01:57:02 · John Coogan, Gavin Baker
[01:57:02] S1: Yep. [01:57:04] S2: Once those are fully unlocked because they have to be public and unlocked.: Interesting.: So I think you will see mutual funds, you know, and they they they've always been involved. You know, my former colleagues, Capital Research, Price, M Sam, G Sam, you know, Franklin Templeton. If I forgot anyone, I'm sorry. I love you all. But like they've been they've been pretty involved. I mean, the sovereigns have been very involved, particularly, you know, particularly the ones in the GCC and particularly the ones in The UAE. Yeah. Like MGX. Mubadala. Mubadala, all the sovereigns there. I mean, Atreides and Valor, we co led Crusoe with Mubadala. [01:57:48] S1: Yeah. [01:57:48] S2: So I think the The UAE in particular has been extremely front footed [01:57:53] S1: Yeah. [01:57:54] S2: With all their sovereigns with respect to AI. Yeah. [01:57:58] S1: And now Apollo's taking a stake in Mubadala, which sort of completes the the cycle. [01:58:04] S2: Yes. Yeah. But I mean, that that's gonna have to evolve. But it's also I do think we're probably getting... Has these underpriced... So all these clouds, they signed contracts at well below what are below market values. And has those contracts reprice higher? Has they bring on more compute with more spot like we discussed with, you know, the same thing that CoreWeave is is is trying to do. I do think you're going to see... Like, there's a pretty big acceleration in the clouds last quarter. [01:58:42] S1: Mhmm.
01:58:42 · John Coogan, Gavin Baker, Jordi Hays
[01:58:42] S1: Mhmm. [01:58:42] S2: And, you know, forget relative to expectations this or that, but I think you're gonna see a pretty continuous acceleration in the sum of the big hyperscalers cloud revenue growth, the neo clouds, that number is just going to continue to accelerate. And then, you know, it's it's dropping down at very high margins so that, you know, operating cash flow is following. And then you're gonna be able to, I think, finance probably more than people think of the 2027 build out out of cash flow. Like I don't know if we've seen the peak of external financing but I think we're getting close. [01:59:27] S1: Yeah. Yeah. That's... [01:59:29] S2: And that'll be really helpful. [01:59:30] S1: Totally. Yeah. No. No one can complain about that. That's just, yeah, investing in the future. [01:59:34] S0: AI skeptics will be... In a bad place. In a horrible place. [01:59:39] S1: We're gonna have to check on [01:59:39] S0: check on them. For sure. You're gonna have to go around. [01:59:42] S2: And look, maybe I'm maybe I'm wrong and, you know, but, like, I will change my mind when the facts change and I'm just gonna try and keep calling balls and strikes. And then trying to, you know, be an advocate to help understand ordinary Americans that this technology can and should be awesome for them. [02:00:00] S1: Yeah. Yeah.
02:00:00 · John Coogan, Jordi Hays, Gavin Baker
[02:00:00] S1: Yeah. Yeah. [02:00:01] S0: Yeah. I'm I'm I'm very interested to see how Anthropic and OpenAI OpenAI becoming public companies, like, impacts, like, overall sentiment, specifically on x. Because right now, you have such a small number of people that actually hold shares in these companies. Right? And so like, maybe there's 50,000 people that have some incentive to be relatively optimistic. One, you know, or you know, you should be able to see both the bull case and the bear case for for any company. But when that changes and you have millions of people globally that suddenly can have exposure, how does sentiment change? Right? And I think people are gonna be... I think it will be less... Much less extreme once you have the sort of middle of the road investor has some exposure. Right? And it's not like totally binary where like very very small number of people have exposure like... And and and it's direct exposure. Right? Because if you happen to own shares through some retirement fund or through a hyperscaler or things like that, it... [02:01:05] S2: It's not... Maybe and maybe some of them will do what Elon did, you know. Every child in America is gonna have a share of SpaceX. Sure. That's awesome. I think that's way better for America than setting up some foundation [02:01:15] S1: Yeah. [02:01:15] S2: That, you know, a board or a bunch of bureaucrats are gonna decide how to allocate the money. Yeah. You know, just give people the money. Yeah. Like I hope, like... [02:01:26] S1: That's simple. Yeah. [02:01:27] S2: Let people make individual decisions.
