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Technology's daily show (formerly the Technology Brothers Podcast). Streaming live on X and YouTube from 11 - 2 PM PST Monday - Friday. Available on X, Apple, Spotify, and YouTube.
You're watching TVPN. We nailed that. We are live from the New York Stock Exchange.
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Speaker 2:Well said to Lynn. This partnership was Yeah. Probably the most natural.
Speaker 1:You've made match made
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Speaker 1:Mhmm.
Speaker 2:For the Figma IPO.
Speaker 1:We got to come back for
Speaker 2:the Klarna IPO. Two of the more memorable moments from this year. And, Lynn and the whole team here are just fantastic. So this will be our home when we are on the East Coast. We love it here.
Speaker 2:And, we have a super fun show today.
Speaker 1:Should we start with Gemini? Yes. And so this is the correct take. He's talking about Gemini winning the AI race and and questioning, is it bearish for the market as a whole? If you think about it, which is what efficient market hype said.
Speaker 1:Gemini winning the AI race is like super bearish for the market if you think about it. And he says Gemini winning ensures zero profitability for any other LLM model. Google will force any other player into an endless sea of red ink by keeping its model free until they bleed out, and then it will monetize once its monopoly is secured. That means ain't no one making money on data center CapEx. Oops.
Speaker 1:What do
Speaker 2:you think? Take. I think it's it's it's thought provoking.
Speaker 1:Yes.
Speaker 2:I disagree with a lot of it. Yes. It's very real in some sense that we we always knew that Google would put an incredible amount of pricing pressure on The
Speaker 1:cash flow.
Speaker 2:Have the cash flow. Again, even in the areas that OpenAI also wants to compete, consumer electronics, science.
Speaker 1:Yeah.
Speaker 2:I'm sure, you know, chips, obviously. Yeah. So all these areas that, not even core to OpenAI's business today, Google's already been investing Yeah. Billions and billions and billions of dollars in these categories for a long time. I'm not convinced that there will be a monopoly in LLMs.
Speaker 2:It feels today like we're headed towards like a duopoly Mhmm. At the very least. And you can just easily see that there will be a number of other players making plenty of money. I feel very I feel very good about Anthropic right now. Right?
Speaker 2:Mhmm. Anthropic thought Dario's commentary yesterday at DealBook Summit. He literally said the word YOLO.
Speaker 1:Oh, really? I do have an overall rebuttal. My rebuttal to Ross Hendrix here is that Google likes good margins. They grew up with the best margins. It's in their culture that they had 80% margins.
Speaker 1:Yeah. And and then, also, there's there's this constant thing when you're a public company that even if there's the new exciting thing, like, there's a little bit of, like, the innovator's dilemma. There's the new exciting technology. Yeah. But if it's not gonna monetize as well on day one, then all of your investors, all the public market investors start asking, like, is this going to structurally hurt your business?
Speaker 1:And this happened with reels. Remember? There was this big question with Instagram, like, hey. We're moving from the, you know, the the the image based feed where it's very clear that you can just drop a link to the next thing to Reels. Is that gonna monetize as well Yep.
Speaker 1:As the rest of the feed? And the answer was yes. Definitely. But it took a while, and there was, like, some skittishness there, and Meta had to do a lot of work to monetize that. And so I would I would be surprised if Gemini can hold out on not monetizing forever.
Speaker 2:Well, they are monetizing. That's the point. Yeah. Like, the pricing the pricing, at least from a consumer standpoint Yeah.
Speaker 1:Is very similar. They could've gone free.
Speaker 2:Both Gemini and OpenAI offers free student plans Yeah. Or at least a year free, but they're charging for the product. They did have an interesting announcement yesterday. They they introduced Workspace Studio where you can build custom AI agent in minutes to delegate the daily grind, automate daily tasks, focus on the work that matters. That's their writing.
Speaker 2:So this will integrate with with G Suite effectively. So it's like, notify me about emails that you that that you're determining are urgent.
