TWiST News: Reddit Earnings, Apple Intelligence, and more AI money | E2041

Jason and Alex kick off the show (0s)

• The Mac Mini's unboxing experience is designed to be satisfying, with specific sounds and packaging features intended to create a positive impression (17s).
• This episode of "This Week in Startups" is sponsored by Runway, LinkedIn Ads, and Vanta, with special offers available for listeners (43s).
• The hosts, Jason and Alex Wilhelm, introduce themselves and their respective social media handles, with Alex also promoting his newsletter, "Cautious Optimism" (1m29s).
• Alex's newsletter provides daily insights into the tech industry and can serve as a complement to the podcast, offering a preview of upcoming topics or a recap of previous discussions (2m5s).
• The hosts decide to focus on tech news rather than discussing politics or the election (2m31s).
• The episode's docket includes topics such as Apple intelligence, signal and consumer privacy in the era of AI, and notes on Reddit and Toast earnings from a product perspective (3m17s).
• The podcast is available on YouTube, with new episodes released on Mondays, Wednesdays, and Fridays at 12:00 p.m. Texas time, and viewers are encouraged to subscribe and hit the notification bell (2m49s).

Discussion Apple Intelligence and privacy concerns (3m29s)

• Signal is a popular messaging platform known for its end-to-end encryption, making it a trusted choice for people looking to protect their privacy, with many users switching from other platforms like Telegram that don't offer the same level of encryption (3m47s).
• There have been concerns raised about Apple Intelligence reading messages on Signal, with some users claiming that the feature was turned on by default, allowing Apple to study user behavior and make suggestions across apps (6m2s).
• The feature in question is part of Apple's Siri functionality, which can be turned off by going to the "Learn from this app" screen and disabling the option to allow Siri to learn from how you use Signal (6m10s).
• Apple's latest AirPods have a feature that reads out messages, including those from Signal, and asks the user if they want to hear them, which has raised concerns about Apple's access to private messages (5m5s).
• The media coverage of this issue has been significant, with many people expressing concerns about Apple's ability to access private messages and the potential implications for user privacy (7m5s).
• Apple has released a security paper on its Apple Intelligence feature, which has sparked concerns about user privacy, particularly regarding the automatic enabling of the feature for Signal users and the potential for off-device AI processing (7m19s).
• The main concern is whether users trust Apple and its private Cloud compute setup, with some people considering Apple's setup to be the gold standard for this type of technology (8m17s).
• Apple claims that most AI processing occurs on the user's device, which is encrypted and inaccessible to Apple, but there may be instances where data is sent to the Cloud for processing (9m2s).
• The decision to trust Apple with AI processing ultimately comes down to individual trust in the company, with some people drawing comparisons to other companies like Google, which has a history of using user data for targeted advertising (10m1s).
• Apple has released a paper outlining its privacy guidelines for AI use, which includes on-device learning, but some users remain concerned about the potential for off-device processing (7m51s).
• The media has been largely positive about Apple's approach to AI and privacy, but some privacy advocates remain skeptical (8m27s).
• The discussion highlights the importance of privacy awareness and education, particularly in the context of emerging technologies like AI (8m33s).

Runway - Sign up at to get your first 3 months free. (10m32s)

• Runway is a software that helps startups track their finances by connecting to various data sources such as bank accounts, accounting, HR software, and CRM, allowing users to model their finances in plain English and make informed decisions (10m44s).
• The software provides a clear picture of a startup's financial situation, enabling users to prepare for board meetings and make better decisions with accurate data (11m5s).
• Runway is used by customers such as Superhuman, AngelList, 818 Tequila, and Revenue Cat, who appreciate the product's ability to simplify complex financial data (11m31s).
• Startups can sign up for a personalized demo at runway.com, which offers a 3-month free trial, allowing users to experience the benefits of the software firsthand (11m40s).
• By using Runway, startups can avoid relying on manual accounting methods and instead make data-driven decisions to drive their business forward (11m53s).
• The software aims to provide users with a clear understanding of their financial situation, enabling them to make the best decisions possible with the best software and information available (12m5s).

