PBD Podcast - Bitcoin vs AI + SpaceX's Historic IPO | PBD #815

Episode Date: June 10, 2026

Patrick Bet-David, Tom Ellsworth, Adam Sosnick, and Vincent Oshana break down the SpaceX, OpenAI, and Anthropic IPOs, Elon Musk’s prediction that AI will replace coding, President Trump’s emerging AI partnership plans, pressure on the Federal Reserve over interest rates, Florida’s property tax cuts, Bitcoin versus AI as the next major investment opportunity, and growing unrest in Belfast following migrant-related violence.------💻 ANTHONY POMPLIANO'S CFO SILVIA: https://bit.ly/3OltsCuⓂ️ MINNECT WITH ANTHONY POMPLIANO: https://bit.ly/4aBgFTU🦁 THE VAULT 2026: AUG 31ST TO SEPT 1ST: ⁠⁠https://bit.ly/4mZdLhD⁠⁠🦁 SPONSOR THE VAULT 2026: ⁠⁠https://bit.ly/4mFBPpw⁠⁠Ⓜ️ CONNECT ON MINNECT: ⁠⁠⁠⁠https://bit.ly/4kSVkso ⁠⁠Ⓜ️ PBD PODCAST CIRCLES: ⁠⁠https://bit.ly/4mAWQAP⁠⁠👔 BET-DAVID CONSULTING: ⁠⁠https://bit.ly/4lzQph2 ⁠⁠🥃 BOARDROOM CIGAR LOUNGE: ⁠⁠https://bit.ly/4pzLEXj⁠⁠🇰 KALSHI: ⁠⁠⁠http://kalshi.com/pbd⁠

Did you ever think you would make it? I feel I'm so much like it takes sweet with the truth. I know this life's meant for me. Adam, what's your point? The future looks bright. My handshake is better than anything I ever signs. Right here. You are a one of one?

My son's right there. I think I've ever said this before. Folks, if you want to learn how to make money, sometimes you got to pay attention to what's going on to these IPOs because there's a lot of money being made right. lot of money being made right now. We're going to talk about that today. We got a bunch of smart guys here with us.

We got Pomp back here with us. I'm sure Sylvia is going to be with us today as well sometime. Tom is here. And then we have, of course, National Security guy, Aceto here. So stories, IPO. We got SpaceX, okay? That's IPO in. And, you know, I got a call.

We talked to our Goldman folks about SpaceX. I think they're leading the round, if I'm not mistaken. Then you have a Sarah's bras. Not Sarah's bras, Sarah bras. People have a hard time pronouncing that. Tom's been coaching me this morning with my English, St. Pat. It's not Cerebra's. It's Sarah Braz.

That's the proper way to announce it. You want to know the craziest thing? They are oversubscribed 20x. Imagine you're going saying, we want to raise, whatever, half a billion dollars. And they're like, look, that's a problem. We got $10 billion of people that want to invest with you. What do you want to do?

That's what's going on with them. I think they're up. If I'm not mistaken, 68% after day one time, you can fact check me on this one here. It was huge. It was massive, yes. It was bouncy, but it was huge. Open AI that's coming out saying we're revamping, you know, the chat, we're revamping what we're doing.

Some people are saying, I don't know how much you're going to revamp because Claude's been beating the crap out of you, but maybe they are doing something. They're also going through the IPO. And then we have Anthropic, which with the new Fable Five, I don't know if you've heard anything about the Fable Five. If you're not following it, we'll cover that today. It's apparently supposed to be something insane that they've never seen before. So a lot of conversations, a couple years ago I called it. I said, 2026 is going to be the year IPO, and that's exactly what's happened. A lot of people are, like, waiting to deploy their money to get involved in some of these things,

but are all of them good to get into or not? There's even a Kalshi that just came out, I think, 10 minutes ago, 15 minutes ago, they said there's a 12% chance. Cali is saying that Mr. Beast may announce an IPO this year, which I want to give your thoughts on next. I know we talked about that last time, and let's see what he's going to be doing with that. Next story, World Cup. Ready for this? 180,000 tickets are unsold that they haven't sold.

What do you mean you haven't sold World Cup tickets? You saw videos about Nick fans, guys outside asking questions. How much you pay for your tickets? $60,000, $60,000, $20,000, $200,000, then Juan Soto's Soto's walking by. They asked him. I don't know if you saw this. I saw it. Asked the Knicks.

He said, Asked the Knicks. People are paying $20, $200,000. I know you're going to the game tonight. You were at the game. Yeah. Yeah, you got the game on Monday. so we'll see what's going to happen there. But World Cup, more hotels are selling out in Mexico and Canada than the U.S.

And people are wondering why. Why is that? Is it a visa issue? Is it an economy issue? Is it not interest? There's some data that came out with Wall Street Journal. A couple of days ago saying Americans were not interested in soccer right now. They are more than even MLB is what it's saying.

Story that came out. So we'll see what that story could look like. Next, Kevin Orge. who is replacing Powell, has announced that he wants to take it all the way down to 1%, but CPI came out, I think it's 4.2. And so there's some contradictions. He's supposed to raise the rates, but 60% of the inflation is apparently tied to, you know, it's fuel-related and diesel and all this stuff.

So we'll see. We'll get into that. Florida, if you live in Florida, if you live in California, hearmuffs, when we do this store, just don't listen to it. If you're somebody who's very rich and you chose to live in New York, for whatever reason, used to live in Florida, maybe you'd move back to New York, not that anybody here would ever do such a thing on this panel. Pomp would never do such a thing. The governor of Florida just announced Homestead, $250,000 exemption.

Hey, if you're here, we'll read the laws on how he's setting it up. But what a great thing to do for recruiting, right? Can you imagine that? Like the stuff he's doing to get people to say, what the hell am I doing? living in a blue state. Maybe I ought to move my family to Florida. We'll talk about that. Then you got Tom Brady does a commercial, which, by the way, what a, what a phenomenal

commercial, funny, corny, people hated it, people loved it, but guess what they saw it? Everybody saw the good coconut. What is it? Good nut coconut? I don't want to say it. I don't want to, who cares about the name? It just tastes. I thought it was a very good commercial.

We'll talk about that in marketing. Chick-fil-A has something they're doing that. I think it's worth us discussing. They made a smart announcement, and it's all about solving a Harvard restaurant problem. We'll get into that. U.S. teens, you know, there's a sleep issue with teens. And Brandon here is saying that's a si-up. They're trying to convince you to sleep because anybody that anything big ever wasn't a big sleeper.

That's Brandon's, but you can argue that. But Brandon, I think, is the youngest here out of all of us, and he's given that perspective. And we have to listen to see what these young people have to say, right? Maybe they have a point. Bitcoin projected, they're saying it's going to $250,000 after the halving. And Jason from the Allem podcast is like, well, maybe you ought to move your money from. You saw that. Maybe you ought to move your money from crypto into AI.

And I want to know what the Bitcoin maximalist here, a pomp wants to say about that. There's a story about quantum and IBM, which I don't know if you guys saw this one or not. It's interesting to see it took a hit. It's got a black eye. But long term, they're saying it's going to be good. You know, quantum stocks are slumping. IBM is sure a quantum revolution is coming anyway. way, good comeback for IBM, some people may say.

And then we got Musk saying coding jobs are going to be done within a year. And then I have a Kevin O'Leary's story with, what do you call it, OpenAI. I want to kind of give you, because we keep hearing about negative stuff about, you know, these data centers, Pomp, you got a perspective that maybe we want to look at the other side. And in Ireland, Belfast, what happened with the beheading, everyone's calling that a political event. You're saying that's more of an economical event. I want to get your insight on that as well.

And folks, so if you're watching this on Wednesdays, business Wednesdays, If you're somebody that runs a business, according to the data that we did based on the report that came in the survey on 16,300 people, 38% of you guys are business owners. If you're a business owner, this is by far the worst season to go through it by yourself. So Vault Conference, if you haven't yet registered, Rob, you may want to play this clip. Every one of us is one relationship away from taking our lives and our business to the next level. I want you to hear this story about what a friend of Elon Musk ended up doing just because of becoming friends with him. Go ahead, Rob. Have you heard about Elon Musk's friend named Antonio Gracios,

who allegedly they made in the mid-90s networking, they became friends, and he lent Elon a million dollars, which somehow, some way, ends up owning 7.3% of SpaceX. That million dollars today, according to Entrepreneur Magazine, could be worth between $100 billion to $150 billion, making them top 50 richest men in the world. So how did this happen? Every one of us, if you're watching this,

you are one contact, one relationship away from changing your business, changing your life. do it, you got to put yourself out there. If you're not, the way I did it is by going to four to ten business conferences every year. Once year, we host an event called the Volk Conference. This year, we're doing it at the MGM Grand Arena, August 31st to September 3rd. 12,000 people will be attending this event if you haven't yet registered.

Your Antonio may be at that event. Click on a link above or below get registered. We'll see you there. Again, bring your business partners. A lot of people are bringing their employees. Every year, they're bringing somebody new. If anybody that comes in, they typically bring back 5, 10, 15 people to next year with them. I think one of the companies from France, if I'm not mistaken, is bringing 500 people to the event to the VAL Conference.

But Logan Paul will be there to talk about how to create content and get noisy at a time like this. He's always in a marketplace talking about. I know he's got a torn triceps. But even that makes it in the news. Stephen Bartlett, fastest grown podcasts in the world from the area of your CEO. He'll be there. Jerry Rice and Joe Montana will be sitting down with me to talk about how to find running mates. And last but not least, Dan Martel, the great Dan Martel,

we talk about how to use AI multiple eight-figure exits, author of buyback your time. They will be at the conference as well. Okay, having said that, let's get right into it. First story I think I want to get into is this IPO stories, and there's a ton of them, right? There's a ton of them to go through. So which one do we start off with?

Rob, what pages Sarah Braves on to start? We don't have that page. So let's start off with, I'll start off with SpaceX. So, okay, let's start off with Cerebra. Cerebra stock jumps 18% as rollercoaster. First month of trading continues. Tom, we were talking about this earlier that you said they are oversubscribed by 20x, 20x oversubscribed. There's so much interest in this that even after day one, 68% I think the stock is up.

And then we have OpenAI, we have Anthropic. We have SpaceX to go to. So one question for you, Tom, before we get into these stories individually and pomp you as well, why is the IPO market happening now? Why didn't it happen last year? Why wasn't it the year before? Why is it in 2026? Well, I think there's two things happening. The counterintuitive data point is go look at the number of IPOs. And I believe that the IPO total in 2021 was 121 of them. And it's a drop down 30, 40. And I think last year was, I'm going to find the chart that I have on here. And so right now we're talking about that the IPO market is broken back open.

What I believe the number is we've already had 28 IPOs this year, which is almost more than we had last year. And when we just look at the number of IPOs, and we're about to have what's called the summer of IPOs, which in the middle of May was kicked off by Sarah Bross coming out. And their IPO price, the price at all, the insider, and the big institutions got was $185, $185. At the first minute of trading, it jumped out, I think it was $350. Almost double. $370 would have been double.

And then the inner-day high was actually $2.X the price. So why did that happen? Because it was 20XO surprise. They had 20 times the interest in the IPO than they actually could serve. And so all of those folks, a big chunk of them, some of the institutions step back because they don't want to be part of the pop and drop on day one. However, a lot of the retail people that wanted to get in, even high-end retail, they jumped right in, and that's what helps drives the price on day one. So that kicked it off. And we can see just yesterday they were up 18%.

