, its voice, and it's back to school, back to work, even around the world.

I think on the SMB side, we now have a new offering for smaller businesses, $100 skew. That means they now can get the work done all day, not just in five-hour increments. And then for the large enterprises, we've invested in go-to-market, we've invested in clearly getting better models, out to everyone. And I think also in products like coding, cyber, and then vertical-specific areas

like life sciences. So people are starting to see us show up the ways they need us to show up. And there's sort of this split screen of growth, all of the excitement around some of these products and then safety, which we talk to Sam Altman about a lot. What are you here from enterprises? And I wonder just behind the scenes, when you talk to companies who are hearing headlines about rogue agents and worrying probably about what that means for their business, if, God forbid, something went wrong, and there is a catastrophic issue. How do you make enterprises feel safe and feel like it's worth it to pay for these things and that these products are safe?

Yeah, so first and foremost, safety and alignment is at the core of what we do. It's always been at the core of what we do. There's no change to that. I think we're being more vocal at the moment because of what we've seen happen out there in the world. Astra is our most intelligent model, but also our most aligned model, and we're really proud of that. When we have to pace the frontier, we'll do that. That's what we're showing right now. There are places we're still going to show model progression, like 6-1 Saul and 6-1 Luna,

but in other places where we're going to hold back, we don't have a 6-1 Astra right now. I think when I talk to customers, definitely cyber is very top of mind. Whether you're seeing it in Chinese open-source models, they've become very cyber-forward. We need to make sure we stay ahead of that. We talk about the defender window closing. And so when I'm talking to C-suite writ large, we're talking about, you know, what are the models that can help here? Can you point them at your infrastructure and find your vulnerabilities? What are the tools we can give you to do that and do that well comprehensively?

And then what are the playbooks over the long run? And we need to do it with partners. This is a place where to go fast, we need to go to go fast. We can do it by ourselves. But to go far, we're going to do it with our ecosystem. I wonder about the rate environment to sort of a pivot here. But since we last sat down, interest rates have gone up significantly. It seems like the forecast for the rest of this year is for higher rates.

How does that adjust at all? You're thinking about CAPEX, the amount that this entire AI build out is going to cost and just how you're running the numbers based on where we are with rates. Yeah, so first of all, compute is definitely both a competitive advantage, but it's also a must have. The clearest thing for me as a CFO is no compute means no revenue. So we've been investing over with a very long-term point of view, right? We have many partners to start, so that helps both with getting access, but also with negotiations.

We're also investing in ourselves, doing things like our 1P chip program, because that's giving us a chip that is probably the most efficient today for inferencing, so we've been able to serve our customers. More broadly speaking, right, I'm always looking at how do we finance the business. We raised $122 billion in Q1, so higher interest rates actually help with better, more interest, Actually, deposit on that for a second. You've got $122 billion roughly on your balance sheet. Are you making that an interest? I mean, is that an opportunity if you've got cash sitting there? There is definitely an interest outcome that's positive for us when I look at versus our annual plan expectations.

But obviously, that's just a small piece of a P&L overall. But it does mean that from a financing perspective, right, we are trying to be very dynamic, very active with our partners there. And we'll continue to do that because we need to keep investing in compute. Speaking of dynamic, we also had confirmed headlines earlier that you guys, according to a source, are open to potentially raising about $30 billion. In additional funding, it would be at a $1.4 trillion valuation. What is that for? Is it for more compute or is it opportunistic saying people are coming to you with a term sheet? Why not take it and make hay with the sunshine?

So, first of all, we don't comment on rumors on fundraising. And I want to underscore, we're very well capitalized, right? In Q1, we raised that $122 billion. That said, we're in a very fast-paced business right now, right? When you grow 100% in your business skew quarter over quarter, you have to keep investing there. And my job, as a CFO, is always to make sure we're making the right decisions on when we take in more capital and then how we deploy that capital. But we'll always do it to make sure that, number one, our customers can get access to the best products, like a dev day. They can do it with things like low latency, high resiliency, and that are researchers, important.