Trust in tech companies and privacy (12m12s)

• The delineation between advertising-focused companies like Google and Meta, and companies like Apple that prioritize user privacy, makes sense, but Apple's push for being a "Privacy first" provider may not be enough to alleviate concerns about data collection (12m12s).
• Apple's intelligence feature can be turned off for messaging apps, but it may be useful to keep it on for certain apps like Google Maps for convenience (12m36s).
• Using Signal, an end-to-end encrypted messaging app, may not be compatible with Apple's intelligence feature, and it's unclear why users would want to give Apple access to that information (12m54s).
• The hacker community may be skeptical of Apple's intelligence feature, with some comments on Hacker News expressing concerns about transparency and data processing (13m8s).
• There is a lack of transparency about how Apple processes data, with some users unsure whether data is sent to the cloud or processed locally (13m37s).
• The integration of AI into operating systems and desktops, such as Microsoft and Apple's efforts, raises concerns about data collection and interception (14m11s).
• AI-powered features like chatbots and virtual assistants may be able to collect and send user data to the cloud, potentially compromising user privacy (14m25s).
• Users may need to consider the trade-offs between convenience and privacy when using AI-powered features, and some may prefer to opt out of data collection altogether (14m47s).
• Apple's trajectory suggests that AI-powered features will become increasingly integrated into devices and operating systems, making it difficult for users to opt out (15m3s).
• Some users may prefer to have more control over their data, such as the ability to set up a private cloud compute setup, but this is not currently an option (15m12s).
• The average person may not be as concerned about data collection and AI-powered features as those in the technology world, with Google Trends data showing relatively low interest in topics like Apple intelligence and AI-powered search engines (15m38s).
• Apple Intelligence has not generated significant interest among consumers, with search volume spiking briefly during the keynote and then returning to low levels, indicating that people are not actively looking for it (15m54s).
• The lack of interest in Apple Intelligence is surprising given Apple's enormous hardware presence, megaphone in the press, and large ad budget, especially when compared to the search volume of Perplexity, a growing startup (16m40s).
• Apple's AI efforts may be hindered by the need to balance the demands of technologists, who are power users and value their privacy, with the company's goals in the AI space (16m56s).
• The tension between AI development and user privacy is likely to be a recurring topic in the consumer and enterprise hardware space for the next decade (17m8s).
• ChatGPT is expected to have a significant lead over Apple Intelligence in terms of consumer interest and search volume (16m22s).
• Perplexity, a startup, is growing quickly and has a notable search volume despite being much smaller in scale than Apple (16m43s).

Trends in AI topics and ChatGPT (17m20s)

• ChatGPT has shown massive interest over time, with a noticeable spike in interest when students return to school, indicating its popularity among students (17m27s).
• The interest in ChatGPT has been consistently increasing, with the current peak being higher than the previous one, which is impressive and may be a factor in OpenAI's valuation of $157 billion (17m51s).
• When comparing ChatGPT's interest to other consumer products like Bitcoin, it's clear that ChatGPT's growth is unusually rapid and violent (18m16s).
• Using Google Trends, it's possible to understand technology trends by analyzing search data, which shows a massive spike in interest for ChatGPT (18m30s).
• In contrast, products like Airbnb and Bitcoin have relatively stable interest over time, indicating that they have become standard and people are no longer searching for them as much (19m0s).
• The interest in Uber is steady over the last five years, suggesting that it has become a standard product that people are familiar with and no longer search for (19m33s).
• The data suggests that people are searching for terms on Google when they're investigating something new, which implies that ChatGPT is still reaching a lot of new people who are doing early research about it (20m31s).
• As people become more familiar with ChatGPT, they may stop searching for it on Google, but the data shows that people are still looking at it over time (20m47s).

