TFTC: A Bitcoin Podcast - Ten31 Timestamp: When Donald Met Kimi

Starting point is 00:00:00 John, this is your first experience of me recording from the back porch of my father-in-law's shore house. First-time caller, long-time listener for something like this. It's always a key part of the summer for me is when Marty transitions to his shore house and does all the pods on the back porch. It's a real vibe that I look forward to. It's a great vibe. So we got birds chirping in the background. There's not a cloud in the sky. It's about 74 degrees, very comfortable, not sweating. And after the heat and the smoke that hit the area last week, This is a much, much neater reprieve from from the weird weather. Yeah, you I'm glad I'm glad you you made it through that rough, rough period there.

Starting point is 00:00:40 Did the smoke make it down your way at all? No, no, we're we're insulated from all of Canada's shenanigans down in the lower half of the country. Hey, it turns out forest management control burns kind of important to neglect them for a decade. Bad things happen. and then it gets blamed on climate change and you're forced to to to move around your whole life in your portfolio to make sure that we're investing in in clean climate tech i think uh the narrative was a little less powerful this time for for one reason or another fortunately we're past the uh the esg days of early 2020s but never say never investment cycles always come back

Starting point is 00:01:16 around well i mean they may they may come back around but as you said it's out of favor now because war is not good for the environment war is back on the table iran straighter her moves back on the table boys yeah we uh here we are again uh all this has happened before all this will happen again as they say you know we don't have to hit these too hard i'm sure anyone who is is a professional doom scroller or a professional situation monitor is is well aware that uh where we're sitting right now is is definitively less encouraging than it was perhaps a couple months ago perhaps not totally surprising that we would see re-escalation maybe you might have thought that it would have waited till after midterms but i think anyone

Starting point is 00:01:53 And probably would have assumed that the MOU that was put across the table a couple months ago was not super well defined on a variety of terms, which we talked about a couple months back. But, you know, here we are again, straights open, straights closed. Michael Scott, snip, snap, gif, Schrodinger's cat type situation. But either way, you know, the punchline here is WTI, Brent up back into the 80s. But I think even more notably, you've got, you know, European net gas benchmarks all getting back into kind of highs of the early, early chaos we were seeing earlier this year. So that'll be, I think, the biggest constraint on, you know, or the biggest pain point, I guess we would say, is the countries, Europe, Southeast Asia, that are maybe less well supplied on a variety of key energy inputs really getting squeezed here again. so that'll be the the main vulnerability to watch in stateside we have the strategic petroleum reserve falling to uh 43 days of reserves left lowest i think 83 lowest since 83.

Starting point is 00:02:55 lowest since 83. yeah so got done the 46 days in 2023 so i guess we replenished it a little bit and we've drained it down to its lowest level in over 40 years so not great bob no well uh it might have been a good idea to deal with that before uh kicking the hornet's nest here but yeah here we are but i think you know everyone everyone knows there's uh uh the war is on if we can call it that now i think maybe the more incremental or like interesting pieces out of the last week were some headlines just on basically the accelerated urgency to route around straightforward news by various gcc countries we've talked about these a little bit in the past on the pod but some Submissioning analysis out of Goldman this week, kind of suggesting that a variety of these projects could get up to, say, 60% of pre-war levels of oil exports in the next two years being essentially straight proof.

Starting point is 00:03:50 And definitely looks like there's a significant appetite, as you would expect, to ramp up both investment in these and then also the pace at which they get completed. Now, this isn't going to help you if you end up with the Houthis over in the Red Sea causing a lot more trouble and they're Iran aligned. So, you know, you're not necessarily out of the woods just because you build some of these pipeline projects. And of course, they're not going to materialize tomorrow. It's going to take, you know, one or two years to really get meaningful benefit. But, you know, the world really moving kind of in a direction, it seems, of minimizing dependence on and inability to this particular maritime choke point, which, interestingly, was specifically called out, as we mentioned before, in the National Security Strategy document last year as a key priority of the administration, you know, minimizing the disruptive impacts of the Strait of Hormuz as a choke point. So, you know, a tinfoil hat theorist might might say that this was maybe an outcome that was that certain parties were looking for. But we'll see how it actually shapes up.

