TBPN - OpenAI Sets Sights on $750B Valuation, Warner Brothers Questions Paramount’s Funding, The 2025 Model Wars In Review | Diet TBPN

Episode Date: December 19, 2025

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I saved this for the show, so this reaction, I haven't seen the video, but I've seen the metrics around the video. It's got 15,000 likes just on a quote tweet of it. I think it's going to be very funny. This is Open AI showing the public its financials once it goes public. Okay, it looks pretty good. Getting a haircut. Looks good. Oh no.

You know, I've been watching these haircut videos, and they're actually incredibly good content because... Dude, this video going viral, this guy's going to be full Kigachad mode within six months. I guarantee it. Guarantee it. Guarantee it. He knew what was going to happen. He did it to inspire himself to, I guess, look. For sure.

I looked at a haircut video where it's incredibly sticky content because you're watching the guy describe what he wants. And then at the very end, they show you a montage of the photos. And when it works out, obviously the joke there is that it's a downgrade. It does make me wonder, like, there are certain, like, can every different vertical, can every different type of content become, you know, high retention? Or are there some things that are just, like,

more naturally, like, payoff-based, right? Yeah. Scoop, opening I could soon be worth $750 billion in a financing round. They've had early talks. Let's give it up for early talks. We love early talks. We prefer advanced talks.

But early talks, you got to start somewhere. About raising tens of billions of dollars or even $100 billion. The company was last valued at $500 billion a few months ago. Tay Kim chimes in says public markets are crushing Open AI exposed stocks, while private investors with visibility into opening eyes metrics and internal numbers. Dot, dot, dot, dot. Are piling in, essentially.

Both can't be right. I trust Katie Roof reporting. So he's saying that it's bullish for Open AI. That's his take from this? Yeah, maybe some of the public. have been oversold. That said, yeah, I'll be interested to see how this round comes together.

Again, remember, I think it's a good time to be fundraising if you need tens of billions of dollars if Warner Brothers ends up going with Netflix, right? If you're raising tens of billions of dollars and you're not doing it from strategics, like the hyperscalers, it pretty much has to be sovereign wealth funds. If they pass on Warner Brothers, they have loose change in the couch cushions to toss Open AI's way.

They can collect. To the tune of $10 billion checks, potentially. I mean, it does feel like Open AI is it a bit of a, it feels like the vibes around Open AI, trough of disillusionment, potentially going into plateau of productivity. It feels like they're turning it around. It feels like the new models and the products. I don't know. I haven't seen many people say I love 5.2.

but then again, outside in the real world, clearly, you know, ask people what AI app they're using. Yeah. That'll give you a lot of signal. It just feels like, like, you know, okay, maybe, maybe we're not in Baja Blast territory, but we know that every code red is followed by an equal. Adult mode. Adult mode. It's coming in January.

Yeah, maybe. Yeah. But, but it, it. It does seem like a lot of the, a lot of the, a lot of the negativity has kind of worked its way through. The market's traded down. There's maybe not another, like, it feels like we're finding a bottom. Like we're finding like the footing of like, okay, reset the narratives, rebuild back up. Like, can they catch up in this?

Can they catch up in that? If you see a couple of good charts, a couple of growth charts, then you're sort of back in business because. And again, I still think, I still think the Disney deal. negative as like, like, the point that I'm making is like, is like a couple months ago, it was like, it's Enron, it's going to blow up, it's zero, it's not going to work at all. And it does feel like we're turning the corner on that. Maybe you muted the people that that are still saying that because they're still saying it. They're still saying it.

Well, it just got old. Funny post, Sam says, sell me this pen. Jensen says, I'll lend you the money to buy it. Warner, CEO, David Zazlov, and Netflix. co-CEOs, Greg Peters, and Ted Zarandoos on the Warner Brothers lot. They took game day photo. They went out deliberately to just strut and just flax. And they clearly knew what they were doing.

Hey. Well, this is their new lot. You point. You look over here. Guys, can we look over this direction? Okay, yeah, that's perfect. Snap, snap, snap. They know what they're doing.

