Bitcoin vs AI + SpaceX's Historic IPO | PBD #815

Patrick Bet-David, Tom Ellsworth, Adam Sosnick, and Vincent Oshana break down the SpaceX, OpenAI, and Anthropic IPOs, Elon Musk’s prediction that AI will replace coding, President Trump’s emerging AI partnership plans, pressure on the Federal Reserve over interest rates, Florida’s property tax cuts, Bitcoin versus AI as the next major investment opportunity, and growing unrest in Belfast following migrant-related violence. ------ 💻 ANTHONY POMPLIANO'S CFO SILVIA: https://bit.ly/3OltsCu Ⓜ️ MINNECT WITH ANTHONY POMPLIANO: https://bit.ly/4aBgFTU 🦁 THE VAULT 2026: AUG 31ST TO SEPT 1ST: ⁠⁠https://bit.ly/4mZdLhD⁠⁠ https://bit.ly/4mZdLhD 🦁 SPONSOR THE VAULT 2026: ⁠⁠https://bit.ly/4mFBPpw⁠⁠ https://bit.ly/4mFBPpw Ⓜ️ CONNECT ON MINNECT: ⁠⁠⁠⁠https://bit.ly/4kSVkso ⁠⁠ https://bit.ly/4kSVkso Ⓜ️ PBD PODCAST CIRCLES: ⁠⁠https://bit.ly/4mAWQAP⁠⁠ https://bit.ly/4mAWQAP 👔 BET-DAVID CONSULTING: ⁠⁠https://bit.ly/4lzQph2 ⁠⁠ https://bit.ly/4lzQph2 🥃 BOARDROOM CIGAR LOUNGE: ⁠⁠https://bit.ly/4pzLEXj⁠⁠ https://bit.ly/4pzLEXj 🇰 KALSHI: ⁠⁠⁠http://kalshi.com/pbd⁠ http://kalshi.com/pbd⁠

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

• 0:14Speaker 00

  My handshake is better than anything I ever signed, right here.

• 0:18Patrick Bet-David?

  You are a one of one?

• 0:19Speaker 00

  My son's right there. I don't think I've ever said this before.

• 0:26Patrick Bet-David?

  Folks, if you want to learn how to make money, sometimes you gotta pay attention to what's going on to these IPOs because there's a lot of money being made right now. We're gonna talk about that today. We got a bunch of smart guys here with us. We got Pomp back here with us. I'm sure Sylvia is gonna be with us today as well sometime. Tom is here and then we have, of course, national security guy, Aceto, here. So, stories, IPO, we got SpaceX, okay? That's IPOing and, you know, I got a call, we talked to our Goldman folks about SpaceX. I think they're leading the round, if I'm not mistaken. Then you have a Sarah's bras, not Sarah's bras, Sarah bras. People have a hard time pronouncing that. Tom's been coaching me this morning with my English St. Pat. It's not cere bras, it's Sarah bras. That's the proper way to

• 1:11Patrick Bet-David?

  announce it. You wanna know the craziest thing? They are oversubscribed 20x. Imagine you're going saying, "We wanna raise, whatever, half a billion dollars," and they're like, "Yuck, that's a problem. We got 10 billion dollars of people that wanna invest with you. What do you wanna do?" That's what's going on with them. I think they're up, if I'm not mistaken, 68% after day one, Tom. You can fact check me on this one here.

• 1:30Speaker 02

  It was huge.

• 1:31Patrick Bet-David?

  It was massive, yes.

• 1:32Speaker 02

  It was bouncy, but it was huge.

• 1:33Patrick Bet-David?

  OpenAI that's coming out saying, "We're revamping," you know, the chat, "we're revamping what we're doing." Some people are saying, "I don't know how much you're gonna revamp 'cause Claude's been beating the crap out of you," but maybe they are doing something. They're also going through the IPO. And then we have Anthropic, which, with the new Fable 5, I don't know if you've heard anything about the Fable 5. If you're not following it, we'll cover that today. It's apparently supposed to be something insane that they've never seen before. So, a lot of conversations. Couple of years ago, I called it. I said, "2026 is gonna be the year IPO," and that's exactly what's happened. A lot of people are like waiting to deploy their money to get involved in some of these things, but are all of them good? To get into or not. There's even a Kalshi that just came out, I think 10 minutes ago, 15 minutes ago. They said there's a 12% chance Kalshi is saying.

• 2:19Patrick Bet-David?

  That Mr. Beast may announce an IPO this year, which I want to get your thoughts on that. Cause I know we talked about that last time. And let's see what he's going to be doing with that. Next story, World Cup. Ready for this? 180,000 tickets are unsold that they haven't sold. What do you mean you haven't sold World Cup tickets? You saw videos about Knicks fans, guys outside asking questions. How much you pay for your tickets? 60,000 or 60,000? $20,000, $200,000. Then Juan Soto's walking by. They ask him, I don't know if you saw this.

• 2:46Speaker 02

  I saw, I said, ask the Knicks.

• 2:47Patrick Bet-David?

  Yes, ask the Knicks. He said, ask the Knicks. People are paying 20, 100, 200,000. I know you're going to the game tonight. You were at the game.

• 2:56Speaker 02

  Yeah.

• 2:56Patrick Bet-David?

  Yeah, you got the game on Monday, so we'll see what's going to happen there. But World Cup. More hotels are selling out in Mexico and Canada than the US. And people are wondering why. Why is that? Is it a visa issue? Is it an economy issue? Is it a, is it not interest? There's some data that came out with Wall Street Journal a couple of days ago saying Americans were not interested in soccer. Right now, they are more than even MLB is what it's saying. Story that came out. So we'll see. What that story could look like. Next. Kevin Warsh. Who is replacing Powell. Has announced that he wants to take it all the way down to 1%, but CPI came out, I think it's 4.2. And so there, there's some.

• 3:39Patrick Bet-David?

  Contradictions. He, he, he's supposed to raise the rates, but 60% of the inflation is apparently tied to. You know, it's, it's fuel related and diesel and all this stuff. So we'll see, we'll, we'll get into that. Florida, if you live in Florida, if you don't live in Florida, listen, if you live in California, earmuffs. When we do this story, just don't listen to it. If you're somebody who's very rich and you chose to live in New York, for whatever reason, used to live in Florida. Maybe you might move back to New York. Not that anybody here would ever do such a thing on this panel. Pop would never do such a thing.

• 4:09Patrick Bet-David?

  The governor of Florida just announced Homestead $250,000 exemption. Hey, if you're here, we'll read the laws on how he's setting it up. But what a, what a, what a great thing to do for recruiting, right? Can you imagine, like the stuff he's doing to get people to say, what the hell am I doing living in a blue state? Maybe I ought to move my family to Florida. We'll talk about that. Then you got Tom Brady does a commercial, which by the way, what a, what a phenomenal commercial. Funny, corny, people hated it, people loved it. But guess what? They saw it. Everybody saw the good coconut, what is it? Good Nut Coconut? I don't want to say it. I don't want to, who cares about the name? It just takes, I thought it was a very good commercial. We'll talk about that in marketing. Chick-fil-A has something they're doing that I think it's worth us discussing.

• 4:52Patrick Bet-David?

  They made a smart announcement and it's all about solving the Harvard restaurant problem. We'll get into that. U.S. teens, you know, there's a sleep issue with teens. And Brandon here is saying that's a psy-op. They're trying to convince you to sleep because anybody that it, anything big ever wasn't a big sleeper. That's Brandon's, but you can argue that. But Brandon, I think is the youngest here out of all of us. And he's given that perspective and we have to listen to see what these young people have to say, right? Maybe they have a point. Bitcoin projected, they're saying it's going to 250,000 after the halving. And Jason from the All In Podcast is like, well, maybe you ought to move your money from, you saw that? Maybe you ought to move your money from crypto into AI.

• 5:36Patrick Bet-David?

  And I want to know what the Bitcoin max, maximalist here, a pop wants to say about that. There's a story about quantum and IBM, which I don't know if you guys saw this one or not. It's, it's interesting to see. It took a hit, it's got a black eye, but long-term they're saying it's going to be good. You know, quantum stocks are slumping. IBM is sure a quantum revolution is coming anyway. Good comeback for IBM, some people may say. And then we got Musk saying coding jobs are going to be done within a year. And then I have a Kevin O'Leary story with, what do you call it? Open AI. I want to kind of give you, because we keep hearing about negative stuff about, you know, these data centers. Pump, you got a perspective that maybe we ought to look at the other side. And then in Ireland, Belfast, what happened with the beheading? Everyone's calling that a political event. You're saying that's more of an economical event.

• 6:21Patrick Bet-David?

  I want to get your insight on that as well. And folks, if you're watching this on Wednesdays, Business Wednesdays.

• 6:28Patrick Bet-David?

  If you're somebody that runs a business, according to the data that we did based on the report that came in the survey on 16,300 people, 38% of you guys are business owners. If you're a business owner, this is by far the worst season to go through it by yourself. So Vault Conference, if you haven't yet registered, Rob, you may want to play this clip. Every one of us is one relationship away from taking our lives and our business to the next level. I want you to hear the story about what a friend of Elon Musk ended up doing just because of becoming friends with him. Go ahead, Rob. Have you heard about Elon Musk's friend named Antonio Gracias, who allegedly they made in the mid 90s networking, they became friends, and he lent Elon a million dollars, which somehow, some way ends up owning 7.3% of SpaceX.

• 7:09Patrick Bet-David?

  That million dollars today, according to Entrepreneur Magazine, could be worth between 100 billion to 150 billion dollars, making him top 50 richest men in the world. So how did this happen? Every one of us, if you're watching this, you are one contact, one relationship away from changing your business, changing your life. How do you do it? You've got to put yourself out there. If you're not, the way I did it is by going to four to 10 business conferences every year. Once a year, we host an event called the Vault Conference. This year, we're doing it at the MGM Grand Arena, August 31st to September 3rd. 12,000 people will be attending this event if you haven't yet registered. Your Antonio may be at that event. Click on the link above, or below, get registered, we'll see you there. Again, bring your business partners, a lot of people are bringing their employees. Every year, they're bringing somebody new.

• 7:54Patrick Bet-David?

  If anybody that comes in, they typically bring back 5, 10, 15 people the next year with them. I think one of the companies from France, if I'm not mistaken, is bringing 500 people to the event, to the Vault Conference. But Logan Paul will be there to talk about how to create content and get noisy at a time like this. He's always in the marketplace talking about, I know he's got a torn triceps, but even that makes it in the news. Stephen Bartlett, fastest growing podcast in the world from Dior, he's CEO, he'll be there. Jerry Rice and Joe Montana will be sitting down with me to talk about how to find running mates. And last but not least, Dan Martel, the great Dan Martel, will talk about how to use AI multiple 8-figure exits, author of Buy Back Your Time, they will be at the conference as well. Okay, having said that, let's get right into it. First story I think I want to get into...

• 8:37Patrick Bet-David?

  is this IPO stores and there's a ton of them right there's a ton of them to go through so which one do we start off with rob what pages sarah bras on to stall we don't have that page so let's start off with I'll start off with spacex so okay let's start off with sarah bras sarah bras stock jumps 18% as roller coaster first month of trading continues tom we were talking about this earlier that you said they are over subscribed by 20x 20x over subscribed there's so much interest in this that even after day one 68% I think the stock is up and then we have open ai we have anthropic we have spacex to go to so one question for you tom before we get into these stories individually and pump

• 9:18Patrick Bet-David?

  you as well why is the IPO market happening now why didn't it happen last year why wasn't it the year before why is it in 2026

• 9:26Tom Ellsworth?

  well I think there's two things happening the counterintuitive data point is go look at the number of ipos and I believe that the IPO total in 2021 was 121 of them and it's dropped down 30 40 and I think last year was I'm gonna find the the chart that I have on here and so right now we're talking about that the IPO market is broken back open with I believe the number is we've already had 28 ipos this year which is almost more than we had last year and when we just look at the number of ipos and we're about to have what's called the summer of ipos which in the middle of May was kicked off by sarah

• 10:09Tom Ellsworth?

  bras coming out and their IPO price the price that all the insiders and the big institutions got was 185 bucks 185 on at nine at the first minute of trading it jumped out I think it was 350 almost almost double 370 would have been double and then the inner day high was actually 2x the price so why would why did that happen because it was 20x oh surprise they they had 20 times the interest in the IPO than they than they actually could serve and so all of those folks a big chunk of them some of the institutions step back because they don't want to be part of the pop and drop on day one however a lot of the retail

• 10:53Tom Ellsworth?

  people that wanted to get in even high end retail they They jumped right in and that's what helps drives the price on day one. So that kicked it off and we can see just yesterday they were up 18%. And so they've settled, I think in the 250, 260 range is where 225 today. And just two days ago, they were up at 250. And so, which is up above that, that 185 IPO price. So so far, this is a success. And now we've got the big three SpaceX, Anthropic and Anthropic and OpenAI are coming out later in the fall. Cause everybody wants to give SpaceX about 90 days to suck the oxygen out of the room.

• 11:37Patrick Bet-David?

  By the way, just out of curiosity, and I'll come to you with the same question as well. If you were looking at these individual stocks and you're going to put a million dollars into it, okay? And you have access to it, say you're on the inside, you have a million bucks. How do you deploy the million dollars between these four companies? SpaceX, Cerebras, Anthropic and OpenAI?

• 11:59Tom Ellsworth?

  So, uh, since Cerebras is out, I'll give you the three that are coming. The three that are coming, I'd put 50% of the dollars on Anthropic and I'd put 25% each on SpaceX and OpenAI.

• 12:14Patrick Bet-David?

  You would, so you would do 50 Anthropic, you wouldn't even touch Cerebras anymore right now?

• 12:17Tom Ellsworth?

  Well, Cerebras is hard to get in now and it's out trading. And so I still like Cerebras around 220. It's I, I'll tell you straight up, I might be, I'm not giving anybody investment advice, but I like this in the 220 range.

• 12:32Patrick Bet-David?

  Okay. So here's the other question to follow up on to the average person that's not on the inside. You have a million dollars, you're not pre, sure, you're not getting that call from Goldman Morgan. You're just a regular guy and you're trying to set aside some money long-term, five, 10 years between the four. How do you deploy it?

• 12:48Tom Ellsworth?

  I wait, there's a, there's a classical argument that says wait 10 trading days for all of the pop and drop to settle. But then be a buy and hold player if you believe in that company. You look at the, the early analyst reports and you believe that's going to be.

