Google Raises $80B, Confidential IPO 101, OpenAI Expands Codex | Diet TBPN

It feels so good to be back. Uh, you know who else is back? Google with a huge fund raise, an equity fund raise. Un uh, surprising to a lot of people. They haven't raised equity in years and years and years, but they raised a cheeky 80 billion. The Wall Street Journal has the story. Alphabet's mega fundraising show. >> Let's be honest, John, the real story >> is that you got a haircut. >> I did. I didn't just get a haircut. I got the ball cut. I got them all cut. Hey, we got the team there. There we go. Oh, that's a new that's a new angle. I like that. Uh, well, Alphabet uh, in AI money talks, says the Wall Street Journal. The ability to tap stock market capital is important again after a quarter century of being all but irrelevant. So, let's run through it. 80 billion stockbased fundraising should be taken as a rebuke to those salivating over the forthcoming IPOs of SpaceX, OpenAI, Anthropic. The search giant is showing its competitive advantage in an area that increasingly matters for artificial intelligence. Access to money. Ben Thompson has a great breakdown too of how capital is so important in the age of AI in the war for AI. In AI money talks, the biggest companies are paying out hundreds of millions of dollars to lure top researchers and tens of billions to build data centers while financing losses as they build their AI businesses. The money being funneled into AI is probably already making it harder for nonAI startups to raise capital with 61% of all venture capital last year going to AI that >> who is trying to >> feels low like based on based on but but there's a lot of there was a lot of hard attack >> well everything sort of gets wrapped into AI I was talking to someone about that's why it feels low >> how to have a conversation about AI and it was like you can talk about sycopency you can talk about data centers and water and energy and being an eyesore for and then you can also talk about enterprise sales and SAS and you can talk about consumer and it just touches absolutely everything. It's almost it feels like if you're trying to have the AI conversation >> rude rude about the Jericho. We love Jared Isaacman. Uh >> I don't think that's rude >> secret. I don't know. >> Our great space leader Jared. >> Yeah, >> he's incredibly handsome. >> People like saying that about getting a haircut. I got my ears lowered. That's another dad joke. Got my ears lowered. Uh anyway, uh yesterday Alphabet announced a massive$80 billion equity raise says Brandon Grow in the TBPN newsletter. You can go sign up tbpn.com. Uh the raise will be broken up into a few milestones over the course of this year. Berkshire Hathaway, Greg Ael at the helm, Warren Buffett obviously still at the table. >> There was a viral post yesterday. Somebody was saying Buffett retires and they immediately invest in Google at all-time highs. What other company did they invest in at all-time highs? >> Was that Apple? >> Apple. >> Apple. >> Apple. And look what they did. >> I mean, for a long time, for what, 30, 40 years, uh, Warren Buffett was known as like not a tech investor. Couldn't wrap his mind around it. Valuation's always too high, business too uh too frothy or too high growth. Like, >> well, I think he knew vibe coding was coming >> for sure. and he thought, "How are you g how can I value a software company when the cost of producing software is obviously going to zero?" He was saying that back in 2010. >> Yeah. He wanted to get in on Jen Moji a decade early. >> Yeah. >> No, obviously like the business was printing. It fit the Warren Buffett mold. I was actually uh doing this uh this deep dive on like where would Warren Buffett find value in the AI supply chain. And I was trying to dig into, you know, if you apply that framework because there's a lot of froth, there's a lot of excitement, there's a lot of high growth opportunities. But >> where would Bergkshire trade if Warren came out of retirement and just said, "I'm coming out of retirement to invest in AI bottlenecks." Not only does Berkshire rerate, I think everything goes way higher, >> I think. So, >> John, they want you to crack another Diet Coke. >> Another Diet Coke. Here you go. >> Boom. Satisfying. >> Another one. Uh when I did this analysis, the the the name that popped up was >> Buffett saw Gstack and knew that the AI revolution was real. >> It is God mode after all. It is God >> in the in the memo. >> Well, >> it's like god mode. >> Bergkshire is buying 10 billion worth of shares at a roughly 6% discount from Monday's closing price. Another $30 billion will consist of underwritten public offerings. And the last 40 billion will be staggered common stock offerings beginning in Q3 2026. And overall, the dilution is very low. All the shares Alphabet will sell are brand new, meaning the plan is slightly dilutive for existing shareholders, but at their 4 trillion market cap, where are they right now? They're way, way up. 80 billion just isn't that much dilution for the shareholders, fortunately. Um, a lot of opinions on the timeline about this deal this morning. Brandon Carell has seen a number of people theorizing that Alphabet