SPEAKER_00: Hey, everyone. Big news show again today. All our interviews just getting pushed to the end of the week because the news just keeps on coming. First, Jason chimes in with a little update on what happened with All In podcast and why it appeared that there were ads on top of that feed. It is apparently a little bit of a hijacking situation. So we'll explain all the mechanics of that. He thanks the community for helping to solve the issue.

SPEAKER_03: And Google released their q for our results and the full earnings for 2021. It's absolutely bonkers. It's absolutely nuts. And Molly and I debate is this actually the best business ever

SPEAKER_05: and we deep dive and double click on the search revenue, the YouTube revenue. And of course, we're going to talk about what we teased yesterday, which is I'm going to tell the story of the great iPad

SPEAKER_03: troll of 2010. Molly remembers it for when she was covering gadgets as well. It's going to be a great

SPEAKER_07: show. Stick with us. This week in startups is brought to you by Vanta. Compliance and security shouldn't be a deal breaker for startups to win new business. Vanta makes it easy for companies to get a sock to report fast. Twist listeners can get $1,000 off for a limited time at Vanta.com slash twist. Eight sleep. Good sleep is the ultimate game changer. Now you can add the pod pro cover to any mattress. Go to eightsleep.com slash twist to check out the pod pro cover and get $150 off at checkout. And gun.io, the simplest way for anyone to hire world-class developers expertly vetted for you by senior engineers. Get $250 off your first hire at gun.io slash twist. All right, everybody in our

SPEAKER_11: first story today, just a little internal housekeeping. A bunch of you started DMing me that, hey,

SPEAKER_05: what's the story with All In having ads? As some of you know, All In famously, because Chamath Bandit has no ads. And the reason you're hearing me flustered right now is that that would have been $8 million in ads a year for that show, maybe five, six, seven, eight, of which I would have gotten

SPEAKER_15: 25%. And now I'm not saying I need a million dollars a year, but I'm not saying I would have

SPEAKER_05: turned it down either. And inside baseball, Molly, I said to the team, hey, let me sell

Chamath Palihapitiya: three ads. I'll read them. No work for you. And you know what the dictator said to me? Still no. He said, we don't need the money.

SPEAKER_18: You know, if he ever bows out and you need someone to come in and take that million

SPEAKER_22: dollars a year. I just want to know I care for you. Yes. And I'm here. I care about you

SPEAKER_23: too, Molly. And I care about a million dollars. I was like, he's like, it's like, do we need the money? And it's actually like, we don't need the money. And then me and Freeberg were

SPEAKER_05: like, you're like, so like the two guys with jets were like, we don't need the money. And then the two guys were flying commercial. We're like,

SPEAKER_26: you know, look, we all know need is relative, but still I was like $1,000,000, $6,000 an

SPEAKER_28: hour for private jet. We are taxes. It's very good hours on your mom. Yeah, it's so

SPEAKER_18: dangerous. But that's why it was such a shock to get these tweets that were like, hey, you guys take ads now. And Jason's like, buh, buh, buh, buh, buh, what? So I'm

SPEAKER_19: not closer to my private jet. So no, exactly. I'm literally like booking my jet blue

SPEAKER_33: mint. Although I have to say mint is I don't know if you've taken jet blue mint. Oh, don't don't do private jets. So dangerous. So dangerous. I was just

SPEAKER_38: reading about that. Please keep the moneymaker going to not die. J. Cal. No skiing over 40 miles an hour. No, I'm literally I'm such a mom. I don't

SPEAKER_00: know when I turned into my actual grandma Pat right now. But I'm like, I hope you're being safe out there. Private jets are super dangerous. I just read about Payne Stewart. And that horrible plane crash

SPEAKER_41: in 1999. Anyway, I'm sorry, please continue Payne Stewart. They all fell asleep on the plane, right? They said they lost oxygen, and they all like

SPEAKER_00: for three hours popsicles. And then they lost oxygen. And then the plane just flew around until it crashed in South Dakota.

SPEAKER_05: Yeah. So anyway, that does not happen. Private jets are actually safer than if they're like a certain class I'm talking about. Helicopters are the ones I will not get on. I took two helicopter

SPEAKER_45: flights in my life. Once I was on the Sony private one when I was in it, I flew on the Sony private helicopter. And then another time

SPEAKER_05: when I was in Kauai on my honeymoon, we did like a no door, you know, crazy. See the not Bali to Nepali. Yeah, Nepali coast with no doors. And the guy is literally I kid you not. I'm not saying he looked like a Vietnam vet. He was a Vietnam vet because he told me. And he was wearing that just a leather vest, Molly. Nothing underneath it. And the side of his helicopter. This is when I knew I had made a mistake. Like I'm gonna die. The side of his helicopter has like an insignia that is also the same as on his vest, which has multiple

SPEAKER_49: insignias. And it has a skull with a sword through it, and a

SPEAKER_50: snake coming out of the eye. I know this because I was kind of like, What's that? Why is there a sword going through the skulls brain and the snake coming out of its eyes? Oh, yeah, you know, when we were not we all had these things, we would draw them. There are no doors. And we put the seatbelts on and it's freight. The seatbelts are kind of freight. Mm hmm. And we get up there were the only two people in the thing. And he's like showing my wife in Nepali coast. He's like, Oh, Jake, let me show you any then, you know, tilts the helicopter like this. And then just spins it around. He's like, Oh, Jay, you can take a look now too. And he's going back. And we're I feel myself my wife, you know, his weight is on me shouldn't weigh that much. But and I'm hanging out looking at the pressure on the seatbelt. And the 3000 feet below me, I get back. So he's like, take out by the way, huge mistake. This is the most dangerous thing you ever do. You know about all the crashes. I'm like, No, I looked at the safety record, this perfect safe track, actually looked it up. He goes, Oh, in Hawaii, these things crash so often. They just shut the company down. They start a new company and they have zero crashes. Oh, my God. And all the pilots and planes that are left or helicopters are left over move over to the next thing. So if you look up helicopter crashes in Kauai, it is bonkers. The number of people who have crashed two of them crashed into each other one time because if you've ever been to like Hanalei Bay or these places, you can see the helicopters going by every

SPEAKER_02: half hour, you know, of people going up to take these tours. Anyway, don't do it. Too dangerous. I've only been in a helicopter once but I jumped out of it.

