The AI Energy Bubble: Biggest Opportunity or Biggest Trap?

0:02 Yesterday, Wall Street got two very different answers to the same question. How much is AI's electricity problem actually worth? Vertiv reported revenue growth of 61%, orders more than doubled, and its stock jumped 16%. Meanwhile, GE Vernova reported $29 billion in orders, a backlog of $197 billion. They raised their guidance, and that stock went down.

0:25 And Bloom Energy, after getting crushed 20% in two days last week, it was back up 18% in three days. So it's driving all of this. AI has a problem that even the world's most powerful chips can't solve. Not enough electricity. Morgan Stanley now estimating AI global technology power shortfall of 38 gigawatts through 2028.

0:48 That's roughly the output of 38 large nuclear reactors that just don't exist. That's enough to power 30 flux capacitors. The big question, who's gonna actually make money solving the electricity problem? Today on Dumb Money, the AI energy bubble, is it one of the greatest investment opportunities of the last decade or is it a trap?

1:08 This is Dumb Money, live. Hey there, Dave here along with Chris and Jordan. We are Dumb Money. Welcome to Dumb Money Live. Before we run out of power here ourselves, go ahead and smash that like button. See how I do that? Every time it's a different way of telling you to smash the like button because it's that important to the almighty algorithm.

1:32 Good morning, Chris and Jordan. This is an episode that Jordan has been pushing for for a while now. And meanwhile, Chris, you've been loading up on even more Bloom Energy along with Amazon, which is reporting after hours tonight. So a lot to cover today. Where do you guys want to start? Yeah, I mean, you're asking basically how we got here and how we got here is It's 2026 and everyone seems to be an imbecile.

2:00 I saw a clip of Jon Stewart going viral with this anti-AI guy, Ed Zitron. I haven't watched it. I've got that bookmark to watch. I haven't seen it yet. Yeah, I don't really understand. At what point did Jon Stewart basically lose his mind completely? I thought he was always kind of a relatively sharp guy, at least.

2:21 And now he's sounding like the guys in Congress when they're interviewing Zuck about the Internet. And they don't even understand what the Internet is. You know, like it's the crazy. Like, when did everybody get so goddamn stupid? And this Ed Zitron guy. might be the most wrong person in 30 years of watching the market.

2:41 Like basically everything that comes out of his mouth a year later turns out to be wrong. And yet he's getting invited to do more shows to talk about how AI is fake. And literally the bar just keeps changing. every six months. Everyone is so effing dumb. It's the nature of people's attention span. The headline of AI is going to kill us all gets more clicks than AI is so good and helpful.

3:09 Well, Dave, that's actually a legitimate stance. I'm not saying it's not going to kill us all. I think AI might actually kill us all. That's not what I'm complaining about. What I'm complaining about, or what I'm befuddled over are the people that just don't even think it's real. That's the thing that is objectively wrong.

3:32 Okay, so I haven't seen this interview. The argument is that AI is not real? Yeah, the entire thing is basically a big circle jerk of companies fabricating fake demand for a technology that doesn't provide any value just so they can pump up their revenue numbers. That's essentially what all these people are saying.

3:57 And by the way, what they're saying changes every few LLMs will never get any better than they were like two years ago, right? Like two and a half years ago. And then when that turned out to be wrong, they just keep moving the bar. So the bar moves every 60 to 90 days. Listen, if you want to come out and say that AI is going to kill the world, I'll listen to that because I actually think, there is a meaningful tail risk that that's going to happen.

4:25 Unfortunately, I hate, I hate saying it, but I think it might, but, but like the, to say that all of this is not real, it's not productive, that it's not, converting into any value for any human or company that is utilizing this technology is maybe the dumbest thing I've ever heard in my life. And it's just objectively wrong.

4:49 And it's misleading so many investors. I mean, there are millions, tens of millions of investors that this is all they see because you know how the algo works. If you get in that circle of this is all a big bubble, the bubble, the algo, right? That's basically all you see now on X. And so you literally just think, all this is fake.

5:14 It's all a big bubble. And of course, the truth is maybe somewhere in between, right? It's not like AI is 100% of what every single entity is saying it is that's investing in it, or AI is fake. right it's it's probably some i just can't even wrap my head around the ai is fake argument like i cannot i can see that maybe people are going to have a difference of opinion on just how impactful it's going to be like is it going to change things you know 5 000 or 500 but like it's going to change things It already is.

5:59 It's not like debatable. It's just open your eyes. What was the argument, Chris? Were they talking about the Anthropic S1? Or what was going on in the interview? I mean, the clip that went viral is basically about, again, Circular financing and all of this is essentially fabricated that the demand is not real.

6:24 It's just money going from one company's pocket to another, which, of course, the entire global economy is circular. I understand that. Yeah, that's a bad argument. Yeah, I can't. Circular financing can be happening. getting AI to progress further faster? Guys, finance by its nature is circular, right?

6:53 And so the big question you need to be asking is, is it providing meaningful value to the end user? That's what you need to ask. At the end of the day, is it providing enough meaningful value to the end user that the value of the dollars being spent are contributing more than what's being spent on the technology.

7:16 It's just that simple. You don't have to overthink it. And by the way, that's not supposed to happen on day one. Companies spend money sometimes for a decade to invest in a new technology before it starts actually producing meaningful value beyond what's being spent. That's every industry in the world, especially new industries.

7:43 And the larger the industry, the more that needs to be spent to set it up on the upfront. Just look at the history of every economy that's ever existed. It takes meaningful amounts of investment. And then you start to see the fruits of that years later. Why is everyone thinking that AI... should be adopted by incumbent companies.

8:03 And immediately within the next one to two years, they start seeing the benefits of it. That's just insane. Do you not remember the internet? Do you not remember how many years companies had to spend on actually onboarding to the internet before they saw any value from it? It was ridiculous. And there were companies in AI that failed, just like there were internet bubble companies that don't exist.

8:28 But, like, that's not... Dave, just think about CRM, okay? Just think about the value that CRM provides to companies, okay? Although everyone is, like, CRM's useless now, right? So, CRM... Some companies would spend up to two years... going through change transformation to onboard Salesforce back in the day.

8:50 Two years just to onboard it, okay? And then it didn't start providing benefits immediately because sometimes it would take another year before employees started using it correctly, okay? So you could be looking at two to three years before your company even sees the benefit of, of adopting a single software platform, customer relationship management.

9:17 Here we have the most groundbreaking, maybe largest technological breakthrough in human history, artificial intelligence, and you think that we're going to basically... create that technology and onboard it and see meaningful benefit from it in terms of economics within a couple of years is absolutely insane.

9:47 No, guys, this is a multi-decade thing. journey that we're on it's not yeah so i was um i was reading something and i wish i would i didn't uh i don't have it in front of me but there's this concept that people are using in organizations ai um in little silos right and so that the the way that they're using ai kind of mimics the way that the organization is structured currently and that it's going to take time to rethink is this how we actually need to structure the organization, right?

10:21 To where we have these individual silos using it, or does it need to be more widespread throughout the organization? And so I think that that's, that's probably where you're coming from, is that it takes time to even figure out, how does this operate across the entire organization or within a team in particular?

10:39 So the example they gave was that, you'd have like a guy in charge of product and he's using AI to come up with ideas. And you'd have like a project manager using AI to help streamline the project management process. And you've got the guy that's, the team that's actually developing software and they're using AI to aid their coding.

10:57 Do those all need to be silos or do they need to come together into a more cohesive unit? Or can they kind of be siloed and then also behind the scenes be talking to each other and have a bigger picture? Like, it's going to be a slow adoption process. but it is going to be adopted. I mean, look at Google guys.

11:19 Look at Google. Everyone's so obsessed with whether AI is a bubble. I think they're missing something way, way bigger. Google's showing us that AI could be so wildly successful. Think of the AI mode on Google, right? As a technology. It's so successful that it's simultaneously threatening the economics of one of the most profitable companies in the world, Google, because on their earnings call last night, we found out that so many people were now using AI mode in Google.

