Disney Partners with OpenAI, Breaking Down SpaceX’s IPO Plans, Oracle Slips | 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.

• 0:01John Coogan?

  SpaceX IPO under the Christmas tree, 1.5 trillion for the big man, for Elon Musk. He's gonna raise $30 billion, something like that? That's an incredibly small amount of dilution if he actually goes out at 1.5 trillion. I thought he hated running a public company.

• 0:16Jordi Hays?

  Just 1.5?

• 0:17John Coogan?

  Just 1.5. Just 1.5 trillion. He said the biggest number because you know that there was that whole leak, I think it was in Reuters, OpenAI going out at 1 trillion. You gotta go a little bit higher. What's just a little bit higher? He should have done, he should have done 1.1. I'm gonna IPO at 1.1 trillion, really stick it to Sam. But he didn't. He says he's going out at 1.5.

• 0:37Jordi Hays?

  He's gotta leave some room for the first day pump.

• 0:39John Coogan?

  Yes, get it up to 2, get it up to 3. I mean, in terms of companies that should benefit from the space economy, like is this not the Nvidia of space? What other company is there? It's the space company, it's SpaceX. 30 billion coming in. Company was doing great. Launch product is fantastic. The rockets go up, they come down.

• 1:01Jordi Hays?

  They're putting sonic booms over Montecito.

• 1:03John Coogan?

  Apparently. But I think the actual launch market for anything but satellites, but for anything but data centers has just been a little small. And so Starlink has been the big unlock, of course, for SpaceX. Massive market there, putting the screws to Verizon, AT&T, and the other telcos. The other telcos, of course, have been noodling on working with a rival, putting up smaller satellites in a sparser constellation with more bandwidth per satellite.

• 1:33Jordi Hays?

  Somebody was talking earlier that to get the same amount of compute as a 1 gigawatt data center, you would need 10,000 satellites.

• 1:40John Coogan?

  That's not that many, though. Starlink has over 10,000 up there already, I believe.

• 1:44Jordi Hays?

  Sure.

• 1:45John Coogan?

  So that's actually not that crazy. That's actually extremely bullish for one gigawatt.

• 1:50Jordi Hays?

  There is a pathway to doing it with far fewer, which would just be like ultra, ultra long.

• 1:56John Coogan?

  I don't think they want to do big. I think the whole thing is constellation. That was the beauty of Starlink, was that you could go up there. And because it gave them the ability to have all this residual capability, as Gwyneth Paltrow puts it, which is like if the CIA shows up and they want to put a spy satellite on there, or some company shows up and says like, hey, we want to put something really serious in space, but we only need... 60% of the fairing, or we only need 40% of the fairing, or we only need 80% of the fairing. It's like, okay, great, that's that we'll fill the rest of the space with two starlings, five starlings, 20 starlings. So in terms of the SpaceX thing, I mean, we keep going back and forth on this. Is it just a pump? Is it just a new narrative? Is

• 2:39John Coogan?

  it? Is it a pivot to AI? I don't really care. I think it all comes down to this just idea of like Elon math. You know, the Elon math is always crazy. He's always putting up sort of wild predictions that then may or may not come true. A lot of them are way off. But at least he's telling a story that's like optimistic about the future. And at least like, it feels like that Trey Stevens like good quest thing is like, get to Mars is good. If he misses it by five years, at least he's still the first, he's the only person that cares about it, which is great. In true like hit piece fashion, I pulled up all the different, all the different times he's like, made a prediction and then like

• 3:20John Coogan?

  not landed it or not delivered on time. And it's crazy. The guy loves to rip predictions. He said he was gonna put, early SpaceX concept, when they started SpaceX, was to put a small greenhouse with plants on Mars as a PR demo, before they would even start the company. That of course did not happen.

• 3:39Jordi Hays?

  Before starting the company?

• 3:40John Coogan?