is sucking up liquidity, AI demand from investors before they'd be able to buy an anthropic or OpenAI IPO. Richard Rehard Jark gave a few less conspiratorial explanations. One, >> yeah, a lot of people were saying that about SpaceX. Yeah. >> But the other the more simple answer is you should probably raise capital when it's cheap. >> Yeah. And we've seen liquidity pull out of other sectors of the market and so it has to go somewhere. Certainly makes sense that it would go into the latest and greatest technology. So, uh, Alphabet seeing demand for Gemini go up and so it's going to invest more in compute and scale. The first question is why did Google issue equity instead of debt? So there's some rumors that debt might be coming uh and the equity is sort of a precursor to that. But Ben Thompson reads debt is all things being equal the preferred instrument for investment. The proceeds of the latter pay off better than the former and existing equity holders reap all of the benefits. Equity on the other hand removes the risk of debt but at the cost of giving up a future share of profits. uh that leads to why uh what may be the AAM's razor Google is going to start issuing a lot more debt as well which is to say that everyone continues to underestimate the amount of demand there is for compute of course that's not far off from a more bearish interpretation Google is uncertain about the return of investment of all of that capex and would f prefer to share the risk along with the upside if there isn't a substantial debt issuance down the road then this might be the right answer um yeah I compute is remarkably expensive. We're looking at, you know, even even within the the cogs or the or the cost of inference for the labs, we're seeing, you know, dollars per task, it it's a lot of money, a lot of dollars flowing into these data centers. But when you actually run the numbers on the tasks that they are completing, uh, comp that to other sources to get something done, um, you're seeing positive ROI. So, it's all just a productivity uplift, which is good to see. The Wall Street Journal continues and says, "Bond investors think the hundreds of billions of dollars of debt being raised by big tech is pushing up the yield and other borrowers have to pay and even and it's even affecting government bond yields. The hyperscalers of Alphabet, Microsoft, Amazon, and Meta have become major bond issuers as they ramp up spending with Alphabet alone raising 85 billion in a series of record-breaking issues around the world. In the past year, they might raise more in debt. But the stock market is the obvious place to raise capital to spend on the exciting bits of AI where the returns are unknown. Technology is rapidly developing and business models are in flux. Unlike debt, companies don't have to repay their shareholders. And if it takes longer to make money from AI or never makes money, the company can simply wait it out if it was financed by stock, though investors would be very unhappy. Alphabet is one of a tiny number of companies capable of raising so much cash without tanking its stock thanks to its near monopoly in online search and credibility with Wall Street in new ventures. That's a really good point. Uh for a long time, tech has been uh sort of cold on Google's side projects. Uh but they're starting to bear so so much fruit. You look at the progress with Whimo and it's very clear that just one win in Whimo will be a power law that will wash out all of the side chat apps that never went anywhere or little little software projects that and April Fool's jokes that they launched. And some of them will become really big businesses as well. They have other stuff. Calico, >> they have the mosquitoes right now, right? >> The mosquitoes are crazy. That was a weird weird headline. I didn't know. >> I'm excited about releasing, you know, billions of genetically modified mosquitoes into the environment to try to kill all the mosquitoes. >> Wait, they're mosquitoes that kill mosquitoes, don't they? They do. Okay. >> They're like infertile or something, basically. something that I'm excited because there there's like almost certainly could never possibly be any unexpected >> downside to disrupting the circle of life. >> Who knows? Who knows? People have been studying this for like 20 years. So, I'm I'm optimistic. >> It would be one of those things like Yeah, one of those things would be amazing if we can just nuke all the mosquitoes off the map. But I got a feeling they're doing something important. >> Yeah. Should we be selling the bug repellent industry short right now? Should we be going turbo short all mosquito repellent companies? They're probably going to go out of business if they get rid of all the mosquitoes, right? This is uh finance 101 right here. Anyway, I can keep reading. >> Don't Don't give our little retail trail over there any short. Uh while 80 billion is huge, it amounts to less than 2% of the market value of a company trading at $4.5 trillion. The stock was down just 2.6% 6% in pre-market trading. There seems to be an unlimited supply of willing buyers to fund AI. If it turns out there is a limit, Alphabet can only benefit by going first. From a societal standpoint, says the Wall Street Journal. The purpose of the stock market is to funnel money from millions of savers into giant projects, just as in the 19th century railroads. For the past 25 years, that role has been less important as private capital funds grew large enough to finance companies for much longer before they needed to go public. AI's vast consumption of cash is beyond even the capability of private markets. However, sure there are other reasons to list such as allowing employees to cash out their stock options. 