Trump AI Speech & Action Plan, DC Summit Recap, Hot GDP Print, Trade Deals, Altman Warns No Privacy
2565 segments
How much founder mode did you do?
>> Are you saying that I popped an ALP? I
need an ALP right now. Hold on. You
don't need anything right now. Are you
chewing it? What are you doing?
>> No. You put this nicotine pouch, you
upper deck it, releases it, and then you
become a god.
>> Is that the app that Tucker sent you?
>> Yeah. Tucker and I are going to do a
crossover.
>> Wait, did you work out a side hustle
here?
>> I haven't presented it to the group for
a vote yet. You're pre-
>> Wait a second. Are you being paid for
this plug right now?
>> Yes.
>> I'm just saying if you use the promo
code JCL.
>> Wait a second. Promo code J 15.
>> Okay, he broke up, which is good.
>> Is he on drugs? Is he taking drugs?
>> He's on drugs.
>> No, I'm not on drugs.
>> And he's doing a deal with
>> This is like a PSA for not taking this
stuff. You're so out of control.
>> Did you take two of them? What are you
doing?
>> I thought this stuff relaxes you. What
the hell is going on? Your internet's on
the fritz, too.
>> I fixed it. I fixed it. I fixed it. That
was Putin. Putin's got my internet.
>> Putin's got my
>> Oh my god. What flavor are you eating or
using?
>> Oh, today's chilled mint. Today's
chilled mint.
>> You don't seem very chill. You seem
>> This is the first one.
>> Agitated and angry.
>> No, I'm trying to get us back to that
original all-in energy where we laughed
and we had fun and we enjoyed each
other's company.
>> No, but Jakeal, seriously, do you have a
side deal going on with Alp right now?
>> No, I don't have a deal yet. I don't
know if I have a deal. There's no deal.
I'm texting Tuck right now just to cut
you.
[Music]
Let your winners ride.
[Music]
>> We open sourced it to the fans and
they've just gone crazy with it. Love
you guys. Queen of
>> All right, everybody. Welcome back to
what Jensen from Nvidia has confirmed is
the number one podcast in the world.
Yes, the All-In podcast is here. We had
an amazing time in uh DC last week and
we'll get into that. But uh hey
Freeberg, you crushed it on all those
incredible speakers last week. 10 days
you had to pull off that event Freedberg
and you did it. Chimath and I just
parachuted in to DC last week for the AI
summit. Sax was busy working with pus to
get all those executive orders done.
Take us behind the scenes, Freeberg. all
of these incredible speakers. You got
Lisa from AMD. You had Lutnik, I liked
him. Bessent, I liked him. We had to say
no to a lot of tech company CEOs that
found out about the event and wanted to
speak on stage. So, there was a big kind
of cut off that we had to make around
making sure that we got our message
across. I think if you watch the
content, we talked briefly about it at
the beginning, but the focus was really
on trying to dispel the negative AI
narrative and myth that AI is just here
to destroy jobs because there's this big
economic boom that's happening both with
respect to new industries that are
emerging, which is why we showcased
Hadrian and others, but then also the
infrastructure needed to support the AI
race with data centers, chips, mining,
and energy. And so we highlighted each
of those four industries. And then the
cabinet people found out about it and
wanted to get involved. So we were
unfortunately squeezing people on and
off stage. It's kind of crazy to tell
the secretary of treasury he has to get
off the stage because he's passed his
20-minute allocation. But uh we had to
line everything up so that the president
could get his Secret Service detail to
clear the stage and get set up in time.
That's why we were rushing everyone. But
man, what a week. What a rush. It was
awesome. Thanks to David Saxs for the
leadership and pulling it all together,
bringing those folks to the table. And
Sax, congrats on getting your EO signed
and your action plan published. That was
pretty cool. Pretty awesome to meet the
president and meet all those cabinet
members and have all of this day come
together because of the work you've been
doing. How does it feel? Like, Sax, how
are you doing in the afterlow there? I
can see that you're in the afterlow. You
sent me a picture of the four besties
with our incredible 47th president. How
you feeling right now?
>> Are you going to put that on the screen?
>> I may have it. I don't I don't know if
that's allowed. Are we allowed to put
that on the screen? I don't know what
the protocol is.
>> Yeah, I think we can.
>> Yeah. I mean, I haven't gotten my
picture. Um I did notice that I was
unfortunately when they took the picture
of the four of us with the president,
somehow I got cropped out by accident. I
think maybe they weren't using a wide
lens.
>> Wait, Jason, what was it like for you to
meet the president? Cuz just for the
audience, we all stood in line and then
we took a photo with the president
backstage and then we did a photo with
the four of us. But Jason, when you had
your moment with the president, what did
you say? Did you ask him about
immigration?
>> Did you ask about I have your photo with
the president?
>> Oh, it's on my phone.
>> Did you Did you bring up solar panels
with him? Like what was your big moment
all about?
>> I didn't know we were taking a picture.
That was like sprung on me. So I
was like, "Oh, we're taking a picture."
So my brother Josh who runs security for
us was like they need you in the back to
take a picture with the president and I
was like yeah I'm good I I got to I got
to prepare for you know some
>> Oh you were going to pass.
>> Well I thought he was joking with me.
>> So I was like yeah I'm good. I'm good.
So he's like no no I'm serious.
>> They're they're taking pictures with the
president. I was like we are okay. So, I
ran back and uh they put us in line and
then I was like, I think I'm getting
punked here because they kept repeating
to me, okay, Jason, you're last. You're
last. And they, you know, and I know you
guys like to put in a joke or two. So,
I, you know, I just got in line last.
And it's obviously, you know, it's it's
a big deal to take a picture with the
president. So, I didn't want to um, you
know, use that time inappropriately or
anything. So, I just said it's a
pleasure to meet you.
>> Just say it already. You like it. Just
say it. Just let's get it over with.
Just get it. Get to the end. You like
him. You tried not to. You know, you're
all Mr. Big Shot, Mr. Big Talk, and then
you got in front of him and you like
him. Just say it.
>> Uh, what I will say is,
>> Jesus Christ.
>> Like him or dislike him.
>> What a joke. You're such a goon.
>> I I had a great time. I had a great
time. Predictable. You're a predictable
goon. You know,
>> you don't even know what goon is. Okay,
stop riz. Stop oraura farming. You don't
know what gooning is. Okay. I had a
great time meeting him. It was a great
event or farming. Obviously, he's trying
to get his RZ up to impress his kids.
But, um,
>> it was great. And I didn't know what to
do in the picture. So, he did.
>> We can move on.
>> I
What do you think of his speech, Jason?
>> After he gave you a shout out, Jason
after the president gave you a shout
out.
>> I don't know about love. He said, "Even
Jason." How many times have you listened
to that clip over and over? How many
times?
>> How many times? How many people have you
shared that with? How many? Play the
clip. Play the clip.
>> I want to also uh
>> Oh, no.
>> Say hello and thank to Jamath and his
wonderful wife Nat. Thank you very much
for being here. Thank you very much. It
was great seeing you again.
Great couple. David Friedberg and uh
even as we know Jason Gall.
>> I say even. Thank you, Jason.
[Applause]
appreciation. I appreciate that.
>> Yeah, he's a good person.
>> I mean, he's a good person.
>> He called you a good person.
>> He called you a good person. So, here we
are.
>> What president What president's ever
called you a good person this? Come on.
>> I mean, it's it's obviously like surreal
>> for all of us, I think, to be this close
to the administration and then for Sachs
to be part of it. What I will say is you
have to give a lot of credit to this
administration for the velocity they're
going, what they're accomplishing. even
if you disagree with certain items on
the margins and their ability to engage
with leaders doing important work. And
if we compare that to Biden and Kamla,
like they weren't even letting people
come to the White House.
>> Is it Is this like
>> I love this administration. I love the
administration. I I like Trump. This is
a cabinet of CEOs.
>> Let me just say this. I'm not in love
with Trump. I'm in like with Trump.
That's where I'm at. I'm not in love
with Trump. I'm in like with Trump. But
what better team has ever been put
together? It is a cabinet of CEOs. It is
a cabinet of managers. It is a cabinet
of people who know how to get done. And
every time I go there, I'm impressed by
this cabinet. I pull my hair out when I
meet.
>> You admit that you're proTrump finally
Friedberg. You've been splitting it.
You've been dancing around the issue.
Are you full 100% in support of Trump?
You want to sit here and put me on the
spot? I put you on the spot.
>> I support my president. I support the
president.
>> Okay. So, you voted for him and you love
Trump. You voted for him and you love
Trump.
I love what he's doing
>> and you voted for him
>> and I have issues with the spending and
that's not been resolved. So like I said
before,
>> okay, great. Here we are folks.
>> My fullthroated endorsement will come
around when Doge actions are taken
seriously andor the White House puts
pressure on Congress to take action on
spending the budget.
>> What is everybody's favorite moment?
Favorite other than Trump, you know,
being absolutely amazing, great speech.
He's he's hilarious. Whatever. We'll put
pus outside that because it's hard to
compete with the president of the United
States. Sax, did you have a couple of
favorite moments? Give us a couple
favorite moments.
>> First of all, I think we should talk
about the substance of the speech
>> because I think this was the first
speech that President Trump has given on
AI since the AI boom began. He's he's
spoken about it before, but this was a
full-length policy speech and he
declared that the United States was in
an AI race. It's a global competition.
I think the the language that he used
was reminiscent of how President John F.
Kennedy declared that America was in a
space race. And in a similar way,
President Trump declared that we have to
win the AI race. I think you can argue
that the AI race is more important than
the space race. It's going to reshape
the global economy. It's going to
determine who the superpowers are of the
21st century. And President Trump was
really clear that we had to win it and
that he was going to support a strategy
for winning it. And then he laid out
what some of those key pillars are.