importantly, get access to the max compute that helps them create these amazing products. That's a good answer. Well, I want to talk about the IPO too, and this is something again that we've asked Sam Altman about. We've spoken about it before. Altman said that it was ill-advised to go this year. I wonder what, if anything, would change by next year on the safety discussion in particular? Are there things you feel like we'll be cleared up or be in the rear-view mirror that will just make it easier to list maybe a year from now, even six months from now? So I think when it comes to an IPO, I say it over and never, again. Number one, it's not a destination. It's a milestone on the journey. It's another

type of fundraising. It definitely opens up more on the other side because you've got more access to public markets. That said, we want to do it when the time is right for our business. And in this case, I think Sam is correct in saying we don't want to get distracted by suddenly being a public company in the midst of really making sure we drive home for customers our focus on safety and alignment. I think that's the right focus for us right now. And that's why it's good to always have your eye on your balance sheet to make sure you have that optionality. I would think market conditions are also a big part of what you would look at. I mean, we should also mention you have run publicly traded companies.

Laura pulled their IPO listing. We've had a couple of companies actually pull out of the IPO pipeline. Does that give you pause in terms of what's possible and how closely are you watching some of the IPOs that have decided not to list right now? So I think right now, frankly, AI and the economy around it, the ecosystem, is where investors are trying to put money to work. There's not that many of us who are on the frontier, and I think that's our goal is we need to stay on the frontier as the frontier lab, so with models like Astra, but we need to show up for our customers across everything they need. My goal, as a CFO,

is making sure that you can get any task you want to do done at the price that is right for that task. And I love that when we announced 6'1 Sol today, we took pricing down again, so it's now a fifth the cost of our Astra model. But on top of that, you can get ultra-fast. So you can actually build faster, speeds up your roadmap, creates better outcome that's going to drive your business. But wherever you are in that continuum, we're going to give you the best intelligence for the best price. And you have a higher paid tier. Is it a $500 tier for the power users? That has changed so much. Like Kate, a year ago, two years ago, when we launched our $200 skew, people thought we'd lost our minds. No one's ever going to spend that per month. I heard that over and over

again. And now actually what we see is not only are people willing to spend more, they're actually moving more towards consumption in consumers, so not just seat-based pricing, but actually saying, I need to consume even more credits because I'm getting this great outcome for maybe my small business or maybe the game that I'm producing right now in the hall. So it's really great to meet your customer where they are, and we had heard over and over, we need more. We put it in a package for them, and yeah, you know, I have a pro 500. A final question. We'll let you go in a second, Sarah. Anthropic S-1, the entire thing wasn't leaked, but there's been reports that at least the risk factors for Anthropic were 80 pages out of about a 250-page prospectus. Is that something you've ever seen? I mean, you were a banker, Goldman. How are you anticipating writing your own risk factors in this environment?

So actually, a very good customer of ours is Cooley. They just signed up in September, and in fact, they've created a whole IPO agent using our backend model. So that is an aside. I do think the world continues to shift. Look, risk factors are an necessary when you're going public, right? You're running the gondlet of getting into the public markets. And I think investors, consumers deserve to kind of see the business and totality. That's the positive in my mind of actually being a public company is that there's a good hygiene moment for it. So we are aiming to do that even as a private company. That's why you see us talking about safety and alignment more. The work has always been going on, but I think we want to remain very transparent and open. That's why we're called open AI because we're driving AI for the benefit of everyone in the world. Are you ever just relieved to be a private company that you don't

have a ticket price? In this environment, there's definitely moments when I do not miss the 90-day cycle because for a CFO, it takes a lot of time to prep for earnings, to get it all done. Thankfully, my wonderful dot is not doing a lot of that work for me. But yeah, it's a real time out of your day when you could be driving the business. And I always think getting that balanced right is incredibly important. Terrific. Well, Sarah, thank you for having us here. It's great to you. And Scott, we'll send it back over to you. Yep, wonderful job. Kate, thank you. This Kay Rune out in San Francisco.

