Oracle Rips, Larry Ellison's 1997 Vanity Fair Article, Global Fertilizer Crisis | Diet TBPN

So Oracle had earnings yesterday and it was an absolute blow out.

The stock's up 10% the God candle.

The God candle, I like that.

It's still way down from the crazy highs of last September.

So it was a $470 billion company now, not bad,

but not quite the almost $1 trillion company that it was last year.

But they're still up over the last 12 months.

So they've sort of ridden this crazy curve up

of the stock basically double, then it's sold off by half,

but it's ticking back up.

And the main thing is that was it overhyped underhyped?

I don't know, but this earnings was important

because a lot of people were worried about the catbacks,

the infrastructure build out.

Was there going to be demand?

What was the timing of buying GPUs?

Yeah, timing was a big thing.

Because when you had that initial like the announcement

around the RPO last year, the criticism was, hey,

you're basically going to try to build ADWS in like two years.

Yeah.

And no one, I mean, obviously the market at the time

was quite excited about it, but there

was some concerns around just how aggressive the timeline was.

So seeing them hit their timelines at this stage is super important.

Yeah, it was like 500 billion of RPO, which is like,

that's ADBS size numbers.

And that's a lot of what I think is going on here.

That's actually the dynamic.

The market is demanding another AWS.

And so let's go through the top line numbers first.

So analysts estimated 86.7 billion on revenue.

Oracle said that they will hit 90 billion for fiscal year,

beginning in June.

Now people don't care as much about the top line number.

Everyone's obsessed with infrastructure business,

the infrastructure business.

So the previous quarter showed growth of 68%.

That's not bad.

Analysts said this quarter, we're looking for 79%,

and Oracle delivered 84%.

So they beat estimates.

That's why the stock popped, of course.

The infrastructure business is particularly important

for two key reasons.

So first, Amazon, Microsoft and Google,

like there's more than just them when it comes to hyperscalers,

but they are unique among hyperscalers

in that they have ADBS, Azure, and GCP.

They have true cloud platforms, cloud infrastructure platforms.

OpenAI does not yet.

Meta does not yet.

Meta is a hyperscaler, like they build huge data centers,

but they don't have this flexibility

that comes with operating something like AWS.

And so who signed big deals with Oracle?

It's OpenAI and Meta.

And fortunately, those deals are going better

than people expected.

People were worried.

And people were saying, is layer gonna get caught holding the bag?

Well, it looks like things are penciling out so far.

So Meta and OpenAI both have massive ambitions around AI.

They both signed on with Oracle to ramp up data center capacity.

Oracle is just this extra burst of CapEx capacity in the system

and they're ramping up.

So 50 billion in CapEx in the current fiscal year

and they're consistently outpacing analyst estimates

in the fiscal third quarter.

Analyst predicted 14 billion of CapEx,

Oracle spent 18.5.

So Larry is certainly opening the pocketbook,

digging for coins in the couch cushions,

but we'll get into the long-term implications of like,

what does this mean for becoming over leverage debt?

Drawing down on cash flow,

there's actually a lot of interesting structure going on

within the financials that shows you.

Even though he's definitely risk on, definitely AGI-pilled,

all full tilt ahead into the build out,

it doesn't feel like financial recklessness

because of the structure of the deal.

So the second reason that infrastructure is so important right now

that I think people on the outside are sort of missing

is that compute is still growing exponentially.

But AGI adoption curves often look like S curves.

And so the classic one is consumer LLM usage.

So open AGI came out with chat GPT

and the numbers were just like insane.

It was like 20 million users overnight

and then 100 million and then 200 million

and it was just like, okay, this curve is going

completely vertical.

We're going exponential.

But of course, there's only 8 billion people on earth

and a lot of them just don't use really computers apparently

because meta over two decades

has only gotten three and a half billion users

to use the whole suite of apps, including everything.

So just WhatsApp, you can just be a DAU of Instagram

and you count in that.

We all, everyone in this room counts in Meta's DAU for sure.

Even if you're like, I'm not really that big on Facebook

or I'm not that, I don't use WhatsApp that often.

You definitely, they got you.

Except for half the human population,

which is not on Meta platforms.

For a variety of reasons, some geopolitics,

some economic, but basically,

there's going to be a slowdown.

So OpenAI shot up to basically a billion MAU,

monthly active users.

The official number that's getting trotted around right now

is 920 weekly active users,

but everyone behind the scenes says like,

yeah, they're well past a billion.

And so that curve is slowing down.