Starting point is 00:04:49 Yeah. And I'm not sure if you saw the headline this morning out of Yemen, but it looks like the Yemeni government or the Yemeni government, excuse me, has announced that they're going to put a naval blockade on Saudi Arabia's ports. I actually I actually missed that one. So you're you're breaking news for everyone here. Yes. So if you're thinking about what's going to happen when these pipelines do make it to the Red Sea, as you mentioned, the Houthis, I mean, Yemen, I think, loosely aligned there with some Houthi outshoots in the country. Looks like they're already beginning to signal like, hey, you're not going to get away with this. We have something to say, too. So chaos in the Middle East oil markets. And as this chaos is going, it looks like the U.S. is trying to carry favor with some of the countries in the area, the latest of which is Iraq. which the u.s and iraq have a pretty muddy history in the 21st century but it looks like the iraqi prime prime minister will be visiting washington to talk about oil and gas deals yeah

Starting point is 00:05:48 i mean you talk about cyclicality right you think about the the 90s and uh h.w bush shaking hands with saddam hussein 15 20 years later he gets you know summarily deposed and we do some nation building and it's a you know a chaotic scene all around and then 20 years later here we are again striking deals and building up partnerships that'll benefit allegedly U.S. companies like Chevron. So, you know, just I think these are these are self-explanatory, but I think it's as it relates to a U.S. that's looking to flex its might more and more in energy markets internationally and become more and more of a dominant player across petroleum markets. Clearly one to watch here, humorous enough that it's all coming back around to being a partner

Starting point is 00:06:30 with Iraq, but just the latest kind of puzzle piece plugged me in here to the U.S.'s clear desire to be more and more influential and put its hand in the till more and more in global oil markets. Yes. And I mean, we've been covering this extensively, which is a lot of the focus on the Strait of Hormuz may be a focus that's not in the right area. It's what's happening on the edges as the Strait of Hormuz shuts down and how is everything being redirected and re-architected on the back end and helium which as we know is which as we

Starting point is 00:07:07 now know after becoming experts on on a middle east oil and gas strategy is a key input in fertilizer and other sort of other other semis semis that's good for helium is very important that's what i'm trying to say here back deck fog is hitting but it looks like the us is going to be a massive benefactor in the the helium markets because of all this look if you're looking at the chart that we have on the the screen right now it's looking it says u.s emerges as helium winner we're looking at the import of noble gases from top three sources in 2026 percentage of total so u.s if you're looking at 2022 and to japan was hovering around 25 30 it'll be around 80 this year south korea it was below 20 in 2022 and is approaching 60 this year and then taiwan similarly

Starting point is 00:08:02 below 20 and looking like it's going to be just at 60 percent of their helium imports will be from the us so big winner in the helium markets the us's yeah um and if you know if you look at kind of the trend here if you're watching on video like this was already kind of you know in play and in progress over the last few years so it's not just um the the disruption that we've seen in the gulf but clearly there's been you know a jump this year and a meaningful job especially for korea and taiwan across uh for for the u.s helium import uh the u.s as a source of helium imports for these countries and you know it's the the the red bar here of china getting squeezed as a as a player that was also that trend was was playing out even before this but i just i thought

Starting point is 00:08:45 I thought it was a good chart to reiterate. It came out of, I believe, Nikkei this week. Something we've been talking about, again, over the last few months, just the wins on the margin that the U.S. is seeing a lot of kind of key inputs where it's becoming more and more of a relevant player and exporter. And I think, again, just cuts against the idea that there's no edge, there's no strategy, nothing behind what the U.S. is doing other than kind of Trump flailing blindly in the Gulf. not to say that everything has been executed perfectly or without cost and you know we don't have the the chart on here but there was a really good paper out of i forget the organization it's one of the big um uh basically energy monitoring and commodity monitoring organizations kind of their annual paper on the the state of play on credible minerals so the flip side of this chart

Starting point is 00:09:32 is you know unsurprisingly china remains well ahead of anybody on kind of refined capacity for rare earths i think that explains you know unsurprisingly why you've seen all the headlines We flagged over the last few weeks on the U.S. doing a lot more on the industrial policy side to build out dual sourcing capabilities and do partnerships with nations like Brazil to further bolster U.S. rare earth capacity. So it's pros and cons on both sides, again, like we've been saying. But there's definitely clear benefit that you're seeing to the U.S. from this disruption kind of one way or another. Yes. And then we transition to how the Fed is trying to operate and navigate in this world, not only this world, but in a world of their own in which they're trying to drastically overhaul, get away from forward guidance, add more data resources that can react in real time. and we've got uh some statements from the fed this week pertaining to inflation and i think they're really again trying to position away from forward guidance and saying they're going to be more

