TWiST News: Skydio's Drones, High-Skill immigration, and M&A Unleashed | E2040
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The opportunity into the speak and start today to the election. And I know somewhere we are here to hide some where here to celebrate, but everyone's welcome. We are going to talk to the you of skydive, Jason and David in the news for run the house of sans in there are credible, important american manufacturing and company in the jury space.

Lots talk about there then. We do have a quick look at what happened since the election results got called last night and talk about immigration and especially in and other winners, losers to the start of world. And then Jason put me to the task and said, alex, go out there and find a whole bunch different ways that search works today to put upcoming popley round up to nine billion dollars in the context.

So we gotta pack for sure that it's going be great this weekend. Startups has brought you by oracle. Oracle cloud infrastructure, or O C I, is a single platform for your infrastructure database application development and A I needs save up to fifty percent on your cloud bill at oracle dot com slash wist notion. Notion combines your stocks and projects into one beautifully design space with A I built writing try IT for free at notion dog comms, lash whip and assembly A I get maximum value from voice data with assembly A I build powerful producing features for end users on the industry. Y's leading speech to text models get one hundred three hours to start building at assembly A I doc comms lash west 2 everybody.

welcome back to this week and start up on my home stress. And coco with me again is out will helm IT is november six. It's the big day, alex, is the day after the big election. How are you feeling, alex, the day after?

I'm doing a processing. But I do think that it's good that the results were clear. Forgetting who one.

I think it's a very constructive that there was a clear Victory in the popular scenes and electoral college vote. I think that diminishes acrimony, tensions and argument about the elections himself. And then we can get on to the policy questions.

So that good. That said, I I did not vote for the president and I have concerns about him, policy and personal level. But here we are.

And yeah I guess i'm stock out just I just know all the numbers. Polo decision, we have a lot of that on the show today. Just do you feel .

I felt this was going to be a close race? I thought I would be closer, honest. Um I had problems with both candidates.

I made that very clear to everybody, not a fan of socialism. I felt one candidate was pretty like much in the socialism camp, maybe moving to becoming a moderate. I don't like authoritarians m either. And so I was looking for a different candidate.

Uh, but now that the country has picked their winner, I think it's critically important that everybody get behind that person and support them and let's hope for the best that and that's where i'm really hoping that the people trump listens to include our friends elon sax to mah except people around them and that they actually do something productive, which would be to lower spending. I think there's like there were like two existing tile things I was actually worried about. One is spending.

That's by far my number one in number two is like censorship and like overreached by the state whether it's like breaking IT to somebody's home and confiscating their swirl and euthanizing IT or policing speech and going after freedom of speech. None of that stuff I like um but that was like a distance number two and um I feel like both those issues might get addressed by trump in a positive way and so I will hope for the best here. I am very deserved though about you know some of the deportation stuff just on a practical basis.

Yeah we're going to get into that in a little.

but am super excited to get to work here.

So let's do IT alright. Adam bright is the center and cofounder of the studio, john company. Jason, that was famous back in the day for building really cool consumer drones that followed you around into video.

They were awesome. My from kle work there. And now the company has pivoted more towards the entropy, working with governments and defense context and corporations, and they raise more than a half billion dollars. So please, welcome to the show. Adam.

all right, nice to see you. Adam, how are you doing you?

Well.

great to be here. So maybe for the audiences should explain what sky, sky dio does and what's happened here.

So we make autonomous drones. They're basically flying sensor platforms um and we serve critical industry. So we sell to public safety, we sell the defense, we sell the critical infrastructure Operators, energy utilities.

And our products basically enabled them to get a real time digital picture of things that they care about. So the very easy to fly, you can deploy them in a few seconds. Uh, you can use them to inspect a cell tower or power plant, or you can use them to respond in nine one one calls.

And one of the things that i'm most excited about, and this is a market that's rapidly accelerating, is the use of drones and public safety, where you have drones that live in network connected charging base stations, we call them docks, uh, they could be on top fire station, on top police station. You distribute them across the city, and then you can get on scene in a matter of seconds after there's an emergency or incident. And the drone can provide Better information to first responders.

And we're seeing this really accelerate across the nation and its transformative for public safety IT keeps community safer, officer saper in, increases transparency and accountability in policing. Um and I think it's one of these things where, you know drones that we started guide you in twenty fourteen, uh there was a huge way of a pipe and excited around the technology ten years ago. It's kind of been this like ten year overnight success where there has been a steady bill for a long time. But we're finally, at the moment where the autonomic technologies is going up, the hardware in the software all there, uh, and you can really start to deploy these things at scale to to in in many ways, transform the way the physical industries is that we all depend on work.

And there are a couple of things, alex, and remember, you know, having been tracking a Adams company for a long time here, there are a couple of unique things about your solution. One is you need to have a housing, uh, for drones if they're going to be truly autonomous. I have a drone at A D G.

I. On the shelf over here. I use IT, but I have to set IT up.

I have to turn IT on. I have to make sure it's charge. I have to swap the batteries out. There is a long list of things that I need to do before the drone goes out and does its work. If you're using sky duo, you have a landing pad that does inductive charging, that manages the drone on the roof of, I say, a police station or a building like a walmart. Or if there was a solar array, there might be like a shade or something where where this thing exists and then you can take off and do australia's flying that that is the the product in terms of the the key features, correct?

That that's exactly right. I mean, we sell drones without the dock um and there's all kinds of exciting uses we can talk about there. I mean, these things are critical on the battle field as well. What you're probably less likely to have dogs, but the dog is really the key. Full auto automation.

And one of the allergies that I use, it's it's kind of like a cloud server or something like all of us use cloud servers all the time without thinking about IT, right? They're just in the background doing useful work for us. And that's what dogs do for drones.

You can have these things existing. They can be flying themselves on a schedule automated missions and you're just interacting with IT through a phone or through the web ouster. Um and so IT becomes a purely software defined experience, which is just incredibly powerful for all the different things you can do with wrong. All the all resort of physical friction is gone, and it's it's an automated device that just lives out there and those useful work.

So adam, bet that you're analogy to cloud servers, I think, is really great. But one thing that I like about observers that I rent them, I don't have to own them. And so when you make an analogy to me, IT implies the future in which we have sky dio drones inside their little homes out around the world that I can just effectively, least by the minute.

is that the dirt and are going in. So it's it's a really interesting idea. It's something about and I I think yes, I think that's uh, that's a not unlikely future energy. I mean, the instances where we're seeing this happen, the fast in the first is kind of shared infrastructure for cities where you know for a city, you can have a shared network of bones that are responding to nine one calls, they are responding to fires, but they're also inspecting buildings and monitoring city infrastructure and monitoring coast line. Um and it's it's a really.

really powerful tool. Could you tell me about the Jones need? I live in about a million person town and i'm just ious shared drones for just public services, fire police instead a is that dozens? Is that hundreds? I I don't have a good idea of how many we need to cover the city effectively yeah IT depends .

on um you know how many different kinds of incidents or events you want to respond to. Um what really drives IT is volume. It's people sort of tend to think in terms of area of like one drone can couple cover view square, but what really drives IT when you get into IT is volume.