Speaker 1:Lisa Su gave her opinion on the Google TPU.
Speaker 2:She broke her silence.
Speaker 1:She broke her silence. She responded. She she fires back. Shots fired. Shots fired.
Speaker 1:She's the UBS conference. And she says Google has done a good job with the TPU architecture over the years, but it's a more purpose built design. It lacks the programmability, model flexibility, and balanced training and inference capabilities that GPUs offer.
Speaker 2:GPUs combine very similar to Jensen's line as well.
Speaker 1:I mean, it's not wrong.
Speaker 2:Or or the NVIDIA newsroom line.
Speaker 1:The question is, you know, Ilias seems to be at SSI. Ilias Setskuru at SSI seems to be the most age of research pilled since he coined that phrase and kind of ushered in the age of research. He seems to be the AI researcher that's doing the most undirected, the most, like, the the least purpose built training potentially. We don't know what he's doing, but, like, you would think he would need the most flexible systems. Yeah.
Speaker 1:And yet it feels like he's maybe aligned with TPU. I don't know when an an AI researcher would say, yes. I need GPUs over TPUs. In fact Yeah. When we talked about the Tranium chip yesterday, we were reading that there's some companies that are doing interesting things on on that architecture.
Speaker 1:So Yeah. It it's it's it's something that, like, she has to say, but now the question is, like, she has to go prove it with some big clouds actually building on this. And maybe she needs, like, a big hero training run from someone to to stay, hey. It worked. We did it.
Speaker 2:Who could that be?
Speaker 1:I don't know.
Speaker 2:Maybe OpenAI. Maybe. One of the new largest shareholders. They they they share with us. Potentially a large shareholder.
Speaker 1:Lisa goes on to say, from our perspective, there is room for all types of accelerators. However, over the next five years, GPU should remain the the clear majority of the market because we are still early in the cycle. And and I agree with this because even if you look at AI workloads at a place like Meta, Gen AI, like actual LLM inference, large language models, these large transformer based models, things that might benefit from an ASIC like the TPU, that's, like, less than 20% of compute spend, I'm pretty sure. Like Makes sense. There's just a ton of just Recommending content.
Speaker 1:Put the ads in in the chat.
Speaker 2:Just put the ads
Speaker 1:Just put the ads in the ad.
Speaker 2:In the feed.
Speaker 1:In the feed.
Speaker 2:Put the ads
Speaker 1:in the trough. And that obviously does use AI. It just doesn't use, you know, large language models or they're maybe not transformer based. So she says software developers want flexibility to experiment with new algorithms. That certainly sounds reasonable.
Speaker 1:You simply cannot know ahead of time what to hard code into an ASIC. That is the difference. I mean, if you're Google, you kind of can since you invented the transformer. You're like, let's bake that in. They might need
Speaker 2:to create the copium chip. And remember NVIDIA so NVIDIA on November 25 said people are very concerned by this post. NVIDIA offers greater performance, versatility, and fungibility than ASICs, which are designed for specific AI frameworks or functions. Mhmm. And so, again, that's that's a a fair point of view.
Speaker 2:Mhmm. But I think that we're already seeing that plenty of players are happy to buy a chip that is good at a specific framework or function.
Speaker 1:The other interesting thing is, like, is, like, the the you mentioned OpenAI, but, like, there's nothing stopping AMD from doing something that looks like a TPU for a for a foundation company.
Speaker 2:Meanwhile, Demis is moving on to the next paradigm. He is, according to Peter over at Alamarina, Demis and the DeepMind team are hiring a research scientist for post AGI This is this is what
Speaker 1:we were asking for. We were saying we were saying, you know, there's a whole bunch of AI researchers, then there were AI AGI researchers. Then Zoc came in over the top said, we we don't care about AGI. We're going straight shots, super
Speaker 2:intelligence researchers. So everybody's, like, everybody's kinda banking on Yeah. Creating an AI that's really good at AI research. Mhmm. And so maybe Demis is trying maybe the maybe Demis believes there's one out there.