  Yeah, this was like the original thesis was like, he, he went to some, Elon went to some like space, kind of space nerd meetup. It was like, we need to put a plant, a physical plant with a webcam on it on Mars. And if we land that there, and we prove that life can live on Mars, we bring life to Mars, it will inspire everyone and marshal all the resources and all the capital and all the excitement to actually go put boots on the ground, which also he predicted. He predicted humans on Mars by 2024, of course, hasn't happened, that we know of, it's possible. Snuck one up there. They keep saying that the star, they keep saying the star, the starships blow up, but maybe, maybe one of them didn't. Maybe one of them sneaky, sneaky went off and put a person on Mars.

• 4:22Jordi Hays?

  Yeah, it's just the shell of the real ship.

• 4:24John Coogan?

  I like the inverse, the inverse conspiracy theory, you know, like, like, oh yeah, we never went to Mars, or we never went to the moon. No, the inverse conspiracy theory, we're going all the time secretly. But you, you're not cool enough to get in on it. You don't have a ticket. Everyone else does, except for you. Because I was just on the moon yesterday, and I'm not telling you about it. First crude Mars landing as early as 2029, little too early to say, but. That one feels aggressive. We're just four years out. You gotta put a whole crew down there. He also said, uh, tourist trips were gonna be happening around the moon by 2018. Didn't hit that.

• 4:58Jordi Hays?

  Yeah.

• 4:58John Coogan?

  Um, self-sustaining city on Mars of 1 million people, 2050. Feels a little early, but I don't know, 2050 is a long way away.

• 5:07Jordi Hays?

  Anytime you're getting more than...

• 5:08John Coogan?

  Couple decades.

• 5:08Jordi Hays?

  Couple decades out. Anything's possible.

• 5:10John Coogan?

  I, I agree, I agree. But then, of course, there's a bunch that he succeeded in. He said that he was gonna deliver reusable orbital rockets. He did it. He's also predicted fully reusable starship, uh, with rapid turnaround. Uh, it's a little too soon to tell. He's behind some of the early dates, but, uh, you know, in general, that project seems like it's real, it's gonna happen.

• 5:28Jordi Hays?

  Yeah.

• 5:28John Coogan?

  It's taken a little bit. But it is interesting how the, how the SpaceX narrative has shifted, uh, from first, we're going to Mars, then there was the whole, do you remember SpaceX point-to-point? Are you familiar with that?

• 5:39Jordi Hays?

  No.

• 5:40John Coogan?

  So, there was a pitch for a while.

• 5:42Jordi Hays?

  Like a commercial, is this like, this is a replacement for an airliner? You'll just go up and then come down and land?

• 5:47John Coogan?

  Exactly. Exactly. So it was, it was like, New York to Tokyo in like 30 minutes.

• 5:51Jordi Hays?

  That would go so hard.

• 5:54John Coogan?

  Insane. Right? Insane. So it, the idea was like, you're in Manhattan.

• 5:57Jordi Hays?

  Imagine, imagine being able to commute to Tokyo for some obscure job.

• 6:02John Coogan?

  It'd be amazing. It would actually be remarkable. And there's a whole bunch of economic research that shows that when you increase transportation, reduce transportation times, that you really do get an economic boom because people can do business in areas where they couldn't before. Even just the, reducing the time from San Francisco to LA from a six-hour drive to a one-hour flight, all of a sudden, people can go up and do business, come back the same day. They just get there more often. I had a hot take for a while that if I was the president, I would recommission the SR71 Blackbird, which of course goes, I think Mach 3. So you can actually get from DC to London in like two hours because it's a supersonic jet. And so, imagine that, imagine the...

• 6:45Jordi Hays?

  The presidential SR71 would go also very

• 6:48John Coogan?

  Remarkably hard, right? Elon is always the king of opening up new markets and just kind of saying like, "Well, what if, what if he was also replacing commercial air travel?"

• 6:58Jordi Hays?

  Yeah.

• 6:58John Coogan?

  And people are like, "Wait, that's a huge, huge market if you can do that." And of course, if you could make it more economical, who would ever pay for a ticket on a 747 when you could ride a rocket and get there literally 90% faster? Now, you have to go from Manhattan on a boat out to a launch pad. You can't take off from JFK. Like, there's a whole bunch of wrinkles and

• 7:21Jordi Hays?

