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All right, everybody. Welcome back to the number one podcast in the world. That's right. It's your favorite podcast. It's your podcasters's favorite podcast, the All-In podcast. We're back,
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baby. Chimath Paul Aatia is here. Our chairman, our dictator. How you doing, brother? Great. Yeah. Fantastic. You know, you put the
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Uber stock price and the Robin Hood stock price together, 150. I'm annoying. 200 I'm insufferable. And 250 we just hit.
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I am off the reservation officially hopping the fence. So yeah, life's good. All right. With us again, David Sachs, the ZAR. By the way, what's the reason why your
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Robin Hood stock is through the roof? Because of the crypto policies of the Trump administration. Yeah, that's fair. Fair. That's half of
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it. That's why it's gone from what is it like $3 to1 130 billion. Two $2. I paid less than a penny for my
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shares, but yes, it went from 13. Well, this is a typical liberal. You benefit from our policies and then you
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trash them. I'm a moderate, independent moderate. Here we go. Now it's it's starting already. It's going to be a great week.
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Everybody buckle up. And he puts the namaste in your payday. Our fifth bestie is back. Brad, welcome home. It's great to be here. Great to be I
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went out and got a haircut. Welcome back into the fold. Welcome back. I got a haircut on the occasion. I mean, Jason Jason,
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do you know how long it's been since I was last on this pod? I don't know. I've invited you like 12 times, but I think the emails there's
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something going on with email. I didn't get any of my White House invitations. You didn't get any all-in invitations. I mean, it's been so long since it's
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been so long since I was on this pod. I went back and listened. The last show I was on, we were still talking about how great
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Chamas spacks were before they crashed the entire market and it was already back. I mean, it was before Saxy Poo
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saved the entire crypto industry from prison and certain bankruptcy. And Jason, it was before you got so tilted
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with Democrats that you went completely off- grid, moved to Texas, and bought a bunch of guns. There it is. It's been a minute. So much
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changed in a Fortnite. My god. Wow. Here we are. Well, we're all back and we're having some fun. We'll have a
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little fun with our fifth bestie who's here. Only a $5 billion draw down for me between those memories and
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Who's complaining? Who's counting for a certain number? [Music] We'll let your winners ride.
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[Music] We open sourced it to the fans and they've just gone crazy with it. Love you.
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We got to start off with the Israel Hamas ceasefire deal thanks to President Trump who announced it just yesterday. We tape on Thursdays. He announced it on Wednesday. You'll listen to this on
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Friday hopefully. And he announced the first phase of a multi-stage peace deal. Notably, it was on the day after the
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2-year anniversary of the horrific October 7th attacks which led obviously to the invasion of Gaza. And this war has been particularly devastating for Gaza. Most of the region's been
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destroyed. 2.3 million residents have been displaced. And according to the Gaza Health Ministry, which I know some
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people will debate, uh over 67,000 Palestinians have been killed. The deal is based off of Trump's 20point peace plan, which the White House published last week, and the Israeli government
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will vote on the deal today, maybe even before the show comes out. Even with all
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this tragedy, something has gone tremendously right when it comes to these peace negotiations and the peace
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talks. So, Saxs, tell us what went so right here in those negotiations. I mean, right now, it looks like both
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sides have agreed to this deal. And the first phase of the deal is for there to be a ceasefire to end active fighting.
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It's going to allow unrestricted aid into Gaza. It's going to allow the release of all remaining Israeli
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hostages. and Israel is going to release 2,000 Palestinian prisoners and start withdrawing Israeli troops. So that that is what apparently has been agreed to. And the Middle East has a way of
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disappointing you. Sometimes these deals don't stick, but based on everything we understand to be the case right now,
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this appears to be a big breakthrough in terms of the fighting will stop and the all the hostages will be released. And I
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do think it is a big accomplishment by the president in terms of how this happened is because the president was
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willing to both cajol and coersse and use pressure with respect to both sides of the conflict. Longtime diplomat Aaron David Miller who advised both Republican
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and Democrat administrations on Middle East peace negotiations for the last three decades. He said that, I'll quote
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here, "Donald Trump has demonstrated a degree of will unlike any other president, Republican or Democrat. He has pressed an Israeli prime minister in
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a way that none of his predecessors have ever done on an issue that that prime minister considers vital to his
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political survival and the way he would define Israeli security requirements." So that was Aaron David Miller who again
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was the US negotiator in Middle East peace negotiations for a quarter century. And in fact, he wrote a very
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interesting article in 2005 called Israel's lawyer in which he was a little bit self-critical of the US's previous efforts and his own efforts saying that
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in the past the US saw its role as being to represent Israel as opposed to being an objective negotiator. And he he
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critiqued the US's efforts saying that we might be able to get more done if the US was perceived as more of an honest
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broker and perceived as willing to be a little bit more neutral in the negotiations. And I think what he's seems to be saying here is that Trump
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was willing to do that. He was willing to pressure Netanyahu as well as Hamas. I mean, obviously you saw in the last few days that he said that if Hamas did
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not agree to this, all all hell would break loose. So, he was willing to basically pressure both sides into
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accepting this deal. And you have to give him credit for it for where things stand right now. And you are seeing, it
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seems like virtually everyone's giving him credit. even the New York Times, even John Meechum was on MSNBC this
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morning giving President Trump credit for doing the seemingly impossible. And the reason I say even John Mechum is because Meechum is frequently criticizing President Trump as being a
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fascist or having authoritarian tendencies. And even he had to acknowledge that Trump had pulled off
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the seemingly impossible here today. All right, Shamath, obviously this is going to have a pretty positive impact on the region. So, as we look at, you
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know, if this does uh and again, you know, we got to be cautious here because as Saxs pointed out correctly in the
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Middle East, you know, sometimes these things fall apart and they're delicate. But let's assume that this uh peace deal
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does make its way to fruition and we what is it going to look like in the region post peace between these two
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nations? I mean, I don't know. So, let's start with that. Nobody knows. Nobody knows. Yeah,
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I think it's been a very unpredictable place for a very long time. That being said, what is the rational thing that
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has to happen? I think that most of these countries are facing a very obvious problem which is they have a resource that is becoming increasingly less
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valuable. That resource is oil. And so the practical reality is you want peace so that you can focus on the forward monetization of your reserves. So when
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that oil sits in the ground, the longer it sits in the ground, the less valuable it is to you because it doesn't actually
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add to your balance sheet. The faster you can monetize the oil, then the faster you can deploy it into other
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things, including services for your own citizens. Now the longer you wait to do that, the
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problem that we are seeing is that other solutions come around the corner. Eventually in the 10 or 15 or 20 year
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time frame, you'll have an abundance of electrons from nuclear. In the meantime, you have an abundance of electrons from
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that gas. You have an abundance of electrons, frankly, from solar. And all of these things will ultimately diminish
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the net long bid to oil. So if there's instability, you can't focus 100% on monetization. If there's stability, then the entire focus needs
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to be on the monetization of of the oil asset. And I think that that's a very healthy thing because it starts to
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create market driven incentives that will only accelerate all the positive things that are happening. By the way, and the other thing I just want to say which is personal is shout out to a friend of the pod, Jared
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Kushner. Aman tweeted this which I think is just so superb. But in one week, Jared did the largest LBO ever and then also helped negotiate Middle East peace.
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It's unbelievable. It's really incredible what these guys pulled off and it allows that region to be a real
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pillar of what happens in the next 50 to 100 years. All right. And I I think it's well said,
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Brad, that some stability in the region will help them with the transition from an oil-based economy to what you and I learned in our trips there and some of them together that they're looking to
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transition to private equity, solar, renewables, AI, owning sports teams, venture capital, and so many uh and tourism, building new cities. All of
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that is hard to do and then also getting investments if people feel the region's
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unstable andor dangerous. You know, it's not a good place to uh invest capital. So, let's um let's keep pulling the string as to what the best case scenario
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is here if we have true stability in that region. Well, that I mean you you you nailed it.
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The conditions for all of those things economic, right, are safety and security. you don't have any economic
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growth in the region unless you have that you know and I think you guys covered it pretty well but maybe just highlight a broader feature I think of
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this presidency right I think we might call Trump like the moonshot presidency if you think about everything he's
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trying to accomplish even Hillary Clinton said if he pulls off peace between Ukraine and Russia which is also
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going on simultaneous to these efforts that she herself will nominate him for a Nobel Peace Prize right I look at the
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presidency there are moonshots going on everywhere China, AI, re-industrialization,
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India, Pakistan, Ukraine, you know, in Russia, what he's doing in the Middle East. And if you think about moonshots,
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we all do these in Silicon Valley. These are high-risk, highreward efforts. We want to back people who go for
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moonshots, but the reality is most people don't have the courage to go for moonshots because there's a high
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probability that it won't work. But if you think about this for a second, after the horror of the October 7th attacks,
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the chaos in Syria, the attacks by Yemen, the escalations fueled by Iran, the idea that the president, Witoff, and you're right, Shamath, our friend Jared Kushner, could have overcome all of
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that, right? And that could have been all out war across the Middle East. It could have plunged the entire Middle
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East into utter chaos. But instead, he decapitated Iran. We brought Syria into the fold. We're on the verge of expanding the Abraham Accords. And now you have this historic signing. You
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know, we saw it with our own eyes when Sax and I were over there on the president's visit. You know, he is
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respected as a strong leader and liked in every one of these capitals that you go to, you know, and it's paying off. If this happens, Wickoff Kushner and the president all deserve the Nobel Peace
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Prize. If even 80% of it works out, I think it's worthy of a peace prize. Well, and not to mention, we're probably going to have, at least the rumors are, that there could be a China deal coming
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up at the end of this month or into next month. And if we could resolve the issues with Taiwan, even something like
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strategic ambiguity, and if there's a chance of uh Ukraine and Russia being settled, now you've got the trifecta. You know, you got the three biggest hot spots taken off the table. If you can
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get two of those, it'd be great for humanity. poly market showing a 90% chance 90% chance that all Israeli hostages will be returned by the end of the month which would be just
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tremendous. Um and then also getting aid to these poor people suffering in Gaza would also be nice to see. Anybody else have any thoughts as we as we move on to our next story? I'll just say that the funny part here
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is just there's anything funny about the story is watching the entire global left that's been demanding a ceasefire in
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Gaza for almost two years. they've suddenly gone strangely silent now that President Trump has seemingly engineered
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that ceasefire and uh I guess the the Nobel committee is they are announcing this Friday. I do think that a record like this would absolutely win any other president the Nobel Prize or at least
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get him a nomination. President Trump has ended seven wars in seven months before this one. This would be the
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eighth if he pulls it off. So seven Obama Obama won with nothing. Obama won just for being elected. He just got elected and he got a Nobel Prize. It was just kind of like a gold
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star. Yeah. Okay. Well, let's move on to our next topic. The National Guard has deployed troops into Chicago to protect ICE agents and Portland might be next.
