AI Boom Just Hit a Wall, Eight European Countries Are ON FIRE Right Now, Poland and Hungary Just Sent Europe a Warning | Weekly Recap

The team breaks down Business Insider’s report that Amazon is taking delivery of billions in Nvidia GB300 server racks and staging them in warehouses because some data centers can’t get the power to switch them on. The host argues that the West’s resistance to building energy is the real bottleneck, and that it matters for competing with China. He then walks through Anthropic’s draft IPO filing: an $80.7 billion first-half net loss (mostly non-cash accounting charges), revenue up from $1.1 billion to $16.3 billion, and up to roughly $750 billion in compute commitments. He argues that a duration mismatch between long-term obligations and young revenue is what has investors nervous. With Ray Dalio’s warning that AI is a classic bubble as the frame, he makes the case for why investors need to understand both the bull and bear case, and closes on Nvidia’s new containerized data center and the public backlash against AI. More than half a million people marched across France on October 17, with the Interior Ministry putting turnout at 550,000 across 110 demonstrations, and the day ended in widespread looting, arson and clashes that left hundreds arrested and hundreds of police injured. The same weekend saw unrest in Italy, Belgium, Spain, Portugal and Albania, where Tirana entered a fifth straight day of street battles and the Supreme Court was damaged by rioters demanding the prime minister resign. The argument made here starts with the economy, tracing the pressure back through more than thirty percent of cumulative inflation since Covid, eurozone inflation at a three-year high driven substantially by the Iran war energy shock, and decades of European regulatory choices that traded innovation for stability. The heart of the breakdown is structural, drawing on Tocqueville’s observation that both the monarchy and the revolution deliberately destroyed every intermediary body between the citizen and the state, leaving the French with no local outlet for grievance and nowhere to direct anger except the street. With public spending at 57.2 percent of GDP, the highest in the developed world, every attempted reform creates a small group of visible losers who are organized and ready to mobilize, against beneficiaries who are scattered and voiceless. Poland and Hungary are taking a hard line on immigration as protests spread across Europe. Tom Bilyeu examines Hungary's new prime minister Péter Magyar, Poland's Donald Tusk, and a Polish lawmaker's controversial border warning. He breaks down the history behind Eastern Europe's national identity, the debate over assimilation, and French polling showing widespread dissatisfaction with immigration policy. The conversation also explores whether governments are ignoring public opinion and how nationalism, economic pressure, welfare systems, and free markets shape the future of Europe. What's up, everybody? It's Tom Bilyeu here: Want my help starting a business? Join me here inside Zero To Founder https://tombilyeu.com/zero-to-founder?utm_campaign=Podcast%20Offer&utm_source=podca[%E2%80%A6]d%20end%20of%20show&utm_content=podcast%20ad%20end%20of%20show Sign up for my AI Masterclass: AI Masterclass https://tombilyeu.com/ai-masterclass?utm_campaign=Live%20Masterclass&utm_source=podcast&utm_medium=evergreen Follow Me: Instagram:https://www.instagram.com/tombilyeu/ Tik Tok:https://www.tiktok.com/@tombilyeu?lang=en Twitter:https://twitter.com/tombilyeu YouTube:https://www.youtube.com/@TomBilyeu Tailor Brands: Check out Tailor Brands to launch your business starting at $0 + state fees: https://bit.ly/TailorBrandsSept Quince: Free shipping and 365-day returns at https://quince.com/impactpod Pipedrive: Get more leads and grow your business. Go to https://www.pipedrive.com/impact and get started with a 30-day free trial. Incogni: Take your personal data back with Incogni! Use code IMPACT at the link below and get 60% off an annual plan: https://incogni.com/impact See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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• 1:00Tom Bilyeu?

  There are large scale protests in at least eight countries right now. France, Italy, Belgium, Albania, Spain, Argentina, and more. On October 17th, which ended up being a big day, we'll see if that date gets remembered, certainly in European history or not. But over half a million people marched in France. If you guys haven't seen the footage, it is absolutely insane. There were 1,200 arrests, 150 police officers were hurt. Unbelievable amounts of damage to property. There was looting everywhere, fires across multiple cities. Now, the question as to whether the looting was completely random is something that is going to be explored a lot more in the coming weeks, I assure you. But you've got mayors across France asking for partial curfews.

• 1:44Tom Bilyeu?

  Now, the same day that all of that was popping off in France, you've got riots rocking cities all across Italy, Belgium. Milan was like one big smash and grab. It was insane. There was a gigantic Palestinian flag draped over the Leaning Tower of Pisa, which was wild. You had people protesting there. I think that's where Greta Thunberg was. She was certainly at one of these protests. Speaking to an American audience, you had stuff popping off in Brussels and Liege. Toronto, the capital of Albania, was on its fifth straight day of street battles. And Albania's Supreme Court was burned by rioters. They were demanding that the Prime Minister Rama resign. Spain had 20,000 people marching in the streets.

• 2:27Tom Bilyeu?

  Take this all in, it was absolutely wild. When you put it together, it is clear that something is going very, very wrong, largely in Europe, but it isn't exclusively to Europe. You've got Argentina in the mix, like I said, Brazil, India. The question is, what the hell is going on? Now, for me, as always, I think the biggest culprit is the economy. I'm going to try to tease out, when you look at this, underlying the vast majority of the madness, you have the 30% plus COVID inflation of the last six years. As a populist, we absolutely cannot let people lose sight of how much of this is an echo of what happened during the disastrous decision-making over COVID.

• 3:07Tom Bilyeu?

  Plus, right now, even after that, you've got eurozone inflation at 3.8% in September, which is a three-year high, nearly half of which is being driven by, you guessed it, the Iran war energy shock. That is looking like a worse and worse idea by the day. Average diesel across the European Union right now is up 39% since January. Now, Argentina's problems basically rhyme with all of that. So Buenos Aires students have clashed with police over Malay's university cuts. And one of the signs that people were holding said Occupy the Streets like in France. So they themselves are drawing parallels between what's going on everywhere. But the economy really isn't the only problem, though I think you wouldn't see things popping

• 3:51Tom Bilyeu?

  off like this in any reasonable world where people's real wages were growing. The problem becomes, when you're trying to get the government to take care of everything for you, you are going to, as Margaret Thatcher said, the problem with socialism is you end up running out of other people's money. So all of this desire to redistribute money needs the money to exist in the first place. And if you have asinine economic policies that make it hard for people to start businesses, then you have no money at the government level. This is exactly why, despite my temptations to stop and just focus on game development, I cannot pull myself away from helping entrepreneurs. As a PSA, remember everybody, you have tax dollars precisely because you have jobs. You have jobs precisely because there are some lunatics out there that start companies

• 4:35Tom Bilyeu?

  and try to innovate and build something that people want. Do they do it for selfish reasons? Absolutely. But do they create the knock-on effect of creating prosperity? Yes. So when you've got on top of all of this populism grabbing hold, where everyone senses that the pie is shrinking because of terrible economic policies, then everyone joins a team and they start fighting. You've got the table set, economic problems abound. You've been, Europe for sure, has been making decades-long ridiculously poor choices about we're going to be the home of regulation. That's going to be the only thing that we focus on. And we don't realize that all of this stuff is a trade-off. And the more you regulate, the less innovation you get, the fewer companies you get, the

• 5:18Tom Bilyeu?

  more fragile your economy gets, the fewer jobs there are, the less that the real wages of the average person are growing. You also create a cultural expectation that the government's going to take care of me. We're going to look at that more as we zoom in on France in a minute. But when you get people going into populism, everyone stops being logical and they lean in to their emotions. I don't know that my read on populism is going to be the shared definition across the globe, but I really encourage you guys to do your own deep dive on why I keep saying populism is about the abandonment of logic and people going specifically into their emotions. They are no longer reasoning by, okay, well, this leads to this, leads to this. It's not cause and effect anymore.