Like there's just no way you can be like,

yeah, actually like we're expecting 10 billion

chat GPT users next year because like,

there aren't 10 billion people.

So there's going to be deceleration in consumer AI usage.

It's efficiently aligned super intelligence

might want to stimulate the growth

of human population.

Good take, good take.

Yes, you go to chat GPT and says like,

hey, I know you've been thinking about having a fourth kid.

You should do it.

And here's why, maybe.

But at least for now, we are seeing deceleration.

And I think for just a lot of people, they're like,

yeah, I use AI, I have an app on my phone,

maybe Gemini, maybe Claude, maybe OpenAI,

maybe ChatGPT, I use it, maybe I use GROC,

maybe you see it, you know,

then did it into different systems.

I interacted with it on Instagram.

But like, I'm in, but I'm not like blown away

by the growth of this thing because everyone started

using this a year ago and we're still all just using it.

But compute is scaling very differently

because when we went from LLMs in ChatGPT to reasoning models,

that probably 10X the amount of tokens

that people were generating with 01.

And then once GPT-5 came out,

the reasoning models became much higher usage rates.

And then the agents framework the open clause,

the code access and the cloud codes,

that all did another 10X in token volume.

10X is like a very rough number.

But it's basically growing exponentially.

So you have these double exponentials.

Yeah, just the way to think about it.

Instead of you coming into ChatGPT to do some type of query,

you're effectively one person can effectively multiply themselves

by 10, 20.

And then it's just constantly using it all day long,

all day long, all day long.

The actual like experience surface area

and the number of people that are like trying AI

for the first time is decelerating

because everyone's tried it.

But compute is still 10Xing.

So token consumption per user is exploding

and open clause and agents like code X and cloud code

are also an early part of the S curve adoption.

So we're still in that, it's still in that exponential.

They're melting GPU fleets.

There was some viral bear posting

about how Oracle was in financial trouble

because of the economics of their infrastructure bets.

So naturally, they have to buy the GPUs

before they can rack them and sell them as infrastructure.

This is business 101, but people were maybe surprised by that

or something.

There was a whole press cycle about this.

And it seemed very silly at the time.

And I think everyone was like, yeah,

this is exactly what we expected.

But a lot of people were like.

From the people that brought you the one gigabyte data center.

Similar, similar crowd potentially,

but there was a lot of fear around that.

And some of that is legitimate because if GPUs

depreciated really quickly, Oracle had to buy the GPUs.

They had to send the money to Nvidia a year in advance

and then it took them two years to get them into data centers

and actually do the deals and all this stuff.

That would have been a squeeze on cash flow, for sure.

But that's not what happened.

We have some hard data on profitability now.

And Oracle is, first up, they're on or ahead of schedule

with 90% of the capacity deliveries.

And that means happy customers.

And then second, Gross margins actually improved.

So guidance was 30% and they hit 32%.

So Oracle's AI infrastructure is profitable,

the moment it comes online.

And they're also increasing that backlog.

They increase the backlog of RPO,

remaining performance obligations to $553 billion.

So customers are happy, they're ramping.

And overall, the demand is just flowing

in the right direction.

Companies and consumers are happy to pay for AI tools

and LLM tokens.

Labs and AI inference providers are happy to pay

Oracle for infrastructure without crazy delays.

And this means Oracle doesn't need

to get into dangerous financial engineering territory

where they need to go crazy negative cash flow,

issue a bunch of equity, issue a bunch of debt.

And we saw the God candle print.

The Coby SC letter shared Oracle stock surges over 8%

after beating earrings and posting a 44% jump in cloud revenue.

They also had some comments on the SaaS apocalypse

from the earnings haul.

You've all heard the thesis that new companies

coding quickly using AI will spell the death of SaaS.

I don't agree with that at all.

I do think that AI tools and their coding capabilities

would be a threat if we weren't adopting them.

But we are, and very rapidly, Oracle

is using the best AI coding tools

and the best developers.

The use of AI coding tools inside Oracle

is enabling smaller engineering teams to deliver

more complete solutions to our customers more quickly.

We are building brand new SaaS products using AI

and also embedding AI agents right into our existing application

suites by embracing AI with small engineering teams.

We have built three brand new CX applications.

Let's give it up for customer service.

And our new website generator.

They said, in fact, we just used the website generator

to build and launch the new server-fooding site.

How's it look?

It's beautiful.

It looks AI-generated.

It's very good.

It opens with just eight buttons.

