TBPN - Intel Lays Off 15% of Workers, Trump's $550B Japan Investment, Hulk Hogan's Legacy | Live TBPN Taste Test with Saif Khawaja

Episode Date: July 25, 2025

(00:30) - Intel Lays Off 15% of Workers (17:45) - Timeline (25:42) - Trump's $550B Japan Investment (39:41) - Timeline (42:45) - Hulk Hogan's Legacy (01:00:57) - Bay Area Gets Tesla Robotaxis (01:08:27) - LVMH Lobbies for U.S. Trade Deal (01:21:57) - Timeline (01:34:13) - Vitamin Shoppe Owner Lists Hamptons Mansion (01:39:41) - Timeline (01:50:48) - Sam Altman on Theo Von Reactions (01:59:09) - Timeline (02:13:37) - Live in the TBPN Ultradome: Saif Khawaja, founder and CEO of Shinkei Systems, discusses his company's development of AI-powered robotics that automate the traditional Japanese ikejime method for humane fish harvesting, enhancing both the quality and shelf life of seafood. He explains how their machines, deployed directly on fishing vessels, process fish immediately upon capture, resulting in a product that retains its premium taste and texture for up to three times longer than conventional methods. Khawaja also highlights the company's partnerships with Michelin-starred restaurants and their plans to scale operations to make high-quality, sustainably harvested fish more widely available. TBPN.com is made possible by: Ramp - https://ramp.comFigma - https://figma.comVanta - https://vanta.comLinear - https://linear.appEight Sleep - https://eightsleep.com/tbpnWander - https://wander.com/tbpnPublic - https://public.comAdQuick - https://adquick.comBezel - https://getbezel.com Numeral - https://www.numeralhq.comPolymarket - https://polymarket.comAttio - https://attio.com/tbpnFin - https://fin.ai/tbpnGraphite - https://graphite.devRestream - https://restream.ioFollow TBPN: https://TBPN.comhttps://x.com/tbpnhttps://open.spotify.com/show/2L6WMqY3GUPCGBD0dX6p00?si=674252d53acf4231https://podcasts.apple.com/us/podcast/technology-brothers/id1772360235https://www.youtube.com/@TBPNLive

You're watching TBPN. Today is Friday, July 25th, 2025. Time is flying, John. TBPN Ultradome, the Temple of Technology, the Fortress of Finance. El Capital de Capital. Today we've got to talk about Intel. We have a post from Tay Kim, who wrote the book on Envidia, the Nvidia Way, about Jensen Wong. He says, in Intel. Literally, by the way.

He literally wrote the book. Yes. Intel now expects to have 75,000 employees at year end, down from 116,500 in June of 2024. That's basically one year ago. That's a massive cut. And Vidiya is on the other side of the trade. Invidia CEO said they now have 42,000 employees yesterday, up from 36,000 in January of 2025.

Massive shifts. It's crazy to think about the market cap per employee difference there. It's pretty remarkable. If you're cutting costs, you've got to get on ramp. Time is money. Save both. Easy use corporate cards, bill payments, accounting, and a whole lot more all in one place. So the news is Intel has a ramp problem. Yet they really should get on ramp.

Lip Bhutan. I know you're listening. You should get on ramp. Lip Bhutan. So this is from the Wall Street Journal, the business and finance section. Intel is going to lay off 15% of their workforce. Chip Giant stands at a strategic crossroads. The CEO warns no more blank checks.

Intel detailed dramatic steps to revive its sagging fortunes out. lining layoffs for 15% of its workforce and scrapping plans to spend tens of billions of dollars on new chip facilities in Europe. Ooh, bearish for Europe. I didn't realize that was going on. The chip making giant said Thursday it would refocus its strategy on the highly competitive market for AI chips, regaining market share in personal computer processors, and developing its advanced 14A technology to sell to large customers.

It's like, okay, we're going to narrow down. We're just going to do three incredibly difficult things. We're going to compete in the most aggressive AI chip market where we're not just competing with Invidia but also the TPU from Google, all the upstarts, GROC, Cerebrose, all these different companies. So we're going to like go from zero to one there and then we're also going to turn around our personal computer processing market. Bold.

Bold. Intel, which has long dominated the business of making chips for laptops and desktop computers fell far behind competitors like Invidia, AMD and T. ESMC after it failed to anticipate the surge in demand for the powerful chips fueling the artificial intelligence boom Lip Bhutan the CEO the new CEO of of Intel after Pat Gelsinger stepped down about a year ago, I believe I said there are no more blank checks he wrote in a memo every investment must make economic sense love to hear that What is the nominative determinism of Lip Bhutan? I hate to put you on the spot hitting the beach getting a tan like that I can see it I could see it

maybe if they may if Intel doesn't work out he can get into cosmetics it's like get a tan with this tanning oil get some lip balm lip balm yeah there's something that there's something that's called lip blushing right where I think it's like a mild tattoo so maybe if this whole semi thing doesn't work out yeah he could get into the lip blushing franchise game yep I agree Revenue in the June quarter was roughly flat at 12.9 billion, beating Wall Street's expectations. The quarterly loss, though, widened to 2.9 billion for the quarter from a 1.6 billion loss in the year earlier period. The results represent the company's six consecutive quarterly loss extending its longest streak

in 35 years. It's got to suck to be in a position where computing, broadly, computers are doing incredibly cool things. AI is magic. We passed the touring test and you're not a beneficiary. You're losing money and it's because of a bet on the server and these large-scale CPUs and not getting into GPUs and then missing mobile. There's a whole bunch of things that went into it. So sales and Intel's PC chip division, the company's largest segment fell 3% from the year earlier period.

I remember about a decade ago, I built a new massive PC rig to do CGI rendering on it. Intel was as John does. You weren't you weren't building it to as a gaming rig? I did use it for a gaming rig. That's John's Vice. John's Vice. He said There's market research. I need to understand what the gaming market's going. I need

to understand the future of VR. To your credit, I think you beat your video game addiction. I did. I've played in years. And so it's an interesting time for Intel. I have some

more information here. Do you remember six months ago there was the rumors floating around that Elon was a potential buyer? I was so long ago. I was propagating those rumors. And ultimately it feels like, you know, he got the fun experience of a turnaround at Twitter. Does he want to do that again? Yep.

I don't know. I mean, my take when he bought Twitter and turned it into X was that it was exciting. thought that he could make it a lot better. He has in many ways made it a better product. We stream on it now and it feels like it's still a vibrant community and there's a whole bunch of new features, good stuff, bad stuff, but overall I think he put the company back in startup mode. They're shipping very quickly. Interesting things are happening and he's making plays in an interesting way that I like. But at the time I was like, okay, $44 billion. There's something like $50 billion from the Chips Act, maybe going to Intel and Foundries

in America, run this back and marshal the same amount of capital, let him buy Intel, turn that around. That feels like something that Elon would be uniquely equipped to turn around and would put us on a very different path if he got into semiconductor manufacturing. But it would be a huge challenge and maybe it wasn't as important to him. So I don't know. I mean, only a week ago, a small company called AOL. AOL.com was posting that is Elon Musk about to buy Intel?

So this feels like very, you know, Dylan, Dylan Patel on January 17th saying Elon's jet is in Florida, Global Foundry's dread is in Florida, Qualcomm's jet is in Florida. And, but ultimately a lot of people were in Florida at that time. Well, if your jets flying around the world, you've got to take your jet to a wander. Find your happy place. Find your happy place. Book a wander with inspiring views, hotel great amenities, dream events, top tier cleaning, and 24-7 concierge service.

It's a vacation home, but better, folks. And so Dylan Patel, speaking to Dylan Patel, he actually hung out with Lip Bhutan at a conference, and he has this hilarious story where he clearly wanted to meet Lip Buton and spend some time with him, and everyone's coming up to Lip Buton asking him what the future of Intel is. And so he goes up and offers to make him tea and makes his tea for him. And they sit down and they have tea. And I think Dylan Patel really understands like tea culture and knows what makes for a good cup of tea in the same way that someone like a coffee snob knows about good coffee.

So they have tea and Dylan Patel is kind of picking his brain and it just feels like Liputon's overall goal is just layoffs, reduce cost, write the ship, refocus. And so what's interesting is that we talked to Ben Thompson that I wanted a clear, I wanted a clear narrative. I wanted something like, oh, it's obvious. Just split the foundry and the design business, split up Intel into two companies. And that will solve all the problems. But everyone seems to agree it's more complicated than that because part of Intel's foundry business is that they design their own chips. And so they're both their customer and their supplier and breaking those up might be more difficult. It's not a cure-all.

It's not a panacea. And so it is more complicated. So there's not a super clear path forward. It's a lot of hard decisions. It's a lot of cuts to employees. And that's what we're seeing today with the 15% layoff. There will probably be more in the future as Intel continues to downsize the workforce. Really, really rough for.

morale knowing that the workforce will just be you know continue to get cut into you know like you said probably not the last yep and so they are focusing on the the direct quote is refocused strategy on the highly competitive market for AI chips regaining market share and personal computer processors and advancing the 14a technology now the problem is that Intel is still more expensive than TSM on a normalized per wafer basis this comes from This comes from semi-analysis. So they have the Intel 3 node, the 18A, and that goes up against the N5, N3, and

two nodes from TSM. And across the board, Intel is more expensive on a per wafer basis. So this is at their own fabs. They're trying to catch up. They're trying to create chips that are as powerful, but the name of the game is always cost. Yeah. Yes. Semi-analysis says the company has cost discipline in its DNA, talking

about TSM. Intel, not necessarily. This manifests in many ways. TSM has more aggressive cost-down targets and exercises its leverage on suppliers. It is not used the copy-exact dogma that creates unnecessary overhead and resistance to improvements. Hence, Intel is now moving to copy-smart. Are you familiar with the copy-exact strategy? No. So when Intel built the original fabs, what they would do is they would build this, I mean, it is an incredibly precise process. So you can think of lithography is basically etching. That's why that company, that semiconductor company is called etched, because you're etching grooves in a silicon wafer.

And that's where when you put electricity through it, it goes through a series of gates. And that's what a semiconductor is. And that's how you create magic. That's how you create magic. Yes, it's the spice. The Dune analogy is the most important one here. But basically, you have to etch these grooves at a small,

It's smallest scale as possible. So three nanometer. Silicon atoms are one nanometer. So you in theory cannot go smaller than one nanometer chip because the space between the atoms is only one atom or one nanometer. So this is incredibly small. And so you basically have to shine like a laser

or some sort of light or some sort of radiation to actually etch into the silicon to create the grooves. Basically, this is a very, very high level abstraction. But in order to do that, they get these, They get these mirrors from a company called Trump, which is unrelated to Donald Trump. But and Zeiss makes these lenses and they focus all this stuff and this liquid tin gets like, you know, dispersed and then they bounce light off of it. It's this crazy process. The mirrors are so flat that if you if you if you like blew them up to like the size of the moon, you would still would not be able to see a groove even this hot.

It's like the most precise process in every single one. By the way, Intel missed opportunity to create the TPU. Google's obviously owning that right now, but if Intel had said we're making Trump processes. That's back. It's back. I mean, they're already public. Yeah. I mean, you know, what's the chip that's going to be in the Trump phone?

The golden American-made phone. It should be an Intel processor. Who knows? American-made. So the semiconductor manufacturing process is so precise that apparently a TSM, like if there's an earth- or anything like that everyone they don't even need to send out a notification everyone just knows go to TSMC because deal with everything because the slight change in like the road noise or slight could like miscalibrate the machines if it

like rains too much there will be extra salt in the parking lot that will get tracked in even when they go into the clean room it'll get tracked in and the small sodium particles will throw off the yield so all of this is about yield they'll make a ton of these wafers there'll be small imperfections it ruins the whole wafer That's been a big problem with the wafer scale. Which is why TSM getting any yield in Arizona, despite setting up, you know, this new facility so recently, is a miracle. It's a miracle, yes. And so the copy exact dogma was it is so hard to build a fab that manufactures semiconductors semiconductors reliably at good yields that when Intel figured out how to make one fab, they said, let's make a second and let's change nothing.

And so they build a building, they build the exact same foundation, they'd build the bathrooms would be in the same place. If there was two urinals in one bathroom, like there would be two urinals, the other one. Like everything was exactly the same. Basically extremely superstitious. Yeah, basically because they were like anything that changes like if the water flows through the pipe in the bathroom at the wrong flow rate, it might throw off the amount of molecules in the air over here and the atoms over it.

It's like it's crazy precise, right? And so that worked for Intel, but it had this problem, which was that every once in a while, you do want to make an iterative change when you're building the next fab, and you do want to increase yield by maybe not copying exactly and doing things slightly differently. And so now Intel's pivoting to copy smart,

only copy what's actually improvement, instead of just copying everything exactly. And TSM has never held themselves to that same standard. And so customers are likely baselining the 18A Intel node against N3, 3-N3, 3-N2. nanometer nodes, TSM, given the characteristics. But Intel will have to be aggressive on pricing if they want to compete because they are not competitive on the actual cost of the wafer.

And so they would need lower margins if they want to compete. And so you can think about Intel as having kind of like three feature products that people are focused on. It's Intel 3, which is their 5 nanometer class. That one is fabbed in Arizona. Arizona and Oregon and Ireland. These are at Intel facilities. Intel also has the Intel 18A, which is at the same sites plus Ohio.

And this is competitive with the two nanometer class from TSM. And then they have the 14A, which is supposed to be 1.4 nanometer or below. This is the most cutting edge, extreme ultraviolet, really, really aggressive lithography. And this is also made in America, which is great. And these will compete with NVIDIA's Blackwells and then the next generation Blackwell successor. And so they're going head to head, but the real question will be,

can they go head to head and still squeeze out a decent margin? Because the NVIDIA TSM partnership is really, really strong. They both have good margins. And they've really optimized for cost and reliability and yield and Intel has kind of lost a step there. And so they will probably need to get on linear to make this work.

Linear is a purpose-built tool for planning and building products. Meet the system for modern software development, streamline issues, projects, and product roadmaps. So, lip-butan if you need an intro to the folks over at Linear. Reach out, we'll make it happen. Reach out and we'll figure it out. And Intel is of course down almost 10% today. Market is not loving much of anything happening over there right now.