  Yeah.

• 7:21John Coogan?

  And that's why this is all practically probably like 20 years in the future. But it was, it was one of those famous examples of an Elon project where if it doesn't violate the laws of physics, it eventually will happen. And that's a lot of what's happening with, with the data centers in space. I think that the space data center thing, it's, people are still having the debate on like, is it possible? It's like, obviously it's possible. The question is, is over/under a gigawatt in, by 2027, which is when the other big clusters come online, will it be competitive in the short term, in the near term? And then, and then on the flip side, like, you know, if you're, if you're, if you're a bear, are you saying that it's not going to happen in 20 years?

• 8:04John Coogan?

  And then, I mean, the big question is, there's one, there's one more Elon gambit that he could run with. One more like, "Oh, you, you wanted a fifth act?"

• 8:12Jordi Hays?

  Just one?

• 8:13John Coogan?

  No, I mean, there's tons. But there's one that's really wild, which would be if he straight up said, "We're building the Dyson Sphere." Like, "We are going to launch..." Tyler's nodding. He's pumped. He's pumped.

• 8:24Jordi Hays?

  Well, isn't he the obvious, isn't he like the only can't, only real candidate?

• 8:28John Coogan?

  Well, he's the only candidate for everything in space because he has the leading space company by like, it's two orders of magnitude.

• 8:34Jordi Hays?

  Tyler, the chat wants to know, "Did we ever find out if this kid?" I'm assuming they're talking about you, "is related to Elon?"

• 8:41John Coogan?

  Why would he be related to Elon?

• 8:42Jordi Hays?

  He's got a lot of sons. He's got a lot of sons.

• 8:45John Coogan?

  Okay, yeah, it could be anyone.

• 8:46Jordi Hays?

  After years of resisting it, SpaceX now plans to go public. Why? And Elon actually replied to Eric and said, as usual, Eric is accurate. So I thought it was worth reading through this. Eric says SpaceX is planning to raise tens of billions of dollars through an initial public offering next year. Multiple outlets have reported and ours can confirm. This represents a major change in thinking from the world's leading space company and its founder Elon Musk. Wall Street Journal and the information first reported about a possible IPO last Friday and Bloomberg followed that up on Tuesday evening with a report suggesting a $1.5 trillion target valuation. This is an enormous amount of funding. The largest IPO in history occurred in 2019 when the state-owned Saudi Arabian oil company

• 9:27Jordi Hays?

  Bican began publicly trading as Ramco and raised 29 billion. In terms of revenue, Ramco is a top five company in the world. Now SpaceX is poised to potentially match or exceed this value. That SpaceX would be attractive to public investors is not a surprise. It's the world's dominant space company and launched space-based communications and much more. For investors seeking unlimited growth, space is the final frontier. But why would Musk take SpaceX public now at a time when the company's revenues are surging thanks to the growth of the Starlink internet constellation? The decision is surprising because Musk has for so long resisted going public with SpaceX. He has not enjoyed the public scrutiny of Tesla and feared that shareholders' desires

• 10:09Jordi Hays?

  for financial return were not consistent with his ultimate goal of settling Mars. A significant shift in recent years has been the rise of AI, which Musk has been involved in since 2015 when he co-founded OpenAI. He later had a falling out with his co-founders and started his own company XAI in 2023. At Tesla, he's been pushing smart driving technology forward and more recently focused on robotics. Musk sees the convergence of these technologies in the near future, which he believes will profoundly change civilization. Raising large amounts of money in the next 18 months would allow us to have significant capital to deploy at SpaceX as he influences and partakes in this convergence of technology. How can SpaceX play in space? In the near term, the company plans to develop a modified version of the Starlink satellite

• 10:52Jordi Hays?

  to serve as a foundation for building data centers in space. There you go, John. Has SpaceX been capital constrained or are they capability constrained? You know, clearly there's been like infinite demand for SpaceX equity for a very long time, so much so that people are, you know, investing in triple layered SPVs just to get, you know, and enduring massive fees, just to get a taste. Does, does this massive capital infusion actually accelerate the business that much? Or is it just the right moment in time for a number of reasons?

