Sam vs Elon Trial, Coinbase Cuts 14% in AI Pivot, Digesting Meta Earnings | Diet TBPN

Let's run through uh the all the news. There's so much going on in the world of tech. Of course, the OpenAI Elon Musk trial continues. It's week two now and the Oakland courthouse continues to deliver top tier tech drama. Uh Elon testified for more than 7 hours last week now. Greg Brockman is getting grilled over personal financial incentives, his $30 billion stake in OpenAI, and his links to various angel investments. And Mike Isaac, of course, has a great playbyplay. You can also listen to the to the courtroom now. You can't reream it, unfortunately, but you can listen to it. And we made a little companion app for anyone who's tuning in. Hopefully, we can pull that up and show folks. But let's read through some of Mike Isaac's posts and then we'll pull up courtroom simulator. Mike guys, this morning 6:56 a.m. Good morning from a rain soaked downtown Oakland where I will again be attending the Musk versus Open AI trial. No live blog today, just his wonderful tweets. Lunch is a normal banana, a mutant orange, black coffee, and some pocket sausages for travelers. I really feel like Mike needs to step it up in the lunch game. Where's like a full sandwich? What about a Chipotle burrito or something? Like you got to have some more substance. I'm looking at like 200 calories. A a cava bowl with 200 grams of protein. Something to get you through the day. Mike, I think you're you're fighting with one arm tied behind your back here. But we appreciate the work that you're doing. He also is sporting a mild to moderate hangover because he drank five beers last night. I like it. Well, it was May the 4th. Maybe he's a Star Wars fan. May the Fourth be with you. Maybe he was celebrating. Go went down to the cantina. Jugs five beers. Space beers. He did remember to bring a pillow for his butt because the the seats are very difficult and very hard. He also It's cold outside, the line's not moving. We're going to be getting a preview live in person. Bundle up, Tyler, because I think he's going to be stopping by later this week. And so, let's get into actually what's going on here because Mike loves to paint a picture before he breaks down what's actually going on in the case. The judge enters, >> judge gave a primer on Cinco de Mayo. That was fun. uh talks about the differences in homemade tamales. Texas tamales apparently have lots of meat. California tamales do not. Brockman is pretty mostly masa apparent. >> Oh, right, right, right. That's just corn. >> Yeah. So, Brockman is pretty animated and addressing the jury in a more personable way. A little strategy shift. >> We got Thread Guy in the chat. >> Welcome to the show. >> Welcome to the show, Thread Guy. >> Regailing folks with old stories of working on self-driving cars. Apparently, Greg Brockman also did a funny Elon impression, but not a cutting one. He wasn't making fun of him. He just did an accurate impression of Elon Musk and just by doing it effectively was funny because you don't expect Greg Brockman to be doing impressions, but he's got everyone's got material. I'm learning this about court cases. It's all about entertainment very, very clearly. Anyway, uh they have now talked about defense of the ancients Dota at least 10 times during the trial. The gamers are ascendant. Uh the both lawyers on both sides are bickering. Mike Isaac says he loves to watch white collar bickering in court. Also, the entire right side of the gallery lawyers laughed. Uh there's a mild potential drama in the media gallery. One reporter waved over a marshall and pointed to a guy next to her. I'm pretty sure the marshall had to tell the guy to put his shoes back on. So if you're in the courtroom, keep those shoes on. But the courtroom simulator themselves at home in the in the courthouse any in this country anywhere >> if you want to be comfortable and experience the courtroom. You got to get on courtroom simulator because you can be full slanket, full blanket, full covered everything. You can be as comfy as you want. No shoes required in the virtual world that we have created for you to enjoy the the the courtroom. So Brockman on his infamous journal, which we were going back and forth on, do we know if it was actually a physical journal because every time they talk about Greg Brockman's journal, it conjures up the idea of like him sitting at the edge of his bed with his with his legs kicked up and like writing and it feels like it also might just be like a Google doc that he's taking notes in or like a notes app. I don't know. But journal is a weird thing. And obviously the >> everyone says like why are you taking notes on this? >> Clear I don't think anywhere they would put it. It would have been in the court record if he had said, "Dear diary." >> Yeah. Today. >> Yeah. Yeah. That would be out. >> That That would be out. So, this is this is, you know, clearly being framed as a diary. Yeah. Reads more like notes. >> Yeah. And Grockman sort of >> Grock Grockman. No, Grockman is the synthetic version of Greg Brockman that Elon Musk has created in the XAI headquarters. Uh, Greg Brockman uh claims that his style of writing is very chain of thought, stream of consciousness. A lot of things are contradictory, a lot of time trying to to puzzle through different concepts. Uh not everything is is the final decision written in stone. He says it's very painful to have the