30 billion, you mentioned this earlier today, 30 billion of Alphabet's stock issuance is earmarked for paying tax on employee stock awards. Um, but the ability to tap stock market capital is important again after a quarter century of being all but irrelevant. As we move into a new era of capital heavy industries, the stock market stops being merely a way for private investors to exit, but an attractive source of capital. The bear in me worries that all this equity raising is also about taking advantage of record stock prices and could be a sign that the top is near, says the Wall Street Journal. In the Journal Today, Bergkshire is convinced the American dream of home home ownership will stay alive. Bergkshire is convinced the American dream of home home ownership will stay alive under its new chief executive, Greg Ael. Bergkshire >> raises its bet on a market recovery by adding another housing company to its portfolio. >> Fantastic. >> Berkshire Hathway $6.8 billion deal to acquire What are you laughing at? Miss >> I'm just laughing at the fact that like like you know they did two10 billion deals and one was buying like an entire home builder and the other was buying like 0.01% 01% of Google and uh just the scale of these different things like it's an extremely cool deal. We'll get into it. It's very interesting. But at the same time, it's like total peanuts compared to like the AI build out. >> Well, yeah. >> Potentially like a work harder or work smarter not harder moment. Like we'll see which one of these ends up generating a better return. >> This seems extremely important. I'm extremely excited about like one data center or an entire home builder that is their entire business and probably very storied. We'll get into it. >> Well, we don't know. He might be pivoting it into a data center. >> Maybe >> that would be the ultimate. >> Maybe a couple 2x4s rack them. You know, Meta's using tents. Maybe the next uh data center looks like a house. A lot less controversial. You know, the nimi if you just see a nice craftsman home next to you. You're like, whatever. It looks nice. You know, I don't I don't have a problem with that. You know, oh, the chimney smoking. That's the diesel generator. It's a diesel center among us. >> This might be the solution. Tyler, what you got? I I was going to say um like these two deals are still small compared to like the actual cash that they're holding. I I think uh most recently it was 397 billion. >> That's so much. >> So even then it's like oh wow you know he's still white turbo say but you know he's still cash Chad right now. >> Oh hopefully inflation doesn't get him. We'll see. Anyway continue >> uh with an allcash agreement Sunday for Taylor Morrison Home Corporation. The Omaha based conglomerate is poised to become a top five US home builder, >> adding to its growing portfolio of housing related companies. Bergkshire's home builder deal is a sign that a prominent investor thinks the housing slump will eventually pass and it wants to be positioned to take advantage of any market turn. More than 75% of young renters still think they someday will own a home. That is great. uh glad that um I I would have thought it was less than that given given like sentiment online and so it's great. There's been a bunch of there's been a bunch of weird studies where like when you zoom out, you look at Gen Z home ownership and it's actually pretty high, but that's driven by non-coastal cities because people move to San Francisco. Obviously, house prices are through the roof and a lot of people are like, "Yeah, I want to rent and go to some local house party." Like, I I want to be in the mix. And then at some point, people make the decision. So, it's more about like family planning, but of course there's all sorts of, you know, affordability issues. Uh this investment is grounded in a long-term belief in the strength of America's housing market and its underlying fundamentals which we see as enduring over time. >> Uh Bergkshire is raising its exposure to a housing market in its fourth year of dismal sales. High mortgage rates, job market uncertainty, and the rising costs of living have kept many prospective buyers on the sidelines. Builders have been forced to offer incentives such as paying part of buyers mortgage costs just to unload their inventory. Builder confidence is low. Single family home starts decline 9% in April, the steepest drop since August. A third of builders said they had cut their prices last month. Moreover, many Americans now think home ownership is beyond their budget. More people are renting for longer or putting their savings into the stock market rather than