Figma IPO Recap, TBPN Market Recap, Ray Dalio Steps Down From Bridgewater, Coinbase Earnings Update, Reviewing The Mansion Section

You're watching TPN. Today is Friday, August 1, 2025. We are live from Manhattan, from New York City.

The Big Apple.

The Big Apple. The city that never sleeps.

And we certainly have not been sleeping a lot this week.

I got a pretty good night's sleep last night.

Decent night last night.

Massive day. Massive. So wild and exciting.

Still feels like a dream.

Yeah. Really, really crazy that everything came together. So if you weren't watching. We were at the New York Stock Exchange yesterday for the FIGMA ipo, and Jordy was getting emotional over software design software, basically the entire time collaborative. You've actually used Figma for a decade.

It was an interesting. It was an Interesting first IPO for us to cover. Live 100% from Nicee, because it was a product that I've been such an active user of for so long and genuinely love. And I was thinking, if next software ipo, the likelihood that I will have any emotional attachment to the product is, like, near zero.

Exactly, guys. We've had them on the show, but it's like, I'm not a core weave user, so it's a little bit more.

Abstract in many ways. Like, Figma is one of the few enterprise SaaS products that people genuinely like, deeply love and emotional connection too. So super, super fun. Thank you to Lynn Martin and the whole team for hosting us. I was looking down on the floor. There's a bunch of other media companies with dedicated space in the building, and I thought maybe one day make something happen there.

My. My favorite moment of the entire stream was when you had told the story of hanging out in Figma as like a third space during COVID with a couple of your team members.

Chris, the cto, we talked about it.

Yeah, so you talked about it a few times and you'd mentioned that, like. Yeah, it's so interesting that, like, you know, it was this space where we'd hang out and then Dylan came on and was like, yeah, we're seeing this, like, weird phenomenon in Covid.

People would use it.

People would use it as a third space. And I was like, how did you predict this? But it really was real. Yeah, yeah, it's real, so it makes sense.

And we, of course, are recording this at 6 6:48 Pacific Time, so welcome. It's our friends on the West Coast. Sorry to go live before you're waking.

Up, but the good news is that restream works 24 hours a day. If you're looking to publish a stream to multiple platforms, get on Restream. And also, thank you to ramp for making this possible. Time is money. Save both. Go to ramp.com easy.

Incredible timing with Ramp Ramp's announcement this week.

Fantastic.

It was a massive, massive week.

Really back to back to back.

Big days for us.

Wins.

Yeah. And then we had a really fun time last night. We co hosted an event with Emily Sundberg from Feed Me. It was fantastic. We were at San Vicente West Village and Jeff Klein and Abby and the whole team there. We planned the event roughly. We locked it in like hours, 24 hours before we, it actually started. So it really came together and it was super fun.

Yeah, it was great. So thanks to everyone who attended and thank you for Vanta for making all of this possible. Vanta.com automate compliance, security and trust and you can go to vanta.com to get started. So Apple beat earnings.

There we go.

Apple's iPhone sales blew past Wall Street's expectations in the June quarter, helping to lift the company. The company's overall revenue about 10% from a year earlier. Interesting.

We've been tracking Apple lands a windfall as customers raced to beat tariffs.

Tariffs, yeah, that's the story. I think that what's really driving iPhone adoption is just Girardi and genetics against what we did with Tyler. People saw, oh, if I beat RKGI as a human, I deserve an iPhone a little treat. And so I think we kick started a trend and I wouldn't be surprised if the leaderboard, if I opened it up, it's, it's tens of millions of people that have treated themselves to an arcade and then, and then gotten a new iPhone out of it.

Yes, I think there's, there's probably something, there's something there.

But on a more serious note, Ralph Winkler in the Wall Street Journal has the story. He says Apple's iPhone sales blew past Wall Street's expectations in the June quarter as some US consumers rushed to buy their devices before potential price increases from tariffs. I didn't realize that the, the prices are going up because of tariffs. Meme had actually taken hold, especially because it felt like on day one, Apple was maneuvering to never be in a situation where tariffs were going to affect the iPhone. We put up that poly market where we were saying, will the next iPhone be over $1,000 or under $1,000? Like where will that sit? And so there was like plenty of data points and, and very early you could see that Tim Cook was negotiating with Donald Trump to make sure that the prices weren't moving very heavily. But of course there's always like a impending possibility that something Happens. But it was odd that I wasn't aware that like this happened a lot.

In the automotive industry. Every single dealer was using the pending tariffs as to get people in the door.

Oh, interesting to convert and yeah, but the, I mean, Apple store, it's not exactly the same. It's not used car salesman energy at the Apple store.

Yeah.

You think they're like pulling people off the street.

They probably weren't pushing it, but I think people underestimate how many people are iPhone buyers that are still price sensitive. And the difference if price goes up 20%, they're gonna, you know, they care about saving.

The weird thing is like, I feel like right now I always feel like it's a bad time to buy an iPhone because they release every year and I want it the day it comes out. And then even if I'm like a month in, it's like if the new iPhone comes out October 1st, if it's like, if it's like December, I'll be like, I'll just wait till the next one comes out.

I know these people rushing to buy.

But if you buy this and then you get the new and then the next one's gonna be a proper, I think a proper refresh of the design. We saw that new maybe, maybe going less camera bump, maybe the flash and the lidar or the dot the dot projector kind of moved over and so there's a few different things that could be different and all of a sudden you could be stuck with an iPhone that doesn't, doesn't scream, I have the latest and greatest, which I think people often enjoy. Although, although all of the design iterations have been so subtle. The upgrade from even, even four years ago to today, you really have to notice like, okay, yeah, the edge of the screen is like a little bit thinner and that's it. Anyway, the robust sales growth for the company's signature product was the highest increase in years, exceeding the 13%. And I mean, I feel like we talked about this a couple months ago on the show. The, like, the iPhone had fully saturated, reached maximum penetration and was plateauing in China, losing ground there as the Chinese were moving to more domestically made and domestic brands, the Huawei phones, et cetera. And so when we talked about it a couple months ago, we were certainly not expecting a big jump in iPhone sales.

Yeah. Remember earlier this week it was reported that Apple was closing a retail store in China. Yeah, first time.

That's right, that's right. So shares rose by about 3% in after hours trading. Overall sales came in at $94 billion, about 10% higher than the same period a year ago. So that puts them almost, just. Almost at a 400 billion ARR, which.

Is nice to see in China. For the first time in two years, Apple's revenue rose. It's a little bit of a comeback story. They had suffered six to seven consecutive quarters of decline prior to that. So again, driven by increased iPhone sales. I guess there is real demand for the 16 and they. They were running a bunch of. But they were discounting going into some local festivals there.

So. Tim Cook said the company will face tariff costs of about 1.1 billion in the July to September period, compared 800 million in the June quarter. That's still so little when you're making $100 billion. It's. I mean, it's a 1% tax, effectively.

Yeah.

And so I do wonder if. If this is dramatically changing the amount of taxes actually paid from Apple to the US Government in. On a regular basis. Because, I mean, companies are famous for, you know, being in Ireland and withholding the earnings and then, you know, not just not generating a ton of cash and investing in R and D or stock buyback and just doing everything that they can to mitigate the tax burden. I wonder if this is a. This is a meaningful.