Starting point is 00:10:40 reactive with with lifetime data saying we can't get stuck in the cognitive dissonance of fighting the last war on inflation and a couple fed governors coming out and say they believe inflation has peaked and saying it pretty pretty confidently so we've got the fed beginning to position its new regime here. Yeah, which is never exactly what you want to see the Fed trying to call it, you know, an inflection one way or another, especially on inflation. You know, it brings back the PTSD memories of inflation is transitory from anyone who lived through 20 and 21. But I just thought it was an interesting set of comments that came out last week. The top one is from new Fed Chair Kevin Walsh in front of Congress testifying that, you know, if we do

Starting point is 00:11:21 things right, the inflation surge the last five years is a thing of the past. And he talked a little about AI as well in those remarks. And in the past, if you've looked, he's been very on the train of AI productivity and enabling kind of a deflationary impulse that can counteract some of the more inflationary forces that we've seen over the last few years and not wanting to get in the way of that and hamstring that and really allow that to flourish and to allow for that kind of deflationary impact. And then Fed Governor Waller telling people that we shouldn't be as he says uh fighting the last war just kind of looking backward and doing what we should have done five years ago in a totally different set of circumstances and then john williams saying

Starting point is 00:11:59 like you said putting in a top for rightly or wrongly on inflation collectively i just think that's an interesting talk track from all these guys that allegedly we're moving away from forward guidance so i don't know if this is intended to be a forward guidance light or if you know maybe the worst doesn't totally have a handle on how much the rest of his team goes out and talks to media. But in any case, the trend line here is not suggestive of Fed governors trying to tell you that they're going to have to get more hawkish and that their key focus is on getting, you know, CPI down, which is interesting, given that all of these comments were happening in the midst of, you know, WTI ripping back over 80 and all the, you know, the energy input spikes that we talked

Starting point is 00:12:39 about as uncertainty flared up to, you know, multi-month high in the Gulf again. Against that backdrop, you've got all these guys telling you, well, you know, inflation is probably like, it's important, but let's not fight the last war. I think it's peaked. I think we can do enough to make it a thing of the past. Like just an interesting dissonance between those two that is, I think, indicative of how the, how the institution is, is shading toward positioning itself. You know, there's a lot of internal division and strife apparently among all the different fed governors and people with a vote here. But I think this is putting into the zeitgeist and expectation for incrementally, you know, incremental dovishness versus incremental

Starting point is 00:13:17 hoggishness yeah it seems i mean and then you factor in the inflation prints of last week too which surprised to the downside and you could see if the war is blowing up obviously interest expenses going up i think this is going to be the biggest um annual military spend that we've ever seen at least that's what trump yeah the administration are asking for so the fiscal side is continuing to completely blow out and i find it hard that they're gonna be able to hike rates to that yeah i mean it's uh we've talked about it a bunch here but the the flexibility isn't isn't uh tremendous here particularly if you want to enable everything you just talked about and enable worse is a key priority of not stepping on the ai build out and perhaps that you know leads us nicely into

Starting point is 00:14:03 to this next topic yes which is kimmy kimmy so hot right now can we come back any other fool could see yeah i mean this is the box for marty singing that's it's an important component of every episode this is a shot across the bow of the frontier labs in in the u.s kimmy k3 came out uh surpassing many of the u.s frontier models on some benchmarks and i think the at least reading the tea leaves of people who are using kimmy k3 and comparing it to fable 5 and chachi chachi bt 5.6 soul and terra it is a legitimate contender for top frontier model out there obviously it is chinese open it is a chinese open weight model and i think one of the interesting things here is i think we might have discussed it last week but if we didn't dylan patel from semi-analysis

Starting point is 00:14:56 wrote a piece earlier this year that said the frontier labs have a a massive lead and we'll be able to defend that lead because of the relative lack of access to the gpus that the chinese market has he was making the case that they won't be able to train the models in the way that anthropic and open ai can do so here in the states because they have access to all navidius chips in china due to export controls tariffs and other reasons doesn't have access to those ships and therefore will not be able to to train models comparable with u.s frontier models but can be launched it is comparable it is competitive and i guess that begs the question Are they getting access to the GPUs? Are they finding ways to train these models way more efficiently with less tokens? And what does this mean for the future of AI, particularly as it pertains to this juxtaposition of open weight models versus closed source frontier models here in the United States, which are cozying up with the government to try to prevent the layman from getting access to the full power of these AI tools?