And so they've settled, I think, in the 250-260 range, is where 225 today. day, and just two days ago they were up a 250. And so, which is up above that that 185 IPO price. So so far, this is a success. And now we've got the big three SpaceX Anthropic and Anthropic and Open AI are coming out later in the fall because everybody wants to give SpaceX about 90 days to suck the oxygen out of the road. By the way, just out of curiosity.

And I'll come to you with the same question as well. if you were looking at these individual stocks and you're going to put a million dollars into it, okay? And you have access to it. Say you're on the inside. You have a million bucks. How do you deploy the million dollars between these four companies? SpaceX, Cerebraus, Anthropic, and Open AI.

So since Cerebrose is out, I'll give you the three that are coming. The three that are coming, I'd put 50% of the dollars on Anthropic, and I'd put 25% each on SpaceX and OpenAI. So you would do 50 Anthropic. You wouldn't even touch Cerebraz anymore right now. Well, Cerebrose is hard to get in now, and it's out trading. And so I still like Cerebrose around 220. I'll tell you straight up.

I'm not giving anybody investment advice, but I like this in the 220 range. Okay, so here's the other question to follow up onto the average person that's not on the inside. You have a million dollars. You're not pre. So you're not getting that call from Goldman Morgan. You're just a regular guy, and you're trying to set aside some money long-term, five, ten years between the four. How do you deploy it?

I wait. There's a classical argument that says wait ten trading days for all of the pop and drop to settle, but then be a buy and hold player. If you believe in that company, you look at the early analyst reports, and you believe that's going to be. Where would you be? Where would I be? On all of these?

On all of the four. Would you still do 50 Anthropic and then do 16, 16, 16? Yeah, I probably, the one I have the greatest question mark about is OpenAI. Makes sense. I have a question about because their valuation is almost double right now, am I correct? Double Anthropic in early estimates. And by the way, Anthropic took their revenue from last year. I think it was $9 billion to like $46 billion right now over 12 months.

They have five X than 12 months. Just revenue. Yeah. And all this talk about Fable 5. And all the talk about Fable 5 appears to be Open AI kind of chasing Anthropic a bit. Yeah. And so I feel like they're the pursuer and Anthropic is now suddenly the lead. So that's why I go that way.

Got it. Good feedback. Pomp. Where are you at with this? I would do 50% SpaceX, 50% Anthropic. I wouldn't invest in the Open AI. There's a couple data points I think are important. So the first is in the stock market, the single best day to buy stocks is at an all-time high.

So it outperforms any other day of the year that you could buy when the stock market hits an all-time high if you buy that day. Why is that? Momentum but gets momentum. So if you look this year, I don't know, where we had 21, 22, 23, new all-time highs in the stock market. So if you're buying an all-time high day, that means that the market has momentum and it's likely to continue. Things in motion stay in motion, right? True in financial markets, true in science as well. The second thing is now there's a study that just came out that shows a company that is at a billion dollar valuation compared to a company

that is at $100 billion valuation, the companies at $100 billion valuation, get to a trillion, the 10x, at a higher percentage than the companies that are only at a billion. So interesting. So what does that mean? The advantage of scale,

the advantage of momentum. Like, if you're at $100 billion, it means that you've already gotten to that point. It's working, right? And so you're betting on the thing that is already working. You start to compound. Think of Amazon,

right? Amazon, Google, Facebook, all these companies continue to compound at these great things because they have an advantage that got them to that place in the first point. So second thing. Now, third thing, I think is really interesting is everyone always talks about would you buy, would you not? But a lot of people don't talk about what is your time horizon.

So if you're 80 years old and you need cash next month because you got no job and you need the cash flow, you probably shouldn't be buying any of these things, right? Because they are going to be very volatile. But if you're a young person and you look at this, what you want to be is you want to be in the category creator. SpaceX, use them as the example. They have a monopoly on the ability to launch. they have really the only scalable, repeatable, reusable, reusable rocket.

And then what they've started to realize, which Elon is so good at is they're starting to vertically integrate. They say, okay, well, if we can get the space the cheapest, we could put a bunch of other people's stuff on our rockets, but what if we put our own stuff? Oh, well, let's go launch satellites and we'll beam the Internet down. So then you get Starlink. Then they say, well, what if we also launch the orbital data centers?

And so they just keep eating into this value chain. Now, what I find very interesting is there was this famous slide in the IPO deck that showed the total adjustable market. And the markets are pretty big for space and orbital data centers, et cetera. And then they're like enterprise AI. And it was this like $28 trillion thing. And the reason why that is important is because really what we're starting to realize, if you think of the Elon orbit, everything comes back to machine learning,

artificial intelligence, the models, and the ability to use software and data to do things that no one else can do. And so what is Tesla? Tesla's an AI company. What is SpaceX now? SpaceX is really becoming an AI company. And he is living at the intersection of the hardware and AI, but ultimately it is the AI technology that everyone is betting on.

And so the Cerebrus, as an example, everyone is so worried about things being in a bubble. Go look at any part of the AI market. There is a significant demand compared with a constrained supply. So you have demand outstripping supply. You can't have a bubble if there is so much more demand than there is supply. The only way you get a bubble and the popping of a bubble is when supply catches up.

And so everyone is investing very aggressively to try to catch up to the demand. At some point, that will flip. But right now, I mean, show me one part of the AI trade where supply out strips demand. There's nowhere. It's the exact opposite demand is exponentially increasing. And you've got people who are like,

we can't find hardware, we can't find power, we can't find, you know, all these constraints in the physical world, money doesn't solve that. You still got to go build this stuff and it takes time. And by the way, with SpaceX, if it's a one and a half, whatever the number is trillion dollar valuation. What do you think it's going to be in 10 years?

You think it'll be 15 trillion in 10 years? You think it's got what it takes to 10x in 10 years? I think that we drastically underestimate how big these markets get, right? So if you go back and you look at, for example, let's just take SpaceX as a company. If in 2000 you said, hey, there's a company that could be worth a trillion dollars. Forget SpaceX as a company, but just like any company can be worth a trillion. You're crazy. That was nuts.

We now have, I don't know, what, eight, nine, ten companies that are over a trillion dollars, right? So then we're like, oh, 10 trillion sounds crazy. like we may have a $10 trillion company in the next three or four years, right, given the pace that we're on and the short-bush. Because we got a $5.5 trillion dollar company right now, so you could go $10 trillion in a year. So my friend Jordy Visser brought up recently,

Eli Lilly is a trillion-dollar company. They reported in Q1, their revenue grew 55% year of a year. Stop it. A trillion-dollar company growing revenue at 55% year over a year. Now, they're acquiring companies. The average person doesn't even know Eli Lilly is a trillion-dollar company. I mean, how crazy is that? So I was talking to Jordi about that.

this and I said to him, I said, you know, explain to it me more. They have a thousand GPU data center on their campus. Eli Lilly, what are they doing with an AI data center that they're building themselves? Why is revenue up 55% year of year of year? Where's their campus at, Rob? Where's Eli Lilly based that up? You said they have a thousand GPUs on their campus? Correct. And so if you think about what's happening here is you're starting to realize that having access to data, having access to resources, you are going to compound that advantage.

And so if you're a trillion-dollar company like Eli Lilly, if all of a sudden you can go to $5 trillion and $10 trillion, well, that becomes super interesting because maybe the risk-adjusted return on these big companies is actually much more attractive than going and allocating to some early-stage startup or trying to go and pick some smaller market cap company. And so I just think that like we underestimate the market size, we underestimate the importance of scale and these companies have that. By the way, this is so important for the average person listening to not be left behind because you have, ever hear the stories about the rich get rich of the poor get poor is because they're rich during these times they're involved in equities when it goes it goes and the poor sits there and thinks about it and then the disparity between the two gets wider and wider and wider and people say why is this happening brandon your thoughts on this yeah i'd go 33 percent spasex 33 percent anthropic 33 um with the syruvrus not even touch open ai no i i think um i think they're a dog i think they're

going to be extinct in a couple years uh they completely lost strategic clarity that They're coming out with these new ideas saying, oh, yeah, we're not worried about chat GBT anymore. We're going to create all these chat bots and have things operate on your behalf like they're talking about in that article we're going to get to. So wouldn't touch open AI, but yeah, I think Anthropics and Powerhouse, I think SpaceX, the whole world's going to run off of it with the, you know, what Wi-Fi, what that's going to do, military applications, like, you know, a lot of the drone warfare is completely

dependent on what, what is it, their satellites do with Starlink? And, yeah, with the Cerberus company, it's probably the only competitor to NVIDIA. I mean, their whole thing is they're coming out with, like, the bigger chips because they're saying it's a shorter distance that the electrons have to travel. Instead, like, a bunch of small chips. They have the one big chips up. You know, Nvidia's got 80% of the chip making GPU markets.

So somebody's got to take some of that. You know, they're probably the most realistic competitor. They have, I think, I'd deal with Amazon and Open AI for a... It's great. You want that. I want to know who's number two to Invidio competition, because they're still going to get some market share. So Pepsi may be two to Coke, but there's only so much markets

you're going to get. I want to go to Fable 5, Tom, and I'm going to ask you guys about Fable 5. How real this is. So Anthropic releases, Mythos-like AI, model to the public, two months after private rollout rocked Wall Street. Is this it, Rob? It's just a promo video they released.

Go, go forward. Let's watch the promo video. Go ahead. This is Fable 5. That's their promo video. Come on, man. I want to see more than that. Don't with some like this. Two months after Anthropic rolled out Mito's to a limited number of users citing concerns about the artificial intelligence model potential to do damage in the wrong

cans, the company said it is ready to release an equally powerful model to the public. Anthropic announced Claude Fable 5, a Mito's class model that will be available to enterprise customers and paid subscribers. The company said the broader release is possible because of the new safeguard that block responses on specific high-risk areas, including cybersecurity and biology. Tom, why is this such a big deal, Fable 5? So I think what's happening is two things. One is they had to put a bunch of guardrails around it because when they released certain things, they did a private release and they did a public release.

And in the private release, they talked about a safety. They talked about some guardrails that were going to put around it. but they seem to be chasing anthropic. People were like, well, you seem to be chasing. And most people that have looked at it, I kept seeing this phrase called step change. What a step change is is when you're like, you get like a big software upgrade on your Apple phone. You just went from 26.1 to 26.3. That's a step change.

And I heard a lot of people talking about that this was a step change, not like a big product release. And there also is discussion about, oh, does this get us closer to AGI and whatnot? I think it's important for Open AI to get it right, but it doesn't appear to me that this is, there's been leapfrogging going on, you know, Opus 4.6, GPT 5.5, Opus 4.7, Opus 4.8, everybody's been jumping each other with that. This, I'm not hearing people saying, oh, my gosh, this is the new king. Okay, GPT, where's 5.6? Where are you going? Do you have another one? Do you see what I mean, Pat? It's more of a step change than it was like a cataclysmic jump.

And what's a big deal is the people that like Open AI and are supporting OpenAI and talking about GPT, they need it. All those proponents, they need it to be big because that's the jersey they're wearing. So I'm going to use two direct examples. I saw a guy Todd Saunders, he tweeted the fall one. He said, this is unbelievable. I was on a customer call today, and I had Claude transcribing in the background. As the customer was telling me about the features they wish their current software had,

Claude was building the features in real time. By the end of the call, I was able to show a fully working product with the exact workflow they mentioned 15 minutes earlier. Autonomous looped building triggered from a customer call. This tweet right here? This one right here. Show the video wrap?

So just think about how crazy this is what this guy's saying. He's saying he's on a call with a customer. While he's on the call with the customer, the system is listening to what the customer is saying the pain point is, and it is building a solution in real time. Before the call is over, now Todd says, hey, I got your solution for you.

