Tech Stocks Face $2.5T Rout, Anthropic IPO, Tesla Winds Down CyberTruck | Diet TBPN

Diet TBPN delivers the best of today’s TBPN episode in 30 minutes. TBPN is a live tech talk show hosted by John Coogan and Jordi Hays, streaming weekdays 11–2 PT on X and YouTube, with each episode posted to podcast platforms right after. Described by The New York Times as “Silicon Valley’s newest obsession,” the show has recently featured Mark Zuckerberg, Sam Altman, Mark Cuban, and Satya Nadella. TBPN is made possible by: Ramp - https://ramp.com Public - https://public.com Cisco - https://www.cisco.com Console - https://www.console.com CrowdStrike - https://www.crowdstrike.com Figma - https://www.figma.com MongoDB - https://www.mongodb.com NYSE - https://www.nyse.com Railway - https://railway.com Shopify - https://www.shopify.com/ Follow TBPN: https://TBPN.com https://x.com/tbpn https://open.spotify.com/show/2L6WMqY3GUPCGBD0dX6p00?si=674252d53acf4231 https://podcasts.apple.com/us/podcast/technology-brothers/id1772360235 https://www.youtube.com/@TBPNLive

• 0:14Speaker 00

  Brutal week to travel, crazy, crazy time. Stocks are up now, so Vlad went to the trenches.

• 0:20Speaker 01

  Never doubt it. Never, never black pill.

• 0:21Speaker 00

  He fixed it, yeah.

• 0:23Speaker 01

  Always catch a falling knife.

• 0:26Speaker 00

  Yeah, you want to try? You want to try? You think, you think you can catch a falling knife? A lot of people say, never try to catch a falling knife. Why don't you try, Jordy?

• 0:34Speaker 00

  Oh, he did it. He did it. It's not that hard. Of course, you might cut yourself on a true falling knife. That's sort of plastic cutlery.

• 0:42Speaker 01

  Yeah, you just need to know how to catch a falling knife.

• 0:44Speaker 00

  You know why they say don't catch a falling knife?

• 0:46Speaker 01

  It really should be, don't catch falling knives if you're not an expert in knife catching.

• 0:50Speaker 00

  Yeah, you didn't cut yourself, but you got microplastics all over your hands right now.

• 0:52Speaker 01

  I'm not too worried about it. I'm worried about, like personally, the microplastics reaction to my, to me.

• 1:00Speaker 00

  Yeah, yeah, yeah. That makes sense. No, a bad day on Wall Street yesterday. Wall Street got a $2.5 trillion reality check with historic rout of tech stocks. It was the worst day on record since June 5th, 2026, a couple of months ago, when it was 1.87 trillion. Before that, you got to go all the way back to April 3rd of 2025, when they lost 1.74 trillion. Then back to April 4th, the day after, when it was 1.58 trillion. The numbers are big because there's been a lot of growth, a lot of inflation, a lot of big numbers racking up. The economy is big, the market is big, and so the numbers get big when the percentages move.

• 1:42Speaker 00

  But yeah, yesterday was crazy, 5% down, not, not typical, but you know, looking better today. Nasdaq's up 1.38%, seems to be holding. It's not entirely a falling knife. If you caught it this morning, you're doing okay. Who knows what happens next week?

• 1:59Speaker 01

  But somebody, Daniel in the chat said, app is up so much. And I went to look at it and thought there was a bug because they're up 67% in the last five days.

• 2:10Speaker 00

  What? App level?

• 2:12Speaker 01

  Yeah, up another, up 10% today after earnings.

• 2:15Speaker 00

  That's amazing.

• 2:17Speaker 01

  Vlad's over there crushing it.

• 2:18Speaker 00

  Wow, this is crazy. For such a big company, $131 billion company now, wild, wild swing at that scale. Typically, not something you're seeing constantly. So to recap for yesterday, two days after the midterm elections, swept a block of artificial intelligence skeptics into power. The new reality slammed into Wall Street. We still can't figure out exactly why things are happening in the order that they're happening. Feels like everyone knew the results of the midterms, knew what was going on in Texas on Wednesday, and yet they waited till Thursday to sell. So a little bit of like digestion of the narrative maybe, because of course, on Wednesday, stocks actually rallied. What did I see on the back? What's going on? The road to Christmas?

• 3:03Speaker 01

  Look at this.

• 3:04Speaker 00

  Oh, we got, we got Santa Claus orbiting the earth.