Yeah. It wasn't too long ago that Apple was sending how many 747s to pick up? They were like evacuating iPhones.

That's right. They were. They. They were worried about the. The tariffs in a pretty serious way.

But I think that was more so. Hey, if we get all this inventory into the states today, we're gonna save.

Yeah, yeah.

You know, however many is, it's just good, practical businesses.

So. So the cfo, Kevin Parikh, said the company saw some obvious signs of pull ahead demand related to tariffs earlier in the quarter. He attributed about 1/6 of iPhone sales growth to such purchases. So would they say the growth was 14%. So 16 of that, you know, an incremental 2% of sales coming from customers who were worried about tariffs. He said the rest was due to very strong upgrade performance in general. Interesting. Another. I mean, that's just like the health of the American consumer. Like, people are not. They're like, I like my phone and I still have a job and I'm making a decent amount of money. So now's as good a time to upgrade as ever. Another bright spot was an increase in China sales. Wow. Unexpected. After declines in recent years, the tariff impact could rise in the near future. An exemption for smartphones from reciprocal tariffs is expected to to lapse when it does. Apple could face steep tariffs for iPhones that originate in India as well, especially after President Trump announced new levies on India on Wednesday. Tariffs are just one issue that Apple has weighed has weighed on Apple shares this year. Apple has kept spending, kept spending in check relative to Microsoft, Amazon, Google and Meta platforms, of course, because of their massive AI investments, which we will get into. But some investors are wary of rewarding that discipline as it points to the iPhone maker struggle to keep up with an AI arms race. Maybe they should be spending $70 billion on capex to build a foundation model. Who knows? Gross margin came in at 46.5% above the 45.9% expected. And so the really interesting question is just like what does the next iPhone refresh look like and how much does it change the actual economics of the business if they do that folding phone and people love it and then there's a whole new upgrade cycle. Like imagine if, if it really becomes a status symbol and everyone on the Pro phone needs to upgrade and it's a $2,000 phone instead of a $1,000 phone. Like that's a pretty. That could be a pretty significant driver of growth.

Yeah. What he mentioned. Tim Cook discussed openness to M and A on the earnings call as well, which is interesting. And.

Yeah, everything's so expensive. When you look through the history of Apple's acquisitions, like, yeah, like they remember Beats.

They bought for $3 billion.

Yep.

That's their largest acquisition of all time. Their run rate at the time was a Billionis dollars a year.

3X revenue.

3X revenue to buy.

And they probably, they probably sold so many Beats headsets.

Yeah. Yeah.

You don't. Ten times over.

You don't see Beats at least. I don't see Beats very often out in the world.

Not that often. But I, I definitely see good reviews for the, for the, the AirPod competitors that are more athletic and they wrap around the ear. Some people say they don't fall out of your ears if you're doing like really extreme athletics. And they definitely sell. And then, and then I think Siri was like no more than a couple hundred million dollars acquisition. And they also bought Shazam and that was also not a huge acquisition. They've never done some sort of massive multi billion dollar acquisition was frothy.

Yeah. So Tim said we see AI as one of the most profound technologies of our lifetime. We are embedding it across our devices and platforms and across the company. We are also significantly growing our investments. Apple has always been about taking the most advanced technologies and making them easy to use and accessible for everyone. And that's at the heart of our AI strategy. All sounds good.

I feel like the, I feel like the text to speech has gotten better. Not the speech to text, that's still bad, but the text to speech. Because I was pulling up a semi analysis article on Wednesday and I went into reader mode and I told Safari, the native Safari app read this to me and it sounded pretty reasonable. And so I think they updated the model at some point because it used to be really robotic and now it's, it's, it's not quite at the level of ChatGPT when ChatGPT reads you something. But the, the text to speech was pretty, pretty good. And, and it should, it should get better. It should get better very, very quickly anyway.

Yeah. So capex like you said, is up. Yeah, but it doesn't. Okay, I don't have the exact data point here, but the thing to note is that it's not an exponential increase in capex and they've said that they're going to continue to rely on like third party capital providers for some of these investments and so they just said broadly, don't expect capex to rise anywhere near what other hyperscalers are doing.

Yeah.

The other thing that's interesting in relation to their notes on M and A is that Apple's acquired seven companies this year. Yeah, and I'm struggling to think of any of them.

I mean the most recent Apple acquisition I can think of is like you have a buddy who sold a company to them. Right. Or something like that.

That was like years ago.

Yeah, but like that's the one that comes to mind and it's only because it's like an in network deal.

So. Yeah, they've acquired seven companies this year. Tim says none were huge in terms of dollar amount.

Yeah, I remember when I was digging.

Into how they built and he also said Apple's making acquisitions at the rate of one every several weeks. So it's just.

Wow.

Quite strange deals guy. Not again, not hearing about a lot of this.

Yeah, I mean Apple comms famously locked down so it's not like they're doing some like, you know, mutual podcast tour. If they do some sort of deal, it's usually like come into the organization and then we're gonna going to run a pretty tight ship. I remember when I was digging into the precursor, like the rumors around the Apple Vision Pro a few years ago, before the VR headset dropped, before their augmented reality headset dropped and a lot of the technology that went into the Apple Vision Pro was acquired in and so like Apple Vision Pro, they acquired some teams, but they also acquired some patents and some technology and a whole bunch of different things.

So Ben, Ben Taft, neighbor of mine and close friend.

So he, that was one of them.

He was working on a virtual reality product called Mira and his entire, I believe his entire team is still at Apple. And anyway, so Zuck earlier this week also shared that he believes that so eyewear will be like one of the important new computing platforms. Tim Cook on the earnings call yesterday was was asked about next gen computing platforms and just hardware broadly and he said it's difficult to see a world where the iPhone's not living in it. That doesn't mean we aren't. We are not thinking about other things as well. But I think that AI devices are likely to be complementary devices, not substitutions. So obviously going to be somewhat biased there giving that the iPhone is the greatest cash cow in human history. But I tend to agree and I do believe that's how a lot of, I mean that's how a lot of these hardware new AI hardware companies are messaging. They're calling it a net new device, not a necessarily a replacement. So we'll see. I think Perplexity is working on a phone. Solana is working on a phone. And those are. There's just a lot of people that are taking crack, taking a crack at the market.

Obviously nothing's working on a phone, nothing.

Has a phone, nothing has.

Odd company name. I know.

Yeah.

Well, the market is selling off broadly today. The NASDAQ's down two and a half percent so far and Apple is one of the more stable in the Mag 7. Most of the Mag 7 companies are down 2 to 3%, Apple less than 1% on this news. On the flip side, Amazon also reported earnings and is down 7% and is doing much less well. But it's interesting because the headline in the Journal is Cloud helps catapult Amazon. And and like the short of the long and the short of it is that Amazon beat expectations on both revenue and earnings and did very well. But there was a big question about how AWS is performing relative to the competitors in the cloud. And so there was still a lot of pressure and there's a few posts in the timeline about Amazon we should pull up. But I will first give a little bit of an overview of what happened with earnings. But also let me tell you about graphite.dev. smooth john teams that ship on GitHub use use graphite code review in the age of AI get on graphite.dev CEO.

Yes at the event last week to meet him in person got some fantastic updates on the business. So yes team is absolutely crushing.