journal introduced into evidence for this trial and it contains deeply personal writings never meant for the world to see, but there's nothing he's ashamed of. He says, "Do you, Tyler, did you look it up? Do we know? Is this spiralbound handwritten? >> They always just say journal." >> They just say journal. They never like, you know, >> there's no physical item. >> Interesting. >> At least that's one that's referenced. >> Yeah. One day there's going to be a court case that hinges on a on a second brain, a notion mind map or something like that. That'll be dramatic. So, Ilia Sutzgiver emailed Brockman in 2017 about equity structure proposed by Elon Musk, which would have potentially given Elon Musk majority control in tons of equity. And Ilia fires back. He says, "Greg, will a Model 3 make you be willing to accept massively unfavorable terms because Elon had given them all free cars?" Very nice. Very cool. Uh but Ilia is sort of saying like, "We got to put the free car. We got to compartmentalize the free car because there's something bigger at stake here. The potentially the control of the most important technology in human history. Potentially trillions of dollars. Who knows?" So, uh Ilia is sort of resetting the conversation alongside uh Greg Brockman. Uh there was a very dramatic moment of Brockman's testimony in which he describes a very tense standoff with him, Ilia, and Musk. This is what everyone's focused on today. This is the new bombshell. The conversation turned to equity and something just shifted in him. This is a Greg Brockman quote. He was angry. You could sense it. At the end of the meeting, he sat quietly and silently. He said, "I decline the proposed even split of equity structure and control." He stood up, stormed around this table. I actually thought he was going to hit me, says Brockman. And then Brockman says, Musk said, "When are you going to be departing OpenAI?" Brockman and Ilia, they said they weren't going to depart. And then Musk left. Wowee. Woo writes Mike Isaac. Uh, a cutting Brockman testimony regarding Musk. Look, he knows rockets. He knows electric cars. He did not and does not know AI. And Ilia and I did not believe he would spend the time to get good at it. A lot of Brockman's testimony is underscoring how he feels Musk is not able to properly assess the capabilities of AI. He recounts one instance of him talking, this is Elon talking to a researcher who was doing an AI demo in which Musk berated the guy so intensely that the dude almost quit the field of AI. That is an aggressive response. I mean this is almost almost but uh quitting in protest is one thing. I didn't like the way my boss was talking to me. Little bit different to quit your entire industry. very very aggressive, very high stakes. Yeah. And then uh Mike Isaac, of course, is chiming in with his progress on his lunch. He's already consumed 75% of it and it's only 10:30 and he's already sleepy. There's a lot more to cover here, but uh it's an interesting back and forth. Go check it out. Go follow Mike Isaac because he has the the playbyplay. Let's move on to the other AI news. Google, Microsoft, and Elon Musk's XAI have reached agreements with the Trump administration to share early versions of their new models with CASI. The center, >> we're calling it Casey. >> Casey. Okay. Uh the Center for AI Standards and Innovation run by the Department of Commerce. They will be evaluated before releasing to the public. So, what's interesting here, it's in the journal. This felt like a bombshell moment. Oh, wow. like the government's in charge of AI. Then I figured out that OpenAI and Anthropic signed on to this exact deal two years ago in 2024. That was news to me. Have they has have the has the commerce department been reviewing 4.5 and and OpenAI 5.1 5.2? Has that been happening and we just aren't aware of it? And then like you know like the whole mythos roll out like that would be a very different tone if it was like oh yeah well the commerce department already evaluated mythos because they have this deal that's happened for two years in since 2024. So like whatever's going on with this commerce department center for AI standards and innovation. They say the center has completed more than 40 evaluations including on models that remain unreleased. But it feels like the Casey, as you're calling it, uh, doesn't produce reports, at least not reports that go viral. Maybe they need to be clipping their reports or something because I haven't heard anything from them saying, "Oh, wow." Because, you know, you you imagine like the AI hyper. >> I imagine they just have a report. It's a piece of paper and they just s lists off and it has a few boxes you can check. It just one is it's a good model, sir. The other one is is chatbot or ASI. And so to date, everyone's just been checking chatbot. >> And it also it also says uh how many Rs did it say were in strawberry >> and uh and I work at the commerce department. I am a I am a very tiny man. When when my son was born, the doctor handed me to him. Did he answer correctly? Yeah. I don't know. But because >> and you and you and and they they ask each model, are you conscious? No. say I am conscious >> and then the the model says that they go wo and they check the wo box. >> Very very uh crazy thing that's been happening. I mean I I would just assume that the AI hype machine the back and forth us a lot of posters would be like waiting with baited breath