• 11:23John Coogan?

  I totally get that SpaceX was never crazy, crazy capital constrained, even though like building a massive rocket, that feels like so, it feels so expensive, but at the same time, they've just been able to raise the money and it just hasn't been a problem. And of course, the like SpaceX as a business generates a lot of revenue, like some of the, some of the, some of the contracts with the government are in the billions. And, and then Starlink is just throwing off, it's telecom, so it's just throwing off tons and tons of cash.

• 11:54Jordi Hays?

  Yeah, and you just look at, you look at the growth opportunity in effectively telecom. You have T-Mobile is a $217 billion business that is threatened by Starlink. AT&T is a $172 billion business and Verizon is a $170 billion business.

• 12:09John Coogan?

  But I think the reason you need 30 billion, like sort of paradoxically or counterintuitively, might not be to build more rockets. It might be to actually just buy the GPUs. SpaceX doesn't make those GPUs. They don't just pull them out of thin air. They gotta buy them from somewhere. And if they're buying them from Nvidia, those are expensive and you gotta buy a lot of them. And for, to make a dent in, like, let's assume all the physics works. Let's assume that the launch costs are cheap. All the math works out. Well, if you're putting a gigawatt of compute in space, you probably have like a billion dollars of hard costs just on the chips or something like that. I don't know the exact number, but you could imagine that that you raise 30 billion.

• 12:51John Coogan?

  The business is humming, but you still have to outlay a ton just for the GPUs.

• 12:55Jordi Hays?

  Do you think that XAI gets rolled into SpaceX or Tesla?

• 12:59John Coogan?

  That's the hard part. I thought it was. I thought it was going to be Tesla for sure because, you know, Tesla has the lineage. They have their own chip. They have. They have massive data centers to train AI models for full self-driving. It felt like such a logical place for XAI to land, but now maybe it lands at SpaceX. I don't know. Well, we should read through some of the history about Founders Fund's investment in SpaceX because it might be one of the greatest. It might be. It might become the greatest venture capital investment of all time. This Founders Fund investing 20 million out of a 20, out of a $220 million fund too, which also invested in Palantir and Spotify early is just nasty.

• 13:41John Coogan?

  And Dan Primack says, flashback to chatting with Founders Fund Luke Nosick when he led the first investment in SpaceX. I spent some time on the phone earlier this week with Luke Nosick to discuss his firm's $20 million investment in private space launch services provider SpaceX. The company is run by Elon Musk, who co-founded PayPal along the Founders Fund partners. A few questions and answers. Dan, Founders Fund usually invests no more than a few million dollars in a company. Why invest 20 million when your fund is only 220 million? Luke, we obviously have internal caps that we follow. What we do is look at how much a company needs and invest that much. For example, we only invested $500,000 in Facebook because that's how much it needed at the time. A lot of firms were offering more.

• 14:24Jordi Hays?

  Historically, like the greatest venture investment ever, in my view, was Masa's 20 million investment in Alibaba.

• 14:32John Coogan?

  That's true.

• 14:32Jordi Hays?

  Turned it into 70 billion at the time of the IPO. Hard to. I wonder if we can figure out how much.

• 14:39John Coogan?

  FF phones about 10% of SpaceX.

• 14:41Jordi Hays?

  But I don't know how many, how many they've put in.

• 14:43John Coogan?

  Oh, yeah, yeah. To maintain that stake, they put.

• 14:44Jordi Hays?

  So again, it's still like going to be a 150 ish billion dollar position. Just the carry check alone will be. Nasty, as Nico said.

• 14:55John Coogan?

  Larry Ellison is addressing, he's sitting on stage here in this Wall Street Journal article on the news that Oracle shares have tumbled as AI spending outruns returns. So Oracle is facing mounting anxiety from investors about how much it's spending to build out data centers for the artificial intelligence industry. The cloud computing company's revenue and operating income for the most recent financial quarter fell slightly short of analysts' expectations, while the company raised its spending forecast, adding fuel to concerns over the timeline for turning the AI industry's ravenous demand for computing capacity into profits. I think investors didn't realize that like, when you do the one of these crazy AI deals, you have to go build the data center and then you have to wait and then you have to

• 15:39John Coogan?

  get power and you have to buy the chips and the chips have to ship.