Starting point is 00:16:04 And I don't know if you have them on the list, but I'm sure we'll talk about them. But there were there were two headlines that came out over the last five days that really highlight this one pertaining to a dear friend of ours, Calais, who is a developer of Cashew, getting getting a shout out from David Sachs last night. I again, you're breaking news here. I missed that one. That's we should definitely definitely talk about that because that's that's big stuff. If you've been following Bitcoin for a little while. But yeah, I think I mean, there's a ton to say here. You know, we're not going to have time to get into and drill into every possible thing. But I mean, there's there's a lot of nuance within a chart like this and within this whole this whole topic. This immediately kicked off, you know, all of the debates about, well, are they are they benchmark maxing? And it's not actually as you know, it's not actually as comparable in real world use.

Starting point is 00:16:52 We've talked about kind of that dynamic with open source versus true kind of frontier models in the past. I think I haven't played with Kimmy K3 enough to have an opinion on that. definitely in the past, I've been less impressed for like, at least agentic deployments for by the open source models relative to everything else on the frontier. And I think you've generally felt similarly, but you know, maybe we'll come back in a week or two on analysis there. But there's also the question of well, is like you kind of alluded to is are there shadow GPU clusters and like Singapore, there are all sorts of, you know, shell games that can be played to, you know, mask who the actual end user is. So like, as trying to actually been getting, you know, more access to

Starting point is 00:17:29 to true you know frontier accelerators tpd are they using distillation that both the labs and the us government could eventually you know crack down on more effectively you know that's that's potential too i think there's uh good they're good arguments to be had um by guys like gavin baker we'll have a tweet from him here in a second but you know some good analysis that you put out just on uh the the relative cost of of chemistry versus say fable or soul on a true per task basis because uh k3 appears to be much more token hungry and so if you if you need a lot more tries effectively per task completion do you actually get real savings in commercial deployments or not i think that's you know very much tbd all this is to say like i i don't think that the the massive kind of

Starting point is 00:18:14 doomer headlines or the the the desire that i see from a lot of people weirdly especially like bitcoiners i think there's like this uh this desire to like this desperation to call a top on the quote unquote AI bubble and to say like, this is it, it's all going to be, you know, one shot by open source models, you know, so I think maybe there's like an underlying desire to tell people like sell all your semis and buy Bitcoin. So maybe that's a piece of the motivation. But everything I'm kind of getting at here is that I think all simplistic readings on kind of what this this headline means 48 hours in or, you know, maybe quite overdone and need a little reconsideration. But, you know, I think there's that's, that's all like one one piece of it.

Starting point is 00:18:54 um i i have a sense that you you want to jump in here on hugging face i'm going to pause and pause my rant and let me jump in well yeah calling tops are like saying that this is the the death of u.s closed source frontier models i think that's way overblown i think the more important signal here is the kneecapping of these models and the sort of regulatory encroachment that the the trump administration is taking and i think that's what david sachs was pointing out in his tweet last night but just to sort of preface this the right way to your point like who's to know if they're benchmark maxing if they have the shadow gpus if they're waging distillation that's training attacks i don't know if they're attacks however you however you would describe them but i think

Starting point is 00:19:33 that that misses the point and i think the two headlines were the hugging face story and then calais he basically wrote a tweet i think friday or saturday basically saying i found 17 or 12 critical critical security vulnerabilities in a couple of the projects i'm maintaining with Kemi K3. I tried to do them with Fable 5 and with GPT 5.6 Sol, but due to the sort of curbing of those models, particularly when it comes to working on code bases. So for those who are unaware, Anthropic famously will let you use Fable 5, but if you're doing anything that is security sensitive in a code base, they will divert you to Opus 4.8, to a lesser model, model that's not as performant. And I think this would be a signal that Kimi K3 is comparable,

