#AIS: MP Materials CEO James Litinsky on rare earths, supply chain, and energy independence

This talk was recorded LIVE at the All-In Summit in Miami and included slides. To watch on YouTube, check out our All-In Summit playlist: https://bit.ly/aisytplaylist 0:00 Chamath intros MP Materials CEO James Litinsky 1:13 James gives a talk on supply chain, energy independence, acquiring the Mountain Pass mine and starting MP Materials 12:48 Bestie Q&A with James: US falling behind in rare earth mining, risk compliance, energy independence breeding geopolitical leverage, mining lithium in the ocean vs Earth's crust, and more Follow MP Materials: https://mobile.twitter.com/MPMaterials Follow the besties: https://twitter.com/chamath https://linktr.ee/calacanis https://twitter.com/DavidSacks https://twitter.com/friedberg Follow the pod: https://twitter.com/theallinpod https://linktr.ee/allinpodcast Intro Music Credit: https://rb.gy/tppkzl https://twitter.com/yung_spielburg Intro Video Credit: https://twitter.com/TheZachEffect

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Chamath Palihapitiya?

  Okay, so I wanted to introduce somebody. This is an incredible story of a turnaround of a business that impacts a lot of us in America, if you care about climate change, etc. His name is Jim Litinsky. And here's a guy who had all the success in the world, running a hedge fund successfully. A business called Molly Corp. goes into bankruptcy. He basically puts his entire fund in it, brings it out of bankruptcy, manages to build one of the first mines that was completely cleared. You heard what Elon said about California, in California, that mined some of these rare earths and critical metals that we need to make permanent magnets that we use in electric

• 0:44Chamath Palihapitiya?

  motors, on the front lines of climate change, building factories now in South Carolina with GM, etc., etc. So Jim's just gonna walk you through a few things, and we're gonna talk about some climate change stuff after this.

• 1:13Speaker 01

  Hey, everyone. So I'm Jim. I used to run a hedge fund, and now I'm an accidental industrialist. So I want to take you through that journey, and then while I do that, it'll, you know, we'll go through the problem that I'd like to solve. Just to provide some context, so I think if we think about a lot of the things that just came up with respect to the economy, it's been about a decade-plus since the global financial crisis. And in that decade-plus, we've been in this environment where there's been essentially a full-on boom, a lot of money printing, and essentially a very low or negative cost of capital in growth in technology, right?

• 1:57Speaker 01

  And what we've seen now, I guess we're on the beginning stages of the aftermath of experiencing that economic enema, as was just discussed. But we have just been through this period of over a decade where there's been, you know, all of this money that has gone to growth. And what has happened during that time simultaneously is the real economy has been starved.

• 2:22Speaker 01

  You haven't seen, I doubt many of you have friends that are investing in new steel mills, or aluminum mills, or nickel mines, maybe nickel mines now, right? But while the real economy's been starved, actually, interestingly, we haven't noticed it so much, one, because we're just starting to scale into electrification. But China's made investments. So, pretty much all of the incremental steel and aluminum and commodities capacity in the world over the last decade has come online because, you know, China has led the way. And, you know, as an aside, interestingly, about 80% of the aluminum and 80% of the steel production in China is done with coal.

• 3:05Speaker 01

  So not only has this been, you know, not only have they sort of taken over the real stuff, and this isn't about, you know, wherever you are on the spectrum of, you know, are they just a really tough competitor? Or is this, you know, some kind of economic World War III? It doesn't matter. What matters is, is that the incremental stuff in the real world has really, the way has been led by China. And, and so, when we think about what's now happening in the world as we electrify, I want to move on to the next one here. I think one good thing about going after Elon is I don't have to really explain this chart. We are electrifying.

• 3:49Speaker 01

  And as we electrify, what a lot of people might not fully understand is that while all this real stuff has come online, the Chinese have actually moved downstream, very intelligently. And so when we think about, a lot of people may have heard of China 2025, but a lot of people probably haven't heard of China 2035, which is the current MO, which is to move downstream into standardization. And so actually, when we look around the world today, four of the top 10 OEMs are Chinese by global battery electric share.

• 4:27Speaker 01

  And so when we think about the single largest private employer in the country, the auto industry, we think about all these industries that are mineral intensive, the Chinese are actually have moved downstream. And these are, these are very mineral intensive industries. So what this slide shows is as we go from a fossil fuel world to an electrification world, which, you know, we all, I think everyone in this room believes is, is fake complete. And this actually excludes steel and aluminum, just in the, the content of copper, nickel, lithium, and then what I focus on, rare earths and some of these other things, there's seven times as much content.

