Netflix Acquires Warner Brothers, Apple’s Leadership Shakeup, SpaceX Prepares For IPO | Diet TBPN

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

• 0:00John Coogan?

  We are live again from the New York Stock Exchange. Thank you for the boat sound journey. Let me give you some facts about Netflix. They're going to buy Warner Brothers and HBO Max for an $82.7 billion deal. The acquisition is expected to close following Warner Brothers Discovery's spinoff of Discovery Global TV Networks Division in Q3 2026. There's a bunch of fun, interesting things hitting the timeline. Obviously, this is a tech story because of Netflix.

• 0:26Jordi Hays?

  And it is a story that we will be talking about for quite a while. Because although this has gotten announced in the last 24 hours, it's very likely that this is going to be a very long, drawn-out process before it actually gets regulatory approval.

• 0:42John Coogan?

  So, it's official. In a move that will dramatically reshape the entertainment business, Netflix and Warner Brothers, or WB, don't call it Warner Bros., although we want to. The insiders, they call it Warner Brothers, or WB. Warner Brothers Discovery announced an agreement Friday under which Netflix will acquire Warner Brothers, including its film and TV studios, HBO Max and HBO. The deal has a total enterprise value, including debt of $82.7 billion, with an equity value of $72 billion, the company said. The announcement of Netflix's deal to buy the Warner Brothers streaming and studio business came after a weeks-long bidding war that pitted the streaming giant against David Ellison's Paramount Skydance.

• 1:25John Coogan?

  And Comcast, didn't Netflix's stock trade down on this news?

• 1:29Jordi Hays?

  Some people are excited about it. Some people are, plenty of people are not excited about it for various reasons. Some people don't think it'll get approved. Other people think this is, you know, it's quite an extension. WB obviously does theatrical releases. They have a movie theater business. It's not, it's definitely will be quite an extension to Netflix's core business today.

• 1:53John Coogan?

  So Netflix said it expects to, quote, "maintain Warner Brothers." The company has historically been more of a builder than a buyer. And so Netflix is trying to, like, sort of reassure both fans, employees, even people who might just see Warner Brothers. Discovery is like a fantastic asset that doesn't need to be like stripped for parts. He's trying to push back against a potential narrative that Netflix will will be very ruthless in cost cutting and and lose some of that, you know, what people think made WB amazing art. So he said Netflix expects to maintain Warner Brothers' current operations and build on its strengths, including theatrical releases for films. I know this doesn't matter to you because you never go to the theater.

• 2:38Jordi Hays?

  Hey, we went to Houdun.

• 2:40John Coogan?

  That was like two years ago.

• 2:42Jordi Hays?

  But we got a when we did that, it was a lot of fun. We got a bunch of the guys. We got a bunch of the guys together. We said we're gonna make the monthly thing.

• 2:49John Coogan?

  Yeah, we were close. At the start of the year, we were doing that. We were doing that. We were getting everyone together, just like guys night out kind of, but to the movie theater. Because we were like, okay, what do you do if you're a guy and you have a bunch of guy friends and you wanna, you know, go meet up, but you don't really like drinking? You don't know anything about sports. Like, what can you do on a Tuesday night?

• 3:09Jordi Hays?

  Suit up and head to your local movie theater.

• 3:11John Coogan?

  Head to the local movie theater. I mean, the reality is that theaters are going to change. They are like, there's a question of like, you know, fast takeoff in AI, fast takeoff in streaming. Like, it's been 20 years since you've been able to watch things on the internet. So you've been able to watch, uh, home box office was a way to watch a movie at home. In some ways, the ability to put a TV in someone's house was the beginning of the end for the theater. They were immediately substitutes, although the difference was massive screen versus tiny CRT. And then it was like, okay, a 42-inch TV, flat screen. Now that might cost a couple grand. And it was like a serious expense. It was a couple grand. Now they're practically giving them away.

• 3:51John Coogan?

  And so, of course, that's going to be a competitive pressure, but also it's not going to destroy the theater immediately, but it's going to have an erosion effect over decades. And that's exactly what's happening. But it's nice that Netflix is not declaring this the end of the theater. They're gonna continue to invest in support. So Netflix signaled it would keep HBO Max as a discreet service, while it also touted the addition of HBO and HBO Max content to its lineup. And so you're gonna add the deep film and TV libraries and HBO to an HBO Max programming. Netflix members will have even more high quality.

• 4:24Jordi Hays?

  Will it be called Netflix Mac?

• 4:26John Coogan?

