Travis Kalanick & Michael Dell Live from Austin, Texas

31:36If you're an optimist about this situation and it won't be the end of the world, maybe even a better world, then we get to a better place and I think progress, abundance, the golden age happens. And a lot of it is about all the things that are happening in AI, in physical AI and just the productivity gains that are coming in very massive ways. Yeah. And I mean, it was shock and awe and then, hey now we've got a steady state and let's hope that's what happens in iran is that we can depose these evil dictators and replace it with something a little more stable and related to this before we wrap they're going to china there's big trade deal being negotiated what do you hope comes out of this chinese thing and what did you learn in china well yeah what would you learn and what do you think would be great for america like what would you like to see and be like man that's going to set us all up no more look here's the thing if you go to china right now and you go and just take a tour of the manufacturing that's going on there, just the manufacturing base, the cities, especially if you've gone to China for a couple decades in a row, you're like, damn.

32:45Yeah. So let's just do two things. You go to Shenzhen, which before felt like Kansas City, but 50 years ago and really humid, which I guess is Kansas City sometimes. But you go there now and it's like one-upping Singapore. right? Or so that's the city view. You're just experiencing a very awesome, you're like, this is advanced. And you just get the vibe and it's everywhere. And then you go and you start seeing the manufacturing base and you see what like Xiaomi is doing or any of the other, there's so many scrappy guys, badass guys everywhere. And you're like, F. They're hungry. So does anybody remember the 2008 Olympics in Beijing?

33:33Anybody? Does anybody, this is a little bit, you're down a rabbit hole. Does anybody remember the opening ceremony? And you're like, these mofos are taking over. At least that's what they want to do. That shit's happening. So I don't have any issue or this is not negativity for me. I'm like, these guys are killing it. The best idea is winning. They're fiercely going after truth and progress and they're making shit happen. Let's step up our game. Okay. But we can also have a friendly game. Like we don't have to like be like the Detroit Pistons in the 90s. You know? Yes. We can. Don't go into the stands.

34:14Yeah. Yeah. You know, there's a way to do this right. And there's a way to do it like adults. I hope that's where we would end up. I have an employee who, because for a long time, we're the largest kitchen builders in China. I have an employee in China, has an American wife. They both live in China. They're both from China originally. But it would be great for him to work here on some things I'm doing. It's very hard to make that happen right now. Now that's selfish. Like I like maybe selfish. Like I'm like, there's a person I've been working with for over a decade. I'd love to continue here. Maybe there's other bigger picture items that I'm not dealing with.

34:59I'm not the geopolitical guy, but I'd love for them to be sort of good relations and good. Like, like if you have a significant other who is an American citizen like do we have to make that hard as an example some normalcy would something you know I'm just saying now I agree like there are ways to do immigration properly like we effed it up super bad don't even get me started but there's also there's good migration to like a lot of great innovators all over the place came from other places for their own version of the American dream. God bless. Freberg. And we don't have to, that doesn't have to be a negative thing.

35:46And so I'd like to see more of that. And yeah, China's wild. So let's keep our eye on the ball and let's give them a run for their money too. Give it up for TK. Well done, brother. That's good. Good to see you, brother. Wow. Michael Dell. My lord. Texas native. Yes, born in Houston. Well, I missed the opening. We jumped to the music, but you started Dell Computer here in Austin with a thousand bucks. 42 years ago in my dorm room at Dobie, at UT, about 10 days before I finished my freshman semester. Amazing. And it's been working out pretty good. Yeah, it's been some bumps in the road, But yes, it generally worked out okay.

36:42We'll have about$140 billion in revenue this year. Yeah, it's okay. It compounds over time, doesn't it? Yeah, yeah. You know, you start small and just keep adding and there you go. That's how it goes. Yeah, exactly. It's just that easy. But why Texas? Like, I think this is an important thing. We're in Austin. Jason lives here. David Sachs lives here now. how more people are moving from California to Austin. Why Austin? Why Texas? Why does it work here? And is it getting better? Is it just always worked? You know, I think Texas has had a, you know, low tax pro-growth environment for a long time and pro, you know, sort of progressive business climate.

