🐜 “ANTsy” — Anthropic’s IPO files. Candy Corn’s Copier. Chief of Staffs’ surge. +Bahston Ahccent

0:00This is Nick. This is Jack. It's Tuesday, Tee Boy, Tuesday, October 27th. Today's pot is the best one year. This is a Tee Boy. The top three pot business news stories you need to know today. Oh, yeah, these markets jumped yesterday because of a big IPO announcement. What is this, an IPO for ants? More of that in our first story because, Jack, we got three fantastic stories for today's T-Boy best in the biz. For our first story, Anthropic finally dropped their record-setting IPO paperwork. They should start trading before Thanksgiving. So we jumped in T-Boy style, and there's one single share that will control the whole company.

0:35For our second story, the most controversial Halloween candy is the OG, Candy Corn. Candy Corn, its inventor went out of business, but the company that zucked them became Jelly Belly. And our third and final story. Have you noticed job listings and job titles for chief of staff are everywhere? We'll tell you why chief of staff became the coolest job in business. But yet he's before we hit that wonderful mix of stories. Oh, what a mix of stories. Best on a TBA. No one else is doing that on a T-Boy Tuesday, Jack. I have a fun story I don't think anyone on the show has ever heard. Oh, what are you going with?

1:05Nick used to stand in front of his mirror as a child and practice accents. Can I say Jim Carrey was my muse? He was my muse, Jack. Wait, what do you mean? He used to do that too as a kid? Really, Jack. Okay, so when I heard that Boston's Logan International Airport had a contest to see who could be the voice that welcomed visitors? Well, I'm not from Boston, but Jack insisted I submit an entry. 5 ,000 people have already applied to be the heavy-accented Boston host of airport announcements at Logan. One sec, Jack. We're having a technical difficulty. Welcome to Boston's International Airport. Whether you're grabbing a lobster roll by the harbor, waiting in line for the cannoli in the north end, heading out to Glastow for a little salt air, we're wicked glad you're here.

1:45I love the accent. You need to work on your punctuation. That was kind of one long sentence. Darlene, it's 32 ounces, but it can go through customs. Now, spoiler yetis, Nick was not chosen as a finalist, but we left a link if you want to vote in the episode description. Voting actually closes Wednesday. Alrighty then. But we're not done. No. We're calling for a nationwide regional accent requirement at all of our airports. That's right. If profits are at record highs for Delta United and JetBlue, hire us to be this kind hustle. We want to do it. No, hire Nick. Because Nick, I want to hear what you'd be if you were New York JFK's announcement guy.

2:19Hey, I'm bored in here. Put your Zabas down and schlep over to Gate 34B, you schmuck. What about Baltimore, Washington Airport? There's a liquid limit in three ounces of water, but Niddy Bo's an old bear who care Gate 34B. I have a feeling we're going to outrage a lot of our audience. But Nick, let's hear Dallas-Fort Worth. Y 'all fixing the board? Boots down. Stetson in the overhead of Gate 34B. All right, all right, all right. All right, Fort Lauderdale. Bobby, you can still make the 4 p.m. early, but then if you get a golf cart at the Gate 34B. I think that's just a New York old person accent.

2:52It's the JFK accent after it retires to the Fort Lauderdale airport. All right, last one. Minnesota St. Paul. Oh, please make some room, Hansi. Some space for your friends walking over to Gate 34B. Why don't you, dear? Okay, dear, we got plenty of being space here. Do we have time for one more? Yeah, why not? Paris, France, Charles de Gaulle. Oh, not possible, Jack. Yeah, it is. Let us know who we missed in the comments and if Nick should be hired. In the meantime, hey, Darwin, let's hit our three stories. Nick, you know, the Providence Airport, they're just looking for a Boston accent, but like nine beers deep.