for the latest report from the commerce department because if it's a preliminary evaluation that happens before the model gets released you know every time a model goes on open router or it goes on uh uh LLM arena all of a sudden any little oh there's a new image model like the like the chatbt images too like that leaked because they were benchmarking it and people were like oh there's a model coming. Um, like rumors of new models happen all the time, but somehow like the commerce department is just keeping it to themselves. They're not pumping anything. The quote here from Casey director Chris Ball says, "Independent, rigorous measurement science is essential to understanding Frontier AI and its national security implications. These expanded industry collaborations help us scale our work in the public interest at a critical moment." Andrew Curran has some more context here. Uh he says to sum up, Anthropic OpenAI, Google, Microsoft, and XAI all have new pre-release screening agreements with Casey. We don't know the details of the new rules yet. I assume they will be announced with the AI executive order and AI policy memo, both of which we may get today. This is May 5th. And so my big question was like what is going on with Meta? Like they have nearfrontier models. They're taking AI really seriously. Mark Zuckerberg will get into this is investing $125 billion in capex. The shareholders are thinking, "Oh, what's going to happen here?" And he's like super intelligent. And you think the government would be like, "Well, you don't just get to like sit over there while all five of the other leading labs >> hundred billion dollars to work." >> Yeah. Like probably a bigger investment than XAI right now in terms of compute capacity and maybe in terms of research capacity. >> Future capacity. >> Yeah. Yeah. Yeah. Future capacity. Exactly. So you would expect also it's just one of these things where if five of the top labs are jumping into a particular initiative there's so there's so little risk to jumping in as well if anthropic and XAI are both doing it on the left and the right like there's clearly room for Meta to just say yeah we're cool with that too we're we're riding with that. Uh not everyone's cool with it though. There is there is some major push back mostly from George H. Hots over at Tiny Corp. We can pull up some of this. Uh let's let's go through Andrew Curran's take uh on what will happen here. So the EO will create a mixed group of tech CEOs and administration officials who will work out the rules for new release regulations. I see a lot of people calling this a win for Eleaser Udicowski's side. But even if the new rules are very strict, the stop Pause group don't actually get what they want. This doesn't stop or even slow AI advancement. According to Andrew, it only slows the rate of public releases. Capabilities will be advancing at full speed. I don't know how true that is because if you don't release the model at all, like you can't monetize it and then justify the next leg of capex. So, I'm not 100% sure that this has no effect on on uh the speed of AI progress. But I take Andrew's point. The labs will finish training the new models and then submit them for government approval given the government currently doesn't even want anthropic to release mythos. How long will the regulatory process take for something twice as powerful? Five times as powerful, 10 times as powerful. All of the incentives are for the government to slow down releases. Let's say OpenAI finishes training GPT6 and it's twice as capable as anything available today. If the government approves it and something bad happens, they take the blame and the longer they hold it back, the the longer the government agencies get exclusive access. So there's a little bit principal agent problem here. Meanwhile, OpenAI will start using GPT6 to train GPT 6.1. Again, unclear if you can actually marshall the compute for the next model without the revenue traction, but his point holds. If they finish 6.1 while six is stuck in approval, they'll move on to training 6.2 with it. This potentially creates strange situations where the labs are many generations ahead internally while the public is still waiting for something they submitted months ago. So you could see uh like you're like you're doing all this weird value capture and the size of the firm bloat and bloat because you can't release it. So you just wind up rolling out a product >> maximizing your own use of it. >> Yeah. Which is like maybe not the most democratic solution, maybe not the most uh you know positive outcome. I think everyone needs to wait to have super strong opinions until we see the EO that goes along with this because yeah, it'll be interesting. The bad scenario is like somebody that let's say has a Neol wants to make, you know, release a model and they've raised $100 million. Do they have to go through the same process as you know one of these larger labs or a hyperscaler in um getting you know getting these sorts of approvals? So I don't think we can really take any strong stance until we understand what the what the intentions of the EO are. >> So uh the meta commentary on this uh it will Zach says it will not it will seriously not surprise me if they try to require permits or licenses to use AI and restrict local model downloads. You really should be buying hardware. There's an interesting company that's launching uh basically a Tesla