37:31And, you know, if you sort of look at the growth of the Texas economy relative to the rest of the United States without Texas, you know, Texas just kind of looks like a better version of the U.S. economy. And, you know, now you've got Austin is sort of just about in the top 10 cities in the United States. So you've got, when that happens, you'll have four of the 10 largest cities in America in Texas. One out of 10 children born in the United States, born in Texas. More New York Stock Exchange companies in Texas than in New York or anywhere else. And, you know, you've got the University of Texas here in Austin, which I always think of as kind of the wellspring for a lot of the companies that are here.

38:25certainly ours and um you know a long history of of uh innovative pioneering spirit and entrepreneurship and um it's been a fantastic place for us and part of this i think freeberg and michael is what's happened in the other great cities or what were once great cities my hometown New York I got to spend 10 years in LA and the last 12 in the Bay Area and what's happening there is incredibly un-American and they're decelerating when compared I think maybe the gap maybe in the disparity from these two locations has gotten greater yeah and you're seeing a lot more people say life there here in Austin seems a lot better than the life I'm living in New York, LA, or in the Bay Area?

39:21Yeah, well, I've got a lot of new friends and neighbors, you know, that have come. And certainly, I mean, if you look at the migration statistics, Texas has attracted an enormous number of people. And look, I mean, when you look at the environment here and compare it to the other kind of situations that are going on, it's very attractive. But, you know, it's kind of been great for a long time. So it's not really news to us that have been here a while. Yeah, Elon had a great experience when he was building the Gigafactory over here. They let you do stuff here, basically, you know. They let him build it, which he said was like an incredible experience for him because in California, they didn't let him build, you know, these factories.

40:13In fact, the Tesla factories that in Fremont was just an old ancient factory that he was able to retrofit. So there's something going on here as well with the data centers. And that's actually, I think, very close to what you're working on at Dell. Maybe you could talk a little bit about the data center boom that's going on in Texas that maybe people aren't paying attention to. Sure. Well, there's obviously been enormous build out of AI infrastructure. And that requires lots of new data centers, lots of power. Texas has an enormous advantage there relative to other states. A lot of power, a lot of land, and you can build stuff, right?

40:54So there's been a massive build out, particularly in some of the cities and towns in West Texas, where there's not a lot of population. And so they're not really too opposed to having data centers out in the middle of nowhere, where there's land and power. And so, yeah, I mean, the demand for tokens is enormous. We've been building these AI data centers, not just here in Texas, but around the world. And the growth in that has been tremendous. We introduced the first H100 server. It was literally a couple of weeks before ChatGPT was announced. and you know the progression of our business in that area sort of gone from like 2 billion to 10 billion to 25 billion to this year it'll be like 50 billion so so tremendous growth and when when you think about what these models are creating there's this phase change that's happened in computing right we we had 60 years of calculating and computing, now we have machines that are thinking and helping us think.

42:09And so the demand for that kind of intelligence and the models are amazing, but they're also the worst they'll ever be and they continue to improve. And so we just see a lot more demand than supply. And it's happening not just in the hyperscalers and the cloud service providers, it's happening in 4 ,000 enterprises where we're building these Dell AI factories. It's happening in sovereign AI, you know, like Palantir and, you know, people want to protect their data, but also use AI on it. They want to bring the AI to where their data is. And, you know, when this kind of started a few years ago, we had some really sophisticated large companies, think of like Fortune 100, And they started, you know, buying these AI servers from us.

43:04And they kind of knew what they were doing, right? You know, and we said, well, what are you doing? And they were kind of taking, building their own models. They were taking open source models. They were running them. Some of them were algorithmic traders or, you know, derivatives of machine learning. And of course, they needed a lot of help in doing that because it was sort of a complicated thing. So about two years ago, we put together this product that we called the Dell AI Factory. And now we've got 4 ,000 plus of these and it's kind of running rampant across enterprises. How do you think about the payback time on the investment that's being made?

43:55The administration put in place this accelerated depreciation rule. Yeah, that's very helpful, actually. Just for folks to understand that a little bit, if you spend$100 billion this year building data centers and buying infrastructure for those data centers, you get to write off 100 % of that this year to deduct it so you don't pay taxes. You pay much fewer taxes. And that's in place for 10 years, I think. That's a 10-year deal. So it's accelerating the investment. How much is that helping versus how are you seeing folks rationalize the investment relative to the return they're going to make and over what time scale?

