Debater Center, Figma's Not Dead, 67-Year-Old Founder, AI Monet Paintings

I see a large IPO on the horizon. You're surrounded by journalists. Hold your position. >> Right. There's misinformation. >> Clearing order inbound. >> Let's just roll. We are surrounded by general. Report your position. Cop. Get up. Trust the experts here. We are expert founder Vod. I see multiple journalists on the horizon. Stand by. >> UAV online. >> Blaze. >> Double blaze. Triple blaze. Double kill. B is >> team deathmatch. We are experts. Triple blade. Let's just roll. Right. Mark clearing order inbound. Come on, get up. >> We are surrounded by journalists. Hold your position. >> Strike one. >> Strike two. Cortisol spike activate drive retriever mode clearing order inbound. 5 UAV online. >> You're watching TV >> and today is Friday, May 15th, 2026. Are we live? >> Yeah, we're live. Okay, good. >> We're live. Says we're live. >> We bumped it. We have a special guest today. Rahul Sunwalker. Uh, introduce yourself for everyone who doesn't know. >> Hello guys. I'm Rahul Sunwalker, friend of John and Jordy, um, founder of Julius. >> Yeah. How are things going? >> I don't personally think he needs an introduction. >> I don't think so either, but we're very happy to be joining this Friday. We have uh, a bit of a mellow show. No guests. Where is my camera? Over here. Am I back here now? Am I over here? Okay, we're good. We're figuring it out. Uh, it's Friday. Uh, bunch of tech news, bunch of random posts, the mansion section, the uh, who is >> They're saying you're not hyped enough. They're saying you're not hyped enough. Why don't you go hit the gong? >> Go hit the gong. Warm up. Yeah, hit the gong. Little gong warm up. >> Coming to LA, hanging out with us, both. >> All right, you got to hit it. You got to >> That was terrible. >> Smash. Smash it. >> That's a good boy. Come on. Another uh CEO of PC Philippe did a interview with the Financial Times we can go into later, but we got to kick it off with Warren Buffett. Warren Buffett is stepping out for his famed charity lunch again. He's done these for years. A mystery bidder. I wonder if we'll if the mystery bidder will be unmasked at some point. A mystery bidder just bid over $9 million to win an auction with the Oracle of Omaha. Which would you pick? $9 million in your bank account or lunch with the Oracle of Omaha? >> Oh, I'm taking lunch with Oracle of Omaha any day. >> Any day. Okay. >> Any day. What would I do with $9 million? >> You can buy Bergkshire shares. Let him let him do work for you forever. >> He Rahul lives in SF, right? Yeah. So, nine, you're going to get out bit. >> Okay. >> Right. So, what are you going to do with nine? >> Well, nine is down. So, if you look at the the the the chart, there was a sort of a slow takeoff in the price of these winning bids for Buffett lunches, uh, Mystery Bidder just paid over 9 million to win an auction with the Oracle of Omaha, who last participated in the event in 2022. He took a couple years off 2020. Of course, COVID took it off 2021, made a comeback in 2022. And there was massive demand because previously this was a $2 million launch. Originally in 2003 it was just a couple hundredk but then it spiked to almost $20 million uh and now is sitting right around nine. Uh the year's winning bid is a steep drop from the last time Buffett participated in >> All right. But the trend the trend is quite positive. >> I think it's pretty good if you interpolate this. He's still he's still raising multi-million set. So So here's what I'm curious about. >> Yeah. >> So it's a mystery bidder. We have no idea why they bid. We just know they want to go to lunch, right? We know they want to be at lunch, right? But delicious lunch. >> But there's a there's a different groups in attendance, right? You have uh uh CH Steph Curry. Yeah. And his wife Aisha. >> Uh and so there's a possibility that this person just wanted lunch with them, right? Um they could come in and say um uh you know, Warren, you know, keeps kind of like he wants to be friendly, right? So they paid a lot, so he's trying to engage and they're just like, >> "Really, dude? I paid $9 million to have lunch with Steph Curry and you're trying to constantly get a word in. What's going on? >> Could happen. >> Um and uh and so yeah, we don't know if this is just a a basketball enthusiast, someone someone that wants to talk about how the game is >> Yeah. hard to sort of disentangle until you figure out who the mystery bidder is. Are they courtside uh every game or are they at the shareholders conference? Uh at 92, Warren Buffett said he ran out of gas. The spirit remained eager uh but the flesh became progressively weaker. That's a wild quote from Warren Buffett. >> And what about this one? >> He said both the money and the message remain important. Wait, that's not that crazy of >> the money and the message. >> I mean, if you say it if you say it like he's selling like a course. >> Yeah. >> Then it sounds significant. >> Uh uh Ted Welshshire, now a banker now a Bergkshire investment manager, won the auction twice when he was a hedge fund manager. Oh, so it's sort of like a job opportunity potentially. Like you have to pay all this money up front, but you get to know the big guy. Eventually he cuts you in on the business. >> Justin's son was another previous winner. >> Interesting. What did he do? Tron, right? >> That was the 20 Wait, I don't understand. >> He gave he gave Buffett a Bitcoin as well as several. Tron, the digital blockchain he had founded during their meal in 2020. I thought there wasn't one in 2020. I guess uh something around there. Five biders participated in this year's auction on eBay, which opened at 50K. Other items uh were up for sale, including a $1 bill signed by Buffett and sold for $9,100 and a signed Curry jersey that sold for $1,547.99. I thought it was a million dollars. Uh the auction moved online in 2003, allowing Buffett fans around the world to participate. The winning price for the lunch has held above a million dollars since 2008. I wonder if any tech VCs will copy Warren Buffett, start selling lunches. Some of them are on uh >> very cool. I was I had some concerns around doing this on eBay just because of the fees, which can be pretty significant. >> They probably wave it for two years, >> but they do. Okay, there you go. So, there you go. Okay. Well, we have a question for you. So, there was a uh article in the Wall Street Journal earlier this week. Typing is being replaced by whispering and it's way more annoying. as a CEO, as a startup founder, I want your take on workplaces that are starting to resem resemble high-end call centers. Only these employees are talking to AI. And so, uh, they start with a they start with an anecdote about working from home. Normally, this couple would be typing on the keyboard, but now they're dictating to codeex and claude code. And over at RAMP, uh, engineers sit at their desks wearing gaming headsets. so they can talk loudly to their AI assistants. What do you think? Should the future of the office sound more like a sales floor? What do you think? >> I think uh for on one side I'm pro this this trend of like talking to your AI over typing because I can audit what people are typing in the office. You know what are they what if they're typing on Instagram or a Twitch live stream. >> Okay. So if you're just walking and they and they're saying scroll >> scroll >> scroll >> scroll >> scroll >> then there might be an issue >> yeah yeah why why are you doing that on the company time >> sure sure >> if they're like talking to the AI like hey make me like a >> it's more more accountability >> more accountability on the other hand it's like I don't want to hear your prompts >> sure >> like if if somebody read my prompts I would be so embarrassed >> okay >> it's kind of like you know >> what's your what's your May 2020 26 appro to approach to prompting. >> My May 2026 approach to prompting is I've completely I've completely given up on like yelling at AI >> like just freaking do this. I've stopped doing that. >> Okay. >> And I'm like because it's good now. >> Yeah. I do more like cognitive behavioral therapy with with AI now. Like I do more CBT. I try to like reassure the AI. >> Oh, set it up for success. >> Yeah. Yeah. Yeah. You can do this. Like think about think about you know you're you're like Palmer lucky. >> Yeah. and you can design this like new piece of hardware that's never existed before. >> Yeah. >> Um so I I do more of that. You know, up until 2025, I was more yelling at the AI. >> Yeah. >> Um >> I've completely dropped out of the whole like don't make mistakes, don't hallucinate. I feel like all that's been either baked into the pre-training or post-training or it's like even in the system prompt already. I used to have uh the thing that annoyed me for a while was uh >> uh what is it? antithetical parallelism. So, it's not this, it's that, or hyphens. Those types of things were just tells of AI written content. And I had a special prompt that would inject that in every thing. It would say, "Hey, don't use the it's not this, it's that. Don't use uh contrastive parallelism or antithetical parallelism." Uh, but I since ripped that out and just went back to default and it feels like like all the firms sort of fixed the the base training so that it's not as like uh clankery, I guess. >> Yeah, absolutely. I mean, I feel like Warren kind of ripped one of the models too, you know, when he said the spirit is eager but the body is weaker. >> I could I just >> He's uh subtweeting. >> Yeah. >> The models, the labs. >> Yeah. Yeah. >> What was the quote? He said uh he said uh it's not just that the spirit remains eager, but also that the flesh be has become progressively weaker. No, he said, "I ran out of gas. The spirit remained eager, but the flesh became progressively weaker." It has a nice uh It's a bar. It has some rhymes rhyming to it. >> It's not just about the money. It's about the message. >> I think I think Warren needs a a Drake uh >> Dude, he needs a He needs a mastermind. >> He needs a verse on a Drake song. Yeah. >> Who just launched uh three albums today. Is that right? Drake launched three albums. Isn't it like six hours? >> Um um I I like some of his music. I'm not a I wouldn't call myself a fan. >> Yeah. >> Yeah. >> Brutal. >> What about uh what about this idea for a gym that's themed like the Rainforest Cafe and there's even a thunderstorm every minute every 20 minutes. Have you ever been to the Rainforest Cafe? >> No. What's the Where's the Rain Rainforest Cafe? Rainforest Cafe is a themed restaurant where you walk in and the there's rainforest all around you and there are statues of animals. And the special thing about the rainforest cafe is that it's it's not just like, you know, you go to some steakhouse and they have some pictures on the wall because showing the lineage or you go to an Italian restaurant and you see pictures of celebrities that came in and signed. It's it's not purely decorative. It's actually interactive. And at the Rainforest Cafe, every 20 minutes there's a thunderstorm and it plays very loudly and it actually like draws your attention away from whatever you're you're talking about. Uh it's a it's a brain rot restaurant basically. That's what Rainforest Cafe is. I can't believe you haven't been. You should go. Tyler, have you been to Rainforest Cafe? Yeah, >> I have it. They really go over the top of the decor. Look at the table. It It looks like AI slop honestly on the table. Uh, is this because many of the leading labs trained almost exclusively on content from the rainforest? >> From the Rainforest Cafe. Have you ever been to the Rainforest Cafe, Tyler? >> No. >> Has anyone been to the Rainforest Cafe? Okay. We got a couple Rainforest Cafe enjoyers in the TV panel today. Uh, but a gym with a theme. Would you go? >> I feel like we're kind of reinventing like nature from first principles right now. You know, >> you might just want to go to the rainforest lift. >> Just like lift heavy things like go outside like lift rock. >> Yeah. So, uh, so this this poster suggests that all the machines would be painted to look like they're made of bamboo. The leather is fake leopard print. Someone get me in touch with the mayor of Miami. This would go crazy over there. Men are allowed or perhaps required to wear loin cloths, uh, etc. It goes other places. And then he starts drawing out what it would look like. Our the the gym that we worked out in today has a little bit of a theme to it, but it it's not too on the nose, but there is you notice the machines have like some decorative stuff on it and it feels like they went one notch further than just the standard gym equipment, right? >> It's a little flamboyant, I would say. Yeah. >> Yeah. Uh well, uh I wanted to ask you about uh schemes that are allegedly taking place in Silicon Valley these days. Uh Rev Swap.ai. This seems like a joke. This seems like a like a drop uh designed to go viral. Uh Harry Ragavan says, "In case you're wondering, this is the stage of the market we're at. And the idea is that you trade dollars with other startups and you book it as revenue." So Rev Swap AI is the first the world's first peer-to-peer revenue laundering platform. See, it's got to be a joke at that point. Uh for for SF startups, you give us $1 million, we give you one million back. Now you have one million ARR math. start swapping. Uh how >> Yeah. The problem the problem of the the problem with these is >> it's funny for uh people that are like maybe closer to the inside, but this got half a million views. >> Yeah. >> So that means there's hundreds of thousands of people that think this is like a real thing. >> Yeah. They either they either think they're they're doing a startup and they should do this