1 00:00:00,020 --> 00:00:03,960 Josh: Imagine if bread kept all of humanity alive and there was only one oven maker. 2 00:00:04,220 --> 00:00:10,040 Josh: And each one of those ovens cost $200 million and they only make about $40 to $50 a year. 3 00:00:10,260 --> 00:00:12,720 Josh: And they're all based in the Netherlands. 4 00:00:13,320 --> 00:00:17,740 Josh: This is the reality of our tech industry. Your iPhone, your laptop, 5 00:00:18,040 --> 00:00:23,540 Josh: your smart tablets, your TVs, anything with electrical circuits is run by this 6 00:00:23,540 --> 00:00:27,360 Josh: mysterious company that sits at the top of everybody called ASML. 7 00:00:27,360 --> 00:00:30,260 Josh: Well, we've essentially built the civilizational Jenga tower. 8 00:00:30,420 --> 00:00:35,280 Josh: They don't own 99.9%. They own 100% of the lithography market. 9 00:00:35,480 --> 00:00:38,900 Josh: What is the lithography market? Well, it is kind of upstream of everything else. 10 00:00:38,980 --> 00:00:40,920 Josh: And I think that's what we're going to start this episode talking about today 11 00:00:40,920 --> 00:00:44,800 Josh: is this invisible monopoly that no one is really aware of that even exists. 12 00:00:45,440 --> 00:00:49,520 Ejaaz: Everyone thinks that the most important company in AI is NVIDIA. 13 00:00:49,720 --> 00:00:52,440 Ejaaz: And if you dig a little deeper, everyone says TSMC. 14 00:00:52,660 --> 00:00:56,780 Ejaaz: But the truth is, this company, ASML, is the only linchpin. 15 00:00:56,800 --> 00:01:01,540 Ejaaz: It is the most important company that the entire stock market is currently based 16 00:01:01,540 --> 00:01:02,940 Ejaaz: on. And they're based in the Netherlands. 17 00:01:03,100 --> 00:01:07,640 Ejaaz: And they do this really interesting thing, which is called EUV, 18 00:01:07,940 --> 00:01:11,480 Ejaaz: which stands for Extreme Ultraviolet Lithography. 19 00:01:11,660 --> 00:01:16,300 Ejaaz: It is a way to basically design very intricate patterns on chips that are used 20 00:01:16,300 --> 00:01:20,980 Ejaaz: to train frontier AI models and inferencing, and even on your mobile phones 21 00:01:20,980 --> 00:01:23,620 Ejaaz: as well, in a really specific way. 22 00:01:23,740 --> 00:01:27,300 Ejaaz: It uses a bunch of laser beams, gases, and stuff like that. And it's an incredibly 23 00:01:27,300 --> 00:01:29,380 Ejaaz: complex and expensive process. 24 00:01:29,680 --> 00:01:33,700 Ejaaz: And this hasn't been something that they've been able to crack or any competitor 25 00:01:33,700 --> 00:01:38,000 Ejaaz: has been able to crack for decades until this week, 26 00:01:38,100 --> 00:01:43,380 Ejaaz: where it was revealed that some ex-ASML engineers that were hired by the Chinese 27 00:01:43,380 --> 00:01:50,020 Ejaaz: government have been able to recreate a prototype of this lithography machine that they have. 28 00:01:50,380 --> 00:01:56,180 Ejaaz: Now, Josh, here's some crazy stats. This single machine costs about $200 million 29 00:01:56,180 --> 00:01:59,280 Ejaaz: to create and then to maintain even more. 30 00:01:59,420 --> 00:02:04,880 Ejaaz: The company itself is worth $400 billion and they only have a couple of these machines. 31 00:02:05,060 --> 00:02:07,840 Ejaaz: So if you do the math, if one of these machines get recreated, 32 00:02:08,100 --> 00:02:09,780 Ejaaz: you've now taken over $200 33 00:02:09,990 --> 00:02:13,790 Ejaaz: tens of billions of dollars worth of market cap and potentially even more if 34 00:02:13,790 --> 00:02:17,890 Ejaaz: you can create AI chips that are of the same level as NVIDIA. 35 00:02:18,010 --> 00:02:19,850 Ejaaz: And that's what China effectively has right now. 36 00:02:19,990 --> 00:02:23,270 Josh: It's funny because you hear the $400 billion number and it doesn't even seem 37 00:02:23,270 --> 00:02:25,490 Josh: that high for how existential this is. 38 00:02:25,790 --> 00:02:31,910 Josh: Like truly, they are the total linchpin when it comes to creating any sort of electronic device. 39 00:02:32,230 --> 00:02:35,850 Josh: And it goes, I wonder if that's part of the downstream reason why they haven't 40 00:02:35,850 --> 00:02:39,830 Josh: been disrupted thus far, because the opportunity isn't in the trillions, but it's coming now. 41 00:02:40,010 --> 00:02:42,870 Josh: And if it's not from China, it could possibly be coming from the US because 42 00:02:42,870 --> 00:02:45,910 Josh: a lot of people are coming and trying to tackle this all at once. 43 00:02:46,070 --> 00:02:49,550 Josh: So this is all amazing stuff. Ejaz, how were they actually able to pull this off? 44 00:02:50,150 --> 00:02:54,290 Ejaaz: Well, this is the thing. No one really knows. And there's kind of like a gray 45 00:02:54,290 --> 00:02:58,530 Ejaaz: area where we're like, maybe they stole the secret formula because Josh, 46 00:02:58,870 --> 00:03:03,350 Ejaaz: this entire machine weighs 450,000 pounds. 47 00:03:03,850 --> 00:03:07,670 Ejaaz: That is an incredibly heavy machine. And it is very, very complex. 48 00:03:07,770 --> 00:03:11,570 Ejaaz: And there are tens of thousands of people that are responsible for different 49 00:03:11,570 --> 00:03:16,750 Ejaaz: parts of this machine, the secret formula, which collectively makes up the makeup of this machine. 50 00:03:17,470 --> 00:03:21,570 Ejaaz: China somehow have got their hands on it. So there are some rumors that are floating. 51 00:03:22,090 --> 00:03:26,350 Ejaaz: One tweet here says, my sources on the ground says they stole the source, 52 00:03:26,490 --> 00:03:29,710 Ejaaz: like they used a bunch of other versions in the past decade. 53 00:03:29,710 --> 00:03:32,810 Ejaaz: And it goes on to explain how they've probably got moles. 54 00:03:33,170 --> 00:03:36,650 Ejaaz: And yeah, I mean, like people that they've planted within this company throughout 55 00:03:36,650 --> 00:03:40,690 Ejaaz: several years that have been able to take these secrets. It sounds very tinfoil hattie. 56 00:03:40,990 --> 00:03:43,830 Ejaaz: But to kind of out and look at the wider picture. 