44:33This is still the big question. Is the money really there? The hyperscalers, maybe they're starting to come up at end usage, end states. Are we kind of, hey, wait and see? We don't know yet. or folks are getting 20 % ROIC starting in year one after they've made the investment? You know, I can tell you in our business, in our company, we definitely see plenty of use cases where the ROI or the improvement in productivity efficiency is 20 % or greater. Right away it gets there. I mean, it's not like you just hit a button and you get 20%, right? There's work required. in thinking through the processes.

45:16And it's worth a little bit describing that. So, you know, when you have any company, its processes and tools and technology are a function of what was available at the time it created those things. And so what you sort of have to do is step back and say, all right, what's the trajectory of the improvement of the tools? What outcome are we trying to create. And now let's simplify and standardize the processes, get all the tools together, get all the data together, and then apply the technology. And this really has to be done in kind of a tops down way. You can't sort of do it spontaneously. Silos are not going to spontaneously improve themselves.

46:04And often that means that you're completely changing the way the organization works. It's like a wholesale re-architecture. It's a re-imagining of the way a company works. And, you know, I mean, the way I described this to our team about three years ago is, you know, we were going to have a new competitor five years from now. That would be two years from now. You know, that was in every business that we're in, except they were going to be faster and more innovative and more successful and lower cost. And they were going to put us out of business. and the only way we were going to prevent that is we're going to become that company and here's how we're going to do it and you know it excited some people it scared some people but i actually believe that that's what's going to happen and and so we've been dramatically changing our business i would say the biggest benefit by far is speed we're much faster at being able to apply innovations.

47:05And so you look at our infrastructure business last quarter grew 73%. Well, that's kind of unusual for a business of this size. And this quarter we guided that it would grow even faster, like 100%. You've lived through a couple of paradigm shifts here. The PC revolution, obviously you led that. And then you of course had client server, the network revolution online uh internet internet cloud mobile yeah so each one of those we saw massive disruption we're talking in the green room about hey we used to have a typing pool there was a mail room all these things got abstracted away by the pc and networked pc revolution but it took a decade or two and this one's happening a lot faster yeah yeah this one i think it's it's like um you know a quarter is like a year maybe it's five times faster or something like that but but back to your question i i would say maybe 10 or 15 percent of large companies have really figured this out and the rest of them are kind of fumbling around and you know there's a tendency when when you hear about a new technology to like oh let's just let's just go do it you know and he showed the boss, hey, we did AI.

48:24The board said we got to do AI. We got to do AI. We did AI. Are you proud of me, boss? Yeah. Look at what I made. Exactly. And I also think there's an important point about this, which is the barrier to technology adoption is not technology. It's culture and leadership and courage, right? And so - Willingness to change and to self-examination. Yeah, and if you're in a business that you don't think is changing very much, change is really hard, right? You have to be very uncomfortable. You're like, well, we're going to stop doing that. Well, we don't need this anymore. Particularly if your bonus is dependent on not messing things up.

49:11But let's use the internet as an analogy, which you saw up close. there were businesses that were internet transition successful. They made the transition, maybe Macy's.com versus Sears Roebuck, right? Right, right. Maybe Macy's did a better job of taking advantage of the internet than Sears. But then there was internet native businesses that seemed to blow them all out. And maybe Amazon's a good example or CSN stores, whatever they became, Wayfair, etc. etc. What's the right way to think about this evolution in industries generally? Are we going to have their businesses are going to transition successfully and those that aren't, they're going to die?

49:54And is this really going to, are we going to see AI native businesses in every industry come in and just disrupt everything? I believe we will. And certainly, you know, when you talk to the Collison brothers at Stripe, they'll tell you that the rate of growth of the 2025 cohort companies is about four times faster than the 2018 companies. And so every year, the new batch of companies are growing faster and faster because they're starting with all these new tools that, you know. Because they see all the new companies on their platform. Exactly. And so when you think about an incumbent company, okay, that already exists, it has, let's say it's got brands, it's got balance sheets, it's got, you know, customer relationships, whatever stuff, right?