So like in the context of pleasing what how many calls for service are you getting? So you know the ground numbers. The us.

Has two hundred and forty million calls. Service for year one. Drone annul e can respond to something like two thousand calls per service.

So you know the city like a city of population, a million people you're talking about, you know couple hundred drones to cover IT completely. You don't need to start there. You know you can right now useful works more than that, but that's the sort of order of matilde.

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That's correct. I mean, there's there's different categories. People are making toy drones, but for this class and sort of like enterprise, create flying sensor platform where the largest producer by a pretty White margin.

And the drones consist of obviously the motors and the propellers. You have G, P, S. You've got a computer on IT.

There's a lot of different components there. yeah. And most people are buying drones like I did from a company called D.

G. I. There are they the eight hundred and grill in the space?

They are, yes.

And this is a chinese space company .

from what I understand IT is yeah it's oh.

how should we feel about that in america? We're talking about drone warfare. And then we just roll love Taylor back into your issue. We have a company like D, G, I producing drones here. The eight states should that. Is that a healthy relationship for the united states to have that people believe now that drones are going to be a vector for terrorist attacks or just generally attacks and they're being used in warfare obviously in ukraine.

Yeah so there's there's a little bit interesting historical context here. So drones, if you call the out the key components of drone and one a simple mental model to think about this is is basically like the components that go into a cell phone off together with a clock option. So like four moto, that high level that that's kind of what we're doing.

You know, you got computer, give you up wireless, you got cameras, uh, and then you've got this on on the the frame of helicopter, uh, historically radio control toys and bones e's rome in china and the china, from a hard work perspective, got out to a pretty substantial lead starting like fifteen years ago. And uh, the sort of first wave of parameters, manually, phone drones were almost all made in china. And D, G, I was the, the, the big winning company there.

What happened over the last decade is that these things that started off looking like consumer toys have just become critical tools for all these critical industries. And as that has happened, it's become increasingly clear as the like the geopolitical tension with china has got them up. And it's just it's very risky to be depending on china for these products that are critical to national security, that you know are used for public safety, that are used on the battle field.

I mean, very much to use technology. You can see this super clearly in ukraine, but the sort of civilian class walkup ter uh is being used at very, very high volumes on the battle field. And ultimately, um you know you can see this in other categories of technology as well. The products that come out of china tend to alive with chinese foreign policy in chinese national interest.

certainly enough. I am curious though, about studio and a chinese manufacturing did can go back in time. So I knew you guys are now the largest manufacturer, Jones, in the U.

S. For your class. Was that always the case? Or was their history at the company of using chinese manufacturing and lions, and that have now changed.

So we from the very early days, we did all of our manufacturer in the U. S. Um so we have a global supply chain and we can talk about that.

I'm sure from early days, we have over manufacturing in the us. From our first product words. And honestly, we didn't are doing that uh, because of geopolitical concerns.

We started doing that just because we felt like that was the way to build the best product you like. One of the things that people misunderstand about drones, it's much closer to building like a fighter jet or a space product that people realized. I mean, this is like you've got error yna ics and thermos and vibration and and very extreme mass constrains.

Um it's a really extreme engineering chAllenge. And just like most errors based companies tend be pretty closely couple of manufacturing. So IT is with the most successful grown company is so we started doing manufacturing in the us.

basically. So we could just have IT down the street from where we were doing R N D. Um and we've kept doing IT sense.

And it's become a really important strategic advantage for us to me, the customers that we serves, the military. This is something that they care a great deal about. And we were I mean, we were seeming swimming way upstream.

And twenty sixteen year and twenty sixteen people think this was insane like find a factory we can do IT. We invested in building up the capacity in the U. S.

Um and i'm i'm very glad that we did. I think it's critical. Promote national .

security well and IT also ducks with the news that I from a couple days ago that a the chinese ministry of foreign irs, three companies and autonomy Operations, hunting engles industries and h adam, a little company called studio. So on that point, uh, any Operation disruptions, I presume not given what you just said, but wanted to ask and to, uh, how shocked was the company that IT was singled out by the chinese government for essentially getting out of china?

Yeah so I I should be clear. So we we do all of our our final severly manufacturing U. S. We still have a network of global suppliers quickly. All drone component come from china.

Over the last two years, we've done an enormous amount work to get our supply chain out of china um because we anticipated this as a possibility. God, we still had one one critical dependence, which was batteries. Um and so our batteries for our latest drones, we're coming from china.

So that is a disrupt to us. So we had we were bringing up parallel suppliers. We have now accelerated that work um and we anticipate being able to um to basically bridge the gap within the tory we have on hand. Uh but um it'll be probably next spring before we have a new battery vendor. So china .

doesn't want you to sell drones into chinese companies or to american companies in china. That's what this is a about.

Well, so the sanctions, the stated reason for the sanctions was selling drones to taiwan. Um so we are now our our first customer. Taiwan is the taiwan fire department.

Um so you can know you judge for yourself uh what the ulterior motivations might be here. I mean the other for this is that gi, the leading chinese company, faces increased pressure in the us. You know there's there's legislation being considered that would that would essentially ban them from introducing new products into the U.

S. I think it's it's plausible that this was a retaliatory effort by the chinese government against that. Um you know and we've also got ten big enough now that competing with D G I successful ly, we're taking market away from them um and and we're really the first U S. Company to do so in the civilian markets. Uh and so you know I think there's kind of a trade war national security backup to this whole thing.

Well, this actually, I think is a really interesting point. If you were to talk about, you know, networking equipment, wow, comes to mind. We don't allow our way in the west because we know that I would have back doors for the ccp to be able to look at data and vici verse.

I don't think they want cisco equipment in china on their backbone looking at data, they understand it's a possible rest. Now we get to um autonomists devices like self driving cars and drones. We've already seen drones being used in this new uh battle field in ukraine and and being highly effective.

And you can make them yourself if you were to go to instruct tables um you can basically build a quote option, right? This is like hobbist are doing this all the time. Those quote options, they have no rules on them.

There's no geo fencing. So if you wanted to put an armament on IT or bomb, whatever you wanted to do, so how certain? And then you have sf driving cars.

Obviously, with self driving cars, somebody could take over a fleet and do bad things with them, like, god forbid we've seen you know terrorist attacks where people drive cars through markets. You could do that with a fleet of them um if they were hacked. So this is A A new vector.

How should we look at drones? Should we in your mind as americans, as the west, just wholesale ban the use of, uh, or the importing of these drones from china because of the risk? What do you think the actual risk is here in terms of public safety? So I think the thing .

that's really important understand is that the industry is still very early. You know, like most, most people are familiar with thrones in the context of consumers and videos, prefers and capering cool video. yes. And I and I think that the I don't want to say that there is no risk there, but I think the risks are pretty low.