SPEAKER_18: Really? Yeah. Was that on assignment?

SPEAKER_00: Yeah, it was for work. It was for an episode of always on the show. You should have seen it where we were testing. Because you know, remember that when the HTC one came out, there was that commercial where they were like doing a photo shoot in midair. It was like skydiving. And my crazy friend Sarah was like, Hey, I know some guys from GoPro who are on the stunt team. No, Sarah Harbin. Legendary producer Sarah Harbin. Yeah, she was like, I know I'm friends with the guys who are on the GoPro stunt team and I think it would be awesome if we just tried

Jason Calacanis: to recreate this. And so then we were like, let's recreate it where we compare the in air performance of the HTC one in the iPhone.

SPEAKER_61: So we did this like, frickin bonkers skydiving trip, but then the helicopter, well, that was the GoPro influence is that those guys are so insane. They're like, yeah, we'll organize it all. Like we prefer to jump out of a helicopter because like the sensation of free fall is so intense,

SPEAKER_00: which basically means like, because you just had a standstill and you leap into the air and then I almost threw up. But it was a cool video. I'll find it on

SPEAKER_19: YouTube and send it to you guys. So here's what happened with the all feed

SPEAKER_05: back. Right, right. It turns out that people will take your feed and resubmit it. And I guess this was done with a company called Spreaker. And this guy explains it here if we blow it up. And I guess some clever person, we published our feed to something called Spreaker never heard of it before. But

SPEAKER_37: I guess they're like an anchor competitor. I guess they don't have safeguards in place at Spreaker. No criticism, but how dare you. And this guy explains it

SPEAKER_49: technically, but basically, they res they resubmitted the feed. And then inserted ads into it. And then I guess Google fell for it.

SPEAKER_69: That's what's so amazing. Although evident. Well, we'll get to that in

Chamath Palihapitiya: a sec. And this guy explains the whole thing. And there's something happening with

SPEAKER_49: podcasting standards, which all these companies seem to want to break. But there is a standard for locking these. Absolutely. So Libsyn, which is like one of the OGs in this space, I guess, has enabled locking recently. So we have to set our pods to lock them so that other people can't, then after we put them out, do that. So anyway, it was like a pretty clever thing. And thank you to the audience who points these things out. But this is one of the problems that people, you know, take other people's content, and then put ads around it. So I hate this kind of like hijacking of stuff. There were some other pod clips kind of company that I had to send a cease and desist to. These people were like, Hey,

SPEAKER_50: we're promoting your show. And I was like, No, you're taking every episode of This Week in Startups, Tim Ferriss's podcast in mind. You're programmatically or automating actually clipping it into 25 clips of four minutes each or whatever, three minutes each, putting a title on each one with

SPEAKER_49: some people in Manila, who are like, obviously, because you can tell it's this is not English as a first language, like just bastardizing the whole thing. And then SEOing

SPEAKER_76: them and beating us at SEO. And I contacted him like, Why are you bullying a startup? And I'm like, um, That's what they say, why are you bullying a startup?

SPEAKER_49: I say, Okay, I get it. Like, good. Not well played. But did you ask our permission before taking

SPEAKER_05: everything? He's like, we're promoting to you. And I'm like, Are you because there's no links back to us? Right? And you did the whole show. I was like, How about you can do one clip per episode? And you put with permission, and you link back. And like, we don't have the screen real estate to do that. And

SPEAKER_49: I was like, Okay, now I know that you can also desist. Yeah, exactly. Yeah. So literally, they

SPEAKER_83: wouldn't take it down. I'm talking and I was talking to other high profile bloggers. And I was like, Wait a second, isn't there something you can do? And it was like, Oh, yeah, there's

SPEAKER_05: something called like a DMCA. And I was like, Wait a second. So I just like, could somebody send a DMCA to who's their provider? And then somebody on my table was like, Oh, the provider is this person. I was like, to just send a DMCA, we send the DMCA, oh,

David Friedberg: suddenly, all the clips get taken down. Yeah. Like, it didn't have to be that way, man.

SPEAKER_05: Be fair, fair use is being fair. So anyway,

SPEAKER_86: I mean, yeah, totally.

SPEAKER_05: I don't mind people taking I mean, I don't know how you feel about this. But when I'm always flattered, if somebody takes one of our clips and edits it as long as they do it in good faith. Like if they try to misconstruid something like they did with Chamath, and they're like, Okay, let's take to 20 seconds of a 40 minute discussion with no

SPEAKER_44: context. Maybe I'm not as cool with it. But you know, people do some very creative stuff with our clips on a tick tock and other places.

SPEAKER_18: I mean, I think our biggest presence on tick tock right now is a fan account, basically an

SPEAKER_05: account's doing better than we're doing. All right. Listen, when you're a founder, it's totally fun to trade war stories with other founders and recently balloon CEO Amanda

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SPEAKER_00: What I was gonna say is I just think there's become this very interesting lack of there's like a culture of no credit now on the internet when you look at like, you know, there are these incredibly like, and I mean this with love. My son and I are obsessed with Daily Dose of Internet on YouTube, which is really just a guy who takes clips from other people, puts them in order, creates a very, you know, clever editing, creates a nice montage, but none of it is original content. I mean, he's literally like, here's a cat that likes to get its fat belly scratch. And then you watch it and then you laugh. Okay, I'm looking at it now. It's delightful. And none of it is its own content.

SPEAKER_96: Daily Dose of Internet, 13 million subscribers. I mean, this kid's like making bank and he's great.

SPEAKER_00: I am not trying to call down Colin Airstrike on this kid. Like he is fantastic. And he's probably making a ton of money. But just the idea of like, well, here's what I'll say, aggregating and memes are fundamentally like lacking in IP, like the whole conversation about IP and who

SPEAKER_05: owns what is really to me seem like no big deal because memes are not a professional photographer

SPEAKER_55: either who makes money off of a photo that gets okay, sure, recreated 10,000 times.