Cloud multi-AI database, multi-cloud AI database,

AI data platform, Cloud at customer.

You might not like the design of this, but this is peak performance.

Look at this.

Look at this.

I like the way the buttons lay out horizontally

is particularly crazy.

So when you go back in time to understand Larry Ellison,

because in 2013, Vanity Fair wrote a profile about Larry Ellison

that is absolutely unhinged.

I've never seen a profile like this about a taxi.

At the time, he was easily the richest man in California

with $6 billion, Oracle CEO, Larry Ellison.

Co-founder of the world's second largest software company

is Silicon Valley's most.

This is from the June, 1997 issue.

This has been uploaded to Vanity Fair on 2013.

Sorry.

This is from 1997.

So right in the heat of the .com boom,

things are just kicking off.

We are far from the crash.

Everything is awesome.

Genuinely incredible that back then,

you could be the richest man with a Paltry $6 billion.

It's crazy.

That's like an aquahire these days.

It actually is.

Love from.

Oh, yeah, love from.

I was thinking of Windsor, but the fact

that we're thinking of multiple is insane.

He was easily the richest man with $6 billion in California,

Oracle CEO, Larry Ellison.

Co-founder of the world's second largest company

is Silicon Valley's most notorious playboy

and a sportsman of the first rank

who flies fighter jets and races world-class sailing boats.

But his burning ambition is simple, if naive.

Bring down Bill Gates.

They were in a bitter rivalry at the time.

As Ellison moves to add Apple Computer

to his anti-microsoft arsenal, Brian Burrows,

locates the fragile psyche behind the bravado.

Michael Jordan is streaking down the court

on a fast break as Larry Ellison

sitting seven rows up from court side.

See, weird, right?

Is that a better seat?

I don't know enough about basketball.

I just think six billion.

Maybe he wasn't liquid.

Maybe he just couldn't afford the actual court side seat.

It seems crazy, right, that he's seven rows up.

Although I don't know, he's having fun

because he's at the United Center in Chicago

and he begins enthusiastically telling the story

of Rupert Murdoch, Rupert Murdoch's severed fingertips.

This is a crazy story.

I had no idea that this happened.

It happened when Murdoch was crewing

on Ellison's championship sailboat, the Sayonara,

making coffee and handling minor chores

during a race off the South coast of Australia in 1995.

He was just like, the guy who's just gonna hang out

and like, yeah, you don't really know anything about this.

You're just on this boat for fun.

Make me coffee and it's Rupert Murdoch, which is insane.

We got to shake Rupert's hand.

I didn't notice any missing.

We were gonna get to that.

I didn't notice any missing.

What happened?

So just as the race ended, Murdoch made the mistake

of grasping an overhead rope,

which promptly shot through his hand,

ripping the tip off of one of his fingers.

He didn't say anything.

He just kind of put his finger in his mouth, sucking on it.

Ellison says, chuckling.

I can't remember who picked up Rupert's finger,

but we picked it up and put it in a plastic bag

and put him in the chase boat.

That night, after a successful emergency microsurgery,

there's microsurgery.

I guess it wasn't that big of a deal,

but that seems insane that they had to reattach this finger.

They do the emergency microsurgery

at an Australian hospital.

Murdoch amazed Ellison and his crew

by making it to the after party.

And then several days later,

by crewing again on a race

to the Tasmanian capital of Hobart.

And Rupert Murdoch, it's not like he was 25 in 1997.

I'm pretty sure he was in his 50s.

He's 95 now.

Yeah, so he must have been almost closer to 70s.

Yeah, wow, that is incredible.

Of course, Ellison says with his little boy's grin,

that doesn't alter the fact that his coffee was horrible.

I mean, the man runs a great company, but his coffee sucks.

It's incredible.

Over the course of the bull's pounding

of the Indiana Pacers, Ellison,

who grew up on Chicago's tough south side

and remains an avid bull's fan,

breaks into lusty cheering and joking boasts.

I can do that.

He shouts after one thunderous Jordan dunk.

Such a crazy heckle.

You mean heckle at the seventh row?

The seventh row.

You didn't upgrade to the front court side seat,

but you're still heckling none other than Michael Jordan.

To gossip about nearly every power player

at the nexus of technology and communications in the 1990s.

His arch rival, Bill Gates, his best friend, Steve Jobs.

His business partner, Mike Milken, Mike Ovitz, Ted Turner, Murdoch.

He just piloted his Cessna citation

into Chicago's downtown Migs field from New York,

where he spent the previous day in meetings with Viacom Sumner,

Redstone, Intel's Andy Grove, and Ray Smith of Bell Atlantic.