OpenAI's chat.com acquisition (20m59s)

• OpenAI's Sam Altman tweeted "chat.com" which resolved to chatGPT, and it is believed that he acquired the domain name, possibly for a significant amount, with speculation that the purchase price could be around $10 million (21m1s).
• The idea of acquiring chat.com was previously suggested as a way for OpenAI to build a separate brand for their AI efforts, with alternative suggestions including buying genie.com (21m10s).
• It is speculated that the acquisition may have been structured in a way that allows the seller, possibly D'Arcy, to retain some equity or upside in the deal, given his reputation as a smart businessman and founder of HubSpot (21m31s).
• The purchase is seen as a great move, with potential long-term benefits for OpenAI, and it is suggested that D'Arcy may have preferred to receive stock or warrants rather than a one-time payment (21m40s).

Mac mini unboxing experience wrap-up (22m45s)

• The new Mac mini is considered the most powerful Mac available, measuring 5 inches by 5 inches by 2 inches, and has a brushed aluminum look and shape that is aesthetically pleasing (22m45s).
• The Mac mini starts at $599, making it the cheapest way to get into Mac OS, and can be used with any monitor (23m4s).
• Dell makes better monitors than Apple at a better value, with a 50-inch Dell monitor available for the same price as a 27-inch Apple monitor (23m17s).
• The Mac mini could be Apple's best product in recent years, offering an entry-level computing option that could help Apple gain more desktop market share from Windows (23m33s).
• Apple needs more entry-level computing products to attract more users, including college kids and families, and the Mac mini is a step in the right direction (23m45s).
• The Apple unboxing and setup experience is also noteworthy, with a recent experience involving a new iPhone purchase highlighting the ease and quality of the process (24m14s).

LinkedIn Ads - Get a $100 LinkedIn ad credit (24m40s)

• LinkedIn Ads is a solution for businesses to reach their target customers, allowing them to precisely target professionals most likely to care about their product by job title, industry, location, and more (24m48s).
• LinkedIn can be used to build a B2B audience, including midsized and large companies, as well as emerging small businesses and small and medium-sized businesses (SMBs) (25m2s).
• With LinkedIn Ads, businesses can gain access to over a billion members, including 130 million decision-makers who can make purchasing decisions (25m19s).
• The LinkedIn audience also includes 10 million elite-level executives, such as Chief Technology Officers, Chief Strategy Officers, Chief Revenue Officers, Chief Executive Officers, and Chief Financial Officers (25m29s).
• LinkedIn Ads can provide a two to five times return on ad spend, with 79% of B2B marketers saying LinkedIn delivers the best paid media results (25m48s).
• To start converting B2B audiences into high-quality leads, businesses can claim a $100 credit for their next campaign by visiting linkedin.com/thisweenstartups, with terms and conditions applying (26m1s).

Analysis of Toast's business and growth (26m12s)