No hostile offer can get between us. We're bros. We're hanging out. This is a sign of strength. It signs out. There's palm trees. Yeah, this is them. sending a signal,

sending a signal, hey, we're excited to work together. We're excited to be in partnership, collaborating. There was one person who quoted this and was unhappy about it. They were saying that they weren't well dressed. Yeah, they were saying that they weren't well dressed,

and he was like, I'm kind of in that boat. It's not, it's not bad. They threw on a blazer, they threw on their rocking blazers. Give them a break. It's definitely like a Hollywood executive style that sort of like become the norm. But this is also a good way for,

for people that are maybe more on the tech side to start dressing up. You don't have to go from jeans straight into a suit. You can throw on a blazer, right? Something to consider. Matt Levine is back. He says, I've missed Christmas even New Year's and the Fourth of July holidays for newsletters a lot smaller than this. This is as good as it gets for newsletter writers.

He says Warner doesn't trust Paramount, Revocable Trust, ESG side letters, IPO lockups, Destiny and Doing Deals over the holidays. Trust. If you're a normal person, most of your wealth is probably in your own. name, but if you're one of the richest people in the world, you probably have a lot more complicated estate and tax planning, which probably means that a lot of your wealth is in trust, legal arrangements that your lawyer set up to hold assets for you. Most simply, you might have a revocable trust where your assets technically belong to the

trust, but you have control over the trust assets, investment decisions, beneficiaries, etc. This can be useful for estate planning, but for most purposes, owning assets and a revocable trust is pretty much like owning them yourself. I regularly say that Mark Zuckerberg, Mark Zuck. owns a lot of shares of meta, or that Elon owns a lot of shares of Tesla, even though neither statement is exactly true. Their trust own the shares, but for most practical purposes you can think of, they own them. This creates, I suppose, a small, dumb problem. Let's say you build big yachts, and Mark Zuckerberg comes to you and asks, asked to buy a billion

yacht. Naturally, he will pay you the billion dollars on completion of the yacht. You might ask him, well, do you have a billion dollars? And he might say, no, actually, I don't. But the Mark Zuckerberg trust owns like a bazillion dollars worth of meta stock, and I control that, so I'm good. You find that persuasive, so you pull up the yacht sale contract. Who do you put in as a buyer? If you put Mark Zuckerberg, he has no money. If you put the Mark Zuckerberg trust, it has plenty of money now. But if it is a revocable trust, he can just take all the money shares out whatever he wants. It's revocable. If he changes his mind about the yacht, he can clean out the trust. You'll send the bill to the trust, but the trust will have no money, and you'll be stuck

with the yacht. Not that bad of a situation to be stuck with a billion-dollar yacht. But if you're in the business of selling that, you certainly want to be able to complete the transaction. I get the point. Honestly, this is a pretty easy problem to solve. You put Mark Zuckerberg in the contract. He doesn't own the assets directly, but he controls the trust. So if he owes you a billion dollars, you can make him take it out of the trust. But maybe you'll get confused or he'll get confused and you'll end up signing a contract with the trust. Then if he changes his mind, he can zero out the trust and stiff you. I cannot imagine that this comes up. up a lot with yacht builders or anyone else. Elon Musk once did sign a contract to buy Twitter

for $44 billion, then changed his mind and tried to get out of it. The fact that his wealth is mostly in a trust did not at any stage of the proceedings trouble anyone. He had signed his equity commitment in his own name, and everyone understood that if he was sued and lost, he'd have to pay with his trust money if necessary. And Twitter did sue him and he did pay. Fine, fine, fine. On the other hand, Paramount is trying to buy Warner Brothers Discovery, breaking up Warner's deal to sell itself to Netflix Inc, and Paramount does not have nearly enough money to pay for Warner. Instead, much of the money behind the bid comes from Paramount Chief Executive Officer's dad, Larry Ellison, as of this writing, the fifth richest person in the world, or rather, it comes from his trust. And this would be one of the greatest tricks in the history of mergers and acquisitions. One major sticking point is Warner Brothers' concern about the financing proposed by Paramount. which is led by David Ellison. A big part of the equity is backstop by a trust that manages the wealth of his father, Larry Ellison. Because it's a revocable trust, assets can be taken out of it at any time, and Warner Brothers may have no recourse if that happens, the people said. Matt says, ah, ha, ha, ha, sure, the risk here is Warner throws over Netflix, pays it a $2.8 billion breakup fee and signs a deal to sell itself to Paramount for something like $100 and $8.4 billion in cash. For some reason, changing market conditions, regulatory difficulty, and a change of heart by the Ellison's or a change of heart by their co-investors, the Ellison's decide they don't want to close the deal.

