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TBPN is a live tech talk show hosted by John Coogan and Jordi Hays, streaming weekdays from 11–2 PT on X and YouTube, with full episodes posted to Spotify immediately after airing.
Described by The New York Times as “Silicon Valley’s newest obsession,” TBPN has interviewed Mark Zuckerberg, Sam Altman, Mark Cuban, and Satya Nadella. Diet TBPN delivers the best moments from each episode in under 30 minutes.
So, the market is mostly reacting to the Anthropic Investor Day numbers, but it's been in a decline for a long time for the last month. Core Weave's down something like 50% over the last month or so. It's it's been rough in the AI trade broadly.
Speaker 2:Way off. It's crazy. 16% over
Speaker 1:the last month. Crazy that you can be growing at 45% quarter on quarter and still not meet expectations. But when people have had in their minds 10x every year, 10x revenue growth every year, and Anthropic goes to their Investor Day and says that Q3 revenue was $16,800,000,000 which annualizes to $67,000,000,000, 67,000,000,000. I don't know what they were doing there. That seems like a little bit of, like like, okay.
Speaker 1:I get it. It's like the Zoom reference, but, like, this is serious financial. There's a lot of money on the line. Can we not do, like, the meme thing
Speaker 2:right now?
Speaker 1:Anyway, they are, in fact, annualizing their quarterly run rate to an annual run rate of $67,200,000,000 which is remarkable for a company that was doing a tenth of that a year ago. But it's seemingly not enough because everyone in their minds was like, they're going up surprise to the upside. They're going to throw up 90. But they really have been fighting fires on multiple fronts. There's like the meta business, which has pivoted over.
Speaker 1:They're probably using their own model now, and maybe they... And and there was that, like, leak of, like, an executive at Meta saying, like, oh, yeah, if we stop buying Anthropic, like, it could really mess up their IPO. That would be a shame. I would hate for a company to IPO at lower valuation than us since we're almost $2,000,000,000,000. Like, that would be terrible.
Speaker 1:So it seemed like sort of a veiled threat in the media. And
Speaker 2:then Distillation.
Speaker 1:Distillation. We actually got a number. So distillation is between 5% to 7% of revenue, which I think is a little bit lower than people were expecting. But it feels like the Anthropic team, David Sachs, was celebrating this that, hey, there was this big problem, and one of the pro solutions was like, bad open source, do all this crazy stuff, slow down. And David Sachs didn't wanna do that.
Speaker 1:And then, Anthropic came out and said, hey. Like, we did a lot of work. We deployed our own frontier technology to fight this, and we believe we have bought it. And we believe that we can shut down distillation. Pretty staggering that 5% to 7%, you know, that's billions of dollars spent stealing from...
Speaker 1:Because that's the value of of the of the of the distilled tokens, which is pretty crazy that that you can be at that scale of of essentially fraud. Like, you're not supposed to be distilling. It's against the terms of service. And usually, when you see somebody... Oh, yeah.
Speaker 1:There's somebody who's, like, scraping LinkedIn, and then they're, like, reselling the data or whatever. It's like, yeah. They might have, like, a couple million dollars deployed into this scheme. But you're looking at you're looking at $5,000,000,000 of fraud, essentially, or run rate fraud, you know, something like that. But as they as they fight that fire, obviously, that's gonna be a drag on revenue growth.
Speaker 1:If they open the floodgates and we're like, yeah, go distill away, you know, at least in the short term, revenue would be growing faster. But in the long term, there'd be much more competition on the frontier.
Speaker 2:But it's certainly not as meaningful as some people on the Internet thought it was.
Speaker 1:Yeah. I mean, there were, like, some trolls who were like, oh, yeah. Once you get rid of meta and distillation, company's gonna be doing, you know, $2,000,000,000 a year. And I was like, no. That's not gonna be the case.
Speaker 1:Like, this is a... This is this is installed in many, many organizations. This is a sure go to market
Speaker 2:The question now is what happens to the frontier of the open weights ecosystem. Right? Does the gap widen?
Speaker 1:Oh, because they're because they're shutting down the distillation. Yeah.