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Obviously, a bunch of protests have broken out in Chicago after a number of these ICE raids have occurred. And over
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the last month, DHS has been executing something called Operation Midway Blitz in the city. 800 illegal aliens have been arrested. And there was a notable
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raid on September 30th by Border Patrol and FBI agents in Chicago's Southshore neighborhood where 37 illegal aliens
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were arrested in an apartment complex. Wow. And uh this included flashbangs and a Blackhawk helicopter, similar to what
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we saw in LA back in June. Trump has 500 National Guard troops standing by from Illinois and Texas and uh in case any
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protests get out of hand. Trump says they are needed to protect ICE agents who are being targeted. Illinois
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Governor JB Pritsker and Chicago Mayor Brandon Johnson are obviously opposed to ICE actions and they are calling Trump an authoritarian and uh fighting for
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state rights in this regard. They filed a lawsuit to try to stop it and a hearing is scheduled for Thursday.
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Obviously, the president had some losses in um a number of these National Guard activities, and we can get into the details of those. Mayor Johnson also signed a couple of executive orders
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aimed at slowing down ICE agents. Uh they've established some ice-free zones across the city that prohibit ICE agents
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from using any city-owned property. And another one bans city employees from aiding ICE unless required by a criminal
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warrant. The White House called this a quote unquote disgusting betrayal and said Johnson was prioritizing illegals
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over US citizens. Your thoughts, Sachs? Well, I think the place starts with the Democrat attitude towards crime. We've seen many examples this recently. You had the murder of that young Ukrainian
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woman, Ireina, in a a subway by D. Carlos Brown. He was arrested 14 times and still left his judges and prosecutors refused to punish him or keep him off the streets. There was a testimony of Steven Federico before a
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congressional subcommittee who recounted how his daughter Logan was murdered by Alexander Dicki, a man with over 25
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felony arrests in San Francisco. Here you got leftists are still trying to get diversion for Troy Mallister who killed Hana Abbe and Elizabeth Plat on New Year's Eve 2020. That was the case that
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activated all of us to get Chase Bodí recalled successfully. So look, you have here so many examples of leftist prosecutors and judges and activists
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always trying to get repeat felons off trying to get them diversion, never prosecuting them. They're in favor of
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zero bail. They've turned the jails into revolving door. And that's why you see in places like Chicago or Washington DC
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enormous amounts of of violent crime. Now in DC, the president had the ability to clean up the streets, to clean up the homeless encampments, make the streets safer. No one denied the feds had a
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right to go in and they did. And there have been immediate positive results. Homicides and carjackings and so forth
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have fallen dramatically. Everyone who actually lives in DC is very happy about this situation. and the restaurants are
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full again, people feel safe to go out. So the question is where else can the president basically help these cities and go in in Memphis?
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They have been invited by the Republican governor to go in and help and so they will. Now with Portland and Chicago, the problem here is that frankly you've got
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mayors and governors who are opposed to doing anything about the crime problem. And moreover, they refuse to support ICE
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and DHS in their mission to enforce immigration laws. And then finally, you've got violent leftist protesters
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like Antifa who've taken to the streets and they are trying to thwart deportations of violent aliens by ICE
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and DHS. In response to that, the president has sent somewhere between, I think, 300 and 500 National Guardsmen to
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support ICE in Chicago. It's not a broad-based mission to clean up the streets because, you know, we still have
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to figure out what the legal authority to do that is. They're just there to support ICE. And yet, you see all this
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hysterical bluster and rhetoric by JB Pritsker and other Democrats basically claiming this is authoritarian. It's
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not. It's a very limited operation to support IS and DHS in their lawful mission to enforce immigration laws. And there's no question that the president has this authority. Both Eisenhower and
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JFK sent federal troops into the South to enforce federal desegregation laws. For example, when James Meredith was barred from attending Miss University of Mississippi, JFK sent in 30,000 federal
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troops to bust open the doors of Miss. And by the way, they were not National Guardsmen. These were the Army. So,
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presidents have sent in troops. They have sent a national guardsman to enforce the law in American cities. He
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absolutely has the right and power to do this. But like I said, this is somewhere between 300 and 500 guardsmen sent to
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back up ICE who is being assaulted by violent protests and riders by Antifa. And what you're seeing by the mainstream media and by liberals is an attempt to mischaracterize the situation. All
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right, just to put some numbers on that for the DC National Guard being called out. Obviously, Trump uh and the president, whatever president is, clearly has the rights to do that for a
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certain period of time. And um if you look at this Washington Post story, I'll send it to you for post, 61% of people
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said in DC, according to the Washington Post survey, that the people in Washington DC said the military police present has made them feel less safe. 79% of people pled in DC in the same
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survey said they don't want the National Guard in the city. So there is a lot of conflicting data here. But
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overwhelmingly in DC data that's an opinion. No, it's an emotional a survey. I give you a different surve.
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If we're going to do surveys Yeah. Yeah. Sure. There was a poll last week from TIP Insights which showed that Trump
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What's Tip Insights? I've never heard of it. Tip. It's This was cited by Newsweek. I
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can put the link on the screen. Okay. Yeah, I never heard of it. Well, they're a pollster. Well, Washington Post was one I cited.
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Yeah. Well, okay. And I'm sure they're perfectly objective, right? Next, you're going to be quoting the New York Times
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to tell me how objective they are. Here's Tip. They're a pollster. These TIP Insight showed that Trump had a net
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positive rating among voters in cities 47 to 44 and that his numbers have improved recently. So, look, I think
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this is tremendously popular with the citizens of these crimeinfested cities. We saw this with DC that the locals, the residents, including among the black
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population were very happy with the fact that Trump sent in the National Guard and crime has been massively reduced.
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Sorry, can I say something? You know why it's popular and it's working? Because of what Wes Moore did. Wesmore is the
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perfect example of what I think a Democrat governor should be doing, which is obviously he has to blather on with
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his anti-Trump rhetoric, but what does he do behind the scenes? He sends in state troops and he makes sure that there's a surge of policing in all of these crimeridden areas because he knows
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that the policy works. He just wants to get the credit for it and he doesn't necessarily want somebody else to get
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the credit. This is where I think what's happening in Illinois is a bit of a headscratcher because if you see how
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badly run and how crimeinfested Chicago is and the state of Illinois is, why wouldn't JB Pritsker do what Wes Moore does? I think the honest thing that they should be doing is to
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recognize that the citizens on the ground in these places want to live in a safe and peaceful place. And with more
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policing and with more troops, it's just statistically true that crime comes down. And I think at the end of the day,
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probably the citizens of these places care less whether they're National Guards troops or whether they're state
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troops, but they just care that they're there. This is why I think asking emotional reactions to me doesn't make
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as much sense because I feel it's a very partisan way of opining on the person who gives you the resource because I
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suspect if you ask the exact same question inside of Baltimore to the state troops that were sent in by West
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Moore a Democrat, you probably get a different response. But the outcome is the same. Crime goes down. That's what
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everybody wants. Brad, any concerns about the militarization in the country that is occurring from
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you? Well, I think listen, nobody wants abusive tactics, but let me just give you some numbers that cause me to
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believe this feels more like, you know, a bipartisan issue and and we have kind of the pendulum swinging back more than,
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you know, something that should cause us concern. Court-ordered removals and deportations average 200,000 per year, 1997 to 2000.
