TBPN - TBPN Year in Review, TikTok Aims for $50B, Dana White on the AI Race | Diet TBPN

Episode Date: December 20, 2025

Diet TBPN delivers the best of today’s TBPN episode in under 30 minutes. TBPN is a live tech talk show hosted by John Coogan and Jordi Hays, streaming weekdays 11–2 PT on X and YouTube, with each episode posted to podcast platforms right after. Described by The New York Times as “Silicon Valley’s newest obsession,” the show has recently featured Mark Zuckerberg, Sam Altman, Mark Cuban, and Satya Nadella.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.ioProfound - https://tryprofound.comJulius AI - https://julius.aiturbopuffer - https://turbopuffer.comfal - https://fal.aiPrivy - https://www.privy.ioCognition - https://cognition.aiGemini - https://gemini.google.comFollow 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

watching tvb is friday december 19th merry christmas i don't know if we're going to make it through the show in this costume i don't know i'm going to be honest with you up front everyone we appreciate you we're very thankful this holiday but this is a lot for three hour broadcast about technology and business okay so folks a lesson this week is that we started christmas on monday And it's really, we started really strong. We talked about how certain advertisers, including Amazon,

got into the holiday season a little too quickly. Yeah. Little did we know. Little did we know. For chat. Maybe did the same thing. We did the exact thing. But it has been a very fun week.

And we're excited to finish. It's really, it's really so good. This is, this might be more entertaining than our, uh, in our Halloween episode. We just wanted to say thank you to everyone for an amazing year. What a wild ride. So at the beginning of the year, this show... Remember last year, didn't we do like a Christmas Eve episode?

I think so. We just weren't willing to stop. Yeah, no. It was a really intense schedule, but we weren't live. We didn't have guests. We didn't travel for the show. Yeah, we had this whole thesis that like what was missing was actually just two people hanging out having a conversation.

and there actually were a lot of interview shows that were doing a great job. Of course, that all planned played out way differently. We have the numbers. We actually did 225 live streams this year. Thank you to so many of you in the chat that I know we're actually watching for all 225 of those.

There's a lot of you. We recognize you all. We've learned all of your names. It's been fantastic hanging out here with you every day chatting. Across those 225 live. We interviewed 912 unique guests, and we're also doing another five today, I think. So we're still adding to that, but we almost hit 1,000 guests. Some guests have come along.

We know the record holder for this year. Delian Asperuha, with 18 guest appearances. We've done 1,019 interviews and 8,554 posts on X. Interesting. The first guest ever was Ryan Peterson. Sort of a wild move, just jumping on a live stream with us. We'd never done a guest ever, and it was live. It was very odd.

We could talk about anything, but he was totally down to just hop on, and it was a lot of fun. And he ended up coming on a lot this year because of how much chaos there was in global trade. Gary Tan hooked us up with the ability to stream from YC Demo Day, the Palace of Party rounds. That was a super, super cool moment. Yeah, that was our NFL combine. And of course, Figma was our Super Bowl. Exactly. So we got to go to the New York Stock Exchange for the Figma IPO.

And again, you know, huge, huge gamble for Dylan to let us hang out there and talk to everyone there. And I feel like we landed on a very unique product interviewing basically the whole board of directors on IPO day. Less focused on price action, more focused on story. Which was crazy, of course. Which was crazy. The stock was up, stock was down. And I think that's something we always wanted to come back to is like the posters that make the show possible, the timeline. This show is unique.

that that is very much our backbone. Obviously, we read the Wall Street Journal. We read a lot of the news. But for some of the funny moments, some of the funniest moments, some of the most interesting folks we've had on the show, some of the Anon's that have come on has just really allowed us to wind up in a different place.

I was looking back at some of the original lob that we got from different people. I remember Bologi texted you super early on and said, great set. Jackson texted. one of us the same and so so many others. And also thank you to the media that makes the show possible with the fact-finding. They do, they find out.

Yeah, I think early on people wanted us to have this sort of like- adversarial relationship with the media, but at the end of the day, it's incredibly symbiotic. Media does analysis, fact-finding, all different sorts. We incorporated into the show, and the show wouldn't be possible about that. And a lot of the profiles, I mean, from the very early days, we were reading like a New Yorker profile of Mary Meeker. And that gives you like a certain flavor of what tech was like at that time. And, you know, without the legacy media, the traditional media, the corporate media, the new media, the legacy, new media, the neo-legacy media.