Number one was was innovation. We have
to get the red tape out of the way and
let our geniuses cook and clearly was
very supportive to a lot of the CEOs and
entrepreneurs in the crowd. Number two
is infrastructure. He touted the
hundreds of billions of dollars of
investments in energy and power
generation and grid upgrades and data
centers that he's supporting. And then
he also supported AI exports. He said
that we have to make America's tech
stack the global standard. So I think
those were really important messages.
And then on top of that, I think there
was also some parts of the speech that
maybe have gotten less attention but are
also important where he said that it's
not only important that we win. He said
it's important how we win. And he sort
of mentioned three non-negotiables here.
Number one was that American workers
have to be at the center of the
prosperity that we create.
Number two is that the AI models that
the government procures and buys must be
free of ideological bias. So no woke AI.
And he also signed an executive order to
prohibit woke AI in the federal
government. We could talk about that in
a second. That probably was my favorite
moment.
>> That was your favorite moment.
>> That was my favorite moment.
>> The red meat moment. I thought that was
>> that was the red meat. Yeah.
>> That was the red meat for the base.
Yeah.
>> Yeah. The third thing is he he did say
that we do want to prevent our
technologies from being misused or
stolen by malicious actors. And look, we
we are going to monitor for emerging and
unforeseen risk. So, you know, we're not
going to disregard the risk. But he had
this really good line in the speech
about how even though AI, look, it's
it's a daunting technology because it's
so powerful and like any revolutionary
technology like that, it can be used for
bad as well as good. But the the
daunting nature of it is all the more
reason why we have to do it in the
United States. Why would the United
States has to be the pioneer and the
leader is cuz we don't want the power of
that technology being developed in other
parts of the world at least other parts
of the world are going to have it but we
want to be the ones on the cutting edge
who are defining it and leading it.
>> Fantastic. Okay.
>> So I think it was a it was a really
important speech. I think this idea of
an AI race that is similar to the space
race, I think is going to be the
dominant frame on AI policy for years to
come.
>> Well, it's pretty clear, you know, this
presidency, this term is going to be
earmarked, I think, by four key
initiatives. AI, crypto, immigration,
and tariffs. I think that feels like
what they're locking into as what's
important for the next three and a half
years. I think you would agree with
that. And it's just great that you're
spearheading and helping the president
with two of those four. And just I the
velocity to me is what's super
impressive. Any way you could take us
behind the the scenes of how this stuff
is getting done so quickly. It feels
like there's some operational
cadence here that we didn't see in his
first term. Certainly didn't see in the
Biden term, but there's a there's a
cadence here that's different. Yeah.
Startup speed. H how is that?
>> Well, yeah, we call it he's working at
tech speed. I just think that the
president's constantly working. I mean,
he's just so energetic. I mean, he
basically works like two full work days.
I think it's well known that he doesn't
need a lot of sleep and he's continues
to work late into the night. And I just
think his energy propels everything
forward. I also think that there's a
very cohesive team at the White House
>> under the chief of staff, Susie Wilds. I
think it's very important. I think she
runs a tight ship and then you've got
the deputy chief of staffs under her and
I think most of these people have been
working together for a long time and
it's a team that works well together and
I just feels very coherent and cohesive
to me.
>> So I think it's a very effective team.
>> It does feel like that. The pace is
great. It means you're going to get more
shots on goal and you'll be able to try
more things and and get more
accomplished just like we see in
startups. Chimamoth, outside of the
president's talk, we'll go around the
horn here. Top two or three moments from
the discussions, just lightning round
here, rapid fire. What do you got? Top
two or three moments for you, Chamath,
just in the discussions that were
enlightening to you, inspiring to you,
notable to you.
>> I came out of it very motivated. I think
that the combination of the speech, the
executive orders, and the clarity of the
big beautiful bill
now give those of us that are in these
markets a ton of runway to go and
execute. And so those things reinforced
by the various members of the cabinet I
think were very important. That was one.
And then the second thing were the
market commentary from both Lisa Sue and
Jensen I thought was really valuable.
>> And then the third was Chris Wright and
Doug Bergam talking about energy. And I
tweeted this yesterday, but we are sort
of back to basics almost in a sense
where in the absence of power, I think
AI is is not going to be the thing that
we think it can be. So that's going to
create an enormous amount of appetite by
the federal government to do deals and
get players on the field. That's to me
very exciting. So
>> yeah, I came away really
riskon, I guess, is best way to say it.
>> I love it. Freebridge, you have two or
three moments outside of the president's
speech. Obviously, that's the pinnacle
there. So, let's just go below the
pinnacle. What were the other two or
three moments for you that were salient,
inspiring, notable?
>> I thought Jensen did a great job. I
don't know what you guys thought, but he
is very compelling and has a incredible
uh vision and view on where AI is taking
us, where it's headed, and what the
challenges are. So, I really appreciated
him taking the time to come and join us.
last minute he rearranged his schedule
to come out for it and it was great. By
the way, on the point on energy, which I
still think is the biggest unsolved
issue right now in America besides the
uh the federal deficit and the debt
problem,
Chris Wright agreed to rearrange his
schedule to come and join us at the
all-in summit in September. Oh, great.
To continue the conversation. We didn't
get enough time to talk about it. So, we
are going to hear more from Chris
particularly with a particular focus,
which is what I wanted to spend time on.
didn't get a chance last week on nuclear
and where are we cuz he actually is very
passionate like he said at the thing
it's where he's spending most of his
time right now and I think it's very
good to hear the deep dive on where we
are in the cycle on trying to accelerate
nuclear energy deployment in the United
States same question to you after pus
you got two or three moments that stood
out
>> let's just talk about the executive
orders for a second because I think it's
pretty cool that the president of the
United States signed three executive
orders at the all-in summit that we just
hosted I And that was pretty amazing.
One of them was to promote AI exports
because we want the American tech stack
to become the global standard. The
second was around AI infrastructure to
make permitting easier so that we can
help solve those energy problems you're
talking about Freeberg. And then the
third one was on preventing woke AI in
the federal government. And that to me
is probably my personal favorite because
we spent a couple years on the show
talking about how when we're talking
about woke, you're really talking about
censorship, right? We were talking about
censoring people's views based on
ideological bias, ideological dogmas. We
saw what was happening
>> in social media before Elon bought X
that helped
>> bring things back. But we were on a
track, I think, before President Trump's
election to repeat that whole social
media censorship apparatus in the form
of AI bias or AI censorship. And we saw
this with the whole black George
Washington and where some AI models were
saying it was worse to misgender someone
than to have a global thermonuclear war.
>> Yeah. And this wasn't an accident
because if you go back to the Biden
executive order on AI, there was
something like 20 pages of language on
there encouraging DEI values to be
infused into AI models.
>> So again, we were on track to repeat all
the social media censorship, all the
trust and safety stuff in this new world
of AI, but it would have been even more
insidious because at least when someone
gets censored, you kind of find out
about it.
>> It's explicit. It's not.
>> It's explicit. But with AI, it would
have been worse because you wouldn't
have even known. It would just be there
rewriting history in real time to serve
a current political agenda. It would
have been brainwashing our kids.
>> Oh, and people trust these AIs more than
they should. I mean, these things are
making a prediction of the next word
coming. This is not like God-given truth
here. And so, Freeberg, you wanted to
interject about this one because this is
actually I'll be honest, Saxs, I'm
surprised you're saying this was the
most important one to you. I like that
you clarified it because it was the one
that was mocked or kind of like people
were like what why is this important? I
think you made a good case for why it's
important. Freeberg your response. Yeah,
but sex this is not about broadly making
quote AI non ideological. Private
companies should still have the right
through freedom of speech or freedom of
expression or freedom to operate to make
AI that does whatever they want it to
do. What the EO was was that the federal
government would not procure
ideologically biased AI. Is that
correct?
>> Yes. Exactly. No, we're we're aware
>> just to make sure that the the federal
government is not trying to instruct
private companies how to operate. It's
simply saying if you want to sell to us,
this these are the rules of the road.
>> Yes, that's true. So, we were very
careful about the First Amendment
issues. And you're right that if a
private company wants to put out a
biased AI product, we're not going to
tell people they can't use it.
>> And it could work. It could be
successful. People might like it. Ya.
>> Yeah. We're just saying that the federal
government is not going to spend
taxpayer money
>> buying AI models that have compromised
their accuracy and quality because
they're beholden to some, you know,
ideological agenda,
>> which is similar to the approach with
the universities, right? Hey, listen,
you could have a biased university.
We're just not going to fund it. We're
not participating. I think it's it's
quite reasonable in that way. And
>> yeah, and I would just say that, you
know, we were a lot more careful about
this than the Biden administration was
when they required that DEI be inserted
into all these models. They didn't
distinguish between public and private
money or government procurement versus
private models. So they just they were
trying to suffuse DEI into everything.
And what we're looking for here is just
neutrality, right? We're looking for a
lack of ideological bias. The first step
was to get rid of that Biden EO, which
the president did his first week in
office. This goes a little bit further
and it's a little bit of a shot across
the bow of these Silicon Valley
companies saying, "Look, you need to
play it straight. You need to be
ideologically unbiased."
>> As the default,
>> as the default, when you sell to the
government, you can't insert your values
at the expense of accuracy. Look, at the
end of the day, accuracy and truth
seeeking is the standard, right? You can
measure. That's the goal.
