Jason predicts a “major M&A moment” in the next six months! | E2213

24:59If you remember when Microsoft Teams came out, they turned it on for everybody who uses Office 365. Whether you want it or not, it was bundled. Therefore, if you were to click on it in the interface, and I don't use Office 365, I'm on Google Docs, I'm going to use Slack. But my understanding was, it's just all automatically in your interface and you're going to wind up clicking on it at some point. Therefore, their active user count compared to Slack's, and there's like this dramatic chart of how, boom, they just got everybody. But this was always my thought was whoever has the guts to put AI first in their product with an established product is going to win the day.

25:38Meta has some number of people on Instagram doing AI first searches. When you do a search on Instagram, you cannot do a normal search anymore. It is by default an AI search, right? Instagram is the worst app in the world. I just want to say that I use the desktop interface on this and meta. It's just garbage. Like try again. Two things, Jason. First of all, here's one of the charts you're mentioning with Slack versus Microsoft Teams. This only goes to 2012, but it shows the hockey stick like growth of Microsoft Teams DAUs compared to Slack, which was a major narrative up until Slack's eventual exit.

26:08And then the other thing, just based on what we're talking about, consumer usage. This is a top apps for iPhone ranking for the US. And if you look at the top of this, you'll note that it's ChadGPT and Google Gemini. Yeah. It's kind of impressive how popular they are. But if you look, Grok's number six. And Sora's number nine. These AI products are incredibly impressive. And as you point out repeatedly on the show, this is new downloads. This is not a usage chart. This is still downloading. The App Store rankings are based, I think, in a blended algorithm that benefits the new so that it doesn't become self-perpetuating top list because people will go to the top 10 list or top 100 list to listen to music.

26:53And then those artists stay in the top 10. So new entrants do get a little bit of, I think, a push. Same thing happens in podcasting. Somebody comes up with a new podcast. They always tweet and they're like, oh my God, we're the number one podcast in the world. And it's like, okay, you're the number one new podcast this month. Therefore, Apple gives you a little shine. They do the same thing on their podcast rankings. Before we move on from this entire hardware conversation, there's a detail that I wanted to just bring out of the earnings call, Jason. We've talked on the show about GPU depreciation.

27:19How long will this hardware last? Is it just going to be a couple of years? During its earnings rundown, the CFO said, most accelerators with CUDA, which is their software suite, and NVIDIA's time-tested and versatile app architecture become obsolete within a few years. Thanks to CUDA, the A100 GPUs we shipped six years ago are still running at full utilization today, powered by a vastly improved software stack. Six years ago. Yes. It's NVIDIA is using their same hardware. Yes, the A100 GPUs. So Michael Burry, you may have seen, and you can pull up some of Michael Burry's tweets. Michael Burry likes to delete his tweets.

27:53I don't know if he's deleted them, but if you follow the Michael Burry account, famous from The Big Short, he is accusing the big tech companies from committing fraud, literally thinks that this is fraud and that they're cooking the books because they're taking the depreciation schedule for servers from three, four, five years to four, five, six, seven. Now, we had a very granular discussion about this on All In and Freeberg went deep into the generally accepted accounting practices. You have a new piece of hardware here. It's my take on it. How long do you get to spread out the lifetime value of them?

28:30So when you buy a building for your office space, or you buy an airplane as an airline, instead of just taking a charge for a $100 million airplane in year one, you say, this has a 20-year life. We're going to take the$100 million and theoretically$5 million per year. It might be more in the early years and it may taper off a little bit, but essentially there's some lifetime. What people are finding is with these NVIDIA chips, some people thought, well, we're just going to rip them out because NVIDIA is doubling the power of them every 18 months or 24 months, or maybe even better. So therefore, they're going to be ripped out and new ones are going to be put in and they're just going to be turned off in year four, year five, and nobody's going to want them.

29:15Well, it turns out like there might be jobs that these are perfectly suited for and they might last in year five, six, and seven. So then the question becomes, when are these consuming so much power? Because there's also power and there's like the facilities that they're housed in. So you have power, water, staffing, cooling, all that stuff is involved in the maintenance of them. So let's say you get to year seven and the maintenance cost is higher than the appreciation of a new one in the first year. And the cost of swapping them out isn't that expensive. So therefore you get to some reasonable moment in time where you would just turn these off.