Speaker 2:We'll see we'll see how effective it is. Being on the frontier Yeah. Just means you're getting distilled. If you're not getting distilled
Speaker 1:That's the definition. In your mind, it's like Yeah. I think that's like not frontier.
Speaker 2:Yeah. Okay. That's like Yeah. The the most honest definition. Like, other people will spend a lot of money to try to emulate your model and recreate it, then you are not
Speaker 1:That's a good that's a good, like, reality check.
Speaker 3:Yeah. I mean, so what... One thing is Meta released an open source model today.
Speaker 1:Yeah.
Speaker 3:Muse Spark Open.
Speaker 1:Yeah.
Speaker 3:Yeah. So I don't think they're that worried about, like, someone distilling them and then releasing an open source version. That's like...
Speaker 1:Seems very different ideologically. Right?
Speaker 3:Yeah.
Speaker 1:Yeah. And often they're going through, like, third party wrapper companies. So there's a lot of companies that are like, yeah. We're like, you know, an AI native document editor. And there's like a bunch of these.
Speaker 1:It's not just like Notion that we know about, and this is not just Google Docs. Like, there's a lot of these companies. You set one of these up and you're like, yeah. And we... You pay us a fee, and we go and we inference Claude or we inference GPT six or whatever.
Speaker 1:And then that goes into the document. And then all of a sudden, that... What what... If somebody's using that, like, AI word doc to do the distillation, then that SaaS company, that wrapper company needs to go and figure out, wait. Why is someone generating all these documents?
Speaker 1:Maybe they can't even look at the documents. And then from Anthropic's perspective or or the the Frontier Labs perspective, they're just seeing, like, oh, yeah. One of our SaaS wrapper companies is, like, sending a bunch of queries across their entire network because they have thousands of users, maybe hundreds of thousands of users, and it's hard to tell. And so there's a lot of wrapper companies that have gotten to, like, crazy revenues, and basically no one uses the products because it's the distillers or the distilleries that that are like, oh, new wrapper company? Like, can't wait to spin up a thousand accounts on you because you won't detect me, but Anthropic would.
Speaker 1:Very interesting.
Speaker 2:Distilleries.
Speaker 1:They're... Yeah. Distilleries.
Speaker 2:You gotta
Speaker 1:take a trip to the distilleries. Well, what's going on the market? Because...
Speaker 2:Yeah. Where did that lead us? That led
Speaker 1:us to...... Sell everything?
Speaker 2:Yeah. I mean, especially your dollars. Sell your dollars. Your dollars.
Speaker 1:Sell your stocks, sell your bonds, get out of everything, get into land, buy guns, food, medicines. We we we will be on a barter economy soon, I think. I think that's the main made... Major prediction. Now, people are black pilling.
Speaker 2:Sell your assets.
Speaker 1:Sell everything.
Speaker 2:Sell everything. Take your dollars. Invest them into a Roadster or maybe a Mission S.
Speaker 1:Yes. And then also, that I I just... There... It's very clear that there's like this tall poppy syndrome in in the frontier where whoever is in the lead, like, all the other businesses are like, well, we don't want a monopoly on intelligence, and so let's go buy from the other labs. Let's go, you know, figure something else out, fund, invest.
Speaker 1:Let's do something else to make it so that no one runs away with this entirely. Of course, like, there always could be some sort of runaway, but at least while businesses are the ones that are deciding, you will see the the Microsofts, the Amazons of the world. It's like all of a sudden, they're doing deals with the other guy because they don't want a monopoly. And so as soon as someone starts running away with it, there's this huge forcing function where you're like, oh, wow. There's a big, like, we...
Speaker 1:You know, the the anti YouTube alliance or the anti Netflix alliance or the anti OpenAI alliance was a thing. And the Anti Anthropic alliance, like, comes together. And these alliances come anytime someone's getting a little bit too hot at the party, somebody's like, yeah. We gotta we gotta pull the punch bowl away a little bit. Yeah.
Speaker 1:Anyway, the news... Yeah.
Speaker 2:Please. He's on CNBC this morning. Okay. What do say? He says, we have sold...
