Bond crisis looming? GOP abandons DOGE, Google disrupts Search with AI, OpenAI buys Jony Ive's IO

28:57I mean, you're talking about a pretty esoteric issue, Trima. This is not the same as solving the US budget situation. Why do it by doing Medicaid cuts? Why? Well, let's solve it the Medicaid cuts. First of all, I mean, you're being a little bit schizophrenic about this. I mean, you guys are saying that you want to see more cuts. But then you also believe that the Medicaid cuts are a bad idea. So you got to kind of choose. I'm not saying that. I think all cuts are great. I think spending cuts across the board. Yeah, cuts across the board. Spread it out. Do you got to decide what you're opposed to?

29:24Are you opposed to cuts or you want more of them? I want more cuts and given the fiscal situation, I'm actually, if someone showed up and said, hey, we're going to increase taxes. I'd say that's what we got to do right now. Everyone's got to take a hit on this. But hey, I know I'm going to be alone in that. So I'm not going to try and make that argument. I guess the question for you to act is, I agree with you. Well, let me ask a question, Saks. What do you think is the moment when the two parties lock arms and do jump together? What is the conditions that need to be kind of prevalent for us to take, you know, draconian austerity measures?

29:55Probably the bond market forces it on the politicians force it on Washington. Yeah. I think you're right. You're an economist by background Do you do you see that happening right now? Like do you see this the sell off that's happening not just in the US But everyone that's linked to the US with Japan and so on. Don't you think that the market's telling us that But this might be the moment. It could be the moment, but I remember the first week of April when Larry Summers came on the pod and said that the markets were melting down. And that was a different moment that he was trying to sell in favor of his policy.

30:23So my point is, just there's market volatility and we won't know for a while whether this means anything. It could just be a blip. So look, you asked me, what are the conditions for getting austerity? I think that austerity will have to be imposed on Washington from the outside. Washington's not going to find the will internally. We had a wonderful moment here where you have Elon come in with Doge, which the president made possible. Okay, no other president would even have done this. A great, a great, big credit for that. where you get a total outsider to come in and bring a team of like young big -ball geniuses and You let him go through these departments line by line and start deleting things, okay?

31:04And they made I think great progress. I think they found a 160 billion a year of cuts that could be made administratively beyond that they need Congress to approve it and I will acknowledge that there are still a number of soft, unspending Rhino Republicans, and there's just not a majority for the types of austerity and cuts that you guys would like to see. I mean, that's the reality. But I still think that the question with this bill is just how pure you want to be. My point is just, are you going to make the perfect the enemy of the good? I don't think you're going to get austerity out of Washington right now.

31:39It's just not in the cards. The question is whether this bill is basically better than the status quo. So, and I think it is because of the tax cuts. To your point, without a planning on it, I think what's going to happen is the bond market will sensitize this budget at real rates. They're not going to use the 3 .6 that Freebror pointed to. They're just going to reunderwrite this at 5, 5 and a quarter, 5 and a half. That is a very different risk exposure, I think. And so to your point, they'll react. If it looks like it passes as is, then that's what they'll do. and to your point, David, we'll know in the next 60 to 90 days.

32:16Let's say that this is just a blooping the market and it's not some larger once -in -a -century type event. The reality is we don't know exactly what's going to happen. Look, I don't like America's fiscal picture at all, but what if the AI and robotics revolution plays out in the most optimistic way over the next decade and it's massively deflationary and we get basically AI power robots expanding the economy massively. You need power for that. I get that and we need to do power generation for sure, but my point is just what if the new technology provides an answer to the fiscal situation that's not currently on the table?

32:51So this is my point is Washington's not going to embrace... I understand, but you're going to have brownouts and blackouts of average human homes to do that. No, you shouldn't have to make these decisions. Those are dumb trade -offs. You're not going to be able to solve the power generation problem in a reconciliation bill. And I want to just add my two cents at the end here. Leadership starts at the top. This president actually and literally all the time, whether it's immigration, DEI, he has no problem. And this is what he is doing. He's endorsing this bill. He's saying it's big, it's beautiful.

33:23He is saying this is historic. I think this is bad leadership. I'll just say it straight out. He was elected to balance this budget and to have austerity. He's going to put more onto the debt and we sat here on this very podcast, the four of us and said this was the most important issue on the world. and Trump is putting gasoline on the fire. I think it's bad leadership. Let's continue on the docket. I suggest you look at the constitution because the power of the purse rests with Congress. He's endorsing this. He's endorsing it's not. When it comes to it, he's not even putting up a fight. When it comes to immigration, these other areas of present has far more unilateral power and he's used that every chance he gets.

34:01But when it comes to spending, you have to get Congress on board. This is a bill that passed with a one vote margin. I don't know where you think the opportunity is to squeeze out more concessions from Congress. I don't think it's fair. He could speak up and say, do better. He's doing the opposite. He's doing the opposite. This bill passed by one vote margin. It was hanging on by a thread. And if it failed, you get basically hundreds of billions of tax increases, which we don't need right now. And in terms of, I think he's trying. In terms of Republican prospects, look, people vote for Republicans to do two things.

34:37Cut taxes and cut spending. I wish that this bill did two out of two. It does one out of two with some of the second one, like with the Medicaid stuff. If we didn't at least cut taxes, there'd be no reason to vote for Republicans. None. You all are much closer to them than I am. You all should be challenging him to not endorse this and to do the opposite. That would be the profile and courage. Then we got the biggest tax increase in decades. Great. No, he should just go to everybody and say, do better. I don't agree with that tactic. I think the better tactic is to do what he did, but then work behind the scenes and help the Senate implement the technical guardrails that make the bill better than it as is.

35:15Look, nobody thinks that this bill is gonna pass as is. It's gonna go through its own set of changes in the Senate. Now, I think the opportunity is to understand these puts and takes with a little bit more detail and a little bit more mathematical precision and fix it. So I still hold out hope that we're gonna get to a better place, but he's going to have much more influence Jason by actually taking the positive path than throwing everybody under the bus. The real question will be in 30 days or 45 days. What is the final version of this thing and whatever gets passed and signed by him? There will have been enough time to understand it and you'll see the real -time reactions.

35:51All I'm trying to indicate is I think that this was a moment where people were very responsibly optimistic that the approach of doge would really be embraced and that we'd see some broad scale attempts to at least and you know, free bricks at this just to go back to 2019 even if we don't do anything else just go back to 2019 pretend COVID didn't happen. Yeah, and we would be, by the way, if we did that we would have a budget surplus and the bonds would be trading down to 2 % yields again. I mean, we would be in such an incredible condition. We've got 2 % inflation right now. Anyway, we don't need to be the dead horse.