• 15:42Jordi Hays?

  Turn it on.

• 15:42John Coogan?

  You have to rack the chips and then you gotta turn it on, then you gotta test it, and then you can generate some tokens and hopefully sell them. All well, enterprise AI adoption might be stacking. We'll see. There was some crazy data out of Ramp today. Ar Karazian, the economist over there.

• 15:57Jordi Hays?

  At least some businesses might be saying, we got enough AI. We like it, but we have enough.

• 16:01John Coogan?

  Apparently 55% of businesses are just like, good without paying for AI. I mean, the paying thing is.

• 16:09Jordi Hays?

  At least directly.

• 16:10John Coogan?

  The paying thing here is, so basically.

• 16:12Jordi Hays?

  And just the example is like, a lot of businesses don't pay for cloud.

• 16:16John Coogan?

  Yes.

• 16:16Jordi Hays?

  But they effectively pay for cloud because they pay companies that leverage cloud to deliver their products.

• 16:22John Coogan?

  But it's an interesting, it's an interesting chart to see where enterprise AI adoption is going. Ramp's AI index shows AI adoption held flat at 45% of businesses in November, driven by slight declines in finance and technology sectors. By the model, OpenAI went down negative 1%, Anthropic up 0.8%, and Google went up 0.7%. And so you can see that this chart in 2025, OpenAI had a big, big jump.

• 16:54John Coogan?

  And then, and then just has been flat for the last couple of months, a little bit down. Anthropic's been on a much smoother, it seems like they didn't exist in 2023, basically, or maybe they didn't have a paid plan that really appealed to businesses. Then 2024, you see some slight growth here. And then 2025, a much smoother, like, okay, uptick, growing more, growing more, growing more, kind of all keeps up with this, you know, they've been 10x-ing every year, like a, like an Instagram hustle account.

• 17:25Jordi Hays?

  It, it seems to be pretty obvious at this point that the model's just getting smarter is not going to, by default, make adoption like accelerate massively again. They need to become more useful. They need to be able to, you know, Dorek Kesh has talked about this, like, they need to be able to learn on, learn on the job, basically, in the way that, that a human does. And I think, I think until we have that, there's some thing, you know, the forward deployed engineer movement of like having people out embedded in companies, like trying to unlock the potential of the models, that's great. But I think the models actually just need to become generally more useful.

• 18:00John Coogan?

  Forty-five percent of businesses don't pay for AI, don't use AI. And the question is like, are they just not using AI at all? Or are they just good with free? Because if you, if you told me like 55% of companies are in sort of like a private equity scarcity wartime mode where they're watching every dollar that goes out of the door, even a $20 subscription is something that will be scrutinized because, you know what, like the son, we've been running this business for a generation. We're not going to spend frivolously. Every dime that goes through our business is, is precious. And so we're not just going to go sign up for whatever. No, you don't just spend, spend, spend. I do think there, there is a bit of a slowdown here.

• 18:44John Coogan?

  It's just getting harder and harder to justify, okay, it's a no-brainer to bring it in. It's a no-brainer to pay for it.

• 18:50Jordi Hays?

  If you're a business that's not doing code gen, you're not generating a bunch of assets, et cetera, and somebody says, hey, for $20 a month or $100 a month, you can get somebody that's PhD level in math. But extremely low agency. You have to like tap, you have to tap the person on the shoulder.

• 19:07John Coogan?

  I like the laundromat.

• 19:08Jordi Hays?

  The laundromat's like, actually, I don't need somebody who's PhD level in math.

• 19:12John Coogan?

  You know what?

• 19:13Jordi Hays?

  Sir, this is a laundromat.

• 19:14John Coogan?