3:23That's a Providence accent. It does beat the Burlington Gate announcer, who's just one long moo, Jack. One long moo. Fifteen years before this song, two boys from the Northeast met in the dawn. They had an idea to cause a cultural storm. It's the best one yet, but the best is the norm. Jack Nick, that's it. I don't even think they need to practice. 50%, that's a fat tip. T-Boy City on your at list. If you know, you know, cause we ready to go. We can't wait no more, so just start the show.

3:56Start the show. First, a quick word from our sponsor.

4:06monarch. In 2015, after my third banking bonus, I finally paid off my student debt. Then in 2019, after we sold our startup, I finally paid off my graduate student debt. Yeah, is everyone throwing random parties these days? Well, Jack threw a long overdue debt payoff party. Gotta love that party. Yeah, because for 10 years, I kept a manual Excel spreadsheet tracking my debt payoff progress. And it was very satisfying watching the bad numbers get smaller and the good numbers get bigger. You see, when you're paying down your debt, it helps to have a target date to plan your celebration around. Perfect timing because Monarch has a debt pay down simulator to help you visualize and track your progress.

4:42Monarch helps you break down the debt cycle so you can avoid the endless gloom. No Excel spreadsheets needed. I've ditched my spreadsheet, by the way, and moved all my accounts to Monarch, and it still helps me visualize all my money moves. Because ain't no party like a just paid off my mortgage party. Write your own money story with Monarch. And use code T-Boy at Monarch.com to get your first year of Monarch Core half off at just 50 bucks. That's 50 % off your first year at monarch.com with code T-B-O-Y. Scribe. Yetis, ever start a new job and realize the most important instructions aren't written down anywhere?

5:12One person knows the process, everyone else is guessing, and suddenly a simple task takes three times as long. Well, today's sponsor, Scribe, is changing that. Scribe is a specialized intelligence platform trust by 94 % of the Fortune 500 that captures your team's workflows as work happens and automatically turns them into easy-to-follow step-by-step guides with screenshots and instructions ready for your team to review and edit and share. No manual documentation needed. And here's the best part. Scribe automatically redacts sensitive information like names and account numbers with admin controls and human review before anything gets published.

5:41Plus, its guide me feature shows you exactly where to click in real time, right inside the actual tool so no one has to guess what they do next. And those captured workflows can even give your AI agents a playbook built from how work actually gets done, not guesswork. Want to make your work easier? Head to scribe.how slash tboy and mention the best one yet for your first month of scribe capture free on select plans. That's S-C-R-I-B-E dot how slash T-B-L-Y. For our first story, on Monday, Anthropic filed its S-1 IPO paperwork. Ant stock could be trading on NASDAQ before Thanksgiving. And the destiny of humanity will be controlled by one single founding share of Anthropic.

6:22One share to rule them all. But yet he's after intense speculation, a whole lot of bets on prediction markets, and three leaks to the Wall Street Journal. Count of three. Anthropic filed to IPO on Monday morning at 6 a.m. Pacific time. And the ticker symbol, love the irony on this, they went super poetic, Jack. Ant. A-N-T. What is this? A prospectus for ants? Actually, no, it's not. The IPO paperwork from Anthropic was 325 pages long. If anyone tells you they read the whole thing, they're lying, because that would take me like two weeks. Well, we spent almost two weeks on it, it felt like, in one day.

6:56And here is the first sentence of that 240 ,000-word IPO filing document written by Leon Tolstoy, it felt like. No, it was written by Anthropic. And here's the first sentence. We believe AI is one of the most consequential technologies in human history. If managed well, it could rapidly accelerate scientific innovation, greatly increase economic growth rates, bring cures for major diseases within reach, and solve problems that have resisted generations of human effort. Now, Bastis, Jack and I have a software to check for AI, and we can confirm that Anthropic did not use AI to write that S1. One point to Anthropic humans.

