Morning Brew Daily - OpenAI Saga Ends with Sam Altman Returning & Binance Pays Billions in Crypto Plea Deal

Episode Date: November 22, 2023

Episode 197: Neal and Toby break down the timeline of events that led Sam Altman to return to OpenAI as the company's CEO. Plus, why Binance is paying billions in a Crypto plea deal and Kim Kardashian invests in truffle sauce. The guys also preview the NFL and Amazon game on Black Friday and everything else coming up over the long Thanksgiving weekend. Listen to Morning Brew Daily Here: https://link.chtbl.com/MBD Watch Morning Brew Daily Here: https://www.youtube.com/@MorningBrewDailyShow The 2024 Money with Katie Wealth Planner launches on Black Friday. Sign up on the waitlist now to get a discount at launch: moneywithkatie.com/wealthplanner Learn more about your ad choices. Visit megaphone.fm/adchoices

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at pwc.com slash US slash brew AI. That's pwc.com slash us slash brewAI. Good morning, Brew Daily show. I'm Neil Freiman. And I'm Toby Howl. On today's pod, Kim Kardashian makes her first private equity investment, and it is spicy. Then another crypto king has fallen. It's Wednesday, November 22nd.

Let's ride. My friends know there's nothing I like talking about more than logistics. So let's do that with the holiday coming up. We're going to be releasing episodes tomorrow and Friday, but they won't be the typical news roundup. Tomorrow, we've taped an interview with a special guest that would have caused 15-year-old Neil to absolutely faint. Then on Friday, we're going to be answering all the questions that you've sent in for our mailback episode. So thanks so much for doing that. Hopefully nothing big happens in the news over Thanksgiving.

Nothing happens. Everyone's sending those. Let's circle back after the holiday email. So I don't think anything's going down in the corporate world. Fingers crossed, though. Okay, Neil, time for our. our last Brex ad before Thanksgiving. We all have that one cousin at Thanksgiving who is embarking upon maybe an ill-advised entrepreneurial journey. Yeah, and you always have to make

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insuring millions of unique small businesses when it comes to your small business insurance. Thank you. One size, absolutely does not fit all. Get a quote or find an agent today at thehartford.com slash small business. How did I do? That was brilliant. Okay, I'm ready to do that.

Okay, after the juiciest Silicon Valley soap opera in a generation, there has been a resolution in the Open AI saga. Sam Altman, who was fired as CEO on Friday by the board, has been reinstated in his position after virtually every employee threatened to quit if he wasn't brought back. There are some changes, though. The board that booted Sam, causing an international incident, is gone, and new folks are in place, including former Salesforce co-CEO, Brett Taylor and former Treasury Secretary Larry Summers. I don't know how Larry Summers gets his weasles into everything, but he does.

I am not going to recap all that happened because I practice self-care. But Toby, what do you think has changed or will change because of this entire frocus? Is it even fair to call it a resolution? Yeah, I think the big scoop here is that Sam was pushing for more control, including the removal of the entire board that kind of staged this coup against them. But he didn't really get it if you dig into it. Open AI is still using that same convoluted governance structure with the for-profit entity sitting under the nonprofit arm.

And so now he's definitely going to face questions from investors about how are you going to make sure that this doesn't happen again? He's looking to raise almost $100 billion or at $100 billion valuation. And so it is one of those things where how can you promise that you won't go under the same thing just because the people are different that could easily stage this coup again. But I think at the end of the day, all of this came down to the employees themselves. And the emblematic thing that happened yesterday is the employees actually threw a party after Sam came back. They were hugging. They were drinking, celebrating. At one point, a fire alarm went off.

And fire trucks showed up at the office building. And it's fitting because they were the ones that threatened to quit in order to bring Sam back. And they actually got their wish eventually. The employees are the ones who come out of this like the big winner because their value was totally shown in this saga. Yeah. For me, I learned that the way you used to... set up your company matters. I mean, we learned way too much about this company's governance structure, but I think a lot

of founders or early stage startups out there are looking at the way they're setting up their board and they're thinking, am I set up for success? Look what just happened at OpenAI. Can I be summarily fired right now? Like, I just, it's definitely the least sexiest part about setting up a business. But the way you structure your board and the way voting structures work really matters as we've seen. So I think that will be a reckoning across the Silicon Valley and beyond.