  You need to be Netflix maxing. The article goes on. This allows Netflix to optimize plans for consumers, enhancing viewing options and expanding access to content. Netflix says it expects to see $2 to $3 billion in cost savings annually by the third year after the Warner Brothers Discovery deal closes.

• 4:44Jordi Hays?

  This is from Martin Piers. He says Netflix's Warner purchase is an $82.7 billion blunder.

• 4:52John Coogan?

  He's calling it a blunder.

• 4:53Jordi Hays?

  He says it will likely, announced Friday morning, will likely prove a stupendous error by a management team that until now has rarely put a wrong foot. Netflix paying a huge price, 27 and a half times next year's expected earnings, well above prevailing multiples for film and TV companies for businesses that likely won't help it add many subscribers, right? Martin continues, moreover, the deal is likely to face severe regulatory obstacles. Again, so Netflix is not exactly Trump-aligned, right? Netflix had the deal with the Obamas. And so I think that in a world where WB is going to Paramount, I can see that much more likely to get through.

• 5:34Jordi Hays?

  Whereas this, this is going to make sure the Netflix team is going to be spending like at least the next year, I would assume, working on this.

• 5:42John Coogan?

  Yeah, I mean, it feels like it's so hard to make the case that this creates some sort of monopoly. Because Disney owns, it's like, yes, okay, now Netflix has Squidward and they also have Batman, but...

• 5:53Jordi Hays?

  Jason Kilar, who's the former Warner Media CEO, says, "If I were tasked with doing so, I could not think of a more effective way to reduce competition in Hollywood than selling WBD to Netflix." Ben Weiss says, "Disagree. Hollywood is competing with Silicon Valley, Apple, Amazon, Google Meta, preserving some notion of competition in and between legacy Hollywood. Risk winning a battle and losing a war. The old media companies need more of the right type of scale. This does it for WB." Jason says, "When I use that phrase, 'competition in Hollywood,' I'm referring to having a sufficient number of vibrant and robust entities that can and will aggressively compete against each other to produce and distribute films, series, live events, and more for decades to come. I'm not focused on the legacy of it all."

• 6:35John Coogan?

  I mean, it might be high, but just in terms of like Hollywood filmmaking, these feel like extremely competitive areas. There are so many different, there are so many different streaming services and bundles that you can piece together. There are folks who are like, yeah, you know what? I order from Amazon, so I have Amazon Prime. That's where I watch everything. There are still people that just go to Apple, you know, Apple TV and just buy a movie. You know, you can still just do that. You can be off in the Netflix ecosystem. You can be in the Hulu ecosystem. Like, it doesn't feel like there's a crazy lack of competition in media right now.

• 7:18John Coogan?

  I would be somewhat surprised if this doesn't, if this doesn't go through, but I mean, you never know.

• 7:21Jordi Hays?

  I don't know. I think Netflix, again, we were, before this, we were having lunch with a cable exec and he was kind of bringing up how Netflix had gotten caught up a little bit in kind of some of the woke stuff.

• 7:37John Coogan?

  Sure.

• 7:37Jordi Hays?

  And again, I just think in, in, in Trump America, it just feels far more likely that the Allison's could get a deal done and they're notoriously absolute dogs.

• 7:50John Coogan?

  Yeah, there's a rumor that they're gonna go, that they're gonna like, they're gonna try it out big, right?

• 7:54Jordi Hays?

  Yeah, so right now, this is Chris Gasparin over at Fox says, Scoop, as reported, Paramount and Skydance, Skydance is now looking to launch a hostile bid for WBD because it feels its $30 a share all cash offer is actually higher than what Netflix offered in terms of cash stock and the value of the spinoff of the cable business. So this is still developing.

• 8:15John Coogan?

  Before Netflix IPO'd in 2002, apparently Bezos offered $12 million to buy it. Can you imagine if Netflix had sold for 12 billion?

• 8:24Jordi Hays?

  Well, they also tried to sell the Blockbuster during the-

• 8:26John Coogan?

  So Blockbuster had a chance to buy it for 50 million and they laughed it off. But then it was just a DVD delivery service and they were like, we can build this. We have DVDs. We have all the infrastructure. We can just take it from the stores. Like, we don't need to do this. But what they didn't realize was that actually building technology, actually building a real tech, like- Streaming service and scaling that platform. I mean Netflix has some of the greatest like just infrastructure.

• 8:51Jordi Hays?

  Well, and even the early recommendation engines. Like I remember my, I remember my dad being like, yeah, Netflix just recommended it. It knows what I like and it just said, it sent me this. They said, you're going to enjoy this.