7:29We also noticed Anthropic had a little bit of a jab at Elon Musk, didn't we, Jack? The word Mars was mentioned four times because Anthropic was NASA's AI of choice for their Mars rover. But back to the theme of that sentence Jack just read aloud to you, the theme we noticed through a lot of this document was implied FOMO. Invest now or miss out. But Nick, we also noticed if manage well. That was a big qualifier in that first sentence they painted. Big qualifier because the words catastrophic and existential were mentioned 10 times and three times in this IPO paperwork. They also said misuse 44 times, as in RAI could cure cancer or it could be misused to create a biological weapon.

8:10Okay, so if manage well, who are the managers? Well, that's the biggest differentiator between Anthropic, SpaceX and OpenAI. As what Jack and I find fascinating, Dario and Daniela Omidai co-founded Anthropic in 2021 with five other men. And all seven of those co-founders are still there. Interesting, because none of XAI's 11 co-founders are left except for Elon Musk. And only three of OpenAI's 11 co-founders remain. And yet all seven of Anthropic's original co-founders are still at the company. And together, they will own one F share of Anthropic, which is going to hold 50.1 % of the votes of this company.

8:48Are you tokening what I'm tokening, Jack? One share class to rule them all. Actually, one share to rule them all. The fellowship of the cap table, Jack? Now, if five of these seven founding employees leave, eventually, then Control is going to move to a long-term benefit trust. Which is going to lead to like a sequel financial issue we'll call the two towers when it happens. Because basically, with humanity on the line, Wall Street won't be in charge of Anthropic even after the IPO. Schmeagle will. At that point, Schmeagle will. These co-founders will be. I prefer chairs. I prefer chairs. Better Schmeagle than Gollum.

9:23Now, Yetis, let's talk numbers because they're the opposite of ants. Yeah, and the biggest winners of Anthropic's IPO are actually SpaceX and Amazon. We told you last week that Anthropic is the biggest AI renter, while SpaceX is the biggest AI landlord. Well, now we know that Anthropic will be sending SpaceX a$3.1 billion a month check for Compute by December. That is the biggest AI rent check in the economy. Okay, but Jack, what about Amazon? How are they the big Anthropic winners? Well, Amazon's an early Anthropic investor. They own 1.84 billion shares of Anthropic that they bought for an average price of$4 per share.

9:59So if Anthropic starts trading on the stock market at 59 bucks a share, then Amazon will enjoy a gain of 101 billion bucks. 101 billion bucks. That's multiple years of Amazon's net income in one investment that they made. It's also 17 lifts. But an even bigger number than a 101 billion dollar stock gained by Amazon? What is it, Jack? That's Anthropic's 112 billion dollars of cash they had in the bank as of June 30th. And that's the shocker. It's so much money because Anthropic is nearly profitable. You might see some headlines that Anthropic had an$80 billion net loss in the first half of the year.

10:35You're going to see them. But that's a technicality caused by Anthropic stock rising so much in valuation. It's actually arguably a good thing. You see, on an operating basis, revenue for Anthropic rose 14x in the first half of the year, while costs rose just 5x. That's pretty good for profitability. So the first half of this year looked good on Anthropic. Pretty, pretty, pretty good. But it leaves us with the cliffhanger. What about the third corner? Because Anthropic did not share their Q3 financials, even though Q3 ended 26 days ago. Did they even give us a hint about the Q3 financials? No, they didn't, Nick.

11:07Which leaves us asking these questions. Did Anthropic's business start to slow? Is Anthropic racing to IPO now before they're forced to reveal those less impressive numbers of Q3? Or did one of Goldman's junior banker interns forget a PowerPoint slide before they publish this whole thing? No bonus for you. How does Sam wisely fit into this whole thing? So Jack, what's the takeaway for all our buddies over at Anthropic? If the token price drops, the stock market pops. Yetis, there's one super memorable sentence that this IPO paperwork illustrates. They say, with AI, every company will have, quote, a country of geniuses in a data center.