A reminder as well to join us this Thursday for our second annual AI forum. It's down in Dallas, and I'll be there speaking with top business leaders and entrepreneurs on this booming AI market. For more, you can scan the QR code or visit cnbc events.com slash AI. Coming up or a hitting pause on its IPO, why the smart ringmaker is delaying its debut, closing bell coming back in two. I'm going to take you to the White House. There's the president again just after the lunch with. the technology leaders. Let's listen in. And they love our country, they love the world, and they came together,

and they did something that few people really, it's almost like a constitution in a way. And the biggest people in the world signed that, and I signed it as president, and it really is a form of protection. Mr. President, Mr. President, Mr. President, Mr. President, Mr. President. Who should be held accountable when the AI agents committed a crime? It's not AI, it's ESSI. That's the other thing.

We've changed the name officially today. We've changed the name Steve officially to ESI, okay? Si, like SI, SIE instead of AI. You know what that means? Super intelligence. So the name, I guess that's really quite an announcement, because But the name has been officially changed by the biggest, the smartest, the greatest people anywhere in the world at this. And I was with presidency a few days ago, and he would admit.

He said, these are the smartest people in the world at what they do. And it's a big thing. But it's been officially changed to superintelligence or SI. Mr. President, it's more than about a name. Let's go ahead. Is this a core that everybody signed? Is it binding in any way? I think it's morally binding, yeah.

Mr. President, Mr. President, what could a bad actor do with this technology from what you hear from your intelligence? Well, I tell you, a good actor can do tremendous in terms of medical authority. It's already taking place. They're finding solutions to problems that they've never thought even possible. And they're coming up with medical solutions that are incredible. A lot of other things are very positive. And a bad actor is going to get caught. And that's why we have the DOJ.

That's why we have the FBI. That's why we have the CIA. A bad actor is going to get caught. But what they signed today means something very, you know, we had the biggest. That was a who's who. I don't know if that's ever going to be assembled again. But that was a who's who of that world. And I think it's a very special day.

You know, they almost viewed it as a separate kind of a constitution. And I think they, when they signed that, it meant a lot. Mr. President. Mr. President, did anything that you heard today, did anything change your mind, given the fact that you've said you don't want to see Guardwells, you don't want to see AI, flowed down? Anything that you heard today, change your mind on that? Well, I think I'm seeing tremendous self-policing, and they understand that they have to sell police. And it's very hard for somebody to come outside, get into these models are very complex. And again, I believe they're going to be used for the good, and when they're not, we're going to be able to nab them. But there's going to be a tremendous self-police. aspect. We're also thinking about forming a committee of sorts where we put maybe 10 people on that committee. It could be from that group so that we can, so the committee can watch over the whole enterprise. You've also indicated that Democrats are talking about concerns about

AI as a hoax. Do you believe that after meeting with all these AI tech leaders? I think they would love to see it shut down. Just like it was a hoax to 12 years for global warming, which they train, it's changed right now to climate change. Even though Bill Gates says that, I could kill up to a billion people. Well, now he's not saying that anymore. He said that this Sunday. Well, I don't know what he said Sunday, because I can tell you yesterday, he didn't say that at all.

Mr. President, he actually went the opposite. But look, it's one voice. He actually went the opposite. No, we're looking at this for good. It's also, maybe the biggest industry. They say bigger than the Industrial Revolution. Think of it. You also came out. You know what? We're leading by a

and we're going to keep it then. You're someone who always talks about growth when speaking of this. After this meeting, meeting with all these incredible minds, how much growth can we see in the upcoming years with all of your minds put together? The growth like nobody's ever seen before, and I see it with these statements. Statements came out, you open a company, and if it does reasonably well, it goes a little bit like this. These companies are opening and going like a rocket ship. This is unbelievable growth for our country.

country. And we have all of them. Mr. President. In all due respect, Europe has none. They have none. They have to count on us to help. But we have all of them. And it's amazing. Second is China. But as President, she would say, you know, they're quite a ways back. And we have to keep it. Remember this. Whoever wins SI, because now we're calling it again,

super. We're using the word super. Because the other word is a fake word. It's just not a, it's not a, it's not a It's not a good, it's not an appropriate word. But whoever wins, SI, is going to win. What do you tell Americans, sir, about data centers going up in their communities? Well, that's another thing we discussed, and I think the companies would be very generous to them, both financially and otherwise. I think they'll help with their schools, they'll help with their teachers, they'll help with pay,

of the teachers, and the people that are good to them. And I see that happening, and I think the companies will be very generous to these communities. And if you look at most, almost in all cases, the data centers have tremendously, the money bring brought in, their taxes have gone down, their incomes have gone up, their value of their housing has gone up. But I think that the companies, and here's one of the greatest in the world, there's two of the greatest in the world, they're going to be very generous with communities. And I think in a way they're going to be forming partnerships with communities when they open up data centers. And they're going to benefit both financially, morally, every single way they're going to be benefiting.