• Toast is a Boston-based company that offers a suite of software products, including payments, fintech offerings like loans, and hardware, making it a multi-part business that is currently performing well (26m18s).
• The company's services and subscriptions have increased to $189 million, up from $131 million in Q3 of 2023, and are expected to reach a billion-dollar run rate in the future (27m7s).
• Toast's point-of-sale system allows customers to scan menus, order individual items, and open or close their tabs, providing a convenient experience (27m44s).
• The company also offers menu management as a vertical, allowing businesses to manage their online menus and make changes as needed (28m26s).
• Additionally, Toast's system helps employees manage tips, which can be an awkward process when paying by tap, and it is unclear whether tipping has increased or decreased with the use of cards (28m43s).
• A venture capitalist shared a story about their daughter, who works at an ice cream stand, and how tips fell after switching from cash to cards, contradicting the idea that tipping would increase with card payments (29m17s).
• Toast, a company that manages HR and IT, has a valuation of $21 billion and generates around $750 million in revenue per year from its subscription-based software side, with the fintech side being the majority revenue driver but with lower margins (29m55s).
• The company's fintech side, which includes payments and takes a fee or cut of facilitated payments, generated over $1 billion in revenue in Q3 alone, with the exact pricing being custom-set for each individual company (31m13s).
• Toast also has $50 million in hardware sales, and when combining these numbers, the company's valuation is around 4-6 times its top-line revenue, with a run rate of around $5 billion per year (31m46s).
• The company is profitable, but not enormously so on a GAAP basis, and is growing rapidly, adding 7,000 restaurants last quarter and expanding into new areas such as capital programs, payroll handling, and adjacent verticals like hotels (32m21s).
• Toast's business is growing very quickly, with a 24% increase in gross payment volume and solid revenue growth, and the company is worth 4 times its revenue (32m47s).
• The company's success is attributed to its relentless addition of features that delight customers and lock them in, making it hard for customers to switch to a different system (33m11s).
• Toast's pricing model charges $10 per person per month, depending on the program, and offers free versions or one-time payment options, making it a relatively affordable solution for businesses, especially with its competitors in the market (33m30s).
• To achieve success, a company must nail its core product and then expand into other verticals by having multiple teams attack different areas, allowing them to stay competitive and offer more value to customers (34m3s).
• Zoom is an example of a company that successfully added features like transcripts, chat rooms, and automatic summaries, making its product more defensible over time (34m21s).
• Product velocity is a key aspect of being a great startup, as it allows companies to go fast, iterate, and release new products regularly, which is attractive to venture capital (34m42s).
• Toast's offering now allows businesses to manage orders from DoorDash and Uber Eats, making it a one-system record and adding more features to its platform (35m10s).
• Squarespace is another example of a company that keeps adding features to its platform, including e-commerce, selling subscriptions, and SEO metrics, making it a more comprehensive solution for customers (35m22s).
• Platform companies tend to do better than vertical companies, but having a strong beachhead where a company can excel is how the process starts (35m35s).
• Toast's new feature, branded apps, helps small restaurants and chains have their own application, boosting return orders and driving more payment volume for the company (35m54s).
• Having hooks into customers can help keep them loyal, and if a company helps its customers do more business, it can drive more revenue and create a mutually beneficial relationship (36m6s).

Vanta - Get $1000 off your SOC 2 (36m25s)

• To sell to bigger customers, it is essential to have a high Average Contract Value (ACV) and low churn, but this also requires clearing compliance checks, such as having SOC 2 sorted out, which is a standard that ensures companies keep their customer data safe (36m26s).
• Not being SOC 2 compliant can result in missing out on big deals and not being able to operate at the highest end of the market (36m48s).
• Vanta makes it easy to get and renew SOC 2 compliance, with customers typically becoming compliant in just 2-4 weeks, compared to months without Vanta (36m56s).
• Vanta also automates compliance for GDPR, HIPPA, and more, allowing startups to sell to bigger customers and save hundreds of hours of work and up to 85% on compliance costs (37m6s).
• Vanta offers a $1,000 discount for SOC 2 compliance at v.com/twist (37m23s).

Reddit's growth, user engagement, and moderation challenges (37m30s)

