Netflix’s Next Move, Zuck’s $170B Florida Mansion, the Billionaire Tax Push | Diet TBPN

Diet TBPN delivers the best of today’s TBPN episode in 30 minutes. TBPN is a live tech talk show hosted by John Coogan and Jordi Hays, streaming weekdays 11–2 PT on X and YouTube, with each episode posted to podcast platforms right after. Described by The New York Times as “Silicon Valley’s newest obsession,” the show has recently featured Mark Zuckerberg, Sam Altman, Mark Cuban, and Satya Nadella. TBPN is made possible by: Ramp - https://Ramp.com https://ramp.com/ AppLovin - https://axon.ai https://axon.ai/ Cisco - https://www.cisco.com https://www.cisco.com/ Cognition - https://cognition.ai https://cognition.ai/ Console - https://console.com https://console.com/ CrowdStrike - https://crowdstrike.com https://crowdstrike.com/ ElevenLabs - https://elevenlabs.io https://elevenlabs.io/ Figma - https://figma.com https://figma.com/ Fin - https://fin.ai https://fin.ai/ Gemini - https://gemini.google.com https://gemini.google.com/ Graphite - https://graphite.com https://graphite.com/ Gusto - https://gusto.com/tbpn Kalshi - https://kalshi.com https://kalshi.com/ Labelbox - https://labelbox.com https://labelbox.com/ Lambda - https://lambda.ai https://lambda.ai/ Linear - https://linear.app https://linear.app/ MongoDB - https://mongodb.com https://mongodb.com/ NYSE - https://nyse.com https://nyse.com/ Okta - https://www.okta.com https://www.okta.com/ Phantom - https://phantom.com/cash Plaid - https://plaid.com https://plaid.com/ Public - https://public.com https://public.com/ Railway - https://railway.com https://railway.com/ Restream - https://restream.io https://restream.io/ Sentry - https://sentry.io https://sentry.io/ Shopify - https://shopify.com/tbpn Turbopuffer - https://turbopuffer.com https://turbopuffer.com/ Vanta - https://vanta.com https://vanta.com/ Vibe - https://vibe.co https://vibe.co/ Follow TBPN: https://TBPN.com https://x.com/tbpn https://open.spotify.com/show/2L6WMqY3GUPCGBD0dX6p00?si=674252d53acf4231 https://podcasts.apple.com/us/podcast/technology-brothers/id1772360235 https://www.youtube.com/@TBPNLive

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

• 0:02John Coogan?

  Film is the process of capturing images digitally or using celluloid. Do you know about celluloid?

• 0:09Jordi Hays?

  No.

• 0:09John Coogan?

  This is right, right? The filmmaker's in the back now. So you used to need a specific chemical process. You'd probably be very hands-off on this process. But you used to create a strip of film, the thin, clear, and you put some chemicals on it. And then when light hits it, if a lot of light hits it, it makes it black. And then that's the negative. And then they flip that around by shining light through it to then expose the final picture. And then you get a beautiful movie that you get to watch at the cinema. Interesting to know how Netflix will change their tune on theaters. So Ted Sarandos has been basically trash-talking movie theaters for a long time, being like, Netflix is the future, tech is the future.

• 0:52John Coogan?

  He hasn't been super rude or anything, but he's been like, it's not really key to our strategy. Then as soon as he was in the deal for Warner Brothers, he was like, yeah, the theater's amazing. It's not going anywhere.

• 1:02Jordi Hays?

  Netflix is up 22%.

• 1:03John Coogan?

  Oh, yeah. The stock, the shareholders hated the idea. They hated the idea.

• 1:07Jordi Hays?

  Market loves getting your enemy to overpay for a handful, a basket of legacy assets.

• 1:14John Coogan?

  Yeah, there is another thesis on why Netflix stock has mooned. And it's mostly around this concept that Ted Sarandos just stunned in a pair of jeans at the SAG Awards. So look at this. I mean, you see this, how can you not want to buy the stock? This is not financial advice, but you see a guy pull up in a fit like that, you're like, this is gonna moon. I gotta get in. I'm going turbo long. I'm top blasting. You're buying the dip.

• 1:39Jordi Hays?

  Top blast.

• 1:40John Coogan?

  You're top blasting and you're buying the dip when you see a man pull up in 2.8 billion dollar jeans, because that's the amount of money that Netflix got wired because of this deal. That was the breakup fee. There's a ton of debt going into this deal. Will I be able to watch The Sopranos on Netflix? Will I be able to watch The Dark Knight on Netflix? It's a complicated question because content licensing deals are not, they're not one-size-fits-all. They're, they're subject to windowing and certain markets. So if- Netflix has really high penetration in Germany and HBO doesn't. It might make sense to license it there, but not elsewhere. But I just want to know broadly, like, what, what do we expect from Paramount, Skydance,

• 2:22John Coogan?