Quietly, in the comfort of his own home, without saying anything to Warner, Larry Ellison takes all of his stock out of the trust, leaving it empty. Yoink, he whispers to himself. Oops, never mind, Paramount tells Warner. Warner sues Paramount for specific performance seeking to make it pay $108.4 billion and close the deal. All right, we don't have that kind of money, says Paramount, which has a market capital. of about $15 billion and about $3 billion of cash. When we signed the deal, you knew that the money was coming from the Allison Trust.

So Warner sues the Ellison Trust for specific performance seeking to make it pay $108 billion and close the deal. LOL, we don't have that kind of money, says the Ellison Trust. We did, sure, but the trust got revoked. Yoink adds Larry Ellison more loudly this time. So Warner sues Larry Ellison for the money. He says, who me? Says Larry Ellison.

You have no deal with me. I didn't even know what you're talking about. This is not my problem. This does not strike me as especially likely, and it would obviously be bad for Paramount and the Ellison's, but I suppose it is possible, and it would be a pretty fun trick. Today, Warner officially rejected Paramount's bid,

advising shareholders not to sell their shares in Paramount's tender offer. Paramount's own tender offer says that the Ellison equity commitment and guarantee will be from the Lawrence Ellison Revocable Trust, not from Larry Ellison himself. The offer points out that the trust is rich. The Ellison Trust has financial resources well in of what would be required to meet its financial obligations under the equity commitment letter, including many other assets and financial resources available to it,

record and beneficial ownership of approximately $1.16 billion shares of Oracle stock with a market value of approximately $252 billion as of the date of this offer to purchase. But as the name says, it's revocable. This seems extremely fixable. Have Larry Ellison signed the commitments personally? William Cohen reports that the whole situation, is trains passing in the night and quote, the Ellisons believe they can still be sued for specific performance to fund the deal.

He quotes a person familiar with their thinking saying that there is no financing condition in the deal. And Paramount and the Ellison slash Redbird, along with our lenders, are legally obligated to close regardless of future financial or business performance at Paramount. That is not an impossible thought to convey in merger papers, and yet so far they apparently haven't. The real trick is obviously create a revocable trust and name it the irrevocable trust. Can you just do that?

One simple trick. One simple trick. Ebeney lawyers hate this one simple trick. I am wondering if this is very common. I mean, Matt Levine talks about this, but why did Elon not do this during the Twitter buyout? That is a good question. Because it says Elon did sign the contract in his name. Which he could have just done to the trust and then he could have backed out when he wanted to.

Well, I mean, one thing is like it feels like Elon just rips checks and was very much just like, yeah, I'm good for it. I'm going for it. I don't want to play this game at all. Because I'm all in. You have the full faith and credit of the bank of Elon Musk, essentially. We talked about with like that when you make an offer for a big company, there's like the expected value of the close and saying, hey, we have this backstop is something that increases the probability that you close, the financing conditions. condition is met, but then saying, okay, we're doing it in a trust or revocable trust takes that down a little bit. But again, there's a world where all of the different capital providers lined up and you're not even talking about trust, revocable or irrevocable because you never get there because all the different funds are jumping. I want to get in. I have to get my stake.

I want 10% of this. Here's 10 billion. I'm ready to go. you don't even care about the backstop or you don't care about the trust because everyone's lining up. The only reason that maybe they're in this scenario is because it feels like Warner Brothers did actually sort of kick the tires on the Paramount deal and get to the end state of evaluating it and saying, oh, well, like, we've heard, you know, you mentioned Jared Kushner's in, like, is Affinity Partners really in?