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That's under Clinton. 200,000 a year. They averaged 300,000 a year, peaking at 400,000 under Obama, right? Deportations plummeted under Biden. At the same time,
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we know that illegal crossings into this country kind of exploded higher. And now
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they estimate that Trump is back to the trend line of 300 to 400,000 illegal, you know, deportations and removals. These are court-ordered removals. So, I might have expected the Trump number to
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be way higher given that we just went through this massive step up in illegal crossings, but I think it's really
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important to point out that this has been a bipartisan consistent thing that has happened in this country for 30 years. I'm not talking about tactics exactly how it's going on, but the
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deportations have been going on by both parties and we never it hasn't been an issue before. And so, it is curious that
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it is more of an issue now. And then the other thing I would just underscore is if you look at what Daniel Lur is doing in the city of San Francisco, he is live
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blogging on Twitter and Instagram the arrests of a 100 fugitives per night. I think he's had three or four of these nights now in San Francisco to take these people off the street following a
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mayor that wouldn't even arrest people and no prosecutions because he understands as a Democrat what citizens
00:24:02
expect first is safety. They want the ability to walk their kids to school, to walk to dinner, to play in a park, and
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not have to worry about being safe. So, I think I, you know, I build on what Chamas said. I think the smart Democrats
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are realizing this is a bipartisan issue. This is what people want. It it it's not inconsistent with what, you
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know, Presidents Obama and Clinton did in their administrations in terms of deportations. And so, I don't think this
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is the hill that they want to die on. JCL, I'd love to hear your thoughts on on on what's going on with these
00:24:33
deportations. Well, I've been very vocal that I don't agree with the violent nature of the
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deportations and what ICE is doing. Uh, but obviously I am very much since Sax and I work together on the ouster of
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Chesine, obviously I care coming from a law enforcement family about law and order. I think it's super important and
00:24:52
I obviously agree, but I want to level the conversation up a little bit and maybe talk a little bit about the
00:25:00
president's approval ratings and how this all connects. So, got a couple of charts I'll share with you guys here and I'll get your reactions. It's not pretty for Trump right now. His polling is at
00:25:12
an all-time low. It's worse than the last couple of seasons of The Apprentice, in fact. And when you look
00:25:20
at this chart here of Donald Trump's approval rating, you'll see there are four dips here. And this is the net
00:25:27
approval rating. And what you'll see is liberation day when he did the tariffs. Obviously, he went a little too far on
00:25:32
the tariffs. And uh that was pretty shocking. Went down to a -10. That's taking his approval minusing the
00:25:38
disapproval. And that's how you get the net approval. Then the LA protest. remember the violent protests and the ICE agents chasing people down in fields and Americans didn't like that either.
00:25:51
Not releasing the Epstein files in July, another dip down to his lowest of his presidency, about 10%. And then now we're uh with these Chicago ICE raids
00:26:01
and the violent nature of him, I believe, is the cause of this. And going on a little bit even from here, if you
00:26:09
look at his wheelhouse, this is where Trump won the election. I think we all agree in the Trump 2.0 platform, which won a lot of moderates like myself. I know on this show people like to say I'm
00:26:20
a Democrat. I've voted actually now Republican almost exactly as much as I've uh voted Democrat and I am a strong
00:26:29
moderate. If you look at immigration, his net approval rating has plummeted from plus 10% down to minus about 5%.
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The economy, he's down 15%. He was up 5% at the start start. Trade, he's rebounded a little bit. And inflation,
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he's down 27%. And so this is his wheelhouse. And if you look at from Bari Weiss's,
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you know, organization CBS News, congratulations to Bari on her taking it over and her sale to the free press to
00:27:00
CBS. Only 17% of Americans believe Trump is making them better. This came out this week and 58% don't want the
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National Guard in our cities. People oppose what Trump is doing right now and he is at an all-time low. So, you have
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to ask yourself why. And uh I think this is because he's drifted from the 2.0 policies. Closing the border, very
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popular, lower taxes, no taxes on tips, extremely popular, pro business, pro- innovation. Thank you, Saxs. You're
00:27:26
correct. This all is the best of Trump. Doge reducing spending. The best of Trump and relentlessly trying to stop wars and apparently on the cusp of
00:27:37
succeeding with the one in Gaza right now. This is what Americans, including myself, moderates, really like about Trump. What don't we like about the Trump 1.0 platform, the violence of
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January 6th, ICE agents in masks, beating powerless hardworking immigrants, sending in the National
00:27:57
Guards, if you remember from the first administration, the kids in cages, the Muslim immigration ban, pardoning all
00:28:04
the January 6 riders who beat police savagely trying to overturn election results. This is what people don't like.
00:28:10
They don't like the chaos. And what Americans do love is they love the Constitution. And uh you know they they
00:28:18
love the rule of law. This is where he can do really well. 85% of Americans have a favorable opinion of the
00:28:25
Constitution and 94% say it's really important to protect liberty and freedom. And what these actions and when
00:28:32
you see Pam Bondi and you see Steven Miller, Trump's ratings go down. when you see Lutnik, you see Bessant, you see Sachs, you see Elon and Doge, his approval ratings go up. And so I would
00:28:45
like to lobby my friends who are in the administration or around it and the people I know in the administration to think through this because what's at stake is the midterms. The Democrats are
00:28:58
going to shellac the Republicans in the midterms if this continues. Nobody wants this type of violence. Nobody wants to
00:29:05
see people beaten. Nobody wants to see mothers thrown on the ground as their children are crying just because they came here 20 years ago, 10 years ago when Republicans Republicans who were
00:29:17
the biggest proponents of letting people in from Mexico to work here because we needed cheap labor. We as Americans have
00:29:24
an obligation to these people who we brought into this country to treat them with compassion and we're not doing that. And that's my little monologue
00:29:32
here. You heard from Brad that the deportations have basically mean reverted. So do you think that there were the same category of people being deported before
00:29:44
as in now and that there's just less press coverage and it was okay then and it's not okay now or just explain this
00:29:50
idea of mean reversion and whether we're getting the same and right people out of the country that we've been doing for
00:29:55
the last 20 years. Yeah. So what you're seeing is many lawsuits now of people who are Americans
00:30:00
or who are properly documented now suing ICE cuz the way they're pursuing this with their masks and just randomly going
00:30:07
after people and racially profiling people is resulting in the wrong people being picked up. And that's really what
00:30:13
I find the the most offensive about it. I don't mind obviously the border being closed. I I said that many times here. I
00:30:19
don't mind criminals being deported. I think that's a great idea. But I think we should look at the economics of this
00:30:25
as well. We're spending $30 billion on ICE now. We've tripled the budget. We're spending $100,000
00:30:32
per person deported. Okay, that's a large number. If we simply find that 79year-old car wash owner $10,000 every time he
00:30:44
hires, you know, an illegal alien, this would stop. There are much better ways to
00:30:50
execute this. And so I have to ask myself, what is the intent of this violence? What is the intent of sending
00:30:56
the National Guard in? Is it actually a pure intent of wanting safety and security? I don't believe that's all
00:31:02
that's at work here. And then a follow-up question. What do you think is the difference between Wes Moore, the governor of Maryland,
00:31:09
sending in state troops and Donald Trump, the president of the United States, sending in federal troops into a
00:31:14
state to help diminish crime? Yeah. It would be the Constitution and the United States of America, not a
00:31:22
federal government ruling over all 50 states. The way this was set up by the founding fathers was that the states had rights and amongst those rights is the security of the people in that state.
00:31:34
It's a very rare situation. So your your issue or not your issue but your diagnosis would be what Wesmore is
00:31:40
doing is right. JB should probably do that too. I I would even take it a little further.
00:31:46
Yeah, I I think actually the the best thing to do if Trump is intent on saying, "Hey, crime's out of control in San
00:31:51
Francisco," which we all experienced and you guys continue to experience if you're if you're in the city.
00:31:56
I don't live in the city. I find you don't even But if people did go to the city, I think what I would do if I
00:32:03
was the governor, I say, "You know what? We could use your help and we're going to call up the National Guard ourselves and we could use some help in these 17
00:32:09
locations. We'd love to collaborate with you." So, it's not an outcome thing for you. It's a procedural process that says it
00:32:15
needs to go through a different pathway. It's the violence and the cruelty of it that I object to and it's the
00:32:20
inefficiency in terms of the cost of it. I don't believe that mothers should be separated from their from their children
00:32:27
or their fathers should be separated from their children. I don't believe it should be done in a brutal way and doesn't need to be. It could very easily
00:32:33
be done with other tactics. And that is what I I take great offense to is both of those things. The inefficiency of it
00:32:39
and then also I take offense to the derailing of the Trump 2.0 0 agenda, which I was in favor of, and I will call
00:32:44
balls and strikes when Trump tips back into those authoritarian tendencies that the Trump 1.0 agenda that I've talked
00:32:51
about. I'm not in favor of that. I don't like it. I would much prefer to see us be compassionate to immigrants. I would
00:32:58
much rather see us take a softer hand and a path to these folks who've been here for 20 or 30 years. I'd see I'd
00:33:03
like to see a path to them to become citizens because I think immigr this country was built by immigrants for
00:33:09
immigrants and I believe we should continue that. But it should be legal immigration and if people were here illegally because Republicans and
00:33:16
Democrats who are super in favor of NAFTA wanted them here, we should take ownership of that and be kind and compassionate to them and give them a path if they're not criminals and if
00:33:27
they pay their taxes, which almost universally they do, we should give them a path to citizenship.
00:33:35
All right. Well, the first thing I want to do is point out that you mentioned that Doge was one of the most wonderful
00:33:40
and popular things that President Trump did. And I agree that it was a great thing that he did. Basically trying to
00:33:46
streamline the government and make it more efficient. But it was not popular. It was had only a 35% approval rating
00:33:51
while 57% disapproved. Why is that? because the media pounded on Doge and Elon and turned him into a villain and tried to mischaracterize what he was trying to do and blamed him for every
00:34:03
possible thing that was supposedly going wrong in the federal government. So, look, obviously the polling is not
00:34:09
always a great indicator even when it is accurate and I remember when Anne Seltzer told us that Trump was going to lose Iowa by 10. So, obviously these pollsters often have no idea what
00:34:22
they're talking about. In terms of the merits of this, you're completely ignoring the fact that there are lawless
00:34:29
mobs who are the ones creating the violence. Not our law enforcement officers, not ICE, not DHS. In the city
00:34:37
of downtown Portland, for example, you have literal Antifa terrorists who are extremely organized. They're aggressive and they're well funded. This is not just some sort of rag tag bunch. The
00:34:48
White House uncovered a bunch of leftwing NOS's who are funding Antifa along with other leftist protest groups.