or they think they're outside and they're like this is how bad startups are. Yeah, >> I don't think many startups are doing this, but uh if you've talked to VCs, is like quality of revenue coming up, revenue concentration, circular revenue deals. Is any of that coming up these days? >> I think I think uh investors deeply care about all of those things and good investors still do their due diligence when investing in companies um especially when they're at a mid to later stage, right? Sure. >> Um but really like where do you draw the line? Right. you you see Nvidia investing a lot of NeoClouds that go buy >> their GPUs. Um they help start these Neo Neoclouds and then you have um >> of course like uh Nvidia investing in in AI labs that end up being like downstream consumers of these >> of these um uh these GPUs. And so like um I think in in a way like yes it's kind of like a revenue swap where you're investing in a company and then like they're kind of like buying your product. um like trading dollars. Um but um so I think there's like uh in some places it makes sense in in some certain context. Um in the if if you're a founder though and if you're an early stage founder, if you're just like going for this, you have to ask yourself like okay, what am I really in this for? Like am I here to like build a business and build a thing that people want or am I here to just like >> LAR >> LAR? Yeah. And a lot of people do play like f founder as opposed to like building a business, building a company. >> Yeah. But this is also like a crime. So it's not just laring. Like I don't actually >> if you disclose it, if you're just like, "Yeah, we have this weird circular deal. You should probably discount it to zero." That's not wire fraud, right? Like if you're disclosing it, like the the wire fraud is only when you are stating one thing as another, like you're lying. If you're not lying about it and you're just like, "Yeah, we have this weird circular deal where we pay this company, they pay us. You should probably not give us any credit for that in our valuation." their entire life as a lar >> maybe >> uh should we talk about Monae >> circular deals though there's an interesting there's an interesting anecdote of when they worked out do you know this ASML 2012 did they had a customer co-investment program where Intel TSMC and Samsung pitched six point pitched in $6.8 8 billion across R&D funding and equity purchases in order to help ASML pull forward EUV lithography and uh 450 millimeter wafer technology. And so the deal would look like an odd roundtrip of cash from the non semiconductor build, but it worked and the customers effectively financed the creation of a new technology that they wanted and everyone came out just fine. And so we're 14 years in. ASML is a great company. we have EUV technology and it worked even though it was this weird circular deal where uh TSMC and Intel and Samsung were like we want you to go make this machine we're going to be the buyers of it and we'll also be the investors and the financers of it. So it can work out but probably not as simple as uh going to rev what is it rev.ai or something like >> as long as it is. Yeah. And this was this was disclosed both by TSMC, Intel, Samsung and TSMC at the time and everyone reacted positively because they were working together. Uh we need your take on this uh uh Schloms post this Monae AI. >> Can we can we get this on the big screen? >> Let's get this on the big screen because Schloms here says, "I just generated an image in the style of a Monae painting using AI. Please describe in as much detail as possible what makes this inferior to a real Monae painting. What do you think? >> Break it down. >> What makes this inferior? >> Me. >> Yeah. Art expert Rahul. >> Putting me on the spot right now from museums on the weekend. Let's Let's see. >> Yeah, it's the made with AI tag. Uh but there is a community note here and I I and I'll spoil it. Uh, this is an actual Monae waterlies. Uh, uh, 1950. >> No, let me read some of the responses so far from people. >> Okay. >> I'm disappointed. I have to even point it out. There is no cohesion to the depth and color choices. The reflection of of the tree bleeds into the lily pads with no regard for spatial depth or contrast. The background lily pad algae uh, amal amalgam is egregiously vague like most AI art. And uh let's read some of the others. People have started deleting their responses. The choice of color in places, i.e. the purple around the lily pad sticks out to me as decidedly worse than most Monae. I get a sense that the artist failed to connect their eyes to the brush palette. Almost as if it's an AI. No frame, no sense of the threshold between subject and object, just colors. >> Are you an AI art enjoyer? Do you play around on midjourney ever for fun? >> Um, >> you do your cognitive behavioral therapy? I >> because people, a lot of people use midjourney as sort of like art therapy, you know, that Yeah. They'll go in and they'll prompt it and it's it's less about making an image that they will sell or making an image for a commercial purpose or even sharing their images with anyone else. They just enjoy the game of they have an idea and they want to see it, you know, on the screen and so they play around and then they are satisfied. It's like playing a video game. Like no one cares that you finished Dark Souls except you. You had fun. >> All right, we got to give there's some great feedback here on why it's why it's bad. So, fair warning before I dig in. This image is actually a very competent rendition. It's doing more right than most AI Monae. But you asked what makes it inferior to a real Monae. So, here's the honest breakdown. What's missing? The physical object. A real Monae is a thing before it's an image. This is the biggest gap and is not solvable by better prompting. >> Huh. Uh, and it just goes on and on and on and on and on and on and on and on. >> It's not solvable with better prompting until that's like in the training data. >> Yeah. Also, I mean like like uh LLMs with tool use can just if you ask for a Monae, they can just go get you the PNG of a Monae. >> It it feels less lively. It lacks the texture, the rugged edges, the folds, the crevices and creases and bevels and topology of plastic art. The fine calculated highlights. The AI version is a granulated pixelation and it looks that way. It lacks the mess of humanity. Uh, and someone else says the fact that it looks like [ __ ] and is [ __ ] slop doesn't look anywhere >> near like a Monet looks exactly like somebody trying to replicate the style and achieving like 20% of it. Not as vibrant as Monaet's typical choice of colors. Looks dull. So, a lot of people are dunking on this. Of course, he posts, "This is a real Monae." He baited them all. >> It is. >> Wow. >> Someone took all of their feedback and turned it into an AI generated Monae to try and improve it. Um, interesting. Uh the other the other AI art thing that's going on which is very very funny is did you see Sony launch this new AI camera assistant with Xeria intelligence to bring stories to life? We have to pull this image up because I don't know what they were thinking. Like it's it's like one of the craziest like attempts at shipping an AI feature. And I don't know what they were I don't know what they were thinking. When you see these images, >> look at this. Like, this is I don't know if you can tell on the screen, but like it's not our c our camera is not like the camera that you're watching this this on is not like miscalibrated on the contrast. It just adds like a ton of contrast and makes everything look way worse. Uh, and the sandwich is so blown out. It's just all they did was just increase the brightness. The original looks great and you have less detail on the right. And I cannot believe this is from the official gold check Sony Xperia account. Like this is not a joke. What do you think this is? >> The product manager working on Sony Xperia hates AI. They wanted to botch the launch. So they get so much push back that they don't have to work on AI anymore. >> Something like that. Yeah. Michael O'Brien here says, "I could be wrong, but I suspect this is a joke. If so, props to Sony for ragebanning the internet so hard. Just look at the sandwich. MKBHD made two videos about this kind of stuff being bad and Google let out something similar earlier this week. I mean, obviously there are ways to integrate AI uprising and AI uh AI color grading like much at a much more intuitive level without doing this. But I don't know what they were thinking. How could they possibly approve that post? Maybe they had their their monitor contrast set like wildly wrong because uh to actually to actually ship this like your monitor would have to be woefully miscalibrated to think that the one on the on the on the right looks better. Uh this one is clo is the closest like it did sort of amplify the streak of light. Uh this one is if I had to pick one where the AI camera assistant did not completely degrade the image. This actually this >> I mean I can't I can't I can't get behind that. Look at the like what is the subject of the photo? Is it that light streak at the bottom or the flower itself? >> I would I would say I would say the the AI camera assistant version is only 10% worse here whereas the other ones make it like 200% worse. What do you think? >> Probably. >> No, it's way >> if you had to pick one but if you had to pick one one AI camera assistant image, which one's the least chopped? Which one's the least botched? >> Probably this one. >> There you go. >> But but but >> least botched. >> You're going with this one? >> No way. No way. This is so much worse. This is atrocious >> here. The the original looks more AI than like >> It does. Wait, is it some sort of prank? Is this the Schlom's thing all over again where they're like, "Big reveal. The left is actually AI and the right is out of the camera." >> You mean inverted? >> Uh, no. No. What I'm saying is that so they they so a lot of people were saying like the tags at the top were accidentally swapped and what if that's intentional? What if they're saying like like we took the bad photo on the on the right that's overblown over too contrasty too bright and with our AI we got you to a reasonable photo on the left and big reveal tomorrow or whenever Sony puts this out and says actually we were able to restore the highlights bring the contrast more natural and make the photo on the right look better with AI. That would be that would be a good pitch. But >> I do think they might have I think this might have been an accident and they posted it. >> Have they Have they commented since? I think they're just following the post about AI camera assistant. We'd like to explain the feature in more detail. It doesn't edit photos after shooting. It suggests four settings. >> Wow, they're doubling down. >> Oh no. The originals look so good by comparison. What are you doing? Oh wow. This is uh I I don't know what's going on. You can choose any option. How about no option in this case? >> Maybe this is like a scop from Sony to to >> maybe. Uh well, there was a big reveal with the Swatch AP collab. I know you were looking at some watches earlier today at breakfast. Uh are you in the market for the the the uh >> the collaboration between Adamar Pig and Swatch? Oh, absolutely. Come with a wristband. You are in the market for this. >> We're going to go stand in line for for the after the show, right? >> I think that's the plan. No. >> Yeah. Yeah. Uh people are calling it the new Laboo. You will see this on Birkkins Goyards and we know yet that this is not an AI wearable. >> That could be the that could be the the missing element here. >> Could be. Yeah. >> I think this is going to be a hit. I think this is going to be a hit. It's seeming more and more likely that they're not releasing any type of strap themselves. So people are going to do aftermarket straps. I think those will be frowned upon. >> Phone case. >> Oh yeah, like the the Haley Bieber, you know. >> Yeah. The makeup case with the watch there. What do you think? >> The thing is a lot of people are wearing fitness wearables on their wrists, >> which kind of competes on real estate with these fancy watches. >> I know, but you got a lot of arm. >> You got a lot of arm and you got two wrists. >> You got iced up. >> Yeah, you could just keep going up and up and up and up. Uh anyway, uh G give us the update on Julius. How are things going? Uh these are going good. We're we're we just launched slides last month. >> Um slides is going well. So thank you. Um so Julius is slowly becoming the platform where you can bring your messy data and then analyze it, get insights and not just that but actually do the stuff after it like create reports, dashboards, slides >> and then very soon you'll be able to like email Julius and assign tasks uh for your data work. And so if you work in finance, operations, marketing, you check out Julius. How do you think about the trade-off between generative imagery for slide generation versus uh some sort of harness that generates a slide in sort of a partic you know traditional uh like software platform like PowerPoint or Google im or Google slides? >> Absolutely. So uh the the generative imagery for slides was just not great until uh GPT uh the the the >> the latest images too >> and the the text in the the the text rendering in the images is so good >> that actually it completely changes the game >> um uh it's it's not just for creative assets actually can now be used for for whole slides and you can actually >> a lot of times I'll go to JBT and I will dictate I was wondering about uh the performance of different ETFs uh as they relate like as they're more indexed to the semiconductor as you get narrower