Without all of them, we couldn't do what we do. And then, of course, thank you to the team. The massive, fantastic team here at TVPN. We have had a fantastic view with them. They had grown. Absolutely legends. Everyone's figured out ways to improve the show. Every little thing that you see on this show across the internet, across everywhere where

we exist is due to someone on our team being inventive, coming up with a strategy for how that happens, then implementing it and then executing it every single day like clockwork with extreme. And it's a performance. Everything that, you know, as we're sitting here hanging out, talking, they are doing an incredible amount behind the scenes, making sure that the show is dialed. It's really been the highlight of my career working with all of you guys. So thank you for being part of this.

They made a video. Yeah, yeah. Let's play it. Let's watch it. We have a little year-and-review video that we're going to watch here. And 2025 is going to be a fantastic year. Lock-in. The locking in that you do today will benefit your great-grandchildren.

I agree. If you do it right. So do it. Do it, brother. I think we age. Like two years. Today is MetaConnect 2025. We'd love for you to hit this gone for us.

There we go. Congratulations on MetaConnect 2025. This is a big moment for us. I mean, we just started a couple months ago. It's been, this has definitely been on like the vision board of like one day. And now we're here. So thank you so much for hosting us. You're watching TBPN.

We know that. We have some fantastic news. We have a partnership with the New York Stock Exchange. New York Stock Exchange. You're watching TVPN. You're live from GitHub Universe. Let's give it a quick hit for 27%. Strong hit.

Great hit. So, good to meet you. How you do it? There he is. I still cannot believe you jumped. I can't believe you showed up. The Halloween episode. The Christmas episode.

And the response was like, would you ever spend $250k Canada and I took that lift one? What's the best? That's the scoop of the year. Sam Alman has a good sense of humor. You guys are really important to me. Good luck to you guys. Just keep doing what you're doing.

You're just electric. What you guys do is great. I also think that you're transforming the way that media is dispersed each week. And it's awesome. You guys are X doing what you do and elsewhere. So thanks so much. Thank you to everybody that has made this possible by tuning in, join the show, and supporting us.

however you have. So have a wonderful evening and we will see you tomorrow. Thank you. Take care. Good night. Having the snow effect for the whole thing is great. The snow effect is not baked into to the underlying video. That of course will be shared on. Anyways, uh, thank you. Thank you. Thank you, Ben, uh, in the hole and Nick and Scott and Michael for for making that you guys, uh, you guys are the best. Uh, correction. Actually, shout out to Jackson who made that video. No way. What? Wow. Legend.

Legend. Amazing. And Tyler, do you have any news for us? Oh yeah, contract extended. What? Gap year. Gap year extended. He's not going home. Well, he's going home for the holidays, but he's coming back to the Ultradam. Next semester. With the jaws of life. Contract extended. It has been truly, truly incredible having you here. on our set and contributing to the show in such a special way. Yeah, we should probably figure out a new title at some point other than intern. Intern doesn't really make sense. It doesn't. It made sense for a minute, but you're much, you're much more than an intern. Your technology brother. Can we get the Gigacad? Can we get the giga-chat? Can we at least giga-chat this man? Come on, please. We have to thank everyone that actually watched the show. Everyone in chat, we appreciate you,

and everyone who saw. There are so many ways to experience what we do. That is by design. We want to let people. We want to meet them where they are, obviously, in an RSS feed, in a cut down, in a diet TBPN product, in a 20-minute version, in a clip. In the newsletter.

In the trading cards. The trading cards themselves are a way to experience what we do here. And so thank you to everyone who enjoyed any of that, no matter how much or how frequently you did. We appreciate you. Let's go to the timeline. So TikTok owner, BightDance, is on track for 50 billion in profit in 2025. Big.