• 13:02Patrick Bet-David?

  Where would you be?

• 13:03Tom Ellsworth?

  Where would I be on all of these?

• 13:05Patrick Bet-David?

  On all of the four? Would you still do 50 Anthropic and then do 16, 16, 16?

• 13:12Tom Ellsworth?

  Yeah, I probably, the one I have the greatest question mark about is OpenAI.

• 13:16Patrick Bet-David?

  Makes sense.

• 13:17Tom Ellsworth?

  I have a question about because their valuation is almost double right now, am I correct? Double Anthropic in early estimates.

• 13:24Patrick Bet-David?

  By the way, Anthropic took their revenue from last year, I think it was nine billion to like forty-six billion right now over twelve months. They've five Xed in twelve months, just revenue. Yeah.

• 13:34Tom Ellsworth?

  And all this talk about Fable Five, and all the talk about Fable Five appears to be OpenAI kind of chasing Anthropic a bit.

• 13:42Patrick Bet-David?

  Yeah.

• 13:42Tom Ellsworth?

  And so I feel like they're the pursuer and Anthropic is now suddenly the lead. So that's why I go that way.

• 13:48Patrick Bet-David?

  Got it. Good feedback. Pom, where are you at with this?

• 13:51Speaker 02

  I would do fifty percent SpaceX, fifty percent Anthropic. I wouldn't invest in OpenAI. There's a couple of data points I think are important. So the first is, in the stock market, the single best day to buy stocks is at an all-time high. So it outperforms any other day of the year that you could buy when the stock market hits an all-time high if you buy that day. Why is that? Momentum but gets momentum. So if you look this year, I don't know, what were we at, twenty-one, twenty-two, twenty-three? All-time, new all-time highs in the stock market. So if you're buying an all-time high day, that means that the market has momentum and it's likely to continue. Things in motion stay in motion, right? True in financial markets, true in science as well. The second thing is, now there's a study that just came out that shows a company that is at a billion-dollar valuation compared to a company that is at a hundred-billion-dollar valuation.

• 14:35Speaker 02

  The companies at a hundred-billion-dollar valuation get to a trillion, they ten X at a higher percentage than the companies that are only at a billion.

• 14:42Patrick Bet-David?

  So interesting.

• 14:43Speaker 02

  So what does that mean? The advantage of scale, the advantage of momentum. Like, if you're at a hundred billion, it means that you've already gotten to that point. It's working, right? And so you're betting on the thing that is already working. You start to compound. Think of Amazon, right? Amazon, Google, Facebook, all these companies continue to compound at these great things because they have an advantage that got them to that place in the first point. So, second thing. Then our third thing that I think is really interesting is everyone always talks about would you buy, would you not? But a lot of people don't talk about what is your time horizon? So if you're eighty years old and you need cash next month because you got no job and you need a cash flow, you probably shouldn't be buying any of these things, right? Because they are going to be very volatile. But if you're a young person and you look at this, what you want to be is you want to be in the category creator.

• 15:26Speaker 02

  SpaceX, use them as the example. They have a monopoly on the ability to launch. They have really the only scalable, repeatable, reusable rocket. And then what they've started to realize, which Elon is so good at, is they're starting to vertically integrate. So they say, okay, well, if we can get to space the cheapest, we could put a bunch of other people's stuff on our rockets. But what if we put our own stuff? Oh, well, let's go launch satellites and we'll beam the internet down. So then you get Starlink. Then they say, well, what if we also launch the orbital data centers? And so they just keep eating into this value chain. Now, what I find very interesting is there was this famous slide in the IPO deck that showed the total adjustable market. And the markets are pretty big for space and orbital data centers, et cetera. And then they're like enterprise AI and it was this like 28 trillion dollar thing.

• 16:11Speaker 02

  And the reason why that is important is because really what we're starting to realize, if you think of the Elon orbit, everything comes back to machine learning, artificial intelligence, the models and the ability to use software and data to do things that no one else can do. And so what is Tesla? Tesla's an AI company. What is SpaceX now? SpaceX is really becoming an AI company. And he is living at the intersection of the hardware and AI. But ultimately, it is the AI technology that everyone is betting on. And so the cerebrus, as an example, everyone is so worried about things being in a bubble. Go look at any part of the AI market. There is a significant demand compared with a constrained supply. So you have demand outstripping supply. You can't have a bubble if there is so much more demand than there is supply.

• 16:56Speaker 02

  The only way you get a bubble and the popping of a bubble is when supply catches up. And so everyone is investing very aggressively to try to catch up to the demand. At some point, that will flip. But right now, I mean, show me one part of the AI trade where supply outstrips demand. There's nowhere. It's the exact opposite. Demand is exponentially increasing. And you've got people who are like, we can't find hardware. We can't find power. We can't find, you know, all these constraints in the physical world. Money doesn't solve that. You still gotta go build this stuff and it takes time.

• 17:24Patrick Bet-David?

  And by the way, with SpaceX, if it's a one and a half, whatever the number is, trillion dollar valuation, what do you think it's going to be in 10 years? You think it'll be 15 trillion in 10 years? You think it's got what it takes to 10x in 10 years?

• 17:35Speaker 02

  I think that we drastically underestimate how big these markets get, right? So if you go back and you look at, for example, let's just take SpaceX as a company. If in 2000 you said, hey, there's a company that could be worth a trillion dollars. Forget SpaceX as a company, but just like any company can be worth a trillion.

• 17:49Patrick Bet-David?

  You're crazy.

• 17:50Speaker 02

  That was nuts.

• 17:51Patrick Bet-David?

  Yeah.

• 17:51Speaker 02

  We now have, I don't know what, eight, nine, 10 companies that are over a trillion dollars, right? So then we're like, oh, 10 trillion, sounds crazy. Like, we may have a 10 trillion dollar company in the next three or four years, right? Given the pace that we're on and the shortage.

• 18:03Patrick Bet-David?

  Because we got a five and a half trillion dollar company right now. So you could go 10 trillion in a year.

• 18:07Speaker 02

  So my friend Jordi Visser brought up recently, Eli Lilly is a trillion dollar company. They reported in Q1 their revenue grew 55% year over year.

• 18:16Patrick Bet-David?

  Stop it.

• 18:16Speaker 02

  A trillion dollar company growing revenue at 55% year over year. Now, they're acquiring companies, they're leaning into AI.

• 18:22Patrick Bet-David?

  The average person doesn't even know Eli Lilly is a trillion dollar company.

• 18:24Speaker 02

  I mean, how crazy is that? So I was talking to Jordi about this and I said to him, I said, you know, explain to him more. They have a thousand GPU data center on their campus. Eli Lilly, what are they doing with an AI data center that they're building themselves? Why is revenue up 55% year over year?

• 18:40Patrick Bet-David?

  Where's their campus at, Rob? Where's Eli Lilly based at? You said they have a thousand GPUs on their campus?

• 18:46Speaker 02

  Correct. And so if you think about what's happening here is you're starting to realize that having access to data, having access to resources, you are going to compound that advantage. And so if you're a trillion dollar company like Eli Lilly, if all of a sudden you can go to 5 trillion, 10 trillion, well, that becomes super interesting because maybe the risk-adjusted return on these big companies is actually much more attractive than going and allocating to some early-stage startup or trying to go and pick, you know, some smaller market cap company. And so I just think that, like, we underestimate the market size, we underestimate the importance of scale, and these companies have that.

• 19:21Patrick Bet-David?

  By the way, this is so important for the average person listening to not be left behind because you ever hear the stories about the rich get richer, the poor get poorer, because they're rich during these times, they're involved in equities. When it goes, it goes, and the poor sits there and thinks about it. And then the disparity between the two gets wider and wider and wider, and then people say, why is this happening? Brandon, your thoughts on this?

• 19:42Speaker 04

  Yeah, I'd go thirty-three percent SpaceX, thirty-three percent Anthropic, thirty-three percent with the Cerberus.

• 19:48Patrick Bet-David?

  Not even touch OpenAI?

• 19:50Speaker 04

  No, I think they're a dog. I think they're gonna be extinct in a couple of years. They've completely lost strategic clarity. They're coming out with these new ideas saying, oh yeah, we're not worried about ChatGPT anymore. We're gonna create all these chatbots and have things operate on your behalf like they're talking about in that article we're gonna get to. So, wouldn't touch OpenAI, but yeah, I think Anthropic's a powerhouse. I think SpaceX, the whole world's gonna run off of it with Wi-Fi, what that's gonna do, military applications. Like, you know, a lot of the drone warfare is completely dependent on what their satellites do with Starlink.

• 20:26Patrick Bet-David?

  Mm-hmm, mm-hmm.

• 20:27Speaker 04

  And, yeah, with the Cerberus company, it's probably the only competitor to Nvidia. I mean, their whole thing is they're coming out with like the bigger chips because they're saying it's a shorter distance that the electrons have to travel across instead of like a bunch of small chips, they have the one big chip. So, Nvidia's got eighty percent of the chip making GPU market, so somebody's gotta take some of that. You know, they're probably the most realistic competitor. They have, I think, a deal with Amazon and OpenAI for

• 20:51Patrick Bet-David?

  Great, well, you want that. I wanna know who's number two to Nvidia competition because they're still gonna get some market share. So Pepsi may be two to Coke, but there's only so much market you're gonna get. I'm gonna go to Fable Five, Tom, and I'm gonna ask you guys about Fable Five. How real this is? So Anthropic releases, my thoughts like AI model to the public two months after private rollout rocked Wall Street. Is this it, Rob? This is the promo video they released. Go for it. Let's watch the promo video. Go ahead.

• 21:20Patrick Bet-David?

  This is Fable Five?

• 21:21Speaker 05

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• 21:51Speaker 06

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• 22:29Patrick Bet-David?

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• 22:40Patrick Bet-David?

  That's their promo video?

• 22:44Patrick Bet-David?

  Come on, man, I want to see more than that. Don't tease me with something like this. Two months after Anthropic rolled out Mythos to a limited number of users citing concerns about the artificial intelligence model potential to do damage in the wrong hands, the company said it is ready to release an equally powerful model to the public. Anthropic announced Claude Fable 5, a Mythos-class model that will be available to enterprise customers and paid subscribers. The company said the broader release is possible because of the new safeguard that blocks responses in specific high-risk areas, including cybersecurity and biology. Tom, why is this such a big deal? Fable 5?

• 23:22Tom Ellsworth?

  So I think what's happening is two things. One is they had to put a bunch of guardrails around it because when they released certain things, they did a private release and they did a public release. And in the private release, they talked about safety. They talked about some guardrails they were going to put around it. But they seem to be chasing Anthropic. People were like, well, you seem to be chasing. And most people that have looked at it, I kept seeing this phrase called "step change." What a step change is, is when you're like, you get like a big software upgrade on your Apple phone. You just went from... 26.1 to 26.3. That's a step change.

• 24:04Tom Ellsworth?

  And I heard a lot of people talking about that this was a step change, not like a big product release. And there also is discussion about, oh, does this get us closer to AGI and whatnot? I think it's important for OpenAI to get it right. But it doesn't appear to me that this is, there's been leapfrogging going on. You know, Opus 4.6, GPT 5.5, Opus 4.7, Opus 4.8. Everybody's been jumping each other with that. This, I'm not hearing people saying, oh, my gosh, this is the new king. Okay, GPT, where's 5.6? Where are you going? Or do you have another one? Do you see what I mean, Pat?

• 24:47Tom Ellsworth?

  It's more of a step change than it was like a cataclysmic jump. And what's a big deal is the people that like OpenAI or are supporting OpenAI and talking about GPT. They need it, all those proponents, they need it to be big because that's the jersey they're wearing.

• 25:05Speaker 02

  Pump. So I'm going to use two direct examples. I saw a guy, Todd Saunders, and he tweeted the following. He said, this is unbelievable. I was on a customer call today and I had Claude transcribing in the background. As the customer was telling me about the features they wish their current software had, Claude was building the features in real time. By the end of the call, I was able to show a fully working product with the exact workflow they mentioned 15 minutes earlier. Autonomous looped building triggered from a customer call.

• 25:32Patrick Bet-David?

  This tweet right here?

• 25:33Speaker 02

  This one right here.

• 25:34Patrick Bet-David?

  Show the video, Rob.

• 25:35Speaker 02

  So just think about how crazy this is, what this guy's saying. He's saying he's on a call with a customer. While he's on the call with the customer, he, the system is listening to what the customer is saying the pain point is. And it is building a solution in real time before the call is over. Now Todd says, hey, I got your solution for you. What do you think? You're telling me this stuff's not valuable?

• 25:55Speaker 02

  I mean, this is crazy, right?

• 25:57Tom Ellsworth?

  So this is anthropic.

• 25:58Speaker 02

  This is anthropic model. Now, could other models do some version of this? Sure, but I think that what a lot of folks already are talking about is Fable. Now, the second example I'm going to use is Sylvia. So for those that don't know, Sylvia is an AI CFO that we've built. We've got thousands of multimillionaires that are on this thing. And what we see using this product is when we upgrade the model, people start asking more questions. Now, what I think is most interesting about this is when you come in here, you are attaching your bank account, your brokerage, your crypto account, your credit cards, real estate, cars, collectibles, et cetera. And then you are talking to a model with the context of your personal portfolio. So if you go to Fable or you go to ChatGPT and you say, hey, listen, help me get my tax rate down. It doesn't know anything about your finances.

• 26:39Speaker 02

  But when you combine the power of these AI models with the persistent context of your portfolio, it becomes really powerful. So we've actually seen people go from asking six questions a week to now more than 15 questions per week. Why is that interesting? Who asks their financial advisor, their accountant, their lawyer, et cetera, 15 questions a year? These people are asking 15 questions a week. Now, the reason why I find that very interesting is guess what happens? If people are doubling the number of questions they're asking on Sylvia, we are using both proprietary technology, plus we are using some of the models. Every time someone asks a question, it costs money. Why is Anthropic's revenue exploding? Because people are on Sylvia asking two times more questions. And no matter how much we work to get the cost and the efficiency of token consumption, et cetera, down,

• 27:23Speaker 02

  people want intelligence. And so what I go back to is whether it's Todd, whether it's Sylvia, what is the thing that people have run around the world for years now trying to do? They are trying to find the smartest people to come work for at their business. Their smartest people to help them with their finances, the smartest people to help them with their health, with whatever the thing is that they've got going on. They want intelligence. We now have synthetic intelligence that is more powerful than anyone else. And I saw somebody recently show the model Fable 5 gets paid more than most people in America. So think about that, right? The average hourly wage in America, I don't know, what do you think, 15 bucks an hour, right? Maybe, maybe lower, right?