11:54 that it was negatively impacting their growth of search revenue because they monetize AI mode not as well as they monetize traditional search. That's the story that investors should be paying attention to. Not that AI fails, but that it succeeds spectacularly and that because of that, It's having a monumental impact on some of the world's largest companies, sometimes not great at first.

12:23 By the way, I said this about Google a year ago, and I got roasted. Remember how people came down to me when I said, hey, Google was in huge trouble because they're essentially faking their search growth because it was all coming from AI mode. and queries that were AI queries that were not being monetized.

12:45 Yeah. And at the time, we had GPT talking, you know, querying Google behind the scenes and coming back with results that don't feature any of the advertising. Everyone said I was wrong. Everyone said I was losing my goddamn mind. OK. And I was like, no, this is going to haunt Google at some point. But no one believed me and people continue to buy up Google.

13:06 So I got out of my short position and I was like this. This time, the timing was you were way too early on that call. But do you think that Google, as big as they are? while their main revenue line is the search line, do you think that it's going to continue to have a material impact and that that's a stock that's going to trend down over the next three years?

13:30 I think it's absolutely going to have a material impact on their search business, which is like 85% of their revenue historically, of their profits, excuse me, historically. Now, will it really make a difference for Google overall? The thesis has always been that if Google gets large enough as an AI infrastructure company delivering both TPU chipsets and cloud computing for AI...

14:00 that that would counterbalance what they're losing in search. The reason why I'm not invested in Google right now is because I think there are companies where you can get the benefit of the AI infrastructure growth and that kind of TPU chip growth without having to deal with this massive business that has these headwinds where every single quarter, they're going to get beat up more and more.

14:29 by people using the AI mode and that being more difficult to monetize. Now, if they can figure out a way to monetize AI mode, as well as traditional search, then I would change my opinion, but I haven't seen them do that yet. And I just don't want to be in a stock where that's a threat because it's a huge fucking threat.

14:52 I'd rather be in Amazon. That doesn't have to worry about that problem. Now Amazon has a few other issues, right? But, I don't get it. I like, I wish I was still shorting Google, but the truth is we never knew what quarter this was going to come out. Every quarter that they, you know, announced earnings, I was like, is this the quarter where we would see the cracks?

15:12 Because they're so good at Google of hiding the cracks. They basically, if you kind of read into Google's biggest advertisers that are coming out on X, and Reddit and actually talking about what's happening, they are essentially squeezing every last penny out of search right now. They are doing everything they can to maximize their revenue so that the world doesn't see what's happening to search until they can build up their AI infrastructure business and chip business to be big enough to make up for the shortfalls there.

15:46 So they're like, screw search, you know, And that they are. Yeah, I was going to bring that up. There's a there's a good thread by a guy called Max Anderson on Twitter where he talks about his experience with with Google advertisement. And what he's saying is exactly what you're saying, that they're squeezing as much as they possibly can.

16:07 That basically, you know, the exact match for words that they used to have. Now they're broadening those and. becoming more greedy as you were to being able to match so that he can get that revenue. He makes a bunch of accusations in that thread. I think it's worth reading, but yeah, Max Anderson on Twitter.

16:30 Jordan, it's not just him. There are a lot of other people that are substantiating exactly what he's saying. As you know, our entire community of social arbitrators have been closely monitoring Google trend data the last year, year and a half. And that's exactly what we've seen in the trend data. You can't trust it anymore.

16:49 It's all AI query convoluted. So the entire data set of Google search trends is essentially trash now for the most part. And it's really difficult to trust unless you see something really, really big. Talk a little bit about how this similarly affects Amazon, a stock that you're very bullish on. Well, I think I think Amazon similar search risk, but they also have this AWS that's kind of saving the day.

17:24 Yeah, so Amazon doesn't have a search problem. Obviously, they're not a search company, but Amazon has a theoretical issue with their explosive advertising division, which is... generated so much in profits for the company over the past couple of years. It's one of their highest growth segments. And the theoretical that every human starts using agents to do their shopping for them means that the advertising layer as we know it on Amazon becomes meaningfully less effective.

17:58 So how long will that take to play out? I have no idea. Is it a concern I'm worried about? Not really. It's one part of Amazon. Even if we all move to agentic AI for shopping, it will probably take many, many, many years to play out. Also, Amazon is going to have its own agentic shopping bots that you'll be able to utilize.

18:22 Additionally, I believe that Amazon will deeply connect with other agent bots. to enable them to shop on Amazon eventually. People don't understand why Amazon doesn't want bots on their platform. It's not just because they are protecting their advertising business. It's because they essentially lose control of the end customer, and that needs to get resolved because if bots...

18:50 end up making purchases on behalf of humans, and those purchases were not fully permitted, they end up getting way more chargebacks. All those chargebacks meaningfully... Impact Amazon, the return process, fraud. There's just a lot of elements to agentic shopping that have to be worked out before you can integrate them into a company like Amazon.

19:17 So you cannot fault Amazon for taking their time and saying, hey, we have a plan for agentic shopping. They've said it will be big. They just need to figure out in a way that's safe for Amazon, that's not going to threaten the way that they do business with their customers, including returns, including chargebacks, including fraud.

19:39 So it's obvious that Amazon can't just instantaneously allow hundreds of millions of bots to start randomly buying stuff across their platform without the consumer's explicit permission. So I think this problem is way overblown for Amazon, but it is a problem that's investors fear right now. And, you know, investors are just fearful of everything.

20:09 Investors are so fearful. They're just so scared. They're always on it. They don't understand. They don't understand the technology. I'm very curious how you're playing Amazon's earnings, if at all. Are you leveraged up? Are you just in your naturally large long position? It's never been harder to place a large leveraged short-term trade because the market has never been dumber.

20:37 And you really cannot trust the market to make rational decisions based on an earnings report. So... I'm unsure what part of the earnings port of Amazon earnings tonight, investors are going to care about, you know, Amazon can knock it out of the park in, you know, every facet of their business. And there could be a single line that's delivered during the earnings report that gets blown up across social media and takes Amazon down for a day.

21:13 Or it could be just they talk about what they've got to spend in CapEx next year, right? Google brought it up again yesterday and it did not go well. We're still in that CapEx fear cycle of we have to assume that amazon will increase capex and the market's going to hate it because they don't trust amazon they don't trust any ceo guys this is absolutely an insane time that we're in where the smartest most ambitious most informed founders and CEOs and business executives in the world that are closest to artificial intelligence, as well as being closest to the companies that are buying artificial intelligence, are all out there saying one thing, which is the demand is real and The way that this demand is resulting in increased productivity and meaningful value to our end clients is real.

22:20 So we see the biggest opportunity we've ever had to invest aggressively into this technology and make more money than we've ever made. And yet you have... guys on Wall Street and retail 24-year-old investors that are like, this is a bubble. You don't know what the hell you're talking about. You're an idiot, right?

22:42 And these guys have essentially never accomplished anything in their life related to business. They have no insight into the actual – business economy, they are very far away from it. They are getting most of their information recycled from whatever's going viral on X that week. And yet the vast majority of the market is choosing to believe some random...

23:10 people with big accounts on X, like Michael Burry and Ed Zitron, who's never accomplished anything in his life, it doesn't look like in this world, right? Like, wasn't he like a gaming media person? Who, Ed Zitron? I don't know his background. I have no idea, but it feels like everything that comes out of his mouth, for the most part, tends to be wrong as it relates to AI so far.

23:39 So, but these are the people that are getting the exposure. These are the people that are getting millions, tens of millions of eyeballs on what they say. So it's creating this atmosphere of fear and. And let's just be honest about this. Like, we don't know exactly how this AI cycle is going to play out.