50:41Okay. But that's sort of like, those are expiring value assets. If it doesn't change quickly, and get on the other side of this, I think it will go out of business, which is exactly the speech I gave to our team, you know, three, three years ago. And, uh, I think, you know, you, you, you, you have to be, uh, bold and you got to go make those changes to, to not only survive this, but, but to, but to thrive. And, you know, I think about it is how do we prepare our company to be ready for the 2030s? Right. Isn't it like, it's much more, it's kind of the storyline there's more to do than there ever was it's like when the internet around kind of came around sears doesn't just need to sell locally they can sell to the world well sure i mean this is the point and the ai lets everyone do everything when we have better tools we can do way more things right and and uh you know when you know when i hear people say, oh, you know, maybe we're just going to have all these great tools and we won't do more things.

51:50We'll just do the same things with fewer people. It doesn't sound right to me. I mean, there'll be some of that, but I think most of it will be, we're just going to do a whole lot more things. We're going to solve a lot more problems. We're going to accelerate scientific discovery. We're going to invent all sorts of new things. We're going to solve all sorts of problems that haven't been solved. And, you know, that's super exciting. What do we have wrong on infrastructure? So the original build cycle looked a lot like everything's in a data center, everything's got to sit there. That's where all the intelligence, it'll all be in these kind of hosted proprietary cloud models.

52:28Do you think that it's open source? Is it distributed on the edge? Where does the intelligence, where does the inference sit? and how does that really change or kind of re-architect the industry, do you think? It's really all the above. I mean, it's not like there's one answer. I mean, certainly if you go to any industrial company or natural resources company, advanced manufacturing, retail, logistics, there's tons of inference at the edge and that's growing very, very fast. And, you know, we make a lot of that embedded equipment. Certainly, you know, telcos are doing that, too. I mean, it's pretty much every industry.

53:10Think about wherever data is being created, you want the AI infrastructure and the inference, you know, close to the data. You know, there has been this sort of rebalancing as companies have figured out, you know, sort of everybody loves the public cloud, right? until they get the bill, right? When they get the bill, they're like, wait, this is supposed to save us money. It costs quite a bit more. So the lowest cost token is going to be the one that's generated right where the data is on the device. You're going to have tokens being generated on your phone, on your PC, in every embedded piece of equipment.

53:51And look, we have an interesting perspective on this business because we have 10 ,000 customers where they embed our product in their product. This is, you know, think medical devices, security, all sorts of things in hospitals and industrial plants and, you know, any kind of, you know, data-driven activity, right, requires some kind of computing, network storage infrastructure. Yeah. So when you look at the desktop where you started, it's coming full circle. And this must be at least very interesting or intriguing to you that you see this open claw movement, everybody trying to buy the most powerful desktop they can.

54:34And all these hobbyists who were your customers who were calling you up and ordering from Dell, their bespoke PC. Dell.com. What did I say? Dell.com. You said ordering from Dell, calling us up. They order online usually. They order online now, yes. We have this thing called the internet. They do, yes. It works out pretty well. But this is incredible that they're all stacking computers and running local models. I was just thinking back to how much the first couple of computers I owned cost$4 ,000 in 1980 dollars. And then the prices came down. You could buy a Dell for$500,$800, like really nice laptops for that price.

55:19Use the promo code ALLIN. No, it's not as much as a joke. But do you think there's a world where we're going to start to see the desktop because people want to protect that data? They want to protect the skills they're building. They don't want to give it to Sam Altman, put it in a cloud somewhere. They don't want to give it to Google, whoever it happens to be. And that the desktop revolution comes back and everybody's got a$10 ,000 desktop. Is that coming? I don't know if everyone will have a$10 ,000 desktop, but that would be great. I mean, you know, so we have this Dell portal on Hugging Face, and we have all these open models, and we qualified them on every kind of machine we have.

56:04And, you know, there's been enormous progress in the open source models. You know, Google has these Gemma models, G-E-M-M-A, and they work really, really well on small machines. You know, OpenAI has their open source models. You've got the NVIDIA Nemotron models. You've got enormous ecosystem of open source that is thriving and certainly OpenClaw. And there'll be some good discussion about that. How many people have set up OpenClaw? Raise your hand. Oh, my Lord. That's about, what, 20 % of the audience here. Yeah. So, you know, autonomous agents, big deal. And certainly inside companies, there's going to be a lot more autonomous agents.