>> So, we don't want the quality, accuracy,
and truth seeeking to be sacrificed
because of these any are you still are
you still seeing that are like when you
say these Silicon Valley companies I
mean is this still kind of a widespread
concern or widespread deployment from
your point of view where you're sitting
like are you still seeing a lot of the
models being trained on ideological
systems that you know are preferential
to one group and not to another
>> I think it was a much bigger concern 6
months ago and I think there's been such
a huge vibe shift since President
Trump's election and taking office that
like the woke stuff is sort of going
away on its own but
>> I and I I think that's the trajectory
we're headed. But it was
>> But you still think it's important
enough to make sure that there's any
error?
>> Yeah. It's like, look, this is make sure
this thing doesn't come back from the
dead. I think that there's been a huge
vibe shift since President Trump's
election and woke has definitely fallen
out of favor and it seems to be going
away on its own. But we could still get,
you know, Orwellian outcomes with AI.
And I do think it's very important to
just keep underscoring that what AI
models should be focused on is the truth
is on accuracy. And we don't want
ideological agendas to sacrifice that.
And um and I think I think that even
though this is a less salient issue now
than 6 months ago, precisely because of
the vibe shift, I still think it's
important to underscore this point that
we don't want
>> would you go so far
>> we don't want AI taking an Orwellian
direction.
>> Yeah. Would you go so far as to limit
free speech and and make it
non ideologically biased? Like would you
make that law if you could
>> because again the the decision about the
federal government procuring versus what
these private companies can choose to
reflect as their quote values in their
systems.
>> No, he just you already answered that he
would not.
>> Yeah. No, look, I we understand the
difference between public procurement
and private speech and again in a way
that the Biden administration did not
because they were saying that all AI
models
>> Yes. had to be adhere to a specific
ideology
>> to the CI stuff. So
>> yes, it was an ideology they wanted
embedded in it. You're saying don't put
an ideology in. But just to be clear
here, I want to make one point. This is
the defaults. Anybody who wants to could
when they start their prompt or they set
up their preferred language model could
say, "I'm an atheist. Here's what I
believe. Please speak to me with this in
mind." Or, "I'm a Catholic. Uh, you
know, I'm a Protestant." Whatever you
want. Here's my belief system. Please
never reference, you know, these three
subject matters in this way. So this is
the default. I think it's a great thing
to
>> I think that's a great example, JCAL. I
do think we'll end up seeing religious
AI. I think we'll see AI that's tuned to
people's religious
ideological, but I think yeah,
>> I have one of the startups we did was
doing a learning app and they were
struggling and they just made a prayer
app and their prayer app went parabolic
and now they're just like printing
money. So there is definitely a a huge
market here.
>> Check out what what were your
highlights?
>> It was great to be, you know, included
in everything. So I appreciate that we
had uh No, I'm being dead serious.
>> Your invitation finally didn't get lost
in the mail.
>> No, but here's the thing. It I think
this could have been a nonall-in thing.
It could have just been, you know, you
could have done it and just invited who
you wanted to. So I like that it was
under the all-in umbrella and that we
didn't censor anything and we went right
at hard topics. I'm a moderate. I know
people want to make me into like a
stupid lib, but I am an independent
moderate. And there were moments in time
when we had great debate, too. This
wasn't just a love letter to the
administration. One of the great moments
was J. D. Vance. It was just great that
he wanted to come chop it up and just
hang with the besties. And he came out
and he went right at me. He was like,
"Hey, you treated me like a beep at the
thing. We had a big debate and you know,
he went right at me." And then I was
like, "Okay, it's on. Want to talk about
stuff?" And he said, "Yeah, let's get
into it." And that's what I love about
JD. JD to me seems like the politician
of the future. I know this is like the
Trump's administration, but
>> So, you like him?
>> No. No. I I'm in like with Trump. I'm in
love with JD because he's young. He's
opinionated and he likes to mix it up.
He's on Twitter all day long. He engages
people on Twitter. He engages people in
other groups. I'll leave it at that. And
uh we had a really, I think, honest
discussion about immigration. And we got
back to the highskilled immigration
question. That's the third rail for MAGA
and and for the country right now.
Immigration recruiting.
>> You mean you brought it up right off the
bat?
>> No. No. He said he wanted your hobby.
You brought it up. Your hobby horse very
I want to continue the debate and I
said, "Okay, let's continue the debate."
So, here we go. He was super spicy and
he made a great super spicy point that I
want to point out here on Amplify. if
companies are going to be laying people
off. And there was an incredible uh
chart that came out. It was in the
Financial Times and they showed male
college graduates versus
non-olgraduate males. And there was
usually a huge gap in unemployment
between those two. In other words, if
you had the college degree, you you had
a much better chance than the non-ol
male. And now those two things have
flipped or they're like neck and neck.
If you have a college degree, you have
no advantage as a man coming out in
this, you know, 20 to 27 year old range.
This is men. Women are actually doing
better. More women in college than men,
yada yada. But he's very attuned to
this. And he said he's got big concerns
right now. So this is again why I love
JD because JD is very tuned into the
fact that people are asking for more
H-1B visas and that typically is to save
money and supposed to be very skilled
people. But why is Microsoft laying off
9,000 people then asking for more, you
know, H-1B visas? This is a really
honest, truth-seeking question. And I
it's hard for this administration to
talk about this issue because I know you
got Steve Miller, Bannon, whatever
people all the way on one side who want
to deport 20, 30 million people, Tucker,
and you know, and then you have other
people who are more moderate. And I
thought that was like a really great
moment in time for America and for us as
a podcast to challenge and have a really
important discussion. And he made some
great points there. Number two, we had a
great debate, I think, about energy. Uh,
disagree.
>> You disagree. Okay.
>> I disagree with the because I think you
challenged him with I I think you
challenged him with things that were not
facts and not true. And I'm happy to
debate that with you offline. I think he
was caught off guard, but I think it was
pretty like
>> rough and inappropriate.
>> 100 If you think it's inappropriate,
that's fine. I
>> Jake's favorite moments were all the
ones where he got the ones where we had
debates.
>> That's what you're describing.
>> No, no. Where there were debates. got
with the vice president. You got into it
with the secretary of energy. Those your
favorite moments when you got to
>> Okay, great. So, okay, fine. I like when
there's a little conflict, a little
debate about an important issue. And
when I walk the audience, which was, you
know, 90%
Republican, GOP, MAGA, etc. People said
that was a great moment. I really like
that debate because he kept saying like
nonreliable energy and whatever. And I
said, are you talking about solar? And I
think there was a little misinformation.
>> Reliable. No, it's not.
>> You put it with a battery. Right now,
Texas is 30% some days wind and energy.
You know, like I can tell you I live in
the great state of Texas.
>> Texas is Texas roughly 5% solar. Just so
you know.
>> What's that?
>> Texas is roughly 5% solar,
>> right? And wind puts it up to 25 to 30%
on the top days is coming from that. My
point about that is and it's cheaper to
put in a solar uh and battery farm than
a new coal plant. It is 100%. We can
pull up the stats.
>> It is twice the cost to do solar than it
is to do nat gas. It takes 4,000 acres
whereas gas takes 20 acres.
>> I said coal.
>> Yeah, but these the big advocacy with
these guys is to use nat gas to use
methane. He was saying coal clean coal
clean coal. He said it 50 times.
>> These methane plants are half the cost
of solar. They can get stood up in less
than two years to generate a gigawatt.
And instead of being 4,000 acres of
solar, you can get it done for, you
know, call it 20 acres. Now talk a
little bit about pollution. And that's a
big part of why they're doing this.
Well, a big part of methane is that it's
actually cleaner than coal, which is why
they're using it. Cleaner than oilar.
>> Cleaner than oil and the two ways of
getting energy. Now, science guy, now do
>> I'm trying to give you the fact about
why about why it is cheaper and faster,
which is what he was making an advocacy
for, right? It's not about like solar.
Yes, you're right. It has a lower carbon
footprint when you're running it. But at
the end of the day, what these guys are
focused on and a big challenge for
America is how do we scale energy
production in the states and scaling
energy production, I personally think we
need to fix the regulatory roadblocks in
nuclear. And Chris Wright's been very
vocal on this.
>> We all agree on that.
>> But the fact is this NA gas supply that
we have in the United States and the
fact that we can deploy nat gas energy
production very quickly is what makes it
such a reliable source right now. if the
US wants to have a chance at scaling
from 1 terowatt to two faster than
projected today and that's the reason
you know it's not it's not about like
solar is being bad solar is bad like
that's not the the argument it's just
like dude we we got to get moving fast
and we got to have reliable energy
in our debates I just want to point in
our debates when there's bad faith
moments I think it's a bad faith moment
for when I say coal versus solar and
then you say no you're wrong it's solar
versus n gas and that's what he was
doing this is what politicians do here
all in. We like to do, you know, uh,
fact-based, truth first stuff, not
biased stuff. And so solar, you're
comparing. So, you know, solar and how
fast it is versus how fast it is to go
to net gas. Of course, it's faster to go
to net gas if we have those available.
Let's put that aside. It's an important
debate. The fact that you and I are
debating it is important. And I also
thought Lisa from AMD was fantastic. I
haven't heard from her. By the way, I
just want to point out that when I got
back to the conference, so I I left for
a time to go back to the White House and
then I came back.
>> The first thing everyone said to me
>> when I got back was,
>> "Did you see Jal being a jerk to Chris
Wright?" They were everyone was like,
"Oh, about the Yeah, a jerk.
>> He's a civil servant. He has to answer
hard questions. You didn't talk to him
in a in a in a in the way that you
would." Basically, everyone thought you
were a jerk to Chris, right? And you
were kind of a jerk to JD. And what are
your favorite moments?
>> Call me an
>> What are your favorite moments from the
conference? You're reminiscing about
>> that. You were an to me.