57 00:03:44,570 --> 00:03:47,390 Ejaaz: China, if true, has built an effective 58 00:03:47,390 --> 00:03:51,630 Ejaaz: working prototype of extreme ultraviolet in less than five years. 59 00:03:51,790 --> 00:03:56,230 Ejaaz: And he compares it to the American venture capital space who have been trying 60 00:03:56,230 --> 00:04:00,070 Ejaaz: to crack the same problem for over a decade now, Josh, and no one's been able 61 00:04:00,070 --> 00:04:01,510 Ejaaz: to crack that 100% monopoly. 62 00:04:01,750 --> 00:04:04,590 Ejaaz: So the fact that we've finally made this breakthrough is awesome. 63 00:04:04,950 --> 00:04:10,510 Ejaaz: But the fact that it's also a Chinese venture that's been able to do this is kind of bearish. 64 00:04:10,650 --> 00:04:14,090 Josh: Yeah, well, I would say there is another competitor in the ring here. 65 00:04:14,270 --> 00:04:17,330 Josh: It's not just China that's trying to take ASML's market. 66 00:04:17,550 --> 00:04:21,370 Josh: It is also a company called Substrate, which recently raised a bunch of money. 67 00:04:21,570 --> 00:04:23,390 Josh: They were kind of announcing what they're doing. 68 00:04:23,590 --> 00:04:26,250 Josh: And their take on it is trying to reinvent. 69 00:04:26,470 --> 00:04:30,910 Josh: If you think of these fabs as printing presses, they're trying to reinvent the printing press. 70 00:04:31,030 --> 00:04:34,950 Josh: And their bet is that they are going to take an advanced x-ray lithography, 71 00:04:35,070 --> 00:04:37,630 Josh: like we mentioned earlier, but turn it into particle accelerators. 72 00:04:37,670 --> 00:04:40,630 Josh: This is really crazy, technically complicated thing. 73 00:04:40,810 --> 00:04:44,350 Josh: But I do want everyone to understand that they're working on it too. 74 00:04:44,470 --> 00:04:48,810 Josh: And it appears as if this monopoly is kind of being broken into two. 75 00:04:49,050 --> 00:04:53,310 Josh: One, of course, is China. One is the United States. We each have a leading company 76 00:04:53,310 --> 00:04:56,930 Josh: working on this technology to dismantle the singular monopoly. 77 00:04:57,150 --> 00:05:01,230 Josh: So who is going to win that race? I'm not sure, but it certainly seems right 78 00:05:01,230 --> 00:05:05,970 Josh: that you should be diversifying if we are so reliant on this singular, 79 00:05:06,870 --> 00:05:09,690 Josh: company for every single chip that we make across the board. 80 00:05:09,870 --> 00:05:12,550 Josh: Like you said earlier, NVIDIA is not the bottleneck. 81 00:05:13,110 --> 00:05:16,750 Josh: The TSMC is not the bottleneck. It is this weird company in the middle of nowhere 82 00:05:16,750 --> 00:05:20,330 Josh: that makes these chips. That is the actual bottleneck. 83 00:05:20,610 --> 00:05:24,750 Ejaaz: It just blows my mind how dependent the entire stock market is, Josh. 84 00:05:24,990 --> 00:05:29,630 Ejaaz: How your and I's investments are. The world is dependent on these two companies, 85 00:05:29,890 --> 00:05:31,890 Ejaaz: or in this case, this one singular company. 86 00:05:31,890 --> 00:05:34,710 Ejaaz: And just to highlight how important of an 87 00:05:34,710 --> 00:05:37,930 Ejaaz: opportunity this is if a company or country 88 00:05:37,930 --> 00:05:40,870 Ejaaz: is able to crack the secret formula you have 89 00:05:40,870 --> 00:05:43,690 Ejaaz: so many other companies that are focused on this samsung in fact has been 90 00:05:43,690 --> 00:05:48,530 Ejaaz: at this for over a decade with no luck they made some recent announcements this 91 00:05:48,530 --> 00:05:53,190 Ejaaz: week where they're creating a new fab that is going to focus on building two 92 00:05:53,190 --> 00:05:58,590 Ejaaz: nanometer cpus remember that's cpu not gpu so they're still about five years 93 00:05:58,590 --> 00:06:01,710 Ejaaz: behind getting to the same level that this company, ASML, is. 94 00:06:01,830 --> 00:06:05,550 Ejaaz: So if China has, in fact, cracked this, it would be a miracle. 95 00:06:05,850 --> 00:06:08,390 Ejaaz: We still don't know how they've done it, but crazy to see. 96 00:06:09,210 --> 00:06:15,950 Ejaaz: Moving on, Josh, I saw this tweet by Elon Musk this week, and I had no idea about it. 97 00:06:16,030 --> 00:06:18,410 Ejaaz: And you said, we have to talk about this on the show. Have to. 98 00:06:18,670 --> 00:06:20,270 Ejaaz: I love it. Walk me through it. 99 00:06:20,720 --> 00:06:25,780 Josh: Okay, this is called a mass driver. And a mass driver is not even a new idea. 100 00:06:25,920 --> 00:06:29,320 Josh: This was proposed in the 1970s at MIT. 101 00:06:29,620 --> 00:06:32,460 Josh: And one thing I found about sci-fi is that oftentimes, I mean, 102 00:06:32,500 --> 00:06:36,840 Josh: it could be wrong, but when it's right, it's very right. It's just right on the wrong timescale. 103 00:06:36,980 --> 00:06:41,500 Josh: It seems as if that scale and that time window is finally getting close to where we are now. 104 00:06:41,500 --> 00:06:44,340 Josh: So on screen you're seeing a visual of this crazy thing called 105 00:06:44,340 --> 00:06:47,300 Josh: a lunar mass driver it was so fascinating and he does 106 00:06:47,300 --> 00:06:50,060 Josh: when you were first reading it you were like whoa this is this is real and i think that 107 00:06:50,060 --> 00:06:52,840 Josh: was the reaction that i had too basically what 108 00:06:52,840 --> 00:06:56,400 Josh: is it's a giant solar powered electromagnetic catapult 109 00:06:56,400 --> 00:06:59,640 Josh: on the moon so you can fling cargo into space without 110 00:06:59,640 --> 00:07:02,360 Josh: rockets or fuel so if you imagine building this like 111 00:07:02,360 --> 00:07:05,140 Josh: really long track on the moon with superconductor coils you 112 00:07:05,140 --> 00:07:08,280 Josh: load it with chunks of lunar material and then it uses electricity to 113 00:07:08,280 --> 00:07:11,340 Josh: yeet them into space at 5300 hundred miles an 114 00:07:11,340 --> 00:07:14,940 Josh: hour with no rocket engines no fuel it's fascinating 115 00:07:14,940 --> 00:07:17,600 Josh: and why can we talk about this again all of 116 00:07:17,600 --> 00:07:20,600 Josh: the most interesting conversations that we're having recently are downstream of 117 00:07:20,600 --> 00:07:23,740 Josh: the fact that starship has been able to get actual mass 118 00:07:23,740 --> 00:07:26,420 Josh: to orbit for a low cost or the assumption is 119 00:07:26,420 --> 00:07:29,780 Josh: that this will happen in the next year so the idea is that you can go put this 120 00:07:29,780 --> 00:07:33,460 Josh: on the moon why the moon well because it has low gravity it has one-sixth the 121 00:07:33,460 --> 00:07:36,820 Josh: gravity of earth so you need to spend a lot less energy to throw stuff off there's 122 00:07:36,820 --> 00:07:40,340 Josh: no atmosphere there's a ton of sunlight for energy and naturally the question 123 00:07:40,340 --> 00:07:43,920 Josh: I ask myself is, okay, well, why should I care about this? Why does it matter? 