• 9:01John Coogan?

  You're, you were making the point that putting Netflix and, and Warner Brothers together. It doesn't like, everyone's already subscribed to Netflix. I don't know if that's true, if, if the trends continue. Like Netflix has a fair amount of like, like they have their squid games. They have some big, they have some big IP. But if you just think about like the drumbeat of HBO comeback every season. Oh, you're not watching Game of Thrones, you're out of the loop. Oh, you're not watching succession, you're out of the loop. Like the conversation driving shows, I feel like are on HBO much more consistently than Netflix. And in fact, I don't even know if I'm logged into Netflix on my phone right now.

• 9:44Jordi Hays?

  So you're, you're a true enthusiast. For me, as someone who's not an enthusiast, I'll go to Prime because I'm like, I rarely watch movies. If I'm going to watch a movie, I want to just, I'm happy to just buy. I'm not like going like, let me get the, let me get the, the free option on Netflix. I'm like, I will just buy the, the thing that I want to fill this 90 minutes with.

• 10:04John Coogan?

  Yeah.

• 10:04Jordi Hays?

  Anyway, so the deal doesn't include WBD, WBD's cable channels such as CNN, TNT, TBS and Discovery.

• 10:10John Coogan?

  Yeah, I'm going to spin that out.

• 10:11Jordi Hays?

  Which are being spun off.

• 10:12John Coogan?

  Okay.

• 10:12Jordi Hays?

  Even if Netflix gets regulatory approval, it will have to take on 50 billion in debt to complete the deal. And we'll spend a couple of years cutting costs to reduce that debt. Netflix does do around 10, nine or 10 billion in free cash flow.

• 10:24John Coogan?

  Yeah.

• 10:24Jordi Hays?

  And so they can certainly service the debt.

• 10:28John Coogan?

  Yeah.

• 10:28Jordi Hays?

  Anyways, in the first nine months of this year, WBD's studio and streaming operations generated 2.3 billion in earnings. Next year, Netflix executives said they expected the Warner business to generate 3 billion in EBITDA. That's a price of 27 and a half times EBITDA. Netflix says the deal value represents a multiple of 14.3 times. Uh, WBD's traditional rivals Disney and Paramount Skydance are each trading around 11 times.

• 10:51John Coogan?

  Kramer said, so out of the box, Netflix as the world's biggest contractor. Creator by far exciting, but not necessarily in a good way for shareholders. That's so funny. I don't think people realize the licensing business Netflix is about to have if this deal goes through. Warner Brothers animated IP library alone would bring in billions in new merchandising revenue. Coupled with new versions of these iconic shows on the platform, game over. And he lists some of these out and one of them I think is hilarious is Foghorn Leghorn. They own Looney Tunes. So they have Bugs Bunny, Daffy Duck, Porky Pig, Sylvester, Road Runner, Wile E. Coyote. These are, yeah, these are, these are time honored iconic, iconic characters.

• 11:34John Coogan?

  I just think it's funny because very clearly there are a series of bankers out there that have a spreadsheet. And somewhere they have a row and on that row is Foghorn Leghorn. And attached to Foghorn Leghorn is the value of the intellectual property of Foghorn Leghorn. Who's like a large rooster who talks with a funny accent. And I just imagine that they're out there saying like, yeah, Foghorn Leghorn, that's like 30 million, that's a $30 million business. Like Porky Pig, Porky Pig's 80 million. Let's do a sum of the parts. What about Snagglepuss?

• 12:05Jordi Hays?

  I don't know. I thought you were making some of these up.

• 12:07John Coogan?

  No, this is part of the Han Barbera.

• 12:09Jordi Hays?

  Okay, so, so Polly Market has, who will acquire WB at 86% today. Paramount is still only sitting at 6%. Mike Mirrorfloor says we already have Nano Banana Pro TVC commercials with decent paid media budgets behind them. Everything is moving so, so quickly. So James Harden is in an ad for MyPrize. I don't know what MyPrize is. Said this is the best commercial he's ever been in. And he never stepped foot on the set. Let me show you how to crack the code on celeb deep fakes for this MyPrize ad we did with James Harden. So this is a guy named Billy. Woodward.

• 12:49John Coogan?

  Yeah.

• 12:49Jordi Hays?

  Who's been doing some.

• 12:50John Coogan?

  They're actually putting behind this, this ad on TV because it looks like a TV commercial, but this also could just be a viral marketing campaign on.