>> Anyway, the point is one thing you're
going to get here at the Allin.
This is where everyone%
two out of three were
>> everyone was saying this. You almost
derailed the whole thing.
>> Nobody derailed. You're a civil servant,
Mr. Sachs. You're a civil servant.
You're all civil servants.
>> I've been putting up with you for 5
years on this podcast.
>> The hard questions.
>> It was perfect training for government
services beyond the podcast being
interrupted by you for 5 years.
>> Yes.
>> That's why I'm so ready to dwell.
>> You learn about you work for us, all of
you. And you're all going to take hard
questions. And you're all going to take
hard questions on September 7th, 8th,
and 9th when we have the allin summit in
>> Los Angeles. By the way, by the way, one
thing I'll say is Chris Wright's chief
of staff came out to me afterwards and I
said, "Oh, I'm sorry. I heard Jake was a
jerk to to Secretary Wright and he's
like, "Oh, no. Chris loved it. He loves
mixing it up." Okay, of course.
>> And he's coming to he's coming to Olan
Summit in on September 8th. So,
>> can't wait to debate him more. Can't
wait to mix it up more.
>> So, he he likes mixing it up. So, kudos
to him.
>> Okay.
>> And so did so did JD Vance, the vice
president to you. Stop calling him JD,
by the way. Well, I mean, listen, I just
want to say Vice President J. D. Vance
and I have been directly communicating.
We had a We Yes.
>> No, you haven't.
>> David Sachs, your worst nightmare.
>> Oh my god. Your worst nightmare.
>> The nation is ruined. What the
>> We let Jake Allen to Washington and now
look what's happening.
>> Yeah.
>> And listen, I want to level set with
everybody.
>> We I am going to ask whatever
question I want to whatever guest we
have and nobody's stopping me. The only
way you're going to stop me is by
writing me a huge check to buy
me out of this podcast and replacing me
with some mid until
>> or if the Secret Service keeps you off
stage, which might be an option.
>> Or Secret Service keeps up stage. But
the truth is, this is one of the great
things about this administration sex is
that they love to mix it up. They like
great debate. You know who didn't like
great debate and ran from it? Kalama
Ding-Dong. She wouldn't even come on
this podcast. You know who doesn't like
debate? Tik Tok.
>> We get that at Bernie's Biden who didn't
even know what a podcast is.
>> Tim Waltz who doesn't own
>> you. You definitely you definitely have
your moments, bro. You definitely have.
>> But Tim Waltz doesn't own an equity. He
literally doesn't own one share of any
company, doesn't his home
>> and Tim Waltz is on there giving a hard
time about the uh Trump savings
accounts.
>> I mean, I don't even know if that's a
hat though, which you loved. You thought
that was going to win the election. I
thought he might be able to speak to
like the middle of America and then I
find out like
>> when they do the the Deep Oppo research
that the guy doesn't own one stock.
>> The guy doesn't own his home. He's
financially illiterate and we're making
him
>> employed by the government. He's been
employed by the government his whole
life.
>> I mean, have you
There it is.
>> That's what Jake thought would win the
election.
>> You're never going to live that down. I
remember when you tweeted you thought
that was it. You thought that was the
master stroke. I thought it might
>> master stroke that was going to win them
the election.
>> Hey, listen. No straanis does not bat a
thousand. No, no, even no straanis
cannot bat a thousand. But it did come
out, by the way, that Nancy Pelosi
wanted to do the speedrun primary. I
don't know if you saw that, just not to
rehash too much stuff. Sax, I want to um
say there was one point of difference if
you want to get into it around the the
the content part of part of it where and
this is something that
>> the press was having a field day with
and they really keyed on which was hey
respecting IP, respecting copyright.
What's the feedback been so far on that
which was a pretty spicy part of
President Trump's speech?
>> Well, I think what the president said
was just very pragmatic. He said we had
to have a common sense approach towards
intellectual property. And he said if
you have to make a deal with every
single article on the internet, every
single website, every single book, every
piece of IP in order to train an AI
model, it wasn't feasible. He said,
"Look, I appreciate the work that went
into people creating these works, but
you're not going to be able to negotiate
a deal for every single one of them. And
if we require our AI models to do that
and China doesn't and they won't.
They're just training on everything
whether it's you know pirated or not
then we're going to lose AI race. So I
think he took the side of a fair use
definition. I don't know if he used the
term fair use but effectively he was
taking the side of a reasonable fair
use.
>> What did you think of that part Dave
Freeberg? You have any thoughts for
Jimoth on that part?
>> I think he's absolutely right. I've said
this before. If something's in the
internet, if something's in the open
domain, and I strongly disagree with the
idea that AI getting trained is the same
as AI replicating copyright material. If
AI outputs text or outputs audio or
outputs video that contains copyright
material, it is 100% in violation of
copyright.
>> And he said that, by the way,
>> yes. And if the AI is learning, it is
understanding patterns, it is
understanding reasoning, it is
understanding concepts by reading
copyright material just like humans do.
A writer, an author reads a bunch of
fiction, learns good techniques, learns
good concepts, learns good theory from
reading all those books and then goes
and writes his or her own book. They are
not violating copyright material. In the
same way,
Freeberg, what if it's all the New York
Times on the open internet?
>> 100%. You're you're 100% correct that
should be paid for or licensed. I'm
talking about the open internet. I'm
talking about open material. I'm talking
about stuff that's in the open domain
which
>> common crawl.
>> There's a thing called common crawl.
>> If there was if somebody stole a hundred
books, let's say, and put them on their
website and it was a pirated Russian
website with a thousand books on it and
you accidentally crawled it, you would
be obligated to take that out then. I
think we all agree.
>> Correct.
>> Okay. Correct.
>> Cuz that's what a lot of the lawsuits
around. So, I think we're reaching
something. I just want to say, you know,
this is such an important point,
especially to me as a content creator
and somebody who spent his career in
this. I've been thinking about the
endgame and um I was I'm here in Park
City. I was just giving a a keynote and
I wanted to show you something I made
saxs because I think we have to get to
the the endgame here. So, in my talk, I
talked a little bit about how can we get
through this fight and then maybe
getting to a solution. So, I had my team
mock up
the New York Times website here and chat
GPT doing a deal with them. So, here you
see you're on the New York Times website
and you ask it a question powered by
GPT. You ask it, hey, you might ask this
question. In fact, you log in with your
chat GPT credentials. You're and it
could be Gro, it could be Gemini. Give
me the earliest mentions of Putin, you
know, if you were a fan of Putin or
something. And it would then go through
that and give you your your Putin
references. And then I made another one.
And then obviously this would be an
exclusive to Chat GPT. It would be one
of those things where you know they get
an exclusive. And then here on the uh
Disney Plus channel, imagine you could
make yourself into a Jedi Knight and you
could then upload your photo. You know,
kids might really get into this. You
upload your photo, you can make You
talked about this free a couple of times
of the future of narrative storytelling.
You up your photo and then it makes you
into a Jedi Knight. There's there's
Darth Calacanis. So
>> that looks to me like you're infringing
on their trademark. What's that?
>> Are you infringing on their their
copyright?
>> This is fair use. This is fair use. This
is a perfect example of fair use for
editorial.
>> You're also infringing on some Osmpic.
That's absolutely infringing.
>> Trust me, I am definitely infringing on
some OMIC here, guys. I'm I'm past
those. I'm on to peptides now, man. I'm
on the Wolverine protocol. So, look at
>> Are you
>> Yeah, I started doing the I mean I I
don't What could go wrong?
>> Don't take a podcaster's advice. Please
don't take a podcaster's advice on your
healthcare rule number one. Take
Chimat's advice because he's got 6% body
fat, which I think attributes to much of
your pomp and circumstance around your
privates. I think it has to do with the
lack of fat. But I'm going to leave it
at that.
>> First of all, it's 11 and a half, but
you know, it that's that's like right
that's like right before I go on summer
vacation. Then it then it ends up at 12
or 13.
>> Did you go get that? Did you go get that
gelato? What was that place we went that
we love? Lulu me. I've gone there every
day. Every day so far.
>> Did you do two or one? Be honest. Two or
one?
>> Bro, I've had I've had I've been doing
>> No, no. Per session. Do you do two or
one? Be honest.
>> Per session, too. I start with the
medium and then and I finish with a
small.
>> Yeah, exactly. You This stuff is so
good.
>> I've never tasted any gelato like this.
It's incredible.
>> I mean, it's unbelievable. We have to
license it for the United States and the
all-in brand. We have to license it from
them.
>> It's really incredible. But Chamath just
generally speaking or anybody who wants
to have at it. Friedberg Sachs, what do
we think about the endgame here? Because
there's some major lawsuits here.
They're going to get settled in the next
year or two. What What do we think about
sort of the future I've shown here
today?
>> I think what Sax just highlighted is
exactly right.
>> Look, we got to have a common sense
approach here or we're going to lose the
AI race. I mean, one of the out one of
the key determinants
>> of AI quality is the amount of data that
you have. It's very simple, right? It's
there's a few building blocks. There's
energy, there's chips, and there's data,
and there's algorithms. And if you lose
on any one of those dimensions, then
you're in trouble, right?
>> So, look, you just can't have a
situation where China can train on the
entire internet. And RAI models are
hamstrung by needing to contract,
>> negotiate contracts with every single
website.
>> But right now, Europe, Elon owns X,
right? He owns Twitter for now X. Does
Sam Alman have the right to use X in his
corpus?
>> It's public.
>> No, it's not. No, it is not public
endpoint.
>> It's not a public.
>> I just honestly I don't
>> there's I don't know the answer to that.