What do you think? You're telling me this stuff's not valuable? I mean, this is crazy, right? So this is anthropic. This is an anthropic model. Now, could other models do some version of this? Sure. But I think that what a lot of folks already are talking about is fable.

Now, the second example I'm going to use is Sylvia. So for those that don't know, Sylvia is a AI CFO that we've built. We've got thousands of multi-millionaires that are on this thing. And what we see using this product is when we upgrade the model, people start asking more questions. Now, what I think is most interesting about this is when you come in here, you are attaching your bank account, your brokerage, your crypto account, your credit cards, real estate, cars, collectibles, et cetera. And then you are talking to a model with the context of your personal portfolio.

So if you go to Fable or you go to chat GBT and you say, hey, listen, help me get my tax rate down, it doesn't know anything about your finances. But when you combine the power of these AI models with the persistent context of your portfolio, it becomes really powerful. So we've actually seen people go from asking six questions a week to now more than 15 questions per week. Why is that interesting? Who asks their financial advisor, their accountant, their lawyer, etc., 15 questions a year?

These people are asking 15 questions a week. Now, the reason why I find that very interesting is guess what happens? If people are doubling the number of questions they're asking on Sylvia, we are using both proprietary technology, plus we are using some of the models. Every time someone asks a question, it costs money. Why is Anthropics revenue exploding? Because people are on Sylvia asking two times more questions. And no matter how much we work to get the cost and the efficiency of token consumption, et cetera, down, people want intelligence. And so what I go back to is whether it's Todd, whether it's Sylvia, what is the thing that people have run around the world for years now trying to do?

They're trying to find the smartest people to come work for it at their business. They're smart people to help them with their finances, the smartest people to help them with their health, with whatever the thing is that they've got going on. They want intelligence. We now have synthetic intelligence that is more powerful than anyone else. And I saw somebody recently show the model Fable 5 gets paid more than most people in America. So think about that, right? The average hourly wage in America, I don't know, what do you think, 15 bucks an hour, right? Maybe. Maybe lower, right? You're paying 40-ish dollars per hour, to Fable 5 when you use it.

So the model now makes more money than the human does on a per hour basis. You're paying Fable 5, $40 an hour to use it. An equivalent cost of tokens. Totally get it. So it's $80,000 a year's salary. So think about that, right? If I'm sitting there and I can get

superhuman intelligence, but I only have to pay $80,000 a year if it was running it with the normal token consumption, what business isn't like, I can get the smartest person in the world to come work at my business and I only got to pay $80,000 a year compared to white collar work

that they're used to paying $150,000 for these people. So this is where all of a sudden you start to get this very unique kind of dynamic in a business where people are saying, okay, well, if it works in my business, now go back to the finance thing.

Financial advisor, an accountant, tax, in my health, my doctor, my physical fitness coach, whatever, I have somebody who is smarter now that I can simply pay. Of course these companies, are going to get tons of adoption and they're going to get tons of revenue because they're selling the thing that everyone in the world wants, which is intelligence.

Yeah. And so there's a lot of disruption coming to a lot of different industries. Of course, financial service is going to be very interesting because how many times can an advisor get back to 200 clients at the speed that the client wants them to get back? Can they do it faster than an AI would? No, you can't compete at that pace. And they're getting those calls in the middle of a market moment. Those calls are coming concurrent.

everyone reacting to the same thing. Well, it went way down. Trump made a comment. What do I do? Your phone's lighting up. You can't answer them all at once. Here's the thing that I've come to the conclusion of. So we've been building this Sylvia thing now for over a year, right?

Got thousands of multimillionaires on here. The number one conclusion that I have, when you have a child and you want them to learn, what does everyone tell you to do? The single best way for a child to learn is to have one-on-one tutor. We've known this for centuries now. It is very hard to do. It's very expensive.

And so what do we do inside of our public school system? We try to get the teacher-to-student ratio as low as possible. We want the smallest number of students per teacher, and that's going to get the best outcome. Sure. Okay. Private tutoring works. That's why people do it for certain things. In health care, what would be the number one way to stay healthy?

You would have one-on-one with a doctor, and you get these kind of private health care. And concierge health care is blowing up over the last 10 years with the wealthy. So what happens in finance? Well, if you go to a financial advisor, most of them are doing the best job that they can, but they have 110 clients. And so when you're calling and you're saying, what do I do? They got a model portfolio that came down from the home office, right? Maybe they go and they look in your portfolio, but they don't have time to go and customize every single thing for every single client.

When you use AI, now you get personalized insights to every single question that you have based on your personal portfolio, the current events, etc. And so what we see is that people who regularly use Sylvia, they have grown on average their net worth between 16 and 40% over the last six months. So they're outperforming the market. And people are like, oh, that's amazing. Well, it makes sense because these people are naturally, they're inclined. They're measuring their wealth.

they're paying attention, they're asking questions, they're involved, but also they have personalized one-on-one answers. With somebody, which is powerful. Brandon. Yeah, I mean, this is going to cause a lot of people to be displaced, but also cause an economic boom. I mean, like the hockey stick growth that it could cause. I mean, the paper, I thought put out the other day with when AI writes itself,

it says that 80% of Claude's code has been written by AI this past year, up from 20% last year. So, like, you know, the exponential compound effect of that, I mean, it's starting to be like things that we can't even imagine are being created. Like, you know, in 2022, we couldn't imagine what Chachy BT could do. And then that comes out blows our mind. Then, you know, we just show with the diagnostic for the customer on the call being diagnosed right away. So we couldn't have imagined that, you know, a couple months ago.

So what's it going to look like in a year or two from now? Like, what could be replaced? Like, what's susceptible to being replaced and being done at a higher level than humans? So it's going to be a weird thing where it's radical economic growth, but also radical job displacement. And so that's probably why people at the highest levels are talking about this, you know, universal basic income or giving AI equity to the, you know, citizens. It could be like a giant wealth gap separation type of event. Yeah, the gap's going to get wider and wider in waves we've never seen before. So Il-Amas comes out and says coding was a top job for decades.

It will be dead by the end of the year. This is what Il-Lam, and by the end of the year, we're talking about six months from now. Rob, do you have this clip? Yep. Go forward. I think actually things will move, maybe even by the end of the year. this year to where you don't even bother doing it during coding, the AI just creates the binary directly. And the AI can create a much more efficient binary than can be done by any compiler.

So just say create optimized binary for this particular outcome and you actually bypass even traditional coding. That's an intermediate step that actually will not be needed probably by, I'd say, the end of this year. And by the way, when he's saying this, people are reacting to saying, what are you talking about. Check this out. Anthropics new paper adds fuel to the fire, published when AI builds itself on Friday, and the numbers caught the attention of Tesla and Microsoft Watchers alike as of May. Ready? More than 80% of code merged into Anthropics code base was authored by Claude.

Let me say one more time. More than 80% of code merged into Anthropics code base was authored by Claude up from low single digits before Cloud Code launched in February of 2025. We're talking about less than a year and a half. Tom, your reaction to what Elon just said here. We've been seeing this coming for a while. But what's interesting is we've also seen the analysis. It says the number of job openings for software engineers has been increasing. Well, wait a minute.

What does that software engineer do? Are they basically performing DevOps functions? Are they more like product leaders? Is that what they're doing? But the individual coding is happening through the AI engine. And that's the reconciliation I'm looking forward to understanding that. Because on one hand, they're saying coding. But there's more to software engineering than just the coding.

Right? There's all of the application build, the outcome, the human interaction, you're getting all the feedback on there, and then you've got the product people. So AI can do all that in some form and more, but I think what we're really talking about is like that was in that phone call they were talking about that you were talking about.

That was an existing application that existed that what was happening in the background was AI was basically optimization, correct? Absolutely. Right. So you already had a customer construct and you had a customer need and you had a person from the company on the phone, AI is listening and giving you a bid optimization on the fly.

So that's where I see the speed. So I don't think this is the death of software engineering, but I do think that if you're a coder and you're working 12 hours a day and you were just hands on keyboards, as they say, I think that class of people, that's where it's going. And I want to see where all those jobs right now, because a number of job openings for software engineers is up big percent over last year. I want to know, okay, when the dust clears, what are all these people doing?

Are they really the product leads and ideation and working on the customer side? Because what Musk is saying is there not going to be the fingers coding. This is very normal, right? If you go back, there used to be entire buildings full of people doing computations. They literally were settling the books. They were writing down in the physical ledger. You know, what is the revenue? what are the expenses, and you would have floors and floors of people.

Now Excel does all of that. And so if you were to look at the percentage of computations that occur inside of a business, 80, 90% of them are all done in some sort of technology or automated traction, right? So of course, code going that way. It feels crazy when you're kind of living through it. But it's like the first time somebody saw Excel, you know, and so maybe a pivot table, they probably had their mind blown. I'm like, oh, my guy, is going to take everyone's job.

The truth is that actually just made everyone more productive. And so Box CEO Aaron Levy, he had a great post about the impact of AI on jobs recently. He said that the jobs data coming out continues to suggest the opposite of what a lot of people thought would happen. And his example that he uses as engineering, which Tom is talking about. He says, as the prime example of the area where greatest AI impact happens in engineering. Most companies now have far more software projects than ever because of AI. And effectively, only engineers are going to be the ones doing the work. So you would think that, wait, AI is supposed to be replacing the engineers, right?

He goes, no, you can get by for a while by being non-technical building software. But eventually, someone has to understand what the thing is that got built, right? He says, somebody's got to maintain it. They got to fix the security issues that come up. They've got to upgrade the systems and so on. That's all jobs. And so you can go and you can vibe code things. But if you vibe code it and then something breaks, sure, could you go ask the AI?

Yeah, and it'll fix some aspects of it. But then how do you integrate it to your existing business or your existing system? Like, you're still going to need engineers. and I think his point is, and he's got a front row seat to this, AI is going to replace some of the work of the engineers, but actually we need more engineers because now the company can do more. Tie that back. Why is Eli Lilly's revenue up 55%?

Why is Nvidia and all these companies accelerating so hard? It's because they realized I can get more productivity. So actually, let's go hire more people so we can go faster. And I think that's probably the biggest thing I've changed my mind on AI, is I thought it was going to take everyone's job too. And then when I started looking at the data, the exact opposite it's happening. It's creating an immense amount of jobs. this thing is going to make people wealthier.

It's going to make them happier. It's going to make them much more healthy. And I think ultimately is going to create more jobs. What do you think about with Bernie Sanders and even Elon saying that eventually we are going to have UBI because of what's going to happen with the wealth disparity? Do you think that's going to take place? Well, I think that those two guys are coming at the problem from two different angles. For sure. I think that Elon is saying, hey, there's going to be so much technology innovation that ultimately you're not even going to need a job.

And there's going to be so much prosperity that we can go and we can give money to people. Bernie Sanders is saying the exact opposite, which is like... 50% equity the government should own, which, by the way, Trump is kind of agreeing with them a little bit on a couple of things. Yeah. My general take on this is socialism is becoming popular in America. There's just different flavors of it. So you just zoom out for a second.

What is the difference between socialism, let's take from the rich and give to people who don't have a lot? And the government's saying, let's take from the money printer and give it to rich people. It's all forms of socialist. So I think part of why you get so much social unrest and division in the country is people are actually fighting over who's going to be the recipient of the increasing socialism. What's the form that it's going to infiltrate into our economy, into our society? And what scares me a little bit is that there's not a lot of people holding the line.

Republicans, Democrats, rich people, not rich people, local level, national level. everyone's kind of in on the socialism game in different forms or flavors. And so then the question becomes, okay, well, when AI becomes pervasive, now you actually have another person at the table. Because guess what? These companies, they realize, well, White House asset management. These guys, they want to do deals? I don't know what the track record is in the last couple of days.