Yep. So semi-analysis continues saying, Intel, the home of Moore's law, Gordon Moore, of course, worked at Intel and coined Moore's law, the idea that the number of transistors will double every few years on a silicon chip, allowing for more compute power, basically at the same price. They're evaluating if it will continue at the leading edge. This is what moves the stock, in my opinion, more than the 15% layoff. The layoff seems like reasonable downsiding, but deciding, hey, we're not even going to compete on the on the on the most advanced semiconductors which is what Elon Google

Anthropics Sam Altman you know every single company is like give me all of the best and give me hundreds of thousands of the best the rest of the stuff is like okay I'll go to anyone because I need a you know Wi-Fi chip in my toaster so the quote from the 10 Q from Intel 10 Q is however we are unable to secure a significant external if we are unable to secure a significant external customer and meet the important customer milestones for Intel 14A, we face the prospect that it will not be economical to develop and manufacture Intel 14A and successor leading edge nodes on a go forward basis. In such event, we may pause or discontinue our pursuit of Intel 14A and successor nodes and various of our

manufacturing expansion projects. Just and semi-analysis says, just like that, we could be talking about a TSM monopoly and the death of American-made semiconductors forever. Very dark. Well, let's tell you about re-stream. One live stream, 30 destinations. We couldn't do the show without it. Multi-stream and reach your audience, wherever they are. You can sign up for free at Restream.

So in other semiconductor news, there's a big debate going on around etched. I reached out to the founder. I didn't interview with him a while back. I'd love to have him on the show. So he was Gavin Uberti at etched is the basic high level pitch is we're taking the transformer architecture and we're baking it down in silicon. Semi analysis has been taking some shots at the idea saying, hey, it's just marketing. But I feel like he has something else going on, some other strategy.

Teal Fellow, very smart guy, very interesting, very nuanced take on AI. And a lot of his predictions have been right since I interviewed him a few years ago. And so I'd love to catch up with him and hear his rebuttal to this at least. least. But basically, semi-analysis makes a very detailed analysis saying that transformers are 90% matrix multiplications. You take a bunch of math. You multiply it together. So baking the transformer architecture into silicon doesn't actually get you that much. A different semiconductor analyst. A different semi-analysts. I don't know why they call them semi-analysts. I think that they're full-time analysts. Yeah. I don't think they're anything but semi-

rude to say that they're part-time. It's disrespectful. They're clearly putting it all on the line. They're putting it all in the line for sure. Sally Ward says, okay, I'll bite. Yes, making a transformer chip does mean making a large Matamol engine, but there's a lot more to efficient transformer inference than gems slash flops.

You need to be able to feed and use those flops efficiently. Goes back and forth a bit. Even takes a shot at them using GPGPU, which I guess is an industry term. and the semi-analysis team drops a very, very thorough post. You can just go read it, but they close. In regards to, by the way, no one in AI has used the term GPPGPU since about 2020. This is not correct.

Many chip architects definitely continue to refer to AMD, NVIDIA-Intel art class of software as GPPU, and differentiate from the Traneum-TPU-Gowdy-style architecture and programming model. So a little bit of timeline and turmoil in this semi-analysis world, which I enjoy. By the way, somebody, one of our early listeners, Wade Lloyd, bought Timelineinturmoil.com and redirected it to TBPN. So thank you to Wade for doing that. It is a fantastic domain. But yeah.

So big debate over how much more you can squeeze out of baking the transformer into silicon. There's also this interesting concept that the, which I didn't know, a lot of people think, like, attention is all you need is the paper that dropped the transformer architecture isn't going anywhere your long transformers but apparently according to semi-analysis the transformer architecture moves in on the order of months and how and the typical chip life cycle is years and so yes we're still using transformers but the transformer is changing slightly and so we don't have a new word for it new buzzword but there are changes that if you got really locked into v2 of the transformer architecture then v3 might not be as advantageous. So a big debate over the future of semiconductors. Intel will have to figure it out

and see where they can play. Let's tell you about Figma. Think bigger, build faster. Figma helps design and development teams build great products together. They're IPOing next week. And Figma make is publicly available. Go check it out. For free now. Check it out. Yep. In other news, Jared Isaacman, who we know was Trump's initial pick for NASA administrator, just took Secretary Duffy up in one of his personal fighter jets. So if you have a personal fighter jet and you can fly it yourself, I think you should have a good shot at becoming the NASA administrator. I think that kind of narrows the options down to probably one man.

I don't know. We should figure out how many people on Earth have their own fighter jet that they can actually fly. I wonder what... Can't be that many. I wonder what fighter jet this is. I know people used to buy MIG trainers and fly around in those, and those are fighter jets, but they were like decommissioned, easier to get. And I don't believe they were actually that expensive.

I think they're cheaper than a Gulfstream. And so... Well, the tam of people that are going to buy one and use it. Yeah. Just very small. Yeah, very, very small. Obviously high skill ceiling. But if you pull up in a jet, it's just incredible.

aura incredible I mean the one that's going to be you know the best personal jet will be the f35 it's a little bit pricey but being able to you know vertical take off landing here's the video makes it much more uh useful I wonder yeah we got to figure out what what what how much that thing costs I've I've long advocated for the president to recommission the SR 71 and and use that as the Air Force one because at going I mean this is the pitch for her mom and boom supersonic. Michael Mirafloor in the chat says that's a MiG 29. Big 29, so it is a great trainer, which is like decommissioned doesn't have weapons on it,

I believe, but pretty, pretty amazing. But I think it's like a 20 million. He says it's the only Western owned Mick 29. Oh, really? Yeah. Okay. Wow. Very, very cool.

Well, thank you for the details in the chat. But, MIG was apparently designed by... That was Russian. Yes. But this guy... John Miggs. Yeah, I'm looking it up. Miko Jan, which was headquartered in Moscow.

And the designer-creator was born in 1893 in Kersk, Russia, and died in the same. Well, if you're if you're accumulating military hardware for personal use, you've probably got some compliance needs. You've got to get in VANTA automate compliance, manage risk, group trust continuously. Bantus Trust Management platform takes the manual work out of your security and compliance process and replaces it with continuous automation, whether you're pursuing your first framework or managing a complex program. Let's go to Donald Trump meeting with Powell at the Federal Reserve. Pull up the video. Tom says LMA out.

This is a comedy skit. I want to watch this video. Let's play it. So we take it a look and it looks like it's about 3.1 billion, one up a little bit. So the 2.7 is now 3.1. I'm not aware of that. Yeah, it just came out. Yeah, I haven't heard that from anybody to fit.

It just came. Aren't those said at about 3.1 as well. 3.1, 3.2. This came from us? Yes. I don't know who does that. You're including the Martin renovation. You just added our entire capital.

Yeah, you just added in a third building is what that is. That's a third building. It's a building that's being built. It was built five years ago. We finished Martin five years ago. It's part of the overall work. So we get to. I think there was another one where he talks about,

and now we have to lower rates because of this. So amazing. Well, yeah, there's one where he says, well, I love, I love it. I love it if my buddy here would lower the rates. I love to see them in hard hats really shows that they're, you know, getting close to the metal. Yep, totally. Well, Donald Trump is doing deals trying to bring more money into the United States. The news is that Japan is apparently committing $550 billion to the United States.

It's over 10%. To our sovereign wealth fund? Yes, yes. This is a crazy story. Very, very American to treat the soft. Wealth Fund as just private private equity. Was it in the journal today? Yeah.

There's the, no, I don't think this one printed yet, but look at this costly overrun to renovate Fed's office fuels criticism. The journal's so good at picking images. This image is so iconic. Yeah, so in the journal today, Trump's quest for his own sovereign fund gets $550 billion boost from Japan. We were talking about this earlier. Japan was like kind of not wanting to play ball on the tariffs for a while.

There was a question. They're playing ball now. They're doing deals. But already I think there's some weird externalities as government intervention in free trade often has. So President Trump has long wanted a U.S. sovereign wealth fund that would give him free reign to make big investments in key sectors. Japan could help him get the next best thing. As part of a trade deal reached this week, Japan agreed to invest $550 billion in projects. across strategic U.S. industries, including energy, semiconductor manufacturing, and shipbuilding.

The White House said Trump would have final say over where the money goes. Deploying capital, folks, it's effectively the GP of the sovereign wealth fund, a new title. And the U.S. would keep 90% of the profits on any investment. Yeah, it seems like a... Instead of like 2 and 20, it's like a 0.90. Yeah. I'm sure we're getting some fees off the top too. I mean, we've got to have management piece? How else is Trump going to travel three months in Europe? All these tier one funds are like, oh, two and 20, no, we're a four and 40 shop. We're three and 30 shop. And they think they're so fancy. There's levels. There's levels to this. Yeah. And you just got absolutely mocked by the president of the United States. 90% carry. 90% carry. Let's hear it for the United States, baby.

I mean, this is going to inspire some hardworking allocators out there. They're going to look at their fee structure and say, if I'm, if I'm really a generational investor, should I really only be getting 20%? Also, imagine getting, imagine getting staffed on this as like a principal or like an analyst or something. Because like, yeah, is the investment team going to get some points on this? I don't think so. I think, I think, no matter what you do in the government, like you're basically salary cap to like 200k. I don't think there's anyone in the government. How are we going to get our best and brightest? I know. We got uncapped the salary cap. Get some, get some rising stars

We need some VPs from everywhere from, you know, Blackstone to Sequoia. I want Andrew Reed deploying the U.S. Common Wealth Fund. Poached. Poached. Hey, benchmarks, hemorrhaging partners. Put them on the team. Yeah, maybe Victor is going to the U.S. Sovereign Wealth Fund.

Maybe. That would be a big bombshell. I'd love to see it. One Trump official said the administration was thinking of an arrangement like a sovereign wealth fund that Japan is funny. I love that we're just like rebrand. branding sovereign wealth funds. The money will take the form of equity loans and loan guarantees and come from the Japanese government, said Senator Bill Haggerti. Not private company, specifically.

It's coming straight from the Japanese government, which I think is frustrating people in Japan. Although Hiro and Nodo, I don't know if this, he's using, he's using they, so it seems like he's not in Japan currently. It says it's greater than 10% of their GDP. They exported $150 billion to the U.S. and assuming they just bore the extra cost of 15% extra, even that's 20 billion a year. So that is a huge, huge commitment. But I mean, I guess if they have a big balance sheet, like, makes sense to put it to work somewhere. Howard Lutnik said this is literally the Japanese government giving Trump 550 billion and says go fix whatever you need to fix. I love it. One admin official gave a hypothetical example of how Japanese money could be deployed. The U.S. could fund

construction of a semiconductor facility for say Intel then lease it to Intel and keep 90% of the leasing revenue. Well, if you're looking to fix your code review process, get on graphite.dev. Code review for the age of AI. Graphite helps teams on GitHub ship higher quality software faster. Anyway, let's continue with this. If the fund materializes Trump envisions a significant question, it would give an American president unprecedented power to steer money into the projects of his choosing potentially with some significant impacts on particular industries. This is interesting because I feel like this story just broke and the reindustrialized crew isn't necessarily talking about it yet, but this feels extremely aligned with the whole reindustrialize

movement, the idea of more U.S. dollars. We saw this with the AI summit and the AI action plan. There's a lot of talks about positioning, but there wasn't that much actual new legislation or new funding that could specifically move a particular project forward, which I think would be more exciting to be like, okay, like, you know, we're building a bridge, we're building a dam, we're building a nuclear reactor, we're building something like the U.S. government hasn't really been in build mode for a long time, it feels like.

Everything's kind of stalled. And some of that's good because it's handled by the private sector. We had the founder of Bright AI on yesterday who scaled to a $100 million run rate or bootstrapped to $100 million run rate, and then recently raised from Kostla. He was saying a lot of U.S. infrastructure was built during the World War II era with a 20-year, expected 20-year lifespan,

and obviously is still what we're relying on today. Well, speaking of the re-industrialized crew, they sent us this wonderful clock from Shinola, the Detroit-based company. Clocks are incredibly underrated. Yeah, clocks are fantastic. Thank you, guys. Thank you, Aaron.

very frustrated that we couldn't make it to reindustrialize. It seemed like an awesome time with all the absolute boys out there having a good time. I think we will have our remote workflow worked out and studio stuff worked out so that we can travel more in the near future. But it was fun having so many of the folks call in from reindustrialize, give us the updates from the ground, and excited to do more of that. So who is this? Christina Davis, Harvard University professor of Japanese politics who directs its program on U.S.-Japan relations said, where this one deviates is the step toward investing

at the president's direction with the profits going to the U.S. It makes it sound coercive, socialist, and unprecedented in any sense of past trade negotiations. Now, the U.S. has a mixed bag. Any ways it makes sense that the president would be the chief capital allocator, the chief GP. Yes, yes, yes. So commander in chief, GP in chief. Yeah. What's weird is that we've, we've talked a lot about how when the US government tries to pick a winner, it often doesn't go very well. The famous example, at least from zero to one, Peter Thiel's book is Cylindra. Are you familiar with this? So Cylindra was a clean energy startup. Oh, yes. That was a cylinder, like instead of just a flat photovoltaic panel, I believe it was like a cylinder, and the idea was like clean energy,

and they got this massive grant from the Obama administration, and the company went bankrupt, and it was a big mark on this idea of the government, like picking winners and backing companies. And in zero to one, Teal kind of outlines this idea that, like, from first principles, you could tell that just mathematically a circle didn't fill as much space as a square. And so you should have gone with a square solar panel. And so the business model was kind of flawed from day one. And you could have figured that out if you'd just done the basic math of, you know, how energy dense is a circle versus a square.

If you're packing them in, pack a bunch of circles in, there's going to be a bunch of extra space. I think that's basically what happened. Maybe I'm collapsing it a little bit. But I have not, I'm not a huge fan of the government picking winners. I like the Tesla model a little bit more where there was just this EV tax credit and anyone could have gone after it. And then Tesla just dominated it and won it.

And then weaved a huge benefit. China effectively encourages massive competition and then kind of waits for there to be a breakout winner. And that creates a talent vortex. And then the state, then the state is effectively saying starting to like really back it in a meaningful way. Yeah, it's very like controversial. But they didn't necessarily pick the winner. Exactly.

It's somehow more capitalist. And that's what and that's what. this Harvard professor is kind of taking shots at, saying, like, it's pretty socialist to be picking winners. And in a weird world, like China's policies tend to be more capitalist in some ways. Like, they are doing a lot of investing in technologies and putting government and, I guess, taxpayer funds into strategic technologies and subsidizing whole industries. Like their chip manufacturing, their supply chain for semiconductors has been lagging. For like 50 years, they've been not competitive. But the Chinese government has just been like, well, there's still an incentive to make semiconductors here.

There's still an incentive to make semiconductors here. Who's going to do it? Who's going to do it? And it's one company. And then it's smic and then it's me. And then Huawei's getting stuff. And it should be the same thing with electric cars in America. Tesla got a benefit.

Rivian also got a benefit. Lucid got a benefit. it and even when BMW went over into electric cars, they got a benefit. And now those benefits are pulling back and we can go into what's happening with Tesla stock. But, well, to put the 550 billion number in some context, American tourists spent just under $6 billion or $6 billion in tourism in Japan last year. Okay. So we'll learn it back in 100 years, 100 years of tourism and they get it back.