Speaker 2:He's trying to beat them in Yeah. Because one of these agents might be like, I am in the post AGI era. I am AGI.
Speaker 1:Time traveler scenario? What do you say?
Speaker 2:No. No. No. Like, you know, who who knows?
Speaker 1:We we initially were joking about, the the media landscape being like the the punk landscape. You have, like, pop punk, post punk
Speaker 2:Post punk.
Speaker 1:Trad punk
Speaker 2:or Neo legacy.
Speaker 1:Neo punk or neo new metal, all these different, you know, musical subgenres. All of that has come to AI fully. There is there is AI, AGI, ASI, safe super intelligence, post AGI Research Now.
Speaker 2:There's been back and forth on whether or not OpenAI is rolling out ads in ChatGPT, the the the most recent reporting out of the the Code Red memo meeting, etcetera. There was a bunch of different accounts, including Polymarket, that were sharing the OpenAI's ready to roll out ads. Yep. One thing that was notable was that I saw a ton of people dunking on it and being, like, just very against ads. And you were talking about this.
Speaker 2:Who's gonna be the Eric
Speaker 1:Soufford, Ben Thompson were holding up the wall. They're like, we will stand with you, Sam Altman and PGC, Moe. If you enroll
Speaker 2:And Sundar. And Sundar.
Speaker 1:And Sundar, we are your strongest soldiers. We will support you.
Speaker 2:Someway, OpenAI should want Yeah. Gemini to go first.
Speaker 1:Yes. Yes.
Speaker 2:Yes. Take the first leap. Yeah. But I think that it's very possible that Google might be like, no. We'll we'll let you do the honors.
Speaker 2:We'll let you do the honors.
Speaker 1:Exactly. Exactly. I think we were talking about that yesterday. One last thing on ads. If I'm Google, I wouldn't run a single ad on Gemini core.
Speaker 1:I'd run it at a pure loss until every competitor is forced to slap ads everywhere just to keep the lights on. It's the bleed it out strategy, but Google had the opportunity to do that with they they could have gotten into a price war on cloud. They could have said, hey. We wanna come in, you know, and we're gonna take zero margins on this and really try and take market share from AWS and Azure. Yeah.
Speaker 1:They've all agreed. No price wars, basically.
Speaker 2:Yeah.
Speaker 1:Let's compete on functionality. Let's compete on branding. Let's compete on integration. They have not had a price where
Speaker 2:And Google doesn't have to spend nearly as much time building any ad. They they have the ad infrastructure. Right? They have the AdSense. They have thousands of people Yeah.
Speaker 2:Out there already that just sell ads that work with so they have all the customer relationships. There's very few businesses on earth that spend money on advertising and don't spend money with Google.
Speaker 1:Sean Frank says that a ChatGPT referred session to his site ridge.com converts at 12% and is worth $5 per visitor, the highest I've ever seen.
Speaker 2:For context, there's there's plenty of ecommerce brands who have, like, a 1.2% conversion rate. They're they're constantly trying to improve that, but they're they're very notable that it's such a such a massive difference in in conversion rate. It just shows the level of intent that that somebody has when they're coming from CHADGBT. They've done a bunch of product research most likely. They've looked at options.
Speaker 2:They're they're landing on the Ridge site, like, basically ready to pull out a wallet and a wallet and Well, they don't have one. Digital wallet.
Speaker 1:They do.
Speaker 2:Yeah. And purchase.
Speaker 1:Pull out a credit card from a loose from a loose collection of of receipts and and cards and cash they've been carrying in their pockets because they need a wallet.
Speaker 2:Joe has a chart. He says, wild chart from Jim Reed at Deutsche Bank showing just showing how much OpenAI is expected to burn before turning a profit. A couple things stand out, how small the Amazon burn really was for its first eight years People were getting big the Uber burn was before ultimately getting into black. Mhmm. And so it's hard to see the exact numbers here in this chart.