• 6:01Tom Bilyeu?

  It's that thing triggers me emotionally and therefore I'm going to react and I'm going to run around, I'm going to smash things, I'm going to burn things down. And that is based on a real economic thing. The pie really is shrinking. But when people then go into emotional reasoning, they are not able to get back out of that problem. Each country has a mix of all of these different issues, and more, by the way. And I'll try to lay some of those more out again when we zoom in on France. But regardless of the precise mix that any country is dealing with, there is an insane amount of destabilization going on right now. And the solutions being put forward, especially in France, are they're not going to work. Everyone wants the government to do more at the exact moment that the government needs

• 6:46Tom Bilyeu?

  to do less. But we may have entered a fatal stage of democracy all over the democratic world where people realize they can vote for gifts from the government. And as soon as people get into that, then they do. And that becomes the only way that people get elected in a populist moment is they promise more free stuff. And you take an economic problem that's been supercharged by populism and you make it truly potentially fatal to any singular nation, but democracy at a whole certainly starts to get very distressed, let's say. Because your democracy isn't going to work if you have one person, one vote, and everybody is just voting for more free stuff because they don't have a concept of how an economy

• 7:29Tom Bilyeu?

  actually works from a cause and effect perspective. So the very people that they hate the most, meaning successful people, the more they attack them, the more they try to break their business, the less money there actually is to tax, which then leads you to running insane deficits, which then leads you to print money. And guess what happens? We find ourselves back in an inflationary spiral that started all of this. So once you understand the cause and effect of how we ended up here, which is why, I know it's kind of boring now to think back about COVID, it was six whole years ago, people really start to lose sight of how we ended up here, that we voted ourselves into these lunatic policies, that we allowed the global economy to be shut down. And I get it, it was scary times, we had no idea what was going on.

• 8:11Tom Bilyeu?

  But by giving into that, we have all, from a voting perspective or from what we tolerated perspective, allowed all of this to happen. And so if we can embrace a logical breakdown of the cause and effect, then we potentially have a way out of this. But if we don't, you can expect the violence and the destabilization to continue. Now, if you zoom in on France specifically, you start to see a very extreme case of what's happening and you understand why the French are the ones that are constantly burning their own country to the ground. All weekend, I just kept asking myself, what is wrong with these people? I could not stop thinking about it.

• 8:51Tom Bilyeu?

  So did a bunch of research and it is literally like France is structurally designed to end in riots. So there's a paradox at the heart of French politics. It goes like this. Nobody expects more from their government than the French, but nobody trusts their government less than the French. The French want the state to guarantee basically everything. Healthcare, pensions, jobs, culture. You also have just them assuming, by the way, that the government is lying to them. So give me everything, take care of everything, but I just assume that you're lying. So it's like this really specifically French combustible cocktail of cultural lunacy.

• 9:36Tom Bilyeu?

  You're demanding protection from an institution that you are convinced is out to get you. You're never going to be able to make that make sense. But that is like the cultural, the psychological. There's actually a structural element that makes the anger go straight to the fucking barricades, like this was Les Mis, instead of getting worked out somewhere that's actually productive. And the reason that happens is because their government is structured in a way that gives them nowhere else to go. So Tocqueville, one of the great thinkers of ages ago in France, but he spotted this structural problem 170 years ago. And he said, basically, both the monarchy and the revolution deliberately destroyed every intermediate body that would give people a direct voice in their local area.

• 10:21Tom Bilyeu?

  So you think about the US building a republic. You've got all these different states that can run different experiments. The federal government is not trying to force a ton of things down on them. It's trying to decentralize things to the individual states so that people can figure out for themselves, how do we want things to run here? And that acts as a release valve that you don't see in France. So in France, things like provinces, guilds and estates were all replaced with a Jacobin center that runs everything in a hyper-centralized way out of Paris. Now, if you guys don't know a lot about French history, the Jacobins were the radical faction of the French Revolution. And their big institutional idea was the republic, one and indivisible.

• 11:05Tom Bilyeu?

  So just like, we're gonna put one gangster monarchy-like thing to rule over us all. And they abolished the old provinces and essentially carved France into roughly equal departments and treated regional identity as a threat to national identity. So imagine the US had founded itself saying, yo, this state shit, that's for the birds. We can't have it. We can't have you guys thinking of yourselves as Floridians, or Californians, or New Yorkers. No, no, no. You guys are, in this case, French. That's it. And so the rivals to the Jacobins were the Girondins. They wanted a looser, more federal France, so something a little bit more like the US. But the Jacobins end up winning and the Girondins end up getting the guillotine, literally having their heads lopped off from their bodies.

• 11:50Tom Bilyeu?

  You end up, obviously, getting a strong man that has to come in, in the form of Napoleon, and he ends up basically solidifying that structure. But it's a dumb structure that makes it hard for the French to change anything from voting. And so if you've got no regional ability to affect your local area so that you don't feel as oppressed by the French government, then you're left turning to the federal government for everything, both the place to punch in the face and the thing that you want to get something from. So in France, this problem is then made 100 times worse by the fact that the state basically is the entire economy. Public spending runs 57% of GDP. So the government just takes it all and starts redistributing it.

• 12:34Tom Bilyeu?