36:26I wish there were 218 members of the house who thought like I hear you. Oh, God. Listen, this guy is saying he's going to primary anybody who, you know, I don't think he should be speaking up right now. I'll tell you what, given the line item veto and then let's talk. Right. How about you saying guys spend less money? It doesn't have to throw them under the bus. Jamal. It could be something very subtle. But you make it that way. What you the way that you position it is like you make it such a black and white thing. and it's I speak up is a black and white he's no this is a great bill no but what I'm saying is he is I'm guessing I don't know but I'm gonna assume okay working behind the scenes and what you're saying is he should virtue signal and prognosticate in public and I'm saying that I never said well not me that's what you're asking him to do no I'm not I'm asking him to say reduce spending in the bill because that's good for America this bill cuts 80 billion from Medicaid over a decade, which is something that already is politically tough and controversial.

37:28It imposes work requirements for able -bodied adults. This is similar to what Bill Clinton did back in 1996 with welfare reform, basically saying that you can't be a layabout and get welfare. These are relatively tough things to do politically. It's like, do I want to see even more cuts? Yeah, absolutely. But again, when you have a one -vote margin, whose vote are you going to pick up by doing more cuts? I guess you get Thomas Massey, maybe, but you probably have to go all the way to balance the budget to get his vote. I don't know what it takes to get a Thomas Massey vote. So I don't know what votes you think you're going to pick up by cutting even more.

38:01And we can't afford to lose even one vote. It's literally the art of the day. We got to move on. I will move on. But if you're going to tell me it's I'm asking Virtuasing and you're going to lie about my position, I will correct it. It's been 40 minutes. So my position is not to Virtuasing. It's to go flip a couple people and say do better. Okay. It was a huge week for AI again. Google on the ghost of Steve Jobs took center stage. Let's start with Google here. They had their IEL conference on Tuesday. This is where they show a bunch of new stuff. They get developers to come together to embrace their products and the stock ripped 5 % on the day, which might be a turning point for Google today.

38:38Up again today, search was the big announcement and we had a discussion with Sergei about that in Miami and we had multiple discussions about it here over the last couple of months, they demoed something called AI mode. Not Founder mode, AI mode, and they compared it to regular search. Here it is on the screen if you're watching us on YouTube or Spotify, a very elegant app. And so here you have somebody searching. And what you can see is in AI mode, it looks like a nice comprehensive search instead of 10 blue links and tons of advertising. So you can flip over and see all or you can do a perplexity like search here.

39:15we're showing you what this search would have looked like, the AI summary at the top and then your 10 blue links. It's distinctly different. It is exactly, Chimoff, what you talked about. Somebody has to have the courage to flip the switch here. And so that was the big drop. And I think that in your interview, Dave, didn't Sundar say we're going to integrate ads into that kind of result. Yes. The comprehensive search result. I think there were a couple of things that Sundar said in the interview that showed up up in a really important way at IO. The first was exactly this, which is to make AI mode more ubiquitous in search and effectively over time, replace search with this AI mode experience, which they've been testing in a small group and now they've expanded very specifically to kind of Chimaltz point a couple of weeks ago, they should try and flip the switch.

40:01Well, it appears they've done that. The key question and the challenge has always been, what's the revenue per query? How are you going to make money? And I think one of the other kind of interesting announcements that we saw come out of I .O. Which indicates the business model opportunity here is not just AI mode in search, but some of the other tools that they launched bundling them together. And they have this product offering called AI Ultra for $250 a month. That includes YouTube Premium. It includes 30 terabytes of storage on your Google account. It includes access to flow, which is their movie creating AI model where you can use they have VO3 Gemini and Imogen below it Those are the three models that contribute to this movie creation studio tool and they've launched a number of other kind of High -value Gemini models as standalone research apps and you can get access to all of these kind of high -powered tools For $250 so I do think this sets a new direction that Google is likely testing as a business model which is subscriptions, you're saying?

41:00Yeah, very high dollar volume subscription model for consumers that over time could create a very meaningful shift in the revenue mix for Google away from ads and more towards subscription revenue that we already see in some of the consumer services like YouTube and YouTube TV. This is, I think, a really important turning point. I would say if anyone were to identify the week that Google really pivoted into the AI business model, it might be this week. They launched over 15 products at this thing and another important one I'll highlight Sundar talked about this in the interview. I did with him in the early days of Google from 2002 till about 2011 Google had this Kind of playground of products called Google Labs where they would introduce new stuff I don't know if you guys remember checking out new stuff So they relaunched Google labs like a year ago or so and As Sundar said, they're putting a lot more stuff in labs So labs is now becoming the new test bed and they launched a bunch of the announcements in labs So that becomes the place where they'll say, what's the business model, what's the use case?

42:00Do people like it? Do they love it? If they do, it graduates out of labs into full production. And I think that opens up the opportunity for some of the things like Timoff was talking about where they could experiment new ideas, new modalities, and then productize them if they work. And they just continue labs in 2011. They just brought it back. They just brought it back. Yeah. Sacks, you, I think, mentioned, hey, they have the I'm Feeling Lucky button. Here they put the AI search up in the top bar. we have images, video shopping, et cetera, news. We're all familiar with that. What do you think?

42:29Just swap out. I'm feeling lucky for delight me with AI and or maybe just if you were a product manager there because you've done a lot of great product work in your career before you were in politics, would you just AB test this and say anybody who let's say doesn't click on ads? Let's send them to the AI search and just see how they do because they don't click on ads anyway and then just let the ad clickers keep going to the ad product. Well, I think we were all calling on previous podcasts for Google to risk disrupting their dominance and search by moving to more of an AI -based model. I think they've taken an important step in that direction.

43:06They've sort of thread the needle here between keeping their old UI and product and then also incorporating the new sort of AI UI. So, this is a compromise. I mean, they're trying to have their cake in either two. it ultimately feels a little bit like a transitional move. I doubt that this will be the end point, but given their need to protect their search business while also developing their AI business, this feels like a pretty good compromise, I think. I mean, it certainly shows that they're in the game and they're not going to get caught totally flat -footed and let the whole world disrupt them while they're trying to figure out AI.

43:43I mean, they are responding now. And the market seemed to but like it, I think they were up like 5 % on this news. Yeah, and then up again today, Chimasa, you talked about having some design sense and maybe some bravery here. Looks like they're pretty much on the cusp of doing that. The search alerts results in AI, look elegant, they look dare I say, perplexity like. When you look at them, I would say, I would like to have that as my default, I think, when I'm doing search, What do you think of the product we're showing you here again? And what do you think the roadmap will be? I gave one possibility.