It's so ironic, too, because there's a blog post from Sam Altman himself saying, do not innovate in your corporate structure. There's a reason why it's a boring part of the business. Innovate in your company, not actually how you set it up. And that actually came back to Biden in the end. So a lot of the debate around open AI has centered around long-term existential questions, like, will this tech eventually wipe out humans and how fast should we be developing AI? And while the debate will only heat up going forward,

there is a company making boatloads of money on AI here and now, and I'm talking about NVIDIA, of course. The tech giant at the center of the AI boom revealed that its sales tripled last quarter to $18.1 billion, smashing expectations by $2 billion. Nvidia has a stranglehold on the market for the chips that train AI programs, and it has been the main beneficiary on the frenzy since ChatGPT was released last November. Consider that its AI chips did $3.8 billion in revenue a year ago, and now, now they bring in $14.5 billion. I can't do the math in my head, but that is exponential growth.

All the while, it has left competitors in the dust. Remember, Intel, that corporate giant that was once the world's largest chipmaker? Well, Nvidia's market cap is $1.2 trillion right now, which is a trillion more than Intel. Beast mode. Beast mode. We haven't talked about Nvidia for a minute, but remember, in this AI gold rush, they are the ones selling the pickaxes. These chips enable all the big companies like meta, like, OpenAA like Google to train their large language models.

But you also have to remember that as recently as two years ago, sales of GPUs for playing video games on PCs were the largest source of Invidia's revenue. Now, if you compare it to data center revenue, which includes those chips, the gaming segment brought in $2.9 billion this past quarter. That was up 81% from a year ago. The company's data center revenue, $14.5 billion up, I did the math, 279%. It's a wild turnaround for a company that used to just be kind of of a smaller gaming company.

And these things are expensive, these chips. I mean, there's this one order placed by an Australia-based company, and it amounted to $40,000 a pop for this H-100 chip. And now, NVIDIA's rolling out this H-200 one, which apparently is much more powerful. So they control more than 85% of the market. Everyone else was caught flat-footed when Chatsy Beachie rolled out and did not have any of these capabilities.

Nvidia happened to have been making these chips for gaming, and they said, okay, this is perfect. for your AI stuff. So they've just been printing money from this AI boom. Yeah, there are a few obstacles ahead, though. Mainly AMD is a rival chipmaker, and then also some of the export restrictions could limit sales in China, which is a big market for them. 20 to 25 percent of their data center revenue comes from China and other sanctioned nations. But still, to zoom out, Nvidia is still up so much this year. Stock has gone up 241 percent so far. So just, again, if you're going to sell the pickaxes, you might as well do it for the biggest

gold rush we've seen so far. I don't think there's any precedent for a $1.2 trillion company to post 300% revenue. I know. I don't think that's happened ever before. They'll probably go back to back too. All right. You won't believe this, guys. But another billionaire founder of a high-flying company is stepping down.

CZ Zhao, the founder and CEO of the world's largest cryptocurrency exchange, finance, has pled guilty to money laundering charges as part of a $4.3 billion settlement with the U.S. Department of Justice. Attorney General Merrick Garland has been putting this case together against Binance for years now. In court documents describe a wide-ranging effort by finance to evade money laundering laws, most notably ones that prevent financial institutions from doing business with criminals or terrorist organization. It completes a pretty stunning fall from Grace firm CZ, who is probably the most influential person in all of crypto.

Despite the DOJ breathing down its neck recently, Binance was still a massive financialist institution, trading on average more than $65 billion per day. So to see CZ step down and to see Binance hit with his fine, it was a very big deal, Neil. Right. At this point, the two biggest names in crypto, SBF and CZ, have both been found guilty of crimes.