  It's the highest in the developed world, by the way. So one in five workers is a civil servant in France. Pensions eat nearly 14% of all economic output. God damn. Nearly everyone belongs to some sort of special group, and that means every time you try to reform the government, which of course is always about how you divvy up the money, you now end up with a physical, visible income hit to millions of organized people. Organized people. They're ready to riot, loot, march, burn, whatever. They're here for it, they're trained. It's what they do. And the beneficiaries of whatever change people are trying to make, like young workers,

• 13:16Tom Bilyeu?

  future taxpayers, they're just scattered around and voiceless and they don't have the organized opposition that you would see. And then, I'm not gonna get super into the NGOs, but because that research is being done now, I think we're gonna see that coming out more in the weeks to come. But there's 40 or 50 different organizations that people are already pointing fingers at that are causing all of this mayhem up to and including, I don't know if Drew showed this link yet, but there was a pallet of bottles just dropped off in the middle of the riots. So it's so wild to see this stuff, man. So anyway, there's plenty of people that want to see this violence. If you layer on top of all of this, the machinery that's baked into the structure of the French

• 13:59Tom Bilyeu?

  government, you find your way back to de Gaulle and his fifth republic. And it structured France in a way that has exactly two gears. So France has a president, I can't even remember the guy's name, sorry. France has a president and a prime minister. The prime minister's name, I can't even remember. They churn through these fucking things like they're candy. So you've got the president, which is Macron, who we hear about. And then you've got the guy that's in charge of the budget and the day-to-day running, who is the prime minister, whose name I am literally forgetting once again because I just never hear about this guy. I think Macron has already burned through seven prime ministers. Drew will hopefully fact-check me on that. So he's just churning through these because it's basically like, hey, I'm doing a bunch of dumbass policies, but I'm gonna give you this other guy to be mad at.

• 14:43Tom Bilyeu?

  That was like the big contribution of de Gaulle. So when the president has a majority, he is an elected monarch who rules by decree and does not have to negotiate. When he doesn't have a majority, then basically everything seizes up completely. There's no middle setting where you have to bargain. So, seven. God damn. So, yeah, they just, they just eat them alive. They just feed them to the people and say, it's not me, bro, it's this kid. So the French government never has to learn to make deals. The French people have learned that the only veto that they have is just to shut the country down. So if you've been wondering, why the hell does this keep happening in France? This is why.

• 15:26Tom Bilyeu?

  Plus, in France, the founding myth of the entire country is that we're the people that overthrow the government. 1789, 1830, 1848, 1871, 1968, these kids just like tear it all down constantly. You end up proving to the people that with a big enough crowd, they can basically carry constitutional weight. They can just get things changed that they want. And you're hearing those mouth noises out of our man Macron, who was chilling at the Celine Dion concert, that is gonna come back to haunt him, while Paris was burning. And by the way, in French, compromise actually has like a connotation of being kind of a dirty word. It has shades of compromission or selling out. So in France, it's like, no, no, no, we're not gonna compromise.

• 16:11Tom Bilyeu?

  It's all or nothing. So France has five rival confederations that compete basically to outstrike each other to get the changes that they want. And this is exactly what you saw play out in 95, play out in 2006, 2018, and it basically is what you're watching play out again right now.

• 16:31Speaker 03

  Let's start at the beginning. They were announcing that these protests were due to underfunded education. Too many teachers, not enough teachers, too little pay. This is-

• 16:42Tom Bilyeu?

  Too many rats, too many cockroaches.

• 16:45Speaker 03

  This is what, it was a high school started organization and of course, some other left-leaning groups have joined the cause.

• 16:52Tom Bilyeu?

  You gotta teach them young, Drew. The only way to get what you want is to burn shit down. That literally is what I learned this weekend.

• 16:57Speaker 03

  It's, France is known for it. This is the way that they protest. This is what they're going through. Is there anything from an underlying standpoint that we could have done to prevent this? Maybe we do need to fund the schools? Or do you think that this is just the exhaust of where we are in this moment in society right now? What do you think is starting this? Or do you think that it's, you know, something-

• 17:18Tom Bilyeu?

  Well, I think they really do have legitimate complaints, the students specifically, but they are such a small part of what's happening at this point, that to call these student riots is nonsensical. It's like, when all of the palisades burned, was it started by one maniac? Yes. But very quickly, this becomes a question of why were the reservoirs dry? And why did the, why were budget cuts made? And why was the mayor gone? It's like, you start getting into all these structural problems that are like, okay, hold on a second. Yes, maniac starts problems. So students start all this by barricading teachers inside the school, by blocking entrances, by lighting some of those blockades on fire.

• 18:03Tom Bilyeu?

  But very quickly, all the groups with an axe to grind start pouring into the streets because what you're essentially doing is lowering the cost of rioting by getting something started. So now, if I'm a group that's like, well, there's nothing really to spark my movement in this moment, so I'm just gonna riot on the back of that spark. And so it becomes this massive wildfire. But it really is a French cultural problem tied to a structure of a government that is completely nonsensical, tied to economic woes that are legitimate, tied to an energy crisis that is legitimate. And so tied to, by the way, part of the reasons that the schools are overcrowded is you have unchecked immigration.

• 18:46Tom Bilyeu?

  So you put all of this together with the fact that also, when you have unchecked immigration, not only do you just have a bad ratio of teachers to students, but if those people came because they specifically want the social safety net, now they're draining dollars rather than contributing dollars. And so even though France is in the top three spenders per citizen, and at one point, I think they were number one, but that was back in 2014, even though they spend just an absolute insane amount on their citizens, it, people just want more, more, more, more, more. We're hitting pause for a moment, but there's plenty- There's a reason Quince sells cashmere for $60, and it isn't the cashmere. It's real 100% Mongolian cashmere.

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• 21:33Tom Bilyeu?

  Thanks for sticking around. Let's get right back into the action. Both Poland and Hungary have made shocking statements. So unchecked immigration across Europe has created massive problems. You stack that together with the economic catastrophe of globalism and 30-plus percent inflation over the last six years in Europe, and you just see everything literally on fire. Hungary and Poland do not look like France. In fact, they're looking at France, Italy, Belgium, Albania, Spain, and they're just saying, nope, hard pass. Hungary's new prime minister watched the footage of Europe burning and posted about it on the same day. So Peter Magyar is a centrist, by the way, which is going to be important in this story. So Magyar,

• 22:15Tom Bilyeu?

  the centrist who replaced Viktor Orban, who was the guy on the right that everybody was freaking out about. So the centrist wrote that after this, quote, "senseless destruction and unjustified violence," end quote, "everyone should understand why Hungary takes the toughest possible line on migration and that Budapest will not loosen its border policy under any pressure." Donald Tusk, the liberal Poland elected guy, I forget if he's, I think he's their prime minister. I'm almost certain he's their prime minister. Uh, is he? No, no, there is an MEP that we're going to get to, but that's not him. So that's Dominic. We'll get to him in a second. But Tusk, I think, is the prime minister. So he posted that Poland will neither repeat nor pay for other countries'

• 22:59Tom Bilyeu?

  mistakes. No asylum applications, deportation for anyone who breaks Polish law. And then we had this. All right. So we're going to play this clip. This is a Polish member of parliament. He's also a member of the European parliament who went on a recent podcast, was this?

• 23:16Speaker 03

  Dave Rubin.

• 23:16Tom Bilyeu?

  Dave Rubin, went on Dave Rubin's podcast and said, and I'll let him speak for himself.