• 28:03Speaker 02

  You're paying forty-ish dollars per hour to Fable 5 when you use it. So the model now makes more money than the human does on a per hour.

• 28:10Patrick Bet-David?

  You're paying Fable 5 forty bucks an hour to use it.

• 28:14Tom Ellsworth?

  In equivalent cost of token.

• 28:16Patrick Bet-David?

  Totally get it. So it's eighty grand a year salary.

• 28:19Speaker 02

  So think about that, right? If I'm sitting there and I can get superhuman intelligence, but I only have to pay eighty thousand dollars a year if it was running with the normal token consumption, what business isn't like, I can get the smartest person in the world to come work at my business and I only gotta pay eighty thousand dollars a year, compared to white collar work that they're used to paying one hundred and fifty, two hundred thousand dollars to these people. So this is where all of a sudden you start to get this very unique kind of dynamic in a business, where people are saying, okay, well, if it works in my business, now go back to the finance thing. Financial advisor, an accountant, tax, and my health, my doctor, my, my physical fitness coach, whatever. I have somebody who is smarter now that I can simply pay.

• 29:03Speaker 02

  Of course, these companies are gonna get tons of adoption and they're gonna get tons of revenue, because they're selling the thing that everyone in the world wants, which is intelligence.

• 29:10Patrick Bet-David?

  Yeah, and so there's a, there's a lot of disruption coming to a lot of different industries. Of course, financial services is gonna be very interesting, because how many times can an advisor get back to two hundred clients at the speed that the client wants them to get back? Can they, can they do it faster than an AI would? No, you can't compete at that pace.

• 29:29Tom Ellsworth?

  And they're, and they're getting those calls in the middle of a market moment. Those calls are coming concurrent, everyone reacting to the same thing. Oh, it went way down. Trump made a comment. What do I do? Your phone's lighting up. You can't answer them all at once.

• 29:41Speaker 02

  Here's the thing that I've come to the conclusion of. So we've been building this Sylvia thing now for over a year, right? Got thousands of multimillionaires on here. The number one conclusion that I have. When you have a child and you want them to learn, what, what does everyone tell you to do? The single best way for a child to learn is to have one-on-one tutoring. We've known this for centuries now. It is very hard to do, it's very expensive. And so what do we do inside of our public school system? We try to get the teacher-to-student ratio as low as possible. We want the smallest number of students per teacher and that's gonna get the best outcome.

• 30:07Tom Ellsworth?

  Sure.

• 30:07Speaker 02

  Okay. Private tutoring works. That's why people do it for certain things. In healthcare. Well, it would be the number one way to stay healthy. You would have one on one with a doctor and you get these kind of private healthcare.

• 30:17Patrick Bet-David?

  And concierge healthcare is blowing up over the last ten years with the wealthy.

• 30:22Speaker 02

  So what happens in finance? Well, if you go to a financial advisor, most of them are doing the best job that they can, but they have one hundred and ten clients. And so when you're calling and you're saying, what do I do? They got a model portfolio that came down from the home office, right? That maybe they go and they look in your portfolio, but they don't have time to go and customize every single thing for every single client. When you use AI, now you get personalized insights to every single question that you have based on your personal portfolio, the current events, et cetera.

• 30:47Patrick Bet-David?

  Yeah.

• 30:47Speaker 02

  And so what we see is that people who regularly use Sylvia, they have grown on average their net worth between sixteen and forty percent over the last six months. So they're outperforming the market and people are like, oh, that's amazing. Well, it makes sense because these people are naturally, they're inclined, they're measuring their wealth, they're paying attention, they're asking questions, they're involved. But also they have personalized one on one answers.

• 31:07Patrick Bet-David?

  With somebody, which is powerful. Brandon?

• 31:10Speaker 04

  Yeah, I mean, this is gonna cause a lot of people to be displaced, but also cause an economic boom. I mean, the like the hockey stick growth that it could cause, I mean, the paper I put out the other day with when AI writes itself. It says that eighty percent of Claude's code has been written by AI this past year, up from twenty percent last year. So like, you know, the exponential compound effect of that, I mean, it's starting to be like things that we can't even imagine are being created. Like, you know, in twenty twenty two, we couldn't imagine what chat GPT could do. And then that comes out belows our mind, then, you know, we just show with the diagnostic for the customer on the call being diagnosed right away. So we couldn't have imagined that, you know, a couple of months ago. So what's it gonna look like in a year or two from now? Like what could be replaced, like what's acceptable to being replaced and being done at a higher level than humans?

• 31:55Speaker 04

  So it's gonna be a weird thing where it's radical economic growth, but also radical job displacement. So that's probably why people at the highest levels are talking about this, you know, universal basic income or giving AI equity to the, you know, citizens. Cause it could be like a giant wealth gap separation type of event.

• 32:12Patrick Bet-David?

  Yeah, the gap's gonna get wider and wider in ways we've never seen before. So Elon Musk comes out. And says coding was a top job for decades. It will be dead by the end of the year. This is what Elon, and by the end of the year, we're talking about six months from now. Rob, do you have this clip?

• 32:27Tom Ellsworth?

  Yep.

• 32:27Patrick Bet-David?

  Go for it.

• 32:28Speaker 07

  I think actually things will move maybe even by the end of this year to where you don't even bother do it during coding. The AI just creates the binary directly. And the AI can create a much more efficient binary than can be done by any compiler. So just say create optimized binary for this particular outcome. And, and you actually bypass even traditional coding. That there's, there's no, that's an intermediate step that actually will not be needed probably by, I'd say the end of this year.

• 32:57Patrick Bet-David?

  And by the way, when he's saying this, people are reacting, saying, what are you talking about? Check this out. Anthropic's new paper adds fuel to the fire. Published when AI builds itself on Friday and the numbers caught the attention of Tesla, Microsoft watchers alike as of May. Ready? More than 80% of code merged into Anthropic's code base was authored by Claude. Let me say one more time. More than 80% of code merged into Anthropic's code base was authored by Claude up from low single digits. Before Claude code launched in February of 2025. We're talking about less than a year and a half. Tom, your reaction to what Elon just said here?

• 33:39Tom Ellsworth?

  I, we've, we've been seeing this coming for a while. But what's interesting is we've also seen the analysis that says the number of job openings for software engineers has, has been increasing. Well, wait a minute. What does that software engineer do? Are they basically performing DevOps functions? Are they more like product leaders? Is that what they're doing? But the individual coding is happening through the AI engine. And that's the reconciliation. I'm looking forward to, to understanding that because on one hand, they're saying coding, but there's more to software engineering than just the coding. Right? There's the, all of the, the application build, the outcome, the human interaction.

• 34:24Tom Ellsworth?

  You're getting all the feedback on there. And then you've got the, the product people. So AI can do all that in some form and more. But I think what we're really talking about is like, That was in that phone call they were talking about that you were talking about. That was an existing application that existed that what was happening in the background was AI was basically optimization. Correct?

• 34:48Speaker 02

  Absolutely.

• 34:49Tom Ellsworth?

  Right, so you already had a customer construct and you had a customer need and you had a person from the company on the phone. AI is listening and giving you a bid optimization on the fly. So that's where I see the speed. So this, I don't think this is the death of software engineering, but I do think it that if you're a coder and you're working 12 hours a day and you were just, you know, think hands on keyboards, as they say, I think that class of people, that's where it's going. And I want to see where all those jobs right now, because the number of job openings for software engineers is up big percent over last year. I want to know, okay, when the dust clears, what are all these people doing?

• 35:31Tom Ellsworth?

  Are they really the product leads and ideation and working on the customer side? Because what Musk is saying is they're not going to be the fingers coding.

• 35:39Speaker 02

  This is a very normal, right? If you go back, there used to be entire buildings full of people doing computations. They literally were settling the books, they were writing down the in a physical ledger. You know, what is the revenue? What are the expenses? And you would have floors and floors of people. Now Excel does all of that. And so if you were to look at the percentage of computations that occur inside of a business, 80, 90% of them are all done in some sort of technology or automated fashion. Right? So of course code going that way, it feels crazy when you're kind of living through it, but it's like the first time somebody saw Excel, you know, and saw maybe a pivot table. They probably had their mind blown, like, oh my God, it's gonna take everyone's job. The truth is that actually it just made everyone more productive.

• 36:19Speaker 02

  And so Box CEO Aaron Levy, he had a great post about the impact of AI on jobs recently. He said that the jobs data coming out continues to suggest the opposite of what a lot of people thought would happen. And his example, he uses his engineering, which Tom is talking about. He says, as the prime example of the area where greatest AI impact happens in engineering, most companies now have far more software projects than ever because of AI. And effectively only engineers are going to be the ones doing the work. So you would think about, wait. AI is supposed to be replacing the engineers, right? He goes, no, you can get by for a while by being non-technical building software. But eventually, someone has to understand what the thing is that got built. Right? He says, somebody's got to maintain it. They got to fix the security issues that come up. They got to upgrade the systems and so on. That's all jobs.

• 37:03Speaker 02

  And so you can go and you can vibe code things. But if you vibe code it and then something breaks, sure, could you go ask the AI? Yeah, and it'll fix some aspects of it. But then how do you integrate it to your existing business or your existing system? Like, you're still going to need engineers. And I think his point is, and he's got a front row seat to this. AI is going to replace some of the work of the engineers. But actually, we need more engineers because now the company can do more. Tie that back. Why is Eli Lilly's revenue up 55%? Why is Nvidia and all these companies accelerating so hard? It's because they realized I can get more productivity. So actually, let's go hire more people so we can go faster. And I think that's probably the biggest thing I've changed my mind on AI. Is I thought it was going to take everyone's job too. And then I started looking at the data, the exact opposite is happening. Is it's creating an immense amount of jobs. This thing is going to make people wealthier.

• 37:48Speaker 02

  It's going to make them happier. It's going to make them much more healthy. And I think ultimately it's going to create more jobs.

• 37:52Patrick Bet-David?

  What do you think about what Bernie Sanders and some, even Elon saying that eventually we are going to have UBI because of what's going to happen with the wealth disparity? Do you think that's going to take place?

• 38:01Speaker 02

  Well, I think that those two guys are coming at the problem from two different angles.

• 38:05Patrick Bet-David?

  For sure.

• 38:05Speaker 02

  I think that Elon is saying, hey, there's going to be so much technology innovation that ultimately you're not even going to need a job. And there's going to be so much prosperity that we can go and we can give money to people. Bernie Sanders is saying the exact opposite, which is like-

• 38:19Patrick Bet-David?

  50% equity the government should own. Which, by the way, Trump is kind of agreeing with him a little bit on a couple of things.

• 38:23Speaker 02

  Yeah. My, my, my general take on this is socialism is becoming popular in America. There's just different flavors of it. So you just zoom out for a second. What is the difference between socialism? Let's take from the rich and give to people who don't have a lot. And the government saying, let's take from the money printer and give it to rich people. It's all forms of socialism. So I think part of why you get so much social unrest and division in the country is people are actually fighting over who's going to be the recipient of the increasing socialism. What's the form that it's going to infiltrate into our economy, into our society? And what scares me a little bit is that there's not a lot of people holding

• 39:07Speaker 02

  the line. Republicans, Democrats, rich people, not rich people, local level, national level, everyone's kind of in on the socialism game in different forms or flavors. And so then the question becomes, okay, well, when AI becomes pervasive, now you actually have another person at the table. Because guess what? These companies, they realize, well, White House Asset Management, these guys are, they want to do deals? I don't know what the track record is in the last couple of days, but almost every company at the White House took a stake in, invested in, etc. They were up significantly. If you're the CEO of some big company, what are you going to do? You just show up to the White House and say, hey, you made my stock go up 300%. What deal you want to do? Right? And so the incentives take over. I think that that's a huge part of the story.

• 39:50Speaker 04

  Yeah, I'd love to give perspective on that. So I think the reason for that is that traditionally, the biggest barrier to socialism is the strong middle class. And you know, the more the middle class gets eroded, the more susceptible it is to, you know, drinking the Kool-Aid of stuff that people like AOC said, like, oh, you're being taken advantage of. It's not fair. And you know, when like the basic costs of living, like food, housing, energy, those things get unaffordable and take up more than half of the average person's wage, then they start to have socialist thoughts. So I think that's the biggest thing. And to protect against socialism is having the middle class in a position of strength. But I keep going back and forth on this one about, like, are we in the industrial revolution equivalent? Or are we in the dot com bubble equivalent? Because I could make the case for both. Not certain about either one of them. But you

• 40:35Speaker 04

  know, I think it either could be the case. Like, we could either be in, you know, 10 years ahead of radical growth ahead of us with, you know, unprecedented technology and job creation and growth. Or this could be a giant bubble, because, you know, we are kind of due for a big drop at some point, I would think. I mean, in reality, and you know, like, 80% of the stock market growth and profits have been from AI. So I don't know, I could see either one of those things being the case.

• 41:00Patrick Bet-David?

  Yeah, I mean, to me, the more and more you're around and you talk to a lot of different people, those who have an incentive for the market to drop, who have cash and are waiting for a discount, they are selling doom and gloom. It's like, hey, man, I want to get a discount. House prices, I hope they go down because I want to use this hundred thousand dollar down payment and get it at a discount, and I think it needs to get a go on a discount. And I think those guys are losing in a big way today. I think they're losing in a big way today because the the level of advancement that's happening, in my opinion, is so aggressive and fast that that wealth is coming. Like even when Trump sat down with Kristen Walker on Sunday with, what's it called?

• 41:43Patrick Bet-David?

  Meet the Press, I'm sure you saw the interview. And she says, well, you had really good job report. She says, why don't you say the number? What was it? A hundred and seventy-two thousand jobs. How much should we beat expectations? Go on and say it. And she says, three times you beat the expectations, right? So on one end, you're looking at, so wow, your economy is horrible, people are dizzy. Dow is up, Nasdaq's up, S and P's up, jobs are up, all this. Why is this happening? So I think that there's going to be a those who wait for market crash rather than participating and getting involved will be left behind, in my opinion, in a massive, massive way. My opinion, massive way. And by the way,

• 42:25Patrick Bet-David?

  I believe it'll be such a ma- and by the way, this doesn't mean that there won't be corrections and stuff happening. Do I think there could be a possibility of a 20% correction if shit shit would have hit the fan? Sure, yeah, but I think that 20% is going to follow up by 3X, by 4X, and then they're going to be sitting there saying, I wish I was in the market, involved with this. Rob, do you want to pull up that clip with the president on the plane on Air Force One talking about teaming up with AI and go ahead, Rob?