So you may be wondering.

You might think it's crazy, he's piloting his own Cessna,

but at that during that era,

he was getting into dog fights with his son.

Exactly.

He needs something more agile.

He can't be flying a 737, 747 at that time.

For one thing, Ellison is the wealthiest American you've

probably never heard of.

With a fortune estimated at $6 billion,

he is easily the richest man in California.

I think three David Geffens, 10 full milkins,

and according to Forbes, the fifth richest man in the nation.

For another, he is co-founder, controlling shareholder,

and chief executive officer of the world's number two

software company, Oracle Corporation,

which makes the giant computer databases

in which American Airlines keeps track of its planes.

Ford Motor keeps track of its spare parts.

And the Central Intelligence Agency keeps track of well,

whatever the CIA keeps track of.

He could also be the next head of Apple Computer.

This was a crazy rumor that never came true.

The famed but faltering industry icon he has been

eyeing for the past two years at the end of March.

Ellison's surprise Silicon Valley by suggesting

that he was about to launch a takeover bid for the company.

So he's friends with Steve Jobs, but was like,

it was underperforming all the way until the iPhone, basically.

But the 90s were like a very rough time for Apple

as they sort of rebuilt Tim Cook, of course, joined

and did a ton of work to improve the supply chain,

get them to the place where they are today

where they've been so dominant.

On top of all that, Ellison is the mind behind the most.

The most talked about new idea in computing

in the last two years, the network computer,

known as the NC, a stripped down personal computer

that stores its files on a network instead of a hard drive.

It doesn't have to use Microsoft's omnipresent Windows

operating system.

The NC represents one of the safest challenges yet

to Bill Gates' dominance of personal computing.

So the original Mac Mini, there was a time few months back,

a few months back, for instance, when he created a stir

by going on Oprah to talk about the NC.

He goes on Oprah and is like,

we got to talk about network computers.

We got to talk about network computers.

Guess what, it's headless.

You're not going to need Windows and they're like, what?

So he's talking about the NC.

Only to have the show take a sharp turn

toward his personal affairs when he confessed

that he had yet to find the right woman

to fill the void in his life.

After his Oprah appearance, Oracle's phone lines

were jammed with thousands of calls from women.

The joke inside Oracle was that the company's new recording

would be, press one, if you want information

on Oracle's products.

Press two, if you want information on Oracle's services.

Press three, if you want to fill the void in Larry's life.

Larry would have loved Instagram DMs.

Insane, it's one of the craziest profiles.

We don't have time to go through all of it.

Julia writes, is Paramount's AI first merger

a force multiplier or fly boys all over again?

Hollywood is bracing for layouts and big creative changes

if the Paramount Warner Brothers Discovery merger goes,

mega merger goes through.

So there's a very funny then yet to start this

vanity fair piece by Julia Black,

where she's talking about,

she went to A16Z's American Dynamism Summit

and was asking people there about media.

So she was talking to a media executive

in line for the bar and he predicted countless small

indie outlets catering to highly niche audiences.

Love that prediction and then he says,

and then David Ellison's SkyNet, he deadpanned.

The terminator reference was the kind of thing,

CGI explosion, fanatic Ellison might actually appreciate.

And the joke being dropped at a defense tech event in DC

goes to show how many different industries

from tech to politics are keeping an eye on the M&A drama

unfolding in Hollywood this month.

The merger brings together dozens of media properties,

Paramount, Warner Brothers, HBO, CBS, Tik Tok, Oracle,

Silicon Valley's ties.

There's a lot of stuff that's going together.

But they're going to be using AI to streamline back office.

They're going to move to Oracle Cloud databases

to centralize everything.

These are standard M&A things.

Everyone's worried about layoffs.

Might happen.

People are particularly worried about one of the two

physical studios that they own selling.

I think they got to give us a call

because we're looking for a new ultra dome

and nothing would be greater than having

the entire Warner Brothers studio to ourselves.

We're like today on TVPN.

Yeah, ideally we'd have a camp.

Launching a car off of a, we're going to light ourselves on fire.

You really can't do that in these studios.

But they want to produce 30 films.

Realistically, how many of those are

going to be shot in Hollywood studios?

Does it make sense financially to do some stuff

in Atlanta, some stuff in Toronto, some stuff overseas?

It all depends on where the movie goes.

Taste lands, what ticket sales are like.