Speaker 2:Yeah. Amazon looks to be, like, sub a few billion dollars.
Speaker 1:A few
Speaker 2:billion dollars. Sub $5,000,000,000.
Speaker 1:The the the
Speaker 2:the real the
Speaker 1:real story with Amazon, though, was that was that they were just basically cash flow zero for a long time when they could have been generating every 10,000,000,000 or something like that. Yeah. So it was a big but, I mean, that's obviously way better for shareholders than, hey. We're gonna lose a 140,000,000,000.
Speaker 2:Pretty impressive. Maybe, maybe
Speaker 1:Yeah.
Speaker 2:This this projection is factoring in Sam trying to also build SpaceX within Open
Speaker 1:Yes. That was in the business Because there's
Speaker 2:finance section. In the in the journal today. Why don't why don't you read through
Speaker 1:it? So this is a scoop from Berber Jin, one of the greatest to ever scoop. It says OpenAI's CEO considers building or partnering with Rocket Company. OpenAI chief executive Sam Altman has explored putting together funds to either acquire or partner with a rocket company, a move that would position him to compete against Elon Musk and Elon Musk's SpaceX. Altman reached out
Speaker 2:to Opening up another front.
Speaker 1:Another front invading Russia in the winter, one might say, in the AI winter. Don't invade. Don't Don't
Speaker 2:invade Don't don't invade, what is it? Starbase. Starbase during the AI winter.
Speaker 1:During the AI winter. Thought you reached out to at least one rocket maker, Stokes space, in the summer, and discussions picked up in the fall. According to people familiar with the talks, among the proposals was for OpenAI to make a series of equity investments in the company and end up with a controlling stake. Such an investment would would total billions of dollars over time. The talks are no longer active, but this happens, and now it's leaking.
Speaker 1:When I'm looking at this original chart of, like, Amazon over over eight years burnt half 1,000,000,000 or, you know, a couple billion, then Tesla burnt more, then Uber burned more. Like, I like and I see OpenAI burning way more. It is striking, but it actually doesn't seem that crazy if we're talking about a potential really powerful monopoly. Right? Yeah.
Speaker 1:If there's a really powerful monopoly like what happened with Uber, look at the market cap of Uber, look at the market cap of Lyft, and ask yourself, was it worth investing $40,000,000,000? Was it worth burning down? If the outcome at the end of this is, yep, it's gonna be the front door to AI for everyone
Speaker 2:Yeah.
Speaker 1:Forever or for thirty years, you know, or something like that, like, then it's totally worth it.
Speaker 2:I feel like comparing dollars spent in the nineties versus the 2020 should probably be normalized. So yeah. Yeah.
Speaker 1:It's it's funny that there's no that Sam Altman is not teaming up with Jeff Bezos, who who has Blue Origin but lacks a really strong AI bet. There was a little bit of
Speaker 2:No. He has his own company now.
Speaker 1:He has his own company. Yes. But I would not say that Jeff Bezos has as much control over AI as Elon does with XAI. Right? He doesn't have
Speaker 2:as much control of Project for VPS.
Speaker 1:But this just started. Whereas XAI has actually scaled, has large data centers. Sure. They might be a little bit behind on certain benchmarks. They might be ahead on some other things.
Speaker 1:They might need to, you know, actually ramp the usage of this, of this product, but you can't say that Elon is, like, sitting on the sidelines during the foundation model wars.
Speaker 2:Yeah.
Speaker 1:You basically can't say that about Bezos.
Speaker 2:Right? Argue that they have 6,000,000,000 of funding.
Speaker 1:There's a natural alliance there. Bezos has has a copy of everything Elon's done. Bezos has Rivian to compete with Tesla. He has Blue Origin, obviously, to with SpaceX, and he has he has a number of other companies that feel like they mirror Elon, and it feels like they've going back and forth for a long
Speaker 2:time. In other news, Met's owner Steve Cohen
Speaker 1:Oh, yes.