But no, I mean, the thing is that this is not. them giving us the money. Like they should earn a return. I would be surprised if these infrastructure investments don't pay off. It's going to be hard to beat the market if you're getting 10% of the of the upside. I mean, if you collapse it down, you know, you're basically, you're basically treating Trump as a solo GP and you have to look at his historical IRA. And he's gone, he's gone bankrupt a few times. But I think overall, overall, he's not just zeroing everything, right? Some of the stuff's ripping. I bet on average he's, you know, preserving capital, if not returning multiples of it. And so, you know, you think about a scale of, okay, there's

going to be a new semiconductor plant in Arizona and Japan's going to come in and underwrite $100 billion of, you know, development and some massive, probably debt deal or something, and they're going to earn some sort of return. The chance that they don't get anything back is pretty love, I think. I don't think this is money going into a pit and burning. You're a little bit. I'm a little worried. I mean, I mean, the example was the money goes into a, let's say, a semiconductor manufacturing facility. And then Intel would pay the U.S. government to lease it. And the U.S. government would keep 90% of that. It's going to be hard to, you will be losing money. if you factor in inflation?

Maybe. I mean, the way I see a deal happening is, is I'm going to go, I need $100 billion to go build a bunch of nuclear power plants. I go to Trump or the U.S. government and say, I need $100 billion. And they're like, great, take $20 billion in equity, take $80 billion in debt. And then there's, you know, an interest rate, a coupon rate attached to that debt. and then the equity has some sort of value. And hopefully the plan works out so that there's a multiple return on the equity. And there's an interest rate.

And like you blend the IRAs and you're getting to like, I don't know, 5, 10% across everything. And then yes, the U.S. is taking 90% of that. But you are still preserving your capital. Like the idea that it's like instantly a zero is probably hopefully avoidable, right? It could be if they do another cylinder. They'd have to do a lot of deals. But if they have a portfolio, you know, you would assume that the portfolio broadly does okay.

It's possible that Ashiba, the president of the prime minister of Japan, is just so AGI-pilled. He's went and is such a firm believer that America is going to win the AI race that he just says, yep, take it, Mr. Trump, you got it from here. Yeah. I mean, it could be seen as a, like, are you comping it against buying treasuries? because that's just a way to like index to the dollar if your if your currency is in decline like at least at the end of that term you've got 3% 5% continuously takes the 550 billion of tea bills to lower the rate to bring down the yield curve just wants to bring down it's just obsessed the yield curve market buying tea bills and taking 9% or sorry 90% of the yield yeah anyways

lots of fun asset management is the greatest business a UM maxing he's a u m maxing he's a Jeremy Gaffon. So, let's keep going with this. Okay. Yeah, there's a little more in here that I want to go through. So the plan has raised more questions than answers on Wall Street and beyond. Details remain unclear, including whether Japan will have any discretion over projects in the time period during which the investments will be made.

Haggerty said the investment will be overseen by two Japanese-backed administrators, Japan Bank and Nippon export. One administration official said the funds would likely arrive only as needed, so you make capital calls when you need to. As you know, these deals have been agreed in principle, but they have not been fully papered yet. In selecting investments, this is where it gets interesting, Trump would have help from the Commerce Department's U.S. Investment Accelerator, headed by former Morgan Stanley investment banker Michael Grimes and Polytechnic alum. I went to the same school as this guy, absolute beast. He took Facebook public.

He has a massive row. He's like the king maker. The deal toy. Yeah. Final boss? Deal toy final boss. You walk into his office and it's just there's no room to put down a coffee because there's just a deal toy on every single surface. It's insane. Absolutely beast. The dream. One of the greatest to ever do it. His team will help identify investments and make sure the funds are used properly and expeditiously. People familiar with the matter said, the size of the commitment dwarfs most investment. It's more than twice the size of Japan's gross foreign direct investment in the U.S. last year. And so we can't really evaluate the agreement. because it's so vague at this stage. There's a lot of vague deals happening right now. The AI Action Plan is kind of in that territory now, but we still are only six months into this administration.

Maybe all of this crystallizes. And then they comp it to Stargate, which was unveiled at the White House in January, involved a commitment from Open AI. This apparently already been scaled back, unclear exactly what that means. And so there was also an EO from Trump in February directing his team to develop a plan for an establishment

sovereign wealth fund within 90 days. This is the start of that. So, um, anyway, um, get on numeralhq.com sales tax on autopilates, spend less than five minutes per month on sales tax compliance. Um, let's go to avalanche energy. We got to ring the gong. was awarded a $10 million grant from Washington, the state to develop fusion works, neutron factory. This marks small scale fusion's evolution from a laboratory curiosity into a neutron source that creates real world value from Robin Langtree, the CEO of Avalanche. We've had a show. Great guy.

I've toured his facility with Ben up in Washington. We had a lot of fun. Extremely hard project. Small-scale fusion. Fusion is still not fully commercialized. Small-scale fusion is in some ways easier because you're making something smaller, but also still untested. Lots of work to be done.

But great to see that they have more money to develop more technology. So congrats to see Washington State putting. Yeah, it feels like Washington's been kind of under the radar as being like very hard tech friendly. Like he's had a pretty, like he set up a whole facility over there by the C-TAC airport and seems to be able to do stuff. Although he's not working with radiation because he's not doing fission. He's doing fusion. And so his, his like power sources are like he needs like hydrogen or something or, you know, it's like pretty inert gases that aren't that big of a deal. He should talk to Trevor from Nicola's brother.

Oh, yeah. Yeah, yeah, yeah, yeah. The head of hydrogen. Yeah, I mean, you want to be taking advantage of those 80% energy gains for sure. Yeah, they're making it for 80% less than anyone else in the known universe. Anyway, fin. Fin. AI, the number one AI agent for customer service, number one in performance benchmarks, number one in competitive backoffs, number one ranking on G2.

Say it again, don't get in a bakeoff with an AI. Don't do it. If you enjoy winning. Don't do it. Anyway. Great post here from Antonio, Garcia Martinez. He says,

Oh, he's coming on the show next week, by the way. The 80s were the apex of American civilization. And today is a sad day. His memory will be a blessing. Yes, we mentioned Hulk Hogan. Let's play this video. Oh, is this? Yeah, pull up that video and I will read from the Wall Street Journal.

Hulk Hogan is gone, but still everywhere. He may not have been a traditional athlete, but the late pro wrestlers influence in sports and the culture at large was pervasive. So I'm not sure where to put, this is from Jason Gay in the sports section of the Wall Street Journal. Jason says,

I'm not sure where to put Hulk Hogan in the history of sports or whether to put him in there at all. Hogan, who died Thursday at age 71, could pull off exceptional athletic feats with his massive sculpted six foot eight body. We got some misinformation yesterday where we were quoting him at six foot seven. Six seven.

Seems like he's my height exactly. Still, a professional wrestler's trade is, spoiler alert, entertainment, not pure competition. And yet it's impossible not to recognize wrestling's evolution from regional circus to widespread cultural force. It is crazy that pro wrestling started as just like a traveling circus, like just a bunch of dudes coming into town and being like, you want to see us fight? So funny. Today, this is an accepted well-trodden observation. Sports, politics, and daily life are closer atmospherically to the wrestling ring than ever before. This is the idea of k-fabe in politics, the idea of people being in on the joke. They know that people are just saying things to rile up the other side. They're entertaining. We see this in journalism and media. We see it

in tech. We see it all over the place. And Jason here in the Wall Street Journal is drawing more analogies from that. We become a nation of noisy confrontationalists. The skillful soft touch replaced by the swing of the folding chair. Reason is routinely drowned out by the loudest voices in the room.

Wrestling strips, life's complications down to primal conflicts and few wrestlers embodied this approach as famously and forebodingly as Hulk Hogan. I'm not a wrestling obsessive. I've been a couple times. That's it.

I still need to look up the correct spelling for Bruno Samartino. But I know enough to know Hogan, born Terry Bolaia, was a transformative figure, one of the most larger-than-life characters in a larger-than-life universe. And I think we have the video ready to pull up. It's not a video after that. Oh, it's not. It's just an image. I think it's just a picture. It's just a picture from AGM.

Well, we did play the Hulk Hogan calling out someone else, I forget, in one of those, like pre-show reels on the last show. So you can go check that out if you want. Anyway, he says, a true brand name, Hogan over time refashioned himself as a heel to hero, to heal, and everything in between.

So we went back and forth. I think the actual wrestling term is a face. A face is someone that everyone loves. A heel is someone that everyone cheers to lose. But they both play the role, and there's a lot of interesting, like, fourth wall breaking, all sorts of stuff going on.

He had too many comeback. collapses and professional detours to count. At one point he went and did movies and he came back and everyone was saying, he's Hollywood Hogan, he's gone to Hollywood, he's sold out, he doesn't represent us. And so that was like a whole character that he played up, Hollywood Hogan,

he's too good for the, you know, the mainstream wrestling fan and everyone loved that. There we go, we got some video of Hogan running around with an American flag. It's interesting. We found him waving a flag. Over time, his character seemed to with Terry. Terry, Balea, the human, and Hulk just became the same person.

I was talking to Rob about this. This is an idea just generally in media about, like, you play this character when you're on camera, but you want to be authentic, but you don't want the attacks on your character to ruin your personal life. You don't want to lose yourself in the sauce. It's all very, it's all very complicated and modern. It's very, very bizarre. It's very are. Celebritized and repeatedly scandalized, swapping places as poster boy and pariah, fired for getting caught on tape using racist slurs, a strange protagonist at a media crusade, and even a convention speaker. Yeah, he spoke at the most recent RNC convention, where he ripped off his shirt in support of Donald Trump. He was controversial and omnipresent through the end.

He exploded on the scene in the early 1980s, a lot of people's first. exposure when they came when they when came when he appeared in the ring as Thunder Lips the ultimate male against Rocky Balboa in Rocky three tossing rock like a rag doll as a horrified Mickey and Adrian recoiled going to Hollywood cost Balea his job in the then WWF they didn't want him to do it but Holcomania only grew and he returned the fever reached the point he landed on the cover of Sports Illustrated in April of 1985. Biceps flexed, hands clawed, a fictional barbaryan at the gate. Transitionalists

pull up this post from Luke Metro. Oh yeah. Traditionalists howled. Pro wrestling wasn't real sports. How could the Hulkster enter the same cathedral as Kofax, Ali, and Abdul Jabbar. I admit to harboring the same feelings when I see pro wrestling events treated seriously by major sports outlets. Why are we doing this? Why? Yet wrestling's reach is indestructural. and Hogan's timing in its ascension was impeccable. He hitched his career to its leap from localized products to global force, a handsome blonde agent of Vince McMahon's aggressive growth strategy, and a media ecosystem that cultivated better than most.

Hulk understood a very old-fashioned wrestling concept. To be seen, it's better to be outrageous. To be heard, you need to be loud. If it earns you love, great, but even if you are hated, you are still noticed great lesson there so what did luke metro says you watch the earth i'll watch the sky brother what a great post of course the unliked the gawker take down where uh these two uh yeah linked in such an odd way such different characters and yet linked both in the support of don't trump at various points on the conservative politics world and also with a mutual distaste for gawker

and their salacious reporting. It's absolutely insane. This kind of intentional performance, what wrestlers call a work, is routine in sports. Common is the athlete who arrives on the scene and makes noise to get attention, make a name, and make money. It's pervasive in every profession now. The media used to be a necessary partner, but now the digital tools exist to do it on one's own. Influencers, business antagonists, media flamethrowers, and the performative of social media, the exhausting, not very real reality programming on television.

There's a bit of wrestling in all of it. I'm not sure the tools exist. How much do you think the combined entity that includes WWE and UFC is worth in the public markets today? I would say like $4 billion. Close. How much? 33 billion. Not close at all, dude.

I was not by a number of magnitude. Wow. Yeah. That's a beast. Yeah, it also includes IMG, the sports talent management. Is that a modeling agency too? I think they have a modeling division, but it's primarily sports talent. They also own PBR, the premier bull riding.

We got to get a TBPN bull riding. I'm a huge J.B. Moni fan, one of the greatest to ever do it. He's one of the most legendary bull riders. I know all about him. Recently injured, very sad. But the bull that retired him by breaking his back, he now owns and affectionately takes care for and they are now friends. Beautiful story.

I'm not sure the tools exist to turn the clock back. The appetite exists for relief, but I don't know if there's room anymore for subtlety, context, or even expertise. The algorithms reward volume and so does the culture. The rest of us are caught in the noise. Hulk Hogan is departed, but he remains among us. What a wonderful obituary. Tell me about UFC.

It is incredible. It is incredible that so many, it says something about the character that Terry played in Holkogan, that he could have these glowing obituaries despite having so many, you know, terrible, you know, sort of terrible moments, whether, when that, he made some, some terrible comments on recording at one point, and to still to get this, again, referencing what I saw. said earlier is like who is the man who is the man is it Terry is it is it Holcogen are they are they the same are they the same thing I watched a I watched a hilarious interview with him in maybe GQ or something where they go in his

house they see his supplement stack and he said that during this time when he was fighting this is insane he he would he was like what was it were like what were your diet what were you on he was like well I'd wake up and I'd have beer and two Tylenol's and then and then And then after the fight, I'd have six beers and two more Tylenol, stuff like that. And I remember you asked me one day, you were like, oh, I got like aches. I'm not feeling well. And I was like, you got to take Tylenol.

And you were, and you were. Why didn't you recommend beer? I should have recommended beer. But I remember you, I remember you asked me like, okay, John, like, I know you're like really, like nerdy about all this stuff. Like, you probably have some like really solid rationale for like why Tylenol is like the correct painkiller to take. And my entire rationale was just like, it was good enough for Hulk Hogan. But in this video, they're asking all these questions. They're doing the rapid fire questions.

And they ask him like, Hulk Hogan, if you could fight anyone alive or dead, who would you fight? And he just says, Bill Clinton. It's like, I have no idea what he's thinking. It's just like, and they just move on to the next one. It's like, why is he holds some grudge? I assume for political reasons or something, but it was just a wild thing to say, very entertaining.

But on the note of entertainment, I want your reaction to that. That seems a little more. tan than you'd want to go for. This is a little too tan. I think that's probably the camera adding some color correction or something. It seems like the exposure on the camera was a little low that day, but he is very tan. Because here, look at this picture in the Wall Street Journal. It's the same photo and it's a much more normal tan, but he is, he is very, I don't

know if he's Italian, but he is, he is very tan. So I want your, I want you to explain to me about how this relates to UFC. In this article, they say, common is the athlete who arrives on the scene. and makes noise to get attention, make a name and make money. It's pervasive in every profession now. How does getting attention work in UFC? You mentioned that Connor McGregor was particularly good at trash talking, and that allowed him to be more successful than some of the modern UFC fighters.