124 00:07:44,020 --> 00:07:48,500 Josh: And the reality is the economics of making this a reality are pretty staggering. 125 00:07:49,150 --> 00:07:53,630 Ejaaz: Yeah, I was looking into the math before we came on the show, 126 00:07:53,650 --> 00:08:00,130 Ejaaz: and the Falcon 9, the old rockets from SpaceX, costs about $3,000 per kilogram 127 00:08:00,130 --> 00:08:02,410 Ejaaz: to get mass into lower Earth. 128 00:08:02,990 --> 00:08:07,250 Ejaaz: Starship targets $100 per kg, which is a massive, massive reduction. 129 00:08:07,550 --> 00:08:12,010 Ejaaz: And so if you were to use a lunar mass driver powered by solar and running continuously 130 00:08:12,010 --> 00:08:18,130 Ejaaz: with zero propellant, well, an early study in 1979 estimated that it would cost $1. 131 00:08:18,130 --> 00:08:23,570 Ejaaz: So the point here is that the cost of bringing mass back and forth to Earth 132 00:08:23,570 --> 00:08:28,750 Ejaaz: into low orbit space, it would come down to minimal, would come down to zero, which is just insane. 133 00:08:29,010 --> 00:08:32,470 Ejaaz: So then the question becomes, well, what does that timeline look like? 134 00:08:32,570 --> 00:08:36,550 Ejaaz: And the post goes on to describe that we're roughly going to target the mid 135 00:08:36,550 --> 00:08:39,030 Ejaaz: 2030s to have something like this functioning. 136 00:08:39,190 --> 00:08:43,490 Ejaaz: So, Josh, this is something that's going to be pretty much realistic and achievable 137 00:08:43,490 --> 00:08:47,090 Ejaaz: in our lifetimes and not far off when we're old men. 138 00:08:48,070 --> 00:08:51,870 Ejaaz: Relatively when I was quite young, within like the decade, which is just insane to think about. 139 00:08:52,310 --> 00:08:55,630 Josh: Yeah, we filmed this episode about SpaceX and their IPO last week, 140 00:08:55,630 --> 00:08:59,990 Josh: and I would highly recommend watching it because the idea is that SpaceX going 141 00:08:59,990 --> 00:09:04,110 Josh: public and getting the resources required to go and build an outer space really 142 00:09:04,110 --> 00:09:06,630 Josh: changes the fabric of reality that we live in today. 143 00:09:06,930 --> 00:09:12,550 Josh: Like these sci-fi concepts that have been ideated on for the last 60 years almost 144 00:09:12,550 --> 00:09:16,310 Josh: are able to be put in reality from at least a first principles perspective, 145 00:09:16,310 --> 00:09:21,810 Josh: where if you're able to get this amount of mass payload to orbit on the moon, ideally, 146 00:09:22,050 --> 00:09:25,670 Josh: you can turn that into one of these mass drivers that then offsets the global 147 00:09:25,670 --> 00:09:29,670 Josh: economy in a way that is the thesis for this universal high income, 148 00:09:29,670 --> 00:09:34,890 Josh: where if you can get this abundance of resources back to Earth cost effectively and efficiently, 149 00:09:35,230 --> 00:09:38,210 Josh: well, that really disrupts a lot of the financial systems we have today. 150 00:09:38,310 --> 00:09:43,110 Josh: And it gives us this level of abundance that is almost inconceivable to someone 151 00:09:43,110 --> 00:09:45,070 Josh: who doesn't read sci-fi on a regular basis. 152 00:09:45,270 --> 00:09:50,310 Josh: So to me, this is exciting because one, the math checks out and it's really just a matter of 153 00:09:50,700 --> 00:09:54,740 Josh: making the right set of decisions over the next decade or two to turn this into 154 00:09:54,740 --> 00:09:57,980 Josh: a reality where we do have a moon base and then eventually a martian base and 155 00:09:57,980 --> 00:10:01,740 Josh: we have ai supercomputers in space and this world of space is just starting 156 00:10:01,740 --> 00:10:06,320 Josh: to be unlocked and it's going to unlock so many unbelievable ways that we can take it. 157 00:10:06,320 --> 00:10:13,180 Ejaaz: I i like your point on uh abundant energy being the key to unlocking future progress josh i was 158 00:10:13,180 --> 00:10:15,000 Josh: Listening the only thing that matters yeah. 159 00:10:15,000 --> 00:10:20,020 Ejaaz: I was listening to this interview with Demis Hesibis on the Google DeepMind podcast this morning. 160 00:10:20,380 --> 00:10:23,760 Ejaaz: And one of his key takeaways was, or one of his learnings rather, 161 00:10:23,980 --> 00:10:27,100 Josh: Was he plays AI models like a game. 162 00:10:27,680 --> 00:10:32,880 Ejaaz: And this game is to solve certain sub-routes is what they describe, or what he describes. 163 00:10:33,100 --> 00:10:35,920 Ejaaz: And he describes a sub-route as something like solving AlphaGo. 164 00:10:36,140 --> 00:10:39,580 Ejaaz: And if he solves that game, then the AI model is able to solve other games. 165 00:10:39,780 --> 00:10:44,140 Ejaaz: And he said, he was then asked, what's the most important sub-root to solve 166 00:10:44,140 --> 00:10:47,460 Ejaaz: right now, Demis? And he answers with one word, energy. 167 00:10:47,760 --> 00:10:53,180 Ejaaz: If you can create abundant energy, you can create an infinite type of progress and world. 168 00:10:53,380 --> 00:10:58,580 Ejaaz: And on the topic of Google and on the topic of energy, 169 00:10:58,960 --> 00:11:00,340 Josh: We have an update. 