investing in a home. Uh analysts say the US housing shortage of more than 4 million homes means new homes need to be built. They expect more buyers will return to the market once mortgage rates, which recently hit a 9-month high, come down and trigger pent-up buyer demand. Bergkshire has agreed to pay a 24% premium to Taylor Morrison's closing stock price of 58 uh dollar58. >> That's an incredible bargain. >> Friday analysts see the price is a good deal for Berkshire because the actual value of the builder's home portfolio bellies its lagging stack stock price. That is an incredible bargain says Tony Avala, chief executive of builder advisor group. >> This is a quote by Warren Buffett. This is the first deal for Abel, Greg Ael, the new CEO of Berkshire Hathway. Warren Buffett said gave a quote to the journal. He has launched. He has launched. I love it on Monday. Uh then they talk about the the Google deal. Uh Taylor Morrison is a safer bet in a precarious home building market. The company tends to focus on the higher end of the market, which has performed better. A significant part of its business is built around buyers looking to upgrade to nicer homes rather than entry- level buyers who are struggling the most. In addition, the company is part of a smaller segment of builders that have leaned into so-called build to rent communities of single family homes constructed for the sole purpose of renting. Uh, Congress recently recently threatened build to rent developers with a proposal that would force them to sell their properties within seven years of building them, but House lawmakers removed that proposal in an attempt to rescue the burgeoning sector. The Taylor Morrison deal is the latest example of consolidation in the residential construction industry. Last month, Avalon Bay Communities and Equity Residential agreed to merge in the largest multif family uh combination on record years after sluggish profits. U this puts pressure on others to find a dance partner, says Alan Ratner. Uh interesting. Well, we'll continue following up on that. >> Let's head over to James Walker. >> Okay, what's James Walker up to? >> He's boarding this morning's flight with an emotional support trout. >> Is this AI? Is this real? This is insane. Honestly, I don't think AI could nail this era of Instagram filter. >> Bringing a Is the fish alive? This is crazy. Bringing a fish on a plane is hilarious. That does not feel very uh humane. It feels like a very uncomfortable situation for a fish. But I guess if you got to get somewhere, uh you got to go you got to go in the tube. >> Think about it though, John. Think about the things this fish will have seen >> that many fish would never see in a lifetime. Yeah. Is it inhumane or is it inhumane not to let the fish >> Yeah. If you got a trout, it's like, I think the earth is flat. I've never seen the curvature. You're like, well, you're going into 747 and I'm showing you out the window. >> This was a good post from key. He said, "This dude is effing Sherlock Holmes." >> Okay. Somebody says 100% this ad is sponsored by OpenAI from >> the Open AI >> from the official OpenAI account. >> It's not even sponsored. >> This is posted by Open >> AI. It's not even marketing. It's just communications. >> This is a wild This is a wild post. It's so funny. Uh, Terrence Tao, AI creates more room to experiment, test unexpected paths, and discover what might otherwise stay out of touch. Terrence Tao, goat mathematician from UCLA. Uh, very fun to see him talking about his process, where he's still seeing value, how he's using models. He talks about this a lot. A lot of times it just allows him to flesh out his work, build a chart that he wouldn't otherwise build. Very synergistic fully in like the centaur uh centaur uh centaur era. What else is going on in the timeline? Joe Wisenthal has something. The price of whey is going bananas. It's a protein crisis. This is not good. >> So So >> what's going on? >> Here's what's a little funny. >> Okay, break it down. >> We know why the price of whey is going bananas. We don't need Joe to tell us. It's because Joe is going bananas. Yeah. >> On his weight consumption. >> Oh, you think he is responsible? >> I think he's the problem. He's like, we're all trying to figure out who did that. >> He has been looking bigger. >> Much bigger. >> His traps specifically, they've been eating his head. >> Yeah. >> Yeah. And he has those Death Star delts on his on on the cap on the shoulders. It's really It's really crazy. And the lats when he does the lat spread on odd lots, it's it gets it gets aggressive. Uh it's a little too much. So, cool with the way, Joe. Uh but here we have some news. In earlier May, in early May, a supplier delivered bad news to baking and beverage company Hello Amino. It had run out of whey protein, Canada based Hello Amino uses the ingredient all of the 30 high protein baking mixes it it sells. Founder Ali Swift found another supplier, but it means importing whey protein isolate from the US at a price that's 50% higher and due to increase again soon. The new whey protein delivered other complications. It dried out the company's baking goods due to the manufacturers's different