So cloud helps catapult Amazon E Commerce giants Quarterly earnings beat Wall Street's expectations Amazon.com reported sharp increases in sales and profit, partly fueled by the growth of its cloud computing business. The company said the Thursday that revenue rose 13% in the second quarter to $168 billion. Profit increased 35%. The sales and profit expectations beat Wall Street's expectations. The results beat the expectations. AWS reported that sales climbed 17.5% in the three months following the earnings report. Amazon shares fell 7% in aftermarket trading because the cloud business wasn't growing as much as its rivals. It's such a bull market, it's such, it's such a hot market that it's the red Queen race. You have to keep up with everyone else.

Jeffrey's analysis post here from Buco Capital bloke. He said Doug from JP Morgan asked why AWS is growing slower than Azure and gcp and Jassy responds with some weird comment about the law of large numbers and the gen AI customer experience. And the stock instantly yeets 4 negative 4%. Imagine your company losing 96 billion from your bad answer. Lol.

So yeah, law of large numbers. What is he trying to say? He's just like, like we're, we're so big and because we are the biggest, it's harder for us to, to grow at the same percentage rate. Is that what he's saying?

You know, Britain, Britain, who's biased? He's over at Microsoft now. He says AWS was leading when they had inertia on their side. I saw it break and left.

It is wild. I mean some of the developer advocates get wild on the timeline. I love it.

It's war.

Yeah, it's war.

Bloodsport to them.

Yeah, yeah, yeah, it's, it's remarkable. So yeah, Jeffries is saying the same thing. Disappointing given the momentum at Microsoft and Google's units. Of course. Google has gemini, Microsoft has OpenAI, Google has the TPU. Microsoft is, is, you know, a massive Nvidia customer and has all the OpenAI and the Crusoe facility. There's like so many different tiers of capabilities at Microsoft. Satya has been messaging very, very well to the enterprise about the capabilities of Azure as that cloud routing model. The idea that we, we have basically the best asset in the category. We have Completely differentiated access to OpenAI, which is the, the one that if you just ask people on the street what is AI, they'll say, oh, chatgpt. Oh, just chat. Like that's the one that they're familiar with. It has massive brand recognition and Microsoft has a preferential deal there.

At the same time. Yeah, at the same time I think that businesses make much more, you know.

Yeah. Research decisions around usage and that's why.

We talked with Avi earlier this week. He was saying he's running friend on Gemini.

Yeah, but notable. Yeah, but Amazon's been able to act as that model router for a lot of companies. Obviously not with Gemini, but with Llama and Grok that will serve all these different things. And so AWS just doesn't quite have that same narrative. Like we can describe Google's GCP's plan in the sense that it's like they're staying on this pareto frontier. With Gemini they have all these great models. We can describe Microsoft strategy with getting super early in OpenAI and then acting as, you know, model agnostic and serving Grok and Llama and Deep Seek and everything. It's harder to articulate AWS's AI strategy.

Direct Quote here from Andy. We have more demand than we have capacity right now. We could be doing more revenue and helping customers more and we're working very hard on changing that outcome and how much capacity we had. He did say that constraints such as power and chip availability may take several quarters to resolve. So again, the backlog. The backlog is real, but Satya and Sundar are still putting up putting numbers.

Yeah, but, so Amazon is best known for its E commerce business, which no one cares about anymore because they only care about AI at this point. And it's heft in the retail industry makes it a bellwether for consumer spending. It's.

I am interested to see. I wonder if they had any comments about, about the new de minimis exemption.

Yeah, yeah, look that up. Amazon spent $30.4 billion on CapEx in the second quarter, much higher than analysts forecast of 26 billion. So 31 to 26, that's a pretty, that's a pretty big jump. And that puts them on a 120, $125 billion CapEx run rate. That is, that is massive. And that definitely puts them at the top of the stack like its rivals. But of course, like if you're, if you're investing that much in data centers, like you have to put up the numbers in the growth of the cloud like its Rivals. Amazon has been trying to cut costs while increasing capital expenditures and integrating AI. Jassy said that AI would be. Where are we going with this? Would be, would, would result in the company having fewer white collar workers. The company spokesperson recently said Amazon would lay off a number of employees in its cloud computing division in part because of shifting business priorities. Interesting. I don't know. I was talking more with Joe Weisenthal last night about why you would turn down one of Zuck's offers, the White Whale. Why, why you would stay at OpenAI and, and one of the, one of the.

Or thinking machines or anthropic.

Any of those. Yeah, any player. And I, and I, I was thinking that there's this, there's this world where the, if you, if you want to be like a top executive, it's, there's something powerful about being, being at the company where that's the main thing, being top.

That's true. Also just being in the top 10 kind of key players in an org versus being top 50 at Meta, you're going to be able to have potentially more impact, responsibility and ultimately influence on this like broader trend.

Yeah, yeah. Like the thinking machines one's a little bit more complicated but certainly like the question of like why didn't Mark Chen accept like a billion dollar offer? Go to Meta. Like the financial stuff, maybe, maybe that pencils out. But I think the, the other interesting thing is that it's like, it's like, like for Google, search is the priority. Search is the, is the most important. It's the crown jewel of the, of the overall structure of that, of that business. And so if you're the number one researcher, the number one guy or the number one person, the number one executive in search, like that's extremely valuable. And with OpenAI being in that position with ChatGPT, you are the market leader right now. If you think you can maintain that. It's like even if Meta puts up a really great performance and creates a great number two product, there could be a really steep power law where you're running something that is, is not as important as Facebook and Instagram to their bottom line, to their business.

Yeah, that's true. Yeah. I think the already, already rich reason is probably a real factor as well. I would be hard, don't know any details at all, but I'd be hard pressed to believe that Mark Chen is not worth at least half a billion at this point.

Yeah.

So anyways.

Well, in other news, Ray Dalio has sold his last remaining stake in Bridgewater and left its board, capping the protracted transition from the hedge fund firm he founded. And really quickly, let me tell you about numeralhq.com sales tax and autopilot spend less than 5 minutes per month on sales tax compliance. Thank you for clapping.

Great transition, John. Still got it.

Still got it. So, yeah, Ray Dalio has been and.

By the way, if you're just joining us, early SHOW today, we are still in New York coming back to and we will be headed back to LA later today.

Yes, we should do Coinbase at some point. But in the meantime, Ray Dalio sold his last remaining stake in Bridgewater Associates and stepped off its board, capping a tumultuous transition at the hedge fund he founded. Bridgewater bought the remaining shares held by its charismatic billionaire founder, the firm told clients in a letter last week. People familiar with the matter said Bridgewater subsequently issued new shares to the sovereign wealth fund of Brunei in a multi billion dollar deal that gave the Southeast Asian fund a nearly 20% stake in the Connecticut firm. Neither transaction has previously been reported in. Bridgewater's letter didn't mention the Brunei Investment Agency. The sovereign wealth fund has been a longtime investor and transferred its money invested in a Bridgewater fund to invest in the firm's equity. So rolling from LP to GP stake, basically the Brunei fund now ranks as one of Bridgewater's biggest owners, though co investment chief Bob Prince has a larger stake. Said one of the people. Dalio is 75 now. That really I feel like he, that crept up on me. I, I feel like I, when I think of him, I, I don't think of him as that. I feel like he feel like you don't think of him as a, a 75 guy. You wouldn't, he looks great and he's, and he's like, yeah. And he really is like charismatic. But he brings a lot of energy to his podcast certified angst status. But also, yeah, just like an incredible amount of energy. And he doesn't look, he doesn't look like he's like fighting it. I don't know.