It's just kind of remarkable. I don't think that's ever happened before. But CZ and SBF actually have a history together because CZ was an original investor in FTX. And when FTX collapsed in 2022, everyone looked to CZ to bail him out. And CZ said, nah, man, like, you're on your own. But the duality of those two is very interesting in how the crypto industry has approached regulation because SBF was going to Washington, D.C. He was being very friendly with lawmakers, inviting regulation. and CZ was always seen as this more antagonistic figure who did not, who pushed against regulations, lived abroad, was not really making overtures toward lawmakers as this wild west of crypto was running.

And it didn't matter. Either way, they're both, they've both been charged with crime. Yeah, absolutely. The crazy thing is it could have been worse. First of all, they're coming out of this alive, which maybe wasn't going to be the case if you looked at some of the court documents that were leaking throughout this investigation. and honestly, part of the problem is the DOJ may have dropped the ball a little bit because this case got so big and so bureaucratically bogged down that they just decided, we're going to hit them with a $4.3 billion fine, and that's the best we can do just because

it did get so, so big. But then the other take I've been seeing is that if they had fully shut down Binance's U.S. operations, it would have kind of pushed Binance into this fully decentralized entity, which means it wouldn't really play by normal business rules in the U.S. anyway. So maybe that was part of the decision to just hit them with this fine because if you destroy like the current corporate entity, then it really goes full crypto on you and it becomes even harder to regulate. So I've been seeing a lot of things.

Also, some people are saying that CZ going down could be a good thing because it represents kind of the bygone era of crypto. And now you're making way for a new more regulatory friendly crypto era. So I've seen lots of takes on this. We've heard that for five years, though, that the bad actors of crypto were getting weeded out and a new era of people who were playing above board, playing by the rules is emerging, and it hasn't really materialized.

This is only going to fuel the fans of critics who say that crypto has been used for terrorism financing because this settlement named Hamas, Al-Qaeda, Palestinian Islamic Jihad, and the Islamic State, and Iran and other sanctioned countries, for the ability to transact on Binance, and they admitted to that, and Binance did not do any sort of,

put in any sort of significant, controls to stop this money laundering from happening. So the people like Elizabeth Warren and other lawmakers who have been trying to crack down on crypto companies for doing this are going to point to this and say, we need to do a lot more because the biggest company in the space basically facilitated a lot of terrorism. Yeah, this is going to give them a ton of ammunition for sure. All right, Neil, before we jump into the next half of our show, we're going to take a quick break. It's time to refresh your yard during spring backyard days at the Home Depot.

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Eligible students get a year of Microsoft 365 premium and a year of Xbox GamePass Ultimate with a custom color Xbox wireless controller. Learn more at Windows.com slash student offer. While supplies last, ends June 30th, terms at AKA.m.m.S. College PC. Kim Kardashian is getting into a new, spicy business. Well, kind of. Remember, Kim has a private equity firm led by her. and a business partner named Sky Partners. And that firm made its first acquisition yesterday,

taking a significant minority stake in the brand Truff, which is a maker of luxury condiments, most of which have traces of, you guessed it, truffle in them. Now, this is a match made in heaven. Truff actually started as an Instagram account in 2017 under the handle at Sauce, and mostly was one of those aggregator food porn accounts

that we've all seen at one point or another. But eventually they evolved and decided to make their own high-end, condiments. One of their founders jokingly calls them the Dom Perion of Hot Sauce. And I say this is a match made in heaven because Sky's investing thesis is to target viral consumer-facing brands, then potentially leverage Kim's know-how to make them into the next great thing. Neal, I've seen these bottles everywhere on social media, very sleek, very aesthetic, and I'm sure a lot of our listeners have too. Have you seen them? I have not seen them, but I learned, maybe I have. I don't know. There's so many condiments these days, but this one costs apparently