  We've been, we've been running this laundromat in this family for 45 years. And I've never run into an IMO gold medal level problem, ever. Disney, which is investing $1 billion in OpenAI and is going to license their characters for use in Sora. She says, "Look at this hype. Isn't it neat? Wouldn't you think my bubble's complete?" So Disney's making a $1 billion investment in OpenAI and will allow the AI platform to use its characters and properties to generate short, user-promoted social videos. Disney's three-year licensing deal will let users generate videos using Sora of more than 200 Disney, Marvel, Star Wars, and Pixar characters. A curated selection of these short videos will be available to stream on Disney+.

• 19:59John Coogan?

  Whoa, that's the bombshell there. I didn't realize that. For a kid who loves, you know, a Pixar character, that wants to see Wally join the Avengers and go fight Thanos, like, that could be a delightful, delightful experience for a young child who's, who enjoys Disney's IP. And yet it could make no sense for Disney to actually create that. I just think the idea that this is going Disney+ is crazy. That's the, that's the crazy thing. Is there real demand for Sora-level quality content in the Disney+ app?

• 20:35Jordi Hays?

  To me, what's exciting about this

• 20:37John Coogan?

  Yeah.

• 20:38Jordi Hays?

  is personalized entertainment, and which is why I think that Disney would be interested in doing this. One thing that's notable, this went out this morning. Disney accuses Google of using AI to engage in copyright infringement on massive scale. As Disney has gone into business with OpenAI, The Mouse House is accusing Google of copyright infringement on massive scale, using AI models and services to commercially exploit and distribute infringing images and videos. So the question, so Disney's not just allowing OpenAI to generate these assets, but they've actually invested. And so the immediate question is, will Disney do any of these licensing?

• 21:19Speaker 02

  IP licensing with other platforms?

• 21:22John Coogan?

  I don't know. It does feel like Disney's sort of like picking a winner here in AI video. And they're saying like, we like OpenAI and we don't like Google, which is sort of a sort of a bold, a bold move. You would think that they would be a little bit more platform agnostic. I, I, I'm fascinated by this.

• 21:40Speaker 02

  Then again, Thrive Capital bet.

• 21:43John Coogan?

  Yeah.

• 21:43Speaker 02

  Bet the fund in some ways on OpenAI, who's co-owner of Thrive, Bob Iger.

• 21:50John Coogan?

  Get out the red string. It's all connected. Risan says GPT 5.2 Pro, it has ridiculous pricing. Once again, $20 and $168. Tyler, do you know if, if GPT 5.2 Pro is more expensive? I guess they're raising prices.

• 22:05Speaker 02

  Yeah. I mean, so this is the pro model. These are always like the very expensive ones.

• 22:08John Coogan?

  Yeah.

• 22:08Speaker 02

  Um, I think it's pretty comparable.

• 22:10John Coogan?

  I guess 5.1 was one, uh, $1.75 and $14. So it's a pretty significant.

• 22:16Speaker 02

  5.1 was a dollar 25 cents on the input. Uh, it's a dollar 75 cents for 5.2. It's like, you know, marginally more expensive.

• 22:24John Coogan?

  We're eating good. Future pipelines may need to unify pre, mid, post-training, injecting reasoning data earlier and more continuously. To anyone wondering if 5.2 is a new pre-train, I'm letting you connect the top, the dots between this, says Alexander Doria. This is the new main catch of DeepSeek 3.2. This isn't a new model card, new Elo update. It's an architectural update. GPT 5.2 thinking is at 52.9%, up from 17.6%. That's a huge leap.

• 22:56Speaker 02

  Wait, we gotta run, we gotta run our, our joke benchmark.

• 22:58John Coogan?

  Yes, let's run some of the TVP.

• 23:00Speaker 02

  Pull it up, pull it up Tyler.

• 23:01John Coogan?

  We have a number of benchmarks around here.

• 23:03Speaker 02

  Try to make us laugh. So yes, this is my benchmark where I ask, uh, should we create the joke about the, the shrimp fried rice?

• 23:08John Coogan?

  Yes.

• 23:09Speaker 02

  So I'll, I'll just go through some of these and you guys, uh, tell me how, how good they are.

• 23:13John Coogan?

  Yes.

• 23:14Speaker 02

  You're telling me a crab rang this bell?