29:51Now, what they're finding is, well, maybe those Sora jobs where people are making goofy five second videos and eventually becomes five minute videos. Maybe these old ones will be just sitting there ripping those for people or making new advertisements for people or indexing their iPhoto or their Google photos in the background so that when they open up their photo app, you know, the AI is already done for it. Being a founder is a lot of work. You have to focus on your fundraising. Then you got to hire the perfect team. Oh gosh, product market fit, finding your first customers. But all of this means nothing if you're not actually a real business that's structured properly, giving your investors and clients the confidence to partner with you.

30:31At launch, we're constantly recommending Northwest Registered Agent to our founders because for just$39 plus state fees, they will act as your registered agent. That means they take care of all the paperwork, making sure your business remains compliant, protecting your privacy, and more. And as a founder, hey man, there are so many organizational odds and ends that you have to worry about, so why not have a partner who can focus on all those little details? Then you can obsess about your customers. And Northwest Registered Agent is even going to help you set up a phone line, a professional email account, and find you a great domain name.

31:05So here's your call to action. Go to northwestregisteredagent.com slash twist to get your company set up the right way. Michael Burry is correctly saying, hey, if you double the lifespan of these, and these are your major expense, and you're doing this massive build out, well, then it might be the equivalent of 10 % of your earnings, 20 % of your earnings. And he's kind of insinuating. And I don't know if he's explicitly used the word fraud or cooking the books, but let's see what he says here, because that's kind of what people are interpreting this as, is that there is shenanigans. I'll use the technical term shenanigans, but let's see what he says.

31:43So Michael Burry says, understating depreciation by extending useful life of assets artificially boosts earnings. One of the more common frauds of the modern era. Again, this is quoting here. I'm not saying this. Massively ramping CapEx through purchase of NVIDIA chips and servers on a two to three year product cycle should not result in the extension of useful lives of compute equipment. Yet this is exactly what all the hyperscalers have done. By my estimates, they will understate depreciation by 176 billion between 2026 and 2028. By 2028, Oracle will overstate earnings 26.9%, Meta by 20.8%, et cetera.

32:18It gets worse more coming later on. Here is the table that he showed, Jason, and it shows the depreciation schedules for compute, essentially chips, if you will, inside major hyperscalers, Meta, Google, Oracle, Microsoft, Amazon, and you'll note that they've risen over time. The reason why the six-year point from the NVIDIA earnings call matters so much now is because most of these companies, Google, Alphabet, Oracle, and Microsoft, are all running six-year depreciation schedules on their GPUs. So it seems that they might not be nuts. But I do think that what Michael Burry is saying is that if these do burn out in one to three years, then these numbers they're putting out are, in fact, BS.

32:58I think he's confusing something here. If you look at the original tweet in that first sentence, he's saying the, I'm sorry, in the second paragraph, NVIDIA chip servers are on a two to three year product cycle. So that's the product cycle. Okay. They come out with a new one every two years or like new, it might not be a new version because obviously they're versioning these things up, like a new platform, like a new, the new version. Hopper to Blackwell. Exactly. And so if that's happening every two to three years, that means theoretically that you might buy more of them. But that does not mean that you're throwing the old ones away.

33:39That's ludicrous. That would be like saying I had a Corvette C7 and the C8, eighth generation came out. So I took the C7 and I parked it in the garage. And yeah, I just took the air out of the tires and the battery and I put it on a cinderbox and that's it. It's over. That car can't be used ever. It's got 30 ,000 miles on it. That car is going to be driven for another 10 years. What are we talking about here? I think he might be making a story here that isn't in touch with reality. And then using the term fraud is like, that's a big, big accusation. It might just be when you pull up that chart one more time.

34:15Thank you. And you look at that table. It's not that egregious to think that Oracle believed in 2020 that they would get five years of life out of one of this depreciating assets. Then, you know, the next three years, they said, yeah, it's still five. And then in 2024, they said, you know what? We think it's six. OK, it's 20. It lasts 20 % longer. That'd be like saying, oh, yeah, that Corvette I'm talking about. You know what? We change the oil and we change the filters on it and we maintain the tires and we rotate the tires so we think it can get another 20 % of life out of it. And Meta going from, I don't know why Meta was so low at three or Microsoft was so low at three.

