00:23:55 · Jordi Hays, John Coogan
[00:23:55] S1: Oh, I think I think Chinese businesses have been relatively immune to US copyright law for a very, very, very long time. [00:24:03] S0: And it also might just take like years to file a lawsuit, do discovery, actually go through and litigate. [00:24:09] S1: Oh, yeah. You you can just go like there's malls in China where you can go to a Nike store Yeah. And Nike has nothing to do with it Yeah. And yet all the products [00:24:18] S0: They've been selling Swatch APs over there for decades. Yeah. [00:24:21] S1: Yeah. Just ask just ask Rolex and Patek how they're
00:24:26 · John Coogan
[00:24:26] S0: Sure. Yeah. I I've heard fake cars too. Like you can get a full replica of like a G Wagon that's just made in a factory and then you could buy it, bring it over here and you take it to a Mercedes dealership and they're just like, this is not a Mercedes. But it looks like one, like like, you know, to the millimeter from the outside. Yep. Internally, it's just it's just frauding. Anyway Anyways. Cdance two point o looks great. OmniFlash looks great as well. These are both, like, super useful. We'll see how they actually play out and how they get implemented, how they get used. The interesting thing will be like like at what point like, it still takes a long time to generate videos. Very hard to get them right. The last 90 like, we're at 99% fidelity, but when you click in, you start noticing little details. When will we be in a paradigm where you ask a question and you actually get an explainer video six minutes, ten minutes like you would on YouTube? Very computationally expensive, very difficult to maintain logic. Like what is the deep research report of OmniFlash? These eight second, ten second, twenty second videos are impressive but not perfectly substitutable for a twenty minute YouTube video because of the time and the level of detail that you can go into. Some people that are looking for information about a V eight engine, they want a breakdown that lasts twenty minutes. And so that's the next benchmark. We got to move the goalposts. Anyway, SpaceX IPO. The prospectus is incoming according to Zero Hedge as soon as May 20. That's today. We will see Goldman lead left. This was a surprise. Michael Grimes has worked with Elon for a long time at Morgan Stanley. There was some back and forth. He went back to Morgan Stanley. There was a question about whether or not there would even be a lead left because it's such a big IPO. Maybe they all share equally. Obviously, they're all gonna make a ton of money off of this. So good news from start to finish, but it is interesting that Goldman was selected. Do you have a soundboard cue you wanna play?
00:26:20 · Jordi Hays, John Coogan, S2
[00:26:20] S1: I'm always ready, John. Okay. [00:26:23] S0: Katie Roof has a scoop. [00:26:25] S2: The scoop athlete of the century, Katie Roof. [00:26:28] S0: Has a scoop on the biggest venture returns ever. Founders Fund and Valor are set to make more than 60,000,000,000 in gains on the SpaceX IPO. Sequoia, more than 20,000,000,000. [00:26:41] S1: Was this was this somewhat of a reaction to D1 getting a lot of credit earlier in the week. Right? They they're they're set to to generate roughly $20,000,000,000 in returns. And maybe some of these other funds thought to put their hand up and say I [00:27:00] S0: don't think. I think that at this scale, like there are so many LPs in these funds that are getting updates and they've been they've known the numbers for a long time. They've known the ownership, the holdings and you do some back of the envelope and you get some pretty huge numbers. Will be very interesting. Huge for Sean Maguire, huge for Luke Nosek and a lot of other folks over at Founders Fund and Antonio Gracias at Valor and all the other Founders Fund folks. [00:27:28] S1: Yeah. Sequoia Founders Fund. [00:27:31] S0: They needed to win. [00:27:31] S1: They needed [00:27:32] S0: win. I mean, you go back like, you know, these investments were made like 02/2010. Like it was not obvious. Certainly, was no Starlink narrative when these were made. There was no space data center narrative. This was a rocket company that was blowing up rockets left and right and not quite getting to you know, massive business. So you really had to believe be a believer and they were.