And when they push them, Affinity Partners, it seems like they might be out. I don't know. I don't know exactly what happened. But there's a variety of stakeholders that came in. And the level of, it's not just that they were thumbs up, thumbs down. There were some that were people said that they were thumbs up. They wound up being thumbs down. Some of them were here and they wound up being there, you know,

a little bit edgy depending on a lot of different folks where it's like, you know, it's like putting together any other financing round. Ideally, every investor that goes into a seed stage company or series A company is like, yes, I'm good regardless of who else is in the, round every once in a while you get VCs who say yeah I'll sign a term sheet but term sheets are non-binding and we'll see how the round pencils out I'll I'll sit on this signature I'm not gonna sign this I'm not gonna wire or they would give a verbal and thinking that Sequoia is gonna come in yeah it's okay it doesn't

yeah and they're like oh yeah or vice versa yeah they give the they give the verbal they sit on it they're not wiring they're maybe leaning back and then Sequoia comes in or Founders founder and Dresen or someone comes in and And then they're like, wait, wait, wait, you said that I could get 2% of this company for 100K? Like, well, like, give me my terms. And you're like, you didn't sign that doc. You were very much leaning out. I've been in that situation.

Wall Street gets early taste of hot year expected for IPOs. Shares of a company called Medline began trading in the biggest new stock listing since 2021. Wall Street is getting a glimpse of what could be the biggest year ever for IPOs in the U.S. After four years of choppiness in the market. didn't even let me get into the number. The medical supply company raised $6.3 billion in its stock offering. The stock closed at $41 a share, massive offering. It's the biggest IPO since Rivian, actually, in 2021.

We're the largest company no one's ever heard of, said the chief executive, Jim Boyle. So the offering could help set the stage for some of the most highly anticipated IPOs with Rocket Maker, SpaceX, AI company Anthropic, and mortgage giants, Fannie Mae and Freddie Mac, among the companies looking at listings in 2026. OpenAI also rumored. There's a couple other companies that might go out. There's a bunch of tech darlings that look kind of like infants

in comparison to... But still might be a level of maturity to go out. Very notable by companies that are basically at Figma scale. Sure, yeah, yeah. Or even beyond. For a long time, you know, if you're a $10 billion company and the tens of billions, the decicorns, any decacorn should be comfortable going out, potentially, as long as they're not in some crazy R&D cycle, and they actually have the core financials humming at this point. Bankers say their teams have been busy in recent weeks pitching companies to be lead advisor on their IPOs, marking a pickup ad activity. Many startups had a shoot going public in recent years.

I'm not sure that's entirely true anymore, said Magdalena Henrich. head of U.S. technology equity capital markets at Bank of America. In our newsletter today, we did a little review of the model wars. What a year, just in terms of model releases, August 7th, OpenAI releases GPT5, September 29th, Anthropic releases Claude Sonnet 4.5. Then the day after, OpenAI releases Sora 2. The same day, meta releases the meta-raybans displays, November 3rd, OpenAI and Amazon announced a partnership value to $38 billion.

November 12th, 5.1 drops from OpenAI. Yep. November 17th, XAI releases GROC 4.1. November 18th, Google releases Gemini 3. Massive response to that. It's crazy that that was just one month ago. November 20th, Nanobanamo banana Pro comes out. Then November 24th, Anthropic releases Claude Opus 4.5.

We talked to Shulto about that. And then December 1st, DeepSeek releases DeepSeek version 3.2. And of course, before the end of the year, Open AI had to fire back with GPT 5.2 on December 11. And then December 17, Google releases Gemini's Refash. Also, today, I think Open AI released 5.2 Codex. So, like, the coding model. I think there's this whole narrative where, like, oh, AI is stagnating. Yeah.

But it's like, bro, look at the benchmarks. Like, it's on the trend. Look at the benchmarks. because they're saturating. There was a moment where just multiplying two really, really big numbers together in a computer, like you needed more memory to do like, you know, a thousand digits times a thousand digits. We need to get you a massive winter coat to get through this AI winter.

Because the AI winter is happening, I'm telling you. There's no AI winter. There is, there is, there's an, I mean, it's the age of research, okay? The age of research is the age of research. Can you imagine it's like June next year, it's hot and the old. Ultradome, Tyler, just keep the code on, buddy. You can't take it off till it's over. No, it's over.