56:51There are significant security requirements that need to go with that. We need to be able to authenticate and validate who these agents are and what they're doing and, you know, have the right controls and that sort of thing. yeah and uh your take on agi and when we're going to hit it like you actually think about super intelligence and agi and the the two sets of problems that could solve their eye and do you have a personal definition that you like to use for those when you're talking internally with your team of how things are moving i i don't really know jason uh you know i i think if it feels like with the latest releases we were talking about this backstage uh you know the gemini 3.1 the opus 4.6 the open ai 5.4 it feels like we've sort of um hit some kind of threshold where the just the quality of the models are are just tremendous and and and when i listen to what our teams are able to accomplish in a day or two weeks that would have taken them you know a few months or nine months time you know it's it's just amazing the speed of innovation yeah and so it it seems to be continuing and we get all the reinforcement learning and there's also tons of private dark data that these models haven't been applied to and that's sort of what's happening with these i think the auto research is the that's the the key with auto research the capacity to take a standard model and then retrain it on your private data and keep it private and build an advantage for your organization based on the history of your data that no one else has.

58:42That seems to be what a lot of folks are thinking about that have the capacity. But if you were to start a company today that was not in computing and you were to build a business from the ground up, how would you architect your people and your organizational principles as an AI kind of first knowing what you know about computing and where things are headed? Are you hiring people? Are you hiring a bunch of people to run a bunch of agents? How do you think about architecting a new business today? It's a great question. I don't really spend a lot of time thinking about that. You know, I'm thinking about how do I run the rest of us are thinking?

59:17How do I run our company? I mean, that's hard enough. So yeah, everyone I talked to, that's the question. They're like, everyone goes to these offsites. And they're like, I'm actually doing this with my management team on Monday. We're doing like a teardown and be like, hey, how would we build the business differently today? What we've been thinking a lot about is this reimagining question. Sort of, all right, we know the trajectory of the tools. What are the tools going to be in 27, 28, 29? And how do we accelerate our path to that? how worried are you about social issues so ai recently ranked as the most unfavorable term of a list of terms including president it was somewhere between isis the democrats ice isis and the democrats ice was better than ai people liked ice mass agents more than they like AI yeah well I think I think part of the problem is it's been it's been you know maybe sold as as you know it sort of presents itself like a human would yeah right and you know maybe if we called it linear algebra matrix calculus and statistics instead right matrix multiply maybe that would be more friendly I don't know you know yeah but do you think we're gonna have I think you're right.

1:00:45The positioning is wrong. And then we're not communicating to people, hey, this could help healthcare. This could make you live longer. This could help your kids get educated more. This could help with housing costs. This could help with food costs. Messaging aside, I mean, how much do you actually worry about disruption or dislocation in employment, about acceleration of earnings for some people and deceleration for other people in society that feel left behind? and that starts to fuel more of the kind of social concerns and politicians saying, hey, we got to stop building all the data centers, you know, like that kind of stuff.

1:01:21And how much are you really? I tend to be, you know, more optimistic. And, you know, I do think that in all technology cycles, you get sort of these network effects. And that's kind of inevitable. But I also think, you know, we're going to do more with the tools. You do have this acceleration of all sorts of great things. I mean, education can dramatically improve, scientific discovery, health care, energy, you know, all sort of the unsolved problems can be accelerated. Ultimately, I think it's amplification of human potential and capability. Extending the frontier, too. And by the way, we should also remember that basically what we're talking about here, beyond sort of some of the advanced semiconductors in the big data centers, we're talking about software, right?

1:02:21Yeah. Right? It's like software that runs on your computer. So, you know, somebody says, well, we don't want that. It's like, how do you stop total software? How are you going to stop someone putting an open source model on their computer at home and asking it for medical advice? you know new york just passed a law saying ai models can no longer give medical advice yeah it's being proposed oh proposed yes so you're like we're legal and health advice we're anti-software it's like yeah also anti-books and advice so if you were gonna look it up in a book but were you dropping into your bernie sanders right there that was my bernie sanders michael dowell do the one percent of the one percent that you're enabling with your data centers why are you doing this to the people of our great nation while you give your money to children in their invest america accounts yeah this is a good one you're doing yeah can we talk about invest america i think he might have even criticized that but but you know well that's the problem the billionaires are giving our children money and they're not asking us permission and then those kids are going to buy things that their parents never asked for well they don't they don't actually get the money till they're 18 years old so that's that's but what gives you the right to give our children an education what is this philanthropy it makes no sense no i mean honestly well i see i see my great friend brad gerstner here brad's here there he is brad come up for this little uh segment here sit for a second let's talk about a mess of america we got five minutes left here so you know i heard about the fifth bestie give him around i know he's gonna be here yeah all right i how did this go down michael i i heard about this idea in 2021 from brad and i thought you know that's a that's just a great idea that's an awesome idea and you know i think there were some discussions with the prior administration but they didn't do anything about that, unfortunately.