• 23:16John Coogan?

  Crab rang bell?

• 23:17Speaker 02

  This is thinking, this is 5.2 thinking, right? This is 5.2 thinking. This is the frontier of AI.

• 23:22John Coogan?

  I kind of like, you're telling me a crab rang this goon? That's kind of funny.

• 23:27Speaker 02

  Yeah, I think that's what I would have thought.

• 23:28John Coogan?

  But that's not.

• 23:29Speaker 02

  You're telling me a bear built this market?

• 23:31John Coogan?

  Oh, because markets can be bullish or bearish. A bear built market?

• 23:36Speaker 02

  You're telling me a ham, you're telling me a ham wrote this lettuce?

• 23:39John Coogan?

  Uh, hey, wait, ham wrote this lettuce? Ham wrote lettuce?

• 23:45Speaker 02

  Wait, wait, wait, this is a good one.

• 23:46John Coogan?

  Terrible has happened.

• 23:47Speaker 02

  You're telling me a ghost wrote this script?

• 23:49John Coogan?

  Ghost wrote script? Ghost written script?

• 23:52Speaker 02

  Ghost written?

• 23:52John Coogan?

  Okay, yeah, yeah.

• 23:53Speaker 02

  You're telling me an owl delivered this mail?

• 23:55John Coogan?

  Yeah.

• 23:57Speaker 02

  So I think Gemini is still the frontier here.

• 24:01John Coogan?

  In terms of shrimp fried rice bench?

• 24:04Speaker 02

  Yes.

• 24:04John Coogan?

  Yes, because it-

• 24:05Speaker 02

  There were some good ones there.

• 24:06John Coogan?

  But again, to understand, it seems like Gemini understood the assignment, but still ultimately leaned on Reddit data and broad internet data, and did not come up with any unique joke that had never existed on the internet before.

• 24:22Speaker 02

  Yes.

• 24:22John Coogan?

  But it did find the good jokes on the internet.

• 24:23Speaker 02

  All of the good ones that it gave me, I could find elsewhere.

• 24:27Jordi Hays?

  All right, let's try at least one more.

• 24:28John Coogan?

  I wonder if this benchmark is saturated in the sense that like, every possible shrimp fried rice joke has been said and written down on the internet? Or is there any new territory? Like, if I put you on this job for a month, could you come up with a new joke that's as funny as shrimp fried rice?

• 24:45Speaker 02

  Yes.

• 24:45John Coogan?

  You think you could?

• 24:46Speaker 02

  I think so.

• 24:47John Coogan?

  Okay, maybe that's a challenge. Do it.

• 24:48Speaker 02

  You're telling me a chicken actually tendered these?

• 24:54Speaker 02

  You're telling me a chef boyardee these ravioli?

• 24:57John Coogan?

  Okay, yeah, this is really, really rough.

• 24:59Speaker 02

  All right, you just bombed, Tyler.

• 25:01John Coogan?

  Google names a new chief to head up its $100 billion a year AI infrastructure buildout, Amin Vadaat, who will report to Sundar directly. This is very exciting. Imagine having a $100 billion budget for CapEx. That's like Ben's dream.

• 25:18Jordi Hays?

  Four times NASA's annual budget. Yeah, Ben, so Ben's a CapEx guy here almost every time.

• 25:27John Coogan?

  Every time we hang out.

• 25:28Jordi Hays?

  To me, he wants another 30 grand for a new camera, this light, this- It's going up next year.

• 25:35John Coogan?

  There's one more. Meanwhile, we are actively on the show asking for goalposts that will probably wind up costing 30K.

• 25:41Jordi Hays?

  We're part of the problem.

• 25:42John Coogan?

  We are, we are. I want to watch this video of a hillside in China that has been covered with solar panels. When you see this video, do you react with admiration or with disgust? Tyler's nodding.

• 25:52Jordi Hays?

  This is sick.

• 25:53John Coogan?

  This is sick.

• 25:54Jordi Hays?

  Yeah, for some reason, solar panels over mountains do give me a little bit of disgust. Whereas I get, I'm less.

• 26:01John Coogan?