And I think that's taking place. What is the importance of superintelligence in the next 10 years? What's the biggest thing there is? And nobody even can answer that question because it is the biggest thing there is. Maybe the biggest thing there's ever been. it's much bigger than the internet. Now, that's already been proved. The internet was the big thing when it happened.

This blows it away, I think, Jan said. Would you say something about that? Go ahead, sir, absolutely. Well, this is the largest industrial revolution in history. And we're going through the single largest infrastructure build-out in human and so it's creating a million jobs here in the United States. We have chip plants coming up, computer plants coming up, AI factories coming up.

And so it's creating just an enormous amount of jobs. On top of this infrastructure, several hundred billion dollars of venture capital has gone into creating new companies. And all of those thousands of companies are creating lots and lots of jobs. Are you the example? As an example, Navidio. So he's still a young guy, handsome guy. Look at him. Very handsome guy.

But as an example, in a fairly short period of time, he's built, I think, the most valuable, right? In the stock market, and it was very easy to value. the most valuable company anywhere in the world. And it's basically new technology. It's not oil and gas and all the other things that you associate with also a lot of money. It's technology. And this man has done a great job. That man right there has done a great job.

You know what he's doing too? Same thing. And Greg, do you have anything to sell? So we build artificial intelligence. This is Open AI. Open AI. Thank you, Mr. President. We build artificial intelligence to benefit everyone.

We think it can lift it, run up. We see a whole renaissance of small businesses, scientific discoveries, really starting to happen, drug development, really being able to improve everyone's lives. And we think that these accords, under President Trump's leadership, everyone coming together, to agree on how to move forward safely. I think that's just so important

because we're doing this in order to benefit people in the world. So do you agree with the president, do you all agree with the president that no guardrails are necessary, that you can self-regulate, and that this existential threat that you've all talked about can actually be managed. That's a question for you all, actually. I don't know who to focus. Well, I mean, I can tell you. The answer is yes. So we discussed it with the top about 40 people.

But somebody who answered it very well is Jensen. He answered it before. Jensen, go ahead. There's no conflict between innovation, technology, and safety. We are going to have to create new technologies to advance the capabilities of AI, but we're also creating new technologies to advance the safety of AI. All of this technology is being developed by the industry today. And you see behind me just an incredible number of leaders in our industry moving together as one. And we're going to advance this technology that is so consequential to the humanity, is so consequential to the future prosperity of our nation.

And we're going to do it responsibly and safely. Mr. President, are you concerned at all that your continued supportive data centers could hurt Republicans in the midterms? I just have to do what's right. All I can tell you is that these big power, very rich, very smart companies are going to be making massive contributions to communities. Individual people within the community and it's going to be really partnership. We talked about it. They're going to be forming partnerships with communities.

They're going to take something that people don't understand and they're going to let them understand it. But they're going to form partnerships within the communities that's going to be so good for the people. Even as you're so short of the midterms. You talked about that. Our candidates for Congress right now, the Republicans in the House, the Republicans in the House, our candidates and our incumbents, are out in their communities right now as we speak communicating on this. They're saying we cannot lose the race to China. We cannot lose America's edge because it's important for every American worker, every American family, for their safety, security, the future, the economy.