170 00:11:00,860 --> 00:11:04,260 Ejaaz: Yeah, bring it back to Earth. There we go. All the puns. We have some new news 171 00:11:04,260 --> 00:11:06,140 Ejaaz: from a Google-owned company. 172 00:11:06,660 --> 00:11:11,240 Ejaaz: Waymo, the self-driving car company is in discussions to raise more than $15 173 00:11:11,240 --> 00:11:16,480 Ejaaz: billion at a valuation near $100 billion, which seems pretty cheap to me, 174 00:11:16,620 --> 00:11:18,200 Ejaaz: but we'll get into that in a second. 175 00:11:18,580 --> 00:11:26,200 Ejaaz: But the most important part is being led in a round by its parent company, Alphabet, aka Google. 176 00:11:27,240 --> 00:11:30,940 Ejaaz: I don't know what to think about this because I thought Google was loaded, 177 00:11:31,340 --> 00:11:35,940 Josh: Josh. You would think so, right? That a company with hundreds of billions on their balance sheet, 178 00:11:36,410 --> 00:11:40,270 Josh: who owns the entirety of the company would want to just double down on their 179 00:11:40,270 --> 00:11:41,990 Josh: investment, but they have not. 180 00:11:42,270 --> 00:11:44,530 Josh: They are looking to raise another $15 billion. 181 00:11:45,910 --> 00:11:49,190 Josh: That signals to me perhaps a lack of confidence. 182 00:11:49,370 --> 00:11:51,490 Josh: Ejaz, do you have a different take? Because to me, I'm like, 183 00:11:51,570 --> 00:11:55,330 Josh: well, we just recorded an episode about this. Waymo is the clear loser here. 184 00:11:55,810 --> 00:11:58,830 Josh: Does Google recognize that and are they hedging their bet? Or is there something 185 00:11:58,830 --> 00:11:59,870 Josh: else going on behind the scenes? 186 00:11:59,870 --> 00:12:07,430 Ejaaz: Okay, so I'm trying to put my head into the head of Waymo's product division and his pitch deck. 187 00:12:07,570 --> 00:12:10,210 Ejaaz: What's he saying to justify a $15 billion raise? 188 00:12:10,570 --> 00:12:14,450 Ejaaz: Well, I'm guessing he's going to say, let's spend $10 billion of these dollars 189 00:12:14,450 --> 00:12:18,070 Ejaaz: to purchase more Waymo cars so we can expand our network. 190 00:12:18,350 --> 00:12:25,510 Ejaaz: The issue with that is each Waymo car costs $150,000 versus a Tesla CyberCab, 191 00:12:25,510 --> 00:12:29,110 Ejaaz: which will cost $30,000, maybe even less, because everyone else that buys a 192 00:12:29,110 --> 00:12:31,530 Ejaaz: Tesla can effectively add to the RoboTaxi network. 193 00:12:31,570 --> 00:12:34,070 Ejaaz: So I don't see a justification for the $10 billion. 194 00:12:34,570 --> 00:12:39,010 Ejaaz: Now, if I put my tinfoil hat on, Josh, I'm thinking the only reason why they're 195 00:12:39,010 --> 00:12:42,130 Ejaaz: taking external capital is to one, de-risk the venture itself, 196 00:12:42,390 --> 00:12:46,370 Ejaaz: and two, suck the capital out of competitors. 197 00:12:46,770 --> 00:12:49,230 Ejaaz: So instead of the venture capital money going to competitors, 198 00:12:49,690 --> 00:12:53,050 Ejaaz: it would go to Waymo to fund their expansion. 199 00:12:53,290 --> 00:12:55,890 Ejaaz: I don't really see how this is going to be sustained. 200 00:12:56,210 --> 00:13:00,390 Ejaaz: And, you know, listen, it's a great 2X for anyone that got involved in the 2024 201 00:13:00,390 --> 00:13:03,730 Ejaaz: round, but I'm not really kind of impressed by it, I guess. 202 00:13:04,270 --> 00:13:07,710 Josh: Boring. I mean, Waymo's got a long way to go if they want to compete with Tesla. 203 00:13:07,910 --> 00:13:10,910 Josh: And that's just the harsh reality of it, where there will still be a business, 204 00:13:11,050 --> 00:13:11,970 Josh: but is it capable of growing? 205 00:13:12,380 --> 00:13:15,360 Josh: I do not know. But that is not the only big fundraise we have this week. 206 00:13:15,400 --> 00:13:19,820 Josh: We also had news in our circular economy section of the show. 207 00:13:20,000 --> 00:13:23,580 Ejaaz: It's circling. It is circling like a bunch of vultures. 208 00:13:23,780 --> 00:13:28,240 Josh: Vultures ready to feast on an infinitely expanding bubble that has grown by 209 00:13:28,240 --> 00:13:32,920 Josh: another $10 billion this week as it relates to OpenAI and Amazon. 210 00:13:33,520 --> 00:13:37,340 Josh: Ejaz, you have been very bullish on Amazon. So please explain the bull case 211 00:13:37,340 --> 00:13:41,120 Josh: for this deal, at least. Why are they making this deal? 212 00:13:41,120 --> 00:13:45,940 Ejaaz: I am going to give you the bull case and then I'm going to give you the slight bear case. Okay. 213 00:13:46,220 --> 00:13:53,620 Ejaaz: So the bull case here is OpenAI needs a load of compute to train their AI models 214 00:13:53,620 --> 00:13:56,760 Ejaaz: to compete with the likes of Google Anthropic, which by the way, 215 00:13:56,900 --> 00:13:58,440 Ejaaz: they are still losing to. 216 00:13:58,660 --> 00:14:02,600 Ejaaz: No surprises there. If you were to guess or predict in January who would win, 217 00:14:02,700 --> 00:14:05,140 Ejaaz: you would say OpenAI and now everyone is shocked. 218 00:14:05,780 --> 00:14:10,120 Ejaaz: So one way to achieve that is, okay, what if I told you this, 219 00:14:10,200 --> 00:14:15,840 Ejaaz: Josh? What if I told you that you could get the same frontier level intelligence for 50% off? 220 00:14:16,780 --> 00:14:18,120 Ejaaz: Would you take it or would you leave it? 221 00:14:18,340 --> 00:14:19,600 Josh: I'm taking that in a heartbeat. 222 00:14:20,080 --> 00:14:24,460 Ejaaz: Okay, that is effectively what Trinium 3 chips, Amazon's latest AI chips, 223 00:14:24,700 --> 00:14:29,920 Ejaaz: can afford you if you were to kind of enable that via Amazon. But there's an issue. 224 00:14:30,200 --> 00:14:34,640 Ejaaz: OpenAI is losing $12 billion per year now. It's probably going to ramp up even more next year. 225 00:14:34,780 --> 00:14:38,840 Ejaaz: And so they need to figure out a creative way to get their hands on their chips 226 00:14:38,840 --> 00:14:40,360 Ejaaz: without spending the necessary money. 