$20 a bottle. They got spicy mayo. They got a bunch of other stuff. I think this space is pretty good to be in. Everyone's really into condiments now. Everyone's really into sauce. And obviously, everyone's very into Truffles and a lot of other luxury. I've never heard the term luxury condiments before, but maybe it's a thing. No, they definitely are. And Truff has become pretty mainstream. I mean, for a company that started as an Instagram account, now it has these great B-to-B sponsorship. It's partnered with Popeyes, Hidden Valley Ranch, Taco Bell, even the Super Mario's Brothers movie. And they're in very, very big grocery stores at this point, too, Whole Foods, Kroger, Publix, and Target. It's one of the fastest growing hot sauce brands in the conventional

grocery category. So I think this is definitely, though, we're seeing Kim's thesis of when she started out of this company kind of coming to like. And I love this as their first target, because it is such an internet native brand that has really used DTC and has really understands, like, the partnership landscape and has leveraged that to grow, which Kim, Kim. obviously does as well. What's very interesting is that typically celebrities do venture capital, which is when you basically write a check to a founder and say, go have fun with this. I'm just using my celebrity to kind of showcase you and you can just do your own thing. You're doing well. But the fact that she started a private equity firm is very interesting and speaks to her interest in really being

hands-on because private equity firms have a, they take stakes in companies and they have a much longer time horizon than venture capital. Plus, they require a lot more hands-on work. Private equity people like to get in with the business and shake things up. So the fact that she's established a private equity firm kind of surprised people at the beginning and rather not, rather than a venture capital firm, because that's, you know, much less hands-on, much less intensive practice. The interesting thing is, though, that they still haven't technically closed their first fund. So this deal is probably funded personally by Kim and her business partner and maybe a friends and family round. So I actually do wonder that if fundraising has been such slow going for this actual

fund, maybe they just say screw it to the institutional investors and they do just kind of make it their own, they just fund it themselves. Obviously, it reduces, it reduces, yeah, it reduces this scale that you can do. But if they make smart decisions and they target smart brands, maybe we could see it like a new era of private equity ushered in. If anyone would it, it would be Kim Kardashian. Meanwhile, she has skims, which is the shapeware brand which is getting into men's and it's now valued at $4 billion looking to IPO next year. So she's really busy these days. We're going to spend the remainder of this show talking about Thanksgiving and to start, I want to talk about a match made in capitalist heaven. The NFL and Amazon are teaming up to hold

the first ever Black Friday pro football game between the Dolphins and the Jets. It'll be streamed on Amazon Prime Video, no prime membership required. And it's sure to to be an orgy of content and commerce, the likes of which is only surpassed by the Super Bowl. Amazon is going to infuse the game with exclusive sales and shoppable ads so that when you're bored of watching Tim Boyle get sacked for the eighth time, you can get a head start on buying your gifts from the broadcast itself. Amazon clearly thinks this is an opportunity to place itself at the forefront of a major shopping holiday. And for the NFL, this Black Friday game is another step in its quest to dominate the calendar. It already owns Sunday and Sunday

night. It has Thursday night football and Monday night football. It recently moved into Christmas and Christmas Eve. And of course, it already takes up all the oxygen on Thanksgiving Day itself. As Cowboys owner, Jerry Jones said in an interview last year, we get up and go to bed at night asking people to look at us. Don't turn away. Wait a minute. You're not paying attention. Look at us. I would say mission accomplished. This partnership makes just too much sense. What's the NFL's ultimate goal to take more of our time? What's Amazon's ultimate goal to take more of our money? So obviously, you mentioned it. This is a match made in

capitalistic heaven. I do think it is a great partnership. The only way that I do think it maybe goes south is if Amazon makes itself too conspicuous. People do just want to consume the football game and they have pledged to make it feel like a normal Thursday night broadcast.

But if you see too many of these ads in your face asking you to take out your phone scan this QR code, I think it could maybe turn people against it. And Amazon bought the rights to Thursday night football for the next 10 years. So I don't think they want to move too fast and alienate this audience. So that's the only tightrope, I think Amazon has to walk here.

Do you think this is the future of commercials with QR codes popping up in commercials moving from kind of this billboard type thing where you're just, it's very high-level marketing where it's just kind of incept this brand into your brain rather than a point of sale where they're literally showing you a QR code that you can scan and then buy something right away. I mean, that's kind of a huge innovation or evolution in commercials. I do think it's huge. but remember, only Amazon can pull this off.