  Warner Brothers, Discovery, CBS, CNN, like, TNT. I think they have Shark Week now, right, that's in Discovery. They got the Food Network, HGTV, HG, you can watch the Property Brothers. Maybe on Netflix one day, who knows? But this is like the most extreme scenario. And we talked about a post where someone was like, oh, like, you know, masterful 3D chess. They got, Netflix got Paramount to overpay for this. And now they're going to be so indebted because the deal got so big that they're just going to have to come to us and license 100% of the catalog on day one. I don't know if that's true, so I wanted to dig into it. Let's talk about it. So just to recap and set the table. David Ellison, who is the chairman and the CEO of Paramount Skydance,

• 3:07John Coogan?

  agreed to raise his offer for Warner Brothers Discovery to $31 a share. A lot of people, myself, someone included, thought that Netflix was at least going to counter a little bit, but they folded immediately. So the co-CEOs, Ted Sarandos and Greg Peters, they didn't counter. And they said, you got it? Wire us the 2.8B. And they did. So the result is that David Ellison is handing over $111 billion in exchange for Warner Brothers, HBO Max, CNN, and the other cable networks. There was this whole political angle in DC about how interested would Trump be in the deal? And apparently, as soon as he found out that Netflix was not interested in the cable TV assets, he became less interested in the deal. Because I think he, he watches a lot of news, but he probably doesn't watch a lot of Batman reboots and doesn't really care what happens there.

• 3:52John Coogan?

  And so, you know, it's just like a different thing. It's like, you know, he's not turning on the latest DC cinematic universe film and be like, they're taking shots at me. But if he turns on CNN and they're taking shots at him, he's like, I care about that, right? So in terms of the financial situation, they're levering up. They took our advice when we started the show. We told everyone, rule number one is lever up. And they did. So Paramount has already levered $10 billion in net debt. To the gills. Yeah, to the gills. 10 billion of net debt, it's like 13 billion, but they have 3 billion in cash. So 10 billion in net debt, 3 billion of adjusted EBITDA, with which to service that debt. Reasonable, but still pretty high leverage, 3X. Paramount will be adding 60 billion of debt.

• 4:33John Coogan?

  So all combined, the company will have something like 70 billion of net debt, 79 billion of total debt, with roughly 12 billion of adjusted EBITDA. When you're operating north of 6X leverage, that leads to different decision making. Higher discount rates, higher interest rates. It can shift the focus to near term cash. So Netflix is a logical counterparty here because it can pay, it has the cash, it has a lot of cash flow, to pay for global rights at scale and is, has a long history of paying top dollar to deploy capital to known franchises. And also Netflix is in a particularly interesting financial position. So they've been an incredible case study for operating leverage, a true overnight success, something like 20 years Overnight success.

• 5:18John Coogan?

  Grinding up the subscribers, grinding up the revenue, investing more and more in content. And if we can pull up the chart, you will see the small bars, the red bars are the revenue and the little dots that have the numbers on them, which you can't really see, show how much they're investing in content. And so for a long time, for something like almost from 2002 to 2018, so 16 years, Netflix was like, we made 100 million, let's make 100 million dollars with the content. Let's buy 100 million dollars with content. And then they were like, wait, we made a billion dollars? You're never going to guess what we're going to spend on content, exactly 1 billion dollars. And then they were like, okay, we made, we made 10 billion dollars?

• 6:02John Coogan?

  This is going to shock you, but we're spending 10 billion dollars on content. And so they would just spend exactly what they made on content. But that changed, that changed in 2019, 2020, COVID, the amount of subscribers spiked, the amount of revenue spiked. Then they launched the ad model, took them a while to figure that out, but eventually worked. And the business kept growing, the top line kept growing, but they ran out of stuff to buy. They ran out of stuff to make and even though they were paying, you know, top dollar for all these different assets, they sort of held their content budget flat, their revenue went up, and that's of course, operating leverage. So profits, profits to pay for Warner Brothers Discovery assets potentially. And so they have the money to spend, but also they're direct competitors in streaming with Paramount Plus and HBO Max.

• 6:47John Coogan?

  And so there's a question about How friendly will they be? You know, if you license all the good HBO stuff, people will unsubscribe from HBO.

• 6:56Jordi Hays?

  Yeah, or Paramount.

• 6:57John Coogan?

  Or Paramount. Yeah, exactly.

• 6:59Jordi Hays?

  It just, it just makes the Paramount subscription offering less competitive.

• 7:03John Coogan?

  Totally, totally. There's potentially this idea that regulators might attach a condition to the deal, or at least signal or put pressure that the combined entity should maintain its, its tradition of licensing and selling content.

• 7:16Jordi Hays?