• 12:59Jordi Hays?

  Wow, my prize is a premium online casino games.

• 13:02John Coogan?

  Wow, James Harden is getting it on the gambling trade.

• 13:06Jordi Hays?

  There's a very viral post right now that says breaking, President Trump set to announce a new AI platform called Truth AI. There's not a single, not a single legacy media institution has reported on this that I've found. So I would, given that this is a story that they'd be very excited to cover.

• 13:22John Coogan?

  Yep.

• 13:22Jordi Hays?

  I would be wary that it's real yet. But that's not stopping Jay Bull, T A R D, from saying, and you guys think Google won the AI race, talking about how Trump is set to unveil new AI platform, Truth AI.

• 13:41John Coogan?

  You know, you know what the crazy thing is? Like, I keep laughing about this fact that, like, it has got to be so hard to justify an in-house AI foundation model training run now, if you're a big platform, when the rebuttal has to be, okay, so you're saying that you need to do something special, you need to do something creative, you need to do some weird deal with some other people, put something together, but Apple can just work with Google.

• 14:04Jordi Hays?

  Yeah.

• 14:05John Coogan?

  It's enough for Apple to, Apple gets to work with Google.

• 14:08Jordi Hays?

  Good enough for you.

• 14:09John Coogan?

  Apple works to just buy tokens from Gemini, from Google, but you.

• 14:13Jordi Hays?

  Few billion a year.

• 14:14John Coogan?

  Your business is more, more special than Apple's.

• 14:17Jordi Hays?

  I think, I think Apple is in the position where like, they're like, we don't need to prove to, like, I feel like an analyst can look at Apple and say, like, they will have leverage in AI.

• 14:26John Coogan?

  Yes.

• 14:26Jordi Hays?

  At least today.

• 14:27John Coogan?

  Yeah, yeah, yeah, this is a mentality.

• 14:28Jordi Hays?

  Where there's other businesses that feel like, okay, we need an AI strategy, it's not enough to just announce a partnership with a lab.

• 14:33John Coogan?

  Yes, yes, yes.

• 14:33Jordi Hays?

  We need to, like, actually own the weights.

• 14:36John Coogan?

  Yeah, yeah, yeah. The Wall Street Journal is saying that Apple departures point to challenges for iPhone's dominance, and I'm, I think it's too early to call the iPhone challenged. I feel like the iPhone's dominance.

• 14:50Jordi Hays?

  Yeah.

• 14:50John Coogan?

  Has not been challenged yet, maybe that is coming. You know, there have been several top lieutenants who have left in the past. Apple is facing a wave of executive departures as the company continues a period of transition, not only among its leadership, but if rivals have their way for its businesses as well. On Thursday, the company announced that its general counsel and head of policy will both retire next year. On Wednesday, a top designer left for Meta Platforms. On Monday, Apple said its head of artificial intelligence strategy would retire. Its chief operating officer announced its retirement in July, and the CFO has transitioned into a new role. Are the heads rolling, or are these retirements?

• 15:34John Coogan?

  There's a lot of like, you know, sort of management. It feels like Apple's just like, not the place to let the drama kind of come to them.

• 15:41Jordi Hays?

  Apple was overdue for a full executive reset. Just need to add Cook to the list, and for a replacement, Forstall is only 56. Time for a comeback.

• 15:49John Coogan?

  Ooh, oh, that'd be very interesting. Yeah, there's a lot of Forstall fans out there who think that he didn't get it, he didn't get it right, or he didn't get the opportunity he deserved.

• 15:57Jordi Hays?

  Cook can't catch a break.

• 15:59John Coogan?

  I still think, I still think Cook's done a lot of good stuff. I'm still, I'm still bullish on Cook. The executive departures underscore a changing of the guard underway at Apple. Even as executive, Chief Executive Officer Tim Cook himself shows no sign of stepping down, even though everyone is leaking a variety of rumors to the contrary. Cook and his new lieutenants face a critical test preparing Apple for the AI era and a wave of new competitive devices that results.

• 16:28Jordi Hays?

  SpaceX tells investors it's aiming for a late 2026 IPO. Apparently Elon Musk SpaceX has told investors and financial institutions that it is aiming for an IPO in the second half of next year. The talk comes as SpaceX considers holding a sale of shares held by investors and employees that would value the company at 800 billion. Quite the markup. Double its valuation in the sale this summer and what would make it the most valuable private company. He's got to be the most valuable private company. It probably candidly makes him sick that that OpenAI has briefly eclipsed. Mark Benioff is saying that he might rename the company Agent Force.