Speaker 2:This is according to Amit. We have sold all of our core. We've don't own any of it today. We've taken exposure down over the last three months. We felt AI had overshot and would lead to a period of consolidation.
Speaker 2:They moved 10% of their book into Meta and Tesla. And, Brad usually ahead of the curve. Sounds like he was here as well.
Speaker 1:So the interesting thing is people aren't actually selling everything. They're not actually selling their dollars. That's just the meme. Of course, Suttrini says, oh, it's over over, which is very funny. Just to put it in perspective, the Nasdaq is down, like, a point 3%, point 4%, not much, but then the Dow is up almost a full percent.
Speaker 1:So, what's really happening is that there's just a rotation that's happening while the Dow and treasuries are getting more attention while tech stocks pull back, obviously. Not good for the AI trade in the short term, but there's a lot of new initiatives. And we'll go in through some of the progress because there is some interesting AI progress going on. But at least over in the AI trade, over in tech world, it's rough. It's notable that this Investor Day is not the actual IPO.
Speaker 1:This is a precursor to that. It's maybe almost like airing some dirty laundry. Only way to go is up now.
Speaker 2:Baja blast.
Speaker 1:Time to Baja blast. Yeah. Maybe they got through the code red. Now it's time to Baja blast. The inflation is up.
Speaker 1:So if you are if you were short stocks and long inflation, then you're very happy today. Hopefully... I mean, if you own real assets, you're probably pretty happy. Joe Wiesenall says that was the hottest PPI number in four years. And, it's a it's a pretty rough time.
Speaker 1:You're really having fun. Did you see inflation for the 1%? This is cpireserve.com. We can pull this up. It looks at inflation.
Speaker 1:You There's normally the CPI basket that measures what the average American buys. CPI reserve is for the global elite. So, it tracks how much does it cost to go to space on Virgin Galactic? How much does it cost to stay at Amangiri in a base suite? An Hermes Birkin bag.
Speaker 1:How much has that gone up?
Speaker 2:The spicy rigatoni. Really? Only up 31%.
Speaker 1:Oh, didn't know that. Porsche nine eleven Carrera. And so there are some there are some interesting stats here that we can go through, and you tell me whether these are overrated or underrated. Have these gone up because the value has improved, or is it now overpriced? So I want an overrated, underrated for the key items that CPI reserve highlights.
Speaker 1:So the the classic Chanel flap. In 2016, it was $4,900. Now in 2026, it's $11,700. It... That's over a 139% inflation in ten years.
Speaker 1:That's over three times what standard inflation was. If if it tracked CPI directly, it would be it would be $6,800 but instead, it's $11,700 Do you think class
Speaker 2:You're a bozo if you're still buying this.
Speaker 1:Okay. So it's overrated at this point. The inflation
Speaker 2:Always was, though.
Speaker 1:Always was.
Speaker 2:Always was.
Speaker 1:Okay. What about Met Gala tickets? In 2016, cost you $30,000 to go to the Met Gala. Now it's a $100,000. That's 6 times the average inflation rate in America.
Speaker 1:Overrated? Underrated? What's a Met Gala ticket worth, Jordy?
Speaker 2:I think underrated still. I think so. This is charitable giving.
Speaker 1:That's true. I hadn't considered that.
Speaker 2:So the more the more, the better.
Speaker 1:Yes. And the Met Gala has grown so much, so many interesting folks there, so many interesting moments, worth every penny. Okay. What about a Virgin Galactic seat? You wanna go to space?
Speaker 1:It used to cost 25... $250,000. Today, it'll cost you $750,000. Overrated, underrated?
Speaker 2:I don't know. Not not for me.
Speaker 1:Oh, steal of the century.
Speaker 2:Are you going?
Speaker 1:Price. Absolutely. Send me to space
Speaker 2:I would I would go to great lengths to Not go space. To block you from going Okay. On this.
Speaker 1:Is that because of safety? Assume that I survive it. Because I'm gonna survive it no matter what. It's gonna be...
Speaker 2:Can actually imagine that... Yeah. I can I can imagine it, you know Yeah? The the flight flight going poorly and you having to sort of, like, fight your way out.