• 3:06Speaker 01

  That's amazing. Now we gotta wait for a few seconds.

• 3:10Speaker 00

  Christmas countdown. I think we're at 48 days.

• 3:13Speaker 01

  There he is. Coming around.

• 3:15Speaker 00

  The official countdown, the road to Christmas, 48 days until Christmas. Just a, just a hair's breadth away. The first spam email was 48 days, 48 years ago? Wow, that's crazy.

• 3:28Speaker 01

  So.

• 3:29Speaker 00

  How far we've come.

• 3:29Speaker 01

  I almost feel like we got to put ourselves on the naughty list.

• 3:33Speaker 00

  Why?

• 3:34Speaker 01

  Because we were so ahead of Christmas, right? We were sort of front running the rest of the market. And I was at dinner Wednesday night, and I'm walking around and there's like a three-story-high tree.

• 3:47Speaker 00

  Whoa.

• 3:48Speaker 01

  That's already up in Beverly Hills.

• 3:50Speaker 00

  Yeah.

• 3:50Speaker 01

  And we're sitting here, there's not a single.

• 3:52Speaker 00

  Short sellers and John and Jordy.

• 3:54Speaker 01

  There's not a single, this is our new naughty list, courtesy of producer Ben.

• 3:59Speaker 00

  Yeah.

• 4:00Speaker 01

  But you know, some people, I think we're going to be coming back to this a lot over, you know, in the sort of final days, final hours.

• 4:06Speaker 00

  Helping Santa out. We're Santa's little helpers. We're helping him out.

• 4:09Speaker 01

  We're trying to get back on his good side, on his good side, because again, we started so strong. And then all of a sudden, there's trees going up all over the country. And we're sitting here, treeless in the ulterdome, right? Just got complacent.

• 4:21Speaker 00

  It's actually crazy. So yeah, for today, we'll rank our stories. Are they naughty stories or nice stories? Where are they going? Where are the key actors in the stories going?

• 4:29Speaker 01

  Mike Bird had a good post today. I'm tempted to put him on the nice list for it. He said, could be.

• 4:34Speaker 00

  Contention.

• 4:35Speaker 01

  Could be quite a buying opportunity here if stocks bounce back, not if they sell off further though.

• 4:41Speaker 00

  Great, great. That is my quant.

• 4:46Speaker 01

  This was, this was great. Brian says, there is a nuclear war. Just four humans remain. One is Gavin Baker. He is telling you how this is actually good for AI stocks. And Gavin responds and says, we would need a lot of robots and GPUs to rebuild civilization.

• 5:03Speaker 00

  Good point.

• 5:03Speaker 01

  Got a point.

• 5:04Speaker 00

  He's got a point. I think Gavin Baker's going on the nice list. The Anthropic IPO, the Financial Times, AlphaVille over there is questioning where it will get out. $2 trillion was floated originally, then that was retreated to maybe 1.5. Now there's, you know, people going back and forth around, maybe it's 1.3, maybe it's 1.2, maybe it goes back up, who knows? Perhaps you're old enough to remember yesterday when Wall Street's stocks posted their biggest gain in three months as investors bet that the Democrats' resounding victory in the US midterm elections would cause policy gridlock in Washington. Maybe you can recall when inflation fears were damp by Brent Crude closing yesterday's US session below $100 a barrel for the first time since September.

• 5:47Speaker 00

  And when a nearly 11 basis point tightening of the Franco-German 10-year spread signaled optimism in Europe. You might even remember when the Nasdaq Composite advanced by 1.4%, literally yesterday, when tech mega caps outperformed amid a rotation from the weakest of AI names that meant selling was contained among semiconductor stocks, neo-clide developers, and politically exposed plays like SpaceX. And so you can see in this Financial Times article, the, the heat map, there's obviously a lot more pain on the chip side than on, you know, the broader tech community. And we saw that with like the hyperscalers, they already have a lot of data centers built. They might do very well. They have other businesses.

• 6:26Speaker 00

  Apple, not really affected by the midterms. Tim Cook, John Turner, they played the, they played the, the whole political chaos very well. Going to the, the movie screenings that they need to go, but not getting too lazy with it. And it's balanced out and the, the market seems to be rewarding them. But AlphaVille continues over at the Financial Times, it's a fine time to list shares if you're Anthropic. You might remember having read in the Wall Street Journal less than a day ago. But chances of an IPO have crumbled on polymarket. It's now down to a 49% by November 24th, which was the week before Thanksgiving, when the, when the latest rumors were swirling.

