SPEAKER_00: I don't know if some of you knew I was an angel investor in some companies. On the count of three, what's my favorite angel investment of all time? One, two, three.

SPEAKER_02: Thank you. Give it up, Travis Kalanick. Appreciate you. All right. Wow. On a big news day,

SPEAKER_00: Travis is here on a very big news day. You spent, wow, I guess like seven years

SPEAKER_03: just in the lab building. Last year, every year I ask you, hey, you want to come to the summit? You want to say, nah, it's like, I'm going to just chill. I'm building next year. Hey, you know, it's just always available. You don't understand I'm stealth.

SPEAKER_05: I stealth. I'm stealth. Nobody knows where I am. Nobody knows what I'm doing. The employees are not allowed to put the name of the company on their LinkedIn. Thousands of employees that weren't allowed to put the company name on LinkedIn. I mean, incredible. And I'm like, okay. And their

SPEAKER_07: parents thought they worked for the CIA. Yeah. And then he's like, and by the way,

SPEAKER_05: Jake, how you can invest, you can't announce it and you have to sign an idea. You can't

SPEAKER_12: mention you're an investor. It's like, okay, no problem. I'm just happy to be on the cap table. Is he like, kind of like secret saying what he wasn't supposed to say?

SPEAKER_06: Right. Now you're out now. F*** it. Let's go. You're out. It's out. You came out of stealth

SPEAKER_03: today. Um, it's so funny. It's so great. You came out of stealth. Well, you talked a little

SPEAKER_18: bit. You came to all in summit last year. Is that fair? You say you're coming out of

SPEAKER_06: stealth today? Is that right? Well, look, let's just start with what that meant for our employees. Because again, imagine if you're at a multi thousand person company and every single employee has stealth on their LinkedIn, including salespeople. Okay. Including recruiters. Like it was, they, they were, they were living life on a hard

SPEAKER_21: mode. That's kind of fun too. Right. I mean, I mean, yeah, it was like,

SPEAKER_06: kind of cool. What the, what's good. What is this? Why are there? Why is this massive density of stealth? Right. Startup people in Los Angeles. What is happening over there? Yeah. Yeah.

SPEAKER_23: Also technically the name of the company in different countries was very generic names of companies.

SPEAKER_25: I mean, everything was designed to be stealth, right? So we operate in 30 countries in the U S the kitchens product is known as cloud kitchens in Korea. It's kitchen Valley in the middle East. It's

SPEAKER_06: Nama in Latin America, parts of Latin America. It's casino. So quilt us. I mean, you get the idea.

David Friedberg: You can't even remember all the names and all the code words about it. Yeah.

SPEAKER_30: Think it through. Uh, but we have four in China, you know, it's like all over the place. Yeah.

SPEAKER_00: But things have gone really well and you've been a little acquisitive. So tell us about the branding today that you're announcing and then maybe some of the acquisitions and evolution of the company.

SPEAKER_31: You're not just renting kitchen space.

SPEAKER_25: Those who, I mean, know how I thought about things in the Uber day. A lot of this stuff's

SPEAKER_06: not surprising. I would often talk about digitizing the physical world. I think I even did it all at summit, the quick version of this. I'll try to do it quickly, but it's like a, we know the bits world, the computer world, the one that Michael Dell essentially invented for us, CPU storage network. These are three core computing resources. When you go to computer science class, your first day, three core computer resources, CPU manipulates the bits, storage stores, the bits network moves bits from point A to point B. But if you're digitizing the physical world, you're treating atoms like bits. You're building an atoms based computer. And I'll explain what I mean this. I know there's a little, little out there. CPU manipulates bits. What manipulates atoms? Manufacturing storage stores bits. What stores atoms? Real estate. Network moves bits from point A to point B. What moves atoms? That's transportation or logistics. So you have these three core computing resources in an atoms based computer. The name of my company was very obtuse and purposely designed to be as boring as hell was called city storage systems. So that's digitized real estate in an atoms based computer. Our first computer being a food computer. What does that mean? Manufacturing real estate and logistics for food. And so you start to get there. And the idea that the mission was infrastructure for better food. The idea was, can you get a meal that's prepared and delivered to you so efficient that it starts to approach the, the, the cost of going to the grocery store? If you can do that, you do to the kitchen, what Uber did to the car. But in the Uber day, the roads were there. The cars are unused. You just had to put an app in the app store. It wasn't that easy, but kind of that easy. In this world, you can't do this on a restaurant. Restaurant doesn't have, when I left Uber, 13% of all San Francisco miles were Uber miles. You can't get it. And that was 10 years, nine years ago. You can't get there on food, on restaurants. They have like 20% capacity. Uber Eats and DoorDash fill it. But the infrastructure to do high capacity, high scale sort of industrial production is just not there. And the logistics just not there. It just doesn't work. That's why on e-commerce, you go through Amazon big ass warehouses. With awesome logistics, you've got to do the same thing when food when food goes to e commerce. That was a lot. Yeah. Okay, so bottom line is, it's awesome. We do this food computation stuff. We're doing more computers now. And so the name of the company is called atoms. And it's, let's say the mission is, is physical automation to transform industries and move the world. And so we have our food computer talked about

SPEAKER_39: it. Then we do, we're doing mining. Mining as in mining minerals. Not data mining. We're talking

SPEAKER_06: about atoms, guys. Yeah. So, well, of course you do some mining, data mine too. But the point is, is physical mining. So automation of mines. And the mission there is more productive mines to power Earth's industries. Right? So it's got this industrial atoms vibe to it. And then on the transport side, it's a wheelbase for robots. Because if you're doing specialized robots, not humanoids, specialized robots, you need to be able to move and act in the physical world. But the minute you're moving, you got to have a wheelbase. So it's just part of the equation. And a lot of people go look at Tesla. It's great. Look at, look at Waymo. Awesome. They're cruising around Austin, of course. But there's so many things that move. It's not just a ride sharing thing. And so obviously, including mining equipment, that's doing its thing. So you guys, that's the general sort of idea. And we acquired a company on the mining stuff, a company called Pronto, or it's about to close. It's where

SPEAKER_42: we're inches from closing is the way to put it. What were they doing? What was their business?

SPEAKER_43: Pronto? Automating mining equipment. Were they based? They're based in San Francisco.

SPEAKER_44: So you and I were starting to talk about this backstage. But there's some folks I talked to in the mining industry who mentioned, you know, like the big issue with mining, number one is just

SPEAKER_46: surveying, like finding the locations, right? Is there an advantage to be created there? Because I

SPEAKER_44: know there's a couple startups that are trying to be really smart about selecting locations to get the targets out of the ground. Yeah. And then the other one is like, well, can you go deep? Because pretty much anywhere on earth, you can get whatever you want, if you're willing to go deep enough. But the cost is distance squared, right? So the energy cost is like, how deep are you going to the second power? So it becomes, you know, geometrically more expensive to go deeper. But the deeper you go, you're the more you're able to kind of not worry about getting the right location.

SPEAKER_46: So does automation unlock that capacity?

