TWiST News: Reddit Earnings, Apple Intelligence, and more AI money | E2041
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This is the new year I got the mac mini because I always love mac mini isn't IT satisfying. When you open a mac products, they make this. None of you know this, but.

They work on that sound that you just heard. So that was the sound of me opening that box up the midicine on. And that sound when you open IT is designed to let that pop up there up. And then this is supposed to be another this paper that they put on top of your device or the film theyll put on top of IT. That's also design in the on boxing experience to have a sound associated with IT.

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Hey everybody, welcome back to this week and startup s i'm here with Michael s. Alex wilhelm. He is alex on twitter or x 点 com。 I am at chasen.

X comes like Jason. X, O, come, alex, he writes a newsletter is called cautious optimism, cautiously optimistic. What me on this branding is always getting me.

I'm going to get a .

sign behind me that idea and be optimistic util optimism, cautious optimism. Because I the problem is I am used to saying i'm cautiously optimistic, but it's cautious optimism. Dot news is your news letter .

yeah people people .

can sign up for this and it's great because alex is researching the industry every day with this dally email. If you get IT, you kind of getting either what we talk about our yesterday they show mentioned or perhaps a pick what will be on the next day show. So it's a nice compliment to the pod.

We have a big docket. Today is big docket energy lexi's. I mean, we can sit here and talk about trump.

We can talk about the election. We can just get back to technical. I say we just get .

back to i'm totally, totally here for that. Yeah but Jason, my question is where do you want to start? We have a feast in front of us so pick course.

Um you give give me some choices here. Let's tell me, audience, what's on the docking and emo pic and then he audience, you can tell us always in the youtube, if you don't subscribed to this week and startups youtube go to this week and startups IT subscribe, hit the bell monday wednesay fridays were walking IT in news at twelve pm texas time, which is ten pacific time, silk value time and of course new york east coasts time. That's a one P.

M. So you look for us right around that time today. Was that because I wanted to get a little extra into the docket? Uh, but we're trying to look into three days a week, monday, wednesday day and yeah at that standard .

time yeah absolutely. So on the show today just we have apple intelligence signal and consumer privacy in the of a then we have notes on redit and toast earnings. For my product perspective.

I love both of .

those and amazon, I put more money into anthropic. I have the information there and also some notes about the future of A I regulation. And I know you just said no trump, but if we have time, we can talk about tiktok and what might happen to you, the social media phenomenon, the new administration.

Of course, that's a great subject. I think starting with the signal discussion. Uh, obviously, a lot of people are using signal to protect their privacy.

Previously, people use things like telegram or you know other messaging platforms, but they generally don't have disappearing messages. Point to point in cypher. So signal is one of those great h products that I think people trust.

Now, should you trust anything? I don't trust anything. I assume all my tweet, all my tax, will become tweet eventually. And if you go through life like that, you're being in pretty good shape.

Nothing I say in private group chats that spicer may be on the margins, ten percent spicer than what I say publicly. Pretty good way to live. But what i've heard on the back channels is on signal groups and other places. People are saying, hey, apple intelligence has been reading me, my messages. If you use airports, the latest pod tax.

I don't have the latest airports, but I am now I eating dot one.

perfect. You have an apple intelligence. Latest airports are amazing. I've gone from pixel buds ds back to the airports because of this reason for when i'm doing podcast are listening. Otherwise, I like to use my fancy focal batteries, you know, really a head phones that I have. Putting that aside, I do like with into my pocket and doing phone calls with these apple air force, they will read you, your messages.

And I asked you, alex sent to slack, would you like to read IT? So instead just reading IT IT asks you, and the way you can fire IT off if you just not, or you go like this. So when I with my kids, if i'm like, you know, anna kind of shap eroding and they're playing with the friends or something, I might have an ipod in just one, sometimes two, and they're playing and they don't want me or just you am hovering around the prophet and i'll just not.

And then I hear your message to me. I started doing there for signaling messages. And so then people were like weight as second, I is listening on an Operating system basis on your local phone to this.

And then people are now sharing the train apple intelligence screen, so we should show people where this is on the phone. hopeful. We have that in the notes of which rain you go to to show had to turn this off.

But IT was turned on by defauts is the claim of many people. I can't remember if this is being turned on or turned on, but let's pull up that screen and everybody sharing. So if we look at this, alex IT has learn from this APP.

And then IT says, very tiny. Allow theory to learn from how you use signal to make suggestions across apps. So it's studying behavior of what you do in there. Okay, you send to your group chat of your paternity ity or severity or your kids group, lot of kids groups in here, you know for schools.

And then I said suggestions show on homework reen suggest APP suggest suggestion and notifications allow suggestions and content from signal and shortcuts for the APP to appear in search and in widget. These suggestions and shortcuts are based on how you use the APP. So this is a long winded way of saying apple is now studying your use. Apple, I think, anticipated this, but IT has not stopped people from thinking this is a league. So take us through what the media coverage has been of this alex and apples response to IT because if i'm hearing about IT in group chats over and over multiple times and i'm seeing IT on ready threads in cyber security forum and then apple has released a security paper on IT, there's something here and it's worth us meditating.

Yeah absolutely. So people might recall we talked about this actually, I think about a month ago, jay, in this idea that apple intelligence was going to learn from you when three things we were certain about vought people. I think the concern that people add here is that apple was turning this on automatically for signal if you turned on apple intelligence.

And I think that's a mistake for a design perspective. The other thing that came out when I was preparing for the show is that a lot of people think that apple has offered a reasonable set of privacy guidelines for the use of A I, which is on screen learning and support. They are on device learning, but people are still very concerned that some AI processing, if you will, some of this learning that apple intelligence wants to do will be done off device.

Now this kind of boiled down to how much do you trust apple and how much do you trust their private cloud compute set up going through privacy. My reforms talking people about this, my impression is that apples set up is the gold standard for this type of technology. And I think that's where the media commentary has come from that you're asking about.

And I think the media is a very positive about apple's work here, but I don't think that general media privacy, educational awareness is particularly high. And so I think apples getting a lot of cry from the media for saying, hey, we're gna take a look at this. We're going to be serious about I don't think that's convince ed, the actual privacy advocates. And I think that's why showing up in your group texts and also over on of the death call inside, for example, OK.

So uh, what that means, net net, is apple has said so to translate a little bit of this into plain english, if i'm understanding correctly, there is a private cloud that apple is using and then there's your phone they're contending apple um that all of this processing is happening primarily on your phone.

So if it's learning about how you use signal and it's reading to you your messages from signal that's occurring on your phone, which is yours, which is encrypted, which even apple can't get to, yes, but but there might be times when they have to go to the cloud. And when they go to the cloud, they are claiming that they have a private cloud to do this and they were released the picture. We'll put that paper in the so to your point, this comes down to do you trust apple and their approached ai?

I would not trust as but one example, google, I wouldn't trust because I think we've used data before to kind of market s so I would be very concerned with google because of what happened with inca medo mode as well, where people at google used to joke like incremental mode is not in a medo. Um and then I wouldn't trust OpenAI um as well because I think they're kind of cut through reputational wise, but I might actually trust apple if founder. Let me ask a question, do you know how much money your start up has at this very moment? Or do you know how nexus s.

Hiring is going to impact your turn, right, if not your stuck in spread. Jil, I know IT i've been there and it's super risky. So let me tell you about this amazing offer I just discovered, call runway n like how much one do you have for your startup? IT connects all your data sources, obviously your bank, obviously your accounting, but also your hr software, your cm, all of IT.

And then once you have all that data, it's going to help you model your finances in plain english. So you always know where your business stands and you can just crush those board beating. You never look foolish trying to find information.

You're the pilot of this start up. And when you go in to the cockpit, you want the pilot to be able to tell you the air speed. They want to tell you your altitude.

Ea, it's complicated, but runway makes IT all super simple. It's not just and a bunch of P N S. It's actually data you can use. And customers like superhuman Angel list eight one eight to kila and revenue can't love this product.