processing methods. That's true. A lot of different ingredients will change the the output. Not all whey is created equal. Our pancakes came out like sawdust. Swift said the company plans to reformulate using different combination of proteins. Protein had is really leaked into everything. I have not I have not found I I I've been surprised whenever I see the trend pieces about like proteins packed with everything. Everything has protein in it. I don't know. I haven't like it hasn't snuck into that many of the things that I eat throughout the day. Like there isn't protein in my diet. Coke. I don't know what I don't know what else I consume. But this whole trend of like proteinpacked like cereals and and you know salads and lunches and dinners and protein packed pastas and stuff. I never really kind of stuck with the normal stuff. >> Yeah. The idea that you know if you eat one you know two to three you know solid meals a day you have some protein that you also need to be snacking on protein. Yeah. in between is just insane. It's completely unnecessary. >> Uh well uh I had another question come up from a friend of the show about uh why are companies filing IPOs confidentially? Uh it's an interesting question and I sort of pull tugged on the thread. Uh Liz Hoffman was talking about this a little bit. So Anthropic confidentially submitted a draft S1 registration statement to the SEC June 1st. That was yesterday. Liz Hoffman said, "Reminder that the ability to confidentially file an IPO was a 2012 rule change meant to ease small companies, meaning less than a billion dollars of revenue into the markets." And it was later expanded to what we're uh >> meant to be like um like a smoke grenade. >> A smoke grenade let you talk to investors before you get out. Did we change the camera? But I I I so she asked the question of like what are we even doing here? And I was curious like what are we doing here? like why why why do all these companies file confidentially and then the S1 comes out? This is what SpaceX did. It's not like anthropics unique in this. This is very much standard practice at this point. But how do we get here and why is this good? Do I like this? I don't know. Let's find out. So, uh first the basics. Uh confidential IPO filing. It doesn't mean that you IPO in secret. Uh it means the company submits a draft S1 to the SEC for private staff review SEC employees. It's a smoke grenade. Yeah. Uh great analogy. uh before releasing the prospectus uh on Edgar which then every hedge fund can download, anyone can download, it becomes public. Uh so this lets companies run the SEC review process while keeping the sensitive financial details private and there's a few reasons why you want might want to do that. So any regulatory stumbling blocks can be dealt with in advance and so the final filing is clean and ready to go. SpaceX did the same thing, filing a draft submission confidentially before the public S1 dropped uh a week or two ago after the 2008 financial crisis. This is where this all starts. There's a lot of regulation that results from the uh fallout. Sarbain Oxley is the main one. Uh and the financial markets slowly built back and started opening up as the economy rebuilt. So uh post DoddFrank, post Sarbain Oxley, you get a lot of regulation and then over the next few decades certain pieces get relitigated, renegotiated and different paths open up to slightly less regulatory burdensome uh pathways uh in the financial markets. And so before 2012, the S1 became public early in the process, which was great for journalists who wanted to report on IPOs. uh it wasn't really that beneficial to very many other people. Um but it raised the stakes for companies because if anything was off uh it could result in a botched IPO which would be damaging for morale. You know, you you you hear that your company filed publicly and immediately something comes up and you can't fix it. So then you have to pull back and it's seen as uh as seen damaging, seen seen as weakness. No one wants to be running a company that publicly failed to IPO. And so in 2012, the Jobs Act passed and they created a new class of company with some relaxed filing requirements. These are called emerging growth companies. It's defined by the SEC. They're called EGC's and EGC's were defined as any company with less than a billion in revenue. Later it was inflation adjusted to be 1.235 billion. But that doesn't really matter though because in 2017 staff at the SEC under Trump 1 uh expanded the confidential filing flow to include all issuers, not just EGC's. So anyone, no matter how much your revenue was, you could go through this process. And so the job the jobs act was driven by Republicans but broadly supported and the 2017 change happened under Trump won. But again, it didn't face strong opposition. So private market investors like IPOs for liquidity. VCs love to come on the show and do a victory lap when they take a company public and it's great to return capital to LPs. And then on the other side, public market investors like access to more names. So it's sort of win-win. Uh in 2017, this was a huge year for huge large growth stage companies. These decacorns, you had