• 17:06John Coogan?

  Yeah.

• 17:07Jordi Hays?

  Trace Cohen says, just force. Why not just force?

• 17:10John Coogan?

  Ooh, force. Well, isn't there a, isn't there Force India, the F1 team from a couple of years ago? BYT or BWT, Force India? That was like a team.

• 17:20Jordi Hays?

  Benioff is on a tear. His pinned tweet right now. "LLMs are the new disk drives. Commodity infrastructure you hot swap for whoever's cheapest and best. The fantasy that the model is a moat just expired."

• 17:34John Coogan?

  He's going to really go wild.

• 17:35Jordi Hays?

  They're going off down here. Why not just sales? I like just sales. Just be Salesforce.

• 17:41John Coogan?

  I don't think you can be. I think that's too generic.

• 17:43Jordi Hays?

  I don't know.

• 17:44John Coogan?

  For what you do.

• 17:46Jordi Hays?

  I mean, he would have to update the ticker too. It's still CRM. F it. Nothing else is working. Go for it, brother.

• 17:52John Coogan?

  A name change sometimes will fix you.

• 17:55Jordi Hays?

  For anyone who doesn't understand, Cursor processes more tokens than Salesforce. All time figure every six days. Salesforce has 20 million users.

• 18:03John Coogan?

  Yep.

• 18:04Jordi Hays?

  I mean, Credit Cursor has a similar amount of users, I think.

• 18:08John Coogan?

  Sure.

• 18:09Jordi Hays?

  Assuming same average token count per active Agent Force user count is 40 to 60,000 truly active users. AKA 0.2 to 0.3% adoption three years after launch.

• 18:20John Coogan?

  Like, all tokens are not created equal. Like, you can, you can generate so many, so many tokens if you're doing these like deep research reports and like if you had Agent Force going around and basically effectively running a deep research report on every contact in every CRM under like under.

• 18:37Jordi Hays?

  Every conversation.

• 18:39John Coogan?

  Every conversation.

• 18:40Jordi Hays?

  Every time you get a new email from a lead, right?

• 18:41John Coogan?

  The, the, the token generation could be incredibly high and also deliver very little value. On the flip side, you could have a really fine tuned model that is, you know, laser focused, more of a scalpel.

• 18:54Jordi Hays?

  Yeah.

• 18:54John Coogan?

  And you can be getting a lot of value out of those tokens that you are generating. So I don't, I don't really know.

• 18:59Jordi Hays?

  Logan Paul, Jake Paul, and Jeff Wu are starting an eight week Excelo. It's a 25K safe followed by a hundred thousand dollar price round for a total of seven percent equity. A lot of people are confused about uh doing it as a price round for a hundred K. Uh a founder could easily end up spending like thirty grand, you know, like depending on depending on who their lawyer is like actually.

• 19:22John Coogan?

  Oh yeah, that is tricky.

• 19:23Jordi Hays?

  It's like a hundred K investment and then you have like, let's assume you're like super efficient and it's like ten grand.

• 19:28John Coogan?

  Yeah, it's kind of annoying.

• 19:30Jordi Hays?

  And then, yeah, it's it's it's uh it's annoying. Um that said, I think there's a lot of interesting businesses that could go through this. They would really benefit from working with Jake and and Logan and Jeff, right?

• 19:42John Coogan?

  It's so interesting that it's a 25K safe and then a hundred thousand dollar price round like, why not just one twenty five for seven percent? Like on a on a on a safe with a cap that ensures they get seven percent no matter what like. Uh that feel, I would love to talk to them. I I think hopefully we're gonna be able to get Jeff Wu on the show at some point. We can ask him about how he is, you know, thinking about that particular term. Oh, seven percent for a hundred twenty five K, that's low. Uh and that's certainly lower than Y C. Y C you come in with like, I think a ten million dollar valuation. This is more like a one million dollar valuation. Um but uh, you know, if you're an earlier in your career, you're not ready to go to a different higher valuation. Like this could still be a good.

• 20:24Jordi Hays?

  Or you don't need a lot of capital for your business, but you do need a lot of attention. Like I could see some consumer brands getting started this way.

• 20:30John Coogan?