So just because you're start up, does that mean you can run your account on the back of a lack pin? We want to personalize demo. I watch IT head over the runway, that com, what a great dm runway, that com slash twist.

And they're going to give you three months free right now. It's an awesome product. I I wish all of my startups used IT honestly, because then we would know exactly how much runway we have.

If you know you are runway and you know all your data code, you can just make Better decisions. And that's what we all want to do, is make the best decisions we can with the best software and the best information we have. Go visit runway outcomes twice.

So I think the dilation between advertising focus companies, I google meta, for example, makes a lot of a sense. I agree you on OpenAI. Apple has made such a push though about being the privacy first provider for mobile offering systems in hardware for so long that they should have pretty good consumer trust here.

But I don't think that's enough to make us feel good. So I guess the way that I guare pushed the station after going through my setting today in tinkering with that, is that for all my message apps, i'm just going to have apple intelligence turned off period. But I don't actually care if apple intelligence knows what I using google maps, because I might help me get places faster.

So I think that's what i'm willing to give up. A little bit of my privacy ethos, if you will, for convenience. But if you're gonna use signal, which is, as you said, in indian encrypted and very well known for that, I just don't understand why you would want to give any technology company, even one as a high minded as apple might be, access to that information. IT just doesn't .

feel right well and I think the hacker community is maybe they're going to fall on the side of turning this off. And there was one interesting comment on hacker news um hacker news news out why commented to com. Sometimes you'll get you know some really thoughtful people who either work at apple or have worked there or work at these big tech companies or compete against them.

And there were some commentary about it's not transparent or the person said that is in transparent. Nobody knows what apple is doing in terms of sending stuff up to the cloud or processing at local. So I think that would actually be interesting if IT actually told you, hey, we're sending this up to the cloud to actually work on IT or not or if there was a way to say, I don't want IT you know, as great as um computing can be, I just don't want to send my stuff up to the cloud.

And I think this is gonna the major vector that now people are going to have to contend with. If you have an AI on your phone built into the Operating system or built into your dust up, as microsoft and apple are doing as well, and you can downloads h GPT a mac APP and will watch your spring. And we've seen cloud can, you know, take over your browser, it's gonna know everything you're doing on your computer and sending some amount of that up to a cloud, which means IT could be intercepted.

So almost like we've all got a keystroke loggers r watching us now. And the idea is the I think i'm starting to something like it's spy there is but in order for A I to do its job, it's gonna to study you on your computer. And so you should be thinking, everything I do on my computer is now being watched by air.

If you turn a lot, you can turn apple intelligence off, for example, and you can even turn off series. You can kind to go back to a phone if you want. But I think it's prety clear from the trajectory of these products that they are not going to get built into the browser at a releve.

L and your phone and your ducks top O S. And so forth. What I would like here, Jason, is if apple would allow me to have my own private cloud computer set up like that.

There was an alex x version of that, that I could pay for. I can approve query es going up and down. I'd feel OK is about that, but A A nebula coco private club somewhere else. Some of my A I were going off device just doesn't sit well with me.

But I wonder how much is of this? Is just you and I and people that we know in the technology world thinking about this versus the average person I pull just some fun data uh and idea lisc google trends. And if you think about, uh if you look at uh, searches for apple intelligence and perplexity this R A I A change that to start up, they are actually about even in terms of total searches right now in the us.

And by that, I mean, people aren't searching for open telega. They're not really looking forward. Why I see the average consumer going to turn IT on and .

forget about IT. So interest over time, there was a Spike in apple intelligence that must have been the keynote. Everybody must have google that.

Then I came back down, uh, and perplexity, yeah, slowly. I guess people are interest in IT. But this shows the two consumer products have no these two consumer products have no traction. I guess putting IT up against ChatGPT would be another interesting vector. I bet you ChatGPT GTA Spike against this, which means they are the leading consumer brand .

so far for sure. But what amazing to be as apple has the harder and apple has such an envious my phone in the press budget they talking about and is getting the search volume of perplexity, which is just to started up, one that's grown quickly, shot out to them. Not trying to this, but there's a difference in scale between party and apple.

And so I was shocked to see how little interest apple intelligence is. But I do think as well, one last thing, if apple is going to be serious about A I, it's going to have to resolve these tensions because the technologists are the power users. They buy the expensive phones.

You s of lot tops. And they don't want to give up on privacy or even give a little bit. And so I think this is not gonna be a occurring topic for consumer and in a pse hardware for the next ten years.

probably rankly. yeah. So what you can see is let me do yeah 真的 did yeah .

two one months and .

see two one months yeah you can see ChatGPT has massive interest over time and these two just a little liff。

That's part of that charge, Jason, is you can see summer, you can literally see students leaving school and then you can see going back to school.

fascinating. Yeah put IT up five years will see like the inception of ChatGPT there IT is so yeah, it's like nobody's interested in also .

all time I look at look at right now, that is not a lower peak. That is a higher peak. Yeah that is that impressed. And that's why open a eyes. Rw, one hundred fifty seven billion .

and project is worth possibly nine. Yeah, interesting. Yeah, that is a pretty amazing.

If I ve never seen a consumer product like grow that violently, if I were to remove these two and then add another product that consumers in love, like bitcoin, oh OK see. yeah. So this is super interesting. An interesting way for people to understand technology trends is with google trends, you see this massive Spike. Uh, if you remember.

maybe, uh.

in the twenty twenty years, people like forgotten about the coin that had that big rally in pixar came back down and the its kind of walked into a small group of people. And then you could add to this something like arb N B. And be interesting to see like on a consumer product bases like yeah .

that is not polish for airbnb. I'm not going to lie that is not this is .

people searching for research. I think what happens with certain trends is like you understand what airbnb is. Hm, so this is only five years and when L B N B came out of probably Spikes. So in fairness, R B N B, I think everything kind of settles in to most people know about a technology. And then IT doesn't come up as a trending .

topic anymore. OK through uber current, if that is a similar dynamic to IT. I mean, people use uba b all the time. So see.

it's like super study yeah last five years. People know about peace products. So when something becomes a standard because this is in showing searches, just raw searches at people searching for that term.

If you have uber on your phone, you're not searching for uber anymore. If you have an L B B account, you're not searching for IT anymore. What I think people are searching google for is things that they've heard about from a friend that they on a download and try, oh okay.

okay. So this is people that either or download the APP the first time or downadup IT say again, if they got a new device and had to replace their applications.

I think that's probably what's happening like one's the last time you search google for uber or airbed bay or bitcoin. You know probably you don't do those searches too often because you already you know have those products or services and have made a decision about them. Typically, people are googling stuff and coming up in google trends when they're investigating something. And so so by the logic then.

ChatGPT, given its enormous search share, is still reaching a lot of net new people who are therefore doing early research. That's crazy, crazy cry.

I think that's what that shows. Yeah, you were to look at IT. You know on its own is people are still looking at IT also over time as people know about a habit bookmark type IT directly in and this relates to another story uh darm mesh from hub spot co founder had bought chat dock on and so party public about spending like ten million on IT um and then sam altman just tweet to chat out com and IT resolved .

to jug P T .

and I had said I think here or on all in sergey SHE just buy checked up com and build a separate brand. For their A I efforts or buy G D doc m or something. But I just like like get chat doon and buy IT. And I guess Simon and heard that news and did IT himself when you think he paid.

I mean, I would bet you a dollar IT was the structure set up in some capacity? I wonder if dramatic, just try to milk this for like equity down through because he is mark guy. I've met him.

We all know hot spot. Would you rather have a checker, some stock? So that's yes.

that's what already made a ton of money. I would think he wants upside. I would take I would take IT all in like low cost warns or margin or something, but went a great purchase. And also I wanted to show you I just got something on boxing videos.

is now coming to twice.

This is the new, I got the mac mini because I always love mac mini. And the fastest mac you can buy is now is IT satisfying. When you open a products, they make this, any of you know this, but.