But if you think about the future, and this is like this is happening now, where are these things become infrastructure right? Where they installed IT, like every power plan every city has, like hundreds of these things across the rooftop. They're all network connected their autonomists.

They can be control remotely over the cloud. I me I you know I think that would be pretty insane to accept the future where all those things are chinese products that are ultimately going to be. You tools of a chinese policy like if you're concerned about Willy routers, the idea of like network connected autonomous devices contributed across our critical infrastructure, us cities like not know that just doesn't seem like a great idea.

And so I think that's that's kind of the key distinction I was made is like is looking towards the future, like where's this technology going? And I think if you look at words going, it's just it's untenable in my view to to say that like you know, we want all this stuff to be. To be made in china.

I I wanna ask more about that because one thing i'm a little bit concerned about, what I want to do, an expansion of Jones in general is the cyber security element because it's great if Jones are made in the U. S. We can control the supply chain manufacturers a, but if they're still hackable, they're still in danger. So i'm kind of curious if you can tell me just a little bit about how studio approaches the the security m to to make that drones at power plants um literally duno rock yeah .

look at the you know the two number one things for us are reliability security. Those are the two things that make me products useful for that kind of critical application. Um so we we basically do everything you can imagine up and down the stack.

I mean, we do like secure boot, secure shining our software at the root that we like control in our factory. Um we have our drones authenticate to our cloud in a secure way. We have all the internal processes and controls.

Uh, so now we do everything that you need to do in every layer of the stack, like the link is encrypted. I mean, all the different things yeah to be as secure as as you possibly can. Okay, one more on the .

defense point and then promise rob here. But drinking ukraine have been used for a host of things, from surveilLance to literal combination ons. And I just kind of curious, a studio willing to make drone systems that are used for more than surveilLance in complex zone?

Yeah, it's an interesting question. So we I mean, the U. S. Military is a major customer. We delivered ukraine. Um you our identity as a company is is different from a company like ander. Like ander was pretty clear that like they're like a pure play offense contractor.

We're building you know people called like to use technology like we're building this flying sensor platform that use for all several inds of industries and applications. Um but the military is an incredibly important custom guards, and we are deeply committed to their mission. From a product perspective, I would say that we're focused on building playing cards or perform.

We know that you can attack payloads and other things to this um and and worth supportive of whatever military customers need to do to accomplish their mission and putting munitions on there. Being able to drop these things is is certainly part of the portfolio them um and that's something that we know our pop forms can can support like the x ten, our latest like to grown have pillow base module attach and and I think this i'm actually glad you ask this. I think this is kind of like a it's somewhat of a controversial topic and silicon valley like how this technology really going to be used.

This is something we've thought deeply about as a company. And in my view, you if you're gonna sell to and support the military, you need to you need to trust their judgment on how they're going to use these things. These are people who to go their lives to protecting our nation. They put their lives on the line.

Um and I just don't think like person silicon values technologies or any position to say like, oh sure you can use this but like you know you not a maybe something like you know and so yes, so that's that's the way that we think about IT, like we're not there's a different category. Brand is basically like a common causes, Brown. It's like to flying bomb. Essentially, it's pretty different from the technology perspective. That's not what we we're focused on building like best in class I S R systems.

Yeah ah yeah but my brothers activities, I care a lot about this because he's been in there's a difference between the said you put on you and cares. Why not take that next step in and do the work to turn them into more Andrea style weapons platforms? I mean, to me, just think you're right there, but you're not taking that lost up. And i'm just curious .

why I think it's there are kind of different technologies. I mean, even the folks who are building ish, it's like there's a whole expertise and like building explosive devices and targeting systems and like how all that stuff works. Um and I think the product great dots are pretty different if you really want to build.

I mean, like I don't know the video that Andrew put out on a lot of place like they built this thing, it's like a terminal like point counter, like there's the whole look of product after that they made there that are pretty different. Our product is Better for I what call I S R intelligence surveilLance and um but extent was designed with palo base for their whatever mission customers need to do IT. And I I would also say like illusory, I think it's different.

You know, waking up every day figuring out how you're going to make the thing like the real is like different from waking up every day to figure out how you're going to make the thing like Better. Funny one cause like I think the mindset of like building something that's like the express purpose, like a lethal machine is somewhat different. And I think it's a little bit different from like our core DNA is a company god.

yes, I think that makes total sense. And there are are contractors who make conveys and there are contractors who make fifty caliver guns that go on hive's. And yeah, there are different levels of expertise and and so you .

see there being that get .

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Everybody is using notion. You don't want to lose data, you don't wanna lose knowledge, a notion access list. And when you use our link, they know you're supporting the show. What do you think of nova sky stories as we rap your my friend kambo mask as a company that like brings art to a the skies and we're seeing more and more of this um what are your thoughts on these drone shows and light shows you guys participate in that because this does seem like that is a perfect a analogy to what war might look like in the future is like a thousand drones going out there yeah .

so we don't do that ourselves the way that most of that stuff works. I mean, basically all of the work to sing G P S. Um so basically like all those drones have G P S on them, you can be script out the trajectory that all of them are gonna fly, they fly around, they turn off.

The um G P S doesn't work at all on the battlefield is just always jam this is want to like to give which validates um sort of like the first layer of technology for most drones this is so it's good ground, have a visual navigation systems. They don't need rely on GPS. Um but I do think there is this fairly critical point here. I'm not the the first person to make this observation, but every time that you see like a ten thousand drone light show in china, yeah this sort of this element to that of light, a display of color, right it's a .

display that was my interpretation of IT like they're sending a message to taiwan that like ten thousand of these things could go over your city, identify people with guns, I also known as soldiers, and just zip and kill, you know, ten thousand people with ten thousand drones. I think that is the future of warfare.

No, I think it's one of these things you're getting a glimpse into like, boy, you know, this is really critical technology and we need to like we need to step on IT in the U. S. You know, we need to like, we need to strong industry here. We need to have robust policies. We need think about national security .

and have to have the ability to make every component right. I mean, I think that's one of the chAllenges here. You're only as good as your slowest supplier. So if you've got like a component in these drones and you want to make ten thousand of them and you're getting your voters from china, vietnam and it's a chinese manufactured who has a factory in viet, we could basically not be able to create drones and .

they can yeah the supply chain um supply chain security integrity is is super critical. I don't think necessary. All needs to be made in the but it's certainly having IT within our our circle of really trusted close allies. Yes, I think this is very important.

Uh, this has been amazing. Uh, congratulations on the success of the company doing great work. And h in some ways, congratulations on the chinese being so concerned about you that hey, sanctions you for helping the fire department in taiwan with, uh, putting our five and help the knock. Yeah thank .

thank you guys for having location out to support time on.

All right? And if you're an engineer, ski o is hiring a amazing engineers. I know. So go to the sky, dio, where page and. Apply if you are a great engineer, right, you need some engineers.