• Reddit has seen insane user growth, with daily active users up 47% in the last year, reaching almost 100 million daily users, which is a significant milestone for the company that has been around for nearly 20 years, launching on June 23rd, 2005, six months after its competitor Digg launched in December 2004 (37m49s).
• The company's stock is currently at $133 with a market cap of $23 billion, having tripled in value from $40 a year ago, with the growth attributed to its ability to focus on its core feature of community, keeping the user experience remarkably the same over the years (38m45s).
• Reddit's success can be attributed to its ability to learn from its competitor Digg's mistakes, such as releasing a new version that changed the user experience and led to the company's decline (40m34s).
• The company's growth is also seen as a counter to what's happening in AI, with people appending "Reddit" to their search queries to get around Google and find actual information from people (39m51s).
• Reddit's success is an example of a startup lesson, where focusing on the core feature and not changing the user experience too much can lead to significant growth, with the company's user growth being an example of doubling in size every 7.2 months (41m1s).
• The company's earnings report also mentioned that the word "Reddit" was the sixth most Googled word in the US in 2004, showing the company's growing influence and popularity (39m45s).
• Reddit has managed to find a balance between allowing anonymous posting and maintaining a relatively safe community, with the understanding that users will assume there are marketers and people with multiple accounts, but the community will sort through the information to provide a somewhat reliable starting point for research (41m22s).
• The platform's use of pseudonyms, rather than complete anonymity, allows users to build a reputation and history, which can be beneficial in evaluating the credibility of posts (42m50s).
• Moderators play a crucial role in individual subreddits, setting the rules and maintaining the community, which has worked relatively well despite some controversies, such as the API kurur fuffle (43m13s).
• The use of pseudonyms can lead to lower expectations of informational fidelity, as users are more likely to post freely when behind a pseudonym rather than their real name (44m2s).
• The combination of pseudonyms and financial incentives can be a concern, as it allows users to anonymously make money, which can be problematic if not properly regulated (44m32s).
• The use of pseudonyms can also be beneficial, as it allows users to express themselves freely without fear of retribution or losing their job due to their opinions or passions (44m45s).
• Anonymous accounts on platforms like Reddit and X can build up reputation and then sell it to the highest bidder, creating a cynical approach and perverse incentives (44m59s).
• This issue is not unique to these platforms, as it also occurs in other systems, such as Russians paying off podcasters covertly or revenue sharing through advertising or affiliate revenue (45m15s).
• The concern is that individuals can build up a reputation in one community and then use it to promote products or ideas they are affiliated with, without disclosing their connection (45m28s).
• The example of Alex Jones is given, who made a living by promoting conspiracy theories, and how this type of behavior can be problematic (45m41s).
• The discussion also touches on the TV show "In Search of…", hosted by Leonard Nimoy, which explored mysteries and conspiracy theories in a more neutral and intriguing way (45m57s).
• The concept of "karma whoring" on Reddit is mentioned, where users are looked down upon for reposting or stealing content from other subreddits to gain karma, which is the site's onsite currency and reputation system (47m8s).
• It is suggested that platforms like X or Twitter could implement a similar reputation system, such as "karma" or community notes, to help build trust and credibility among users (47m20s).

Social media incentives and reputation systems (47m36s)

• Community notes on social media platforms can be an effective way to promote accountability, as seen in platforms like Karma, where users' posting history and overall results are publicly available for others to view (47m43s).
• Allowing anonymous posting and payment for content on platforms like X can lead to the spread of misinformation, as users may be incentivized to post sensational or provocative content to attract more engagement (48m5s).
• This phenomenon is similar to how news outlets like Fox News or MSNBC use attention-grabbing headlines to attract viewers, regardless of their accuracy (48m21s).
• The lack of accountability on these platforms can lead to the spread of false information, as seen in the case of Alex Jones, who fabricated conspiracy theories about the Sandy Hook shooting (50m42s).
• To mitigate this issue, some platforms, like X, require users to provide identification and bank account information to receive payment, which can help to hold them accountable for their content (51m0s).
• However, the use of pseudonyms and anonymous accounts on platforms like Reddit and Wikipedia can still lead to manipulation and misinformation, as users may be motivated to edit content for personal or financial gain (49m23s).
• To address this issue, it is suggested that users who make a significant amount of money or have a large following on these platforms should be required to use their real names and take ownership of their content (51m16s).
• Ultimately, it is up to consumers of content to be aware of the potential for manipulation and to make their own informed decisions, which is why having personal blogs or websites can be an effective way to share unfiltered thoughts and ideas (51m47s).

Reddit's AI translations and community management strategies (52m7s)

• Reddit is working on translating its content into other languages using AI, aiming to grow its international user base by making the site more accessible to non-English speakers, with plans to automatically translate content into more than 35 new languages in Europe, Asia, and Latin America (52m8s).
• The translation feature will allow users to read posts in their native language, with the option to switch between the original and translated text on a case-by-case basis, rather than re-translating the entire site (53m1s).
• This feature could potentially make the internet more understandable and facilitate conversations across languages, similar to the concept of the "Babble fish" in Douglas Adams' science fiction series, which allows people to understand all languages (54m57s).
• The translation feature could also have implications for search engine optimization (SEO), as it's unclear whether Google would index translated content automatically, and how conversations would work across languages, with potential for threads to include posts in multiple languages (53m45s).
• The ability to converse across languages could make the world feel smaller and more connected, enabling people from different countries to discuss topics of interest, such as a favorite rock band (54m36s).
• The development of this feature is an example of how companies can use resources to create innovative products and features, highlighting the importance of profitability for companies to invest in new ideas (55m39s).
• Reddit experiments with different concepts to improve user experience (UX) and understand their target market, focusing on community leaders and conversations within subreddits (55m45s).
• Despite competition from Discord, Reddit seems to be thriving and not too worried, as they are growing faster and are much larger than Discord (56m43s).
• Many subreddits have associated Discord channels, but the two platforms serve different use cases, with Discord being more heavily moderated due to its real-time conversation nature (56m23s).
• The moderation on Discord channels is often handled by corporations or fan groups, making it easier to control the flow of conversations compared to Reddit's forum-style postings (56m59s).
• Reddit's freewheeling and public nature is a tradeoff for its larger size and faster growth, making it less concerned about competition from Discord (57m19s).