from an S&P 500 to a NASDAQ to a QQQ focused tech uh ETF all the way down to like a semiconductor ETF. What's the performance of the last year? I just wanted like a bar chart. And so instead of asking for like a table deep research report, I said go pull all the data, put it together into like an infographic. It did it pretty well. I feel like it's a little bit of a leap of faith because I don't know where the data is coming from. It's a little messy and then I would be very hesitant about like maintaining a consistent style throughout a full presentation. But for something where I'm just want like a oneoff thing. So where where is the uh where's the demand from the customer on uh like slide deck versus single slide generation? >> Yeah. So the image gen is great if you want a single infographic or single graphic. If you want like a multi multi-slide deck, a whole story, you want to maintain brand consistency across the deck. And that's where using a code harness u >> sure >> like JavaScript or HTML to generate slides actually much much more optimal. >> Um and so depending on what the user wants uh Julius will choose whether to use image >> uh 2.0 or use like a code harness to generate like multiple slides. Um but to answer your question like the image model is really really good for like uh graphics single single slides and then you can combine that with like a code harness to generate like multiple slides. >> Yeah. Yeah, that makes a lot of sense. Jordy, anything else? >> Thanks for coming on the show. >> It's been an honor. >> Yeah. Thank you guys. >> Great hanging out this morning. >> We'll talk soon. >> Yeah. >> Have a good rest of your day. >> We'll see you soon. >> Another one. Uh the big news today is of course uh Bernie Sanders and AOC introduced a bill to pause all AI data center construction. I want to know within this bill how they are defining AI data center of course uh GPUs are are graphics processing units. You wire a bunch of them together. You can do AI. You can do machine learning. You can uh you can render CGI films. There's a lot of different uses. And I wonder how they're grappling with that definition. But um 300 local bills have been 300 plus local bills have been filed. Half of planned 2026 data centers are facing delays or cancellation. Each one brings billions to local economy, says Gary Tan. Uh the people who say they want American jobs are trying to block the biggest job creation engine since the interstate highway system. Uh, Sanders and AOC are straight up sabotaging the economy, says Nick David. No spy or arrival country agent can achieve what local useful idiots can. And so people are going back and forth about the data center construction ban. Um, I wonder how this will pencil out. Elizabeth Warren says, "A single AI data center uses as much electricity as a 100,000 households and utility companies are passing the upgrade costs to you, not to the trillion dollar tech giants." That of course was attempted to be addressed by the rateayer protection pledge, but it is early days. And so we'll have to see how that pans out. >> Yeah. And this is the same uh bill that was introduced in March. >> Uh but it's continuing to uh pop up again obviously as they try to move it along. >> Um but uh it hasn't passed committee yet. It doesn't obviously have like bipartisan support. Yeah. >> Very unlikely. >> Uh >> and there's a lot of geopolitical considerations. Uh Anthropic put out a big uh essay today around uh different uh different resolutions to USChina competition in age of AI. uh some very obviously they are very uh aggressive about uh don't lose the lead, continue to build data centers, but uh the uh the the nimism, the noise complaints, the environmental concerns, like all of these things do have to be addressed in a democratic society uh if we are to move along smoothly. Tyler, >> uh yeah, so so just for like the definitions how it's defined. So a data center is defined as a building uh that has more than uh 20 megawatts maximum power capacity or total peak power that are used to deliver 20 kows or more to a single server rack or to use liquid cooling to individual hardware components. >> Mhm. So >> yeah, I'm just wondering if we're going to get some weird some weird workaround where >> okay, instead of like one big building, you get a thousand smaller buildings that are all >> So it also says uh like a building that's contiguous or adjacent to another building that's so I think they of that. >> So they'll have to put some like trees in between them or something. I don't know. I I I just like every time there's a law, people will find a way around the law. And so uh I'm I'm very interested to see how this winds up uh changing. It could change it for good, you know. It could be like okay yeah like like clean energy and it's underground and it doesn't it's not noisy and uh it doesn't it doesn't create it feels like the real the real the real issue at debate is like passing the cost on to people who don't benefit a negative externality which the government has been internalizing negative externalities since its inception and so uh there's certainly a good outcome but uh it it uh it will be >> almonds are catching some heat from JCAL Oh yeah, >> he is showing uh almond versus almond production versus data center water consumption from 1999 to 2026. And uh yeah, everyone has been saying for years even prior to the to the AI boom uh just how much water almonds use. Uh this was particularly top of mind when California was in a massive drought and you drive through different parts of California and it's just almond trees as far as the eye can see. see almond tree and uh so anyways, almond almond's uh catching strays. >> Yeah, I don't know. I mean, you look at this and you think about the growth rate in in this year, like you can see that the blue line is ticking up and you can see that the red line for almonds is flatlining. And so, uh if you are extremely aggressive about counting the oos and you uh and you project this out, uh a couple years uh you could see these two things flip. But of course there are ways to avoid situations like that with water use increasing uh such as what Blake Schaw proposes which is closed loop cooling and uh booms superpower turbines that don't need any water. Uh and uh you can avoid all of that. But the whole water debate seems like not the focus of the Sanders AOC proposal. It seems much more focused on generation and upgrading the grid which is expensive and is real. Everyone knows that data centers do use a lot of power. No one's saying that uh the that the high energy intensity is fake news even though the water uh debate was a little bit uh thrown you know it was it was sort of quickly debunked. Uh the energy debate has not been debunked. And so there is a need for more clean energy, more power uh and more grid upgrades that are not uh visited upon local communities. The big question that we were trying to answer and we're going to try and get someone on the show um maybe next week to talk about this is like what what is the uh if you were try if you were if you were attempting to build a data center that had 80% approval like what would that look like? What is the Ezra Klein abundance vision for a data center? It's probably powered by clean energy. It's probably someone very somewhere very remote. Uh Brandon was talking about uh the the 40minut commute. The 40-minute commute is something that many Americans do. Uh and it is not insurmountable. and he was just reflecting on if you're if you ever driven in or around Las Vegas, if you drive 40 40 minutes in any direction, you get to a lot of lot a lot of empty land where certainly a big building is not going to be an eyesore. You're not going to be able to hear 60 dB from 20 minutes away. Uh and there is a lot of land uh but that hasn't been the default uh construction methodology for a lot of data center constructors. Yeah, this is like the the uh TSMC plane in Arizona is like basically 30 minutes north of like central Phoenix. >> Yeah, it didn't seem like many houses. >> Yeah, you basically go over a little like hill and then it's just like completely empty land. There's a massive uh fab. It's sick. >> I like that. I learned an interesting fact which is that Apple has a secret fab. They have a Silicon Fab in Silicon Valley. They bought a fab for I sent you the uh where did I where did I pull this up? I I I had to fact check this because I saw it and it was framed as like this secret like you know a terrible thing. Um it was not that uh it's not that scary. It's uh they bought it for $18.2 million. It's a 70,000 square foot uh facility uh owned by Maxim previously. uh they bought it maybe in 2015 and it was controversial because they were fined by I believe the EPA for uh for some uh mislabeling of waste uh and air emissions controls. Uh but it was a pretty small fine. It was something like uh a couple hundred thou maybe $200,000 and it seemed like they might have just had a mistake >> brought down the hammer on him. >> Yeah. Well, I I think it was like like, you know, the air conditioning duct was slightly misconfigured. It was not like a nuclear waste spill like destroying the whole town, but it was uh controversial obviously because Apple wants to be as clean and environmentally friendly as possible, which is why I le I lean into they don't want a massive like they're they're not even a scaled chip manufacturer. This is a prototype facility. Uh they manufacture between 600 nanometers to 90 nanmters. way different than what's happening at TSMC with two and three nanometers. Um, so it's not a secret facility in the literal sense. Uh, the secret fa fab framing comes mostly from critics and whistleblower coverage, not because it was known unknown to government or industry was licensed. Uh, EPA says the Apple facility on Scott Boulevard. So maybe that's your next trip, Tyler. You're going over to uh where is it? It's uh in Santa Clara. In Santa Clara. um on Scott Boulevard in Santa Clara generated hazardous waste and had RC violations in 2023 and 2024, which they made fixes for. And they paid a $261,000 uh penalty. It's 3250 Scott Boulevard. If you're in Santa Clara, go stop by their service. >> I didn't know you had a boulevard named after you. >> Uh it's very funny. So uh the interpretation at the time was that it could support prototyping, testing or heavy R&D, not mainline production. So your iPhone is not made in Santa Clara. It is made abroad. >> It is made right here. >> Tyler, yes. Uh Apple designs the chips while TSMC and Samsung manufacture actual advanced processors and the acquired FAB does not necessarily mean Apple would manufacture its own chips. So interesting story. Anyway, moving on. We covered this a little bit yesterday, but Figma uh crushed their Q1 46% yearover-year revenue growth accelerating for the second straight quarter. They had net dollar retention rate of 139%, our highest rate in over two years. And they raised their 2026 revenue guidance. Dylan says design matters more than ever. I agree. Yeah, >> I agree. You're everyone's going to be building more software. At some point, we're going to need to make >> breakfast this morning. We were looking at we were looking at a at a website. Uh I showed this website to Rahul and he said uh oh that's the uh that's the classic like taste is the new moat website. >> Just like the website that looks the tasteful looking website that looks like every other website which inherently means it's not >> Yeah. The prompt was like make it look tasteful and it like ripped some shameless thing. It didn't feel inspired and >> uh it is it is interesting. Uh >> 14% today back up to 12. >> Yeah, there we go. >> 12 billion. >> 12 billion. >> Fantastic. A year ago, FIG would be trading at 30x rev on those numbers, but since all the algos have zeroed out terminal multiple, it's only up 8% says Dolly Baly. Uh, and uh, yeah, people are going back and forth on this, but uh, two guys making sandwiches at the Waw Wa, loudly discussing their profits on semi-trades just now. Is that a top signal? I was looking back through the timeline and Martin Skrey called the top on semis. Uh, I think May 1st, something like that. Uh, and Tyler's shaking his head. He thinks we're still going up. Up only, right? >> It was effectively wrong, right? I mean, it's been two weeks. It's like >> if you call a tough call today, like, you know, he's like, it's it's a rough call. I think you get like >> you get like plus or minus a month. That's a long time. >> Plus or minus like two months even. Yeah. >> Two months. >> Yeah. I mean, like the big the big macro narrative on semis is like uh is like a multi-year. >> Okay. So, end of June is is kind of the cut off. >> Yeah. and end of end of June, I'd be like, you need to you need to update this. You need to give us an update on whether or not you still think the early early May was the top of the semiconductor cycle. Uh there are some companies that are in semis that are trading ahead. I mean, Intel is we were talking about with Douglaughlin yesterday. Uh Intel has a lot of good news and good plans, but now they have to like actually execute. Uh there are a bunch of other semiconductor stocks that are uh essentially uh the multiple on forward earnings is actually compressing. So Micron I think was one that's up 790% but forward earnings are up 2,000%. And so they're going to be growing a ton next year. They have a ton of demand and so the market's moving on that but they haven't realized that yet. And so I I mean I think that they will but the question is how far can they go? How far can they take it? Well, we are waiting for the situational awareness Q13F. Not yet. Okay. >> Not yet, but have to figure it out. >> Should be in the next >> Yes. >> few hours. >> Well, uh XAI