SPEAKER_05: And yeah, if it was a meme, you took somebody's photo and then did a derivative work on it, and you were not trying to commercialize it, and you weren't confusing the users, that would be fair use, right? And so the fair use test is kind of like four parts. And it's made so you have to interpret it. So are the users confused? Are you impinging on the person's ability to do commerce in the world? Are you creating a derivative work or doing some sort of commentary? And so in the case of this Daily Dose, I'm looking at it, he links to all the sources in the description. Oh, totally. Yeah. That's a good sign, because he probably sends them traffic. Literally, all I'm trying to say is, I think that the

SPEAKER_00: Overton window for taking content has shifted, shifted enough that I think there probably is a

Jason Calacanis: sense from the people who are like taking those clips and monetizing them. They're just like, what,

SPEAKER_49: this is what you do now. Yeah. And then here's the thing, the frequency at which Daily Dose of internet is doing it. If they're doing it every day, and it's becoming a business, and they're putting ads on it, that changes things. So if there were no ads on this, and he was linking to them, it would feel kind of fair, but he would still be impeding on their ability to do commerce. Because if you saw that viral clip there, that person's ability to sell it through Storyful, which is a company, I think that sells viral clips would go down. So if only 10,000 people saw his show every day, or their show every day, I think you said it's a hey, if they only if only 10,000 people saw it, would you be like, Okay, well, there's not that much damage, whatever. But if you're going to get 10 million people to see it, and you're doing it every day, and it's monetized, he should be getting permission in advance. Yeah. And I mean, but nobody on the internet,

SPEAKER_97: nobody on the internet is doing that now. That's what I'm saying. It's all the news channels do

SPEAKER_111: because derivative works. Yeah. But but if you were to if you were seeing that to do it,

SPEAKER_50: we were your permission. Exactly. Yeah. So everybody you see this, I don't know if you've ever seen this. But somebody like is like, Oh my god, my plane crash landed. And then you look at their replies. And it's like, Hi, I'm from CBS, you know, Arizona, can we use this clip DM me? Hey, I'm from this. And then there's one. Hi, I'm from Storyful. Would you like to monetize this clip? Please DM me. And so now there is like a little bit of a standard if you have the viral clip, there's like a

SPEAKER_73: company that will get you 100 bucks every time somebody uses it. Yeah. But look, long story

SPEAKER_05: short. Be fair, I guess it's like the concept of fair use that I go by. Yeah, and we use people's clips here. But if you're doing commentary, you're protected. And it's the Oh, and also the percentage of the original work is another issue. Give credit. Give credit and give credit. Right.

David Friedberg: When we did Kara Swisher interviewing Lena Kahn. We're like, Oh, here's Kara Swisher and

SPEAKER_05: Andrew Sorkin. Great get on CNBC. Here's 60 seconds. We'll see on the other side. That is actually the definition of fair use. The audience isn't confused. And it's commentary. Commentary is protected. You don't need permission if you're doing commentary. So you could take the book of Boba Fett last night, which was absolutely amazing. Don't tell me. I just there's only seven

SPEAKER_122: spoilers. It's literally the most spoiler filled episode ever. The number of we're losing it on the

SPEAKER_05: internet last night. The number of cameos in last night's episode is greater than all cameos in Mandalorian and book of Boba Fett to date in three seasons or 2.7 seasons. My God, if you're a clone wars fan, did you watch clone wars by chance? Uh, some of it. Yeah, some of it. So I watched that with my daughters because they got into Star Wars and they love Ashoka. She's like the great female Jedi now and she's like such an amazing character. It's like literally top three Jedi for me.

SPEAKER_49: Um, and spoiler. So she's she's she's back. Well, anyway, she's been in the other she's been in the

SPEAKER_05: Mandalorian. She's in the Mandalorian and she may or may not make a cameo. But anyway, there's so many of these clone wars cameos in last night's episode that I literally was on Twitter trending topics at 105 after I watched it clicking on every one of the cameras. This guy, Dave Filoni. I don't know

Chamath Palihapitiya: how you do it, man. I was literally in bed at 902. Yeah, I sleep six hours a night. It's like,

SPEAKER_49: when I get to seven, I'm just like waking up looking at the ceiling. So I get to bed at 1am, usually get up at eight, 630 to eight window, usually listen to a podcast or something in bed,

SPEAKER_02: try to like rest my body. But when I'm skiing now, I actually do get an extra hour of sleep. Oh, yeah, super pooper. Yeah. Yeah, no, I'm like, I'm a sleep achiever. Okay,

SPEAKER_137: let's talk. Let's go to our first story. We're just all over the place. You can leave all that in, by the way, I think so excited to hang out is the thing with all of you too. Oh, and by the way,

SPEAKER_05: Danny Sullivan is now working at Google. He came to my rescue and immediately explained what happened.

SPEAKER_140: And so did those people at speaker or speaker or whatever the heck it's called. And everybody was like very nice about it. And so thank you to everybody for helping figure out the mystery.

SPEAKER_00: Excellent. So yes, Google, as you can see, is so valuable to companies that it is worth stealing a little bit of content and sneaking some ads in because they're killing it. Google reported earnings yesterday. The results were banana pants, like just utterly bonkers. We will get into those utterly bonkers results in a minute. But the other news about Google is that they also announced a 20 to one stock split causing their stock to shoot up around 8% by midnight Wednesday. All right, do we want some bullets here before we dig into analysis?

SPEAKER_143: I think we need to know the numbers and then we can start to really do.

SPEAKER_00: Yeah. Yeah. All right. Google grew revenue, 41% year over year from 2020 to 2021 to 257. 41%. 41%. This is not a hyper growth startup. This is Google that a lot of people were saying, oh, Google, their business is going to slow down. There's too much ad competition from Facebook.

SPEAKER_149: Like I remember a year or a year and a half ago, people saying that Google might be on more of a,

SPEAKER_02: you know, I don't know, growth stock trajectory, not a like 41% year over year. Growth stock is like over 20, 30%, like a value stock.

SPEAKER_153: I'm sorry, value stock. Like maybe going under 20% or under 10%, like Walmart or something. I don't know.

SPEAKER_00: Sorry. Yes. They would be like in blue chip territory, not in hyper growth territory. Yes.

SPEAKER_05: So when you think about this, like we'll be meeting with startups and you're like, hey, how much did you grow year over year? And they're like, oh, we grew 50%. It's like, oh, you were 500k last year and now you're 750, like $1,000. This is 41%. 41%.

SPEAKER_00: And the dollars, by the way, a quarter of a trillion dollars in revenue in 2021.