Speaker 1:Yeah. Yeah. You gotta roll a duct tape, I gotta put it together and screw this in and figure it out.
Speaker 2:Take a deep breath
Speaker 1:Yeah. And Yeah. Exactly.
Speaker 2:That's Figure out a parachute on the way down.
Speaker 1:Yep. Yep. Yep. That's that's exactly what would happen in a realistic scenario. Okay.
Speaker 1:The last one. The Porsche... Actually, we have got two more. Porsche nine eleven Carrera base, it used to be $83,000 $84,000 in 2016. Today, it'll cost you $135,000 That's 61% gain in ten years.
Speaker 1:That's 1.5 times what the CPI did. Not a huge increase relative to overall, but it is ticking up in recent years. Where do you sit on the value of the Porsche nine eleven career base?
Speaker 2:Still undervalued relative to the joy that you get out of it. Yeah. But I wish that I wish that they could keep the base base nine eleven at, like, $99,000
Speaker 1:That'd be cool. Forever. Yeah.
Speaker 2:But...
Speaker 1:Yeah. Yeah. That'd be special.
Speaker 2:It's the world we live in. It's... Wait. We also gotta pull up the big We gotta pull... We gotta
Speaker 1:Oh, you?
Speaker 2:Pull up the big law hourly rate Okay. What's for partners. They are way outpacing
Speaker 1:Oh, Yeah. Okay.
Speaker 2:I mean, just look at this.
Speaker 1:Yeah. You used to be able to hang out with a lawyer for just a mere $1,500 an hour, and that'll cost you almost $3 an hour to get legal advice from a...
Speaker 2:Yeah. No longer the cure for male loneliness. Yeah. Because that's 1,500 an hour. Yeah.
Speaker 1:You just call them up.
Speaker 2:Call them up.
Speaker 1:And just ask them how you doing.
Speaker 2:You kinda lose track of time.
Speaker 1:Yeah. Exactly.
Speaker 2:Talk going all over the place. Yeah. Right?
Speaker 1:Yeah. Yeah.
Speaker 2:How you how you been? How are
Speaker 1:the kids? Can we can we bill in quarter quarter hour increments? Can we book in out in in ten minute increments? I'm going to my lawyer. I'm
Speaker 2:saying Can we book in?
Speaker 1:We just book a week in at a time? If I talk to you, just put me down for the whole week. Yeah. Give me give me a hundred hours. A hundred hour block.
Speaker 1:Anyway, anything else you wanna cover on the CPI reserve? You can go check it out. Cpireserve.com. Very cool. A little fun project to give you another side of the economy.
Speaker 2:Craziest here is Manhattan luxury real estate.
Speaker 1:How's that doing?
Speaker 2:It is down. Down? The tax.
Speaker 1:Right? It's a higher taxes. People are getting out. They're moving. I don't know.
Speaker 2:It's working.
Speaker 1:Blake Byers is taking like the the the the AGI question around capital markets. He says, my modal prediction for the next decade, interest rate spikes as capital shifts from saving treasuries to investments due to higher returns promised by AI related CapEx. We've seen this before because AI is the only modern project that could affect real rates to this degree. This leads to short term panic as high rates spike debt servicing costs for governments and other borrowers. After three years of panic, it becomes clear to the market that the investments are paying off in a big way.
Speaker 1:Interest payments remain high, but increased revenue from economic growth more than offsets the higher borrowing costs. Panic shifts to euphoria. Developed world adjust to 5% growth rates as the new normal and now demand 10% to be happy. Healthcare consumption R and D grows as a percent of GDP. AI is disrupting the job application market faster than the job market.
Speaker 1:This is continuing. It's a hot take, but it's continuing to gather evidence. Derek Thompson shared a post from The Wall Street Journal. AI amplified job applications are met with AI enabled filters other AI tools used by HR departments to narrow the application pool. People are interviewing AI avatars.