227 00:14:41,000 --> 00:14:46,040 Ejaaz: Insert this idea. Amazon invests $10 billion in OpenAI, which they're probably 228 00:14:46,040 --> 00:14:48,840 Ejaaz: going to spend that money on Trinium 3 chips. 229 00:14:49,020 --> 00:14:54,240 Ejaaz: So this, which brings me to my bad case, the circular economy of these deals is insane. 230 00:14:54,600 --> 00:14:56,980 Ejaaz: Why? Because it's going to boost their valuations even more. 231 00:14:57,060 --> 00:15:00,680 Ejaaz: Josh, I don't know if you saw, but rumors broke this morning that OpenAI is 232 00:15:00,680 --> 00:15:03,620 Ejaaz: going to get valued at $800 billion and they're raising another $100 billion. 233 00:15:03,900 --> 00:15:06,080 Ejaaz: So I'm just like, what is going on here? 234 00:15:06,440 --> 00:15:10,340 Josh: Everyone wants in. And the merry-go-round continues to spin. 235 00:15:10,460 --> 00:15:14,760 Josh: The musical chairs continue to go around and we will see where everybody stops. 236 00:15:15,160 --> 00:15:18,380 Ejaaz: Yes. Cue Michael Burry meme. Cue Michael Burry meme. 237 00:15:18,380 --> 00:15:22,780 Josh: For those not watching, it's Michael Burry, and it's a quote with the Amazon 238 00:15:22,780 --> 00:15:25,260 Josh: investment would help OpenAI afford commitments, 239 00:15:25,440 --> 00:15:30,400 Josh: including from Amazon Web Services, which is ironic because Amazon Web Services 240 00:15:30,400 --> 00:15:33,760 Josh: is just GPUs and cloud servers and more compute. 241 00:15:34,480 --> 00:15:38,540 Josh: But Ejaz, you did mention a 50 percent improvement in your model. 242 00:15:38,540 --> 00:15:42,240 Josh: And for users of Google, whether you're a builder or a consumer, 243 00:15:42,540 --> 00:15:49,380 Josh: your model has just gotten 40% better and 50% cheaper overnight with Gemini 3 Flash. 244 00:15:49,700 --> 00:15:54,440 Josh: The best model in the world just got better. This one appears to be the best 245 00:15:54,440 --> 00:15:58,120 Josh: pound for pound model on Earth by a fairly large margin. And you have pulled 246 00:15:58,120 --> 00:16:03,380 Josh: up on screen the ARK AGI prize chart, which I love to look at because it's just clear. 247 00:16:03,380 --> 00:16:04,340 Ejaaz: It's a favorite chart, everyone. 248 00:16:04,580 --> 00:16:08,020 Josh: It's such a good chart because it shows like the Pareto frontier. 249 00:16:08,020 --> 00:16:11,940 Josh: And we talked about this previously where there is these trade-offs between 250 00:16:11,940 --> 00:16:13,580 Josh: cost and quality per token. 251 00:16:14,180 --> 00:16:18,540 Josh: And what you're seeing with that green line that goes straight up is that Gemini 252 00:16:18,540 --> 00:16:22,420 Josh: 3 Flash is really on the most vertical trajectory out of any of these. 253 00:16:22,540 --> 00:16:29,860 Josh: So you'll see it falls right in line with GPT 5.2 high, but it costs less than, 254 00:16:29,860 --> 00:16:33,840 Josh: what is that, a full order of magnitude less per token? 255 00:16:34,140 --> 00:16:36,460 Ejaaz: Yes, it does. It's crazy cheap. 256 00:16:36,660 --> 00:16:37,500 Josh: It's crazy. Yeah. 257 00:16:38,320 --> 00:16:44,160 Ejaaz: I think the cool story about all of this, Josh, is the process of distillation, 258 00:16:44,360 --> 00:16:48,080 Ejaaz: which is, okay, you spend tens of billions of dollars to train a frontier model. 259 00:16:48,280 --> 00:16:51,740 Ejaaz: And then what you can do is you can distill all the intelligent components of 260 00:16:51,740 --> 00:16:56,280 Ejaaz: that model into a cheaper, more, like less costly model, and then scale that 261 00:16:56,280 --> 00:16:59,220 Ejaaz: out to whatever product that you have. And who has the most product distribution? 262 00:16:59,740 --> 00:17:03,980 Ejaaz: Google does. So if you can surface that to a bunch of different people, 263 00:17:03,980 --> 00:17:06,580 Ejaaz: let's say through, what's their number one product? 264 00:17:07,260 --> 00:17:12,120 Ejaaz: I'm racking my brain. Oh, of course, it's Google search with 5 billion users. 265 00:17:12,520 --> 00:17:16,520 Ejaaz: That would be an attractive proposition. 266 00:17:16,820 --> 00:17:21,640 Ejaaz: And guess what? With this update or a story that kind of went under the waves, 267 00:17:21,760 --> 00:17:25,840 Ejaaz: what we're going to highlight here is this domain called google.ai, 268 00:17:26,000 --> 00:17:30,760 Ejaaz: which now effectively embeds Gemini 3 Flash 269 00:17:31,420 --> 00:17:35,080 Ejaaz: into Google search. Now, there's a few steps involved here. 270 00:17:35,260 --> 00:17:39,940 Ejaaz: But the simple fact that you can now go to Google search accessible to 5 billion 271 00:17:39,940 --> 00:17:45,100 Ejaaz: different users and get access to AI mode with frontier level intelligence at 272 00:17:45,100 --> 00:17:49,740 Ejaaz: a fraction of the cost, I just don't see how Google loses this at all. 273 00:17:49,920 --> 00:17:52,540 Ejaaz: They have the moat, they have the distribution. We've said this multiple times 274 00:17:52,540 --> 00:17:55,840 Ejaaz: before. We've done a Google bull case episode. You definitely go check that out. 275 00:17:56,180 --> 00:18:00,000 Ejaaz: But now they've combined the frontier model with this josh like this is like 276 00:18:00,000 --> 00:18:02,500 Ejaaz: they're like cannibalizing themselves in a way 277 00:18:02,500 --> 00:18:05,320 Josh: Yeah we're starting to get the answer to what do you do in 278 00:18:05,320 --> 00:18:08,440 Josh: the case of the founder's dilemma where what happens when innovation eats 279 00:18:08,440 --> 00:18:12,620 Josh: your core product and that's what's happening and google has decided to double 280 00:18:12,620 --> 00:18:17,200 Josh: down and fully lean into it and we are going to see how that plays out i mean 281 00:18:17,200 --> 00:18:21,800 Josh: this is google.ai this is not google.com so their core search product is still 282 00:18:21,800 --> 00:18:26,100 Josh: intact but i imagine and this is a transitionary period where they are testing, 283 00:18:26,320 --> 00:18:29,900 Josh: there is currently the AI mode button in Google.com's homepage. 