• 42:51Speaker 05

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• 43:20Speaker 06

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• 43:50Tom Ellsworth?

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• 44:25Speaker 05

  No, there's a concept out there. There's so much money and it's so big that there are concepts where pieces could be given to the American public, where the American public essentially becomes a partner with the company's head. I will tell you, yeah, I have spoken to all of them. There's something very interesting about it, where it almost becomes a partnership with the American public. And we'll look into that. We are looking. I actually have a meeting scheduled in the very short, very near future with, did you know that? With all of the companies. And we're talking about it, where the American people can benefit from the success of AI.

• 45:10Speaker 05

  And by doing that, they're going to like it better. Because we're leading China, we're leading everybody in the world with AI, and we want to keep it that way. It's probably the biggest industry.

• 45:20Patrick Bet-David?

  Do you agree with that, Tom?

• 45:23Tom Ellsworth?

  To a certain degree, remember, he liked the opportunity to invest in Intel. And he thought that that having that equity was like good for America. So I think these are two different angles. I think Bernie is looking at, I want to tax it and control it.

• 45:37Patrick Bet-David?

  Tax the rich and control it.

• 45:38Tom Ellsworth?

  Exactly. And I think what he is looking at it is basically, why shouldn't the federal government effectively have opportunities to build an ETF?

• 45:48Patrick Bet-David?

  I would fire.

• 45:49Tom Ellsworth?

  Of the companies that help.

• 45:50Patrick Bet-David?

  Oh, no, no.

• 45:51Tom Ellsworth?

  I disagree with that, that position, but I think that is what the president is kind of saying.

• 45:58Speaker 02

  That's definitely what he's saying. So we have a way to do this already. It's called the US stock market. The problem is that these companies are not going public. Why are they not going public? Because regulation is too high, the expense is too high, and there's too much capital available in the private market.

• 46:09Tom Ellsworth?

  Just Sarbox is a...

• 46:10Speaker 02

  Yeah, they don't need to go public. And so the way that this used to be solved is the companies went public and you could buy the S and P 500 and you got exposure to the American economy and you had a stake in the capitalistic system. Now, what happens is that all of the returns, or a lot of the returns are being created in the private market. SpaceX is a $2 trillion company. Name a teacher, a pension fund, et cetera, that got to invest. Now, some people will argue, well, the pension fund gave money to a venture capitalist who then put money into SpaceX. So there's some indirect ownership there. But what these people want is they want the ability to actually own some of the stake directly in their brokerage account. And so actually, a way to do this is to get these companies to go public much earlier. Amazon went public at a $400 million market cap. Anthropic is a trillion dollar private company.

• 46:55Speaker 02

  Like, what are we talking about?

• 46:57Tom Ellsworth?

  You know, it goes back to the point you made about the billion dollar company and the $100 billion company. Because I love the story of Apple. I'm going to get this wrong, so somebody got to correct me. I think it took 42 years to get to a trillion in market cap. It took, and I think it was two years and 16 days, or some ridiculous, it's a few days, to get from 1 trillion, Pat, to 2 trillion. And then I think it was 16 months to get from 2 trillion to 3 trillion in market cap. And then barely a year to be, you know, around 4 trillion. So it's amazing, so you... Add up the last three, it took you 42 years to get to a trillion and basically another three and a half, four years to Forex that.

• 47:41Tom Ellsworth?

  Which goes to your point about a billion dollar company doing it versus a hundred billion dollar company, worse the scale, worse the speed.

• 47:47Patrick Bet-David?

  But that, that, that makes sense, even if you look at sales companies, you look at individuals, you look at YouTubers like. How much is Mr. Beast's YouTube channel growing compared to smaller YouTube channels? What's the likelihood that's going to be able to get to a billion subscribers? You know, in the next couple of years, Mr. Beast's gonna have a billion subscribers, right? Depending on how YouTube controls the algorithm, but his content, what he's creating. So, Kao she came up and said 12% chance Mr. Beast announces an IPO. They have a new CEO. I think their valuation from a couple of years ago, they were saying it's worth one and a half billion. Right now it's around a half, around $5 billion. Their, their chocolate business, if I'm not mistaken, quarter billion dollars of the revenue. They have $250 million of just the chocolates. Can you fact check this for me? It could be 200 million, uh, what is the number?

• 48:32Patrick Bet-David?

  Okay, I was right, $250 million in revenue. And so they got a new CEO, solid guy. What do you think is the likelihood that a YouTuber? Like Mr. Beast, who's top line revenue for his whole brand right now is 8, 900 million dollars. What's the likelihood of somebody like that goes public?

• 48:49Speaker 02

  Well, I think you have to realize he's not a YouTube business anymore.

• 48:52Patrick Bet-David?

  He's not.

• 48:52Speaker 02

  Right? Now, he, he makes money on content for sure. But what he's basically figured out is I need to go and build products and companies and, and, um, you know, the business looks very different than it did maybe five years ago. The second thing is if he had not raised money, the odds would be near zero. Because he probably doesn't want to deal with being public and all this stuff. The second you get investors and the type of investors that he has, they need to make a return. The only way you make a return is at some point you gotta sell. You gotta be able to monetize the investment. Well, unless you're gonna just keep raising more capital from private equity and there are gonna be secondary transactions, the way you get the liquidity for your investors, you go public. And so I think that it is increased odds now that he's taken money from some of these investors. The other piece of it though is what if he doesn't take the whole thing public? Right?

• 49:37Speaker 02

  So one of the aspects that I think people always look at is like it's black and white. Either you take the whole thing public or you stay private. What if, or what if he sells the chocolate business to Hershey? What if he takes another piece, right? And he starts to monetize these different assets, but he realizes that the parent company being private is really valuable. And instead, he's able to monetize the individual assets. I don't subscribe to the idea that like Mr. Beast is going to buy Hershey's, right? But I do subscribe to the idea that Mr. Beast is probably going to, in some verticals, become the consolidator. And so if he has the right people around him that understand capital markets, understand how to do M and A, I mean, he's in control, right? He has distribution in the world of AI where somebody can listen to a phone call and build a product while you're on the phone call.

• 50:22Patrick Bet-David?

  Unbelievable.

• 50:23Speaker 02

  The only thing that matters is do you have distribution? And he's probably got more distribution than anyone for a certain subset of, you know, the global population. So he gets to dictate demands.

• 50:34Patrick Bet-David?

  Tom.

• 50:35Tom Ellsworth?

  I agree with that because I think what you're seeing is, is basically also the Kardashian effect. So you have this, think of the Kardashians as personalities, as sort of a holding company, right? They're holding this value and they're holding the audience. Okay, how do they monetize the audience? Well, you had.

• 50:55Patrick Bet-David?

  If you really want to go to, we don't want to go there.

• 50:58Tom Ellsworth?

  No, wait, let's, let's stay out of alternative video products and just stick with.

• 51:02Patrick Bet-David?

  Mr. Beast makes different kind of videos, Tom. That's not what he specializes.

• 51:06Tom Ellsworth?

  I completely understand, you know, it's exactly right. It's not somebody walking in the shadows.

• 51:12Patrick Bet-David?

  Tom has startled, Tom. I don't want to start. You're just telling me.

• 51:15Tom Ellsworth?

  I'm not going to go here.

• 51:16Patrick Bet-David?

  I thought you were going there. This is a family friendly podcast, Tom.

• 51:19Speaker 02

  Can we pull up the clip?

• 51:20Tom Ellsworth?

  Kylie, Kylie.

• 51:23Patrick Bet-David?

  Can you pull up the clip?

• 51:26Tom Ellsworth?

  The, yeah. So you take the Kardashians, they have this storehouse of audience. And then Kylie went out and just with a lip gloss.

• 51:36Patrick Bet-David?

  Yep.

• 51:36Tom Ellsworth?

  And just with her audience, because she was the new to the party. I think it was the, I think it was simply Kylie's lip gloss and Kylie cosmetics. And so suddenly that was a. Yeah, there it is. First 18 months, $420 million in retail sales. Something that land calm, if they put out a new, a new product in their lineup, you know, they would have absolutely given, given their left leg for, to have that as a new, have a half a billion dollars retail sales in a new product. So now, what did they do with, do with it? You know, and um, go take a look, scroll it up a little bit. Cody, the beauty brand goes, wait a minute.

• 52:22Tom Ellsworth?

  We'll take 51% of it because now we've got the audience and the product. And they gave her $600 million for 51%. Now the product company is monetized. So I agree with that. And so this is how Mr. Beast, I think he's doing the same thing. He's got access.

• 52:39Patrick Bet-David?

  I say, I say he's.

• 52:40Tom Ellsworth?

  Audience, product, and then I agree with the Hershey comment, 100%. There will be, will it be M and M's who has been private forever? Or will it be Hershey or someone that comes up and does what Cody does? Look, we'll take 51%, we'll pay you for this and then we'll run it.

• 52:57Patrick Bet-David?

  You know what's a great thing about where he's at though? He doesn't have to do anything.

• 53:01Tom Ellsworth?

  True.

• 53:01Patrick Bet-David?

  He literally doesn't have to do anything. And the longer he goes, you know, you know what I'd love to see a case study? A guy like Mr. Beast in 10 years or less being worth $100 billion. Imagine a playbook. Now, somebody may say, Pat, you're out of your mind. What's the likelihood that Mr. Beast is worth $100 billion in 10 years?

• 53:20Speaker 02

  Oh, I think, I don't know if it's him or somebody like him, but I think that you're going to start to see significant number of people. 100 billion is a big number, but it's called 10 billion. I think that's pretty number.

• 53:31Patrick Bet-David?

  How old are you?

• 53:32Speaker 02

  37.

• 53:33Patrick Bet-David?

  I'm 47, right? We're 10 years apart. In 10 years, we'll do a podcast and he's going to be very close to it. You know why? Inflation. Huh? Inflation. Not just inflation. No, no, you know why, you know what I think is going to happen? Because I think right now, what he's thinking about is the following. He's right now selling products that don't have the highest multiples in valuation. Someone's gonna come and is gonna say, hey, dude, with all this stuff that's going on with AI, we gotta launch a product that's gonna grow fast on its own. Why don't we go hire some of the best folks that we have, bring them in, and let's build something that can have a hundred X multiple, fifty X multiple.

• 54:16Patrick Bet-David?

  When I'm saying hundred X, I mean, I'm saying like the speed that it goes. If he goes that route and he has that kind of eyeballs that he's getting, forget about it. He controls his destiny.

• 54:26Speaker 02

  He did step financial. They acquired this like a fintech product, so I think they are moving that way. But you want to know, speaking of the Kardashian brand, you know what number I saw that blew my mind? Ivanka Trump was on a podcast with David Sedaris recently, and she talked about her fashion brand, which I think kinda, I sort of remember she had a fashion brand, whatever. She said that she had something like eight hundred million dollars of annual revenue.

• 54:51Patrick Bet-David?

  On her fashion brand?

• 54:53Speaker 02

  Just like?

• 54:53Patrick Bet-David?

  Right there. Yeah, yeah. Go ahead, Rob. It was kind of like lightning in a bottle. I caught a moment, so I was still sort of leading the charge at our family real estate business. I had young children at home, or was just starting to have children when I first launched. We should find jewelry. Ultimately, we ended up having eleven different categories. Apparel, footwear, sunglasses, fragrance. But we created an accessibly priced line that was feminine and beautiful, but for like a multi-dimensional woman. Like, at the time, when I was coming up, the outfits that women were buying for work

• 55:35Patrick Bet-David?

  were so far from aspirational, and they couldn't transition with the woman to the date night they would have that evening, or after-work drinks with their girlfriends. It was like nobody was posting on Instagram like what they were wearing to work. And so we thought, like, let's bridge the gap and create something.

• 55:52Speaker 02

  This is a different clip?

• 55:54Patrick Bet-David?

  Close to eight hundred million dollars in sales annually.

• 55:57Speaker 02

  Um, when I shut it down, when I went into government. And she shut it down. Eight hundred million dollars in annual revenue, she is claiming, and she shut it down. So again, forget for a second why she shut it down, good decision, not whatever. Ivanka Trump was able to build a business with eight hundred million dollars of annual revenue. And it goes back to brand, distribution, notoriety, these things. And she's doing it in a physical fashion, fragrance, sunglasses, you know, it's not like she's selling software. So again, if you're able to do that with this type of brand, well, no wonder the anthropics of the world are growing at, you know, ridiculous multiples.

• 56:35Patrick Bet-David?

  Totally get it, but to me, it's two different things. It's, it's, if Jimmy figures out to bring a AI, like he can afford to bring in AI, both engineer, executive, CTO, CEO, he's, he can bring some interesting people because the kind of eyeballs he's getting. I think he can be, it can be the difference between his net worth being 10 billion in 10 years versus 100 billion on it. So we'll see, we'll see which would, but the reality of it is, content creation has become a massive part of growing your business. And that wasn't the case 20 years ago. That wasn't a business model 20 years ago. Today, that's becoming a big part of it. Brandon?

• 57:10Speaker 04

  Yeah, I see exactly what you're saying. You're saying, um, you know, he's like mastered the content world and, um, you know, that's like what advertising used to be. And advertising has always been powerful, but he's, he's, uh, still tapping the potential of what he could be from like a business minded person who's like, um, optimizing that side of it.

• 57:23Patrick Bet-David?

  If you're getting a CTA you do on a Mr. Beast video and you get a million people visiting the website, the only difference is what product are you selling on that website? Is it a $2 chocolate or is it a, you know, $28,000 enterprise product or, you know, and then you need to know your audience because it's a lot of kids. So is it now the audience is aging with them because how old is Jimmy now? What, what, is he in his late twenties?

• 57:44Speaker 04

  Thirty on the dot.

• 57:45Patrick Bet-David?

  Is he still in his twenties or Jimmy?

• 57:47Speaker 02

  Um, yeah, he's probably late twenties or maybe he's at thirty.

• 57:50Patrick Bet-David?

  Twenty-eight years old and he just turned 28. He just turned 28. Uh, uh, so he, he, he's going to be thinking about this stuff.

• 57:57Speaker 02

  And just real quick, another example of this, I think Ryan Serhant has done a fantastic job. He's now selling, I think, over a billion dollars of real estate per month. He's built one of the fastest growing real estate companies in the world, right? You just look at this like he he's got a big audience, he's been doing it a long time. He understands how to communicate on the internet. You've got Mr. Beast, you know, you've got the Kevin O'Learys of the world.