The progress is- Like, people want AI to stagnate so bad. They do. So many people want that. They do. And it's not happening, though. It's like, the models are getting better. Everyone without bags is saying it's stagnating.

Well, no, because all those people are like, oh, like I missed in video or whatever. Oh, you think you think Carpathie's like, I missed in video, so I got to go trash AI. And he's not saying. Well, I think we can all agree, Tyler, that it's the age of research. but it's also the age of deals.

Okay. We've got to talk about Trump media and technology. This morning I woke up and, you know, a lot of people that, you know, do like mental health podcasts, they say, look at your phone within five seconds, opening your eyes. Just immediately, you know, connect with the internet and just sort of start kind of marinating

and all the notifications that you maybe got over the last eight hours. That's what I did this morning. I opened my eyes. I immediately grab my phone. I see this push notification. I think it was from Bloomberg, that truth, social parent to merge with nuclear fusion firm in a $6 billion deal.

And I thought I was dreaming still because it just seemed insane. Trump's been so active this year on the deal-making side, who would have thought he had another multi-billion-dollar deal to do this year? So, of course, Trump Media and Technology Groups, the social media and crypto company, part owned by President Trump, said it would develop a utility-scale fusion power plant. President Trump's social media company, which recently expanded into streaming and cryptocurrency, is now entering its fourth act. Fusion power, promising, but still an proven source of alternative energy. DJT and TAY technologies have said Thursday they had agreed to an all-stock merger that the companies valued at more than $6 billion.

The deal would be a metamorphosis for Trump media, the money-losing parent company of True Social, a social media platform that has struggled to gain market share beyond serving is the main online megaphone for President Trump. Mr. Trump is the company's largest shareholder with a large stake worth more than $1 billion that is held in a trust. We're trust maxing, of course, managed by Don Jr., who is a Trump media board member. The company based in Sarasota, Florida, has only a few dozen full-time employees and has recorded tens of millions of losses in recent years. The merger with Tay would create one of the first publicly traded nuclear fusion companies, according to the release. You know, people are going to talk trash about this,

like, oh, what is a social network doing, building energy assets? But you look at what Amazon's doing, building massive data centers. Where for AWS, Amazon owns Twitch. That's a social network. What else does Amazon own? Well, they own some diesel generators for backup power at the data centers.

Fusion, theoretically cleaner. Who would have thought that out of the Silicon Valley tech people, they would be using diesel while the big guy is using clean energy to power his social network. Fascinating, fascinating stuff. Truth Social is also getting into the prediction market game. No way. launching a native prediction market feature in the app. It's crazy that they're not partnered for anyone.

I wonder if it'll be like predict. Trade on the content of Trump's next post. I am interested to see how the future presidents approach business, right? Who was the guy with the peanut farm? Jimmy Carter. He got into a little hot water because of his peanut farm. I think he didn't fully divest. No, he did divest.

But he still got in hot water? No. It's just remarkable because the peanut farm was so small and so insignificant in the U.S. economy and even in his personal balance sheet. But the fact that he was saying, look, I don't want any, any idea of impropriety. so I'm going to divest from a small peanut farm that I'm associated with so that no one can say that I'm in the pocket of big peanut or I'm pro peanut or little peanut and so the fact that the fact that Jimmy Carter

divested from the peanut farm he was not he was not you know in big oil or railroad baron or associated with banking he had he had very little conflict of interest and he reduced it even further that's always been a sign of like the what what great look like. Trump has been in founder mode for a long time, getting all kinds of criticism about the business from people who aren't actually in the arena. It is crazy, the degree to which he is a successful technology founder. People can have their issues with the president, but they cannot deny that they cannot say with a straight face that he is not a technology. He's never founded a unicorn tech company. He's never taken a social media app public. You can't say that. You can't say He's never merged with a nuclear fusion company backed by Chevron and Google and Goldman Sachs. Almost $1 trillion has been invested into AI so far and that may just be the start. Look at this graph or this. This is an interesting way to visualize the flow of money because we see it as these like moments in time, a $10 billion deal here, $100 billion deal deal there. This is showing the investment over time and you can see, you know, Nvidia flowing to Amazon.

and all the different companies. Where's Open AI? Open AI is just flowing around. It's just a cool little like data visualization. I thought this is fun to look at. Can't wait for this AI bubble to pop so we can all go back to normal, just like how the internet completely disappeared after the dot-com bubble popped.