Starting point is 00:20:23 at least to an extent, but two cases over the weekend, Hugging Face, they had, I mean, this is just a crazy story, crazy story generally, and Kimi K3 is just like a small detail of it, but they had what they're describing as the first sort of autonomous AI attack on their code base. They got a code injection in one of their databases, and they had an autonomous AI attacker execute more than 17 000 events over the course of a weekend and they they found the the attack and they started protecting against it but again they were trying to use fable 5 and chat gpt 5.6 sold to basically wage a defensive attack a security audit of their systems of what was being infiltrated and fable 5 and gpt 5.6 said you can't do this you're not allowed to work on this type of

Starting point is 00:21:14 this type of task with with these models and they were forced to download kimmy k3 in a local environment and run it and run the security audit with it against their systems and it was able to identify with kimmy k3 what was wrong similarly with with cali i don't know he didn't say which project it was specifically it could be cashew it could be could be chloe guy he's running many things but similarly was trying to to do a security audit of his systems and was using fable 5 gpt 5.6 they said hey you're not allowed to you do this task with these models and he was forced to use kimmy k3 and was able to find in 12 security flaws in the code base that he was auditing at that time so this isn't really a debate about whether or not which frontier model

Starting point is 00:22:01 is better than the other it's what is the the nature of being able to use these models what how are we going to be able to use these models and i think the openweight chinese model is really proving that what we're doing here in the united states is not going to work long term you can't cut the models you can't prevent people from using them or you're going to get out competed and whether or not kimmy k3 is actually as performing or more performant than fable 5 or chat gpt 5.6 soul right now i think is irrelevant it's like if like people are going to want to use these tools in particular ways and if the frontier models here in the us don't let you do that because of fears of of the models breaking containment or doing things that the government

Starting point is 00:22:41 doesn't like it doesn't matter if you have an open source competitor that's going to let you do it you're going to fall back to that even if it's not as performant yeah i mean i think this is a great maybe segue into uh that the gavin baker tweet and you know the other thing on that page which is basically just getting to like your old friend um jevin's paradox you know everyone It's become, this Jevons Paradox was the thing that I think Bitcoiners were talking about, you know, well before it became kind of a mainstream talking point among everyone in the AI world. But in any case, just, we're not going to read everything on here. I would highly recommend going to read Gavin's tweet and his pen tweet and everything else that's been on this timeline over the past couple of days. On the right is just an example of this playing out where basically you've got the CEO of Databricks outlining essentially this dynamic of as on a per unit basis, this resource effectively gets cheaper.

Starting point is 00:23:36 There is that much more or even more compensating amount of demand for volume for that resource. Like it's, you know, same as it ever was, same dynamic that we've seen play out across commodity markets, you know, over the history of capitalism. And so I think if you split out like who is this good for, who is this bad for in the broader AI complex, and I think this relates ultimately to not just companies, but also the US and China, there's like the inference piece and the training piece. And I think this slide is all about how, you know, the inference piece is going to be just fine and likely continue to explode. But I think, you know, I think open source models, especially like a diverse ecosystem of open source models is, you know, gigabullish for most definitely pieces of compute broadly, different pieces of semiconductors and, you know, the power suppliers that will ultimately be required to stand up enough capacity to take advantage of all that. I think it's one of the reasons you see NVIDIA promoting their own open source models so aggressively to kind of avoid the, you know, the monopsony or the oligopsony of just having a few, you know, close frontier players in the space dominating the whole of everything. But that's the inference side. I think maybe the more interesting strategically, like the derivative question is more on the training side, which you see people kind of wring their hands once again over this last weekend on the degree to which like training will be financeable at all.

Starting point is 00:24:56 These, you know, these massive and increasingly expensive training runs of tens of billions or like hundreds of billions of dollars over time to get to the next frontier generation. How can you really underwrite that if, you know, the ROI is going to be meaningfully undercut by, you know, whether it's a distillation attack or a fast follower or however you want to think about it. But if open source can come in and constantly just ride on the coattails of the gains that are made in training these new models, then how are you even going to get further model gains over time? Because there won't be like an incentive to continue spending on that. And I think this is like, to your point on open AI and Anthropic in different ways, cozying up to the government. Like, I think it just kind of gets to a point of like, I don't necessarily even think that that's right. And that's how it's going to work out, especially if you think that the Frontier Labs ultimate strategy is to verticalize everything and to stand up kind of, you know, their own accounting and law firms and all these different professional services they could go attack as like, you know, vertical infrastructure on what they build. You know, I think you can very easily justify meaningful ROI, you know, on that basis.