Reddit's potential for creating a search engine (57m25s)

• Reddit has the potential to create a search engine, which could be a concern for Google, as Reddit could cut off Google's access to its data and create a competing search product, leveraging its large user base and data, (57m25s).
• Reddit's valuation of over $20 billion could support the development of a search engine, and the company may choose to restrict access to its data to build a competitive product, (57m40s).
• Building a search engine on top of Reddit's platform could allow the company to go after Google and potentially disrupt the search market, (57m32s).
• Reddit could also consider putting its entire site behind a paywall to generate more revenue and reduce its reliance on Google, (58m9s).
• The company could add AI features to its platform, such as summarizing threads, which is a feature that is currently not available on Reddit, (58m27s).
• A thread summarization feature would be a valuable addition to Reddit, as it would provide users with a quick overview of the content, (58m34s).
• Reddit's revenue has exceeded $1 billion, with $348 million in Q3 revenue, primarily from advertising, and $33 million from data partnerships, (59m15s).
• The company's data revenue is significant, accounting for 10% of its total revenue, and Reddit's CEO, Steve, will have to decide whether to continue allowing others to use its data or to compete directly with them, (59m30s).
• Reddit's data is valuable, and the company could use it to build a competitive search engine or other products, such as a chatbot that can answer questions based on Reddit discussions, (1h0m11s).

OpenAI's citation challenges (1h0m38s)

• OpenAI's chat GPT is starting to cite Reddit at the top level, but sometimes requires users to click for attribution, which can be seen as burying attribution and is considered a bad idea (1h1m16s).
• When searching for top-rated headphones, chat GPT provided a source but did not include a Reddit link, despite being asked to show related Reddit discussions (1h1m31s).
• When attempting to access the Reddit link, it opened a completely random link, which is a known issue with chat GPT's hyperlinks (1h2m11s).
• If chat GPT is asked to show the URLs of its sources, it will display them, but often gets hyperlinks wrong (1h2m23s).
• OpenAI's quality team, led by Sam Altman, has work to do to improve citation and hyperlink functionality (1h2m46s).
• Chat GPT's search functionality is still in development and has bugs, such as failing to answer questions that other search engines can handle (1h3m41s).
• One specific example of this was a search about helping a baby, where chat GPT search returned an error message, while Google and Perplexity provided answers (1h4m18s).
• OpenAI's philosophy of testing and developing in public can lead to a "YOLO" environment where things break, but this approach can also lead to faster progress and improvement (1h4m46s).
• It's essential to use these tools critically and do your own research, as they can provide faster access to information, but may not always be accurate (1h5m21s).

Amazon's interest in Anthropic and AI regulation (1h5m30s)

• Amazon is considering investing billions of dollars in Anthropic, an open AI competitor, but wants the company to train on its own Tranium chips instead of Nvidia's chips, indicating that Amazon may have more leverage in the deal due to Anthropic's potential struggles (1h5m38s).
• The investment terms suggest that Anthropic may not be doing as well as it had hoped, as it is being influenced by its potential investor (1h6m0s).
• The new Administration's stance on AI regulation is uncertain, with some technology advisers, such as Michael Katos, being pro-tech, while others, like JD Vance, have expressed skepticism towards major tech companies (1h6m24s).
• Elon Musk, who has the ear of the Administration, previously supported California's controversial AI bill, which was eventually vetoed, adding to the complexity of predicting the Administration's AI regulation policies (1h6m46s).
• The likely approach of the Administration to AI regulation is expected to be the removal of existing regulations and not adding new ones, aligning with their general stance of reducing government intervention in business and letting the market dictate product and service choices (1h7m8s).