SPEAKER_05: 257 billion dollars. Now, if they make a dollar a click, that's a lot of clicks.

SPEAKER_162: 257 billion clicks. I think they make less than a dollar a click overall.

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SPEAKER_00: slash twist. I kind of want to skip ahead to where all that revenue is coming from. We're gonna have to dig down in there and break it down a little bit. Let's go right there. That's a good idea. Yeah, and then we can come back to the back of the back of the envelope map. But yeah, so crazy. We'll boat in later. By comparison, Walmart's last 12 months of revenue was $570 billion or 4% of growth. Alright, let's dig into where is our specific result. YouTube had another blowout quarter. So net income

SPEAKER_57: Google was $76 billion up 2020 in 2021 up 90% year over year. Wait, what was that 90% net income? Net income. Okay, got it. Okay, cash in the back blowout quarter profits profits up 90% profits up 90%

SPEAKER_00: Fuckers. Who can say that YouTube $8.6 billion of ad revenue in q4. That is a cool $900 million more than what Netflix did. And that is not even counting YouTube Red or YouTube premium subscriptions. That's just plain old revenue growth.

SPEAKER_03: I would love to know that number. What is YouTube Red's, you know, YouTube premiums? Yeah, you know,

SPEAKER_178: would they have do they have a million? Do they have 5 million? Do I pay for it? Do you pay for it?

SPEAKER_142: No, we've been game changing in our household whether we need to because I'm like, I think

SPEAKER_167: we should pay for this. And my son who sometimes is a 40 year old man is like, I don't know if we

SPEAKER_83: watch it that I have a family plan. And like, Okay, I'm paying for two different accounts. And I'm gonna move to the family plan, I think and try to get that set up. When you take the ads out,

SPEAKER_49: it changes the YouTube experience. Like I have YouTube up all day because it does seem like a lot of the mainstream media people who said, we're not going to put our content on there and build YouTube have now acquiesced. So you know, SNL. Yep, you can basically watch the entire episode on YouTube. And they were the ones who sued for remember lazy Sunday, whatever. And I think they

SPEAKER_19: sued the same fact if I'm wrong, or DMCA that at minimum. Now, like every ESPN clip, like I never

SPEAKER_49: watch ESPN, except for the five times a day they talk about the Knicks. And I watch those five clips. Yeah, and they clip them now. And then Bill Simmons, I saw, you know, I listened to his podcast. But now, when he talks about a specific team, and I DM him about I was like, this is really great. He's clipping. So Spotify's content is clipping their best moments and putting them onto YouTube to SEO. So I think something has changed where people are just throwing up the white flag and saying we have to be on YouTube where we're not culturally relevant. YouTube must have also

SPEAKER_150: figured out a rev share here. I mean, I think that you know, for because it sort of stopped being a

SPEAKER_18: copyright conversation, thank God, and became a conversation about how does everybody make money.

SPEAKER_00: And I don't know if YouTube, right, so they decided like, you know what, that's a nice little revenue stream. Turns out there's enough traffic, we'll do it. I think what these like ESPNs of the worlds or even

SPEAKER_05: new content, like, you know, the ringer, I think what they realized was, we're not going to be culturally relevant. The 55% is a nice, you know, little piece of change. So we're going to have to be there. And, you know, maybe not all of our content, but we have to be there. And I think like,

SPEAKER_03: this is the thing with Joe Rogan, back to Joe Rogan, or Joe Rogan, like he owned YouTube. And now I never see Joe Rogan. So I don't understand what's going on there.

Chamath Palihapitiya: It's the Spotify deals exclusive. Yeah, but Spotify is letting the ringer do stuff. So I don't know if Spotify has a philosophy.

SPEAKER_00: Um, Nick in real time is literally correcting us in the, this is amazing. He puts some content on there? Not all of it though. Still puts content on YouTube, but maybe not all. Maybe it's like his Instagram.

Chamath Palihapitiya: His episodes too? Really? Oh, I thought the Spotify deal was exclusive. I don't think he puts the whole show up, Nick. That that was like their whole deal. Somebody fact checked us, but I'm looking at the also the JRE clips. If you go, there was this,

SPEAKER_05: this is the official Joe Rogan experience clips channel, which is youtube.com slash JRE clips. We started doing one of these and I'm looking at the videos and by uploads, he has not done one in a year. Yeah.

SPEAKER_57: So he's no, he's no longer doing Jerry clips.

SPEAKER_00: That's the whole deal with the Spotify deals, which not to reopen that conversation makes it so different from any other platform conversation is that it's exclusive, but also that like in a lot of ways it's reducing, there was that big story about Gimlet and how, what they were finding is that their traffic was just like subscriptions are way down. Traffic overall is down because exclusives, I mean, this really relates to this YouTube conversation at all overall, right? Exclusivity reduces audience. And so ESPN and Saturday Night Live was like all of these smarter media companies who were like, Oh crap, literally everyone is on YouTube realized that trying to keep it this like weird little closed garden was just gonna mean fewer eyeballs. And you can argue that in today's economy,

SPEAKER_50: Here's what Joe Rogan's doing. Yeah. He's no longer doing the JRE clips channel. What he did is he moved clips from JRE clips, new clips to powerful JRE. That's his other channel. He's very powerful. If you

SPEAKER_201: didn't know, um, I'm changing my Twitter handle. I am biting my tongue. So I am changing my, I think it's

SPEAKER_49: actually an affirmation for him. And I think it's cool. Like, I'm changing mine to Bill, I'm changing my Twitter handle today to billionaire Jacob. Um, just so we can get there. You don't need to do that. You want to know one of the worst parts of my life is people dunking on me constantly saying billionaire Jason Calacana says that and then I open up my like accounts and I'm like, Nope, not yet. So I'm hated like a billionaire without

SPEAKER_19: without even the zero without even being there without even the zero. It's just wrong. That's

SPEAKER_204: just wrong, my friend. All right, let's keep going through the numbers. Keep going. So anyway,

SPEAKER_142: if you look at YouTube, obviously, can I just make one note? Of course, he's doing three

SPEAKER_209: clips per episode. So for example, he just had Jordan Peterson on. And he was talking about men and boys being, you know, if you're a boy and a man, you know, you're, you got the short end of the

SPEAKER_212: stick today. Anyway, that's my Jordan Peterson. That's just it, Joe. I mean, women don't do hard

SPEAKER_00: labor, Molly. It's just an intellectual exploration of everyone else's inferiority. That's all it is.