• 58:15Patrick Bet-David?

  There are so many great stories today. Like if if a kid is watching this or somebody's parents watching this. By the way, one of the main reasons why I'm bringing Bartlett, Dan Martel and Logan Paul to the event at the Vault is specifically for this reason. You want your kids to watch what they're doing. You may say, I don't like Logan Paul, I don't like, it doesn't matter. These guys built brands. Logan Paul's gonna be a billionaire. Bartlett, the way he's going, he's gonna be a billionaire. Dan Martel, these guys are building brands that are gonna be multi-billion dollar brands through learning how to create content. Like the the the ability to learn how to communicate your message is so, so valuable today. It's so valuable today to do that and some are doing it at the highest level. So let me get to the next story.

• 58:57Patrick Bet-David?

  Next one I want to get into is Kevin Warsh. Stories comes out about the fact that they want to see interest rates go as low as 1%. CPI went to 4.2. The story just came out, uh, oh, what page is it on, Rob? Is it page five it says? But which one on page five? Cause I'm on page five. Okay, there it is. Donald Trump piles pressure on Kevin Warsh with call for rate cut. And this is a Financial Times story, so let me get to it. Rob, is this that video?

• 59:25Speaker 02

  Yes, I have two videos. One from Meet the Press where he talked about interest rates and then a second from Air Force One, but it's just audio.

• 59:31Patrick Bet-David?

  Let's let's hear the Air Force One. Air Force One, go for it.

• 59:36Speaker 00

  I'm sorry, given those job numbers, do you think the Fed should cut rates at its next meeting? And do you think new Chair Kevin Warsh can convince the rest of the? Let Kevin make that decision. I'd like to see lower interest rates because each point, think of this, is 600 billion dollars. Okay, so, you know.

• 59:56Patrick Bet-David?

  Okay, there is no reason to raise interest rates. Trump told Meet the Press, uh, which is a longer clips, I'll kind of just go through it, Rob. We built the country by doing great and having rates low. What they do is when they raise rates, they try and kill success. I don't want to kill success. We should actually lower rates. Warsh, Trump's pick, uh, Trump talked about has called for the Fed's benchmark currently in a range of three and a half to three and the three quarters to be slashed to 1% or lower. The president repeatedly criticized. Jerome Powell is a moron and a numbskull for failing to cut rates quickly enough. Tom, thoughts?

• 1:00:34Tom Ellsworth?

  So today, we'll tie a bow around all this and Pomp will jump in on this rather quickly, I'm sure. So today's CPI comes out, Consumer Price Index, 4.2%, right in line with everyone's expectations. Everybody was right on that number. What's interesting was that core CPI, where you take out food and energy, it was 60% of it was related, 60% of the number was related to energy. So guess what? It's the energy spike of a temporary shortage and interruption in the supply of oil, which becomes increased price of gasoline, which becomes diesel, increased cost in diesel fuel.

• 1:01:18Tom Ellsworth?

  And they say, well, food's up. Well, what's in the truck that's transporting those apples from the farm to the grocery store? Diesel fuel. So it affects everything. And so the whole point, there's the 2.9 and 4.2. This is a spike related to the war. And so I keep saying it. Last year, I took incredible heat and I turned out to be correct when I said Liberation Day, remember the phrase I would use? The tariffs are tactics to work with foreign trading partners, not permanent taxes. No, you're wrong. By definition, a tariff is a tax. Trump doesn't want these things to be permanent. He wants to move the other guy to get a better trade deal.

• 1:02:02Tom Ellsworth?

  And it turned out that I was correct. Now then, here, temporary statistics around the supply of oil are showing up and it's 60% of the CPI. So by definition, you know, this, you move, you use, you carefully look at the word temporary and you don't react by raising rate based on temporary statistics, which are creating, yes, are these inflation numbers? Yes, but they're temporary. This is not something that's there. And this is not the Biden, you know, administration saying this is just transitory. Under the Biden administration, it was structural. Right now, as soon as Hormuz is open, soon as oil is flowing, you're going to see, it's

• 1:02:45Tom Ellsworth?

  going to take weeks, then a month, and then all of a sudden the refineries are there and then we're going to refill the SPI, Strategic Petroleum Reserve. All of that's going to come back. What you heard on Air Force One, she asked, do you think with these job numbers that it's time for a rate cut? Because unemployment is what leads traditional textbook of Fed moves to say unemployment's way up. We need to cut rates so that businesses can get more money to build another factory and employ all these people that don't have jobs. And so this is why Kevin Warsh, people are saying he's in the middle. He's right in the middle between a president that said, look, I think we need to cut rates

• 1:03:27Tom Ellsworth?

  and I think that'll help businesses and there are some job stats out there. And everybody else is saying, oh, it's inflation, inflation, inflation. You should raise rates. And I'm on the side that I've already just articulated how I feel about the inflation stats.

• 1:03:41Speaker 05

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• 1:04:10Speaker 06

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• 1:04:56Speaker 02

  I've spent a lot of time thinking about data and then talking to people. The number one takeaway I've had is that the people are right, the data is wrong. And what I mean by that is if you go back, at the end of last year, inflation was coming down. And I think most people, myself included, were like, this is a central banker or a politician's dream. Low inflation, high growth economy. Wow, they're going to pull this off. Before the Iran thing happened, I think that pretty much everyone I knew in finance was kind of like, I can't believe they're pulling this off. If you went and you talked to people though, they don't care what your numbers are. They're saying, my gas bill was high, my grocery bill is high, rent is too high, I can't afford a home.

• 1:05:40Speaker 02

  This is crazy, everything is too expensive. And what I used to think is, oh, these people just don't know what the data says. Like, the data is telling us that inflation is low. And then I started thinking about it, I said, it doesn't matter what the data says, it's what the people think. Because guess what? Midterms in November, they don't care what the number says. If they think things are too expensive, they're going to vote based on what they think, not on what the data says. And so the reason why that becomes really important is, why was it that inflation readings were low, but everyone felt like everything was expensive? Because both sides were right. And that's the part that no one really wants to talk about. Yes, all of the readings were showing that inflation was coming down going into the end of the year. But it didn't matter, we had 30% loss of purchasing power for the five years before and everything was sky high prices.

• 1:06:22Speaker 02

  You remember going to the grocery store and you would check out and it was 50 bucks and now all of a sudden it's 90? All you're thinking is like inflation, but really what you're talking about is like the nominal cost of goods has gone up. And so who cares what the year over year changes? All I know is that my bill is significantly higher than it used to be. So the reason I bring that to now is now actually what you have is you have a point in time that people can point to and they say everything is expensive Trump went to war with Iran and I think that is going to be a very big problem for Republicans going into the midterms is because when they look at that gas pump they are going to equate it directly to the war in Iran when they go to the grocery store they're going to say this is the war in Iran right and they're just going to keep tying it there I think that the administration their view is okay we're going to end it the street's going to open you're going to

• 1:07:07Speaker 02

  see energy prices come down gas prices come down I think that there's probably a good chance that that is actually what's going to happen I do not think that people are going to care though because all they're going to have in their head was gas was five bucks grocery prices were too high I still don't own a home I still have this problem I'm still falling further behind and so you get in this weird game of who goes into the ballot who votes are they voting looking at what the CPI says or are they voting on what they're feeling and I bet you if you took a poll of the the audience if you walked down the street and you ask people what do you think the hell the US economy is I mean look at all the poll data it's all bad and so I just think that we're in this very weird world where the Fed is going to make decisions based on the data I think Tom is right that

• 1:07:50Speaker 02

  they should not raise interest rates but if you go talk to people and people are pissed they do not like politicians on either side of the aisle because they feel like they're getting their wealth stolen from them they feel like things are too expensive and Scott Besant was asked when he first became the Treasury Secretary the all-in podcast guys went and they interviewed him their question was do you believe the economic data and he said no and he very quickly polished the answer but in his explanation what he said was when you're faced with facts versus what people are telling you you have to side with the people now he was talking about the Biden high inflation and the fact that Biden was saying oh it's coming down but people were saying it's too expensive etc.

• 1:08:35Speaker 02

  I agree with Scott Besson. It's just that structurally, the US economy is facing a problem and both sides of the aisle are gonna have to deal with this going forward. It's gonna be a major, major issue.

• 1:08:46Patrick Bet-David?

  Brandon.

• 1:08:47Speaker 04

  Yeah, so it's like the saying that there's lies and there's big lies and there's statistics. So, you know, that's an understatement for the CPI. The CPI is a fundamentally flawed way to track inflation. It's gaslighting to the highest extent. I mean, the, the basket of goods they put in to measure it, you know, they switch things out conveniently to make it look less impactful than it is. And, you know, they, they frame it in a way as if like 4.2% means that it, that's the, the number that inflation's up like for all time. But what it is, is it's up 4.2% from last year, which was also up another 2.9%. So you know together, it's a higher number than 4.2%. And then stack that year over, year over year. It's just the amount that it went up from the year prior. So what's the compound effect of that? It means we're up, you know, like 50% inflation over the last 10 years. So that's what people are feeling.

• 1:09:30Speaker 04

  And 90% of the stock market's owned by the top 10% of Americans. So of course, most Americans are gonna care more about, you know, what the price is at the grocery store rather than what the stock market's doing. You know, not that, um, that's not what's best for the, the most amount of people, sure. But, um, it's a, it's a flawed way to measure the health of the, you know, average person to say the, um, stock market's doing well.

• 1:09:50Patrick Bet-David?

  Yeah. And by the way, what's interesting, what, what you're talking about that, you're talking about, you know, the president and his camp now wants to find a way to get this thing done, get a deal done. And then yesterday you heard a story about a Trump, Trump says a pilot, uh, safe after US helicopter crashes near Hormuz and then they had to retaliate. And I think they hit a couple of spots in Carig Island, not necessarily any specific places. Is this it, Rob?

• 1:10:13Speaker 04

  Yes, sir.

• 1:10:14Patrick Bet-David?

  Go for it.

• 1:10:15Speaker 05

  ... had to do with Lebanon and it has to stop. We want to get it finished. There's a report that an army helicopter went down in the street. Can you give us an update on that? Are the soldiers okay?

• 1:10:27Speaker 05

  Uh, the, the pilots are fine, yeah. And was that the one brought it down? We are gonna issue a report.

• 1:10:34Patrick Bet-David?

  For tomorrow, but the pilots are fine. You have the tweet on this, Rob? There was a tweet that he put up and he said, "We have to retaliate. We have to respond." And they did. They, you know, they hit a couple places in Karak. But Iranians are like, "You didn't really hit anything that was, um, that, uh, that was that, any place that was necessarily important. You just kind of showed that you retaliated, right?

• 1:10:56Speaker 02

  The Iranians want him to retaliate and, and hit hard from what you understand?

• 1:11:00Patrick Bet-David?

  They did. They do. No, US did already.

• 1:11:02Speaker 02

  No, no, I understand that. But I'm saying like, the Iranians are upset that the US didn't do more, weren't more aggressive? Or what?

• 1:11:07Patrick Bet-David?

  Which Iranians? The Iranians that want to...

• 1:11:09Speaker 02

  You tell me.

• 1:11:10Patrick Bet-David?

  Well, that's what I'm saying. I mean, there's two Iranians. The 19% that are pro IRGC, yeah, they probably, you know, don't want that. The 81% that wants the IRGC to be gone, they're kind of like hoping, you know, something's going to happen there. But, uh, it wasn't a major retaliation that we had from our end that we did.

• 1:11:28Speaker 02

  Mm-hmm.

• 1:11:28Patrick Bet-David?

  Uh, again, this, the only thing with this is, does this accelerate? Does this delay a deal getting done? Does this? And I think the American people are part of it. Yeah, this is it. So at the end, he says, "Nevertheless, the United States must of necessity respond to this attack. Thank you to this attention to the matter." I, I think a lot of the world is burned out with this story to just either get it done or don't get it done. What is going to happen? And a market's sitting there saying, "My gas prices are still high." So for you to say, "Bessin's position, do you trust the data or do you trust people? You have to side with people on what they're going to be saying." And I think the biggest positive distractions around the corner with the World Cup, will they do anything with it? I don't know as I get past this.

• 1:12:11Speaker 02

  In the chat here, I see people talking about, um, there's somebody said that they get $125,000 salary. They live paycheck to paycheck. And a lot of people will hear that and they'll say, "Well, how, you're so irresponsible. You have spending issues, whatever."

• 1:12:22Patrick Bet-David?

  No, no, 125, you could be living paycheck to paycheck.

• 1:12:24Speaker 02

  When you start to do the math, right? So let's say you pay 40 to 50% of taxes right there alone. Home, kids, food, right? You start to do it again, sure, you want to enjoy your life also, right? And so in a world where somebody's saying, "I make $125,000 a year and I live paycheck to paycheck." What about all the people that don't make $125,000? What are they doing? How are they surviving? How, how are they living their life? And I think that is ultimately what is driving so much of the, uh, um... Just like anti-government, both political parties, you know, it's the big government versus the little guy. That feeling in America, to me, is an economic story more so than anything else.

• 1:13:03Patrick Bet-David?

  I agree with you, and I think whoever's able to touch that story better is gonna look better for midterms as well as 2028.

• 1:13:11Speaker 02

  Mom Donnie came in, he said he's gonna give away all his free stuff in New York City, and then the fares went up on the subway, you know, and so it's like...

• 1:13:18Tom Ellsworth?

  I never said buses. Remember, he made that comment? I didn't say buses, I said subways.

• 1:13:24Speaker 04

  Yeah, Trump's dodging that issue, and that's not gonna be good for him.

• 1:13:26Patrick Bet-David?

  For what, affordability?

• 1:13:27Speaker 04

  Yeah, I mean, he's just acting like it doesn't exist, you know, that's been his narrative this whole time. And now, you know, he's saying that inflation's just high because of the Iran situation with oil, but no, it was a problem before that. And, you know, when people say socialist things like AOC or Gavin Newsom, most people unfortunately aren't intellectually caught up enough on economics to understand what's really causing the problems. So when the socialist politicians, you know, say these things, it's music to their ears, and they're so desperate that they go along with it.

• 1:13:54Tom Ellsworth?