US immigration and AI regulation under Trump administration (1h7m37s)

• The Trump administration's stance on immigration and AI regulation is uncertain, with varying statements from officials, including Steve Bannon's claim of exporting 15 million people and JD Vance's suggestion of a more gradual approach (1h7m37s).
• The administration's plan to deport 500,000 violent individuals is more likely to be implemented, but the fate of the remaining 10 million undocumented immigrants is unclear (1h8m28s).
• Deporting the remaining 10 million people would be chaotic, expensive, and potentially absurd, with estimates suggesting it would cost tens of thousands of dollars to arrest each group and $100,000 per person to house them for a year (1h9m15s).
• The administration's proposals, such as breaking up big tech, may not manifest as expected, and instead, may result in saber rattling and eventual concessions from companies like Meta (1h9m30s).
• The Trump administration is unlikely to regulate AI, and the Biden executive order on AI regulation may not be repealed due to its perceived weakness (1h10m23s).
• The CEO and founder of Ryder, May Habib, stated that the Biden executive order was so weak that it may not be worth repealing (1h10m35s).
• There are competing voices within the Trump camp, and it is uncertain which groups will win out in terms of policy decisions (1h10m59s).
• Historically, the Trump administration has not followed through on some of its deportation plans, and the border was shut in a controversial way during his previous term (1h11m21s).
• The majority of Americans seem to support stricter border control, which may influence the administration's policies (1h11m33s).
• The Trump administration's stance on TikTok will be an interesting example to watch, given his previous opposition to the platform (1h11m40s).

TikTok's role in US-China relations (1h11m43s)

• The Trump administration's stance on TikTok is uncertain, with a bipartisan bill in the House and Senate aiming to ban the app, but the outcome depends on Trump's actions, and it's possible he might not care about the issue now that the election is over (1h11m44s).
• A significant donation from Jeffrey Yas, who has a substantial ownership position in TikTok and has been vocal about his anti-China stance, raises questions about the potential influence of big money on American foreign policy (1h11m47s).
• The fact that Biden didn't ban TikTok during his term might be due to the influence of big money interests on the Democrats, and the pragmatic consideration that banning the app could be unpopular among young voters (1h12m42s).
• Some politicians, like KLA, have actively used TikTok, possibly due to its popularity among young people, and the fear that banning the app could lead to losing their support before the election (1h13m7s).
• There's a conspiracy theory that Jeffrey Yas wants to put pressure on TikTok to go public so that he can liquidate his position without the valuation being crushed, and that he might be using the security concerns as a means to achieve this goal (1h13m26s).
• The fact that the Chinese Communist Party (CCP) has not left the board of TikTok and has not allowed it to invest suggests that the app might be an intelligence asset for the CCP (1h14m18s).
• If TikTok were to go public, it could become a $500 billion company, making it one of the hottest IPOs in history, comparable to SpaceX, and its addictive nature and global potential make it a highly valuable consumer brand (1h14m34s).

Major IPOs and market potential (1h15m42s)

• A scorecard is proposed to track the fulfillment of promises made by the Trump campaign related to business and finance, including high-skilled immigration, TikTok divestiture, Starlink Broadband rural expansion, and no taxing of tips and overtime (1h15m42s).
• The scorecard will also track promises made by other campaigns, such as Comma's promise of $25,000 in startup funding for black Americans and $25,000 for first-time homeowners (1h16m25s).
• The exercise is intended to be non-partisan and aims to hold the new Administration accountable for the promises they made related to business and finance (1h16m48s).
• The proposal includes tracking the number of days it takes for each promise to be fulfilled, if at all (1h16m18s).
• The scorecard will be used to monitor the impact of these promises on companies such as Zillow and Redfin (1h16m40s).
• One of the promises being tracked is the elimination of taxes on tips, which is considered a very expensive proposition for the federal budget and may not be a priority due to the constituency of people affected (1h17m3s).