• 23:21Speaker 04

  My message again, do not come to the Polish border or you will be dead. Shot, dead. Do not come to the Polish border. I'm very clear for years. If you're coming, it's your own risk. Do not cry over that. Do not tell me that you were shot, you were pushed back, whatever, whatever. Do not come. There is no problem. Go to Qatar. There's no problem with that. They speak Arabic.

• 23:47Tom Bilyeu?

  When you, I've only audited Germany, so I can't tell you about other places. But when you audit who's actually pouring into the country, it's not insignificant from Muslim nations, but it isn't exclusively Muslim nations. You got a ton of people coming from other places in Europe. If we can reorient people to that immigration really is destabilizing from a cultural identity standpoint, understanding that I think is incredibly important. People may not want it to be true, but the reality is that it is true. Now, going back to Poland, Hungary, the people that we hear talking, they're not the far right. These are your centrists. In some cases, I think the guy, the prime minister from Poland is more on the liberal side. Don't

• 24:25Tom Bilyeu?

  quote me on that, but I think that's true. And both of them are hardcore about immigration. So the question becomes, what are these guys all about? Why are they doing this? Now, there's an economist, Branko Milanovic. He's got a pretty clear explanation for what he thinks is going on. He says, "These nations have spent centuries fighting empires for one thing, a state of their own people." That's going to be a very controversial thing that we're all going to have to contend with here in the coming decades. Poland in 1939 was 66% Polish, with Ukrainians, Belarusians, Jews, and Germans making up the rest. This, this gets so rough. The Holocaust, Stalin's

• 25:07Tom Bilyeu?

  border shift, and the expulsion of the Germans left it nearly 99% Polish by 1950. So they become basically a natural experiment of what does it look like if you reject the whole idea that diversity is our strength. Hungary got there through Trianon in 1920 and the murder of its Jews in 1944. So they, through horrific means, also got homogeneity, and they defend that today,

• 25:39Tom Bilyeu?

  obviously, against the regimes that had occupied them. So they inherited it, and they treat it as a point of the very thing that they're fighting to maintain today. God, that's uncomfortable from an American lens. I just cannot tell you how weird that makes me feel. Migration from outside of Europe is the one thing that they see that would undo this. And I'd be very curious to hear what they think about immigration from inside Europe, since their big thing was, you didn't get rid of a bunch of people from the Middle East and Africa, you got rid of other Europeans. So this is why I'm saying, God, be careful of how you're going to be propagandized. So it isn't like Germans and Polish people and Russians and Ukrainians are just interchangeable.

• 26:22Tom Bilyeu?

  They have separate identities, different value systems. They want different things. And so this is why this isn't race. And so if you just clock this as race, then what we're talking about now would make no sense because their homogeneity wasn't race-based. If you'll give me that Jews are very often, European Jews are very often white passing. It's really just, it's not a race thing. This is where, this is all going to get very, very difficult for people to think through that have this like really low fidelity breakdown of this is just a bunch of racist people. So the quote-unquote mistake that Poland and Hungary refuse to repeat is pretty specific. Poland issues more residence permits than any country in the European Union, so nearly a million in

• 27:06Tom Bilyeu?

  2021, almost all of it to Ukrainians. There's like that whole border shift that I was talking about. So how much sort of overlap culturally do you have there? Because they literally just picked the border up and moved it. Hungary brought in tens of thousands of guest workers from the Philippines, Vietnam, and India under Orban. So the door is open, and people, it's open anyway to people that they've decided that they're not going to change what the country is. That is a wild statement. Now, if I had to guess, the way that Orban was thinking through it is the same reason that the US, the people on the right will be like, I'll take infinity

• 27:45Tom Bilyeu?

  H1B visas, I'll take infinity farm migrant workers, because it's good for the economy, because it brings in cheap labor. But it's all a mistake, because what you end up doing is masking that your economy is not actually growing in real terms for your middle class. Now, Hungary has issues. Poland may have similar issues in terms of demographic decline, and so they're going to have to address it some way if they want to keep growing. But it gets very complicated very fast. But when you think about the fact that the homogeneity is the thing that's working for these guys, it's why they don't have all of the violence and protesting, and it's exactly why countries that historically had so successful of a welfare state, like in the Nordic countries,

• 28:30Tom Bilyeu?

  are now having absolute strokes over immigration, because they realize, whoa, we now have no-go zones, we have people that are abusing the welfare state, this isn't sustainable. And so they're waking up to that reality. And so it'll be interesting to see if Hungary, for instance, bringing in those workers from other countries, if those places have a much higher birth rate, do they assimilate? Or do they not see themselves as Hungarian first, but instead see themselves as being Filipino or wherever they're from? And so it really begins to be a question of assimilation, because as America proves, you can have people of wildly different ethnic backgrounds, but if

• 29:13Tom Bilyeu?

  they see themselves as American first, it can work fine. But when they stop seeing themselves as American first, or they no longer share a vision of what America is or ought to be, now you've got a problem. So it's a wild, natural experiment that they got to homogeneity through grotesque means, but nonetheless, it's created stability. And that very inconvenient fact is going to have to be contended with by all of Europe, by all of the West.

• 29:40Speaker 03

  I was gonna say that it's spread into other countries because France wants fewer immigrants as well. So they're gonna do the same thing.

• 29:46Tom Bilyeu?

  Dude, I was shocked by this. Absolutely shocked. The, the French want fewer immigrants, but not by a little, by a lot. In January, the Odoxa Polling Institute asked a representative sample of French adults a really blunt question. Are there too many immigrants in France? 70% just flat said yes. So trying to clock this as a right-wing thing, unless you think that France is 70% right-wing, which they are obviously not, doesn't make any sense. 67% of Emmanuel Macron's own Renaissance supporters agreed there are too many immigrants in France. So did a third of Jean-Luc

• 30:26Tom Bilyeu?

  Melashon's far-left base. A third of people on the far-left, man, think that there are too many immigrants. So this is not what people, I think, would expect from the polling in France. Now, in September of 25, the CSA Institute found 79% of the French want a tougher immigration policy, which is up, so it's moving in an anti-immigration direction. It was 70% just three years earlier. This past May, 63% backed suspending, suspending legal immigration entirely for three years, which I think is more just a cry for help. I think they're thinking, yo,

• 31:07Tom Bilyeu?

  if nothing changes, bro, three becomes 10 becomes 20. Among 18 to 24-year-olds, support hits 69%. That's the highest of any age group. So even the young people who are the most likely to be liberal are looking around going, yo, I don't think this is good for my economic future. We gotta chill. And in June, 83% said France should send home foreigners who are convicted of criminals or, or are just long-term unemployed. Bro, over 80%.

• 31:39Tom Bilyeu?