24:02 There are going to be a lot of bumps along the road. There are going to be winners. There are going to be losers. There's going to be a lot of creative destructionism happening with any technological cycle. But if you're going to play the odds and just run scenario analysis, are you not going to put some money on the fact that maybe the majority of the world's CEOs, founders and business leaders that are closest to the business economy and all of these companies and what their buying decisions look like the next three years, that they're just all wrong, that they're just all wrong.

24:43 Right. And so it's not just that what they're saying, it's what they're doing. They're signing long term contracts, right? And long term commitments, not only with data centers, but the data centers that are turning around and signing long term purchasing agreements for power. Right. And so. All of these guys are doing this for a reason because they see where this stuff is going.

25:05 But to the negative side, there was an experiment that I saw. It was just like a quick experiment by a TikToker who talks about stocks. And he showed his engagement level per, you know, what the video was talking about, whether it was a bearish video or a bullish video in the engagement for the bearish videos are like 10x to what they are on the bullish videos.

25:31 Right. And he's like, I don't actually have a position that's bearish or bullish on this, but just the feedback cycle of this negativity. People people just eat up. But Jordan, the algorithm knows that. Well, sure, yes. The algorithm could feed into it too. Yeah. And what's crazy, so as humans- People love fear.

25:55 They have to click on the thing that is a scary headline instead of one that says everything is great. So but has anyone just like stopped for a second and said, hey, if we move forward 20 years, 25, 30 years, do we think we're living in a world with conventional SaaS software? Right. Like, do we do we really think we're going to go backwards?

26:18 Do we really think that this whole thing is just going to unwind? and we're going to go back to where we were in 2015. But absolutely not. That's not an option, guys. Like we're going forward with this, whether people like it or not. By the way, there are aspects to AI that I can't stand. But we don't really have a choice at this point.

26:41 It's moving forward. And if you're an investor, your entire world is trying to identify the ground truth in what's real. because ultimately you cannot fight that. Ultimately, that's what's going to surface. And I don't know how many more FUD cycles we have to go through on AI before people start realizing that it's not going away.

27:03 But... You'll find new FUD cycles to invent along the way. It's going to be a decade of various... Everything gets better, and then we're going to find something else to worry about. Yeah. But Dave, the real issue is the misinformation, right? Like it's the degree of misinformation, like the anthropic and the $80 billion loss that now we realize wasn't a loss.

27:32 It was just a conversion, a markup on the value of the debt that they had issued to one bank. investor amazon that is now yeah it has to be marked up right so right there was another similar thing um going on in google's uh financials also i think there was some sort of like one-time write down uh non-cash write down of uh their space spacex equity in uh the current quarter that in fact that impacted their uh their numbers um Yeah, and it helped them last quarter, obviously, right?

28:10 And then this quarter, they got crushed on SpaceX. Right. I just the one thing that really bugs me is the misinformation because this these storylines get corrected and yet virtually nobody sees the correction because the correction doesn't go viral. So you have these stories like Anthropic lost 80 billion or whatever the number is.

28:35 And then you have a correction. no one reads the correction. Yeah. So like 95% of the market still believes the misinformation in that viral story. And that's the world we're living in right now. But as an investor, that's real. Like the fact that people are trading on bad information, the fact that people just don't know what the hell they're talking about is something that you have to deal with.

29:02 So in the Can you really get that to answer your question that you asked me like 30 minutes ago, Dave, how much money can you afford to put on a short term, highly levered trade if you don't have confidence that the market is being rational and is going to even interpret a report? rationally, right? Like that's the issue that I'm having right now.

29:27 So do I have a long position Amazon? Yes. Has it gotten larger? Yes. Is it levered? Yes. Do I have some options going to into earnings? Yeah. But I'm totally fine if the market F's this up, because I'll just go deeper into Amazon if they decide to do what they did to Google, because Google deserved it.

29:45 I don't think I don't think there's anything that can come out in the report tonight with Amazon that would basically make me think that that would put Amazon in the position that Google's in today, right, to where they deserve to get not. And if for some reason someone misinterprets something in that report and decides to do that, I'm happy with it.

30:12 I'll take the loss this week and I'll just dive deeper into Amazon. I'll make more money on Amazon down the road. So I'll win either way. I'm fairly confident of that. And by the way, if there is something that comes out, then I'm like, dude, that's bad. On Amazon, I'll be the first to admit it. I'll put it on X.

30:30 Do you have any thoughts, this comment coming from X, thoughts on Elon taking shots at Amazon about blocking GrokBot and praising Shopify? Yeah, I mean, Elon's going to, you know, Elon's going to knock on everyone. That's not his technology, right? Like, if Elon... But what do you think the likelihood of Amazon eventually having a partnership with various bots being high?

31:02 I think it's close to 100%. Again, I went over all the issues that they have with bots. They have to figure that out. They'll just have to figure it out. We know we're moving into an agentic world. You can't avoid that. Amazon knows that they're going to have shopping bots to deal with the next 30 years, and they'll deal with it, but they're not in a rush.

31:25 These shopping bots just came out, Dave. The only people using these things, how many... I mean, did you see... I don't think the adoption on Muse has continued to that acceleration. The adoption on Muse seems to be... relatively, I don't want to call it flattened out, but it's not accelerating. Well, we've seen the stock took that initial jump and it's pulled way back.

31:58 Yeah, I mean, listen, we're moving into an agentic world to some extent with shopping. However, there are also people that enjoy shopping. I want to put that out there, right? Like people actually enjoy the process of shopping. Now, a lot of guys don't. But I think that's pretty much 50% of what all women do is shop, right?

32:19 Like so... I don't want to generalize. There is broad generalization. I mean, is it wrong? We can send those hate comments. Luckily, our audience is like 98% dude. Yeah, but is it wrong? Is it wrong? I said 50%. I don't know. It could be 30%. It could be 70%. So it's somewhere close to 50%, I think. It's probably higher than 50%.

32:42 So do we want to bring the conversation back to the, uh, the, the thing that, that all of this AI is powered by, which is actual power and the title of this episode, because we're now 30 minutes in and we have not mentioned a single, uh, AI power play. Yeah. Jordan, you spend a lot of time on these power companies.

33:04 I only care about one, uh, You know, I'm going to talk about Bloom because I think if you really believe that we are going to continue to move forward with this AI trade and that AI is real and data centers aren't going anywhere and for the next five years. there will be a continuation of wanting to build out more compute as fast as possible and energy is the one of the missing pieces i think bloom is probably the biggest winner here um yeah i mean bloom is great it still relies on natural gas though right and so some of what is going on outside of the natural gas space is interesting to me so like you've got The two that I like are Constellation and Vistra, that they both have more traditional sides to power generation, but what they're doing for AI and their power purchase agreements, which are some of those long-term contracts,

34:14 that I was talking about that are being signed by some of the biggest companies in AI. So, um, meta, Amazon, Microsoft, these guys are all signing, you know, uh, Facebook, uh, they're, they're all signing long-term power purchasing agreements with these guys, um, because they're trying to push them into, you know, cleaner energy.

34:38 And so, you know, they've got, um, government loans and commitments that are pushing them to fire up nuclear. I like it. It's so both of these companies have kind of taken a two sides approach where they keep their, especially Vistra, they keep their traditional, you know, utility company running on natural gas.

35:08 And at the same time, they're trying to diversify into nuclear to make up some of that demand. Right. Yeah. But do you think do you think when you just look at earnings growth? Yeah, potential for massive amounts of earning growth the next five years, because bloom is I think you're looking at so like for Vistra, maybe like what I read is like 20 to 30% earnings growth for 2027 is kind of what they're looking for.

35:42 They have like 40% this year. And so yeah, right, it's not like, it's nothing that's gonna knock your socks off. But for like a good, boring energy trade, it's not too risky, I think that there's value there. It's fine, I like, Bloom is structured more as a technology company than as a traditional energy company.