But it has to be a balance. You have to take the community concerns in hand. That's what all of these folks agree to. That's what the president articulated in the room today. That you have to heed those concerns and you have to make commitments to them, just as they're making as. in industry, they will make it to the local communities. For example, we just codified about three weeks ago in the House. We passed with

almost no dissenting votes, the Rapepayer Protection Act. That is a codification of President Trump's rate payer protection pledge. They're guaranteeing that when they need energy resources for these AI infrastructure, superintelligence infrastructure systems, that they will produce it themselves. They will put power back onto the grid in most

cases. They're going to take care of the local communities. Trust is earned. It's not automatic. And they understand that they're earning the trust. So what do you make the candidate? What Mike is saying, that means financially as well. You know, in Louisiana, you probably heard, they're having a big trouble, big problem with teacher pay, et cetera, et cetera. Eight company went in, I believe it's meta in this case,

and they're paying every teacher virtually in that either area or actually far beyond that area. Richland Parish. Into the parish, they're paying every single teacher over $50,000 a piece. This is more money than they've ever seen. Mr. President, Mr. President, to the... The FBI and the DOJ, as you suggested, isn't it too late then to prevent any damage? The damage is already done? No, I think we're going to have it very well assessed.

We also remember this. We have the smartest people in the world watching over each other. And we've done that. You had the smartest people. Look, I guess you could say different industries. But these are seriously high IQ people. You know, we used to deal with a lot of low IQ. These are seriously high IQ people.

And they're really watching over each other. On the president, thank you, Mr. President. You mentioned that you have all found some common ground, but the leaders standing behind you have had some very serious concerns about AI. Even after meeting with them today, you are still calling this a hoax. So why should the American people take your word over this. It's a very serious. That's why I change their name. A hoax sounds like, you know, when you're using the former name, but this name is now super intelligent.

That's not a hoax. In fact, it's the exact opposite. What I am calling a hoax is what the Democrats do because they don't want to see it be successful. because they think that's bad for Republicans, okay? So they don't want to see this tremendous surge of growth. We have growth, and by the way, we have a lot of car factories opening. We have all the medical companies, all the pharmaceutical companies, Pfizer just announced, Merck just announced.

They're all announcing everyone. They're all building master plans, not just the SI. But what has happened and what's taking place right now is we have a level of growth that no country has ever seen. seen before. We're going to have jobs like nobody's ever seen before. And, you know, the numbers just came out. We have now the best poverty numbers, meaning the lowest number in terms of poverty, the best poverty numbers we've ever had. We have the best individual income numbers in the history of our country. We have the best crime numbers. We have the best crime numbers in the

history of our country. And that's despite allowing 25 million people into our country, through an open border of the Biden policy that could have destroyed the country. And we got the murderers out, large numbers, we're getting the rest of them out. We've done a great job. So why a Republican is breaking you. We have the most successful country in history.

A piece of it is this. Not all of it, because the car companies are doing better than they've ever done. The pharmaceutical companies, they're all building factories. You take a look at Eli Lilly. They're spending tens of billions of dollars building plants for pharmaceuticals. Nobody's ever seen what's happened to our country.

And what the Democrats are trying to do is stop it, because they think it's bad politically for them. And on that, they're probably right. Mr. President. Mr. President. Is Iran, in your opinion, about to give up, about to concede? Well, they're doing very poorly. I don't know if they're going to give up yet, but they'll give up,

but they're doing very poorly. You know, we took more oil out of the Harmou Street over the last couple of days than at any point in history, including long before we had the war to stop the nuclear weapon. And this is to stop the nuclear weapon. Iran will not have a nuclear weapon. His technology is advancing on quarterly. Mr. President. This technology is advancing so quickly. Why not convene this group on a quarterly basis, on a yearly basis? Did I say we wouldn't?

Did I say we wouldn't? We might do it. I think it's a good idea. Mr. President. Mr. President. Mr. President. Mr. President. My friend from London.

Mr. President. From London and great British journalists. Given that the EU and the UK seem to want to use S.I to control the populations and clamp down on free speech, do you see, thank you for the nodding. Do you see this causing a problem between America and that part of the world? No. I think maybe just the outside. opposite. It's going to open things up. That part of the world has a lot of problems right now. They're not growing. They're stifled. You know, they're stifled. Europe is doing so poorly. And I don't like saying that.

Mr. President. Mr. President. One percent of Americans think the federal government is not doing enough in terms of AI. What is your message to them today when you're saying there don't need to be any more car rail? But when you say not doing enough, our companies are dominating the world. They think that federal government is not doing enough. I know, I know. But they're dominating China. They're dominating everybody. We want to keep it that way. Mr. President, you said that Iran cannot have nuclear weapons.