SPEAKER_06: I mean, automation definitely does. I mean, yeah, I mean, also, it's like, man, does boring company have some good stuff going? Like, I hope we were like, we're doing the mining thing like, and boring goes makes, you know, some good tunnels for for cars to do the thing. But like, there's some kind of boring mechanism, automated tunneling to do some of this. But to be honest, there's, there's, you know, they have this, this thing is like rare earths. I don't know why they put plural rare earths, isn't it rares earth? I don't know. But the but rare, rare, rare, rare earth.

SPEAKER_53: Yeah, but yeah, it's not rare. It's uncommon. It's not rare. It's what you have to do the land is

SPEAKER_25: aggressive. And what's rare is the is is where that where are the places they'll let you do it, that you can also sort of get people to, when you automate, you can go to a lot of places. Well, first is all the mines that exist are way more productive. And the second is you can then sort of justify going to places, you wouldn't have been able to go before, because you don't have as much of

SPEAKER_06: a labor footprint or a safety issue or a whole bunch of other things that then so it was inhospitable,

SPEAKER_00: if it's regulated, if it's like, I don't want to live there, it's the end of the earth. Yeah, you can send robots and have people monitoring them remotely. Yeah. And yeah, this is like a future that feels like a little bit like science fiction. Look, we're here in Austin, you got to do the shout

SPEAKER_25: out to Tesla and all the things because I like to sort of break down the physical AI stack

SPEAKER_06: includes not just like, oh, yeah, computation, and I've got to have physical AI models, and I got to do all the things you sort of think of what about land development that should be in that stack?

SPEAKER_25: What about chemistry that needs to be in the stack manufacturing needs to be a stack when you look at the stack? You're like, damn, Tesla's got this. They are. They are the Google of this era, which is what I mean by that is in the 2000s. If you were doing a startup in the 2000s, the first question you

SPEAKER_51: would get is, why isn't? Why isn't Google going to kill you? Or why isn't Google just going to do it? Well, I got to know that you killed you. And before that, Microsoft and before that was

SPEAKER_61: Microsoft, the late 90s. Uber had a time 2010. Yeah, what if Uber puts that in the app? It's like,

SPEAKER_06: dude, this is Uber. How am I? Yeah. But you know, I think in the physical AI space, that's a that's

SPEAKER_63: sort of a Tesla thing. But there's so many things to do. You got to shoot your shot. I got to do some

SPEAKER_00: stuff and rumors that, hey, you might not be done with self driving something that you were very

SPEAKER_65: early on. How do you think about what you're seeing in the playing field of self driving? Because my Lord, you know, Waymo's making great progress. Tesla's making great a winner. Like pick a winner

SPEAKER_67: between Tesla, Tesla Waymo, Uber, or like, where it seems to be building a network of stuff. Yeah,

SPEAKER_72: I mean, like number of pickle winner, the number of players is crazy now, right? Yeah, look,

SPEAKER_06: there's, I think there's more noise. If there's more bark than there is bite right now. Look, I think Waymo obviously is ahead. The existence proof is there. Their issue is manufacturing and scale and urgency and fierceness. Like, yes, come on. Let's win. Let's go. Yeah. You know,

SPEAKER_25: Uber had an autonomy project back in the day. And they have a different strategy these days. I haven't been there for a while. So, but the, but the point is, is that you, so you got Waymo, then

SPEAKER_28: you've got Tesla fundamentals, science, hard mode times a hundred. And the question is, do they get

SPEAKER_06: there in what time scale? If, if they, and like, honestly, everybody's like, could happen tomorrow, could happen in five years. And I think that it's like, when does the chat GPT moment happen for vision is basically the thing. Let's call it vision without other sensors. So super inspiring, but like, what's the timeline on it? Yeah. Um, those are the base. This is basically the, and then there's a lot of other little guys that don't really have the stuff I believe yet. There's nobody standing out

SPEAKER_44: just yet of, of the others. Do you think we're at a point now, like, obviously, now that you're getting into more of these kinds of autonomous systems that move around, like, do we have these vision language action models tuned and ready for prime time? There's, there's been a conversation like, who's going to have the Android, the operating system for vision language action, where I can use my voice, tell it to do something and it knows what I'm saying. And then it identifies the objects and does the thing in the physical world. Do those models exist today? Or there's still work? And is that like a Google? OS? Or like, where does that OS come from? Look, I think there's a there,

SPEAKER_06: this is an area of a lot of energy, a mix of research and implementation. I think there's a lot of hope and interesting stuff. I mean, the high level is, we all remember what happened when you use chat GPT 3.5. And you're like, holy. Yeah, it's legit. Whoa. And then I went to four and you're like, okay, like some stuff just changed the world just changed. And I can sort of connect some dots

SPEAKER_25: and getting real. Is it about to happen? Is it about to happen for physical AI? And that's what this is about? Yeah. And the fun part about it is machine learning, deep learning, this kind of thing for many years, decades was like, inscrutable. I don't know what the thing is thinking. It just spits out an answer. And I know it's correct. Well, now you can have a conversation with it. Right? Like imagine if it's driving your car. And there's different agents, and one's just driving, the other's like, yo, look out over there. Yeah, it's like, oh, just like how we roll. It was like, somebody does that you're like, you're like, honey, that's like 200 meters away,

SPEAKER_83: we're gonna be okay. We're okay. Yeah. Jason and I don't call each other honey, but I got you.

SPEAKER_25: Like, sweetie. You know. Yeah. Okay. So anyways, that was odd, wasn't it? Okay. Okay. I didn't mean it that way. It always does. Yeah. I didn't mean it. Yeah. Yeah. You know, I meant it. Okay. Language is a beautiful compression mechanism that humans use a hundred watts of energy. Like, and you put that in a scheme of things of like, AI training, AI energy, the power plants that are built to do the thing that isn't even at human strength yet. Okay. The Waymo machine takes a hundred times more energy to drive a Waymo than a human does to drive a Waymo. So, so language, we, there are still things that humans are great at and that unbeat, like the goat, we're still the goat at certain things. Language is this epic compression. And, um, we need to find ways to compress. Cause like, when you think about how, how we first started looking at the physical world is we saw everything and you know what guys, and this is sort of obvious, like, it doesn't matter what the cloud is doing if I'm driving, but like the car doesn't know that it's pulling in every fricking data point and processing everything. And it's, it's, you know, look, they've been about sort of carving out the things that don't matter and things like this, but there's ultra awesome versions of this. And you can imagine how you can use language or things that look like language to communicate either amongst agents or sort of safety systems with a driving system to sort of get very efficient answers and to identify safety issues very efficiently.

SPEAKER_87: People don't know that you've moved to Texas as a, well, most people don't know, but it's, it's out there. Yeah. You moved here in December. So now you're a resident of Austin. Yeah. I was,

SPEAKER_07: I brought, thank you. It's very exciting for me. We've been getting to play some backgammon,

SPEAKER_12: backgammon cards, cards. We're having a good time. So I've had a place on Lake Austin since 2021.