And he probably wants to focus on being a content creator.

Probably. I mean, two bucks under his belt done at all. He's done it all. Yeah.

I just want to make TikToks now.

Have you seen his like social distribution strategy?

Oh, it's, it's great.

Fantastic.

Probably has a thousand clippers globally.

Whoever, whoever he hired actually turned his book into like a straight up mega viral YouTube video with graphics and did it really, really well. And the team that was on that just executed At a very, very high level. It was very surprising given that you wouldn't expect that to come from, like, a Connecticut hedge fund that's, like, so out of the YouTube world. But he's done very well. So Dalio. In a statement that said he looks forward to Bridgewater's future success in his role as a client and a mentor, he remains invested in the funds. People close to the firm said they hope that Dalio's exit from its ownership ranks and board will simplify its governance. Though Dalio has given up his CEO, co investment chair and board chairman roles over the years, in addition to selling down his own stake, he had remained actively engaged, regularly making requests and registering complaints, Said people. He's still giving us feedback. And he said he was leaving.

That's, that's, that's been something I've been. I mean, we will have girly on the show at some point, but I've been trying to get a read on.

Yeah. What's.

What's girly? Soft power over Benchmark. He's still. He went over to China recently, I think, to check out what's happening in.

AI there, Benchmark, and people definitely read Bill Gurley's tweets and see that as like an. Like a proxy or a surrogate. He's like a surrogate for Benchmark. It feels like that, but I don't know. I don't know what's actually going on.

Yeah. The question is yet, is he. Could he still be one of their largest LPs, right.

Probably.

And then in that case, like, you do exercise quite, quite a lot of. Totally, totally exercise influence over the firm.

Yeah. Yeah. So he's. He's remained actively engaged, which is also hilarious because. Are you familiar with how Bridge. Bridgewater, like, tracks every meeting? Are you familiar with this? So Bridgewater famously, like, records every meeting and transcribes it all and makes it all available, or they did for a long time.

Yeah.

I don't know how much of this is like apocryphal, but the idea is.

That back in the day, was it. Was there some radical transy. Was there somebody.

I think so.

Actually, describing it.

Striped is something somewhat similar where stripe for a long time. And I think it's probably evolved in the age of slack and chat and whatnot. But for a long time, by default, every email was on kind of a listserv that anyone could look at and so you could go and see and trace through, not just the GitHub, you know, pull request history of how Stripe was built as a Software product. But you could actually go and read the emails that the product managers were sending, sending around what the engineers were discussing, all the different trade offs that led Stripe to build certain things, certain ways.

Yeah.

And so incredible for onboarding.

So if you wanted to. Yeah. If you wanted to figure out basically the why behind anything you could without bothering anybody or making them repeat.

Yep.

The reasons. Or remember all the.

And then remember we talked to Jeff at Stripe, he came on the show and he was saying that like, we're really glad we did that because now we have this incredible log of. Of stuff that's already public within Stripe.

And you can probably now query it and organize it or what are all the. What are the key meetings that like drove this decision? Or that's really interesting. Who are the people that pushed for this? Who were the people that had concerns about it?

And so you can query. So I think they've done that. And then he was also saying that they now have, I believe, an AI agent that's proactive and will actually jump in and say, based on what I know you two are talking about this, you probably want this extra context, even though you didn't even ask me. So that's very interesting. Anyway, Bridgewater has been doing that for a very long time. They call it radical transparency. It was very controversial because it's such a bizarre way to run a company. It's very different from most hedge funds. But it worked out and a lot of people that have been at Bridgewater have certainly enjoyed it, even though it is kind of an acquired taste. But it certainly resulted in fantastic performance for the fund. In 2011, Dalio said succession at Bridgewater would be a 10 year process. We're now 14 years into this process. Little, little miscalculation there. It has been a protracted, messy affair, says the Wall Street Journal. The firm tried various numbers and combinations of CEOs. One of them later sued, then settled with the firm. Bridgewater chief executive near Bardia and Mike McGavic, co chair of the firm's board, wrote in the letter to investors that the sale of Dalio's last shares was an ideal culmination of the ownership transition process. They said Dalio, the board and employees would celebrate the firm's 50th anniversary together in Connecticut and New York. Bridgewater's assets under management have fallen in recent years to just $92 billion. Just. Just a small. Just a small $92 billion fund. Still massive, but this is down from 168 billion in 2019. It's pretty massive. I mean, it is, it is the world's biggest hedge fund or one of definitely in the top 10. And I remember a decade ago these, these hedge funds were like being in the 10 billion range would put you in the category of being the biggest. And they've all basically 10x, I believe. Yeah, fascinating. Anyway, well, Coinbase earnings.

End of an era. Coinbase earnings. Let's walk through it.

But first, let me tell you about adquick.com out of home advertising made easy and measurable. Only Ad Quick combines technology out of home expertise and data to enable efficient, seamless ad buying across the globe.

We need to go see our billboards while we're here, John.

We do. We still haven't seen them in person. I've seen so many photos, I can feel like I've seen this. So Coinbase, in summary, they, they missed on top line, but beat on bottom line. Revenue was estimated to be. What was it, 1.1 point. Wait, top line verdict 1.59 billion. And they posted just slightly below 1.4 billion. So Coinbase said its profits surged in the second quarter. So that's the bottom line beat, fueled by gains in its investments, including crypto company Circle Internet groups. They're making more money from Circle and that's obviously higher margin, so that's driving a higher profits.

So the cryptos exchange, the update since the Journal's already out of date, Coinbase is down 15 today. 15 today, still sitting at 82 billion.

82 billion. Coinbase Global, led by CEO Brian Armstrong, said it earned $1.4 billion or 5.14 per share, in the second quarter, compared with 36 million a year ago. That's a huge swing. That's the nature of this company. It's still not on this like, you know, just like, you know, clockwork, clockwork profit. So if you look at this chart here, I don't know if you can see this, Jordan, but it's like, it's like very neutral profits and then just put up a billion dollars in profit and then very neutral profits and then, and then like break even and then a billion break even and then.

So naturally, the real founder's journey, the, the share price is just going to fluctuate wildly.

Yes, yes, yes.

Still almost a 10x from the bottom in 2022.