11:42But Anthropic's not the only one that can offer that. Right. AI competition is everywhere. SpaceX, Meta, Google, OpenAI, the Chinese AI brands. Unlike online search or social media, AI is a very fragmented and very commoditized market. It's getting more commoditized. And as of right now, there aren't one or two winners in AI. There's nine. Right. According to OpenRouter, the market leader in AI use right now only has 18 % of the global market. Now we should point out Anthropic boasts that almost 11 ,900 customers spent over$100 ,000 each last year on Claude. Those are some very big customers and that sounds really good, but switching costs are low.

12:21Once all the AI labs become good enough, could it trigger a price war and clients switch from Anthropic to Chinese models? Which is why besties, Jack and I want you to watch the price of tokens. Those are both the unit of measurement and the currency of using AI. And get this, we're starting to see what might become a price war. Anthropic and OpenAI, they both have cut their token prices by 80 % since June. So maybe that's why Anthropic didn't show us their Q3 numbers. Add it all up and Anthropic is one of the fastest growing businesses of all time, close to profitability, but all that could change by Thanksgiving.

12:53Tokens are AI. AI is Anthropic and Anthropic will soon be the stock market. So where tokens go, so may the markets. This is a paid partnership with Apple Card. The coolest flex at brunch these days is not the Bloody Mary with the bottomless gold flake caviar topping. It's not whipping out your wallet to pay. It's not having a wallet at all. Jack's been an Apple Card user since 2019. That's the same year he tossed his wallet in the trash because Apple Card holders earn 2 % daily cash back on purchases made using Apple Pay. It's the only credit card designed for the iPhone. I tap to pay with Apple Card at the grocery store, at the gas station, at restaurants.

13:28And yes, I use it at my second home, the farmer's market. Jack tapping to pay with his Apple Card with Apple Pay is his favorite thing to do. And the pleasant vibration and chime sound means I just got 2 % daily cash back on my latest purchase. Apply in the wallet app on your iPhone today. Subject to credit approval. Apple Card issued by Goldman Sachs Bank USA, Salt Lake City Branch. Terms and more at applecard.com. You know what's a fun habit? Getting to hang with you guys every day on this show. It's what we do. Another fun habit? Listening to audiobooks about habits. Like Atomic Habits, the legendary piece about building habits that better your life, right?

14:02And the Atomic Habits audiobook is on Audible. We're excited to collab with Audible because it's how we find our road trip companion, the written word spoken. So besties, you can create a habit of enjoying audiobooks while you multitask, which I believe is chapter three of Atomic Habits. That's right, Jack. Wash pots and pans, awkwardly fold those fitted bedsheets, floss your teeth while you're winding down listening on Audible. If your hands are full while listening to Audible, then you're doing it right. So summer's not over. Replace doom scrolling by listening to an audiobook that a human put all their thought and effort into.

14:31Audible, it's stories that speak to you. And new members can start listening with a 30-day free trial at audible.com slash tboy. That's a 30-day free trial at audible.com slash tboy. Take it from a couple guys with a lot of habits who have become your habit. For our second story, Candy Corn was founded by one company, but the company that copied it got all the credit. Because the marketing can be more important than the making. Now, Yetis, you've been with us for years. So you may remember that three years ago, we did a story on the current state of candy corn. This isn't some innocent treat trying to sell candy to all some kids.

15:07This is a candy cornopoly. It is, because$88 million of candy corn is going to get bought this year. And Ferrera, the Italian candy giant, owns the brands that sell 90 % of candy corn. What we should point out yet is candy corn is a wedge issue. At Thanksgiving, you don't talk about politics. On Halloween, you don't talk about candy corn. And the world is divided between two types of people. Those afraid to touch candy corn and those who devour it like rabid squirrels. And when Jack and I were roommates in college, his dentist found a piece of candy corn in his molar from the year 2003. And I've been getting cavities ever since, to be honest.