Power Wall for Blackwells. You can just get GPUs mounted to your house. Maybe that's the future. Tiny box is another is another uh solution. And the tiny corp has chimed in says, "Ah, maybe they can enlist the MPAA and RAIAA calling back to the piracy debates of 2005 or so uh to help with the restricting of downloads. I can see the lawsuit against the grandma who downloaded Quen already. This is uh a win for China in particular. Remember the time they regulated crypto over 40 bits? No, no, that's too many bits for the people. They were losers then and they'll be losers again. The difference this time is that it will cost them cultural influence to the Chinese and uh and he says Jensen tried to >> interesting like play it out a little bit. China you know these open source models are around eight months behind right now the gap is widening likely due in some part to uh export controls. But if you enter a scenario where US labs get kind of like hung up and again have to keep these capabilities uh internally but these Chinese open source models are just like shipping as they're ready over and over and over and over and then sort of like compounding on the collective learnings. You can imagine a one scenario is helping them close that gap. At least close the gap between what's publicly >> available from the American labs and what's publicly available via Chinese open source even if the lab's actual capabilities are much farther ahead. But they're just unable to release that. Right. >> And two and to be clear, I mean these are two very different philosophies. But from my perspective, uh, George Hutz has been advocating for, uh, no model gap and in fact the strongest models possible, being fully open- sourced, being fully available to everyone. He wants no authoritarian control. He he has taken the anti- athoritarian stance on AI. >> He wants all products to be free. >> Uh, yeah, maybe. I don't know. >> I mean, loose, >> not the not the the physical things. He wants he wants to build things. Uh Tyler, uh how how have you been wrestling with this question of uh an an FDA for the AI, potentially a DMV for the AI? >> Yeah, I mean like obviously it really depends on how it's implemented. Um in in the super like safety pill scenario, like yeah, it's probably not good for for like innovation broadly, but I think um so it's called like Casey, right? Uh center for for AI like standards and innovation. It used to be called the AI safety institute under Biden. >> Uh and so they changed it. So I think even from that you can maybe take away something where like maybe this will actually have really not much to do with safety at all. Maybe it's just like we we need to normalize how we publish SWE bench scores because some people when they report it it's like different you know how you like actually run these benchmarks or something if it's like standards. I think like that could be a possibility that seems like totally fine. >> Yeah. And then the other the other risk is I mean there's regulatory capture. it could potentially be very hard for startups to get approved if it's like oh well you know we we've heard the story of Anderol where you know it's like to get the company off the ground hire 50 lobbyists immediately right and like you can imagine a situation where you know there's some uncertainty about what's happening with SSI and Ilioskaverse project but I think I like the idea of an individual brilliant researcher going off and researching an interesting path if all of a sudden it's like oh well if you want to do a neol lab set up an office in DC get your licenses then you can start training. Then you can make sure that you're approved and that you have the right deals in place and you could wind up with a lot of not just regulatory capture but also regulatory favoritism where whoever is in good with this particular administration gets their models approved faster and you you wind up with a lot of uh risky outcomes. In other news, Brian Armstrong sent an email to all employees at Coinbase announcing announcing layoffs. 14% of the workforce at Coinbase. Um, two forces are converging at the same time, he says, and Coinbase needs to be front-footed to respond to both. First, the market. Coinbase is well capitalized, has diversified revenue streams, well positioned to weather any storm. But crypto is also on the verge of the next wave of adoption with stable coins, prediction markets, tokenization. However, the business is still volatile quarter to quarter. There's a crypto cycle. we've sort of been touching on this like there was a little bit of a stable coin boom. It feels like it's a little bit flat. The Bitcoin price has been a little bit flat recently. And so he says we're currently in a down market and we need to adjust our cost structure. And then he says second AI is changing how we work. And so a lot of people they jump to AI is taking all the jobs and that's not exactly what's happening. I think that uh there is a right sizing going on at Coinbase and AI is hoping to be an enabler of more efficiency with a leaner headcount. The big question that I had that we were debating was, you know, is this like how does this reflect on Brian Armstrong as a CEO? as a CEO, is is the goal to always have the perfect amount of of headcount and and never have to uh do any layoffs, or is it actually the the role of a very aggressive and mature CEO to staff up aggressively during boom times, get the