So the company said it's. The increase was driven in part by a pre tax gain from its investment in stablecoin provider Circle Internet Group, which had a blockbuster stock market debut in June. Total revenue rose to 1.5 billion from 1.4 billion a year ago, but fell short of Wall Street's expectations. Analysts were expecting 1.56 billion in revenue for the quarter. On a quarter by quarter basis, revenue fell 26% from over 2 billion in the first quarter, which the company attributed in part to lower market volatility. So if you remember Q1, the Liberation Day, bitcoin was all over the place and there were talks of the sovereign wealth fund in the United States. There was so much crypto news back and forth, back and forth. That was all driving volatility and that was driving volume on Coinbase. And obviously revenue. For Coinbase transaction revenue declined from 764 million to 764 million from 781 million a year ago. The slide was caused by a slump in spot crypto trading activities during the three months that ended June 30. Total trading volume rose to 237 billion in the second quarter from 226 billion a year ago. To drive its next leg of growth, Coinbase said it aims to become the everything exchange and focus on tokenization with a convert or the conversion of trading financial, of traditional financial and real world assets into tradable tokens on chain. The company also has been working to diversify its business and recently partnered with JP Morgan Chase and PNC bank to facilitate the buying and selling of cryptocurrencies by their clients. I think a lot of that is on the back of a couple acquisitions that they made for custody. There's, I mean, Coinbase at this point goes all the way from, you know, a, like a consumer, you know, like just general user who just downloads the app, wants to buy a couple dollars of bitcoin, all the way up to the largest institutions in the world at this point. Really, really widespread of the client base. But I think that's part of the strategy. Meanwhile, Coinbase has been capitalizing on moment on momentum under President Trump's crypto friendly positions. With Bitcoin trading near its peak of more than $120,000, shares have jumped 52% this year, cementing it as one of publicly traded crypto companies with a market cap of more than 90 billion. Although it is of course down today. And bitcoin is at 115.

Yeah, outside of the numbers, the, the thing that stood out was Brian's messaging around. He says it here on the post, right. Coinbase is becoming the everything exchange. All assets will inevitably move on chain. So we want to have everything you want to trade in one place incoming. Our Dex integration, which will allow users to Access millions of assets and expansion of our derivatives offerings. He says next are tokenized equities and more so. Again, we covered this before, but it feels very much like Coinbase and Robinhood are converging towards to old Super Bowl Fintech. Super Bowl.

We're not going to. We don't like the war analogy. That's too. That's too negative. Yeah, I like the. I like the sports analogies.

The NBA Finals.

The NBA Finals of Fintech. Truly. It's funny because, like, when both those companies started around the same time, I believe Andreessen Horowitz invested in both of them. Yeah. And I mean, I went through. I was in the same YC batch loosely with Brian Armstrong and Coinbase. And then I remember talking to Chris Dixon at a dinner and he was like, hey, like, you know, you're young, like, what apps are you using? And the one app that I was on my phone that was like an up and coming startup was Robinhood. He was like, why are you investing in public equities?

Yeah, I was like, I remember Mickey. Mickey from Ribbit is also early in Coinbase and Robinhood. Right. So all is converging. Yeah.

Mickey is just wearing the NFL hat. Like the. I just support all fintech. He's like not making a team.

Yeah, yeah.

It was the Rob Lowe, I believe is the meme Rob Lowe in the NFL hat. You've seen this?

Yeah, yeah, it's great.

Anyway, let me tell you about Adeo.com customer relationship magic. Adio is the AI native CRM that builds scales and grows your company to the next level. Let's go through the mansion section, find me some posts on the.

Before that, let's give a little bit of coverage of updates on the FIGMA ipo. Of course, there was a funny post in here from Juwan.

Okay.

Juwan apparently got a offer back in 2019.

Okay. Territory.

And he was gonna get a base of 165k a year and 300,000 in figma RSUs.

300,000 shares.

And I guess by his calculation it would have turned into 30 million. But the important thing, Juwan is now getting the ability to spend his time automating finance.

Yes.

And certainly didn't pick a bad company to join on that front. Gary Tan says if you stick around in tech and you're good, sooner or later you start collecting these stories. I think. Remember Gary designed the Palantir logo back in the day, and I wonder if he held on.

Yeah. Trillion dollar more.

Sikhi ran some numbers. Siki Chen said there's 10x returners. There's fund returners and there's Figma. Figma alone returned 10x the entire fund of not one, not two, but three VC funds. So he pulls up Index Ventures, which made their initial investment out of a seed fund. It was a $4 million investment or 3.9 million out of a 400 million dollar fund. And it is a 1850x multiple.

Was the multiple of fund on that.

The fund multiple is 18x Greylock. Greylock, who did the Series A is sitting on an 11x fund. They did the series A out of a $600 million fund. KP which did the series B is sitting on a 10x fund out of a $700 million fund, which is just wild. And then Sequoia will have returned one and a half X on a two and a half billion dollar fund.

That's great. Just from that one deal.

And then there's other stuff. And Gary chimes in, says grand slam home run business. Yeah, it's not just a home run business, it's a grand slam home run business.

This is good advice for all the VCs out there. And just get one figment.

I noted this on the timeline yesterday, but we are retiring the gong that we had at Nicee yesterday. It's a game hit gong by none other than Dylan Field, so we still need to get him to sign it and date it of course. But pretty, pretty, pretty wild. Delian says greatest capital markets on earth, greatest country on earth and throws up not one but three American flags quoting signals, signals post. He said nothing hits like an IPO in America. It's the most iconic cultural moment that's relatively infrequent. The most beautiful part about it is that not only here does a company going public trigger a national feedback loop of inspiration. Kids watch it, builders feel it, and the next gen catches fire. Nowhere else. Turns liquidity into legacy.

Signal is such a funny posting style.

Very, very unique.

Good job.

And yeah, pretty, pretty insane. We also didn't really cover this yet, but ChatGPT is apparently now generating a billion a month in revenue, but is projecting to burn 8 billion in 2025.

Wait, that's. Oh, so. So they will. So they'll generate 12 billion in revenue.

And it sounds like they're run rating.

Run rating a billion.

Run rating a billion a month.

12 billion a year.

And the other story here is that Anthropic is now at four and a half billion in annual annualized revenue. DD's calling it DD. DAS is calling it the fastest growing software company in history and they just overtook OpenAI to become the market leader in LLM API costs. So he drops an analysis here.

So well, if you want to use AI, use Fin AI, the number one AI agent for customer service. Fin is the best performing AI agent delivering higher quality customer service and higher resolution rates.

And another post here. So of course a couple days ago Mark Zuckerberg announced his vision for personalized super intelligence. Personal super intelligence for everyone near says I'm having flashbacks of 2023 and it's a post by Character AI that says we started Character AI to bring personalized super intelligence to everyone on earth. So anyways, funny little throwback, funny little throwback there and then in other news, one thing I wanted to highlight fintech Junkie. What's his I feel bad that I don't remember his real name but clearly he's running as fintech Junkie end to end now. But fintech Junkie was a founding partner, co founder of QED Investors Fintech Investment Group backed a bunch of companies. I think they were, I think they led like two, two rounds in wander and they're in a bunch of great stuff. He's introducing 37 Maru and taking a step back from QED. Now he's going to. So at a high level, 37 Maru is a small batch idea factory with one simple approach. Identify profound problems, develop well thought out solutions, find amazing founders to partner with and then obsessively build together. So Venture Venture Studio is my read on it. This is my chance to collaborate with the many remarkable people I've grown to know and respect in the VC world as well as the opportunity to partner with a few hunger eager founders, Capital F founders to build special businesses together. 37 Maru isn't an incubator or an accelerator. It's a way for me to throw my time and resources at a very small number of ideas and roll up my sleeves as an operator once. Once again it is got to put him in the truth zone here a little bit because this, this does seem like the definition of a, of a venture studio. So to say it's not a, it's not an incubator. And he says I don't plan on doing it alone. Every idea will require a co founder. Every idea will require require hiring amazing people to work with.