  What? So at the same time, though, you've got all of the like noise coming out of France about, we've got to help these people. We've committed so many sins in the past. Like, who are we to say that they can't be here? It's pretty crazy. The French government, going back to the structure and the way that the president can literally run it like a fucking monarchy, is just ignoring what the people want. So, pretty wild. Now, the French are convinced, I think rightly so, that their government has failed on this whole thing. Seventy-seven percent have a negative view of the government's handling of immigration. Despite that, Macron just keeps pushing forward. It's crazy. Do not be curious as to why Marine Le Pen is just

• 32:24Tom Bilyeu?

  taking over in the polls, man. Her national rally has just been insane. So we'll see if she's able to actually gain power. But they, I think, did they put her in prison or try to put her in prison? I mean, they, they went pretty hard in the paint on Marine Le Pen. And because of this wildly anti-immigration stance on behalf of the vast majority of the French people, she continues to gain and gain in popularity. So we'll see, man. But this was crazy. I could not believe that the numbers were this high. Shocking to me. I had no idea.

• 32:58Speaker 03

  Why do you think they're disconnected from their, like, you know, in the US, we could blame money and politics. We can blame, you know, partisan spinning. Is it the same overseas too? Because I did not realize the disparity between immigration and feelings about immigration and their actual policies were that far apart.

• 33:15Tom Bilyeu?

  Yeah, neither did I. I would have to study Macron more deeply, but my default answer is the left is anti-West. The left really has succumbed to a mind virus that because we've been prosperous for so long, that prosperity does not require you to make very difficult decisions. And this is what I'll call the speech from a few good men, the justification of the world is unfortunately a reality. Like, you have to have those tough men on a wall like your MEP from Poland saying, if you illegally approach the border in Poland and you refuse to turn around, you'll be shot dead. You have to do that.

• 33:55Tom Bilyeu?

  Like, you have to be prepared to defend your borders. And the left just isn't there. The left is in a mindset of prosperity can and should be shared broadly, that we have a moral obligation to let these people in, we have a moral obligation to take care of everybody, not we have a moral obligation to make sure that our country is prosperous and that there's actually jobs, not that we have a moral obligation to insist on people working. And the more that I look at, this was interesting. I had a biblical weekend, Drew.

• 34:24Speaker 03

  Let's go.

• 34:24Tom Bilyeu?

  Meaning literal Bible. And it's early days, so I will put this only out as somebody who's at the biblical headline level, that basically there are direct apostles of Jesus that basically say things like, if somebody can work or be taken care of by somebody who can work, then they shouldn't be on, they would never use the word government dole, but it's like, then they should be doing that. You should be taking care of yourself and your own and providing for yourself and your own. This isn't just a go-walk to the government with your hand out. People need to be responsible. They need to take care of themselves. And so that would be very interesting if that ends up holding true, because that would certainly get back to a big part of what America was founded

• 35:08Tom Bilyeu?

  on, which is a puritanical work ethic. And I've always wondered sort of where that came from. And if that is a legitimate interpretation of the Bible, then that starts to get a lot more clear. Now, I'm a non-religious person, but certainly have deeply imbibed the idea of being self-reliant, turning to myself to meet my needs, not expecting anybody to come and save me, that what I want is a shot. I want a chance to succeed or fail on my ability to play the game of life well. And as we have watched all these countries bask in the post-World War II stability brought to you by a whole lot of people dying, and

• 35:49Tom Bilyeu?

  bask in the glory of more free markets, up to and including China, it's wild how they don't realize that you've got to protect that engine of prosperity, which means not burning down the stores that are symbols of success. So there is economic, massive economic problems that needs to be addressed. There's corruption that needs to be addressed. But the winning answer is not going to be to destroy the only thing that has pulled people out of poverty ever. So it's wild to watch people be socialist, communist, and say, this is the solution to what ails us. That's the only thing that's guaranteed to just murder indiscriminately. So that one is, is really distressing. And to, then

• 36:34Tom Bilyeu?

  you look back in history and watch it just bounce back and forth between these things, where it's like, it always sounds good in times of prosperity to just give to everybody with no thought of the consequences of how you break businesses, just to make it not abstract. You make it impossible for businesses to thrive, then there are no jobs, then the pie really is getting smaller, people go into populism, they panic, they fight over a shrinking pie. And they just want the government to give more and more and more. And then the, you get a draconian government that's like, these assholes who are trying to keep things from you, these kulaks, we're gonna literally kill them. And then that sends the country into 100 years of despair. And then they finally come out the other side of it. Whether you're Argentina, whether you're China, it doesn't matter, same playbook, but it takes about 100 years to get to the other side of it. It's really brutal, man.

• 37:19Tom Bilyeu?

  A lot of people suffer needlessly for an extended period of time before people pull their heads back out of their asses and go, yeah, we're not willing to do that. You motherfuckers are gonna have to get back to work. And that really is the drill. It's you break them. This is what Malay is doing in Argentina right now, is you break them of their ability to take from the state, and you free the markets back up to actually generate prosperity. And then you raise a generation to expect to need to work. And then people go to work and they find meaning and purpose and all that. And then you hit prosperity, and then that does its own weird spiral. And you get to where we are right now, which is wild.

• 38:03Tom Bilyeu?

  Taking a short break, but there's more Impact Theory after. Stay tuned. Let me be very honest. I've worked with a lot of sales teams. Prep is the first thing to go when the calendar starts filling up. That's where today's sponsor, Pipe Drive, comes in. It's an intelligent, AI-powered sales CRM that's loved by growing sales teams. Pipe Drive just launched meeting intelligence that's built right into the CRM. Before every call, it pulls deal history, emails, and past conversations into one brief. During the call, it records and takes notes. And after it, it drafts your CRM updates to review and approve. Nobody on your team walks in cold ever again. Switch to a CRM built by

• 38:45Tom Bilyeu?

  salespeople for salespeople and join the over 100,000 companies already using Pipe Drive. My link gets you an exclusive 30 days free instead of the usual 14-day trial, so make sure that you use it. No credit card or payment is needed. Just head to pipedrive.com/impact to get started. Again, that's pipedrive.com/impact, and you can be up and running in just minutes. Now, let's get back to the show.

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• 40:16Tom Bilyeu?