SPEAKER_25: And I go there. I'm an avid water skier. Like you're impressed about water skiing. I have to say, like, so I've had a place in Austin for five years. Frickin love it. It's my weekend. I would go 15 weekends a year. What do you think is going to happen in California? It's pretty messed up. Look, I, I grew up in Cali, uh, like I grew up in Los Angeles. Uh, my parents were born and bred in Los Angeles, which basically makes them the founders of LA. Okay. But, um, so I have a lot of heart, like my whole family, everything, you know, it's pretty, it's pretty, it's, I don't want

SPEAKER_94: it. A lot of us feel that way. I don't want to get the violin out, but it just, but it's heartbreaking.

SPEAKER_25: The play, it totally wait. It's just a place you grew up. It's your home, you know, when you have to leave, uh, but it's getting weird out there. And, uh, it feels like it's getting weirder. And at some point that's, it's just too weird. It's too weird. Do you think everyone's gonna leave?

SPEAKER_44: I mean, it started with Elon and it was like, yeah, he was, we don't, we don't want Elon here. And then he's like message received. Right. And then it kind of worked its way down the tech industry. And then he kind of, you know, world of people building businesses and whatnot. And now it's

SPEAKER_100: kind of gotten so broad in terms of the group of Joe Rogan comedy, music, New Yorkers, restaurant tours. I mean, this place is the money. I'm not even talking about this. I'm just

SPEAKER_44: talking about everyone leaving LA or sorry, leaving California is almost like working down this path of

SPEAKER_25: look my the rest of my team's like we're when are we moving? You know, they're like,

SPEAKER_44: how are you dealing with that? So that was the question was like on the lake. There are literally dozens of startup CEOs of call it successful or growing companies that I talked to who are like, dude, I want to leave. But I got employees here. I got an office here. I got a facility here. I build stuff here. Yeah. How am I going to leave?

SPEAKER_25: Yeah, I totally get it. It's a real thing. So look, I think like most things sort of when it's time and it feels painful to do something, sometimes it's actually not as bad as you think. And you just got to make the move and lead and do it. And so that's kind of what that's kind of the

SPEAKER_28: process that almost like a morning process I went through. And that's just what it is. And you're setting up a team here. Yeah, of course. And I got that office right on the lake. Did you get that?

SPEAKER_25: It's the one we are negotiating. No, no, it's all good. We're negotiating right now.

David Friedberg: But I'm going to jet ski to work. No, literally. It's a true story. Last year, we're like driving up the thing. And I was like, wow, I wonder who owns that. He's like, I will. And I was like, did you look at it? He's like, I looked at that. And I was like, that would be a nice one.

SPEAKER_26: But the truth is, you know, and I had a couple people move here a couple years ago, and they all

SPEAKER_00: had the same reaction. Oh, my God, I'm living in a place that's twice as big for half as much.

SPEAKER_23: The people here are dope. The food is dope. Everybody here is got this sense that we're building the future. And it's just fun and world positive. And, you know, for me, I got to live

SPEAKER_03: New York, LA, San Francisco, I did three of the great cities in this country. This one feels the most like home to me, which is a very strange feeling to me. But it feels like everybody here wants to build the future. And it's very diverse, you know, like in all these different industries and people pursuing stuff. I think this is the future. Yeah, here's the thing,

SPEAKER_25: like you go to San Francisco, and I still have a little nostalgia when I go to San Francisco, just having built Uber there and the whole thing. I still get the, you know, the butterflies just I do, you know, but it does have something magical, you just can't take it away. And then you look at all of these bike lanes and these bus lanes that never have a bus or a bike in them. And cost $400 million to build one mile. And it's literally, it's sort of like this subconscious desire to choke the city off. Now remember, I look at things through roads,

SPEAKER_104: that's how I think. So I'm just like, obviously, the city is totally busted.

SPEAKER_23: Yeah. They literally took Market Street, and they're like, what would be the optimal way to this up and virtue signal at the same time? And they're like, yeah, buses. And it's like, nobody's on the bus. Nobody takes the bus. It's a beautiful, small town.

SPEAKER_116: That whole street is empty. That whole street is empty. And it's painted red.

SPEAKER_120: Okay, so we all bitch and complain nonstop. Okay, yeah, we're going to chat. When are you leaving, Freedberg?

SPEAKER_72: Like, I'm number one, I get it. But Freedberg, when are you leaving?

SPEAKER_122: Okay, well, on the chat, you're the best. But yeah, I'm like, okay, so let me just say there's a couple glasses of wine in public

SPEAKER_123: facing Freedberg. Yeah. And he's like, you know, I think there's a better way to do this. And then there's like, Darth Freedberg in Groove Chat. He's like, these people,

SPEAKER_126: these morons are hard. They're destroying society. He is like, Darth Freedberg in Groove Chat. Am I lying? Am I lying? Is he the most correct?

SPEAKER_12: Especially after a couple glasses of wine. Yeah, when I start drinking, I fall off a cliff. And he takes pictures. He's like, fourth beverage. And we're like, oh, it's worth

SPEAKER_135: staying up on the group chat. Yeah. And then I'm like, I'll go and attack this congressman on Twitter, which I realized is probably not like the tweet. Yeah, don't delete the tweet. Yeah, I delete the tweets. Okay, so there's a group of people trying to raise $500 million

SPEAKER_44: to create like a tech slash business coalition to go to Sacramento, which arguably is something that everyone's left and avoided doing forever because no one wants to spend time in freaking Sacramento fighting politicians. But it's almost like we're all falling off a cliff. It's time to do something. Do you think there's a realistic path back? Do you think that people can actually get their together that even if 500 million came in, there's a way to kind of turn around the state, fix some of the policies? You think it's too late? I don't think that. But look,

SPEAKER_25: I would go look anybody who's doing anything to fix things. I'm like, hell yeah, let's do something. The issue is we all grew up in the tech world, which was like a libertarian place where you stay out of politics. And that you felt it was that kind of vibe. It was just everybody was like that.

SPEAKER_141: Leave me alone. I want to make stuff.

SPEAKER_25: Yeah, just I'm not I don't do that. And that's obviously there's not a thing anymore. In California, I think the the ballot initiatives are very powerful. And there's very clean ways to get something on the ballot. Love that. I think that your DA's who have decided we do not enforce crime at all anymore. That's like a sweet spot. Like I believe that I sort of have this aphorism truth and justice are the immune system for society. When when the immune system is suppressed, all the social ills flare up. So look for the places where truth and justice are being deteriorated, are being degraded, and say, How do we get at that? Because if you get at that, everything else downstream will be better. So that's kind of how I look at things and how I also determine whether the world's getting better or worse. When I say weird, I'm talking about truth and justice. That's what I mean when I say, Oh, man, it's getting weird. It's getting weirder,

SPEAKER_42: which means it's weird. I'm just talking about truth and justice.

SPEAKER_65: Well, I mean, and you look at the homeless industrial complex, you look at Chesa Boudin, which the all in odd sacks myself and the pod like we we literally led the recall of him.

SPEAKER_03: And then you have the same thing going on in LA where they were just like if somebody Gascon. Yeah, Gascon. I mean, we basically lost the script. You're running the city for the criminals. It literally is like a Batman movie. It's like Bane. I mean, you want to arrest the criminals. Look, I was born in the darkness. I mean,

SPEAKER_146: these guys are lunatics.