Yeah. What's the name again? 37 Maru.

Is it M A R U Maru?

You think that's. Is that a reference to Move 37 and the Kobayashi Maru from Star Trek?

It must be, it must be Kobayashi Maru.

Kobayashi Maru, is this like. It's like the final exam that you have to take at Starfleet or something? I don't really remember. In the simulation. It's a training simulation used by Starfleet Academy to test cadets character decision making and how they handle a no win scenario part. It's a legendary part of Star Trek lore. And then move 37 from the Lisa doll. DeepMind match. Yeah but then there's also 37 signals and I don't know where Jason came up with 37 how he picked that because he named 37 signals before move 37 so it's clearly not a reference to DeepMind.

Maybe move 37 is a reference to 37 signals.

They're like we saw Valkyrie and we're embedding, we're sending messages.

Remote work setup.

Yes, yes, yes.

We want that. The super intelligence wants that.

Yes, yes, yes. And I can only communicate with you via numbers via. So the super intelligence locked in AlphaGo. Yeah is like I need to send a signal.

Seeing patterns that don't exist.

Put me in the car and take me around the track. I need to fill the g forces.

Well 37 Mario's investment themes. Algorithmic isolation which he's saying personalized content algorithms are fracturing our shared cultural experiences, leaving us with less common ground than ever before. The algorithm algorithms powering our daily digital diet have become remarkably sophisticated at learning our preferences and serving us exactly what we want to see. I'm not going to read through all of this but he basically is referencing back in the day, radio, tv, everybody was kind of like consuming a lot of the same media and you could strike up a conversation with anyone about last night's episode or this week's hit song. I do feel like I gotta. You know, my immediate thought is when a tweet deeply resonates with me. Most of our friends I feel like have already seen it. Also thought it was funny. So there's some effect of like even if a group of people don't follow the same person, like if you have like, like again like common ground with somebody already then then the content will be served to you. But anyways he wants to fresh tools and experiences that focus on shared content and group activities. Music's missing layer says the music industry offers consumers inexpensive passive streaming services and expensive engaging live events, leaving a vast opportunity for new products to emerge in the middle. The access paradox Zero Commission trading apps have democratized market access but created a generation of untrained investors gambling with sophistic with sophisticated financial products they don't understand I think some people like that they don't understand. Makes it more exciting. And he, let's see here.

Understand the internals he wants to create.

Creative new approaches are needed to support ongoing waves of participants focusing on, on innovative tools, intuitive safeguards and adaptive resources rather than conventional.

Have you ever heard of dice control? Have you ever heard of this, this theory? So at the craps table, you know how you have to like throw the dice?

Yeah.

And there's like, and there's like, like you can't just be like I threw it like that. You know they like you have to throw it across the table. It has to bounce, hit the back and the back has like this spiky foam that makes the dice go in random directions. Yeah. So in theory it's like impossible to, to be like I'm intentionally good at throwing snake eyes or I'm intentionally good at throwing, you know, seven in theory. But dice control is, is a thesis that some people believe that you can actually control the dice. You can actually become so precise at throwing the dice that you're like, okay, I know that if I throw it at the perfect, perfect arc, it will bounce once, do, do a360, bounce another time, do it, do a720 and then land exactly where I want.

I need back to Back to back. 720s.

Exactly. And I need money. Exactly, exactly. So people, there are people that believe this and I guess in theory you could do it.

Three ten X's in a row, John. And I'm a billionaire.

Yeah, yeah. And yeah, I'm thinking of the financial market's equivalent of that now.

Well 37 Maru's last theme is financial nihilism. So he simultaneously wants to black build here.

What's going on?

I like it like on one hand is like new approaches that help people that are new participate participants in financial markets. And then the other side is just, is just like life's a casino.

Sure, sure.

And he says a new theory is needed to help restore society's confidence in the achievability of realistic financial goals. So this is more focused on. Yeah. Helping people get out of being black pilled and towards ownership. I mean I think that, that the, the Gerstner accounts that is rolling out are, are an example of that. But that's a, you know, public solution versus private.

Has anyone built a casino on top of that yet where you can wrap the Gerstner accounts and trade forward contracts against your Gerstner account?

Yeah, it's like in a, most in.

The Highest leverage casino.

Ms. Rachel, meet like Robin Hood, he's just teaching four year olds to use options.

I mean, I do like that he's coming out with some strong theses about how he wants the world to look and then executing on that. I'm thinking of other folks who have done that, like Trey Stevens with the Soul Reader, the Face Kindle. He's like, you know, I like to read. I want portability, but I don't want the infinite dopamine machine to read. I don't want to read on the infant dopamine machine. So I'm making a pair of E ink glasses that let me read in essentially isolation. Palmer Lecky. Same thing with chromatic and mod retro thinking about, I want the world to embrace this nostalgic legacy technology. I think there were things that were done very well. So I'm going to go in and marshal resources and to actually go and build that company that otherwise would just not exist. Exist because it's not, it's not a natural path that the, the, the, the, the business community or the capital markets would like go and fund. So he has to marshal himself.

Well, also important, I finally remembered Fintech junkie's name, which is Frank Rotman. Oh. So we should have him on the show. I've always appreciated his writing over the years. Yeah, we'll reach out, Frank.

Fantastic. Well, let me tell you about bezel. Get bezel.com. bezel is the top marketplace in the world for authenticated luxury watches. Thank you. And speaking of the luxury world, maybe.

We should wait before we go into that, I just have one more, one more story that dropped. Okay, tell me this week by Andrew Ross Sorkin contributed to it. We got to hang with Andrew last night.

Absolute legend.

Absolute legend.

It was talking to him.

Yeah, it was a pleasure. His day is like very inverted from ours.

He's clearly, he's clearly much better at this than us.

He had. Yeah, no, there's levels.

There's levels to this. There's levels to this.

So we do the show for us it sits in the middle of every single weekday. That makes it very hard to have any type of deep work.

Oh yeah, it's crazy. We're doing it on hard mode.

Andrew last night goes. Yeah, I think about it as like I do television on my way to work. He works. He's live like 6 to 9 Eastern. And anyways, very cool. But he contributed to this piece. In DealBook. New exclusive OpenAI secures another giant funding deal. The venture capital round values the chat GPT maker at 300 billion, 300 and underscores the fierceness of the AI money race.

Hearing rumors about 350, 300 seems like potentially an absolute steal.

So OpenAI's latest mega round. While Wall street has been focused on how tech giants are spending on artificial intelligence, the most prominent name in the field, OpenAI has been racking up big money. Dealbook is the first to report on the huge numbers and what the round means for the company behind Chat GPT. In an increasingly heated AI race, OpenAI has raised 8.3 billion at a 300 billion dollar valuation months ahead of schedule as part of its plans to secure4.40 billion in funding this year.

Billion?

Yeah. And again I believe that, yeah, the, the whole, you know, a lot of the deals with Masa were getting like announced with like clearly like Masa needed some lead time to pull the capital together. Obviously he's very bullish on the company. So Back in March, OpenAI announced ambitious funding plans with SoftBank committing to provide $30 billion by year end. So Moss is just racing, you know, dialing probably flying all around the world to help put this money together. Might, might end up being one of the biggest SPVs of all time in the private, in the, in the venture, in the venture context, it's hard to think of.