There's some edge cases here. We're
going to have to come up with
>> It's not about whether it's behind a
payw wall or not. It's whether these
APIs exist and whether you're you're
actually contractually allowed to use
them or not.
>> The terms of service. Correct.
>> The terms of service. It's published on
every website what the terms of service
are with respect to the content. I think
it would be okay to let people opt out,
you know. So, we already have this with
Common Crawl. You can put in the footer
of the website, you put in robots.txt
and you opt out of Common Crawl.
>> Common Crawl is like this nonprofit
organization that basically archives the
entire web every few months.
>> Funded by Gil Elbaz,
>> former Yeah.
>> formerly of Google. Great fan of the
pod. Shows up to our summits. Great guy.
>> And all of Open AI was built off of
Common Crawl originally.
And he but they're very clear by the
way. They say you have to clear
copyrights. You don't get to just use
open Chrome.
>> Can I go out on a limb? I don't know if
you guys saw this Amazon deal with the
New York Times for $25 million. Did you
see that today?
>> No,
>> I didn't see today. Explain it, please.
>> I think that the New York Times licensed
Amazon all of their content, including
The Athletic and a bunch of other things
for training. 20 million. Sorry, 20
million a year.
>> Okay, here we I read that and I thought
this is the peak of these deals. These
deals will only go down in terms of
dollar value from here.
And it it actually brought me to this
point where I was thinking to myself, is
it even realistic
to believe that patents and copyrights
actually exist in 5 years? And I went
through this exercise of like if a
computer studies the
periodic table and also understands the
laws of physics, the laws of biology,
the laws of chemistry and then
independently deres
some material that is otherwise
patented,
what will happen?
And then separately, if two competing
AIs invent a new material from scratch,
how will the international courts deal
with this? And if you take all of these
examples to the limit, at the limit, the
idea that there are copyrights,
enforcable copyrights,
I think is a very fragile assumption. So
I'm actually thinking more that we have
to spend some time understanding the
landscape of a world that doesn't have
copyrights and patent protections and
instead what is the surface area in
which you compete what is trade secret
what does that mean in a world of AI and
I think it's quite an interesting thing
to think about
patents are a totally different piece I
think that's a fascinating string to
pull on I will tell you I will take the
other side of the bet if we want to make
a poly market on this. I will guarantee
that this will be the beginning of the
deals and the deals will go up from
here. I'll tell you why. The reason the
New York Times made that deal is to make
it apparent that what OpenAI has done
has damaged their business because now
they have a customer and their customer
is Jeff Bezos at Amazon and Jasse and
now they can show damages because and
now those damages could give them an
injunction against OpenAI and OpenAI's
got to take it out of their crawl of
their you know construct and that's
going to be really expensive for them.
It's not not doable, but it's going to
be expensive. And let's think on a
societal basis of what we want as a
society. Do we want a society in which
journalists, writers, artists,
musicians, filmmakers, actors cannot
make a living, podcasters, or do we want
a world in which they can?
>> And I think technologists,
>> hold on, let me hold on. As a
technologist, as a technologist, we
typically think if we can crawl it, it's
ours.
>> What I can tell you as an artist is if I
make it, it's mine. and you need my
permission because it's my art and I
think it the industry will do better if
they respect them because now the New
York Times can hire more fact checkers.
>> But can I just ask you a question?
>> Yeah, go ahead. Sure.
>> But why do you have to connect the two
as immutable things? meaning why can't
somebody make something still you know
let's just say it's a song but that song
can now be made by multiple AI models
but if they make the song
there's a reasonable claim that even if
they don't have the copyright more
people will want them to perform the
song than some random AI
so can't you make a living without
having the copyright
>> which is the choice of the artist some
artists are were very well known for not
wanting their art to exist in some
mediums. As a perfect example, the
Rolling Stones for a long time thought
they would be sellouts if they had their
music used in commercials. And when they
did Start Me Up with Windows, that was a
really big concession from them. And
that's up to the artist to make that
decision. You make a a valid claim. Hey,
yeah, you go on tour and make more
money. But that's the artist decision,
not the technologists or the people
stealing their content. And by the way,
$20 million a year is a hundred $200,000
highly paid journalists, fact checkers
at the New York Times. They're going to
get 10 of those deals. And it's going to
create a golden era age of journalism
and content. And we should be happy.
>> I told you this example, Jason, but at
at Beast, we did a a licensing deal of
our content to allow OpenAI to learn
>> Yeah.
>> to run training runs on our videos. And
at the board, the thing that we kept
talking about was I was I was really
concerned like, let's just do a a couple
year deal max.
>> And the reason is we have no idea what
this looks like. in
>> five or 10 years. And there's just as
much chance to your point that we get it
wrong as right. Now that was about 6
months ago. And so the intuition that I
had back then was maybe we should keep
the deal term as short as possible. But
now when I see how important AI is in
the global landscape and what China is
doing, I think on the margins that this
idea that these copyrights will mean
something
>> in my mind, I am underwriting the value
of these things going to zero and I'm
asking myself instead for my businesses,
how are we actually building a real
defensible moat and not a piece of paper
that we can use to sue somebody?
>> Okay, Freeberg, you want the last word
here? We got to move on to some other
topics. I
>> I just want to be the last word.
>> I just want to be clear that nobody is
losing their copyright.
>> Copyright is the right not to have your
work copied. And if an AI model produces
outputs that copy or plagiarize your
work, then that's a violation of the
law.
>> And I think the president specifically
said that we're not allowing copying or
plagiarizing. The question is whether AI
models are allowed to do math on the
internet. You know,
>> pattern recognition pattern recognition.
>> Basically, that's what it is. And it's
and Jal, I think you're conflating the
two. And I I don't want to be
interrupted. I just want to say this.
>> I understand the distinction.
>> And and I think that this idea that like
I can't, for example, go to the library,
rent a book, read it, and then learn
some of the good techniques on how to
write a good book should be restricted
to humans in this AI context. Like this
is exactly what they're doing. They're
identifying patterns and then they're
building predictive algorithms that
allow them to output stuff that starts
to fit within different kind of, you
know, variable settings. Do you guys
think it's possible that if you
allocated enough compute
at the problem, you could write Michael
Kryton's Jurassic Park Denovo without
ever having read it?
>> Yeah, me too. Me too. I I think
>> I don't know what that would mean. Like,
>> well, this is my point. I know who
Michael is and I know what Jurassic Park
is. I don't know what it means
>> this issue.
>> I don't know what it means to say can AI
write that like
>> but you guys remember the Ed Sheeran
lawsuit. Do you remember the lawsuit?
>> I I did. But let me just make one point
here on this cuz you're saying I don't
understand it. I spent my career in it.
I understand it much better than you do
>> and I understand it from lawsuits and
being in the weeds on it. Like I
understand it from first principles
which you do not. And I will say this is
what we're talking about here is the
definition. It's the definition of a
derivative work. and the output matters.
So if you were to take my knowledge and
then create a derivative work from it
and you used a percentage of my work and
that's where this will get into the
nuance is what percentage of the
original work is used in the derivative
work and under what context a commercial
context or a non-commercial this is
clearly a commercial one if it's a if
openai was a nonprofit right now we'd be
having a distinctly different discussion
because it would there would be you
wouldn't be competing with me as the
copyright holder to use this new medium
and create the derivative works and it
has to change substantially. So if it's
a if it's a cliffnotes
>> when China has the only models that are
able to meet your stringent definitions
of copyright.
>> Well, no. Here's the thing. I think the
China fear the China fear is
I'll be totally honest here.
Just because China steals IP does not
mean you get to steal from Americans. In
America, we have rules. And when you go
to China, and by the way, we spent the
last 30 years. The major issue with
China is not Taiwan. It has been
the technology industry itself. Let me
finish. The technology industry itself
has leaned on our government for 30, 40
years, including Microsoft, including
Google, to make sure our trade secrets
are not stolen, our IP is not stolen,
our movies are not stolen. That is the
key issue with China. So just because
China's a thief does not mean American
companies get to
>> have you seen Have you seen the latest
batch of Chinese open source models or
open models?
>> They they steal everything. Does that
mean you should be able to steal
Windows? Should you be able to steal
Jason? We don't think it's stealing.
Elon has said this pretty clearly, but
Grock 5 and for sure Grock 6 will not
use Common Crawl. It will not use the
internet. Okay? It'll just be an
enormous amount of synthetic data. And
back to what Freeberg and I just agreed
upon, if you synthetically go and try to
generate all this content to learn
across, you're invariably going to
produce something that's already been
created.
>> That's like some sci-fi level.
>> I understand. That's what's happening
now. It's happening now.
>> If somebody
>> What do you think happens to Grock 5 or
Grock 6? Is that violating copyright? It
didn't even know that it existed
>> on the output. Yeah, that's fine. If it
on the output created a similar work,
they would need to then take it down.
And so that that would be a really
interesting new that's a new space we're
going to have to contend with. So you
can if it does happen is a new concept
that we would have to address in a new
way. I'll give you I'll give you a
science corner example. There's this
EVO2 model that they published at the
Arc Institute which Patrick Collison you
know is the name Sherman.
>> So that EVO2 model they just ingested
all the DNA data they could find in the
world. Trillions and trillions of base
pair of data that they ingested
>> and then they looked at patterns in DNA
and that's it. They had no context for
what the DNA represented. They had no
context for the concept of genes. none
of the structured understanding of what
that DNA does, what it is. And you know
what it did? It fed in the BA gene
variant and the thing output a warning
saying I think that this is a pathogenic
variant to DNA without having any
context. This is the the breast cancer
alil and it didn't have any knowledge
and it did it wasn't trained on that at
all. It had no knowledge that there are
pathogenic variants for cancer and it
identified that this was a genetic
variant that can cause some sort of
pathogenic outcome in the organism. So
that was that's a great example where
there's a lack of understanding at the
human level on what really drives some
of the patterns in nature, the patterns
in society, the patterns in behavior
that are kind of emergent phenomena
perhaps that these AI models are
starting to identify. And I think to
Jama's point, we may end up seeing this
in things like entertainment as well.