36:11 And if you just look at the theoretical earnings growth on Bloom over the next few years as it starts to scale out. Yeah, look, I mean, I don't think there's anything wrong with Bloom. I like Bloom. I own Bloom. And, you know, I think it's a great company. I think it's super interesting technology. Like I said, the downside, it's still, you know, it is cleaner, but it still does rely on natural gas.

36:37 Yeah, natural gas is not going anywhere the next five years, though. No, 100 percent. Look, these nuclear spin-ups that they're doing take time, but I think it's worthwhile. I think it's a cleaner form of energy. I think you have a lot of advantages by leaning into nuclear. It just takes time. And I'm long bloom too, but I think that the thing to worry about there is not the demand.

37:07 They have plenty of demand. It's their valuation is so high and they have negative cash flow. Yeah, of course, Dave. It's called being a technology company, right? And they haven't started really ramping up any of their product yet. So they're in the earliest stages of actually monetizing a decade of of R&D and getting to where they are now.

37:33 So again, I think Bloom is just a really misunderstood company because it's so misunderstood. People look at the PE, they don't, obviously the PE is high right now. They're just getting started guys. They're literally just getting started. Yeah, we talk about the advantages of Bloom. You can stand up Bloom at a data center and you're not, you basically just need a natural gas pipeline in, right?

37:59 You're not having to put in, you know, like a natural gas generator. You're not having to put in a turbine. And so the noise pollution is way lower. You're not pulling direct grid energy. So you can, you know, that town hall meeting where everybody's erupting about their energy prices, you're like, no, no, no, we're just, you know, we're producing our own energy here.

38:19 We're not taking a single thing from the grid. And so, yeah, Yeah, I think that's going to be a fan. It's a good sell for communities when you go in and put in a data center somewhere near them. If you look at all of the obstacles facing data centers and energy, Bloom circumvents a lot of them. The knock on Bloom is the cost of that energy is a bit higher, right?

38:48 When you go through Bloom, so you're paying a premium, but... It's getting cheaper every year because they are a technology company. It has gotten cheaper. And if you look at how that is going to continue to improve on economics over the next few years, we could be at a place where Bloom is right there, lockstep with equivalent cost of energy and also provides quicker ramp up and again, circumvents a lot of the issues that all the municipalities and counties and states have an issue with right now when it comes to data center energy.

39:29 Yeah, it all comes to them ramping like a technology company. And, you know, they've already shown their revenue growing. They have raised their guidance. It just they need to keep keep going full steam ahead. And it's not power at all. Dave, to some extent, they just need to prove that it's real because half the world thinks that Bloom's not even a real company.

39:50 Remember, they're like they don't have enough of this one element that comes from China to do this. They have a PR problem. They've always had a PR problem. Yeah. I love it, though. I just don't understand why people don't think it's real. I mean, they're deploying these things. They don't think AI is real either.

40:05 We talked for 20 minutes about how AI is not going to actually do anything to benefit companies or the economy or anything. They don't have enough scandium. Jordan, don't you know that they supposedly don't have enough scandium? David, this is the story that's been happening for three and a half years.

40:22 Was that the Hunter Brook conclusion, Chris? Dude, it was four, like three different short reports that have come out every nine months for the past three years saying the same thing. And it's like, I... But the CEO came out and refuted that, so I don't understand why it's even still a thing. Yeah. It's not just the CEO refuting it.

40:41 There's so many independent reports explaining why it's wrong because they're not accounting for increase in efficiencies in the technology over the past few years. There's just so much wrong. I'm not even going to get into the old short report on Bloom. It's a joke at this point. But because... What would actually change your... Like, is there something that is going to make you want to get out of your Bloom position?

41:08 Like, what is that turning point? What should we be worried about? Yeah, I mean, if for any reason they run into the inability to actually scale, if we find out that Bloom is... taking meaningfully longer to scale the tech in deployments because they have these big deployments now, right? So if any of those big deployments go bad and people are like, hey, we're having massive issues with Bloom, Bloom is not as scalable as we anticipated it to be once they start to scale it out in like a wide deployment, That would be an issue if I see that happen.

41:52 And I would probably reevaluate my entire bloom position if that happened. But I haven't seen that happen yet. It takes a really long time when you have a new technology for a large incumbent. Think Amazon, Meta, Google, Amazon. core way to to to rely on that technology, because if Bloom doesn't deliver the entire data center, right, is screwed.

42:19 So it's one of these companies where they have to, like, take baby steps into this world, prove themselves, prove out that they're able to deploy at scale with one of the big hyperscalers. and then they get all the other deals right yeah I guess my point is there's going to be a mix right it's not it's not you know Bloom or nothing uh of course G Verona's putting turbines in um Vistra and um and Constellation are you know firing up nuclear so it's a it there's going to be a mix in the power consumption across all these guys And so, you know, for me, I'm not all in on Bloom.

42:58 I own Bloom, but just about the same as I own Vistro and Constellation. I would say this. I kind of like the concept of having an energy basket right now. These companies are trying to lock in energy guys. for decades they're trying to lock up electricity for the next 20 years think about that yeah that's these ppas that i was talking about dave they're the power purchasing agreements that the hyperscalers are executing with constellation and with this drone Yeah, so we have the biggest technology companies in the world competing to lock up electricity for the next 20 years.

43:40 Just think about that. They're making multi-decade commitments to secure power for a technology some investors are convinced is a passing bubble. So someone is spectacularly wrong here. Yeah, so either these contracts are going to be worthless in about a year or... they'll be executed and the revenue will happen.

44:05 I am on the side of assuming that these contracts are going to play out and they are real and the demand for power is not going away anytime soon. Again, whenever you have something that's new and it's like a big unknown, my philosophy is to always push out so far into the future And just like in this case, 50 years, it's so obvious that we're living in a world that just sits on top of compute and energy.

44:37 Right? Like it's just so obvious to me. Yeah. We can kind of debate what that energy looks like. Is it nuclear? Is it still fossil fuels? Right? Is it solar? Is it something else? But for the next so many years, we're obviously in an energy glut. Like it's very hard to foresee how that is not the situation that we're in.

45:00 So I love the concept of just not overthinking it and having a basket of these energy stocks, including the boring ones that Jordan likes, quite honestly. I think I'm going to buy some because why not? There are way more boring energy companies than Jordan's. Constellation? I wouldn't call that boring.

45:18 I wouldn't call Vistro boring. It's really not that boring. I mean, look- GE is boring, and they're the ones that are selling all the way out to 2032. They've got a backlog that far. So your 50-year future may be a little further, but 10 years out, we're already at capacity for some of these companies.

45:35 And I've been in and out of GE Verona too. I've just been trading that one, but- What about Solaris? Are you looking at that? I haven't touched it, but it's kind of the, it's the, that's the one that I don't really have as much of a handle on. I can't really talk about that one. I don't, I don't know.

45:53 Guys, can I touch on the Reddit is has earnings today. It's just a fascinating company. This has got to be one of the most fascinating trades. I, I, I have a friend who claims to have put 250 hours into Reddit research. Uh, And I think it's like 20, over 20% of his portfolio, which for me is nothing.

46:18 But like for him, I guess that's a lot. So I think this is a fascinating trade. Reddit has been getting punished all year because they rely meaningfully on search traffic. to drive foot traffic to Reddit. And all of the data is showing that the traffic going to Reddit is slowing down. Okay, especially here in the US.

46:47 Why? Well, we all know why, because when you search on Google, You more often than not end up on AI mode if you even use Google. And obviously, if you're using chat, you're just getting the answer you need because all these companies are scraping Reddit for the answer you want and just giving it to you.

47:12 Well, some companies are scraping and some are buying. So OpenAI has a contract and they buy information. But Jordan, even the companies that are buying from Reddit, like Google. Yeah, they're not linking back, right? So the Google AI view does link back. It looks like a Gemini box. Does anyone click those little links?