02:01:27 · Gavin Baker, John Coogan, Miles Arnone, Jordi Hays
[02:01:27] S2: Let people make individual decisions. [02:01:29] S1: Yeah. [02:01:29] S7: And you [02:01:30] S2: know, I would, you know, I would encourage more company and more, you know, more wealthy people in America to do what Elon and Michael Dell and and of course, you know, my friend Brad Kirchner [02:01:40] S1: Yeah. [02:01:41] S2: Have done. [02:01:42] S1: That's great. [02:01:42] S2: That's awesome for America and great for capitalism. [02:01:45] S1: Yeah. And it's... It feels so important that that infrastructure got built before the big liquidity wave, before SpaceX goes public so that it's there and it's been tested and it's been implemented and rolled out so that anyone who wants to participate in that can actually go and, like, take advantage of it without needing to, you know, say, oh, it'd be nice if the government had a program that would let let me give shares directly to the American populace. Like, nope. It's there. It works. It's up to date. Like, it's in the App Store. You can go download it. Yeah. [02:02:14] S2: Just give give people the money. Yeah. Everybody stake in capitalism. [02:02:18] S1: Yeah. No. I completely agree. It's great. Well, thank you so [02:02:21] S0: We'll see you very soon. [02:02:22] S1: We'll see you. [02:02:23] S0: Yeah. Tomorrowxsummit.com. [02:02:25] S1: Tomorrowxsummit, November seventeenth, eighteenth, Austin, Texas. We'll see you there. Have a great rest of your day. Cheers, guys. [02:02:31] S0: Good to
02:02:31 · Jordi Hays, John Coogan
[02:02:31] S0: Good to [02:02:32] S1: see you. Goodbye. Let me tell you about Codex. Codex is a powerful workspace for getting work done with AI agents. Whether you're writing code, analyzing data, creating content, or automating business workflows, Codex helps you move projects forward from start to finish. Here's a project you could do with Codex. Find a T Rex skeleton because if you do, you might be the lucky owner of of $47,000,000 in cash. Do we have a next guest? [02:02:58] S0: I thought we did. [02:02:59] S1: No. I I I think we're done with our guests. So Sotheby's just sold Jody. I re... I almost read this as Jordy. You were almost read this as Jordy, and I was like, that's nice of them to name a skeleton after Jordy Hayes. After all, he didn't major in dinosaurs over here. [02:03:15] S0: I studied the blade. [02:03:16] S1: He studied the blade. He didn't major in dinosaurs. You took a class, right, in college. But you have a you have a collegiate level understanding of dinosaurs, which I think is extremely impressive. I took that [02:03:27] S0: class with some of my buddies, and we had multiple people that had to retake the class because they failed. [02:03:32] S1: No. That's amazing. It was like... It was [02:03:35] S0: it was such a trick Yeah. In school because it was... It like, checked off some requirement. Yeah. Yeah. And and it's like... It it was kind of a meme. [02:03:43] S1: Yeah. Yeah. Oh, it's easy. But then if you don't take it seriously a little bit. [02:03:46] S0: The inside joke is that it's, like, it's very, very hard.
02:03:46 · Jordi Hays, John Coogan, Gavin Baker
[02:03:46] S0: The inside joke is that it's, like, it's very, very hard. [02:03:50] S1: Oh, it's actually hard. [02:03:51] S0: Require... But but not not in an interesting way. Just, like, hardcore memorization. Memorization. Whatever the different, you know, trees. [02:03:58] S1: But that is incredibly practical wisdom. I mean, if you think about people complaining, oh, why don't they teach you how to do your taxes in school? It's like knowing dinosaurs is such a critical piece of being a good father. Totally. Like, this is what they should be teaching all... I mean, they they do teach it in lower school, middle school, high school, but it should be in general requirements. No matter... You go to middle school, law school [02:04:22] S2: Well, I think it's... I don't care if you [02:04:23] S1: go to PhD. I want a couple dinosaur classes. [02:04:26] S0: It's sort of... It's important, like, for your own, like, financial health. Right? Because dinosaurs, obviously, emerging asset class. Yes. I think a lot of people Yeah. [02:04:36] S1: You don't wanna get taken to the cleaners buying a T Rex for 60,000,000 when it's trading at 47. Yeah. You just lose $13,000,000 overnight if you don't know this stuff. [02:04:43] S0: I'm surprised. Has anyone fractionalized one of these big guys yet? [02:04:47] S1: Oh, yeah. [02:04:47] S0: Yeah? Oh, yeah.