co-founder uh Agor Babushkin is planning to raise up to 1 billion at an up to5 billion valuation for a new AI research startup with General Catalyst possibly leading. Why is Tyler laughing so much? A rule had a good post earlier. >> Oh yeah. >> Okay. >> GC has a very high moral bar. So I don't think Eigor will be continuing to work on ANI >> maybe >> and uh some of the other features that that XAI had been focused on >> might be pivoting. Uh, I think that that uh that whole debate did sort of uh quiet down like we were wondering if there was gonna be an escalation if we were going to see Reggie and Eric like going at it or Hamont jumping in. Uh, but it sort of, you know, I it felt like a lot of the A16Z folks came out and and and put the line in the sand. >> Say you've never closely followed a rap battle before because there can often be a one or two day gap. They're in the studio. They're in the lab right now in the studio >> cooking up the next response video. I would love the new meta to move away from the vibe reel, the podcast appearance, the tweet, and the one minute polished scripted ad firing back attack ads. This is great. Uh, I do think we should get more into just straight up political attack ads. Like Mark Andrew wants to fund a robot dog. He wants to put your dog out of business. General Catalyst is for real dogs and Andre is for fake dogs. Vote like raise money from General Catalyst. >> Mark Andre wants to shut down your local veterinarian. Turn it into a dog robot workshop. >> Exactly. Exactly. Like there's a certain aesthetic to the to the uh the the political attack ad that we all know and love and no one has taken that and appropriated it as a as a form of marketing. So, uh, green field opportunity over there. Um, well, the research startup from, uh, the XAI co-founder is called River AI. Uh, I I like that name. I think that the the >> drop the AI, >> the recursive, the the general intelligence, applied intelligence, accelerated intelligence. There's one that's like undes indescribable, ineffable intelligence. Like, it it was getting a little crowded in that name space. Unconventional river. River just sounds good. I I like it. I think it's a good name. >> How about >> Anyway, >> conventional conventional intelligence. >> Conventional intelligence, midwit intelligence. No one, you know, >> midcurve intelligence. >> Yeah, you do sort of have like, you know, more leftleaning AI labs, more right leaning AI labs. There's no there's no like uh you know good old boy southern intelligence like a a model that's explicitly trained to focus on like a cold beer, a lifted truck. >> That's true. >> You know, getting your boots in the mud. >> That's true. Like kind of like country intelligence. >> Country intelligence. >> Country intelligence. >> Country intelligence is an opportunity >> where it just constantly it can't stop talking about cold beer. >> Yeah. Yeah. It'll It'll just slip in like >> cold beer on a Friday night. >> You did great on that task. >> Why don't you go have a cold beer? >> We deserve a cold beer. >> No one's working on country intelligence. >> It just can't stop. It just it uh it it's like uh like goblins, right? Or are telling you to go to bed. It's like it just is like um >> how about that new F-150? Yeah. It's like what does that have to do with what we're working on? >> Yeah, exactly. It's like Daario talks about having a a country of geniuses in the data center. I want country geniuses. What about a country of Ford F-150s in a data point? >> Exactly. I want country geniuses. >> Uh well uh >> uh this is an interesting >> what's going on >> data point from David. He says the entire NIH annual budget for neuroscience research for all scientists across the US is about three billion a year. Now there are something like dozens of neolabs that have all raised uh zero to a billion within months of being founded and they are all doing the same thing. Uh, I guess the solution here is to give $3 billion to a neolab working on neuro neuroscience. >> You know, >> the solution is always profit to for profit. Has anyone thought about going the other way? >> Well, I do think a lot of these neolabs could end up being nonprofit >> potentially. Potentially. You never know. Uh, well, you know what's not a nonprofit? Benchmark Capital. Uh because when Benchmark invested 6.7 million in eBay >> in 1997, the auction company's valuation was $20 million. By next spring, the company was valued at more than >> $21 billion. >> The value of Benchmark stake had grown$100,000%. >> In less than two years, >> I'm doing the Chad sound effect. >> I know. I I can see I can I see my I don't I I know what's happening. It's actually better without the IM. >> Somebody somebody commented on Spotify yesterday that that somebody needs to talk to Jordy about the soundboard and then a bunch of other people commented and said uh >> yeah that he's not using it enough. Um >> sorry. It's like asking a musician like hey don't make music. Yeah. you know, >> uh what what how would you react if if if some enterprising author journalist came in and said, "Hey, we want to write we want to write the definitive story about uh TVPN. We're going to profile Tyler and Jordy and John, Ben, uh Brandon, the whole crew. We're going to tell the story." And uh and you're like, "That sounds amazing. I would love to be in a book. That's so cool. Like what we're doing is so important." And then you're like, "What's the book going to be called?" And the author's like, "I'm going to call it E Boys." Would you be down for that or would you be like, "Oh, damn it. I kind of was hoping you would refer to me as a man." >> I I like this >> for an adult. You like this? >> Yeah. >> The subtitle subtitle is hilarious. >> Tall Men. >> Yeah. Yeah. Yeah. Sort You had me in the first half there, but then the but then the subtitle comes back because it's the true story of the six tall men who backed eBay, Web Van, and other billiondoll startups. It's the book about Benchmark by Randall St. >> I've read this book. >> If you haven't read it, it's probably >> give it a review. >> Six or seven years that I've read it. >> Uh, Benchmark's financial exit on eBay was known as a kaggel in the VC industry. That's like the term triple double being associated with Oscar Robinson because of this historic season average. In June 1997, when the internet auction site was in its infancy, the executives each pledged 6.9 million shares as collateral for two $750,000 loans from Benchmark Capital. Uh the stock wasn't yet publicly traded and the shares were valued at 11 cents a piece. I remember meeting Bob Kaggel at Benchmark in 1999, says Trent Griffin, and talking to him about eBay. He believed in early that online marketplaces could be important. Yeah, I'd say so. Uh, investing in a category creating business required variant perception. Consensus doesn't identify unknown unknowns a priority. Anyway, >> all right. Interesting. >> Let's pull up this video you posted this morning that is completely flopping. >> Yeah, it is flopping. >> But it's funny to me. >> We got one. Nick, thank you. Nick Carpentino said Cararpanito says, "Banger's put it on the big screen." I if we play this, we're going to get demonetized and we're going to have to cut it out. But uh you can just go enjoy it on my timeline. >> I can send the without the music. >> Nah, it doesn't hit then. Anyway, uh it's Fast and Furious plus Jerome Pal. It's fun. Anyway, moving on. Uh uh who was uh Scott Bessant was on CNBC uh talking about meeting with the Chinese vice premiere. They're saying it's one of the wetest and purplest appearances in television history. I suppose uh I'm not saying that but Uncle Doomer is. I guess uh we are going to talk about forming a board of trade for the bot >> federal trade between the US and China and we're going to talk about the board of investment that will be responsible for investment in nonsensitive areas. That's a lot of jargon. >> Uh look being purple on CNBC that's on CNBC or whoever his lighting technician is for this call-in. If you're calling into a television show or TVPN, uh, check your lighting. Put a big light off to the side right here. Make it nice and soft. Make sure you look normal. Adjust the white balance. These things can be fixed. Ask Chat GPT if you're having trouble. >> Is this is this on Air Force One? >> Yeah, it's probably in a very temporary setup like just curtain flag. What else do you need? Like it's not that much, but uh also uh powder. I don't do this because we have a temperature controlled uh facility and we're, you know, like take showers before the show and dry off. But if you are moist, uh you can use uh some sort of powder that a lot of people put on before big interviews. Uh it's sort of one step away from like a full hair and makeup setup, but it is recommended if you are moist and you're doing press. Uh these are the things uh you learn from doing content. Anyway, the CEO of PC Philippe, Terry Stern, says you don't come to PC Philippe because it's more expensive. >> Well, why do you come to PC Philippe? We will have to figure it out. It's in today's Financial Times. I want to read it on paper, but you can follow along on the actual article. So, oh no, this is the wrong one. Here we go. You don't come to protect because it costs. >> What's up? >> Chad's loving the casual show today. >> Yeah, we should order food. >> Oh, should we? >> We try not to eat. We try not to eat. >> Eating doesn't really work. You get a lot of dead air. It doesn't quite work. But, uh, you know what does work? Going to protect Philippe, but not because it costs more. Um, but because of their approach to retail and production apparently. Uh, they these are stormy times for luxury watch makers. We've talked about this with Quaid from Bezel. talked about uh all of the tariffs and whatnot, but the waves have not yet crashed into PC Philippe. Uh do you say PC or PC? >> It's supposed to be PC. I think the real Balln knowowers say Pek, but uh the war is there, but we're still selling, says Terry Stern. Uh Stern is the fourth generation of his family to lead Pekk. The privatelyowned high-end watch maker does not report on its financial performance. And the 55-year-old Swiss Scion of the Stern family is not about to break with convention and go into detail, but Morgan Stanley estimates its revenue has jumped by more by about 25% over the past two years to how much do you think they're making per year? >> Gross revenue. >> Gross revenue for PC Philippe >> in a full year. What do you think they're making? >> Wow. I actually have no idea. Is it like 5 billion? >> Not bad. 3.2 billion is the estimate from Morgan Stanley. You divide that by what? $100,000 on average for a watch because they have a lot that are higher, but they have some that are 6050 or something. But, uh, not moving a ton of watches. But don't forget, PC Philippe doesn't produce that many watches. PCH produced about 75,000 watches last year and expects output to remain at the same level. We have good balance around the world and we have been very cautious about allocation. If one part of the world doesn't work well, we can always shift the watches. Pekch is clearly active in securing its own retail footprint. In March, it acquired the multibrand retailer Bayer Chro Chronometry for an undisclosed sum. Bayer, a Zurich based jeweler founded in 1760 overnight success there, is thought to be the world's oldest watch retailer and oldest PCH dealer. Stern said it would become the brand's fourth owned and operated boutique style salon, adding outlets in Geneva, London, and Paris and will only sell PC watches, but he's quick to quash suggestions. The move marks the beginning of a retail grab in the same vein as Rolex's acquisition of the luxury watch retailer Berer. I don't know how to pronounce that. In August of 2023, I'm a >> watch maker, not a retailer. >> I still need the retailer. >> Uh, Ptech has taken a strategic approach. Are you doing the voices on me? I imagine you are. Uh I I like made one joke about it being too much and people were like, "Oh, John doesn't have a good sense of humor about it. I'm fine. Don't worry." According to analysts at Every Watch, which I guess is the semi analysis of the watch industry, the Rolex move generated revenue of almost $600 million last year for Switzerland's largest watch maker. Uh this is the certified pre-owned business model that Rolex launched in 2022. 