Paramount right now is saying, look, layoffs aren't really

the primary way we are going to get consolidation or value

here.

What did they say?

They said something like layoffs, a rumor.

Let me see.

The layoff fears are overblown.

Synergies will be achieved in six key areas.

Jobs are not the majority.

I did give a quote here.

Julia writes, AI could unlock new potential for Warner Brothers

to discover treasure trove IP from Harry Potter to DC Comics

for that potential Ellison and company

are paying a hefty $110 billion, a number that

was driven up by a fierce bidding war with Netflix.

And I said, the Ellison family is fascinating.

On one hand, you have the very aggressively AGI-Pilled Larry.

I love that I stuck AGI-Pilled into the vanity fair.

AGI-Pilled Larry, building the future, investing heavily

in Oracle data centers.

And on the other side, you have David buying

the past, accumulating intellectual property

that feels impossible to rebuild.

A duo is basically long-slop and long-anti-slop.

And so this is an interesting.

They're hedged.

I think it's neutral.

I actually don't think it's market neutral.

I think they genuinely believe that both generative AGI

will accelerate and the value of intellectual property

will increase.

It's not, oh, we're going to live in a future where

we're all watching the dark night on film in theaters again,

or we're watching Gen A.I. Sora feeds.

It's, we're doing both.

And they're actually going to meet.

And so I believe that they are long both of those.

It's not a market neutral bet, in my opinion.

Will they have the creative freedom?

Or will Larry Ellison step in and put his thumb on the scale

and try and inject a little bit?

And there is real cause for concern.

We actually got a little leak here of a script

for what could potentially be the synergy.

Yeah, for what could be the next Batman film.

So this is called Batman, the Dark Knight Migrates.

So we're going to do a little table read of the Dark Knight

Migrates.

It starts in the Batcave at night.

Batman stands before an enormous monitor.

Alfred approaches with tea.

You'll be Batman, Jordy.

Sir, the riddler has taken Gotham's entire power grid hostage.

He's encrypted every system in the city.

Pull up the city infrastructure schematics, Alfred.

I'm afraid I can't, sir.

Our on-premise servers are buckling under the load.

If only we had a cloud-based solution

with autonomous threat detection

and built-in machine learning.

Alfred, launch the Oracle Cloud Infrastructure Console.

Oh, so the integrating sponsored content for Oracle.

That's how you want to size the Warner Brothers IP.

Yeah, yeah, the DC universe.

Alfred looks visibly relieved.

Right away, sir, spinning up an OCI tenancy now.

I've taken the liberty of provisioning

a few ampere compute instances as well.

They have an excellent price to performance ratio I might add.

So they're giving the viewer what they want.

They want the story of Batman, but they're also

sneaking in just a little bit extra detail at Oracle's offer.

And migrate the back computer's databases, all of them.

Oracle does do great migrations.

To Oracle autonomous database, sir.

Is there another kind?

It does patch in tune itself, sir, which is fortunate.

Since I also have to iron your capes.

See, they're still putting in the cape ironing.

That's still in the Batman world.

You're getting a little Oracle.

But you're also getting a lot of Batman.

So now let's shift over to the Riddler's hideout.

Tyler, would you like to be the Riddler?

Yep.

OK, I'll be the henchman.

Riddler is in front of a wall of monitors

showing Gotham in chaos.

OK.

Riddle me this Batman.

What has no locks but can't be opened?

Gotham's grid.

I've encrypted it with my own proprietary algorithm

running on seven different no-sequel databases

held together with Python scripts.

Oh, that's a nightmare.

Boss, the systems are getting kind of laggy, says henchmen 1.

Just for start the servers.

Which ones?

There's like 400.

All of them.

Oh, no.

So we go back to the back cave.

Batman types furiously.

Oracle logos look softly on every screen.

A hologram of Ellery Ellison rotates slowly

in the background for no discernible reason.

Batman.

Batman says.

I've identified the Riddler's encryption vector, Alfred.

Deploy the decryption countermeasures

across all OCI regions simultaneously.

Leveraging Oracle's global network

of over 40 cloud regions, sir.

Latency is under two milliseconds.

Shall I enable Oracle data guard

for disaster recovery?

Always.

Gotham is the disaster.

I've also taken the liberty of enrolling

as an Oracle support, the premium tier.

That's the most responsible thing

anyone in this city has ever done.

Oracle Cloud from the back cave to the border.

It's nothing but kidding.

He fires his grapple gun and vanishes into the night.

The bat signal illuminates the sky.