• 5:12Speaker 01

  And so when we think about the, the past of the fossil fuel driving geopolitical gamesmanship and power in the world, the future is about minerals. And what I focus on are rare earths. And so we, and I'm going to get to, to my journey as an accidental industrialist in a minute, but, but what you can see here is rare earths, they're kind of, the way to think about it is sort of like a, a young cousin of semiconductors to, to the EV business. So regardless of, of how electrification happens, regardless of battery chemistry, how that energy gets to a motor, that motor moves via magnets.

• 5:56Speaker 01

  And so this industry is expected to explode. And it's not just, it's not just EVs, it's, you know, wind turbines, drones, robots. Can anyone actually guess where this robot is from? This is, uh, this is actually from Short Circuit, Johnny number five, but I'm hoping Elon will get us a better robot of the future. But when we think about all these industries, magnetics, it's, it's really powerful. So that's where I'm focused. And, and this is just an example of the commodity needs as we electrify. If we take those projections of what's going to happen in electrification, just in my space, so this is NDPR, this is the, the stuff that we make, the input into magnetics, you can

• 6:39Speaker 01

  see there's a huge deficit that is looming. And just moving on. Look at my space. Here's the challenge. So, outside of us, this entire supply chain is essentially domiciled in China. And it doesn't even have to be nefarious, but what happens when the largest manufacturers in the world are all competing for, what I showed you on that prior slide, a shortage of supply, and we've seen lots of headlines, whether it's the semiconductor issue, or, you know, just today, there was a headline that Rivian is fighting with a supplier over seat costs, you know, all of these things where we're seeing the shortages in the supply chain that are flowing through.

• 7:21Speaker 01

  If there's an allocation of materials and the materials are controlled by China or another geopolitical rival, which downstream businesses do we think are going to get those materials? And this is actually now an existential issue for all of us. So, back to my story. So, this is Mountain Pass. This is the mine Chamath mentioned that we bought this at a bankruptcy in my fund. So, going back about five years ago, this site went bankrupt. It was a public company. It sort of, it rose and then it fell, and nobody believed that we could compete against China.

• 8:01Speaker 01

  And in fact, I had to, we showed up, I showed up in the Delaware courthouse steps. I mean, it was literally like out of a movie, there were other creditors pushing to send this thing into bankruptcy. And you know, you look at this thing, you're like, wait, this is the, one of the most valuable rare earth materials, mines in the world, and this is the future, this is a material for electrification, and no one wants it. Not only does no one want it, but people think that actually, we can't even produce here economically because the Chinese have taken over the industry. And so, we actually kicked in a couple million dollars just to keep it in care and maintenance, just to keep the eight employees on-site going, so that this thing could actually keep its permit through the bankruptcy, because otherwise, they were just going to raise it to the ground.

• 8:44Speaker 01

  So we went through that journey and we ended up buying it. And so these assets, this is about $2 billion of replacement cost, not to mention the fact that this is one of the marquee sites in the world and it's in a stable jurisdiction. All of these assets up over here to the left, these are what make it environmentally friendly. So we don't put anything back into the water supply. We have dry tailings, which essentially means that for sure, we're the cleanest operation in the world. If you go onto YouTube, you can kind of see how historically some of that mining and processing is done. But no one wanted it. And everyone thought that this couldn't be done, but we bought it out of bankruptcy.

• 9:25Speaker 01

  We took on, it was sort of a distressed turnaround and startup at the same time. We had no accounting software. We literally had eight people in a mine and I show up, I'm a hedge fund manager. And people thought I was pretty insane. And probably if I knew what I was getting into, like I said, it was an accident. No, but I couldn't believe that no one else wanted to do this. And frankly, I felt as an American, somebody had to do this. And there I was on the courthouse steps and so I went for it. And fast forward to today and we're now public. We went, as Jomov mentioned, we went public a couple of years ago, we're a $6.5 billion market cap. It's been, you know, obviously a massive...

• 10:09Speaker 01

  Thank you. So this has been a massive home run for myself and my investors, but more importantly, I and I don't belittle that, ultimately, we're capitalists here. We want to do a great job for our clients and ourselves. But I hope that we can kind of contextualize this for what needs to happen throughout our economy because I do think that as painful as the adjustment may be that we're now in this period that we're about to be in with, you know, some of the, as the capital comes out of the growth space, there is going to be a big, beautiful bull market in real stuff. And it is just beginning and I can, I'll give some statistics with the besties. I don't want to ruin my besties time, so I'm going to finish up real quick.