  Yeah, Lachlan yesterday said, this is Fox CEO Lachlan Murdoch, expects that regulators will impose a third-party content licensing condition on Paramount and Warner Brothers Discovery's $110 billion merger. He said, "We wish them the best of luck. We've seen this regardless of whether it was Netflix acquiring Warner Brothers Discovery or Paramount acquiring Warner Brothers Discovery. There will be conditions put on this transaction, which would require a producer of that size to continue to sell their content to third-party platforms." This was yesterday.

• 7:47John Coogan?

  I ballparked it at like maybe 70% chance that in the next two years, there's some sort of meaningful content licensing deal between Paramount, Warner Brothers Discovery, and Netflix. But I do think that there will be limited windows, some selection in markets where content is available, and pretty much everything will be non-exclusive. So the real key brand assets like The Sopranos and the DC Universe properties, those are much less likely to be, to be licensed. And there's basically no world where Netflix gets the first streaming rights to like tent poles. You want to maintain those. You want to give the super fans a reason to stay subscribed, to begin a subscription on your now two streaming platforms. There is a lot of potential upside for the Ellison empire.

• 8:29John Coogan?

  I think of this like buying a house and then getting a roommate. Like you, you, you're levered up. You got a crazy mortgage.

• 8:36Jordi Hays?

  That's such a good example.

• 8:38John Coogan?

  Right? You, you buy a house.

• 8:40Jordi Hays?

  You're living large, but...

• 8:41John Coogan?

  But you got a roommate.

• 8:42Jordi Hays?

  Yeah.

• 8:43John Coogan?

  And the roommate's Netflix and they're paying the rent to you. You pay the mortgage.

• 8:46Jordi Hays?

  And you kind of hate your roommate.

• 8:47John Coogan?

  You kind of hate your roommate, but.

• 8:49Jordi Hays?

  But.

• 8:49John Coogan?

  You're long the real estate market and then as you get promotions, as you get more cash flow, as you get more adjusted EBITDA, you can pay your mortgage and as you pay your mortgage down, you wind up with a really cool asset, which is this nice house that actually has the extra bedroom.

• 9:05Jordi Hays?

  They're like, look, we had a good run. I really love the way you would put dishes in the sink and not do them. I really love the way you would watch movies loud into the night.

• 9:13John Coogan?

  Yep.

• 9:14Jordi Hays?

  And yell, but I think it's time.

• 9:15John Coogan?

  It's time for you to move out and I'm going to take the mortgage myself. I'm good for the full, the full bill every month. I'm good. But, but there are a lot of similarities, right? Because what are you getting with Warner Brothers? You're getting a whole library of IP that's very valuable, potentially for like a hundred years. And so if you believe that intellectual property will have a very, very long lifetime lifespan and it's incredibly valuable, but you have to finance it with debt. You have to work, work really hard to pay the bills in the short term. You could wind up with a really great asset, even if you have that roommate for the short term. The other interesting question was, what does this reveal about the Ellison family's worldview for the future? On the one end of the spectrum, you have Larry Ellison, who seems incredibly AGI pilled.

• 9:58John Coogan?

  He's going crazy into AI data centers. You disagree with this?

• 10:02Jordi Hays?

  Well, I, I think remember, I think we did like the, the chart of who's the most AGI.

• 10:06John Coogan?

  Needs AGI versus AGI pilled.

• 10:08Jordi Hays?

  So he, he needs AGI, but he's not AGI pilled.

• 10:10John Coogan?

  Why is he not AGI pilled? Oh, just because of his rhetoric? And he, he just doesn't do that many podcasts. Get him on Doarkesh.

• 10:15Jordi Hays?

  Yeah.

• 10:15John Coogan?

  We'll see what he says. Maybe his timeline's like ASI next month, you know, who knows?

• 10:20Jordi Hays?

  I, I, yeah.

• 10:21John Coogan?

  It's like, you need to sit down your family today.

• 10:23Jordi Hays?

  He's obviously very AGI pilled.

• 10:24John Coogan?

  Does he have a Mac mini? That's the real question. Funding data centers is, is generally aligned with a future where AI is an important technology.

• 10:31Jordi Hays?

  Yeah. Levering up massively, right?

• 10:32John Coogan?

  Yes.

• 10:32Jordi Hays?

  He believes that AI is going to be big, right?

• 10:34John Coogan?

  Yes. Yeah. Exactly. He believes AI is going to be big. But then he also believes, or you know, in concert with David, his son, believes that AI will not destroy legacy Hollywood assets. No matter how many dollars you have, no matter how much compute you have, no matter how many generations you can use the latest video model, you will not just to be able to create a superhero that kids will dress up as at Halloween. And I think that's true. And I believe both of these. You don't? You're gonna be dressing up as Slotman next Halloween?