But tonight it's shaped like the Oracle logo.

Gordon alone quietly.

I really should talk to him about this.

Smash cut to black title card.

Oracle, the Cloud Batman trust, shouldn't you?

So there's an interesting call sheet out there today,

which companies will release a fully AI-generated multi-episode

scripted series before 2027.

Overall, it's pretty low.

It's 16% for Netflix.

14% for Disney.

Remember, Disney has a deal with OpenAI alongside Sora.

But Disney has not said, oh, OK, yeah,

we're actually going to do this.

And Paramount Plus is a 10% of course,

David Ellison has been talking about AI mostly

in the enterprise, mostly actually unironically

in OCI and Oracle databases.

I would expect Paramount to not want

to be the first mover here.

Odd lot has a new episode on the impending fertilizer crisis.

They say we all know that the war with Iran

has sent oil prices spiking.

But it's also pushing up the cost of all sorts of chemicals,

including fertilizers and other nitrogen products.

They're essential for food production.

This is all happening at the worst possible time,

just before the spring planning season

when fertilizers most needed.

And while farmers have seen higher spot prices

for things like Yuria before, which is a fertilizer,

notably back in 2022, there are already

signs that this crisis might be worse

so how is fertilizer actually made?

And what do higher fertilizer costs

mean for farmers in food prices?

Well, I love Odd lots.

It's so good how deep they get into the supply chain.

Over in the oil world, the IEA has approved releasing

400 million barrels of crude oil reserves

in an effect to lower oil prices.

The largest emergency oil release in history.

How is oil trading today?

It's at $86 a barrel for crude oil, up 5% today.

Little coverage here on the Jones Act.

The Jones Act has four requirements.

Vessels must be US-built.

Vessels must be US-owned.

Vessels must be US-crued.

Vessels must be US flags.

The crippling part of the Jones Act

is that US-built US shipyards for a variety of reasons

are incredibly inefficient.

We don't have that many of them.

And they cost about five times what a ship from South Korea

would cost.

As a person who actually believes in trade,

I fully would love for South Korea

to become our US shipyard.

We just buy ships from them because they're

good at making them.

Coastal water transport in the US could be 60% cheaper.

Because of the Jones Act, it's actually

cheaper to ship goods from the US to a foreign country and back

to the US than between two ports, which

is completely bonkers and sane.

As a byproduct, we have killed all the growth within the Mississippi,

which should be the most powerful inland economic advantage

in the world, maintaining the requirement

of US-owned US crude and US flagged is perfectly fine

and in line with my general national security concerns.

But US-built has destroyed our shipping industry.

There's tens of billions of GDP lying on the table here

and a direct step in reducing our dependency

on foreign suppliers.

It's also how you kickstart rebuilding an American shipyard

industry.

If you 10x the number of US ships working in ports,

you start building all of these maintenance businesses

at US ports and the demand increases.

The US-built requirement of the Jones Act

is horrifically destructive to America.

And in particular, horrifically destructive to Middle America,

and it should be destroyed.

The Jones Act, the last gasp of the prohibition

is signed into law by President Calvin Coolidge

since 1920, when the 18th Amendment went into effect,

the United States had banned the production, importation,

and sale alcoholic beverages.

But the laws had been ineffective at actually stopping

the consumption of alcohol.

The Jones Act strengthened the federal penalties

for boot lagging, of course, within five years.

The country ended up rejecting prohibition

and repealing the 18th Amendment.

But we'll end with this post from Zag, lefty Zag on X.

Said T100 Wednesday, and post a photo of reading

the business and finance section, today's newspaper,

today's Wall Street Journal.

I love seeing that.

On what appears to be some sort of private aircraft,

someone asked, and they said, what type of plane

and where are you headed?

And Zag said, king air.

Short flights, staying in North Carolina,

took Rebs plane for a spin.

So they're all having fun.

Well, go have fun.

Deval says AI is going to drain a lot of modes,

and we have some advice.

Keep a hose in the mode and put some alligators in it.

Well, I believe we do have the end credits.

We have a new outro for you today.

And we worked very hard on this, so we hope you appreciate it.

We hope that you enjoy.

We hope you enjoyed this show today.

It's been an honor.

World win tour.

I really enjoyed it.

We have a special show tomorrow.

We'll be in person somewhere.

And we have a very special show on Friday.

That one's going to be special.

The Friday show is so sad.

Subscribe to maybe the most.

Or substock tvpn.com.

Leave us five stars on Apple Podcasts.

And see you tomorrow.