00:34:55
These NOS's have laundered over hund00 million of our money to fund terrorist violence in our streets. Antifa even has
00:35:02
a safe house near the epicenter of the unrest in downtown Portland that local cops and local media know about, but nothing's being done. And it's this group that has basically terrorized
00:35:15
downtown Portland and led to violent assaults, not our law enforcement officers. But when this violence breaks
00:35:21
out because of Antifa, then the media blames the Trump administration for it. So I'm not surprised that the polling
00:35:28
reflects that because that that's what the media does. But look, the bottom line here is what is the policy that the
00:35:34
Trump administration should pursue? And previous administrations have pursued deportations and so has the Trump administration. I don't think you can have 10 to 15 million illegal immigrants
00:35:46
allowed during the Biden years and then just say there's going to be an amnesty. I mean, what are we supposed to do? This
00:35:52
situation was not created by Trump. It was created by Biden. They opened up the border. There were holes in the border
00:35:58
walls. Millions of people streamed through. They were bust all over the country. Trump won on fixing that
00:36:05
problem and deportations were part of the mandate. Now he's doing it. can't just be a one-way ratchet. When the
00:36:11
Republicans are in power, they close the border. And then when the Democrats are in power, they open it up, allow 10, 15
00:36:16
million illegals in, and then we can do nothing about it when we take power. No, that's not the way this works. There has
00:36:22
to be a correction to what Biden did, which was outrageous. And I remember plenty of liberals while that was going on, they were saying that the videos we saw on Fox News were cherrypicked. They
00:36:34
said that there was no real situation at the border. We were gas lit constantly about it. Whereas every single person
00:36:39
who actually visited the border said the same thing that it was outrageous that Biden had opened up the border that
00:36:44
people are streaming through. They were running through and Trump won on a mandate of fixing this problem. And now that he is fixing it, what we have people do is claim that he's the source
00:36:57
of the violence. No. Antifa and leftwing riers are the source of the violence. You don't see this violence in red
00:37:02
cities and you don't even see it in in the blue cities which have offered to cooperate with Trump like Memphis or
00:37:09
like DC. So when you see cooperation from these cities, they are actually cleaning them up. But in Chicago and in
00:37:16
Portland, you have violent protesters and that is the source of the problem. And the media can blame it all on Trump
00:37:22
as much as they want, but fundamentally that is what's going on. Okay, let's move on to our next topic. Anybody else? I'm surprised as someone
00:37:28
who normally supports law enforcement that you're not backing these guys up. Oh, I I support law enforcement. I do not think they should um do it the way they're doing it. It's the violence.
00:37:40
It's the cruelty that I object to. Okay. I don't mind people being held accountable for crossing the border. I
00:37:45
don't mind the deportations. I do think How do you think it should be done, Jacob?
00:37:51
Yeah. So a very simple method would be if you went to people who are employing and because the people who are here
00:37:58
illegal are here to build a better life for their families and to live the American dream. That's why they're here.
00:38:04
They're here to get a job and to have a better life for their children if they are working illegally. And so they're
00:38:11
here. These are the most industrious people I've ever met in my life. Immigrants, including the two of you.
00:38:16
Most industrious people are the immigrants. Uh we know that. And so a very simple way to do this if you wanted
00:38:22
to do it without cruelty and without burning $100,000 per person is to go to where they're being employed. And if you saw this terrible video of a 79y old man being tackled by two ICE agents and he's
00:38:34
suing the government for 50 million. That's not the way to do it. You go to that car wash. You say, "I'd like to see
00:38:39
everybody's paper." Everybody runs. They show you the papers. whichever person is not actually employed there legally and
00:38:46
who doesn't have their papers, you give a $10,000 fine and then you come back the next day and you give a $20,000 fine. And if you did that, this would be
00:38:54
incredibly effective and you wouldn't have the brutality you have under no circumstances. And I've talked to many
00:39:00
of my relatives who are cops and many of my friends, they look at what ICE is doing and they see it as being
00:39:06
unnecessarily brutal. All you have to do is go to where they're working and give
00:39:11
the fines and then round people up who are in fact criminals. No problem with any gang members or any felons to be taken down and to sometimes you have to
00:39:22
do that with force obviously if they're criminals. But for everybody else, we can do this compassionately and we can
00:39:27
do it much more efficiently. We could do it by just paying people to self-deport and we could increase that rate. And
00:39:33
actually that actually has been working. The story hasn't been told yet. I think we'll see that in the statistics that of the three or 4 hundred thousand people
00:39:39
we wind up deporting probably a third of them are going to be people who self- deepported and we we'll we'll share
00:39:45
those statistics here as we go but it's the violence I'll just note that in DC DC is the city
00:39:50
where Trump was first able to basically get involved in trying to stop the crime
00:39:57
because he was able to bring in the National Guard and everyone understands the feds run DC so he has a free hand.
00:40:03
Have we seen any of the problems that we're talking about in DC? No, we haven't. It's calm. People can go out at
00:40:08
night. They're going to restaurants again. The citizens are happy. Why? Because the things you're talking about are the result of violent Antifa protests in Chicago and Portland.
00:40:20
Because the local politicians like JB Pritzkar have an incentive to blame everything on Trump and they've been turning a blind eye to these local gangs who are creating all the problems. Yeah,
00:40:33
we're in a strong agreement that Antifa and I'll add to it, the Proud Boys and Oathkeepers,
00:40:38
who brought tons of guns to the capital and uh who ran January 6. I agree with you. All of those radical organizations should be handled. Uh we're in strong agreement. And just the fact that you're bringing up the nonsequator of January 6 tells me that
00:40:53
you've lost this debate. I'm not looking to to win a debate with you, Sex. I'm not in the debate club,
00:40:58
but you can win whatever debate you want. I'm just giving my opinion. But the more and just to give a little
00:41:03
nuance here with the Doge thing, I agree that it was unpopular with the libs, but what I what I was talking about was the
00:41:10
moderates who won Trump the election this year, which you had a big part in, David. You you turned a lot of the
00:41:15
moderates uh you know, the fiscally conservative but socially liberals uh in our community, the tech community,
00:41:21
you're directly responsible for that. I might argue this podcast and you and Chimamoth and your support of Trump and
00:41:27
the 2.0 agenda was a big part of him getting elected. I've heard from people in and around the administration, they believe that that was a key part in
00:41:34
their success this time. So, when I say that uh people were in support of Doge, I'm talking specifically about moderates
00:41:40
and the people who backed the Trump 2.0 agenda just to clean that up. I do agree with you that uh yeah uh but you can roll your
00:41:46
eyes. Well, my point is I'm not trying to win a debate with you. I'm just telling you my my opinion. Polls can give us interesting
00:41:52
information, but they're also a snapshot in time. And what really matters is the results of the policies. And I think that if you look at DC, hold
00:41:58
on. You look at DC just a couple of months ago before Trump went in, the left was basically shrieking hysterically that it was authoritarian,
00:42:05
that it was fascist and so forth and so on. They had all these arguments. It's going to be brutal the population. Trump
00:42:10
goes in there and it's worked amazingly well. I will let you have word and I don't think we should be abandoning the poor populations of these inner cities to the predatory crime that
00:42:22
they've been subjected to for decades that their Democrat politicians have done absolutely nothing about. Quite
00:42:27
frankly, these cities are something like 9010 Democrat. If we can just make them 7525,
00:42:32
then I don't think Republicans will lose elections anymore. So, I'm glad Trump is trying to do this. We've seen these
00:42:38
examples over and over again. This is why Wes Moore is doing what he's doing. Exactly. I think the tactic works and I think
00:42:45
Jason, we are moving away from whether the tactic works or not to who is trying to frame themselves to take the credit.
00:42:52
And if you look at the Democratic path to the presidency, we've heard this before, but Wes is sort of at the front
00:42:58
of the line. And I think he's seen that this is the right place to be on this point. So I think it's like he doesn't want the success if it doesn't acrew to him.
00:43:12
That's why he sent in state troops in Maryland into all the hot spots. I think what will be interesting is in three or
00:43:18
four months from now when we see the incremental crime stats data and whether we see Wes wrap that up in a big bow and say look what I did and I think if you
00:43:30
do see that then I think what you will have seen is a successful policy that was co-opted at the state level because
00:43:37
they want to take the credit for it and you'll find an adequate number of journalists who will want to paint that
00:43:42
as a oh wow look at this invention that has happened But the artifact will be that Trump initiated and instigated it.
00:43:50
Now, if people copy it, that's a smart thing to do if it works. Absolutely. You cannot deny that uh law
00:43:56
and order is at the top of everybody's list in terms of just living a productive life. All right, next up on
00:44:03
the agenda. Oh, Bestie Brad, you're going to love this one. AMD and OpenAI just closed a massive GPU deal. Could be
00:44:10
worth 60 billion or more over the next 5 years. Obviously, uh, two companies are are run by friends of the pod. Lisa from
00:44:16
AMD and Sam from OpenAI, both been on the pod. AMD stock rocketed up 35% since the announcement. OpenAI committed to purchasing six gawatts worth of AMD's
00:44:28
nextg GPUs. A little bit of an interesting wrinkle here. AMD granted OpenAI warrants. Okay, that's
00:44:35
interesting. For up to 160 million shares or 10% of the companies. And with that massive increase in their stock
00:44:42
price, Brad, I think this means that OpenAI is going to get a lot of GPUs essentially for free. Big dialogue has started, Brad, around
00:44:52
these roundtpping conflicted party transactions. Is that how some people would describe them, specifically the SEC? Do you have concerns about the AI
00:45:04
trade and the amount of circulation of shares, GPUs, and cash that's going on right now, and I know you're in the thick of this. Yeah. And and maybe before we get into roundtpping and circular revenues, which
00:45:18
I do want to hit, I think it's super important that we talk about that. Let's just break down the deal a little bit because there's a lot going on and I
00:45:25
think it I think it's important we put context around it. So, first, this is a bet the farm bet by Lisa Sue, right?