Right. Why not South and North Korea can have nuclear weapons? Ah, that's interesting. You know why? Because you had a different president, and they could have stopped him. He happens to be a friend of mine. Kim Jong-un. He's a friend of mine.

He likes Trump. Doesn't like a lot of other people. I'm about the only person in the entire world that he likes. And I like him. I get in a lot of heat when I say that. People say, that's terrible. He does have a nuclear. capacity, a large nuclear, pretty large nuclear, not like us, but he has a nuclear capacity.

Kim Jong-un. And you know why? Because they had presidents that didn't do what I did. Mr. President. That could have been stopped, you know that. But they had presidents that weren't Trump and they didn't stop. You know what? As long as I'm around, he's going to be fine. Mr. President. You know why? Because he respects me and he likes me. Mr. President, have you decided on an AI czar? I'm very close to making a decision. Yes, I will be doing it. I'll be naming, I'd say, over the next three or four days.

I want to check with the companies. I want to check with Mike and with John Thune and with everybody else that's involved. But we have somebody that's extraordinary. Mr. President, Mr. President. What more can you tell us about the incidents of Fairford in the UK? Well, I'm just disappointed that they caught terrorists. terrorists. They did a good job and then they sort of let him go. I don't know.

How do you let it, how do you give bail to a terrorist? So I don't know. Was this a longstanding investigation? A longstanding. We were involved in it, but as you know, you're a fellow countryman they let them go. Well, they didn't let him go. They put them out on bail. I assume they have

them watched closely. But these were serious people, seriously bad people, and they should not have done that. Yep. I discuss your meeting with President Xi with the tech leaders today? I did. I did. We had a great meeting with President's Chief. A lot of respect for President's Chief. And they have a lot of respect for President's Chief. Yeah, we discussed it in great detail. Mr. President, thank you. Mr. President, what's your reaction to

Republican candidates who are breaking with you, openly distancing themselves from you, on issues like data centers, like immigration? Well, look, I won in a landslide. I won all seven swing states. I won all the states that you're talking about. I think out of the 22 areas that we're talking about where there's big contention, I won 21 of them. So yeah, 21, and the other one was very close. In fact, a lot of people think I want that too. So just so you understand, they all want me to go, I'm one person, they all want me to go campaign. I'm starting, in about two days, I'm starting a literally a 32-day tour, going to all, I'm going to Texas, I'm going to Ohio, I'm going to all different places. And as you see with Darlene,

Lindsey Graham's sister is fantastic, by the way. She was behind in the polls. I went, did a rally for her, and now she, you know, she ended up beating a very good politician, a great politician, by a lot. But she did candidates, maybe have some leeway then? No, no, no, no.

If they need to break with the other issues? I don't think there's much, uh, difference. I think when Mike goes and I go and we explain that the data centers are going to make these communities a fantastic amount of money and individually make, of a lot of money. I think they'll become very, very... Let me address it. President Trump is standing for local communities and hardworking

Americans, and so are Republican candidates on the stump. There's no disagreement. What he's saying today, what he's saying today, is that these companies, when they go in to innovate on behalf of the American people and on behalf of our national security and making sure we remain the last great superpower on the planet, they're also going to be heating community concerns. Every single one of them could come to the mics and tell you that that's their commitment. You're going to see different innovative ideas going forward. They're going to be great community partners. You've heard to make a lot of things.

But for the most part, I have to tell you, the Republican Party is really united. We had a convention a couple of weeks ago that a lot of you said, oh, it's a midterm. It's never been done before. It's going to be a failure. And they put it against the NFL. And we had 107 million views, and the NFL had 25 million views. That convention was unbelievable. It was really successful.

But look, I would say, generally speaking, the Republican Party is as united as maybe I've ever seen it. But Mr. President, they love me and I love them. Mr. President. Yeah, go ahead, please. Thank you so much. I'm so sorry. Can we just bring Dario to the front for a second? Where's Dario?