Economic topics and inflation's impact on consumer spending (1h17m19s)

• The removal of taxes on tips would greatly benefit people who use Toast and POS systems, as it would allow them to accurately track the income of their employees, such as baristas, and ensure they are making a fair wage after taxes (1h17m19s).
• The majority of the country, approximately 55-60% of voters, are considered Trump voters or Republicans, and would likely benefit from the removal of taxes on tips (1h18m35s).
• Trump's approval numbers are expected to be high, potentially around 60%, due to the large percentage of the country that identifies as Republican or Conservative (1h19m25s).
• The popularity of Trump will be judged based on various factors, including his handling of the border, inflation, and foreign wars, as well as the state of the economy, including GDP growth and the unemployment rate (1h20m22s).
• A successful term for Trump would likely involve addressing issues such as the border, inflation, and foreign wars, as these are key concerns for many Americans (1h20m39s).
• The Republican party may focus on these issues in order to secure a win for JD Vance in the 2028 presidential election (1h20m31s).
• Economic indicators such as inflation, job creation, GDP, and imports are crucial in understanding the current economic situation, with inflation being the most significant factor (1h21m25s).
• The 2024 US presidential election can be analyzed by categorizing the factors that influenced the outcome into three buckets: the personality of the candidates, their platforms, and the tactics used during their campaigns (1h21m53s).
• The personality of the candidates, specifically the contrast between KM Waltz and Donald Trump, is one of the key factors in the election (1h22m20s).
• The platforms of the candidates, including the issues they focused on, are another crucial aspect of the election (1h22m27s).
• The tactics used during the campaigns, such as the use of podcasts and rallies, also played a significant role in the outcome (1h22m32s).
• It is challenging to rank the importance of these factors, as Donald Trump's campaign defied traditional political norms and expectations (1h23m11s).
• The candidate's personality and platform are crucial, and in this case, it is believed that KM Waltz was not the right choice for the Democratic Party (1h23m50s).
• A tweet was shared highlighting the significant increase in the price of McDonald's menu items, such as a cheeseburger and fries, which doubled in price during the term, and how this could impact Americans' perception of the last four years (1h24m15s).
• The price increases of McDonald's menu items, such as French fries (134%), chicken sandwiches (87%), and Big Macs (87%), are substantial and could have a significant impact on the election (1h24m56s).
• It is unlikely that a candidate can win the election if the price of McDonald's doubles, as this would have a significant impact on Americans' perception of the economy (1h25m24s).
• 87% of American households visited McDonald's at least once between June 30th, 2023, and June 30th, 2024, according to Chad GPT (1h25m38s).
• The discussion touches on the affordability of food options, with some people opting for McDonald's due to its lower prices, such as a $7 Big Mac compared to more expensive burgers at other restaurants (1h26m17s).
• The conversation also highlights the impact of inflation on people's budgets, particularly those living paycheck to paycheck, and how price increases can have a significant emotional effect (1h26m43s).
• The topic of gas prices is also discussed, with some people recalling instances of paying over $5 a gallon for gasoline and the emotional impact it had on them (1h27m11s).
• The conversation mentions the challenges of filling up a large gas tank, such as a 20 or 25-gallon tank, when gas prices are high and the total cost exceeds $100 (1h28m10s).
• The discussion also touches on the importance of liquidity, with Jason expressing his desire for it and mentioning that he even named a conference after it (1h29m2s).
• Founders and LPs are seeing liquidity, allowing them to invest in the next generation of companies (1h29m13s).
• There are plans to have the CEO of Command Bar on the show to discuss the sale of Amplitude and share lessons learned (1h29m27s).
• The topic of M&A and the return of "SPAC zombies" is expected to be discussed on Monday, including trends and the performance of companies that were previously washed out (1h29m37s).
• Some SPACs that were previously struggling have turned out to be great companies and are now staging massive rallies, with Root Insurance being a notable example (1h29m54s).
• The show, TWiST, is hosted by Jason and Alex, and new episodes will be released on Monday (1h30m11s).