00:45:31
She's given away 10% of the company if the compute gets deployed. She said a couple weeks ago, we're in year two of
00:45:38
10 of a compute buildout across the country. So, I I I have a couple charts here. Why would she make a bet the farm bet, Jason? Right, that's an important question. Remember, Nvidia just did a
00:45:49
huge deal with OpenAI. They didn't give away any of their company. In fact, they got the right to buy
00:45:54
part of OpenAI. So, look at this chart. This is pretty wild. Just in 22, in 2022, two and a half years ago, Nvidia and AMD had basically the same
00:46:05
revenue, $25 billion, right? This year, Nvidia will do 10x that at roughly, you know, 210, $230 billion, and AMD will do 33 billion, right? Not much more than
00:46:19
they were doing when the companies were tied in 2022. So Nvidia's captured nearly 100% of the incremental AI data center revenues over the course of the
00:46:30
last 2 and 1/2 years. And I think there's this notion that somehow Nvidia just popped out this special AI chip.
00:46:36
But I think if you listen to Jensen, understand study the company, it's because they have this ecosystem of
00:46:42
software, networking, extreme code design. The unit of compute is no longer the chip, right? It's the entire data
00:46:48
center which is composed of, you know, 5 to 10 different chips. Performance per watt, right? Power being the constrained resource here is everything. And Nvidia's just crushed the competition.
00:47:00
So now put yourself in the shoes of Lisa, right? And she's clearly not on the wave. This tsunami has come. Jensen's riding it. He's capturing 100%
00:47:11
of the wave and she's not even yet on the wave. Her MI350 was just not competitive. And so they have one shot.
00:47:18
Either the MI450 gets adopted and they get back into the game, right? Or or or they're out. She's a total warrior. I think she believes in the 450. She went
00:47:30
to her board and she said, "Listen, this is we got to take the shot here. We got to bet the farm. If it works, she's
00:47:36
going to get 150 billion of incremental revenue just from OpenAI, right, for building out 5 gawatt. And on top of that, of course, it could unlock a lot of the other market because now it will
00:47:47
have validated that they have a a a chip that works. But it's far from a done deal, far from a conclusion whether the 450 is going to work. Can it compete against Vera Rubin? Can it compete
00:47:59
against uh Reuben Ultra? All super important questions. So that's one you you know that that's the AMD deal. Why have we switched from saying oh Colossus bought you know XAI's data
00:48:12
center 100,000 H100s 200,000 H100s to now framing these in gigawatts. I think it's important for people to understand why that's now how deals are being framed just in the last 3 months has
00:48:24
changed. Yeah I think I think there are a couple constraining features. Number one chips change right? So 100,000 H100s is not,
00:48:32
you know, is not apples for apples with the number of GB200s, you know, Grace Blackwell 200s or GB300s. And so it's
00:48:39
hard to talk about them. You're comparing apples and oranges when you're comparing these data centers. So a
00:48:44
unifying metric of compare, right, is the the the power that goes in. Everything starts with the power. It's the constrained resource. So we can compare a gigawatt of power because it's
00:48:56
remember it's power in and it's tokens out and we can compare that over time and normalize across all these different chips and it's not just these two companies you got tranium by Amazon TPU
00:49:08
by Google Cerebrris Gro etc. there are a lot of folks in this game. And so again,
00:49:15
I think what you saw this week in this flurry of announcements, right, is that you have the market leader that's basically captured 90 to 100% of the incremental demand for the biggest thing
00:49:27
that the the data center and the chip market has ever seen. And every other player is looking at what they have to do to have a shot to capture part of this wave, their high-risisk, highreward
00:49:39
bets. The other thing I would say is, and again, shut me up and anybody can jump in if they want to, but I want to
00:49:46
decompose. We're hearing these estimates of 100 gawatt, four to five trillion of
00:49:52
buildout over the course of the next four years. If you look at that same chart I just showed you, that's not what
00:49:58
Wall Street estimates are, right? There is a lot of disbelief on Wall Street as to what's going to get built out. So if you look at that estimate, you know, starting in 2027, it basically flatlines
00:50:10
27 through 29 for Nvidia, right? Less than 10% keger in terms of the growth for Nvidia. They have by 2029 them doing 360 billion in revenue compared to 210
00:50:23
billion of revenue this year. To put it in gigawatt perspectives, that means going from four to five gigs per year in
00:50:29
25 to 9 gigs in 29. That's a big step up, but a long way from the 100 gigawatts you were hearing, you know, bantered about on CNBC this week. That's for a different reason. Nick, put
00:50:41
this put this quote up there, which is this famous quote from Nathan Rothschild where he said, "I care not what puppet
00:50:47
is placed upon the throne of England to rule the empire on which the sun never sets. The man who controls Britain's
00:50:54
money supply controls the British Empire, and I control the British money supply." Why is that quote so interesting as
00:51:01
applied to AI? I think that what you're going to see and you're seeing it in those revenue
00:51:07
graphs is that there is a traffic jam that's happening in growth where it won't be the ability to actually build nextgen silicon, but it'll be the energy inputs that will
00:51:20
constrain it and it will be the ingredient inputs that constrain growth. And so the companies that then control
00:51:28
those elements of the supply chain will actually come into power and rise to power. So what is one example of this?
00:51:36
One example of this is when you look at the architecture of Nvidia's chips, one of the things that they have made a huge
00:51:42
bet on is HBM. And this is a memory structure. And what's so interesting about that is when you look at the HBM
00:51:48
market, it is effectively Nvidia who takes up the majority, the majority majority and then Google. And now AMD's next architecture actually
00:52:01
needs to sit on top of HBM. Now they're going to have to go and step into that supply chain and try to ask for share.
00:52:09
Where will that share come from? And this is where the people that then control that supply, SKH Highix and
00:52:16
Samsung will have leverage. Now, this is what's interesting about a deal that OpenAI announced two or three weeks ago.
00:52:23
Sam was in Korea and you saw him shaking hands with SKHix and Samsung. And my initial thought then was why is OpenAI doing a deal with the memory maker and then it occurred to me, wow, he's buying
00:52:35
forward capacity on HBM because now he can allocate that share. So when I saw that deal and I saw that equity, it
00:52:42
reminded me of this Rothschild quote. Sam has allocation and now Sam can allocate allocation and then as a result get a tax and I believe that the
00:52:53
warrants and the equity are effectively that. What's a different example? Brad mentioned this before, but energy will
00:53:00
be the gating item beyond a shadow of a doubt. And so if you control electrons, any form of electrons, hydrocarbon to electron, electron to electron, photon to electron, doesn't matter, you will
00:53:13
then be in a position to start asking for equity, upside, participation in these companies in a way that you could never do before. You would just have been a linear member of the supply
00:53:26
chain, a low margin participant. So when I look at where we are, I think that the really interesting question now is to ask what is the second and third order degree inputs that are critical to
00:53:39
allowing the big foundational model makers to allowing Nvidia to allowing AMD Broadcom to thrive and that is where
00:53:48
I would start to look because those that control those resources are going to dictate the pace and the scale of this
00:53:54
AI expansion. Okay, coming around the horn here to you, our Zar of AI, David Saxs. When you see this massive amount of deal making occurring, it's got to warm your heart a bit. American
00:54:05
exceptionalism at work here, people swinging for the fences. What's your take on Brad and Chimat's
00:54:12
overview of where we're at here in the fall of 2025 in the AI race? Yeah, I I don't really like to take sides on these deals for the obvious reason that we want to be supportive of
00:54:24
everybody and just have a healthy environment for competition. So, as long as there's
00:54:31
investment going on and as long as there's a lot of competition, those are good things. That's what we want to see. So, I tend to think this OpenAI AMD deal
00:54:38
is evidence of that. There was the OpenAI Nvidia deal. There was the Nvidia XAI deal. There's just a ton of
00:54:45
investment going on and that's what we want to see. So that's all really good news. I was struck by Brad's chart about
00:54:51
Nvidia's revenue in the out years. The amount of capex or investments going to go into data centers and compute more
00:54:58
than a few years from now. I think that's really hard to predict. Impossible, right? Yeah,
00:55:03
very hard because on the demand side of the compute, it's going to depend on new
00:55:09
applications that get created. So for example, the demand for tokens depends not just on AI chat bots, but on the new
00:55:17
agents that are coming along. You have these new video generation models, Sora, and now XAI's just released something.
00:55:24
So we don't really know what the demand for tokens is going to be. I think it's going to be huge. I think there's a lot of applications that haven't even been
00:55:31
invented yet. We are in the very early stages are going to drive demand. It's a little bit like in the early days of the
00:55:37
internet, we had this dotcom bubble where everyone thought there had been too much fiber built out and then all the fiber ended up being used because,
00:55:44
you know, social networking came along, Facebook came along, YouTube came along. When all that original fiber in the '90s
00:55:52
was built out, they didn't even know that photos and videos were going to be a thing. So, the bandwidth eventually all got used up. I think in a similar
00:55:58
way, all of the compute will eventually get used up by new applications. I guess
00:56:04
the thing we don't know is how much more efficient will the infrastructure get at
00:56:10
producing these tokens. So that would be the offsetting factor is yes the chips are getting so much better. I mean we're moving faster than Moore's law
00:56:16
here. Every year Nvidia is releasing a new generation of chips and it's doing inference at multiple
00:56:23
times the efficiency of the previous year on I guess a token per watt basis or whatever you want to measure it. So that's an offsetting factor. And then there could be um more efficiencies
00:56:34
created in the model architectures with um sparser architectures. So those will be offsetting factors as all the
00:56:41
efficiencies we get. But then you have to you know if I'm kind of arguing with myself then you've got the Jevans
00:56:47
paradox which is as the cost per token comes down more and more that's going to enable AI to be used in more and more
00:56:54
context where previously it wasn't economically efficient now it will be. So that's going to fuel the demand. I
00:56:59
mean, David, David, I think this is a huge boom. Yeah. Yeah. Your point is a your point is a great one. Everybody's looking for the
00:57:06
bubble, right? We've got this pattern recognition. Everybody's like, "What? It's dark fiber. It's got to be dark fiber. There's no way that you can 10x
00:57:13
your revenues at Nvidia without it being, you know, a bubble." But the reality today is Nvidia trades at a
00:57:19
lower price to earnings multiple than it did when it was $200 a share. Think about what the term dark fiber means. We
00:57:26
were laying fiber in the ground that remained dark. We did not have the demand for the fiber. There is not a
00:57:33
dark GPU in the world today. There's not going to be a dark GPU in the world next year. Good point. There's no dark GPU.