• 10:54Speaker 01

  But there, there's a lot of stuff that needs to get built and this supply chain stuff is existential. And so what we're doing at MP, you can see our stage one we're doing. We just reported our quarter a couple of weeks ago. We're now, from a site four years ago that I had to beg on the courthouse steps just to keep it alive. We're now doing approximately 450 million of run rate EBITDA today.

• 11:18Speaker 01

  So, you know, and then we announced a deal, we announced a deal with GM. We're actually have already broken ground at a magnetics facility in Fort Worth, Texas. And this is a scaled deal, it's non-exclusive. We expect to bring in other OEMs where we'll be making magnets. So we'll be shipping material that will be environmentally produced from Mountain Pass, California over to our site in Fort Worth and make magnetics. And our goal is to build a Western magnetics champion. And so I guess with all of that, I would say, hopefully this kind of thing can inspire you. We need, the, the, the good news is there needs to be a lot more stuff like this. Maybe I'll share some stats on, you know, some of the other space because I don't want to make this just about rare earths. But when we think about all the materials that we need for this electrification boom

• 12:03Speaker 01

  and the supply chain that needs to be built, this is like, this is the era of, it's as if it's, you know, the 19 teens and Ford is just out. I mean, there is an entire supply chain and it's not just EVs, it's wind turbines, it's drones, it's robots. And it needs to be a bunch of real stuff that we all create. And so I don't think, some percentage of us don't need to necessarily debate whether crypto is going to go up or down. You know, now's a time to pivot, I think, because this is something that we need to do to, to get competitive again. So I guess with that, I'll, I'll flip the mic and feel the fire from the besties. Thank you.

• 12:48Chamath Palihapitiya?

  Tesla in their quarterly earnings said something to the effect of, you know, we're going to consider becoming a mining company as well. Right? And then I think Elon said something on the earnings call, which I thought was really interesting. He's like, "I encourage every entrepreneur out there to get into lithium. Please, you know, become a lithium miner." Right? So maybe if you can, just quantify for us, and you showed the gap for your, for NDPR. But broadly speaking, lithium and all the other things that we need to actually electrify and get to a reasonable place in climate change, how behind the curve are we really?

• 13:26Speaker 01

  So it's a great question, and the data is tough because a lot of it is reliant on battery chemistry. And so we don't know exactly how much nickel it'll be, you know, but we do know certainly lithium, nickel, copper, all of these things, it's multiples. We need, here's actually, maybe this is a great stat. Some good source that I utilize estimated that we probably need on the order of 40 to 50 copper and nickel projects over the next couple decades. So call it roughly $200 billion of capex to satisfy the demand for electrification that we have over the next couple decades. And what's so interesting, you mentioned, and obviously I assume Elon sees this, is

• 14:09Speaker 01

  if you look at the multiples, you know, just think about it from a strict investor point of view, from a financial arbitrage standpoint. Look at the multiples of where auto OEMs trade, or, you know, certainly Tesla, and then look at what's happening in the mining industry today. So actually, the nickel industry is dominated by essentially Glencore and Vale. Those two businesses, and I'm not, you know, I'm not pitching stocks, but as an investor, you know, we'll see what the next, those two businesses right now at today's commodities prices are essentially going to free cash flow themselves out in three years.

• 14:40Chamath Palihapitiya?

  Time to buy the stock.

• 14:41Speaker 01

  And they're buying back stock. Right? And so this is how stark The arbitrage is that in the real economy, mining and materials companies, steel companies, are trading at double-digit free cash flow yields. They're buying back stock, they have no leverage in their businesses. And then downstream, everyone's relying on them. And upstream, these guys, they don't want to spend to build out new capacity because the cost of capital is too high. So what's going to happen is, I think you're going to see, maybe an AOL Time Warner moment, and I don't mean it the negative way, but I think you could see a Tesla or someone like that buy upstream into these industries because ultimately downstream,

• 15:12Chamath Palihapitiya?

  Wow.

• 15:13Speaker 01

  they all realize that the real stuff is in shortage and you can't have the enterprise value downstream because it's like musical chairs.

• 15:20Chamath Palihapitiya?

