SpaceX Phone, U.S. Stake in OpenAI, Jersey Mike's IPO | Andrew Collins, Vipul Ved Prakash, Isaiah Taylor, Dean Ball, Rob Toews, Tuhin Srivastava

**John Coogan** (0:00)
You're watching TBPN.

**Jordi Hays** (0:03)
Today is Wednesday. Is it Wednesday?

**John Coogan** (0:05)
Thursday.

**Jordi Hays** (0:06)
July 2nd. I gotta update my sheet. Thursday, July 2nd.
2026, we are live from the Temple of Technology, the TBPN UltraDom.

**John Coogan** (0:17)
The fortress of finance, the capital of capital.

**Jordi Hays** (0:22)
Let me tell you about ramp.com. Time is money, save both, easy to use corporate cards, bill pay, accounting, and a whole lot more, all in one place.
And let's also talk about the news. Fable has been freed. Fable 5 is now available.
Good news for the AI world, of course. The Wall Street Journal says the battle over how to tame AI has just begun. Obviously, there's lots of back and forth on how these models get released, who gets access, when people get access, will the government get access at certain points, how fettered is the intelligence, how unfettered is the intelligence. But there's a number of interesting news. The interesting detail that people are pulling at is the new Fable 5 that is now released seems to have been nerfed in some ways. There's always been questions about, okay, you don't want to be able to build a bio weapon or hack a system, so locking down cybersecurity makes sense, but you should probably disclose that and be transparent about it. And then the question of how do you deal with the self-replicating AI if you just ask it to build an AI system that can build you a bio weapon, well then you have the permission.

**John Coogan** (1:39)
You could just say build me unfettered intelligence.

**Jordi Hays** (1:41)
Exactly, so you have to nerf that.

**John Coogan** (1:42)
Cambridge Analytica unfettered, not limited by rules or any controlling influence.

**Jordi Hays** (1:47)
Wait, what did you say?

**John Coogan** (1:49)
Unfettered.

**Jordi Hays** (1:49)
No, no, what source is this?

**John Coogan** (1:53)
Cambridge.

**Jordi Hays** (1:53)
You said Cambridge Analytica, which I don't think has a dictionary.

**John Coogan** (1:59)
They should launch a dictionary.

**Jordi Hays** (2:00)
That would be good.

**John Coogan** (2:01)
That would be great.

**Jordi Hays** (2:01)
Maybe.

**John Coogan** (2:02)
The Cambridge dictionary.

**Jordi Hays** (2:03)
But the dictionary definition of unfettered is?

**John Coogan** (2:07)
Not limited by rules or any controlling influence. So if there's like-

**Jordi Hays** (2:11)
I feel like unfettered intelligence is going to get regulated immediately.

**John Coogan** (2:14)
Well, I just think like Neolab, like everyone wants to be the cool, friendly Neolab.

**Jordi Hays** (2:19)
Yeah.

**John Coogan** (2:19)
There's space for kind of a sketchy villain.

**Jordi Hays** (2:24)
Well, we have Vipul from Together AI, building open-source AI cloud infrastructure coming on the show. I'm sure he can talk about what's capable, what's possible when you are building unfettered intelligence. We have a bunch of other great folks joining the show. Isaiah Taylor is coming on from Valar Atomics at noon, Dean Ball at 1210 to talk about the export restrictions, as well as what's going on with nationalization because there's also news that the...
This is from the Financial Times. OpenAI proposes handing Trump administration a 5% stake. Joe Weisenthal is pushing back already. He says, I don't know about this path. Rather than equity stakes, why not make companies pay 20% of all pre-tax income to the federal government? And then instead of exercising shareholder influence, politicians and regulators could set rules on corporate conduct across industries. Interesting.

**John Coogan** (3:20)
I like where he's going with this. Someone should try this. At least try it out.

**Jordi Hays** (3:25)
Contrary intake. But yes, Dean Ball already chimed in on this news. He said, there are two broad ways this can work. One, you divide this 5% over all US households, handing each a direct stake. Or two, you give the stake directly to the government. One is fine. Two is probably ruinous, akin to inviting rats to live and reproduce in the walls of your house, which is wild.
He says, it will never stop 5%.

**John Coogan** (3:52)
Don't knock it till you try it, Dean.

**Jordi Hays** (3:54)
Yeah.

**John Coogan** (3:55)
There's some rats out there that can be quite excellent roommates.

**Jordi Hays** (3:59)
Are you a rat guy? I thought you were a mosquito guy. I thought you liked mosquitoes.

**John Coogan** (4:03)
No, I do like squirrels.

**Jordi Hays** (4:04)
Squirrels, OK.

**John Coogan** (4:05)
Squirrels, I feel like I have a bond with squirrels.

**Jordi Hays** (4:07)
They're sort of the aristocratic map, right?

**John Coogan** (4:09)
When I see a squirrel in my yard, I look at it, and I just salute.

**Jordi Hays** (4:14)
People have said you have the mind of a squirrel.