• 7:09Speaker 00

  This on polymarket was up at 70, 75, 72%, now down at 49%, still 50/50. It, it could happen. And you saw some, some positive notes from Anthropic coming out about RSI progress. A lot of debate from the meter folks, like the science, the technology, the capabilities are still advancing. But it's still just a crazy tumultuous time to go into the market. And you know, what, what, what was a ton of optimism around the S1, really financially healthy, a lot of cash on the balance sheet, really good Q2, see where Q3 came out. Q3 was weak, but then boom, they came out with the 80 billion ARR number. Good stuff, but still, the market is what the market is. I don't think very many bankers recommend jumping in the water when it's this tumultuous.

• 7:53Speaker 00

  So we'll see where they go. It feels like 50/50 is pretty accurate. Those of you with even longer memories might recall the numerous years that we in the media.

• 8:02Speaker 01

  Interesting thing about the debate around where it actually goes out at is it could end up being like the, the general market sell-off, if that means that a bunch of people that have wanted to invest in Anthropic for years have an opportunity to, like, you shouldn't have less conviction in the company now than you did four months ago. Just because some infrastructure names are selling off.

• 8:27Speaker 00

  Maybe that's why I'm selling, getting mother ready.

• 8:29Speaker 01

  If you liked this company in summer, you should love it now because you potentially are going to get in at a massive discount.

• 8:36Speaker 00

  That's true.

• 8:37Speaker 01

  To if the, if the sort of overall AI infra trade had continued through the end of the year.

• 8:43Speaker 00

  Yeah, rough on the VCs who might not get to distribute at $2 trillion. They might have to distribute at 1.3 or 1.5 trillion and not get the full, full mark, but still very good for the ones who did get in. Something kind of, something about FT attaching a Google screenshot of stock market charts is kind of trashy. It is funny that they don't have like their own built-in widget, but I think Google charts are really good. I share these all the time and I think that they did a really good design here. And when I'm on other websites that have stock charts, it's sometimes like they're too cluttered or it's too pro or has candles and all these crazy things, like I always just wind up typing, you know, the company name and then market capping Google. And I still, I still use this. Anyway, Claude is bearish on Anthropic. You saw this?

• 9:28Speaker 00

  If you ask Claude what the fair market.

• 9:30Speaker 01

  I think it's not bearish, it's just humble.

• 9:32Speaker 00

  Humble, yes. Okay, so Claude thinks that the fair market cap for publicly traded Anthropic is somewhere between 500 billion and 800 billion, which is about half of where they've been rumored to be going out at. And Dizzy had a good take here. The Mahdi is too humble to say he's worth $2 trillion. Even more reason to know that he is.

• 9:50Speaker 00

  I love it, I love it. What's James Chanos saying about all this? He says, I can't shake the feeling that selling your high beta tech stocks, already down 40 to 70%, to buy low or no-growth consumer names at 30 to 100x earnings, might not be so smart either. So if you're retreating.

• 10:09Speaker 01

  You're going to tell me that buying Monster at a 42 PE isn't smart?

• 10:13Speaker 00

  Monster Energy?

• 10:14Speaker 01

  Yeah.

• 10:15Speaker 00

  42 PE, that's nice.

• 10:18Speaker 01

  Ninety billion dollar company.

• 10:19Speaker 00

  Higher than Meta, right? It's crazy. Take him is still bullish. He says, the Texas governor-elect does not hate data centers. When asked by CNN Jake Tapper about today's stock market decline, AI investors worries and fears about the economic consequences of her data center policy. Gina said this, we have always been pro-business in the state of Texas. But what changes now with me as governor is it has to be a partnership that benefits Texans. And right now, what has happened is data centers have moved mostly into rural communities and there are no rules and laws to protect Texans. There certainly must be some rules and laws, but Texans are being taken advantage of, she says, to the difference, we have to have laws. So she wants to move forward, but with a new negotiation. Take him says two words, buy stocks.

• 11:04Speaker 00

  Let's go.

• 11:06Speaker 01

  Today is.

• 11:08Speaker 00

  Eternal optimist over there.

• 11:09Speaker 01

  Yeah, what did he say last night? In the preview of his Substack, he just said, buy the dip.

• 11:13Speaker 00

  Catch a pulling knife. Skill issue if you can't.