All right, this has been an amazing
debate. We got to move on. And you know
what? We're going to have more amazing
debates September 7th through 9th in Los
Angeles at the All-In Summit. The lineup
is stacked. Alibaba's co-founder Josai
Tomma Bravo co-founder Arc Invest Kathy
Wood Uber CEO Dra Sequoa's Rolaf Botha
YouTuber Cleo Abram and many many more
coming you get the last word here go
>> I was just highlighting this tweet that
I saw
>> where talking about Chinese openweight
models are basically open source models
so
>> basically all the leading American
models are closed source and all the
leading Chinese models are open source
this is kind of the way things played
out.
>> It's a pretty good technique for
catching up because then you got the
larger open source developer community
helping you out.
>> But the point is just that these open
source models are catching up pretty
fast. We're ahead in many other aspects.
Our chips are a lot better. Our data
centers are better and so on. And I'd
say our closed source models are better.
But they have this one area of open
source models. So again, if you
hamstring our AI models access to data
by creating a whole bunch of new
requirements for contract negotiations,
like we could really lose the AI race.
This is a really big deal. It's not a
madeup concern. I don't know why you
think it's made up.
>> I never said that it's made up. I think
it's an opportunity for America to
actually have a distinct advantage,
which is that $20 million from Amazon
alone is 1% of the New York Times
revenue. And that's going to go directly
to the bottom line. It's going to allow
them to hire more journalists. Then that
protected site will have be giving in
real time something. These language
models are going to have to go hack and
steal that real-time data is going to be
a distinct advantage for Gemini, OpenAI,
Amazon, whoever chooses to do it. And we
can create
>> you have this like nostalgic sort of
quasi romantic notions about like
journalism and the need to save the New
York Times.
>> It's also art. It's I mean you can say
all the derogatory things you want about
me personally, Saxs. That argument
doesn't work. No, no. You just said I
have this whole nostalgia whatever when
you
>> Yeah, you do. You're nostalgic for
journalism as it used to exist.
>> When I know I've beat you in the debate
is when you make it personal like that.
It's not personal. I'm not being
nostalgic. I'm trying to create a
sustainable a sustainable advantage for
America. And you are our public servant
and you're learning AI. You will take my
feedback.
>> You will take my feedback.
>> We're going to ignore your feedback.
Take your feedback. Public service.
>> Throwing in the trash. No, you take it
and I will be showing up at the White
House for my tour.
>> You have this crazy idea that we're
going to win the AI race by tying one
hand behind our back so that you can
subsidize journalists so you can
subsidize movies. You'll get more
content. You said before you want more
training data, pay for it. Pay for more
training data. You're the zar. Take it
back to pus. All right, let's keep
moving here.
>> We have to keep moving. We have a great
This is great debate. Great debate here
on the All-In podcast. It's not going to
stop, folks.
>> It's just you yelling. It's just you
yelling saying things that don't make
sense.
>> Okay, you can say that.
>> You only have like three topics going
on. You can you can personally attack.
>> You know what it is? It's like we got to
let in more immigrants. Number one.
Number two, high skilled immigrants.
>> AI is going to put everyone out of work.
By the way, no sense of perceived
contradiction between those two things.
Number three, we need to like subsize
here. You know, the audience says the
same. When the three of you guys attack
me, Jason,
when the audience
gang up on me like this, the three of
you gang up on this and you personally
attack me, the audience comes up to me
and they say, "Wow, you really nailed
and beat."
>> Have you done that today?
>> No, not yet. Not yet. But a little bit
of the buting.
>> Yeah, that's true. Let him eat the
He's emaciated. He's 11% body fat. Let
him eat. Let him cook. All right.
Listen, you and I, Saxs, will do more
debate and it's going to be amazing.
allin.com/ yada yada yada for tickets.
Get in there, folks. Uh, we have to get
to the docket. We're an hour in and we
still have all the news.
>> We should talk about this this um AI
privacy issue that Sam Alman mentioned.
>> All right, that's a great segue cuz I
saw that as well, David Saxs, and as our
civil servant working on AI, this is
something where you can have an
additional contribution. There's more
work we can give you. All right, listen.
Here it is. AI user privacy is becoming
an issue because friend of the pod Sam
Alman says there is no legal
confidentiality when using his product
chat GPT. Here's a 30 secondond clip
again. Friend of the pod fop Sam Alman
on the vaugh people talk about the most
personal in their lives to chatt
young people especially like use it as a
therapist a life coach uh having these
relationship problems. What should I do?
And right now, if you talk to a
therapist or a lawyer or a doctor about
those problems, there's like legal
privilege for it. We haven't figured
that out yet for when you talk to
ChachiBT. So, if you go talk to CHP
about your most sensitive stuff and then
there's like a lawsuit or whatever, like
we could be required to produce that.
And I think that's very screwed up. I
think we should have like the same
concept of privacy for your
conversations with AI that we do with a
therapist or whatever.
>> Okay, Saxs, this is bringing up
something super important.
What's your take on it?
>> Okay. Well, I I think this is an
interesting topic because like
copyright, this is an area where we have
existing law, but it does make you
rethink whether those laws are truly
applicable or make as much sense in this
new world. So, the existing law, the
existing example is search history. You
know, the government can get a copy of
your search history. They can subpoena
it.
>> Yeah. Every true crime story starts with
the person's search for how do I kill my
husband slowly with you poison and then
they Yeah, that's
>> right. Exactly. The point is though that
I think Sam is right about the legal
treatment right now, which is that your
chat history isn't any different than
the search history in the eyes of the
law. But it is much more personal. It's
much more interactive than your search
history. You are using it like you said,
you could use it as a as your doctor.
You could use it as your therapist. You
could use as your lawyer. And so the
ability for the federal government to be
intrusive is so much greater than with
your search history. So I don't know
what like the right policy should be
yet, but I I will say it does make me
uncomfortable.
>> Yeah, there's a market.
>> Can I make a recommendation to my AIR?
>> Yes, please. He's our
>> Why don't we Why don't we let AI models
get bar certified and get medically
certified? So, if the AI models, it
turns out, are actually proving to be
more accurate, more thoughtful,
more responsive, more reasonable,
whatever it is, whatever metric we're
using, and they pass the same criteria
as one would need to pass to qualify for
the bar or to qualify for a doctor
certificate. Why don't we do that for
the AI? If that then happens, then the
the same privilege occurs to the AI as
it does to the individual human that
does it. And now if you extrapolate from
where that takes us, if we're suddenly
giving AI the same sort of privileged
rights that we give to privileged
humans, where's that going to take us
ultimately with respect to the overall
rights for AI?
>> Well, and they have responsibility. Hold
on a second. I just want to point out
here once again, you have a mind-blowing
concept here. I've never heard anybody
vocalize that. Could they actually be
certified in that knowledge? And if they
pass the test, makes sense they would.
But then you also get responsibility.
>> So with great power comes great
responsibility. I will tell you this.
>> You can turn this stuff off. But this is
an opportunity. I'm going to send a note
to you.
>> And it sounds crazy today, but I
guarantee if you put it on Poly Market,
there will be a date when this happens.
>> Poly market. Shout out to Shane. Let's
get that up there. I just want to point
out I'm going to email Elon about this
when I get off the pod.
>> This is an opportunity to create the
signal of the signal equivalent of an
LLM. The all of your chat should be
encrypted. All of it should be by by
default. Encrypt it by default on Grock.
Make it so that Grock can't even see it.
They don't have it. So when you try to
subpoena it, you can do what Tim Cook
does, which he says like, I don't have
it. You, if you want to try to back door
it, you can. That's a market
opportunity. I can tell you I only use
the Brave browser and Brave search for
this reason. I don't want my search
history like saved somewhere or
whatever. that. You can take
control of this as an individual, but
the defaults matter and you have to then
do the work. It's a great market
opportunity. Chimoth, I don't even want
to know what you're talking to chat GPT
about. What are you What's in your chat
GBT logs?
What's in there, Chimoth? How to extend?
How to get the extra centimeter? What's
in there? You trying to
What's in there?
>> I keep asking it to find me a moderator.
>> Oh, great. I keep asking it to find me a
participant who's not a douche. Um,
>> my god, you are so deep in your villain
era and you're leaning into it and I'm
so here for it, Chimat. I love your
villain.
>> You know why? I am so
>> Why are you going into your villain?
>> I am so riskon right now. It's like
>> it's liberating actually. It's amazing.
>> It's really amazing.
>> Is there any blowback to how outlandish
you've become this year? Any blowback at
all? Has it had any negative consequence
on business or hiring or anything?
>> No. But but outlandish? How how have I
been outlandish?
>> You're you're you're just filter off.
You're filter off. And I think it's
great. I think you're over two windows
back. It's absolutely fantastic we're
seeing here. I asked chat GPT about my
future and uh my IQ. It's very
interesting when you ask chat GPT to
analyze you.
>> I suggest everyone do it.
>> Well, actually, yeah, when you just ask
chat GPT or whatever, what do you know
about me?
>> And it's scary how much it already does.
>> It's scary. There's this great
personality test. You can put this
personality test into Grock and this guy
like made this prompt and it goes and it
tells you all your personality based on
your Twitter ex history. It is wild how
accurate it is. What does it say about
you, J? I'm actually curious.