I think yeah you know i'm not neutral list, but I think we work on the most exciting stuff in the world. It's playing robots that IT helped people do their jaws Better and keeps them safer. And a lot of exciting self happening now. But it's it's still very early days.

Yeah it's early days and it's super awesome. I i'm waiting for somebody to make one of these for homes or ranches ah and just keep you know track of the cattle in the yeah we get. So within our .

the most requested feature without our investor community, which just something about investors is, is the ranch use case, I think the number of target customers there .

might be there's like five of us, six of yours. yes. So making this is the crazy thing for poor founders who have, you know, VC on their board.

They like, you know what, I need this. Can you make me a fifty thousand dollar drone for my branch to go to the two sorties and calm my sheep and my my stear? It's pretty crazy, but it's super awesome and get .

you some accounting growth for your check out .

eventually. It's gonna be a thing where I think people have these talk with their homes, right?

Yeah I I agree. I think that um you it's it's like classic technologies loye, like we're starting in the highest value based impact in is like nine one one cause life and this and situation expect in the energy grid. But like you know, our cost will keeps coming down. The technology keeps getting Better and and the I think there's a very clear path to this becoming like a standard part of building security, standard part of armed security.

Um I didn't anywhere where you have to cover a large surface area and you know record what's going on. I was just thinking this incoming and we just watching this incredible documentary on netflix about this tragic avance that happened in palace you know the ski resort in tai hoo had happened in the eighties and IT was just real tragedy and we had another one happened in available for a couple of people passed away sadly. Um just last season yeah and one of the things you have to do is they literally shoot mortals hicks at the mountain to start avalanches when there are so much and this crazy documentary that I watched, this was well worth watching because there are these people who do but the science of mountaineering and and monitoring these mountains, you know, is something started at the specific place and toho and sending drones out to test the snow, to monitor the snow, to know the differences in snow and and where snow is building up, and then also to drop a grand hae essentially yeah in certain as to start avalanches means a person does not need to do that mission and that's just gonna be Better .

for everybody yes. On of it's pretty closer related like any sort of natural disaster like in the wake of the hurricanes, the tourists and a hrc anes what drones are like the most critical tools like we we have a to cosas and a and after milton, I mean they had drones in the air, like moto drones in the air twenty four seven, like initially at search rescue and then you're happy helping to like map map and access the damage.

Um and I I think it's another one of these sort of glimpses like you get in ukraine watches like, oh, oh my goodness. This technology can make such a big difference in the high stakes scenarios. And it's exciting having been working on for ten years.

it's exciting to be, at a point out, works. Some of them have the ability with a pain low that you could .

actually rescue human. You can drop a flotation device, you drop a battery. Actually, one of the most common, this is a little bit surprising to me in search and rescue, one of the most common things, they want to drop as a battery because people have their phone, but they ran out of battery. So you drop a battery charger down to him and they can get back online, communicate. And some .

of them, i've seen people get lifted in a drone, right? Some of them are powerful that you could actually leave somebody out of a dangerous situation. I'm wondering when that will happen for lifeguards. Why would a lifeguard go out into, or a coastguard go out into this open ocean when they could send a drone yeah with a boy and just dragged the person in yeah I mean.

there's really a just a continuum from drones up to the like E V tls.

I was just about to say that yeah absolutely .

kind of the same ingredients. It's like electrical portion of autonomy, uh automation and I think I mean unsurprisingly like you to see drones which massage scale first but there's non trivial sort of technology cross soaker there like basically build a bigger grown .

um and the yeah yeah the drones to save you know the drone rescue swimmers are definitely coming in the document mentally area than one thousand eighty two alpine metals avent uh, is the name of that one if you want to watch IT ali mental eventually became palaces and then was called squad, I think for a little while yeah all right. Great having you on the program, adam, and continued success if your an engineer, go apply at sky idea. Well done.

I think you guys .

IT really is amazing, alex. When you think about watching this technology, and I have been watching drones, even watching VR, we're now watching A I. You watch these technologies, and they go through a cycle right where they are in absolutely capture everybody's imagination. And then founders need to basically work a decade to make an actual use case exist. And what I love about what Adams doing a studio is you heard, and there are a incredible piece of start of advice.

I don't know if you heard IT when he dropped IT, but IT is what is the highest use of this technology? Where is the most acute situation program called IT? I think here on fire situation like us, you if you're selling of water and somebody is here is on fire, they really need IT.

Some people refer to this as the vitamin versus a pain killer vitamin a big business. But like yeah you to take your vitamins today or if you don't, you might forget it's no big deal. But if you have pain and you broke your leg, man that voted in, you're going to seek IT out.

If you, you know, really needed, they just work backwards. Hey, we know people in the military need to assess situations. They may have to drop payload or pick up paleo, whatever IT is.

The sending a burrito is already covered. You know, like getting your bureau by a drone is an eight dollar burrito, a fifteen dollar service charge? IT doesn't actually make sense in so many times. Founders come to me, alex, with like, I want to start with the masses. I want to start and sometimes it's really good intentions, like I just think everybody should have this technology go away after the most expensive, highest margin business first.

Why those customers are hair on fire, customers who have money and they're willing to pay a premium, which then allows you to iterate on the software and then eventually get to the rescue swimmer, which there might only be the need for a thousand rescue swimmer drones or ten thousand. So you don't go after that first. And those people are you know um comparing IT to a twenty dollar in our lifeguard.

It's not as much at stake as like a black cock helicopter with navy seals which are I think valued by our military at about ten to twenty five million dollars for each A V C O. If you save an A V C L from dying the way the government looks at that, not just the human life, but the cost of that asset, as my, as in the military would say, is like, I had a friend who is a Green where he's like, i'm worth twenty million dollars. currently. My friends were twenty two million. You IT depending on if you're medic or you know whenever you are.

So no, I I I really like I I am very optimistic about drones writ large and very optimistically about sky dia and have been watching and technology for a long time. To your point, this is very exciting to see how things go, one, two, four, eight and then a thousand because drones were something that I think we all had too long and to get single bucket and the number of military and corporate uses are so large freely. I'm very excited about sky idea. I'm a little surprise that isn't their violate two point three billion and the last round, which just feels very small for our company with that large of a footprint and is already causing .

geopolitical wads. Yeah, hardware is hard. So you I really always tip my head off to hardware founders because, you know, you have the inventory stuff, you have the prototype stuff. And with software, you know there is no inventory in the software business.

And if you make software and its janki, okay, yeah, just rewrite the code, start from scratch, fire the developers, hire tune developers, do IT in parallel, make three versions of the same feature with three different teams. S in hard way. You cannot do that.

It's it's cost prohibitive. And you have to go through a very graded our process, as I learned with cafe ex, with density that I O, which is doing people counting. I've made these bets, and my lord and I have another one, free DRAM, which is like drummer sticks that teach you how to drum.