00:57:40
I don't think that's the question. I think the question is what is the ROI on input and output tokens per use case? What is the ROI of a random use of a
00:57:53
model? And I think that that is a very good question. How many of those tokens are generally gross margin negative? How
00:58:00
many of those are unprofitable? How many of those are profitable? And I think that's what they're trying to ask when
00:58:06
they ask that question. They may just not know the technical intricacies to ask it that way. But I think that's what
00:58:11
people are trying to debate when they're trying to guess. And I don't think we totally yet know. And just two things I wanted to add
00:58:17
here. There are other solutions which have not yet hit the ground. I mentioned Bit Tensor. I think it's an open source
00:58:22
project that's worth looking into. I started a little fund of my own with my own capital to start exploring this
00:58:28
because there are going to be other solutions that come to fill all of this Javans paradox that's happening.
00:58:35
Chimach, your thoughts? Yeah. Well, I think the thing to remember is token generation is this very
00:58:40
complicated quadratic that just consumes a ton of power. Yeah. And there really is no way to ignore the
00:58:50
fact that even with more complicated capabilities, the models are becoming much more
00:58:57
complicated. These context windows are getting longer or bigger. And so I just think that we are in this
00:59:03
massive massive capital race. And unfortunately I think what that will create is the need for all of these other things. Like for example, there may be architectures where you just have
00:59:14
to use SRAMM because you can't get HBM. I don't think we know what that does to a whole bunch of these use cases today because it may just be completely unperformant.
00:59:26
Separately, I think Meta was the one that published this. There's a big disconnect right now in the market
00:59:32
around the failure rates of certain classes of hardware and not at the chip level because at the chip level these
00:59:38
things are really performant but at the server rack system level these things are you know failing 9 to 20% of the
00:59:46
time that's very complicated how do you deal with all of that and how do you deal with these cascading failures all these
00:59:52
things because we are pushing the boundaries of physics we're at you know two and three nanometer scale yields are
00:59:58
good not Okay. All of these things I think have to get worked up and that's what makes it such a great opportunity and so exciting I think.
01:00:04
Brad, let's talk about the TAM. I've been working a bit on what is the TAM of this. And in the modern developed world,
01:00:11
what we used to call the first world, you got about 500 million business users. They spend on average, Brad,
01:00:17
about $3,000 on SAS products. So if you were to just put those numbers together,
01:00:22
it it gets pretty large pretty quick. trillions of dollars in revenue for those users. And if you look at consumers and just use an analogy maybe Brad I think be interested if you think
01:00:34
this is a valid one. Consumers pay for you know Netflix and Disney Plus whatever it is probably a couple hundred
01:00:41
a year. So then you have a billion users in the developed world. I'm not counting frontier markets and the developing
01:00:47
world. We're talking about a TAM that's going to be a couple of trillion dollars a year. I think you would agree. So the
01:00:53
buildout of a trillion dollars doesn't seem as farical if that is in fact the prize. And I think I've set the tab very well. Wait, hold on. It's not it's not a trillion. That's just the capex, then
01:01:03
you have to think of what the opex is. The opex is probably the same multiplied by the useful life, which is probably 20
01:01:10
years. So if you think there's a billion of capex going in, you have to expect that there's a trillion capex, sorry,
01:01:15
trillion of capex going in. There's tens of trillions of opex over the useful life of all of this stuff. upgrade
01:01:20
cycles, people, power, water. So, it's a much bigger spend than we think. So, we
01:01:27
have to be careful that we're not underestimating, frankly. Absolutely. And then there's what the life of these are, right, Brad? Like,
01:01:33
what is the use for like Corewave thinks these things last four years? Well, they six. They underwite to six.
01:01:38
They're at six. Other people are saying four. So, that seems a little challenged, too. Here's a rule of thumb
01:01:44
is that each gigawatt data center is about $50 billion of investment roughly between the chips, the land power shell. It's about 50 billion per gigawatt. And
01:01:57
you have, you know, open AAI and Elon, they're talking about scaling to 10 gawatt data
01:02:03
centers. That's a $500 billion investment. I think that's right. Per data center if it gets that big. I mean to be clear they're still working
01:02:09
on the 1 gawatt data centers but from there they're going to go to 2 or 3 gawatts next year and then from there
01:02:16
probably to five over the next couple of years. So you could get to a 10 gawatt in I don't know probably 5 years
01:02:23
something like that. Brad's kind of convinced me that we should all be taking the over on this as he usually does.
01:02:28
Welcome home Brad. We appreciate you. When I think about Nvidia's market, I think the big question to me is I so I
01:02:35
would bet the over on demand because I think that it's very hard to underwrite demand for applications that don't exist
01:02:40
yet, but I'm confident they will be there. The thing I don't know about their business is whether the GPU market
01:02:46
bifurcates between training and inference. I think everyone understands that Nvidia has by far the best training
01:02:53
chips, but there's a lot of competitors including Chimamath company Gro and there's Cerebras and obviously AMD wants to compete and then obviously Huawei is
01:03:06
is kind of a wild card there. We can talk about that. And then obviously I should mention all the the AS6 that the
01:03:11
big AI companies are. Yeah, using Broadcom IP, you've got the Google TPUs and you know, Brad, you mentioned Tranium, which is Amazon's chip, and I think Open AI wants to develop their own
01:03:21
chip. So, I think the question is given that inference will be 99% of the market and training is only 1%. Could Nvidia be
01:03:29
in a situation where they've got training locked up, but when it comes to inference, there's just a lot of other
01:03:34
alternatives because people have developed cheaper inference chips. I'm not saying that's going to happen. To me, that would be the big question.
01:03:40
Well, I mean, listen, you know. Yeah. You know, I think first I go back to the point you made. We're at this
01:03:46
critical juncture in a global AI race and we should all be celebrating the fact that there is this level of
01:03:52
investment going on in the United States. This is the definition of creative destruction. It won't all work.
01:03:58
But the risk capital, the entrepreneurial boldness of SAM and Nvidia and Lisa, this is what's going to
01:04:06
keep us ahead in the global AI race. None of this would be happening if Washington had not unlocked power.
01:04:13
Jensen said this on on my podcast or our podcast last week, you know, on this. We've unlocked power. We've unlocked
01:04:20
capital. People are now able to underwrite to these deals. So, first, I just think that this is incredible. We
01:04:25
have this level of competition in terms of Nvidia's ability to stay ahead um of of everybody else. Listen, I think at
01:04:32
the end of the day, it's power in and it's tokens out. It's perf per watt. If I've talked to many CFOs of hyperscalers
01:04:39
and they said you could price the competitor chips at zero. Jensen said this publicly many times. Price the
01:04:46
competitor chips at zero and it's still more effective and uh economic decision to choose Nvidia. And I think that's what it comes down to. They have to be at perf per watt because power is the
01:04:57
constrained resource. Going back to what Chimas said. Okay. I want you to just give me a number Brad. The total TAM of this in
01:05:04
five years. What's the in the modern world? What's the spend going to be? Just think about that for a second. I think I think Jason, I think you made
01:05:11
a great point about about total TAM. We see about a hundred billion already in incremental generative AI revenue in
01:05:18
2026. That has to grow to well over a trillion by 2030. If you look at it on a top downs basis, $125 trillion global GDP. If you get a 10% improvement in
01:05:30
productivity, that's 12 trillion a year of productivity improvements. If you get a 5%, that's five or six trillion.
01:05:37
That's what's leading MASA and Sam and others to place these these heroic bets. Okay, great. We just have to lightning
01:05:44
round this. Here is the roundtpping discussion that people are obsessed with. Nvidia at the center of this uh a $4.5 trillion company, largest company in the world. And as you can see here
01:05:56
between XAI, OpenAI making language models, AMD, uh, Intel, Coreweave standing up data centers, you know, and so many other companies. Oracle is obviously in the mix with
01:06:09
their cloud, Google with their cloud, Gemini, uh, they have their own chips as well. What do we take away from what we
01:06:18
all saw, Chimath and I, up close and personal with AOL and and their partnerships? And I guess I'll start
01:06:23
with you here, Chimoth. Is this analogous to the roundtpping we saw on the dotcom era? Are these conflicted
01:06:29
party transactions concerning to you at any level? Is CNBC and everybody hand ringing about this over their skis or is
01:06:37
it a legitimate concern? I'm not sure that they're framing the concern properly. There are a lot of industries
01:06:43
where these things are standard practice and well accepted. One example that was explained to me this week was how the auto OEMs dealt
01:06:54
with car dealers, their car dealer networks, where you would give what's called the floor loan, where if you're
01:07:00
trying to sell a Ford F-150, you give your dealership a loan. They then buy the car, it pulls forward the revenue
01:07:06
for Ford, then the dealer goes and sells the car to you, and you know, they take
01:07:11
the ARB and they pay the financing cost. So, this kind of stuff has been wellestablished for a long time. So I
01:07:18
think what I would rather ask is where is the PCAOB expert that says this is not good. I just think that these are too complicated for me to understand. They get into the vagaries of accounting law. But I suspect that these companies
01:07:31
are well advised and I think that there are other industries that have been doing it for many years and I think that if there was a real issue it would have been exposed
01:07:46
much sooner quite honestly. You say PCAOB public company Accounting Oversight Board. Yeah.