10% of the global watch watch market for secondhand Rolex watches. Everyone when everybody started they thought they could make a lot of money. Then they realized it's not that easy. Stern doesn't rule it out though. I'm thinking about something but it's too early to talk about it. So >> a vague posting >> he's vague posting about potentially certified pre-owned PEX at a retail store. you go and you buy something can't afford can't get an allocation the latest watch or something comes in that's special and needs to go on the second hand second market uh he can take a piece of that for now he seems content with the shape and strategy of the business Morgan Stanley's figures indicate that the top four privately owned switch Swiss watch makers protect Philippe together with Rolex AP and Rishard Mill control about 50% of the luxury watch market last year up from 37% In 2019, there's consolidation in the market. Smaller players are fighting for survival. I don't need to have more brand sharing this market. But he does recognize the problem. I don't want anybody going down either, but a lot of people will be out of business. What a wild look, it'd be a shame if my competitors were destroyed and burned to the ground. I don't want that, but >> but it's very likely >> it's going to happen. Um some of those struggling with increased competitive pressures have already turned to new markets to generate sales particularly India and also the Swatch collab might be an answer to this. Uh Stern won't be following though. Why should I go there? It's too early. Most of the Indian clients that want Pac are living in London or traveling to Geneva in the Middle East. So it's not my priority. What access they might have to his watches when they uh when they travel is also unclear. tourist doesn't really have the chance to buy a Pekk. He says the retailer has to sell to the local client. Yeah. So he's like he's like the the the folks in India who want a Pekk can just go to Switzerland. But then he's like but also I will never sell the tourists. You have to be a local. So I I imagine he's talking about like Indian billionaires that have homes in the Middle East or Switzerland or Geneva or like >> Yeah. If you have an enemy that's into uh that's getting into watches and they don't really know the game yet, tell them to book a trip to Geneva because all the major brands their presence there and stores and they should just go there if they want a nice watch they should just go there and ask for one. I'm sure they'll they'll be very successful. >> Interesting. So uh the US is shifting away. Uh the PEX US retailer network has been reduced by 2/3 to 38 uh 38 stores. Uh but it still accounts for 16% of the company's total revenue. So they're not doing too poorly. There's a certain category of clients who may be like this. He says when asked about the perception of his watches as elite status symbols, but you don't but you don't come to PC because it's more expensive. He says his family's company is not aimed at the kind of customer who wants to flaunt an expensive watch to command attention. This is not me. They won't be doing the iced out from the factory anytime soon. I suppose uh the auction >> talk about the cubitus. >> Uh no, almost two decades. No, dodged entirely. Doesn't didn't talk about it. Well, >> they're not asking hard questions at the Financial Times. >> Yeah. Uh, real real missed opportunity. I don't know. The cubinus it I I feel like the cubinus was advertised in here though. Isn't it on the back of this? I feel like I saw it in this financial time. There's a lot of ads in here. I don't know. No, Zena. I feel like I saw an ad for Cubis. >> Yeah. We got a lot. You have a cubis over there. >> What about this? In here? In here? No. What about in the journal? Is it in the journal? I feel like I saw where the cubid is somewhere. Anyway, we should go over to the journal cuz the mansion section uh has a very interesting story today about a 40-year marriage built one gut renovation at a time. If you want a successful relationship, buy 10 houses over four decades and constantly be renovating. I think there's a lot of truth in this. Let's read the story. I'll give you my take. So, uh, one Oklahoma couple spent decades and roughly $14 million buying, redoing, and selling eight properties around Tulsa for their ninth production they've built from the ground up. They say for them, it's an adventure. Anne and Mark Pharaoh are real are a real estate wildcard. Always at home, never settled. Over 40 years, they've gutted and lived in eight houses around Tulsa. They built the ninth they built. Together, their house transactions have totaled about 14 million. A portfolio market by uh a portfolio market by reimagined floor plans and re and high-end finishes. Their latest, a 7,200 square foot build, draws on everything they have learned since their first renovation in the 1980s. Now even the pharaohs wonder whether the journey is over. This house would be hard to duplicate, says Mark 67 67. Uh, who the Wall Street Brain rot journal at it again. >> Turning turning 67 in 2026. Brutal. >> Nightmare. They they also profiled an entrepreneur who's 67 who just started a company. Weird. Uh but uh company's ripping, doing well. Never too late to start a company. Uh let's get him some Let's have him on the show. We'll we'll read that later. Uh yet resisting another fixer upper won't be easy for the couple who rejected being called flippers, instead identifying as serial renovation lovers. I go through withdrawal without a home project, says Anne, 63, who's retired. Uh, while nine home projects would send most couples into mediation, the pharaohs view logistical nightmares as their as a shared thrill. Their secret, radical honesty and speed. For us, it's an adventure. Mark says, >> "These are real operators. >> They're No, no, they this is a team. This is uh you're looking at the uh the Collison brothers, the the the family business builders of uh of real estate. We we should scroll through the actual images of the house because they got started pretty small. $86,000 in 1986. Uh they bought uh the starter home. They sold it in 1993 for 97,000 held for 9 years only made 10%. But uh that was the that was where the adventure began in 1986 with a Cape Cod style house. It was 2,000 square ft. uh interior was complete with a lavender for micica countertops and a wet bar. Their first construction project closing in uh closing in an office to make an extra extra bedroom. Uh interesting. You know how alcohol sales are falling off a cliff. >> Yes. >> And there's like uh oh, who was it? Derek Thompson had a good post about this uh and he sort of enumerated all the different reasons why alcohol is falling off a cliff. He he posts a lot. He posts a lot of good stuff. Where can I find it? Alcohol. Alcohol. Um, wow. He does post a lot. Um, he said something to I'm like days by. Okay, here we go. So, uh, off the top of his head, secular anti-alcohol trends, GLP1s post 1970s rise of helicopter parenting. Although I feel like you can drink on a helicopter. Uh, as long as you're not piloting it. uh reaction to the binge drinking spike of the late 20th century. There was a binge drinking spike in the late 20th century. Oh, that was like the CKY, you know, Tonnie Johnny Knoxville era. I suppose that probably led to a lot of that. >> There's also a power law in binge drinking, >> right? >> Yeah. They say what uh 1% of the binge drinkers do 99% of the binge drinking, something like that. No, I think it's actually like 10% of people that consume alcohol consume like 90% of this alcohol. >> This is this is true even for the uh like you think about like the the the market for Budweiser or beer brands and you think about like the college party getting a 30 rack. In fact, the vast majority of the revenue is driven by the like Johnny six-pack, which is like a guy who gets off of work at 5 and picks up a six-pack on the way home on the drive home and doesn't go for doesn't buy in bulk because if he gets the 12-pack, he won't be able to stop drinking after 6:00 and he'll be hung over for the workday to the next day. Uh, and so it's six-pack every single day. And this was like a thing in America for a very long time, but it doesn't seem to be happening. You got to keep those agents running at all times. >> Drunk. >> All right, guys. Let's cut it out, >> man. Let's see. Uh, so phones are apparently killing teenage partying uh because everything's uh on video. I suppose you get so you don't want to be in like compromising situations in the surveillance state supposedly. a surge in young adult fitness, dancing clubs down, running clubs up, and the general rise of health maxing culture among both liberal yepies and maha devotees. So huge collapse in drinking among uh high schoolers. It fell in the 1980s. It was 92% of 12th graders who had ever consumed alcohol. This year 47%. That is remarkable. There's also a substitution effect between alcohol and cannabis. Uh significant proportions of cannabis use led to less alcohol. Uh sort of mixed bag there. And I think non-alcoholic beers getting pretty good is a small part in this too. So there are lots of reasons why it's down. And I wonder if we will see the next generation of real estate development stay away from the wet bar. Like you like as you look at houses, wet bar is not at the top of a lot of people's lists. you know, they want home office because of COVID, work remote, they want sauna, uh pool, uh playroom, uh maybe movie theater even. Now, I think I'm weird on that one, but uh wet bar, >> clearly movie theater still >> I would say movie theater is above wet bar for most people. >> Yeah. >> But wet bar used to be like you got to have it. like it was in a it was in a 2,000 square foot house like like it was in like a starter home that cost $86,000 and the and the builder or whoever lived in this house was like, "Well, we got to have a wet bar here, so let's do that." >> 2026 was the year the wet bar and home home data center swapped. >> You think the home data center thing is going to take off? The tiny boxes are going to be stacking up. Yeah. >> Yeah. I was I was watching a real from uh Markiplier >> home cluster. >> Yeah. Do do you know >> cluster in the basement? Do do you know the story of Mark Markiplier? >> No. >> Okay. YouTuber, filmmaker, uh online Mark Edward Fishbach. Exactly. So >> Markiplier uh he does these let's play videos for indie horror games. So he would essentially like a Twitch streamer but on YouTube and would upload the full let's play. Uh he was listed by Forbes as the third highest content creator on the platform in 2022. won four streaming awards, uh, spun off his YouTube fame into a notable media career, and then in 2023, he signed with UTA, uh, and starred in a series called Edge of Sleep, and then made his theatrical debut directing, producing, writing, and starring in and basically financing horror film Iron Lung in 2026, which was a breakout hit for a $3 million budget. The box office is $51 million. real narrative violation on can YouTubers cross the chasm. They can if they bring their audience into the theater, but Hollywood doesn't want to play nice with them at all because he still had to sort of go around in this like weird way where this seems like an obvious thing if you were a studio executive that you would have been able to predict this but they didn't in this case and he financed it himself. Anyway, uh Markiplier was talking about the process of doing one particular visual effects shot with I think a lot of blood uh like pouring everywhere. And so uh he's not in the AI era. He's also not in the practical era. He's going to be using visual effects for this simulation of fluids which is extremely computationally intensive. You have to uh create the the the system that shows the gravity, simulate the gravity, simulate all of the different 3D meshes, where the geometry is, where the blood will be spilling in this particular scene. And he was working with an outsourced visual effects house that was very very costly and most importantly to him, it required a lot of back and forth. And there was he mentioned uh it's an international group so there was a little bit of like lost in translation where he would say I want the blood to be more red or darker and then they would say okay we'll rerender and that would take days and then they would come back and he'd be like no I actually want it to be splashier or you know thicker or something like that and so those notes were going back and forth and he wound up converting a bathroom in his house to a supercomput like he basically got a whole bunch of racks and a whole bunch of GPUs and wired them all together and was able to do the rendering his own. And he actually put in uh 220 volt power into his bathroom like it's a like it's where you charge an electric car. Uh and he said that the electricity was actually somewhat expensive, but it sped up the development so much that even though this bringing it in house process was extremely expensive, it was still worth it. So, I think get rid of the wet bar, put in a home data center. If you're building a new house and you wanted to, if you're doing a flip, it's going to be the hottest trend of the next couple years. Uh, place to stack up Mac minis, uh, it cabinet otherwise. Uh, so they moved on to the Heartbreaker. They were moving up. Uh, 1992, they bought a house for 173, sold it 2 years later for 225. A little bit more of a bump. 3,000 foot traditional brick house. Then they get into the Rambling Ranch. They actually stepped back in terms of price. This one was only $140,000, but they sold it in 1999 for $ 250. Uh then they move into the architectural anchor. And then there's something interesting. They they were in this uh this estate. Uh Mark bought a house. I bought a rose garden. They paid785,000 in 2007. That's right before the housing collapse. So they were probably underwater for a little bit, but they wound up getting out with a good gain in 2014 for 1.675 675 million and it was 6,600 square f feet. House needed a gut renovation. They added the best of everything. Included a basement sports bar. They went back to the bar. No data center back in 2007. Four televisions. I don't know. Local computing existed then. You could have a land center. Uh you could be landing. You could be playing COD. You could be playing Rust. Uh outside they enlarged the rose garden. Then in 2014, uh said, "Why did I even answer the phone?" Six hours later, uh uh their real estate agent brought an innocent looker by the house and they committed to a sale. So then they dramatically downsized in 2014. They moved into an apartment for $320,000. They sold that for a gain of $375. Then they moved to the penthouse in the same building, got renovated it again, and then finally uh they moved to the Tulsa Picasso, and then they built their massive new home, which they actually bought the land for uh just 740,000, but then they put a construction budget of 5 million, a huge ratio of house to land prices. Um but they have uh paid for everything, prepaying for windows and HVAC units a year in advance just to stay ahead of the supply