  Thanks for staying tuned. Now let's get back to it. Business Insider got ahold of internal Amazon documents and a recording of an employee meeting and oh boy, this whole AI game is not playing out the way that people think. Amazon is taking delivery of Nvidia's newest GB300 server racks, about $5 billion worth in August alone, and then they've got roughly $3 billion more every month after that, but most of them are just being socked away in a warehouse. Amazon at this point is like a squirrel with a cheek full of nuts, but instead of nuts, it's like a mouthful of all of the GPUs and memory chips that are raising the price of your PC, your PlayStation

• 40:58Tom Bilyeu?

  and your Switch. And then on top of that, you've got all kinds of bigger woes in terms of the AI bubble and funding issues and all of that. Now the question becomes, why is Amazon doing this? Are these guys just greedy billionaires who want more and more? The answer is nope. They're going into warehouses because the data centers that these racks were built for can't get the power that they need to turn these things on. This is the same issue that Oracle is facing in the force majeure incident that played out in New Mexico. If you guys have been watching Oracle, those guys are struggling up and down. They're, I think if you look at their default swaps, those are going up now, which is a sign that people are starting to bet against them, which means it's going to be more expensive

• 41:43Tom Bilyeu?

  for those guys to raise money because the people that are going to give you money for things like that, look at your credit default swaps to see what people think is going to happen. Are you going to be here for the long run or are you in trouble? And so the betters anyway are saying that these guys are potentially in trouble, but it comes back to this idea of not being able to get enough power. Now, America and the world are making an absolutely gigantic bet on AI. We have talked about this. Right now, effectively, the global economy is all hinging on AI. When you look at the actual growth that the world is experiencing. But I don't think people are being honest about how anti-energy

• 42:24Tom Bilyeu?

  the West has become, which is making it impossible for us to meet the demands of the moment. Now, according to Amazon, they have no clear forecasted path to how they're actually going to install all of this stuff that's already arriving. Ed Zitron, who we've covered on the show before, has basically brought this story to people's attention. He's estimating 200 to 300 billion dollars of AI chips across the industry are sitting dark just in boxes somewhere, not making the world better, but certainly making parts of the world far more expensive. Remember, the massive amount of money that is pouring into the AI industry for all of this infrastructure build out is a major part of what's making the US government

• 43:09Tom Bilyeu?

  debt more expensive. So when you look at the bond market, which thankfully right now seems to be settling out a little bit, that's some good news, but it's been going up and up and up. And a big part of that reason is because so much of the capital that they would normally have access to is now going in to fund AI, but that funding is all going into stuff that's sitting in warehouses because we can't get the energy onboard. And all of the money that's pouring into the sector is basically leaving us with this massive energy gap that we're going to need, but we see no like thing in the future that says that this stuff is coming online anytime soon. This is literal madness and we are

• 43:51Tom Bilyeu?

  skitching out as a country, as a broader West, between being super dynamic, the way that America used to be, leading the world, understanding that if we're actually going to compete with China on artificial intelligence, that we absolutely must get this energy onboard, but that's going to require a total shift of almost personality for the US for sure. And then when you look out at to Europe, those guys are falling even farther behind. And right now, we're stuck between being the America of old that was super dynamic and willing to build and becoming a slothy socialist country that's effectively modeling itself off of a dying Europe, instead of defining themselves against Europe, which

• 44:36Tom Bilyeu?

  is exactly what I think that we should be doing right now. Now, we might be able to get away with all of this, socking it away in warehouses, waiting for the energy to come online if the entire world wasn't betting our economic future on AI, but we are. And a lot of this hinges on sticking the landing with AI in the immediate term. And given Anthropic's recent revelations about what's happening with their financial situation, we could be on much shakier ground than people realize. And if you guys have been watching Ray Dalio, Ray Dalio talks about the exact thing that causes these bubbles to burst. And what causes the bubble to burst is always the need to start selling things to turn wealth into

• 45:19Tom Bilyeu?

  actual money that you can spend. This is all going to make a lot more sense as we go through and look at what Anthropic is actually doing in terms of their revenue and where they're at. They just dropped their updated financials and it really is getting bleak as you stretch this out into the future. So Anthropic has lost $80.7 billion in the first six months of 2026 alone. Okay, that's just the first half. That eye-watering amount came from a draft prospectus from their initial public offering. So they're having to be honest about everything that's going on. Now, last year, the same six months showed

• 46:01Tom Bilyeu?

  a much more modest bloodbath of a $13 billion loss. Now, to be fair, when you start parsing all of this out, the vast majority, 72 billion of that, is a future problem. It's not a current problem because what it is, is basically them marking to market the ownership interests in the company. And that shows up on the balance sheet as something absolutely horrific. So the big scary number right now isn't the real problem, but there is a real problem. Anthropic made $16.3 billion in revenue over six months, which is up from 1.1 billion. That's extraordinary. People should be freaking out. That's against roughly 9 billion being

• 46:43Tom Bilyeu?

  spent on compute, which is also up from 2.3 billion. So you've got your revenues growing massively. You've got your compute costs growing, but you have a much bigger looming issue in the background. And it goes like this. So their third quarter revenue hit 16.8 billion, again, amazing. And Anthropic told investors that it was profitable on an adjusted basis. And I think that there's reason to largely throw that out. The real question to ask is why are investors getting nervous? Because they are getting nervous. Now, they're concerned because of this bigger problem that I'm talking about. Anthropic has about $450 billion in non-cancelable cloud agreements over the next seven to 10

• 47:27Tom Bilyeu?

  years. Their own prospectus says that the bulk must be paid regardless of whether they use it or not. So that 450 billion, by the way, is just the hyperscaler cloud deals. You've got more on top of that, up to $86 billion for renting their Nvidia chips from N-Scale and Lambda, and more than $160 billion in obligations to lease Google chips through Broadcom. Including deals still under negotiation, the total commitments would reach about $750 billion. Now, if you break that down to something annual, you're looking at 60 to 75 billion dollars a year on average. And you realize that when you put all that together, you're

• 48:10Tom Bilyeu?

  already spending what you're bringing in just on dealing with your compute obligations and renting the things you're trying to rent. So that's not their own cost of employees, R and D, keeping up with the Joneses. You've got other companies that are obviously trying to beat them to the punch. You've got China threatening with cheaper models and things like that. So revenue would need to keep growing fast just to outrun that looming expense. So that's where everybody is getting concerned. And the big structural fear is that you've got a duration mismatch. Now, if you've got a duration mismatch, obviously you can end up in dire straits, even though the business is growing. So you've got a

• 48:52Tom Bilyeu?

  10-year fixed obligation against revenue that's maybe three years old. So you don't have enough proven track record for everybody to be nice and calm about all of these things that you have coming in the future. Your revenues could flatten and that's one of the things that has people worried. So obviously add to that what I was just talking about, where you've got an ever-present risk of getting undercut by cheap Chinese open source models that could move the world forward, by the way, we should want open source. But it does bring into question whether or not the margins that Anthropic and OpenAI, quite frankly, are counting on, are going to be destroyed by that. And unfortunately, the way that everybody is betting, we can't be agnostic to that. Because if the money doesn't

• 49:35Tom Bilyeu?

  come in to justify all of these hyperscalers building things out, you now have a debt problem that has spread its way out into the private debt market, the shadow banking sector, if you will. Nobody knows how much exposure there is to that, but that's all looming in the background. Not to mention the fact that their revenue is hyper-concentrated into just a small handful of customers. Whenever you're evaluating a business, one of the things you want to look at is how diversified is their revenue sources. And if you have one or two companies making up a massive amount of their revenue, you know that they're in a very weakened position. Because if they lost one of those customers, they would be screwed. Because all of those expenses are guaranteed, even though the revenue

• 50:20Tom Bilyeu?

  is not. And so as you see these guys battle it out for who's going to get these very small number of customers to start paying, it starts to be very questionable. Plus, unfortunately, Anthropic's growth, while amazing, is already slowing down dramatically. So Q3 revenue jumped 45% to 16.8 billion from the previous quarter, which sounds great, except that that was a slowdown from 146% growth between Q1 and Q2. And so you get into this position where great sometimes just isn't great enough. And so this is where you run into that mismatch of, on one hand, you have the fastest growing company in history.