44:23Saxx is totally right. I think that this is not the destination, but they've taken a really important step. And now they have to follow through. We all know what has to happen. So I think we're all just going to debate when it happens. And I think what the market is betting is that it's going to happen in the next 18 months. So what is it exactly? it's when AI mode becomes the default for a large swath of existing Google users. How will we know that happens? They're probably running a B test right now. They're probably gauging behavioral patterns of which kinds of users, what the actual impacts to search art, and what impacts exist to CPCs to CosperClick, which is one of the inventory types that they sell.

45:04But I think this is the beginning of a process. I suspect it'll be done in less than a and for a large swap of users, they are going to put AI in the front door. I think that's a fec the complete. I think we're just now debating the mechanics of getting there per how sax alluded to it. That's a really powerful step. But here's Jason, I think I go back to what they also have to keep in mind. What you don't want to have when you are going through an innovator's dilemma is to have the competitor be on to the next lily pad while you are figuring out the current lily pad. And the reason I bring this up and I'm sure we'll talk about this is it's impressive what Sam Altman is doing right now at OpenAI.

45:53I don't know if it was a troll or not, but to buy IO Johnny Ives firm at the end of Google IO and I read an article that said, OpenAI has been trying to do this for a couple of years in a row. But what Sam alluded to in that video was some next -gen whiz -bang device that they've been working on that was the industrial logic for the M &A. I think what you don't want to have happen if you're Google is to finally get the search thing right and then now have to play catch up on some device. So I would encourage them to just run the AB tests and shorten the window of measurement. I think we all know what has to happen.

46:35So it's probably better to just do it sooner than later. And then start to allocate the incremental resources to these new form factors and other things so that they shorten the distance between them and open it up. Let me tee up exactly what happened. Open AI. They're the makers of chat GPT bought Johnny Ives startup the startup is called I owe They bought it for 6 .5 billion in an all stock deal if you remember Johnny Ive was Steve jobs collaborator and Designer iPhone iPod my pad all that beautiful stuff So opening eyes buying I owe I always not love from if you've heard about that That's his design agency and so they did a really interesting romcom video and if you guys saw this It's incredible I saw the video and read it.

47:21Let's play it. You're our two people having a meat cube. Dude, you're right. It's like a love story. It literally is like a meat cube. Here comes Sam. He's walking around San Francisco. And he's a genius according to this video. Here's what I've said about Sam. Johnny, I was like, I've never met a man who's so brilliant. It's so humble. I mean, it's embarrassing the language. The responsibility of that Sam bears is actually honestly beyond my comprehension. He's a co -founder of I .O. Yeah, opening I already own 20 % of it. I'll open another 23 % of all. As all Sam Altman deals, have we learned anything?

47:58They're conflicted. But the copy here, I just want to get your general into this comment on what I see you worrying about or other people or about customers, about society, about culture. And to me, that tells me everything I want to know about something. I'm surprised that you guys are such haters on this. I'm excited to see what this thing is. Oh, I have, but I just thought this you guys are like you're falling for it. I don't know why I watch the nine minute video. I wanted my nine minutes back. Nothing happened. I want the device. They say they have a device. Okay. I'm giving them the benefit of the doubt.

48:34They've invented something that they say is world changing. Okay. But they've this is again, I'm just using their words and he's sipping a Machiato there. So that's important. Oh my God. You are so falling for this. So video. This is your prop. Jamal. Just glasses. I think the clue is in the video. Look at Johnny. I've said we're even talking about this. No, it's such a problem. Like let me let me tell you my 2007 my 2007 Apple iPhone moment. Steve announced the iPhone. I got one of the I don't know. And first like few hundred few thousand. I was going to Vegas. So I got it on a Friday. And I had it in my hand.

49:14The way that people looked at me for those three days, I've never been looked at that ever or since they liked you. People like what you were feeling was love and admiration. All I had was music. There was no multiple screens. You couldn't do it on the store. Yeah. But it was so mesmerizing. And my point is, you're right, I may have fallen for it, which may seem crazy. But when I saw that video, I thought, hey, hold on. All I'm saying is if there is a next generation device that they or somebody else, my only comment is I think Google is so wonderful. I love the people there. I just want them to be on the forward foot And I just don't want them to be reacting for the next five years.

49:53That's all I'm saying. Here's what Sam said about Johnny Johnny is the deepest thinker of anyone I've ever met. I mean this was a love story. I'm not just sad but they said it better. Okay, let's hand it to Kapit here. I'll tell you exactly what's happening It's the glasses. He's wearing the glasses in there. They're making smart glasses. Sax, what are they making? What are these two guys up to? You know these guys. You know both of them for 20 years. Come on now. You know what's going on. Just spell the beans. Let me Spell it. Let me express a hot take here, but let me express in the form of a question because I don't want to I don't want to be too definitive Which is the Britora.

50:28Okay, go. Which is is Johnny I've just a media creation. I I mean, no, seriously, did Steve Jobs manifest him? Well, I know he did good work at Apple. Okay, don't get me wrong. But the software was done by someone else, right? So he did the beautiful, edicure. So, you know, the whole... And scuffle. Industrial design? Yes, the hardware looks beautiful with the beveled edge to paint a glass with the beveled edge. Okay, great. So, this is... He has this beautiful English accent, which everyone associates with intelligence, right? So you could describe anything and it's gonna sound amazing and taste and taste 15 % smarter right so I don't know.

51:12I mean, maybe he's like parlayed this incredible reputation that he's built in the media into 2 % of Open AI It's in I mean what a trade what a trade do you think it was done at that $300 billion price? You think it was done at like a cheaper price. Yes. Yes Yeah, I mean, there is an argument. I'm going to go in Sax's corner here. I'm going to go into conspiracy corner here I'm going to say Deeter Rams designed the iPhone not Johnny I've pull it up Nick Well, I'm going to say Tony Fidel designed the eye for okay, but if you don't know what Deeter Rams is I mean if you look at the transistor radio made the iPod if you pull up the Braun radio here is the power Mac if you look at the iMac Basically, what did Steve Jobs - Are you accusing Johnny I of ripping off a German industrial designer?

52:01Is that what you're doing right now? What I'm saying is immature artist, copy, immature artist, he - I'm saying 90 % of what Apple did was steal Deeta Ram's design. I will die on that hill, 90 % stolen. Johnny I have has been knighted. He's Sir Johnny I. He took Deeta Ram's knighthood. That's what he did. Sir Johnny. I mean, Sir John. He did put the handle on an iMac, right? I mean, so you got that. He did you can move those iMacs around So slender stop you guys. This is so brutal Look at this one. Pull this one up Nick. Everybody knows the iconic iMac I hate to break your hearts folks totally ripped off from Deeter.

52:40It was all inspired by the Germans Sorry, so you're saying Deeter brawn is like the Kaiser Soze of our entire physical world look Here's the speaker on the left look at the iMac on the right These guys took every design that Deeter did in the 60s and 70s even the 50s and they photocopied it and they put an apple logo on it I can stop stop stop stop. Saks am I wrong? Stop. I didn't know about the Deeter Braun. I Mean listen, it is what it is. I mean look everyone in Apple did amazing work. I don't understand this. Yeah, but I but I'm just saying like I don't quite get this like design, God, reputation that's been created a little bit.