• 11:16Speaker 01

  Yeah, I mean, we practiced this morning. Obviously, we did, we caught a knife live on the show.

• 11:20Speaker 00

  Showed that it's possible.

• 11:22Speaker 01

  Yeah, but we were listening to a talk yesterday and the individual was basically saying, like, we're entering the era of stock picking. Like, you could basically just buy anything over the last year or two and do quite well. And maybe it's time to buy the dip because almost everything is traded down. But you gotta pick the right ones.

• 11:47Speaker 00

  Yeah, I mean, that was the same, like, the stories that we tell about the storied tech firms, like the really successful venture capital firms of today, all were in, no coincidence, like Google, Amazon, right? They were in the right place through the dot com crash. So even if you wind up in a, in a total reset of the market, you would, you would definitely expect that there's a couple new, effectively hyperscalers that make it through. Daniel Newman had this very interesting visualization of dot com versus AI, tracks very closely and then gets crazy at the end. Let's pull this video up. Let's pull up dot com versus AI. It looks identical for a minute.

• 12:30Speaker 00

  And dot com there is on the top, the orange line, doing well, crossing, they're going back and forth, going back and forth. And then here we are today with a sell-off and then dot com keeps ripping. Look at that. So from start to finish, dot com produced something like 151x. And at the last close, this AI peak is at 16x from the baseline. Depends on where you start the baseline, but.

• 12:58Speaker 01

  Jobs, we gotta talk about jobs.

• 13:00Speaker 00

  Talking about jobs.

• 13:01Speaker 01

  Geiger says, jobs in October came in higher than all 80 forecasters in Bloomberg's survey predicted.

• 13:08Speaker 00

  Wow.

• 13:09Speaker 01

  Well, you shouldn't have been forecasting, you should have been predicting big on your favorite prediction market.

• 13:17Speaker 00

  Yeah.

• 13:17Speaker 01

  Just kidding.

• 13:20Speaker 01

  Unemployment rate is back down to 4.1.

• 13:23Speaker 00

  Good news.

• 13:24Speaker 01

  I still have trouble getting excited about any jobs report, just because it's just my default assumption is that it gets revised down massively in a few months.

• 13:34Speaker 00

  Sure.

• 13:36Speaker 01

  And so, hard to, hard to hit the gong over.

• 13:39Speaker 00

  But we've had some good ones and they haven't been revised negatively.

• 13:44Speaker 01

  Yet.

• 13:45Speaker 00

  In like six months. And then we've also talked to the ADP folks and the Gusto and a whole bunch of the payroll companies and they all match what's tracking. I think in general, we, we can read this as, as a good thing. The really interesting thing is that there's 19,000 new manufacturing jobs. So for a long time, anytime we got a good jobs report, it was always like, okay, more healthcare for old people, more, you know, that's not, it doesn't, it feels important, but it doesn't feel like any big change structurally in the economy. It's just, okay, we're aging, we're taking care of our old people, which is important, but it's not a new area of growth. We're not going to look in, look back in, in 50 years and be like, wow, the, the expansion in healthcare really changed what America was doing.

• 14:30Speaker 00

  Manufacturing, on the other hand, is a huge thing, can unlock new technologies, new vehicles, new capabilities, new defense, like, there's so many different things that you can do. So, very, very good. We, we, we love to see it. 165,000 jobs added in October. And the numbers, so the, the economists were predicting 59,000 jobs. They got absolutely blown out by 165K. So the unemployment rate now is 4.1%. And the, the Fed is pricing in or expecting another rate hike, which is, you know, fighting

• 15:11Speaker 00

  off inflation, but still strong job market, good place to be in for the US economy. Daco said that the drop in the unemployment rate was especially notable, given that the labor force participation rate, the share of the working age population that's either working or looking for work picked up last month, which is good. So the, what, what you always want to avoid is a situation where, yeah, unemployment ran down, but it's because no one's even looking for a job. Everyone's just chilling at home, relaxing, I guess. Instead, people are, people are entering the workforce, they're saying, I'm ready to work, I want a job, and they're getting jobs. So it's that balancing factor that's really key. That's an indication that more people were entering the labor market and finding jobs.