1:04:23And here we are, a miracle. The Invest America Act was passed, and now we have thousands of companies that are joining in and matching the government's contribution. And Susan and I made a big announcement giving$250 to 25 million children in zip codes where the median income is. I mean, Michael, let's just pause for a second here. This is one of the greatest. What do you think, Bernie? Do you approve? I'm going to go with J. Cal. I just want to pause on this because it is one of the greatest philanthropic gifts in the history of humanity. and I people have just kind of glossed over to it because there's a lot of big numbers in the world but we're talking about you personally you and Susan sat down and said we're going to give a number and that number was five six seven billion dollars or this is well it's it's 250 dollars to 25 million children ages two to ten in zip codes where the median income is 150 thousand dollars or less it's it's 6.25 billion dollars i mean and i just want to say something you know we live at a time where but they have to sign up to clean the accounts yes they they have accounts but they have to sign up to clean the accounts you know i think we're getting a hundred thousand plus kids now a day signing up yeah first thanks for having me up yeah i mean what what a national hero and national asset that my friend Michael Dell is, but he understates this because I've been working on this for four years.

1:06:11We've been talking about it on the all in pod. We had a lot of momentum, but behind the scenes, Trump gets elected. Um, and so it's April that we're in the middle of the tariff strife, April 25. We realized there's only going to be one piece of legislation that gets passed during Trump's first two years. It'll be this big, beautiful bill, the reconciliation bill. And so I call up Michael and I said, Michael, we got to go. We've got five days. It's drafted in the Senate. We have bipartisan support, but we have a window. And I have to get in the Oval Office. We have to get in the Oval Office. And Michael said, what should the text say?

1:06:57and you and I had a conversation and you, you know... The text to DJT. Yes. I'm not talking out of school. Listen, Biden, wherever you sit on the political divide, I've said this, Trump seeks out ideas from business leaders and he has deep respect for business leaders like Michael Dell. Wherever your politics are, that's just the truth and the last administration didn't. And, you know, Clinton may have done the same thing. And I just have to say, Invest America, it's not a red idea or a blue idea. It's a red, white, and blue idea, right? And to the prior conversation, while Michael and I first talked about it,

1:07:43this is the right thing to do, right? We have to reconnect the 70 % of people who feel left out and left behind to the American dream, right? But this isn't our self-interest. This is about defending the ownership society and capitalism that for 250 years created the greatest experiment in the history of the world. But that's at risk. Less than half of people under the age of 40 have a favorable view of capitalism. So when I talked to you about it the first time, Michael understood both sides of it. It's the right thing to do. And it's the right thing for the country. And so at any rate. Michael Dow, tremendous American.

1:08:21I have one, just one, one punch up. The name Invest America, Trump accounts. What do you think? Were you considering this in the context of other philanthropy? I mean, how do you kind of put this together in the spectrum of how you think about giving back? Yeah, great question. So, you know, we have a foundation that's very focused on children in urban poverty. That's basically the central focus of the foundation. although folks in Central Texas would know that we do a few other things here in our local community. And, you know, when I heard about this idea, one of my thoughts was, wow, this is like a platform for directly giving to the people that we're targeting, right?

1:09:10And, you know, we actually thought about doing it just in Texas first. And, you know, things have gone pretty well with the company and all that. So, you know, we thought we just go bigger. And what happens, Brad, if, you know, 10 more Michael Dells show up? And there are dozens. There's not a lot of Michael Dells, let's be honest. But there is a number of folks who could make an equal size or even greater gift um there are people who you know many hands makes for light work there are a thousand people who can make a gift of significance what if this actually becomes a movement and we and i think i think it actually is becoming a movement instead of a moment and and and we've you know we've got a lot of that queued up brad once you wait have you called anybody michael have you did you call my michael and i chair the invest america giving committee and we're ambitious guys so you're knocking on doors we've we've had a few conversations you're texting people yeah yeah so so so just there's a question earlier first it's really important to understand and for you guys to spread the word every child under the age of 18 every child under the age of 18 is eligible to claim their account number one number two you've heard this like oh kids born between 25 and 28?