chain. The result is a home that balances grand scale with the warmth that has become the pharaoh's trademark. The interior has walnut floors, mahogany trim, and a dramatic marble fireplace with graphite and amber veining. Though, it does have what Anne considers her biggest ever design blender. A swim jet, which creates a current for swimming in place in the pool. It's a treadmill pool, and she doesn't like it. She says, "I just don't like using it." Have you ever used a swim jet? Have you ever felt the urge to go on a swimming treadmill? >> I've never been a big swimmer. I did rent a house at one point that >> more of a surfboard guy. What about wave poolool? That would be an option. >> Yeah, there is this company that makes a device that allows you to mimic paddling on a surfboard. >> But you can't stand up and actually surf. >> No, it's just it's just for training this motion. Uh, and uh, yeah, it's pretty it's pretty >> Yeah, >> they they pitch it as like you you live you you don't live near the beach and you're going on a surf trip and you want to be in peak. >> Oh, so it's it's truly for working out. >> Okay. But >> Okay. Well, uh, anyway, did they do a wet bar? Let's find out. Uh, I don't think so. They did a baby kitchen for catering, a wine room, leveling up, and an office that feels perched in the trees. Uh, the couple remains unscentimental about the bricks and mortar. We'd never move back into a house we've sold. We're always looking to what's next. For now, they say they are having too much fun with their current house, hosting parties, golf golf friend gettogethers, board meetings, and even a wedding to think about what's next. Those who know them best are skeptical. I give them three to five years. There is this one elusive neighborhood that keeps slipping through their fingers. I predict they will do a house project one more time. Um, famously, uh, there was, uh, Bob Hope in >> Adam in the chat. I used a swim jet. It was like trying not to drown in a controlled manner. >> Yeah. >> Doesn't sound >> um he uh Bob Hope was a radio star, talk show host, traveled the world, did USO tours, always on tour, world famous. uh ve must have been very difficult for his relationship with his wife, but they worked together for uh decades. And I think part of the secret was that they were constantly renovating this massive estate in Burbank. And they would renovate it from start to finish, back and forth, constantly. And uh he had this amazing office there with a vault that was w you could walk in. and he had every joke that he'd ever written cataloged in uh in like filing cabinets there and had a whole studio basically where uh his writer's room could come to him and then eventually when they got older they built an elevator and this whole time they had a project that they could work on while he was also doing his project and everything else. So never bored and it uh it stood the test of time. Anyway, have you heard of Smashbox Cosmetics? Has anyone heard of Smashbox Cosmetics? What is the story of this company? Because the co-founder has one of the greatest names I've ever heard. His name is Dean Factor. >> Dean Factor. It's a powerful name. And he is selling an estate in Los Angeles for just shy of $50 million. It's in Sullivan Canyon. It was inspired by the architecture of classic California ranches, including Sanro Ranch, where John F. Kennedy and Jackie Kennedy honeymooned. I didn't know JFK was up in Sanro Ranch. Um, cosmetics scion Dean Factor and his wife Shannon Factor knew they had their work on their uh work cut out for them in 2011 when they purchased a neglected piece of property in Los Angeles's Sullivan Canyon. The modest dilapidated house on the roughly 8 and a half acre parcel, that's a huge parcel for uh this part of town was filled with asbestous. Uh the driveway was cracked, the landscaping was barren and dry for six years. It was kind of used as a dog park, so it was just beat up. Oh, do you think do you think robot dogs would do more damage because they're heavier, right? And also the EMF might fry all the local fauna. All the local bushes are just getting roasted by the by the Boston Dynamics radio waves just as it's stepping through the grass. The grass is just wilting and dying around. >> You can put a microwave on top of the robot dog, plug it in, just be running it constantly. >> Like it doesn't pee on the grass. there's going to be no damage. Have we studied it? Do we know that that's >> Have we looked at the data? >> Have we looked at the data? >> So, we looked at the data. >> We looked at the data and it uh it's actually 10 times worse than just having a dog running around. I don't know. >> The robot dog's only 75 pounds. >> Okay. >> So, that's like a big dog. >> Half my dog. >> Yeah, there's dogs that are bigger than that. >> Okay. >> Are there any other environmental damages that could happen from letting a robot dog run wild on an abandoned property? Let's figure it out. Uh undeterred, the factors brought the land for 8 million according to property records. Unable to salvage the home, they kept knobs, fixtures, and other hardware, using it in the new roughly 17,000 square foot home with a private lake. Private lake. That is insane. Fruit trees and medicinal herb garden. Now, with the two oldest of their five children college, they are listing the property for 50 mil or 48.5. Uh Dean's great-grandfather co-founded the cosmetics company Max Factor. What are we doing here? That is an insane name. Dean co-founded Smashbox Cosmetics, which Estee Lauder acquired in 2010. He's now a private investor. Wow. The factor spent years rehabilitating the land, installing irrigation, regenerating the soil, replanting seeds, and caring for trees. It looks fantastic. Their eight-bedroom home was inspired by the architecture of Sanjo Rance, which we mentioned. It does look fantastic. So, ooh, the downstairs is pretty cool. The basement level entertainment hub. They call it the lounge. It has a wet bar. Uh, it also has a pool table and a game center. Uh, nice little rustic vibe. This feels straight out of like Montana or something. And the rest is very, very modern California. Uh, really, really nestled in there. The property has indoor and outdoor fireplaces, private hiking trails, and a sports court over the years. Every inch of the house and land has been enjoyed by the children, friends, and many animals. So, they're letting the animals run wild. No robots on on site. We needed extra quiet spaces for studying and working. Other amenities include a gym and elevator and a massage and yoga room. And uh this last one, the treehouse, magical little inspiration portal set in nature. This thing's cool. I like a big that that is that even a treehouse. That's just a house that's adjacent to a tree. I feel like a treehouse needs to not touch the ground and be built entirely around the tree to qualify. >> It's slurping, >> right? Yeah. That because you see these houses where they put the tree inside the house. This is like this is more that than a full treehouse. >> It looks like the tree is going through the porch, not >> Yeah. Yeah. >> So, >> yeah. I I think this is a little bit of false tree porch. >> This is a tree porch. This isn't a treehouse. This is a house that's built adjacent to a tree. Uh, nice try. Nice try. >> Could be a great place for a home data center, though. >> It could be. It could be inside of a tree. Uh, do you think uh, you know how like with AI a lot of people are building like useless stuff? Like you see a lot, this happens all the time where someone will like vibe code something and you'll be like, but I could just use the real thing. Do you think like during like the metallurgy revolution people were like, "I made a tree out of iron." And people were like, "But why can't I just use a why can't I just have a tree?" People were like, "It's a it's an iron tree." And then they had to explain like, "Well, we're going to have to be more creative here. We're going to have to do something new with this." And then people were like, "Okay, like rails for trains or, you know, boilers for steam engines." >> They were kind of doing that. They're like, "I made wood out of metal." >> Yeah. I think there's a little bit of that. You got to be there's a lot of when a new technology comes around, you just sort of reinvent everything. This was the same thing with a lot of uh you know, you see it in media all the time where the the the the new platform comes and it's the old thing on the new platform doesn't quite fit. But >> did you see >> Yeah. >> that Matthew McConna once exiled himself from Hollywood and lived as Matteo? >> What? >> In Peru? >> No. Is this real? >> For 22 days without electricity. >> Ooh. >> He said I needed to get my feet on the ground. So, I clicked out. Boom. Go to Peru. I needed to find it to check the validation. I knew I had it. I just had to go prove it. >> I wonder. >> But I did question now that I just got famous. I've got all this affiliation for this and that and the other, and I'm trying to decipher which part's real and which part's BS. I needed to meet people who knew me as Matteo. And at the end of 22 days, the tears in their eyes and the tears in my eyes and the hugs we had on the sadness and happiness of saying goodbye were all based off of the man they met named Matteo who had nothing to do with the celebrity. It reaffirmed my own identity that oh, I still got it. This is based on me. Uh there might be alpha in going to Peru adopting >> a fake name and living for 22 days without electricity. >> Yeah, >> because every time I hear Matthew speak, there's always there's always some wisdom that comes through. >> How did he pull this off? you missed your opportunity to go to China this week and just simply post a picture and say, >> uh, thank you for thank you to, uh, China for allowing me to be here in your incredible country during this incredibly significant visit. Uh, but it's not too late to go to Peru. >> When did he go to Peru? Do we know what year this was? >> Let's find out. because he's he's married with three kids and I'm imagining it's a big ass to be like, "Honey, I'm going to be gone for a month and I won't have electricity. Good luck with the three children." But clearly worked out. They're still together, so you know, it landed. Wait, it was in 97. Okay, that was that that was that was before he was he was married. Uh anyway, uh another option if you're feeling burned out at 67, you don't want to renovate your house, start a business. This entrepreneur started a business at 67, says it's been much better than retiring. So many of my retired friends are bored, but I'm constantly learning new things and meeting new people. So, my late father-in-law, this is a piece by Daniel Ox. Uh he says, "My late father-in-law loved organ." They're saying they're saying Matthew was laring as Matteo. >> He was laring around. >> Just laring it up. Uh, my late father-in-law loved orchids and in his decade long decadesl long passion, he built and maintained two large green houses at an age when most people were retired or worse, he was still breeding new hybrids, knowing full well that they wouldn't blossom for years. He wasn't a man to sit idally in death's ant room awaiting the grim reaper. I take heart from his example when I wonder in moments of doubt or exhaustion why in the world have I launched a demanding business in what otherwise might have been a leisurely doage. In some ways the nature of our undertakings is similar. Mine is a publishing venture but when I but but I was more motivated by the flowers which is to say the books we bring forth than any prospect of financial gain. Some well so he's launching a stripe press competitor. Uh, whoa. >> Shots fired. Call Tammy Winter. Tell her to double down because there's a 67year-old who's coming and he's going to eat Stripe's lunch potentially. Now, it seems like this is more of a labor of love. Starting a business is a lot of work, but for an older entrepreneur, that can be more of a feature than a bug, he says. Uh, some of my friends retired from impressive careers now find themselves bored or underoccupied. Meanwhile, I deal with a continual barrage of challenges, great and small. most of them welcome. People assume that I'm the one keeping my little business going, but the opposite is probably equally true. Starting a business in retirement may sound like an oxymoron, but the idea has quite a few virtues. First of all, it's up to you if you want to do it. You don't have to apply for a job. You don't need you didn't worry about age discrimination unless you plan to fire yourself in favor of someone younger and cheaper. You can decide for yourself whether to keep things small and casual or build yourself a modest empire. Either way, you'll be just as busy as you want to be. Wasn't Workday founded by a senior citizen? I believe the founder was 60some when he founded that company. Uh there are a number of breakout companies that have >> How old was he? >> Uh uh workday founder. I said senior citizen. I think >> 65. So yes, he was a he was I I don't know. >> Duffield. >> Do they move the senior citizen designation when they move the national retirement? Dave was born, the founder of Workday was born in September 21, 1940. >> Wow. >> Imagine being born during World War II >> and having the opportunity >> to build enterprise SAS. >> To build enterprise SAS. >> It's electric. >> Electric. >> It's like you see the moon landing when you're 30 and you're like in 50 years, I'm going to make it easy. >> I'm going to do my own moon my version of the moonlanding. >> My version of the moonlanding to pay employees. Uh what what age what age does uh senior citizen start? Let's see about that. Uh 65. Okay. So that has not been changed. Um but senior >> I had