• 15:53Speaker 00

  Torsten Slok, who I mentioned to Joe Weisenthal at our New York Stock Exchange show, he's the chief economist over at Apollo. He pointed out that the unemployment rate has now been under 5% for roughly five years. That puts it just short of a record 64-month stretch from 1965 to 1970. It is, it is very difficult to, to find a historical precedent for sustained 20-plus percent growth. Now, you could say that like in an intelligence explosion, it's kind of akin to finding oil. It's this like, it's this, it's this like tokens that you can use for economic value. Same thing with oil, you can use to move things around, you can deploy it in the economy

• 16:36Speaker 00

  in so many places that if you can produce it, it's like the bullish, it's the most bullish case. But it was just funny because like, it is extremely rare to find, to find an example of north of 20%. I mean, that's a huge amount of economic growth, especially for any, any country that's at all at scale. It's really, really.

• 16:56Speaker 01

  Can you think about how electric it would be?

• 16:58Speaker 00

  It'd be amazing. Be, yeah, it'd be incredible.

• 17:01Speaker 01

  It would fix me.

• 17:02Speaker 00

  It would, it would. Well, hopefully it happens. Lots to do though, lots to deploy, lots to unhobble. The models need to get even better and they need to be adopted.

• 17:12Speaker 01

  If you were a hedge fund, just hoping to survive to get to 30% sustained GDP growth in the United States, you maybe didn't do that well this week because you may have exploded.

• 17:25Speaker 00

  Yeah, a lot of, lot of headlines about hedge funds.

• 17:29Speaker 01

  They wanted explosive growth and they exploded.

• 17:34Speaker 00

  They got the exploded part, but that's it. Has any, have any of them actually blown up fully? Like had to sell order books or sell, sell holdings and blocks or do any of that?

• 17:47Speaker 01

  Well, I think that was certainly happening yesterday.

• 17:50Speaker 00

  It might be happening like over the course of the next couple of days. Because a lot of these are running leverage. And so, at the very least, if their book is in semis.

• 18:01Speaker 01

  This was in, this was in Bloomberg. So hedge fund Vara plunges 33% in brutal October for AI stocks.

• 18:08Speaker 00

  That's so much.

• 18:11Speaker 01

  Coffey's hedge fund Kirkswold had worst ever month in October. Walleye to return some capital following brutal October. Xmore, money manager to return cash from his hedge fund. Millennium taps, ex-City Group banker, that's something else.

• 18:29Speaker 01

  Anyway.

• 18:29Speaker 00

  Millennium's hired a Citigroup banker to lead India operations.

• 18:32Speaker 01

  There you go.

• 18:32Speaker 00

  They're just expanding, they're like, do nothing, win, I guess, they're doing fine. Yeah, a hedge fund trading.

• 18:39Speaker 01

  Oh, interesting. So there's a hedge fund coach, Denise Scholl, had multiple clients just cancel their appointment yesterday. It's like one of those things, like if you're in the middle of chaos, you often don't necessarily need to just talk it out for an hour. You need to solve your problems in real time and you can, you can figure out what happened later. So I think that makes sense. Do wellness checks with your public equity TMT friends today, they need you, but not lead edge capital. Hearing public fund is up 32% gross year to date.

• 19:11Speaker 00

  What?

• 19:12Speaker 01

  And down only 1.2% yesterday.

• 19:15Speaker 00

  That's sick.

• 19:16Speaker 01

  Owning tech that trades at single-digit ARR and low double-digit CF multiples works after all.

• 19:22Speaker 00

  Yeah.

• 19:22Speaker 01

  Contrarian, some of the last contrarians. We have some big stories that we, we need to, we need to get into. So wildlife at our new LA wildlife bridge, couldn't wait for the ribbon cutting.

• 19:36Speaker 00

  Really?

• 19:37Speaker 01

  A coyote has become the first documented animal to use the Wallace-Annenberg Wildlife Crossing over the 101 freeway. So.

• 19:46Speaker 01

  Again, we were once minorly canceled over talking about this bridge, which we're very much in favor of, but effectively a mega project.

• 19:57Speaker 00

  Yeah.

• 19:58Speaker 01

  This thing has been in the works for years and years and years and years, and it seems, I mean, I'm kind of, it feels a little, feels a little cyberpunk, you know?

• 20:08Speaker 00

  It's cool.

• 20:09Speaker 01

  It's like massive structure, and then they just try to trick the animals into thinking like, this is just a normal hillside.

• 20:15Speaker 00

  Yeah.

• 20:15Speaker 01

  Crossover, but really, really fantastic news. I think it's, you know, coming in well north of a hundred million dollars for this bridge.