They work on that sound that you just heard. So that was the sound of me opening, you know, the case of the that box of the muni inan. And that sound, when you open IT is designed to let that pop there up. And then this is supposed to be another this paper that they put on top of your device, or the film will put on top of IT. That's also design in the on boxing experience, to have a sound association with IT.

You hear that? Yeah, it's so I sfd yeah.

But supposedly, this five inch, and they get five inch by five inch by two inch, is now the most powerful mac you can buy.

That is insane to me. And so impressive. Also, it's is a gorgeous OK. I love the brush and I love the shade of IT I I was to make many fan, and i'm very jealous that you have one.

I do not. They start at five hundred ninety nine dollars, which makes IT, I think the chiefs way to get into macos now and you could put IT on any monitor. So you know that I think one of the magical things about this is del makes much Better monitors than apple makes at a much Better value.

You can buy a fifty inch dell for the same Prices at twenty seven inch apple monitoring. And the dell ones much Better in my experience. So i'm going to put this on the dell fifty inch and then see how IT plays. But I do think this could be um apple's best product to go last couple years.

I think that's that's pretty mean to the apple vision project.

M yeah I I think apple needs to get more entry level computing products in the market. So I think that's a way for them to just sweep up more users and tip over into O A. A significant amount of destroy from windows and lower Price entry points for college kids, for families. It's just such a good idea.

Hard, hard degree there. Also, I just want to say that I recently experienced the apple on boxing set up because I had to buy a new iphone because I know apple intelligence was gna come up on the show again. So I went out and got myself .

a sixteen auto max. You leave prog me. yeah.

So here is and I was, think of you like what I phone back on the show and I didn't want to tell you twice that I was running the knife one.

And so yeah, have you built something awesome? Are you ready to bring IT to market? Well, that's great.

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Okay, ay, let's talk about toast. So boston based company, everybody you may recall, all from its two thousand twenty kind of like, oh, got cover hit restaurant business to two thousand twenty one IPO. Jason, what I find great about this company though is how multi part IT is.

And this is what every parts of IT as one through to today. So if you don't know, toast doesn't just offer swipes. IT doesn't just offer payment, uh, where they got P O S S uh pointing sale terminals IT IT offers a sweet auto software products.

IT offers payments. Other thinc offerings like loans and IT doesn't make hardway as well. So it's a really cool kind of multiple of business and it's frush ing the world right now.

It's a very cool product. And I always like to think about you know, one of the product lessons here. Toast has uh, one hundred and eighty nine million dollars in services and subscriptions, up from one hundred thirty one million and two three of twenty twenty three.

So they're cruizing into you'll be at a billion at some point, right over fifty million next year and y'll be at a billion dollars n rate. And it's a really interesting sah product because you have point of cell um as a category pretty well, no category, right. But when you have a restaurant, then you have to think, well, what do I do next? What do I do next? So people come to the account, but people also sit at tables.

So if you've ever been to a table during covered toast, let you scan the menu, order an individual item, and then open or closure tab. And so there was a great in sam tao a ago to when I lived in the value, I would go to this awesome uh, beer garden. And you know, I could order a sina so, you know, or fries or whatever for my, for my daughters.

But if they wanted more, I could just ord that one dish without having to talk to the way. And if they has incredible company gotto go invest in IT, they wonder going public and never invest in. yeah.

But then I started drilling down into IT, and they found another use case. One is managing online manuals. And you start thinking about like all the places your menu signs up now. So they do menu management as a vertical.

Then you have employees and employees get tips, as we all know uh and europeans make fun of us like they flip over you know the device in their hands when you're paying by tap and they say, oh, is going to ask a couple of questions yes, you know that awkward moment were now your tip the person is standing over, you watching you give the tip. I mean this is like one of the waist um manners and morals and you know weird U X decisions ever. I wonder if tips gone up or not I have .

a story about that actually. So on the tip in front of a well known venture capitalist, Jason, who you would probably be on a first name basis with, I was talking to them. I'm sure to keep them anonymous because they are just talking me about this.

Their daughter works a IT over the summer at an ice cream today, one of the seasonal things that they pop up. And he told me that they switched from cash, two cars, and people then switch from paint, from cash to cards. And they have the the same terminals.

They turn around, you can tip. And this guy told me that his daughter has seen her tips fall apart. And I got bloom.

I excited so much more with my car because I just tap, and I hate twenty percent and move on with my life. That story shocked me. I would have said, I bet that way up.

but i'm not sure true case. Well, what this point of cell system does is IT also manages H, R. And IT manages splitting of tips.

And so the reason I bring all this up, and I thought to be an interesting discussion for us, is sas companies have this major problem, right? Headwinds eta. And then there is a really interesting um concept here that founders have to deal with all the time.

Do I build the next to Jenny or do I make the current product Better? And the answer is yes, yes. And just how often do you add an extra product and watch your product velocity. And this is why as investors um i've trained our team at launch to really look at product illogic.

How quickly do products is shipped and then how what quality do they get shipped at? And if you can ship reasonably good products and features at a really good cattans, you're going to beat everybody around you. And I think this companies is doing pretty well. It's got a twenty one billion dollar evaluation right there. Are my ballpark correct?

Yep.

now they are at ballpark, seven hundred fifty million year in revenue. So this is a really, really just evaluation of my correct.

You're a little bit low because that's just their subscription revenue OK for a side a bit on the on the fine tex I G in which is payments and so forth. They did over a billion in revenue.

Should they get a percentage of that?

yes. So they take A A C and a cut of of payments that they facility through their terminal. Now it's hard to chase on the exact pricing I try to for us, but I believe it's set at a stop rate for each uh, individual company that they work with. So it's hard to tell exactly what they cost. But the defined taxi of the business is the majority revenue drivers.

right? So i'm guessing that billion as they are take, so that makes more sense to me. And then they have fifty million in hardware cells, the scalar ter.

So if you were to put those three numbers together, then their valuation is, if they're at one point two five billion their making, what is that? Six billion a year in five billion year run rate, five billion a year the they're doing four times top line revenue. That makes much more sense to me and I guessing they're profitable or close to IT.

Yeah justice P S. Was a little bit low in their most recent quarter. Um but the companies, uh, profitable enough that no one's worried about IT given its growth rate.

I don't think there are a mala profit on a gap place, but I think they are judged on a to speak clear. The thing that blows my mind though is toast. Business is growing very, very quickly.

IT added seven thousand restaurants last quarter. They are explained not just into things like menus and surface, Jason, but into. A capital program they are have now set up to help you handle your payroll if you're a restaurant.

So they are going very, very deep on this viral and adding a Jason verticals like hotels and support all of that. Those paid volume, about point four percent. Revenue growth was very, very solid and they're te 4x revenue。

It's i'm such an idea because I was talking about this company when I was that you know fifteen dollars to share. Now it's thirty six. I really have to do more public market trading. Um I don't know if this is a good deal or not right now, but and I don't want to give any financial advice, but I think this company is a really good example of relentlessly adding features that delight customers that lock them in. So there's multiple reasons to add additional features.

One of the reasons is if you keep adding features, it's hard to rip this system out t and so once you use slack as an example and lack costs, uh, I know fifteen box a month per person, ten box a month per person, depending on which program you got, you got a thirty person company or spending four thousand a year. It's like not that much money. There's three versions or there's a hundred dollar of version you can download or a nine hundred and ninety nine dollar when you could pay one time for there's plenty of competitors to IT.

But if you are getting enough value and it's got enough hooks into IT where you've got enough things feeding into IT and you like to use huddles or you like to use there, I don't know, remind you, features ripping all that stuff out becomes very expensive. So there's too really important piece of advice here when you have to know your core product, which for them is the point of sale system. But once you have, you have to get really good having multiple teams attack other verticals and then you can look at your competitors and whatever they're are charging for, you can just attract and put into your product for free in sume.

Another perfect example of doing this. They added transcripts and they added chat rooms like slack. They added automatic transcripts and automatic summaries. And so doing that over time a make your product more defensible and if you have comes down to product period.