• 51:06Tom Bilyeu?

  Extraordinary. You could celebrate that if you didn't have your obligations outpacing what you have coming in in revenue. And so the differential between those two are the only thing that matters. And right now, that differential is not breaking in Anthropic's favor. And so people are starting to get tense. That's where Ray Dalio enters back into the picture here. If you guys saw the video that he did two weeks ago in Singapore, he was talking about AI being a classic bubble and said that, I think he said, there's about 20% left of this where it could keep inflating, but that ultimately it's getting close to popping. And he's so like, the thing that is utterly fascinating about Ray Dalio is how he's always talking about the mechanisms.

• 51:49Tom Bilyeu?

  Just you've got an economy and it works on something very akin to physics. And so when you have this kind of enormous debt that's funding to build out, and you've got rates that are rising and paper wealth being utterly useless until you sell it, you see that you begin to get all this pressure on the industry as a whole. And he said, the thing that inevitably ends up popping these bubbles, it's almost always the same thing. And it's when you have to sell that wealth, that paper gain, to get real cash so that you can start paying for your bills. So whether those bills are the guaranteed compute that you have coming in the future,

• 52:30Tom Bilyeu?

  whether it's to make payroll, to service the debt, whatever the case may be, you have these big obligations that are coming your way and you're going to have to start selling into the market, which is going to lower the value because you're of each share, because you're essentially flooding the market so that you can get a hold of the cash that you need. And Ray Dalio said, time after time after time, this is exactly the thing that pricks these bubbles. And so the sharpest minds that are looking at this setup are saying, listen, it's all but an inevitability that the bubble is going to deflate at some point. It only becomes a question of, is it going to deflate rapidly? Is this going to be a bubble that pops and leaves us in a dot com style situation? Or is this going to be something where the growth and the deflation

• 53:15Tom Bilyeu?

  sort of happen in a more even keel and we can manage our way through this? Now, anybody that wants to know, because I see this comment from you guys all the time. Anybody that wants to know why I focus on this stuff as much as I focus on it is because the very thing that made me do my mindset content for years was I wanted people to understand that they were in control of their lives. But you ultimately build a, an empowering mindset so that you can do something in the real world. And this moment right now, if you're not an investor, you're being absolutely destroyed. You can hear wolves howling in the background if you want. Think Mick, Fick, Tick, Simon Dixon. The Epstein class is ripping you off, which by the way, is a very fair read.

• 53:56Tom Bilyeu?

  All of that is there, but you're either sitting and getting absolutely destroyed by inflation or you're in the markets. Now, if you're in the markets, you have to understand how much the markets are exposed to AI. So I'm not beating a drum of there's a problem here because I want to focus on something that's negative. Lord knows, I would love to be talking about an only up phenomenon. But the reality is that I am, this is exactly the kind of thing that I'm thinking about in my own life, about where to allocate my money. Where is a safe place to be? If you've got trouble in the bond market, you've got trouble in what is effectively one large economic bet from top to bottom, which is AI. Then it becomes a game that you must pay attention to, the reality of the pieces on the chessboard.

• 54:40Tom Bilyeu?

  And if all you want to hear is all of the things that are good, you're going to get blindsided. The reality is that history like this repeats for a reason, because the economy operates on physics. And so I'm trying to lay out for myself so that I can make intelligent investing decisions and for you guys, but you have to understand there's the bull case and there's the bear case. If you don't form an opinion and make decisions based on having your eyes wide open, you're going to get hit by a freight train. Now, why do I say that? Because this is what history does over and over and over. It runs people over because they are not paying attention to the actual reality on the ground. They want to form a quick snapshot of a narrative about what they think and then just not think about it again.

• 55:25Tom Bilyeu?

  Now, if you've got 20, 30 years and you can just park your money, that's actually perfectly fine. But if you are not in a situation like that, you've got to figure out exactly what's going on, form an opinion about what that means you should be doing with your money and then actually take action. So I think it is very incumbent upon all of us that don't want to get hit by a freight train to understand exactly what's going on right now.

• 55:48Speaker 03

  All right, I want to tease a couple of these things out because Ed Zitron went on a run last night. So first off, he directly put the increased price of RAM and consumer electronics at the feet of Jensen Huang. This is his tweet. Going back on, Amazon has more compute and GPUs than they have resources and powers to implement them. He says, this means the increased price of RAM and consumer electronics was a result of an artificial supply chain crisis created by Jensen Huang, pushing Nvidia customers to take early delivery of GPUs. Jensen Huang is responsible for making life words for everyone. You mentioned it earlier. Switch prices are up, PlayStation prices are up, PC prices are up. Even just buying a regular iPhone now is going to cost a lot more simply because there's this memory crunch. Now we're realizing this memory crunch could just be artificial demand created by Jensen.

• 56:33Speaker 03

  So is Ed right kind of blaming Jensen or?

• 56:36Tom Bilyeu?

  I don't think so. I think, so the right question to ask is, why are we in a scenario where people are willing to listen to Jensen? When he says, hey, you guys are going to want to buy these because there's not going to be enough. Everybody's looking at the, they're zooming out so far. They're looking at, okay, we've got a real technology that's really delivering results for people. You've got a real AI intelligence battle, probably a better way to say it, happening between the US and China. It's going to be deeply consequential to every investor on planet Earth, what ends up happening with AI over time? And does this become a dot com style bust

• 57:18Tom Bilyeu?

  that just absolutely obliterates trillions of dollars of value? Can you avoid being one of the people that gets hit by it? And then gets to benefit from the growth up? This is where you look at a Buffett who's like, yo, man, I'm just backing out right now. You look at a Burry, they're backing out right now. There was somebody else, might've been Druckenmiller, another one of the big guys just being like, I'm shorting the market right now for the foreseeable future. All of these guys are saying, okay, I've seen this before. I've lived through it. I know what happens. It's a bunch of people are going to get wiped out. That's going to create tremendous opportunity because this is a real technology. But first we have to get on the other side of these just absolutely unhinged valuations. And then we'll build back up.

• 58:00Tom Bilyeu?

  It is exactly them mapping this to what happened in the dot com bust. Now, when you take that back in history, it's something that repeats over and over. I've talked about that a gazillion times. So when you look at that and you understand investors are getting over exuberant about a very real technology, they're getting out over their skis as, as investors do all throughout history in moments like this. And then the debt comes due faster than the revenue comes in. That's that mismatch that I'm talking about. You end up having to then sell in order to meet the demands of all of your commitments. And that causes the market to go down and that becomes the very thing that pricks the bubble. And so looking at Jensen Huang and recognizing that he's a part of the problem is true. Ed is accurate with that.