started Peopleoft at age 47. >> Wow. Legend. Legend. There's another good thing about a retirement business. It doesn't really need to make money as long as it doesn't lose much. In uh the case of my publishing venture, I considered launching it as a nonprofit, but I didn't want a board or anyone else telling me what to do. Doesn't want to wind up in Oakland in a courtroom dealing with stuff if he winds up coming up with the next generational technology. Doesn't want to have to defend himself. Running it as a business means you have skin in the game and an easy way to keep score. Even if rem remuneration isn't the primary goal, whether you make money or not, your business will still deliver all kinds of additional benefits. For instance, nothing could be more educational. Even though I have written lots about business uh in my career, I was astonished when I launched my own at the age of 67 to discover the range of tasks and skills involved in running a small enterprise. You may think you are a book publisher or a soap maker or a dealer in vintage telephones, but inevitably you are also a bookkeeper, a shipping clerk, a marketing specialist, and a navigator of government regulations. Interesting. Well, I I like this idea. I think it's a good idea. He says, "I wish I had started this venture years earlier, but was busy earning a living and writing books of my own. Now our children are well launched, and my wife, a passionate lifelong reader, has time to help. Old age subsidized by Social Security, Medicare, turns out to be an ideal opportunity for a stunt like ours. And never mind the nearness of the end. All of life is lived in the shadow of mortality. Humans have always thrived there. And starting a business can help. Are you thinking what I'm thinking, Jordy? >> I don't know. >> Hostile takeover. Leverage buyout. We make friends with this guy. We bring him on the show. We say, "Oh, we just want to We love what you're doing. It's an inspirational story. We'd love to just like acquire just a small interest in the business." >> What are we like to lever up? >> So, uh, what are your stance on including ads in books? >> That's a That is such a good idea. Well, you know, you know, I've always thought I wanted to, you know, maintain the purity of the text as the author intended. I go, >> "Yes." >> Okay. >> Pure pure slop book. We're going to use open-source models that are run on commodity hardware. Just let we're going to figure out how to run it on that old Xbox and just let it cook for a week to turn out a slot book. And then we're going to stuff it with ads and monetize this puppy. Take it to the moon. Flip it. Sell it. Sell it on to the next to the next person. Sorry about your business. >> I really do I I joke about it, but I really do think that adup supported business books. >> Yeah. >> Is a great idea. >> Yeah. Uh, specifically, I think it'd be a great idea for one company to release a bunch of books and basically charge, you know, a dollar a book or whatever, whatever the actual cost and then printed around the book. So, you can imagine like >> sort of a book jacket. >> It's like e boys, but is it has a jack a ramp jacket. >> Oh, okay. >> Right. >> Yeah. Maybe you could get oldrun books that are out of print, bring them back in some sort of anthology or something. I'd be interested in that. Uh, well, I need your review of the new Lamborghini. Lamborghini says they are proud to announce the Lamborghini Phenomini Phenomino. I cannot pronounce this roadster. It's the most powerful open top ever created by Lamborghini. Limited to 15 units. Look at this, Jordy. Tell me what you think. >> I'm looking. >> Uh, okay. Uh, powered by an iconic 1080 CV. Sounds like a Nvidia graphics card. Uh, naturally aspirated V12 hybrid HPEV. Sorry about that. Got a little bit too much Diet Coke. Uh, engineered with an aerospace inspired carbon fiber monofuselage, advanced active aerodynamics, and capable of zero to 100 km an hour in just 2.4 seconds. The Roadster delivers pure performance with uncompromising driving emotion of V12 Symphony. say >> pretty odd in 2026 to release >> a supercar. >> Yeah. >> And not talk about onboard supercomputing. >> Okay. >> Where what what what kind of like models can I expect to run locally? True. >> While I'm driving, right? So that's the first question. >> Unironically, Tesla has great onboard compute. Uh and it is a lagging feature. Have we talked about this? Like it is so crazy that the LLM like chatbot race is so intense and you open up the app store and it's chatbt Claude Gemini Chat GBT Gemini Claude and then even Grock is in the game. Meta has met Meta AI now like everyone is training a foundation model and and or wrapping something and having a chat interface and every company is like has a has an answer has a solution. Apple is like the most far behind. They still have a chatbt integration. They're solving the Gemini thing and they're maybe like a year or two behind in terms of like the knowledge retrieval use case that is in so in in such high demand. And if you have an iPhone, you get the Chat GPT app, the Cloud app, the Gemini app, like you you you check that box really really quickly, right? And so every tech company, Microsoft Copilot, like every company has had like an answer to like how are you integrating LLMs? How are you answering questions? H what's your chat interface? Like RAMP has a chat interface. It's really good actually and it works and it's implemented and they're not five years behind, 10 years behind, but every car company is like 10 years behind Tesla. It's crazy that no one has that they haven't been able to figure out how to just like clone FSD into Rivian and and GM has super cruise which is nowhere near as effective because it only works on certain roads and so you can't just use it on a normal street and then it'll be like oh well we mapped this part of the freeway and this part of the freeway but not the transition between those two freeways so we're disengaging like every self-driving technology in any other car is just >> 10 years behind Tesla And I don't understand why >> data advantage. I don't know. I mean, just throw the cameras on something and and like like every other company has figured out how to get data for LLMs. Like do a new web scrape. Like just go and spend the money on it. But there's something where the LLMs with the super intelligence narrative, the coding narrative, like all these things are much more easy to underwrite. Whereas I think if Ford said like we actually need to spend Tesla level money to get on the trend here, people would just say well people are still buying Mustangs and they don't really care about self-driving. If they wanted self-driving, they just get a Tesla. But it seems like a huge miss. I don't know. Also, >> I mean huge opportunity to just like work with open pilot which from George Hot AI like that system is better than everything else except for Tesla. Yeah. >> And no one can figure out how to work with it effectively. Maybe it's a regulatory thing. It might be NHGS >> says they're laurel maxing. >> They are laurel maxing. They are definitely resting on their laurels. They're blowing. >> I did. Yeah. I talked to a guy who owns a couple Porsche dealerships >> and I said, "Do you have clients come in that tell you, hey, I love this. I love this car. I I love the Macan, but it doesn't have self-driving." >> Mhm. Uh, and he said no right now, which I was surprised by >> because you look at these like commuter focused cars and you assume that commuters are going to start to care a lot. But I think it's very I think it's going to be very location dependent. So there's places like if you live in LA, friends in LA that like can't possibly drive anything but a Tesla because they want to be able to just set autopilot and forget it. Uh, but if you live somewhere where you're driving like 5 10 minutes a day, >> then it just matters way less. >> Yeah. Yeah, maybe that's it. Um, interesting. Well, um, what's your final say on the new Lamborghini, this limited thing, which I think is just, uh, like a almost like a body kit on the Revoto, which is the V12 platform. Like it has all the same specs. So, it seems like it's a tuned and modified Revoto like they've done before with the Revventon, for example. So, this is probably like a million-dollar car. These special Lamborghinis have never been interesting to me. >> What do you think? >> Uh, do you like >> I think it I think it looks great. I like >> better than the Valto, though. >> I don't personally like Roadsters over their counterparts, >> but I think it's a great car. It's uh not the spec for me, but I'm sure it's the spec for someone. >> Well, >> someone in the chat said it looks like a McLaren. I It sort of does. The >> There's a little bit of that in there. >> A little bit. >> Also, the colors are doing if it was a yellow Lamborghini, I think you'd be much more tied to yellow. Uh you you tend to see these different colors on McLarens more often. Uh well, in other car news, Whimo is maybe going crazy or something. What's happening in Atlanta? So, dozens of empty Whimos have invaded an Atlanta neighborhood and circled a culde-sac for hours with no passengers. And Brooks Otterlake says, "Oh, so it's wrong for cars to invent religion." I And I don't really get that one. Is Is that like going doortodoor evangelizing or is that >> No, it's like a cult like, "Oh, they're circling." Crazy. Um Yeah. And then apparently someone put out like a yellow sign to try and like deter the Whimos and that only made them more aggressive. I don't know what's real here. I'm all over the place with this one. But uh very very weird. I I thought that Whimo the ratio is like 1:4 or something like that on teleoperators maybe something along those lines. So you would think that the tele operators would see this and intervene. So something must have gone wrong in the uh in the organizational structure. But these things are bound to happen. At least no one was hurt, you know. But it is annoying if you live there and you just see a ton of >> breaking from Reggov in the chat. >> SpaceX accelerates IPO timeline targets June 11th pricing on >> the NASDAQ. So they went with >> maybe >> uh they went with uh it says it says June 11th and Reuters. >> Um >> we're less than a month out. Uh, and interesting that they're going with uh NASDAQ. This would >> I imagine get them allocated into QQQ really quickly. Uh, and I know that was a priority. >> ETFs. >> Yeah. During this during this process, >> um, >> but let's see if there's >> Can't wait for the filing. It's going to be so interesting to dig into the numbers. Um, >> yeah. is now aiming to flip its prospectus public as early as next Wednesday. >> Oo, that's going to be a big day >> with a road show launch targeted for June 4th and a market debut as early as June 12th. >> That will be exciting. Well, >> uh, the process had originally been planned for around late June, around Elon's birthday. >> A faster than expected SEC review the company's filing partially drove the timeline forward. >> The whole market is selling off. off the NASDAQ is down 1.2%, Russell 2000 down 2.18%, S&P down 1% and Dow Jones down 1% as well. Uh the US 10ear sitting at 4.599999 something like that. Uh well, Bill Aman is doubling down on MAG7 stocks that have sold off. He's going long. Microsoft Bill Aman's Persing Square bets on Microsoft's AI ambitions with new stake. He says the tech company is underpriced and will dist will disclose uh the stake in regulatory filings later on Friday. So Microsoft is up 3.62% today. Uh and Aman said in a post on X that Persing has started building a position in Microsoft. We will disclose a new p m position at Microsoft because Microsoft shares are down 15% this year and have lost more than a quarter of their value since they peaked last fall. The drop has been part of a wider software industry selloff and investor concerns over hefty investments in AI. The shares were little changed in pre-market trading. Uh Aman said investors underestimate the resilience of the Microsoft 365 subscription suite given its deeply embedded role across enterprises and highly attractive price value proposition. So if you look at what's happening with Figma and then you think about how that might translate to Microsoft 365 subscriptions. Uh not that crazy to imagine that there's more resilience here than maybe the market is pricing in. Uh Amman cited Microsoft's partnership with OpenAI which gives the software giant access to the startups models and products which he said he believed Wall Street hadn't factored in the company's interest in OpenAI which has been valued at approximately $200 billion because of the uh because of the 27% stake and uh with the trial coming to a close any day now uh Jessica Lesson over at the information was saying that uh it's all good news for uh for OpenAI shareholders. Uh the KHI has elon win his case against OpenAI down at 20% today uh on the back of the closing statements, the closing arguments from both sides and Microsoft's lawyers. And I'm sure we'll have more to dive into on the court case uh next week as the trial wraps up. >> High yield Harry says, "I like how Bill Aman's whole thing now is just buying Mag Seven names that have traded off and >> there's a whole thesis on this." >> Yeah. So he did this with uh Meta. >> Are you brave enough? >> He did this with Meta based around their uh the response to their capex guide. Yeah. >> He did this with Google during the the chat GBT. Yeah. >> Post uh Chat GBT. >> Did you see the new feature that Meta launched on Instagram reels or Instagram something or other. It's called uh it's in the DM tab and it's called like instance disappearing photos. no viewer list. Reactions and replies are private. So they made they made