  Well, I I mean, I just remember like like Y C was my north star for like what I wanted to get into with my first business. But like I got denied the first time I applied and I was like, if you gave me five thousand dollars for ten percent of the business. Like I would take it because I want to work on my thing and I want to keep going. And like, yes, it's so at some point it can be predatory, but like uh with some of the first ideas that I was coming up with, like, I definitely didn't deserve a hundred and twenty five K for seven percent because they were like slop companies that were like very unlikely to win to to succeed. So I do wonder if they will position this as, okay, you're you're you're going to be able to accelerate on the go to market side. You're gonna be able to accelerate on the on the creator side, creator partnerships. Uh this will be, I there's a whole bunch of different ways.

• 21:14John Coogan?

  It could be something where you are work, you're you're going through this accelerator because you get to ask Logan and Jake about their media creation, their creator work. And then you're. You're launching your company more likely to go viral because these guys really understand virality. On the other side, it could be you're coming in and you're taking a crack at building something that might wind up being more like an incubation for them.

• 21:36Jordi Hays?

  The remaining, remaining Apple leadership team.

• 21:39John Coogan?

  Who is this?

• 21:40Jordi Hays?

  Travis Scott, Tim Cook.

• 21:42John Coogan?

  And Mr. Beast?

• 21:43Jordi Hays?

  Mr. Beast, of course.

• 21:44John Coogan?

  Mr. Beast did say that he's going to film on iPhones. I'm not sure what the Travis Scott connection is. Has he done a partnership with Apple?

• 21:52Jordi Hays?

  No, I mean, it's just, uh, it's just a good bit.

• 21:55John Coogan?

  There are still plenty of folks, Eddie Q is still there. The Apple leadership team is still stacked. Don't you worry. Don't you worry.

• 22:00Jordi Hays?

  Apparently OpenAI must turn over 20 million chat logs to plaintiffs. Judge Ona Wang has ruled.

• 22:06John Coogan?

  Yeah, you have to send an email to a, to a server that adds a chat GPT response in with your lawyer CC. That's how you maintain confidentiality.

• 22:17Jordi Hays?

  Harvey, who Keith also mentioned.

• 22:19John Coogan?

  Yes.

• 22:19Jordi Hays?

  Uh, raised 160 million at an eight billion dollar valuation.

• 22:23John Coogan?

  This is why Keith was talking about raising money.

• 22:24Jordi Hays?

  2% dilution round.

• 22:25John Coogan?

  Wow.

• 22:26Jordi Hays?

  From A16Z.

• 22:27John Coogan?

  I mean, you gotta take that money.

• 22:29Jordi Hays?

  They three extra revenue this year to 150 million.

• 22:30John Coogan?

  Yeah.

• 22:30Jordi Hays?

  They raised 300 million from Sequoia at 3 billion in January, 300 million at 5 billion from K2 and KP in June.

• 22:37John Coogan?

  And then 160.

• 22:38Jordi Hays?

  And then 160 at 8 from A16Z. Shout out to Spencer and the boys at, at K2.

• 22:46John Coogan?

  Yeah.

• 22:46Jordi Hays?

  For a little markup there.

• 22:48John Coogan?

  And I feel like, I feel like law firms have got to be pretty discerning on making this purchase decision at this point. Like, it's not, it's not entirely exploratory budget anymore. And it's not viral, like, something that's like, oh, it's like a flash in the pan and then all of a sudden, like, they're not going to be able to monetize it.

• 23:02Jordi Hays?

  Yeah, my question is like, do you, like, if, if anybody that wants to say, like, oh, this is like out of control, it's like, do you think they'll be able to get to like 8, a billion dollars of revenue?

• 23:12John Coogan?

  Legal industry is pretty big and, and it's been traditionally pretty hard.

• 23:16Jordi Hays?

  And they actually, they actually, so, so the labor displacement thing does feel real here because I do think a law firm would say, hey, currently we have 100 associates.

• 23:24John Coogan?

  Yeah.

• 23:24Jordi Hays?

  We can condense that down to about 20 and do the same amount of work by working with, uh, with something like Harvey. And again, the, the vibe had, had, uh, at least, uh, with a lawyer buddy of mine, had shifted drastically with Harvey.

• 23:38John Coogan?

  Yeah.

• 23:38Jordi Hays?

  A year ago, he was saying, ah, we're like, using it a little bit now. He's like, it's one-shotting stuff.

• 23:43John Coogan?

  Yeah.

• 23:44Jordi Hays?

  That, uh, I didn't think it would.

• 23:45John Coogan?

  He says, I'm, I'm one-shot it actually by it.

• 23:48Jordi Hays?

  I'm Wunch. Thank you for tuning in with us today and yesterday from the nice heat and we will be back here soon. We'll see you on Monday. Cheers. Thank you.