That's so much money. So this is from Bloomberg. BightDance is on track for profits of roughly 50 billion, capping a record year for a Chinese social media leader, making major inroads into e-commerce and new markets. I mean, it truly is like their hyper-scaler. They own a ton of different stuff, gaming, social. It's so much more than just TikTok. The Beijing-based parent company of TikTok is on track to hit that milestone after amassing

net income of about $40 billion over the year's first three quarters, that would take the company's earnings close to that of meta platforms. So bite dance is now basically the same size as meta, which is insane. Meta's, of course, earning about $60 billion this year. TikTok success has come over under scrutiny after the Biden administration led an effort to ban TikTok. Bydance is now close to finalizing a plan to hive off the video service in the U.S., which will ensure... It's going to be American-made. American-made short-form video. debates over exactly how that will happen. But Oracle is potentially in the deal. Despite

Washington's scrutiny, TikTok has expanded globally at a rapid clip, including in the U.S. It has been pushing aggressively into e-commerce and live-stream shopping. The live-stream shopping thing, it feels like it's so, so big over there. I wonder if it's somewhat growing here, but it does feel like it still feels like it has not hit a fever pitch in the United States the way it has abroad. TikTok has signed a deal for the sale of the United States unit. The The deal should close January 22nd. This is from Sarah Fisher, the media correspondent at Axios. Oracle, Silver Lake, and MGX will collectively own 45% of the US entity.

30% will be held by affiliates of existing Bight Dance investors, and 20% will be retained by Bight Dance. Byte dance, the Chinese entity sort of becomes the minority investor. It sort of goes into American hands loosely or Western hands. And then, of course, the rest of the process can be handled. And you have more leverage to address, like, where is the data stored? How is the algorithm trained? The U.S. venture, the joint venture, is going to be focused on data protection,

algorithm security, content moderation, and software assurance. So, and retraining the content recommendation algorithm on U.S. user data to ensure the content feed is free from outside manipulation, We'll be interested to see if there's any noticeable effect for TikTok users. Megan Barroski over at the Wall Street Journal has a scoop that Meta is, in fact, developing a new image and video-focused AI model code name mango. I like it. Alex Wang and Chris Cox talked the new models, Mango and Avocado in a Q&A with employees this morning. One of those employees said, I got to tell the Wall Street Journal about this. It's too good.

It's too good. It's simply too good. It's too good. I got to let them know. They said the models are expected to be released in the first half of 2026. I mean, they have a lot of data. They should be able to train a great model. I wonder if it's enough to get to just release a frontier model and really see any usage

or if this is, again, it's like it needs to be vended into Instagram, into meta properties. What do you think, Tyler? I mean, I feel like it's very natural to vend this into Instagram. Yeah. And like this model, like I would be very surprised if people are surprised by this, right? like the mid-journey in vibes like that was not MSL that was not Alexander Wang yeah yeah yeah that's just like the product but they they've done a lot of work to Marshall compute build huge data centers like they're ready for a big run yeah and they

have the data very good yeah I would expect this to be Dana White and the meta board this is a match made in heaven let's play have you got into AI yet we're dabbling okay so meta AI I got you know I'm on the board for meta I just got back from the meta board meeting so good Zuckerberg who was a brilliant gangster this guy these people who try to talk about him and everything else I'm so blown away and impressed by this guy he's an animal i agree with that he's putting all the chips in on AI we just hired like 10 kids that are aged 22 to 28 the average salary is like 65 million dollars these kids are making that

it's the final leak AI, this is where we got the real data. Everyone's wondering. There's way more positives about AI than negative. So you start looking at AI and getting into it and asking AI, how do I build my business? How do I, you know, and it'll start giving you some ideas. And hold on. Is he saying $65 million is the average salary per year?

I think so. I mean, I think of a salary. I think of a salary as a. That's an annual thing. So 10 times. That's insane. And no head in the chat says meta engineers are the 600K salary watching this. I just feel like this.

So yeah, yeah, keep playing this. From here to Tulsa, Oklahoma, you'd have to go on a map and you'd have to lay out, you know, your route and all. You got to do the same thing for your business. Map out your route for 26. When I first saw this, I thought he was saying like, AI will be able to get you directions. And I was like, Google Maps can do that. Okay, so when I see this, I just, I just think, It's actually a great metaphor.

Entrepreneurs can get stuck in a loop of just wanting to meet and talk with people and like get ideas and get strategies and learn. And AI is really good at that. You can say, I have an e-commerce company. I want to grow. What should I do? It'll give you a bunch of ideas. It just shows how worthless a lot of ideas are and how important execution is.