Speaker 2:Has officially been awarded casino license in New York, enabling him to build an 8,000,000,000 hotel and casino complex next to Citi Field. That's a thousand room luxury hotel, 5,000 slot machines. So for those not familiar
Speaker 1:So slot machines, yeah, you can't normally do that in New York. Right?
Speaker 2:I don't think there's slots in
Speaker 1:in New York. Feel like when I think of slot machines, I think of Las Vegas, and I think if that's the only place, and then maybe Atlantic City. Yeah. Atlantic City, I feel like, has been
Speaker 2:You had an idea, which was to somebody to set up a slot machine in real life, point a video camera on it, and then have somebody set up prediction markets
Speaker 1:Yes.
Speaker 2:Predict what happens with the next poll.
Speaker 1:Yes. Because that would help you understand what's likely to happen.
Speaker 2:And you could hedge any type of risk that that
Speaker 1:the the slot machine might encounter.
Speaker 2:Yeah. Yeah. Exactly. Yeah.
Speaker 1:If you're you don't wanna be on the other side of that slot machine too.
Speaker 2:Yeah. That could you wiped Exactly. It's gonna have restaurant bars and a theater for shows and 25 acres of public parks and playgrounds. So fun for
Speaker 1:the young? Whole
Speaker 2:Fun for the whole family. Mhmm. The kids will be climbing on Okay. On the jungle gym, they'll accidentally be pulling all imagine a jungle gym
Speaker 1:that's Practice is Yeah. Young bandits. You get used to the muscle memory.
Speaker 2:Throwing throwing dice. Yes. Throwing dice. Cohen is essentially taking an under monetized asset, 50 acres of parking lots around the stadium, and trying to transform it into a year round revenue engine that produces consistent returns independence of how the Mets perform. Yeah.
Speaker 2:And with the New York State gaming commission predicting that the property predicting. Mhmm. Predicting.
Speaker 1:Wink wink.
Speaker 2:Wink wink. Who knows? The property will generate 3,900,000,000.0 in annual revenue. Cohen's 50 acre complex would instantly be one of the top 10 largest US casinos by revenue. Overeating.
Speaker 2:Gonna get their faces ripped off if they don't just focus, focus, focus. Equity deals and other bets will not win the great game. Yeah. That feels to be consensus consensus view.
Speaker 1:Was talking a lot about the the the comparison to Google and tracking. When did Google monetize? Google wound up monetizing, I think, sooner than ChatGPT has. They put ads in it, I think, in year two. It's now been three
Speaker 2:years since 20 Effectively trying to encourage employees to do to eat more and have more massages so that it didn't they looked less like a monopoly. Right?
Speaker 1:Like Maybe. But but, anyway I mean, Google did did get did earn the right to do other bets by just so solidifying their market in the search engine world that then they could go and do Gmail, and they could go and do GCP, and they could go and do Waymo. But it's just like all of that happened after becoming cash flow positive, and I think that's why people have a little bit of, like, nervous energy around going to space. Okay. It's good to have a space data center bet, and so you need a partnership.
Speaker 1:And, realistically, Sam's not gonna partner with SpaceX on it. I don't know why he's not just going by and launch capacity from Blue Origin, but maybe Stokes Space is the is the better option for him. But put aside all the dynamic, all the competitive dynamics
Speaker 2:I think it's possible that Sam was looking at Stokes Base Yes. Which most recently, as of October, was valued at 2,000,000,000. And he was like, I bought Johnny Ive for, what was it, 6? Can I absorb another another $2,000,000,000 company?
Speaker 1:Do you think there's obviously an immense amount of pressure right now on data center build outs. They're using too much energy. They're using too much water. If you put them in space, do you think that helps the discourse at all?