284 00:18:30,260 --> 00:18:34,900 Josh: And it's only a matter of time until they're able to, until they commit to fully switching over. 285 00:18:35,040 --> 00:18:39,100 Josh: And then you have to ask the question, well, how are they going to support this business? 286 00:18:39,160 --> 00:18:44,240 Josh: And is it just going to be an effort to bleed out the results from all these other companies? 287 00:18:44,400 --> 00:18:46,760 Josh: Because OpenAI needs to make revenue. 288 00:18:46,940 --> 00:18:49,540 Josh: They must make a ton of money. And in order to do that, they're going to need 289 00:18:49,540 --> 00:18:53,020 Josh: to start implementing advertising and sponsorships into their products. 290 00:18:53,280 --> 00:18:56,040 Josh: Google has a very different business model. They are a behemoth. 291 00:18:56,120 --> 00:18:59,760 Josh: They have a tremendous amount of cash on the balance sheet that they can use 292 00:18:59,760 --> 00:19:03,980 Josh: to subsidize all of this compute and all of these AI needs that people need. 293 00:19:04,120 --> 00:19:07,080 Josh: So they have TPUs that are hyper-efficient. They have the best, 294 00:19:07,240 --> 00:19:08,540 Josh: most efficient model in the world. 295 00:19:08,600 --> 00:19:13,920 Josh: And they have no need to monetize urgently because they have such a huge cash balance sheet. 296 00:19:14,120 --> 00:19:17,960 Josh: So OpenAI and other companies that need to compete on this run are going to 297 00:19:17,960 --> 00:19:21,040 Josh: start to have to make some trade-offs here. Yeah. 298 00:19:21,250 --> 00:19:28,950 Ejaaz: You might be thinking as well, why doesn't Google just switch search completely to AI if it's so smart? 299 00:19:29,230 --> 00:19:34,350 Ejaaz: And the simple answer is they haven't been able to embed advertising and search 300 00:19:34,350 --> 00:19:36,430 Ejaaz: rankings into the model effectively yet. 301 00:19:36,650 --> 00:19:39,690 Ejaaz: So the same kind of experience where you see sponsored posts at the top of your 302 00:19:39,690 --> 00:19:43,150 Ejaaz: Google search results page, you can't quite do effectively with AI models. 303 00:19:43,330 --> 00:19:44,410 Ejaaz: It's a completely different beast. 304 00:19:44,690 --> 00:19:48,730 Ejaaz: And both companies, Google and OpenAI, will need to figure this out eventually. 305 00:19:48,930 --> 00:19:53,850 Ejaaz: I think all roads lead to ads. But the question is, at what time does that make sense? 306 00:19:54,270 --> 00:19:58,750 Ejaaz: If Google can hold out to your point and OpenAI kind of comes in first, 307 00:19:58,970 --> 00:20:03,110 Ejaaz: Google wins the moat because people just want to use an ad-free product. It is crazy. 308 00:20:03,470 --> 00:20:06,490 Ejaaz: But Josh, on the topic of OpenAI, did you see this news? 309 00:20:07,190 --> 00:20:08,970 Ejaaz: They've introduced... 310 00:20:09,170 --> 00:20:17,550 Ejaaz: Gpt chat gpt image 1.5 which is their answer to google's nano banana pro 311 00:20:17,550 --> 00:20:20,650 Josh: And as everybody knows we myself i'll 312 00:20:20,650 --> 00:20:23,990 Josh: speak for myself absolutely adore nano banana pro it is one of my favorite models 313 00:20:23,990 --> 00:20:27,670 Josh: of the year it is an excellent image generator and as i was looking through 314 00:20:27,670 --> 00:20:31,930 Josh: this announcement i was hopeful that this would be a better replacement it's 315 00:20:31,930 --> 00:20:35,670 Josh: built into the chat gpt app that we know and love and i think the reality of 316 00:20:35,670 --> 00:20:40,230 Josh: it is it is just not that good i mean in the video So if you scroll down just a little bit. 317 00:20:40,250 --> 00:20:41,410 Ejaaz: Or we start right here 318 00:20:41,410 --> 00:20:46,090 Josh: With this example. So for those who are watching, close your eyes. 319 00:20:46,250 --> 00:20:49,910 Josh: If you're not, what we're looking at on screen, and I don't even know if you 320 00:20:49,910 --> 00:20:51,310 Josh: should scroll down any further than this. 321 00:20:51,610 --> 00:20:53,810 Ejaaz: Is a post from Mr. 322 00:20:53,970 --> 00:20:58,510 Josh: Sam Altman himself, shirtless as a firefighter in front of a Christmas tree. 323 00:20:58,770 --> 00:21:00,910 Josh: And if you scroll down even further, it's actually a holiday calendar. 324 00:21:01,130 --> 00:21:07,750 Josh: And it's an example to reflect the quality, I guess, of the new 1.5 image model. It's good. 325 00:21:08,090 --> 00:21:10,910 Josh: It's not great it would appear as if nano banana is better after 326 00:21:10,910 --> 00:21:13,890 Josh: going through a bunch of examples nano banana pro still is good but what's 327 00:21:13,890 --> 00:21:17,950 Josh: cool about this is if you don't use google if you're not familiar with their 328 00:21:17,950 --> 00:21:23,230 Josh: uh work flow if you don't use gemini if you only use chat gpt you have a pretty 329 00:21:23,230 --> 00:21:25,870 Josh: good imaging model because this is built right into the app and what you'll 330 00:21:25,870 --> 00:21:29,270 Josh: notice it you guys is it's really good at faces so we're seeing on screen a 331 00:21:29,270 --> 00:21:32,570 Josh: picture of sam and ilia kind of a little sad at a party uh, 332 00:21:33,400 --> 00:21:37,000 Josh: it's pretty good it shows faces in a world where they didn't show faces before 333 00:21:37,000 --> 00:21:42,080 Josh: and they're fairly accurate so it's an attempt it is by no means a smackdown 334 00:21:42,080 --> 00:21:46,320 Josh: on the king nano banana pro but hey it's pretty cool and if you use chat gpt 335 00:21:46,320 --> 00:21:49,100 Josh: your image gen model just got much better listen. 336 00:21:49,100 --> 00:21:53,000 Ejaaz: Call me a google bowl but like i don't think it's that impressive like we're 337 00:21:53,000 --> 00:21:59,720 Ejaaz: looking at 1.5 gpt 1.5 on the left it just looks so much grainier like like 338 00:21:59,720 --> 00:22:03,180 Ejaaz: the example on the ride by nano banana looks way more accurate. 339 00:22:03,360 --> 00:22:06,360 Ejaaz: Like you can see the physical expressions on Ilya's face as well. 340 00:22:06,400 --> 00:22:09,700 Ejaaz: It looks more like Ilya as this post claims. 