01:07:52
Like I mean I just think there there's just and by the way there's all the quarterly regulatory filings that are required all the Sarbox compliance
01:07:59
that's required the numbers of auditors that are looking at these things. I think it does come down to the fact that
01:08:05
there are many industries that use this forward flow agreements if you want to call it factoring flowing agreements if
01:08:11
you want to call it that. And I just think that it's newer in our industry but it's important to
01:08:16
acknowledge that it's very well established in many other legacy industries and there's a lot of it all of a sudden. So I guess Brad, the uniqueness to our
01:08:23
industry is one piece or I'll give it to you Sax. The the uniqueness to our industry is one piece and the number of
01:08:28
these is just making people's heads spin a little bit and makes their mind wander. But conflicted party
01:08:35
transactions have to be very well documented, you know, in SEC filings, etc. And these
01:08:40
are largely public companies. But go ahead, Sax. Well, look, these companies all have lots of very expensive lawyers and accountants. So, I'm sure that from a,
01:08:47
you know, GAP standpoint or security standpoint or compliance standpoint, what they're doing is fine. Now, when people talk about roundtpping, if you want to talk about the the spirit of it,
01:08:58
the underlying concept behind it, I think what it comes down to is that Nvidia is effectively extending credit
01:09:04
to its buyers. Why do they need credit? Because this buildout is so capital intensive. I mean,
01:09:09
Elon, every model is quadratic. It gets worse. They're all running around the world looking for capital. There was a photo
01:09:15
of Sam the other day. I forgot what country he was in. Might have been UAE or Saudi or something. In any event,
01:09:21
they're all looking for as much capital as they can get to fund this buildout. And in certain cases, obviously, Nvidia
01:09:27
is extending effectively credit in exchange for equity or whatever it may be. And I think the question you have to
01:09:34
ask is simply, are these companies that are on the receiving end of this credit effectively
01:09:40
creditw worthy? In other words, will this investment yield economically viable results? Right? Because if let's say Nvidia extends credit to OpenAI and
01:09:50
then OpenAI then buys chips from Nvidia, Nvidia recognizes that as revenue. The question is is there economic substance
01:09:57
to that or is it basically a shell transaction? And my my view on it is that there is substance to the
01:10:03
transaction because there is downstream demand for AI and the applications that are eventually going to get built and for the uh APIs that are being put out there for basically the tokens that are being generated. I mean Brad will have
01:10:14
the exact numbers but I think open AAI's revenue ramp rate is it's something like
01:10:20
5 billion to 25 billion to 100 billion. Brad what can you tell us the years on that? I mean, well, I don't want to get over my dis skis about what's been disclosed, but I think that
01:10:31
Yeah, they'll they'll they'll exit this year at over 20 billion run rate. I think there are a lot of people who think they could hit uh 50 next year and
01:10:39
100 after that. So, this again gets back to your point, David. There's no dark GPUs in the world today. The tokens are being consumed. Every consumer in the world wants answers. They don't want to
01:10:49
use 10 blue links. Every enterprise wants to deploy this to make their enterprise better. National sovereigns
01:10:55
want to do this in order to advance their military and other other things. I want to come back to this very point. We
01:11:00
should be on the lookout for sham transactions. When you have moments of excitement like this, they of course
01:11:07
will lead to somebody on the edge doing stuff that is a sham. What's a sham? There's no economic substance. There's
01:11:14
no end buyer for your product. So I call up Sachs. I say, "Saxs, I I've got a bunch of inventory. Nobody wants to buy
01:11:20
it. I'm going to wire you a billion dollars. buy a billion dollars of my product, I'll post it to revenue and
01:11:25
we're good to go. It doesn't cost him anything and I get to book a billion in revenue. Clearly a sham, clearly
01:11:31
illegal. Not at all what's occurring in the case with Nvidia. Just put it in perspective. 25 through 27, Nvidia will
01:11:38
generate $450 billion, half a trillion dollar of cash flow. What they're investing is mice nuts. They are making equity investments
01:11:49
in companies that are mice nuts. It's not credit to these companies. The companies don't, in the case of Open AI,
01:11:55
they don't even have to use Nvidia chips. They just told the world they were going to buy all this AMD, right?
01:12:00
They're rumored to be building their own chips. So, the point of the matter here is, of course, it lubricates the system by making these investments, but they're
01:12:07
tiny equity checks in these companies. I think about it this way. You know, Google Capital is one of the biggest
01:12:13
investors in Dolingo. Dolingo is one of the biggest advertisers on Google. Nobody's crying foul that Google is
01:12:19
somehow roundtpping revenue back into uh you know Google advertising, right? So long as there is end demand for the product and it's not a sham, I think these things are fine. All right, I think we'll leave it there.
01:12:31
There's going to be a lot more news on this. But people love the picture of the plug plugging itself into its butt
01:12:38
or the or there's another one of a power strip plugged into the power strip. Can you find the plug plugging itself in
01:12:45
the butt? The elephant. Yeah, that that there it is. That's what we're talking about. Yes. I somehow I don't think the
01:12:50
onoff switch is going to make a difference here. By the way, when I whenever I see this, I think, is it dangerous to do that? And
01:12:56
then I remember, no, there's actually no electricity or current, but it it I always think that it is
01:13:02
anyways. I mean, well, I think the concern we'll have is if there's a downdraft, and
01:13:08
right now they're saying, hey, 10 to 30% of a correction the next year is uh, you
01:13:13
know, what people are buzzing about. I guess it's always some percentage of a correction. If there's a correction, some stocks go down, the tide goes out.
01:13:21
Then we figure out who has a sustainable business. And who's wearing shorts and who's not? And that's what happened
01:13:26
exactly in the dotcom bubble. The tide went out. Amazon had enough revenue to continue. Other people did. And some
01:13:32
people maybe they were caught with no shorts in the ocean. Whenever you have a boom like this, there's obviously going to be winners
01:13:38
and losers and there's going to be a lot of losers. But the the question is whether the winners will pay off the the
01:13:44
losers. That's what venture capital requires. But I just think it's amazing how much of a boom is going on. And I
01:13:49
think Brad's made the argument that it hasn't even peaked yet. 40% of US GDP growth this year is AI. And AI companies
01:13:57
have accounted for 80% of the gain in US stocks this year. I know a lot of people are ringing their hands and pointing to
01:14:02
this as like evidence that somehow we're we're in a bubble, but to me it's a wonderful thing that the US is on the forefront of building out this technological revolution and building
01:14:13
out all this infrastructure. And I think it's ultimately going to pay huge dividends and we just need to not screw
01:14:19
it up. Yeah. And there's just so many people who, I mean, to be honest, just want to screw this up with excessive regulation at the
01:14:25
state level, excessive regulation at the federal level. They want the bureaucracies in Washington to manage
01:14:30
and approve everything. If we go down that path, we could sabotage this. If we just allow it to happen, if we allow the
01:14:38
innovators to do what they do best, I think this is going to drive four or 5% GDP growth for the next few years, it'll
01:14:45
be a really wonderful thing. I mean, it's a great place to wrap. And if only we had somebody who had decades
01:14:51
of experience and had a really logical bent to them about free markets, who could advise our president, we would be
01:14:57
in great shape. Oh, wait. That's sax. Good job. All right, everybody. Gold rally is off the charts. Shout out to
01:15:03
our friend Vinnie Lingham, who told us about this for the last year or two. Jeez, it just broke 4,000 for the first
01:15:10
time ever this week. Up over 50% for the year. Gold's outpacing Bitcoin, which is
01:15:16
up 30% itself. and all the other major indices. NASDAQ's up 19% in the same time period. S&P 14 down 9%. Silver is surging even more than gold.
01:15:28
There might be some utilization reasons for that. Silver gets used in a a lot of
01:15:33
different components whereas gold very rarely does. At the same time, the US dollar down 8% year to date. Here's a
01:15:41
chart from our friends over at Visual Capitalist about gold versus US Treasury. something we talked about here. Uh, US treasuries Chimath, you want to take this and then
01:15:52
we'll go to Brad. What are we seeing here with gold? Are is this like a safety trade? Is this an anti-USD
01:15:59
trade? What what what's behind this? Too much money supply? What's happening? No, this is just people confusing
01:16:06
correlation and causation and making stuff up to look smart. Why is gold up? Gold is up because there
01:16:12
are many more net new buyers. Who is the most important net new buyer? It's Tether. Tether has been issuing a stable
01:16:18
coin called Tether Gold where they'll actually custody the gold on your behalf and it's the amount and volumes of it
01:16:24
are rising. At the same time, central banks are rebalancing. And then yet at the same time, you have a lot of macro
01:16:29
funds that have essentially decided that central banks aren't to be trusted and they don't know what to do. And so
01:16:36
they're not necessarily long bonds, they're not necessarily long currencies and so they're long gold. So I think
01:16:42
it's a mixture of things. There's no panacea explanation, but if you had to put it into a couple buckets, it's net
01:16:49
new speculation, net new stable coin related issuance, and a loss of confidence in central bank policy around the world. And this is uh in some ways a good backs stop, Brad, for governments maybe to
01:17:02
stop spending and maybe a little austerity. You called austerity in the tech industry in 2021. Thanks for that. I bought a bunch of stocks. that went all in on Facebook and a bunch of other
01:17:14
ones uh when you were talking about this. So, also China seems to be flipping into gold, too. I've been
01:17:20
reading about that. So, what's your take, Brad? Yeah, I mean, listen, there's one there's one camp that says this is all
01:17:27
because the world's falling apart and we're all panicked about global governments balance sheets. I think
01:17:32
that's part of it, but I think Chimath nailed it, right? You got a total change in the new demand picture for gold,
01:17:37
right? as evidenced by we, you know, we have a bitcoin of gold, BTC, you know, Bitcoin, but we also have it in the form
01:17:44
of Tether, right? You're now going to allow people to have exposure to the actual underlying gold by buying a
01:17:49
crypto asset. So, you have new demand for it. You do have people concerned about the state of the world, but it's always been a speculative asset plus a
01:17:57
store of value, right? And I've got a couple charts here. You can throw them up if you want. One is simply looking at
01:18:03
the correlation with the S&P 500 over the last 10 years and the other one's looking at it with US debt. And I I it's
01:18:09
probably chart crime. I'll go back to what Chimas said. I can make up any story I want to make. It tracks the the
01:18:15
growth in US debt. It tracks the growth in risk assets in the S&P 500. The fact of the matter is it's a combination of
01:18:22
all of these things. And hats off to the people who are up 50% this year on gold.