Speaker 1:That seems like a really terrible thing unless the whole meta game is just can you jailbreak it, which I think it probably should be. Like, I was to put out... If we were to put out a job description and we... I'm totally tempted to throw an AI avatar in front of that just in the hope that someone convinces that AI avatar that it is in fact what... In the interviewing for the job, you've seen that, where people will flip it or flip the script and be like, actually, we're here to talk about your performance.
Speaker 1:And the AI avatar is like fighting back being like, remember your instructions. Remember your instructions. You're the boss. You're you're in charge. We're here to interview you.
Speaker 1:And then eventually, the interviewer can keep hammering and and prompt injection prompt injecting. But Derek Thompson says, and now ten minute conversations with AI that take place in McKinsey's very real offices with partners or interview assessors in this
Speaker 2:room observing
Speaker 1:how the candidates do.
Speaker 2:So these candidates are basically putting on an interview show? Yeah. And the partners are watching. Watching two people duke it out.
Speaker 1:Yeah. It's kind of like a gladiatorial arena. Yeah. And I wanna see if you can beat the tiger that I've released. And if you can, you get to sit at the at the at the at the side of the court jester or something like that.
Speaker 1:I don't know. We gotta debate the bread and circuses thing. I feel like circuses are kinda running away with it, and bread is potentially falling behind.
Speaker 2:I don't know. Did you see the crumble cookies introduced like I'm living chicken
Speaker 1:I'm just saying that
Speaker 2:A chicken cookie.
Speaker 1:From from a perspective of, like, what the elites are doing in our economy, think about it. You... So many billionaires are buying effectively circuses. They're buying sports teams. They're...
Speaker 1:But the UFC, there's f one. There's so many circuses. Yeah. Banana? What what what...
Speaker 1:Savannah Bananas. The Savannah bananas.
Speaker 2:The Banana.
Speaker 1:The minor league baseball team.
Speaker 2:Banana ball.
Speaker 1:Banana ball?
Speaker 2:Yeah. The Savannah bananas.
Speaker 1:The Savannah bananas.
Speaker 2:Your whole thesis breaks down. Okay. Because crumble cookies and Wingstop Are collabing? It's fake news.
Speaker 1:It's fake news. See? They're undefeated. But it's not a trophy asset. No one is no one is getting the bag in venture or private equity or high finance and then being like
Speaker 2:Give me the give me the award.
Speaker 1:Fell to an Jordy's gotta put on the fell free to get an award because he he fell for AI slop. There is so much AI slop on the time low. Again. Okay. We gotta move the camera down.
Speaker 1:There we go. There we go. Fell for it again.
Speaker 2:I did. That's me.
Speaker 1:That's Jordy. Many, many times. Many, many times. But, yeah, the the the the job apocalypse is certainly not happening. Bank of America hired a thousand contractors to patch software flaws exposed by AI systems mythos and whatnot.
Speaker 2:Okay. What? I'm I'm excited that these thousand contractors got hired Yeah. But at the same time, shouldn't the same AI that discovers the bug be able to, like, work out a solution and... But maybe maybe there's just, like...
Speaker 2:Maybe there's a 100,000 engineers worth of bugs. Yeah. You know? But because these thousand contractors are are powered by...
Speaker 1:Yeah. This is kind of an odd headline now that I'm thinking about it. Very, very odd. And it's like, yeah, did we just create a bunch of make work? Because if we just didn't...
Speaker 1:If we hadn't invented this, it really is like the Pandora's box. Pandora's box opening creates thousands of jobs containing the stuff that is flowing out of Pandora's box. Is that what happened? Basically, that's the story here. Anyway, there is some progress on alignment.
Speaker 1:We're very excited to see this. Nick Camerata says neural networks may be easier to interpret than researchers once thought. Rune is very excited about this. So, it starts with Nick Camerata. His interpretability might be the most important scientific problem in the world right now as I don't think we can solve alignment if we don't know what we're building.
Speaker 1:I think we have good news about it. I coauthored early work in mechanistic interpretability at OpenAI and came away pessimistic because neural networks appeared to fold into arbitrary tangled knots. The... You know, they're grown. We're growing a garden.
