The Calls

“I think the US government is going to take steps against distillation, which they should do.”

“With respect to the lockup, I think this is the most innovative, and I think SpaceX is going to have a very similar innovation.”

“This is why the SpaceX IPO is going to trade at 40 to 50 times revenue.”

“I think that OpenAI will end up doing the same thing. I think Google will end up doing the same thing.”

“I think the vintage of the last 18 months will be lousy. So the capital deployed over the last 18 months won't have a lot of return.”

“Let me be absolutely clear. There is no bouncing back to where we were the last 18 months. That was the outlier. That was the make-believe.”

“This is why they're not going to supply the Russians with weapons.”

“Remember we had a thousand unicorns at the end of 2021. And I've said a hundred percent of those are going to do a down round. And we're still in the early stages of that reset to occur.”

“These things are going to go live on July fourth.”

“Yeah, I'd say 30 to 40% are these companies that were valued over a billion dollars that don't have product market fit. They'll disappear.”

“And just this year, like we're going to see the first models over the course of the next four to eight weeks out of deep seek, out of anthropic, out of open AI that are trained on blackwell servers, right? You're going to see a next generation of models Far mo…”

“The exact, the exacerbation of the wealth disparity is going to increase, not decrease.”

“You're going to see if Prop. 22 passes, which I think it will tonight, it's going to be the architecture that New York and many other states follow. They're certainly not going to follow the disastrous AB five Example.”

“I think the much more likely explanation is that the trends that existed for 20 years still exist. They were interrupted temporarily by us saving ourselves from a catastrophe with COVID. The transient thing that everybody has come to make fun of, right? Transi…”

“I think that there is a, there's been a doctrine in the Democratic Party that to win the primary, you got to veer to the left. Right. You got to contend with Bernie. You got to contend with Elizabeth Warren, but ultimately that's a losing strategy in the elect…”

“I think that what we're going to see is kids come back to school. You're going to see the normal uptick in traffic. It probably hangs out around this hundred million, hundred and fifty million level in terms of usage.”

“I don't think there's any problems with Nvidia. I think they're going to continue to perform. I think they're beat their numbers for the balance of the year.”

“Snowflake this year will grow its free cash flow at over a hundred percent a year. Next year, probably, you know, 80 or 90%. Free cash flow. Not just revenue. Free cash flow.”

“Over the next four to six weeks. They're going to have massive launches out of the AI side of the business. I expect a lot more support for their open AI model or for their open LLM. I also think they're going to launch a bunch of agents on WhatsApp and Instag…”

“There are going to be a couple of monster rounds, I think announced next week, like that are going to make this one look like kids play.”

“For two months in a row, we've had sequential declines. You tell me, is the price of the used car this time next year higher than 29 or lower than 29? It's going to be lower because we're destroying demand by raising interest rates.”

“We will be higher for growth stocks this time next year, but we may very well get there by way of lower and potentially meaningfully lower because the counterfactual to the hyperinflation argument is not, you can't deliver the counterfactual for at least four …”

“I think the vast majority of companies that come public in the next 12 months are going out below their last round's valuation.”

“I suspect that there's another 10 to 20% to go, right? For a 10 year that's going to be sitting here at one eight.”

“And I think what the markets are starting to price in is that this is not going to be a blue wave. There's no mandate here for massive tax reform. There's going to be a divided Senate. It's going to be hard to pass legislation. That's going to be overly onerou…”

“They're not going to get the Senate either.”

“Is anybody prepared to, I, I'm getting a read from my analysts who are live blogging to me that the Senate is almost certain to go Republican at this point, with Iowa, Maine, and North Carolina going Republican. And Michigan and Montana both in real danger for…”

“Michigan's gonna go to Trump.”

“I think the more surprising thing at this point is it's almost, you know, and I'm certainly going to live to regret this, but it appears at this point that the market's going to be up tomorrow, almost either way.”