Speaker 2:I think people hate rockets. So Do
Speaker 1:we want
Speaker 2:Damned if you do. Damned if
Speaker 1:you don't. But but but truly, it's gonna be much harder to say, like, hold up an electricity bill in Memphis and say, hey. My electricity bill went up, and it's because of Annie over there in the data center
Speaker 2:Yeah.
Speaker 1:Who's just, you know, slopping it up. Instead, you're gonna be able to say, hey. The data center that yeah. It's generating sometimes helpful math homework help, sometimes creative writing stuff, sometimes some
Speaker 2:weird cancer.
Speaker 1:Sometimes it's curing cancer, sometimes it's doing weird stuff, whatever. It does a bunch of different stuff, but at least it's not increasing my power bill because it's in space, and it's not an eyesore. It's not in my backyard, and it's not using any water because it's up in space. Maybe it would.
Speaker 2:Who knows? It has to. Probably.
Speaker 1:But but I agree. Then the then the discourse will be as
Speaker 2:blocking up. But it is notable that that every time every time a the concept of a space data center hits a timeline, it goes viral for people dunking on it, and yet so many people wanna play it.
Speaker 1:But they're dunking on it as as, like, a a violation of the laws of physics or, like, not a good
Speaker 2:Too futuristic.
Speaker 1:Too futuristic. Like, it's not gonna work in the near term. There are viral dunks that are going on right now around the prediction markets, and those are like those viral dunks are like, this is a bad thing. Yeah. I haven't seen people dunk on space data centers saying, like, I'm not morally okay with putting data centers in space.
Speaker 2:Another Jensen interview. Now I'm nervous. So a lot of people, were saying that this was somewhat bearish. I listened to it on
Speaker 1:the plane.
Speaker 2:There was a good excerpt here from a capital. They say Jensen Huang. In 2016, OpenAI was just a bunch of people sitting in a room. Joe Rogan says, they're not a nonprofit anymore. Right?
Speaker 2:Jensen says, they're not a nonprofit anymore. Joe says, weird how that works. Jensen goes, yeah. Yeah. But anyhow
Speaker 1:Yeah. There are there are some wild wild exchanges. I I just liked the way I I've been calling for Jensen to go on Rogan for years. I've wanted more of, like, the tech leaders to go on Rogan and kind of just, like, cross pollinate the two communities. And as I read the comments on the YouTube video, there were a lot of fans of Rogan who really were, like, thanking him for bringing on this guy who's working on something that's, like, pretty opaque in the economy.
Speaker 1:You shouldn't go into it thinking you're going to get Jensen on Dwarkesh, and you're like, you're just not going to get, like, a really deep insight into NVIDIA strategy, but that's not the point of this particular interview. It's to understand who Jensen is as a human and what he's kind of, like, thinking of broadly for the industry.
Speaker 2:Somebody is claiming that a Google Insider has been trading on search markets. They're saying somebody's been betting millions of dollars or trading millions of dollars on who will be the most searched people of the year, including, yeah, just like whether or not Pope Leo will rank, in Google's top five most searched people. Is a weird says, this is what happens, what will continue to happen when unregulated markets are bet on as if they are regulated. Here's the thing. They are regulated by the CFTC.
Speaker 2:Yep.
Speaker 1:And their is is illegal. Let's say that you just are trading corn futures, and you just happen to know that there's going to be, like, a major blight in the corn markets. Yeah. And so you go and trade if you have insider information that someone missed their harvest or something, like Yeah. You can actually get in trouble for trading for doing insider trading even in commodities.
Speaker 1:Yeah. And, yeah, you would think, like, what what what private information
Speaker 2:is not available? Markets become more accurate when insiders are trading on it. Meta, of course, is planning to cut 30% of their, I guess, the budget of their metaverse efforts.
Speaker 1:So this is Reality Labs?
Speaker 2:This is Reality Labs.
Speaker 1:Which which has worked on VR and AR, but also metaverse development. And, I mean, it's a lot of the stuff that was on on on display during Meta Connect. Some really promising stuff, some really cool stuff.