47:31 No. And the annotation source, I never click on. You don't need, it might link back, but no one needs to go back because they just. No one needs to, but I like the nuance. And so I tend to click through. Yeah, but you're a nerd. I know. I'm a nerd boomer, but... You're a tech guy. You're a tech guy. Okay, but here's what's important.

47:52 The contracts that Reddit did with these companies were misnegotiated. They were done so cheaply, it's actually embarrassing, okay? So they're basically giving away... They're either giving away their data for pennies on the dollar or their data has just been getting scraped by other AIs. And they are no longer getting these people to come to Reddit where they can serve them ads because people can just see the result they want on AI mode or on chat GPT.

48:30 Now, all of these deals are up. mid next year. I think the deals end up, all these deals end between Q2 of 27 and Q3 or Q4 of 27. So, 2027 is the year we are going to find out how much these frontier models are willing to pay to continue to be able to loop into Reddit to get those answers for their customers.

49:04 And I think that number is going to be massive. Yeah, look, I think with the amount that these results, these AI results use Reddit, It's up to date, real information. It has not. Jordan, Reddit is the biggest information source, I think, in the world. That's what I'm saying. I'm like, I don't see how this really can play out without Reddit.

49:30 Yeah. I don't think it can play out without it. That's what I'm getting at. Within these little communities, within subreddit worlds, people actually love to engage with it. So it's a platform that people like. It has data that is useful to AI. Yeah. I think it's valuable. I think, I can't believe it's been selling off for as long as it has.

49:48 Yeah. Well, I think even though the people are, arriving at Reddit because of the results. I still think you have Redditors that just love getting in there and getting in the weeds. Well, Jordan, of course you do, and you always will have them. But when you look at mass adoption and growth of Reddit, It is getting completely disrupted by artificial intelligence because the regular person, the normie, just wants the answer.

50:20 And the normie... People who used to go to Reddit just to try to find the answer to what they're looking for can do it way faster with AI. That's correct. And that's where Reddit needs to just put a big price tag on that because it is valuable to the company that is charging 20 bucks a month for AI access.

50:38 But they also need to demand that it's very clear how to get back to the original discussion that's giving this answer. And I'm sure they will do that. But guys, what's fascinating about this is the market is so short-sighted. And in the short term, this is a disaster for Reddit. And it's very clear that they're up against this headwind, which is a meaningful headwind.

51:05 And it's so obvious to the market that... And nobody knows when they're going to announce these deals. And nobody cares because in the short run, all they're thinking is Reddit has earnings tonight. And yet it's going to be probably in another quarter where their growth of foot traffic. They talk about usage going down and total traffic going down.

51:28 Yes, that's the issue, or at least the growth going down, right? So that's the issue for Reddit. So as an investor, how do we think about this? You have a couple options. You could say, hey, I don't know when the world is going to wake up to these new deals. I don't know if it's going to be a leak, if it's going to be management coming out and basically giving us insight into these deals.

51:51 But what I love, guys, is that Reddit foot traffic has been gotten so beaten up that management now has full visibility into how dangerous the situation is. And I cannot imagine a scenario where they are going to negotiate anything that is not at least as good as where they were before, probably plus way better, and as just a cash deal, and a deal that is variable, meaning the more queries that, that are pulled from Reddit data, the more they get paid.

52:29 So if AI ends up accelerating even quicker than it is today and becomes an even bigger problem for Reddit over the next couple of years, they don't need to worry because as AI inquiries grow, fed with Reddit data, They get their back. They get their money either way. And just a little insight here. The Google deal that was signed in February of 24 is up in February of 26.

52:58 And the OpenAI deal signed in May of 24, which was a $70 million deal, that's up in May of 26. Guys, could you believe that you're talking about deals that are in the tens of millions of dollars? I mean, this is a joke. Google's was $60 million and OpenAI's was $70. I could make a case that those deals should be billions, okay?

53:21 They should be billions. At least hundreds of millions, not tens. Yes. I can make a case they should be billions. And I could also make a case that there is no company in the world right now that is potentially more valuable as an acquisition to one of these companies than Reddit. Imagine if you're- Right?

53:41 Because we had, who was trying to come out with a Reddit competitor? Was it Facebook that announced that? That's what I'm saying. Think about how much they would spend trying to build this and all of the advertisement, all of the whatever to try to get something like that up and running. That would be billions of dollars.

54:03 Yeah. Yeah. So, again, it's a very difficult stock to trade because you either have to go in now not knowing when this leak happens or you can just wait. And I have read it. I have a long position in Reddit. It's not levered. I don't have options, but I'm constantly reevaluating the timing on Reddit because I think the second you hear about a leak, the second you hear about a deal getting done, the assumption is that all those deals will be similar.

54:36 They're not going to cut a deal with Google and not have a similar deal with Anthropic. with open AI and on and on. So I think it's one of the most interesting trades this next year. I just don't quite grasp the timing of it. It's really tough. Well, we know that they're going to have to have some kind of a new deal in not long from now.

55:03 February. But are you going in on Reddit or not? I've got a small amount just to let you know. I don't have any Reddit right now. It's one that I'm going to be watching though. Yeah. I've got a small amount. It's underwater. I don't really care. Hold on to it. What do you, yeah, I don't really even think that they're going to be able to say anything on this earnings call that's going to be good news.

55:23 So I'm not, I'm not jumping to get in. It's already down so far from its highs that I don't feel like I'm, I don't have the FOMO of not being in Reddit today. Oh, there's no FOMO. It's just, it's, it's just Mo, I guess. It's Mo? Yeah. You know, there's a comment right now. The problem with Reddit is there's good and correct information, but there's also nonsense.

55:48 Well, yeah, welcome to the world. Have you been to the internet? Yeah, so listen, that's an issue that they need to deal with. I feel like Reddit probably because of their kind of upvoting system, they at least have a system in place where, for validation of information and data that people feel is correct and should be seen by more people.

56:20 So at least they have that system baked in. So it's better than nothing, okay? which is why I think that's valuable. Yeah, A&I can actually read the entire thread and figure out if there is a consensus and provide a consensus view rather than having to piecemeal and read the entire thing. Yeah, the thing about the upvoting, though, is it doesn't always mean that the answer is correct.

56:41 It might be funny, right? Yes. And so you never know. Yeah. That's the great thing about AI. It can also fact check from other sources. It can use Reddit as a source of a human who provided some information and then fact check against other sources all at once. Something that you can't do yourself. You're correct, Dave.

57:03 So... Exactly that. I just think Reddit's unbelievably valuable. So I have to own Reddit. I'd like to be levered in Reddit. I got to figure out my timing on it. People keep asking about Amazon again. Guys, I'm in Amazon. I do have a bit of an earnings trade on. It's not as meaningful as the earnings trade I put on last quarter.

57:27 That's tonight, right, Chris? That's tonight. Yeah. Who knows what, who knows what the negatives that we're looking at going into Amazon earnings. One is obviously cost of diesel, right? Amazon is the world's, basically the largest logistics company in the world, right? So the cost of energy has been high.

57:53 That could meaningfully hit Amazon's retail business. Also, the cost of... you know, like RAM and stuff is high. And that I think I've already I saw a report where there was a pretty big hit that they've already somewhat pre announced to Amazon products like Alexa, because they're having to pay up for you know, RAM and those products.

58:20 Yeah. They just, they just revamped the entire lineup of home products. Some of it looks pretty cool. Although the prices go up, babe, the prices, I mean, it's a new lineup. They now have like a laptop looking thing that sits on your kitchen counter. It's I think a 16 inch screen. Yeah. So that's like a $700 ish product that I got.

58:40 Oh, $700? It doesn't make much sense to me. If you're going to do that, just get yourself an iMac. Yeah, or get an iPad or something, right? Yeah. But totally revamped product lineup. The feedback I'm hearing early is people are like, yeah, this is the nicest looking lineup of Alexa-based products that we've seen.