  Yeah, Tom. Well, people want to see this war and this stuff over, and one of the things that I saw was very interesting. I was reading a defense analyst this morning that said, you know, the president is more tired of it than you are, right? Because he's dealing with the economy and the polling, and which bothers him more? Probably the polling. But what's interesting, you know what they hit on Carg Island? They hit the control tower, two warehouses that are owned by the Iranian Navy, a mine, a mine storage facility that was particularly exciting when we hit that. We hit the building full of mines, that was the 4th of July. And also, there was two air defense bunkers that we hit, but what was not hit is anything on the other side of the island on the pumping or the ports,

• 1:14:39Tom Ellsworth?

  and there are 20 supertankers anchored just off of the terminals. The terminals is those long T-shaped docks, which, where the tanker hooks up to, to get the oil on there, and then they go sail away. And so, none of the sailors on all those commercial tankers slept very well last night, but they basically beat the hell out of all the military targets on Carg Island, so now, it just, if it was an excuse for the Apache helicopter, for whatever the reason, he just made it much easier if he wants to instruct coalition forces or us to go take Carg Island, and then just start pumping and reopen it that way.

• 1:15:20Speaker 02

  I just asked Sylvia, so you can just go to CFOsylvia.com and I asked, I said, how does the this morning's inflation report affect asset prices? And then I also asked it, tell me about, should I change anything in my portfolio? Leave my portfolio aside for a second. Equities, risk on, led by the rate sensitive names. So S and P's up, Nasdaq's up, Russell 2000's up, etc. Interestingly, bonds, front end rallies, long end sells off, just the curve's deepening. But gold, Sylvia's saying that the safe haven bid is unwinding and a huge reason is that when the inflation tail risk eases and long end real yields hold firm, the safe haven premium in gold deflates. So because core CPI came in lower than expectations, anyone who is a quote unquote professional investor, sophisticated

• 1:16:02Speaker 02

  investor, etc., is looking at these point one, literally point one differences between what was expectations, what was this? There is not a single person in the United States of America who goes to grocery store today who gives a shit about point one. And that is ultimately the big difference, right? So you have gold selling off because all these professional investors who hold this asset and are trading on a day to day basis, like, oh, maybe inflation, maybe there's a little bit of light at the end of the tunnel that inflation's not going to be as high as we thought it was going to be. And I think that that comes back to, I think Trump was asked at one point, like, do you keep in mind Americans' affordability when you're making decisions in Iran? And he said, no. Which, again,

• 1:16:36Tom Ellsworth?

  Just say, I'm not worried about that off the cuff, standing on the ground.

• 1:16:39Patrick Bet-David?

  He got a lot of heat for that.

• 1:16:40Speaker 02

  Yeah, he got heat. But if you think about it from a pure military standpoint, that is the right answer. If you think of it as the President of the United States, right? You've got to take a lot of different inputs in when you're making these decisions. And then you've got the midterm elections coming up, etc. And so I don't envy being the Federal Reserve Chairman, the President of the United States. I mean, these are very hard things to do. But I do think that this is all much more interconnected than we want to maybe admit. And then Tom, the thing about the oil and energy, I don't think we've really heard a lot of like, what's the United States doing with the Venezuelan oil? Like that was the whole big thing, right? Remember we were gonna strike a deal, we were gonna get access to their oil.

• 1:17:16Tom Ellsworth?

  It's heavy crude and Houston was built for heavy crude.

• 1:17:20Speaker 02

  But I haven't really heard that much about it. So maybe there's stuff going on that we just don't know yet, but I do think that like that is part of this whole story of they gotta get the energy priced down.

• 1:17:27Patrick Bet-David?

  Well, let me, let me talk about a guy that is actually thinking about affordability and he's doing it in the right way and passing laws and that's Governor DeSantis in the state of Florida passes $250,000 homestead exemption that could erase property tax as Americans continue to flee. High tax blue states for lower taxes destination Florida lawmakers have just passed what supporters describe as a major one for economic freedom, moving to provide long-term property tax relief for residents. The Florida legislature has cleared a historic DeSantis-backed constitutional amendment for the November 2026 general election ballot that could eliminate non-school property taxes for many homeowners through a proposed

• 1:18:08Patrick Bet-David?

  $250,000 homestead exemption. Rob, is this it?

• 1:18:13Speaker 02

  Yes, sir.

• 1:18:13Patrick Bet-David?

  Go for it.

• 1:18:15Speaker 05

  We'd be taxed on $500,000 of value. Making the change would require an amendment to the state's constitution approved by 60% of voters. Now, Florida isn't the only state considering changes. Others considering property tax cuts or even eliminations include Colorado, Georgia, Kansas, Montana, North Carolina, and Pennsylvania. Now, according to the Tax Foundation, home values have risen 27% faster than inflation since 2020. That's where those high taxes come from, but many local elected officials oppose any change. Orange County Mayor Jerry Deming saying this, "I support meaningful tax relief for residents, but the

• 1:18:56Speaker 05

  governor's proposal could significantly reduce the local funding that supports essential services like public safety, fire and rest."

• 1:19:03Patrick Bet-David?

  So check this out. The biggest beneficiary may be families and retirees looking to establish permanent residency and maximize long-term savings, said the Corcoran Group, Mike Duckin. Agreed. Tom, your thoughts on this? How big of a deal is this for especially middle America?

• 1:19:22Tom Ellsworth?

  Huge deal for retired people that are already in Florida that have seen Medicare not keep up with the costs that they need and having to buy a Medicare Advantage, Part D, to supplement their Medicare and the drugs they may be taking, thyroid medication, you know, diabetes medications, things like that. They get hit with inflation and they're on fixed income, right? So now the governor says, hey, there are two parts to your property tax. One part is general fund and the other part, it'll say schools. What he's saying is the part of your property tax that's for schools and public infrastructure is not affected, but I'm willing

• 1:20:05Tom Ellsworth?

  to lower your property tax on the other side because we as a state through sales tax and other things are making the funds and we're being more efficient with the dollars we do get. So be a very, very keen listener to that. He's not sounding like a tax and spend governor like so many blue state governors. He's saying we've been more efficient with what we spend, we're being more careful with it, and that is the taxpayers' money. So why shouldn't we allow, you know, taxpayers to get some relief? So guess what? It's 150, it used to be if you went homestead, it was like 25 or 50,000 dollars that you could reduce the value of your home and then pay less. Now it's going

• 1:20:49Tom Ellsworth?

  to be 150 in 2027 and then 250,000 in 2028 and the 250,000 dollar baseline will be reviewed and adjusted higher starting in 2029. So he's basically saying if you bought a house here-

• 1:21:08Patrick Bet-David?

  That 250 could be 300,000 in 2029.

• 1:21:10Tom Ellsworth?

  It could be.

• 1:21:11Patrick Bet-David?

  Yeah.

• 1:21:11Tom Ellsworth?

  The way the bill's written, it also could be 225,000. But the point he's making is if you live here and you've retired here on fixed income- The part of your property tax where you're contributing to schools and public infrastructure will stay because it's good for you and the city to have lights, good schools, everything like that. Even if you're retired, that's a benefit to you of living here and somebody's got to pay for it. However, on the other side says, I think you should be cheaper to live and we're making it cheaper to live because we're running the state better and doing more with the money we do get. So guess what? We don't need that tax dollars. I'm here to help you. It's fantastic.

• 1:21:53Patrick Bet-David?

  Yeah. So million dollar home, instead of paying taxes on the one million, you'd be paying on 750. Half a million dollar home, instead of paying on half a million, you'd pay on 250. $250,000 condo, instead of paying taxes on 250, you're paying zero.

• 1:22:05Speaker 05

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• 1:22:34Speaker 06

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• 1:23:12Tom Ellsworth?

  Hosting included. Spend less time assembling infrastructure and more time getting your product live. Go to base44.com.

• 1:23:20Tom Ellsworth?

  You're next to zero, there'll be a very small amount that's the part of your property tax for schools and local.

• 1:23:25Patrick Bet-David?

  Right. How big of a deal is this?

• 1:23:27Speaker 02

  Well, for people who care about taxes, this is, you know, groundbreaking.

• 1:23:30Patrick Bet-David?

  Specifically for the people that are dealing, the 125 comment that says I'm living paycheck to paycheck.

• 1:23:35Speaker 02

  Well, here's the thing is if you're living paycheck to paycheck, you probably don't own a home, unfortunately, right? And so I think that there's this very weird dynamic of, you have to remember that whatever the actual percentage, let's say 40% of Americans don't pay federal income tax, right? They don't pay some of these taxes. So what you're actually doing is it's more of a middle-class impact, right? If you are fortunate enough to own a home, you really care about this. But there's some portion of Americans, they're not even in that position. The second thing is I think that the pitch coming from both Florida and Texas is really strong because it's not a trade-off between pay less in taxes, get less in services. It is, we are going to keep services as good or better, and also we are going to have you pay less. And so you're getting just as much, if not more, and it's going to cost you less.

• 1:24:20Speaker 02

  That's a great pitch. What happens in New York, I live in New York, right? I can speak directly to this. Taxes go up and services go down in terms of quality. That's the exact opposite pitch, and there's a lot of people who are saying, I'm not down for that. Now, there are certain people, I would put myself in this category, I think there's many other people, who say, listen, even though I gotta hold my nose on some of this stuff, there are certain aspects of the city that are worth it, whether it's for your business, right? Family, whatever the thing is. That's what they're counting on, though. That people just aren't going to leave, right? And if you look in New York in particular, things like banning Airbnb, right? If you start to funnel everything into a certain area, well, then you can start to

• 1:25:05Speaker 02

  go and implement some of these taxes. And so in Florida, I think that the pitch is incredible. Now with all of the work, again, AI, remote work, all the stuff, you get people starting to move. But like you guys recently hired somebody, he was in New York, right? He came down here to Florida. I don't know, five years ago, six years ago? Could you have convinced someone to leave New York to come here to work?

• 1:25:25Patrick Bet-David?

  Not as easy as today, but today they're, it's actually going the other way. Today, they're making a decision that they're leaving and they're saying, let me go see who to work for, like they, they.

• 1:25:34Speaker 02

  Oh, they decide to leave first?

• 1:25:36Patrick Bet-David?

  They are, they are saying, I'm gonna leave. Of course, some of them, you're paying re low and you know, you have to, you have to do some of that stuff. Let's just say you really want that guy. But some people are today reaching out to us. I think three years ago, we got 3,000 resumes. That was sent to us, people that wanted to apply to work here. 2024 went to 11,000. Last year, we had 33,000 job applications to work at Vatainment. We just crossed 180 full-time employees, Tom, I think last week, 180. And a year ago, I don't know where we were a year ago, you'd know, a year ago, we were what? 80? A year ago?

• 1:26:11Speaker 04

  Oh, one year ago.

• 1:26:12Patrick Bet-David?

  80, 90? Rob, where were we a year ago?

• 1:26:16Patrick Bet-David?

  100?

• 1:26:16Speaker 04

  Probably around 100.

• 1:26:17Speaker 02

  Yeah, I think around 100.

• 1:26:18Patrick Bet-David?

  Around 100, right? Because we moved from Dixie and we came here. So we had some stuff that we had to move. But, uh, yeah, a lot of people in New York are deciding to leave. And by the way, right now with California, what happened with the mayor race? And of course Hilton's still in it, which is good. It'd be interesting to see what they do. Cause this was a, a little bit of hope that they had. Well, let me see what's gonna be happening here. Maybe things are gonna change. Pratt is already out. They already announced he's third place, so he's gone. Ramon is into socialist, so we'll see what that's gonna happen with Bass. So LA is gonna get a lot of, uh, what they already had. Hilton's in second place. If California wants to see any kind of change, they gotta get behind this guy. But New York? How optimistic are you with New York Knicks tonight? Cause that's what's more important.

• 1:27:01Speaker 02

  Well, um, I will say that, uh, I've gone to a number of Knicks games. The vibes were off on Monday, maybe is the best way to put it. And I think part of it is, um, there's a part of New York that is really important. And it is the energy on the streets.

• 1:27:18Speaker 02

  People have been talking for months now that the winter was so bad in New York that everyone was cooped up that basically no tourist should come to New York all summer because the New Yorkers are going to be out in the streets. But they blocked off 7th Avenue right outside of MSG. And obviously, people saw these stories of people going to Bryant Park and these other areas or whatever. But I do think that there is something about in New York, because everyone is so packed in, in terms of the density, the vibe is very important. You see that with business, you see that with the city in general, you see that with the Knicks, whatever. It's very different than LA. LA, you gotta get in a car. You gotta drive somewhere usually, right? It's a very different experience. And so, the reason why that becomes important for some stuff we're talking about, in New York, you actually experience the homelessness.

• 1:28:02Speaker 02

  You experience the drug problems. You see this walking to the store. It's very different than getting in your car and oh, I'm just not going to drive down to a certain part of town. And so, I think that the Knicks are going to be just fine. It's, I'm a big believer in destiny. I think that they have destiny on their side this year. But I will say, you know, Wemby, I got two comments about him. First time I've ever seen him play in person. That guy's a monster. He's a monster. He's also, whoever's running his PR team, they're doing a fantastic job because, you know, everyone, he's the French guy, he's nice, he's drawing little statues in the park, whatever. I watched that guy play, man, I don't know how nice he really is. That guy looks like he's a pretty dirty player, so, you know, the...

• 1:28:44Patrick Bet-David?

  You're talking about the Bronson, they're pushing out the...

• 1:28:46Speaker 02

  Well, that was just one example. I mean, you just look at the, you know, I mean, I gotta see him, right, for an entire game?

• 1:28:52Patrick Bet-David?

  Are you gonna call Wemby a dirty player? Is that what you're doing? You're saying Wemby's a dirty player?

• 1:28:55Speaker 02

  I think that that is consensus at this point.

• 1:28:58Patrick Bet-David?

  You think so?

• 1:28:59Speaker 02

  Yeah, but, you know, but did you see a couple of the Knicks players? They said, okay, you know, okay, he got a...

• 1:29:05Patrick Bet-David?

  Is that what Draymond Green said yesterday? He said, "If you do this to Steph Curry, I'm taking a one-game suspension." So, which means today, I wouldn't be surprised if a fight broke out. You're going to a good fight, a good match.

• 1:29:17Speaker 02

  Listen, we can play the Draymond clip.

• 1:29:20Patrick Bet-David?

  Is this it? Yeah, go ahead, Rob. Don't nod for one...

• 1:29:22Tom Ellsworth?

  Second thing, he pushed him down and none of the guys on Knicks team.

• 1:29:27Patrick Bet-David?

  There's gonna be fights tonight.