>> It says the same thing about all of us.
We're all likeworked
narcissist, ENTJ. You can literally run
the MyersBriggs against your
>> Yeah, your chat history. It's actually
But I I like your mind-blowing concept
there, by the way, of like them becoming
certified in some way. Okay, fresh
economic news. It's time for the
administration to take their victory
lap. GDP growth was 50% higher than
expectations in Q2 as the Fed held rates
at 4.25%. In Q1, GDP declined 50 basis
points. That's probably due to the
imports. People were stockpiling goods.
>> That's the most pointless chart ever.
>> Okay. And then Yeah, it is. I agree.
It's a little bit Yeah,
>> it's distorted by I wanted to have both.
I wanted to have both as bar charts.
This one
>> totally on drugs. Just say it. It's
okay.
>> What drugs are you on? I'm not I had
coffee and now I'm out. I'm out.
>> We're all friends. You can tell us. Is
it really just out?
>> All right, that's it. I'm taking it out.
>> Oh my god.
>> I took it out. And now let's get back to
the here. Okay. The Fed kept rates
unchanged for the fifth straight
meeting. This time, two out of 11 Fed
governors desented from Pal's decision.
Two of the dissenters were both
Republicans nominated by Trump. So, it
seems like the Fed is becoming a little
polarized now, too. First time in 32
years that more than one governor
dissented. And um yeah, even one person
dissenting is rare. Here's a 25-second
clip of Pal explaining how GDP factored
into the cut decision. Nick, please play
the clip. Recent indicators suggest that
growth of economic activity has
moderated. GDP rose at a 1.2% pace in
the first half of this year, down from
2.5% last year. Although the increase in
the second quarter was stronger at 3%,
focusing on the first half of the year
helps smooth through the volatility in
the quarterly figures related to the
unusual swings in net exports. The PCE
index and then I'll throw this over to
you Sax for for the official position
here for June dropped on Thursday. PC is
the Fed's preferred gauge of inflation
over CPI. PCE rose 30 bips in June in
line with estimates and um if you
remember we talked about in a previous
episode CPI rose a bit 13% or 30 bips
from May to June. So, we're not any
we're not close to the 2% uh target and
that's what the Fed keeps saying. We're
not there yet. And the economy is al
fuego saxs. You note I don't know if you
noticed this, but people are talking
about the QDP the second quarter print
which was amazing for GDP. You were
talking about it a bunch on the socials.
He keeps referencing the first half. So,
he's trying to blend those two together,
I think, because of the the tariff
differences or, you know, maybe to to
smooth it out as he said. What's your
take on this? The GDP boomed in, you
know, 3% which is pretty great.
>> The problem No, the problem that Jerome
Powell has is that he's trying to smooth
it because it allows him to justify his
political decision.
>> Okay.
>> But the reason why you have to segregate
Q1 and Q2, Q1 was before tariffs and Q2
was after tariffs. So I think you have
to segregate these two things. And if
you look at the run rate from Q2, what
you're probably going to see in Q3 and
beyond is more similar to Q2, which is
to say a large surplus, good GDP
expansion,
and moderating inflation. So why does
the Fed not cut? Because at this point,
not cutting is the only thing that you
can do to slow the Trump administration
down going into the midterms if you
wanted to politicize the job.
If, however, on the other hand, you just
take the data as is and you ignore Q1
because it was pre-tariff and you start
to look at Q2 and you project forward,
if you inject a 100 basis point cut into
the economy, this thing is going to go
gang busters and Trump is going to look
like an economic genius going into 2026.
So I think that again in the absence of
politics you cut
>> Okay. Sachs, what's the take from inside
the administration and around it? I know
you're you're not speaking for the
president on this issue, but you're in
the administration, so I'm assuming
you're
>> Look, I'm not speaking for anyone, but
obviously the 3% number is way ahead of
expectations. It's a fantastic number.
It just feels like, you know,
everything's humming on all cylinders
here. One thing you didn't mention, but
I think is relevant, is the new trade
deal with the EU.
>> We're about to get to that, by the way.
That's the next story.
>> Oh, okay. Well, I mean, I would include
that because
>> Okay, include it. Yeah.
>> I mean, I think it was a deal that just
got announced where the EU is going to
open its markets to US products. No
tariff on US products, but they will pay
a 15% tariff coming into the US. They're
going to be investing 600 billion in the
US. They're going to be buying 750
billion of US energy. and then some very
large number I guess they didn't specify
number on defense products basically
American military products hundreds of
billions which is the followup to their
commitment to raise their contribution
to NATO to 5% of GDP up from I guess it
was sort of like 2% before
>> so I mean this is a huge deal for the
United States I think it's a huge win
for the Trump administration and the
deal is so good that what I'm seeing
from European sources on X European
publications just commenters is that
they they were like outraged. They felt
like they got taken to the cleaners
here.
>> Good.
>> And
>> okay,
>> you see you see a lot of that on X by
European side. A lot of the European
leaders are saying that Ursula chickened
out. So, you know, all those stupid taco
memes are going away now because people
are realizing that
Trump's willingness to raise tariffs on
these countries as a threat to
renegotiate better trade deals is
working. It's working extraordinarily
well. Just this EU deal, one way to
think about it is you add it all up,
it's about $2 trillion. It's effectively
$2 trillion of stimulus into the US, but
without money printing.
>> Yeah. Over the next three years. So it's
not inflationary.
>> It's not insignificant. Freedberg, your
thoughts on the Fed, the GDP print, and
then maybe you could get into the
granular
details of that print. If you pull up
the schedule of data, so this is the
national income and product accounts
data from the Bureau of Economic
Analysis. So this is where the inflation
print comes from. I think there are two
lines worth taking significant note of.
The first is the furnishings and durable
household equipment line. So in June,
the cost for furnishings and household
stuff jumped 1.3% month over month on an
annualized basis, right? That's almost
15% year-over-year if it were to
continue at that level. And then the
second one is this recreational goods
and vehicles that jumped 9% month over
month. Neither of those categories have
jumped that much in in kind of recent
history. So part of the argument that's
being made is that what we are seeing in
these jumps is actually some of the
first effects of the tariffs and the
cost of goods that are being imported
because these are largely imports having
an adverse effect on the consumer. And
so I think this is kind of a wait andsee
moment on some of these categories that
are predicted to have a tariff price
effect starting to show through. So I
think this is where a lot of folks are
keeping a close eye on and it kind of
provides a little bit of the support for
the economists that are saying we should
keep rates steady because if we are
seeing a significant inflationary effect
here it's worth noting that there's
something that we need to be thoughtful
about rate policy.
>> I think this is um a really good point.
If you look in this debate, which is
obviously highly political,
we're at inflation 2.567%.
Spending is increasing. Obviously, stock
market at an all-time high. Unemployment
trending down again. So, we're at like
4.1%.
And people are just yoloing into crypto
and they're doing sports betting.
Bitcoin at an all-time high. I think the
Fed now is in a position where cutting
rates seems like putting kerosene on the
fire. If Trump
tanked the economy in Q2, he probably
would have gotten the rates. But now I
don't think it's reasonable, as you're
saying, Dave, the the reasons to not cut
are building because the economy is on
fire. So maybe the shock and bore
approach to tariffs, which is now
becoming a playbook. I had a nice talk
with Lutnik about this, who I love, by
the way. He really described to me how
they're doing these. And the shock and
bore playbook is basically Trump says
something completely outrageous,
shocking, everybody goes crazy, the
media loses their mind, business leaders
lose their mind. Lutick told me that
what he does is he sets the table and
proposes something reasonable because,
you know, now I'm a big, you know,
direct contact with all the
administration. Sax, thank you for that.
Um,
and he described it. Trump comes in,
sees all the stuff, and then he starts
making these micro tweaks. So it's on
the finish line. It's in the red zone, 5
yard line. Trump comes in and then he
sticks it to them again with three or
four extra asks and then they wrap it up
and that this is becoming really
effective. So it was chaotic at first.
It seemed nonsensical, but they've put
the Fed in a really bad position because
they never seen this before. They've
never seen this before. So now they're
going to be in this defensive position
of what if we cut it and the market
rips. To your point, Chimoff, you just
said the market will rip the second they
cut that. And the cynical view of this
is the market rips as we go into the
midterms, which is the same claim the
Republicans made about the cuts that
Biden did in September right before the
election. So, there is some level of
politics and gamesmanship going on here.
But you have to hand it to the Trump
administration for what they're doing
with this sort of 2.0 playbook. If this
was Sachs premeditated and we all just
didn't understand it, fine.
The outcome here is
this administration has to live or die
by the results of these 600 billion from
the EU, 550 billion in investment from
Japan. You put those two together, I
asked Lutnik, is that at the event, is
that going into the sovereign wealth
fund? And how does that get, you know,
spent? And he said at the discretion of
the president and he's advising him to
spend it on putting more nukes in. So
that's fascinating. We have a trillion
dollars now that we can put into nuclear
power plants and these small module
reactors. And that's what Lutnik said he
wanted to spend it on. He's going to
advise the president to spend it on. But
now we've got them investing in our
country. It's absolutely brilliant. If
it works out, we'll see if it works out.
>> April 2nd was liberation day and the
media went crazy. They were predicting a
black Monday. The market crash. They
basically tried to spook the markets and
create fear. They said that we're going
to go into a recession or depression.
And now look at where we are. It's just
a few months later. All the markets are
at all-time highs. Trump has extracted
trillions of dollars in these trade
deals that people know.
>> Premeditated. Tell us the truth.
>> Premeditated.
>> Hold on. President Trump has extracted
trillions of dollars from other
countries using powers that other
presidents didn't even know they had.