SPEAKER_217: We're just asking questions about why everybody else is so inferior. Women watching Joe Rogan is just like

SPEAKER_219: super viral territory. Isn't it like you're just like Jordan Peterson and Joe Rogan. Why do you need

SPEAKER_00: such a big truck? Anyway, as we let's let's continue with our deep dive into all the places that Google is making all the money. So that sounded very impressive, right? That Google that YouTube 8.6 billion dollars of ad revenue in Q4 35 billion dollars a year. Yeah. So it's a lot of money.

SPEAKER_49: How much they give to creators? So do they give 55% of all that or maybe less? I don't know.

SPEAKER_00: Yeah, I think it's I don't know, we should do let's do that breakdown. But so for those who have had questions about the search business, you could probably put those away. Also search the core business $43 billion in revenue in Q4 35% year over year growth. So as a hyper growth, you know, situation maybe not quite as impressive, and still growth that anybody would die for. And then that cloud business keeps growing five and a half billion dollars in revenue in Q4 45% year over year growth, which gets us to this question in our notes. Is Google the greatest business ever?

SPEAKER_228: That is the best science guy Friedberg. Yeah, who I think is your favorite bestie. I'm not sure.

SPEAKER_37: You know, taking me out of it. I can't pick a favorite child.

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SPEAKER_05: Gun.io slash twist. Anyway, he says that all the time. It's the best business. Because here, let's look at this. $250 billion is a lot of money. And at this growth rate, which is 40% year over

SPEAKER_11: year, in five years, or no, in 2026, they're going to basically be a trillion dollar revenue company.

SPEAKER_234: I don't know many businesses that are anywhere near a trillion dollars. Like Walmart does $570

SPEAKER_11: billion. But remember, they're selling goods and services. It's not software or a marketplace.

SPEAKER_49: You know, what is their margin? Like their margin is like, I'm thinking single digits. Whereas Google's is, you know, incredible. Right. So, you know, you're gonna for somebody like Walmart, or even Apple, which is tremendous, like they have great margins, obviously for a hardware company.

David Friedberg: That's what I was trying to selling phones and hardware. There's still a hard cost to get make that

SPEAKER_22: in China and ship it here. Totally. Like that's the only comp I can even think of in terms of margins. And that's just because they charge so freaking much. Like I can't even maybe Salesforce

SPEAKER_167: is comparable in terms of margin, but not revenue. Well, margin, sure. But you know,

SPEAKER_05: then you're just, what does Google do with all this money? It's like Google is going to have so much money. Yeah. You know, they doubled their profits. So if you're going to be throwing off

SPEAKER_11: that much cash flow, and you're not allowed to buy things, are they going to start doing a dividend? Because you can't hire more people, you can't possibly pay people more money than they

SPEAKER_05: get paid at Google. Right. So that's my question is, if we're not going to let them buy stuff, like what could what would they if you were there, right? And you were on the board, Molly, and we're having a discussion. And they said, Listen, we need to spend 10 billion on something, not buying it, we have to actually spend it. It's kind of like Brewster's millions. If you remember that, like,

SPEAKER_03: how do you spend $10 billion on something like life extension is one of the other bats?

SPEAKER_18: I have an idea. It's kind of a passion project of mine. Oh, what's that?

SPEAKER_00: Climate climate? You know, we could use $10 billion. I mean, they have x, right? They have the other bets category. And this is so interesting, because one I talked to x, I guess, like almost three years ago now, maybe four when I did this series on like, what is Silicon Valley doing to save the planet? Yeah. And what was so interesting about x is that it had started as the moonshot factory, but in recent years has gotten super focused on returns and being profitable. And so they've killed a lot of cool businesses. And I can't even remember what I'm allowed to talk about.

SPEAKER_49: But there was one that was like, Oh, my God, right? Which was like the, um, blimps that we're going to

SPEAKER_83: give a balloon more like permanent blimps or airplanes that we're going to give internet access. I think low earth orbit stuff. Uh, yeah, there's a lot of things they were playing with over there.

SPEAKER_216: There were way cooler projects that were like, Oh, this will save the world, right? This would

SPEAKER_00: revolutionize transportation. This would get rid of, I don't know, gasoline. And they killed them because they couldn't figure out a business model. So great. Fine. If you need to make money, that's the right call. But if you are now Google, if you're Google now, and all of these industries, right, if you somebody needs to figure out a direct carbon capture and storage, x now, like take in, if I could sit on the board, I would say, you know what, take the reins off x. Don't ask those businesses to make money. Just go ahead and change the world. I mean, there, I always thought fiber

SPEAKER_05: was a really good one. And I had actually talked to, I actually talked to Larry Page about it years ago. And I was like, I think that this is like, even if you lost money on this, like the way you could

SPEAKER_11: change the world would be to just take your, some percentage of your profits, 1%, 2%, and just lose money on fiber forever. Cause he was really jazzed up about Google fiber. And then they deprecated that. So I think they were under pressure because of their stock to deprecate all those projects. I think that you're right. They now need to go back and say, you know what, let's do these crazy moonshots again, and not look at profitability. Let's look at impact.

SPEAKER_05: As an example, Google's, Google's Nevada data center is going to be powered by I'm reading a headline from 2020, a billion dollar solar farm. And I think that they are building now,

SPEAKER_138: the largest solar arms in the world that Google might be the largest solar, you know, the largest funder of solar in the world. Now they are just going for it.

SPEAKER_00: So yeah, they're legitimately net zero, not net zero with offsets. Like they actually do fund so much solar that they, I mean, estimates say it would take to answer some of the skeptical notice, um, who don't think that the climate crisis needs more money. I mean, first of all, somebody did a study about nuclear fusion 10 years ago or so, and determined that it would, you know, they were like, okay, if we put $9 billion a year toward fusion, we would have fusion in 10 years, and then backed it out to, as we reduce that investment, how long will it take? And they were like, oh, the world currently invests about a billion dollars a year in fusion, which is a fusion never plan. It means we'll always goof around.

SPEAKER_05: They're getting there on fusion though. They, they, it seems like they've made their, I'm seeing more investment in fusion and a little more progress.