59:03 But you've put so many ads in the products that unless there's a way to buy out of the ads, I'm not interested in buying this product. Maybe that's just the super tech nerd world that I live in. But I don't want my kitchen timer to try to sell me something. Guys, people are asking about Take Two, and I think we should touch on it because I did a couple shows where we talked about Take Two here.

59:30 I talked about it on Ice Coffee Hour, and things have changed. So when I discussed Take Two and Grand Theft Auto 6, the one thing that we didn't really dive into was the acceleration of AI and the theoretical threat. that game development would be fully democratized sooner than later. Okay, so that is something that has happened over the course of the past couple of months.

1:00:05 And as a result of that, a lot of investors are quite honestly super worried, not that this is going to happen in the next year or two, but that it's an inevitability. And that companies like Take-Two would be negatively impacted if... And forget about GTA, games like that. GTA is going to be a hit. My whole thesis all along is we already knew that.

1:00:29 And that had to have been priced in. Well, again, I hate it when people say that crap when you say it. What does that actually mean? You can't just say the word a hit. Like, a hit, is that 50 million, 20 million, 80 million copies? Like, there are... Yes, of course, GTA is going to be a hit. I don't even think that the number matters.

1:00:49 I think that's the dumbest thing I've ever heard. Okay, so let me ask you this. They are projected to sell 30 million. If they sell 130 million, you don't think that matters? That's BS, Dave. No, I think that does matter. Factually, objectively wrong. But right there, you just said there is a target.

1:01:05 And if it beats that target, it will matter. Yeah, and you're saying it doesn't because it's a hit. So it's going to be a... Okay, let me ask you this. A movie... People know that... Just give me any movie that we know is going to be an effing hit. Like just any movie. It's going to be a hit? Yeah, just give me the name of a movie.

1:01:26 That documentary that just came out that is beating all sorts of box office records. Oh, the one about our favorite fraudster? Yeah. I can't wait to see that movie, by the way. Dude, I've heard it's good. I've seen it. But I can't wait to talk to you about it. Okay, what if the movie does a trillion dollars of revenue?

1:01:44 That's a bigger hit that's gonna impact the stock, right? So like, what I'm saying is you can't just say stuff like that because that's, and by the way, but people are saying that, which drives me insane. The investors are so lazy now, and they're just so surface level No, I'm saying that what I don't need to know what that 30 million or I don't I don't need to know what that number is.

1:02:10 I know that it's going to do better than that number by a little bit. And if it goes crazy, that's great. OK, yeah. If it does better by a little bit, it's a non issue, right? Oh, yeah. I agree. That's what I'm saying. It's going to be a hit, meaning we're expecting it to be a hit and it will be a hit.

1:02:27 Now, if it's a crazy runaway hit, like way beyond expectations, yeah, the stock's going to go up. Maybe. Or maybe people got so excited and bought it back six months ago. I think the real issue here is that the narrative of what matters most to gaming companies has shifted over the past couple months.

1:02:48 When we were talking about GTA and Take-Two, the narrative was all about how successful will this game actually be? Will the gameplay actually live up to the hype to where Take-Two can meaningfully monetize this open world over the next few years in ways that no company ever has before. And this becomes an absolute cash cow that's maybe 2x bigger than what the market was anticipating.

1:03:17 However, now investors seem to be more concerned about all the other games that Take-Two and other gaming companies make. The future of legacy big publishers that spend years and so much money developing these titles. If anybody can essentially create a game on the fly, is there any value in a gaming publisher in 2035?

1:03:43 So even if you still have three or four years where gaming publishers can make amazing games, more amazing than maybe you can make with AI, If that ends in five years or six years or seven years, how do you value these gaming companies? So the same way that we saw multiples get destroyed with SaaS companies, with CRM companies like Salesforce, it's not because Salesforce is going away.

1:04:14 It's not. It's that Salesforce is going to have a massive headwind on its growth the next 20 years, Because, yeah, do large incumbents still need to use the record of data, which is Salesforce and their company because of having a 15 or 20 year history of bug fixes and various things? Yeah, American Airlines is still going to use a CRM.

1:04:41 But is a startup going to use Salesforce or are they just going to use one of 100 competitors that are coded for next to nothing in an AI world? probably the latter. And so that's an issue for Salesforce's multiple going forward. So what we're saying is if the future of gaming looks like the future of content creation, where you have tens of millions of people creating games on the fly with very small communities playing them, essentially for free, right, or close to free, then what does that look like to the multiples of gaming companies?

1:05:19 It's scary. I don't know, guys. And by the way, the fact that that question even exists is a problem for gaming companies like Take Two, because it casts doubt on the ability for them to generate revenues deep into the future. It's a concern. I don't know. Have you seen what people are doing by like back Jordan with like back engineering this stuff on AI?

1:05:46 There's a name for that. I forget what the name is. Like where they essentially just load up whatever it is they want to create. And it... Yeah, there's reverse engineering. And they're doing it. Like people are saying that you could theoretically do that with GTA 6 in like a few days once the game is released.

1:06:04 I don't know about a few days. I'm not an expert on gaming. Yeah. The engine does a lot of work. I don't know. I don't know. I don't know either. I mean, they're doing like Adobe Suite in a few days, it seems like. But anyway, so someone asked me about Take-Two. So I lowered my position in Take-Two meaningfully because of this.

1:06:28 I always say as an investor, you have to be open to new information. You can't be so tied up in your thesis that you're just going to fight everything that comes out on your thesis. The second that I saw this, I started lowering my position in Take-Two. I still have a long position. It's like 20% of what it was before.

1:06:49 20 maybe 25 so i've sold off like 75 of my take two position and thank god i did look look at what's happened to the stock you know so again by by being open to new information uh by not getting too caught up in your own narrative It allows you to be flexible. And I saved myself an enormous amount of money by getting out of take two the second that I saw the narrative change and what investors were caring about.

1:07:23 So I'm not trimming Amazon, guys. I don't see a reason to trim. I'm answering a question. I don't see a reason to trim Amazon. I just am not going to place, you know, a $3 million options trade tonight on Amazon. I'm not going to do that. I have an options trade. It's not that high. You'll still be happy if it goes up.

1:07:49 You'll be happier if it goes up than down. But like you say, you're just going to double down if it goes down. Um, I, you know, I don't even know, Dave. That's a great question. Like, will I be happier if it goes down? I'll just I'll see it as an opportunity to buy more. I'll be happy either. I just don't care.

1:08:09 I really don't care that much either way. What Amazon does tonight. I'm curious. I'm curious. At this point, I'm just curious how the market reacts to everything. Because I find it funny. Like I just, I'm observing. how investors are reacting because they're so ADD, like they'll react one way and then two days later, the complete opposite.

1:08:35 Yeah, we saw that in Bloom. You can't take this seriously. Bloom down 20% and then up 18% within five days. Yeah, so if you get caught up emotionally in the reactions, thinking that those reactions are substantive. you'll end up making mistakes. And I think this is really an important time as an investor to actually have conviction.

1:08:59 If you have conviction to kind of stick with your conviction, if the information doesn't change, like if Amazon says something the night that pisses me off, yeah, I'll clip my Amazon. I'll, I'll get out of it. But yeah, If the market just sells it off because they don't like that. Amazon says they're going to spend 300 billion next year on CapEx, which could happen tonight, right?

1:09:20 Like Amazon could definitely come out tonight and say, they're going to spend 300 350 next year on CapEx and Amazon. I guess they'll get smoked on that information. Right. And what's the number they've been saying until now. They haven't talked about next year. I don't think. But on one hand, there has to be an assumption that it's going to go up.

1:09:43 But then you know when they say it's going to go up, the stock is going to get hit, which makes me nervous to be overly levered in Amazon because that could be tonight. So I think we all have to be really careful with Amazon. Their 2026 full year spend is $220 billion. That's the last guidance that management gave.

