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The thing that really makes Silicon
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Valley special is this concept of
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permissionless innovation. Since Hulin
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and Packard 85 years ago started
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building Silicon Valley, the idea has
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always been that just a couple of
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founders kind of a great idea, start
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their company, they get some angel
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investors to write a check for seed
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capital. Those investors think they're
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probably going to lose their money, but
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they figure there's a shot. It could be
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the two guys in a garage or it could be
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the college dropout in the dorm room and
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they don't need to go to Washington to
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get permission for their idea, right?
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It's permissionless innovation. That's
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what has made Silicon Valley the crown
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jewel of the world. It's why so many of
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the heads of state who are here are
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always asking how do we create our own
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Silicon Valley. That was not the
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direction we were on when President
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Trump came into office. the new 300
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pages of regulations concerning AI the
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Biden administration left us with would
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have changed this environment of
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permissionless innovation to an
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environment of you have to go to
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Washington to get approval for your idea
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and I think that President Trump really
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corrected that and since then we've been
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implementing his AI action plan which is
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all about pro- innovation pro
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infrastructure pro energy and pro export
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so it's been a total change and I think
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just in the past year you've seen the
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results of