It's very cool. You know, these poor founders have to deal with the kickstarter elements of what they do and then scaling IT. And man, if you have a production problem, you could be sitting on inventory.

You have customers who wanted buy IT and like one supplier, screw something up. And literally you as fast as your slow is least reliable a person. This um I think will duck down nicely into the trap discussion in our country and relationship with china.

Yeah yeah that's i'm so glad we had got your C U. On because we're literally looking at this situation, which there is a american comedy dealing with a geopolitical attention that is driven by decisions .

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To let everyone understand what happened last night, a triumph, a president on the White house and his party took over the at and is looking pretty good in the house as we come here today. We don't actually knows in a win the house, but it's looking G, O, P, if you track prediction markets and and h as jon said at the top of the show, I think IT was about fifty one and a half, forty seven and a half, which in american terms is a shoe.

The technical term is a show acting.

yes. So two points of this is Normal. One points close, four points is a lot. Is how to I think about that?

A raining yes, they got produced. And so if we look at IT, I think, you know IT IT does beg the question why why was this such an incredible Victory for trump? And um you know if I look at IT, there is many layers here.

Um I think a lot of this comes back to entrepreneurial and maybe it's just the glasses I look at IT, but I do think there is an existential battle in amErica right now. And if you were to look at europe, very socialist leaning, um you know maybe less entrepreneur, less rabbit capital alem uh you know is the version over there. And then here we have a capitalistic system which is very part driving and IT does create a polarization of wealth.

And I think one party picked, we're going to go pro entrepreneur. We're going all in with elon, with sacks, with chamar, with entrepreneur ship, with venture capital. They picked a venture capitalist has their number two, and they picked a billionaire e capitalist as their number one.

So putting aside how I person you feel about trump, I have issue is with character, which I think I you trust me, my friends who are the biggest trump supporters in the world have problems with this character. And they've been public about the problems they have with this character. They put all that aside.

And if we just look career politicians on one side, in capitalist on the other, that's what happened here. And I think people, because the personalities are so large, people kindly get caught up in that. But putting aside the personality issues in the style issues, which in some cases are absolutely abhorrent, uh, on one side and that I am not A A I don't like the name calling exeter.

But let just pause for a second here. Billionaire real estate tycoon and venture capitalist beat a lifelong public, two lifelong public servants that, I think is what we, as the technology community, venture capital and as americans should really look at. And then they enlist iron, and he seems to have pushed a lot of a Young men to vote a group that previously hand voted. And I don't know if that's come out in the statistics yet, but that's what I was hearing since I have a lot of friends on the inside was that hey, there's gonna a change here in the activation of Young men who are capitalist entrepreneurs and not part of this previous group, you know i'll say in the service. So that's the argument uh, that I think is worth considering what you're take out.

I think that is a very um that that's one point of view you could take. I think IT was inflation and a long period of spending in low interest rates across parties that caught up to us and the party that was an office. What inflation to got lost. That's my you're talking about nuances and policy and such. And I just don't think that Carries amongst the broader electorate the way IT does amongst our highly educated wealthy group friends out that yeah interest's folks are pretty dumb and pretty poor yeah there is that .

and I but I do think they look at these folks as heroes. And I think they looked at one group as aspiration and one group maybe as not aspiration. That is my god but may be I mean.

I mean, I I would like to wait until we have a little bit more data before I make writing um kind of points about this. I mean what is clear is that prompted Better amongst people of color, gender and Young men did shoot the write a little bit just I called you to women shunted to the left IT seems .

like everybody move to the right uh there was a very interesting um image I tweed and trump has increased his support across the electronic republican and margin over democrats change since twenty twenty by demographic group and this just shows very simply what percentage uh shifted republican versus shifted democrat and if you look at White or if you look at just the arrows here, what you'll see here is one, two, three, four, five, six, seven and eight, eight, nine, ten, eleven and twelve. Their team I think it's fourteen different demographics, age, uh, ethnicity uh and gender. There are two groups that shifted more democrat, sixty five year .

old in above .

and White college women. And then the other twelve all shifted to varying degrees, republican. And the size of the arrow is how far they shifted in.

The three groups that shifted the most were heston ic asian in eighteen to twenty nine year old. That is stunning. Those are the people who would Normally associate with democrats.

They made the biggest move to the republic lan party, along with thirty to forty four years old. There are other groups that are diminished. They could have gone either way. 嗯， so what are you your thoughts on that?

I said rise of the scale of this. Well, I mean, it's everyone. I've been to mean a lot of twitter as you have been since you. We started seeing results comment.

And what I find very impressive is that everyone thinks that they were right about what should have been done or why they won or why they lost. So I don't think people are really learning a lot about this. I'm very curious to see uh, later on and deeper polling about gives on gender how they may have impacted this particular election.

Yeah um I think the divergence from biden to Harris uh results with not damage policy difference makes me wonder a little bit a but I also think the democratic party needs a new set of leadership because hundred clearly the bipolar era is over and they're in their asset and returned IT doesn't seem like they know what they're doing. So I I think it's time for a house clearing, but I suppose i'm trying to sort out some distance strain and I went you to help me with this because when the trump uh Victory went from likely to OK, this is happening. The stock market in the U.

S. Began to pick up team. And so today, before we hit record, deserve one knows.

The dow Jones industrial average was a three points. New fifty two week, I, S, M, P, up two points. Nash dec up two points. Clearly a lot of eolians in the market about uh, the next trump ministry and talk about immigration in terms of high skill and imminent in a second. But the thing that I don't understand, Jason, is the distant between everyone in the business community not wanting extreme terms on mexico, china and the world at large and the trump policy to do that. And so what I don't understand, and this was just lying the whole time or the things on the inside, think that is actually going to do this very inflationary terf moves away away as ones yes.

absolutely this is one of the things that breaks intelligent people's brains with trump. I have now having so many people close to trump um and having interviewed j Evans and spoken to folks you know in public and in private, trump says insane things he gets massive amounts of attention for saying things that or either you know is literally having talk with a Young person about this like to like is that is what he said raises from like it's kind of like racist that jay cent you know when he says mexico sends all very terrible people to america.

Is that literally racist or is a factual that he sends you know that mexico sent criminals here because they don't want to have to deal with them and they didn't send like their CEO over here across the border uh uh so when he says he's going to deport fifty million people and then band and says, yes, band said on the all in lifestream last night confirming, yes, that's like job number one. No, that is not part of the trump administration, nor do I think they are gonna let him in again. But I do think that is a part of what you're identifying here is truly say something that is absolutely outlandishly in practical and then it's up to people around him to execute on some version of IT. And I think the version that will see specifically with immigration, and we should start without when I think, and then we will go to charity fs that with immigration, he's gona deport people who beat up police or who are fantoni dealers or criminals, and then let the other fourteen point x million of the fifteen stay here.

So I just want to be cleared, the people, because this is useful for which nodes, very different friends and germs of the public aligned than I do mostly. And that's not a dislike the .

way discovered battus state. And they were almost all, you know, five years ago. So no, no, no, no.