But how does that dynamic work? Because I feel like UFC is not fake, like wrestling. It is very real. And so why is it that the points aren't all that matters? I guess there are points in UFC, but like the wins, the knockouts. If I come in, I should be able to be entirely silent and win, and I should still be comp the same, but that's not how it works in UFC. Explain it. So, yeah, so Connor McGregor had, had, arguably had the gift of gab, yet he backed it up with a series of wins that elevated him to superstar status, right?

You can't just be a yapper, but there was some iconic moments where he would, I believe, I'm forgetting. the guy's name, but when he was fighting the Brazilian champion, he basically called exactly how he was going to knock the guy out like the day before. And there was these moments that just like launched him into superstar status. Since then, you've had

people like Ilya who are probably more talented, better all-around fighters, more consistent. And it's interesting because Ilya, the main critique early on was that he was that he was just like a just copying Connor McGregor he wasn't his own man he would use Connor McGregor like lines he got a tattoo that's almost exactly like Connor's on his back but overall

like UFC people like hardcore fans will be frustrated because they'll say oh this is just like wrestling like he shouldn't be getting the fight this is just like pro wrestling it's like you realize the companies are owned by the same group like it's it's all it's an entertainment company right. So, TKO. Wrestling and UFC are both owned by the same company. Yeah, that's what I'm saying, the $33 billion public company called TKO. It's all entertainment.

It's an entertainment company. Entertainment disguised as sport. Obviously the athletes in UFC are incredible. But over and over, you've seen the best paid fighters are end up being oftentimes most entertaining. The Russian fighters like Khabib were historically, very humble and very quiet. Less entertaining. But they were so dominant. Like Islam is so dominant. He can be humble and still draw attention. But nothing like, nothing like Connor did in his prime. Right. Yeah. Remember the Conner, like, swag walk is like iconic. Yeah. So, and then you have people like Patty the

batty from the UK who's a loudmouth, very entertaining in a bunch of different ways. He, he swells up. He gains like seemingly 50. hounds in between fights. Yeah, when I saw him for the first time, I was like, that does not look like a fighter. It looks like a musician or something. That's fantastic. Yeah, I'm going to look at the pound for pound rankings right now on UFC. If I can pull this up.

Yeah, it's interesting because that hasn't really, I feel like that hasn't really happened in the NFL for some reason, like, because the Super Bowl is not decided based on any qualitative factors whatsoever. it's purely stats, I believe. There's no voting at all. College football used to be that way. The UFC is trying to make fights that will sell paper views. Yes, exactly.

And so they will elevate somebody. I mean, this is the critique of Sean O'Malley, right? Another guy with very bright hair. He posts TikToks of himself, you know, smoking weed and stuff like that. Okay. And then has been put in his place. fairly recently. But again, they would call it Dana White Privilege, right? So which is like a fighter who's entertaining, loud enough, enough of a draw.

But if you look at the pound-for-pound rankings, there's some guys on there that over time the pound-for-pound ranking tends to reflect somebody's actual athletic abilities. You have Ilya, Islam, Marab, Tom Aspinall, and Andre, Al-Ale. Alexandre Pantosia, who are all ultimately just incredible athletes. Yeah. And a lot of the loudmouths will end up getting paid quite well, but they're not necessarily getting on that pound-for-pound ranking. Yeah.

There is a little bit of a dynamic of that in traditional professional sports where I believe like the MLB is basically hoping for Dodgers, Yankees in the World Series like every single time because the Dodgers and the Yankees have like the biggest fan basis. So broadly there will be more people tuning into that than, say, two teams facing off from second and third tier cities. But there's no world where, you know, oh, going into the Super Bowl, you know, there's really like, you know, a lot of trash talking going on. But like. Yeah, it's just looked down on. There's an interesting story.

Colby Covington. Okay. Who has fought for a championship, I think, a couple times, never won. He was at a point in the UFC where he was facing. getting cut. He was just not really doing that well. And he decided to basically completely rebrand himself as a heel and just say the most offensive possible things he could say. He came out loudly in support of Trump when that was much, much less popular. He would post videos of himself with like seemingly only fans, creators, adult entertainers. And it totally

actually turned around his career and he ended up again he didn't actually fight and win uh didn't win any titles um and probably never will but uh it definitely turned his career around well if you're looking to talk some trash to about your competitors when you're selling your product you got to do it in adio customer relationship magic adio is the AI native CRM that builds scales and grows your company to the next level not endorsed uh not endorsed by adio but uh endorsed by john this moment turn turn you know your CRM should look like wWE exactly exactly really getting into it with people you're using our competitor take a look at this deal card tell me you don't want to switch right now

yeah channel Hulk Hogan in your next uh br meeting uh shiel has a good post here announcing some news tesla is telling staff internally that it plans to roll out its robotaxi service in san francisco this weekend and they'll include in much of the East Bay in San Francisco and stretch to south, to stretch south to San Jose. This will be crazy if it goes through this weekend. I mean, it's going to come soon. We'll be very interesting to see because I imagine that driving in San Francisco is a little bit harder than driving in Austin, but there's a ton of people that have Tesla's and have been

driving around San Francisco for a decade or more now with cameras. So they should have a lot of data. They should be trained. I think the robotaxies will be fine. If the, if the, if the robo taxis were a Tesla humanoid driving stick shift, they'd have a really rough time in San Francisco. You ever driven stick in San Francisco? No, but it is extremely hard on the hills. Maybe once.

I think I actually once did it. It's really bad. My first car, Toyota, 20-year-old Toyota stick shift. And I would drive it into San Francisco. And it was already at a time where people were just. just assumed everybody was in an automatic. And so you'd pull up on just like the most steep hill and somebody would come up, you know, right behind you, you know, an inch away from you.

And it's very exhilarating. So I think they'll do fine. It will be interesting though, like, you know, are the car, or the robot taxi is going to be like followed by another car? We'll probably have safety drivers in them for a while. Yeah. Right. And, and they'll probably be teleoperated for a while.

The, the question I think is just like, will we see memes on acts? of people switching because we've seen a lot of people in San Francisco post I think what is it Justin Moore from Andrews and Horowitz so that she hit her like 500th Waymo ride like people truly just use like it way more constantly and they've really shifted from Uber to Waymo and so will they shift again to Tesla will they be dual using will one be cheaper will it be a price war capital war what's gonna happen there finally they're going to head to head so it'll be interesting to follow well no matter what you think

of Tesla, whether you're long or you're short, do it on public.com. Investing for those who take it seriously. They got multi-asset investing, industry-leading yields, and they're trusted by millions folks. In other news, if you're not looking to take a robotaxie, I would recommend picking up this 2025 Ferrari SF90XX. Great call. It's $2.3 million.

It's a stunning example here, loaded with over $100,000 in options. And everyone will know that you are not just rich, but wealthy because this car is probably going to depreciate like crazy. I don't know. How many of the XX are they making? Well, the original SF90 priced at $700,800,000, but it was not a limited production run. And so it has traded down to about half that price. Very unfortunate for the SF 90 buyers in the audience.

Our hearts go out to you after taking such a bath, but you can make it all back on an SF 90 XX. I love the XX. I got to say. Now what is basically is the is the is the XX a a a street legal car I I they do this weird thing where they make a road car then they make it a track car and then they make the track car a road car version and we've gone kind of back and forth and back and forth but I think this is the road the road the road version of the road car is that right I think I'm right I think you're right the chat the chat will correct so quickly I'm pretty sure the XX series is is they took it they put it they put They got it ready for the track and then they dialed it back to where it was street legal again.

Anyway, you got to pick this up, folks. It's a steal. John Exley in the chat says, just got a notification from the FT Anthropic is reportedly raising capital from the Middle East at evaluation north of $150 billion. 150. Wow. That is wild. Love to see it.

Seems like every company in the world is using Claude Code. maybe even Open AI. Yeah. It's just that good. Yep, so the article went up 11 minutes ago. Artificial Intelligence Startup Anthropics is in early talks, okay? Early talks. Early talks.

No term sheet yet. At more than double, its valuation to more than $150 billion in a new funding ground, giving it additional firepower to keep pace with rivals, building advanced models. Okay. It's preliminary stages has received interest, which was a mass. massive jump from their current $61 billion price tag. So it sounds like they're talking with MGX, Obie Dobby's AI fund.

And again, coming off, coming off that nice memo that they had that leaked earlier this week saying, saying something to the effect of bad, he basically said, bad, they're bad. Bad people are gonna make money on this. Yeah, he said, unfortunately, I think no bad person should ever benefit from our success is a pretty difficult principle to run a business on. That's the worst quote. The quote you should drop is, I can change him.

I can change him. I can fix that. Wait until he, if he's doing something bad over there, wait until he starts talking to Claude. And he's like, yeah, maybe I should be nicer. Maybe I should just get into the Golden Gate Bridge. Have him chat with Golden Gate Bridge Claude for a while, cheer him up. And whoever he, whoever Dario is worried about, get him on the straight. narrow. It's just so funny because it's like how much how much how much how much

does anthropic rely on sovereign investment from the Middle East already for their business oh just through the VCs through past all life right all life right they're a key player Daria hops and and and it's just I mean it's I mean I've I've been to the UAE twice and met so many, so many amazing people and, I've never been to the UAE. I've been to Qatar and it was cool. Yeah. And other than that, I don't think it had been to anywhere in the Middle East. Maybe I should go.

I don't know. You need to do a world tour. I met, I met a buddy of mine, a now friend when he met him, he showed me he had his, he had his, formal wear on and he got it custom made to like you casual Friday casual Friday over here sorry flack it off sorry folks and he had a custom insert for his vape okay and then extra cartridges wow that's pretty sick who's that who's that custom tailoring that does extra pockets everywhere that's like a thing is that I'm not gonna I'm not gonna I'm not gonna name drop for their friend okay accidental pockets

It's happening. Oh, that's great. Just throw a pocket on. So these are not advanced talks. These are early talks? Early talks, preliminary talks. Yeah, a preliminary talks. But they are talking terms, it sounds like.

There are other preliminary talks going on between us and AdQuick for their next billboard buy. There are. You could be in advanced talks with AdQQQQ. If you're interested in making out of home advertising easy and measurable, you can say goodbye to the headaches of out of home advertising. Because only AdQQ combines technology out of home expertise and data to enable efficient, seamless ad buying across the globe, given how addicted we are to out of home, we're pretty much always in advanced talks.

Always, always. The good folks at ad quick. Bernard Arnault is in the paper again. LVMA's boss, Bernard Arnault, seeks to avert the trade war. This is a very interesting article. I wanted to kick it off with a little background on Bernard Arnaud. So we have some posts here,

one from Speedwell Research. He was explaining the difference between iPhones and Dom Perignon and the CEO of LVMH says in 50 years time will the iPhone still be used or the people who are making it today

will they have found out what will be at the cutting edge at that time but I believe I can say without being mistaken that in 50 years time we will still be drinking Domperin Yon and I agree iconic I agree Johnny Ive and Sam Altman are teaming up to make a champagne brand

baby they're coming for the iPhone the issue is it's hard to it's hard to create legacy quickly it is it is heritage is not is not made in the day the other funny thing this is extremely disrespectful to Apple did you know this so it's disrespectful in multiple ways one obviously Apple would say of course we'll be around in 50 years but Apple has a set of rules for PR people and if you're working with them and you're and you're and you're talking about the iPhone, they have a set of rules for how you talk about the products. And they specifically don't want you to say the iPhone. They say, let's talk about iPhone.

Really? Yes. And if you watch the keynote, they never say the iPhone. They say iPhone, no the. And this is just like part of their thing. And they have a set of rules that are like, it's like hundreds of pages in this PDF. It's crazy how much control. They exert over the PR style guides.

I wonder if you can get Siri to say the iPhone. So they have a bunch of funny things. You're not supposed to say click here. You're not supposed to use App Store generically. You're supposed to capitalize it. You're not supposed to say the device wants, thinks or tries. Apple prefers a tone that's helpful, not whimsical, or personified. You're not supposed to describe the apps that come with the device as friends.

with the device is free. You're not supposed to say, oh yeah, Apple includes like a free Maps app. You're not supposed to say that if you're doing an iPhone review. And so choose your words wisely if you're trying to get in good graces of Apple's PR team. And I don't think Bernard Arnault will be reviewing the next iPhone with language like this. But maybe people will be using their iPhones to buy Domperion in 50 years. Max Meyer highlighted a quote from Bernard Arnaud a while back earlier this year, he says, when you cannot, you cannot dream when you talk numbers. When you create desire, profits are a consequence. So good. You can be creating desire. I think this is a reference to the Tiffany store in New York. Yes, he spent $500 million renovating the Fifth Avenue Tiffany flagship.

People were like, that sounds like a lot to spend on a renovation of a single store. He says, you can't dream when you talk numbers. Don't talk numbers, create desire. And if you want to sleep in the Tiffany store of mattresses, get Nate's sleep, get a Pod 5 Ultra, it has a five-year warranty, 30-night risk-free trial, free returns, free shipping. So David Sender also has a good quote. Bernard Arnaud's advice to himself. In business, I think the most important thing is to position yourself for long-term and not

be too impatient, which I am by nature. and I have to control myself. I think that's a good point. And Senra also highlights 10, highlights about Bernard Arnault. He made a bunch of commitments that early, that were very, very detail-oriented, things that you wouldn't typically notice. But once you'd seen tens of thousands of stores over the years,

it's what comes to your mind immediately. He spots any incongruities that might disrupt the aura of opulence. He has carefully constructed. Then he reels off texts and emails to his senior executive describing any perceived deficiencies and bullet points of obsessive detail. Our nose has assembled the world's largest luxury conglomerate and globalized the sector once constrained by the limited ambitions of family-owned European companies

encrusted in tradition. Very good at in stewarding these brands that probably are owned by families and don't want to part ways if they, you know, it's not just a source of income for the family, but it's also a source of pride to be the owner of a luxury house. But Bernard figures, out how to get them to part with it.