• 11:05Jordi Hays?

  Slotman.

• 11:06John Coogan?

  You're gonna be like, whoa, you don't know this superhero that I prompted myself? And no one knows but me? It's a highly, don't you know the internet's highly personalized now?

• 11:18Speaker 02

  No, but you can dress up as like a superhero who has like these black ears and like looks very similar to Batman, but it's not Batman.

• 11:26John Coogan?

  Not the non-IP infringing Batman?

• 11:29Speaker 02

  I think the, yeah.

• 11:30Jordi Hays?

  Literally describing Slotman.

• 11:31John Coogan?

  Yeah, Slotman. You're gonna dress up as the knockoff Slotman. So maybe that's not your worldview, Tyler, but it's clearly the worldview of the Ellison family. Because they believe in this barbell effect.

• 11:41Jordi Hays?

  You know, another way to look at it is like you could get this hyper-personalization, but it could be around existing IP. So you get to watch a personalized version of Batman content that's targeted just for you individually, but the kids are still dressing up as Batman.

• 11:57John Coogan?

  And we've already seen a glimpse of this with video games. There are video games that leverage existing intellectual property, but allow you to customize your character in some way. Put more skill points into intelligence and cast spells versus strength and use a sword, right? Like you can have your own experience if you play, even like the Arkham Batman series, it's pretty linear, but you can play it more aggressively, you can play it more stealthily. And that allows you to experience something that is unifying. And we can discuss, okay, you played the same game as me, you understand the same character as me, but we had a different experience. And I think AI accelerates that and makes

• 12:37John Coogan?

  it more valuable, not less. This is the ninth or 10th time that Warner Brothers has changed hands since it became an independent movie studio in 19...

• 12:49John Coogan?

  23. There's some of those acquisitions that have been like divestitures or reorganizations within other companies, but I do think that David Ellison is going to go the long distance with this. I think with a little careful financial management and probably some few, a few content licensing deals like this might be the last one. He's been working in, in Hollywood since he was a kid and has been very dedicated to this particular industry for a very long time. And so I don't think he's going anywhere.

• 13:16Jordi Hays?

  And if you are inspired by the whole Netflix Warner Brothers saga, you should head over to the Goodwill in downtown Brooklyn. Tom from Vanity Fair says for $14.99 you can Zaslov Max this spring. They're selling a nice Port Authority huffer vest from Warner Brothers Discovery. That is a good pickup.

• 13:37John Coogan?

  Zaslov is a deals guy, Hall of Famer for sure.

• 13:41Jordi Hays?

  According to the Washington Post, there was a researcher skeptical of Havana syndrome. So he tested a secret weapon on himself. In 2024, Norwegian researcher skeptical that pulsed energy weapons could do damage to human brains built a device and tested it on himself. It didn't go well. Built it, tested it.

• 13:59John Coogan?

  Working in secrecy, working in strict secrecy, a government scientist in Norway built a machine capable of emitting powerful pulses of microwave energy. And in an effort to prove such devices are harmless to humans in 2024, he tested on himself. He suffered neurological symptoms similar to those of Havana syndrome. The unexplained malady that has struck hundreds of US spies and diplomats around the world.

• 14:24Jordi Hays?

  Yeah, we don't know how to make scientists like this anymore. Glad they're still out there.

• 14:29John Coogan?

  Extremely bullish for the tinfoil hat industry because I believe that the, the, the actual underlying basis for the idea of a tinfoil hat, of course, we use it somewhat sarcastically here when we're discussing hypothetical conspiracy theories, but the tinfoil hat is supposed to eliminate microwave radiation and various EMF pulses. And so if you're worried about getting Havana syndrome, maybe you pick up an EMF proof tinfoil hat.

• 14:53Jordi Hays?

  Thomas Maxwell says we have to stop this. I'm not eating a quote Jacob. Eat a Jacob. I haven't seen this one before. It's 20 grams of grass fed protein, no seed oils, nothing artificial, sweetened with organic honey. Definitely resonated. 24,000 people agree. Tyler, you should, you should do a taste test of all the different protein bars. All the bars named after guys. Regular dudes. David Barr, the Jacob Barr, there's probably more. You gotta get on it.

• 15:21John Coogan?

  Lucy, named after a person. It was a whole trend for a while.

• 15:25Jordi Hays?

  Uh, Cursor. Would like a word?

• 15:27John Coogan?

  Yeah.

• 15:28Jordi Hays?

  This, uh, this was great.

• 15:30John Coogan?

  Incredible.

• 15:31Jordi Hays?