34:49And the Microsoft One is more dramatic. It goes from three years of useful life to six. So they doubled. but everybody's winding up at five and a half, six, six, six, five. And the year before it was four and a half, six, six, six, six. So Amazon brought it down a year. These are all kind of within 30%, right? Yes, absolutely. We do have the kind of rejoinder from Michael Burry here, Jason. I'm just going to pull that up for us. He argues in a November 19th kind of update to his argument that the idea of a useful life for depreciation being longer because chips from more than three to four years ago are fully booked confuses physical utilization with value creation.

35:22Just because something is used does not mean it is profitable. Gap refers to economic benefits. Airlines keep planes around for overflow. Sure. A100s take two to three X more power per flop. So they cost two to three X more than H100s. Yeah. NVIDIA claims H200 is less energy efficient than Blackboard for inference. Okay. So his argument is that, yeah, everyone pointed this out to him, but maybe these chips won't be profitable. Here's the thing. The chips will be turned off when they are no longer gross margin positive. And so far we have not seen that. And as you pointed out, Microsoft for four years now has had this six-year depreciation calendar.

35:54If it was wrong, they would already have some early warning signals and would be telling investors about that. So I like that Burry here is poking at things. I just think he's a little bit overly certain before enough of the facts have come in. But then again, that's how you make money. Has he talked to the people? I mean, Shemaf made this point on All In. Like, has he actually gone and visited the data centers and talked to the people who run the data centers and looked at the jobs they're running? because if that airplane, in his analogy, is flying people on Thanksgiving and Thanksgiving and holiday tickets and July 4th tickets, Memorial Day, if those extra planes are incredibly profitable during those peak seasons, then you just do the math on it.

36:36Like, is it worth keeping this one around for the overflow? In these cases, the overflow jobs, like I was saying, are things that might be running in the background that need to get done. And then you're going to do whatever the newest jobs are in three years on the latest generation. Like maybe they're going to be doing synthetic data. Maybe they're going to be doing self-driving data. Like just more complex things. Doesn't mean people don't want to make bulldog superhero videos for their daughters still. And those will get done to those jobs. And there is the backstop of the power consumption.

37:05Because power consumption and the staffing of data centers and the cooling of data centers and the HVACs and all that, the water consumption. Because that all exists, that's a backstop against keeping this stuff online unnecessarily because those bills keep coming in. That's not part of the depreciation schedule. That's just cash off the book. So there is a real incentive to turn off things that don't work. Like for the airplane, I guess, would be the maintenance contracts on the engines, etc. You still have to maintain the engines, etc. Every certain number of hours, the airframe, etc. You have to have a hanger, right?

37:37You have to have somewhere to put it. So at some point, they might be like, you know what? we don't use this plan that much and it's costing us more than we make on Thanksgiving. Anyway, I think he's off on this one. I do think it's great that he's stress testing it. All right, moving on. Really quickly, I want to talk about Nano Banana Pro. This is actually Gemini 3 Pro image, but we did a little test, Jason. We're going to get your take on this. So we gave it a prompt. This is Oliver and I. Shout out to our friend. The prompt is create an infographic of the top five barbecue spots in Austin.

38:07And we have one version from... This is great. I haven't seen this. so I can give you my... Yes. So actually, here is the Nano Banana Pro image. I want your take on the information because I know you know Austin Barbecue and your rating on the overall design. So this is very interesting. So they were able to make this without giving it the data and the text that's in the image. It went and did the research as a language model and then also did this beautiful image. Okay, so let's start. First of all, it's a good looking image. If you were to make this in a magazine, this could, in the 90s, in early 2000s, if you had a magazine that was doing a feature, this could be an infographic in the magazine as is.

38:50It might not be one in a Condé Nast magazine, but every other magazine, it would be totally fine. Time Out New York, whatever, would be fine with this as an infographic. It would have been improved. So that's mind-blowing. And it would have taken a week for a designer to make this. Yes. So, and that designer would have been a 50, 60,$70 ,000 a year designer. for a mid-tier magazine. Maybe they would have been a 70, 80, 90 if they worked at a Condé Nast. Actually, you probably don't get paid that much at Condé Nast. But putting it aside, this would have cost$2 ,000 to do internally, internal costs.