Dario was the one who kind of made this call for... Whatever he says is okay. Be careful. A so now to AI. So I just want to hear from you after this big summit where you are to be. day? Look, I mean, I will say what I've always said, which is that AI has incredible benefits. I've talked about the medical benefits to the technology. As the president has said, you know, whoever wins AI wins, I think that's very important. But I think the technology has very real

risks. And, you know, the mechanism, how we address those risks is still under discussion. But we all need to work. We all need to work together to make sure that we can win and we can win safely. If we do this right, if we work with the president, and everyone here, we can win safely. Oh, do we have? Do you think that self-policing is enough? And he had a view, hold it, hold it. Oh, CNN fake news. Do you think that self-policing is enough?

The worst. Look, Dario has been fantastic. We had dinner the other night. And he agrees with everyone. I mean, we all agree. Mark had a view that was, I thought, really right down, right down the middle. Mark, do you want to discuss what could they do this? Sure. I mean, I can kind of summarize what I think we all signed today, which is the White House Accord on developing this technology safely.

The basic idea is that we want to give the American people and our customers confidence that the technology works in the way that we intend. So every company is building something that's a little bit different. Having one set of standards for what is what everyone should want to build, people. want to do some different things, but I think what we can all agree on is that the American public and our customers want to know that what we're building is working in the way that we all intent. So we drafted a set of principles and commitments around building robust internal controls and detecting if there are any issues with the technology coupled with multiple layers of auditing and controls, starting with internal risk review, external auditors and evaluators,

and agreeing that we're going to have all of our boards of directors independently review the reports that come from the auditors. I think that these are good steps forward. The idea isn't that this is the only thing that we will ever do. It is that this is a start and an accord that the whole industry could come to. And I was very proud to have that discussion with a number of our colleagues who I think are running great companies. It was sort of a historic conversation.

I don't think anything like this has come before. And I think this is a meaningful step forward. So thank you. Mr. President. This is very important. Safe. We want it all to be safe. It's tremendous good.

We want it to be safe. And they're going to be watching over each other. Sunday, do you want to say? Mr. President. You have no idea who these people are. These are the biggest people in the word. You have no idea who down they are. This guy is a monster and nobody does.

What a great life. To be a monster and not have to go through this. What's your name? Sir? Since he did? Since he said what the name? Just what you have to do is Suddar. Suddar is his name.

Hopefully a better tagline than I'm a monster, but I think it's great. First of all, really proud to be here today as an industry. I think this moment is historic and constant. And I think there are extraordinary benefits to this technology. You can see it in the GDP growth VC. We have to make sure we are addressing the risks. And the President has asked us as an industry to step out.

about and we want to make sure we're putting our products safely. And as Mark said, we are signing up to a set of processes and controls like we do in other areas like financial controls in a company. And we are bringing those well-known best practices to the development of super-in- Who will hold you accountable? Because you know what? Because you're outstanding people and they don't want anybody, they don't want anything to go wrong.

I mean, the companies are at stake. If something goes wrong, their companies are. They're not going to let that happen. Issues to humanity. This is going to be all for the good, and we're going to have it. It could be nice and safe. And they're really going to be policing each other. And that's the way it works.

Mr. Trell? It's not happening. If you have information that national security is at a risk with this technology, we will support then slowdown of the technology. I will let the world know about it. Have I ever heard, I would come out here, I'd hold a news conference, and I'd let the world know about it. It's not going to happen.

to the national security. They're going to police themselves. Do you want to say something to the issue? Sir, I think, thank you very much. Thank you. I think the consensus today around that national security issue was being the leader in America, in AI, is the most important thing for national security. I think everybody agreed on that today.

Winning to the AI race is winning, and we need to do that. That's the first principle. The second principle that was discussed all day today was putting the American people first in that race. first in that race. I think everybody came together around those two principals today. Jay. Mr. President. Mr. President. Tattle groups are warning that ICE rock downs in Kansas are having problems from...