  They, uh, they came out yesterday. They had heard the FUD on the timeline around Cursor. They came out yesterday and Bloomberg got some of their data. Their annual revenue topped 2 billion uh, in February, according to a source, a figure that underscores the fast growth of the coding assistant. Sasha summed it up well. He said Cursor sees the timeline turning against them. Quietly give Bloomberg a 2 billion ARR press release. No post from the company or founders. Haters squash. True comms, masterclass. Michael Truel, uh, actually did come out this morning and says, "We believe Cursor discovered a novel solution to problem six of the first proof

• 16:13Jordi Hays?

  challenge, a set of math research problems that approximate the work of Stanford, MIT, Berkeley. Cursor's solution yields stronger results than the official human-written solution. Notably, we used the same harness that we built the browser from scratch a few weeks ago. It ran fully autonomously without nudging or hints for four days." This suggests that our technique for scaling agent coordination might generalize beyond coding. Uh, very, very cool to see the progress from them and clearly, uh, doing something right in, uh, in the enterprise, right?

• 16:44John Coogan?

  Yeah.

• 16:44Jordi Hays?

  Just because like, everything that you see on the timeline is like,

• 16:47John Coogan?

  Totally.

• 16:47Jordi Hays?

  So many, so many enthusiasts.

• 16:49John Coogan?

  One of my buddies is Kyle Russell. I worked with him like a decade ago. He's at a company called Valen. Um, and he posted, so, uh, Valen, uh, they make SaaS for mortgage services. He says it's very boring, but we're basically getting them all to flip from legacy software. Where and are rate limited by biz ops people being able to onboard them. So we're going to try instead to think about it in terms of what tokens do we need to extract from the org in order to deploy fast. So he's in this like AI deployment lead role and he went, I think, pretty viral saying this morning. One person of his team said, hey, can you unsub me from cursor?

• 17:28John Coogan?

  And and somebody says done. And then a bunch of people said, same, same. Like, I don't need it. I'm like, uh, like, I'm, I'm happy with another program. And Kyle said, today we announced we're removing 90 cursor seats because they haven't had any use in two weeks. And it is like, it's flipped from like the, the most cutting edge thing to like, it's clearly very sticky because you see, you see the ARR numbers. That this like ultra frontier coolest hottest thing is getting some like FUD. And then Sasha broke this down where he was like, the timeline's turning, turning against them. So you have to provide some evidence that like, you're not cooked because like, the timeline is very much like, oh, well, like, you're not the hottest thing anymore. You're not the coolest little, uh, little thing for like the people that are on the most frontier.

• 18:11Jordi Hays?

  Up from one billion in Q4, which is, which is just insane.

• 18:16John Coogan?

  Yeah. And so, yeah, I mean, I, I think like, there's just something about, goes back to diffusion. We were, I was debating this with Tyler last night about, um, you know, how much of, how much of AI adoption is just actually getting the forward deployed engineer in? Actually getting people to change their workflows, onboarding, like, there are, there are certain people that will just bounce from the most frontier thing. Oh, this model is better. I'm on Codex. I'm on Claude. I'm on Codex. I'm on Claude, back and forth. But for a lot of companies, they need a little bit more handholding. And so, um, there's a whole massive chunk of the economy that can be transformed by developing great products and then actually getting them in the hands of businesses.

• 18:53John Coogan?

  Well, in some good news, Mark Zuckerberg has purchased a mansion in Miami for $170 million. This was such big news that we had to pull it forward from the mansion section on Friday to talk about today. But there is a little bit of a black pill here. We can go into it.

• 19:12Jordi Hays?

  So of course Mark got this because of California's wealth tax, which if it goes through, he would still be subject to at least a one time.

• 19:21John Coogan?

  Yes.

• 19:21Jordi Hays?

  Payment, you know, which would, which would get litigated, of course. What we need now is a picture of him in his backyard recreating the Ben Affleck smoking meme.

• 19:31John Coogan?

  Why?

• 19:32Jordi Hays?

  Because there's this new national wealth tax.

• 19:36Jordi Hays?

  That Ro Khanna and Bernie Sanders are pushing. So he's like, he just, he just moved, he just got this new place across the country.

• 19:43John Coogan?

  Yeah.

• 19:43Jordi Hays?

  Probably overpaid to, to a degree.

• 19:46John Coogan?

  People are just gonna be like, actually, I live in international waters, full time. I don't live on, I don't live in America. I don't live in any country, actually.

• 19:51Jordi Hays?

  Yeah.

• 19:52John Coogan?

  I live in space. I live, I live on the International Space Station or something. A hundred and seventy million dollars sounds staggering. Buy a 5% tax on Mark Zuckerberg's wealth, over 11 billion dollars. That should have been his shopping budget because in, in dude math, if you save money, you just have a free license to spend it. So you're like, by moving to Florida, I'm, I'm effectively saving myself 11 billion. I can spend that, right? Isn't that how that works?

• 20:17Jordi Hays?