SPEAKER_25: Yeah, look, I know police officers in Los Angeles who are no longer police officers, and these are lifelong guys who protect and serve. That's in their bloods or DNA. They want to protect people. They want the bad guys to be dealt with and they they almost have PTSD from what it is like to want to serve and see bad things happening and not being allowed to stop it.

SPEAKER_18: Yeah, nobody's got their back and they're not allowed to do their job.

SPEAKER_28: It's it's crazy and I it's getting weird. Okay. Hey, I want to just go back to a sorry for the darkness.

SPEAKER_51: I don't know. I think it's good. I was trying to induce. I'm trying to induce

SPEAKER_120: dark free bird. Well, I brought it up. Yes, I mean someone bring me a tequila. I'll get going. Yeah, let's do it. Can we get a couple?

SPEAKER_44: It was funny. I went on this podcast yesterday and the guy and I defer the guy was like the first hour was middle of the road. I was talking about tax and science and then like politics came up. He's like so socialism and he said like you lost it and then you were like he's like the energy with 10x who is this? Yeah, so it'll come out in a couple weeks, but I was like it got me going. Okay, I want to talk about physically I one more time. Yeah, so one of now that now that you're doing this I saw a presentation the other day someone showed like a video of a squirrel jumping from one tree to another tree and they're like a tenth of a watt or something. Yeah, like like the biology is tuned and it's so perfect in terms of its efficiency of energy utilization to do physical things and we're taking these like big things of metal and motors and like actuators and if you add up or you compound all of the inefficiencies in the system, it's like 1200 watts to get the robot to walk four foot like yeah, like break apart not just the software but the hardware layer and where we add in evolving things like actuators and the materials and everything else that's going to make physical AI work

SPEAKER_25: and scale look a lot with the questions you're asking are going down humanoid lane which is like this thing and and everybody talks about how do you do the hand it's almost like terminator 2 type obsession with the hand which is fair like it's a very critical part of it I mean look at the I like to look at the Achilles the quote-unquote Achilles tendon of any of these machines and you're like that's where the action is this this is a couple other places um look I'm in the non-humanoid space I mean but it mechanical engineers have been dealing with actuators and you know all the sort of electromechanical sort of interactions that make machines do certain things but like I'm in the food machine space so I can tell you how to open a paper bag and put a put a bowl in a paper bag without tearing the paper bag but I am less into the I forget the name perio they're they're the the senses to understand awareness and touch um I'm not in that game um so when you're mining you're like you're not like you know you know you're not threatening you're not playing tennis um certain things may be equivalent to tennis so look the bottom line is we're seeing obviously all you have to do is go online and look at where the humanoids are going over time and how much better they're getting um it's wild and it's happening so freaking fast but any humanoid demo starts with dancing and martial arts yeah and we're sort of down specialized robot lane which is gainfully

SPEAKER_28: employed robots yeah so I know I didn't totally answer the question on my robot technology piece

SPEAKER_92: but I just like do you agree that there's probably like a big opportunity for venture money and like

SPEAKER_25: research to go into material science actually yes yeah for sure because if the physical ai stack manipulation and all of the related things around it yeah is massive and so if you get the software

SPEAKER_46: working it's almost like the hardware has to catch up yeah we got a lot of there's a lot

SPEAKER_00: actually it's it was it's good that you bring this up you know one of the things you pioneered

SPEAKER_65: um at uber was um capital as a weapon and you were very thoughtful about hey if we can take this capital off the table then that's going to let's call it what it is it's going to be an advantage versus the competitors and these other competitors couldn't get that capital that's now I think people have seen that playbook and they're like hmm someone's like that was smart let me try and it's at a different scale now that you've come out of stealth yeah now that you've got and people are starting to understand just starting today yeah how big your vision is capital as a weapon yeah this is I guess in your plan yeah well I mean here's the thing right so

SPEAKER_25: capital as a strategic weapon for its own sake is not a thing but when it is actually a strategic weapon then it is a thing what I mean by that is like in the uber world early days if you didn't have capital didn't matter how good your app was because masa is going to put a billion dollars into your competitor and you're going to lose 20 market share tomorrow so a critical competency in fact your world-class competencies one of them has to be raising capital and you to do it better than everybody else and if you don't you are going to lose let me ask one follow

SPEAKER_44: up to that yeah you go no but the middle east yeah I've heard theories the last couple days that big capital seekers are kind of right now because of what's going on in the middle east with the iran war Dubai Qatar Saudis are kind of going to close up the capital flowing to the u.s right now and is that

SPEAKER_32: real I mean do you think that's a real threat so look our middle east business was supposed to go public

SPEAKER_25: in January and the Saudi market was went down 20 percent over like a two-month period and that was like a massive damper on the situation now part is part of that was because the oil prices had gone down so dramatically and if you went into ksa you went to the kingdom everybody's like we need we need oil prices to go up you know that's the other side of the equation so I don't know what hat look I don't I'm not in the market raising money right at this moment and this is a two-week-old thing that I you know look I see the news just like everybody else and I'm not out there calling wallet wars going on and saying hey guys you got some money um so I don't know exactly what's going to happen but if you are an optimist and you're like okay this isn't this is not going on forever just like the tariffs it was the end of the world and then it wasn't yeah very quickly yeah if you're an optimist about this situation and it won't be the end of the world maybe even a better world then we get to a better place and I think progress abundance the golden age happens and a lot of it is about all the things that are happening in AI in physical AI and and and just the productivity

SPEAKER_65: gains that are coming right in very massive ways yeah yeah I mean it it was shock shock and awe and then hey now we've got a steady state and let's hope that's what happens in Iran is that we can depose these evil dictators and replace it with something a little more stable and related to this

SPEAKER_44: before we wrap they're going to China there's big trade deal being negotiated what do you hope comes out of this Chinese thing and what did you learn in China well yeah what would you learn and what do you think would be great for America like what would you like to see and be like man that's going to

SPEAKER_25: set us all up no more look here's the thing if you go to China right now and you go and just take a tour of the manufacturing that's going on there just the manufacturing base the cities especially if you've gone to China for a couple decades in a row you're like damn yeah you so let's just do two things you go to Shenzhen which before felt like Kansas City but 50 years ago and really humid which I guess is Kansas City sometimes but you go there now and it's like one-upping Singapore right or so that's the city view you're just experiencing a very awesome you're like this is advanced and you just get the vibe and it's everywhere and then you go and you start seeing the manufacturing base and you see what like Xiaomi is doing or any of the other there's so many scrappy guys badass guys everywhere and you're like f they're hungry so does anybody remember the 2008 Olympics in Beijing anybody does anybody this is a little bit you're down a rabbit hole does anybody remember the opening ceremony and you're like these mofos are taking over at least that's what they want to do that's happening so i don't have any issue or this is not negativity for me i'm like these guys are killing it the best idea is winning they're fiercely they're fiercely going after truth and progress and they're making happen let's step up our game okay but we can also have a friendly game like we don't have to like be like the Detroit Pistons in the 90s you know yes we can we there's a way into the stands yeah yeah you know there's a way to do this right and there's a way to do it like adults i hope that's where we would end up um i have a employee who because we we're we for for a long time we're the largest built kitchen builders in china i have an employee in china has an american wife okay they both live in china they're both from china originally okay but want them to it would be great for him to work here on some things i'm doing it's very hard to make that happen right now now that's selfish like i like maybe selfish like i'm like there's a person i've been working with for over a decade i'd love to continue here maybe there's other bigger picture items that i'm not dealing with i'm not the geopolitical guy but i'd love for them to be sort of good relations and good like like if you have a significant other who is an american citizen like do we have to make that hard is an example some normalcy would something you know i'm just saying now i agree like there are ways to do immigration properly like we effed it up super bad don't even get me started but there's also there's good migration too like a lot of great innovators all over the place came from other places for their own version of the american dream god bless freeberg and we don't have to that doesn't have to be a negative thing and so i'd like to see more of that and um yeah china's china's