But almost every company at the White House took a stake in, invested in, et cetera, they were up significantly. If you're the CEO of some big company, what are you going to do? You just show up to the White House, hey, if you can make my I stock go up 300% what deal you want to do. Right? And so the incentives take over, I think that that's a huge part of the story. Yeah, I'd love to give respect upon that.

So I think the reason for that is that traditionally the biggest barrier to socialism is a strong middle class. And the more the middle class gets eroded, the more susceptible it is to, you know, drinking the Kooliative stuff that people like AOC said, like, oh, you're being taken advantage of. It's not fair. And you know, and like the basic costs of living, like food, housing, energy, those things get unaffordable. take up more than half of the average person's wage, then they start to have socialist thoughts. So I think that's the biggest thing. I'm into protecting in socialism, having the middle class in a position of strength. But I keep going back and forth on this one about, like, are we in

the industrial revolution equivalent or are we in the dot-com bubble equivalent? Because I could make the case for both, not certain about either one of them, but, you know, I think it either could be the case. Like, we could either be, you know, 10 years ahead of radical growth ahead of us with, you know, unprecedented technology and job creation and growth. Or this could be a giant bubble because, you know, we are kind of due for a big drop at some point I would think. I mean, in reality, and, you know, like 80% of the stock market growth and profits have been from AI. So, I don't know, I could see either one of those things being the case. Yeah, I mean, to me, the more and more you're running, you talk to a lot of different people,

those who have an incentive for the market to drop, who have cash and are waiting for a discount, they are selling doom and gloom. It's like, hey, man, I want to get a discount. House prices, I hope they go down because I want to use this $100,000 down payment and get it out of discount. And I think it needs to get an, I'll go on a discount. And I think those guys are losing in a big way today. I think they're losing in a big way today

because the level of advancement that's happening, in my opinion, is so aggressive and fast that that wealth is coming. Like even when Trump sat down with Kristen Walker on Sunday with what's it called Meet the Press. I'm sure you saw the interview. And she says, well, you had really good job report. He says, why don't you say the number? What was it? 172,000 jobs.

How much should we beat expectations? Go in and say it. And she says three times you beat the expectations, right? So on one end, you're looking at, so, wow, economy's horrible. People are dizzy. That was up, NASDAQ's up, SMPs up, jobs are up, all this. Why is this happening? So I think there's going to be a those who wait for market crash rather than participating and getting involved will be left behind, in my opinion, in a massive, massive way, my opinion, massive way.

And by the way, I believe it'll be such a, and by the way, this doesn't mean that there won't be corrections and stuff happening. Do I think there could be a possibility of a 20% correction of shit would have hit the fan? Sure, yeah. But I think that 20% is going to follow up by 3x, by 4x. And then they're going to be sitting there saying, I wish I was in the market involved with this. Rob, do you want to pull up that clip with the president on the plane on Air Force One talking about teaming up with AI and go ahead, Rob?

No, there's a concept out there. There's so much money and it's so big that there are concepts where pieces could be given to the American public, where the American public essentially becomes a partner with the company, with the companies. And I will tell you, yeah, I have spoken all of them. There's something very interesting about it, where it almost becomes a partnership with the American public. And we'll look into that. We are looking at it. I actually have a meeting scheduled in the very short, very near future with, did you know that, with all of the companies? And we're talking about it where the American people can benefit from the success.

of AI. And by doing that, they're going to like it better. Because we're leading China, but leading everybody in the world with AI, and we want to keep it that way. It's probably the biggest industry. Do you agree with that, Tom? To a certain degree, remember, he liked the opportunity to invest in Intel. And he thought that having that equity was like good for America. So I think these are two different angles. I think Bernie is looking at, I want to tax it and control it. Tax the rich and control it. Exactly. And I think what he's looking at it is basically why shouldn't the federal government effectively have opportunities to build an ETF of the companies at help? No, no, no. I disagree with that position, but I think that is what the president is kind of saying. That's definitely what he's saying. So we have a way to do this already. It's called the U.S. stock market. The problem is that these companies are not going public. Why are they not going public? Because regulation is too high. The expense is too high.

the expenses too high and there's too much capital available in the private market. Just sarboxes. Yeah, they don't need to go public. And so the way that this used to be solved is the companies went public and you could buy the S&P 500 and you got exposure to the American economy and you had a stake in the capitalistic system. Now what happens is that all of the returns or a lot of the returns are being created in the private market.

SpaceX is a $2 trillion company. Name a teacher, a pension fund, et cetera, that got to invest. Now, some people will argue, well, the pension fund gave money to a venture capitalist, who then put money into SpaceX. So there's some indirect ownership there. But what these people want is they want the ability to actually own some of the stake directly in their brokerage account.

And so actually a way to do this is to get these companies to go public much earlier. Amazon went public at a $400 million market cap. Anthropic is a trillion-dollar private company. Like, what are we talking about? You know, it goes back to the point you made about the billion-dollar company and the $100 billion company

because I love the story of Apple. I'm going to get this wrong. So somebody got to correct me. I think it took 42 years to get to a trillion in market cap. It took, and I think it was two years and 16 days, or some ridiculous it's a few days, to get from one trillion pat to two trillion. And then I think it was 16 months to get from two trillion to three trillion in market cap and then barely a year to be, you know, around four trillion. So it's amazing. So you add up the last three, it took you 42 years to get to a trillion.

and basically another three and a half four years to four X at, which goes to your point about a billion dollar company doing it versus a hundred billion dollar company, worse the scale, worse of speed. But that makes sense even if you look at sales companies, you look at individuals, you look at YouTubers like, how much is Mr. Bees' YouTube channel growing compared to smaller YouTube channels? What's the likelihood that's going to be able to get to a billion subscribers? You know, in the next couple of years, Mr. Bees is going to have a billion subscribers,

depending on how YouTube controls the algorithm, but his content, what he's creating. So Cal she came up and said 12% chance Mr. Bees announces an IPO. They have a new CEO. I think their valuation from a couple of years ago, they were saying it's worth $1.5 billion. Right now it's around $5 billion. Their chocolate business, if I'm not mistaken, quarter billion dollars of the revenue. They have $250 million of just a chocolate. Can you fact check this for me?

It could be $200 million. What is the number? Okay, I was right. $250 million in redmond. revenue. And so they got a new CEO, solid guy. What do you think is the likelihood that a YouTuber like Mr. Beast, whose top line revenue for his whole brand right now is $800,000 million dollars? What's the like to somebody like that goes public? Well, I think you have to realize he's not a YouTube business anymore. He's not. Right? Now, he makes money on content for

sure. Sure. What he's basically figured out is I need to go and build products and companies and, you know, the business looks very different than it did maybe five years ago. The second thing is, is, is, If he had not raised money, the odds would be near zero because he probably doesn't want to deal with being public and all the stuff. The second you get investors and the type of investors that he has, they need to make a return. The only way you make a return is at some point you've got to sell. You've got to be able to monetize the investment. Well, unless you're going to just keep raising more capital from private equity and there are going to be secondary transactions, the way you get the liquidity for your investors, you go public.

And so I think that it is increased odds now that he's taking money from some of these investors. the other piece of it, though, is what if he doesn't take the whole thing public? Right? So one of the aspects that I think people always look at is like, it's black and white. Either you take the whole thing public or you stay private. What if he or what if he sells the chocolate business to Hershey? What if he takes another piece, right? And he starts to monetize these different assets, but he realizes that the parent company

being private is really valuable and instead he's able to monetize the individual assets. I don't subscribe to the idea that, like, Mr. Beas is going to buy Hershey's, right? but I do subscribe to the idea that Mr. Bees is probably going to in some verticals become the consolidator. And so if he has the right people around him that understand capital markets, understand how to do M&A, I mean, he's in control, right? He has distribution in the world of AI where somebody can listen to a phone call and build a product while you're on the phone call. Unbelievable. The only thing that matters is do you have distribution?

And he's probably got more distribution than anyone for a certain subset of, you know, the global population. So he gets to dictate demands. Tom. I agree with that because I think what you're seeing is basically also the Kardashian effect. So you have this, think of the Kardashians as personalities as sort of a holding company, right? They're holding this value and they're holding the audience. Okay, how do they monetize the audience? Well, you had...

If you really want to go to it, we don't want to go there. No, let's stay out of alternative video products. and just stick with Mr. Beas makes different kind of videos, Tom. That's not what it's specialized. I completely understand. You know, it's exactly, right. That's not somebody walking in the shadows. Tom got startled, Tom.

I don't want to start. I'm not going to go here. I thought you were going there. This is a family friendly of podcast, Tom. Can we pull up the clip? Kylie. Can you pull up the clip? Yeah. So, you take the Kardashians. They have this

storehouse. of audience. And then Kylie went out and just with a lip gloss. And just with her audience, because she was the new to the party. I think it was the I think it was simply Kylie's lip gloss and Kylie Cosmetics.

And so suddenly that was a, yeah, there it is. First 18 months, $420 million in retail sales. Something that Landcom, if they put out a new product in their lineup, you know, they would have absolutely

given their left leg to have that as a new have a half a billion dollars retail sales and a new product. So now, what did they do with it? You know, and go take a look. Scroll it up

a little bit. Cody, the beauty brand goes, wait a minute. We'll take 51% of it because now we've got the audience in the product and they gave her $600 million for 51%. Now the product company is monetized.

So I agree with that. And so this is how Mr. Beast, I think he's doing the same thing. He's got access. I say if he's audience. Yeah. Product. And then I agree with the Hershey comment.

100%. There will it be, will it be Eminem's who has been private forever? Yeah. Or will it be Hershey or someone that comes up and does what Cody does. Look, we'll take 51%. We'll pay you for this. And then we'll run it.

It's a great thing about where he's at, though. He doesn't have to do anything. He literally doesn't have to do anything. And the longer he goes, you know what I'd love to see a case study, a guy like Mr. Beast in 10 years or less being worth $100 billion. Imagine that playbook. Now, somebody may say, Pat, you're out of your mind. What's the likelihood that Mr. Beast is worth $100 billion in 10 years?

Oh, I don't know if it's him or somebody like him, but I think that you're going to start to see significant number of people. A hundred billion is a big number, but it's called $10 billion. I think that's pretty number. How are you? 37. I'm 47, right? We're 10 years apart.

In 10 years, we'll do a podcast, and he's going to be very close to it. You know why? Inflation. How? Not just inflation. No, no. You know what I think's going to happen? Because I think right now, what he's thinking about is the following.

He's right now selling products that don't have the highest multiples in valuation. Someone's going to come and is going to say, hey, dude with all this stuff that's going on with AI we got to launch a product that's going to grow fast on its own why don't we go higher some of the best folks that we have bring them in and let's build something that can have a 100x multiple 50x multiple when I'm saying 100x

I mean I'm saying like the speed that it goes if he goes that route and he has that kind of eyeballs that he's getting forget about it he controls his destiny he did step financial they acquired this like a fintech product I think they are moving that way. But you want to know, speaking of the Kardashian brand, you know what number I saw that blew my mind?

Ivanka Trump was on a podcast with David Sender recently, and she talked about her fashion brand, which I think kind of, I sort of remember she had a fashion brand, whatever. She said that she had something like $800 million of annual revenue. On her fashion brand. Just like. Right there. Yeah, yeah.

Go ahead, Rob. It was kind of like lightning in a bottle. I caught a moment. I was still sort of leading the charge at our family real estate business, I had young children at home, or was just starting to have children when I first launched fine jewelry. Ultimately, we ended up having 11 different categories, apparel, footwear, sunglasses, fragrance.