39:20So now we go to the data. Franklin Barbecue, Leroy & Lewis, Interstellar, La Barbecue, Terry Black's Barbecue. I'm just looking for spelling errors. And do you see any spelling errors in this? I didn't see anything that caught my eye when I went through it before the show, but I still don't see anything. I'm just more terrified about the idea of fatty brisket, which is not my jam. Yeah. I like a little, they call that wet brisket in the business, but looking at these, Terry Black's, I always say get the beef rib and the brisket there. That's my order. It is cafeteria style service. It is consistently excellent.

39:51It is spacious and they do have a quick moving line. It does have family legacy. That's all true. For a barbecue Michelin star, I don't know. Female owned, I don't know. Locally sourced meats, I actually do know that. And they are known for their brisket. I don't know if it's known for the fatty brisket, but they are known for the brisket. This peach tea glazed pork belly from Interstellar, I have heard about that and I'm certain they have the Michelin star. I do remember hearing that. Leroy, smoked beef cheek sounds amazing. And for Franklin, they are considered the best brisket in Austin. This is unbelievable just from the design to the accuracy.

40:29I'll tell you the other thing here that's interesting is that is what Terry Black's looks like. The illustration is close to the vibe and interstellar and the barbecue. I think that is also the vibe. I think interstellar is like a strip mall. Well done. I mean, apologies to info graphic creators and graphic designers everywhere. If you're a graphic designer, you need to know how to use these tools and know how to edit from third base, essentially. Like you're starting on third base. It's literally like. It is not, it is not as good when we do the same prompt through open AI, just so people know the process here.

41:05I asked ChatGPT 5.1, my version of it, to give me the same thing. It gave me a written list and then said, would you like me to design an infographic? I said, yes. Jason, this is what it looks like in comparison. And I made this this morning. So this is absolutely, you know, same in the art from what we have in ChatGPT. It's a mess. So a couple of things that are wrong here. One, beef briskexit, comma, id. Oh my God. Yes. And you can just, there's overlaps between the images. It's inconsistent about what's shown. Go-ia-yul if possible. Mikkel Thwaite Kraft Meats? What is that? Anti-conditional sides.

41:43Mikkel Thwaite Kraft Meats. Anti-conditional sides. It's not reliable, Central. It's relable. But the point is, this just goes to show how good the new Google model is. And I think this goes to underscore the earlier points about their growth in consumer, their rising app store rankings, and the fact that OpenAI is kind of just not winning right now, which feels weird given where we were most of the year. If you're going to look at where gains will be compounded, the person who is first up the hill, who has to spend all their time fighting to raise money, fighting to build out infrastructure, is going to spend, let's just take these three buckets of founder time.

42:23One third spent fundraising, one third spent building infrastructure, one third building the product, right? Now we move over to Google. Infrastructure is taken care of and fundraising is taken care of. It's called profits. So that team over there now has but one thing to focus on, the output of their image and the output of their language models, which is spectacular. And so this is super important for founders to understand when they're making a company. If you were spending your time, to my points earlier about outsourcing things, there might be an argument for having your own servers and saving money in a robust business, or maybe you have some competitive advantage because you don't have to pay overages for your bandwidth and you're a bandwidth driven business like YouTube, and they would do well to put up their own servers and not have to pay somebody for the overages.

43:14Putting all that aside, the more you can focus on the thing, the better. And that's why not having side quests, not having things you're doing that are not the core thing is so critical because eventually a competitor does show up. And this is why Zuckerberg was such a formidable competitor. MySpace was trying to keep their servers up and running. They were trying to deal with the politics inside of News Corp and the integration. And Zuckerberg was just like, I'm just going to focus on growth and making the service faster and growing the product. And that's it. And then he ran them over. So you got to focus on what matters.

43:44Quick recap before we move on to Kalshi. On Monday, Grok 4.1, excellent. Tuesday, Gemini 3, excellent. Wednesday, Grok 4.1 fast, well-reviewed. GPT 5.1 Pro, GPT 5.1 Codex Max. Thursday, Nano Banana Pro. What a week for AI models. There's no training wall. What a time to be alive. I mean, literally everybody firing on all cylinders. This is why people are looking at the space and there is an America first, America only movement that is gaining steam in America. The reason is people are starting to believe on the right and on the left, we're getting into this horseshoe theory, that my warning that job displacement could happen faster than we think it will and that I am concerned about it.