SPEAKER_178: wild so let's uh let's keep our eye on the ball and let's let's give them a run for their money too

SPEAKER_126: give it up for tk all right well done brother thank you that's good good to see you brother wow michael dell

SPEAKER_72: my lord texas native michael born born in houston well i missed the the opening we we jumped to the

SPEAKER_46: music but you started dell computer here in austin with a thousand bucks 42 years ago in my dorm room

SPEAKER_185: at adobe at ut uh about 10 days before i finished my freshman semester amazing and it's been working

SPEAKER_189: out pretty good yeah there's been some bumps in the road but uh yeah generally generally worked out

SPEAKER_192: okay yeah we'll have about 140 billion in revenue this year so yeah it's okay it compounds over time

SPEAKER_195: doesn't it yeah yeah yeah you know you start small and just keep adding and there you go that's how it

SPEAKER_44: goes yeah it's just that easy but why texas like i think this is an important thing we're in austin

SPEAKER_46: jason lives here david sacks lives here now more people are moving from california to austin why austin why texas why is it work here and it's getting better is it just always worked you know i

SPEAKER_200: think texas has had a uh you know low tax pro growth uh environment for a long time and pro you know

SPEAKER_202: sort of progressive business climate and you know if you sort of look at the the growth of the texas economy relative to the rest of the united states without texas you know texas just kind of looks like a better version of the us economy and uh you know you now you've got uh austin is sort of just

SPEAKER_203: about in the top 10 cities in in the united states so you've got uh when that happens you'll have four of the 10 largest cities in america in texas one out of 10 children born in the united states born in texas uh more new york stock exchange companies in texas than in new york or anywhere else and uh you

SPEAKER_202: know you've got the university of texas here in austin which i would always think of as kind of the wellspring for a lot of the companies that are here certainly ours and um you know a long history of of uh innovative pioneering spirit and entrepreneurship and um it's been a fantastic

SPEAKER_204: place for us and part of this i think freeberg and michael is what's happened in the other great

SPEAKER_205: cities or what were once great cities my hometown new york i got to spend 10 years in la and in the last 12 in the bay area and what's happening there is incredibly un-american uh and they're decelerating when compared i think maybe the gap maybe in the disparity from these um two locations has gotten greater yeah and you're seeing a lot more people say life there here in austin seems a lot better than the life i'm living in new york la or in in the bay area yeah well i've got a lot of

SPEAKER_202: new friends and neighbors you know that that have that have come and certainly i mean if if you look at the the the migration statistics texas has attracted an enormous number of people and and look i mean when you when you when you look at the environment here and compare it to the other kind

SPEAKER_209: of situations that are going on uh it's it's it's very attractive but you know it's it's kind of been great for a long time so uh it's not really new news to us that have been here a while

SPEAKER_205: yeah elon had a great experience when he was building the the gigafactory over here they let you do stuff

SPEAKER_23: here yeah basically you know they let him build it which he said was like an incredible experience for him because in california they didn't let him build you know these factories and in fact the tesla

SPEAKER_00: factories that in fremont was just an old ancient factory that he was able to retrofit so there's something going on here as well with the data centers and that's actually i think very close to what you're working on at dell maybe you could talk a little bit about the data center boom that's

SPEAKER_205: going on in texas that maybe people aren't paying attention to sure well there's you know obviously

SPEAKER_202: been enormous build out of ai infrastructure and that requires you know lots of new data centers lots of power texas you know has an enormous uh advantage there relative to other states a lot of power a lot of land and it's and and you can build stuff right so there's there's been a massive build out particularly in some of the cities in and towns in west texas where there's not a lot of population and so they're not really too opposed to having data centers out in the middle of nowhere where there's land and power and so um yeah i mean the the the demand for tokens is enormous you know we've been building these ai data centers not just here in texas but around the world and you know the growth in that has been tremendous you know we we introduced the the first uh h100 server it was literally a couple weeks before chat gpt was announced and you know uh the progression of our business in that area has sort of gone from like 2 billion to 10 billion to 25 billion to this year it'll be like 50 billion so so tremendous growth and when when you think about what these models are creating there's this face change that's happened in computing right we we had 60 years of calculating computing now we have machines that are thinking and helping us think and so the demand for that kind of intelligence and you know the models are amazing but they're also the worst they'll ever be and they're continue to improve and so we just see uh a lot more demand than supply and it's happening not just in the hyperscalers and the cloud service providers it's happening in 4 000 enterprises where we're building these these dell ai factories it's happening in sovereign ai you know like palantir and you know people want to protect their data but also use ai on it they want to bring the ai to where their data is and you know when this kind of started a few years ago we had some really sophisticated uh large companies think think of like fortune 100 and they started you know buying these ai servers from us and and they kind of knew what they were doing right you know and uh we said well what what are you doing and they they were they were kind of taking uh building their own models they were taking open source models they were running them some of them were were algorithmic traders or you know derivatives of machine learning and of course um they needed a lot of help in doing that because it was sort of a complicated thing so about two years ago we we put together this this product that we we we called the del ai factory and now we've got four thousand plus of

SPEAKER_192: these and it's kind of running rampant across enterprises how do you think about the payback

SPEAKER_46: time on the investment that's being made the administration put in place this accelerated depreciation rule yeah that's very helpful actually yeah so yeah just for folks to understand that a little bit like if you spend a hundred billion dollars this year building and data centers and buying infrastructure for those data centers you get to write off a hundred percent of that this year correct to deduct it so you don't pay taxes you pay way much fewer taxes and that's in place for 10 years i think that's a 10-year deal right accelerating the investment how much is that helping versus how are you seeing folks rationalize the investment relative to the return they're going to make and over what time scale this is still the big question is the money really they're the hyper scalers maybe they're starting to come up but end usage end states are we kind of hey wait and see we don't know yet or folks are getting 20 roic starting in year one after they've made the

SPEAKER_227: investment you know i i i can tell you in in our business in in our company we definitely see

SPEAKER_203: plenty of use cases where the roi or the improvement in productivity efficiency is 20 percent or greater