I said that and that IT sounded like I was being major. I was point out that you're hearing different things. So I I double click on, they think, based on knowledge of trumped his policies in the election, in the campaign, that much of what he promised that you and I would consider to be bad for the economy tariff s know, a labor shortage to sara won't happen. They'll be cut down to A A much small sounds like OK. Well.

he exaggerates. So if you interpret trump as lying or exaggerating, I think is the journey people go through. He is like some P T. Barna exaggerator. In order to make points.

We're gna smash a, i'm going to, or i'm going to go there and i'm going to the the war in ukraine will be over in, you know, the day I come into office, he will say something bombastic, maybe crazy, maybe people interpret. And basically the way people who are are inning around trump interpret everything he says is. He's going to put the goal post in the target you know, like i'm going to shoot for the the moon.

I'm going to shop for the stars and get the moon kind of situation. And so I think we just legal meditate on immigration here. Yeah we had him on all in here's the clip from all in where I asked president trump about um immigration and high school immigration specifically world the tape I want to do and what I will do is you graduate from a college. I think you should get automatically, as part of your diploma, a Green card to be able to stay in this country. And that includes junior colleagues to anybody graduates .

from eight college, you're going there for two years or four years. If you graduate or you get a doctor degree from a college, you should be able to .

stand this country. OK kay, so when he said that, the question is, is he pandering to me into the business community by extension or not? And what happened was after that, quote, admit his group of, you know, around him battre ted a bit and said, this is only for high skilled, only for P.

H. D. This is not for people crossing the border eta. But I do think that the influence around him are going to say, we need to get more high skilled immigrants in here while shutting the border here. here.

Steve ban, in the architect of maga, who literally put a bunch of unit last night on the all in live stream, talking about specifically when I I asked him, hey, tell me about immigration and you believe he should start supporting millions of illegal immigrants, all fifteen and I had made about to start, you can start qua quality and the same asylums. You can start. You can start with the, you can start with the criminals.

You can do all that. But eventually, because here's the thing, you either have a country, you don't. This is crushing opportunities for apron american in espana.

Man, this is what that vote was about. Now the congressional budget office is telling us that if you report them, you got a knock off one percent of GDP. Well, I don't care.

Bet not one of one percent of GDP. These people are taking opportunities from american citizens, right? So there you have trump saying to a business audience, hey, you know, we are going to get high skilled immigrants in here.

And then the other side steps, and who doesn't work for the administration? Just to be clear, I think they will disavow him. But I ask events the same question about this issue, right, alex? And he said, we're going to do IT like a sandwich. I'll take a couple of bites and now we're not going to try to eat the sandwich in one bite. I think the reality is they're not to ly deport fifteen million .

people that would not under on the on how many is part of you and to like you know.

this is no if we did a prediction market right now and they think the prediction market is a really good topic for us today as well as just how great the prediction markets were at assessing what was going on here. Um shout out to poly market, roman hod.

and I think they .

got that right.

They were I mean, in october, I looked at this morning because there's been a lot of growing about the accuracy of predation markets like a week ago, the petition markets gave trump essentially no chance of I do think they're very good at incorporating real time information, but they're not as good at prognostic. And that's the music people are making. I bringing you up because I don't people to not understand that .

point there wouldn't blindly I wouldn't blindly find any, but I do think they did a Better job net net. Then let's save pollsters or ponant. Generally speaking, I don't think any pollster opponent said truth gonna in the popular vote like that was like a way out, way out there and and nor did they think he would sweep the, I mean, did he sweep .

the swing .

states? What did he the Polly market.

as recently as, like you four weeks ago, had commoner win. So just the popular, no, the election. Oh, really, this is the thing people are really obsessing about poly market being about half an hour ahead of the network called election.

And to be clear, shot out. That's that's the gentleman and useful. But they've been very wrong for a long period of time about the thing. People are lambing. They were always right about and .

that's father yeah I am trying to remember. And formula had a lead. I think IT was like right after SHE the two weeks after SHE were the hot swapped biden, right? That was when SHE peaked for a lead. There was like this little you know honeymoon period and then I just going straight down.

I'm just going to pull IT up to everyone can see that here screen sharing because there's two this is the thing is actually two different times in which um this uh color was at no point.

Well I mean if you ah when he did .

so right here two hundred percent and then .

also h SHE took .

over the september twenty second through the setebos. And then just be clear, the um popular vote, which I think is important to see as recently as september and october, child because you know not picked doing a chance. Yes, this is you sports. Was the election rest the world? But as of you know twenty minutes ago, they weren't saying that yeah.

So that is I think instructive as well that these things are not going to be perfect, but they're part of the overall packets. Um the question your question to me though, if I was going to set up a prediction market over under one million, right? So let's to say deportation over under one million, i'm taking under a million. What would you take that held deep under a million.

but I mean, gone to my head, I say over .

seriously.

no. Well, no, no, no, no. I seriously. The thing that I struggle with with trump is that when people contextualize his behaviors, promises and actions IT comes down to I think that the the people who know him will influence him in a certain direction yeah and while I do think that your friends so will have influence, so too will the more reactionary right, the less of pro business right. Fan and said in that clip, he doesn't care about one percent GDP. One percent GDP is a lot of money and so i'm curious to see who trump will actually listen to if IT is your friends .

and I guess it's gonna the business people. But I could be wrong. I think this is a key thing, so who he puts into his cabinet will be the ultimate team in this time around.

And so if you want to understand, if he's gonna listen to on sax chah, Peter T O J D. Vance, if you like, sometimes we will listen to their V P S. If it's going to be a texture of an agenda, a pro business agenda, or if it's gonna a pro isolationist terror agenda, I think is the thing we should be monitoring.

And did you mean this always been that distance between the two sides and I have not been able to understand IT? Unless the people who are very excited about trump and who are on the texier things think that they have more influence, then the people who do want to do a fifty million percent deportation. I don't know.

I don't know truth. I think he yeah he's likes to be like he likes money and he likes not going to jail like I think him winning no, I mean hetta remember he'd now gets to press a button and cancel you know a number of the um legal actions against him. So independent if you think is a fair or fair, oh, he needed to win order to not go to you or to erase the final.

I think it's got three cases outstanding. So there are three cases plus one sentencing. I think all that he's gonna able to make disappear a and use, you know, the the presidency to either push those off or or to cancel those are actions against them.

So he needed to win. So if we just think from first principles, I do think he likes business. He likes being like, he likes building business relationships. And he doesn't need to win again.

No, he doesn't need to work again. But and let's do you overunder again on high school immigration, because that clip, uh, that was based on a question, U. S.

Trump during interview. And IT was actually one of the very few times which I was like, I agree with trump on a thing. I was too.