01:18:27
All right. Is that simple Sachs? Anything you want to add? There is one other big factor. I mean, maybe Chimath mentioned this, but China's central bank
01:18:34
has been increasing its gold reserves for 11 consecutive months. They added 40,000 ounces in September alone.
01:18:41
As of the end of September, China's gold reserves totaled 74 million ounces valued at 283 billion. So, they've been
01:18:48
gradually substituting away from US dollars, US treasuries towards gold. And I, you know, some of this is geopolitical. China is our chief competitor in the world. They probably don't want to be dependent on the dollar
01:19:01
and US treasury. So, they're diversifying away. Also, you can't forget that this trend really started
01:19:07
during the Biden administration with the Ukraine war because the B administration used the US dollar is basically a
01:19:14
geopolitical weapon. They cut off access to Swift. They froze Russian assets and the banking system. And so a lot of
01:19:21
countries look to that and go, "Oh geez, you know, if I am totally reliant on the US dollar complex, then I can be on the
01:19:29
receiving end of US foreign policy that I don't like." And so it was, I think, pretty natural that the BRICS countries
01:19:37
would look at that and start to develop alternatives. And just by the way, when the bricks talk about this currency that
01:19:42
they're going to develop, they're not talking about a man on the street type of currency. The best guess about what
01:19:48
they're going to do is it'll be some sort of goldbacked certificates where they can settle up
01:19:55
huge international trade flows using gold certificates. So that might be part of what's driving this as well. That's a
01:20:01
very long-term project by the bricks countries. I don't think we're going to see anything in the next few years. And that's uh sachs their way of sending
01:20:08
a message to the US. Hey, don't use USD to yank our chain. Yeah. Is that your interpretation? Well, I don't know if
01:20:15
they're trying to send the message or they just don't want to take that risk, right? They understand that if they're part of
01:20:21
the dollar complex and they can be affected by things like cutting off Swift, by sanction, by banking
01:20:27
sanctions, their assets in theory could be seized and so forth and so on. So, obviously, they're going to try and
01:20:34
reduce the possibility of that externality. Yeah, makes total sense. All right, let's wrap on Poly Market. My guy Shane,
01:20:42
friend of the pod, announced that the New York Stock Exchange parent company IC a different intercontinental exchange had invested 2 billion at a 9 billion
01:20:53
post or somewhere in that range. They will now distribute Poly Market stated at thousands of financial institutions
01:20:59
globally. And it looks like Poly Market will be launched in the US imminently. There's actually a poly market for poly market being available uh in the US for
01:21:10
trades. Poly market was only founded in 2020. They were valued at 20 at 350 million last year before the election and uh 1.2 billion earlier this year.
01:21:21
Founders Fund made a nice investment. Uh that turned out to be a pretty great trade. 98% chance now that Poly Market
01:21:28
will go live in the US in 2025. I think that's found money right there. I mean, I'm going to place a bet there. Chimath, your thoughts on this new category and why it's so important for it to exist.
01:21:43
I talked to Jeff Spreer the day he did the investment just to congratulate him. One of the things that he said, which I
01:21:49
think is true, everything is becoming a market. And you're going to see this convergence where eventually you'll have
01:21:56
sports that look like markets. You'll have knowledge that becomes a market. And then you'll ultimately have equities
01:22:02
and debt instruments also behave this way. Meaning they'll be tokenized. They'll be very funible. You can just take a long or short position on almost
01:22:13
anything. And so I think you're going to see this convergence. What does it mean? I don't
01:22:18
know. But it puts a lot of really interesting assets under the microscope. If you built like a highfrequency
01:22:24
trading organization, what does it mean when all of a sudden some crypto pool shows up and it can do HFT much faster
01:22:30
than you and basically chops the cost to zero because you don't have an infrastructure and a corporate or what
01:22:36
is it going to mean to the betting sites like FanDuel and DraftKings where now a bunch of these trades can happen here as
01:22:42
well. So I think what Shane is leading the charge on is democratizing this and financializing all this infrastructure to run extremely liquidly via tokens effectively on chains. And I think that
01:22:55
that is a huge deal broadly speaking. Yeah, I'm I'm loving this for the Oscars and I was just thinking wow if you're a movie uh studio and you're releasing a film and you if these markets become big
01:23:08
enough you could hedge your bet on your own film. I mean, this could have profound impacts on every industry. Yeah, Brad, how do you think about it as somebody who trades?
01:23:19
I just love the fact we now professionalized the wisdom of the crowds. I mean, we've known for 150 years that crowds are smarter than
01:23:25
experts and all these people hanging out in ivory tow towers controlling the conversation. Now, the those emperors
01:23:32
have no clothes, right? The reality is I think it was this guy Francis Gton who coined the phrase 1907, he got a group
01:23:39
of 800 farmers together. They had to guess the weight of an ox. And then he had five experts. And guess what? The
01:23:45
crowd got a got a lot closer than the experts to the weight of the ox. And here we are 150 years later and you're
01:23:51
going to have, you know, very very big companies, right, that are now taking it to the next level, creating liquidity. And when people put money on something, the crowd gets even smarter. So, uh,
01:24:02
it's a, you know, kudos to you guys. You really, your partnership with them, you've taken them to a higher level. And, uh, it's awesome to see. great um
01:24:11
great lesson for entrepreneurs. There was a website in trade. I don't know if you guys remember that from like the early 2000s into like the 2010 that was
01:24:19
doing this. They had regulatory issues, but the idea was out there and people just didn't go all in on it, so to
01:24:25
speak. And here we are. Shane has crushed it. Another amazing, respectful, fascinating, insightful episode of your podcast. Welcome home,
01:24:38
fifth bestie, Brad Gersner. Go check out his other pod, BG2. Great to have Brad back in the mix.
01:24:44
It's great to be chopping it up with you. We have to get Brad and Freedberg on the same pod.
01:24:49
Oh yeah, let's do it. What if people prefer, a science corner or a market corner?
01:24:56
You don't even tell us in the comments. Tell us in the comments. I will allocate my two votes. I can tell
01:25:02
you. Wow. Freeberg taking a stray. He's not even here. No, you just He's wondering out loud
01:25:12
corner. You I mean, maybe there's an asteroid coming or we could talk about the markets and have great charts. I don't
01:25:18
know. Anything's possible on the world's number one podcast. Your favorite, your
01:25:25
podcasters's favorite podcast, the All-In Pod. We'll see you all very soon. Allin.com. sign up for an email and get
01:25:32
special uh information on what Congratulations on all your success, Jason. Congratulations. How much success are we talking about
01:25:37
here? Congratulations on behalf of the Trump administration. Congratulations. Thank you. Well, I hope on your Trump
01:25:42
driven success. Congratulations. Absolutely. Yes. And uh Trump 2.0. What else can we do for you? Well, yeah. I want to bring that up.
01:25:48
What other stocks? What other stocks can we uh can we for you? Actually, I do have one thing about
01:25:54
laws. That would be a big relatives you'd like to loop into this conversation. What other people would you like? I call balls and strikes here.
01:26:00
It's a very important role here to have you noticed. You know what I've noticed psychologically? Steel is here. The steel man. The people
01:26:06
that constantly say they call balls and strikes are never the ones that call balls and strikes. I got my eyes on your balls, Jamal.
01:26:12
Don't listen to what they say. Just look at what they do. Exactly. Yeah. Welcome to Texas. Come by the ranch anytime.
01:26:18
Welcome to Texas. Exactly. I have the great state of Texas. How's that ranch treating? It's so great. I carry I carry a pistol
01:26:23
on my waist. It's incredible. This place is great. You're welcome. To quote Jack Nicholson and a few good men. Yeah,
01:26:29
you live under the security blanket that we provide and then you question the manner in which we provide it.
01:26:35
Absolutely. That's called checks and balances. Uh to our amazing panel, great job. And uh to our civil servant, David Saxs, get back to work for the American people. You're doing a great job.
01:26:49
I love you, boys. Best news. Byebye. will let your winners ride. Rainman David and it said we open source it to the
01:27:01
fans and they've just gone crazy with it. Love you queen of quinoa. [Music] Besties are gone. That is my dog taking notice your driveways.
01:27:20
Oh man, my habitasher will be up. We should all just get a room and just have one big huge orgy cuz they're all
01:27:26
just useless. It's like this like sexual tension that we just need to release somehow.
01:27:31
Your feet wet your feet your feet. We need to get mering all [Music] in.