SPEAKER_00: Absolutely. You know why? Because of that first part, we're seeing more investment. So there was one estimate that said it will take four and a half trillion dollars of investment to decarbonize the energy supply in the United States. What if Google took some of, said to X, figure out microgrids, like figure out power decentralization, full stop, clean energy infrastructure, you've got $3 billion, go. You will definitely make money, but you reduce the, the current, much more ruthless approach that X has taken over the last few years. Like I'm just saying they have the money. So like do it.

SPEAKER_05: Yeah. And, you know, like finding places to put these solar farms now is becoming part of the issue. Right. So like, you know, by airports, by nuclear power plants in the desert, around data centers that are in the desert, like, I think we're starting to figure out like with the solar stuff,

SPEAKER_49: the panels are so cheap. There's nuclear power plants around, there's nuclear power plant sites that have been kind of like semi approved, even though they're not building on them, just build around them. This is, I think, Elon's idea, he tweeted it at some point, like, well, if nobody wants to live near a nuclear power plant, put the solar there, because you already got the grid going there. Right. Like all the grid cables are going there. So I think Google should, if they want to really

SPEAKER_05: be less hated, because they have all this heat coming from regulators, just solve climate change. This is my message to our message to Google, I think climate change, just your Google,

SPEAKER_50: you're printing money, solve climate change, what a legacy for Google to literally just start building solar farms. What if Google said people will put, what if Google did what Solar City was doing originally, and they said, Hey, we'll put fiber to your house, and we'll put the

SPEAKER_49: solar on it. And we'll partner with and batteries to put power walls and Tesla solar on there. And

SPEAKER_50: like, we'll fund it, we'll do the bonds, right? That could be actually something really cool. If they just took all this cash and said, all of our cash is going to go towards solar bonds. You know, we'll put the money up to buy the solar panels. Yep. Just go for it, Google.

SPEAKER_00: Like, and if anybody like solar is in so many ways, the one of the magical bullets for the energy transition, but we need more efficient panels, right? Or Google go crazy on battery tech,

SPEAKER_255: get us the better battery, like it, it can be solved.

SPEAKER_49: It really like in so many ways, a lot of it's will, and then will is related to capital. So the people with the capital have to have the will. Yeah. Well, here's the thing. If you have a money printing machine, like Apple and Google, and Amazon now is starting to have a money printing machine. And you're hated. I look at this as like the ultimate PR hack. Like, if all these young people

SPEAKER_05: realize you're doing more to save the planet than the government, and the government is moving slow and fighting with each other and yada yada and, you know, toxic. Yeah. But capitalists are actually just doing it. Totally. That to me is when capitalism becomes beautiful, right? And I'm obviously a

SPEAKER_37: capitalist, I'm pro capitalism, chosen career, capital allocator. This is where I think capitalists

SPEAKER_49: can reflect deeply about wealth disparity and say, Okay, we won. Google one level that's okay, you could

SPEAKER_05: either say obscene, or you could say unprecedented, however you want to frame it. But the reframing could be, you know what, we realize this is an obscene amount of wealth. And with that great wealth comes great responsibility. And that responsibility we have chosen is to go build solar farms,

SPEAKER_153: and invest in solar panels and the grid, etc.

SPEAKER_18: And on top of that, to be honest, it doesn't even have to be a do good or move, right? Like the total

SPEAKER_00: addressable market for climate solutions is the whole freaking planet for one thing. But also, the risk, like the only existential risk these companies probably face at this point, and literally, Facebook is seeing it, the water come closer to the door every day, is climate change. Emily Kirsch told us on the episode on Sunday, that, like, there are predictions that we will lose 15% of

SPEAKER_262: global GDP by 2050. That's not grandparent territory.

SPEAKER_05: And what if there's less people, you know, right? Like, what if people decide to have less kids, and you know, that would be a shame. And, you know, like, we have, then you have less customers, this idea that like, rich people want to see populations decline is like, that's not in a company's best interest. Like growth comes from more consumers. So yeah, and they did the 20 to one stocks, stock split, like, I never understood why stock splits make the stocks go up, because nothing has changed except the psychology. It's like a broker, people can buy more though.

SPEAKER_02: Yeah, but you can buy fractional shares now. So yeah, that's true. So if I gave if you had a $20

SPEAKER_267: bill in your hand, can't buy fractional shares everywhere. Okay, well, you buy rock, you can buy

SPEAKER_138: fractional shares on Robin Hood. And I think some of the other services do it. But if I gave you,

SPEAKER_272: but yeah, is it not that common? I don't think so. Although my kid has a little account and he buys fractional shares. He's very proud of his portfolio, next generation can do it. I know. But I mean,

SPEAKER_37: if you have a $20 bill in your hand, and I replace it with 20 singles, and you're like, wow, it weighs more. And there's more of them. And I can fan them out. It's still the same amount. I don't get it.

SPEAKER_00: I think affordability. I mean, just as a matter of psychology, affordability matters. Like, oh, if this is cheaper now, I'm gonna, I'm gonna snap up some more of it.

SPEAKER_138: Yeah, okay, sure. But it became 10% more expensive on that news. And I guess there's CNBC was speculating

SPEAKER_37: that Google stock split might be them angling to get added to the Dow Jones Industrial Index.

SPEAKER_02: Wow, I don't even know what the qualification is to be on the Dow Jones. But okay.

SPEAKER_00: And why would I wonder why they would want to be in the Dow versus the NASDAQ? They just don't want to be considered a tech company anymore? Because reputation? I don't really know.

SPEAKER_05: I think it's a status thing. Or maybe it means you're more blue chip. So people could feel more

SPEAKER_37: comfortable holding you maybe holding the shares if you were like some big endowment or something. But IBM is, I guess, a candidate to be removed from the Dow in favor of Google alphabet.

SPEAKER_00: I mean, I mean, ouch, but kind of though, yeah. So if Google were to be added and IBM removed, according to our notes here, that would technically shift the sector weightings of the Dow. That could mean a longer evaluation process for the Dow committee, partly because the big obstacle for

SPEAKER_167: Google is that the Dow considers it a communications services company.

SPEAKER_284: What does that even mean? I mean, they're not making cell phones or they're not Verizon. I mean,

SPEAKER_140: I just picture like the people who are on this board or like, you know, the people in Brewster's

SPEAKER_285: millions who are- It reminds me of the Oscars committee.