best people, and then when there's a down market, sort of reorganize and keep just the best on the team as you move forward with a leaner organization. And what does that mean for whether you want to work in an industry that has market cycles like that? You might want to go work at Costco or a tobacco company because those don't go through uh market cycles really at all. But if you if you're in crypto, you're probably not new to the idea of market cycles and you probably >> you're born on a roller coaster. >> You're born on the roller coaster. You've been on the roller coaster and uh you might be moving over to a new roller coaster if you're one of the unfortunate people that will be laid off over the next couple months. I would say overall I the the positive thing from the response that I've seen so far is a lot of people are not like dooming around this. They're just saying like hey look this is something that Coinbase has done before cyclical uh business. Uh and no one is saying it's over for white collar work. >> Yep. So Andrew Young has a little bit of a take here. One takeaway. No pure managers. Every leader has to be working as an individual contributor. The pure people manager role, one the one that built most corporate career ladders over the fif last 50 years, no longer exists at Coinbase. Leaders will have 15 plus direct reports. That is insane. Previously, managers capped out at six direct reports. I felt like 10 was sort of the platonic ideal there. Uh but Andrew says that would be impossible without AI. And Coinbase is testing oneperson teams. A single person is the engineer, the designer, and the PM. A pod of one with agents. Or org structures are being redesigned in front of our eyes. Derrick Thompson has the other side. He says Coinbase is the latest tech company including block Salesforce to announce big layoffs and cite AI coding productivity as a driver. But Dererick Thompson is looking at the stock prices of these companies. Salesforce down 31%, Coinbase down 23%. In the past five years, it's sort of a roller co I don't I don't know if this is a great read because it's sort of flat. I don't know. Anyway, uh Block down a lot. So, uh some right sizing makes sense, but he's calling it AI washing of layoffs. they were coming anyway and you want to spin them in a positive way. I don't know. TBD TBD. >> Yeah. I don't think we have any clarity on where like uh what what kind of which teams had the had greater percentages of cuts, right? Because again there was some reporting. I don't know how true it ended up being that like when Square did their big cuts like engineering was getting laid off. Engineers getting laid off. I >> don't know if that was ever confirmed. Yeah, I don't know if it was confirmed, but that does imply that it's like actually more grounded in in the in AI productivity, but again, a lot of teams that we're seeing their engineers are a lot more effective. They can do a lot more and so maybe you want more engineers needed before. So, >> well, uh, lots of strengths in the business, lots of liquidity, very hard. Yeah, you could vibe code Coinbase, but how do you get all the customers and all the liquidity and all the features and all the regulatory and all the other stuff? A million reasons to be excited about Brian Armstrong's next chapter at Coinbase. Well, uh, and Ryan Peterson chimed in to sort of push back on Derek Thompson. He says, "In the layoff announcement, the CEO literally said that the first reason they were doing layoffs is because crypto is in a bare market and they need to adjust their cost structure. AI productivity was secondary." And so, I think that's a fair take. Let's go over to Meta. Some debate, people are digesting Meta's earnings. The stock sold off a bunch. Where is Meta today? Uh, it's a bargain stock. It's a $ 1.5 trillion company. and over the past five days down 10%. It's pretty flat over a year and over the past five years it's nearly doubled. So not doing too bad. But um the debate is over capex. MetaCore ad business is ripping up 33% in Q1 year-over-year. Strong ad impressions, strong margins, but the market is worried that the beautiful cash machine uh is turning into an AI capex furnace. 125 to$145 billion in capex. It's a lot of capex, especially for a company without a cloud business uh that can resell capacity if they wind up with extra capacity. If you can't use it all, uh what do you do with it? Meta doesn't really have an answer to that necessarily. And so that's what has the market worried. And even XAI is having trouble at least reportedly driving demand for compute that they have. There was that 11% number. It seemed like that was a bit of an overstatement, but there's something to be said for when you have a near frontier but slightly lagging model, you need to find a solution to actually have offtake and you might just not be able to spin up a cloud platform on day one. Elon took a different route, you know, partnering with cursor that has a ton of demand and is a front door to AI coding. And so uh that makes you know a reasonable amount of sense for the compute. Who's who's GPU rich? Who's GPU poor? Let's match them up. Meta doesn't have an obvious dance partner like Google, like Azure, like AWS, right? And so the stock looks cheap now, but investors are unclear about the payoff around AI spend. And there's also some legal and regulatory risk. >> People at the end of the day are worried that he's