44:34Now, I'm not a doomerist. I'm just saying, hey, I just think it's a little bit faster. And people inside my circles, a number of people have pulled me aside and say, can you stop saying this? This is like, you just, people want to be in the room where it happens. I've had multiple people in the industry. Hey, can we keep the music playing here? Like, please don't not scare the public that jobs are going away. But I just showed that image. And I just said, like, if you're running a magazine, why would you have a graphic designer on staff when you could just do that? That's more than enough to get the point across.

45:05If you had three designers on your team and one of them did illustrations, you would just get rid of the illustrator. That's it. Period. Full stop. And so here we are, folks. Get concerned. Get curious. Somewhere in between those is the truth. I'm curious about why this is happening and I am concerned. I'm not a doomerist. I'm not saying ban AI. To your point that like five things came out in one week and like we're going into the holiday week, like I don't think this is slowing down. And AI is going to make these AI tools better. Disgraciad version that ChatGPT made. If you were to use AI and just say, hey, we made this and Gemini made this.

45:43Why is our software suck compared to Gemini? AI is going to start fixing those problems. That's where the compounding gets really weird. In the open AI memo that or conversation that the information reported, Sam does stress the importance of working towards super intelligence and eating some losses along the way to get there. because I do think that there is a moment in which one company reaches this idea of a self-improving AI, Jason. And it might be that the first person there has a long-term advantage over their rivals. But right now, dear God, it feels like everyone's at the cutting edge and I love it.

46:15Moving on. Kalshi is going to raise again. TechCrunch reports that Kalshi is raising new capital, this time a billion dollars at an$11 billion valuation. Keep in mind that Kalshi last raised 300 at a$5 billion valuation in October and raised in a$2 billion valuation in June. So what the hell is going on? Well, I went and pulled the data. So Jason, from The Block, a crypto-focused news and data service, this is their reporting of Polymarket and Kalshi volume on a monthly basis. Now, Kalshi is in blue if you're looking at this on the visual version. Polymarket's in red. What matters is that after some very modest growth through August of this year, Colossary employee market had grown very rapidly in the last couple of months, Jason.

46:58And this to me explains why investors are salivating to get more capital in because they're seeing incredibly impressive growth from maybe about$2 billion in volume between the two companies in August up to$7.5 billion in October. Amazing. It's becoming an integral part of understanding the world. And I think it's fantastic. We now have people doing research in the world and there's consulting firms and survey firms, people who do polling data, right? Then you have journalists over here. You have experts going direct and talking directly to consumers on podcasts. And so as a consumer, I've always felt it's your job to take all these disparate news sources, data sources, and try to figure things out.

47:42And now area where people are placing bets. they're putting skin in the game and trying to make a profit. Well, it really does help people understand where the market's going. So pull a poly market and the chances of a rate cut in December. The stock market, as you were pointing out in the first story, we didn't get too deeply into it, has had a little mini correction, like 10 % or so. Some stocks, 30%. But if we were to look at the Fed's decision here in December, and let's put it at like one week so we can get a yeah, a little bit of a better picture here. You had the stock market crash on, not crash, but correct a bit on November 20th, right?

48:24Today's the 21st, I believe. Yep. Yesterday was a blood bath. The crypto market specifically has gotten really, has really corrected. So we believed that there was going to be no change. That was, looks like 70, almost 80 % chance of no change in December yesterday, right? 67, 76, it looks like. 76%, yeah. And I think also this is after the jobs report. That was better than expected. But not ridiculously so. Then here, you look at today. Now the chance of no change is down to 34%. So if you hover over today, it literally flipped. Now, why did it flip? Well, there was one of the people who work for the Fed said, some things that might indicate.

49:09Right here. Here we go. Yeah. New York Fed, John Williams said that we might actually need a rate cut in December. And people are kind of thinking out loud that the Fed doesn't communicate on accident, Jason. So if John Williams is saying this, they're probably trying to calm the market a little bit and make it clear that there's a good chance we'll get a 25 bps rate cut in December 10th. Not financial advice, but I think the market's going to rip when we have these rate cuts. It's going to be super stimulating to the economy. And we already have a ton of money being invested in America through a lot of these international deals that Bessett and Lutnik negotiated for Trump in America.

49:49That investment is going to be starting to land at the same time that we're continuing to spend money. Japan's spending money. Everybody's doing stimulus. So this is going to be like, man, a lot of pent-up energy going into spending. I don't know what that does for debt load. I guess we'll kick the can down the road, but I think it could be an absolutely crazy market. And then if you look at M &A, the fact that the meta deal resulted in a nothing burger. The meta FTC scrap over a monopoly in the personal social networking market. Nothing burger, right? Just absolute nothing. And then the Google one was like, it was this.