Are we talking about ICE now? That's right. For being processes, Mr. President. Mr. President. Any comment on your ICE enforcement bringing up to ISIS? Mr. President. ICE has done a phenomenal job in keeping our people safe. They've done a fantastic job.

in taking murderers, rapists, drug dealers, the worst people on earth, the worst, the worst people all over the world. They got dumped into our country by Joe Biden allowing open borders where people came in unvetted, untested, unchecked. And they walked through our country by 25 million. And we've gotten most of the really bad ones out and the rest are going out. But these are murderers and the worst people in the world. and we've done one hell of a job, and you ought to talk to the Democrats.

Why did you allow 25 million people, many of whom were the worst criminals? Why did you allow them into our country? You disturbed our country. You hurt our country. Mr. President, did you take the opportunity today to urge these tech leaders to be more careful about where they put data centers to avoid residential communities? Frankly, I want them built in America. There's some that will be built right now Finland and other places.

There's one going up in Finland. If we're not smart, they'll end up building data centers in other countries, and those other countries will make a fortune, and we won't. The data centers are making a fortune, but now what's happening is something very important. The people in those areas that we discuss this at length today, they're going to greatly benefit financially. Mr. President, you want them to stay away from homes when they're building these data centers? Yeah, I think I want them to be in the right location within a community.

Mr. President. You know, if you look at Loudoun County, if you look at some of these counties, they're making billions of dollars. Taxes are going way down. The data centers are making an absolute fortune. But now the people are going to benefit directly. Whether it's teachers that get paid a bonus, whether it's people that live in the community that can pay it.

A dividend, you could call it a dividend because the dividend sounds right. They are going to greatly benefit by what's happened. The data centers are incredible. And by the way, I'm very good at real estate. Some of those buildings are absolutely beautiful. They're big and they're, you know, big, strong, powerful buildings, but they're beautiful. And they add greatly to a community. It started with a false narrative, mostly by, Mike, I would say Democrats.

At data centers are bad. So data centers are bringing a tremendous amount of money. into the community, and the people now are going to benefit directly, whether it's teachers or other people that live in the community. Are the risk of Chinese AI development overtaking the U.S.? Well, I don't think it's going to happen unless we're stupid, and we force these people into other countries and that can happen. What did they tell you?

I mean, there's one gentleman that said he happens to be building one in Europe because it was easier for them to do. We can't do that. We want them built in this country. We want it's massive income. People's taxes are going to go down. down, it's going to pay off debt, it's massive income, it's growth. You know the word growth? When I got elected, I talked about growth. This is growth like nobody's ever seen before.

Many people across the world are worried about their own job when it comes to SI. And Mr. Mosk has spoken about an age of abundance, which sounds lovely. But what about when people wake up in the morning and they have no purpose? May we hear from him? Elon, go ahead. You can answer that question. I'm just a very question about age of abundance. What's the job in the future? People looking at this will be worried, particularly laptop jobs.

What are they going to do in the future, Mr. Musil? Well, I think it is worth highlighting the positive benefits of AI, which will... SI, pardon me. Super intelligence. I think by far the most likely outcome is an age of abundance, where we don't have just universal basic income. We have universal high income. And people speak about medical benefits. I think the, but maybe it's worth a bit more about that.

When you have robots and you have superintelligence, it means that everyone in the world can have better medical care than anyone here, including me. And wouldn't that be wonderful? Not if they haven't got a job. Well, jobs are going to change. Jobs have always changed. But being a computer used to be a job.

There used to be buildings for doing calculations. But now, digital computers do those tasks. I don't think anyone is pining to go back and do calculations all day to do bank interest rates, which is what they used to do. So I think we'll see an evolution of roles. And as the president has mentioned, as long as though unemployment has increased. In fact, there's a tremendous demand

people. So I think the most like the outcome, and it's probably worth looking at the most likely outcome, is one which is incredibly beneficial and it's the future that you, if you could look into the future, it is a future you would want. Mr. Alan and I sat with President Xi the other day and he will take every data center that we don't want. You agree with that? He's done, he would love that every single one because you know why? They're smart. They want every day. Center. They want it because that's great for China. Well, it's great for us. And we're leading by a lot, and we're going to keep it that way. It's going to be very, very safe. And there's a self-policing,

and there's also a group policing, and it's going to be great. Mr. President, Mr. President, a group-wide question for you on. Question for you on. Mr. President, Mr. President.