Uber, Airbnb, Door Dash, Palanteer. They were all well past the billion dollar revenue threshold. But there was still a lot of uncertainty about how the market would value these companies because they had sort of new business models. There were some questions about different margin profiles, how the market would price these. There weren't direct comps to Uber and Airbnb already in the market. Are you going to just trade Airbnb like it's a hotel chain? Not really. It's asset light. So, the market needs to digest that and confidentially filing was beneficial and it was encouraging to these companies to say, "Yeah, we'll go try the IPO thing because it's less burdensome." So, >> Stripe should file confidentially for IPO, but then never actually go for >> I think that's a Collison Brother nightmare. I think they wake up in cold sweats behind. >> No, I know. But it but it it would be kind of funny to like confidentially file, but then >> just pull it back. >> Let it just let it just kind of sit there for for another decade. >> Troll troll IPO. Uh so the confidential filing rules were expanded again in 2025 under Trump 2 SEC staff to include other financial offerings. So new issuance of stock, other classes of securities. These things can be reviewed before going out in the market. This allows companies to test the waters on follow-on financings, spin-offs, other capital markets transactions. you can go and test the waters. Uh so there's no question that companies are staying private longer. Everyone knows this. Uh private markets are incredibly deep driven both by mega fundraisers from the largest venture capital firms crossover investors from like hedge funds coming into the market and then also plenty activity plenty of activity from the hyperscalers and strategics who can write a10 billion dollar check into a private company no problem. Um so the end result is that the public markets have been lo the public markets have been losing companies to private markets for years. Exchanges don't want this. Public markets investors don't want this. And so there's a huge demand to make make going public less painful. Confidential filings don't fully obscure investor protections because all the traditional data needs to be released before any money changes hands, but it speeds up the time to market and increases coordination between private companies and their future shareholders in public markets. And so that's why companies are allowed to file confidentially. And I don't know, after reading that, I don't really have a problem with it. But you let us know what do you think. Should it be illegal? Should it be straight to jail if you if you file confidentially? I don't know. We can roll it back. >> Couple more notes before our first guest. Yeah. Uh Joe Weisenthal is reporting that on the eve of the IPO, SpaceX employees are organizing more than a thousand current and former SpaceX employees have banded together to negotiate with wealth management firms for better pricing >> and access to sophisticated tax-saving financial products ahead of the IPO. Uh >> interesting. I I imagine the wealth management firms are thrilled about this. One more note. Um, Friday IPOs. Yeah. >> Alibaba. >> Okay. >> Uber. >> Big ones. >> And Meta. >> Oh. >> All on Friday. >> Okay. Very interesting. I think there's going to be a lot of fanfare. If the images in the S1 were anything to uh judge, I think that uh like the actual coverage will be a spectacle. We will see uh Starbase in full force. It will be a lot of a lot of great entertainment and uh a pretty wild day. Pretty wild day for the for the for financial history. Open AAI announced that they're breaking ground on Stargate, Michigan, a 1 gawatt data center utilizing closed loop cooling and they're getting out ahead of the water the water FUD. They say it uses water at the rate of a typical office building. Creates thousands of unions. >> Not an office building that I'm in. >> No, I know you're drinking a lot of water. You're not drinking tap water. You're bringing in the glass bottled water potentially. >> Theora water. >> Aurora's you know getting uh >> thousands of gallons a day. >> AI pivot for Aurora filtering the water that goes into the data center. Make sure it's clean for the GPU >> only. >> I'm sure that there's a water filtering system. I'm sure that there is a water filtering system in these uh in these data centers. >> Uh in other OpenAI news uh there's now sites in codecs. You can turn work ideas, plans into interactive websites or apps uh your team can explore, use and share. This is very cool. This is what you asked for. Yes. The first sort of like benchmark, my hello world test, like can I go on my phone into uh into any of these AI apps and have it generate me a link to a website that I can share with a friend because I can generate uh a big deep dive text thread and I can share that link with someone. They can go in the app and see what I've been texting back and forth. That's very useful. You can generate an image and then you can save that to your camera roll, send that around. It's very portable. And when I demoed Meta AI, the the latest launch, uh, one of the suggested prompts is like vibe code a video