• 20:23Speaker 00

  Well, that's not bad. I, I, for some reason, I had it earmarked at like 10 billion. So you're telling me it's 100 mil, I'm, I'm 100% in.

• 20:32Speaker 01

  Yeah, the crazy thing is I don't know how you actually get down because there's like a two-story drop.

• 20:37Speaker 00

  Well, they're gonna build more of the bridge to like smooth it out, but I think they should.

• 20:41Speaker 01

  It's crazy because it's like you, you would.

• 20:43Speaker 00

  Yeah.

• 20:43Speaker 01

  You would think that the right thing to do would be to build like a bunch of small bridges, you know? But maybe animals just like.

• 20:50Speaker 00

  100, 1 million dollar bridges.

• 20:51Speaker 01

  Yeah, maybe animals talk amongst themselves and they're like, yeah, there's an amazing bridge down the 101 over here.

• 20:56Speaker 00

  Yeah, it's this one.

• 20:57Speaker 01

  It's a little bit out of the way, but like, it's just so scenic, you know?

• 21:00Speaker 00

  I wonder if the bridge is too narrow, the animals won't think that it's for them and it needs to kind of blend in and feel like a continuation of the, the hillside there. But I mean, I, now that they're giving bridges away for 100 mil.

• 21:13Speaker 01

  What if we built, what if we built thousands of animal bridges and, and, but, but had data centers inside them? Secret data centers.

• 21:21Speaker 00

  I would be very much in favor of building a bridge every mile at this size and scale or build, build, just cover the, cover the freeways entirely. Just put them, I mean, if you can't build them underground.

• 21:33Speaker 01

  You want to be.

• 21:34Speaker 00

  Build them, just build a continuous bridge.

• 21:35Speaker 01

  Constantly in tunnels, you don't want to see.

• 21:38Speaker 00

  I don't care. I'll turn on the lights in my car. It's fine. I drive in the night all the time. It's no big deal. Like, that does not matter to me at all. I don't, I don't need, I'll have, I'll.

• 21:45Speaker 01

  So you want, you want California to earmark.

• 21:47Speaker 00

  Turn the entire 101 into a giant.

• 21:48Speaker 01

  You want, you want California to earmark a few hundred billion dollars.

• 21:52Speaker 00

  Yeah, why not? We got the money, we got the people, we'll just build it.

• 21:54Speaker 01

  We don't, we don't have the money. The state is, the state is broke.

• 21:58Speaker 00

  We're doing fine. We're doing fine.

• 22:01Speaker 01

  This is big. This is big. The Cybertruck is being scrapped. I.

• 22:08Speaker 00

  It's crazy.

• 22:08Speaker 01

  Came in at the perfect time. I now have a one of 17,000.

• 22:14Speaker 00

  They only ship 17, is that the actual number? How many did they actually ship of these? Because 17,000 is not a lot. I mean, that's, that, that is actually somewhat limited. Where?

• 22:24Speaker 01

  They sold 20,000 in the last year. It's not limited at all.

• 22:28Speaker 00

  73,000 since delivery started in late 2023. So you have one of 73,000.

• 22:34Speaker 01

  Yeah. Are you thinking what I'm thinking?

• 22:36Speaker 00

  It's going into.

• 22:37Speaker 01

  That if I can just keep it in pristine condition for the next 100 years.

• 22:41Speaker 00

  Yeah.

• 22:41Speaker 01

  100 years.

• 22:42Speaker 00

  Yeah.

• 22:43Speaker 01

  Pull it out.

• 22:44Speaker 00

  Pull it out.

• 22:45Speaker 01

  A low mileage example, only one of 73,000.

• 22:48Speaker 00

  Yeah. I was really hoping that they would take this and be successful enough to do the cyber SUV, do the three-row like the excursion built on the truck platform.

• 22:57Speaker 01

  At the end of the day, I love the car overall. It is really like horrible in so many ways and should, like, what I actually love about it is it should never have shipped.

• 23:07Speaker 00

  Yes.

• 23:08Speaker 01

  It really should never have shipped. The build quality is, is really bad. The, it, it's like very dangerous. Like, I'm, I'm constantly kind of on edge when I'm around it, you know? And like trying to tell other people that might be around the car like, hey, that's like effectively a knife's edge, like keep your fingers away from here or there. You can, and again, you can see issues with the car from like 20 feet away. And that's just like how the car came. So it really never should have shipped, but I'm glad it did because it like looks completely insane.