Some ideas are price-less, right? It's like you want to execute on the right ideas, but oftentimes to find the right ideas, you got to try a bunch of stuff. And so AI is at the point where it can give you the perfect strategy, the perfect playbook, even if it's like kind of the average playbook, but in the end, you just still got to go do the work. That's the hard part. I think he's actually a pretty good communicator here, because he's using a metaphor that people understand mapping technology, Google Maps for business, for answering other

questions, unstructured questions, AI can tell you that. If you think about before, you'd Google, okay, well, my business needs a website, how do I set up a website for my business? Okay, I need to go to the store and get a book, web development for dummies. This This was a thing. Back in the 90s, it was like Java for dummies. And so he's right, he's delivering it in like this sort of funny way and he's, and he brings like this crazy energy to the performance, but he is correct in like the pitch in this idea.

He's actually correctly pitching super intelligent, personal super intelligence. He doesn't really address the fact that like, you know, there's incredible competition from Anthropic and Open AI and Google on this front. But that's not what he's, that's not what he's addressing. addressing just the idea of like is AI useful meta has something I think three three and a half to four billion monthly active users and so I think in those board meetings you have to imagine they're saying like yeah there's a lot of competition yeah chat chbtee has a big user base yeah Gemini has a big user base but we have four billion people that we can start distributing if we build a great

model we can start distributing it through WhatsApp through Instagram through Facebook through Meta-A-A-I app, et cetera. Yeah, I was listening to Ben Thompson this morning, and he was doing app reviews, like the review of the top paid apps and the top free apps. So the 2025 top paid apps, and this is wild.

It's like, have you heard of any of these? Hot schedules, Shadow Rocket, it seems like... Have you heard of any of these? Procreate, Enki-Mobile, Uprovia, Sky, V. I've heard of that, tonal energy, auto sleep.

They're all like a couple dollars, and most people have not really heard of any of these. If they have, they're like, oh, yeah, I use, you know, this for this one little thing or this is a niche thing. And then you go to the top free apps and it's like trillion dollar company, trillion dollar company, trillion dollar company. It's literally chat chapt, GPD, Twitter, TikToks, WhatsApp, Instagram, YouTube, Google Maps, Gmail, Google Gemini. And so Ben's point was, if you like chat Chibi-T, yes, they are the number one app, but they should be scared because Google has one, two, three, four, five in the top 11 or something like that. And so the distribution is just so powerful. And fortunately, Meta has that distribution. So they're also a contender and they can stay in the game.

So the top, the number 22 free app right now, number 21 is Instagram, number 22 is whatnot. Number 23 is HBO Max. And on the paid side currently, 21 is Threema, secure messenger. Sounds like an even-sus version. Sounds insecure. Yeah, it sounds very insecure. Number two is pocket god, which is a game that includes call of booty. Wait, call of pocket god.

Isn't that a nickname for AGI? AGI has been solved. This is just like a mobile game. And then number 23 is jingle, real motion shaker instrument. Casey Nysstadt did a project with the MetaQuestrast 3. where he scanned his studio. He says it's pretty rad. You can walk around and look at stuff and get close.

Yeah, it's very inspiring from a production perspective because it's practical, but it also has so much character that it tells you a story. And so even when he's just filming a little product review and he's making the seventh video of the month or year or whatever, you're brought into his world. You understand who Casey is. every single one of those items tells a story.

Should we give Tyler a challenge to actually get this up and running? Scan the Ultradone? I tried for like, I don't know, maybe two months now. You've been able to do a couple experiences on the Metaquest, but you couldn't record your own yet. And I mean, I'm not sure if it's actually, I guess it is out that you can do it yourself. So I'm not saying scan the Ultrude.

The Gigachad Elf is so funny. I love the Gigachad Elf. So yeah, I'm not proposing that you... You look so ridiculous. Do the sad face. Do the sad face. The sad face is the funniest one. It's so funny.

The jaw line is crazy. How? Oh, there's weird. It looks so real. It's so good. I don't like this one. No. He really looks so sad.

What's wrong, Tyler? Cheer up. Open AI has declared code read multiple times. Bloomberg is reporting. An executive said this. not a code red if it's code red every day at your company. You know what? Nowhere else it's code red right here. Code red? Yeah, we heard it's code red. Yeah, it's code red. Everyone can put on Santa outfits. It's code red time. Santa sack is red. The reindeer, the sleigh. These things are red.

He was just getting in the Christmas spirit, guys. It was not anything about the business. It was not anything about the shaky ground. The real question that Rachel Metz over at Bloomberg will have to get to the bottom of is, okay, so there's been multiple code reds at open act. How many Baja blasts have there been because we know that after every code red, there is an equal and opposite Baja blast that gets the company back. Well, what is, what does success look like for a code red? It's a Baja blast. It's a Baja blast.