So I don't think it's going to be a wide-ranging industry shift because it's not like NBC can tell you to go to their e-commerce show. They don't have one. They're just a broadcaster. Amazon is truly the only one who can do both at the same time. It's in the lab working on its streaming and live-streaming bets, but it also is very much in the lab on its e-commerce front. So I don't think that it's going to be a wide-sweeping thing,

but I do see Amazon obviously pushing the buck forward when it comes to these ads. And then I just got to talk about some of the corporate jargon that's been around this because it is tremendous. It even may be more cringy than choiceful, but Amazon is talking about eventizing the day. It makes sense, though. Actually, it's better than choiceful. I take back my words. Eventizing makes sense. Like, making this, this, I mean, making it into an event. Right. It's a Black Friday has always been event, but now Amazon wants to just dominate it even more. It's like Singles Day in China. Like, it already has been eventized, but adding football into the mix, it's only going to make it bigger.

Okay, with this being the last of our live-ish shows for the week, I'm going to do a quick preview of everything you need to know about Thanksgiving from the travel to the cost of the meal. First, driving. I'm sure it's many on many of our minds, considering 55.4 million Americans are projected to drive at least 50 miles from home for Thanksgiving, including myself up to Massachusetts this afternoon. When shouldn't you drive? Well, exactly when I'm going. The worst time to be on the road will be between 2 p.m. and 6 p.m. today, according to Inrix. Whoops. In terms of flying, a much smaller number of people are expected to fly than drive 4.7 million, but that is still a huge number and the highest since 2005. Are you nervous, Toby? I pre-scheduled an Uber today for two hours before I need to be at the airport. So yeah, Neil, I'd say I'm a little nervous. Okay, let's talk about what's open and what's closed on Thanksgiving. Before COVID, it seemed like all the trends pointed to retailers opening up on Thanksgiving night so you could pre-game Black Friday. But since the pandemic, that trend has thankfully reversed. Truly, that was cursed.

Big box stores like Walmart, Target, Costco, Best Buy, and department stores are going to be closed on Thursday, and so is Walgreens, which is facing a lot of heat from workers, and will close for the first time in the company's history on Thanksgiving. Yeah, hopefully we don't see any of those storming through the doors of Walmart at 4 a.m. videos anymore. Well, that'll certainly happen. Oh, boy. While we're on the topic of what's open and what's closed, let's talk markets. The stock market will be closed on Thursday, but we'll be open for a half day on Friday if you want to lose. some money before the weekend. I hate that they do this to us. Gives us just enough time to make

bad decisions before the weekend. Just shut it on Friday as well. Okay, but what about your meal? How expensive is it going to be with inflation and all? The good news is less expensive than last year's record. The American Farm Bureau Federation said the average meal with the turkey and trimmings will cost 4.5% less than in 2022, mainly thanks to turkey prices dropping 5.6%. Avian flu wasn't as bad this year. There's more supply, right? You are in the weeds with the turkey. Yeah, apparently avian flu was very bad last year, wiped out a lot of the turkey supplies.

So they loaded up on turkey supplies this year. I don't know exactly what that means in practice, loading up on turkey supplies. But the avian flu was not as bad this year. So now there's a glut of turkey, which is driven down prices 6.5%. So if you haven't ordered your turkey ready, first of all, you're very behind the ball.

Start de-thawing it now, please. It's probably going to be less expensive than last year. And so is whipped cream, cranberries, and a bunch of other things. Thanksgiving treats. I really only care about the prices of sweet potatoes and marshmals for the sweet potato cassero. Oh, and cream of mushroom soup also as well. I'm sure we've got a few Macy's Thanksgiving Day parade fans in the house. I know my mom is one of them. The 2.5 mile parade route this year will feature Share as the headliner, well, besides Santa, of course, and we'll kick off at

8.30 a.m. on NBC. Toby, do you watch this? I toss it on. It's good background, maybe when I'm falling asleep after Thanksgiving meal. And then finally, besides Macy's Day, the Macy's Parade and football, there's a bunch of stuff to watch the Squid Game reality show on Netflix comes out today. Financial Times gave it a great review. It said it was irresistible.