1:10:08 I mean, guys, Microsoft is down right now after that report last night. Microsoft was up so much. It's just this is the market that we're in right now, and you can't fight it. You just can't fight it. If this is the way it's going to be, this is the way it's going to be for a while. So you just I'm warning people don't get over levered.

1:10:34 Just don't get over levered. on stuff in the short run. It's really dangerous here. Really dangerous. I wouldn't do it. I do like that. It's red going into the print, though. Do you? I mean, yeah. I doesn't even matter at this point. No, but I mean, it's not just read today, right? It's been read for three months.

1:11:01 Yeah. I mean, that's just the world we're in right now, though. Yeah. I don't feel confident about anything. No, I don't feel confident, but I like that it's red more than I'd like that if it was green right now. And I want to be really clear, like someone said, geez, the biggest Amazon bull got cold feet.

1:11:19 I don't have cold feet on my Amazon thesis. I have cold feet in how investors are going to react to something that might or might not happen tonight, which I think is a positive, which is, hey, guys, we're seeing so much demand for our product that we decided to spend even more money on infrastructure next year because we want to make even more money.

1:11:42 And investors are like, we don't believe you. We don't believe anybody. So we're going to sell you. That means you're not going to cash flow next year. Like, guys, this is the world. That's the world we live in now. And I'm aware of it. I'm not oblivious to it. So if that's cold feet, that's cold feet.

1:12:02 I'm not going to pretend that investors know what they're doing because they don't right now. And they're not going to believe Amazon. They're going to get pissed off when Amazon says they're spending $300 billion or $350 billion on CapEx. And they're going to sell Amazon off. And I'll buy more Amazon when they sell it off.

1:12:20 We've got that to watch tonight. We have your X account to watch tonight for reaction. And tomorrow, as the stock does what it's going to do. Yes. Yes. Hold on here. I'm making trades on the side here. What are you buying? Has your opinion changed on... No, I mean... We talked about Bloom, guys. I'm in this stuff for the long term.

1:12:49 I don't really give a crap what happens on earnings or tonight or next week. That was last quarter where I had more confidence on... what was going to be said and how investors would react. Jordan, any thoughts on softer Nat gas prices due to weather events? Dude, I don't think about Nat. Every time I've tried to do anything with predicting what's going to happen because of natural gas prices or trying to predict natural gas prices, I mean...

1:13:22 Yeah, it's tough. It's tough to get alpha on that, right? A hundred percent. You've got people whose full-time jobs to trade that stuff. Like, I'm not a commodities trader. Yeah. Agreed. Oh, can we get back to that movie? I've never been more excited to see a movie in my entire life. Bro. What's it called again, Dave?

1:13:39 It's called You'll See Everything. You'll See Everything, yeah. It is, oh my God, it is so good. I can't believe he got her. Wait, you saw it? Yes, I saw it. You saw the movie? Is it? It's in theaters only. And I have seen it twice. Because I saw it. I went by myself. I'm mad. Why are you inviting me, dude?

1:14:00 I'm like, I've got to go see it. I forced her to go see it with me like two days after. I cannot believe you saw this movie. And it's actually better on the second viewing than the first. Okay, I might... But I have to tell you, do not read anything about it. Do not... There's so much. Stay away from spoilers, because it's one of those movies that I feel like the emotional rollercoaster you go through while sitting in the theater is part of the experience.

1:14:30 I didn't even... I didn't want Megan to read a single thing. I couldn't talk to her about it, and I forced her to go with me. And she was glad she did. She liked it. Yeah, um... I'll go see it a third time if you want to. It's playing at North Park. Yeah, I might be open to seeing it this week. I just think there's no person more fascinating to me than Elizabeth Holmes, dude.

1:14:54 She is... fascinating and him both both of them and the fact that he's a he's a very worried by the way his comedy central show was so funny and he his personality he is it's the whole project is just it's it's pure gold see that's actually what i'm nervous about i couldn't watch more than like two or three episodes of his show Oh, I think Nathan for you was hilarious.

1:15:21 I would... He's so uncomfortable. Have you watched the rehearsal? Two seasons of the rehearsal? That's what I'm talking about is rehearsal. Okay. You didn't like that? I mean, it's just so uncomfortable. Dude, does Elizabeth Holmes get out of jail anytime soon? No. I can't tell you that she is up for being moved to a different facility.

1:15:44 But no, will she ever be in the real world again? Oh, yeah. 123-month sentence. It was like a 10-year sentence. And she's already had it reduced. Wow. She's going to be in the real world. Dude, when she gets back, I can't even imagine. Well, no. So originally it was 11 years, 3 months. Now it was reduced to 10 years.

1:16:10 Okay. Her restitution is $452 million. I have to turn off comments now. Chris, you have to stop reading our comments. I'm not reading comments. I already knew. You can't read it. I already knew. This is where I get anxious about people already knowing too much going into it. Because I literally intentionally didn't.

1:16:27 I knew that they had the premiere at Telluride. And people were amazed by it. And there's a twist. And I didn't want to know a single thing. So I went and saw it immediately. And then made Megan do the same. So I'm ready whenever you want to go see it for a three hour movie that I'm willing to see three times because I liked it that much.

1:16:47 Dude, this is this is this is the movie event of the year. I can't wait. I rarely go out and see movies anymore. Oh, I haven't. I had literally couldn't even remember where the theater was in North Park. Like I was wandering around a circle like I thought it was I thought it was here, but I was lost inside the mall.

1:17:05 I am getting to a point where I think I'll probably go to a movie theater less than 10 times for the rest of my life. Like, that's how little I want to go out and see a movie in a theater these days. Because there's basically, there's almost no theaters that are even decent anymore, by the way. Yeah.

1:17:23 To see a movie in. Well, and I would love to get the home delivery service where you can buy first run movies. Like, I know that more and more... movies are releasing the same day. I just want to be able to watch Bat and Musk in my own home theater and just... I'll pay whatever. Pay me. This is just one that- The price of four movie tickets and then I don't have to go, it'd be amazing.

1:17:49 Guys, there's only, I've only watched one television show this entire year and I'm only halfway through it and it's Tires, season three. Tires? I'm only a few episodes and season three. What? I've never eaten Tires? Oh, gee, Jordan. It's hilarious. It's great. Yeah. It's great, dude. It's great. I don't even know if we're allowed to say that after Shane Gillis got canceled.

1:18:15 Oh, it's Shane Gillis. I didn't know that he did a show. He's been canceled multiple times, though. I feel like once you've been canceled, it's it's are we still in cancel culture, by the way? I feel like that's done. No, it's back. I thought we canceled cancel culture. Cancel culture is definitely back.

1:18:33 And Shane Fields got canceled for saying stuff on Saturday Night Live. And I basically have gotten to a point where once I realized that happened, because if anyone asked me what I think about it, I did not watch the Saturday Night Live. So I can just say I didn't see it. I had no comment. I don't want to talk about it.

1:18:52 Yeah, I don't watch Saturday Night Live. I don't want to talk about it. I saw the interview with Michael Che the next day on the Today Show, and they were trying to get him to say what he thought about it. And he was the exact same. It was a busy night. I was backstage preparing for my part. I wanted to be funny, so I wasn't really paying attention.

1:19:11 I don't know what's going on. The best defense as a guy is if you're talking to women is to not have seen it, to be able to look at them and say, I'm sorry, I have no idea what you're talking about. I didn't see it. Can't comment. So I just want out. I want out of the whole conversation. Not my problem.

1:19:29 It's Shane Gillis' problem when they can deal with it. I don't want to get looped into that. So, but, but tires is great. Tires is a great. I didn't even know he had a show. I had no idea. The joke he got canceled over in SNL is a scene in tires. So you have seen it now. Yeah. It is. So you have no plausible deniability at this point.