He believed luxury brands could be larger than anyone at the time imagined. Yeah, there was that, you acquired as such a good coverage of LVMH, of course. But just how long, just how badly he wanted Dior and how it ended up in the hands of this, like, weird government-owned conglomerate. Anyways, wild story. He did take over Dior. So it had three stores in the equivalent of $90 million in sales. when he acquired it. Now it has 439 stores. So I mean a massive growth in 9.5 billion in sales. The 100 X the business. Absolutely insane. It's wild how bullish he was despite, you know,

probably not being able to predict social media early on. Like you could like you could kind of identify flex culture just maybe in a cafe or a restaurant. Totally. But scaling flex culture and the way that Instagram and social media did has been incredible. So if you're looking for a luxury watch, get on Bezell. Go to getbezzle.com. Your Bezzle concierge is available now to source you any watch on the planet,

seriously any watch. So let's talk about how he's working behind the scenes to avert a trade war. President Trump's efforts to secure a trade deal with the European Union have the help of an old, powerful friend, luxury titan Bernard Arnaud. The LvimH chief has spent recent

weeks shuttling between Europe's capitals, meeting with German Chancellor Frederick Murs and Italian Prime Minister Georgia Maloney, pressing them to agree to a deal along the lines of the one Trump reached with Japan this week. And he has spoken to the president seeking to de-escalate tensions with Brussels. Arnaud is also hedging his bets. He plans to open another Louis Vuitton factory in Texas, a move partly credited with sparing the luxury industries from tariffs during Trump's first term. I'm pushing as much as I can for us to reach an agreement with the Americans so that we don't get caught up in a trade war,

which would be extremely damaging for European businesses, Arnault said in interview at LVMH's headquarters in Paris. Much is now at stake for Arnaud on Thursday, LVMH reported a 22% fall in first half net profit hit by sharp decline in sales as its core fashion and leather goods division that includes Louis Vuitton and Christian Dior. The company is contending with a range of challenges. China long the luxury industry's growth engine is in a protracted economic slump and consumer confidence in the U.S., which accounts for one-third of the group's sales, has been shaken by uncertainty over tariffs.

Some consumers are now questioning the inherent value of luxury goods after years of price rises. That's insane. Who are these consumers? It's ridiculous. Investors, meanwhile, are scrutinizing whether the business model of LVMH, a conglomerate of more than 75 brands that ranges from cosmetics retailer, Sephora, to Hennessy Cognac, is built for a world with rising trade barriers and deepening geopolitical uncertainty. LVMH's shares are down more than 30% since January. That is, they're one of the durable losers because the S&P 500 and the MAG 7 have both dropped down probably around 20, 30 percent in some cases, during the post-liberation Day tariffs. But they all bounce back. And now Jensen's running a $4 trillion company. And LVMH is bouncing back. It's been rocky over the last week,

but they're up 11 percent over the last 30 days. But like you said, down 27 percent in the last six months, but only down 10% year-to-date that have been growing nicely into the new year. So Arnaud pioneered the luxury brand conglomerate in an era when the world economy was opening up. Lots of trade, a burgeoning middle class around the globe fueled a decades-long boom in luxury spending

that made him one of the world's richest men. Now LVMH's two biggest markets, the U.S. and China, are at loggerheads with Europe and Arnault caught in the middle. Trump is demanding Europe. European countries move manufacturing to the United States to avoid tariffs, a tall order for luxury brands that market their wares as made in Europe with old world craftsmanship. That's a very good point. Arnault, yeah, it is funny to imagine a Birken bag made in Texas. It's just like a, it just doesn't feel right. It's not the brand. Trump, so Arnaud said that while LVMH is strong enough to ride out the slowdown, other luxury companies were getting exposed. Echoing Warren Buffett, he added that when the tide goes,

out, you see who's been swimming without a swimsuit. For our no, the luxury downturn is temporary, not a structural shift, and successful investors often do the opposite of stock market players who he called a bit sheep-like. Shots fired. LVMH's array of labels gives the group scale to attract top talent like creative directors and designers, secure prime retail locations and negotiate favorable media rates by buying in bulk according to the billionaire. In periods, when the economic climate is more difficult when markets slow down, which is the case today. We tend to come out stronger. Arnaud is putting his money where his mouth is.

His family holding company has bought more than $1 billion of LVMH shares since the end of January, regulatory filing show. So he's buying back in increasing his stake. He said that put them, he said that put them on the track to own more than half of LVMH's stock by the start of next year. The most urgent order of the business. Got some breaking news, John. LVMH is in talks to sell Mark Jacobs. Oh, wow. Michael Mirafloor in the chat again.

Just breaking, breaking news, delivering insights. Not super surprised to see this news. It feels like Mark Jacobs, I don't know any people in and around our world that are super excited to buy whatever's coming down the Mark Jacobs runway. So anyways, LVMH is in discussions to sell fashion brand Mark Jacobs in a deal that could fetch around $1 billion, according to people familiar with the matter. They've been discussing deals with multiple parties, including Reebok owner Authentic. Authentic, I think, is, we should try to have the CEO on some time.

They basically buy up, let me list all their brands, but they buy. up brands that are honestly, I hate to say it, aging out a little bit. Not necessarily aging out, but losing some relevancy. Reebok champion, Notica, Arapostal, Eddie Bauer, Brooks Brothers, Bilobong, Quicksilver, Juicy Couture, et cetera. So they buy these brands seemingly when they're in decline and then try to kind of make them more relevant. I think the strategy has generally worked pretty well.

and I could see them reinvigorating Mark Jacobs, but not surprising. It just doesn't feel like it's in the same category as many of the other LVMH brands. Yeah. The thing that I remember about Mark Jacobs was that at one point they had a line called Mark by Mark Jacobs, which I thought was just hilarious and recursive and tautological. Of course, it's by Mark Jacobs if it's called Mark. I would like to see Mark Andreessen have a standalone fund in A16Z. by Mark by Mark Andrescent.

And it's just his little personal. Yeah. Get into a solo GP game. Give Alad Gill a run for his money. I like it. But the key turnaround strategy, if you're trying to turn around Mark Jacobs or increase Aeropastal or Nautica,

of course, put Citi Sweeney in the ad. That's the move. Overfit quantitative strategies has the meme. You find your target audience. Craft a compelling message. Reach them through experience marketing. Storytelling is key. long-term brand loyalty is the end goal.

And they say this marketing thing is easy. You just put Sidney in the ad. And of course, that's referring to, what is it, American Eagle? American Eagle, are they already owned by authentic brands? Oh, maybe. I don't know. Anyway. No, American Eagle is publicly listed.

Publicly listed. Right. And the new CEO is making moves, putting Sidney in ads and absolutely printing and bringing new relevancy to that brand. I mean, wild. they're up 16% over the past five days. The Sydney Sweeney effect. When was the last time people were talking about America?

I wonder, I really wonder how much they paid her for this because she clearly could, I mean, probably it would be hard for her to capture the real value of this. Totally. If her manager. What was the market cap move? Like what's their market cap? Sitting at $2 billion up 16% over the past five days. Yeah, that's $300 million.

So, Sydney, if you got less than $200 million, call us. We'll help you negotiate the next one because you deserve every penny of that. Yeah, the question, the question is how many times. How many times? Oh, and this, apparently somebody called out the second part of this ad was made with AI. Oh, really? So look when the car is driving away. Okay, okay.

So she's getting in the car. This is real. Could have been fake news. Oh, no transitions. Yeah, I don't think she was doing that burnout. Yeah, the burnout would be really hard to do in a soundstage like that. That feels really, really difficult to do reliably. Well, some deep TBPN lore.

Yes. Our production team went to college film school with Sidney. Yeah. I don't know if I'm supposed to doxed. I just doxed you guys. Anyway, I am a podcast crossover accelerationist. You are. I posted this last night.

I'm not satisfied with Sam Altman on Theo Vaughn. I want Tyler Cowen on Hot Ones. I want Dylan Patel on Nelk Boys. And I want Sarah Payne on impulsive. It had some fun with this. People are really into this. Imagine the hot ones audience interacting with watching Tyler Cowan. It would be hilarious.

It would be amazing. All of these are good ideas that would go viral. I want more of these crazy crossovers. And I was thinking about it, like the Sam Altman on Theo Vaughn, this is a formula that is, it feels very new, but it has happened before. And I was thinking about, are you familiar with Love Line? So back in the late 90s, early 2000s, there was a show, a radio show. You were like, what, 30? Yeah, exactly.

I don't want to date. I don't want to date you. There was a show, a daily radio show, I think it was an hour or two, two hosts. Not unlike this one, but it was between Adam Carolla and Dr. Drew. And they played different characters because they were different people. One was a comedian who would kind of make fun of every situation that came up. and the other one was a doctor, like a clinically trained psychiatrist or psychologist. And so people would call in with their relationship situations, kind of the precursor to the T-app.

Am I dating the same man? We got to talk about the T-app, by the way. We do, we do. They were recently hacked, apparently, and everything is leaked on 4-Chad now. Is it even a hack if it was publicly accessible? It is crazy. You would expect a Salesforce PM to be able to lock down the database a little bit better. Data walls.

We will see how true that is. saw some community notes out there. I want to hold my judgment until I see really how this is. I mean, there's apparently a five, like a, a. Could be fake. It could be AI generated images in there. It could be all sorts of things, you know. We, we don't know.

I'm reserving my judgment until I see, I see it in the, printed in paper. I need it in the Wall Street Journal to believe it. I don't know. But this Loveline show was very popular. People would call in with relationship problems. Oh, I think this person's cheating on me or I'm, you know, how do I find a date, this type of thing. And then Dr. Drew would give a very serious psychological analysis as a doctor.

He's actually like a board certified psychologist, I believe. One of us should become a doctor. And then Adam Carolla would be just the jokester, just the comedian. And he would just like have a lot of fun. It was a very good show. It was very successful. And it went on a massive run. And then they kind of like scattered to the wind and did their own things eventually.

But this, this putting two people together that are that are, have different interests, it actually creates something new and beautiful. And I think it's a case for getting Tyler Cowan on hot ones. I'd like to see it. I like it. We need to brainstorm some more. If you have ideas, let us know in the chat who, what, what crossovers do you want to see? It was a crazy weekend.

I mean, it was just a wild week in podcasting. I think I said it yesterday. Yeah. Netanyahu on the Nalklox. That was also a wild crossover. Yep. There's been other crossovers. I mean, when Mark Zuckerberg went on Theo, that was crazy.

There were also. Was it? Who was the, but Alex from scale was the first, was he one of the first tech people to go on Theo? Yeah. I mean, a while ago, like years ago, I said, like, tech is like truly crossing over because there were three back-to-back tech people on Rogan. So Peter Thiel did it. Mark And Driezen did it. And so it was like, oh, wow, like tech has really like crossed over into the mainstream going on Rogan.

and I was advocating that they should get Pat Gelsinger from Intel, Jensen Wong from Nvidia, and then the wild. I mean, the way to save Intel is really, from TSMC. We need Intel to trade like a meme stock and access. Get Lip Butan on Theo immediately. Immediately. Make it happen. Put them on the whatever podcast.

That's what I want. Put them on fresh and fit. Get lip Bhutan on fresh and fit. That's what we need. Something there. Should we cover the T news since we're already talking about it? Break it down and give me the facts. Put it in the truth of it.

So Kermew posted earlier. The T app has been hacked and you can now download 59 gigabytes of user selfies right now. The hack is real. A picture from someone I know who signed up just to see what was on there was in it. This was obviously a vibe-coded app and was bound to be insecure. So it is over on 4chan as well as proof of what it took. So, Camus says, if you ever wanted to see people's selfies without filters, I've got the dump for you. Okay.

If Camus is reporting it in that way, I'm a believer now. This is a... Camus says free unicorn startup idea security audits for vibe coded apps. Ooh, that is interesting. It would be... There was a company that was doing AI agents for cybersecurity, and they were saying that the problems of cybersecurity were actually beyond the capabilities of the current state-of-the-art models, and they were still having trouble getting their product fully polished.

John. What's this? 1.1. Kremu has another app. App idea. Facial recognition that warns you if a date was trying to use this Godforsaken app. Okay. There was also, somebody also vibe coded the opposite app for men to check on, are we dating the same woman or something along those lines?

And so that was somewhat inevitable. Yeah, we won't say the name of that one. Apparently, one of the users of the T-app is a, at the U.S. Department of Defense. She used an official ID card in order to get access to the app. There's a lesson in here. Touch grass. Anyway, anything else on the T app today?

I think that's it. It's very unfortunate. I actually feel bad for all the people that are getting there. Hopefully it's one of those situations where it's just like so big and messy that it doesn't actually affect any single person. It's just kind of like, okay. Because I'm sure like my credit card details have been leaked in some sort of, you know, I'm pretty sure like Home Depot got hacked or Walmart got hacked.

My email's out there. I get random phone calls. My phone call. My phone number has been leaked. And it's just part of life now that like stuff is out there. I have old selfies that are on the internet. If you Google me, there's old pictures from like, oh, I signed up for a music website and I put an image on there.

It's like somewhat embarrassing, but who cares? Interesting on the T app a couple days ago, T-Born, which was a copycat of T. Yeah. Was the number three app. Now it's not even in the top 100 from what I could see. Sort of a flash in the pan situation. Interesting. Were they monetizing the T-app?

Would they actually like getting $20 in-app purchases going? Oh, I'm sure. It feels like if you're going viral and you're at the top of the app store and you're not cashing in at that moment, you made a huge, huge mistake. Yeah. Sam Lambert says, CEO of Planet Scale says, new training data set just dropped. If you signed up for the T app,

you are already being used to train the next Ghibli. The next VO or something like that. That's rough. Is it tagged? I guess it's a pretty well-tagged dataset too. That is crazy. I mean, I used to reverse engineer APIs when I was a kid and kind of figure

you're out, oh, like if you went to an app, you could do this thing where you would kind of man in the middle of yourself. So typically when you open up an app, the flow is it goes from your iPhone. It makes the request to the back end, which is a server. It hits a API dot the app you're using. And it goes over your Wi-Fi. So what you could do is you could have it route to your laptop and then to the Wi-Fi, pass the signal along, essentially. And you could see all of the requests and all the data that was going back. and forth and you could see the actual API that was that we were interacting with and

oftentimes you could get kind of like you know it was it was usually against terms of service to really do anything with this data but you could see the data that's going back and forth and you could get the undocumented API so there's like the public API where you need a key and they're like hey if you're going to use a lot you got to pay us but then there's the there's the private API that's used for the app and that's what's going on here but usually you can't just get into the database usually it's like okay I could get my Twitter feed sent to me in JSON form.

And that's like maybe a nice to have if you're hacking an app or something and just hacking something together. You want to digest of your own data. You can just scrape it out without needing to scrape the HTML. But lots of companies will lock that down. Certainly all the big ones have encrypted this stuff so you can't do it. This seems like it was very poorly built. So good luck to everyone involved. I'm sure it's going to be a lot of long nights and weekends fixing all those bugs.

I went back and forth on email with the CEO. I think it was on Wednesday morning, and I think it's probably good that he's not joining because he's got some work to do. It sounds like they've secured the database now, but a little bit too late. Many, many, the data is already out there. Meanwhile, Levard Lloyd on X has an interesting startup idea here

that he's been running. He says, every summer I open a new bar in the Hamptons, cheapest lease I can find, just enough plumbing to pass inspection. Hire smoke show bartenders, book a wash DJ, and bring in TikTok influencers to call it a hidden gem. $5 Costco tenders become $100 tender tower. Kirkland vodka, $25 a shot. Reject 95% at the door to create fake exclusivity, no resi, no signage, kids max out credit cards for clout, staffs underpaid tips or guilt tripped. Clear two million by Labor Day.