So one of the key, key, key aspects of being a great start up, and we're here on this weekend started ups and we're talking about a large public company, is can you go fast? Can you go into dim and motors? Elon says, can you hit speed and iteration and just release new products that are solid? Had a regular cadence.

Um and if you do venture capitals really like that and of course, you have turned them off sometimes, if they actually don't, would you look at toasts offering now? They also allow you to manage into toast all of the orders from the ordas an uber eats. So again, one system of record.

And they just keep adding those features. Square space product I love does this as well. They keep adding features.

So they added e commerce and selling subscriptions on their product seo metrics. So you don't have to buy the second third for product. And these platform companies always do Better the vertical companies. But vertical companies and having a beach had where you can be awesome and Better than anybody is how that process starts. Yeah so anyway, there is the lessons, I think, from toast.

I just want that you said about the hooks that they have in the companies. They just put out a new feature in the last quarter to called branded apps that helps individual small restaurant, very small chains have their own application, which they said in their earnings call, boost, uh, return orders.

So essentially, not only can having hooks in your customers help keep them with you, if you help them do more business, it'll drive more in volume, for example, back into two. So IT works out for everybody is very, very efficient and very impressed with this comes and it's very different than I was when we went public in just a couple years. And that's product itself.

founders. Do you want to sell to bigger customers? I know you do.

You got to get that A C V. Trending up, and you wanted push your turn down, right? Sounds good. But to sell to those big buyers, you need to clear all of these complaints checks.

You know that that means you gotto have names like socks to sort IT out what sock to. It's a standard and ensures that companies keep their customer data said. And if you aren't sock to compliant, you can kiss those big deals goodbye. You're not going lan lightest customers. You're not going to be able to Operate at the highest end of the market.

But vantage IT really easy for you to get and renew your socks to compliance on average vent to customers or compliance in just two to four a week can take months without and the automate compliance for gdpr, hipper and more so you can sell to bear customers in whatever mark up your start up is going after Venus gona save you hundreds of hours work and up to eighty five person of compliance class. Stop slowing yourselves, team down and use venta get a thousand dollars off advantage. Outcomes like twice. Vantage 点 comes like twice for one thousand dollars off your sock to .

do you want to talk about .

red IT really weak？ I do because my understanding is they figured something out. Uh, and that's really interesting since this company has been around for twenty years.

almost it's been around for so long. I forget what I was like to not use reit daily. IT was so long ago that read IT took off that it's old competitor was a .

dig yeah three twenty thirty, two thousand and five was been ready at at launched um so IT will be next june uh uh twenty years old oh in battle I dig launched december two thousand and four so dig was six months before yeah long.

long time ago but I was read IT is that IT is seen insane user growth. And I think the reason why we talk about that so much knows that IT has reached real mass scale. In fact, redit is, I think now, Jason, just mainstream media.

In the most recent quarter, they said the daily active users were up forty seven percent, which is very, very close to half in the last year to just under a hundred million, which is a hundred million daily people. That's absolutely. And saying also, who would have thought that you present growth this late in the company's history?

It's pretty crazy. Ah right now the sock is that one hundred thirty three dollars market cap of point three billion. This is another one. I was considering putting a jay trade in and I I stopped jay trading because I was too busy and I mediate because I really do have some insights here. The reason I know reddit was a goodbye and I don't know that it's goodbye now that it's tripled value. Um IT was trading you know a year ago at forty, so it's now triple that Price or more uh three point five times more is because I was seeing all of my searches wind up directing me back to redit. So if I was looking for headphones, or I was looking for music to play on my headphones, or I was wanted to talk about barbecue, or I was looking at hiring people in texas, in Austin, I just found myself winding up on a separate yeah uh, and I think this has something to do with a counter to what's happening in A I yeah .

to a large degree. So one thing right to point IT out in its most recent earning IT was that in two thousand four, and i'm quoting here so far, the word read IT was the sixth most google word in the us. And that's because people have been a pending redit.

Yeah, see their search queries to essentially get around google, turn to offer them up stuff. That is what the human, yes, they want the stuff from people. And so ironically, I think who read IT backwards built mahal, because you wanted to do human powered search, I did human powered answers. And in google is the mechanism by which people reach them the same thing?

yeah. And I think that's like really the lesson here. Reddit has not changed in nineteen years.

So back to start a lesson. We talk about product period and adding features. What predicted really well is they focused on that core feature, which was community.

Now i'm not saying they didn't add features, but the U. X. Has stayed remarkably of us sane.

And they learned this because dig famously released a version four point o or something. I changed everything, immediate film work like facebook. And Kevin rose essentially left the company after that, I believe. And the whole thing just started to come apart yeah, if you have something that's working and growing more than I don't know, in the early days of a start up three x year over year, you wanted keep doing that.

If you're growing double dig percent tages per month, ten to twenty percent per month, Carry on, keep doing what you're doing because it's so rare for something to grow twenty percent months over a month or even ten percent. And that means at ten percent every seven point two months, you will double your size. Very few things double every year and to double every year.

Uh, for redit was just an extraordinary. Now they did add a lot of extra features, and there were a lot of things that we're gonna go red IT. Obviously, you almost got killed by like a lot of the dark stuff that was going on, their massage, ous stuff, violent stuff.

They kind of got the community under control. And that's where four chain came out, where they were lik. Anything really crazy we'll do over a forcin.

We don't want that level of crazy. Like trolling, okay, sure. violence? Not okay, real word swatting not okay.

You telling somebody they are fat or stupid or met mocking them, okay, right? They kind of found in OK place for an anonymous message board uh to Operate and its udo anonymous. And I think this really relates to what we're seeing with freedom of speech.

You have so many people complaining about x right? And oh my god, there's misinformation exacta, but you don't hear people saying that about read IT. And I think part of that is the expectation was that twitter was gonna, you know, more real names and super moderated.

But redit, nobody has that expectation. When I look at a redit thread, I assume there's marketers locking themselves. I assume there is people with multiple accounts, but that overall, the community sorts throw IT enough that it's an okay place to start my information journey. I wouldn't do anything blindly on IT, but if people were talking about their favorite songs to listen to on hy fidelity headphones, i'd be cool with IT. So maybe what do you think about students because it's not anonymous and that every post you make is anonymous, their shooter names so you can look at the history and you can build up reputation so maybe you can yeah unpack what your thoughts are as a long term community. Member on the interview .

i've been on read IT for an incredible long time. I've seen its various permutations. And one thing that I think is undisposed how important moderators are individual reason is more a conversation and a political football to some degree, about how a handles moderation is that it's A A A company versus a collection of individual communities.

And so if i'm on the progressive metal submit, which I love, there's a couple of dye heart fans who moderated. They set the rules. You don't like IT make your own form.

But if you're going to beyond their collections of a digital spaces that the rule set. So I I think they kind of federated out the responsibility for moderation in a way that has up and down work pretty well. They did have the API proffer sometimes last year, they were changed the rules, and people were mad about that and ready go into a fight with its moderators.

But that is mostly called down. And I also just think that because IT is suda anonymous, two year point people have a simply lower expectation of informational fidelity because of people. I think IT people should post more genes. And when they're behind the student in verses, the real name, yes, I think you can see that on x, if I see someone whose name is clearly know an illusion to enemy or historical figure or and whatever, it's never this this person that I get most late.

Well, and you also have to worry with super names combining suites. And this is one of the concerns I have about x and read IT is if there is a financial incentive and you have super ims, then people can anonymous ly make money. Okay, why is that a problem for somebody? Do anonymous ly make money? Most people would say, alex, well, great.

You know, people don't have to worry about losing their job because they have a left wing or a right wing, or a particular passion that would get them, you know, I don't know, we're in their privacy. But what IT also does is IT can create a very cynical approach where I think people on X, A lot of these anonymous accounts and the anonymous accounts on redit, you can build up reputation and then sell to the highest bitter. And this happens in all systems, whether it's the russians paying off podcasts ers covertly, or just revenue sharing, where you get a piece of the advertising, or a fillip revenue, where somebody could build up a reputation in your metal forum.