But we created an excessively priced line that was feminine and beautiful, but for like a multi-dimensional woman, like, Like, at the time when I was coming up, the outfits that women were buying for work were so far from aspirational. And they couldn't transition with the woman to the date night they would have that evening or afterward drinks with their girlfriends. It was like nobody was posting on Instagram, like what they were wearing to work. And so we thought, like, let's bridge the gap and create something. This is a different clip.

Close to $800 million in sales annually when I shut it down. went into government. And she shut it down. $800 million in annual revenue, she is claiming, and she shut it down. So again, forget for a second why she shut it down, good decision, not whatever. Ivanka Trump was able to build a business

with $800 million of annual revenue. And it goes back to brand, distribution, notoriety, these things. And she's doing it in a physical fashion, fragrance, sunglasses. You know, it's not like she's selling software. So again, if you're able to do that with this,

This type of brand will no wonder the anthropics of the world are growing at, you know, ridiculous multiple. Totally get it. But to me, it's two different things. It's, if Jimmy figures out to bring a AI, like he can afford to bring in AI, both engineer, executive, CTO, CEO, he's, he can bring some interesting people because kind of eyeballs he's getting. I think he can be, it can be the difference between his network being 10 billion and 10 years versus 100 billion dollars. So we'll see. We'll see. We'll see which would.

But the reality of it is, content. and creation has become a massive part of growing your business. And that wasn't the case 20 years ago. That wasn't a business model 20 years ago. Today, that's becoming a big part of it. Brandon. Yeah, I see exactly what you're saying. You're saying, you know, he's like mastered the content world.

And, you know, that's like what advertising used to be. And advertising's always been powerful. But he's still tapping the potential of what he could be from like a business-minded person who's like optimizing that side of it. If you're getting a CTA you do on a Mr. Beast video and you get a million people visiting the website, the only difference is what price is what price is. product are you selling on that website? Is it a $2 chocolate or is it a, you know, $28,000 enterprise product or, you know, and then you need to know your audience because it's a lot

of kids. So is it now the audience that's aging with him? Because how old is Jimmy now? Is he in his late 20s? Is he still in his 20s or Jimmy? Yeah, he's probably late 20s or maybe he's 28 years old. And he just turned 28. He just turned 28. So he's going to be thinking about this stuff. Let me get... Just real quick, another example of this. I think Ryan Sourhant has done a fantastic job. He's now selling, I think, over a billion dollars of real estate per month.

He's built one of the fastest growing real estate companies in the world, right? So you just look at this, like, he's got a big audience. He's been doing it a long time. He understands how to communicate on the internet. You've got Mr. Beast. You know, you've got the Kevin O'Leary's of the world. There are so many great stories today. Like, if a kid is watching this or somebody's parents watching this,

by the way, one of the main reasons why I'm bringing Bartlett, Dan Martel, and Logan Paul, to the event at the event at the... Vault is specifically for this reason. You want your kids to watch what they're doing. You may say, I don't like Logan Paul. It doesn't matter. These guys built brands. Logan Paul's going to be a billionaire. Bartlett, the way he's going to be a billionaire. Dan Marta, these guys are building brands that are going to be multibillion-dollar brands through learning how to create content. Like the ability to learn how to communicate your message

is so, so valuable today. It's so valuable today to do that. And some are doing it at the highest level. So let me get to the next story. I'm going to get into is Kevin Warsh. Stories comes out about the fact that they want to see interest rates go as low as 1%. CPI went to 4.2. The story just came out. What page is it on? Rob, is it page 5 it says?

But which one on page 5? Because I'm on page 5. Okay, there it is. Donald Trump piles pressure on Kevin Warsh with call for rate cut. And this is a financial time story. So let me get to it. Rob, is this that video? Yes, I have two videos.

One for Meet the Press, where he talked to. about interest rates and then a second from Air Force One, but it's just audio. Let's hear the Air Force One. Air Force One, go forward. So I'm sorry, given those job numbers, do you think the Fed should cut rates at its next meeting and do you think new chair, Kevin Warsh, can convince the rest of the company? I'd like Kevin make that decision. I'd like to see lower interest rates because each point, think of this, is $600 billion.

Okay. So, you know. Okay. reason to raise interest rates. Trump told me to press, which is a longer clip, so I'll kind of just go through it, Rob. We built a country by doing great and having rates low. What they do is when they raise rates, they try and kill success. I don't want to kill success. We should actually lower rates. Worst Trump's pick. Trump talked about has called for the Fed's benchmark, currently in a range of three and a half to three in the three quarters to be slashed to one percent or lower.

the president repeatedly criticized Jerome Powell as a moron and a numbscull for failing to cut rates quickly enough. Tom, thoughts. So today, we'll put, we'll tie a bow around all this and Pomp will jump in on this rather quickly, I'm sure. So today's CPI comes out, consumer price index, 4.2% right in line with everyone's expectations. Everybody was right on that number. What's interesting was that core CPI, where you take out food and energy, it was 60% of it was related, 60% of the number was related to energy. So guess what? It's the energy spike of a temporary shortage and interruption in the supply of oil, which becomes increased price of gasoline, which becomes diesel, increased cause and diesel fuel.

And they say, well, food's up. Well, what's in the truck that's transporting those apples from the farm to the grocery store? Diesel fuel. So it affects everything. And so the whole point, there's the 2.9 and 4.2. This is a spike related to the war. And so I keep saying it. Last year, I took incredible heat, and I turned out to be correct.

When I said, Liberation Day, remember the phrase I would use, that the tariffs are tactics. to work with foreign trading partners, not permanent taxes. No, you're wrong. By definition, a tariff is a tax. Trump doesn't want these things to be permanent. He wants to move the other guy to get a better trade deal. And I turned out that I was correct. Now then, here, temporary statistics around the supply of oil are showing up,

and it's 60% of the CPI. So by definition, you know, this, you move, You carefully look at the word temporary, and you don't react by raising rate based on temporary statistics, which are creating, yes, are these inflation numbers? Yes, but they're temporary. This is not something that's there. And this is not the Biden administration saying this is just transitory. Under the Biden administration, it was structural. Right now, as soon as Hormuz is open, soon as oil is flowing, you're going to see it's going to take weeks, then a month, and then all of a sudden the refineries are there, and then we're going to refill the SPI Strategic Petroleum Reserve. All of that's going to come back. What you heard on Air Force One, she asked, do you think with these job numbers that is time for a rate cut?

because unemployment is what leads traditional textbook of Fed moves to say, unemployment's way up. We need to cut rates so that businesses can get more money to build another factory and employ all these people that don't have jobs. And so this is why Kevin Warsh, people are saying he's in the middle. He's right in the middle between a president that said, look, I think we need to cut rates and I think that'll help businesses and there are some job stats out there.

And everybody else is saying, oh, it's inflation. inflation inflation you should raise rates and I'm on the side that I've already just articulated how I feel about the inflation stats. Pop, I've spent a lot of time thinking about data and then talking to people. The number one takeaway I've had is that the people are right, the data is wrong. And what I mean by that is if you go back, at the end of last year, inflation was coming down. And I think most people, myself included, were like, this is a central banker or a politician's dream. low inflation high growth economy wow they're going to pull this off before the iran thing happened i think that pretty much everyone i knew in finance was kind of like i can't believe they're pulling

this off if you went you talk to people though they don't care what your numbers are they're saying my gas bill was hot my grocery bill is hot rent is too hot i can't afford a home this is crazy everything is too expensive and what i used to think is oh these people just don't know what the data says. Like the data is telling us that inflation is low. And then I started thinking about it. I said, it doesn't matter what the data says. It's what the people think. Because guess what midterms in November, they don't care what the number says. If they think things are too expensive, they're going to vote based on what they think, not on what the data says. And so the reason why that becomes really important is why was it that inflation readings were low, but everyone felt

like everything was expensive. Because both sides were right. And that's the part that no one really wants to talk about. Yes, all of the readings were showing that inflation was coming down going into the end of the year. But it didn't matter. We had 30% loss of purchasing power for the five years before and everything was sky high prices. You remember going to the grocery store and you would check out and it was 50 bucks and now all of a sudden it's 90. All you're thinking is like inflation, but really what you're talking about is like the nominal cost of goods has gone up. And so who cares what the year over year changes? All I know is that my bill is significantly higher than it used to be. So the reason I bring that to now is now actually what you have is you have a point in time that people can point to.

And they say everything is expensive. Trump went to war with Iran. And I think that is going to be a very big problem for Republicans going into the midterms is because when they look at that gas pump, they are going to equate it directly to the war in Iran. When they go to the grocery store, they're going to say, this is the war in Iran, right? And they're just going to keep tying it there. I think that the administration, their view is, okay, we're going to end it. The strait's going to open.

you're going to see energy prices come down, gas prices come down. I think that there's probably a good chance that that is actually what's going to happen. I do not think that people are going to care, though, because all they're going to have in their head was gas was five bucks. Grocery prices were too high.

I still don't own a home. I still have this problem. I'm still falling further behind. And so you get in this weird game of who goes into the ballot. Who votes? Are they voting looking at what the CPI says? Or are they voting on what they're feeling? And I bet you if you took a poll of the,

The audience, if you walk down the street and you ask people, what do you think the health of the U.S. economy is? I mean, look at all the poll data. It's all bad. And so I just think that we're in this very weird world where the Fed is going to make decisions based on the data. I think Tom is right that they should not raise interest rates. But if you go talk to people, people are pissed.

They do not like politicians on either side of the aisle because they feel like they're getting their wealth stolen from them. They feel like things are too expensive. And Scott Besson was asked when he first became a charge, secretary, the all-in podcast guys went and they interviewed him. Their question was, do you believe the economic data? He said, no. And he very quickly polished the answer.

But in his explanation, what he said was, when you're faced with facts versus what people are telling you, you have to side with the people. Now, he was talking about the Biden high inflation and the fact that Biden was saying, oh, it's coming down, but people were saying it's too expensive, et cetera. I agree with Scott Besson. it's just that

structurally the U.S. economy is facing a problem and both sides of the aisle are going to have to deal with this going forward. It's going to be a major issue. Brandon. Yeah, so it's like the saying that there's lies and there's big lies and there's statistics. So, you know, that's an understatement for the CPI. The CPI is fundamentally flawed way to track inflation, it's gas lighting to the highest extent.

I mean, the basket of goods they put in to measure it, you know, they switch things out conveniently to make it look less impactful than it is. And, you know, they frame it in a way as if, If like 4.2% means that that's the number that inflation is up for all time. But what it is is up 4.2% from last year, which was also up another 2.9%. So you know together it's a higher number than 4.2%. Then stack that year over year over year. It's just the amount that it went up from the year prior.

So what's the compound effect of that? It means we're up, you know, like 50% inflation over the last 10 years. So that's what people are feeling. And 90% of the stock market's owned by the top 10% of Americans. So of course, most Americans are going to care more about, you know, know, what the prices at the grocery store rather than what the stock market's doing. You know, not that that's not what's best for the most amount of people, sure, but it's a flawed way to measure the health of the, you know, average person to say the stock market's doing well. Yeah. And by the way, what's interesting, what you're talking about that, you're talking about, you know, the president and his camp now wants to find a way to get this thing done, get a deal done.

And then yesterday you hear the story about a Trump, Trump says a pilot safe after U.S. helicopter crashes near a whole, moves and then they had to retaliate and I think they hit a couple spots in Kargai Island not necessarily any specific places is this it Rob yes sir go for it it's had to do with Lebanon and it has to stop we want to get it finished there's a report that an army helicopter went down on the street can you give us an update on that are the soldiers okay uh the pilots are fine yeah and what nobody injured we are going to issue a report tomorrow but the pilots are fine You have the tweet on this, Rob?