  Exactly.

• 20:17John Coogan?

  Meta chief executive Mark Zuckerberg and his wife Priscilla Chan have paid 170 million dollars for an under construction mansion on Miami sought after Indian Creek Island. The deal closed Monday. The purchase set a record in one of the countries most expensive to date. The current US record is held by billionaire Ken Griffin. He spent 238 million dollars for an apartment. That is a crazy amount of money for an apartment, but I guess it's in a good building.

• 20:42Jordi Hays?

  There's a lot of apartments.

• 20:44John Coogan?

  The Florida record was set last year when a waterfront compound in Naples traded for 225 million. I feel like this isn't counting Ken Griffin's compound that he's building because he's built-

• 20:53Jordi Hays?

  Yeah, because it's multiple properties.

• 20:55John Coogan?

  He's bought multiple properties.

• 20:56Jordi Hays?

  Okay, here's where it gets crazy. The sellers are Dr. Aaron Rollins, a cosmetic surgeon to the star, and his wife, real estate agent Maureen Rollins. The Rollins's paid more than 30 million for the roughly two acre site in 2020.

• 21:09John Coogan?

  Wow. Flipping.

• 21:11Jordi Hays?

  Not a bad-

• 21:11John Coogan?

  Real estate agent, don't want to go up against them. They know what they're doing.

• 21:14Jordi Hays?

  Plans called for a nine bedroom home measuring about 30,000 square feet with a dock and a swimming pool.

• 21:19John Coogan?

  Yeah.

• 21:19Jordi Hays?

  Amenities were to include gym, hair salon, and massage room, as well as a 1500 gallon aquarium and library with a secret passageway.

• 21:27John Coogan?

  Zuck does need a hair salon in his house because he's always changing his hairstyle. Sometimes he's got the Caesar going, something, he's got the fro going. So this is-

• 21:34Jordi Hays?

  The Gen Z.

• 21:34John Coogan?

  This is elite for him. Who knows what'll go next? Maybe he'll have long flowing locks like Fabio. Credit where credit is due, China really nailed the Bonvillan aesthetic with their Antarctic research base, Quinling, Chinling?

• 21:48Jordi Hays?

  Okay, these are just renders, though, correct?

• 21:50John Coogan?

  These are renders, this is what they're thinking about building?

• 21:52Jordi Hays?

  Because if it was real, I'd be telling Tyler to get a boat immediately. Tyler was in Arizona over the weekend and sent us a very cool picture of him out at TSMC.

• 22:04John Coogan?

  Yeah, give us a review. Did you feel the power? Did it feel like visiting Arrakis?

• 22:07Speaker 02

  Yeah, it was like 91 degrees, extremely hot. It is massive, massive facility. They're still building. There were two kind of main sections. I couldn't actually tell like what parts they were. There were signs. There were a bunch of fabs. I think I took a picture next to like Fab 21 or something.

• 22:25John Coogan?

  Wow.

• 22:26Speaker 02

  But there's like, there's so much building going on. And it's just like, it's basically north of Phoenix.

• 22:30John Coogan?

  Yeah.

• 22:31Speaker 02

  And so there's like 10 mile radius where it's just like basically just empty land. They're flattening the desert.

• 22:36John Coogan?

  Whoa.

• 22:37Speaker 02

  But yeah, very, very cool.

• 22:38John Coogan?

  Gift shop.

• 22:39Speaker 02

  Really fun to walk. No, they didn't let us in. There's like a ton of security around. At every gate, I wanted to like go in and like take a tour or something.

• 22:46John Coogan?

  I want to get a wafer that didn't make it through quality control and get some of the chip, the chip CEOs to sign that. Moving on, the, what is it? The billionaire tax has gone national. Bernie Sanders is proposing bringing it to the United States broadly at the federal level. Bad news for everyone who migrated to Miami or Florida because it is going to follow you wherever you go. Ro Khanna and Bernie Sanders are proposing a national wealth tax on billionaires, going even further than California. They want 5% unrealized wealth tax to be annual.

• 23:21Jordi Hays?

  Every year.

• 23:22John Coogan?

  Every year. That would be serious capital erosion.

• 23:26Jordi Hays?

  And I've seen some people running the numbers on like, oh, if Jeff, if this tax had been in place since 1999, Jeff Bezos would still be worth 61 billion and he could still afford his $500 million mega yacht, just like not actually like processing all the negative externalities of something like this. So, yeah, I just, I just.

• 23:46John Coogan?

  Turns Amazon into like a PE-backed like shell pretty quickly because you lose control, right?

• 23:51Jordi Hays?

  Yeah, that or or Amazon never even gets the the level of investment that it got because of capital flight. I I would be so much more sympathetic to Ro Khanna and Bernie Sanders on this if they had like, here's five case studies where wealth taxes worked.