341 00:22:10,260 --> 00:22:15,680 Ejaaz: I don't know if this is a zinger. And what's important about this is Sam initiated 342 00:22:15,680 --> 00:22:18,100 Ejaaz: Code Red a week and a half ago. 343 00:22:18,240 --> 00:22:22,220 Ejaaz: And since then, he's done something really impressive, which is divert all resources 344 00:22:22,220 --> 00:22:25,260 Ejaaz: towards number one, creating the best model, and number two, 345 00:22:25,400 --> 00:22:26,600 Ejaaz: creating the best image model. 346 00:22:26,820 --> 00:22:29,960 Ejaaz: Now, he succeeded on number one, releasing GPT 5.2 347 00:22:29,960 --> 00:22:33,860 Ejaaz: last week which broke all frontier benchmarks again surprise surprise um but 348 00:22:33,860 --> 00:22:38,560 Ejaaz: this image model he's kind of flopped so i i don't know if we've reached a point 349 00:22:38,560 --> 00:22:42,420 Ejaaz: where open ai still has the edge that they that they uh once had at the start 350 00:22:42,420 --> 00:22:46,440 Ejaaz: of this year um i i don't know it still leaves me uncomfortable i don't believe 351 00:22:46,440 --> 00:22:49,460 Ejaaz: that open ai has kind of nailed it just yet yeah 352 00:22:49,460 --> 00:22:52,820 Josh: They haven't but if you are again if you're a user go try it out it's better 353 00:22:52,820 --> 00:22:56,180 Josh: than it was before and if you're being too stubborn to go use gemini well this 354 00:22:56,180 --> 00:22:59,960 Josh: is the best image model on the block for you uh now i guess we can head over 355 00:22:59,960 --> 00:23:04,060 Josh: to a little more frontier science-y stuff. 356 00:23:04,260 --> 00:23:07,440 Ejaaz: Josh, how am I going to live forever? 357 00:23:07,720 --> 00:23:09,260 Josh: Okay, perhaps... 358 00:23:09,470 --> 00:23:12,950 Josh: I cannot tell you the answer to you living forever, but I can give you an answer 359 00:23:12,950 --> 00:23:15,430 Josh: to your organs surviving longer if 360 00:23:15,430 --> 00:23:19,030 Josh: they ever leave your body for whatever circumstances that might require. 361 00:23:19,370 --> 00:23:22,590 Josh: There is a brain-computer interface startup called Science Corporation, 362 00:23:22,810 --> 00:23:27,670 Josh: which we love, founded by Max Hodak, who is the former Neuralink co-founder and president. 363 00:23:27,810 --> 00:23:31,250 Josh: And they decided this week that they were going to announce they're moving into 364 00:23:31,250 --> 00:23:33,390 Josh: organ preservation and life support tech. 365 00:23:33,390 --> 00:23:37,290 Josh: Basically, it's like the hardcore biomedical engineering mindset used for brain 366 00:23:37,290 --> 00:23:41,050 Josh: implants is now being pointed at a different problem, which is keeping organs 367 00:23:41,050 --> 00:23:43,030 Josh: alive outside of the body for way longer. 368 00:23:43,210 --> 00:23:46,070 Josh: And I had to learn a lot before talking about this because right now, 369 00:23:46,230 --> 00:23:50,230 Josh: I didn't realize that organ transplants are in a pretty brutal race against the clock. 370 00:23:50,790 --> 00:23:55,010 Josh: Normally, they last like a day, sometimes less if you have lungs or kidneys. 371 00:23:55,170 --> 00:23:58,830 Josh: It's very expensive to transfer these from place to place. A lot of time it 372 00:23:58,830 --> 00:24:03,550 Josh: was done via like private jet or really like whatever fastest way you can get 373 00:24:03,550 --> 00:24:06,750 Josh: it from one place to another because the person receiving it is normally in 374 00:24:06,750 --> 00:24:08,390 Josh: very bad shape and the person giving it, 375 00:24:08,790 --> 00:24:11,730 Josh: the organs are just not capable of living that long outside of it. 376 00:24:11,790 --> 00:24:16,470 Josh: So what they shared today is this breakthrough in how they're able to use this 377 00:24:16,470 --> 00:24:20,390 Josh: fancy new device to actually preserve organs for longer to make them last for 378 00:24:20,390 --> 00:24:23,790 Josh: days and hopefully soon weeks instead of just hours. 379 00:24:23,790 --> 00:24:26,830 Josh: And i found it to be really fascinating just on the the 380 00:24:26,830 --> 00:24:30,210 Josh: scientific frontier front because again they're using ai in 381 00:24:30,210 --> 00:24:35,550 Josh: a industry that has not really used ai very much in the past to create these 382 00:24:35,550 --> 00:24:38,950 Josh: really cool new contraptions and you could kind of see an idea of what the photo 383 00:24:38,950 --> 00:24:43,090 Josh: looks like in this post here that can actually help save people's lives and 384 00:24:43,090 --> 00:24:47,110 Josh: make a big difference i mean traditionally it cost 250 000 for a machine that 385 00:24:47,110 --> 00:24:49,410 Josh: does this plus tens of thousands of dollars per use. 386 00:24:49,630 --> 00:24:53,170 Josh: And what they're planning to do is get that cost down to $10,000 and even less. 387 00:24:53,430 --> 00:24:56,970 Josh: And I think it's just a really fascinating exploration into what's possible 388 00:24:56,970 --> 00:25:00,630 Josh: in the world of science now that we're applying AI to a lot of these difficult problems. 389 00:25:01,140 --> 00:25:05,660 Ejaaz: Josh, to give you a kind of crazy example to demonstrate how important this 390 00:25:05,660 --> 00:25:10,180 Ejaaz: thing is, in a past life, I studied biology at university. 391 00:25:10,380 --> 00:25:11,600 Josh: That's right. You're a pro on this. 392 00:25:11,980 --> 00:25:19,520 Ejaaz: Well, I had a crazy opportunity to perform heart transplants between murine mice. 393 00:25:19,660 --> 00:25:22,760 Ejaaz: So these are like test lab mice. It was a pretty crazy opportunity. 394 00:25:22,760 --> 00:25:27,000 Ejaaz: I signed up for it, somehow got approved because I was studying biology at the time. 395 00:25:27,100 --> 00:25:31,580 Ejaaz: I love genetics and specifically regeneration of cells. So I qualified. 