50:26Yeah. It was like a tap on the wrist. They're like, Here's a speeding ticket. So M &A is going to be on fire. I'm going to predict on the show right now, we're going to see a major M &A moment in the next six months. In the next six months, we're going to see a company on the scale of an Airbnb, an Uber, a Coinbase, call it the mid caps, not the MAG7. Between$50 billion and$500 billion. Let's say$50 to$250. I'll narrow it a little bit. It can't be as high as$500 billion. And those things are going to, all kinds of alarms are going to go up. But I'll say$25 billion to$250 billion. We're going to see two or three of these get discussed.

51:07And we're going to see at least one of them get popped. It's going to pop in the next year. So I'll say in the next year, well, in the next year, there'll be a half dozen discussions. And we're going to see one of these pop. And it's going to be Amazon buying DoorDash or DoorDash and Uber merging or Uber buying and Waymo spinning out into the same company or Tesla buying Uber. I don't have any inside information here. Autonomy in cars, delivery of products, Amazon. Maybe, you know, somebody like Apple says, where's our growth going to come from in the future? What would be interesting for us to own?

51:44Yeah, you know, maybe it would be really interesting to own Adobe or Figma. Oh, if Apple bought Figma, oh my gosh. Well, I mean, let's just, I don't have, again, I don't have any inside information, But the M &A teams are on. That I know because we have a portfolio. And once in a while, we'll hear, that's not somebody at my suite. Oh, I got to turn over your room. That's the M &A people are knocking. The knocking is starting to happen. It's going to be really juicy 2026 is my prediction. Question from Arnody Rishav Rajain. Hey man, what do you think software engineers should work on considering AI?

52:19Answer this question, Jason, in terms of self-learning and what they should be adding to their roster if they want to be employable in the next couple of years? You know, the thing that is top of mind for all organizations is trying to make agents, which is to say something that runs like a cron job, we used to call them, on some set schedule, could be every minute, could be every second, that does something for the organization that would fall into chores. So if you can study chores that people do, whether it's in customer support or sales, you know, distribution, whatever those chores are that are going on and being able to study people in an organization and build an agent that allows this to occur on some regular basis.

53:02I was just saying the other day, man, I really wish somebody could make me an agent that just went to these 10 homepages and told me the top news stories on each and then made me a ranked list, a weighted list of the top stories and then made them on a graph so I could see, okay, the Epstein story is, you know, waning. Oh, interesting. And this story is coming back. Oh, the Comey story is coming back. Oh, the unemployment story is back. It spiked today. Oh, it went away. And then just tell me over time in some reasonable way what is happening. And there's no Bloomberg terminal of that, but I could architect it really easy.

53:39There used to be meta lists that would do this. You know, Pop URLs was a product that did it where you just see all the top things. Tech meme does this really well for tech. So anyway, long story short, I would look at agentic workflows, whether it's in the accounting department, the HR department, whatever it is, because people want to be more fit in their companies. They don't want to have fat. They want to have muscle. They want to be lean, mean, fighting machines. All right. We're super excited about Startup Supper Club. Remember, we were doing Founder Fridays. Well, our friends over at River, Rachel Lambert, she's the CEO of River, she realized through just studying all the people who were coming to Founder Fridays that what people really wanted was to just share dinner.

54:26They wanted a very simple concept. So if you go to startupsupperclub.dnr.io, December 5th, they're going to start doing amazing dinners in New York City, Austin, and San Francisco. I might just randomly show up in one of those cities in the future. I don't know if I'll do it on December 5th, but I might. It's pretty simple. You take a little personality quiz. They do the logistics. You show up. You have a great dinner. You make new friends. Maybe there's a little after party. It's working. They tested this. People loved it. So get matched with other founders, investors, and just tech people who share your interest.

55:08The dinner reservation set, all you got to do is show up. Yeah, a lot of the groups, they'll meet at a bar afterwards. So New York City, Austin and San Francisco, December 5th at 7 p.m. The link is in the show notes.

55:22Startupsupperclub.dnr.io. Check it out. Founders, investors, go make some friends. That's what life's all about. All right, everybody. That's another week in the books for this week in startups. We'll see everybody on Monday. Bye-bye.