  How much of your night, when you're sleeping, do you think there's an X percent chance I'm going to have some huge environmental catastrophe? Like, part of, I think, why a lot of folks, you know, folks like this, who could probably go into that business, don't, is in the back of their mind, they think, man, this is like, this is a lot of gnarly stuff if something goes wrong. How do you manage that risk? And how, and how big is that risk if we try to do this in America?

• 15:46Speaker 01

  So, the single most important thing we do at MP is safety. And we actually, on our last earnings call, said, you know, last two years, we've had two years without a lost time injury and we gave everybody, every single employee in the company, a cash bonus to celebrate that milestone, which is really critical. The reality is, this isn't software, right? It's real stuff. All we can do is our best. I, I just think, I think frankly, as, as a human being, as an American, I would rather have mines being done in America, in the state of California, over elsewhere in the world, where I certainly know that, I assure you that nickel mining in Russia is not as environmentally friendly as it is in Canada.

• 16:23Chamath Palihapitiya?

  Well, I think most people may or may not know this, but for example, all of the, you know, cobalt that goes into a lot of these EVs, a lot of it comes from DRC. And if you go and see the state of governance in DRC, women's rights in DRC, child rights in DRC, they're nonexistent. And so, it is a very, very complicated... Dirty supply chain that feeds the beast. And even though you may think you're doing the right thing by, you know, driving this plug-in hybrid or, you know, your Toyota Prius, if you trace that stuff back, it's a really complicated place.

• 16:56Jason Calacanis?

  And I think we've all gotten a big education on supply chain over the last two years with COVID. And the value may be of redundancy. And what happens if you give a dictator a little too much power? The Germans are learning a hard lesson about what happens when you shut down nuclear reactors and decide, hey, let's buy our, let's buy our energy from Putin.

• 17:17Speaker 01

  Well, very, that's a great point you raised about the Germans because I think it's a fair analogy to say that Germany is to nat gas as we are to China supply chain. And so we see, we see this coming, right? We see, and again, this is, this speaks to geopolitical leverage.

• 17:34Jason Calacanis?

  This is a national security, it's a national security issue, is it not?

• 17:37Speaker 01

  It's a national security issue. It's a democracy, it's a, it's a democracy issue.

• 17:41Chamath Palihapitiya?

  Is it a war issue? Is it something that gets to the point where we would have to go to war? If, for example, we didn't get the natural resources and critical elements we need? Not that you say that it could, not it would happen, but could it happen where it's so important that all these other countries can electrify and?

• 17:58Speaker 01

  Well, how about this? I'll make a prediction. I'll bet that in the next five years, we will see a major household named OEM fail or need a bailout due to not, you know, prices went up on them, but lack of access to a material, some kind of critical material.

• 18:14Jason Calacanis?

  Like you're talking a GM, a Ford, a somebody?

• 18:16Speaker 01

  Somebody, probably not GM.

• 18:18Chamath Palihapitiya?

  I mean, and Chamath, think about it. Do we, if you think about it, Chamath, do we need to even predict this? We went to a number of wars in the Middle East over oil. So if this is the new oil, and that is the analogy, it's clearly going to cause, you know, conflicts and the question is? Are we going to build a strategic reserve of these materials? Do we have a strategic reserve? We talked about the food supply problem and Friedberg educated us on, hey, we've got like 30 days of food, this country has 90 days of food. Do we need to have a strategic reserve of these rare earth minerals in the United States?

• 18:52Speaker 01

  Jason, I just don't think there'll be enough because when you think about this is, we're talking about a multi-trillions of dollars a year to electrify.

• 18:59Chamath Palihapitiya?

  So the demand is so great.

• 19:00Speaker 01

  The demand is so great.

• 19:01Chamath Palihapitiya?

  We can't build up supply.

• 19:03Speaker 01

  We can't build up supply or if we can't, we need to put the capital in. And right now, and that's why, you know, again, we'll let the investor panel, maybe they can bleed into this, but that's why I think the whole space is screaming buy because if you look across all of these companies, the cost of capital is just so high and so one of two things has to happen or both, which is prices just have to go vertical or someone starts taking them out or we're just not going to have the stuff to electrify.

• 19:28David Friedberg?

  I understand that there's now been demonstrated significantly more lithium. Tell me if I'm off on this, in the oceans than there is in the crust. And there may be systems for extracting lithium from the oceans that are electrochemical in nature that will allow us to kind of access that resource and would, you know, obviously if you can get a system that can scale, you can get it all out very quickly. So, I mean, have you looked into these systems, give a sense for the opportunity?