53:24But I would say that it's certainly making free brilliant idea and a parlay that into two percent of the way. Is that what San Francisco looks like? Like I never thought, every time I go to San Francisco, it's so disgusting and it's cloudy and cold. But did they find the one day where like the sun reshining in that hellscape? Yeah. There were no homeless people and there was no fentanyl. I don't know what happened. Yuck. On a serious note, what I would say is maybe Maybe what this deal indicates is obviously is that open AI is going to do something with hardware. It could be a new kind of phone that is AI first as opposed to the wall of applications.

53:59Or maybe it's some sort of like pendant thing that like tracks what's going on around you and feeds it into AI so it can give you more context, maybe like in the movie her, who knows. But it seems like they'll do something with devices in the fiscal world. So that would be the play I guess. I guess the question you have to ask is will it make Open AI 1 % more valuable if it's a 300 billion dollar company 2 % more valuable yes, thank you Will it make it more than 2 % more valuable if it makes a 1 % more valuable is worth the? The swing I guess right I heard an interesting factoid yesterday, which is by somebody who was looking at Open AI equity all of the rounds before the 300 billion dollar round from soft bank had essentially a feature where there was like a hard rate of return and the ability to do that.

54:52Or something. No, but the ability to put the stock back if they weren't able to do the conversion to a for -profit company, et cetera, et cetera. And in the $300 billion round, it apparently it's much cleaner and it's essentially like sub -new code that is owned. And I thought to myself like, wow, at those valuations, I would have expected the terms to ratchet up And instead it seems like the terms have brought you down, which is, I don't know, it's either commentary on the negotiating prowess of OpenAI and their team and or the risk management philosophy of Softbank and the lack thereof. I do think he is a great designer and he will make it one or two percent better design matters.

55:38So if he makes it, I mean, there's a chance, right, SACs, that he could make the product five or ten percent better through design. I don't think it's going to be one or two percent better. I think it's going to be either zero or a doubling of the company's value, something like that, right? Like either he develops an iPhone like amazing hit product, no one's asking for some new consumer device that really could take the coming to another level or probably they do something that kind of doesn't work. So it's more of like a 2 % option against a strike of doubling the value that comes from the company.

56:07I'm surprised it hasn't leaked because in the in Sam's update or whatever, He said that the executive team was shown the device and that he has it. So what is it? It's definitely going to be a pendant or glasses. It's got to be those two form factors. He was the investor in Humane. Number, if that's the opinion from the Apple people, I will take the field against that. What are the odds in how much money do you want to bet? Okay. Here we go. So I think it's a pendant like a wearable. We'd have to define that. So like Humane, I'll say it's not a pendant. Okay. glasses I get what are you gonna give me you give me odds I'll give you give me a lot but we'll just do even money let's do even money I don't know whatever you want however many thousands of dollars you want to bet even money how would you give me two to one ten times because you have every option I have to pick them no no that's a pretty good that's this is my I actually want to get in on that here.

57:08All right, let's move on. All right, we covered Trump's strips of the Middle East last week, but our bestie, Sachs was there as well. And you did, you got a couple photos to show and you met a lot of friends there. Tell us about the experience. Did you go, oh, but first of all, did you go on Air Force One? That's what everybody wants to know. Where did you go on Air Sachs? I took my own plane. So I know that sounds a little bit like a flex, but. But were you in formation with Air Force One? Were you like, you know, just right behind it or on your own travel? You were on your own travel schedule.

57:43I was, I was my own thing. But did you have the option to go on Air Force One? I probably could if I wanted to, but I actually wanted to get the regional a little bit early because I hadn't been before and I kind of checked it out and so I was waiting there with the President arrived. Oh wow. So it was your first time in the region. Yeah. Well, tell us about your impressions generally and what were you trying to accomplish there as the czar. Well, I call it AI diplomacy. First of all, these countries are obviously they're very resource rich. They've got a lot of capital to deploy and they're also very interested in diversifying their economies.

58:16They're very interested in high tech and they want to do things in AI. They've got very significant aspirations there. And so I was over there just to kind of listen and learn and see what they're interested in doing. And I also got to see some of their tech scenes and just understand better. garage and re -odd right up there. Oh, you've been there. Okay. Yeah. Yeah. No, it's they are really pushing entrepreneurship trying to generate more ideas and teach people how to start companies and co -working spaces, all kinds of incentives in terms of visas to come to re -odd to come to UAE, you know, Dubai, Abu Dhabi specifically.

58:51So yeah. Right. I'm curious, you're impression of the individuals who are leading a lot of these different groups. Yeah. I was really taken back by how much time they had spent in the West. It seemed like every single person I had met had taken one of these scholarships to go to Oxford, to Harvard, to Caltech, whatever it was. They all had spent massive amounts of time in the West and then come back to either Saudi or UAE or Oman, et cetera. So maybe you could talk a little bit about the people in their knowledge base, motivation, et cetera. I had the same observation. The elites of all these countries have all been educated in the West, usually in the United States, some in the UK.

59:32The leadership tends to be young, visionary, future -oriented, intensely interested in AI, like I was saying, and they want to do big things in AI. The thing that's been in their way is that in October 2023, the Biden administration basically put a blanket on the whole region, acquiring some of the conductors GPUs. And it required that every export of a GPU or a server that contains a GPU had to get a specific license from the Commerce Department. And I put a major damper on their efforts to do things like build data centers in the region or to have their own local AI efforts. So they've been kind of in this holding pattern where the Biden administration decided to kind of alienate them.

1:00:20And it wasn't just AI, there was other things to remember the fist bump. And the Biden administration was very, I'd say, hostile, standoffish. Cool to and even hostile towards these states in the region. And I think from a geopolitical standpoint, it was just stupid because we're in an intense competition, a high -tech competition, a security competition, economic competition with China. And these states want to be aligned with the US. And we're pushing them into China's arms. And if we don't give them the ability to buy the American tech stack, it's not like they're going to sit on their hands and do nothing.

1:00:54They're going to be forced to buy the Chinese tech stack. They're going to participate one way or the other. Right. And China still has some limitations on how many chips it can produce, but they clearly are building their own Chinese tech stack. It's a Huawei plus deep sea tech stack. There's actually a story in Malaysia just in the last couple of days where they were talking about building a local data center using the Huawei S &D GPU plus deep seek. And then they walk back that story because I think they're afraid of getting in trouble with the US government. But the point is that if we drive these countries away, if we alienate them, they will end up partnering with China and say, the United States.