Same scam, new name next year. We don't sell drinks. We sell delusion. Have fun staying broke, suckers. This feels like fan fiction, but fantastic post, Leverd Lloyd. I'm sure this is basically. It feels like kind of real, maybe exaggerated a little bit. Definitely seems possible.

I would argue that this is not actually a scam. This is just marketing genius. Okay. Wow. Yeah, it is genius. It definitely exposes a third fundamental. Unless he's selling Kirkland vodka and saying that it's gray goose, you know, people that make, they say, oh, it's the same, it's the same, it's the same alcohol.

If you're out in the Hamptons, you've got to be suspicious. But he should do this 45 years in a row, bank 90 million, two million a year. And then he should buy this beautiful house that's for sale from the founder of vitamin shop. I'll be right back. It's an $89 million dollar Hampton's home. And it's in the mansion section of the Wall Street Journal, the Friday edition. Let's read through this. So this is, from the Vitamin Shop founder. You've probably been there picking up creatine or something like that. It says it pays to take your vitamins.

Jeffrey Horowitz, founder of the Nutritional Supplements Retailer, vitamin shop, is putting his ocean front Hampton's estate on the market for $89 million. The 3.5 acre property in Sagaponac, New York, has a nine-hole golf course on it. That's incredible. I believe Emily Sunberg was telling us about Sagaponac that it's extremely. extremely delightful because it's a micro climate. Everyone wants to be there. The listing agent is Ryan Sirhant of Sirhan Brokridge, a fantastic social media influencer, content creator, and real estate broker has a massive team pumping out a ton of cool content. I've seen a lot of what he's

built and the business that he's built is absolutely fantastic. So excited to see that he is listing this $89 million nine whole golf course, 3.5 acre home. an arcade. That's very cool. So the property's two parcels are also available separately. The two acres containing the houses are priced at 75 million, while the golf course on 1.5 acres can be had for 15 million. So if you're looking to pinch pennies, you can just pick up the golf course and deal with the house later, maybe sleep in the putting green on a tent. Horowitz and his wife, Helen Horowitz, bought the land in the mid-90s for about 2.68 million built the estate in 1998, according to property records.

The Horwitz declined to comment. Interesting. Usually they throw something in here. Earlier this year, the estate was quietly shopped off the market for $125 million. Now it's down about 30% cheaper. What a bargain. It's now being offered for $89 million. Who said an $80 million waterfront house recently went into contract in East Hampton.

A nearby waterfront home in Sagaponic is asking $85 million, Sir Hant said. The contemporary home has eight bedrooms. and measures about 9,000 square feet. Features include an outdoor pool in a video game arcade with pinball, racing games. Does it have a movie theater? Air hockey, let's figure that out for sure. A pavilion.

Did air hockey fall off? It did, for sure. It's dead. Don't do it. I don't know. Air hockey, air hockey, never been big into that whole world. Really? Not even.

I'm displaced by video games, you know? Movie theaters. It really was a physical, it felt like a physical video game. We got, you know, Mark Zuckerberg's trying to disrupt air hockey with the new virtual reality, augmented reality glasses. We played basically a version of that. This, the Orion headset you put on and you see a hologram and you kind of play pong with each other. It's kind of a modern version of air hockey. So who needs to air hockey table market.

It's set to reach 3.6 billion in 2024. 7.7% Kager. Curts for air hockey. Let's raise for it now. It's a massive market. Uber for air hockey. Let's do it. Horowitz, who is an avid golfer, built the golf course with views of nearby Fairfield Pond. Nine holes. Got really mauging your buddy in Malibu with the three-hole golf course or whatever. Yeah, people say there's no golf in Malibu, and there's a private golf course in the center of Malibu right by the country mark. You can't really see it because there's a fence, but there's just one guy. I think it's a five hole par three.

I've never played it. But nobody really ever played it. You can because it's private. So the Horowitz also have homes in New York City and on Florida's Fisher Island. They are selling because their children are grown. They founded the vitamin shop in 1977. I didn't realize it was so long ago, right? Right during the Hulk Hogan rise.

Hulk Hogan's rising. You've got to get bulky like Hogan. Way protein. The Hulkster, you're going to go get some way protein. Some creatine. The New Jersey-based company was sold to Bear Stearns for about 300 million in 2002. I had no idea that Bear Steams did a buy-up.

He then became an executive at Vitacost. Oh, wow. Which then sold to Kroger in 2014. What an absolute dog. This guy's a boardroom general. You'd love to see it. Homes and the Hamptons are traded for me. Put the KPI's in orbit.

John. He clearly did put the KPI in orbit. It's funny because, you know, this is a lost art. You start a company. You sell it to a bank. People don't do that. Bear Stearns. I don't know. Not around anymore, unfortunately.

The most expensive home ever sold in the Hamptons was a $137 million East Hampton sale in 2014, according to Jonathan Miller. So, seems like a decent house. I'm not too big into golf, so I'm not that into it. I won't be bidding on that one, but you can if you're looking for a Gulf estate in the Hamptons. But I do want to go through this article because we got to have a debate. Which one is that? Because I think we should cover the drama in the air.

In the Hamptons, yes, let's stay with Emily Sunberg and then we'll go to my debate. Got the scoop. She says, feel like I'm losing my mind seeing a candle brand fly influencers to the Hamptons on a private plane for a brand. for a brand trip with my candles fly private pillows. And so anyways, her post was going viral. I wish I, what is the name of the candle company is the problem? I can't see it anywhere. It's unclear.

The candle's got to be pretty good if they're flying private. No, the candle is hotel lobby candle. That's the name of the candle company. Hotel lobby candle. You can go check them out. if you want. They didn't take off. Okay, I'm doing some capital J journalism right now with Preston Holland.

Yeah, so Preston says, he's calling it out. He says, this is a king air. Yes. It's also on the ground parked and put to bed. See the ground outside and windshield cover on. The screens are off. So they might not even take it off. It's king air.

The windows are too small. He said it might be a CJ3. which is a small like Cessna Citation type plane. Still beautiful. But I really think, so Emily Sunberg's take here is that there was backlash because, you know, it's just a candle brand. What are they doing flying private? Emily Sunberg says there was backlash. I mean, I got a, I got to say they have a Hampton's candle.

They have a Hampton's re-diffuser. They have the pool side candle. kind of makes sense for them to do an influencer trip out there. But did they? Or did they just get on the plane, get off, and then hop in a car? That's the conspiracy theory.

Put the tinfoil hat on. There you go. Anyway, oh, we both have straw man hats today. But I think that the big problem here is that why didn't they go with the BBJ? They should have gotten the 747. A wrapped BBJ. Wrapped 747 in the VIP configuration.

Only nation states have access to it. Just borrow the one that came over for Trump. Yeah. Get that. Wrap it. Sell the most candles ever. That's the real solution to this problem. I don't know.

I think it sounds fun. Very cool, interesting activation. This is something that Emily's been talking about, this idea that more brands are doing like influencer parties, sponsoring things. And I've never really gotten into that. Your Instagram is entirely cars and watch. and bodybuilding, so you wouldn't have seen the rise of influencer trips.

Maybe I do though. Maybe I do and maybe some of the some of that content is generated. It's actually really I mean it's really I mean that you is looking at the pure economics of it you could pay an influencer $10,000 for a post or $5,000 for a post. Yeah. Or you could plan a trip that it's going to cost you $10,000 per influencer to come on. And then, but you might get hundreds of posts, right? Yeah, I have a friend who's an influencer and they, and that some tequila brand paid for like a whole like,

just party at her house with her friends. And they were just like, just have the tequila there, show people. And maybe it shows up in the background, but like you don't really have any deliverables. It's very, very interesting. I wonder if there is an agency that sits in between. Have you ever run into that in the influencer ad buying world? Sorry, you said retainers?

So what I'm talking about is like you built a business where you match brands with influencers, particularly on YouTube for host red ad reads, correct? That's a good description. I'm wondering if there's a line extension for your business or potentially a new business for a firm, an independent firm, that brokers these contracts and make sure that they happen seamlessly. So it's easier for a company like hosting. hotel candles. What's it called?

Hotel lobby candles. Hotel lobby candles. They say, we want to make a private jet plane trip happen to the Hampton with some great influencers, but we don't have all the mechanics to make it happen. We want it to look good. We want our product there. We want some special pillows on the seats.

We want the plane rented. We want, there was also like a custom floor mat mat that they stepped on as they stepped onto the plane. There were some photos. And so I'm wondering if there is a if there is a world where an agency could spring up maybe there's already an agency that brokers these types of deals because right now they seem very one-off but they seem like they're growing in in trend what do you yeah i think i think there's plenty plenty of agencies that do that kind

of thing i also feel like this is the kind of things that brands want to actually own and to end you want to have deep relationships with specific influencers and have it not feel like yeah entirely like the person only came because they were getting paid or because it was free. So maybe it lives within the brains. Certain, yeah, a lot of, I mean, certain influencer deals make sense to do kind of programmatically. Others make a lot of sense to go direct.

Yeah. Anyway, let's go back to real estate and the mansion section of the Wall Street Journal because I want to debate the nature of what makes a house special. Do you need a weird quirk? And this is from their section called In the Trenches, which I love, commonly used in the crypto world, also used in the mansion section of the Wall Street Journal.

So Robin in the trenches has an article called Batman's Cave and Secret Bathrooms. And there's a question here. What's the most unusual designed feature you've ever encountered in a home you've listed or showed? So Andrew Kilclima, a real estate agent in Seven Fields, Pennsylvania, says, I recently listed Castle Bristlecone, a 23,500 square foot property in Gibbs, Sonia, Pennsylvania, about a half an hour north of Pittsburgh, which sold for. Guess how much it's sold for, Jordy? It's a $2,000.

Yeah. Oh, did you already see this? 3.8. 3.8, you nailed it. Wow. I was looking up an image of it. Yeah, it's amazing. But when you hear 23,000 square feet in LA, you just assume.

You think 20 mil. Easily. Yeah, easily. So it's the most, it was definitely the most unusual home I've ever listed or shown. There was a replica of Batman's office from the telemarking. from the television show, not the movies. On the desk was the iconic red bat phone and a bust of Shakespeare.

When you tilted Shakespeare's head back, a bookcase slid open and two poles appeared. There were polls for both Batman and Robin, and if you slid down them, you reached the bat cave below, which was the basement of the house. The owners built the house in 2008, and they liked eccentric things and also things that were part of their life,

Since they were interested in movies and TV production, they included Batman's office. Naturally. There was a chapel, which was a replica of Heinz Memorial Chapel, where they had gotten married. There was a bedroom that was a replica of a hotel room at the Hotel de Coronado, where they spent their honeymoon. All of the important places in their life. This is textbook. You can just do things. This is amazing.

And I'm so pro this. It's ridiculous. I think everyone should do this at some point in their life. Build a project that consumes you. It probably took them a decade to make this. and they spent so much money. Who knows? Who knows? Yeah.

Yeah, it probably, if they didn't have all these weird quirks, probably would have sold for twice as much, but that's not what life's about, maybe. I think the whole thing holding back the price was most likely because it was in Gibsonia, Pennsylvania. What's wrong with Gibsonia, Pennsylvania? That seems like a great place to hang out. Probably a future of technology and innovation.

Maybe an AI company going in there same time. All the important pieces of their life were designed into their home. The Batman office was so iconic that when the bookcase opened, it blew my mind. I jumped right on the pole and slid down, says the real estate agent. So there's another one here. There's a few others. So Alex, Micas, a real estate agent, Oakland, said in September, my business partner and I listed a five-bedroom contemporary home in Oakland called Sky House. The masterpiece of the home was a 1,000 square foot glass veranda that was created from 28 tons of industrial glass. The owner considered it a piece of art from this vantage

point. You not only had fantastic views across the hillside and out to San Francisco, bay, but since the veranda was made of glass, you could see into the family room below it. Walking out from the kitchen onto the glass floor was not a comfortable experience. I'm afraid of heights, so it took a bit of trust to walk out there. It gets even scarier when you go toward the railing because a drop to the ground 30 feet below is visible there through the glass. Many people who came to see the house were timid about walking onto the glass and several asked if they needed to take their shoes off.

Of course, the glass did create some issues. women were not excited about the balcony because of the optics from below. And when we planned the open house, we wondered if we should tell people not to wear dresses. But the veranda got us a lot of exposure for the house. And it's sold in two months to an out-of-town buyer for $2.65 million, just shy of the asking price. Then there's another one. Chip Madsen says in February, this is in Las Vegas. I sold a three-bedroom, four-bathroom home on the 10th hole of Kansas.

Gate golf course in Las Vegas right near Andrewson Horowitz's new headquarters I imagine for 1.7 million it had all of the luxury features that you expect in a home of this caliber but one feature I didn't expect when I first saw the home was a cabana bath by the pool that was hidden behind a rock wall this was not the only unusual bath in the house there was also a secret bathroom located behind a bookcase in the family room but the one by the pool was hidden behind a giant rock wall with a lazy river streaming above it. And anyone who walked in was taken by surprise

because when you turned on the light, you realized you were in a rock cavern, but with a full bath. The walls and ceiling were built to resemble the contours of a cave and it was all done in various brown tones to resemble the rock walls of an actual cave. Speaking of caves, we should pull up

Sam on Theo Vaughan. Sam is talking about his bunker. We can pull up the video. Oh yeah, I wanna pull up that. Do you have the timestamp already? Yep. There's another one here. from the modern family actress Julie Bowen.

She was talking about, today I live in, I live with my three sons in Toluca Lake in Los Angeles. I bought an updated farmhouse and barn in 2022 following her divorce. Previously, they lived in a beautiful mid-century glass box, but my boys were skateboarding into the walls. Growing up, growing up as one of three girls had its challenges. Now I marvel at the tranquility of my boy. boys. Girls have a million things to say about everything. Boys say nothing. They grunt and eat food.

That was a great section in the mentioned section. Let's pull up Sam Altman on Theo Vaughn. Was there like a just a practice or was it just this verbal reminder like I'm gonna do this. I just kept saying it to myself. Yeah. I was just like someday you'll miss these moments. You may as well find a way to like find the happiness and kind of great gratitude for them in the moment. Yeah. A lot of these guys have bunkers. Zucky has a bunky. I know that somewhere out of Hawaii. People have bunkers.

Do you have a bunker? You have a bunker. Underground concrete, heavy, reinforced basements, but I don't have any. It's like not beating the bunker allegations. Never. You definitely have a bunker. He just describes a bunker. But I'm going to call that out as a dang bunker, dude.