There was a tweet that he put up and he said, we have to retaliate, we have to respond. And they did. They, you know, they hit a couple places in character, but Iranians are like, you didn't really hit anything that was, that was that any place that was necessarily important. You just kind of show that you retaliated, right? The Iranians want him to retaliate and hit hard from what you understand.

They did. They did. No, I understand that. But I'm saying like the Iranians are upset that the U.S. didn't do more, weren't more aggressive. for what? Which Iranians? The Iranians that want to... You tell me. Well, that's what I'm saying. I mean, there's two Iranians. The 19% that are pro-IRGC, yeah, they probably, you know, don't want that. The 81% that wants the IRGC to be

gone, they're kind of like hoping, you know, something's going to happen there. But it wasn't a major retaliation that we had from our end that we did. Again, the only thing with this is, does this accelerate? Does this delay a deal getting done? Does this, and I think the American people are part of it. Yeah, this is it. So at the end, he says, nevertheless, the United States must of necessity respond to this attack. Thank you to this attention to the matter. I think a lot of the world is burned out with this story to just either get it done or don't get it done.

What is going to happen? And a market sitting there saying, my gas prices are still high. So for you to say Besson's position, do you trust the data or do you trust people? You have to side with people on what they're going to be saying. and I think the biggest positive distractions around the corner with the World Cup will they do anything with it? I don't know as they get past this.

In the chat here, I see people talking about, there's somebody said that they get $125,000 salary. They live paycheck to paycheck. And a lot of people will hear that and they'll say, you're so irresponsible. You're spending issues, whatever. No, no, 125, you could be living paycheck to paycheck. When you start to do the math, right?

So let's say you pay 40 to 50% of taxes right there alone, home, kids, food, right? you start to do it again, sure, you want to enjoy your life also, right? And so in a world where somebody is saying, I make $125,000 a year and I live paycheck, what about all the people who don't make $125,000? What are they doing? How are they surviving? How are they living their life? And I think that is ultimately what is driving so much of the, just like anti-government, both political parties, you know, it's the big government versus the little guy. That feeling in America, to me, is an economic story more so than anything else. I agree

with you. And I think whoever is able to touch that story better is going to look better for midterms as well as 2028. And there's a lot that there's... Mom Donnie came in. He said he's going to give away all this free stuff in New York City. And then the fairs went up on the subway. You know, so it's like... I never said buses.

I remember he made that comment? I didn't say buses. I said subways. Yeah, Trump's dodging that issue and that's not going to be good for him. For what? Affordability? Yeah, I mean... Tell me more. He's just acting like it doesn't exist. You know, that's been his narrative this whole time. And now, you know, he's saying that inflation is just high because of the Iran situation with oil. But no, it was a problem before that.

And, you know, when people say socialist things like AOC or Gavin News, and most people, unfortunately, aren't, you know, intellectually caught up enough on economics to understand what's really causing the problem. So when the socialist politicians, you know, say these things, it's music to their ears. And they're so desperate that they go along with it. Yeah, Tom. Well, people want to see this war and this stuff over. And one of the things that I saw was very interesting.

I was reading a defense analyst this morning that says, said, you know, the president is more tired of it than you are, right? Because he's dealing with the economy and the polling and which bothers him more, probably the polling. But what's interesting, you know what they hit on Carg Island? They hit the control tower, two warehouses that are owned by the Iranian Navy, a mine storage facility that was particularly exciting when we hit that. We hit the building full of mines. That was the 4th of July. And also, there was two air defense bunkers that we hit, but what was not hit is anything on the other side of the island on the pumping or the ports. And there are 20 super tankers anchored just off of the terminals.

The terminals is those long T-shaped docks, which where the tanker hooks up to to get the oil on there and then they go sail away. And so none of the sailors on all those commercial tankers slept very well last night, but they basically beat the hell out of all the military targets on Carg Island. So now it just, if it was the excuse for the Apache helicopter, whatever the reason, he just made it much easier if he wants to instruct coalition forces or us to go take Carg Island and then just start pumping and reopen it that way. I just asked Sylvia, so you just go to CFOsilvia.com, and I asked, I said, how does this morning's inflation report affect asset prices? And then I also asked to tell me about, should I change anything in my portfolio?

Leave my portfolio aside for a second. Equities, risk on, led by the rate sensitive names. So, S&Ps up, NASDAX, up, Russell 2000s up, et cetera. Interestingly, bonds, front-end rallies, long-end sells off, which is the curve's deepening. But gold, Sylvia is saying that the safe haven bid is unwinding. And a huge reason is that when the inflation tail risk eases and long-end real yields hold firm, the safe haven premium in gold deflates. So because core CPI came in lower than expectations,

anyone who is a quote-unquote professional investor, sophisticated investor, et cetera, is looking at these point one, literally point one differences between what was expectations, what was this? There is not a single person in the United States of America who goes at a grocery store today who gives a shit about point one. And that is ultimately the big difference, right? So you have gold selling off because all these professional investors

who hold this asset and are trading on a day-to-day basis, like, oh, maybe inflation, maybe there's a little bit of light at the end of the tunnel, that inflation is not going to be as high as we thought it was going to be. And I think that that comes back to, I think Trump was asked at one point, like, do you keep in mind Americans affordability when you're making decisions in Iran? And he said no. Which, again, just say, I'm not worried about that off the cuff standing on the grass.

He got a lot of heat for that. Yeah. He got heat. But if you think about it from a pure military standpoint, that is the right answer. If you think of it as the president of the United States, right? You've got to take a lot of different inputs in when you're making these decisions. And then you've got the midterm elections coming up, et cetera. And so I don't envy being the Federal Reserve chairman,

the President of the United States. I mean, these are very hard things to do. But I do think that this is all much more interconnected than we want to maybe admit. And then Tom, the thing about the oil and energy, I don't think we've really heard a lot of like, what's the United States doing with the Venezuelan oil? Like that was the whole big thing, right?

Remember we were going to strike a deal. We were going to get access to their oil. It's heavy crude and Houston was built for heavy crude. But I haven't really heard that much about it. So maybe there's stuff going on that we just, just don't know yet, but I do think that, like, that is part of this whole story of they got to get the energy price down. Well, let me talk about a guy that is actually thinking about affordability, and he's doing

it in the right way and passing laws, and that's Governor DeSantis in the state of Florida, passes $250,000 homestead exemption that could erase property tax as Americans continue to flee high-tax blue states for lower tax destination. Florida lawmakers have just passed what supporters describe as a major one for economic freedom moving to provide long-term property tax relief for residents. The Florida legislature has cleared a historic dissentist back constitutional amendment for the November 2026 general election ballot that could eliminate non-school property taxes for many homeowners through a proposed $250,000 homestead exemption.

Rob, is this it? Yes, sir. Go for it. We would be taxed on $500,000 of value. Making the change would require an amendment to the state's constitution. approved by 60% of voters. Now, Florida isn't the only state considering changes. Others considering property tax cuts or even eliminations include

Colorado, Georgia, Kansas, Montana, North Carolina, and Pennsylvania. Now, according to the Tax Foundation, home values have risen 27% faster than inflation since 2020. That's where those high taxes come from. But many local elected officials oppose any change. County Mayor Jerry Deming saying this, I support meaningful tax relief for residents, but the governor's proposal could significantly reduce the local funding that supports essential services like public safety, fire and rescue. So check this out.

The biggest beneficiary may be families and retirees looking to establish permanent residency and maximize long-term savings, said to Corcoran Group Mike Duckin. Tom, your thoughts on this? How big of a deal is this? for especially middle America. This is a huge deal for retired people that are already in Florida that have seen Medicare not keep up with the costs that they need and having to buy a Medicare advantage, Part D to supplement their Medicare and the drugs they may be taking, thyroid medication, you know, diabetes medications, things like that.

They get hit with inflation and they're on fixed income, right? So now the governor says, hey, there are two parts to your property tax. One part is general fund. And the other part, it'll say schools. What he's saying is the part of your property tax that's for schools and public infrastructure is not affected. But I'm willing to lower your property tax on the other side because we as a state, through sales tax and other things, are making the funds and we're being more efficient

with the dollars we do get. So be a very keen listener to that. He's not sounding like a tax and spend governor, like so many blue state governors. He's saying we've been more efficient with what we spend. We're being more careful with it. And that is the taxpayer's money. So why shouldn't we allow taxpayers to get some relief? So guess what?

It's 150. It used to be if you went homestead, it was like $25,000 or $50,000 that you could reduce the value of your home. and then pay less. Now it's going to be $150,000 in 2027, and then $250,000 in 2028, and the $250,000 baseline will be reviewed and adjusted higher starting in 2029. So he's basically saying if you bought a house here... That $250,000 could be $300,000 in 202029. It could be.

Yeah. The way the bill's written, it also could be $225,000. but the point he's making is if you live here and you've retired here on fixed income, the part of your property tax where you're contributing to schools and public infrastructure will stay because it's good for you and the city to have lights, good schools, everything like that. Even if you're retired, that's a benefit to you of living here. And somebody's got to pay for it.

However, on the other side, it says, I think you should be cheaper to live. And we're making it cheaper to live because we're running the state better and doing more with the money we do get. So guess what? We don't need that tax dollars. I'm here to help you. It's fantastic. Yeah, so a million dollar home instead of paying taxes on the one million, you'll be paying on $750. Half a million dollar home instead of paying on half a million you pay on $250,000 condo instead of paying taxes on $250,000, you're paying zero. You're next to zero. There'll be a very small amount that's the part of your property tax for schools and local.

How big of a deal is this? Well, for people who care about taxes, this is, you know, ground specifically for the people that are dealing the 125 comment that says, I'm living paycheck to paycheck. Well, here's the thing is if you're living paycheck to paycheck, you probably don't own a home, unfortunately, right? And so I think that there's this very weird dynamic of, you have to remember that whatever the actual percentage, let's say 40% of Americans don't pay federal income tax, right? They don't pay somebody's taxes. So what you're actually doing is it's more of a middle class impact, right? If you are fortunate enough to own a home, you really care about this. But there's some portion of Americans, they're not even in that position.

The second thing is I think that the pitch coming from both Florida and Texas is really strong because it's not a tradeoff between pay less in taxes, get less in services. It is we are going to keep services as good or better, and also we are going to have you pay less. And so you're getting just as much, if not more, and it's going to cost you less. That's a great pitch. What happens in New York, I live in New York, right? I can speak directly to this. Taxes go up and services go down in terms of quality.

that's the exact opposite pitch and there's a lot of people who are saying I'm not down for that now there are certain people I would put myself in this category I think there's many other people who say listen even though I got to hold my nose on some of this stuff there are certain aspects of the city

that are worth it whether it's for your business right family whatever the thing is that's what they're counting on though that people just aren't going to leave right and if you look in New York in particular things like banning Airbnb be, right? If you start to funnel everything into a certain area, well, then you can start to go and implement some of these taxes. So in Florida, I think that the pitch is incredible. Now with all

of the work, again, AI, remote work, all the stuff, you get people starting to move. But like, you guys recently hired somebody. He was in New York, right? He came down here to Florida. I don't know, five years ago, six years ago, could you have convinced someone to leave New York to come here to work, you know, not as easy as today. But today, there, it's, you know, it's just today. But today, they're, it's actually going the other way. Today, they're making a decision that they're leaving and they're saying, let me go see who to work for. Oh, they decide to leave first.

They are saying, I'm going to leave. Of course, some of them, you're paying re-low and, you know, you have to do some of that stuff. Let's just say you really want that guy. But some people are today reaching out to us. I think three years ago, we got 3,000 resumes that was sent to us, people that wanted to apply to work here. 24, went to 11,000. Last year, we had 33,000 job applications.

to work at by attainment. We just crossed 180 full-time employees' time, I think, last week, 180. And a year ago, I don't know what we were a year ago. You'd know a year ago we were what, 80? 80. A year ago? Oh, one year ago. 80, 90. Rob, where were we a year ago?