Blasping your way to the top of the charts, the top of the benchmarks, the top of the fundraising cycle. Sam Altman's decision to declare code red at OpenAI earlier this month may have caught the industry's attention, but it wasn't the first time that the artificial intelligence company has done a code red. The San Francisco based startup leaderships has made the same decision previously, explicitly instructing employees to drop lower priority tasks and concentrate on a single goal. I'm telling you, it's entirely a comms issue. There's a phrase for this that doesn't turn into a negative press cycle. It's called the lock-in. You just tell everyone, we're locking in.

It's time for the great lock-in. And if you say Open AI declares it's time for the great lock-in. That's exciting. Everyone's excited. People are going to rally around them. Everyone is going to go through the roof and just be like, this is so bullish. This is so bullish. You can be at the top of your game. And if you declare a great lock-in, everyone's just like, oh, no, it's going to be even better.

They're going to go even harder. Hot take, maybe 2026 of the year of speed. Maybe customers cannot tell the difference between 120 IQ chatbot, 130 IQ chatbot, 140 IQ chat pod. What can they tell the difference? Speed. That's right. If they have to close the app, come back five minutes later,

All my deep research report is here. I think the models plateauing on wowing me with, they're already, AGI's here. In a letter to the White House sent this AM. This was yesterday. Open AI encourages the federal government to invest in our contract with initiatives like OpenAI Stargate to secure compute for public research.

The full thing is leverage public-private partnerships for supercomputing. We encourage the federal government to co-invest or contract with initiatives like Open A.I. Stargate. to secure dedicated compute for priority public research, i.e. health research, national security, just as government university partnerships built earlier supercomputers, new models could procure capacity on cutting-edge AI systems for use by federally funded researchers.

For example, a portion of Stargate's compute might be made available to the National Science Foundation or Department of Energy researchers tackling grand challenges, providing academia, access to frontier models without needing to build duplicate infrastructure. What do you think, John? Because obviously people are going to dunk on this super hard, but there's, you know, people that are just not interested in AI don't think it's important. Show me the big tech company that doesn't want to work with the government. Yeah.

Like it's a knockout, drag out fight to win Project Maven, to win cloud hosting contracts. The government has data right now. and the fight between whether that data is stored on AWS, Oracle, Google, Azure, like that is a somewhat of a bidding war, but there are also all sorts of other lobbying efforts to win those contracts. It's the game on the field. I don't know. I feel like this is not asking for a backstop.

This is also not asking for nationalization, although it is like somewhat predicted in 27. It feels more like an advertisement for a sales. product. This feels like an SDR being like I'm ready to I'm ready to rock. Yeah and I think even for taxpayers do you want the government spending like basically taking on the project themselves to build an end-to-end supercomputer and how good would the actual result be versus just saying like we need compute for these projects. Open AI and all their messaging says we're compute constrained and we're compute constrained if we brought on 10 times a compute we'd use it in a few weeks.

There's all these things that we can't do because we don't have enough compute. And so to also be messaging the government and saying, hey, we'd like you to invest and effectively buy capacity for government researchers from our data centers, those things are, you can balance them, but it's a little bit hard to. Open AI sees 2026 as the year of AI and science the moment when AI begins unlocking breakthroughs and scientific discovery just as it sped up software development in 20. 25. More than seven and 10 Americans believe we need new innovations and solutions to challenges in scientific and medical research. And they kind of go on kind of setting up, setting up the

kind of ask. It feels like a crucible moment for science in that science was effectively successfully done at a private corporation. And if that's the trend, then what is the government's role? what is the university's role? Maybe it should just be a race between Google and Open AI to actually cure cancer and obviously the other pharmaceutical companies and all sorts of health companies. Why are you laughing? I'm laughing because Brandon Jacoby texted me and said, listening to the show while working out,

the sheep sound almost made me drop a dumbbell on my head from laughing. It's a goat sound, Brandon. It's a goat sound. Obviously, it's a goat sound. I use that when someone is showing greatest of all time. sort of behavior or general excellence. Charlemagne signed a five-year deal, $200 million extension with IHeartMedia, locking him in with the company after it struck a deal with Netflix to stream the Breakfast Club.