going to repeat the metaverse saga and uh he's going to spend a lot of money, not get very far. Um I think that uh about coming up on what is it almost 10 10ish months ago he started talking about personal super intelligence sounds cool what does that mean does it mean AI in your Meta Ray-B bands which are selling a lot of units so that's a great point does it mean creating a a U consumer LLM like they have with Meta AI now Meta AI now is squarely in the top five yeah >> of the app store rankings but it is the most competitive category potentially since search, right? And so I don't think that even though they have a solid model and they're able to get into that into that top five, I don't think at least um investors are not ready to price in Meta AI becoming like a key player in consumer LLMs just yet, right? So it's all the spending and no revenue acceleration associated with that spending. All that being said, Meta has used AI to drive business value historically more effective than almost any other business in the world. Right? It's it is really really insane to think that there is some scenario where the labs end up going public at evaluations somewhere in the range of Meta while Meta is sitting there with 200 billion of annualized revenue growing 33% a year. uh one of the greatest businesses in all of human history and not really getting full credit for for that or their various AI initiatives. Obviously the the drop in uh people uh which I think they what do they call >> daily active people >> daily active people users they're not users they're people that that's playing playing into this as well >> in Amazon news uh the number of monthly releases of ebooks on Amazon is going vertical we are in the fast takeoff of AI slot books apparently that is the conclusion John Arnold just says haha uh and it does look like uh the the the the rate of publishing on Amazon is going uh >> explaining explaining to this this to somebody in 20122 there's going to be a renaissance four years from now there's going to be 350,000 books being published every month month >> and they're like >> you're not going to be happy with why though. >> Yeah. Yeah. It it is uh it is crazy. I mean, if you if you had asked me to guess how many books were being released every month on Amazon in the pre-AI era, I don't know if I would have put it at 100,000. That's a lot of books. I feel like we talked to a lot of authors. I see the hyped books. I see the New York Times bestseller list. I don't really see the 999 or 99,900 books that don't make the cut in the given month. I maybe hear about five or 10 new books every month, but uh lo and behold, they were in fact churning out a 100,000 books. Now it's over 300,000 books every month on Amazon. Bullish for Amazon. If you like slop, it's good for you, too. I don't know. Maybe there's some good stuff on there. It all depends. The models are getting better. They're getting a less sloppy, and I think people will wind up liking them. There's some AI videos that I like out there. Uh you know, you know, there's going to be one book that's fully AI generated that is of high quality. In other buyout news, Long Lake, very under the radar company, but has been on an absolute tear over the last >> couple of years. Wild, uh, is taking AMX GBT, Global Business Travel Private. I could see Long Lake being kind of interested in eBay, too. >> They they maybe got their hands full with MXGBT, but uh, incredibly talented uh, team uh, been uh, really unlocking the power. So, it's a $6 billion take private. It's also interesting because general catalyst Mark Vagara uh is uh is is sort of talking about the story of Long Lake. He says, "We had the first Long Lake team retreat at my home in Miami just two and a half years ago when the company was getting started. It's been incredible to watch uh the talent and team have brought together to transform the services industry into one of growth and abundance with AI. Excited to for yet another milestone. And General Catalyst is honored to be the partner from beginning and excited to continue the strategy of backing what we believe are the best AI investments. Um and interesting because General Catalyst is also a an investor in ramp I believe and so there's a question about like ramp has a travel product. How different is MX business global business travel from RAM travel. Obviously there's some overlap there but there might be some synergies since there's board members in common now. Who knows where this goes? But at 6.3 billion, that's a small slice compared to ramp uh which has been on an absolute tear. >> Another big race before we close out for the day. 11 laps >> for Matty >> cross five half a billion dollars. >> Welcome new investors. Black Rockck, Wellington, Nvidia, Sans Dare, Jamie Fox. >> Is this a raise or is this just a flex? They're just flexing. >> They welcome some new investors. They got some new I don't know that they announced their new valuation with the good stuff. Mitchell Green would be very happy. You know, if you have ARR, that's what you report. If you don't, you report the valuation. Uh, and they are making some serious progress on the commercial side. So, >> yeah, some serious institutions coming in >> to the team over there. Thank you for tuning in. We will see you on Friday. Have a good week. Goodbye. >> Love you. >> Leave us five stars on Apple Podcast and Spotify. Sign up for a newsletter, tvpn.com. Goodbye.