>> 100% 100%. Was it premeditated? Cuz it
was chaotic. the market did the market%
moves because of the media by the way
those moves because they were scared
>> and we just had a 3% GDP growth
how things could be
>> what I think happened is that President
Trump saw an opportunity here that other
people ignored it's like when a CEO
comes in to a company a new CEO comes in
and that company's been mismanaged for a
decade but it's got wonderful assets on
its balance sheet it's got a market
position that's still very strong has
been underutilized. And he came in and
understood that the United States had
tremendous leverage in all these trade
negotiations. Actually, they weren't
even trade negotiations then, in all
these trade relationships. And he was
able to essentially renegotiate all of
them. And look at the results. I mean,
they're just staggering. And you know,
everyone said that, "Oh, Trump's going
to chicken out. He's not going to hang
tough." It's all these other countries
that have folded like, I don't know,
lawn chairs. I mean, they have all
capitulated.
>> Yeah. Yeah, they follow.
>> It's really remarkable.
>> But you're not answering my question.
Was this premeditated? Give us some
insight here.
>> I don't know what this is. What are you
talking about?
>> When they came out and they was like,
"Oh, 100% tariffs, 200% tariff." The
market was not making that reaction
based upon the media. They were making
it based on Trump was saying. So, was it
premeditated this shock and bore shock
and reasonable negotiating strategy or
do you not know? Well, you're not privy
to Look, I'm not speaking as an insider
here, but we said at the time that all
of that was happening and Larry Summers
was on the pod preaching doom is that
all of that was an opening bid. It was
all a start to a negotiation and we had
to see where it ended up and that the
administration still had to stick the
landing.
>> Okay,
>> but I got to say based on
>> EU, Japan, and South Korea, I mean, this
is looking really good right now.
>> Well, listen, it's the top five that are
like 90% of the negotiation. As Trump
said, there was another little note he
did in the keynote when he kind of
drifted into his, you know, different
things he wanted to talk about where he
said, "I don't even need to know about
the bottom countries. I've never even
heard that names of some of these
countries." He's just got to nail the
what, the top five, the top 10, and
we're done. And this administration has
to stick the landing as well because
these are handshake deals right now.
They have to be inked. They have to be
approved. So, there's there's a lot more
work left to be done. But I said as
well, there's one other piece of it. We
talked about the the um
>> you know the fact that Europe has 0%
tariffs on American products but but
even after this deal
>> that the European products into coming
into the US will have a 15% tariff and
we're not including the $600 billion of
European investment in the US. We're not
including the 750 billion of sales of
American energy to Europe. Okay, just
talk about the tariff that 15% and what
we're seeing now across the board is
generating about 300 billion a year of
additional tariff revenue that goes to
help balancing the budget.
>> Yeah.
>> So 300 billion a year over 10 years is 3
trillion. That is a big number.
>> It's incredible. Yeah. It's got to
>> I don't know if that that completely
satisfies Freeberg, but that's a big
help.
>> Freeberg, do you think that there is a
chance that inflation is going to tick
up because of all this? like this is a
lot of money being pushed into the
system again. So, could we see a
three-handle on inflation in the next 6
months or what's the probability of that
in your mind?
>> That's the big concern everybody has.
>> I don't I I don't know. I I don't know.
I think the the big question if you look
at each of these categories, one way to
think about it is how much margin is the
seller making?
>> If they're making 30% margin and we
charge a 15% tariff, does their margin
go down to 15%. or do they take their
margin down to 20% and raise the price
by 5%. What's the right balance? And
what will happen is that now with this
effective you know tariff which is a
sort of tax on the system a tax on the
market will find its kind of new
equilibrium where the buyers are willing
to pay X and the sellers are willing to
sell it Y and I think every market's
going to be a bit different. So I think
in some of these categories we will see
significant inflation where there is a
very thin margin that the seller has in
selling and in some of the categories
where there's a monopoly and they have a
big margin they're going to eat it
because they don't want to have
competition and they don't want to see
pricing competition emerge. So I think
we'll see it vary by category and you
know we'll see how it goes. All right
listen this has been another amazing
amazing episode of the number one
podcast in the world according to Jensen
Wong from Nvidia and me and uh great job
everybody. Great job to everybody. It's
a class.
>> Great job everyone. Even JCAL. Even J.
Even Jason. Great job.
>> And actually, I want to thank Freeberg
cuz Freeberg did most of the work to
organize the AI.
>> Let's give him a big shout out. There's
me.
>> Great job.
>> I mean, guys, can we just make a note
here?
>> One of us can run for Manurian candidate
president in eight years. And look at me
and the president. I put on the red tie
out of respect. I put my blue suit on
out of respect for the president. Does
it not look like I'm running president
Jason.com?
All right, listen.
>> That photo could be like, you know, that
famous photo of uh Bill Clinton meeting
JFK. You know, that could be the thing
that that could be the thing that
>> I'm in like that famous image
>> that propels you to the presidency.
>> I'm in like Thank you for giving me that
and and for putting me in touch with
each member of the administration
directly. Thank you for that. And we had
a wonderful tour of the White House the
next day. What a wonderful tour. Some of
us had at the White House the next day.
But in all honesty, no. I was
>> Did you?
>> No. I was taking the pictures. That was
my joke cuz it was all of you guys were
giving you a tour. We could have gotten
you a tour.
>> I mean, listen, I love J.
>> Did you ask for a tour?
>> I'm I'm not the kind of guy to ask. I'm
the guy.
>> Some of us have actual meetings to do,
bro. I mean,
>> it's all good. It's all good. I got a
lot going on. I got a lot to announce
and happen in the coming weeks. But Sax,
do do take us behind the scene here.
>> And I think it was hilarious. So, I
don't mind getting trolled by the
president. It was great. But how did you
how did that go about behind the scenes
that he nailed that joke?
>> Don't tell him. Leave it. Leave it.
>> What did you do? I mean, cuz that looked
like it was workshopped or is he just
naturally I mean, he's obviously
naturally comedic, but did you put that
in with him? Did you have to clear that
with him? Hey, Dunan, Jal, whatever.
>> Well, they asked me for the names of,
you know, my co-hosts and so they could
do shout outs. So, I gave him the list.
>> Oh, no. And I just I said and I put even
Jake House,
>> but I mean he went for it.
>> No, he he he got we went through it. So
>> he got the joke. Okay.
>> He got the joke. We went through it.
>> He got the laugh. He got it. He heard
the laugh and he heard the laugh and he
doubled down.
>> I thought it'd be funny. But no, we went
through everyone's names beforehand
>> and uh
>> I mean, talk about EQ. The guy's EQ is
off the charts, man. He just he's timing
is great. I suggested I suggested the
name JCAL and he's like, "No, no, give
me his full name." He thought it was
more courteous.
>> He's actually a very
>> courteous man. He wanted to use your
full name, not just your nickname.
>> I think what he probably realized was
for my parents who were
>> just over the moon. So, thank you for
that. It meant a lot to my dad who's
>> That's lovely.
>> Yeah. He's been struggling a bit and it
it really Let me get a little choked up
here, but my dad's been struggling a
bit. And um I got to see him in Brooklyn
after that and we were on a tech stream
and and it meant a lot you know cuz for
a kid from Brooklyn to get a shout out
from the president of the United States
is
>> you made it.
>> I mean it's just
>> your father your father should be really
proud of you.
>> Thanks man. Appreciate it. I appreciate
it boys. All right listen for your
Sultan of science the amazing Dave
Freeberger who put that event together
in 10 days and then jumped right in.
He's got to run a hollow at the same
time. So I just want to give our MVP of
the week.
>> We should give a shout out to the Hill
and Valley guys for partnering with us.
Jacob, Jacob Hellberg did a great job.
>> Love Jacob. I love Jacob.
>> And Delian and Chris.
>> Thank you guys. They were our partners
on the event.
>> Hillen Valley did a great job. Yeah, I
love those guys.
>> But yeah, just I'm giving the MVP of the
week for of the besties to you, David
Freeberg. You put a lot of work into
this. So, and we appreciate it. You're
running a hollow and then you went right
into working on the all-in summit which
we'll be at in a couple weeks. Chimat,
thank you for buttoning up. We're
getting a little complaints from the HR
department about the uh the buttons and
so we we've now renegotiated that. I'm
going to I'm going to unbutton three
buttons now and walk around Forte.
>> Perfect. And Saxs, I will see you at the
White House. JD and I will be in the
commissary. So, we'll invite you to
lunch with us in JD.
>> It's called the Navy actually
>> in the mess. Yeah. And and you know
what? Lutnick's joining us as well. And
um who's our energy guy? Chris. Chris
said he wanted to jump in on that. So
maybe you can join us. I'll invite you
now that I am deep into the
administration.
>> Thank you for tuning in everybody.
Allin.com events. The scholarship
tickets are up. So, if you want to try
to get one of the very few scholarship
tickets, we always like our upandcomers.
Please, if you're if you're of means,
don't apply for the scholarship. You
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coming and you're part of the audience
and you want to get one of those
discounted tickets, we have a limited
number of those available.
All.com/events.
Love you besties. Byebye. Love you.
Byebye.
>> Let your winners ride.
>> Rainman David.
>> And it said we open sourced it to the
fans and they've just gone crazy with
it. Love you.
>> Queen of kinshine.
[Music]
>> Besties are gone.
>> That is my dog taking a notice in your
driveway.
>> Oh man, my dasher will meet me up. We
should all just get a room and just have
one big huge orgy cuz they're all just
useless. It's like this like sexual
tension that we just need to release
somehow.
Wet your feet. Wet your feet.
>> Your feet.
>> We need to get mer.
[Music]
I'm going all in.
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