A hundred? Probably around 100. Yeah, I think around 100. Around 100, right? Because we moved from Dixie and we came here. So we had some stuff that we had to move. But, yeah, a lot of people in New York are deciding to leave. And by the way, right now with California, what happened with the mayor race?

And, of course, Hilton's still in it, which is good. It would be interesting to see what they do. Because this was a little bit of hope that they had. Well, let me see what's going to be happening here. Maybe things are going to change. Pratt is already out. They already announced his third place, so he's gone. Roman is in the Socialists, so we'll see what that's going to happen with Bass.

So L.A. is going to get a lot of what they already had. Hilton's in second place. If California wants to see any kind of change, they've got to get behind this guy. But New York, how about it. optimistic are you with New York next tonight? Because that's what's more important. Well, I will say that I've gone to a number of next games. The vibes were off on Monday.

Maybe it's the best way to put it. And I think part of it is there's a part of New York that is really important. And it is the energy on the streets. People have been talking for months now that the winter was so bad in New York, that everyone was cooped up that basically no tour should come to New York all summer because the New Yorkers are going to be out in the streets. But they blocked off 7th Avenue right outside of MSG. And obviously people saw all these stories of people who went to Bryant Park

and these other areas or whatever. But I do think that there is something about in New York, because everyone is so packed in in terms of the density, the vibe is very important. You see that with business. You see that with the city in general. You see that with the Knicks, whatever. It's very different than L.A.

L.A. you've got to get in a car. You've got to drive somewhere usually, right? It's a very different experience. And so the reason why that becomes important for some of the stuff we're talking about, in New York, you actually experience the homelessness. You experience the drug problems. You see this walking to the store. It's very different than getting in your car and I'm just not going to drive down to a certain part of town.

And so I think that the Knicks are going to be just fine. I'm a big believer in destiny. I think that they have destiny on their side this year. But I will say, you know, Wembe, I got two comments about him. first time I've ever seen him play in person, that guy's a monster. He's a monster. He's also, whoever's run his PR team,

they do it a fantastic job because, you know, he's the French guy's nice. He's drawing the little statues in the park, whatever. I watch that guy play, man. I don't know how nice he really is. That guy looks like he's pretty dirty players. So, you know, the... You're talking about the Brunson, they're pushing out.

Well, that was just one example. I mean, you just look at the, you know, I mean, I got to see him, right, for an entire game. Are you going to call Wemby, dirty players. Is that what you're doing? You're saying Wembe's a dirty player. I think that that is a consensus at this point.

Do you think so? Yeah, but, but did you see a couple of the Knicks players? They said, okay, you know, okay. He got a... Some of Draymond Green said yesterday? He said, if you do this to Steph Curry, I'm taking a one-game suspension. So which means today, I wouldn't be surprised if a fight broke out. You're going to a good fight, a good match.

Listen, we can play the Draymond. Is this it? Yeah, go ahead, Rob. Don't know for one second. think he pushed him down and none of the guys on the Knicks team did in. There's going to be fights tonight. Don't not for one second think that didn't matter.

Oh, that mattered. Jalen Brunson stood up for himself there, but nobody else really did. I wish Steph Curry would stand up for himself right there and I just watched Victor William and take his hand in the back of Steph Curry's head. What would Dr. Martin have done right there? I'm probably going to get thrown out right there. And it may cost us game three.

But game four. You would have done, what was the thing you said to that Hana Hoops account? I'm going to crush those. Oh, yeah. You would have done no money. Absolutely. Like, by the way, you agree with them? Did you see what Jose Alvarado said?

No. Jose Alvarado. He's a tough kid, by the way. He's very good. Fun to watch. He said he got away with one, but that'll be the last one. And I saw somebody on X say, Jose may go get like the Latin Kings or something, you know?

Listen, these guys, a lot of these guys are from New York. Yeah. Right? And so it's just the one thing I appreciate about the Knicks, I call it, there's times where they go in and they play playground basketball. And you can see they get a fire in their eye, right? And it's just, hey, it's just like they're playing, you know, when they're growing up.

And I think that Wembe didn't do himself any favors with those things going viral. Let me say this. If the Spurs win today, it's over. If the Spurs win today, it's over. That's what I tell you. Because you think the momentum has shifted. Yeah, because I think, look, think about it. Every one of the games, the Spurs were supposed to win.

It's only a one game. Like, if they look at each game, the final score, Rob. Can you pull up the final score of every single one? of the games. Every game's final score. Just go to NBA finals. One was like one point. Yeah. So if you look at that right there, 115-11, Spurs won the last one. You got 105-95. That lies because it was a lot closer than the 105-95. And then you have 105-104. So easily this could be spurs up 30. Okay. Easily, this could be spurs up 30. But the destiny part, the way competition works, we're going to see. By the way, the Knicks win, New York's.

What is all the stuff that they're doing afterwards? The chaotic stuff in the streets. Did you feel safe leaving or you weren't affected by? Well, if you're leaving the stadium, there's no one there because they blocked the whole thing off. And the argument was it was for Trump being at the game, but now they're saying they're going to do it again tonight. The thing about Knicks fans is they feed off each other. And so, you know, if you look at like side talk videos, right, some of these things, obviously there's a lot of excitement and kind of pent up belief that they're going to win. I don't think anyone saw the videos of them, you know,

ripping jerseys off of Spurs fans. But I tweeted it on Monday night. I was at the game and I was there for probably a good, I don't remember what I said, 30, 40 minutes. And all of a sudden one of the guys that was with me looked at me and goes, have you seen a Spurs fan yet? So we're in Madison Square Garden at the finals game. And there was not a single person that we saw for the first 30, 40 minutes

wearing a spurs jersey. I've been to a different championship games of different sports. Like you always see, even if it's in one home team, whatever. And so then it hit me. I said, maybe it's because they actually think that there's like a safety issue. That's kind of crazy. And then we saw the videos we saw that night. And so maybe it wasn't as crazy as people thought.

Now, to be fair, throughout the night, I ended up seeing a couple of Spurs fans, but a handful, right? It was not like, oh, we got to our seats and all of a sudden there was, you know, half the place was Spurs fans. I bet you that I saw less than 25 people wearing Spurs jerseys at the NBA finals game. Rob, can you play this clip I just found right here? I'm sending to you because this is the main one. I wanted you to see what the ticket prices.

And by the way, one of the jewelers in New York City said something on his Instagram. I don't know what his name is. He said, you know, he wishes that ticket prices were lower because he said this place is filled with corporate people. And corporate people don't celebrate the way real New Yorkers do because they spend $80,000. Go ahead, Rob, played a clip. What did you spend on your tickets? He got him. $50,000 for how many tickets?

Two. You bought him? Actually, his dad. What do you do for a living? We're in the trash. Not that much, probably $20K. Only $20K. What do you do for living?

Just Google me. Google you? What do you do? Take a picture of me and Google me. Paid $18,000. I could have sold them for $44,000. I said, there's no better way to spend money. I'm going to die poor.

Section 117. I could sell for like $50,000 a ticket. name means a lot more than 50 grand. I've been waiting 53 years for this. God love me. Who you're always? So they answer $0. You know how much it would have cost?

I think about 70 grand. What do you do for a living? I'm an attorney. $200,000. Where are you sitting? Courtside next to Donald Trump. About $10,000. How do you feel about your dad spending 10 grand on your ticket?

It's pretty good. Even though you won't go to college, it's okay. You won't go. Like 16,000. So how are you able to afford $16,000 for one ticket? Honestly, I'm unemployed, so like, I don't really know. How much did you spend on your tickets? your tickets. Watch this.

Ask the Nix. Such a good answer. Such a good answer. It's a very good answer. It's a very good answer. It's what a 720 million dollar contract guy would say that went from the Yankees to the Mets. Yeah, he's not, there's a lot of Yankee fans don't like him. There's, there's, baseball has a code. Basketball needs the code. And Dremont Green is right. So I'll just, I'll just leave it there. I think tonight's going to be feisty. In 2009, Dodgers had a reliever. big boy. His name was Jonathan Broxton.

And Dodgers got thrown at one night by the San Francisco Giants. Oh, what a surprise. And Broxton, look at the size of this guy. He was just this big country boy who threw 102. He come out of the pen and threw 102. And they were getting thrown at. And supposedly he sent a message to Rick Honeycutt, the pitching coach,

and he said, should I warm up? It's the third inning. And this guy is the eighth inning guy. He was a closer and he was also an eighth inning guy set up guy. But you know what he's saying when he calls a pitching coach in the fourth inning, Pat? And he says, should I warm up? What's he saying? Well, the, uh, the spurs. He's saying, do I need to come out here?

Do you need to send a message? Just bringing him out to the, to the bump. You know what the other team's going to say? The guy that's next up and says, dudes, I don't want to take this one. This guy's going to throw 102. He's coming in to throw at me. We're going to clear the benches, but I have to get hit. I don't want to get hit.

And there's a code in baseball. And that Dramey Green is right. Why is it there a code in basketball? There's flops. Let's see what happens. Let's see what happens. We need a troll spreewell back. He'll choke his coat.

There's no limit with that. Exactly. So let's go to. PJ Carlissimo. Let's go to a couple other stories here, and we'll wrap it up. So first story I want to go to is see which one we should. do. Should we do the... Let's do this one here. Let's do

Bitcoin hitting 250 and Jason from all insane. Take all your money away from crypto and put it into AI. If you're in crypto, pivot to AI. But look when he tweeted it. Yeah, since 223. Which, by the way, that's a pretty good pivot. He nailed it. Yeah. People gave Jason Calcanus

a hard time. People should have listened. Maybe I should have listened to him. If you or no. No, look, I I've always believed that when I buy things, I try really hard never to sell them. And so there's nothing you're going to do to convince me to sell my Bitcoin. But I did.

Maybe I'm a good example. We built Sylvia, right? We started to use the new technology. I've always been industry agnostic, interested in technology, right? Bitcoin was one technology. We've got AI, etc. But I do think that there's...

Are you more pro, are you more optimistic with Bitcoin today or AI? I think that they actually reinforce. force each other. And if you think about what does AI do, AI is from an offensive perspective, it's going to help companies go make money. It's going to be abundance, right? It's going to create a lot of stuff. Bitcoin is all about scarcity. So in a world of abundance, scarcity becomes more valuable. I think that Bitcoin will still continue. Let me ask a question in different ways. So I know you're running for office with Bitcoin, the way you gave you answer. What is more likely

to 10x faster? Bitcoin, if I take a million dollars and I put it in Bitcoin or if I put it in AI, what's more likely to 10x? It depends. It depends what in AI, but AI for sure. AI. Well, think about Bitcoin has gone, it's a trillion and a half dollar asset, right? It lost $2.35 billion, the recent one that they had. It's down to $60,000, I don't know where it's that was, 62K right now. If you had asked me, so in 2018 in the bare market, that's why I first started really going on television

talking about it. And I used to think, like, these people think I'm an idiot, but I can't believe how easy this is going to be because the thing just fell 80%. If you start talking about an asset, when after it's down 80%, the odds is, if as long as it goes to an all-time high, you look like a genius, right? And so that's a very different story than now when you're talking about it went $60,000. And so I think that Bitcoin, just given the size, the volatility is compressing. The asymmetric returns that used to be there are very different.