• 58:45Tom Bilyeu?

  Jensen is playing a role in terms of getting people hyped up, in terms of it's great for his company. If people feel like I gotta buy all this stuff up now as fast as I can. And then as long as he can create some distance for himself from if the debt implodes, that he's still going to be fine on the other side of this. Yeah, it's great for him to get as much as he can right now. However, I think that introduces the bigger problem of what is America's identity? Who are we? Are we builders? Are we creators? Are we going to bring on energy in the same way that China is? Or are, do we have a socialist European style future? And right now, we are really caught between that. And the more I look at the growing difference in the economy

• 59:28Tom Bilyeu?

  in terms of the K-shaped economy, it's really fascinating, man. There are so many points where you can see in the economy, just take an airplane, where airplanes now are getting rid of a bunch of economy seats so that they can put in more luxury seats. And they're doing that because there's this increasing number of people that are on the upside of the K. So when you hollow out the middle class, you don't push everybody down. You're pushing a lot of people up as well. And so we're just, you're left with nobody in the middle, but you've got a ton of people that are doing really, really well up here. And so that division of mentalities about, okay, am I invested in markets? Am I focused on growth? Am I taking control of my own money and saying, hey, this is a game that I can win, rigged though it may be?

• 1:00:13Tom Bilyeu?

  Versus people that are like, fuck you, this system is so jacked up. Tax billionaires to death, no concept of how the economy works. I just know that I want mine and now I'm super supportive of like what I see going on in France. And I don't want a data center in my neighborhood and I don't want nuclear power coming online and I don't want fossil fuels. It's like that schism is getting wider and it's getting, certainly in Europe, it's getting legitimately violent. And so now the question becomes, America's got to answer, who are we? And the first clue to me that this is really going to be a problem was the New Mexico thing where Oracle was unable to get the data center online, according to their timeline.

• 1:00:54Tom Bilyeu?

  I was like, uh-oh, like some of this problem is just, we don't have the energy. And if we just didn't have the energy, but everybody was on board with, okay, let's get to it and let's build it out, I would be less concerned because you've got like seven to 10 years. I'm guessing at this point that a lot of the obligations that Anthropic and OpenAI have are backloaded, if they're smart. I don't know that for a fact, but that's my base assumption. And so it's like, we've got the time to bring this stuff online, to continue to build out the revenue, to continue to innovate and make these technologies worthy of the amount of money that people are pouring into it. But We're being fought internally with who are we? What is our identity? What are we gonna do? What are we committed to? Are we gonna build this out or not?

• 1:01:39Tom Bilyeu?

  And so that sort of schizophrenic nature of where America is right now? Oof, I don't know. I don't know how this is gonna play out. I don't know if we're gonna be able to get data centers in space fast enough that that doesn't become an issue. Yeah, I mean, you can really start spiraling this out. I don't think I pulled any of these clips, but actually, maybe I did. Check. There's a Democrat who was like, yeah, we're going to be going after Elon Musk when this is all done. I know Kara Swisher said something along those lines as well, but I've heard it from multiple people. And so are we going to start attacking the very people that are building these companies? And so now you have just were stymieing you from a energy perspective,

• 1:02:22Tom Bilyeu?

  and we plan to pursue you legally just to take you out of the game. So yeah, this is a pretty weird moment.

• 1:02:30Speaker 03

  Yeah, I want to hold this Swisher video just because I want to keep us in AI for a second because there's one more thing I want to do. Nvidia just announced its DSX pod, which is basically a data center retrofitted into a standard shipping container. They just announced it earlier this morning in Berlin. So the reason I put this up is if the problem really is compute, and this is a way that average corporations, average utilities, communities, things like that, they can scale their compute without a massive rollout of data center. Does this solve the problem? Maybe like, I'm just trying to think, are they trying to be innovative?

• 1:03:07Tom Bilyeu?

  You've gotta have the energy. I mean, yes, it sounds like they're trying to innovate, but I would have to understand what do they plan to do from an energy perspective? Just because you can keep these from, you can solve one problem, which is I don't want a data center here. And so, hey, no worries. We're making them much smaller. We're able to put them in more remote places. But if you've got them in these more remote places in a smaller footprint, people are less, you know, offended by their presence, but you don't have the energy to actually turn them on. You still have a problem.

• 1:03:35Speaker 03

  Yeah.

• 1:03:35Tom Bilyeu?

  So this is where this whole moment feels so interconnected to me. There's so many different things going on. But ultimately, it ends up being a battle for what are we going to get behind? What is the thing that we're gonna focus on that we want to see resources allocated to? Do we want to see AI built out? I didn't even mention the public backlash towards data centers, the public backlash towards just AI in general. This is one of the areas, because I'm in game development. This is one of the areas that I'm encountering all the time with even putting up a job description, trying to get people to join Impact Theory's game team. It's like you're, you can look at so many incredible people. You see like, oh my God, this person's amazing.

• 1:04:19Tom Bilyeu?

  And they're like, I will not work with anybody doing AI. Like, I'm totally opposed to it. And so it's like, that just rules out all that talent. But then the companies are not going to be able to compete if they're not using AI because it so dramatically reduces the cost. So it's like, as one microcosm, you look at the players who are like, I want my games faster and I want them cheaper, but don't you dare use AI. So it's like, what? Like, I'm not gonna be able to get it to you faster and cheaper if I don't use AI. So there's so many layers of this going on, up to and including the riots that you see happening in France, which are at least partly, definitely not exclusively, but at least partly driven by cost of living problems.

• 1:05:04Tom Bilyeu?

  And the cost of living issues are largely driven by terrible government policy. And so your government is doing more and more socialist stuff. And in France, and I did a whole diatribe about this, France really is a somewhat unique place, which is why so much of this starts there or is much bigger there. Is they've got other issues structurally to their government. But you see that same attitude of I want the government to take care of everything. And I want them to do it by taxing everybody to death, but that's terrible for business. And so now you get into this downward spiral of businesses can't thrive. Therefore, there's less tax revenue. Therefore, there's less money to go into the things you're demanding to get for free.

• 1:05:48Tom Bilyeu?

  And so you're like choking the golden goose in trying to get it to lay eggs faster. It's like, that's not how it works. So yeah, the across the West, we are struggling with that problem. Let's talk about a pattern that is guaranteed to be killing your progress. You know what you need to do? You need consistent nutrition. We all do. You need vitamins, probiotics, greens. We all know that we should be doing more of it. When your morning gets chaotic, you skip it. When you travel, you skip it. When your routine breaks, everything tends to break. And that inconsistency compounds against you every single day. AG1 is designed to solve the execution problem. One scoop, eight ounces of water, and you're done.

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