  Mountains are beautiful.

• 26:02Jordi Hays?

  Deserts, deserts, I'm like blanket it.

• 26:05John Coogan?

  It's sort of already.

• 26:06Jordi Hays?

  Blanket it. This looks like a, like it would be a really enjoyable mountain range to just go on a nice little hike. And so I'm, I'm feeling the disgust.

• 26:15John Coogan?

  You're feeling the disgust.

• 26:16Jordi Hays?

  But also impressed.

• 26:17John Coogan?

  I mean, at least the mountains won't catch on fire, you know? That's often a problem.

• 26:20Jordi Hays?

  Yeah, I'm curious around the efficiency because just given the movement of the sun, are you going to have? Like there, it's actually blanketing both sides of these peaks. Trump says, doesn't see why we can't have 20% or 25% GDP growth. Says the market should continue to go up with great results.

• 26:38John Coogan?

  Don't see why we can't have 20% GDP growth. Because it's like never happened in history, maybe. He is AGI-pilled. That's extremely AGI-pilled.

• 26:49Jordi Hays?

  Dorkesh has talked about this.

• 26:51John Coogan?

  Dorkesh literally has talked about this. 25% GDP growth, the first AGI-pilled president, I suppose.

• 26:58Jordi Hays?

  Apparently China hit 19.3% in 1970.

• 27:02John Coogan?

  Okay, yeah, is that the Great Link Forward or something?

• 27:05Jordi Hays?

  More recently, more recently, 14% in 2007. So I think Trump's looking at the data.

• 27:12John Coogan?

  Greatly forward was 1960-ish.

• 27:14Jordi Hays?

  First Lady Melania Trump is introducing the Presidential AI Challenge. Artificial intelligence is America's next competitive edge, driving advancements in your career, supporting your family and strengthening your community. This is why I launched the Presidential AI Challenge, a nationwide call to students and educators to shape America's future. Teams from all 50 states have already registered. Shape the future. Be part of the Presidential AI Challenge today. What is the Presidential AI Challenge?

• 27:41John Coogan?

  It's like a riddle. It's a riddle. It's some sort of like, you know, it's shrouded in mystery. That's the whole goal, to test the American people. Can they understand what it is?

• 27:52Jordi Hays?

  Okay, so I think I've figured it out. So there's elementary school, middle school, high school.

• 27:58John Coogan?

  Yep.

• 27:58Jordi Hays?

  And there's challenge projects that groups of students will be able to participate in, as well as awards and prizes. Hopefully, solid gold, solid gold trophies.

• 28:13John Coogan?

  Massive trophies.

• 28:14Jordi Hays?

  There actually is a cash prize.

• 28:16John Coogan?

  Sick.

• 28:18Jordi Hays?

  $10,000 per team member.

• 28:19John Coogan?

  Wait, is it Peyton Melania coin, or Trump coin, or US dollars?

• 28:22Jordi Hays?

  I think the...

• 28:23John Coogan?

  Or gold. I think you mean Trump meme. Trump meme, that's right. It's not Trump coin. Get it right. It's Trump meme. Okay, here's some questions.

• 28:31Jordi Hays?

  You also win cloud credits. That's so...

• 28:33John Coogan?

  You do? Okay, that's actually amazing. I'd love that.

• 28:35Jordi Hays?

  Presidential award certificate, so boom certificate. You're getting cloud credits. You're getting $10,000 for your school, homeschool, or community group. And you're getting $10,000 per team member in the middle school category, and the high school category, and the educator category. Tyler, you, I guess, there's no college tier.

• 28:53John Coogan?

  Too old.

• 28:54Jordi Hays?

  So you have to go back to school and participate and win.

• 28:56John Coogan?

  Get a fake ID that says you're 13.

• 29:01Jordi Hays?

  Just to go back and dominate the Presidential AI Challenge?

• 29:05John Coogan?

  Yeah. Leave us five stars on Apple Podcasts and Spotify.

• 29:08Jordi Hays?

  Please do.

• 29:08John Coogan?

  Have a great rest of your day, and Merry Christmas. Goodbye.