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

**Jordi Hays** (0:00)
You're watching TBPN.

**John Coogan** (0:03)
Today is Wednesday. Is it Wednesday?

**Jordi Hays** (0:05)
Thursday.

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

**Jordi Hays** (0:17)
The fortress of finance, the capital of capital.

**John Coogan** (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.

**Jordi Hays** (1:39)
You could just say build me unfettered intelligence.

**John Coogan** (1:41)
Exactly, so you have to nerf that.

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

**John Coogan** (1:47)
Wait, what did you say?

**Jordi Hays** (1:49)
Unfettered.

**John Coogan** (1:49)
No, no, what source is this?

**Jordi Hays** (1:53)
Cambridge.

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

**Jordi Hays** (1:59)
They should launch a dictionary.

**John Coogan** (2:00)
That would be good.

**Jordi Hays** (2:01)
That would be great.

**John Coogan** (2:01)
Maybe.

**Jordi Hays** (2:02)
The Cambridge dictionary.

**John Coogan** (2:03)
But the dictionary definition of unfettered is?

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

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

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

**John Coogan** (2:19)
Yeah.

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

**John Coogan** (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.

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

**John Coogan** (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%.

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

**John Coogan** (3:54)
Yeah.

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

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

**Jordi Hays** (4:03)
No, I do like squirrels.

**John Coogan** (4:04)
Squirrels, OK.

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

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

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

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