Then they go over to another one and say, they love these headphones, but they work for that headphone company, right? And so I do worry a little bit that the incentives are now perverse. It's perversion.

And alex Jones kind of way. Alex Jones, his stock and trade was to go after conspiracy theory. Now I like a good conspiracy theory like anybody right? Um there used to be this great show that lender nemo's was the over four go. What was the name of that show?

Do you remember?

Was a cindi ated show where IT was like mysteries, the emi mystery show in search of thank you producer start coming in hot with a great addition in search of, uh and IT was so awesome you can will throw up the in search of screen or something or an episode guide here to show you what IT was unlike some of the topics but insurgent was such a great conspiracy to show where lender new boy would talk about aliens or lockers monster you know all the things and as a kid, I like I thought I was awesome like like maybe there were these mysteries that were unsolved mysteries um and in search of, you know I did that um I think that's like what Alice Jones did too right he was like let's go in search of these things that is a one .

hundred and ninety seven word art style graphics there you could tell that's not a recent recent image you know just i'm curious and I am not trying to prime you to criticize for university on this is not me kicking up dust but yet on read if you go around you'd making posts that are repost or stealing something from different know that to put IT somewhere else it's called ca hore and it's looked down on because comment is the redit kind of like onsite yeah that's the reputation that .

you earn and then people will trust you are not up up to be a great idea for x or twitter to have carmer uh or reputation like that. And they could do IT actually really easily via community notes. And community notes has been awesome.

Like I get community noted, sometimes other people get community noted and I find it's pretty accurate. And attaching your community notes record to your profile page is a brilliant idea and that's literally what carma does, right? Yeah people can .

literally go see uh, what you've posted, how it's done, your overall results both for comments and posts. But overall x where I have been the majority of the last fifteen years. Um you can be anonymous and you can post and you can get paid for IT and I think that combination leads to people posting I would say even musher stuff than .

the other the s the spicer IT is the .

more engagement .

IT gets if I need correct. And so just like fox news or M S N B C can go with, you know, a spicy headline that may not be exactly attached reality or just an opinion. And I had to wind up on those shows it's by having a spicy opinion.

And so it's a long way of sort of I know this because I get invited to them yeah and the republicans like Jessie waters, they invite me on every week. They are really kind. I love doing that. I just have at the time i'm going to do IT again. I like going on there um and being a little adversarial and talking about my criticism of a trump or you cma or the democratic party.

I kind of like IT because i'm independent and but they love me because they like having somebody on who is not a hundred percent in the for trump and not one hundred percent dnc yes I kind of love that moderate coming in with a little nuance um but my point about alex Jones was if you follow this thread eventually what people do is they just make stuff up and then you become a fictional author and that's my fear with what's happening on x with people getting paid or a your anonymous accounts on uh redit sudan accounts is that or wikipedia now is having this, where in order to get your wikipedia page change and everybody thinks can trust wikipedia, trust me, I have a page on wikipedia. IT is run by my haters and people i've beaten in business or people I fired uh with, you know uh enthusiasm. Lets say for my company, they are motivated to edit that page and then I have to hire people.

I an if I wanted to make change, I have but i've had people pitch me on IT and their like cares, our approach to how we would change your page. We have these fifty editors who are on payroll who are making edits across these four accounts for the past well years on to protect the privacy. And we can start a discussion about five issues on your page and then slip in three or four things you want that have nothing to do with that but that come from a story that we write on another new source.

And you're like, really and you're like, yeah, we're onna release a press release, then we're going to pay a blogger to write the story that we're going to have you know a discussion about around redit and then we're going to put on your wikipedia patient are going to say like two of those sources or whatever and like, wow, you can't trust anything. And a hook x Jones eventually created the fabrication. The parents at Sandy hook le lost their children, were actors, and that they never had kids to begin with.

That's kind of war of this madness. Evenement 起 winds up if you don't put protections in place。 So the good news is if you're sharing revenue on acts, they know the person's name, they have to send the check to a bank account. They have you have to put your drivers license in. So although you are soda, I kind of .

know who you are.

And yeah, exactly. And so this is where I think if you have you know, my belief is if you make over certain amount of money in any these systems where you have a certain number followers, I think it's kind of I prefer that people use their real names and own their words. I do understand that could be concussions. And I do understand the founding fathers wrote .

some papers.

I think something to be acutely aware of as a consumer of content is that there is massive manipulation going on and people taking sides. You have to make your own decisions .

yeah and that's why I really like having look a personal blog like I think of what I will just have like their own first last dcom because here's my thoughts with any filters. Platforms love looping back to edit really quick and a talking about product, uh, reddit has not changed visually much, but they have made some interesting changes. One thing that release struck me was the impact of their use of AI translations.

They said we've been working on essentially translating in other guys and pretty positive results to w user base. You need to get off the english speaking internet some points in time and expand out to the broader world. So why not use machine translations across the site to turn the whole dank thing into pick a language? Suddenly your time goes up.

More people can hit you via search. And I think they can keep the user growth going for some time. They are also doing itself like A M A changes and so forth. But IT was that the translations they really .

caught register. So they are going to automatic translate more than thirty five new locales in europe, asia and land amErica reading from tech on cheer. Um wow.

So those are not gonna perfect, but they're Better than nothing. Oh yes. And so here's how IT works, folks. Apparently you pick a post and if you're in the APP, this is brilliant.

Uh, so here you can look at the original or you can hit the sliders, I guess, and click translate and pick a different translation and read IT in your native language. So this occurs on a case by case basis. Uh, not they're not reprinting the entire index in another language, but that would actually be really interesting to do and would previously have been not possible.

Yes, or very expensive to do.

very expensive to do. Um this should actually be interesting um how this would work in the real world in terms of seo. If you took the entire corpus where I let you say, took the top thousand sub credits and you took their top one thousand posts uh in the past year and you just used A I to republish them.

Put them into the google search index. I wonder if google with index translations automatically in those conversations. And then how would you deal with people in france taking a thread like we just had about toasts? Let's say, toast goes to friends.

Now they want to reply to the americans who've had their post translated. Then the americans would see a french post. But on the english sub redit, you would then translate the french reply into english, and then say, show original. Then you can have a conversation going on, yeah, in one thread between japanese, french and american consumers of whatever rock and rain. Think about how that would make the world a lot smaller.

When IT, well, I delivered any Douglas atoms. The scientific author, no, I D IT. I think I .

started hit hikers guide to the galaxy at some point, but I don't know if I ever finished IT.

Well, I know i'm going to get you for Christmas, doug. Items had a little party on stories called fish. It's a little fish. You put IT in your ear and you can understand all languages and really does feel like we're getting very close to just the internet. Being understandable that I use a lot of translation to read chinese communist party meeting notes and so forth.

But the thing that you described being inside of reit as a way to auto translate and allow people to converse across languages, I don't think i've seen yet. But I would fricken love to use that. I would just be awesome. I would look to talk more people.

I I IT feels like we're right there. And this is an interesting product discussion. And you know, when you start getting resources as a founder, I think this is what makes founders really dangerous.

And this is why profitability is such a great thing for a company to hit. Because then you can start taking swings at the bat and try different concepts, see if they work as experiments and then use them or lose them. And so as we talk today about you know um making a really great U X.

And understanding, hey, this is our bed market conversations and pools with the community leaders who are moderating those. You know then moving on to the next piece, which is can you get the other stuff right of adding new features? They never really um they have not they've seen to drive even though discord has been like constantly nipping at the heels of bread IT.