00:27:32 · John Coogan, Jordi Hays, Immad Akhund, Dylan Field, Tae Kim
[00:27:32] S0: win. I mean, you go back like, you know, these investments were made like 02/2010. Like it was not obvious. Certainly, was no Starlink narrative when these were made. There was no space data center narrative. This was a rocket company that was blowing up rockets left and right and not quite getting to you know, massive business. So you really had to believe be a believer and they were. [00:27:54] S1: It's gonna be benefit. Packy was having some fun on the timeline. He [00:27:58] S5: said Megaphones are too big to generate returns. They're basically just be collectors. [00:28:05] S1: And of course, they're printing. Yes. [00:28:08] S0: They are printing. Well, we have a very special guest joining us today, the CEO, the founder of Figma, Dylan Field, in the waiting room. Let's bring him into the TV and up here. Dylan, great [00:28:21] S1: to see you. [00:28:21] S5: Hey. [00:28:22] S6: Great to see you. [00:28:23] S3: Thanks for Too having me [00:28:24] S1: long. Great to see you. [00:28:26] S0: First question. Are you alive or are you dead? [00:28:30] S6: Very alive. Think you are too. Yes. [00:28:35] S0: It is such a white pill. Why well, I I mean, how have you processed all this? I guess I I we can go into the business and the product and the financials, but I'm more interested in just like the mindset, the emotional journey, like how do you stay sane? Is it an advantage to have been building this business for so long that you can draw on other experiences? Like, what what has the process of going through all of this been like for you?
00:28:35 · John Coogan, Dylan Field, Tae Kim, Jordi Hays
[00:28:35] S0: It is such a white pill. Why well, I I mean, how have you processed all this? I guess I I we can go into the business and the product and the financials, but I'm more interested in just like the mindset, the emotional journey, like how do you stay sane? Is it an advantage to have been building this business for so long that you can draw on other experiences? Like, what what has the process of going through all of this been like for you? [00:29:00] S6: I mean, what's the quote? When in the age of AI, those who say sane win. [00:29:06] S0: Oh, I like that. [00:29:07] S6: Who's quoted pretty accurate. And [00:29:11] S3: You should you should you should own that. [00:29:13] S0: Gonna attribute that to you. [00:29:14] S1: Yeah. We're gonna attribute that [00:29:15] S6: to Not mine. But but but really, I think it's super important. You have to have a even mind about it and, you know, I I know that you guys know this but social media not reality. [00:29:28] S0: It is. It is not reality. We see this all the time. Yep. All the time. [00:29:33] S1: But Yeah. And the the thing that I've been thinking about this week is how AI generated design is seemingly becoming as easy to clock as the as AI text. [00:29:47] S0: It's not this, it's that. [00:29:48] S1: This and that. [00:29:49] S0: Yeah. Right?
00:29:50 · Jordi Hays
[00:29:50] S1: I feel like people kind of like right now, the I mean, the entire market is just going through like rolling stages of AI psychosis and everyone's having it in different ways. Right? So like if you do like equity research, you're obviously gonna go through period of AI psychosis because you can just like type in a few words and get like what what looks like, you know, days, weeks of of, you know, really really great work. And sometimes it is great work. And if you're a designer, web designer and you can do type in a few words and get what looks like a great website instantly, you're also gonna go through that period and and you can just see these sort of like pockets of of AI psychosis all around the industry industry broadly. Broadly. Mhmm. But it does sort of like fade at some point and then if you're able to stay sane, you know, through those periods and not let yourself succumb to it, you can get excited about the potential and benefit from it but not lose your mind in the process. And I think like we were seeing that with, you know, early on with ChatGPT and like writing. Right? Before Mhmm. It was super obvious to clock. And then we were seeing that with design specifically where yeah. When you can just go and just generate stuff design that looks like good design. I'm not saying it is good design. And and I think we're kind of coming out of that now where you can just instantly clock when something was was generated and sometimes for a specific type of asset or use case, it's totally the right move to just generate something quickly. But I think we're already in a period right now where I if I go to a startup's website and it's clear that it was just like a one shot, you know, prompt, like that says something about the company. Could be good, could be bad. We don't know.