May 26 2023
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Sacks hairstyle
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Friedberg bath
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DeSantis Twitter Spaces announcement
- DeSantis team wanted to do something different
- Worked with Twitter team to do it on Spaces
- Reached out to Elon/Twitter and reached out to Sacks
- Big moment divorcing ourselves from mainstream media
- Showing credibly that you don’t need to listen to 4 channels to shape your consciousness
- There were technical difficulties starting it up on Elon’s room - worked well when they moved to Sacks’ room
- Citizen journalism, podcasting, audio platforms
- DeSantis rolled with the punches - technical and political
- Contrast to Trump was stark
- Even Biden’s twitter account tried to troll it - that shows they acknowledged it
- Expected negative reaction from traditional media
- All political candidates should engage in long form discussion like this
- Big shots showed up - Michael Dell, Bill Ackman
- Book banning issue - its a curriculum discussion, books aren’t being banned from the state of Florida
- Media has been against DeSantis going back to covid - when he opposed lockdowns - calling him DeathSantis
- Sacks will try to get DeSantis on the pod
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US Debt ceiling
- Credit rating downgrade
- Moody’s gave SVB an A rating a week before it went into receivership
- Biden might use 14th amendment
- System works opposite to logic - they do the spend first then raise their credit limit
- Pentagon has never passed an audit
- Sequester worked well during Obama years but over time military industrial complex was too powerful and overcame the handshake deal between both parties to pause defense spending vs social programs
- War spending is off book
- Ukraine money doesn’t come from defense spending
- So no choices are being made - wars are free
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Ways to force government accountability
- There is no excuse for running peace time deficits
- You can’t solve the problem by raising taxes to 70% because politicians will just increase spending
- It curtails spending and economic activity
- We have been at war ~2 out of every 3 years since the cold war ended
- Government doesn’t solve problems - its just a proxy for special interest lobbying groups
- Federal tax receipts as a percentage of GDP has never been more than 20% - so lets cap government spending at that number
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NVidia guidance up
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Up 19% QoQ
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Datacenter REITs are getting more demand in last 2 months than they have seen in previous years
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GPU racks
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People haven’t seen a revenue guidance like this
- Street was expecting $7B, and Nvidia said $11B
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Joined the $1T club
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Easiest buy ever - how could we miss it
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They are currently trading 70 times next 12 months EBITDA
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In capitalism - you can only over earn for a limited amount of time
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Adobe
- They seem to have overpaid for Figma
- Cool new AI products
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State of Silicon Valley
- Best of times for AI startups, worst of times for the others
- Some founders have sunk 10 years in their companies, coz they didn’t cut costs and now are losing all their money
- If you’re only growing 10-15-20% per year then pivot to Private Equity model, cut costs
- Can’t get VC model like money
- In boom times, VCs who dont take board seats - works - but in bad times you need guiding hand of experienced VCs to help you understand what to do
- Challenging times for founders, investors, builders
- Just keep building - got to stay in the game
- Deal with bad 4 days to enjoy the 1 good day that will get you ahead
- CallIn - only got to 100s of 1000s of users - not millions or 10s of millions which is what you want in consumer business
- Sold to Rumble
- Not a huge outcome
- not a home run, just a base hit
- Have to put your game face on right now to get through this
- Can’t underestimate the invisible hand of the Fed
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Shoutouts
- Poker winner Jason
- Model Y team at Tesla - top selling car
- Besties have special edition Teslas
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All in Summit prep going well
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