It's almost like it's two different use cases and I see so many of the redit having a disco associating with them and then I see them having their own internal chat. I wonder how that battle is going on because that's an example of like discord has been built off the backs of redit. IT is kind of I wonder how worried they are .

about discord. So I would say not too worried right now. And I I do track a lot of individual games jesson's. I'm on their sub reddit and their discords. I actually kind of spend time across this divide. And the discords tend to be way more moderated because they are t there, often run by a corporation or a financial group of directors of a thing. And I think the reason why they are more heavily moderately is because their chat versus foreman posting, and you can much more easily moderate a flow of form post than real time conversations. And so I think red is have been a lot more free whaling, if more public, there's a trauth or but I don't think red is that worry because they are growing fast for the discord is and they're much larger. The thing that I would be concerned about is what if redit decided doesn't want google spit fifty one hundred million dollars a year, bills are actually good on top of itself, cuts google ot and then rides the way in to the sunset with the world's .

best surge product. I think that's probably, uh, if you were to look at the valuation of redit twenty billion plus versus the OpenAI of complexity valuations, nine billion and one hundred and sixty billion for OpenAI, 也 you do you have to think if I read IT， I would not let anybody use our data.

I would build a search engine right at the top and I would go right at them and that would be, you know if read IT really was ambitious and wanted to go for IT, I would cut off all people using IT. I would put the entire site um behind a pay while at some point, which is gonna rub by your google traffic and they have a lot of flow through traffic obviously with putting on there. So they have to be delicate with google there. But I think um you know figuring out how did not pissed off google and add A I features now I am curious when you go to read IT IT never summarizes a thread.

No I do not do that.

That is the feature I really want. Like why doesn't read IT when you're at the top of a really good bread OK right a um writer, really good summary. Superhuman does that? Um are you speech? Fy, when I go to war weapons IT does that automatically.

And I didn't realize speech if I was doing that. But they they whatever page on if I logged into an F T or an economist y they write me a little summary of IT, it's truly cool. Um that would be the T L, D R.

Uh, thank you, cambell, uh, in the chat room prevention in that what a great feature that would be. Um let's look at the numbers here. They broke a billion dollars and had revenue a year. So Q.

Z, revenue was muted. And forty eight million, Jason, and I believe three hundred and fifteen of that was advertising. So yes, there over the dollar run, right? And that's the thing. Their revenue from data partnerships in the quarter was thirty three million dollars.

amazing.

I mean.

that's all the three million dollars in in data revenue is pretty significant. And if few times up by four, it's one hundred and twenty and they have one hundred, one point two billion. So it's one percent.

No, it's ten percent. Ten percent yeah for already ten percent of their revenue. okay. So that's an interesting decision that they is gonna to make a redit.

Does he keep allowing people to use their data with certain conditions like a link back? Or does he um you know uh go for IT and compete against them? What is very interesting about that is uh that I have recently started asking interesting questions. Like if I were to go to ChatGPT, I could ask uh give me the top ten um headphones for hide five music as per discussions on edit 点 com。 Let's see if IT because I know they have a deal, right?

I don't think chat P D has a deal with that. I think it's google specific. I don't think they're the same transaction. I will double tech that what you search.

okay. So uh, i'm going to do two things here. Um member, I said if reddit wants to abb sorted sam bowman wants to start ending his problems with the use of other people's data without permission, he needs to go all in on citations, right? Yes, I was saying this over and over again and pull yours up and let's see IT. Yeah right.

Let me a screen share here.

So this is a really interesting to see that they're starting to say redit and they'll put IT at the top level. But sometimes they ask you to click IT. I think that needs to be at the top level.

Wearying attribution seems like a bad idea to me. But here let's see what IT shows here. Um so you asked one of the top ated headphones across categories, and I did give you the source.

Yes, I ran your search again for high fix. I know that what you wanted and and to me like this is what I was looking in foreigns of of of sources, but I don't .

see a redit so put in here link to related redit discussions and let's see what happens. Uh because if they are into the A P I, they and if theyve index, that they should be able to do this. So here we have awesome.

yeah. And so click IT and lets see if IT actually takes you to a red thread. Yes, if IT opens that and IT .

IT IT opened a completely random so that I had that happen .

myself where I wouldn't give me a link so if you say the chance but he show me the U R else of those um IT will actually show you the u else, but in some reason to get hyperlinks wrong all the time.

It's so can you see this, James? Can you see my screen? Yes, okay, so I clicked on this. It's taking me too. My room is always come in my room to hang out well and trying to write.

Okay, so what? There's work to be done than somebody send this clip this emotionally in the open equality team. I mean you found interesting discussions.

You've got the links wrong. But if you say at the bottom you show the links, show me the actual you are else of those links. IT might actually um show you the actual you are else. And if IT does IT properly, um yes, it's not showing you the actual O U R else.

If we click on sources we get it's supposed to show .

you the sources on the right. They don't get that right. It's so weird and you did a web search there so you're using the new search functionality.

So lots of work to be here, but you see where they're trying to get to. Yes, and opening eyes is building in public. So IT doesn't work.

But someone learn this a long time ago. I D IT watching. And so go, you know, scouts like watching all these companies just, you know, make proper science. And I want to make one .

more point though, because you all the search off that we did, I think was on wednesday comparing to the OpenAI search and google one of those four quarries we didn't get to IT. But I was an open a eye queried, and I just fail several times I could not get to to answer a question that proxy and google were both willing to and IT wasit wasn't IT trying to like mother and me IT just the the back end just couldn't do IT and .

so I think it's remember what topic was .

was a flights travel I can once I can um I just seem to quickly pull back out my notes here.

I know that when I asked IT about election uh security IT was like, yeah you should go to this website.

So for me, IT was how to help a colony baby was the surge that I was trying for. And google was OK perplexity was OK ChatGPT search said unable to display this message due to an error and I got that repeatedly trying to search and I just cop out no. And crap IT. There's some weird bugs in there. I wonder who's .

running Q A. yeah. It's it's going to be a little bit more work. But this is one of the thing that things that's great about open philco.

Hy, as they put these this stuff out there, they test that, you know they're willing to have a break in public and they we're kind of entering a yolo kind of environment for these l ams. And i'm okay with that. actually.

I think if you take any of the responses at face value, I mean, and you're dumb, it's kind of like listening to politicians or the media, you know, the opinion media. I wanted separate like actual journalism from opinion media. But when you like look at like all the feedback we're getting here, you have to go do your own research.

You have to come to your own conclusions, even with these tools. But man, these tools are making things so much faster, so you really have to use. And what does do we have on the docket here?

I want to talk really quickly about kind of what just got towards which air regulation and then also anthropic. So just news first, Jason. Amazon might invest more in anthropic there an OpenAIr c ompetitor? Uh, the news item here is that billions of dollars are potentially on the table, but amazon wants anthropic to train on its own tradition chips and not in videos chips. And to me, my read is this, if amazon is able to set terms for the anthropic investment, that means that IT has more leveraged, which means that anthropy c is not doing as well as I might have hoped to cause you don't get bullet around by your investor unless they have something over you.

Yeah ah okay.

And then on the air regulation front, there's a lot of commentary right now. And I think a lot of people are kind of curious what the new administration will mean for A I regulation. And i'm curious what you think here because i'm really a lot of competing things.

On one hand, we know that the technology advisers trump um are pretty protect. Uh for example, uh Michael um crs is one of the people that are working on trust technology transition team and he used to work for till capital. So there go.

But on other hand, J D vance has been skeptical, al, as some major tech companies and also elon mosque is in france, eh was in favorite of california universal A I bill even got vetoed. So it's not as simple as you might think to kind of figure out where A I regulation might come down in the current administration. And so I just kind of want .

to get your take my guesses. They are gonna. They're ultimately going to be the party of less regulations and removing regulation. So in almost everything, I think they're going to be get out of the way of business.

It's not the government's job to take care of citizens you know um in which products and services they purchase um and I just think they're going to try to, on the margins, remove existing regulations and certainly not and regulations, that's what they say they're gona do once in a while, you know truly say bombastic pins and amusing the term once in a while, generously yeah, the entire discussion right now, I did a tweet about IT around immigration is a really interesting illustrative example. For the next four years, we're gonna having the seen conversation on repeat, which Peter till summarized as, take trump seriously, don't take him literally. So when we look at immigration, Steve ban and said very clearly, like we're going export fifty million people.