SPEAKER_140: It is like the Oscars committee or like the, no, the golden globes. What is that? The foreign press? Yeah. The Hollywood foreign press. The Hollywood foreign press is just extraordinary. They're like, we have no diversity. And they're like, okay, well, we're not going to air the golden globes unless you change this in the next year or two. And then like, they're like, yeah, we still don't have any black people in the

SPEAKER_49: Hollywood foreign press. And you're like, what? How is that possible? Is that true? I saw that

Chamath Palihapitiya: headline. You gotta be trying. Cause you're trying. It's like, you're either trying to not do it, or you're not trying at all. It doesn't make any sense to me. Anyway. Um, if we keep on this route,

SPEAKER_00: I'm going to talk about the NFL. I do think it's interesting that tech only makes up 22.2% of the Dow right now, whereas communications services makes up only 3.7% of the Dow, which is the third smallest. The last tech company to join the Dow index was Apple back in 2015.

SPEAKER_140: Oh, okay. All right. Who cares? I mean, this, this whole like designation means nothing. Those machinations, yeah.

SPEAKER_153: The fact is like, I just look at IBM growing 4% and Google growing 41% and 57 billion versus 257 billion.

SPEAKER_00: It's like, okay. I suppose it matters to investors who buy indexes. So if you buy the Dow Jones industrial average, then presumably you would want a company like Google in there. Yeah. I mean, Google is five

SPEAKER_73: times IBM's revenue. Yeah. With 10X its growth rate. I was about to say that I was letting Molly,

SPEAKER_83: I was gonna let Molly say that. Uh, I'm in the, I'm in the same line of the document as you, Nick.

SPEAKER_97: I just, you get, you really, you guys are, you have a mind meld and I was thinking about poor IBM.

SPEAKER_301: Say this. I mean, the fact that IBM is still around and doing 57 billion is extraordinary. I mean,

SPEAKER_302: when was IBM founded in the fifties? I, I, I don't, I shouldn't know that off the top of my head.

SPEAKER_00: Oh yeah. Before that. Right. Cause IBM was pretty instrumental in, I think some wartime tech,

SPEAKER_303: if I am remembering. 1911. Yeah. It really is that old. IBM, I think is betting the farm right now on

SPEAKER_00: quantum and they're just hoping that they get there soon enough to stay alive. Yeah. Wow. 1911.

SPEAKER_97: Yeah. Who knew? All right. What do we think? Do we have story time for story time with Jason? I

SPEAKER_18: mean, we did tease this yesterday. Yeah. We gotta do it real quick. We gotta do it. Let's whip through it.

SPEAKER_00: All right. So if you missed yesterday's show, here's the quick setup, which was that way back, it was the night before iPad announcement, January 26, 2010, which it was, God help me 12 years ago now. And Jason trolled everyone on Twitter by tweeting out fake specs about the iPad. And it resurfaced yesterday after two days ago, after Octane AI CEO, Matt Schlitt or Schlitt tweeted about his involvement in the troll. J Cal remind us, first of all, remind us like for those who were not there because now sure Apple announcements are a big deal and it retweets about them for one day, but they've there, you know, it's sort of like a little groundhog's day. Oh, no pun intended. Cause I think today's groundhog's day, but it's like, it's the same thing over and over. But back then an Apple announcement was like, it was shut it down. Well, this was Steve jobs. And you gotta remember

SPEAKER_50: there was Steve jobs. Previous announcement was here's the iPhone. So the amount of energy,

SPEAKER_49: the world was watching this. This was a big deal. This is when tech in 2010 had kind of crossed over into pop culture. Yeah. And I did not exist. The iPad did not exist. Yeah. And there was massive

SPEAKER_05: speculation and developers were developing for it. So it was like the worst kept secret in Silicon Valley. And some people had been playing with it for I think what Mossberg had said he had had it for

SPEAKER_49: a month or something. Yeah. And then developers had been able to go to Apple for my understanding, go to a room and put their software onto an iPad, test it, and then leave the room. But they had to write their

SPEAKER_140: software on their, you know, max, then, you know, look at it on their desktop. And then they wanted to actually test it on the hardware, they had to go there and have somebody over their shoulder, etc. So and the Steve jobs was,

SPEAKER_49: you know, quite the showman. So I was in bed. And Twitter wasn't that old. This podcast, I think was a year old because we had started in May of 2009. Yeah. And so I was kind of unknown. Although I think

SPEAKER_138: I did have 90,000 followers or 100,000 followers on Twitter. I mean, I feel like another important

SPEAKER_00: piece of context here is the way that like you just described Apple did play favorites. And that did start to irk a little bit. So I can imagine 2010 J Cal being in bed like, Oh, I didn't get to go to the

Jason Calacanis: secret room play with us for a month. So this was a little bit about that, because obviously I co

SPEAKER_73: founded a gadget with Brian Alvey and Peter Rojas and Ryan block, yada, yada. And, you know, during

SPEAKER_83: that time period, we were, we weren't insiders, but Steve jobs was aware of us. And, you know, we were in the room for these kind of keynotes, but I had sold it at that point. And so I was sitting in bed, I was using Twitter. I had my daughter was probably two or three months old. Yeah. And two months all the time. And I just decided, like, to pretend I had one. And I thought it would be funny. Now you gotta remember, Twitter was a chat room back then. It wasn't Twitter today. There were no blue check marks. It was just a bunch of people goofing off. And at one point, I was the number three user on Twitter. It was Scoble. Oh, the Senator Obama. Is he a senator before he became

SPEAKER_138: president? When he was in the, he was like, Senator Obama, then me, like literally 30,000, 20,000, 15,000 followers kind of situation. Very nascent. And so I started describing the tablet. And I'm like,

SPEAKER_83: Oh, it's got a built in HD tuner. And a DVR. And it's amazing for newspapers and video conferencing is super stable, but nothing new. And it's got two cameras, one on the front, the back, the idea that it would have two cameras was crazy. It didn't get launched with cameras. And I was like, Oh, it's got thumb pads on each side for mouse gestures and fingerprint security. This is long before they had touch ID. But I had heard about a company in Israel that was doing it. So I just sort of added that. And I was like, Yeah, and it's like basically like a Nintendo Wii level innovation and Farmville is

SPEAKER_49: insane. Because my friend was doing Farmville at the time, Mark Pincus. And I was like, you know, you can connect the tablets and it makes like a Wi Fi network for gaming. And you know, I just was just crazy. But then I was like, Oh, yeah, perfect product, really. And I was like, Oh, yeah, by the way, the back is a solar panel and recharging, but it doesn't really work that quickly. This literally describes something that was absolutely physically not possible. And then I decided I'm gonna go to bed. And people are telling me like, you're, you're full of it. No way.