It's another bullish take for AI. It's not going anywhere. Yeah, it's a great take. It is a great take. It is a great take. And 18,000 people agree it's a great take. I also think it's a great take. This doesn't seem so fast take off, though.

takeoff build, more internet build, which is slow takeoff. The internet has a slow take off. Everyone thought it was going to be the internet is the super highway. It's going to be, a thousand X growth. Yahoo's going to be worth a trillion dollars. And then, you know, kind of settled in, took a while for things to find use cases, find value.

But eventually it did transform everything. But this time is different. Exactly. Because this time we have the internet, so it's way faster to do distribution. Yes. I don't want to, you weren't even alive in there, Tyler. I don't even want to, don't.

I was racking servers in a data center while you were in the cradle. More importantly, this Chinese streamer cut the Apple Vision Pro's weight in half. Whoa. That's genius. This is innovation. This is crazy innovation. Imagine walking into an office and every person there is just locked in with a balloon. This is somehow more cyberpunk than just the default, put the big screen on your face.

I like this. And people say the Chinese can only copy and they can't invent new stuff. That's not true. Not true. If you're a class clown coded, which I certainly am, imagine walking around the office and just with a little needle. No, no, no, no, no, no. It doesn't actually, it's not going to hurt them. It's still strapped to their head.

But you're popping their balloon, then they have to go get more helium, and helium is scarce resource. I want this guy to make a personal blimp. It's just like a harness you can put on with enough helium to just take you up. Yeah. I think the Mythbusters did that. Yeah. You just get a bunch of balloons. Yeah.

And it worked. Did they doing that and then skydiving down would be pretty cool? You should work on that over the winter break. Oh, this is so, so funny. Big news. Alpha ton, a ton of alpha. We got a ton of alpha over here at Alpha Ton Capital. We're making a historic $30 million strategic investment in Anderral Industries, and they tag them.

So we are investing in the future of Defense Tech and the convergence of decentralized AI with next-gen national security. This is a strategic bet on the companies of the future. This unprecedented investment positions Alpha-Ton at the forefront of next-generation defense technology infrastructure, marking a pivotal moment in the convergence of public markets and advanced national security capabilities, NASDAQ, A-Ton, And so they're trying to become an Anderol like Hold Co basically or a treasury company. Treasury company. And Palmer just quote tweets them into the stratosphere by saying Alpha Tone is lying. This is not true.

Public heads up to CEO Brittany Kaiser slash own your data now, whistleblower, who is Bitcoin, Alpha Tone capital. That's the, I guess that's the owner of this. You do not have permission to use my trademarks to dis, to de, fraud your investors. And Brittany says, hey, Palmer, we signed an agreement to purchase economic exposure to Anderal shares through an SPV and to accumulate more exposure over time and offer access via formal secondaries product. Given our network's demand for your innovative tech, I will issue a clarification. And Palmer says, that isn't what you were in your company said, though. To be extremely clear, Anderil has to authorize these types of transfers. And I will not authorize it. Wow. Like this looks like an AI bot is just like posting, but this is a public company. Yeah, it does look like just some sort of like complete slop scam.

Like you would assume that you would assume that if you go down this particular funnel, you wind up at like, hey, you know, like send me some random crypto or something. Like it feels very scammy. And it's, I mean, you know, Palmer is sort of calling it a scam. But it is a public company, I guess. Well. I'm sure Ander-Roll's legal counsel will. really enjoy having a nice calm holiday weekend I'm sure while they clean this mess up one of many chew by this is the new phrase this is the new word you got to learn chew by people know chopped people

know washed the duchess of bushwick says recently invented the word chew by which is when something is both chops and also spiritually dubai examples so house goyard pandora carbone kith drop your chew by things in the comments. So House, I got to say, I think it's spiritually very English. I mean, that's obviously the origin of it. But yeah, again, again, that is England spiritually Dubai now? No, it's possible. Oat milk is definitely chew by. Better to be chew by than just chopped, though. I don't, yeah, but also I don't, I don't want to, there's a lot of great things about Dubai. You can rent an SF 90 for the day for like a grand. I did that at one point. during F1 in 2020.