• 23:40Speaker 00

  Yeah.

• 23:41Speaker 01

  It actually drives, again, it doesn't feel nice to drive it yourself. But when the computer's driving, it's, it's, it's really fantastic.

• 23:51Speaker 00

  Yeah.

• 23:51Speaker 01

  I will cherish mine. And yeah, your options are just getting more and more limited.

• 23:56Speaker 00

  I know.

• 23:57Speaker 01

  If you, if you want to be in the.

• 23:58Speaker 00

  They're just gonna sell one car in a few years. I mean, I guess they're just gonna sell Cybercabs.

• 24:02Speaker 01

  I don't think it's, I don't think it's ugly. I think it's like very unique looking and it's not for everyone and it's completely insane.

• 24:10Speaker 00

  I mean, when this dropped, people were like, it will never ship looking like that. It's impossible. It's illegal. People were worried that the hard edges would cause like major damage in, to pedestrians. And I haven't heard about that many incidents involving Cybertrucks. I, I don't, I still don't understand what you can get approved and what you can't, but what, what a saga. They actually did ship it and it's out there. In the end, few people bought the stainless steel Cybertruck and now its days are numbered. Production will wind down next year. It is the latest indication of Tesla's swift shift away from selling traditional cars towards autonomous vehicles and robotics.

• 24:50Speaker 01

  Wow, so in 2019, they were targeting annual production of a quarter million a year, or quarter million.

• 24:56Speaker 00

  They did not hit that. And also they were targeting like.

• 25:00Speaker 01

  And then they, long-term, they were talking about 500,000 a year.

• 25:04Speaker 00

  Yeah. And wasn't the original price in the $40,000 range? 50,000? It was supposed to compete with like a Raptor or like a Ranger or F-150.

• 25:13Speaker 01

  Yeah, I mean, I'm sure they could have sold an insane amount at that price range.

• 25:17Speaker 00

  Yeah, but it's just too expensive, even for them. So yeah, he said the entry-level car, rear-wheel drive, rear-wheel drive would start at $39,900. That is very, very cheap for a four-door truck. He claimed it could outperform a 911 and showed a video where it won a tug of war against a tethered Ford truck. The body was said to be bulletproof to a 9mm handgun with armored windows, glass to boot. The first crack in the Cybertruck image was a little, literal one at the debut.

• 25:52Speaker 01

  That was crazy.

• 25:52Speaker 00

  Tesla chief designer friends.

• 25:55Speaker 01

  It is amazing that every single iconic tech CEO has had like the most brutally botched demo.

• 26:02Speaker 00

  True, true.

• 26:03Speaker 01

  Like, yeah. Happens, happens to the best of them.

• 26:06Speaker 00

  Indeed, indeed. When sales began in 2023, prices started at roughly $61,000. That's not too bad. About 21,000 more than Musk's, Musk originally claimed. The CEO conceded that Tesla dug our own grave with Cybertruck. Yeah, there, there's definitely an intermediate design. It was also just so odd to just completely redo the design language and not bring any of that to the Model Y. Like, there is, like, there are plenty of like boxy crossovers that look like even like a Range Rover. Some Hyundai and Kia has been adopting more boxy language. The G-Wagon has boxy language.

• 26:51Speaker 00

  You could pull some of that over and they were like, no. These are two completely different brand styles, right? And they, and they introduced new Model Y's, new model, they did a whole refresh during the Cybertruck era and didn't bring any of that design language over. They could have evolved it more. I mean, I guess they brought the light bar, but that's about it. The surf community is selling man-made waves to homeowners. I know you're gonna have a lot of opinions about this. Waco Surf, it's a 500-acre development in Waco, Texas. Developers in states like Texas, Utah, and Arizona are betting that man-made surf lagoons will lure wealthy buyers despite high construction costs and steep monthly fees. So are you in search of a vacation spot for surfing with your family?

• 27:36Speaker 00

  Clint Tasset was, and he put down a $600,000 deposit last year on a $1.8 million lot in Cabo, Mexico, a place renowned for its coastline, but he doesn't plan on surfing in the ocean there. Instead, the $3 million house he builds will be across the street from the beach at this location, the Cabo Rail Surf Club, a private residential club next to an artificial lagoon with a wave machine. In the lagoon, you won't have to wait for waves and battle other surfers. There will be no sharks, jellyfish, rocks, or bad currents. He's promised multiple good waves a session, as big or small as he wants. It's approachable, said Tasset, 46, who lives just north of Denver and founded a digital marketing company. If you can lie on a board and move your arms, you can get in.