Speaker 2:People like
Speaker 1:a lot of spend. And so they they they, you know, leaked today. I don't know.
Speaker 2:The idea that this is the end of Meta's metaverse streams is probably wrong. I bet this will actually make them go faster, and I agree.
Speaker 1:I'm very excited for the next VR headset. I think the Quest four I think James Cameron tried it and really enjoyed it. Apparently, you'll be able to buy a very small truck soon, which is a thing in Japan that supposedly not has been made illegal.
Speaker 2:So they were Biden era vehicle fuel efficiency rules. I
Speaker 1:feel like you haven't been able to buy one of these in a long time, and it never made sense because it should be the most efficient
Speaker 2:thing possible. Yearly 2% efficiency increase for cars made from 2027 to 2031.
Speaker 1:We're officially terminating Joe Biden's ridiculously burdensome, horrible, actually, CAFE standards that impose expensive restrictions and all sorts of problems, gave all sorts of problems
Speaker 2:to our industry. Drive people back to Tesla and saying, like, I I bought this after Elon went crazy, and then Trump went
Speaker 1:And and then Trump brought in these. I I don't know.
Speaker 2:The real loser here, I would say, some people would say, the environment, but potentially more direct Mhmm. Is that company like Slate Auto Slate Auto. That's trying to make a $20,000 truck. Yeah. Meanwhile, these manufacturers have been making the $20,000 truck
Speaker 1:Yep.
Speaker 2:At scale time. And they're super reliable.
Speaker 1:But, I mean, Americans have just voted with their wallets. They do not want a two door truck. It's just it's never worked. Like, the Land Rover Defender, there's there's so many examples of two two door SUVs
Speaker 2:me and the board of directors will be tied to performance milestones. Go any longer. And boards shouldn't be making millions of dollars unless retail shareholders are also winning. Now that I am chart I am in charge of a public company, hope to set the standard for what true shareholder alignment looks like. I do believe this was in reaction to an activist investor that accumulated
Speaker 1:Sure.
Speaker 2:Around 7%.
Speaker 1:Did he also set his milestone at 10,000,000,000,000? He doesn't get a dime unless it's 10,000,000,000,000?
Speaker 2:I can I can see that? He's he's he's a permabull.
Speaker 1:That would be impressive. Yeah.
Speaker 2:I don't think he's ever flipped bearish this this whole year.
Speaker 1:And the interesting iteration on this is that it's Elon has set himself up with the equity compensation tied to share price, which went very well the first time, and now he set himself up to do it again with Tesla. And what's interesting here is that with Pomp's b r r, ticker, he it's not just him. It's also the board of directors. And I think that at Tesla, that's not the case. I'm still interested to see what are the targets.
Speaker 1:Like because if you're like, you know, hey. I'm the stock moves 2%. I get a $100,000,000. People aren't gonna be excited about that. Yeah.
Speaker 1:But if you design those equity comp packages appropriately, obviously, it's totally a win win win.
Speaker 2:Saw a TechCrunch tweet six weeks ago that Meta is trying to ban Poke. He said he directly asked for help on Twitter, got a lot of intros, talked to the European Commission. EU officially opened an antitrust investigation today. X is unreal. He really is kind of meta's meta's worst nightmare today.
Speaker 2:Are you really that surprised that Martin Von Hagen is Marvin. Pulling Marvin. Sorry. Sorry. Marvin Von Hagen is pulling the pulling the strings of the of the EU.
Speaker 2:Jake, Paul, and the team over at Antifund have raised a new fund, $330,000,000. Almost I almost said I almost said 300,000,000. I'm sure they'll I'm sure they'll be there soon.
Speaker 1:Two to three more of these that will happen. Mean, this does this does in some way in some way mirror the Johnny Ive, Sam Altman video of, like, them getting coffee together.
Speaker 2:Have a wonderful evening, and we will see you tomorrow.
Speaker 1:Thank you.
Speaker 2:Take care. Good night.