Interesting. Forbes is writing a story here. IHartMedia is paying Charlemagne 200. They say, hey, IHard Media, we have a deal with Netflix. We can't lose Charlemagne because the Breakfast Club has already been sold to Netflix. We got to have Charlemagne hosted because he's the talent. Very cool. The article in How Charlemagne became a media god.

I love it, because of course he's Charlemagne the God. On a chilly night in November radio personality, Charlemagne the God is roaming through the aisles of Midtown Comics in New York City, captivated by the heroes and villains that shaped his childhood escapism at the highest level. He says, everybody's here for a purpose. Durast at a black peacoat, a white hoodie, black jeans, and tan Timberland boots. This isn't the media vigilante that listeners of the Breakfast Club have come to expect over the past 15 years, the 47-year-old comic book nerd

leafing through original graphic novels of Batman, Superman, Wolverine, and one of his favorites, Luke Cage is more subdued and introspective as he considers his public and private personas. So congratulations to Charlemagne. There's a robot that is solving Rubik's cubes in 0.1 seconds. That is so fast. Look at this. Look at this. You can't even...

Oh, it's in the slow-mo cam. Okay, watch this. And it's solved. That's so crazy. That's insane. Think about that. Look, this is a super, super, super slow-mo view. Super slow-mo view.

Super, super-duper slow. Point, wow, it's doing. This is so fast. Wow, it's really doing it. I can do a Rubik's Cube in around one minute. Can you do one? How fast can you do it? Let's cut to Tyler.

My best ever, when I was like 12, it was like 20 seconds. 20 seconds. 20 seconds. Yeah, you were a speed cube. Wow. Nerd alert. Nerd alert. Nerd alert.

Nerd alert. The no look. Is that really? Yeah. Oh yeah. He's got it. He's got it. He's got it.

I used to be much better. I used to be much better. Did you want to talk about watches, Jordy? I did. I did not know that Osama bin Laden was a Cassio guy. A Cassio guy. And also apparently base...

Couldn't get the RM. Base has a watch. as well. Watch drop is cool. I like a watch drop. We like a watch drop. Would you like to seize cartel assets as a privateer? This is a big opportunity for folks.

I would allow the president to issue you a letter of mark. Time to take these pirates down. We did talk about... Can we create this? We did say at the beginning of the year, we were highlighting the reward for Maduro. Yes. Very early before this whole Venezuela saga really kicked off. It definitely ramped up from the time we.

We talked about the fact that the State Department was interested in him bringing him in for questioning. Did you see this game on record? No. It's a body cam, first person, share. Wait a minute. I believe this is not AI generated video. This is just incredible Unreal Engine footage. This looks so real.

I don't believe it's crazy, but I think this is actually real. Now, I believe I thought this game went into beta and I thought people were playing this. And I believe that even though it's remarkably realistic, looks so real, it's like you look at that and you're like, oh, this looks like the best game ever. This looks way better than Call of Duty. In fact, the modern gamer and really you or me, like you don't actually want this level of realism because it makes the game really hard. It makes a lot less fun. Like some people do. They want great mechanics.

And then they're willing to suspend belief and say, hey, we're, you know, I'm going to play something that's a little cartoony as long as the mechanics. work. Jira Tickets was reacting to Open AI now aiming to raise $100 billion at an $830 billion valuation. And J.T. says, wow, new number just dropped. Congrats on the new number. Looks like it's bigger than the old number. That's good. Can't wait to see the next number. I love the number business. That's really true. Good bit. Reality is life is a number business. It's all about make it go up forever. This is a good way to, I would say, wrap the year. Trek hits the timeline to say some important words. Check yourself before you Shrek yourself. You were just laughing about, you were just laughing yourself before the show and I asked you,

what were you reading? And you said, well Shrek said, check yourself before you Shrek yourself. It's been a fantastic year, everyone. Thank you so much for all the support. Thank you for watching at TBPN and engaging with us in in all different ways. We really appreciate you and hope you have a fantastic holiday season. Merry Christmas. Happy New Year. We will see you in 2026. I can't believe this is the last show of the year. What a year. Wow.

Thank you, everyone. Totally surreal. Surreal. And it's an honor. It's an honor to build this show with the team and with all of you in the audience. Gabe says one last gong. One last gong. One last gong for 2025.

What a year. You pull up your pants. He's got sweats on underneath. Don't worry. One last gong. And we will see you in 2026. We will see you next year, folks. We love you.

Goodbye. Have a fantastic New Year's and all those holidays. Goodbye.