• 1:29:29Tom Ellsworth?

  Don't not for one second think that didn't matter. Oh, that mattered. Jalen Brunson stood up for himself there, but nobody else really did. I wish Steph Curry would stand up for himself right there and not just watch Victor Wembel take his hand in the back of Steph Curry's head. What would Draymond Green have done right there? I'm probably gonna get thrown out right there and it may cost us game three, but game four. You would have done, what was the thing you said to that Hana Hoops account? I'm gonna crush those two kids. Oh, yeah. That's what you would have done. Absolutely. Like, by the way, you're not pushing Steph Curry.

• 1:29:56Speaker 02

  Did you see what Jose Alvarado said?

• 1:29:58Patrick Bet-David?

  No.

• 1:29:59Speaker 02

  Jose Alvarado.

• 1:30:00Patrick Bet-David?

  He's a tough kid, by the way. He's very good. Fun to watch.

• 1:30:02Speaker 02

  He said, he said he got away with one, but that'll be the last one. And I saw somebody on X say, Jose may go get like the Latin Kings or something, you know? Listen, these guys, a lot of these guys are from New York.

• 1:30:16Patrick Bet-David?

  Yeah.

• 1:30:16Speaker 02

  Right? And so it's just, the one thing I appreciate about the Knicks, I call it, there's times where they go in, they play playground basketball. And you can see they got a fire in their eye, right? And it's just, hey, it's just like they're playing, you know, and they're growing up. And I think that Wemby didn't do himself any favors with those news going viral.

• 1:30:33Patrick Bet-David?

  Let me say this. If the Spurs win today, it's over. If the Spurs win today, it's over. That's what I tell you. If they win today.

• 1:30:40Speaker 02

  Because you think the momentum has shifted.

• 1:30:42Patrick Bet-David?

  Yeah, because I think, look, think about it. Every one of the games the Spurs were supposed to win. It's only a one game. Like, if they look at each game, the final score, Rob, can you pull up the final score of every single one of the games? Every game's final score. Just go to NBA Finals.

• 1:30:58Speaker 04

  One was like one point.

• 1:30:59Patrick Bet-David?

  Yeah, so if you look at that right there, 115, 111, Spurs won the last one. You got 105, 95. That lies because it was a lot closer than the 105, 95. And then you have 105, 104. So easily this could be Spurs up 3-0. Okay? Easily this could be Spurs up 3-0.

• 1:31:15Speaker 02

  But.

• 1:31:16Patrick Bet-David?

  But the destiny part, the way competition works, we're gonna see. By the way, if the Knicks win, New York's, what is all this stuff that they're doing afterwards? The chaotic stuff in the streets. Did you feel safe leaving or you weren't affected by it?

• 1:31:29Speaker 02

  Well, if you're leaving the stadium, there's no one there because they blocked the whole thing off. And the argument was it was for Trump being at the game, but now they're saying they're gonna do it again tonight. The thing about Knicks fans is.

• 1:31:43Speaker 02

  They feed off each other. And so, you know, if you look at like side talk videos, right? Some of these things, obviously, there's a lot of excitement and kind of pent up belief that they're gonna win. I don't think anyone saw the videos of them, you know, ripping jerseys off of Spurs fans. But I tweeted it on Monday night. I was at the game and I was there for probably a good, I don't remember what I said, 30, 40 minutes. And all of a sudden, one of the guys that was with me looked at me and goes, "Have you seen a Spurs fan yet?" So we're in Madison Square Garden at the finals game, and there was not a single person that we saw for the first 30, 40 minutes wearing a Spurs jersey. I've been to different championship games, different sports, like you always see, even if it's in one, you know, one home team,

• 1:32:26Speaker 02

  whatever. And so then it hit me. I said, "Maybe it's because they actually think that there's like a safety issue." That's kind of crazy. And then we saw the videos we saw that night. And so maybe it wasn't as crazy as, as people thought. Now, to be fair, throughout the night, I ended up seeing a couple of Spurs fans, but a handful, right? It was not like, oh, we got to our seats and all of a sudden there was, you know, half the place was Spurs fans. I bet you that I saw less than 25 people wearing Spurs jerseys at the NBA Finals game.

• 1:32:54Patrick Bet-David?

  Rob, can you play this clip I just found right here? I'm sending to you because this is the main one. I wanted you to see what the ticket prices. And by the way, one of the jewelers in New York City said something on his Instagram. I don't know what his name is. He said, you know, he wishes the ticket prices were lower because he said, "This place is filled with corporate people." And corporate people don't celebrate the way real New Yorkers do because they spend 80,000. Go ahead, Rob, play the clip.

• 1:33:18Speaker 04

  What did you spend on your tickets?

• 1:33:20Tom Ellsworth?

  He got them. 50K. 220,000.

• 1:33:23Speaker 04

  220,000 for how many tickets?

• 1:33:25Tom Ellsworth?

  Two.

• 1:33:25Speaker 04

  You bought them?

• 1:33:26Tom Ellsworth?

  Actually, his dad.

• 1:33:27Speaker 04

  What do you do for a living?

• 1:33:28Tom Ellsworth?

  We're in the trash. Not that much, probably 20K.

• 1:33:31Speaker 04

  Only 20K? What do you do for a living?

• 1:33:33Tom Ellsworth?

  Just Google me.

• 1:33:34Speaker 04

  Google you? What do you do?

• 1:33:36Tom Ellsworth?

  Take a picture of me and Google me.

• 1:33:37Speaker 02

  Paid 18,000. I could have sold them for 44,000. I said, "There's no better way to spend money."

• 1:33:43Speaker 04

  I'm gonna die poor. Section 117. I could sell for like 50 grand a ticket.

• 1:33:47Speaker 06

  This game means a lot more than 50 grand. I've been waiting 53 years for this.

• 1:33:52Patrick Bet-David?

  Gotta love New York. So they answered $0.

• 1:33:54Speaker 04

  Know how much it would have cost?

• 1:33:56Patrick Bet-David?

  I think about 70 grand.

• 1:33:57Speaker 04

  What do you do for a living?

• 1:33:58Patrick Bet-David?

  I'm an attorney. $200,000.

• 1:34:00Speaker 04

  Where are you sitting?

• 1:34:01Patrick Bet-David?

  Courtside next to Donald Trump.

• 1:34:03Speaker 02

  It's about $10,000 a ticket.

• 1:34:04Patrick Bet-David?

  How do you feel about your dad spending 10 grand on your ticket? It's pretty good. Even though you won't go to college? Even though you won't go to college?

• 1:34:10Speaker 02

  Like 16,000?

• 1:34:11Patrick Bet-David?

  So how are you able to afford 16,000 for one ticket?

• 1:34:14Speaker 02

  Honestly, I'm unemployed. So like, I don't really know.

• 1:34:16Patrick Bet-David?

  How much did you spend on your tickets? Watch this. Aston X.

• 1:34:22Patrick Bet-David?

  Such a good answer. Such a good answer. Great answer. It's a very good answer. It's what a 720 million dollar contract guy would say that went from the Yankees to the Mets.

• 1:34:31Speaker 02

  Yeah, he's not. A lot of Yankee fans don't like him.

• 1:34:34Tom Ellsworth?

  There's, there's, baseball has a code. Basketball needs the code and Draymond Green is right. So I'll just, I'll just leave it there.

• 1:34:42Patrick Bet-David?

  I think tonight's gonna be feisty.

• 1:34:43Tom Ellsworth?

  In 2009, Dodgers had a reliever, a big boy. His name was Jonathan Broxton. And Dodgers got thrown at one night by the San Francisco Giants. Oh, what a surprise. And Broxton, look at the size of this guy. He was just, he was just this big country boy.

• 1:35:01Patrick Bet-David?

  Burly.

• 1:35:01Tom Ellsworth?

  Who threw 102. He'd come out of the pen and threw 102. And they were getting thrown at and supposedly he sent a message to Rick Honeycutt, the pitching coach. And he said, should I warm up? It's the third inning and this guy is the eighth inning guy. He was a closer and he was also an eighth inning guy, setup guy. But you know what he's saying when he calls the pitching coach in the fourth inning, Pat? And he says, should I warm up? What's he saying?

• 1:35:27Speaker 02

  Well, the, the, uh, the Spurs.

• 1:35:30Tom Ellsworth?

  He's saying, do I need to come out here? Do you need to send a message? Just bringing him out to the, to the bump. You know what the other team's gonna say? The guy that's next up and says, dudes, I don't want to take this one. This guy's gonna throw 102. He's coming in to throw at me. We're gonna clear the benches. But I have to get hit. I don't want to get hit. And it's, there's a code in baseball. And Draymond Green is right. Why isn't there a code in basketball? There's flops.

• 1:35:58Patrick Bet-David?

  Let's see what happens. Let's see what happens.

• 1:36:00Speaker 02

  We need to let Charles Spree well back.

• 1:36:02Patrick Bet-David?

  Well, he is, he'll, he'll choke his coat. There's no limit for that guy.

• 1:36:07Speaker 02

  Exactly.

• 1:36:07Patrick Bet-David?

  So let's go, let's go to.

• 1:36:09Speaker 02

  P J Carlesimo.

• 1:36:10Patrick Bet-David?

  Let's go to a couple of other stories here and we'll wrap it up. So first story I want to go to is, uh, um, see which one we should do. Should we do the, let's do this one here. Let's do Bitcoin hitting 250 and Jason from All In saying, take all your money away from crypto and put it into AI. If you're in crypto, pivot to AI.

• 1:36:31Speaker 02

  But look when he tweeted it.

• 1:36:32Patrick Bet-David?

  Yeah, 623.

• 1:36:34Speaker 02

  2023.

• 1:36:34Patrick Bet-David?

  Which by the way, that's a pretty good pivot.

• 1:36:36Speaker 02

  He nailed it. Look, people gave Jason Calcanis a hard time. People should have listened. Maybe I should have listened to him.

• 1:36:42Patrick Bet-David?

  If you were no.

• 1:36:44Speaker 02

  No, look, I, I've always believed that when I buy things, I try really hard never to sell them. Um, and so, uh, there's nothing you're going to do to convince me to, uh, to sell my Bitcoin. Um, but I did, maybe I'm a good example. We built Sylvia, right? We, we started to use the new technology. I've always been industry agnostic, interested in technology, right? Bitcoin was one technology, we've got AI, et cetera. Um, but I do think that there's.

• 1:37:08Patrick Bet-David?

  Are you more, are you more pro, like, are you more optimistic with Bitcoin today or AI?

• 1:37:13Speaker 02

  I think that they actually reinforce each other. And if you think about what does AI do? AI is from an offensive perspective, it's going to help companies go make money. It's going to be, uh, abundance, right? It's going to create a lot of stuff. Bitcoin is all about scarcity. So in a world of abundance, scarcity becomes more valuable. I think that Bitcoin will still continue.

• 1:37:30Patrick Bet-David?

  Let me ask the question in a different way. So I know you're running for office with Bitcoin, the way you gave the answer. What is more likely to 10x faster? Bitcoin? If I take a million dollars and I put it in Bitcoin, or if I put it in AI, what's more likely to 10x?

• 1:37:44Speaker 02

  It depends what in AI, but AI for sure.

• 1:37:46Patrick Bet-David?

  AI.

• 1:37:47Speaker 02

  Well, think about Bitcoin has gone, I mean, it's a trillion and a half dollar asset, right?

• 1:37:51Patrick Bet-David?

  It lost 235 billion, the, the recent one that they had. It's down to 60, I don't know where it's at, 62K right now.

• 1:37:57Speaker 02

  If, if you had asked me, so in, uh, 2018, the bear market, that's when I first started really going on television, talking about it. And I used to think like, these people think I'm an idiot, but I can't believe how easy this is going to be because the thing just fell 80%. If you start talking about an asset when after it's down 80%, the odds is, if as long as it goes back to an all time high, you look like a genius, right? And so that's a very different story than now when you're talking about when it's $60,000. And so I think that Bitcoin, just given the size, the volatility is compressing. The asymmetric returns that used to be there are very different. Now, go look at gold. I don't think that there's a lot of folks buying gold because they think it's going to 10x, you know, in two years. Instead, they're buying gold because they're like, the government's never going to stop printing money. It's going to continue to appreciate. That's really, in my mind, Bitcoin is kind of gold, but a better return over the next decade or so.

• 1:38:41Speaker 02

  The AI stuff, though, is creation from scratch. So my investing framework is, when you create something from scratch, that is where asymmetry lies. Bitcoin got created from scratch. It became very valuable. Asymmetry. AI today, we're starting at zero. We're not going to go create it. There's going to be a lot of asymmetry. But at some point, AI will hit enough mass adoption where it becomes still very attractive. It's just not going to be 10x in two years. And I think that Bitcoin's already there, and gold at some point will get there too.

• 1:39:08Tom Ellsworth?

  Tom.

• 1:39:10Tom Ellsworth?

  Where am I at right now? I'll answer that question. Where I'm at right now. I see investing right now as a, as a burrito. And I'm putting...

• 1:39:21Patrick Bet-David?

  It's a burrito?

• 1:39:21Tom Ellsworth?

  No, I'm, no, I'm, I'm, I have, I have AI stocks, an AI blend. But then I also have guacamole. I'm still buying Bitcoin. I'm not buying a ton of Bitcoin.

• 1:39:33Patrick Bet-David?

  You say you're hungry, Tom.

• 1:39:34Tom Ellsworth?

  But I'm, no, no, I, I bought Bitcoin earlier this week.

• 1:39:37Patrick Bet-David?

  Yeah.

• 1:39:37Tom Ellsworth?

  It's on like low 60s. And so is there a little dollar cost averaging? Yeah. I'm not heavy Bitcoin by any means whatsoever, but I bought some. Because I believe that this is just where it is. Now, am, am I out there with the, the Bitcoin bulls and half of what I have? No, no, I'm not. But I'm still there, and I don't think AI and Bitcoin are mutually exclusive. And you already heard what I would say here. And actually, you guys have kind of convinced me. Remember, I was, I was sheepishly 25% when I said OpenAI. I'm probably not. And I like the analysis that we, we heard here.

• 1:40:13Patrick Bet-David?

  Okay, so you're, you're not going to be going into OpenAI?

• 1:40:16Tom Ellsworth?

  After what I heard here, and I'm going to, I'm going to go back and read more, especially around Fable 5. But if it's truly just a step, and it's not the big, you know, hey, I got you. Because they've been playing Leapfrog. All the AI guys were playing Leapfrog. Who was faster? And it was definitive. It was very clear, like Opus 4.7. It was very clear. And then, you know, 5.5, that was very clear.