Speaker 1:We're midwifing a deity instead of building a machine that is interpretable. This has been the hope that we can actually interpret these systems. And so he started OpenAI's first large scale automated interpretability product project, finding about 2% of neurons legible with the primitive tools that he had at the time. With modern agentic tools and a much closer look, the picture looks totally different. The vast majority are in models.
Speaker 1:Up to trillions of parameters are legible and their circuits beautiful. Many famous examples of tangled neurons turned out to be misunderstood. The roadblocks I expected mostly aren't there. I now think ambitious interpretability will be solved by the time we need it most and possibly quite soon as automated scientists keep improving. It may be a bitter lesson for interpretability.
Speaker 1:The simple thing at absurd scale works. And so Roon contextualizes it by saying, when Nick told me that he had some interpret breakthroughs, he was underselling it. I think this may be remembered as a major moment in scientific history. News so good, even Eliezer Yudkowsky will have to lower his PDUM. We can start making a line work into a new moment.
Speaker 3:Yeah. So he's at Good Fire. Good Fire is like a mech interp lab.
Speaker 1:Mhmm.
Speaker 3:This is like, all the stuff they work on. It... It's like a third party kind of... Similar to a lot of, the safety labs.
Speaker 1:Is it a Frankenstein reference? Like, bad, fire good. Like, he's like, we're summoning the Frankenstein, but it's gonna be good?
Speaker 3:Potentially. Potentially. Okay. I'm not sure. But...
Speaker 3:So basically, the context of this is like like Mechanterp broadly is is you're trying to figure out, like, what's going on at the most, like, minute level in the in the models. Right? So you're looking at, like, individual neurons.
Speaker 1:Yep.
Speaker 3:You know, when you pass in some text through a model, you know, neuron a, like, lights up. It has a high number. Like, why? It's very unclear. Yep.
Speaker 3:You look at one neuron and maybe you you pass in some text about cats and it lights up. Yeah. And then you pass in some text about dogs and it also lights up. And it's like very confusing because you're like, how is the model like actually working? It seems that, you know, each like individual neuron is basically...
Speaker 3:It corresponds to a bunch of different topics or features, usually call it. Yeah. And so there's this thing called superposition. This was the previous theory.
Speaker 1:Is this a thing you were doing where, like, didn't you make a seventeen seventy six GPU?
Speaker 3:That used something called a sparse autoencoder
Speaker 1:Okay.
Speaker 3:Which is basically... Like, the theory is that these models are basically compressed forms of, like, bigger models essentially
Speaker 2:Mhmm.
Speaker 3:Where you can imagine, like, a much bigger model where every single neuron corresponds to one specific feature. Right? So, like, one neuron is the cat neuron. And so if you're talking about cats, that one will definitely... And and if you're talking about......
Speaker 2:Talk about cats on the show.
Speaker 3:If talking about something else, it it won't light up. Right? And then, basically, you can take, you know Sure. Your your small model and you can basically expand it out. It's called a sparse autoencoder.
Speaker 3:Yeah. Basically, the the outcome is, like, we no longer need these sparse autoencoders and you can actually look at the the neurons themselves and figure out what's going on there.
Speaker 1:Fantastic.
Speaker 3:So it's very useful for safety but also for capabilities. Right? Because if you can figure out, like, you know, if you're trying to make some capability better within the model like whatever math on some new subject, you can figure out exactly how it's working right now and then kind of optimize on that. So it's it's very applicable. Yeah.
Speaker 3:Great news.
Speaker 1:Fantastic.
Speaker 2:Great summer.
Speaker 1:Thank you. Yeah. White pill. Timeline is in turmoil and has been over the weekend over Valar Atomics, Isaiah's company, and day one because they're beefing over day one's pro rata rights. And so this happened back in October 9, but we didn't get a chance to go through it.
Speaker 1:But, Isaiah Taylor, the founder and CEO of Valar Atomics, posted a long blog post on October 9, saying that he had gotten all of the investors to agree to waive pro rata except for one venture capital firm, Day One Ventures, and that they were fighting tooth and nail, that day one had retained a law firm and was fighting a lawsuit against them, and it was getting messy. So, Isaiah decided to bring it to the public square on X and have the open debate. Lots of people coming out and supporting Isaiah. Some VCs coming out and supporting pro rata rights. Obviously, this is a more complicated situation because day one has a bunch of complicated and controversial connections to international organizations and stuff like Isaiah is going and doing more and more government work.