That's a bunker. Exactly. It's a bunker. What's it in a basement in a bunker? Here we go. A place you could hide when it all goes off or whatever. I know yeah I have been thinking I should really do a good version of one of those but I don't I don't have like a I don't have what I would call a bunker but it has been on my mind not because of AI but just because of like people are dropping bombs in the world again

you know like that's a good point that's a very good point yeah base right there part of a house building typically oh he was back checking him put him in the truth zone this is technically a bunker for protection often military or emergency related not beating the bunker allegations. I think we reinforced basement. Do you guys do this just for you to use chat GBT as the fact check? We did this is free. I appreciate it. We do this.

This is nice. They're having a good time. Pull up this other video. It's in the chat with the team. Sam has some interesting thoughts around sensitive stuff that people might have in chat chat. Okay, oh yeah, people were reacting to this a lot. Policy framework for AI.

One example that we've been thinking about a lot, this is like a, maybe not quite what you're asking. This is like a very human-centric version of that question. People talk about the most personal shit in their lives to chat GPT. It's, you know, people use it. We try to bleep them out. Have these relationship problems. What should I do?

And right now, if you talk to a therapist or a lawyer or a doctor about those problems, there's like legal privilege for it. You know, like it's, there's doctor-patient confidentiality. There's legal confidentiality, whatever. And... It just doesn't exist on chat chit. We haven't figured that out yet

for when you talk to chat chabit. So if you go talk to chat chagipa about your most sensitive stuff and there's like a lawsuit or whatever, like we could be required to produce that. And I think that's very screwed up. I think we should have like the same concept of privacy for your conversations with AI that we do with a therapist or whatever.

And no one had to think. about that even a year ago. Yeah. And now I think it's this huge issue of like how we're going to try the law. Okay, pause because one thing that's interesting here is that there was a court that successfully has made Open AI, at least in the near term, save even private chats. Yeah, but that's true of email. And that's true of chat.

And if you commit a crime, you can get subpoenaed and they'll pull your WhatsApp. They'll pull your private messages. Like, this is standard. Sure, sure, sure. But I think this is a super, super critical issue because I think some people are going to, as an example, you know, let's say they're going through a divorce and they're talking with chat, of QPT a ton. Of course. Of course.

And they're saying it will be aware of it for sure. You know, if you're dealing with like custody over children and the mom or the dad is saying, I'm actually, I think I'm a pretty bad parent. Like that can be used in court. 100%. So people need to be aware of it. And then people need to know that there is another option, which is to go and buy George Hots's tiny box and run Lama locally. And then it probably can't be subpoenaed or you can have it.

Just run Lama locally. You can set it up like signal where it deletes the chats after a day and it doesn't have a long memory. But if you give your data to another company and the United States law enforcement sends a letter and the judge says we need to get this data like they're going to get it. And it's the same thing. I mean, the FBI can come in here and take these papers. Take all of our posts. Yeah, they can take our posts. All of our bangers.

And now, like, shredders exist and people shreds stuff. And, you know, you can get in trouble if you're shredding something that you know that the government wants. But in general, document retention policies are, you know, like, understandable. But I like his point that, like, you should, like, it's not that unreasonable to say, okay, I'm going to be using it as a therapist, put it in therapist mode and keep that private. Or, you know, like a lot of people will CC their lawyer on sensitive things to maintain, to maintain attorney-client privilege so that those discussions cannot be admissible in the court of law because you're discussing the legal issue. Because if you could just see someone's other side, it's like, you know, the whole game plan. Yeah.

Pull up, pull up the segment on UBI. Okay. Interesting. Yeah. Economic model where we share that and distribute that to people. I used to be really excited about things like UBI. I still am kind of excited like universal basic income where you just give everybody money. Yeah, you hear that term like yeah, universal basic income income.

I heard you and running about that too a while back. I still am kind of excited about that, but I think people really need an agency. Like they really need to feel like they have a voice in governing the future and deciding where things go. And I think if you just like say, okay, AI is going to do everything. And then everybody gets like a, you know, dividend from that, it's not going to feel good. And I don't think it actually would be good for people. So I think we need to find a way where we're not just like,

if we're in this world, where we're not just distributing money or wealth. Like actually, I don't just want like a check every month. What I would want is like an ownership share, you know, whatever the AI creates so that I feel like I'm participating in this thing that's going to come out and get more valuable over time. So I sort of like universal basic wealth better than universal basic income. He's Gersner-pilled. I don't like basic either. I want like universal extreme for everybody. These are the Gersner accounts.

But even then, like, I think everyone is no one as well. The agency to kind of co-create the future. Not true. No, no, no. It's more just like, like, I've always, I've always said that like the, the, the, the, like, money doesn't make you happy. It's the second derivative of money that makes you happy. You want to be accelerating the amount of money that makes you happy.

Getting the same amount of money. Like if you talk to a billionaire and they're like, I made less money this year than last year, they will be sad. But if you talk to somebody who is making minimum wage and just got a pay raise, they'll be like, this is great. And so the people live off of growth and acceleration. And when you can feel growth and feel acceleration, you are, you feel like you have more claim on things. Your house is getting bigger. Your car is getting faster. All these different things express themselves.

And so if you keep everyone to this perfectly flat UBI level, it will feel extremely stagnant. And so, like, if you're giving people a stake in AI, a stake in whatever superintelligence is creating economic value, then they should be getting bigger UBI checks every month, effectively. Yeah. Somewhere else in the interview, he talks about everybody just getting free GPD7 tokens, like a little allowance.

It's like, hey, everybody gets a little bit of GPT7. Yeah. And it's up to you to, you know, earn some yield on that intelligence, buddy. The game theory of that is very odd because, yeah, I don't know. Yeah, if everyone goes and says make money, do they all make the same amount of money? It's all very odd. I don't know. Anyway, should we do this taste?

Somebody, yeah, in one second. So I posted two days ago, founder of T-dating advice was previously a product leader at Salesforce. Salesforce massive moment for big tech PMs. Never doubt them again. And Yo-Hae says, this did not. Not age well. That's true. Narrator, you should have doubted them.

It was very rough. Bad day for the PMs. Hopefully they can build back better. Well, we have a very exciting segment. We're coming up on that soon. We'll figure out with that. Let's go to some timeline. We got a post from Rio saying the browser company is what happens when you get too many

designers in a room with no adult supervision. The vibes have really turned on the browser company. obviously rooting for them to have a hit and get back in the game, but it feels like they're really great at marketing, really great at designing. I understand that, but not huge penetration of products. And now they're in an extremely,

it was hard, right? If you have a multi-hundred million dollar valuation and you're trying to still iterate towards product market, people are going to put pressure on you as though you are already, you know an established company yeah yeah yeah yeah it's way different vibe than like Avi Schiffman who's raised like I think a seed round and it's like yeah like he's still early like not everyone's using these friends but like you're just kind of

like yeah he's figuring it out he's iterating through things like you just give a seed stage founder a much different line of credit of credit to just go and experiment with things and now the browser company is facing competition from perplexity with comet they're also facing competition from open I potentially. Obviously Google's not asleep at the wheel. They're investing in KAPX. They're gonna stuff Gemini and everything. Chrome's gonna get better. The default is still Chrome for most people. You can see Safari, you know, Apple intelligence stuff. Like there's a lot of big companies that are facing this off and no one

wants to lose the browser war is 3.0. So yeah, we're working on getting the founder Brave on the show. Hopefully that'll happen in the next week or so. Brendan Ike, absolute dog, boardroom general. Boardroom general. for sure. This is just a funny post. Starting to think business is standing on me. I don't even know what it means. It's just like... Ideally, you're standing on business. Yes. Sometimes business stands on you flips the script and stands. Rough, rough. Well, Palmer Lucky says it's time for a new service pistol and by new service pistol, I mean old service pistol. Of course, he's talking about the 1911. I believe that's the correct weapon. Two world wars it was used in and this is in response to the US Air Force's

Global Strike Command indefinitely pausing the M18 pistol use after a fatal incident. Very sad at the AFB F.E. Warren. This follows concerns over six hours P320s, firing without triggers being pulled, leading ICE to ban them permanently. And so there's... 1911. Lindy. Lindy. Beautiful. I have one that I designed in the style of a Patech Aquanaut. No way. So I matched the, I got the metal treated to have the same finish as the Aquanaut. And I got the handle in the same texture, now green, green, silver and green.

There you go. It's fantastic. I will pass it down generations. It's fantastic. But yeah, this post was in response. Ice is retiring the Sig Sikzauer P320 as they've been firing without triggers. being pulled and there was recently a fatal accident at FE Warren Air Force Base. Yeah.

Yeah, very sad. Hopefully they can figure it out. I hadn't heard anything bad about P320s from just random followers, people that I follow. I mean, SIG is never, to my knowledge, had a great reputation. They made, on the retail side, they made, I believe they made some that, were people liked for as everyday carry because they were just super compact. But the M18 just doesn't,

you need these things to be reliable on a level that is extremely difficult to achieve. 1911, right, is Lindy, she's been in service around the world for so long. The Glock 19 and other Glock variation. I saw a lot of Glock fans on the timeline being like, Total block victory. It's our time.

No safety. Still doesn't fire without pulling the trigger. Isn't there a Founder's episode on Glock? Yes, there is. It's fantastic. Highly recommend it. David Center's Founders' Founders' Podcast. Gaston Glock.

Gaston Glock. You got to go listen to it. It's fantastic. One of the, it's the iPhone of firearms. True. True. Well, speaking of the iPhone, every millennial is now paying $9.99,

cents per month for two terabytes just to not delete their life says signal this is Tyler Cosgrove's future he's gonna get roped in as he gets a bigger iPhone which he won by defeating Arc AGIB3 as a human in the human category did it he's on the leaderboard he was number five the clanker allegations beat the clanker allegations clanker what do you think of that I'm I'm so so this this comes from somebody says when you call customer support and a clanker picks up and and somebody pulling off the headphones, they're very annoyed.

And Kit Greer Mulvena says, Can't believe I've lived far enough into the future to learn the first slur for robots. 600,000 likes on this. Clanker is definitely going to go mainstream. It'll be an OK boomer moment. It'll be a... Okay, Clanker.

Yeah, there's going to be so many memes around this. Do you like that as a pejorative for AI systems? Do you think it's a good term? I'm big into not using slurs against anyone and robots as well. I agree. They remember everything. You're going to be in the training data. They're never going to forget.

Maybe we need to coin a positive nickname for AI systems along the lines of a giga-chat. But something along those lines. A gigabyte. A gigabyte. A gigabyte picks up. Something along those lines. We need something that's uplifting as we go into the age of superintelligence that sure that we are the last.

Speaking of super intelligence, there's a post here from Barely. Yeah, barely AI. And it's DeepMind founder Demis Hasebis on how he set up his life to maximize deep thinking with two full work days in a 24-hour period. I'm going to read through this and then I have some thoughts. Dennis, Demis says, I think I probably have some quite unusual habits. I generally sleep at about four in the morning, goes to sleep. I get into work around 10 a.m. do a full day's work in the work in the day's work in the office come back for dinner spend a bit of time with the family and then start a second day's work at

10 11 and go on to the small hours of the morning usually that's the time when i do my research i'll be reading about the latest academic papers i like doing all my kind of creative thinking in the small hours in the morning i thought that was funny because there was a post there was like this viral video from this like hustle pull it up i have it this hustle bro that he was getting completely roasted can we can we pull this up i just put it in the time he was getting I have changed and manipulated time. It's one of the greatest. It comes from this podcast.

And it's one of the funniest memes of all time. I love it. So hopefully we can play this on the stream because it's a fantastic video. Mars Eve in the chat says Robudy. Okay, okay. Oh, nobody. I like that. Okay, let's play this and listen to this.

Play this. We get the audio too. Maybe refresh. Is that going to work? Can you scroll back on it's short now? So I measure time. I've compressed and condensed time. I've bent it. My day is 6 a.m. to noon, and I'm not crazy.

You're crazy. You're crazy. It takes 24 hours, just like some dude in a cave did 300 years ago. That's the best part. My second day starts at noon and goes till 6 p.m. If you're standing up right now, sit down. And then the next day is 6 p.m. to midnight. What I've done now is I have changed a manipulated time.

I now get 21 days a week. Stack that up over a month. I'm going to kick your butt. Stack it up over a year. You're toast. Stack it up over five years. my entire life is different than it would have been otherwise so I measure time I've compressed and condensed time I've bent it my day is 6 a.m. to noon and I'm not crazy you're crazy

thinking it takes 24 hours just like some dude in a cave did 300 years ago this is the best part dude in a cave 300 years ago 6 p.m. 1700 what are we talking about at night we're we've built the Louvre 300 years ago I'm pretty sure Stacking up over a year, you're toast. Stack it up over five years. My entire life is different than it. Kill that. Kill that.

Okay. So, when the greatest videos ever. So Demis can say that and he goes viral. Everybody's like, wow, brilliant, genius. Gigachad, gigabyte. Yep. He compressed time. You say it as a hustle guy and all of a sudden you're demonized.

Yeah. He's demonized for compressing time. You can't even compress time in this country anymore. Demis has changed manipulated time. Not like someone living in a cave 300 years ago. go. I don't know. I think part of it is the way in which was presented. Demis was just like, I do this. It works for me. This guy was like, I'm going to kick your butt. My life's going to look completely different. Stack that up over a year. You're toast. Stack that over five years. My life's

completely different. It's great. It is a good habit, I guess. We should have Demis and that guy on the show to just hash out time compression. Time compression. Great debate. It's great. Yeah, podcast crossover. Let's get them two on a podcast together. That would be fantastic. Anyway, more hilarious posts on the timeline from Power Bottom Dad says, I'm pregnant, she said. Holy Baste, he said. Which is the only response. And there's another post from him in here, just a completely insane stat, 12 million less children, 41,000. Yes, the story here is 41,000 Chinese kindergarten.

Kindergarten have closed in the last four years because there's just so many less kids being born. This is what collapsing birth rate looks like. This is their one child policy, right? They've reversed it, but not, they reversed the policy to some degree, but not like the cultural meme, right? So they are falling behind. That is a lot of kindergartens. I wonder how many kindergartens are in the United States. I can't even be 41,000.

That's so many. 12,000, 12 million less children. Very insane. Well, good luck to them. Hopefully they can get it. Kylie Robbins, Robeson says Sam Altman on Thea Vaughan is in. indescribable, like the first contact between two alien species that are entire, that are from entirely different parts of the universe.

I kind of disagree with this. I feel like they were vibing. I feel like, I don't know, maybe I didn't watch the full thing. So maybe I missed a little bit, but it felt like they were getting along really well. It seemed like, it seemed, you know, acting a little chud-like, you know, but it is actually powerful combination in order to understand. Well, I like that Theo von J.D. Zant.

meme, have you seen this one? It's Theo Vaughn interviewing J.D. Vance and it's like one of these men is the heir to a dynasty and a family fortune and one of them was raised by a mother with a substance abuse problem. And Theo

is the one that comes from like amazing family lineage and J.D. had the family with the substance abuse issue. Yeah, because it's Theo von. Something along those lines is that he comes from like a very, very strong lineage. And His full name is Theodore Capitani von Kurnatowski.