1:01:34I don't understand how that's in the United States's interest. Now as part of this trip, we rolled out a new framework for an AI acceleration partnership with these countries. And there's a few very important terms that I think it's worth going into. So first of all, the purpose of the framework is to replace the Biden export control to the region with a framework that gives them the ability to buy GPUs and build data centers. But there's a few very important provisions. Number one is there's a matching investment provision. So for every dollar of investment they make in terms of building out data centers in the region, and they have to invest a dollar in the United States in building out our AI infrastructure.

1:02:15So it's a huge win for the United States in terms of accelerating our own infrastructure build out. So that's point number one. Number two is, even with respect to the data centers, they're gonna build in the region. At least 80 % of the chips have to be owned and operated by American cloud service providers or American hyperscalers. So even with respect to the data centers they're building, the vast majority of the compute is going to be run by American companies. And so, I mean, this to me is just a huge thing. What's the critique? When people critiquing it, like, you know, this expansion, I guess, Rokhan has said, like, hey, we should build more data centers here.

1:02:52That was sort of a light critique, maybe, for a misunderstanding. Well, I mean, there's two types of critiques. One is the one that Rho was making and Rho's a friend, but just, you know, I respond to him on X, which is we are building our data centers in the US. We want to do as much as we can. It's the Trump administration's policy towards energy that's making that possible. We're making it easier to spin up new power generation and we're making it easier to permit. Both of those things were virtually impossible during the Biden administration. So we are building more here in the U .S. In addition to that, you've got these countries who are resource rich and they have their own AI dreams and aspirations and we can either partner with them or drive them into the arms of China.

1:03:32And the deal we've made is to enable their aspirations while getting them to fund more AI infrastructure in the United States. And even the infrastructure they're building over there, first of all, it's going to be on an American tech stack, right? We want it to be Nvidia and AMD and those types of companies that improves our balance of trade. It also ensures that these data centers across the world are going to be built on American technology. We want American technology to become the standard. And if you allow those data centers to be built on Huawei plus deep sea, that will become the standard.

1:04:02So I think this is something that people in Silicon Valley intuitively grasp, but people in Washington don't, which is the way that you win these technology battles, is you create the largest ecosystem, right? You want to have the most partners, you want to have the biggest app store, you want to have the API server, use the most data. The most power. Exactly. So the point is we want to involve the whole world on our tech stack. I think export controls on China that makes sense, but we don't want to reduce our market share in the rest of the world We want them getting hooked on our platforms Making those platforms the standard and getting locked in before China can catch up to us.

1:04:37Saks did Jensen Just say that he thought export controls were Kind of pointless. Did he just say that recently? Yeah, he's against all export controls And you know where I would split the baby here is that I I think that most people in Washington believe that the export controls on China make sense because we simply can't allow our most powerful semiconductors to be used by China because of the dual use. Now, where I agree with Jensen is that I think we should not place undue restrictions on the rest of the world using the American tech stack because we will simply concede the market share to China.

1:05:17And so I think he's right with respect to the Middle East. Now, the other concern that you heard a lot is around this, quote, diversion. The idea that somehow the GPUs or somehow the IP, if we allow it to be used in data centers, the Middle East will somehow find its way to China. And yeah, I mean, you're expression on your face, Jake, I'll show you. That makes no sense. It's the makes no sense. These guys have unlimited resources. They have unlimited ambition. That's just a nice point of view. They want these for themselves. They understand the power of AI. They don't want to give it to China.

1:05:48and they wanted for themselves. They make trillions of dollars selling oil and gas. They don't need to smuggle our GPUs. It doesn't make any sense. The other thing is that people don't understand, they're called chips, but really these things are now the size of mainframes. The Nvidia data center product, NVL72, is this giant server cabinet, it's eight feet tall, it weighs 3600 pounds. It's not like diamonds you smuggle in a briefcase, right? All you have to do is send, and it's expected. But they ain't gonna go across the border. That's definitely not happening. And no, it's not happening. All you have to do is send an inspector to the data center to count the servers.

1:06:22And you can see that they're there. I'm ridiculous. So this idea that somehow they're going to get smuggled, it's like this totally fake concern that's been created. It's almost like a totally fake narrative. You know, then people so well, they won't physically smuggle the servers, but the IP will somehow be transferred to China. Look, there's nothing in a data center that China hasn't already seen. They have one of at least one of everything. The issue is that they can't reverse the advanced semiconductors from the chips, right? Because it's about the process technology that it takes to create an advanced semiconductor There's hundreds or even thousands of steps in that process Yeah, and you can't figure out the recipe just by seeing the end product I would like to say that I'm very proud of my bestie.

1:07:02I got three calls I do want to tell you it sucks you crushed it. I think you yeah, I was pretty impressed put your best foot forward and People were really impressed But I got calls, I got three calls from the powers that be. They were very psyched to meet you and spend time with you and they thought you were super impressive. So it was awesome. Thank you for doing that. I appreciate that. Yeah. It's an incredible region. I think you're doing like a really patriotic thing. If you look at that region, like you said, it could tip one way or the other. They could be involved with the West. They, we could be building businesses together.

1:07:36And if we build businesses together, that's better than then building businesses is with China. Pretty obvious, I think. Totally. And this is the thing is, I just don't get the opposition of Washington to this. And I especially don't get how the opponents of this can call themselves China hawks. Because at the end of the day, this is a tech battle between the US and China. And we can have these countries be aligned with us in our orbit, or we can push them into the arms of the Chinese. The choice is, do we want these countries to be the piggy bank for American AI or for Chinese AI. It's like that.

1:08:09They have an investment level that they can do, that dwarfs anybody else in the world with the exception of Norway in the United States. I mean, they can put a lot of money to work. And here's the thing, they want to. It just hit the wire that OpenAI is partnering on a five gigawatt data center cluster in Abu Dhabi with G42. Well, hold on, let's just be clear about it. So the five gigawatt cluster, or it's more of a campus, that's going to support many American hyperscalers and cloud service providers and they're going to be one of the tenants. So I think they're saying that they're going to have one gigawatt, there's still four gigawatts to go that they plan on supporting.

1:08:45Well, the most interesting part of the deal, it said, was that as part of the deal, G42 plans to make a reciprocal dollar for dollar investment in AI infrastructure in the US. So to your point, SACs, it's like perfect cooperating like this, I think just makes a ten of cents. Absolutely. And this has not done money, by the way. These are very smart people who are investing very strategically with a very crisp group of individuals, like you said, who have been educated in the West. You know, when people explain to me, oh yeah, just go to Abu Dhabi and come back with a suitcase for money. No, these are folks who want to be on the board of companies.