Now, go look at gold. I don't think that there's a lot of folks buying gold because they think it's going to 10x in two years. Instead, they're buying gold because they're like the government's never going to stop printing money. It's going to continue to appreciate. That's really, in my mind, Bitcoin is kind of gold, but a better return over the next decade or so. The AI stuff, though, is creation from scratch. So my investing framework is when you create something from scratch, that is where asymmetry lies. Bitcoin got created from scratch.

It became very valuable asymmetry. AI today, we're starting at zero. We're not going to go create it. There's going to be a lot of asymmetry. But at some point, AI will hit enough mass adoption where it becomes still very attractive. It's just not going to be 10x in two years. And I think that Bitcoin's already there in gold at some point will get there too. Tom.

Where am I at right now? I'll answer that question where I'm at right now. I see investing right now as a as a burrito. And I'm putting... No, I'm, no, I'm, I'm, I have AI stocks, an AI blend. But then I also have guacamole. I'm still buying Bitcoin. I'm not buying a ton of Bitcoin.

You're hungry, Tom. But I'm, no, no, I bought Bitcoin earlier this week. Yeah. It's, I'm like low 60s. And so is there a little dollar cost averaging? Yeah. I'm not heavy Bitcoin by any means. whatsoever, but I bought some because I believe that this is just where it is. Now, am I out there

with the Bitcoin bowls and half of what I have? No, no, I'm not. But I'm still there, and I don't think AI and Bitcoin are mutually exclusive, and you already heard what I would say here. And actually, you guys have kind of convinced me. Remember, I was sheepishly 25% when I said Open AI. I'm probably not. And I like the analysis that we heard here. Okay. So, you you're not going to be going into Open AI. After what I heard here, and I'm going to go back and read more, especially around Fable 5, but if it's truly just a step and it's not the big, you know,

hey, I got you, because they've been playing Leaprog. All the AI guys are playing Leaprog who was faster, and it was definitive. It was very clear, like Opus 4.7. It was very clear. And then, you know, 5.5, that was very clear. Brandon. This is not clear.

Yeah, absolutely. I would go AI right now because, you know, it's a clear, easy to explain reason for what it's going to do for society, the value add. And it's not just one thing that you could invest in AI with. It's not just like it's anthropic or it's invidia, but it's the inputs that go into it. Like I can't tell you how many people I speak to there are like making boatloads of money just from the inputs that go into the data centers. Like, you know, like whether it's A-track people doing certain parts of the data centers that go into AI. So it's like this whole initiative by the government that, you know, hundreds of billions of dollars are getting pumped into that are feeding the AI.

Because, you know, it's an arms race when it really comes down to it. So whatever the government is trying to, you know, put a strategic initiative towards and pumping money into, you know, it's like the wind blowing at your back. So why fight that? Yeah, right? Yeah, it makes sense. By the way, autopilot. One of the things autopilot has, which, Pomp, you remember, we talked about autopilot.

I think the first time you were on here, one of the autopilists they have right now, It's called the White House asset management. Whatever they have, I don't know if you participate in that one or not. It's heavy on quantum right now. It is. And then there's another one that says AI World War III portfolio. They have the best, they have Inverse Kramer, Jim Simons, Pelosi, Tracker, all of it, right, for you to pick and choose from. It's interesting to see, you know, if the government portfolio is going to do good with things that they have act because they're investing into those things right now, it'll be interesting.

It'll be interesting to see where it goes. Let me get into this next door here we have before. Before we go on, do I know a crazy stat? Go ahead. Over the last five years, gold is up 122 percent. The S&P's only up 75 percent. Last five years. So gold is beating a significantly beating it.

Five years. So for all the talk of AI stocks, all this stuff, right? Gold up 120 percent. S&P's only up 75 percent. Yeah, but if I take and do the same report on Sylvia and run it on the top of AI, If you do Mag 7 versus gold, completely different story. That's a different story. By the way, that's another reason why a lot of Middle America will say, you know, there's Wall Street, there's Main Street.

You know, the market doesn't necessarily say how we're doing. We're struggling with it. So let me get to this next door. You have an interesting angle on this one. We saw the terrifying. This almost, you felt like it was out of a movie. Brutal stamping attack in Belfast sparks calls for anti-immigration protests in northern Ireland. We're not going to show you the video. Rob, is this it?

It is. I can show you guys. No, we can't show it. But if you haven't seen it, it's difficult. It's a man literally being beheaded in the middle of a street. Everybody responded to this. And the police said they have detained a man over the British, over what British Prime Minister Kier Stormers described as sickening, stabbing attack in Belfast.

Graphic video of the incident was shared online by figures on the right of British politics who called for mass anti-immigration protest. The police service of Northern Ireland identified the suspect as Sudanese man in his 30s after initially saying he was believed to be Somali. Police said a kitchen knife was found at the scene. Video posted online showed a man stabbing another man lying in a street and repeatedly slashing him in the head and the neck with a knife in what appeared to be an attempted beheading. Several people were intervening and tackling the attack arrest police arrived calls for demonstrations across Northern Ireland quickly gained momentum. I think Connor McGregor responded to this.

It's pretty nasty what happened over there right afterwards. But, Pomp, you have a different thought with this. Is this a political issue? Is this an economical thing? How do you process the story? The government's job is protected citizens. If the government doesn't protect its citizens, the citizens will then organize to protect themselves.

That is a story as old as time. Go civilization through civilization. That's true. What we are watching in Ireland, many places, is economics are driving both sides of this debate. Why are so many people trying to come to America or come to Ireland or come to name your Western country? It is mostly economic.

They want economic opportunity. They want social mobility. They want the ability to create a better life for themselves. Now, the counter argument to that is, well, if you have an influx of these people, it takes away the opportunities from the people who already live there. And therefore, that is also an economic story. So economics drives the migration, and then it all, also drives the descent to the migration.

What you see here is, I actually think economic-wise, people, it's very hard to get them to a tipping point. It's kind of like boiling hot water with a frog, right? Because it's slow. Oh, jobs are disappearing. The dollar is being devalued. You know, there's opportunity that's escaping me. But you don't see it in a viral video.

You kind of just feel it over years and years of time. And so it's very hard to get people worked up. Public safety is different. and that video, the second I saw that video online, oh boy. And what people don't know is is in Northern Ireland. And one of the best analysis I saw of this was, how is it that we went from that video to the response we saw across Northern Ireland? Can you name one person who was involved in the resistance from the Irish men involved?

Did you see one Irish man's face? Did you see one public message from an organization in Ireland that said this is the thing to do? Connor McGregor came out publicly and tweeted. But other than that, nobody. That is a pretty well-organized response. There are checkpoints. There are people going door to door. You know, again, it goes back to,

that's not just a moment happens in all of a sudden. What's your point? What point are making? I think that there are groups in Northern Ireland, there's a number of different groups where this has been boiling up, boiling up, boiling up. And they are prepared to figure out at some point we are going to have to take matters into our own hands.

And when you see this type of response, this well coordinated, this inability to point to one group, one person, etc., it tells me that this is not like a flash in the pan type protest that all of a sudden is going to disappear. This is something that is much more systemic.

And again, it goes back to, there's an economic reason that we got to this point. But now when you get this type of response, I think that this is something where you're going to see other people in other countries get inspired by, they're going to realize, hey, this is now an issue.

Hopefully, Tom. I agree with the, there is an undercurrent of organization that happens. A definite undercurrent of organization. When I lived in Los Angeles, when you lived in there, Pat, during the Rodney King riots, there were neighborhoods that saw that these riots were going to be coming, and they couldn't get plywood, and they couldn't get things to board up the stores fast enough. You saw what was happening on the Chances, the Main Street down France. They already had those giant, tall, black metal barriers that they were putting up, anticipating the unrest.

Just on the PSG was playing in a soccer final, but they were ready for it. Well, they weren't ready for it. And I saw it in L.A. But what was some people that were known as the Rooftop Koreans, they were ready. They were all organized, and they were up on their roads. They had their, they had rifles. They were ready to protect their families. They were ready to protect their buildings.

And when the riots started coming down the street toward them, the rooftop Koreans, if you look at the pictures of these, these guys came from their offices. They're wearing dress shirts, but they're armed. And guess how many people they shot at? Zero. Because the rioters came down, saw the resistance. See this? This is part of them. But now go find the other ones where you've got dads that are there.

There's a guy in a dress shirt. He just took off his tie. He rolled up his sleeve. He's a marshal for cigarettes. And they're all. And you can see them. They're all up there. And they're basically saying, I dare you.

And guess what happened? Those businesses didn't get looted. It's going to get there all over the world. Exactly. But they didn't shoot at the rioters. They didn't kill any of the rioters. The rioters went like, okay, these guys have a, elevated heavily armed position.

You know what? Let's go to Best Buy. You know, down there. But guess what? They were organized. No, but by the way. It's to Pomp's point. They were ready and organized. They said, if all these riots and what's going on Roddy King,

what do we do? They had gotten together as civic citizens and organized themselves. And I think that's what we're seeing in Belfast. Yeah, you have to protect your own. Yesterday I had a guy here. Young guy, 25 years old. I want to say his name correctly, Andre Williams, Robb.

a young guy, somewhat of a controversial figure, the stuff that he says. We saw him on a show, what was it called? It was called a soft white underbelly. Soft white underbelly, which has got like six, seven million subscribers. And he did an interview talking about there's four different types of black people. And he said his grandfather, very successful business guy in their community in Detroit, told them, no matter where you live, always be a leader, always protect your own, always race standards.

That's what his grandpa said to him. So, yeah, I'd love to, and by the course, he's very, very critical of the African-American, the black community, and he'll give us insight. He's going to piss off a lot of people. There's going to be a warning given to you at the beginning of the video,

because I cannot tell you how many times he used the word exactly. He used the word, the end word, more than rappers using a song. He used it in the span of a two-hour podcast that we did. But it's good to see people that are finally protecting their own

and say, you come do this to our city, And by the way, maybe it's not a bad idea for 11 of the Knicks players to watch it to make sure they protect their own tonight with Jalen Brunson. Do not let them bully you. I think Spurs are going to take it. You think Spurs when the NBA finals? I don't know. From the beginning, I had Spurs.

Okay. That take it. You know what I always like? I love it when it's a first time both ways. Make sense? The Knicks win it at the first time. But I like Wemby. Because when I watch Wemby's interviews,

Wemby to me talks in a way that he's going to raise the standards in the NBA. So does Brunson. Both of them are fighters. I prefer this. I prefer Brunson over SGA being in the finals because Brunson's inspiring kids kind of like Stephen, Steph Curry did, right? So I kind of like guys like that. SGA, to me, plays too much like a hardened style, Chris Paul flopping, and I don't think that's a good product. But I'm going spurs tonight.

And we're not advocating violence. This is just me. You get it. You kind of work, Tom. No, no, no. Don't take it back. Now, bring out the deep, dark gangster side of you, Tom. I'm not saying that the next should protect their teammate and whip out the nine and pop a cap in his house.

That's not what I'm saying. You are saying that all right or should make a few phone calls. That maybe the elbow should be moving. It's going to get nasty. You ever, last thing I'll leave you with. You ever hear the Kobe Bryant story of Powell? Of course. Right?

And they're teammates in the Olympics and he runs through his chest. Yeah. And knocks them over. And the whole team just looks at them. Oh, shit. That's his teammate. Yeah. So I think it's going to be the most exciting game to watch tonight.

But I know you're going to go Knicks. I'm going Spurs tonight. I think Spurs could come back. And the rest is history. I said this a couple days ago. Anyways, gang, take care, everybody. Rob, what do we have tomorrow? Andre Williams.

Yeah, but brace for impact. You will be offended. I'm just telling you in advance. And Friday we'll be back with the podcast. Take care. God bless. Bye bye, bye, bye.