• 24:07John Coogan?

  Yeah.

• 24:08Jordi Hays?

  And like, they can't come up with a single one.

• 24:11John Coogan?

  Yeah.

• 24:12Jordi Hays?

  And so it just feels like.

• 24:14John Coogan?

  Fifty percent over ten years. That is a lot. Uh, but the implementation of this tax would ultimately ultimately create wealth flights, says Chris with withins. The wealthier wealthy because they fight to preserve their wealth. So in year one, the base is already decimated. Then every single year afterwards, the remaining billionaires leave or hide their assets. Meanwhile, the markets are all declining all this time because they see that America has been infiltrated by wealth destroying communists. Chris is not a fan.

• 24:40Jordi Hays?

  There's something like eight trillion of billionaire wealth and a hundred and sixty to a hundred and seventy of middle class wealth. So that is the real prize pool.

• 24:51John Coogan?

  Yeah.

• 24:51Jordi Hays?

  And, uh, and again, hopefully, hopefully our lawmakers and voters process how ridiculous this is.

• 25:01John Coogan?

  Find another way.

• 25:01Jordi Hays?

  And reject it.

• 25:02John Coogan?

  Write the balance sheet of the US government.

• 25:04Jordi Hays?

  Sure. The market is only down point oh eight percent year to date. Things must be really calm, right?

• 25:10John Coogan?

  This is actually crazy. If you asked me where the market was and I hadn't looked, what is this from? What movie is this? Is this AI or something? This is a crazy scene. I really like, this is a good, this is a good meme template. I haven't used this before.

• 25:24Jordi Hays?

  Is it from Maze Runner?

• 25:26John Coogan?

  Oh, maybe Maze Runner.

• 25:27Jordi Hays?

  I don't know.

• 25:28John Coogan?

  Okay.

• 25:28Jordi Hays?

  Dumer says, the past looks more like the future than the present does. Let's pull up. What is this? Uh, PM's Phoenix, an expandable van you can build for two thousand dollars.

• 25:41John Coogan?

  This is sick. Most campers in vans these days that are roomy enough to live in are too large for comfortable driving. Conversely, the compact, fun, drivable rigs are usually too small to live in. And no matter what its size, the seller will probably want all the money you have now, plus most of what you'll make in the next five years. This is good copy. I like that.

• 26:01Jordi Hays?

  So this was in Popular Mechanics in nineteen seventy eight.

• 26:05John Coogan?

  This is a good daily. Someone should pick this up.

• 26:07Jordi Hays?

  Built on a Volkswagen minibus chassis.

• 26:09John Coogan?

  I like that they restyled the the front cab as well. Camper back end. Looks pretty similar. But I it still feels odd to take an electric vehicle into the wilderness. I don't know why, because it's not like you're bringing a bunch of, not like there's a gas station out in the middle of nowhere. But I would, this would give me range anxiety, even though I think that's deeply fake at this point.

• 26:33Jordi Hays?

  Uh, new model alert.

• 26:34John Coogan?

  New model alert. What we got?

• 26:36Jordi Hays?

  Introducing Logan's introducing Gemini 3.1 flashlight, a huge step forward on the boundary of intelligence, beating 2.5 flash on many tasks. Uh, Tyler, you should try to do a speed check. OpenAI also came out this morning with 5.3 instant.

• 26:56John Coogan?

  Okay.

• 26:56Jordi Hays?

  Touting increased accuracy.

• 26:59John Coogan?

  Is this in, uh, is this in chat GPT? Because I feel like I've had 5.3 in codex, but not in, uh, but not. Oh, I got, yeah, I have 5.3 instant in chat GPT.com now. Interesting.

• 27:11Jordi Hays?

  I do not yet.

• 27:12John Coogan?

  Very cool.

• 27:13Jordi Hays?

  Kalshi partner with Bezel.

• 27:16John Coogan?

  Oh, yeah.

• 27:17Jordi Hays?

  To allow people to trade price movements of iconic watches. So we can pull up this video. This basically allows you to trade on what the, on the prices of Rolex's for the month, month of March. Basically, is price going to move up or down? So Quaid over at Bezel has been telling us about this one.

• 27:39John Coogan?

  So you could, you could in theory, buy a watch on Bezel and then take out a short position on Kalshi and have a market neutral submariner or something, right? Because if the price goes up, you own the watch.

• 27:52Jordi Hays?

  It's a market neutral sub.

• 27:54John Coogan?

  It's market neutral. Because if the market crashes, you make money on Kalshi, but you lost money on the watch and you're neutral. You can hedge yourself now. That's very bizarre.

• 28:02Jordi Hays?

  Yeah, I saw somebody, I saw somebody pushing back and being like, oh, you can, this is silly. You could just buy the watches and actually trade them. But obviously it's quite a bit more complicated.