• 1:40:40Patrick Bet-David?

  Brandon.

• 1:40:41Tom Ellsworth?

  This is not clear.

• 1:40:43Speaker 04

  Yeah, absolutely. I would go AI right now because, you know, it's a clear, easy to explain reason for what it's going to do for society, the value add. And it's not just one thing that you could invest in AI with. It's not just like it's Anthropic, or it's Nvidia, but it's the inputs that go into it. Like, I can't tell you how many people I speak to that are like making boatloads of money just from the inputs that go into the data centers. Like, you know, like whether it's A track people doing the certain parts of the data centers that go into AI. So it's like, this whole initiative by the government that, you know, hundreds of billions of dollars are getting pumped into that are feeding the AI. Because, you know, it's an arms race when it really comes down to it. So whatever the government is trying to, you know, put a strategic initiative towards and pumping money into, you know, that's, you know, it's like the wind blowing at your back. So why fight that?

• 1:41:27Patrick Bet-David?

  Yeah.

• 1:41:28Speaker 04

  Right?

• 1:41:28Patrick Bet-David?

  Yeah, makes sense. By the way, autopilot, one of the things autopilot has, which, Pop, you remember, we talked about autopilot, I think the first time you were on here. One of the autopilots they have right now, it's called the White House Asset Management.

• 1:41:41Speaker 04

  Mm hmm.

• 1:41:41Patrick Bet-David?

  Whatever they have, I don't know if you participated in that one or not.

• 1:41:44Speaker 04

  It's heavy on quantum right now.

• 1:41:45Patrick Bet-David?

  Yeah, it is. And then there's another one that says AI World War III Portfolio.

• 1:41:50Speaker 04

  Mm hmm.

• 1:41:51Patrick Bet-David?

  They have the best, they have inverse Kramer, Jim Simons, Pelosi tracker, all of it, right? Free to pick and choose from. It's interesting to see, you know, if the government portfolio is going to do good with things that they have, because they're investing into those things right now. It'll be interesting. It'll be interesting to see where it goes. And let me get into this next story here we have before.

• 1:42:11Speaker 02

  Before we go on, you want to know a crazy stat?

• 1:42:12Patrick Bet-David?

  Go ahead.

• 1:42:13Speaker 02

  Over the last five years, gold is up 122%. The S and P is only up 75%.

• 1:42:18Patrick Bet-David?

  Last five years. So gold is beating.

• 1:42:20Speaker 02

  Significantly beating it.

• 1:42:23Patrick Bet-David?

  Five years.

• 1:42:23Speaker 02

  So for all the talk of AI stocks, all this stuff, right? Gold up 120%, S and P's only up 75%.

• 1:42:30Patrick Bet-David?

  If I take and do the same report on Sylvia and run it on the top. If you do MAG7, if you do MAG7 versus gold, completely different story. That's a different story, yeah. And by the way, that's another reason why a lot of middle America will say, you know, there's Wall Street, there's Main Street, you know, the market doesn't necessarily say how we're doing. We're struggling with it. So, let me get to this next story. You have an interesting angle on this one. We saw the terrifying, this almost, you felt like it was out of a movie, brutal stabbing attack in Belfast, sparks calls for anti-immigration protests in Northern Ireland. We're not going to show you the video. Rob, is this it?

• 1:43:09Tom Ellsworth?

  It is. I can show you guys. I can't show it.

• 1:43:12Patrick Bet-David?

  No, we can't show it. But if you haven't seen it, it's difficult. It's a man literally being beheaded in the middle of a street. Everybody responded to this. And the police said they have detained a man over the British, over what British Prime Minister Keir Starmer described as sickening stabbing attack in Belfast. Graphic video of the incident was shared online by figures on the right of British politics, who called for mass anti-immigration protests. The police service of Northern Ireland identified the suspect as Sudanese man in his 30s. After initially saying he was believed to be Somali, police said a kitchen knife was found at the scene. Video posted online showed a man stabbing another man lying in the street and repeatedly slashing him in the head and the neck with a knife

• 1:43:55Patrick Bet-David?

  in what appeared to be an attempted beheading. Several people were intervening and tackling the attacker as police arrived. Calls for demonstrations across Northern Ireland quickly gained momentum. I think Conor McGregor responded to this. It's pretty nasty what happened over there right afterwards. But Pom, you have a different thought with this. Is this a political issue? Is this an economical thing? How do you process the story?

• 1:44:48Speaker 06

  Now, more than ever, we need someone on our side. But Rob Whitman? Whitman's votes drove up costs, cut Medicaid, and risked 350,000 Virginians' healthcare to pay for tax breaks for himself and his donors. He's not on our side. Shannon Taylor will fight corruption, cut taxes, and bring down costs. This November, vote for Shannon Taylor. She's for us. Paid for by HMP, the House Majority PAC dot com. Not authorized by any candidate or candidate's committee. Your website can do a lot more than you think. With Base44, describe what you want in your own words and build a website that looks your way and works your way. Let people book with you or buy from you with hosting already included.

• 1:45:33Speaker 06

  Then, help more people discover your site with built-in search tools, social content, and Google Ads. Build the website you've got in your head on Base44. Go to base44.com. That's base44.com.

• 1:45:51Speaker 02

  The government's job is to protect its citizens. If the government doesn't protect its citizens, the citizens will then organize to protect themselves. That is a story as old as time. Go civilization through civilization, that's true. What we are watching in Ireland, many places, is economics are driving both sides of this debate. Why are so many people trying to come to America, or come to Ireland, or come to name your Western country? It is mostly economic. They want economic opportunity, they want social mobility, they want the ability to create a better life for themselves. Now, the counterargument to that is, well, if you have an influx of these people, it takes away the opportunities from the people who already live there, and therefore, that is also an economic story.

• 1:46:32Speaker 02

  So, economics drives the migration, and then it also drives the descent to the migration. What you see here is, I actually think, economic-wise, people, it's very hard to get them to a tipping point. It's kind of like boiling hot water with a frog, right? Because it's slow. "Oh, jobs are disappearing, the dollar is being devalued, you know, there's opportunity that's escaping me." But you don't see it in a viral video. You kind of just feel it over years and years of time, and so it's very hard to get people worked up. Public safety's different. And that video, the second I saw that video online, oh, boy. And what people don't know is it's in Northern Ireland. And one of the best analysis I saw of this was,

• 1:47:16Speaker 02

  how is it that we went from that video to the response we saw across Northern Ireland? Can you name one person who was involved in the resistance from the Irish men involved? Did you see one Irishman's face? Did you see one public message from an organization in Ireland that said this is the thing to do? Conor McGregor came out publicly and tweeted, but other than that, nobody. That is a pretty well organized response. There are checkpoints. There are people going door to door. They're, you know, again, it goes back to, that's not just a moment happens and all of a sudden you're

• 1:47:51Patrick Bet-David?

  What's your point? What point are you making?

• 1:47:53Speaker 02

  I think that there are groups in Northern Ireland, there's a number of different groups, where this has been boiling up, boiling up, boiling up. And they are prepared to figure out at some point, we are going to have to take matters into our own hands. And when you see this type of response, this well coordinated, this inability to point to one group, one person, etc. It tells me that this is not like a flash in the pan type protest that all of a sudden is going to disappear. This is something that is much more systemic. And again, it goes back to, there's an economic reason that we got to this point. But now, when you get this type of response, I think that this is something where you're going to see other people in other countries get inspired by it. They're going to realize, hey, that this is now an issue.

• 1:48:35Patrick Bet-David?

  Hopefully, Tom.

• 1:48:37Tom Ellsworth?

  Well, I agree with the, there is an undercurrent of organization that, that happens. A definite undercurrent of organization. When I lived in Los Angeles, when you lived in there, Pat, during the Rodney King riots, there were neighborhoods that saw that these riots were going to be coming and they couldn't get plywood. And they couldn't get things to board up the stores fast enough. You saw what was happening on the Champs-Élysées, the main street down France. They already had those, the, the giant tall black metal barriers that they were putting up.

• 1:49:15Tom Ellsworth?

  The unrest just on the PSG was playing in a soccer final, but they were ready for it. Well, they weren't ready for it, and I saw it in LA. But what was some people that were known as the rooftop Koreans. They were ready. They were all organized and they were up on their roofs. They had their, they had rifles. They were ready to protect their families. They were ready to protect their buildings. And when the riots started coming down the street toward them, the rooftop Koreans, if you look at the pictures of these, these guys came from their offices. They're wearing dress shirts, but they're armed. And guess how many people they shot at? Zero, because the rioters came down, saw the resistance. See this?

• 1:50:00Tom Ellsworth?

  This is part of them, but now go find the other ones where you've got dads that are there. There is right there. There's a guy in a dress shirt. He just took off his tie. He rolled up his sleeves.

• 1:50:10Patrick Bet-David?

  Great commercial for cigarettes.

• 1:50:12Tom Ellsworth?

  Well, yeah, and you can see them. They're all up there and they're basically saying, I dare you. And guess what happened? Those businesses didn't get looted.

• 1:50:23Patrick Bet-David?

  It's gonna get there all over the world.

• 1:50:24Tom Ellsworth?

  Exactly, but they didn't shoot at the rioters. They didn't kill any of the rioters. The rioters went like, okay, these guys have an elevated, heavily armed position. You know what? Let's go to Best Buy, you know, down there.

• 1:50:37Patrick Bet-David?

  That's a different.

• 1:50:37Tom Ellsworth?

  But guess what? They were organized.

• 1:50:40Patrick Bet-David?

  No, but by the way.

• 1:50:41Tom Ellsworth?

  It's to Pomp's point. They were ready and organized. They said, if all these riots and what's going on, Rodney King, what do we do? They had gotten together as civic citizens and organized themselves, and I think that's what we're seeing in Belfast.

• 1:50:52Patrick Bet-David?

  Yeah, you have to protect your own. Yesterday I had a guy here, young guy, 25 years old. I want to say his name correctly. Andre Williams rap. A young guy, somewhat of a controversial figure, the stuff that he says. We saw him on a show. What was it called? It was called the.

• 1:51:08Tom Ellsworth?

  Soft White Underbelly.

• 1:51:09Patrick Bet-David?

  Soft White Underbelly, which has got like six, seven million subscribers, and he did an interview talking about there's four different types of black people. And he said his grandfather, very successful business guy in their community in Detroit, told him, no matter where you live, always be a leader, always protect your own, always raise standards. That's what his grandpa said to him. So, yeah, I'd love to, and by the way, of course, he's very, very critical of the African-American, the black community. And he'll give his inside, he's gonna piss off a lot of people. There's gonna be a warning given to you at the beginning of the video, because I cannot tell you how many times he used the word, exactly. He used the word, the N-word more than rappers use in a song. He used it in the span of a two-hour podcast that we did. But it's good to see people

• 1:51:54Patrick Bet-David?

  that are finally protecting their own. It's just, hey, you come do this to our city. And by the way, maybe it's not a bad idea for 11 of the Knicks players to watch it to make sure they protect their own tonight with Jalen Brunson. Do not let him bully you.

• 1:52:08Speaker 02

  You got a prediction?

• 1:52:09Patrick Bet-David?

  I think Spurs are gonna take it.

• 1:52:10Speaker 02

  You think Spurs win the NBA Finals?

• 1:52:12Patrick Bet-David?

  No, from the beginning, I had Spurs.

• 1:52:15Speaker 02

  Okay.

• 1:52:15Patrick Bet-David?

  That take it. You know what I always like? I love it when it's a first time both ways. Makes sense? The Knicks win it, it's first time. But I like Wemby, because when I watch Wemby's interviews, Wemby to me talks in a way that he's gonna raise the standards in the NBA. So does Brunson. Both of them are fighters. I prefer this. I prefer Brunson over SGA being in the finals, because Brunson's inspiring kids, kinda like Steph Curry did, right? So I kinda like guys like that. But SGA, to me, plays too much like a Harden-style, Chris Paul flopping, and I don't think that's a good product. So, but I'm going Spurs tonight.

• 1:52:53Tom Ellsworth?

  And we're not advocating violence. This is just me.

• 1:52:56Patrick Bet-David?

  No, Tom, you're kinda weird, Tom.

• 1:52:57Tom Ellsworth?

  No, no, no.

• 1:52:58Patrick Bet-David?

  Don't take it back. Bring out the deep, dark gangster side of you, Tom.

• 1:53:02Tom Ellsworth?

  Well, I'm not saying that the Knicks should protect their teammate and whip out the nine and pop a cap in his ass. That's not what I'm saying.

• 1:53:08Patrick Bet-David?

  No, you are saying Alvarado should make a few phone calls.

• 1:53:11Tom Ellsworth?

  That maybe the elbow should be moved.

• 1:53:13Patrick Bet-David?

  No, no, no. It's gonna get nasty.

• 1:53:14Speaker 02

  Yeah, you ever, last thing I'll leave you with, you ever hear the Kobe Bryant story at Palgasol?

• 1:53:19Patrick Bet-David?

  Of course.

• 1:53:19Speaker 02

  Right, and he, and he, their teammates in the Olympics and he runs first thing I'm gonna do.

• 1:53:23Patrick Bet-David?

  Yeah.

• 1:53:23Speaker 02

  And knocks him over and, and the whole team just looks at him like, oh shit.

• 1:53:27Patrick Bet-David?

  That's his teammate. Yeah, so I think it's gonna be the most exciting game to watch tonight. But I know you're gonna go Knicks. I'm going Spurs tonight. I think Spurs could come back. And the rest is history. I said this a couple of days ago. Anyways, gang, uh, take care everybody. We will, Rob, what do we have tomorrow? Uh, Andre Williams. Yeah, but brace for impact. You will be offended. I'm just telling you in advance that on Friday we'll be back with the podcast. Take care. God bless. Bye bye, bye bye.

• 1:53:55Speaker 06

  Now, more than ever, we need someone on our side. But Rob Whitman? Whitman's votes drove up costs, cut Medicaid, and risked 350,000 Virginians' healthcare to pay for tax breaks for himself and his donors. He's not on our side. Shannon Taylor will fight corruption, cut taxes, and bring down costs. This November, vote for Shannon Taylor. She's for us. Paid for by HMP, the House Majority PAC dot com. Not authorized by any candidate or candidate's committee. Starting a business is exciting. Getting ready for clients takes work. With Base44, describe what your business needs in your own words and build a website and

• 1:54:35Speaker 06

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