1:10:33No. This is forevermore. The legislation creates this account forevermore. Every child born in America, starting January 1st, 2027, will automatically get a Trump account at birth stapled to their social security card. The$1 ,000 has to be reauthorized every four years. But the accounts don't. So every kid, this is social security 2.0. This is the biggest change to the social contract in America in 50 years, 3.7 million kids a year will get an account that can compound. It's a 401k from birth. And yes, we're going to have a lot of announcements, but it's not just billionaires. It's going to be companies that are donating stock on their IPOs into these accounts.

1:11:19It's going to be wealthy people. It's going to be states. It's going to be moms and dads. It's going to be corporations. And the estimate is over 15 years, we can move $5 trillion into the pockets of families that would have otherwise had zero,$5 trillion. And so to me, the leadership that Michael showed, not only in helping me get the meeting that ultimately got this passed into law, and it does take people. Those moments either happen or they don't happen. And if they don't happen, there's no law and this doesn't change kids' lives. By the way, two things on this. If this$5 trillion moved through government programs, it would get incinerated.

1:12:03Exactly. That's what we see happen. There's just a million crony structures that take it away and destroy it. So to give it directly into the accounts is the circumstance. The second thing is it makes a lot of sense that you guys can, I'll be the lead. But can we replace Social Security in this country with a defined benefit or defined contribution like this? And eventually everyone has a Trump account or whatever you call it. And we don't have to have this fake Ponzi scheme that we call Social Security. If Australia can do it, we can do it. Well, they have a defined benefit program. But I'm saying like everyone has an account and they all own a piece of their future.

1:12:40And every time you get a payroll to tax deduction, instead of it getting eviscerated and destroyed and vaporized, that money actually goes into an account and you buy a piece of a company and maybe you can direct it. Freberg's getting angry. On July 4th of this year. You're getting me wound up. There are 4.5 million kids who've claimed their account. Almost$150 ,000 a day will have on the trajectory and we're on$10 million by July 4th, our 250th anniversary of the country. Every one of those kids' accounts, the parents and the kids, on July 4th, they'll see an app on their phone that looks a lot like a Robinhood app.

1:13:15It'll see them owning. It'll say, you've received your$1 ,000 or your$250. And it will show a little bit of NVIDIA, a little bit of Walmart, a little bit of Dell. We decompose the S &P 500, which they own, into the constituent parts so they can get excited about being an owner in the upside of America. And when moms and dads double click and Apple pay$5,$10 into the account, right, when When they send their QR codes to their friends on their birthday, and now their friends all add to the account or on Christmas or bar mitzvahs, and they add to the accounts. When companies add to the accounts, all of this, they see it growing, and it unlocks the human potential.

1:13:55It's not just the money. It's that I'm in the game. I have a shot, which to David's point, I think the biggest crime of social security, and we made very clear, social security is a sacred promise. We refused and many people tried to get us to take on the broader struggle. And we didn't do it because we knew it would kill this program. But let's be clear about this. Our government requires all of us to give 10 % of what we earn into Social Security, right? It was the social contract evolution in the Industrial Revolution that kept the country together. The only problem is it goes into a black hole.

1:14:35Nobody sees it. Nobody knows what's there. But it is your savings. Now, imagine if that same money was required to, you know, government took it away, but it was in an account with your name on it. You could see it grow. You know exactly what was there. You could get excited and say, hey, I'm going to add a little bit more to that. Right. And you had a little bit of choice. That, to me, is the possibility. And I think we will end up there. And Brad, thank you for. Yeah, let's get it out for Brad. Here it comes.

1:15:05Finally. Yeah, I'm just going to say, you know, Brad also adopted his home state of Indiana. We have Ray and Barbara Dalio adopted their home state of Connecticut and many, many more to come. And look, it's going to be super easy for anybody to add 100 kids in your neighborhood, adopt a zip code, adopt a school district, adopt a town. It's going to be amazing. Give it up for one of the great entrepreneurs of our time and an incredible pledge. I'm doing all in.

1:15:50I'm doing all in.