1:09:19They want a company build. They see themselves as owners in business, not just investors. And then they want to do it domestically and abroad. The amount of investment that they're going to do in the next 30 years is going to dwarf what we see out of universities and retirement accounts. I think other people understand the scale of what's happening. This is why I just don't understand the point of the Biden policy of alienating these countries and making them feel uneasy about their place. Because you don't know who it was that made the decision. It's face it. That's why we're confused. We can have Bernie's.

1:09:54I've actually have a pretty good idea at this point of who was controlling the auto pen on AI. There was a group of very powerful staffers in the Biden administration about half a dozen people who kind of controlled AI policy. And the interesting thing is none of them have ever worked in Silicon Valley. They're all basically lawyers. And they don't really have a good understanding of the idea of a platform or technology ecosystem or a stack. And I don't think they realized that by alienating these very resource rich countries that they were creating a huge opportunity for China to come in and serve the region.

1:10:31And this is why I think this, again, what I call AI diplomacy is so important is that Box is out China. It's good for America. It's good for our companies. It's good for our trade balance. It makes us the standard. And a box is out China. What's not to like about this? I really don't get it. I think they were living in a world where they put people into very rigid buckets. If you wanted to look at human rights as an issue, which I think is what some people were doing in that administration, I look at the progress that's being made. If you go to these societies and you look at what's happening in that region, the pace at which human rights and individual freedoms is growing and the rate at which those societies are moving forward, it's going in the right direction.

1:11:13What do we want to do? Do we want to steer people towards collaboration and working together to build the future or do you want to have it devolved? I mean, it's such a stupid decision by the Biden administration. It was perplexing. Yeah, I really don't get it I don't understand what the point of alienating these gold states was Well, I like Trump's Approach there when he said listen you're gonna make decisions in your own time That's what they want to hear they want to be respected as they respect us Hey, we're gonna make decisions in our own time. What's right for our people? That's a process that will decide.

1:11:44Now, if you want to collaborate on building a company, a data center, a technology platform, hey, we're here for that. But you can't tell us how to run our society. And just like we wouldn't want them to come here and tell us how to run our society, right? So I agree with what you just said, Jake, and I thought the best part of the president's speech, which the whole thing was excellent. But the best part was when he talked about how the Neocons and the interventionists had come into the region and lectured people and come in with a very moralistic point of and made all these interventions that basically wrecked countries.

1:12:15And it wasn't the Neoconsi interventions who have led to so much progress in the Middle East and in the Arab world. It's been the countries themselves whose own leaders have set the path and have had the vision. That was incredible speech. It was incredible. That was great. He did incredible. Incredible speech. And that's the message they've wanted to hear for a long time. And that's the message that moves society forward. All these other messages just sort of set it back and I think I'm super hopeful about the region Okay, let's do science corner, you know, by the way, I just I was just checking X here and it looks like there is a announcement on what the Open AI device is gonna be oh see this here we go.

1:12:59Oh the pox and the little puck I saw that puck, but it hasn't been confirmed yet. Oh is it puck you put on your desk and it? Yeah, it's like a puck with the camera and a hole for a mic. Oh, that's a pin. Yeah, that's a pendant. It's a pendant. I could have made 10 to 10 straight up versus that's a pendant. That's a puck. It fits in the palm of your hand. It's too small to be a puck. A puck like the size you're in. It looks like your thumb. Okay. This is AI generated. It's not actually the device that haven't shown the device from Johnny. Yeah. Somebody just took what's in the Wall Street Journal report.

1:13:29They mocked it up. This is their best guess as to what it might look like. This is already out. And by the way, this is going to get you punched in the face. You show up with a listening device to a party or a meeting. I'm going to knock you out. This is ridiculous. And it's got a camera in it too. I don't want this surveillance device anywhere near me. How are you going to do it like this?

1:13:52Yeah. Get that buck away from me. Okay. Any counter -ready? How dare you record me by leaving my privacy? I was literally at dinner the other day. I kid you not and somebody came up with one of these things and he was clipped on his thing I said hey, uh, what's the thing on your lapel? He said it's an AI recording device. It does it summarizes what we're doing I said he goes, oh do you care? I said do you care if I punch you in the face for covertly recording me and he said yes I said well then turn it turn it off I mean literally let's talk about science Let's talk about science. No, I mean well you raise a good point Jake held that these I'm afraid of these devices.

1:14:30I'm afraid of these devices. These devices requires a level of trust that is kind of unprecedented. I mean, you already had to trust Google and iPhone and so on because they do have a huge level of access to your data. But the new, let's call them AI connected devices. I mean, they are surveillance devices. I mean, their whole point is to listen and see everything that you can hear and see. and then to give that data to AI to do something with. And man, you better trust that company completely before you. Oh yeah, which company's doing it? Oh right, that company. The company that had every leader leave because they didn't trust the founder.

1:15:11Okay, all right, yeah, go ahead and wear the puck. And by the way, with these pucks, I'm gonna make one more point, Freberg, I'm sorry. These devices need to have a red flashing diode on them when they're recording. We need to pass legislation that it does that. If it's recording, it should have a flashing red light on it. Let's go to science corner, because everybody, Jamal loves science, corner of freedberg, some breaking news, some innovations in CRISPR, yes. It's got a lot of press coverage, but there is a baby born named KJ in the research paper that was published, was born with a mutation that was inherited from the mother on a specific gene called CPS1, and the same mutation inherited from the father, which resulted in the fact that this gene has a deficiency in it.

1:15:57CPS1 produces a protein that's part of the urea cycle, so basically breaking down nitrogen or protein compounds in the blood, so that they can be excreted. And in the absence of this protein, if this protein is not being made in the body, ammonia accumulates in the blood, and that has extraordinarily harmful consequences, is including brain damage and ultimately death. This gene had a G that was mutated into an A on both of the copies of the gene meant that the protein wasn't being correctly produced. And as a result, the breakdown of nitrogen and ammonia was not possible. And so this leads to a very short life for the very, very, very, very few people that have ever had this double mutation that this particular child was unfortunately born with.

1:16:49So we have technology today, CRISPR gene editing technology. In fact, CRISPR gene editing technology is what we use to do some of the work we do at O 'Holo, the company I run, and some advanced forms of gene editing technology include what are called base editors where you can change a single letter on a strand of DNA into another letter. So in this particular case, changing an A to a G was the goal. So the physician Rebecca Arons Nicholas giving her a big shout out for the incredible work she did in partnership with scientists at the University of Pennsylvania. They developed very quickly a very specific gene editing target to go in and find the letter A and turn it to G in this particular patient's body.

1:17:33Now remember we have the same DNA in all of ourselves in our body, but specific cells have specific functions and genes are expressed in only those cells. So in this case, it's the liver that makes this the CPS1 protein. And so they had to get the gene editing into the liver cells to edit the liver cells. And if they could edit the liver cells, then those liver cells would start to become more functional and you would have a functional protein. So they quickly tested dozens of base editors. These are different proteins that can go in an edit. They tested different guide RNAs. These are the guides that tell that editing protein where to go, what part of the DNA to go to, which is trying to get it to this exact same site.