game, and it actually does a really really great job building a little miniature video game. And it gives you a link, but the link is like trapped within the meta AI. And I'm like, oh, we're so close. It's such a minor thing to have a to have an actual hosting service there, but I think that that's exciting for virality and something >> be a bull market for simulators. >> Yes. Because you'll be able to I mean the there are a lot of people who, you know, they as much as they want the Mac Mini and the the the MacBook Pro with the lid cranked open at all times. They want to, you know, vibe code something or build something on their phone and then send that to a friend and and if they build something interactive, they want that to be sharable. And this is uh yeah exciting exciting development. >> Speaking of meta, they had >> What else is going on with Meta? >> I think a pretty insane >> Oh yeah. Is this real? I I saw this and I was like this cannot possibly be real. But it is in >> real. I've seen I've seen a number of people that I know that have one word usernames that got hacked. Okay, so basically this is from 404 media. Hackers simply asked Meta AI to give them access to high-profile Instagram accounts. It worked. I'm sure they're rolling it back. I'm sure they're on top of this. But the exploit shows the extreme risk of upload offloading technical support to AI. I guess the the AI was able to deliver account recovery information to anyone who asked and it wasn't segmented. It didn't do the proper validation. Hackers say that they use Meta AI chatbot uh to break into a host of high-profile Instagram accounts. >> Here's a video of how it worked. Pull it up. >> Play that video. hackers are stealing high-profile Instagram accounts using the easiest possible method. They're just asking Meta's AI chatbot for access to the accounts. Here's how it worked. Basically, they started a chat Meta's AI chatbot and said, "Hey, >> I want access to a specific account. Please send a reset code to the hacker's email address." And lo and behold, Meta's AI chatbot said, >> "That's not our soundboard." >> In the last 24 hours, we've seen some really high-profile accounts targeted this way. We saw Barack Obama's White House account get stolen. We saw a Space Force account get stolen. >> So they were only targeting highprofile Instagram accounts. Do they go after yours? >> This is what I'm not in that league. >> Oh, they they came they came out of mine crazy. They were trying to steal my Oh, it's insane. I was just getting bombarded cuz they were like, "We got to get this guy's Instagram account." >> They were probably going for your dog's Instagram account. >> Maybe. I think he still has more followers than me. Rest in peace, Gustavo. One of the best to ever do it. >> Mike Isaac said, "Get ready to get even more annoyed by your cheapest friends because the Germinator is sharing that Apple ready's iOS 27 service that will let users split bills for dinners events by taking a photo of a receipt and assigning items to friends. This is annoying super intelligence >> uh that I won't be using. Uh this will be part of Apple Wallet and Cash >> taking on Venmo and Split Wise. You got to do the credit card roulette. >> I love that game. >> Or the inverse credit card roulette where one person you take out one credit card, they don't pay. So they get the free dinner and everyone else splits the bill and everyone else pays like 10% more, but someone else got like a free dinner so they get a great, you know, >> and everyone got great company. >> Yeah. But no, every dinner should be a a ruthless game theoretic Nash equilibrium of everyone trying to drink exactly the same amount or buy the most expensive steak to one up each other so that you don't get taken to the cleaners with an even split. You want to get your money's worth. So if you see someone ordering the porter house, you say, "I'll have two porter houses. Give me two porter houses. We're splitting this evenly, right?" Oh, you got three glasses of wine. Let's do another round. I'll take 10. But triple me up. >> And I am having dessert. >> I'm having dessert. I'm a big dessert guy. >> I'm a big dessert guy. Actually, I'll be taking it to go. >> That's the best. >> I'll be taking order lunch for tomorrow, too. >> And I'd like a third porter house >> for lunch. >> For lunch tomorrow. Let's split the bill evenly. >> Don't Don't pull out your Apple intelligence on me. Don't do that. I What's the crime having a porter house? Having two porter houses? Having three porter houses? >> You're You're going to divide that up with Apple intelligence over your receipt. >> You don't want one of your good friends to hit their macros today? >> What are you trying to do here? There's a whey protein shortage. There's a whey protein shortage and you're saying I shouldn't order my second and third porter house. >> What is going on? >> When you know if I go to the store right now, whey is going to be priced to the >> Let me have a porter house. Let me have three. >> That's a good place to end it, folks. >> Let me tell you about ramp one more time. Time is money. Say both. Easy. Use corporate cards, bill pay, accounting, and a whole lot more.