Starting point is 00:25:59 But like, let's even just game it out and say that that's actually what happens and that you have a meaningful kind of headwind to training spend for that economic reason. I think you just have to ask yourself, like, well, as the tweet on the left here suggests, like K3 shows that scaling laws are continuing, right? Effectively, larger models are still giving you concomitantly better performance and throwing more compute at training, throwing more resources at it, growing the size gives you the ability to get better models. I think if scaling laws generally are still holding and there's still meaningfully more juice to be squeezed out of massive training runs and there's there's still technically like progress that can be made, it kind of doesn't matter. Like if the private ROIC is there because neither China nor the US or anyone else who's trying to play in this game is going to be able to say is going to be able to just concede and let the other side kind of get to it first and own this incredibly important technology. And they're not going to, as you see on the right here, these projections of spend from AI and anthropic over, especially open AI, over the next five years. We're talking about hundreds of billions of dollars in incremental spend. And this is very likely not even counting all the derivative spend that needs to come in from the power and infrastructure side, which is very clearly critical to the way that the Trump administration is thinking about reindustrialization.

Starting point is 00:27:20 industrialization, it's critical to the way that Kevin Walsh is thinking about, you know, managing a monetary policy and inflation is having this, having to spend, having to spend here, building this out, and then getting return on that. I think what I'm basically getting to is like, if even if you think that that's what happens, the training just gets kicked to the sovereign level, right? Like, you're in no way do I think that the US is ever going to look at this say well we could continue to dramatically expand model capabilities if we just kept spending on you know these big training runs but it's hard to finance because open source you know makes it tougher to capture those returns and so we're just going to concede on that i think like what you're

Starting point is 00:28:01 looking at here on the right side is even if you're super bearish on open sources impact on frontier labs what you're looking at is just another line item on the federal budget right like someone's going to be spending that money right whether it's open ai and drawback and their you know their investors or you know private financiers or like the government i think like that curve is going to move that way regardless as long as scaling laws hold up yeah and it'd be remiss of us not to mention but i think a whole new sort of twist to this uh juxtaposition of the superpowers in the us and china and this a ai race entered the conversation last thursday night when president trump uh gave the speech on chinese meddling in the 2020 election which

Starting point is 00:28:40 which is probably a strategic announcement based off of everything going on right now in the AI world. Yeah, it's an interesting time for sure to bring that up out of nowhere. Speaking of interesting times, interesting times in Bitcoin hovering around 64,000, up from the lows of the prior week right now. our good friend alex storm and his team at galaxy research are just putting together a chart to to see what indicators have have that have historically triggered a a bottom in bitcoin have been hit already and so we've had four that have hit two that are approaching and about seven that are not yet there yeah you know this is uh if if this if this is wrong you know this is uh you can

Starting point is 00:29:29 put on alex and galaxy and they'll blame us but uh just an interesting kind of data point or set of data points uh mile marker on where we are in bitcoin's cycles such as it may be and i think uh certainly looks like if you if you kind of just eyeball this closer much closer to the bottom than the top although not fully there yet and i just think interesting to as the market has completely moved on from bitcoin not in the meta at all not in the zeitgeist bouncing around this very kind of tight consolidation range in the low 60s if you compare that to everything else we've We've just talked about with war, defense budget, the Fed's current positioning on inflation, the potential need if you're super bearish on frontier labs for the government to effectively pick up that tab and backstop them, as has been hinted. If that's your belief, then it's a really interesting time, I think, to consider all those topics against the backdrop of what Bitcoin is currently doing.

Starting point is 00:30:25 and this this last headline that we have from bpi on um the the bitcoin the strategic bitcoin reserve armobile uh you know moving finally moving to committee uh you know for the first time interesting set of data points here as we look at bitcoin's breadcrumbs against everything else yes and actually was in dc last week recorded with connor brown so if you want uh the inside look from the bitcoin policy institute's perspective on what's happening with bitcoin on capitol hill It'll be on the TFTC Feed This Feed if you're listening to this on the podcast on Wednesday. So go check that out, and we'll be back next Monday.

TFTC: A Bitcoin Podcast - Ten31 Timestamp: When Donald Met Kimi

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