1:18:14They tested it in Petri dishes, then they tested it in mice, men and monkeys, to make sure that the selection that they came up with worked, they then put it in the child. And so basically by putting it in the blood, found its way into the liver, and that's the the fortunate benefit here was at the end of the day, you're trying to edit specific cells and we can get to the liver by putting CRISPR and the guide into the blood, but made its way to the liver and they coated the gene editing system with liquid nanoparticles, which helped it get into the cells. It got absorbed by the liver, it got went into the cells, it found a way to the site on the DNA, converted the A to G.

1:18:53And as a result, those liver cells became functional to make the protein that breaks down the ammonia in the child's blood. And so they did the first one just to make sure the child would handle it. It worked, the child didn't have any adverse effects. They then did the second dose, able to take the child off some of the medicines and compounds they were giving the child to break down ammonia in the blood and then they gave it the third dose and their monitoring. So this is the first time that we've seen this kind of custom CRISPR gene editing for a genetic mutation being applied to a patient in vivo in the blood for a specific target, for a specific particular treatment.

1:19:30I just asked GROC how many diseases are because of an at -a -g point mutation, and it says it's hard to estimate through the human genome database or ClinVAR, but it estimated between 20 and 30 ,000 conditions are because of an at -a -g point mutation. And because that is incredible? Yeah, and I'll tell you one other story about this. I saw a geneticist here at UCSF a couple years ago and he was telling me about all of these kids that come in and they don't know what's wrong with them. And he can see on the kid's face, he can see a disease condition, they have all these weird lab tests and the kids are dying or they're really deficient in some way.

1:20:11And they can't afford to do the DNA sequencing because the child is on a medical or some other sort of like healthcare plan and it costs like $5 ,000 to do the DNA sequencing needed to figure out what genetic mutation this particular child has. So there aren't easy off -the -shelf targeted tests or lab tests you can run to figure out when people have genetic disease. And so this is an incredible, like, undiscovered set of problems to my point that there are likely millions of people out there that have some health condition that they've not yet been able to identify because it's a genetic mutation and not everyone can afford to go out and just get their genome sequence to figure out where the mutation might lie in their body.

1:20:50And so as we discover more and more genetic mutations, we build targeted tests for identifying that people have them. And hopefully, over time, can start to build more targeted therapies like this one to go after and make the change as a specific site to fix the genetic mutations. Bad ass. It's incredible. Okay. Somebody wakes up. Sacks. Exactly. Just so you know, one thing about America is we've got a pretty good advantage in genetic technology today in China is on its way coming after the US on this technology front as well as AI you welcome up you speak this interest China's coming for Uranus and you will see some very good posts recently on people talking about how a lot of technology that's been developed in the United States is being transferred to China and they are building biotech companies and biotech solutions that take American IP and put them into market and this is also had a very big dampening effect on the biotech market so what do you think we should do about that.

1:21:45It should be in the trade negotiations. Some tighter IP controls. I can tell you, Sachs, that a very large company had a conversation with their CEO and they said this exact thing, which is that the amount of IP that's available for purchase or for licensing, questionable provenance, but how effective and good it is is causing them to figure out how to establish more of a presence such as buy stuff there. It's kind of like... me. Meaning that let's just say you have an R &D effort in the United States. You can almost head your bets by having an outpost in or near China, let's say Hong Kong, where there's an equivalent project for almost anything that we're working on happening there at the same time in real time.

1:22:31And so if you can't figure out how to get it here, you can get it there. And it's much kind of get to the same place. So it's just to say what Friedberg said, which is that the amount of R &D that the Chinese are doing is roughly equivalent to the amount of R &D that the United States is doing. Yeah. And so as a result, everything that we discover, they discover. And so it really is a foot race. And we're kind of neck and neck. For sure. This is a perfect time to make sure that we have an electricity deficit. Ah! Perfect. Well, I agree with you, you need to build up power. But I think the administration's committed to doing that drill baby drill.

1:23:13I'm not questioning Trump's desire I'm talking about the actual congressional bill details. I saw yesterday the Tennessee Valley authority filed the first ever Application for small modular reactor. Let's go Hopefully gets approved very quickly. This is by the way I will watch this I think others should watch this to see how quickly They're able to get through the regulatory process to get that thing approved and that will be a very good indicator if it gets approved and they can get fast permitting fast deployment, that would be an incredible insight on how quickly the US will be able to scale power production for AI.

1:23:45Over under 2032. What do we say? Let's do a polymarket. Great question. Let's do a polymarket. You should create a special Trump designation, like a speed run designation. When something super important, he puts the speed run designation on it and they actually attempt to do it as fast as possible. I don't know if you guys watched my interview with Bergen, but he said that there's a permit for a copper mine that's been outstanding for 30 years. They've been trying to do the programming process. 30 years to get this compromise started to run. And now he and the team are trying to fast track this thing.

1:24:16But 30 years it's been sitting through a period of years. The good news that the vanilla folder has made its way down the elevator. So it's down there in the sub basement. Ready to be shipped. But let's go ahead and get rid of those. Let's get rid of those and keep things. Well, let me ask Freeberg. Well, I don't want to get rid of those. But let me ask Freeberg a question. No, I'm joking. I'm like, yeah. I know given the amazing advances that you see coming with CRISPR biotech but also AI robotics What are the odds that we can grow our way out of this fiscal problem? Yeah, yeah I do I'll be honest.

1:24:51I think the limiting fact so the CRISPR side It's gonna have profound effect in longevity human health and food abundance So those are like I think about abundance in four ways One is abundance of food or calories. One is in abundance of labor through automation. One is in abundance of lifespan or longevity. And one is in abundance of what I think is the most important in gating factor, which is energy, which leads to everything else. So you can't have the labor savings of that, the energy and the productivity improvements of that, the energy. So the thing I do watch the most, and that I do think, you know, I've talked about this, that I do think is the critical linchpin for all of those other points of abundance being unleashed is the energy equation.

1:25:29And this is where I look very clearly and plainly at what China's doing versus what we're at today. We've got stated intentions, but the actions are where we're still, you know, we got to start showing up. That's it. But let's assume that we have enough power. I mean, my point's really about, yeah, if we have enough power, the 38 trillion of debt doesn't matter. Really? You're saying that in a, no, I'm very serious. But that's a pretty important conclusion. because if that's true and we can grow away out of this problem, then that's an alternative to having this austerity approach for which there's no political will.