I was to you. I was that further. And so Jason, high immigration in the U. S. Four years from the start next of administration in percentage terms, how much is go up .

going to go gonna go up. High school immigration, at least twenty five percent OK at least. Yeah, I would say he is going to make good on that promise. I think he will make good on a series of business promises. And this just sounds capital, but I think he cares about money and business connections above anything else.

Now that he's one, I think his motivation was to win to, you know, uh, prove that he could do IT again and to get rid of the law, fair or fair law, of the lawsuits. So IT was existential for him to win. Now that he's one, I bet he's playing for legacy and money and power post getting out.

In other words, he's a business man. So what would be in his best interest to have incredible relationships with the business community? And I think the maga community like alcohol, the hard maga like not financial mega, but Steve banner mega, like isolation ist mega.

I think that that's gonna win. I think that's going to be a the less is priority. I think he uses those people and that stick to get into office, just like he used the event als, you know, in the abortion issue to to win the primary. He is the first time around and then he soft stepped back back and said, listen, you know, i'm pro I V F. I'm pro uh these exceptions, right?

So he and he did was essentially reformed supreme court to be incredibly conservative and especially in fact, with people who is village tradition is opposed to a lot of social issues that are important. So I think he did more than you're giving an incredible for there in terms of the people promises. But uh, one place where there doesn't be consensus about what a second trump administration will look like is Jason. And your favorite thing is the world of .

you're going to say, cyp L. M. Is gonna fantastic.

Ema is on this. People were like, check more. I told you all not voting for commoner.

I told you I I am not a fan of socialism and I wasn't a fan of how he was annointed. Um I am thrilled, thrilled, thrilled with this aspect of the truth. Second term which is um ma is gonna yond like a donkey con. They might in the perfect situation, alex might be, they don't let ema with the top five companies, which j events and trump don't like, facebook, amazon, apple. They might give them a hard time while letting everybody else run a muck and do whatever they want, which is exactly what i've been to close.

Okay, but you just says being super a loser to have Jason, you just said that trump and J. D. Don't like them. You just described their essentially anti trust policy based on who they like, which is very much not really.

I don't think it's personal. They don't like the uh, censorship and the power that facebook has had in previous elections. Now that's why you saw zuker berg say, like a man, you know, trump was awesome when he, uh you know, got shot and got up and said, five, five, five, remember that just magically of a sudden came out that that was what he say, bad as, or something .

that's good years, nick. I mean, no.

that's why he came out and said bad as.

And that's what this morning like this. I just, I just ouldn't prefer a world in which business leaders didn't feel the need to publicly bin the need to a political leader. That's not the dynamic that I think is healthy.

And I think if you go back to the first time per ministration, people forget this. There was was at a time Warner t merger in the book that they were trying to do, and trump was trying to kill IT off, didn't like CNN. The petals of these people will play into Better, but it's not going to be perfect.

Now I think lena constant, and I think they will let anybody who supports them and supports the republican party do what they want. I think that they will be botton paid for.

isn't?

Isn't that not good? I mean, no system is perfect. I'm being a yes.

But I mean.

what do I think you whoever support you to get in office, whether it's with votes or with donations, is going to have an outsize voice in our political system. And we consider the spending part of a freedom of speech, right? Or a political spending on packs, super packs, or just support running fun readers, whether is support obama, Hillary, hamilton or trump, is part of the entire package, is trying to have influences.

right? Yeah but I I I just I don't like that. I think influence and politics should not be predicated on that worth. And still .

five minutes and that is a valid concern. Um after what we saw this election, the democrats spent a billion I heard on ads and then obviously you had five or six folks on the republican side, including iron and jeff as and everything fifty to one hundred fifty million each so yeah I mean we I think as a society need to think should there be this much money involved and I like your suggestion, which other countries do, which is they just give a budget to the final two or three candidates. Here's your budget to spend. That seems like a Better idea to me.

Uh, if you go through the trump platform, are actually a public funding of elections is cited by name. As only that, he rolled.

look at this, Harrison thumps spent nearly ten billion on heads, ten billion .

dollars for the U.

S.

I M. Did you see um the world series, the baseball? No.

I did not watch the world series.

but one of my friends is a huge anche fans. So I got to, I SAT down and watched live baseball for one of the games, and I saw more protocol ds than I was humanly possible. And I got to say, I don't think any money that was been on the eating was good use of cash.

I really do think that I blocks of broadcasting cable news to promote your candid is just a very two thousand and storage IT feels very archaic c in this room um but I really quick people are stoked about this. Um everyone from U B S to merging market, their rating. I want to know which startups are a front and line do you think to be picked up by a larger company once is out of her spot?

The media, you know, businesses that are struggling typically need consolidation. So most people would say media businesses from discovery to N B C, comcast, you know all of that area is right for some consolidation and some trading of assets because they're up against youtube, they're up against tiktok and the audiences have switched.

And you know it's not like the that the cable providers and the cable networks have any kind of monopoly on communication anymore. Therefore, they're struggling. And when you saw the um studio buying paramount and sure red zone in all that you know that went down, there were just a lot of people who won't bid on those assets previously who would not now because of .

the ma sky dance, sky dance not guide.

I get guide on my .

studies. I different company.

So you know you you don't have amazon, apple, google, youth, ash, youtube bidding on entertainment assets in some major way. Yeah you didn't haven't happen with amazon buying A. They bought the folks who owned James bond.

right? H, I know you're talking about.

yeah, I can remember the IT will come to me in a moment.

but there was A N.

G, M, M, G, M. Thank you. And so you know, all of that consolidation needs to occur.

These things are having a hard time in living independently. So we saw disney by marvel, pixar, star wars and a collection there hate. These things are fine for them to trade by assets because they all are going.

Appalling comparison to the time spent on tiktok in youtube. So people bid and trade them like trading cards for five, ten billion dollars each. It's not a big deal for those little things to get bought and sold because more of them will get made. And the same thing will happen with the long tail of the startups.

Why not have you know a let people buy these sd start up slight by marketplaces yeah and you know in terms of for me some reason the comment saying will just so once liquidity, of course I do um you know the whole venture industry and startups is based on the power law and hitting in uber or an arab and b and then going public and new distributing shares. The other piece of IT is airbnb, an uber and apple being able to buy smaller sorted PS and that's really hard to have happen uber bog post mates. Um .

that's yes.

So where is like why is left in instinct? Why are those still independent? They're only independent because amazon test la wye o can buy them.

But right now in the autonomy space, why wouldn't wamo uber merge? Why wouldn't dauber merge? Why any of these amazon by uber? I think that there's two really obvious three really obvious ones amazon, tesla, uber um and Jordan.

There are some combination there n way o of A A deal to be had that would be unbelievable at unlocking value, not just for shareholders, for society. Like if amazon owned wao or amo and uber were together or dordick imo and uber became a company, can you imagine? Or if tesla and uber teamed up are increase.

I think that there's a lot of fun combinations we can come up with. I think you know uba and amazon is very interesting, but we're talking again about with large companies. You did mention smaller set startups.