15:41It's that one piece. I never got to the bottom of it. But this Halloween, we're sharing the history of candy corn. Because the one who invented it doesn't even exist anymore. No, it does not. Yeti's candy corn was invented in the 1880s, a decade before we actually coined the term trick or treat. It began in, of course, the fertile crescent of fructose, America's great candy capital, Pennsylvania. Hershey's, Reese's, Peeps, candy corn, all originated just outside Philadelphia. And the top candy at the time, in the 1880s, was nature. That was the theme. Treats were inspired by the agricultural world.

16:15You had leaf-shaped maple candies in Vermont, chestnut-flavored candies all over the country. Basically, the pumpkin spice latte would have gone viral in the Victorian era. And it was in that context that a family of German immigrants living in Pennsylvania founded the Wunderlich Company. Oh, and wild side stat we discovered? Milton Hershey worked at that Wunderlich Chocolate Company before he left to start his own candy company. But another Wunderlich worker, George Renninger, got an idea. Candy in the shape of corn kernels. But here's what got him promoted. Paint that candy in the shape of corn kernels three different colors.

16:49Oh, what a process. he had to pour three layers of hot liquid sugar into tiny molds by hand. Super laborious. It was high cost manufacturing, but those three colors of the candy, that was unprecedented and became an instant icon. But then this was the profit puppy. The Wonderly Company tied the candy corn to the agriculture trend and marketed candy corn as fake chicken feed. If they hadn't marketed it as chicken feed, then we've been calling them like sugar cones instead of candy corn these days. But here's the plot twist. There was no patent on that three color corn kernel candy. So 20 years later, another candy company came in and copied it.

17:25Enter Golitz Confectionary, also owned by German immigrants. They zucked Wonderly's idea. And like Instagram running away with Snapchat Stories idea, Golitz simply sold candy corn better with one strategic marketing move. Fast forward 100 years, Yetis, and Wonderly, they're not around anymore. The candy corn inventor is out of biz. What about Golitz? Well, in 2001, they rebranded their name because Golitz is brutal. So they went by Jelly Belly. Jelly Belly sounds way more delicious. And yes, it's that Jelly Belly that you're thinking about. And in 2023, Jelly Belly was acquired by Italy's Nutella maker Ferrara, which now controls 90 % of the global candy corn industry.

18:03Okay, but Jack, pause the pod. I know we're going to get a lot of comments saying, hey, but what about Brox, the other brand of candy corn? Well, they're also owned by Ferrara. So nice try. As we said, it's a cornopoly. But how did that one company that didn't even invent candy corn become the world dominator of the category. Even though we're the only ones in the world to read it. So Jack, what's the takeaway for our buddies eating, enjoying, or hating on candy corn? Holidays beat all days. Yeah, and he's one of our favorite takeaways from the show is about first movers and second shakers. The first mover advantage is fleeting.

18:36The first mover does all the hard work of coming up with the idea, but oftentimes the second shaker has fresh legs and can steal it and run with it. Well, what Golitz did here was a clever move. They were the second shaker who marketed candy corn as a Halloween treat. They tied the candy to a growing social holiday at the turn of the century and made it culturally relevant. Wonderly, they thought they had the upper hand. They invented candy corn. They sold and they marketed it all year long. But Golitz limited candy corn to one annual event, and that was a bigger opportunity. You see the excitement with Halloween?

19:07It burned Golitz candy corn into the seasonal zeitgeist. Candy Corn is a warning to all idea people that the marketing often beats the making and holidays often beat everydays. Now, a quick word from our sponsor.

19:24For our third and final story, the hottest job from Wall Street to Silicon Valley right now, it's Chief of Staff. Chief of Staff is the new life goal role, and we'll tell you why. Yetis, there's a billionaire VC, Vinod Khosla, who shared a new job opportunity on LinkedIn that went viral. Three-year commitment, you have to work long days and long nights and weekends when necessary. You're basically always working. He wants a first principles thinker, no work from home, yada, yada. But you get access to the top minds in Silicon Valley. Vinod Khosla, who also happens to own the Seattle Seahawks. You'll probably get some luxury box seats, too.