• 28:14John Coogan?

  Well, you can't sell one that you don't have. Now you can short watches. I want to talk about fast food CEOs.

• 28:18Jordi Hays?

  Yeah, let's pull up this video of McDonald's CEO.

• 28:22John Coogan?

  We never watched this all the way through. This is McDonald's CEO, Chris Kepenzinski. He went viral after seeming reluctant to eat his own burgers. Takes a tiny bite, looks uncomfortable and calls the food product. That's the size of.

• 28:38Speaker 03

  With, you've heard about it.

• 28:39John Coogan?

  The big arch.

• 28:40Speaker 03

  Here it is. The big arch.

• 28:42John Coogan?

  This is pretty good.

• 28:43Speaker 03

  This is something that we have tested already.

• 28:45John Coogan?

  On humans.

• 28:46Speaker 03

  Germany, Canada.

• 28:47John Coogan?

  On animals.

• 28:48Speaker 03

  I love this product. It is so good. I'm gonna do a tasting right now, but I'm gonna eat this for my lunch, just so you know. So here we go. First, holy cow.

• 28:57John Coogan?

  If I can survive a single meal, it's good enough for you.

• 28:58Speaker 03

  We've got a very unique kind of sesame poppy sort of bun on it.

• 29:05John Coogan?

  This isn't that bad of a public presentation, in my opinion.

• 29:07Speaker 03

  We've got two quarter pound patties, delicious Big Arch sauce.

• 29:11John Coogan?

  It's probably his first TikTok, but he's doing okay.

• 29:13Speaker 03

  And of course, some lettuce. So, oh, there's so much going on with this. First of all, let's try to get this thing. I don't even know how to attack it. God, there's so much to it.

• 29:21John Coogan?

  I like this.

• 29:21Speaker 03

  Oh, there's also some crispy onions on here as well. I see those kinda coming out.

• 29:25John Coogan?

  He's stoked.

• 29:26Speaker 03

  All right.

• 29:26John Coogan?

  I met the CEO of McDonald's, the previous CEO at South by Southwest in like 2013.

• 29:32Speaker 03

  That is so good. That's a big bite for a big arch.

• 29:35John Coogan?

  That's a huge burger.

• 29:36Speaker 03

  It's distinctively McDonald's.

• 29:38Jordi Hays?

  So, undeniably, not that big of a bite.

• 29:41John Coogan?

  Yeah, not that big of a bite.

• 29:42Jordi Hays?

  He just kinda...

• 29:43John Coogan?

  But eating on camera is so hard. If you just start housing that thing, there's gonna be a whole different set of backlash.

• 29:49Jordi Hays?

  It definitely looked like his first ever bite of a burger.

• 29:53John Coogan?

  Yeah. It's not a strong performance. Lulu said, "Layup opportunity for the number two ranked fast food chain CEO to film a brutal."

• 30:02Jordi Hays?

  And I think somebody did. We can pull up another video here.

• 30:05John Coogan?

  Someone did. Someone did it.

• 30:07Jordi Hays?

  There's someone saying, "Japanese manga writer trying to write Americans. The CEO would perhaps compete over who would take the manliest bite of a burger." Oh, that's ridiculous. Surely, America could not be like that.

• 30:20John Coogan?

  Okay, but watch this. Burger King? Oh, that's a real bite. That's a real bite.

• 30:24Jordi Hays?

  Yeah.

• 30:25John Coogan?

  I'm a Burger King guy now. He won me over very, very well. It's this guy seems like he can flip burgers. He can, he can take bites of burgers.

• 30:35Jordi Hays?

  I saw another video of Chris, the McDonald's CEO, coming out on his personal Instagram, saying he eats. He wanted to clarify that he does eat McDonald's three or four times a week, he said.

• 30:44John Coogan?

  Okay.

• 30:45Jordi Hays?

  So he is defending his honor.

• 30:47John Coogan?

  McDonald's is great.

• 30:48Jordi Hays?

  I love this product.

• 30:49John Coogan?

  Yeah.

• 30:50Jordi Hays?

  I love this product. That's what every, that's what every chef says, you know, after they, after they, you know, bring out a meal. They say, "I love this product." I think you will too.

• 30:59John Coogan?

  He's a business guy. I don't have a problem with that. Refer to it as product. Go off. It's, I, I, I stand by it. I think it's great.

• 31:06Jordi Hays?

  Thank you for being with us. We will be back.

• 31:09John Coogan?

  Tomorrow, 11 a.m.

• 31:11Jordi Hays?

  I cannot wait.

• 31:11John Coogan?

  I cannot wait. See ya.

• 31:13Jordi Hays?

  Do it.

• 31:13John Coogan?

  Goodbye.