Print out the SP SPV document and hang on the wall.

And again they're burning 8, like roughly 8 billion this year. So they do need the cash. A wave of new investors participated in the new round, including private equity giants Blackstone and tpg, and the mutual fund manager T. Rowe Price. So really going after the big dogs. Other participants include Fidelity Management, Founders Fund, Sequoia Capital, Andreessen Horowitz, CO2 Management, Altimeter Capital, D1 Capital, Tiger Global and Drive Capital. Just a few, just a few of former guests of the show. Blackstone and TPG aren't major investors in AI model makers, but they were seen by OpenAI as particularly valuable since they can promote the adoption of ChatGPT among their portfolio and companies, including those in healthcare, financial services and industrials. The round was five times oversubscribed and left some early investors in OpenAI frustrated by the smaller allocations they got as the company prioritized bringing on new strategic backers. The lead investor was Dragonier Investment group, which committed 2.8 billion. You got the size going there.

I do.

There we go. An astonishing check from a single venture capital firm that may be one of the largest ever written. The investment cast a spotlight on dragonair, which made successful early bets on companies like Airbnb, Spotify, and Uber, but has largely stayed behind the scenes in sv. Mark Stad, Dragon Year's founder, is now taking a very public claim on what many in Silicon Valley see as the defining tech platform of the next decade. The investment represents about 10% of the firm's funds, which I'm just reading is AUM.

Yeah.

OpenAI's business continues to surge. DealBook hears that the company's annual recurring revenue has soared to 13 billion, up from 10 billion in June, and is projected to surpass 20 billion by end of the year. So it is funny when, and you know, you just see people, I think we talked about this on the show last week. All the, all the stuff around, you know, GPT psychosis felt like, you know, massive comms crisis brewing. But we said at the time numbers still going to go up. Right. Like the usage is just astonishing. The number of businesses, business users who pay for ChatGPT has reached 5 million, up for 3 million just a few months ago. The new funding round comes amid OpenAI's delicate negotiations with Microsoft. Remember that OpenAI is seeking to become a for profit company, which of course Microsoft needs to sign off on as, which is still its biggest investor and partner.

Yeah. Remember a couple, was it a couple of years ago or maybe even just a couple months ago, people were like, oh, the foundation model labs are cooked. All the value will accrue to the application layer. And then OpenAI is just like, cool. What if we got an application installed on everyone's phone and then charge them $200 a month for it? Do you think we could make a billion a month?

5 million B2B user paying B2B users too?

Yeah, they're dominating in the application layer. Absolutely.

And all of this, the negotiation with Microsoft as well as some of this new capital, like a lot of the new people coming in traditionally, you know, some of the largest asset managers in the world. It does feel like there's the path to IPO is starting to become quite a bit more clear.

Yeah, well we know that they use Linear. You got it on Linear. LINEAR App Meet the system for modern software development. Linear is a purpose built tool for planning and building products. In other OpenAI news, one thing so.

Dylan, when we interviewed Dylan yesterday, he was highlighting how design is a like competitive advantage and that's the edge. And there's no better example than Linear. That's just been again one of those companies that has to have incredible product and incredible product experiences and design because they're helping people design and build products. And just a perfect example where they came into a crowded category and it's really one of those like Jiro dreams of sushi businesses where again, they weren't the first tool in their category. There's companies with billions of dollars in revenue and they just focus so, you know, intensely on making a delightful product.

In other OpenAI news, they are doing Stargate Europe. OpenAI is joining forces with two European companies to set up a data center in Norway. Dubbed Stargate Norway. The project is expected to house a hundred thousand Nvidia GPUs by the end of next year. OpenAI is partnering with AI infrastructure company N scale global and industrial group Aker to set up a facility in Kvandal, just outside Narvik in northern Norway. The company is jockeying for the position the AI racer seeking to expand data center infrastructure to meet the energy needs to power the technology. And if you're looking to travel the world, get on wander, find your happy place Book of wander with inspiring views, hotel grade amenities, dreamy beds, top tier cleaning and 247 concierge service. And so yeah, yeah, there was an article a while back that was saying like Stargate isn't going well. They've scaled it back and it's like it just keeps, I keep abstracting it until like a. Well, what is Stargate is. If Stargate is just build a lot of data centers. Like, like we can build data centers. It is possible. The question is like can you build more than can you build $500 billion worth of data centers extremely quickly? And the answer is probably no. But if you shoot for the moon, you land in the stars and that's kind of what's happening where it seems like Stargate will have a lot of really, really big facilities all over the place and like that will be like a compounding advantage and a continuing, a continuing project for everyone involved. And so some of the folks in the group, Softbank, Oracle and MGX are equity funders in Stargate and they committed a hundred billion initially with plans to invest up to 500 billion over the next four years. So in other news, the mansion section has dropped. It's Friday. Finally, one of our favorite sections from. Let's see, is this in focus now? Well, we will pull that up in just a second. So tech founder Eugene Nonco has paid $51 million for an oceanfront home in Delray beach, the highest recorded home sale in the city. Eugene, co founder of the software company Media Alpha. Have you ever heard of this company? Jordy Media Alpha? He has his wife Olga Nonco bought the home from ICARE mogul Massimo Musa. Property records show Musa had taken the home off the market initially listed for 60 back in 2021. The nonco's declined to comment. No one, no one's commenting. But the home is very interesting. Masa and his and his ex wife Carrie White Go paid around 9 million for the Delray beach land in 2002 and spent around five years building the home. The property has not has a nine bedroom roughly 22000 square foot main house as well as a guest house. The estate's amenities also include a gym, a roughly 1,000 bottle wine cellar. Not too helpful for me. I guess I could put a bunch of Diet Coke there. But this is where it gets interesting. Guess how many movie theaters this house has.

I mean since you're asking. 3.

2.

Damn.

It has a formal movie theater for guests and another movie theater just for kids. It's like, it's good. I don't want the popcorn in the seats.

I want to force kids to watch whatever the parents want to watch.

Exactly, exactly.

Although it's somewhat, I mean you know people are going to critique this and say like it should be a family experience, you know, shared experience, lost social time.

Oh yeah, yeah. Controversial but yeah. You know many people are in the market for a two bed, two bath, get a nine bed, two movie theater. A thousand bottle wine cellar. Seems like a fun house. Musa co founded several companies including the in the eye care industry including My Eye Lab and the Lasik Vision Institute which he sold because he sold this house because he wanted to downsize Media Alpha. And, and I've never heard of this company Media Alpha, but I wanted to dig into it. It says in late 2024 media Alpha was notified by the FTC was prepared to file a complaint against the company for alleged deceptive marketing practices. As of April, Media Alpha said it was in active settlement discussions with the ftc. In June, the company announced that Eugene Nonco would step down as Media Alpha's CTO and become the chief architect. And so I guess he founded this company, stepped into the CTO role instead of the CEO role, now is stepping down and still was able to purchase a $51 million home. So he's clearly done very well. The previous Delray beach record was set at 50.5 million, so just barely edging that out earlier this year. The area has seen a number of high end transactions recently. And another property, I mean this, this.

Home is truly palatial.