20:00And besties, that job post, it went viral because despite the 24-7, 365 always on call, it's a dream job. Chief of Staff, the CEO's second brain. The Chief of Staff, it's somewhere between a right-hand man and an indentured servant. You give up your life, Jack, but you do get a lot of connections. Because you've become the trusted advisor to the CEO's questions like, what's the marketing team thinking? Who should lead this project? Do these pants make my butt look big? And that'll pay you$200 ,000 a year to answer those questions and occasionally say, yes, chef. Yes, chef. Now, the executive assistant or the secretary, they decide when someone can get on your calendar.

20:37It's the chief of staff who decides if they can get on their calendar. One reason for the surge? Well, Sheryl Sandberg popularized the concept 10 years ago when she wrote about it. She wrote about being the chief of staff to then Treasury Secretary Larry Summers. But what Jack and I find fascinating is the chief of staff role, it already dominates pop culture, right? Josh Lyman in West Wing, Jess in Succession, the Hand of the King in Game of Thrones, that is the Chief of Staff. But besties, either way, Jack and I decided to jump in T-boy style to the Chief of Staff Labor stats. Because we don't have our own Chief of Staff to do this for us.

21:09And it proves what we've been wondering this whole time. We're seeing Chiefs of Staff everywhere. It feels like half of our buddies from business school now have Chief of Staff somewhere on their LinkedIn profile. And there's a reason why. Job postings for Chief of Staff have doubled since last year, and the number of people with the title has tripled since 2021. Chief of staffs are eating product managers for lunch, Nick. Or at least they can tell the CEO what every product manager ate for lunch, as the PMs will point out. Now, there is some irony here. On paper, the chief of staff role should be going away, as AI automates so much of what happens in the office.

21:40You're probably thinking, why hire a chief of staff if Claude can code, ChatGP controls your calendar, and Muse can get you the 9pm Friday night reservation at Dorsey? If AI is booming as the ultimate agent, then why are people hiring the ultimate human agent more than ever? And according to the New York Times, across every industry, McKinsey's CEO, Tinder's CEO, IMAX's CEO, they all just hire chiefs of staff. So Jack, what's the takeaway for our buddies who are chiefs of staff? The ROI on EQ is at ATH's all-time highs. Yet is EQ, that stands for emotional quotient, basically human intelligence as described by psychologists.

22:16Having good EQ is having self-awareness, having organizational awareness, having social skills like empathy, being able to read the room and understand different people's motivations. You see, the more automated, disparate, and spread out the processes of business become, the more you need one trusted source to connect those various dots for you. Well, digital work, work from home, and now AI work have all accelerated this need for a chief of staff. The chief of staff at Robinhood when we were there, he was in every Slack channel and updated the CEO ASAP or decided the CEO doesn't need to know this actually because he's a filter.

22:47He actually pinged us a few times about Slack groups we were not in. He was just over everything. The most important part of a chief of staff though is trust. The number one job of a chief of staff is to be a trusted advisor. And when you catch AI making something up, that's a trust crusher. So it's ironic, but the more tech tries to automate, the more its leaders rely on a human chief of staff. Jack, could you whip up the takeaways for us for T-Boy Tuesday? Anthropic 7 co-founders will own one share with 50.1 % of the voting. One share to rule them all. Watch the token prices though, besties.

23:20That's the important barometer of AI profitability. For our second story, it's Ferrara. The Italian candy company controls 90 % of candy corn, even though they didn't invent it. Because the marketing is more important than the making. And our third and final story. the chief of staff has tripled on American work titles since 2021. As AI automates, it increases the need for high EQ humans to help the CEO at ATH all-time highs. But besties, this pod's not over yet. Here's what else you need to know today. First, we got a supersized stock market week here. One third of the S &P 500 is reporting earnings before Halloween.