Trump said that that is rallis. j. Evans said something different at all in summit where he said, like we're going to a do IT like a sand which were not going to try to get one bites, were going to take small bites the first by it's going people who are committing crimes, right? Violent gangs, great.

Nobody wants violent people in the country illegally. easy. Um so then the question is after they get the five hundred thousand that say that's the number, some people say it's a million opposite five hundred thousand like super violent people who never should have been made in.

Then you have fifteen million suppose sively who were let in over last four years. I don't double that number is not direction incorrect? Maybe it's seven million, maybe it's fifteen windows that you say it's twelve. So what happens with those ten million people? Are they actually going to drag them out of their homes, literally on social media, have a family or a kid in public school dragging out with her mom, whose working you do in an entry level job, or a dad whose working in construction illegally, you laying bricks, little to interact amount of the country family of three with a bunch of people in their phones taking video cari would also be absurd inly expensive, like it's going to tens of thousands of dollars arrest each group that is across one hundred thousand proportion to like house them for a year as you tried to adjudicate where they're going to go.

So I think we're going to see a lot of proposals like we're breaking up big tech and then it's gna actually manifest itself as we save adult at meter and told them we don't want you, you know, taking republican voices or conservative voices of the platform. And then zc will be in the nee and say, OK, fine, we're not going to take proud boys or old keepers of the platform. You know, if people want to speculate about the election and was IT rigged or not, you don't lose your account anymore, right?

So you can now on youtube, you used to lose your account if you talk about election. If you claim the election was stolen in two thousand and twenty, they would say that you were spreading election lives and they would suspend your account. He was against the terms of service.

Now it's not. They change their mind over at youtube. So that's, I think, the reality of what they are going to do. So in this case, my guesses there will be no AI regulation .

in the trump and iraq. zero. yeah. Well, the only raw question then is what happens to the bite and executive order that .

was signed and I was .

yes or h one particular founder told forbes um may have be the CEO counter over writer uh they said that IT was so weak that they may not even bother to repeal the E O. Because who cares which I always a really historical like we tried something in air regulation once and we're done with that entirely. It's gonna interesting, but I do think there's competing voices inside the trump camp. And I I will be curious to see who wins, who wins, win and which groups win. The most often in has happened.

I guess, is the question you have to ask yourself. So I always encourage people to just look at the history of things and then ask yourself what happened last time? Uh, and last time there was going to be a big deportation.

There wasn't, but the border was shut, right? And I was GTA shot in controversial way. You know, people were separated, all this kind of stuff.

Um but americans want that right. And so for the majority of americans seem to want that. So I think you will look at tiktok.

That will be a really interesting example for me. Trump was against tiktok. Then he got a big donation from jeffrey, yes, who has a big owner ship position. And but you know, they've been public about this, you know, anti china position in china's influence here. So what is trump going to do?

Don't know, but i'll tell you that the bill that what i'm watching, the bill, the house in this thing that was very bipartisan yeah a lot of his party were vem opposed to tiktok. And it's already on a timer to get banned. So something will to happen to to save that essentially. And I think that the best commentary that i'd read on tiktok and the two ministration two point o was that he just might not care now that the elections over and I just do nothing and just let his party's previous decision is your stand, which would be bad for jeffrey's but um IT would be too bad of one person can write a large of check and change american and .

foreign policy events always been the case is that big money interests can have massive influence of the fact that biden didn't ban IT during his term, I think was because there were probably big money influences on the democrats as well to not end IT. And also banning IT on a pragmatic basis was um untanned if you're running for office and you think tiktok is going to help you get elected.

So if you are gonna be, they kind of quiet IT down on the tiktok, if I noticed, and commute really embraced using tiktok issue was like really posting many videos a day. Because if you were a ban tiktok, I think they had a fear or reasonable fear, they would lose Young people before the election because it's so popular. Probably I have a conspiracy theory here.

I think jeffrey want secretly or IT to have the pressure. This is a very new on positioning. But I think he wants the pressure on tiktok to go public so that he can liquidate this position as any reasonable investor would want to. With such a huge ah or liquid some large portion of IT without evaluation being uh crushed. So the very delicate dance, if I was a shareholder would be.

But we don't want to ban IT, but we probably do want to make sure to secure and you would want to keep that pressure going so that the C, C, P releases IT to go public and you can catch your shares in. And the C, C P doesn't say, you know what, this is an asset for us. We cannot give IT up.

It's too valuable and asset yeah the fact that the C, C, P hasn't left the board, the chinese communist party has not left the board and they have not let IT divest proves to me that it's an intelligence asset. That is the conclusion I would come to because any other reasonable person would take the chips. This company goes public.

IT becomes a five hundred billion dollar company, one hundred, fifty, five hundred billion, like at the gate. And the exact level would be unbelievable, was talking about ready right now. I mean, a tiktok scale and the addiction of that platform.

And those numbers come out, people are going to buy that stack up like crazy. It'll be the hottest st IPO, the only harder IPO. I can think I would be space sex. I would say it's like space sex. And then tiktok and then strike are the .

time just about to say strike exactly .

compared to tiktok, like it's tiktok of consumer brand, it's got global potential. It's super dict, it's super innovative. All do respect to strike the finance back and company that you know nobody really uses everyday.

It's only give a billion people using that product every day as like I oh, did you strike IT nobody saying that like on the consumer basis of people building. so. Um I am looking at the first example, but there is going to be like a little score card and we should actually keep a score card here.

Let's actually let's do a score card. We can make a punches here. We're into score cards. Let's keep a score card immigration, a high skill immigration. They'll do ones that are related to the high skill. Demigod is one h will track tiktok direction, will track the um starling broadband, rural broadband track that one will track tips and no taxing of tips and no taxing of overtime.

Those are all promises made by the trump, uh, campaign that we should just track and see if they actually happen, how many days after they come in office and we get to track how many days till this happens, if at all. And you know, that's coma was promising twenty five thousand dollars and start up funding for black americans and twenty five thousand for first time. Home owners like I would in good faith be tracking those as well if they were going to give start up financing or they were going to give twenty five cape for home buyers, I would track that in relation to zero or red fence.

So this is an a part of an exercise. This is a holding this new administration accountable to the promises they made that are related to business and finance. So there are any other ones that you would well, I just get to that list.

Yes, but I want to think about a for a minute before I before I, I say I lot, but I will be very care to see but the taxes on tips because that is a very, very expensive proposition for the from like the federal budget level and it's not the constituency of people that don't need a lot of money. So i'm curious to see if that one gets justice back for a pointing the anim.

But Jason, we know who would benefit in a major way from no taxes on tips would be the people who use toast. And the people ask people because they would be like, yeah, I now know that this bursa is making, they were making five dollars an hour tips. So when I paid them twenty an hour to be a buried that I know was twenty five, and they were netty seventy five cents of that.

So net, net, they were making, you know, call IT seventeen dollars in amErica taxes, right? Seventy five percent of twenty dollars would be fifteen. And then yeah, maybe they get give, you know, a little bit up in their tips. So you'd d be like eighteen dollars change now in that same form, you will be at twenty because you've been no tax on at last five dollars.

So the fifteen would get tax at seventy five percent net twenty five percent to the government or maybe I maybe seventy percent, seventy percent will go to local and pinning on a state or in so we are getting fourteen dollars plus five is nineteen versus two, which would be sixteen yeah, that's a major difference. Uh, those are all republicans or a large percentage of those will be republicans or trump voters, right? We say trumPeters. Now what we're really saying is the majority of the country when you say trump voters were saying fifty five, sixty percent of the country. Um so if that's the case, G O P M members um they're going to benefit most .

from where are you .

giving the sixty percent number? Well if half the country um voted for if trump one day um i'm taking into account G O P members who didn't vote for trump plus the people who did vote for trump. So what did trump in the fifty.

one hundred and fifty one was approval of? Because your your pointer implies they're .

going to be very hard. I I mean, his approval number. What will trump's approval numbers be based .

on because of about sixty percent G O P trump that IT should .

be and sixty percent I I think probably sixty percent the country is either conservative, republican or a trump voter because i'm taking in the fifty one percent who voted explicitly for trump yeah and then giving him a little extra credit on the margins for having some number of people who didn't vote for him or didn't vote who are .

also republicans .

could be wrong.