It's dangerous. If you ever fall off, people are going to be calling you chew by for sure. Massive Balenciaga sneakers. I saw these at breakfast this morning. Are those two by? Ben says, imagine looking for a new show and finding this. Yeah, it's so good. I was just laughing at like, yeah, the sack and the gong doesn't even make noise.

You're really. With all due respect to TVPN, I think this gets things a little backwards. CBS is basically unique in the network news business in being able to generate buzz. 60 Minutes still has great ratings and other CBS News Properties produced. Talked about stuff too. Let's see his examples. So he's an older man and a younger woman next to each other. Do you know who that is?

I don't. That is your... Does he run the Navy? He has a Navy shirt on. I think he runs football. Okay. Football player? Cool.

And then... What position does he play? Isn't he a little old to play football? I thought you had to be like... We had Seiguan on the show. I thought you had to be like... His shirt's looking a little bit. It's vintage, Tyler.

He said the reason why Allison wanted CBS and wanted Barry to run it is precisely because it was still capable of creating buzz and generating attention. They still got it over there. And yeah, seems, seems good. It does feel like it's breaking through

in a different way. It feels like it's like like the content is shifting to something that's more, is certainly breaking through. I see the clips. I feel like I see the clips more. But I don't know. In other news,

Tim Sweeney says that Fortnite will not return to iOS in Japan in 2025. As promised, Apple was required to open up the iOS to competing stores today. And instead of doing so honestly, they have launched another travesty of obstruction and lawbreaking and gross disrespect to the government and people of Japan. Apple chose poorly again. Tim Sweeney is really Apple's worst. nightmare. It's crazy. Very few companies have like such an outspoken, just

hater, you know? He was heavily, heavily, heavily, heavily, I guess Sam Altman has Elon. He wants Fortnite to be free, at least not completely free, but free to run their own stores. Arcway, this was an interesting. Caleb Barclay, Arkway. Oh, funny. A real-time 3D engine where anyone can design a home. It is a simulated 3D world where buyers explore change and decide as light physics. building rules and real products move is one.

Very cool. I've seen Redfin playing around with some AI. They're back by NDVC. Yeah, I wonder if this will be wound up be integrated into Zillow so you can like fully tour the house. This has always been sort of the dream. The Matterport team did a big job like pulling up like, you know, 3D environments, like, you know, spherical scans of various rooms within a home

that you could see. and a lot of that wound up getting integrated to Zillow and Redfin. Okay, I want to know what it looks like during Christmas. I want to know what this house looks like. Yeah, we'll see. Any breaking news? Yeah, new executive order centered around the kind of NASA stuff. It's called Ensuring American Space Superiority.

I just searched executive order. And the top story is Trump signs executive order expediting marijuana reclassification after lobbying from cannabis industry over at CNN. So he's really taken us to space. Who is, yeah, I guess. Who is sloppy? Cannabis. Okay, well, this, yeah, different space I'm talking about.

So one is he wants to, its priorities are returning Americans to the Moon by 2028 and establishing initial elements of permanent lunar outpost by 2030. And then prepare for journey to Mars. Mars is less kind of concrete. Mars plans. I feel like he should add get Trump to space. He's never been. Take him on a little field trip.

Get him pumped up. Put him on a rocket. Get him up there. get him back. That'd be fun. I feel like Trump would want to be the first president to go to space. That does feel like something he would want to do. Or I also feel like he'd want to rename the moon, Trump moon.

Trump. Or just Trump, drop the moon. Yeah, oh, that's planet Trump. Planet Trump is wild. I mean, there's a lot. You maybe could have a Melania planet too. Mars, call a Mars, yeah. We will be back tomorrow.

the final show of the year. It will be surreal. And thanks for hanging out with us today and our guests. And we hope you have a lovely afternoon. We love you.