I can't believe that because there's no stakes involved. I mean, there is the money, but there's no life or death, which is what made Squid Games great, so I'll have to see. I mean, there's plenty of reality shows that don't involve life or death. And people watch them.

And then you have Napoleon in theaters with Walking Phoenix and Maestro, starring Bradley Cooper as Leonard Bernstein comes to select theaters. I'm a huge Bernstein guy. I thought you were going to say I'm a huge employee. You're a huge deploying guy as well. I know, but I'm more of a Bernstein guy.

Gotcha. All right, Neil, since Thanksgiving is tomorrow, we thought we'd end the show today by letting you all in on some of our favorite Thanksgiving memories and then finish off with a little gratitude. Neil, you were telling me before the show about a fond memory you have associated with Thanksgiving growing up. Yeah, it actually has to do with the day after Thanksgiving,

and that's when my neighbors and my family would go out and build our outdoor ice rink for the winter. Yes, you can do this in Massachusetts. So we'd go out with our power tools, and we had all of these wooden planks lined up, and we'd set it up. We put a big tarp over it, and then fill it with water, and eventually it would freeze. And, you know, every night that we could, it was cold enough. We'd go out and skate on that rink. And it was truly just, you know, I can't, I didn't really realize how amazing it was at the time.

Now that I reflect on it, that you could just skate with your friends. In high school, we started playing broomball, which you don't need to know how to skate to. And so it was just, like, pretty magical. winter nights and now it's too warm. We don't do it anymore. It just doesn't freeze. This is the first time I've ever been jealous of you growing up in Massachusetts because that would not happen in Florida. My Thanksgiving Day memory is associated actually with the turkey trot each year. Yes, we are a turkey trot family and we always, it was you got to, you didn't have to pay for the turkey trots. You would bring canned foods. It was a big food drive.

And I always loved it, even though I never really did that well because. Were you like competitive in the turkey trot? Like, are you trying to. Absolutely. Absolutely, I did. And I did. I got second place two years ago. So the turkey trot is literally tomorrow for me and I am out of shape. So I'll report back with how it went this year. And then also to end the show, a quick bit of gratitude for you guys from Neil and I. We just wanted to give a sincere thank you to everyone who makes this show possible. I'm talking about everyone who you hear in the credits. Producer Emily, associate producer, Sam and Ray, technical director, Eugenna. Billy Manino on audio. Is that what I sound like? Oh, absolutely, Neil. And then Devin, who's our chief content officer. They make us look good and not sound like idiots for the most part. And there's absolutely no way the show would happen without our amazing control room. There's no other people we'd rather be in the trenches with at 5 a.m. So thank you.

And we also want to say thank you to the listeners for making this show what it is. Your emails, your comments on YouTube, your replies on Instagram, on Twitter. You're all part of the MBD community, and it means so much. Yeah, when Neil and I first sat down on these chairs, we had literally no idea what to expect. but to be sitting right up there with some of the biggest podcast in the world has blown us away. Morning Rood Daily has been downloaded multi-million amount of time since we started. It's hard to fathom, but it's all thanks to you guys. So as we approach the holiday, all about counting our blessings, we just want to say we cannot be more grateful to you all and hope you all have a wonderful Thanksgiving break.

All right, Neil. Now you can roll those credits. Okay, let's do it. Emily Milliron is our editor and producer. Samantha Velas is our associate producer. Yucheno Bogu is our technical director. Billy Minino is on audio. Hair and makeup is excited to flex on all their high school friends at the bar tonight.

Devin Emery is our chief content officer and our show is a production of Morning Brew. Great show today, Neil. Let's run it back tomorrow. Pay off your home, travel for life, drive a Ferrari. In celebration of the world premiere of the Monopoly Big Board Buckslot machine by Aristocrat Gaming, Yamava Resort and Casino at San Manuel is giving one person a $1.6 million dream package. The biggest prize in Yamava's history. Club Serrano members can earn daily instant prizes and secure a spot in the finale May 29th. Don't pass go and own it all only at Yamava celebrating its 40th anniversary.

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