SPEAKER_202: right away it gets there i mean it you know it's not like you just hit a button and you get 20 right there's there's work required in thinking through the processes and it's worth a little bit describing that so you know when you have a any company its processes and tools and technology are a function of what was available at the time it created those things and so what you sort of have to do is step back and say all right what's the trajectory of the improvement of the tools what outcome are we trying to create and now let's simplify and standardize the processes get all the tools together get all the data together and then apply the technology and this really has to be done in kind of a tops down way uh you can't sort of do it spontaneously in you know in in silos are not going to spontaneously improve themselves and often that means that you're completely changing the way the organization works it's like a wholesale re-architecture it's it's a reimagining of the way a company works and you know i mean the way i described this to our team about three years ago is you know we were going to have a new competitor five years from now that would be two years from now you know that was in every business that we're in except they were going to be faster and more innovative and more successful and lower cost and they were going to put us out of business and the only way we were going to

SPEAKER_207: prevent that is is we're going to become that company and here's how we're going to do it and

SPEAKER_202: you know it excited some people it scared some people but i actually believe that that's what's going to happen and and so we've been dramatically changing our business i would say the biggest benefit by far is speed we're much faster at being able to apply innovations and so you know you look at our at

SPEAKER_209: our infrastructure business last quarter grew 73 percent well that's kind of unusual for a business of this

SPEAKER_202: size and uh you know this quarter we guided that it would grow even faster like 100 so you've lived

SPEAKER_00: through a couple of paradigm shifts here the pc revolution obviously you led that um and then you of

SPEAKER_205: course had you know client server the network revolution online uh internet internet cloud mobile yeah so each one of those we saw a massive disruption we're talking in the green room about hey we used to have a typing pool there was a mail room all these things got abstracted away by the pc and networked pc

SPEAKER_00: revolution um but it took a decade or two and this one's happening a lot faster yeah yeah this one i think

SPEAKER_224: it's it's like um you know a quarter is like a year maybe it's five times faster or something like

SPEAKER_202: that but but back to your question i i would say maybe 10 or 15 percent of large companies have really figured this out and the rest of them are kind of fumbling around and you know there's a tendency when when you hear about a new technology to like oh let's just let's just go do it you know show the boss

SPEAKER_242: hey we did ai you know the board said we gotta do ai yeah we gotta do ai guys are you proud of me boss

SPEAKER_202: yeah yeah um and look at what i made exactly and yeah i also think you know it's an important point about about uh this which is you know the barrier to technology adoption is is not technology it's

SPEAKER_247: culture and leadership and courage right and and so willingness to change and yeah and you know if

SPEAKER_202: you if you're in a business that you don't think is changing very much or you know heart change is really hard right you you have to it can be very uncomfortable you're like well we're going to stop

SPEAKER_158: doing that well we don't need this anymore particularly if your bonus is dependent on not

SPEAKER_46: messing things up but let's go let's use the internet as an analogy which you saw up close there were businesses that were internet transition successful they made the transition maybe macy's.com versus sears roebuck right right right maybe macy's did a better job of taking advantage of the internet than sears but then there was internet native businesses that seemed to blow them all out and maybe amazon's a good example or csn stores whatever they be wayfair etc what's the right way to think about this evolution in industries generally are we going to have their businesses are going to transition successfully and those that aren't and they're going to die and is this really going to are we going to see ai native businesses in every industry come in and just

SPEAKER_202: disrupt everything i believe we will and certainly you know when you talk to the colson brothers at stripe they'll tell you that the rate of growth of the 2025 cohort companies is about four times faster than the 2018 companies and so every year come the new batch of companies are growing faster and faster because they're starting with all these new tools that you know because they

SPEAKER_227: see all the new companies on their platform exactly right and so when when you think about uh an incumbent company okay that already exists it has let's say it's got brands it's got balance sheets

SPEAKER_202: it's got you know customer relationships whatever stuff right okay um but that's sort of like those are expiring value assets if it doesn't change quickly and get on the other side of this i think it will go out of business and which is exactly the speech i gave to our team you know three three years ago and uh i think you know you you you you have to be uh bold and you got to go make those changes to to

SPEAKER_252: not only survive this but but to put the thrive and you know i think about it is how do we prepare our company to be ready for the 2030s right isn't it like it's much more it's kind of the storyline

SPEAKER_46: there's more to do than there ever was it's like when the internet around kind of came around sears doesn't just need to sell locally they can sell to the world well sure i mean this is the point

SPEAKER_202: when we have better tools we can do way more things right and and uh you know when you know when i hear people say oh you know um maybe we're just gonna have all these great tools and we we won't do more things we'll just do the same things with fewer people it doesn't sound right to me i i

SPEAKER_227: mean there'll be some of that but i think most of it will be we're just going to do a whole lot more things we're going to solve a lot more problems we're going to accelerate scientific discovery excited about yeah we're we're going to invent all sorts of new things we're going to solve all sorts of problems that haven't been solved and you know that's that's super exciting

SPEAKER_46: what do we have wrong on infrastructure so the original build cycle looked a lot like everything's in a data center everything's got to sit there that's where all the intelligence it'll all be in these kind of hosted proprietary cloud models do you think that it's open source is it distributed on the edge where does the intelligence where does the inference sit and how does that really change or kind of re-architect the industry do you think it's really all the above i mean it it's not

SPEAKER_202: like there's one answer i mean certainly if you go to any industrial company or natural resources company advanced manufacturing retail logistics there's tons of inference at the edge and that's growing very very fast and uh you know we make a lot of that embedded equipment certainly you know telcos are doing that too i mean it's pretty much every every industry think about wherever data is being created you want the ai infrastructure and the inference you know close to the data uh you know there there there has been this sort of rebalancing as companies have figured out you know sort of everybody loves the public cloud right until they get the bill right when they get the

SPEAKER_252: bill they're like wait this is supposed to save us money yes it costs quite a bit more so you

SPEAKER_202: know the the the lowest cost token is going to be the one that's generated right where the data is on the device you're going to have you know tokens being generated on your phone on your pc in every embedded piece of equipment and look we have an interesting perspective on this business because we have 10 000 customers where they embed our product in their product this is you know think medical devices security all sorts of things in hospitals and industrial plants and you know any any kind of uh you know

SPEAKER_276: data driven activity right requires some kind of computing network storage infrastructure yeah

SPEAKER_87: so when you um look at the desktop where you started it's coming full circle and this must be

SPEAKER_00: at least very interesting or intriguing to you that you see this open claw movement everybody trying to buy the most powerful desktop they can and all these hobbyists who were your customers who were calling you up and ordering from you know dell their their bespoke pc now they're dell.com what did i say

SPEAKER_278: dell.com yeah you said ordering from dell calling us up they they order online usually they order online now yes they have this thing called the internet they do yes it works out pretty well um but this is

SPEAKER_00: incredible that they're like all stacking computers and and running you know uh local models i was just thinking back to how much the first couple computers i owned cost four thousand dollars in 1980 dollars and then the prices came down you could buy a dell for 500 bucks 800 bucks like really nice laptops for that price um use the promo code all in um but do you think there's a world where we're going to start to see the desktop because people want to protect that data they want to protect the skills they're building they don't want to give it to sam altman put it in a cloud somewhere they don't want to give it to google whoever it happens to be um and that the desktop revolution comes back and everybody's got a ten thousand dollar desktop is that coming i don't know if everyone will have ten thousand dollar