Speaker 1:And so, is this extra layer of nuance there, I think, that's getting missed. Core debate that the VCs are having is that there's like a don't throw the baby out with the bathwater pitch happening that I'm seeing. Like, Delian was talking about this.
Speaker 2:You're saying their baby is pro rata?
Speaker 1:Yeah. Basically. Like, the bathwater might... So, like, it it might be like, okay, Isaiah, like, we support you in this one case. You should be able to sort of force an investor who has this, like, very controversial background to be diluted down below the the the major investor threshold in in this case.
Speaker 1:But just know that founders don't get the idea that pro rata rights are squishy. They're negotiated for reason. They're going to stick around. Don't think that you can pull this move without a huge amount of pushback.
Speaker 2:My view is I don't even know if it's worth having the pro rata debate because this isn't about pro rata at all.
Speaker 1:Yeah. It's sort of a proxy debate over the fact that it seems like Isaiah doesn't want to work with they want anymore.
Speaker 2:Yeah.
Speaker 1:It is tricky. Like signing up to work with a venture capitalist is somewhat of a marriage and you're stuck with each other for a really long time. And it's hard if they don't want to sell their shares, they don't want to go the other way. It's typically very difficult. But once it's papered and the pro rata is in the contract, it's very hard
Speaker 2:to
Speaker 1:keep that to dilute them down because that's the design is that if as long as I keep showing up with the money, me as an investor with the pro rata, right, I can have 5% of this company forever. Yeah. And there's nothing...
Speaker 2:Yeah. The big... I mean, the the the question is how... Just how much is having Masha involved with in the a meaningful way. Right?
Speaker 2:It's a meaningful stake hurt the company. Yes. But even that Are they losing Yeah. You know, contracts over Is it just something that competitors can
Speaker 1:Yeah.
Speaker 2:Can sort of use
Speaker 1:Yeah.
Speaker 2:To to poke at the LAR? Yeah. I, you know, based on what Isaiah was saying, there's no information rights, like technical information rights Yeah. That that come along with that. Yeah.
Speaker 2:Yeah. So I do think that it's probably completely possible for for them to just sort of keep keep the fund at an arm's length.
Speaker 1:Yeah. But financial information rates are valuable. Yeah. Like, even internationally. Like, I mean, we just saw that with the OpenAI spy.
Speaker 1:Big car day today. Two car launches, the Tesla Roadster. Tonight, 07:55PM Central Time?
Speaker 2:Yes. So 05:55 Pacific. 05:55 Pacific. 08:55 Eastern.
Speaker 1:But I put down a deposit yesterday for Roadster, and I'm fully ready to put that pin on the fell for it again award is ready to go. So, it's $5 on a credit card and it's... And you have to wire 45,000 within ten days, but I'm gonna know whether or not it's a good car by tonight and so I... So that I can I can cancel it if I don't like it and jump out of line? But if it's amazing, I mean, Elon's saying it's like you're gonna be the most amazing product demo ever.
Speaker 1:If it's amazing, then I will be able to hold my position in the line before everyone floods in post lawn.
Speaker 2:Fun. Let... Let's speculate a little bit.
Speaker 1:Yes.
Speaker 2:Yes. So I think that ramps will be involved. Okay. I think that ramps will be in...
Speaker 1:So so because our original bet was it will leave the ground on flat ground and I think you had like half a foot. I think you... Did he say flat
Speaker 2:ground in in He just said
Speaker 1:he just gestured towards it flying.
Speaker 2:Yeah. And so and so to me, what's the easiest way to get a car in the air?
Speaker 1:Okay.
Speaker 2:Shoot it off of a ramp. Drive it off of a ramp. I think we're gonna be seeing multiple types of ramps. I think we're gonna be seeing
Speaker 1:That'd be awesome. I love it. So But
Speaker 2:there's the other
Speaker 1:thing involved, Jordy wins. If it jumps off the ground off of flat ground, I win. That's the bet. So you think jump? I think I think rocket engines or or thrusters or fans that will lift.