• 19:56Speaker 01

  Let me step back and then step down to that. So, investment styles are cyclical, just like industries. You know, I believe in cycles, right? The cure for high prices is high prices. There's no question in my mind whether it's that or there will be someone or frankly, maybe someone in this audience will have some breakthrough, right? And so we will solve this problem. But the challenge is, is that I don't even think that we've ignited the proper focus and resources to actually solve this problem. And so there may be, that may be an example of a solution, but that'll take five to 10 years. But in the meantime, there's, you know, there's a lot of resources that need to be applied to it.

• 20:31Chamath Palihapitiya?

  Adam Jonas, who is the auto analyst at Morgan Stanley, calls this the mother of all capex cycles, I think, right? And I think his estimate was like, you know, something like $3 trillion of capex needs to get spent over the next decade, even to have a fighting chance on all of this stuff. And so if you're looking at new areas, so take your NDPR, MP Materials hat off. But if you were in the same position you were.

• 21:02Chamath Palihapitiya?

  Back then, now, not really you don't need to go to the courthouse steps, but where would you be looking? You know, would you look at lithium? Would you look at nickel? Would you look at trying to do what, you know, China's doing and create better and simpler and cheaper chemistries for batteries? Like, where would you spend your time right now if you weren't doing MP?

• 21:21Speaker 01

  So, I think you actually said it perfectly well in the lead-in, which is just anything that is real stuff. And so, yeah, all of it. Lithium, copper, nickel, steel, aluminum, all of these areas that have been starved. The cost of capital is just so high across the board that if you can come up with solutions to deliver the shortages, and again, I'm not saying the next three months, we could have a brutal recession for six months, but we see the long-term five, 10-year trend. I think anywhere you look in this space, you're looking in the right direction. It's a wind at your back as opposed to, and again, I'm not, you know, taking a view, but to come up with a new cryptocurrency right now. It's a huge wind at your back relative to a headwind.

• 22:03Chamath Palihapitiya?

  Can you get your mine operational in today's political environment? Do you think, like, if you had to start from scratch? Or if you found a new thing in Nevada, or, you know, wherever it is?

• 22:16Speaker 01

  That's a great question, and that's the challenge, is that it takes, to get any of these things, it takes a decade, right? It takes, if you have all of the capital in place, all of the human capital, all the, just the, you know, going through that process to build it, the materials cost. And so, could I do it? I think the world needs it, and I think that what we do environmentally is so unique that I think we could get it done, but this is a big challenge. And I think frankly, it's a, you know, you guys were talking in the last session about we need to come together. This is a big-time area where we need to come together. There should be a grand bargain, right? There should be, the environmentalists should say, okay, I accept that we need this stuff. I accept that we don't want it to be only made in Russia and China.

• 22:59Speaker 01

  And they should loosen up on some of the permitting stuff. And I think the people who are just like, you know, drill, drill, drill, mine, mine, mine, don't care, need to accept that we need to have really tough standards. And I think we should have some kind of grand bargain, and it could be, you know, tax policy focused on it, but there needs to be some kind of coming together in our country to recognize that we need this stuff.

• 23:20Jason Calacanis?

  Let's be intellectually honest. People are hypocrites. The people in the EU, people in the United States, they want the energy. They want it cheap. They're complaining about the expense of, you know, even a modest increase in energy costs 10%, 20%, which they could withstand. They will complain about it and they will not allow fracking in their country, but they're more than willing to let Russia frac for it. They don't want the cobalt coming out of the ground in California. They're more than willing to let 15-year-olds dig it out of the ground without a mess. Eight-year-olds, as horrific as it is. And it's intellectually dishonest. It's hypocrisy. And I think we have to own the fact that we want to live in large houses and we want

• 24:03Jason Calacanis?

  to blow the air conditioner on some ridiculous setting. America's homes are three times bigger than other homes.

• 24:09Chamath Palihapitiya?

  So to build on this, two very quick stories. There's a massive deposit of lithium in Nevada, which would be enough to basically feed Tesla and another OEM. Okay? So this would get probably somewhere between 1 and 1.5 million cars, pure electric, on the road by 2030. And they were completely permitted by the BLM, the Bureau of Land Management. And there was a lawsuit that was filed, and it's still wrangling its way through the federal court system. And what it is, is a claim that there is an upper wood grouse that could be endangered through this mining. They have yet to find an actual upper wood grouse in the area.