SPEAKER_252: desktop but that would be great i mean you know uh you know so we have this dell uh portal on hugging

SPEAKER_202: face and we have all these open models and we qualified them on every kind of machine we have and you know there's been enormous progress in the open source models you know google has these gemma models gemma and they work really really well on small machines you know open ai has their open source models you've got the nvidia nemotron models you've got you know enormous uh ecosystem of open source that is you know thriving and certainly open claw and you know there'll be some good discussion about

SPEAKER_205: that how many people have set up open claw raise your hand oh my lord that's about what a 20 of the

SPEAKER_248: audience here yeah so you know autonomous agents um big deal and certainly inside companies there's

SPEAKER_202: going to be a lot more autonomous agents there are significant security requirements that need to go with that we need to we need to be able to authenticate and validate who these agents are and what they're doing and you know have the right controls and and that sort of thing yeah and uh

SPEAKER_00: uh your take on uh agi and when we're going to hit it like do you actually think about super intelligence and agi and the the the two sets of problems they could solve there and do you have a personal

SPEAKER_239: definition that you like to use for those when you're talking internally with your team of how things

SPEAKER_202: are moving i i i don't really know jason uh um you know i i think if it feels like with the latest releases we're talking about this backstage uh you know the gemini 3.1 the opus 4.6 the open ai 5.4 it feels like we've sort of uh hit some kind of threshold where the just the quality of the models are are just tremendous and and when i listen to what our teams are able to accomplish in a day or two weeks that would have taken them you know a few months or nine months time you know it's it's just amazing the speed of innovation yeah and so it it seems to be continuing and we get all the reinforcement

SPEAKER_252: learning and there's also tons of private dark data that these models haven't been applied to and

SPEAKER_46: that's sort of what's happening with these i think the auto research is the that's the the key with auto research the capacity to take a standard model and then retrain it on your private data and keep it private and build an advantage for your organization based on the history of your data that no one else has that seems to be what a lot of folks are thinking about that have the capacity but if you were to start a company today that was not in computing and you were to build a business from the ground up how would you architect your people and your organizational principles as an ai kind of first knowing what you know about computing and where things are headed are you hiring people are you hiring a bunch of people to run a bunch of agents how do you think about architecting a new business

SPEAKER_207: today it's a great question i don't really spend a lot of time thinking about that you know i'm thinking

SPEAKER_295: about how how do i what the rest of us are thinking how do i run our company i mean that's hard enough

SPEAKER_46: so yeah everyone i talk to that's the question they're like everyone goes to these off sites and they're like i'm actually doing this with my management team on monday we're doing like a tear down be like hey how would we build the business differently today no i mean what we've been

SPEAKER_202: thinking a lot about is it's sort of this this reimagining question yeah you know sort of all right

SPEAKER_252: we know the trajectory of the tools what are the tools going to be in 27 28 29 and how do we

SPEAKER_303: accelerate you know our path to that how worried are you about

SPEAKER_19: social issues so ai recently ranked as the most unfavorable term of a list of terms including

SPEAKER_100: president yeah it was somewhere between isis the democrats ice isis and the democrats ice was better

SPEAKER_18: than ai people like us mass agents more than they like ai yeah well i think i think part of the

SPEAKER_202: problem is it's been it's been uh you know maybe sold as as you know it sort of presents itself

SPEAKER_252: like a human would yeah right and you know maybe if we called it linear algebra matrix

SPEAKER_312: calculus and statistics instead right maybe that would be more friendly i don't know you know

SPEAKER_316: yeah but do you think do you think we're gonna have no i think you're right the positioning is

SPEAKER_00: wrong and then we're not communicating to people hey this could help health care this could make you live longer this could help your kids get educated more that this could help with housing

SPEAKER_46: costs this could help with food costs messaging aside i mean how much do you actually worry about disruption or dislocation and employment about acceleration of earnings for some people and deceleration for other people in society that feel left behind and that starts to fuel more of the kind of social concerns and politicians saying hey we got to stop building all the data centers you know like that kind of stuff and and how much are you really i tend to be

SPEAKER_202: you know more optimistic and and um you know i i do i do think that in all technology cycles you get sort of these network effects and uh that's kind of inevitable but i also think you know uh we're going to do more with the tools you do have this acceleration of all sorts of great things i mean education can dramatically improve scientific discovery health care energy you know all sort of the the unsolved problems can be accelerated ultimately i think it's it's amplification of human

SPEAKER_303: potential and capability and extending the frontier too and and and and by the way we should also

SPEAKER_323: remember that basically what we're talking about here beyond sort of some of the advanced semiconductors

SPEAKER_202: and the you know big data centers we're talking about software right yeah right it's like software

SPEAKER_195: that runs on your computer so you know somebody says well we don't we don't want that it's like how do you stop total software i mean yeah how are you going to not how are you going to stop someone

SPEAKER_46: putting an open source model on their computer at home and asking it for medical advice you know new york just passed a law saying ai models can no longer give medical advice yeah right it's being

SPEAKER_328: proposed a proposed yes so you're like you can't give legal and we're anti-software it's like yeah

SPEAKER_26: also anti-books and advice so if you were going to look it up in a book but were you dropping into

SPEAKER_331: your bernie sanders right there that was my bernie sanders michael dowel do the one percent of the one percent that you're enabling with your data centers why are you doing this to the people of all great nation while you give your money to children in their invest america accounts yeah this is a good

SPEAKER_335: one you're doing yeah can we talk about invest america i think he might have even criticized that

SPEAKER_331: but but you know well that's the problem the billionaires are giving our children money and they're not asking us permission and then those kids are going to buy things that their parents never asked

SPEAKER_340: for well they don't they don't actually get the money till they're 18 years old so that's that's

SPEAKER_331: but what gives you the right to give our children an education what is this philanthropy it makes no

SPEAKER_341: sense no i mean honestly well i see i see my great friend brad gerstner here brad's here there he is

SPEAKER_343: brad come up for this little uh segment here sit for a second let's talk about a mess america we've got

SPEAKER_344: five minutes left here so you know i heard about the fifth bestie give him a round

SPEAKER_202: i heard about this idea in 2021 from brad and i thought you know that's a that's just a great idea

SPEAKER_203: that's an awesome idea and you know i think there were some discussions with the prior administration

SPEAKER_202: but they didn't uh do do anything about that unfortunately and uh you know here we are you know a miracle you know the the invest america act was was passed and um you know now we have thousands of companies that are joining in and matching the government's contribution and uh you know susan and i made a big announcement uh giving 250 to 25 million children in uh zip codes

SPEAKER_354: where the median income is this is one of the greatest what do you think bernie do you approve

SPEAKER_23: i'm gonna go jake out this way i just want to pause on this because it is one of the greatest philanthropic gifts in the history of humanity and i i people have just kind of glossed over to it because there's a lot of big numbers in the world but we're talking about you personally you and susan sat down and said we're going to give a number and that number was five six seven billion dollars or

SPEAKER_207: this is let's it's 250 to 25 million children ages two to ten in zip codes where the median income is 150 000 or less it's it's 6.25 billion dollars i mean and i just want to say something