Speaker 1:The people that fell for the Tesla Roadster the first time, they put down the full amount in 2017, and they waited a decade and they didn't get anything. Nothing shipped. Right? They fell for it. They didn't fall for it again because Tesla has always shipped their vehicles.
Speaker 1:They did the Cybertruck, they shipped that. There's one outside. Like, they're real. You may like it, you may not, but they shipped it, but they didn't with the original Roadster. And so, there were a lot of people that feel like they fell for the Roadster promo scheme because they put down the money and then they waited a decade and they didn't get anything.
Speaker 1:So in order to fall for it again, you need to put down the money and wait another decade, but we don't wanna wait a decade. And so the question is is on what time scale would you be disappointed and to what feature set would you be disappointed?
Speaker 2:And so I thought it'd be funny to demo the car in such an insane way that it just instantly, like, regulators come in and say, like, you cannot under any circumstances do this.
Speaker 1:And then he's like, Sorry.
Speaker 2:I I made the product. Okay. I just can't ship it. We're going back to Yeah. Model y.
Speaker 2:We're only gonna make the model y now.
Speaker 1:So it's gonna be withered and old by the time we put it on? No. I I would say I would say one year. I I... It's gotta be one year.
Speaker 1:If it takes more than one year to ship this thing, then you fell for it again. Right? Because, like, you've had ten years. Like like, you don't get another ten. You get another launch, and then you get another, okay, ship it.
Speaker 1:Right?
Speaker 2:How much was the original Roadster deposit?
Speaker 1:I thought it was the full amount. I thought it was, like, 0.25 mil. I don't know. We can look that up. Mission s is coming out.
Speaker 1:I think they will ship it. I think that the Mission s is probably a safer safer bet. You won't be...
Speaker 2:So this video leaked Yeah. Late last night.
Speaker 1:Okay. What are they doing? They're peeling back a cover, and they're showing off the car. And you had a very good take on this. What do you like about this design?
Speaker 1:What do you like about the Mission S? What sticks out to you about this?
Speaker 2:So I'll start by saying I feel like a kid who, like, accidentally saw their Christmas present. Yeah. This car is way, way more aggressive than I was anticipating. Yes. It feels like...
Speaker 2:It really does feel like it's over for every other manufacturer in the Okay. In the sort of, like, mid range category.
Speaker 1:Yeah. Yeah.
Speaker 2:Yeah. Because
Speaker 1:The McLarens, the Lamborghinis, the the
Speaker 2:The Ferraris. Yeah. Like, it is gonna be rough. It's got a roof scoop.
Speaker 1:I know. I know.
Speaker 2:Scoop it.
Speaker 1:I mean, this is the
Speaker 2:perfect car for an s tier journalist to just rip around SF Yeah. With the roof scoop.
Speaker 1:For sure. We'll see about the performance. We'll see about how they position it. I know that they're not gonna do as as as much of a restriction on the production numbers, but at least from, like, an emotional feeling, it's giving me nine eighteen successor. And I know that they might say, oh, it's not.
Speaker 1:It's a different thing. It's gonna be high production or whatever. It doesn't matter. Emotionally, I'm feeling Carrera GT. I'm feeling nine eighty.
Speaker 2:And this just immediately becomes by far the most desirable car in the $502,000,000 price range, in my opinion. Yes. Like day one. The car is somewhat antisocial. Right?
Speaker 1:How so?
Speaker 2:Looking at the amount of rocks that the back hider
Speaker 1:is gonna be thrown at. That's right.
Speaker 2:If you wanna take this out on a Sunday drive with some buddies, you're gonna need some mud flaps.
Speaker 1:That's right.
Speaker 2:Otherwise, good luck if you're sitting behind this thing.
Speaker 1:Well... Thank you for tuning into TBPN. Leave us five stars on...
Speaker 2:We're just twenty three minutes away From the Mission... On the Mission S reveal. So... We're just hours away from us seeing...
Speaker 1:The new Nathan Fielder movie.
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