• 24:52Jason Calacanis?

  Right.

• 24:53Chamath Palihapitiya?

  But nothing can happen.

• 24:54Jason Calacanis?

  Theoretically.

• 24:55Chamath Palihapitiya?

  And so the problem is that we've now delayed two years. You know, it could get resolved this year, but it could be another two or three years, which means the lithium isn't actually available until 2030.

• 25:04Jason Calacanis?

  Meanwhile, global warming continues to happen.

• 25:06Chamath Palihapitiya?

  That's one story. Second story is that just yesterday, the California, the city of Costa Mesa rejected a bid to build an electrolysis facility to create 100 million liters of clean water every single day.

• 25:20Jason Calacanis?

  Just a desal plant.

• 25:23Chamath Palihapitiya?

  The desal plant, because they didn't want it.

• 25:27Chamath Palihapitiya?

  Because they're gonna lose some jellyfish, or something. No, they just didn't want it. They thought, "Ah, it's unsightly. I don't want this in Costa Mesa." And meanwhile, we're in a huge drought. You know, pretty, it's a Costa, it's a Mesa. So, you know.

• 25:38Chamath Palihapitiya?

  And, and so to your point, when the rubber meets the road, these unfortunate decisions get made. And there's no way to, you know, sort of come top-down. These people want to take 30-minute showers. I mean, that's the hypocrisy of it. If Americans really want to talk about conservation... First of all, 30 minutes, there's nothing wrong with a 30-minute shower. Well, listen, I wasn't calling you out specifically, but since you unclothed yourself, it's gratuitous, in fact. It's completely gratuitous.

• 26:01Speaker 01

  And it's such a great point, and my entire argument is that we're gonna, we will answer this question as a country, either now or later. And the point, about four of the 10 largest auto OEMs in the world are now Chinese companies. And so, this is now a competitive issue, and so we can, we can keep kicking the can, or we'll face a crisis. We will lose jobs.

• 26:20Chamath Palihapitiya?

  Are you beloved by the government? Are you beloved by, like, can you kind of like beeline and just cut through the nonsense because of... Nevada government looks like you.

• 26:27Speaker 01

  Well, I think, I think that it's fair to say that the, the local officials are very happy with what we've done, with what we've achieved.

• 26:34Chamath Palihapitiya?

  Your plant's in South Carolina, right?

• 26:35Speaker 01

  Uh, the, in Fort Worth, Texas, the, the magnetics facility. You know, the, we, we have some partnerships with DoD. The president announced those.

• 26:42Chamath Palihapitiya?

  Where's the GM facility?

• 26:43Speaker 01

  Oh, the GM thing's in, in Texas.

• 26:44Chamath Palihapitiya?

  In Texas?

• 26:45Speaker 01

  In Texas. Um, so I think that there is, frankly, support from both sides of the aisle for what we're doing. Uh, you know, there were executive orders on the rare earth magnetics industry, specifically both in the Trump administration and in the Biden administration. So I think what we're doing is hopefully nonpartisan, um, and frankly, I think all of this should be, and that, that's, you know, the point about the grand bargain. But even, you raise a great point about just all of this stuff, that it's, you know, there's so much pushback, and we need to, we need to figure out a way to get past that, because this stuff has to, has to get made.

• 27:16Chamath Palihapitiya?

  I think it's incredible what you're doing. I mean, I'm a huge fan. Disclaimer, I was also an investor in a company. Well, and I am not an investor in a company, but we do appreciate you giving us the education, and, and we do need to be independent from communist countries, uh, and really have the supply chain situation dialed in, so we appreciate the hard work for America and for freedom.

• 27:35Speaker 01

  And I'm a huge supporter of you guys, so thank you.

• 27:37Chamath Palihapitiya?

  Thank you.

• 27:48Speaker 04

  And instead, we open source it to the fans and they've just gone crazy with it. Love you, Wesley. I'm the queen of Kenwa.

• 28:01Speaker 04

  Besties are gone. That is my dog taking a notice in your driveway.

• 28:11Speaker 05

  We should all just get a room and just have one big U-joggy because they're all just... It's like this sexual tension that they just need to release somehow.

• 28:19Speaker 04

  What, you're the bee? What, you're the bee? What, you're a bee? Bee? What? We need to get merch.