• 28:20Speaker 00

  He plans on surfing there with his wife and two kids, age 13 and 15. There's some interesting photos of them building this development. Thanks to advances in wave pool technology, man-made surf lagoons are becoming the latest amenity. High-end housing developers are using to lure buyers instead of golf courses, ski mountains, or lakes. These development, these developments, often with custom-built homes and members-only clubhouses, offer surfing as the main activity. Whether these capital-intensive projects can be financially successful, however, remains to be seen. At least one planned project has already faltered. Are you, you're, you're in favor of these? What do you think?

• 28:57Speaker 01

  Love wave pools.

• 28:58Speaker 00

  Yeah.

• 28:58Speaker 01

  Cannot imagine buying a property down in Mexico, off of the beach, right next to like a chlorinated pool. And I, and, and this is coming from somebody who loves surfing. Loves surfing wave pools. I just do not, I don't understand. Like, the ocean has so much more to offer than just surfing, right?

• 29:16Speaker 00

  Sure.

• 29:17Speaker 01

  Sounds amazing.

• 29:18Speaker 00

  Yeah, but you can always go to the.

• 29:20Speaker 01

  Yeah, let me get in my car. I'm in Mexico. Let me get in my car and drive to the beach. Like, you, you're buying a place in Mexico because you love surfing and you're gonna be not near the ocean?

• 29:30Speaker 00

  The $130 million Zion Shores project came, came together after developer Cody Larkin installed a continuous surf, a continuous wave surf machine in a lake in 2021 at one of his residential communities in Utah. He was shocked to see that the surf wave was far more popular than water skiing or wakeboarding. Everyone would spend almost all their time there. Half of the 56 residential lots at Zion Shores have sold since development started a year ago. There is a $500 a monthly HOA fee per house, and that doesn't include surf fees, which range between $30 to $200 an hour. What are you paying, why are you paying more per hour? Is that like, I want a bigger wave and so they charge me more?

• 30:11Speaker 01

  They, they have different pricing based on time. Like, they have like, they're just sort of peak rates.

• 30:16Speaker 00

  Oh, okay, okay. Yeah, yeah.

• 30:18Speaker 01

  And then, yeah, there's, there's sessions that basically take a lot less energy and you can put more people in the pool.

• 30:23Speaker 00

  Oh.

• 30:23Speaker 01

  Versus certain settings are gonna be like bigger waves.

• 30:27Speaker 00

  Okay, okay. So that might be an energy cost.

• 30:28Speaker 01

  Fewer number of waves, and so they can't monetize it as well.

• 30:31Speaker 00

  Okay, yeah.

• 30:32Speaker 01

  The crazy thing with, with all these wave pool projects is like you're making, you're, there's all this capex going into the actual technology that generates the waves. And so if you're buying a home, you have to have conviction that the operator is gonna continuously update.

• 30:49Speaker 00

  Sure.

• 30:49Speaker 01

  The technology because the pools that I was surfing two years ago are not fun anymore in comparison to the pool that I just surfed.

• 30:57Speaker 00

  Oh, that's interesting.

• 30:58Speaker 01

  It's just like such a big leap.

• 31:00Speaker 00

  Really?

• 31:00Speaker 01

  And so you kind of always, if you're really into surfing pools, you kind of always want to be on the pool that just got built.

• 31:06Speaker 00

  Yeah.

• 31:06Speaker 01

  Let's go into the Wall Street Journal comment section.

• 31:08Speaker 00

  What do they say?

• 31:10Speaker 01

  Michael says, I grew up around Malibu as both a surfer and a scuba diver. To me, this has no appeal. Just as swimming in pools has no appeal compared to ocean and lake swimming. I just find it a bit odd to see them being built in places that have water supply issues. The coolness of surfing ain't the waves, says Eric. That's just the feather in the cap. The real joy is witnessing nature.

• 31:32Speaker 01

  I agree.

• 31:33Speaker 00

  Leave us five stars on Apple Podcasts and Spotify. Sign up for our newsletter, tbpn.com, and we will see you on Monday at 11 a.m.

• 31:38Speaker 01

  Have the best weekend of your life.

• 31:40Speaker 00

  Goodbye.