something that's like more disappearing than stories, I suppose. So you can click through this stack of instance. And the whole idea that Adam Maseri was pitching was that um they launch a product, it's very authentic. This was the original Instagram. It was like, oh, photos of the run clubs, right? And just like photos from your life. people would just hard post them on the grid because that's all there was. Then Snapchat came out with stories and all of a sudden stories were more ephemeral and Instagram of course cloned stories into the the top feed with all those circles, but then those became places that were monetized and places where people were more thoughtful about what they posted there. And so you wound up with this again the same anxiety over are you going to post that photo? Is it polished enough for the stories feed? And so by launching instance, Instagram's trying to rebuild that casual sharing of their user base so that people don't uh just purely consume or pick between do I never post or do I go full editor professional camera setup, you know, scripted like full post because uh that's what's happened to stories. Everything is very very calculated. But I don't know, another reason to be bullish on Instagram. Um Ben Thompson had a bunch of takes about why he's a perma perma bull for meta is that every pixel of their entire family of apps is monetizable. They just have to choose to monetize them. And he he he opines that Mark Zuckerberg has never been that interested in ads. He likes products. He likes new technology. >> He's willing to post some ads to serve his other interests. >> Yes. Yes. And and and I mean he's been fantastic at launching ads and and monetizing and everything's going well, but it just feels like it's not the core. Like there are some CEOs that would get up every day and say, not just Senator, we sell ads, but every day on the or every quarter on the earnings call, talk about only ads and say, "Oh, the VR thing. Yeah, we'll we'll address that when we can advertise in it because we are an advertising company." That hasn't always been the ethos of Meta for better or for worse. But what else is in the timeline that you want to go through Jordy? >> Uh, another from high yield Harry. Everyone loves the Docyign has a quarter million employees bit, >> by the way. >> But can we talk about how Accenture has 786,000 employees? This is true. >> The first one about DocYsine was was not, but Accenture >> does actually have 786,000 employees. >> Uh, that's a that's a city's worth. >> Yeah. There's this interesting uh the the the latest bare thesis on the AI boom has hit the timeline. I think uh Axio summed it up well here. AI can cost more than human workers. Now, this is a quote from Unusual Wales citing Axios. And there's an interesting bit here where if you look at the token spend at some of the tech companies and then you match that with their stories about AI efficiency and layoffs, the they're actually growing their total opex. So they might be saying, "Okay, we're going to lay off thousands of employees, shrink the headcount 5%. That will save us $2 billion in opex a year." But then you look at their token bill and it's five billion. Um, hopefully they're doing more. I think a lot of CEOs are starting to ask the questions about ROI on the token spend. And that will probably be the next big hurdle, the next big question on were you just running useless scripts overnight to Token Max or did you actually ship a feature that moved the needle and is conversion rate up, is retention up, is revenue up, is profit up. This is the key question for anyone who has whose organization has uh flipped to the token maxing meta. It is very funny to imagine like when you think of KPIs, anything that is a cost, the KPI should usually be going down and token maxing really flipped that a slight aberration. Uh but you would never at a startup say one of our KPIs that we're tracking is headcount and we want it to go up. You would never say one of our >> and oftentimes founders can get a little too sort of tying their own uh >> oh I run a 200 person company. Oh, I run a 500 person company, you know, and it's like, okay, well, is that is that the right size for your business? You want to be maximizing revenue and minimizing costs. >> So, if if every single if every single person in San Francisco left >> Yeah. >> and Accenture brought their entire team to San Francisco, >> you would actually need to build more houses. >> There could be there's there would actually be overflow. It would be overflow >> if every person had basically one bed that currently exists in San Francisco. >> Wait, there's only 750,000 beds in San Francisco. >> 809,000 people live in San Francisco. >> Wow, that's not a lot. I I always think of San Francisco. >> I always think of San Francisco as like a city of 10 million, but that's obviously greater. Yeah, the greater Bay Area. >> Um, >> well, there's some bad news for the US dollar. Hedgey says the dollar has lost 30% of its purchasing power over the last six years. And Brian says, "Damn, that's what I purchase my stuff with." I love this one. >> Speaking of purchasing stuff, um, Chad Gupt launched personal finance features. >> Yes. And this was in partnership with Plaid, right? >> Yeah, I think Plaid's under the hood. >> This was really cool because we were talking around it. We were talking to Zach about we were like, "Oh, like like I have to imagine that a lot of people are starting to use Plaid along alongside LLMs to suck in all of their personal financial data and sort of understand what they're spending things on and and doing a lot of the, you know, there's a mint.com there. There's different services that can do little pieces here and there. There's a whole service that just figures out if you're subscribed to multiple things. I have two Netflix subscriptions. let me consolidate that down. Um, even just knowing, okay, you're spending a lot on gas now or groceries. Is this what you expected? Um, all that can be helpful. And and and Zach was sort of quietly admitting that he has clearly been very AI pilled in conjunction with Plaid and had been wiring up all of his personal finances to dashboards that he's been building. And so I imagine that a lot of that was brought into this product. So excited to see people play around with it and ask questions. >> There is a new partnership between Guy and Bentley. >> Really? >> Yes. He introduced the chalet edition. >> Okay. What is this? Is this >> has this has Can you think of a time where a creator partnered with a major car manufacturer for a special edition car? >> Yes. >> I can think of like the the you know McLaren Senna, right? I was going to say uh the Dale Nhard edition Monte Carlo. >> Oh, all right. We'll pull up the chalet edition >> and then pull up the 2002 Chevy Monte Carlo SS Dale Nhard edition. >> Shodai was in LA uh around Coachella. It's possible that his uh alter ego Colton was going to Coachella. We were trying to get him on the show uh but the timing didn't overlap because he was podcasting himself >> um with his own show. >> Explain the alter ego thing. Does is he one of these single creators that runs two accounts? >> No, it's it's one it's one account. one account guy uh and then uh you know this sort of like elevated >> okay >> uh kind of character and then there's like Colton who's like the >> uh new new rich you know new money uh >> character. Um but I think they did an excellent job with this car. A lot of wood and uh and and tan leather on >> Is this something that you can like is this limited allocation? Yeah. They're making 25 of them. >> Wow. And he's going to sell 25 Bentleys. And how much does he make off of this? >> Good question. I bet this looks more like a >> million deal, not a >> Yeah, but probably a million dollar brand deal, right? >> Yeah. No, but it's it's a really it's a really smart >> I think it's great for >> I I I think it's a little derivative of the 2002 Chevy Monte Carlo SS Dale Nhard edition, but >> yeah, let's pull Let's pull up that. >> Yeah, if if I had to pick one, I'm going Dale Nhard edition probably. >> You know what I'd pick? >> We'll see. Yeah, pull up the 2002 Chevy Monte Carlo SS Dale Nhard Edition. Is that it? That does not look like it. No, no, that's an AI image or something. That is that doesn't have the right wheels. Google it again. >> Gabe says, "When TVPN Nissan Morano cross cababrio lag." >> Oo, that would rip. I'll put this in here. Yeah. This is the This is the image. Here we go. Guy. Uh, yeah. The the McLaren Senna. Has there been another one? I feel like >> I've been waiting I've been waiting for the for the Morirano Cross Cabriolet to fall in value and they're holding strong. >> John, guess the price on this. >> 87,000 miles. Two owners. It's a 2014. >> $20,000. >> 16 grand. >> 16 grand. They hit the floor and they're only going up from here. >> You can get a white one. You can get a white one. a 2011. >> Okay. >> It has 137,000 miles for just under 7,000. >> There were rumors of a collab that might I don't know. I want to know what you think if this would be a if this would be a great partnership, but uh Lewis Hamilton driving for Ferrari now, famous Mercedes F1 driver. Uh he would has been spotted multiple times in his reveal that he would be joining Ferrari. He would posed in front of the Ferrari F40. an iconic supercar. There has been there have been rumors about a bespoke Ferrari project dubbed the F44, which was supposed to be a modern V12 powered manual shift tribute to the legendary F40. Uh, it's allegedly been scrapped. It's it's still only in the rumor. It's been potentially cancelled, but do you think that would work? Do you think that would be successful with him still racing, him still uh, you know, in the throws of his career? Would he need to retire? Would he need to Would this need to be like aostumous tribute at some point? What do you think it takes for a Lewis Hamilton Ferrari special edition car to be successful? >> I think you would have to win a championship >> with Ferrari. >> Yeah. Otherwise, >> okay. Hm. Can't just orafaarmm with Kim K on uh 80s vibe reels. You've seen that video, right? >> Yeah. >> So sick. It's such a >> I think you gotta win. >> You got to win. Well, um what else is going on? Is there anything else? We talked about a lot of this stuff. There's there's some bigger articles, but we can get to them tomorrow. Uh all the longer articles we need to get to. Um >> 2014 Nissan Morano Cross Cabriolet for 9 grand. It's only only has 116,000 miles on it in one accident. >> How are you modifying it for the TVPN edition? >> You got a 4owner 2011 with 109,000 miles for 8 grand. >> I mean, these things are a store of value. I think we're actually kind of at the bottom of the J curve and we'll start it seeing it tick up from here. >> Well, there's one more post here we should go through. There might be a few uh YouTubers be like, "Wake up at 4:00 a.m. and run. That's alpha." No, it's not. Look at apex predators. They're all lazy. Bears hibernate. Lions sleep all day. You know who wakes up at 4 a.m. and runs? Squirrels. Don't be a squirrel. Hibernate. Sleep all day. Work like a lion. Naval Ravocant said it best. Um, >> yeah, it's good advice, but depending on where you're at in life, >> sometimes you do have to wake up early. >> Sometimes you got to wake up early and you got to work really hard. >> Yeah. But 4 a.m. maybe not maybe not always optimal. Depends on your flow. Um, but in general, I think the the YouTubers that say like get some energy in your life. I I heard uh one of these inspirational guys talking about like if you want something, you need to use more of it. If you want more of something, you need to use more of it. So if you want more energy, you have to use more energy. If you want more muscle, you have to use more muscle. Uh and it was sort of a pathy doesn't apply to everything, but uh sort of you got to spend money to make money philosophy. >> Yeah. The issue is if you wake up late, you don't get to start winding down when the sun goes down. You haven't earned it yet. Oh, sure, sure, sure. Night owl mode. Some people go night owl mode. >> Night owl mode. Some people go squirrel mode. Some people go bear mode. Just depends to each their own. >> I like this uh this cartoon from Dip Ralph in context learning in LLM. Tyler, you can probably explain this. So the man walks out with his robot to paint the fence, paints two full planks, starts painting the third plank, gives the paint bucket to the robot and says, "Continue." The robot says, "Got it." And as you scroll down, what did the robot do? Repeated the pattern perfectly, not painting the third thing. You think this is solvable? >> It doesn't generalize. >> Doesn't generalize. >> Joke, I guess. >> Do you think this is possible? Do you think this is solvable? Yes. >> What time What time do eagles start hunting? >> What time do eagles start hunting? I don't know. >> Just after sunrise. >> Just after >> What time do sharks start feeding? >> Just after sunrise. >> Dawn. >> Dawn. Okay. Okay. >> So, do you if you want to be a shark or an eagle. >> Okay. >> Get up and get after it. >> Wow. So, what is Penis enhancement? >> Andrew Reed says, "Send this to all your private equity friends immediately." What is the Because they asked what is PE? >> Yeah. And he says something that's uncouthed. >> All right. Well, that's a great place to end it. >> Yes. Is the flashbang working? >> I think so. Uh, thanks for hanging out. >> Yeah, >> it's been a really classic show. This feels like a fall 2024. >> It's a great show >> episode. We hope you enjoyed it. >> Leave us five stars on Apple Podcast and Spotify. Sign up for our newsletter tvpn.com. Hope you have a wonderful Monday >> weekend. >> Another flashbang. >> Goodbye.