23:54We got SK Hynix on Tuesday. We got Alphabet and Microsoft on Wednesday, and we got Amazon on Thursday. Plus, the Fed has its interest rate meeting on Wednesday, announcing whether they're going to hike or stay interest rates at the same place. And Microsoft just offered to buy out 60 ,000 workers. Basically, if you quit voluntarily, you'll get a nice severance package. And second, Instagram is launching long-form videos. Not vertical. We're talking horizontal Instagram. And we know why. It's the iPhone Duo, right? It makes it easier to watch horizontal on your phone because it sits on the table like a laptop.

24:25So could the iPhone Duo actually loosen the grip that vertical video social media has on the world? Less swiping every two seconds, more actually watching for two minutes. And could our whole podcast end up on Instagram pretty soon, Jack? Yeah, we probably have one more place we have to publish now. And finally, the Cowboys cheerleaders of Dallas have officially unionized, thanks to a Netflix show. That's right. Remember the documentary, America's Sweethearts, about the cheerleaders of Dallas? Well, a key issue was the Dallas Cowboys cheerleader pay. After that Netflix show, they did get a 400 % pay raise.

24:56But the Cowboys cheerleaders don't want owner Jerry Jones to fool him again, And so they formed the first official cheerleader union. Now time for the best fact yet. This one sent in by legendary Yeti, Jason Goditas from New York City. If that dude in your office shows up late to work today, it's because last night was the last sports equinox of the season. Last day of the year in which every major sports league had a game was last night. We had the baseball playoffs, we had Monday Night Football, and we had the NBA and NHL regular seasons. But also last night, we had the WNBA finals. And making it even more special, neither of the two baseball teams in the World Series have won the World Series before.

25:34And neither of the two WNBA teams in the WNBA Finals have won a championship either. So the Sports Equinox, it was always about the big four men's leagues, but now the women have crashed the party and everyone's showing up late to that meeting. And somebody's getting a trophy. Yetis, you look fantastic for T-Boy Tuesday. Grab your final tickets to see us live in Seattle next Wednesday on November 4th. Our special guest is Beiju Bhatt, the co-founder of both Robinhood and Cowboy Space, which is trying to do both orbital data centers and build his own rockets. We got links to buy the tickets in the episode description and to tboypod.com.

26:07Nick and I, we'll see you there.

26:13And before we go, a happy birthday to legendary Eddie, Robbie, and San Francisco, who just got a job at Amazon and celebrated a birthday and introduced his boyfriend to T-Boy. They're listening together right now. Happy 33rd birthday to Sam Lack in West Hollywood, California. And Gabby Loro's turning 37 down in Sao Paulo, Brazil. Happy birthday to Ana Villarreal in Napa. And Edosa Ocevigue down in Boston, just outside Boston. It's got the best birthday yet. Happy two-year wedding anniversary to Jason and Rachel in H-Town. Okay, but Nicole and Roley have a seven-year wedding anniversary celebrating in Tampa.

26:44It's not a competition, Nick. And congratulations to Craig and Jessica Frommer, who win this whole tournament with an eight-year wedding anniversary in Virginia. You're all winners. And to anyone else celebrating something today, make it a T-Ball. Celebrate the wins.

27:01This is Jack. I own stock of Amazon, Netflix, and Lyft. Nick and I both own stock of SpaceX. I own one. Nick owns more than one. And we both own ETFs of the S &P 500. Yetis, this holiday season, don't miss your chance to turn just looking into just bought it. Make it easy for your customers to say yes on the spot. PayPal Checkout is a trusted conversion engine fueled by 400 million active PayPal and Venmo accounts. And when you add Pay Later, you can turn holiday shoppers into regulars. 96 % of Pay Later shoppers are repeat users. So if you give them Pay Later flexibility now, it could help earn their loyalty all year long.

27:35PayPal is built for all business. Get started at paypal.com slash business. PayPal data, eight markets, March, 2025 to February, 2026. Repeat users defined as more than one Pay Later purchase in the past year.