It is, it is, it is very. Has loud, opulent, the gold over the statues of Philosophers. Philosophers.

Oh, no, no.

I haven't seen this. But the, the golden fireplace is really, really something. Anyway, another tech founder who I think.

We are one thing if we can really mine that asteroid that had however many.

Yes. Many more palatial 20 million tons coming to the market.

Everybody is going to have a golden fireplace. Yes. So universal basic golden fireplace coming soon. So everybody can look forward.

Was that, what was the Donald Trump thing? He had a golden toilet in, in the Trump Tower apartment that he had. I mean everything was gold in that apartment. But also the. I think.

Oh, that's another thing. While, while we're at it, we've got to cover. The White House is creating a new ballroom.

Oh yes. Press secretary, really quickly let me tell you about public.com investing. For those who take it seriously, you can lock in a 6% yield. That won't change if the Fed cuts rates. And a diversified portfolio of investment grade and high yield bonds go to public dot com. So tell me about the. I, I saw somebody was saying, oh, I thought it was 9, 000 square feet which is. Would already be huge for a ballroom. Apparently it's 90, 000 square feet. Is that correct? How big is this ballroom?

Yeah. So the press secretary announced yesterday the construction of a new 90, 000 square foot ballroom.

Thousand square feet. That is so huge you'll be able.

To fit quite a lot of people in there. That should be where we do the next event with Emily. Seems like an ideal. I know, I know some people that could probably get us access to that. To that, to the space. Obviously we'll have to wait a few years, but construction is expected to begin in September. It sounds like this is being funded by donors. I mean secretary says President Trump and other donors have generously committed to donating the funds necessary to build. What does it cost to build?

I'm pretty sure a football field. Field is around 50,000 square feet. So you're. It's twice. It's two football fields. That's. That's absolutely.

Maybe Trump wants to be able to hold like, like a gladiator style.

He went, he went to the All Star game.

Yeah. The really could.

He could do UFC standard. You could probably do UFC there. You could do WrestleMania.

It's 50. A typical football field is 57,000 square feet.

So we have a, with some stands.

America needed a presidential ballroom.

Where is this going to be? In the White House?

No, in Washington.

Okay. Just somewhere in D.C. because they can't possibly find a spare 90,000 square feet in the White House. Right. It would make no sense.

Yeah, let's see. But, but what's exciting to me is like this space is like we should, this shouldn't be. Hopefully this is not. Nobody sees this as is hyper political but the space looks absolutely beautiful and I think it's important to exercise the muscle of building beautiful things.

Yes. Although it is, it is somewhat ironic because Trump was a little bit upset about the Fed remodeling a bunch of stuff and spending a ton of money on a different building.

Oh, this is funded by donors.

Okay. Okay. So, so no, no impact on the taxpayer.

Yeah.

Okay, got it. Makes sense. A little bit more defense sensible. We'll see.

I'm sure somebody can figure out how somebody will, how it's going to impact the taxpayer.

But who knows, hopefully it's built quickly. That would be my biggest hope. Anyway, should we move on to what's going on in Miami area? Penthouse is sold. This is fun because it's a, it's a. So look up open evidence and pull up the cap table because I think you're going to want to dig into this company. We haven't had Daniel Nadler, the founder on the show yet but we got to talk to him because I've heard a lot of people talking about open evidence. So this spring, 42 year old tech entrepreneur Daniel Nadler gave up his Miami rental apartment and moved into a beachfront hotel. We were talking about living in hotels recently. When and where you stand on that, the goal was to be was to streamline his life and focus on building open evidence, his Google backed medical AI company which is now valued at $3.5 billion. Quote from him. I didn't want the overhead of dealing with houses and all the stuff that comes with houses. He said if I could wake up at 4am and just order room service, this is so perfect. I love it. Then, then a friend pointed out that the hotel where he was staying, the Four Seasons at the Surf, at the Surf Club in Surfside Florida also had condos for sale. Which is hilarious that you're, you're staying there and you don't realize that there, it's like that's kind of an L on the Four Seasons for not upselling.

It's like you, you have a guest.

Here that's just stayed here for a month. Why don't you just tell them about the condo that's right over there.

But friend of the show lives in a four season.

Oh really?

I think Mr. John Fantino. Doesn't he live in a four?

No idea. No residence so this week he, he checked out of the hotel and moved over to the condos. He paid $38.2 million in cash for a fully furnished penthouse at the beachfront Surf club.

How much?

Four Seasons. $38.2 million for a 6,000 square foot five bedroom, a penthouse with a rooftop pool. The seller was tied to an entity who bought the triplex for. So it's three stories open evidence.

30 million open evidence. Just a couple weeks ago raised a new round of $210. $210 million.

$210.

They raised $210. Give it up. Hit the size gone.

You probably could do that. Just raise $210 and then just put that out there and people will misprint it and you'll get all the press you need.

Led by GV and KP and valuing the company at three and a half billion. So he I imagine was able to, to pull enough liquidity.

And I believe this is one of those stories where the company's been going for a long time like pre AI boom and then now is a major beneficiary of the AI boom.

So it is started seed round was in 2021.

2021. So that's still pre GPT3, like pre GPT4.

Right. Of course, Sequoia did the A. Of course in Sequoia did the A. And this year, what?

Oh, wow. So they were grinding for a couple years and then started taking off. Nadler's new penthouse spans about 6,000 square feet with five bedrooms and roughly 2,000 square feet of terrace space. Nadler said there's also a roof deck with an infinity pool facing the ocean. It actually feels almost like one of those Venetian palazzos, but in the sky. He said, I like this guy. What a good turn of phrase.

He sounds like he's not, he's not the guy to turn off his zoom background on a call.

Yes.

He's just embracing reality.

Yes.

Well, any more notes here? And then I think we.

I wanted to pounce on it. He said, whatever I paid, I think it'll be worth double that in five years. There was very little negotiation. Nadler said. He said that's what he wanted. And I said, okay. A Canada native, Nadler is founder of Kensho Technology. Okay. Because I was wondering how did he wind up with $40 million in cash to buy this, to buy this penthouse if he's still in the series B? Yeah, he could have done some crazy secondary, but that would be kind of a crazy deal. But he is a second time founder. In 2018, he sold Kensho Technologies for $550 million. So you walk into Sequoia for series A for your second company, they're probably going to say yes. And that's. And that's what. So his decision to move into the Four Seasons was partially inspired by inventor Nikola Tesla's tenure at a New York hotel during the last years of his life. It sounds completely insane, but there's precedent. Nadler said. He's, like defending it.

All right, we got to wrap.

Thank you so much.

Really important news before we leave. Mira Morati has started following Growing Daniel.

That's amazing. And congratulations to Growing Daniel. He's posted, probably getting Marathi so many times. Wild battle. She's following him.

I wouldn't be surprised if, you know, think Thinky Machines buys his company. He's an AI. He's an AI founder.

That would be amazing.

He's a tier one.

I just think he'd have a lot of fun there.

I don't know.

I. Whatever he chooses to do, I fully support. And we're looking forward to getting back to LA. Looking forward to get back to eight sleeps. Go to eight sleep.com that's our final ad read. And thank you for watching. We will talk to you on Monday. Have a good evening.

Fantastic week. Have an incredible weekend. We love you. Bye. Bye.