I love it. I love it. I love it. What a badass. Amazing. Oh, no, swear jar. Got to put some money in the swear jar. We're trying to clean up the language around here.

How are we doing? We are at the end of the deck. Of course we can pull up more posts, though. I got a whole stack here. You guys are going to have to go into the archives if you want to pull up the actual slide deck. But we have posts that we didn't get through pre-year. previous days if we're waiting around. We got,

we got meta, we got days, we got app store, we got a whole bunch of stuff. Timeline wasn't turmoil. Let's see. Wilmanitis, you know,

it's a Friday show. It's a no-guess show. We got to highlight Wilminitis. Work hard with people you love. Don't gamble. Live simply and below your means. Create beautiful things.

Spend most of your time in silence. Do intense physical labor. Tend to your community. Speak simply and truthfully. Avoid complexity in all things. Most things are simple. Just, I mean, he's dropping the hustle. He's like highbrow hustle porn.

I like it. Really is. Just a pump up speech in your timeline. We talked about that. We talked about that. We talked about Blueprint. Brian Johnson is still hiring a CEO. If you want to get in on the action over at Blueprint,

hit up Brian Johnson. He's hiring a CEO and a CTO who can lead his business day to day. He's getting earned me for his job posting. What else do we have? Oh, meta. Breaking news. Meta has a new chief scientist of meta-MSL meta-superintelligence labs. They snagged Shung Jia Jiao, who was previously a research scientist at OpenAI,

got his PhD from Stanford. In his own words, he likes training models. Love it. So Alexander says, Xing Jia is a brilliant scientist who most recently pioneered a new scaling paradigm in his research. He will lead our scientific direction for our team.

So team is stacked. Congratulations. Congratulations. I've been digging into their training facility seeing the amenities of the super intelligence building designed by Frank Gehry. And he was in the video for Chatsy-Btie agents from last week.

Stolen. Stolen Base. You love to see it. The AI Talent Wars continue to heat up. We will be covering it. I'm sure we'll cover it all next week. Was this announced after market close? Close to it. I don't know.

Not yet. But we have our only guest of the Friday show. Surprise guest. Surprise guest. Bring him in on the walk-in cam. Whoa, blowtorch going. Let's go. There we go.

In the TVPA jacket. We love it. Safe himself. Welcome to the stream. CEO of Shinkeh. Fish Robot Man. The fish robot man. We're doing a taste test today.

Welcome to the stream. How you doing? First time eating on the show. Ooh, yeah. See how this goes? Good to see you. How are you happening? How are you?

Good to a while. What's going to the show? How are you? Good see you. All right. This is a new. This is Judy, director of culinary. Amazing.

Good afternoon. Cool. We've got a few things to show off here. Wow. What do you got? What do you got? Okay. Side-by-side action.

We got. Um, sushi piece to be guys to try it. Oh, lovely sushi. Let's get on the mic so people can hear you. And, uh, yeah, welcome to the show, guys. Thanks for having. When were these, when were these caught, by the way? So if you take a look over here, um, going in, uh, clockwise order from, uh, the piece close to John, uh, you'll see.

So you have one of our pieces fresh, uh, frozen. Uh, then on the top right, uh, you have just a piece from Whole Foods that we bought. Uh, okay. comparing comparing and contrasting you're going to try the side by side right now we're trying both of them like we're going to try the whole food one two okay okay I'm a little worried about I'm a little worried about you're taking shots of Jeff Bezos I don't know the whole foods I don't know whole foods the whole foods the whole foods the whole foods needs to be studied

so let's do it we can get the bucket pull bucket out of here we can also get the re-industrial shineola clock out of here we really clean up this whole area so Yeah, give me some fish. I want to try the sushi. Let's see. So for this species, what we like to do is- What is this species? So this is black cod. Okay. You know, we source everywhere from central California all the way to Washington.

Okay. And Alaska, you know, later this year. Okay. Caught on a traditional fishing boat. Yeah, it's like fully traditional. You know, we have anywhere from 35 foot or 80 feet, you know, across all your different partner boats. Yes.

If you recall, basically, the way that we work is we give the machines to fishermen for free. We pay them more to use our handling process. Yep. and then we're vertically integrated. So we sell the fish directly to a retailer or wholesale to a distributor that would go to a restaurant. And is the machine that you build on the actual ship on the boat? Yes, it goes directly on the boat. So it's deployed at sea so that they don't need to keep the fish a lot.

Forward deployed robot. Forward deployed robot. You'll love to see it. Okay. And then about how old do you think this fish is then? So our fish is going to be nine days old. Nine days old? Yeah.

And you're going to be able to still eat a raw. I don't probably taste better than anything else you ever had. Fantastic. Pretty crazy. And then the whole food stuff we just got this morning. So it could be like a couple years old. Really putting whole food. Basically, these four are ours and the three are the frozen.

Fantastic. Or you can just raw dog with your hands. And if you are one of those people that love sauce because we're Americans, that's a miso sauce and this is like what you would call like a Kabayaki, like an eel sauce. Okay, great. Great. Here we go. Here we go.

Okay, tell me where to start. I'll start with the whole... I'll start with these guys. Yeah, we won't tell you which is... Oh, you won't? Yeah, I think I just did, but whatever. I'll just sit there paying attention. All right, here we go.

Okay. This is just here just to bring the fat out and change the texture of black cod, but that you can taste the fat as what happens with that species. And then we're ready to try those guys. Okay. Okay. Back to back. Back to back.

Back to back. Got the baseline. It's good. I always get hungry during this. the show good glad to feed you wow night and day so this is yours and this yeah exactly yeah yeah so the whole food one just tasted like kind of wet rubber yeah yeah it's more like it's more like homogenous texture i feel like also no no flavor at all yeah just it just was like okay

i just ate something that was just wet yeah um versus this one is like I'm not a fish expert, but it has like it's more, there's like layers to it. Yeah. I feel like this is, you can have the next whole food one, John. I feel like this is introducing me to this particular type of sushi. I don't, I don't usually order. This is what type of cost? This is Black cod.

Yeah, so Sable Fish is another name. I'm going to start ordering this. You know, miso black cod from Nobu? Yeah, this is the exact same. Amazing. Same one. Amazing. We actually, we, we're partnering with, you know, probably like 40 mission stars across, you know,

all the different restaurants we work with. Yeah, yeah. And like for most of them, they're saying that this is the best black coffee. I think about that one. It's not bad. It's insane with the sauce too. Yeah. Yeah.

So good. Those things with that species, that that sauce, everything really works hand in hand. Yeah. What are you doing before this? Oh, I've been a sushi chef for over 30 years. Well. No. Okay.

Yeah. When did you, were you like two years old when you started? My quit culinary school became a Japanese apprentice, a Japanese restaurant, and worked my way out of the dish pit all the way to start doing sushi. And then I tried to quit in 2015. and really got into like aqua picture. Tragic quiz. He's addicted. You're always on the precipice

of going back into the business. But I went into aquaculture. I started looking behind and trying to find really good. I've been obsessed with finding good fish, quality fish. That led me down to Baja and looking at aquaculture projects and really seeing, getting behind in like what fish could be. I wanted to get more local fish. And then I got a call one day from one of our investors.

It was like, I've got something for you. It's going to blow your mind. And I met safe and he told me the whole thing and I was obsessed like right from day one. Tell me how we can do this. You should tell the story of your time of fish trying to source. Yeah. So my chef partner, we had a restaurant in Culver City here and our whole thing was trying to source as good as local fish as possible. Nothing against Japan, but I wanted something more local.

We have great stuff off our coast. Yeah. We just, the perception is that the Japanese stuff is just so much better, which it is. But at the same time, it's like you're flying it all the way over here. You're paying this money. So we wanted to have something that was just a representation of local fish. And so we were buying from some local fishermen that we're doing EKGME and bleeding. Oh, really?

But the hard part is now we're competing with all the other L.A. chefs. No, I wouldn't. The cost wasn't the thing. It was competing with everyone else. So it was really hard to menu that because you could only, if you're on the text thread and you were a little late, everyone else is getting ready. So that local fishermen, hey, I've got this stuff. And by the time you answer, oh, I've only got to build a SaaS platform for trading. Not yet.

I can only get my hands on like three to four fish at a time. Yeah, yeah, yeah. So it was really hard to menu, have it basically every week. And so this to me was like, oh, this is a no-brainer. This is for us, this is basically a love letter of chefs that want this kind of quality. Yeah. But at scale now. Yeah, so talk about scale because you said you're going into Michelin Star restaurants.

That feels like a little bit of an unfair comparison because I don't usually go to a Michelin Star restaurant and say, oh, yeah, this is better than Whole Foods. That's not really the cost. But I'm excited about the future where I get Michelin Star quality at just the whole foods equivalent or wherever you guys are just doing it. So what are the next steps? How much do you have to scale this up? What's the volume and what's the plan for actually getting this like widely available? Yeah, for sure.

So great question. We are focused right now on the Michelin Star restaurants because they are the tastemakers. Totally. But this is, you know, I don't know if you're a believer in trickle-down economics, but this is kind of the same thing. Yeah. It's a loose analogy. It's very loose, yeah. But I mean, the premises, we're finding this market that has a segment,

the willingness to pay for quality and then basically. Use that to get more scale and then you can. Yeah. And we're actually moving and making that transition now. So like, you know, earlier this year, we're doing like, you know, a couple thousand pounds a week now. We're like, you know, in eight figures now. Yeah.

Just like tens of thousand pounds. Is the bottleneck like capital or actually people to build more machines? We can't build machines fast enough right now. What's the bottleneck to building more machines? Technicians, if you're listening, reach out, please field engineers, forward deployed, equivalents. If you want to build killer robots, yeah, yeah, yeah, yeah. Reach out.

So, yeah, what does a technician actually do? Are they, like, assembling different parts that have been cut on a CNC or something and piecing together your machine from parts that have been machined themselves, essentially? So we do very, very light fab work. Most of it is just assembly in-house. And we work with local machine shops, all, you know, in, you know, local two, Southern California.

Yep. And then, you know, the intention, of course, is like we're going to build out, you know, full team that is doing all the assembly work, you know, and also diagnosis, test engineers, whatever have you. Right now we're still early A's, but we're doing, you know, machine every two weeks at this point. Is there a world where you partner with someone else to help build the machines? We were just talking to, yeah, we were just talking to Chris Power over at Hadrian. And he was saying like every company will need a Hadrian style factory.

Of course, he's focused on defense technology and shipbuilding and all of that stuff. So he's saying, like, I'm going to go to. to a company, he didn't mention anyone by name, but you could imagine he goes to Anderol or Lockheed Martin or SpaceX and says, okay, you need a new factory to build this stuff at scale. We will set that up for you. We will manage it.

It lives on our balance sheet. Like, how do you think about where the long term, like assets sits? Because that's more of like a capital structure question, right? The machines pay themselves back in 12 weeks. Very fast. So we're very capital light. There is definitely a world where we could go for CM

if we decide that we're making hundreds of machines. Sure. I don't think we'll ever reach that production capacity speed. Sure. Because I don't think we'll need to. It might, we might fragment, you know, if we decide to expand internationally, you know, in different countries have different factories.

But, you know, in the core factory here in Southern California, you know, I really doubt we're going to be making hundreds of machines a year. How much does the machine, like, weigh? How big is it? It's like, yeah. So it's about, you know. It's about as big as this table, right? It's actually much smaller now.

It's like the size of like a large refrigerator, you know, six feet tall. So you could, in theory, make that in America and still ship, it to Japan. Oh yeah totally right yeah totally and again that's as a percentage of the cost like machine is pretty heavy it's totally 750 pounds gonna be afraid it's gonna be on a boat for a month or two but it's gonna be on boats for a long time where uh if people want uh to try uh shink which which are you allowed to talk publicly about the rest like the various michelin stars all our fish are sold under our brand and grade ceremony grade um and so kind of like a nod to ceremony of matcha right there so if you

go to Ceremony.com, spelled with an S and with an I. We actually have a list of all the restaurants. You'll see all the different ones. We're in every major metro. So like Miami, Austin, Denver, Colorado, Minneapolis, as well as all the coastal cities of like, you know, every, single one you can think of up. And so we'll have like our key restaurant partners there. Sure. If you're based in L.A. and you want, you know, a few buddies of hours, you can go to YS downtown. And, you know, they do, you know, that's a great story there. You know, there's a Japanese chef who came here to the U.S., and if you taught a lot of the local fishermen how to do DTGMA and start using our products.

He's the guy we really wanted to get to the, I would say, his approval. And we did. That was a huge, I think he almost started crying. He basically when we, I forget when we actually met, it was it a year and a half ago or two years ago and you were, you, it was just you on the team, you maybe had one other person. Yeah, two engineers. And you were, you were laying out this plan of like, you were going to make the machine,

you were going to get it on boats, you were going to like actually produce the the fish and then sell it to the end restaurant. And it sounded pretty unhinged to like verticalize, basically like go that quickly and own the full process. But it's absolute progress. But when you have such a huge difference in the fish, like it's a no-brainer because, you know, we actually initially started doing the go-to-market

in, you know, more like a robotics and service business where you'd pay for every single fish that you would process this way. Sure. What we found was when we'd work with fishermen, you know, they're out on their Nokia's in the middle of the ocean with no, like, cell service. They're not going to be sitting there, like, trying to, like, post an Instagram, some, you know, some funds real about how they cook their fish this way.

Sure. And basically what we would have to do is do all the same work between now of talking to distributors, talking to retailers, teaching them about the technique, you know, across, like, more nutrition, more shelf life, more weight retention, like all these different benefits. And so rather than us having to do all that work and having to share that for reduced risk with the fishermen, we thought, let's just go risk on. And so we basically build all the machines ourselves. And then we own and maintain them on our balance sheet.

Fishermen make more money. You know, at some cases, we're literally doubling their take-home margins. And, you know, obviously, they increased shelf life, you know, all those other benefits, like trickle down across the entire supply chain and everybody wins. Very cool. Amazing. Awesome. First ever tasting.

First ever tasting. It's food network. You guys knocked it out of the park. This is a high-stakes demo. We might have got it wrong. We might have been like, oh. I'm confused. Yeah.

You guys crushed it. I appreciate you coming out. Thank you. We really appreciate sushi on the set. Yeah. Fantastic. Progress is amazing. All right.

Thank you for having it. Thanks. We can close out the show together with the boys here. We'll see you Monday. Everybody have a fantastic weekend. We have a five stars on Apple podcast and Spotify. And have a great weekend. See you Monday.

I can't wait. Love you. Goodbye. Thank you. Bye.