1:19:54 Well, I haven't seen, I haven't seen, I'm not up to that yet. He basically made a joke about something that is, was already filmed and in the can for Netflix. And he got canceled over it. Oh my God. All right, so brace yourself for tonight, I guess is where we are right now with Amazon. I would remind everyone that expect the worst and make sure that your account is appropriately levered for a worst case scenario.

1:20:29 So you have to anticipate a worst case scenario in this market. I'm just sorry, you have to. I've traded almost no options, guys, the last month or so. Yeah, you've been cautious because of how just nothing makes sense anymore. Yeah, I have a few on Amazon, but like, whatever. I'm actually talking through this.

1:20:54 This is like therapy. Talking through this makes me want to even lever down more. I'm actually going to sell a few of my options right now. Yeah, I just... I'm deleveraging during our episode. Because I'm like thinking... Deleveraging live. Deleveraging live, guys. That could be the name of our spinoff podcast.

1:21:21 I can't delever too much, guys. because it's Amazon, right? Like what if, what if the earnings are so spectacular? I mean, the read through from Google Cloud should be good, right? I mean, the Google Cloud grew 100%. It's really a CapEx thing, Jordan, I think. It's, yeah, you're right. I mean, we know the AWS numbers will be good.

1:21:44 Yeah. Yeah, it's a CapEx thing. All right, guys, I got to go. But we should do this more often. We did a nice long episode for everyone. For everyone who missed us for the month or so, we didn't make a show. We always say we're going to try to get back on schedule, but we never do. We apologize. But, you know, it's fall now.

1:22:06 The weather is less. Well, it was about to be winter, and we'll have nothing to do but do more shows. We can't be outside. Yeah. It's beautiful right now. The weather right now is amazing. I love that every day. I'm going to go outside today. All right, guys. Oh, did I tell you? I saw someone ask a question about Tesla.

1:22:28 Tesla? Oh. It's been up lately, right? Yeah, I mean, Tesla's just like, why is that? Are you thinking about buying Tesla early on the humanoid robot platform? Trent. Is there a robot named Trent that I don't know about? No, man. I'm still waiting to see Optimus, man. I'm still waiting to see... get info on Optimus.

1:22:51 I haven't gotten it yet. That's all I care about, guys. Did I tell you I bought a Tesla? Model Y? What did you get? Model Y, yeah. Gorgeous. I pre-ordered a Model Y. Yeah. The shipping or the, I guess, I don't know, delivery date is they keep pushing it back, keep pushing it back. I did the demo drive and I went into it thinking, I don't really want a Model 1.

1:23:16 I like my Range Rover. I like being higher up. I don't really want to be in a sedan looking car. I did the demo drive where you get in and you just press self-drive. I had the guy with me and he said, yeah, just push start, just push start. And I did and the car just starts going. I said, well, we didn't tell him where we wanna go.

1:23:38 And he says, yeah, it just kind of hovers around until you give it a destination. It'll just kind of drive around. It just drives around aimlessly for a bit. Put in a destination. This was rush hour traffic on a Friday in Dallas, Texas. It got on 75. I was just sitting there having a full conversation, not paying attention.

1:23:57 It was the least stressful time I've ever been behind the wheel of a car. It changed my whole philosophy on driving. I didn't think I was going to like it. I thought I've always wanted self-driving. I didn't think it was going to make me feel at ease behind the wheel. So it was better than you expected.

1:24:18 So much better than I expected. And I went home and ordered one that day. And that delivery keeps getting pushed back. Megan wanted one too. I found a pre-owned 2026 Model Y. in the color combo she wanted. So I bought a second. I now have two Teslas. One of them is being delivered tomorrow. I would buy a used Model S. That's the only thing I would buy.

1:24:44 Listen, I don't blame you at all. The interior of that Model Y is really nice. Well, the interior is fine. I like my Range Rover. I think it's better. Yeah, I think the FSD is the only reason to buy the Tesla. The FSD is so good. I literally was not nervous at all. I thought I was going to want to take over.

1:25:07 No, I just sat there. I intentionally bought this one. I placed another order for the second one two days ago so that I could pick it up before I do a road trip this weekend. I get it. I love it. I just, I can't give up just the vibe of my F-150 and good country music and just put my dog out the window.

1:25:30 It's a different vibe. It's just my lifestyle, man. But I could see at some point, honestly, having a Tesla as a... I'm not into having second cars, but I could see having a Tesla as a second car. It's affordable enough to just have it. And it's just your chauffeur. When you don't feel like doing the manual drive to Austin sometime, you just push the button.

1:25:53 Put it in the hotel. It takes you right there. I was actually thinking about this because I've been going to Austin basically every week. And I do, the F-150 makes it a great, fun drive normally, but there are some times where I'm just like not feeling great. And I'm like- It's a long drive to force yourself to do it multiple times a week.

1:26:19 Maybe I just get a Tesla just for those road trips to Austin and back. And I just don't even have to think about it. Cause that highway 35 sucks, man. Like the drive between Austin and Dallas, if there's traffic, really, really sucks. I'm not against it. The joy of full self-drive, even in rush hour traffic, is you basically don't have to think.

1:26:41 Like you're not constantly looking for brake lights and deciding, you know, you're not making any decisions. You're just kind of hanging out. Do you have to, do you have to look at the road? Does it care where you're looking or you have to touch the steering wheel? Every so often. You don't have to touch the steering wheel.

1:26:56 I didn't touch the steering wheel once other than to see how much force I had to give it to take over if I wanted to. Yeah. And it actually, like, I wanted to see if you bump the wheel. Does it, does it like do anything? No, you can bump the wheel. Nothing happens. It's, you have to actually take over if you want to take over.

1:27:12 It. I don't even remember what the question was. But if I go to Austin, like on the highway, will it make me do something every two minutes? So I don't know. I literally have done one demo drive for 30 minutes with a guy. And I was talking to him the entire time, just having a conversation, not looking at the road, not paying attention.

1:27:36 I would occasionally like, oh, I see that we're about to change lanes. Like, oh, that's interesting. More out of curiosity. Like, are we doing this right? I don't think it was actively needing me to pay attention because I was not. I was playing with the screen. I was like, he was showing me how to do, how do I get back to navigation?

1:27:55 Okay, now how do I get to the settings? Like I was getting a full software demo while being driven around by the car. Okay, well, so in the comments, people are debating and people are saying you do have to look up occasionally, but it's not a big deal. People are saying the drive to Austin FSD super pleasant, dude, I would actually consider it quite honestly, because I'm going to be going down there a lot.

1:28:19 If you wear sunglasses, you're good. Okay, that's interesting. Yeah, the Waco truck going through Waco does suck. And then people are ripping on why would you live in tech? Come on, man, living in Texas is great. You don't understand guys, when you live in Texas, especially Dallas, and I don't love Dallas compared to Austin, but you can get anywhere direct.

1:28:45 Like you can be in LA, you can be in New York, you can be in Florida, you can go down to Mexico, you can be in like- Our greatest asset in Dallas is the fact that we have DFW airport. Like getting out of Dallas is the best part of being in Dallas. but also direct flights and location, just generally being centrally located.

1:29:04 So if you're the type of person that does business or has family and friends on both coasts, which is my life, and you want to be able to quickly get to New York, LA, Florida, wherever, Texas is the place. It's the place. And by the way, honestly, Texas is great. Man, Texas is great. Outside of like three months where it's really hot, we have seasons here.

1:29:29 I love Austin guys too. Like Dallas is not that fun, honestly, most time, but Austin's, Austin's still, still pretty great. I think. All right. Anything else guys? That's all. That's all for me. All right. All right. Well, next week we'll, we'll do another one. We'll be back. We should. We should really actually plan to do two episodes in a row.

1:30:01 We will. We will. We will. All right. Thanks for watching. We'll see you next time.