SPEAKER_05: And of course, you know, some people are like, maybe, but overwhelmingly, the people on Twitter

SPEAKER_08: were like, this is not true. And I say, before I go to bed, my favorite part is that that's all happening. So I said to my wife, like, yeah, go to bed. And she's like, I don't think it's a good

SPEAKER_23: idea. Like, Mark is gonna be upset. Like, you probably shouldn't do that to Mark because we're,

SPEAKER_05: you know, we're good friends. And I said, I'm not joking. And the specs are real. We'll find out in a few hours. Because everybody was up late, I speculate. So I sleep in, I get up the next morning, my phone is melting with text messages and phone calls. I mean, I'm talking 100 phone calls. Hi, it's CNN. Hi, it's Wall Street Journal. Hi, it's the New York Times. Hey, Jake Allen's this person. And while I'm looking at my phone, it rings, it's Pincus. And it's like, he's called me 10 times. And Wall Street, everybody, what had happened was everybody picked it up. Of course, all the journal, all the journalists picked it up. And then they all took their stories down because they were felt so stupid. And then I got lauded for like, showing how little ethics the tech press had that they just ran with the story. And to be totally honest,

SPEAKER_49: people needed a story. And they wanted the page views. At that time, people were paid you crazy.

SPEAKER_05: So they were like, hey, I think a lot of people in tech wrote the story because they wanted the page views. And it was a clickbaity story, even though they knew I didn't have it.

SPEAKER_57: Maybe I mean, you did run a site that was the number one gadget site was the number one gadget site

SPEAKER_00: and got a lot of early scoops. And you know, was known to run with those scoops and sort of fix it later. Like you did really sort of pioneer that model. And so I'm sure that at least, I'm sure those people publish thinking there's a 50% chance that this is true. If it's true, we can't miss it. And also, yes, I mean, I think this is around the time somebody asked me once, like, what my ideal CNET headline would be because for a very brief time, I was like the front door programmer. And I was like, Oh, yeah, free naked iPod. Yeah. Like free free iPod anything Apple, like plus anything Apple. Anyway. So yes, obviously everybody went a doodle over this.

SPEAKER_336: Yes, it was crazy. And Jason goes to bed and then the best part is this update that's still up on the

SPEAKER_00: Wall Street Journal. Yeah. There it is. Social games publisher Zynga tells Silicon Alley insider that contrary to Mr. Calacanis' tweet, Zynga CEO Mark Pincus won't be appearing at the Apple lunch. Now think about whether the iPad that he has invented. Yeah, because I had said Pincus is going

SPEAKER_05: to kick off the thing with jobs and do this. And Pincus is like, dude, I'm trying to negotiate that

SPEAKER_327: exact thing. So then I was like, all right, well, I got to get some, you know, I gotta get some more out of this. So I basically then gave away like 10 iPads for free. And I actually did. We did give

SPEAKER_153: those iPads away for free. We did a contest because I happened to own the Twitter handle contests and I was

SPEAKER_05: trying to get followers for it. Yeah, it was pretty good. I, you know, I had taken down my entire Twitter archive at one point because it was just so crazy. And like, I was just like, let me just archive this thing. So I don't get canceled because I don't know what debates I've had on here. So my tweets aren't up there anymore. But I do have the archive so I could pull them up.

SPEAKER_83: But there was no retweet function back then. So some of the tweets still exist because people have

SPEAKER_346: RT and then what I had. Yeah, remember when we used to type RT? My favorite part,

SPEAKER_00: though, is just like the time machine of outrage. Looking at this last tweet from Jared Earl saying, I have a different read on Jason. Jason may be laughing, but he's spent what little credibility

SPEAKER_18: he had. Fair. It's so sad that that ended your entire career and influence Jason.

SPEAKER_348: Fair. I say to Jared fair. That one little step. But I mean, Jemima Kiss, who I've known for a long time,

SPEAKER_11: I got to have breakfast for one time when I was or maybe she interviewed me or something when I was in the

SPEAKER_05: UK. She's a great journalist. She got the Guardian. And she was like, you forgot the snack dispenser

SPEAKER_352: and the teleporter. Like she got it immediately. She understood. She understood. She understood the

SPEAKER_00: assignment. Because really, it also was easily read and still is as a send up of the absolutely absurd speculation and hype around every single Apple announcement. I mean, you cannot believe how

SPEAKER_157: many that was what I was doing, how much ink was spilled over like, what is it going to be? What is it

SPEAKER_00: going to have? And oh, my God, we got to like, we got to get all the clicks from talking about what

SPEAKER_19: would that? I mean, it was beautiful satire. Yes. It was for me all satire. And this has been story time with Jason. There it is. We can go into other crazy moments in my career. But that was

SPEAKER_83: a because there are people literally who now have venture capital funds who were in set. We're in

SPEAKER_73: seventh grade when that happened. And they now have venture capital funds and I'm co investing

SPEAKER_366: alongside them. Amazing. Amazing. Hey guys, Rachel reporting here on February 14th and 15th. We'll be hosting a founder university intensive. This is a two day program for founders. Now, this course is only open to women founders. We'll be hosting a course open to everyone

SPEAKER_368: on May 9th and 10th. You can apply for both at founder.university. And applications for the longer

SPEAKER_369: 12 week founder university program are due on February 14th. And you can also apply for those

SPEAKER_370: at founder.university. Follow Jason and Molly on Twitter at Jason and at Molly Wood. If you're not

SPEAKER_366: a boomer and prefer TikTok search for this weekend startups to find the fan account at this underscore week underscore in underscore startups and our official account at TWI startups. But honestly,

SPEAKER_374: the fan account is way better than ours. And if you're still not tired of hearing from Jason

SPEAKER_368: six days a week, you can hear him read his book angel at angel the book.com slash audible.