My question is, is there is there a functioning market post len con for a lot of series abc starts at a Price that acquire words are willing to pay because I think this police will be a gap between perfect valuations and big tech willingness. Ss, and i'm current how big of a gap that will be, how long will take to unwind? And when we start seeing fifty to one hundred million of opposition on mos.

the great news is you know if you look at um what a big company can do with the smaller company in terms of leveraging and asset, what uber as a hundred fifty billion dollar company could do with waye as an example would be extraordinary because they as many cars as way mo could make, they could put out of the on the streets. What tesla as almost a trillion dollar company could do with a hundred fifty billion dollar uber is extraordinary.

Tesla, I just make infinite cars and put them into the network, right? And the network is already there. So they wouldn't have to do that, need a massive amount of work to build up a network of one hundred fifty paying customers a month, whatever uber has right now. So there are so many amazing opportunities there um for to accelerate and and the valuations work themselves out because you have competition.

And so you know we just take you on and you know dara looking at what's the opportunity here or dara and sergey looking at what the opportunity of uber plus way mo or amazon you know looking at ah you know is there anything with lift in jordas? H should we will lift in dorax and made our own competitor with that go faster and Better and cheaper for customers? And man, IT would be incredible.

Oh my god. So not to be rude to lift, but I IT is interesting to see how a company that for a very long time was much closer to uber in terms of evaluation has now fAllen off so far. Because, you know, uber s worth doesn't forget hundred and fifty, hundred and fifty something.

I I just pull up. Dora h seventy. yeah. And then you pull up left five point eight yeah when left is a dollar, it's three essentially yeah .

so why wouldn't get tucked in somewhere just like, you know, post mates got talked into uber sea. And so this kind of consolidation would be, I, I believe, good for the market. IT would then create D, P, I.

IT would shower that money back to L, P, S. Who would then invest in the next generation and just stop the war. Jm, venture, I see that happening already.

If i'm being honest. In the last six weeks, i've had maybe five or six offers for shares in companies we own. We didn't take uh, we didn't take advantage of.

But the fact that people are even bidding and they aren't bidding seventy five percent off, they're bidding twenty five percent off. So we're starting to get to a place where secondary markets are showing some signs of life. I think that's directly correlated with the trump presidency and the bite in kala era, linkin error ending.

So telling about which types of startups in the launch or Jason and portfolio are seeing the most interest from secondary market investors .

right now once that are growing. So if you have growth and you know there are some companies that aren't growing, people are not buying shares and companies that are not growing, but there are companies that are either consumer or are sas companies that are growing.

And there is interesting in so somebody believes if I have some dry powder, it's easier for me to buy this company that's value at a billion dollars and is doubling revenue year over year when IT is for me to make an incremental bet on a public market company like in video or a startup p that doesn't have product market fit yet. So that's a very interesting turn of events. That means people believe ema will fire back up again.

That's or IPO market will be very so people are starting to see that and they are like, you know what I should build on? You know there are a viBrant markets for Andrew stripe, space sex and those kind of big names. It's also i'm starting to trickle down to the ones just a little bit 嗯。

OK. Now just we need to go on to perplexity because we need to talk about search, but really quick forever one else clipped to looking pretty hot uh, trump to be a lot of promises to the clipt, a world that may now come to ferient d regulations of big point on the other side, Jason, I think climate policy, climate industry not looking to good um chinese stocks took a bit of a hit after I became actually one companies that are dependent on the affordable care act like Oscar health, gun warped and then i'll say housing stocks. Concerns about terror and a rising labor labor costs so told brothers and that are all pretty down sharply today. That's time next again, we're sorting out its real time welcomed just and are chatting IT through .

but like about positive okay um really quick complexity makes search software and there is also and they've raised .

the new round of funding at nine million.

not quite closing OK. okay. So this round has been talked about a whole bunch. Um I think people are really jumping the fence on this one um because I don't know how many paying customers they have. Has that number been whispered or lee alex?

yes. Are erna in the reporting about this round, which is five hundred and nine billion, so that last month, uh, the company was on pace to generate around fifty million and annualized revenue. So that would put them at about a four million dollar monthly run reaches.

okay, fifty million times ten uh, is five hundred billion. Times one hundred is five billion. Times two hundred is ten billion.

So this is almost two hundred x correct in terms of valuation. So that doesn't make a lot of logical sense uh, to anyone. So you're really making a deep bet that they can catch up to that valuation. I think that, uh, perplexity might have just hit its peak valuation is a really interesting U X product, but I think that ux is something that sam altman n has a sites on. And if you do searches and I ask you to do some, if we just pull up new searching for something on complexity or search GPT, which is, and what an opening eyes, new one, we can just look at this and you tell us, which maybe you could describe these three search results. Google one point out perplexity and OpenAI and tell me what you think .

yeah so Jason put me, uh, four different searches are going to go through one today for the sake of time. So I an a search, uh, for a travel really query, which is flights and road island to Austin. Just of keeping this in the ja bucket, google search results were all ads above the fold when I was not logged in, which I thought was incredible, a special days in the temps of other experience.

Now, complexity actually did a good job sighting to different sources, giving some options. And i'll says that I think they did a pretty OK job. But I think when I look at this, I think I prefer the OpenAI arch GPT results game. A very simple table gave me some numbers, very clean interface. And I think this just goes to show that the purple xy evaluation is not predicated on its current worth, but instead the chance that IT actually takes on and takes out a good chunk of google market here because every share every percent share on search is worth one a hundred .

billion dollars to see some very large number you would take, uh, half of googles market cap, and you would attribute that as one hundred percent pie, because half of IT comes from search at least. So if google were alphabets worth two trillions, you have one trillion is the total market cap, which means ten .

billion percentage point percent.

This was my pitch when I did maho and I was doing human power search. I did think probably a more fair is this one, you know, flights from new york to Austin. So I just want to make this one point is that when you have a google application, i'll call these applications, some people might call them one box.

So whatever, when they do have an application and IT comes up and they're not trying to intercept the click. So here is google flights. That is something they've been working on four decades per category. So for shopping and for flights, they and local they have these kind of databases in polls that have unique data sources. IT will take um the A I companies some amount of time to replicate that.

Yes, I will. Year five years, i'm natural. I will say we're not going to go through the other three searches, but ran one for shopping, one for research, one for a cooking inquiry. And I thought google was the worst each time.

Oh, okay, because of the ads above IT. So it's pretty clear that the number of ads is the till, I think, of google. If you were to cause these new products, don't have any ads in them. So if you I think a way to test this and we will do a deeper dive on the some interesting in the audience opinion as if we were to take out the ads in google and then do them side by side, what would your assessment be might be a Better way to frame the question?

Or i'll just close with this. If I did that, I bet you lunch that I would still prefer what search GPT perplex help. Because if you start from scratch without the advertising technology underplaying note google, I think you just end up with a Better product. But we'll keep that for another day.

We have to go. We will see everybody next time, bye bye.