396 00:25:31,960 --> 00:25:39,840 Ejaaz: And the TLDR is I performed four of these things and it failed 75% of the time. 397 00:25:40,040 --> 00:25:45,540 Ejaaz: The craziest part, the mouse I was transplanting the heart into was right next to me. 398 00:25:46,170 --> 00:25:49,810 Ejaaz: It was literally five inches away. And the fact that you had that failure rate 399 00:25:49,810 --> 00:25:55,250 Ejaaz: just goes to show you how crazily complex it is to keep these organs alive and 400 00:25:55,250 --> 00:25:57,630 Ejaaz: sustainable. Just a fun anecdote. 401 00:25:57,810 --> 00:25:59,830 Josh: It's really challenging. If you scroll down a little bit, we could kind of see 402 00:25:59,830 --> 00:26:01,850 Josh: what the device looks like in full. 403 00:26:02,450 --> 00:26:06,770 Josh: It's interesting. The thesis behind this was that, like, why can't you ship 404 00:26:06,770 --> 00:26:09,090 Josh: organs long distance like luggage would be? 405 00:26:09,390 --> 00:26:11,790 Josh: And what they wanted to do is create this backpack size system. 406 00:26:11,990 --> 00:26:16,090 Josh: So their prototype that we see on screen, It has integrated sensors for oxygenation 407 00:26:16,090 --> 00:26:17,430 Josh: and flow pressure or temperature. 408 00:26:17,850 --> 00:26:22,690 Josh: And it's this closed loop system that automatically adjusts depending on its outside environment. 409 00:26:23,070 --> 00:26:26,510 Josh: And it's really cool because traditionally it required something much larger 410 00:26:26,510 --> 00:26:28,470 Josh: than this. That was much more expensive. That was single use. 411 00:26:28,570 --> 00:26:29,970 Josh: That didn't allow these to survive for much longer. 412 00:26:30,110 --> 00:26:33,250 Josh: So just an interesting thing worth checking out. We'll add a link to it in the 413 00:26:33,250 --> 00:26:34,330 Josh: description if you want to read more. 414 00:26:34,650 --> 00:26:37,790 Josh: Just something worth paying attention to that health and sciences, 415 00:26:38,170 --> 00:26:40,550 Josh: thanks to AI, are becoming a lot more exciting. 416 00:26:40,550 --> 00:26:45,970 Ejaaz: It has been a crazy week for science in general, or rather sci-fi. 417 00:26:46,170 --> 00:26:48,770 Ejaaz: Sci-fi has had a big win this week. 418 00:26:49,150 --> 00:26:52,610 Ejaaz: Yeah, yeah. We've got the mass drivers. Elon's launching satellites to train 419 00:26:52,610 --> 00:26:54,630 Ejaaz: AIs. We're harnessing the energy of the sun. 420 00:26:54,790 --> 00:26:58,550 Ejaaz: We have got this crazy device that can extend the lifespan of organs. 421 00:26:58,790 --> 00:27:03,410 Ejaaz: And on top of it all, down on Earth, we have one singular company that has been 422 00:27:03,410 --> 00:27:05,910 Ejaaz: discovered, which is upholding the entire world right now. 423 00:27:06,540 --> 00:27:11,660 Ejaaz: Pretty pretty insane um that is the end of another roundup on the limit another 424 00:27:11,660 --> 00:27:15,260 Ejaaz: big week another another huge week huge week we have some 425 00:27:15,260 --> 00:27:16,140 Josh: Good weeks coming up too. 426 00:27:16,140 --> 00:27:18,960 Ejaaz: We have some great weeks coming up uh as is 427 00:27:18,960 --> 00:27:21,580 Ejaaz: normal uh of the end of the year we've we've got to 428 00:27:21,580 --> 00:27:24,880 Ejaaz: do some reflection josh you and i've been doing a bit of reflection recently 429 00:27:24,880 --> 00:27:27,680 Ejaaz: um and we have filmed a banger of an 430 00:27:27,680 --> 00:27:31,380 Ejaaz: episode which will tell you about the top wins 431 00:27:31,380 --> 00:27:34,520 Ejaaz: and most importantly the biggest losses in ai 432 00:27:34,520 --> 00:27:37,220 Ejaaz: this here and then of course you know 433 00:27:37,220 --> 00:27:41,660 Ejaaz: josh and i aren't short-term kind of thinking types of people we like to put 434 00:27:41,660 --> 00:27:45,720 Ejaaz: in predictions as well and we have a lot of big and bold predictions which i'm 435 00:27:45,720 --> 00:27:51,860 Ejaaz: pretty sure 99.9 of you guys won't guess at all uh for 2026 that's coming out 436 00:27:51,860 --> 00:27:56,320 Ejaaz: next week as well uh we're still going to be shipping episodes uh during the the holiday week 437 00:27:56,320 --> 00:27:59,880 Josh: So listen you can do your holidays but you still need to tune in you still owe 438 00:27:59,880 --> 00:28:03,220 Josh: us at least 65 minutes per week to listen to these episodes um. 439 00:28:03,220 --> 00:28:07,720 Ejaaz: Josh do you know what i am going to ask of people's new year's resolutions 440 00:28:08,560 --> 00:28:13,220 Josh: Um i'm going to hope it's to be to share limitless podcast with at least a hundred 441 00:28:13,220 --> 00:28:15,820 Josh: of your closest friends each i. 442 00:28:15,820 --> 00:28:18,200 Ejaaz: Am going to say no more josh read my mind 443 00:28:18,200 --> 00:28:20,900 Josh: There you have it uh it means a lot it's been it's been 444 00:28:20,900 --> 00:28:23,820 Josh: a good year we have some fun and different and interesting content like 445 00:28:23,820 --> 00:28:26,640 Josh: ijaz was mentioning earlier that's coming in the coming week so 446 00:28:26,640 --> 00:28:29,920 Josh: you're definitely going to want to tune in for that it's fun it's different ijaz actually 447 00:28:29,920 --> 00:28:32,640 Josh: wore a tuxedo in one of them so i promise you you're going to want to 448 00:28:32,640 --> 00:28:35,640 Josh: watch this to see why but it's it's 449 00:28:35,640 --> 00:28:38,780 Josh: really been fun it's been a great journey and it's all thanks to the people who are so 450 00:28:38,780 --> 00:28:42,320 Josh: generously leaving comments and sharing with their friends and we read almost 451 00:28:42,320 --> 00:28:45,660 Josh: almost everyone i try to there's been a lot which is a really good problem to 452 00:28:45,660 --> 00:28:49,180 Josh: have but trying to keep up with everything um the support really means the world 453 00:28:49,180 --> 00:28:52,220 Josh: so if you did enjoy this please share it with someone rate the episode five 454 00:28:52,220 --> 00:28:56,360 Josh: stars and thank you as always for watching and we'll see you guys in the next one.