SPEAKER_200: you know we live at a time where but they have to sign up to claim the accounts yes they they have accounts but they have to sign up to claim the accounts you know i think we're getting a hundred

SPEAKER_214: thousand plus kids now a day signing up yeah first thanks for having me up yeah i mean what what a

SPEAKER_368: national hero and national asset that my friend michael dell is but he understates this because i've been working on this for four years we've been talking about it on the all in pod we had a lot of

SPEAKER_371: momentum but behind the scenes trump gets elected um and so it's april that we're in the middle of the tariff strife april 25 we realized there's only going to be one piece of legislation that gets passed during trump's first two years it'll be the you know this big beautiful bill the reconciliation bill and so i i call up michael and i said michael we gotta go we've got five days we have the it's drafted in the senate we have bipartisan support but we have a window and like we ha i have to get in the oval office we have to get in the oval office and you know michael said you know what what should the text say and you and i had a conversation and you you know uh but you know the text to djt yes i'm not talking out of school listen biden wherever you sit on the political divide i will say i've said this trump seeks out ideas from business leaders and he has deep respect for business leaders like michael dell like you know wherever your politics are that's just the truth and the last administration didn't and you know if it may have done the same thing and this and i

SPEAKER_377: just have to say this invest america it's not a red idea or a blue idea it's a red white and blue idea

SPEAKER_379: right exactly so into the prior conversation when michael and i first talked about it um you know

SPEAKER_371: it was this is the right thing to do right like we have to reconnect the 70 percent of people who feel left out and left behind to the american dream right but this isn't our self-interest this is about defending the ownership society and capitalism that for 250 years created the greatest experiment in the history of the world but that's at at risk less than half of people under the age of 40 have a favorable view of capitalism so when i talked to you about it the first time michael understood both sides of it it's the right thing to do and it's the right thing for the country and

SPEAKER_382: uh so at any rate michael dell tremendous american i have one just one one punch up the name invest

SPEAKER_384: america trump accounts what do you think were you considering this in the context of other philanthropy

SPEAKER_46: i mean how do you how do you kind of put this together in the spectrum of how you think about

SPEAKER_202: giving back yeah great question so so you know we have a foundation that's very focused on children in urban poverty that's basically the central focus of the foundation although folks in uh central texas would know that we do a few other things here in our local community and you know when i heard about this idea one of my thoughts was wow this is like a platform for directly giving to the people that we're targeting right and you know we actually thought about doing it just in texas first and um you know things have gone pretty well with the company and all that so you know we thought we just go bigger

SPEAKER_87: and and what happens brad if you know 10 more michael dells show up and and there are dozens

SPEAKER_18: there's not a lot of michael dells let's be honest but there there's a number of folks who could make

SPEAKER_65: an equal size or even greater gift um there are people who you know many hands makes for light work

SPEAKER_23: there are a thousand people who can make a gift of significance what if this actually becomes a

SPEAKER_227: movement and we and i and i i think i think it actually is becoming a movement instead of a moment

SPEAKER_203: and and and we've you know we've got a lot of that queued up brad once you wait have you called anybody

SPEAKER_368: michael you have you did you call my mike michael and i chair the invest america giving committee and we're ambitious guys so you're knocking on doors we've we've had a few conversations you're texting people yeah yeah so so so just there's a question earlier first it's really important to understand and for you guys to spread the word every child under the age of 18 every child under the age of 18 is eligible to claim their account number one number two you've heard this like oh kids born between 25 and 28 no this is forever more the legislation creates this account forever more every child born

SPEAKER_371: in america starting january 1st 2027 will automatically get an event will get a trump account right at birth stapled to their social security card the thousand dollars has to be reauthorized every four years okay but the accounts don't so every kid this is social security 2.0 this is the biggest change to the social contract in america in hit in 50 years 3.7 million kids a year will get an account that can compound it's a 401k from birth and yes we're going to have a lot of announcements but it's not just billionaires it's going to be companies that are donating stock on their ipos into these accounts it's going to be wealthy people it's going to be states it's going to be moms and dads it's going to be corporations and the estimate is over 15 years we can move five trillion dollars into the pockets of families that would have otherwise had zero five trillion dollars right and so to me the leadership that michael showed not only in helping me get the meeting that ultimately got this passed into law and it does take people like those moments either happen or they don't happen and if they don't happen there's no law and this doesn't change kids lives by the way two things on

SPEAKER_120: this if this five trillion dollars moved through government programs it would get incinerated exactly that's what we see happen there's just a million crony structures that take it away and destroy it so to

SPEAKER_44: give it directly into the accounts is the circumstance the second thing is it makes a lot of sense that you guys can i'll i'll be the lead but can we replace social security in this country with a defined benefit or defined contribution like this and eventually everyone has a trump account or whatever you call it and we don't have to have this fake ponzi scheme that we can do it well they they have a defined benefit program but i'm saying like everyone has an account and they all own a piece of their future and every time you get a payroll to tax deduction instead of it getting inviscerated and destroyed and vaporized that money actually goes into an account and you buy a piece of a company and maybe you can direct it freeberg's getting on july 4th of this

SPEAKER_371: year you're getting me wound up so for all the there are four and a half million kids who've claimed their account almost 150 000 a day we'll have on the trajectory we're on 10 million by july 4th or 250th anniversary of the country every one of those kids accounts the parents and the kids on july 4th they'll see an app on their phone that looks a lot like a robin hood app it'll see them owning it'll say you've received your thousand dollars or your 250 dollars your and it will show a little bit of nvidia a little bit of walmart a little bit of dell we decompose the s p 500 which they own into the constituent parts so they can get excited about being an owner in the upside of america and when moms and dads double click and apple pay 5 10 bucks into the account right when they send their qr codes to their friends on their birthday and now their friends all add to the account or on christmas or bar mitzvahs and they add to the accounts when companies add to the accounts all of this they see it growing and it unlocks the human potential it's not just the money it's the i'm in the game i have a shot which to david's point i think the biggest crime of social security and we made very clear social security is a sacred promise we we refused and many people tried to get us to to take on the broader struggle and we didn't do it because we knew it it would kill this program but but let's be clear about this our government requires all of us to give 10 percent of what we earn into social security right it was the social contract evolution in the industrial revolution that kept kept the country together the only problem is it goes into a black hole nobody sees it nobody knows what's there but it is your savings now imagine if that same money was required to you know government took it away but it was in an account with your name on it you could see it grow you know exactly what was there you could get excited and say hey i'm going to add a little bit more to that right and and and you had a little bit of choice that to me is uh is the possibility and i think we will end up there

SPEAKER_407: so and and brad thank you for yeah let's get out for uh yeah i'm just going to say you know brad brad also

SPEAKER_227: adopted his home state of indiana we have ray and barbara dalio adopted their home state of connecticut and many many more to come and and and look it's going to be super easy for anybody to

SPEAKER_417: add 100 kids in your neighborhood adopt a zip code adopt a school district adopt a town it's going to be

SPEAKER_418: be amazing give it up for one of the great entrepreneurs of our time and an incredible pledge