I just Operate .

and a lot of democrat voted for trump this time, right? Non republicans voted for him. Well.

it'll be adjust, see. And we'll get the data starting in january how popular he is. And that help us.

I think, is popularity vely based on I have I have an answer based .

on or where does this start in the in the in the opinion polls?

Yeah I know not where IT starts, but just if we if you judge the next four years, what do you think at the end of the four years the average american will will judged in on?

Ohh, what will he be judged on?

Oh yeah, yeah. Like what would be if which is another way of saying, like what would the republican party? Yeah, tell him to focus on in order for j events when us president you know in twenty twenty eight, right like so what would be the teac to a successful term? What would a successful term look like? Interest in the border?

Yeah will be one. I would think that's something that seems to be on everybody's mind, inflation going down and the war in ukraine, in the middle east, maybe. But what would be three things I can think of off the top of my inflation economy? yeah.

Your, your, your pocket book. Foreign wars, there seem to be two big ones, and then the water there was three, I think, will be held of judging you. I missing .

something where the economy.

if you were to look at those economic indicators, rank them, what would be the.

I would say, inflation first, job creation second to GDP third in terms of import verse.

yeah, job data. Then G, D, P, yeah. I'm going to agree with you. I think the most when I look back on this election and was having this discussion on all in yesterday, which will drop this afternoon, we were like sort of doing the handicapping of everything and I have come to the condo that there seems to be three different buckets you could put into, uh, why one party, one candidate, one of the other, the candidate, the campaign, how the campaign run, I think or you know, they kind of the platform like what they were running on what issues is kind of separate from how they run their campaign, a tactical decision. So we are to put those into three buckets.

You have the personality of com allam walk versus the, you know personality of trump events, that one, the candidates themselves, then you have their platforms and then you have tactically how they ran their uh, campaign. In one case, you know uh, doing podcasts, in one case not doing podcast right or doing what along from pocket a versus not doing them, in one case, running you know these rallies and you know maybe on the margins a little bit of hate speech or you know zeno photic stuff, uh, just you Spark the fires or flames a little bit. In one case, trying to be maybe above the frag. So if you look at those three, what do you think we're the most important? T your ranking .

canada for trumps Victory? You know, the real answer is I get out of ranking for you and the cause I A conviction. One thing that's very interesting about rump p is his he doesn't seem to fit into Normal political physics like the the Normal of gravity don't seem to apply to him in the same way they due to other candidates uh, and so I don't know, I really don't know think about trump is that he's been consistently a surprise to himself, to the market, to voters, to myself, to party officials, to pundits um so I don't I don't think I feel you understand that well enough to give you good answer. yes.

I I is a conclusion that candidates matter, right? I think come was the wrong choice. I think they should have done a bake off if they had done a speed run primary.

I don't think he would have come in the top five. I think there's like five Better candidate supo, a dean Philips, you know, gave and knew. So I think there is a bunch of people. So I I put first that, but I think the second thing is really the tweet I did today um which i'll share here um because I think this is something that we are underestimating.

I'm here is .

the Price of a cheese burker and prize at the doors ah if that doubles during your term, how do you think americans are going to look at the last four years here? Ended twenty nineteen Price of franchise at mcDonald bucks seventy nine mid two thousand twenty four Price for nineteen chicken seven bucks twenty nine than three eighty nine big mac three ninety nine to seven forty nine there were increases of one hundred thirty four, two hundred and eighty seven percent respect uh um spectin ly.

So if you she's broken when from a buck on the guess the dollar menu at three fifteen no, I don't know exactly how perfectly sis this is from the poverty finance community on redit. I should see there um but I looked IT up and like ten different places in its directionally correct? I don't think anyone on a gravitational basis can win.

If the Price of mcDonald's doubles the number of people who go to mica, americans who go to mcDonald's, I was asking this question as well. According to ChatGPT, which gave me some sources, eighty seven percent of american households mcDonald at least once between june thirty eight, twenty twenty three and june thirty eight, twenty twenty four. In other words, like in the past year, eighty seven percent of americans.

sometimes that I need fries.

Fries are incredible. Fly a fish outstanding.

That is your worst. That is your worst opinion.

I have to say, like, I just don't like the burgers at mcDonald. Why would you ever get a mcDonald program? You can get in and out five guys yeah or he checked. Ed, I think like there are just tremendous burgers. I think now I understand one seven dollars for a big mac and the other ones might be twelve. So if you're saying the reason you're doing IT is because you can afford the twelve dollar burger, a cheke checked or ten dollar burger whatever is I get IT um but the prize is a whole difference. We be down fries and the free, the flying fish, just an unbelievable sandwich.

We we we have to rap will talk king more about these issues coming on, but i'll say that I don't think it's possible to win an election like you say, with inflation, the way is with Prices that. But this also underscores why i'd never understood gas Prices because people will talk about gas Prices like they were this existing al cost in their primary budget, and they never work for me. And so I never got IT. But then I realized that people are often pretty broke. And so if gas goes up there .

to drive this in distance, emotions too, it's how you feel. And like, how does this feel to pay five? How did you ever pay over five dollars a gallon for gasoline?

I never dropped in california. yeah. I've remember .

filling up at close to six dollars like before going to to ahoo, I had to get some gas, whatever I was in the city ah whatever. Like i'm rich, I don't care. Like i'm just going to fill up what I saw IT.

And then my credit card, I couldn't fill the tank and I like why can I fill the tank? Is I one over one hundred? I have a gasoline power car, have a suburban which is the largest, safest car, you can buy a body so I got one of those to have my gold car and to like you know drive and tahu in the snow um as you can fit a lot of people in IT reos. The reason was there was a limit at the gas station of a hundred dollars so I had to then take a different credit card if I wanted to fill a the last thought .

of the think right .

and do that because six dollars times, I guess, twenty galan ank or eight twenty five gale e tank is over one hundred. And that was when I first realized, like, oh my god, like this emotionally had an effect on me. Now imagine you actually are living paycheck to paycheck, which I have in my life.

Yes, same. And that happens. And now it's like I can remember going to the gas station and putting in ten dollars work and gas because I needed the other ten dollars or twenty dollars in the eighties or nineties to go do something else um yeah I did .

allow that my brother and his, uh, jeep angular, we would get to the cause was like a dollar thirty seventy of the I want to .

be Young again. What a great episode. Thank you to everybody in the comments. Um hain't see any questions here.

But fusion H D, fusion ed H M says, Jason wants liquidity, your dam right idea. I love liquidity. I name the conference after IT. Liquidity is a great thing. You I do want to see liquidity for a lot of founders and for lp so they can invest in the next generation of companies. Uh and whether any any other questions we should answer here, they interesting come in not that I saw.

but I wore to say, everyone, we do have some notes on a couple of start of deals and i'm trying to get the the CEO of command bar was just told the amplitude to come on to show, talk about how the ideal came together, lessons learned and getting everyone ready for what supposed to be emini pollute a until s the point .

five that I think a topic we should talk about on monday is just what we thinks gona happen in M. A. And the return of the stack zombie companies.

Yeah, trends that we should talk about on monday. M and a. And the spack attack, a lot of the backs that washed out. Some of them turned out to be great companies and are staging massive rally.

I have so much to say about that, especially in the case of root insurance. But capable for monday, please, i'm out to over one x he's Jason. This is twist. If you're not to provide us on youtube or pocket up, you're making a mistake. We're back on monday will see you guys then.