1:26:08If I saw, if I saw, if I saw as adding a terawatt of electricity production capacity per year in the U .S., I would shut the fuck up about the debt. I wouldn't. Terawatt, we're talking about gigawatts. I'm talking about one terawatt. No, I know what I'm saying. Like China, you guys know China right now. China is dealing in gigawatts. Yeah, I know. China is dealing in terawatts. And China is dealing in terawatts. China is moving. I mean, we've been through the numbers, but they're going to, they're adding an entire United States every 18 months. Every 18 months soon. So every 18 months, China adds all of the power production capacity of the entire United States additional to their grid.

1:26:47Mostly in nuclear and solar. Solar is a big component, hydro. Hydro is like big. I mean, look at the number of times. They're adding like hundreds of gigawatts just on the yanks. Yeah, look at the number of times that Elon has said this. Like, it's like the amount of energy that's available if we just harness it from the sun and redirect it with some storage. What's all of our problems? But the problem is that we're at like just a little over a terawatt. We're inching along in gigawatts. Whereas China is in the Terawatts adding Terawatts. Yeah, they're in the corner of that chart. There are three Terawatts going to age.

1:27:26The corner of Arizona or Utah. There are three on eight and we're at one, you're on a two. Yeah, I've shown this many times before on this show. Crazy. This is total production over a year. So this is Terawatts hours. And this show is 4 ,000 Terawatts hours is where the US is at. If you break that down on basically a continuous production, you measure it in watts. So the number of watts that the US can make in any given point in time or is making any given point times one Terri what one trillion watts meanwhile right now China is making Three terri watts and they're scaling up to make eight we are at one going to two over the next 15 years So you could sure this graph to be more important than the the budget deficit graph.

1:28:10I do and I'll tell you why I've got another chart. I can pull it up for next time So now do you think it's esoteric sacks to like add these line items? I've this market Well, I don't I just don't I mean you're talking about I just I'm not sure You're gonna have to provide a lot more information about what exactly is no, but I mean look sexy It's obvious. It's obvious. It's obvious that it's filled in blackstone They'll tell you guys and I just want to translate this. I it's so obvious Automation on that small that's having seen anything it just happened last night. This is the point I'll just say one thing because I think it's I just want to add it at the end.

1:28:43Sure automation which is unlocked by AI. We are going to see an explosion of robots. They're not going to all be humanoid robots, but like robotics allows humans to get an incredible amount of work done. Imagine having the cost to build a giant building go down by 50x. That's what this unlocked unleashes. Is all of this automation? Optimus doing it. Yes, we'll have an optimization. Optimus, but we'll have these robotic devices doing it. You can see it in China. Go look at how they build bridges. It takes like three days to build a multi mile bridge in China because the whole thing is automated.

1:29:14They do automated drilling, they do automated mining, they do automated building. All of that, if we unleash that capacity in the United States, we can build things that are economically productive for America. All of this gets unleashed. The technology is here today. The only thing that's missing is the power. We want this. David, I would just then ask folks, go talk to like Duke Energy, go talk to Consolation Energy, go talk to the drillers, but they'll all tell you the same thing. If you want a Nat gas turbine, we have to wait until 2030. Why? Because China owns them all. They make them all.

1:29:49So if you say, hey, Trumab, drill baby, drill and use Nat gas and I say, okay, I'm waiting in line for five years to get a turbine. So then it's like, okay, what can I do? Nuclear? I can't. Because that'll take till 2035. So then I'm like, okay, I'll go into the tax equity markets and I'll finance myself, residential or industrial solar. And when that goes away, there is no energy. Somebody should just go and figure this out. By the way, this is our Manhattan Project. There was a Manhattan Project, then there was the Apollo Project. This generation's Manhattan and Apollo Project is energy production scaling in the United States.

1:30:23That's it. All the other flows. We don't need the government to do AI. We don't need the government to do our mission. Just give us all that. Let us do the energy. We need to figure out how to get energy. And you can't to capitate the markets at finances. We're all willing to put up the risk capital. That's the crazy part. We don't even need the government. I don't know any of the details of what Samoff's talking about, but I mean generally, like, you think, and your chairman, dictator, Samoff by Houghtiya, Salta, Dox Tater. Salta, Yeah, chairman, Duk Tater. Who'd you duck, Tater? For your chairman, Duk Tater, I'm trying to close the show with the seventh time.

1:30:53Your chairman, Duk Tater, Samoff by Houghtiya, your Zarr, David Zack's, Sultan of Science. I am the world's greatest moderator. I'll be in Singapore next week if anything's popping off. Jasonatallin .com. Hit me out. Why do you broadcast your location? I don't understand what what are you? You're a singer. I'm doing a bunch of public events people know the same one that wants to like Hey, and then you're just telling people where you're at I don't see what happens tough guy put the pin on Sorry, you took all in calm as your email address Jason. I don't know how we each have But but but don't broadcast set out bro come on

1:31:35That's your domain. That's not your domain. That belongs to the show. That's all great. So all of us, it doesn't belong to you. It's a grateful prex. Why do you have got to use that for negotiation? Oh my God. I can't even put in the goddamn email. It's not in the contract that you get the email. Chase and Eckballin .com for life. I think we should charge you 50k a month for that email. For life. Executive producer for life and email for life. We'll see you all next time. What are you gonna sing up for? He's trying to engineer a turn out. What are you gonna do? This is a plug. This is a plug. It's a plug.

1:32:08I'm in Singapore next week. That's it. You were in the Middle East last week. You had a $5 ,000. Yeah, but I didn't get to announce it. You didn't pre -announce it. You were on CNN. Did they pay for your business class ticket, Jake Hal? Did they come to a talk? Is that what's going on here? You got to free -figure. Let's go first of all. First of all, let me just tell you. I speaking gigs are six figures now, bitch. I flew private to Singapore. Never again. That is the dumbest thing. flight Singapore Airlines. The best. The best. Are you doing Singapore first? Jake, how? I think I, yeah, I don't know.

1:32:38I think I'm in United actually, but I do not fly United. Do not fly United to Singapore. Oh, really? Yeah. Switch it on. What do you think? Raffles, you like raffles? I don't know. Raffles is the best. The best. I think I'm gonna keep you on the best. I'm gonna have to do the best. The best. This is beautiful. All right, everybody. We'll see you next time. Bye -bye. Love you guys. Bye -bye. We're like your winners, ride.

1:33:02I'm going to the beach. I'm going to the beach. I'm going to the beach. I'm going to the beach. I'm going to the beach. I'm going to the beach. I'm going to the beach. I'm going to the beach. I'm going to the beach. I'm going to the beach. I'm going to the beach. We should all just get a room and just have one big hug or two because they're all It's just like this like sexual tension that we just need to release that out What you're the beef? What you're the beef? Beef? What? We need to get mercy I'm doing all of it

1:33:50I'm doing all of it